TQH!BS21!dpwfs/joee!!!2 2:0503122!!!34;63;18
Headquartered in Shanghai, SPG Land (Holdings) Limited (Hong Kong Stock Code: 337) is a reputable property developer
that is principally engaged in the development of quality residential and hotel properties, (“SPG Land” or the “Group”).
Since the incorporation of the Group, it has successfully developed three exemplar large-scale trophy projects in Shanghai,
namely, Cambridge Forest Newtown, Cambridge Waters (“Tiffany”) and Cambridge Watertown (“Oriental Garden”).
These trophy projects have enhanced the Group’s brand name and reputation. With exquisite residential design, unique
living environment, innovative architectural style and outstanding sales performance, the Group is awarded as “Shanghai
Top Ten Foreign Property Developers in 18 Years”, “Star of the Top 100 Developers” amongst the top real estate
developers in China. “Most Influential Brand Enterprise” and various other awards. The listing of the Group on the Main
Board of the Hong Kong Stock Exchange in October 2006 has further reinforced the Group’s profile in the international
capital market. In March 2007, the Group is elected as a constituent stock of the 200-Stock Hang Seng Composite Index Series
and Hang Seng Freeflow Index Series.
Since the listing of SPG Land in 2006, the Group has expanded its development projects geographically and strategically
to cities in Yangtze River Delta, such as Wuxi, Changshu, Suzhou, Huangshan and also various provincial capital cities that
are emerging and developing with high-potential such as, Kunming Haikou and Taiyuan. The rapid growth sustained in
the China’s economy has accelerated the progress of urbanization. This results in an increase of disposable income from
the urban population, in particular the middle-to-high income sector. The Group is committed to providing high-quality
products and distinctive services to enhance the standard of living to its customers. To achieve this objective, the Group
works with world renowned design and architectural teams in the development of their projects. As for the land bank,
the Group adopts a proactive yet prudent approach in their selection of projects to ensure the land bank is replenished
with quality and high-growth potential land. The management team firmly believes that the healthy and sustainable
development of the Group, in the long run, depends on the provision of quality products and projects with good growth
potential.
The excellent track record of the Group’s in property development
and active co-operation with leading hotel management groups in
the investment and development of hotel properties has brought
promising outcomes and recurring income for the Group. The current
hotel projects include the crown-jewel Shanghai Peninsula Hotel, the
Shanghai Cambridge Holiday Inn, and the Crowne Plaza Resort Hotel
located in the world-renowned scenic Huangshan. These projects
under the Group’s hotel business development will benefit greatly
from the prosperous tourism industry in China and the upcoming 2010
World Expo in Shanghai. This increase in recurrent income from hotel
operations and investment properties will strengthen the business
foundation of SPG Land in the long run.
“Fresh Thinking, Quality Living” is the corporate creed of SPG Land. This, along with the international and professional
background of the Group, enables SPG Land to stand out in the real estate market in China. With professional
management skills, excellent quality products and prudent financial operation, SPG Land look towards to building
a better future for cities in China, creating a comfortable and harmonious society and maximizing returns for the
stakeholders of the Group.
盛高置地（控股）有限公司（「盛高置地」或「集團」；香港聯交所股票編號：337）是一家以發展優質住宅和酒店物業
的著名房地產開發商，總部設於上海。自成立以來，集團已成功發展三個著名的位於上海的大型住宅物業項目：
康橋半島、康橋水都（「盛高．香逸灣」）及康橋水鄉（「盛高．東方庭院」）。該等優質項目令集團品牌地位得以奠定。
盛高置地憑藉獨特的住宅設計、優美的社區環境、創新的建築風格以及出色的銷售表現，獲選為「上海房地產
18年十大外資房地產企業」，在國內頂尖房地產發展商中躋身「中國房地產百強之星」，並獲得「最具影響力品
牌企業」及多個其他獎項。集團於二零零六年十月在香港聯合交易所主板正式上市後，在國際資本市場的知名
度日漸提昇，二零零七年三月正式成為恒生綜合行業指數200只成份股之一，並被納入恒生流通指數系列成份股。
二零零六年集團上市後，盛高置地總覧全局，策略性地將發展項目擴展至長江三角洲包括無錫、常熟、蘇州、
黃山及一些新興且極具發展潛力的市場所在的省會城市，包括昆明、海口和太原。中國經濟的持續快速發展，
迅速加快了城市化的進程，令城市人口特別是中高收入階層的可支配收入大幅提升，集團致力提供優質的產
品及服務以改進此階層的生活品質，並通過與國際知名設計團隊的合作以確保此目標的實現。土地儲備方面，
本集團採用積極而審慎的方式選擇項目，以確保有優質且高增長潛力的土地用作補充。集團管理層堅信只有
專注於優質產品的開發及選擇高增長潛力的項目，才是集團長期穩健發展的要素。
集團不僅在房地產開發上成績斐然，亦積極與國際一流的酒店管理集團攜手合作投資及發展酒店物業，並取
得了傲人的成績，為集團帶來長期經常性收入。現時，集團的酒店項目包括投資及發展上海外灘半島酒店、康
橋假日酒店以及位於全球知名風景區黃山的皇冠假日酒店。對集團酒店發展而言，所有項目均將大大受益於
中國蓬勃發展的旅遊業及二零一零年上海世博會。隨着日後酒店及投資物業經常性收入的提升，盛高置地將
進一步穩實基礎並獲更大發展。
「非凡暢想，品質空間」是盛高置地的企業理念，並憑藉集團國際化及專業化的背景在中國房地產市場上獨樹一幟。
我們相信，以專業的管理技能、卓越的產品品質及穩健的財務運作，盛高置地將全力投身於建設中國城市的美
好未來，創造一個舒適和諧的社會空間，並為利益相關者帶來最佳回報！
“FRESH THINKING QUALITY LIVING”
“非凡暢想，品質空間”
11!TQH`Jotjef!Dpwfs/joee!!!3 280503122!!!4;17;6:
CONTENTS
目錄
2 Financial Highlights
財務摘要
4 Key Events of the Year
年度大事回顧
6 Awards and Accolades
獎項及殊榮
10 Chairman’s Statement
主席報告
14 Chief Executive Offi cer’s Review
行政總裁報告
24 Property Projects Portfolio
物業項目簡介
38 Management Discussion and
Analysis
管理層論述及分析
51 Corporate Governance Report
企業管治報告
85 Directors and Senior Management
Profi les
董事及高級管理層人員簡介
93 Report of the Board of Directors
董事會報告
119 Report of the Auditors
核數師報告
121 Consolidated Statement of
Comprehensive Income
綜合全面利潤表
122 Consolidated Balance Sheet and
Company Balance Sheet
綜合資產負債表和公司資產負債
表
124 Consolidated Statement of
Changes in Equity
綜合權益變動表
126 Consolidated Statement of Cash
Flows
綜合現金流量表
128 Notes to the Consolidated
Financial Statements
綜合財務報表附註
238 Summary of Consolidated
Financial Information
綜合財務資料概要
SPG Land (Holdings) Limited Annual Report 20102
FINANCIAL HIGHLIGHTS
財務摘要
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
1,267
914
830901
2010
2009
3,065
4,271
Revenue Gross Profi t Net Profi t
收益 毛利 淨利
RRev
收
3 065
4,271
veenue
收收益
3,065
1,2667
9144
GGroos
毛
9144
P fiss Profi fitfit
毛利
838330309990190
N tNet
淨
2010
8330
t Pt Profitofi t
淨利利
2009
RESULTS HIGHLIGHTS 業績摘要
For the year ended 31 December 截至十二月三十一日止年度
2010 2009
二零一零年 二零零九年
RMB Million RMB Million Change
人民幣百萬元 人民幣百萬元 轉變
Revenue 收益 4,271 3,065 +39%
Gross Profit 毛利 1,267 914 +39%
Profit from Operating Activities 來自經營活動溢利 1,003 693 +45%
Net Profit 淨利 901 830 +9%
Attributable to: 以下人士應佔：
— Equity Holders of the Company －本公司股權持有人 890 679 +31%
— Minority Interests －少數股東權益 11 151 -93%
Earnings Per Share (RMB) 每股盈利（人民幣元）
— Basic (re-stated) －基本 + +32%
— Diluted (re-stated) －攤薄 + +57%
+ ‘Earnings per share’ has been restated for the impact of
the bonus issue as explained in note 18 of the consolidated
financial statements.
RESULTS HIGHLIGHTS
業績摘要
RMB Million
人民幣百萬元
+ 「每股盈利」已就綜合財務報表附註
18所 解 釋 的 紅 股 發 行 的 影 響 作 出
重列。
盛高置地（控股）有限公司 二零一零年年報 3
FINANCIAL HIGHLIGHTS
財務摘要
3%
1%
96%
Sales of Property
物業銷售
Lease of Property
物業租賃
Property Management &
Others
物業管理及其他
S lSales
物業業
Leaase
物業業
Proop
L
op
Othhe
物業業
Proop
2010 REVENUE ANALYSIS 二零一零年度收益分析
2010 2009
二零一零年 二零零九年
RMB Million RMB Million Change
人民幣百萬元 人民幣百萬元 轉變
Sales of Property 物業銷售 4,114 2,927 +41%
Lease of Property 物業租賃 29 27 +7%
Property Management & Others 物業管理及其他 128 111 +15%
Total 合計 4,271 3,065 +39%
As at 31 December 於十二月三十一日
2010 2009
二零一零年 二零零九年
RMB Million RMB Million Change
人民幣百萬元 人民幣百萬元 轉變
Total Assets 資產總額 21,992 16,969 +30%
Total Liabilities 負債總額 17,465 12,862 +36%
Total Equity 權益總額 4,527 4,107 +10%
2010 REVENUE ANALYSIS
二零一零年收益分析
SPG Land (Holdings) Limited Annual Report 20104
KEY EVENTS OF THE YEAR
年度大事回顧
2010
• In January, the second phase of Xi Shui Dong in Wuxi was
launched with overwhelming market response and all units
were sold out within a day. This demonstrates that our brand
brings in strong influence and impact to the market.
• In February, two pieces of land were required in Wuxi,
which located at Taihu New Town and along Taihu Avenue
respectively, through public listing. This is the first land bank
replenishment in the year 2010 and the volume of our YRD
land bank has increased by million sq m and our overall
land bank now reaches million sq m.
• In February, SPG Land entered into an agreement with
Industrial and Commercial Bank of China for available loan
facilities of RMB10 billion.
• On March 18th, the grand opening of the Shanghai Peninsula
Hotel, symbolized a grand welcome to top-of-the-line hotel
services into Shanghai and it is another showcase of the
successful implementation of the Group’s product strategy.
The Shanghai Peninsula becomes the new landmark amongst
the buildings on the Shanghai Bund.
• In March, the Group acquired % equity interest of a
project held by Hainan Tianyuan Lifeng Shiye Co., Ltd., which
was acquired through listing-for-sale in October 2009. The
site is situated at the west coast of Haikou city and next to the
New City Hall of the Government Administration of Haikou.
The project will be developed on a site area of approximately
339,720 .
• In July, completed an acquisition of the 29% issued share
capital of projects of Kunming the Metropolitan and Shanghai
Watertown owned by a fund managed by Mausica Investment
Limited. Upon completion, the Group held the entire issued
share capital of these projects.
• In July, China Welfare, SPG Land held the ceremony of
donation in Taiyuan for the “Project Good Health for Mothers
and Babies”. On the ceremony, SPG Land (Holdings) Limited
donated million to Project Good Health for Mothers
and Babies in Shanxi through China Song Qingling Foundation,
and established “China Welfare, SPG Land – Project Good
Health for Mothers and Babies” Foundation.
二零一零年
• 一月，無錫盛高 · 西水東項目二期開
盤，市場反應熱烈，所有單位於一天
內全部售罄，再次證明集團的品牌實
力和在當地的巨大影響力。
• 二月，以掛牌方式獲得無錫市太湖新
城及太湖大道兩塊綜合地皮的土地
使用權。此次收購是集團2010年度的
首次土地擴充，使得長三角土地儲備
新增約146萬平方米，總土地儲備已
逾520萬平方米。
• 二月，與中國工商銀行簽訂戰略協議，
中國工商銀行將提供可動用貸款融
通人民幣100億元。
• 三月十八日，上海半島酒店正式開業。
該酒店的開業是上海酒店業服務最
高水平得以呈現的標誌，是集團精品
戰略的集中體現。同時，也成為上海
外灘建築群中的新地標。
• 三 月，本 集 團 收 購 海 南 天 源 利 豐 實
業有限公司持有的一個項目的%
股權。此項目是前東主於二零零九年
十月以掛牌出讓方式收購。該地盤項
目位處海口市西海岸，毗鄰海口市政
府總部新市政大樓。項目將於面積約
339,720平方米的地盤面積的土地上
發展。
• 七 月， 完 成 收 購Mausica Investment
Limited管 理 的 基 金 擁 有 的 盛 高 大 城
及水鄉項目已發行股本29%。完成後，
本集團持有該等項目的全部已發行
股本。
• 七月，中國福利會盛高置地「母嬰平
安工程」捐贈儀式在太原舉行。儀式
上，盛高置地（控股）有限公司通過中
國宋慶齡基金會向山西「母嬰平安工程」
捐款人民幣323萬元，並同時成立「中
國福利會盛高置地 ·母嬰平安」基金。
盛高置地（控股）有限公司 二零一零年年報 5
KEY EVENTS OF THE YEAR
年度大事回顧
• In July and August, T i f fany achieved outstanding sales
performance with sales of approximately 300 units within only
two months. Sales amount reached RMB575 million which
was about 1/3 of the annual sale target. In both months the
Group was ranked among top 10 in the ranking by Shanghai
Commodities Residential Units Sold.
• In September, Xi Shui Dong project was grandly launched and
500 people were present for the 150 units, and over RMB320
million worth of property units were sold in an hour. This
launch was the first centralized sale activity after the dual-
record-breaking sale in September last year which had record-
high single-day sales amount and record-high speed of sale
in the property market of Wuxi. This launch was again well
received by the property market in Wuxi.
• In October, the Company exercised the early redemption
option to repurchase all of its Outstanding USD Settled Zero
Coupon Convertible Bonds. Upon the Redemption, all the
Outstanding Bonds have been cancelled.
• In October, the Group actively participated in a major disaster-
relief performance held in Haikou by Haikou Broadcasting
and Te lev i s ion and donated RMB3 mi l l ion to fund the
reconstruction of homes for victims.
• On 30 October, Hidden Tiger Golf Club in Huangshan was
grandly opened and more than a hundred honorable guests
were present to ce lebrate. 19 membership cards were
sold on the day and sales amount was in excess of RMB10
mill ion. Hidden Tiger Golf Club in Huangshan is the first
completed project in Huangshan Taiping Lake Resort. Upon
full completion, the project wil l comprise a multitude of
constructions including a five-star Crowne Plaza Hotel, a seven-
star Chedi Hotel, specialty resort villas, apartments and yacht
club.
• For the whole year 2010, the Group's contracted sales reached
RMB6,390 million, another record in the company’s history and
exceeded our revised annual target of RMB6,000 million.
• 七月和八月，盛高香逸灣取得驕人的
銷 售 業 績，僅7-8月 短 短 兩 個 月 內 的
銷 售 套 數 近300套，銷 售 金 額 達
億元，完成全年銷售目標近1/3。兩個
月均入選上海商品住宅銷售套數排
行榜 top 10。
• 九月，集團旗下盛高西水東項目盛大
開盤，500人親臨現場搶購150套房源，
1小時熱銷超億元。此次開盤是西
水東去年9月創造無錫樓市「單日銷
售總金額、銷售速度」雙向記錄後的
首次集中推售，項目再次獲得了無錫
市場青睞。
• 十月，本公司行使提早贖回選擇權以
購回其所有尚未償還的美元結算零
息可轉換債券。贖回後，所有尚未償
還債券已經註銷。
• 十月，集團積極參加了在海口廣播電
視台舉行的海口市大型賑災義演活動，
並現場捐款300萬元以助災民重建美
好家園。
• 十月三十日，黃山臥虎高爾夫球場盛
大開業。百餘名高朋貴賓雲集慶賀，
當天即實現19張會員卡的銷售，銷售
業績破千萬。黃山臥虎高爾夫是黃山
太平湖度假區的首個落成項目，項目
整體建成後，將由五星級皇冠假日酒
店、七星級祺禮酒店、特色度假別墅、
公寓及遊艇俱樂部等多項開發內容
組成。
• 二零一零年度，本集團的合約銷售額
達人民幣億元，再次錄得新高，
並超過我們修訂後的年度目標人民
幣60億元。
SPG Land (Holdings) Limited Annual Report 20106
AWARDS AND ACCOLADES
獎項及殊榮
2010
1. Shanghai Cambridge Forest Newtown • Xiuxi Apartment is
awarded “Most Popular New Landmark Property Project in
Shanghai 2010” (China Index Academy, Soufun)
2. Haikou Florea is awarded “Renowned Leading Property Project
in Hainan” (Sohu focus)
3. Ha ikou F lo rea i s awarded Recommended Commun i t y
Residential Project in Hainan (Soufun)
4. Haikou Florea is awarded “Real Estate Enterprise with Strong
Brand in Hainan” (Sohu focus)
5. Kunming The Metropolitan is awarded the Grand Prize for
Innovative Environmental Planning for Residential Areas
in China 2010 (Real Estate Promot ions Unit under the
Construction Sector Sub-Association of China International
Trade Promotions Association, Soufun)
6. Kunming The Metropol i tan is awarded “Cit izens’ Most
Preferred Property Project in Kunming 2010” (Organizing
Committee, Real Estate Trade Fair in Kunming 2010)
7. Kunming The Metropolitan is awarded “Property Project in
Kun-dian with Golden Investment Value 2010” (Assessment
Committee for Golden Property Projects in Yunnan 2010)
8. Kunming The Metropolitan Phases I and III is awarded “First-
class Prize under ‘Spring City Cup’ – Kunming’s Outstanding
Construction Award 2010” (Kunming Construction Federation)
9. Kunming The Metropolitan is awarded a “Leading Golden Real
Estate Enterprise in Kun-dian 2010” (Assessment Committee
for Golden Property Projects in Yunnan 2010)
10. Kunming The Metropolitan is awarded a “Golden Real Estate
Management Company in Kun-dian 2010” (Assessment
Committee for Golden Property Projects in Yunnan 2010)
11. Kunming SPG Land Property Development Co., Ltd. is awarded
“The Most Attention-Drawing Property of Home Buyers 2010”
(Sohu focus; Sunshine Frequency )
12. Wuxi Xi Shui Dong is awarded “2010 Real Estate Civ i l
L ive l ihood Year – Top Ten Property Pro ject wi th Most
Innovation Advertising” (J iangsu 365 Network Company
Limited (Wuxi Branch)
二零一零年
1. 康橋半島 • 秀溪公寓獲得「上海最具
人氣二零一零年新地標樓盤」稱號。
（中國指數研究院、搜房網）
2. 海 口 榮 域 獲 得 海 南 領 袖 名 盤 稱 號。
（搜狐焦點）
3. 海口榮域獲得海南宜居社區樓盤稱號。
（搜房網）
4. 海口榮域獲評為海南地產實力品牌
企業。（搜狐焦點）
5. 盛高大城獲得二零一零年中國住宅
環境規劃創新大獎。（中國國際貿易
促進會建設行業分會房地產促進會、
搜房網）
6. 盛高大城獲得昆明二零一零年百姓
最喜愛的樓盤稱號。（二零一零年昆
明房地產交易會組委會）
7. 盛高大城獲得二零一零年昆滇金牌
投資價值樓盤稱號。（二零一零年雲
南金牌地產評鑒組委會）
8. 滇池半島（盛高大城）一、三期工程二
零一零年「春城杯」昆明市優工程一
等獎。（昆明建築業聯合會）
9. 盛高大城獲評為二零一零年昆滇金
牌引領性房企。（二零一零年雲南金
牌地產評鑒組委會）
10. 盛高大城獲評為二零一零年昆滇金
牌地產物業管理公司。（二零一零年
雲南金牌地產評鑒組委會）
11. 昆明盛高置地發展有限公司獲評為
二零一零年度最受購房者關注地產
企業。（搜狐焦點 陽光頻率）
12. 無錫西水東獲得二零一零年地產民
生年度—十大最具廣告創意樓盤稱號。
（江蘇三六五網路股份有限公司無錫
分公司）
盛高置地（控股）有限公司 二零一零年年報 7
AWARDS AND ACCOLADES
獎項及殊榮
13. Wuxi Xi Shui Dong is awarded “Property Project with the Best
Investment Value in Wuxi, Jiangsu 2010” (Jiangsu Broadcasting
and Television Group – Publication Centre)
14. Wuxi Xi Shui Dong is awarded “Oscar Award for Property
Project with the Best Investment Value in Wuxi 2010” (Wuxi
Daily Press Group – Mobile phone Magazine “Property Market
Next Magazine”)
15. Global 188 is awarded “Grand Prize of Most Applauded
Property Project 2009 – 2010” (365 Property and Home
Website)
16. Global 188 is awarded “Popular Property Project in Spring
Television Housing Fair in Suzhou 2010” (Suzhou Broadcasting
and Television Main Station)
17. Global 188 is awarded “Recommended Metro Line Project for
the World Expo Year” (Shanghai Property Market)
18. Global 188 is awarded “Top Ten Model Real Estate Enterprise
2010” ()
19. Global 188 is awarded “Ten Most Notable Landmark Project
2010” ()
20. Global 188 is awarded “Signpost Commercial Complex in
Suzhou 2010” (Suzhou Broadcasting and Television Main
Station)
21. Global 188 is awarded “Top Ten New Landmark Commercial
Property in Suzhou 2010” (Suzhou Industry and Commerce
Federat ion, Suzhou Commerce Federat ion, and Suzhou
Industry and Commerce Federation – Real Estate Chamber of
Commerce)
22. Global 188 is awarded “Property Project with the Best
Inves tment Va lue in Suzhou , J i angsu 2010” ( J i angsu
Broadcasting and Television Group)
13. 無錫西水東獲得二零一零年江蘇無
錫最具投資價值項目稱號。（江蘇省
廣播電視總台集團報刊中心）
14. 無錫西水東獲得二零一零年無錫樓
市奧斯卡最具投資價值獎稱號。（無
錫日報報業集團《樓市壹週刊》手機雜
誌）
15. 環球188獲得二零零九至二零一零年
度口碑樓盤大獎。（365地產家居網）
16. 環球188獲得二零一零年蘇州春季電
視房展會人氣樓盤稱號。（蘇州市廣
播電視總台）
17. 環球188獲得世博年 • 捷運宜居作品
稱號。（上海樓市）
18. 環球188獲評為二零一零年十大榜樣
地產企業。（商會網）
19. 環球188獲得二零一零年最受社會關
注的十大標誌性樓盤稱號。（商會網）
20. 環球188獲得二零一零年蘇州標杆商
業綜合體稱號。（蘇州市廣播電視總台）
21. 環球188獲得二零一零年蘇州十大商
業地產新地標稱號。（蘇州市工商業
聯合會、蘇州市商業聯合會、蘇州市
工商聯房地產業商會）
22. 環球188獲得二零一零年度江蘇蘇州
最具投資價值項目稱號。（江蘇省廣
播電視總台（集團））
1
2
3
4 5
1. Cambridge Watertown/ 盛高‧東方庭院 2. La Casa/ 盛高‧怡景灣 3. La Casa/ 盛高‧怡景灣
4. Xi Shui Dong/ 盛高‧西水東 Watertown/ 盛高‧東方庭院
Projects of SPG
盛 高 的 項 目盛 高 的 項 目
SPG Land (Holdings) Limited Annual Report 201010
CHAIRMAN’S STATEMENT
主席報告
CHAIRMAN’S STATEMENT
主席報告
Subsequent to the global economic crisis, the PRC economy witnessed strong recovery in year 2010.
At the same time, a new round of austerity measures was adopted by the central government for
curbing the overheated real estate sector. As inflation expectation is coming into reality, the central
bank’s interest rate is entering a rising cycle… Despite the ups and downs and drastic changes in the
real estate market, SPG Land managed to attain its outstanding performance in 2010 and secured
stable growth of the Company. The past year was one comprising both crisis and opportunities. SPG
Land made good use of it and initiated its strategic corporate rebranding plan. Such positive and
orderly innovation and reform, implemented in response to market changes, did not only help SPG
Land to successfully over-perform the market but also identified a clear strategic goal of becoming “the
most influential high-end property developer” and highlighted the core competence of SPG Land, but
also enabled us to kick off our plan for gathering human resources that cater to the future. All these
have contributed to SPG Land’s reinforced solid foundation and firmly safeguarded the skyrocketing
growth of it business.
告別全球經濟危機影響，2010年中國經濟强勁復蘇，于此同時，政府實施了全新房地產
調控政策，面對漸成現實的通脹預期，央行利率進入上升通道⋯⋯儘管房地產市場跌宕紛繁、
起落變幻，盛高置地2010年依然取得驕人業績，確保了公司的穩健成長。過去一年，是危
與機並存的一年，盛高置地藉此開啓了企業戰略性重建計劃。這種應對市場變化而進行
積極循序的創新和改革，不僅助力盛高置地成功跑贏市場，而且明確了築造“最具影響力
品位地產發展商”的戰略目標及盛高的核心競爭力，同時我們也啓動了面向未來的人力
資源搭建規劃，這一切都不斷夯實著盛高的發展根基，為事業的騰飛提供了堅實保障。
盛高置地（控股）有限公司 二零一零年年報 11
CHAIRMAN’S STATEMENT
主席報告
HIGH-END REAL ESTATE BUSINESS OFFERING
FINE WORK
Select ing high-qual i ty land, fabr icat ing innovat ive products,
and seeking to construct local landmark buildings with historic
significance in each and every city have been our focus over the past
13 years of our development and have contributed to SPG Land’s
emergence from a “fine-work real estate business” to a “high-
end real estate business”. In 2010, we duly announced our grand
strategic goal of becoming a “most influential high-end property
developer”. The declaration of such notion of a “high-end real
estate business” represented a key step in the strategic skyrocketing
development of SPG Land and shall enable us to push forward the
construction of SPG Land more clearly in terms of its corporate scale,
sustainable growth, investment return, humanity value and brand
recognition. Under the notion of “high-end real estate business”,
SPG Land delivered a sequence of outstanding performance. That
includes Peninsula Shanghai which was recognized as one of “The
World’s Best Business Hotel 2010” by Fortune and Wallpaper
magazines. Regarding acquisition of land, SPG Land successfully
acquired in a bidding parcels of premium land reserve in the new city
centres of Wuxi, Haikou and Ningbo. Our first project in Huangshan
Taiping Lake area has been successful, with the grand opening
of the Hidden Tiger Golf Club in Huangshan in October this year,
which signified the commencement of SPG Land’s development of
its high-end tourism business. Under fierce market competition, SPG
Land sustained its strength from the previous year and managed
to achieve record-breaking sales figures in the respective local real
estate markets in Wuxi, Haikou, Kunming, Suzhou, Changshu etc.
LAYING CENTURY-OLD FOUNDATION IN
RELIANCE UPON HUMAN RESOURCES
To lay a solid foundation which lasts for a century, human resources
would be the most important to gather and cultivate. Today, SPG
Land has become a publicly-listed integrated property development
conglomerate with multiple product lines, more than five hundred
employees, nearly 20 projects and spanning across eight cities and
provinces. In this important stage, we streamlined our corporate
structure and cultivated a pool of human resources in 2010, getting
ourselves prepared for further glorious development.
精心築就，品位地產
選擇優質的土地，建造創新的產品，力爭
在每一個城市都能傳承歷史的文脉、築就
當地經典——十三年的長足發展，讓盛高
置地逐漸由「精品地產」邁入了「品位地產」
的新階段。2010年，我們正式宣布築就「中
國最具影響力品位地產發展商」的宏偉戰
略目標。「品位地產」理念的提出，是盛高
實現戰略性躍升發展的關鍵一步，將使我
們從企業規模、持續增長、投資回報、人
文價值和品牌影響方面更清晰明確地推
進盛高置地的建設。藉由「品位地產」理念
引領，盛高置地今年陸續取得了不菲成績：
上海外灘半島酒店，開業伊始即獲得美國
《財富》及《Wallpaper》雜誌頒發的「2010全球
最佳商業酒店」美譽；在獲取土地方面，盛
高置地在無錫、海口、寧波均競得新中心
區優質土地儲備；我們在黃山太平湖度假
區開發建設的首個項目獲得成功——黃山
臥虎高爾夫俱樂部已在今秋十月開幕，並
拉開了盛高高端旅遊休閑事業的發展序幕；
面對市場的激烈競爭，盛高延續去年優勢，
依然在無錫、海口、昆明、蘇州、常熟等地
繼續刷新創造著當地的地產銷售記錄。
築基百年，人力先行
築就百年基業，人力資源體系建設是重中
之重。今天的盛高置地，已成為擁有多個
產品綫、橫跨八個省市、旗下近二十個項
目、五百多名員工的綜合性上市地產發展
集團。在這個重要的階段，我們在2010年
特別重疏企業脉絡、搭建了人力資源架構，
為爭取更大的輝煌而蓄勢。
SPG Land (Holdings) Limited Annual Report 201012
CHAIRMAN’S STATEMENT
主席報告
SPG Land will adhere to the cultivation of a management system
with core competence in its products. In this regard, we formulated
our “2+x” product strategy last year, where “2” refers to mixed-
use development projects and residential communities in cities,
whereas “x” refers to the recreational property projects in cities.
Working around three product lines, SPG Land will form three new
business divisions, each of which being directly responsible for the
development of products in the respective categories. Our goal is to
work finely and intensively on each and every category of projects
under our strategy of producing fine works. We do not only aim to
become a regional benchmark in individual projects, but also seek to
enrich our experience and lay the foundation for the rapid growth
of our standardized and large-scale construction development. Such
new business models require the use of a systematic workflow and
management processes and the deployment of the dedicated and
specialized human resources in different segments of the system.
In future, the notion of ”standardized, systematic and specialized”
human resources deployment will play a pivotal role in propelling our
rapid development on the path of “gradual and innovative growth”.
Our corporation will consistently keep itself competitive among its
industry peers in terms of the remuneration offered to its employees,
so as to attract high-calibre people and practically implement the
notion of “Putting Efforts with Hearts, Reaping Rewards with
Happiness”, thereby cultivating a professional team of people who
are stable, down-to-earth and innovative.
CONTINUE TO STRENGTHEN THE THREE
ELEMENTS OF OUR CORE COMPETENCE
The sound development of SPG Land is attributable to the three
elements of our core competence, namely our ongoing innovation,
outstanding capability in integrating resources and the all-rounded
marketing capability. Our ongoing innovation has enabled us to
fabricate a batch of landmark projects in the PRC market especially
the Yangtze River Delta region, such as Suzhou Global 188, the
tallest in Suzhou, and Xi Shui Dong, a central living area in Wuxi. Our
innovative products have not only won our market but also granted
us recognition by governmental bodies in our acquisition of land
parcels. The enormous influence of our projects in their respective
localities has repeatedly echoed the brand equity of SPG Land. Our
outstanding capability in integrating resources is derived from our
more-than-decade-old team of design, planning and operation
of commercial and hotel projects, which boasts international
盛高將堅持「培育以產品為核心競爭力的
管理體系」。對此我們于去年提出了「2＋ x」
的產品戰略，「2＋ x」中「2」是指城市綜合
體項目和城市住宅社區，「x 」指城市休閑
地產。 圍繞三條產品綫，盛高將組建全新
三大事業部，每個事業部直接負責發展相
關品類的產品。我們的目標，是在堅持精
品戰略的同時，嚴格做到對每一類產品的
精耕細作，不僅要把單個項目做成區域龍
頭，更要累積經驗，為標準化、規模性的
建設創造快速發展的基因。這種全新的商
業模式要求盛高采用流程化的工作和管理，
並在各個環節使用專門人才。在未來，「標
準化、流程化、專業化」 三大人力資源理念，
將推動我們企業走上「漸進式創新增長」
的快速發展道路。 我們的企業，將始終保
障員工在同業中極具競爭力的薪酬水平
以吸引優才，繼續把「天天用心工作，人人
開心收穫」的人才觀落到實處，培養盛高
穩定、踏實又極具創新精神的專業人才隊伍。
繼續强化，三大核心競爭力
盛高置地長足發展，皆因為我們擁有持續
的創新力、卓越的資源整合力、全方位的
營銷力——這三大核心競爭力。持續創新
力令我們在國內市場特別是長三角區域
築造了一批經典地標項目，諸如蘇州第一
高樓環球188、無錫中央生活區西水東等，
我們的創新性作品不僅贏得市場，在獲取
土地方面也深受地方政府認可，每個項目
在所在城市掀起的巨大影響都不斷夯實
著盛高的品牌價值；卓越的資源整合力源
于我們十多年打造的一支具備國際視野
的設計、規劃以及商業和酒店運營團隊，
不僅獨具創新精神，也善于開拓國際視野
與世界頂尖團隊合作。目前盛高已擁有穩
盛高置地（控股）有限公司 二零一零年年報 13
CHAIRMAN’S STATEMENT
主席報告
vision, spirit of innovation and the ability in exploring international
cooperation with top teams around the globe. At present, SPG Land
has a stable team of core people, long-term strategic cooperation
partners and a chain of quality suppliers. Our goal is to integrate
good resources and create premium projects in different cities. Our
all-rounded marketing capability represents our advantage enjoyed
over the years. In recent years, we have further extended and
developed its breadth and depth. As early as in the stage of land
acquisition, we would thoroughly understand the culture and market
from a marketing perspective, setting the benchmark of prices and
having the strongest profitability in the respective local markets. To
secure the brand equity of SPG Land, we treat customer service as
a key factor in judging marketing capability, which approach would
truly direct our marketing capability to service our projects on an all-
rounded basis. All these are important factors contributing to our
leading position in terms of selling prices and sales volume on the
market, especially Yangtze River Delta region.
It has been one year already and we are starting the next. On behalf
of the board of directors, I would like to thank all shareholders,
investors, strategic and business partners for their trust and support
for the Group during the year. Whilst the economic crisis is fading
away, the uncertainties in the global market have not thoroughly
changed, and negative factors still exist in the PRC’s property market
albeit its prosperous outlook. It can be envisaged that 2011 will be a
year full of ups and downs and challenges. “It gives you wider view
if you stand at a higher point”, a Chinese proverb goes. SPG Land
has taken the chance to formulate its notion of “high-end real estate
business”, adjust its corporate structure and established the core
competence of SPG Land. I believe that our ongoing efforts in laying
solid foundation for SPG Land, the refinement of the system of
gradual innovation and the construction of a platform for rapid and
module-based development will definitely create outstanding values
for our shareholders tomorrow and in the more distant future.
定的核心團隊、長期的戰略合作夥伴和優
質的供應商鏈條，我們的目標是整合最優
資源，為城市締造最優項目；全方位的營
銷力是盛高置地長期以來擁有的優勢，近
些年，我們將其不斷衍伸、發展：早在獲
取土地階段，即從營銷角度深入把脉城市
的文化與市場，在銷售階段我們的項目幾
乎都是水到渠成，成為當地的價格標杆並
擁有極强的溢價能力，為確保盛高品牌的
美譽度，我們將客戶服務納入營銷力的關
鍵因素考量，真正做到讓營銷力全方位服
務項目。這一切都是我們在市場上、特別
是長三角市場始終在銷售單價、總額領先
同儕的重要因素。
一年又去，新歲開元。本人謹代表董事局
衷心感謝所有股東、投資者、戰略和商業
夥伴對集團的信任與支持。經濟危機烟雲
漸去，但全球市場的不穩定因素尚未根本
改變，中國房地產市場前景燦爛却又危機
並存。可以想見，2011年仍將跌宕起伏、
充滿挑戰。「欲窮千里目，更上一層樓」，盛
高置地籍此時機提出築造「品位地產」的
企業理念，調整集團組織架構並確立了盛
高核心競爭力。我相信，當我們不斷為盛
高夯實根基，完善漸進式創新體制、建立
快速模塊化開發的平臺之後，必能在明天，
及更長久的未來，為股東創造最卓越的價
值！
SPG Land (Holdings) Limited Annual Report 201014
CHIEF EXECUTIVE OFFICER’S REVIEW
行政總裁報告
I have much pleasure to present the operating results of
SPG Land (Holdings) Limited (the “Company”) and its
subsidiaries (collectively known as the “Group”) for the
financial year ended 31 December 2010 (“FY2010”).
Despite the strictest tightening measures in history that
were implemented by the Chinese government on the real
estate market, the Group managed to maintain a steady
and sustainable growth momentum during the FY2010.
本人欣然提呈盛高置地（控股）有限公司（「本公司」）
及其子公司（統稱「本集團」）截至二零一零年十二月
三十一日止財政年度（「二零一零年財政年度」）的經
營業績。面對中國政府對房產市場推出歷來最嚴謹
的緊縮政策，本集團於二零一零年財政年度仍能維
持平穩和可持續的增長勢頭。
CHIEF EXECUTIVE OFFICER’S REVIEW
行政總裁報告
盛高置地（控股）有限公司 二零一零年年報 15
CHIEF EXECUTIVE OFFICER’S REVIEW
行政總裁報告
於回顧年度，本集團獲得合約銷售額人民
幣6,390,000,000元，再次錄得新高，並超過
我們修訂後的年度目標人民幣6,000,000,000
元。於本年度，本集團確認總收益人民幣
4,271,000,000元，較二零零九年財政年度
的 人 民 幣3,065,000,000元 上 升39%。本 集
團 純 利 為 人 民 幣902,000,000元，較 去 年
上升%。尤其，本集團股權持有人應佔
全 面 收 入 總 額 錄 得 按 年 增 長%至 人
民 幣890,000,000元（二 零 零 九 年：人 民 幣
679,000,000元）。
董事會建議派付二零一零年財政年度末
期股息每股人民幣分（中期股息：無）。
經營回顧
中國房地產市場於二零零九全年均錄得
強勁增長。而於二零一零年四月中，中央
政府開始實施一系列緊縮政策，希望遏止
市場炒賣及預防樓市泡沫爆破。此等調控
措施有效控制部分城市的房產價格。此情
形下，本集團對新產品開售採取彈性銷售
策略並且迅速及果斷回應市場轉變。
憑藉我們於上海建立的地位及於大型優
質房產發展的經驗，自我們於二零零六年
十月上市以來，我們已經成功將業務擴展
至其他長江三角洲地區城市（「長三角」），
包括無錫、蘇州及常熟，然後又擴展至其
他我們相信會有強勁發展潛力的省會城市，
包括昆明、海口及太原。
本集團堅持「2+X」產品策略，即大型住宅
區、城市綜合體項目及休閒及別墅發展項
目，我們發展多元化產品以滿足我們獨具
慧眼的顧客之需要。我們深信本集團不同
類型的計劃可以互補不足，而一個多元化
的產品組合亦令本集團於不同經濟情況
下均能錄得收益，並在緊縮市場下維持滿
意銷售額與將組合的長期價值提升至最
高兩者間取得平衡。
During the year under review, the Group has achieved contracted
sales of RMB6,390 million, another record in the company’s history,
and exceeded our revised annual target of RMB6,000 million. During
the year, the Group recognized a total revenue of RMB4,271 million,
up by 39% over the RMB3,065 million in FY2009. Net profit of the
Group, amounted to RMB902 million, increased by % over last
year; in particular, total comprehensive income attributable to equity
holders of the Group recorded a year-on-year increase of % to
RMB890 million (2009: RMB679 million).
The Board of Directors recommended the payment of a final dividend
of cents per share for FY2010 (interim dividend: nil).
OPERATIONAL REVIEW
The China’s real estate market marked a robust growth throughout
the year of 2009. While in mid-April 2010, the Central Government
started to introduce a series of tightening policies, aiming to curb
the market speculation and to prevent a housing bubble burst. The
austerity measures have effectively reined in property prices in some
cities. Under such circumstances, the Group has adopted flexible
marketing tactics for new product launches and reacted swiftly and
decisively, in response to the market changes.
Leveraging our established position in Shanghai and accumulated
experience in large-scale and quality real estate developments, since
our listing in October 2006 we have successfully expanded our
business to other cities in the Yangtze River Delta (“YRD”) region,
including Wuxi, Suzhou and Changshu, and then to various other
provincial capital cities that we believed to have strong growth
potential, including Kunming, Haikou and Taiyuan.
Adhering to the Group’s “2+X” product strategy, namely large scale
residential communities, city center integrated projects and leisure
and resort facilities, we have developed a diversified product mix
to serve the discerning needs of our customers. We firmly believe
that our different project types complement with each other and a
diversified product portfolio has allowed us to achieve revenues in
different economic conditions, so that the Group is able to reach a
good balance between maintaining satisfactory sales in a tightening
market and maximizing the long-term value of its portfolio.
SPG Land (Holdings) Limited Annual Report 201016
CHIEF EXECUTIVE OFFICER’S REVIEW
行政總裁報告
經營回顧（續）
本人謹此欣然呈報，儘管面對房地產市場
不明朗因素及交投量下跌的挑戰，本集團
之增長仍然能穩步上揚。
銷售表現
二零一零年，本集團繼續錄得增長之餘，
亦繼續實行明確的地區策略，尤其是於二
線城市。我們於長三角地區的住宅項目及
所選定的省會城市諸如位於常熟的盛高，
怡景灣、位於昆明的盛高，大城及位於海
口的盛高。榮域均非常成功，並為當地最
暢銷住宅項目。其中，位於昆明的盛高。
大城甚至在五月錄得一天售出約1,000個
單位的銷售量。此外，我們所有在長三角
地區的城市綜合體項目，諸如位於蘇州的
盛高。環球188、位於無錫的盛高。西水東
均被定為地標項目，自項目推出以來一直
空前受市場歡迎。本集團的項目一直領導
同區其他項目之價格，皆因我們的產品具
備精緻品味及頂級品質之餘，又有深思熟
慮的銷售、營銷及定價策略。
因此，我們的合約銷售額約人民幣64億元，
較我們於年中修訂的目標為高。其中，約
71%合約銷售額來自上海以外的項目，印
證了我們成功實施策略性地區多完化計劃。
發展進度
於二零一零年十二月三十一日，我們總共
於八個城市有十六個發展中項目，總建築
面積超過1,119,000平方米，乃集團歷史新
高。於回顧年度，已竣工及交付的總建築
面積為305,798平方米。
OPERATIONAL REVIEW (Continued)
Here, I am delighted to report that our business growth is on track,
notwithstanding the challenges of uncertainties and diminished
transactions in the real estate market.
Sales Performance
2010 is a year of our continued growth when the Group persistently
executed well-defined geographic strategy, especially in second-
tier cities. Our residential projects in YRD region and selected
provincial capital cities such as La Casa in Changshu, Metropolitan
in Kunming, and Florea in Haikou achieved great successes and
became the best-selling residential projects in respective cities.
Particularly, Metropolitan in Kunming was able to secure single-
day sales in May of about 1,000 units. Besides, all of our city-
center integrated projects in the YRD region, such as Global 188 in
Suzhou and XiShuiDong in Wuxi, are regarded as landmark projects
and have gained tremendous market popularity since the project
launches. Featuring exquisite style and premium quality, together
with deliberate sales, marketing and pricing strategies for our
products, our projects continue to command price premiums over
other projects in the same location.
As a result, we achieved contracted sales of approximately
billion, exceeding the target we revised in the middle of the year.
Out of which, about 71% of the contracted sales came from projects
outside Shanghai, verifying our successful implementation of
strategic geographic diversification.
Development Progress
As of December 31, 2010, we had a total of 16 projects under
development in eight cities, with a total gross floor areas (“GFA”)
over million ., a record in the Group’s development
history. During the year under review, total GFA completed and
delivered was 305,798 ..
盛高置地（控股）有限公司 二零一零年年報 17
CHIEF EXECUTIVE OFFICER’S REVIEW
行政總裁報告
經營回顧（續）
發展進度（續）
大型住宅區項目
我們的大型住宅區項目於二零一零年繼
續 為 最 大 貢 獻 項 目，佔 已 確 認 總 收 益 近
50%。這 主 要 包 括 我 們 在 上 海 的 三 個 大
型住宅示範區（康橋半島、盛高。香逸灣、
盛 高。東 方 庭 院）及 位 於 昆 明 的 盛 高。大
城。截至二零一零年財政年度末，本集團
在上海售出並交付上海項目的較後各期
共134,194平 方 米。盛 高 • 大 城 坐 擁 超 過
600,000平方米建築面積，為昆明其中一個
最大及最受歡迎的住宅項目，而此項目的
第二期亦進展良好。
我們於太原的低密度住宅區盛高 •日出東
山工程如火如荼。已計劃連排別墅及別墅
總共有建築面積約328,000平方米，該項目
第一期將於二零一一年中推出。
城市綜合體項目
我們第一個城市綜合體項目，於外灘的上
海半島發展計劃的酒店及購物商場已於
二零一零年三月隆重開幕，並且為城中最
大盛事之一。自開幕以來，酒店已獲得眾
多來自款接行業及旅遊行業的讚譽，包括
Wallpaper雜誌及財富雜誌的「2010全球最
佳商業酒店」。該發展項目中的服務式公
寓部分上海外灘半島酒店公寓，正進行最
後配備階段，並將於二零一一年接收第一
批租客。
環球188對二零一零年財政年度的已確認
收益有重大貢獻，並已如期竣工。環球188
位於蘇州工業園的中心商業區，為綜合混
合用途項目。其中有甲級寫字樓、服務式
公寓（輝盛閣）、五星級精品酒店（祺禮酒店）
以及一個坐擁金雞湖環迴景觀的頂級零
售裙樓。而項目最近更獲加許為「中國最
佳新地標」。
OPERATIONAL REVIEW (Continued)
Development Progress (Continued)
Large-scale Residential Community Projects
Our large-scale residential community project category remained
the largest contributor in 2010, accounting for nearly 50% of total
recognized revenue. These mainly include our three exemplary
large-scale residential communities in Shanghai (Cambridge Forest
Newtown, Tiffany and Oriental Garden ) and Metropol itan in
Kunming. By end of FY2010, the Group sold and delivered later
phases of projects in Shanghai with a total of 134,194 .
Metropolitan, with a total GFA of over 600,000 ., is one of the
largest and most popular residential projects in Kunming. The Phase
II of the project has been progressing well.
Our low-density residential community in Taiyuan, Andaluz, is in
active construction stage. Planned with townhomes and villas of total
GFA about 328,000 ., the project will have its first phase to be
launched in mid 2011.
City-centre Integrated Projects
Our f irst and crown-jewel city-centre integrated project, the
Peninsula Shanghai development on the historic Bund, had its hotel
and shopping arcade grand opening in March 2010, marking one of
the biggest events in town. Since its opening, the hotel has achieved
numerous awards from hospitality and travel industries, including
the “The World’s Best Business Hotel 2010” award by Wallpaper
and Fortune magazines. The serviced apartment component of the
development, Peninsula Residences, is undertaking final fit-out stage
and will receive its first tenants later in 2011.
As a significant contributor in our recognized revenue of FY2010,
Global 188 in Suzhou, was completed well on schedule. Located in
the central business district of Suzhou Industrial Park, Global 188,
an integrated mixed-use project consisting of grade A office towers,
serviced apartments (Frasers Suites), a five-star boutique hotel (Chedi),
and an upscale retail podium, enjoys the panoramic view of Jin Ji
Lake. The project was recently awarded as the ‘’Top New Landmark
in China”.
SPG Land (Holdings) Limited Annual Report 201018
CHIEF EXECUTIVE OFFICER’S REVIEW
行政總裁報告
經營回顧（續）
發展進度（續）
城市綜合體項目（續）
另一個本集團重要的城市綜合體項目是
位於無錫的西水東。西水東是一項總計劃
建築面積約681,000平方米的綜合混合用
途項目，其位於無錫得天獨厚的心臟地帶，
毗鄰歷史悠久的運河及梁溪，而該處為著
名歷史地標榮氏家族工廠，其為中國工業
及商業發展的發祥地。該項目計劃為一個
多期混合用途發展項目，擁有高級住宅建
築物及購物空間。此地標項目各期工程正
在進行當中，第一期預計於二零一一年竣
工及交付。
休閒及度假項目
作為我們產品線中不可或缺的一部分，休
閒及度假項目於二零一零年財政年度的
已確認收益，很大程度上來自位於常熟的
盛高。怡景灣及位於海口的盛高 • 榮域的
空前成功。
位於常熟的盛高。怡景灣於二零一零年底
售 罄，並 被 評 為 常 熟 最 受 歡 迎 的 別 墅 項
目。本集團已完成及交付第一期別墅總共
36,364平 方 米。盛 高 • 怡 景 灣 的 成 功 進 一
步鞏固本集團於常熟市場的地位及品牌，
並且為我們於常熟的第二個休閒項目－盛
高。翡翠灣奠下穩固基礎。
盛高 •榮域是海口其中一個最先發展的海
邊物業項目。項目位於海口海甸島以北及
白沙門生態公園以西，已計劃總建築面積
約222,000平方米。大部分第一期及第二期
物業已經預售及於二零一零年底竣工，其
中29,952平方米已於二零一零年交付。
OPERATIONAL REVIEW (Continued)
Development Progress (Continued)
City-centre Integrated Projects (Continued)
Another important city-centre integrated project of the Group is
XiShuiDong in Wuxi. With an unparallel location at the heart of
Wuxi, next to the historic canal and the Liangxi River where Rong’s
Factory, a famous historic landmark which symbolizes the birth place
of the Chinese industrial and commercial development, XiShuiDong
is an integrated mixed-use project with a total planned GFA of
about 681,000 . The project is planned as a multi-phase mixed-
use development comprising high-end residential buildings and
shopping spaces. Various phases of this landmark project are under
construction and the first phase of this landmark project is expected
to be completed and delivered in 2011.
Leisure and Resort Projects
As an indispensable extension of our product line, the recognized
revenue in FY2010 for our leisure and resort project category was
largely attributed by the great success of La Casa in Changshu and
Florea in Haikou.
La Casa in Changshu was all sold out as of end of 2010 and ranked
as the most popular villa project of Changshu. The Group completed
and delivered the first phase of villas with a total of 36,364 . The
success of La Casa has well underpinned the Group’s position and
brand recognition in Changshu market and laid a solid foundation
for our second leisure project in Changshu – Emerald Bay.
Florea is one of the first seashore property developments in Haikou.
Located at the north of Haidian Island in Haikou and west of the
Baishamen Ecology Park, the project is planned with a total planned
GFA of approximately 222,000 . Vast majority of Phase I and
Phase II have already been pre-sold and completed by end of 2010,
of which 29,952 . was delivered in 2010.
盛高置地（控股）有限公司 二零一零年年報 19
CHIEF EXECUTIVE OFFICER’S REVIEW
行政總裁報告
經營回顧（續）
發展進度（續）
休閒及度假項目（續）
位於黃山的盛高。黃山卧虎高爾夫球會有
一個十八洞高爾夫球場，並已於二零一零
年 十 月 隆 重 開 幕。擁 有 傳 奇 職 業 生 涯 的
Gary Player是 高 爾 夫 球 場 的 設 計 師，他 與
其他貴賓共同見證球場的落成典禮。繼太
平湖度假村第一期竣工後，一系列後期發
展項目，包括酒店及住宅公寓工程正全力
進行中。而擁有配套休閒設施的皇冠假日
酒店則預計於二零一二年竣工。
我們位於上海的第二間酒店，上海浦東康
橋假日酒店已經於二零一零年大致竣工
並將於二零一一年開始營運。本集團擁有
多個發展中的酒店發展項目，酒店營運將
日益補充我們的住宅及商業物業發展業務。
土地儲備補充
早於二零一零年第一季，本集團已經完成
我們增加2,500,000平方米優質土地儲備的
全年目標。我們策略性深化並擴充我們於
無錫及海口的業務及據點，取得三個優質
發展地盤。
二零一零年二月，本集團成功贏得兩個位
於江蘇省無錫市重要地盤的投標。我們於
無錫的土地儲備已經達到總建築面積約
2,154,581平方米，本集團亦成為無錫其中
一個主要發展商。金匱里是一個位於無錫
的城市綜合混合用途項目，位處太湖新城
中心商業區及毗鄰無鍚市新政府總部及
市政大樓。該項目總地盤面積佔約272,376
平方米，總建築面積約778,000平方米。項
目工程已於二零一零年底展開，金匱里第
一批物業亦將於二零一一年底推出市場。
OPERATIONAL REVIEW (Continued)
Development Progress (Continued)
Leisure and Resort Projects (Continued)
Hidden Tiger Golf Club in Huangshan, a new 18-hole signature golf
course, had its grand opening in October 2010. Gary Player, whose
accolades as a golf course designer in parallel with a legendary
career, along with other VIPs gathered together to witness this
inauguration. Following the first completed phase of Taiping Lake
Resort, a series of later developments including hotels and residential
apartments is under active construction. Crowne Plaza Hotel, with its
ancillary recreational facilities, is scheduled to be completed by 2012.
Our second hotel in Shanghai, Holiday Inn Shanghai PuDong
Kangqiao, was practically completed in 2010 and will start business
in 2011. With a number of hotel developments of the Group in the
pipeline, hotel operation will increasingly complement our residential
and commercial property development business.
Land Bank Replenishment
As early as in the first quarter of 2010, we already accomplished
our whole-year goal of adding quality land bank of million .
We have strategically penetrated and expanded our business and
footholds in Wuxi and Haikou by acquiring three quality development
sites.
In February 2010, the Group successfully won the bids for two
prime sites in Wuxi, Jiangsu Province. Our land bank in Wuxi has
now reached a total GFA of approximately 2,154,581 . and
the Group has become one of the major developers in Wuxi. At
the Central Business District (‘CBD’) of Taihu New Town and next
to the new Wuxi government head office and the city hall, Jin Gui
Li is a city-center integrated mixed-use project in Wuxi. The project
occupies a total site area of approximately 272,376 . with a
total planned GFA of approximately 778,000 . The project
already started construction by end 2010 and the first batch of the
Jin Gui Li will be launching into the market by end 2011.
SPG Land (Holdings) Limited Annual Report 201020
CHIEF EXECUTIVE OFFICER’S REVIEW
行政總裁報告
經營回顧（續）
土地儲備補充（續）
我們本年第二個取得的項目為太湖大道
一號，此乃沿太湖大道發展的大型住宅區
項目。該項目位處西山區，沿位於無鍚太
湖大道的主要道路而建，交通極為方便。
項目總地盤面積佔約263,300平方米，總計
劃 建 築 面 積 約 為682,000平 方 米。項 目 將
於二零一一年初動工，本集團亦將於二零
一一年底推出太湖大道一號第一期。
二零一零年四月，本集團完成收購海口海
長流項目的%股權。該項目位處海口
市西海岸的黃金地段，毗鄰新市政大樓及
海口市政府總部。項目地盤面積約339,720
平方米，總建築面積約1,000,652平方米，
內有高級住宅、辦公室及商業部分以及零
售設施。海長流第一批推出單位預計於二
零一一年第四季推出。
二零一零年七月，本集團決定從我們的基
金合作夥伴購回兩個位於昆明及上海項
目的股份，重申我們對此項目長期前景的
信心。
盛高於二零一零年底的土地儲備有總建
築面積約5,950,000平方米，足以支持本集
團未來五年的發展，亦與本集團的可持續
業務策略相符。
OPERATIONAL REVIEW (Continued)
Land Bank Replenishment (Continued)
Our second acquisition in Wuxi for the year, Taihu Avenue No. 1,
is a large scale residential community project along Taihu Avenue.
The project is conveniently located in Xishan District, along the
main road in Wuxi, Taihu Avenue. The project occupies a total site
area of approximately 263,300 . with a total planned GFA of
approximately 682,000 . The project construction will start in
early 2011 and the Group will launch the first phase of Taihu Avenue
No. 1 also by end 2011.
In April 2010, the Group completed the acquisition of the %
equity interest in Haikou Hai Chang Liu project. The project is well-
located at the prime location of west coast area of Haikou city and
next to the New City Hall of the Government Administration of
Haikou. Consisting of high-end residential, office and commercial
components and retail facil ities, the project has a site area of
approximately 339,720 . and a total GFA of approximately
1,000,652 . The first launch of the Hai Chang Liu units is
scheduled in the fourth quarter of 2011.
In July 2010, the Group decided to buy back shares in the two
projects in Kunming and Shanghai from our fund partner, reinforcing
our belief on the long-term prospects of these projects.
Our land bank as of end 2010 stood at a total GFA of approximately
5,950,000 ., sufficient for the next five years’ development and
well in line with the Group’s sustainable business strategy.
盛高置地（控股）有限公司 二零一零年年報 21
CHIEF EXECUTIVE OFFICER’S REVIEW
行政總裁報告
經營回顧（續）
審慎及有效的財務管理
雖然存在短期不明朗因素，但本集團決意
維持我們財務管理的穩健性及效率。本集
團自招股上市以來一直展示可靠財務狀
況的穩健往績。故此，於回顧年度，我們
得以與主要銀行夥伴訂立策略性聯盟。
二 零 一 零 年 三 月，本 集 團 與 中 國 工 商 銀
行（「中 國 工 商 銀 行」）訂 立 策 略 性 合 作 協
議，由中國工商銀行提供貸款融通人民幣
10,000,000,000元，以支持本集團未來兩年
的項目發展。
二 零 一 零 年 七 月，本 集 團 與 東 亞 銀 行 有
限公司（「東亞銀行」）安排三年期貸款融通
最 多500,000,000港 元 及 項 目 貸 款 人 民 幣
600,000,000元，以撥支蘇州的盛高 • 環球
188項目的發展。於整個年度，我們維持財
政穩健以支持我們業務發展快速擴充。
物業發展需要大量資金，而有效率的財務
管理對本集團的可持續發展至關重要。本
集團在安排資金及維持財務實力方面採
取審慎策略，我們同時繼續發掘不同資金
來源以滿足我們對業務成長及發展的資
本需要。
OPERATIONAL REVIEW (Continued)
Prudent and Efficient Financial Management
Despite the short-term uncertainties, the Group is determined to
maintain the soundness and efficiency of our financial management.
The Group has demonstrated solid track record of reliable financial
position since our IPO, and thus successfully forged strategic alliances
with major banking partners during the year under review.
In March 2010, the Group entered into strategic cooperation
agreements with Industrial and Commercial Bank of China (‘ICBC’),
which granted loan facilities of RMB10 billion to finance the Group’s
project development over the next two years.
In July 2010, the Group arranged with the Bank of East Asia Limited
(‘BEA’) for a 3-year term loan facility of up to HK$500 million and
a RMB600 million project loan for Global 188 project in Suzhou.
Throughout the year, we had maintained healthy financials to uphold
our rapid business expansion.
Given the intensive capital needs of property developments,
efficient financial management is critical to the Group’s sustainable
development. Adopting a prudent approach in arranging financial
means and maintaining our financial strengths, we have continued to
explore various funding resources to meet our capital requirements
for business growth and development.
SPG Land (Holdings) Limited Annual Report 201022
CHIEF EXECUTIVE OFFICER’S REVIEW
行政總裁報告
展望
本集團按我們的業務計劃於二零一零年
取得實質進展的同時，亦明白各項政府政
策、宏觀經濟因素、消費者需求及整體經
濟將會加劇影響房地產市場。中央政府推
出多項調控措施，顯示其遏抑樓價飆升的
決心，故此二零一一年對房地產商來說預
期是充滿挑戰的一年。縱然房地產市場將
面對一系列更加嚴謹的政策及預計短期
內將維持如此，但本集團認為長遠而言房
地產市場將會更加理性及更加井然有序。
正如過往的週期所見，我們相信我們行業
在市場動盪及不明朗因素下將加快整合。
很多市場上中、小型的房地產商將更加受
資本所限制及可能被迫撤出市場。借鑒二
零零八年，盛高是一個強靭且定位得宜的
上市發展商，在不斷轉變的競爭環境下依
然表現良好。我們互相配合的產品策略及
集中地域發展給我們清晰路向以選擇性
地追求增長及四處搜羅有利可圖的機會。
我們的品牌象徵優質設計、品質及服務，
使我們日益從市場對手中脫穎而出。而我
們卓越的管理團隊將在現今市場整合下
變得更富經驗，能應付未來更大挑戰。
PROSPECTS
While solid progress was made in 2010 according to our business
plan, we well understand that there will be increasing impacts on
the real estate market by numerous government policies, macro-
economic factors, consumer demand and the overall economy.
The year of 2011 is anticipated to be a challenging ahead for real
estate players in China as the Central Government has showed its
strong determination to curb soaring property prices through a wide
variety of austerity measures. Although the real estate market will be
experiencing a sequence of stricter policies and is expected to remain
so in the short term, the Group considers that it will become more
rational and well-regulated in the long run.
As witnessing in previous cycles, we believe that further consolidation
in our industry will be accelerated along with the market volatility
and uncertainties. Many of the small and mid-sized players in the
market will be more vulnerable to capital constraints and may be
squeezed out of the market. If 2008 has taught us anything, it is that
we are a resilient listed developer well-positioned to perform well in
the changing competitive landscape. Our complementary product
strategy and geographic focus give us a strong footprint from which
to selectively pursue growth and cast a wide net as we search for
profitable opportunities. Our brand name associated with premium
design, quality and services increasingly differentiate us from other
players. And our seasoned management team will emerge from the
current consolidation even more experienced and able to cope with
bigger challenges ahead.
盛高置地（控股）有限公司 二零一零年年報 23
CHIEF EXECUTIVE OFFICER’S REVIEW
行政總裁報告
展望（續）
本集團時刻謹記此等因素，並將繼續在與
宏觀調控角力的同時集中維持强勁財務
狀況及穩健現金流。如今，本集團已加大
力度，加快發展現有項目及按時推出新項
目，以捕捉市場湧現的機會。我們將繼續
認真看待資本承擔，包括收購土地及控制
發展成本。
最後，本人謹此向股東的鼎力支持及金融
合作夥伴對我們的信心致謝，同時感謝客
戶選擇我們的產品及服務，亦感謝各位員
工辛勤工作，還要感謝我們的供應商及外
判商與我們保持合作關係。二零一一年對
大家而言將會是充滿挑戰但卻成果豐碩
的一年。
PROSPECTS (Continued)
With these factors in mind, we continue to focus on maintaining a
strong balance sheet and healthy cash flow as we wrestle with the
correction. Currently, the Group has put extra efforts to accelerate
the development of existing projects and roll out new projects in a
timely manner so as to capture emerging market opportunities. We
will remain disciplined in our capital commitments, including land
acquisition and control of development costs.
Last but not least, I would like to express my deep appreciation to
our shareholders for their unfailing support, our capital providers
for their confidence in us, our customers for their choice on our
products and services, our staff for their fervent hard work and our
suppliers and contractors for their co-operative relationships with us.
2011 is going to be a challenging yet fruitful year for all of us.
SPG Land (Holdings) Limited Annual Report 201024
物業項目簡介
KunmingKunming
昆明昆明
-- TheThe MetropolitanMetropolitan
盛高盛高 ·· 大城大城
Property Projects Portfolio
Kunming
昆明
- The Metropolitan
盛高 · 大城
盛高置地（控股）有限公司 二零一零年年報 25
- Cambridge Forest Newtown- Cambridge Forest Newtown
盛高盛高 ·· 康橋半島康橋半島
- Oriental Garden (Cambridge Watertown)- Oriental Garden (Cambridge Watertown)
盛高盛高 ·· 東方庭院（康橋水鄉）東方庭院（康橋水鄉）
- Tiffany (Cambridge Waters)- Tiffany (Cambridge Waters)
盛高盛高 ·· 香逸灣（康橋水都）香逸灣（康橋水都）
- The Peninsula Shanghai- The Peninsula Shanghai
上海上海半島酒店綜合體半島酒店綜合體
- Shanghai Cambridge Holiday Inn- Shanghai Cambridge Holiday Inn
盛高盛高 ·· 康橋假日酒店康橋假日酒店
- Cambridge Forest Newtown
盛高 · 康橋半島
- Oriental Garden (Cambridge Watertown)
盛高 · 東方庭院（康橋水鄉）
- Tiffany (Cambridge Waters)
盛高 · 香逸灣（康橋水都）
- The Peninsula Shanghai
上海半島酒店綜合體
- Shanghai Cambridge Holiday Inn
盛高 · 康橋假日酒店
HaikouHaikou
海口海口
HuangshanHuangshan
黃山黃山
TaiyuanTaiyuan
太原太原
Yangtze River DeltaYangtze River Delta
長江三角洲長江三角洲
ShanghaiShanghai
上海上海
-- TheThe FloreaFlorea
-- TaipingTaiping LakeLake ResortResort ProjectProject
-- Andaluz,Andaluz, TaiyuanTaiyuan
黃山太平湖度假區項目黃山太平湖度假區項目
盛高盛高 ·· 日出東山日出東山
盛高盛高 ·· 榮域榮域
- Suzhou - Suzhou
- Wuxi- Wuxi
- Changshu- Changshu
蘇州蘇州
無錫無錫
常熟常熟
-- GlobalGlobal 188188
盛高盛高 ·· 環球188環球188
-- Xi Shui DongXi Shui Dong
盛高盛高 ·· 西水東西水東
-- TaihuTaihu NewNew ProjectProject
太湖新城項目太湖新城項目
-- EmeraldEmerald BayBay
盛高盛高 ·· 翡翠灣翡翠灣
-- LaLa CasaCasa
盛高盛高 ·· 怡景灣怡景灣
-- TaihuTaihu AvenueAvenue ProjectProject
太湖大道項目太湖大道項目
Haikou
海口
Huangshan
黃山
Taiyuan
太原
Yangtze River Delta
長江三角洲
Shanghai
上海
- The Florea
- Taiping Lake Resort Project
盛高 · 榮域
- Suzhou
- Wuxi
- Changshu
蘇州
無錫
常熟
- Taihu New Project
太湖新城項目
- Taihu Avenue Project
太湖大道項目
- Emerald Bay
盛高 · 翡翠灣
- La Casa
盛高 · 怡景灣
- Global 188
盛高 · 環球188
- Xi Shui Dong
盛高 · 西水東
-- Hai Chang LiuHai Chang Liu
盛高盛高 ·· 海長流海長流
- Hai Chang Liu
盛高 · 海長流
黃山太平湖度假區項目
SPG Land (Holdings) Limited Annual Report 201026
PROPERTY PROJECTS PORTFOLIO
物業項目簡介
Yanan Tunnel
Yangpu Bridge
Cambridge
Forest
Newtown
康橋半島
Villa d’ Ambre
琥珀別墅
Huqingping Highway
O
uter Ring
Out
er R
ing
Inn
er R
ing
In
ne
r
Ri
ng
Yan
an H
ighw
ay
G
onghexing H
ighw
ay O
uter Ring
Yangpu Bridge
Outer Ring
Shanghai Cambridge
Holiday Inn
上海康橋假日酒店
Oriental Garden (Cambridge Watertown)
盛高．東方庭院（康橋水鄉 ）
4
2
5
3
Tiffany (Cambridge Waters)
盛高．香逸灣（康橋水都） 1
Shanghai ProjectsShanghai Projects 上海項目
Huqingping Road
Large-scale Residential Community Projects 大型住宅社區項目
The Peninsula Shanghai
上海半島酒店
1. Tiffany (Cambridge Waters) 盛高 •香逸灣（康橋水都）
Site area () 地盤面積（平方米） ： 439,667
- A large-scale property development comprising mainly
residential properties targeted at middle class customers
由高層住宅及特色商業等構築成的大型住宅社區，以中產
階層為主要目標客戶
- Within 5 minutes to the nearest Metro station and within 20
minutes to the city center by the subway
相距鄰近地鐵站約5 分鐘行程，二十分鐘內可由地鐵前往
市中心
- Phase I & II have been completed; Tiffany (Phase III) is partly
completed and delivered, others pre-saled in 2010
一期和二期已經竣工，香逸灣（三期）已經部分竣工及交
付，其餘部分已經在2010 年實行預售
GFA () 總建築面積（平方米） ： 579,696
Brief Introduction 項目簡介：
盛高置地（控股）有限公司 二零一零年年報 27
PROPERTY PROJECTS PORTFOLIO
物業項目簡介
3. Shanghai Cambridge Holiday Inn 盛高 •康橋假日酒店
Site area () 地盤面積（平方米） ： 42,750
- The project is located close to the airport, the 2010 World Expo
site and the upcoming Shanghai Disneyland
該項目位於康橋半島內，鄰近機場、2010 年世博會園址及
規劃中的上海迪士尼樂園
- The hotel has 400 guest rooms. This project also consist of
apartments, retail space, conference facilities and the
clubhouse.
擁有400 個酒店房間、公寓、餐廳、會議設施及會所
- The project development was completed in 2010. The Holiday
Inn will open in 2011 and the apartments have been all sold out
項目已於2010 年整體落成。假日酒店將於2011年正式開
業，酒店式公寓已經全部售罄
GFA () 總建築面積（平方米） ： 59,630
Brief Introduction 項目簡介：
2. Cambridge Forest Newtown康橋半島
Site area () 地盤面積（平方米） ： 1,584,334
- One of the largest low-density residential developments in
Shanghai
上海最大的低密度住宅項目之一
- Within 25 minutes’ driving distance to the city center
距離市中心25 分鐘車程
- Phase I-V have been completed, Phase VI commenced its
pre-sale in 2010
一至五期均已落成，六期於2010 年實現預售
GFA () 總建築面積（平方米） ： 1,150,697
Brief Introduction 項目簡介：
SPG Land (Holdings) Limited Annual Report 201028
PROPERTY PROJECTS PORTFOLIO
物業項目簡介
5. The Shanghai Peninsula 上海半島酒店
City Center Integrated Projects 城市綜合體項目
4. Oriental Garden (Cambridge Watertown) 盛高 •東方庭院（康橋水鄉）
Site area () 地盤面積（平方米） ： 304,001
- The largest Chinese-style, lakeside villa development in Shanghai
上海最大的中式湖居別墅區
- The project has approximately 700 houses; Located in Qingpu
District; 25km from Hongqiao Airport
位於上海青浦區，由約700棟房屋組成，距離虹橋機場25
公里
- Adjacent to ancient water town Zhujiajiao; 1,700-year history
and a famous tourist site; excellent ecological area
地處朱家角生態高尚居住區內。朱家角為具有1,700的歷史
的水鄉古鎮，以其優美生態旅遊區而馳名
- Lot I–VII have been completed
一至七號地塊已經完工
GFA () 總建築面積（平方米） ： 202,629
Brief Introduction 項目簡介：
Site area () 地盤面積（平方米） ： 13,898
- Peninsula Hotel has a total of 235 rooms; Peninsula Residences
has a total of 39 units.
半島酒店擁有235 個房間，上海半島酒店公寓擁有39 套單位
- The Peninsula Hotel has full facilities including the signature
Peninsula lobby lounge, jazz bar, Peninsula Aqua Treatment
Centre, swimming pool and 5 restaurants
半島酒店設施豪華完備，擁有著名的半島大堂休息廳，爵
士樂酒吧，半島水療中心、游泳池及多達5 家的中西餐廳
- The signature development was completed in 2009 and the
hotel was opened at March 2010
該標誌性建築已經於2009 年落成，上海半島酒店於2010年3
月正式開業
GFA () 總建築面積（平方米） ： 92,520
Brief Introduction 項目簡介：
includes:
包括：
Peninsula Hotel, Peninsula Residences and Peninsula Arcade
半島酒店、上海半島酒店公寓及半島商場
盛高置地（控股）有限公司 二零一零年年報 29
PROPERTY PROJECTS PORTFOLIO
物業項目簡介
Taihu Avenue Project
盛高．太湖大道項目
Xi Shui Dong
盛高．西水東
Taihu New Town Project
盛高．太湖新城項目
1
3
2
Wuxi ProjectsWuxi Projects 無錫項目
Yangtze River Delta ProjectsYangtze River Delta Projects 長江三角洲項目長江三角洲項目
SPG Land (Holdings) Limited Annual Report 201030
PROPERTY PROJECTS PORTFOLIO
物業項目簡介
City Center Integrated Projects 市中心綜合體項目
1. Xi Shui Dong 盛高 •西水東
Site area () 地盤面積（平方米） ： 248,800
- Located in the heart of Wuxi and in close proximity to the central
commercial and business district. Currently the largest city-core
development project in Wuxi, designed as a multi-phase and
large-scale city-centre integrated development comprising
residential and commercial compound
位於無錫市中心，毗鄰中央商業區，是無錫目前最大的城
市中心區發展項目，規劃設計成為融住宅和商業的大型、
多期開發的綜合體項目
- Phase I started to pre-sale in Q4 2009, other phases started pre-
sale as planned in 2010 by phases
項目一期已經於2009 年第四季度開始預售，其他部分按計
劃已於2010年進行預售
- About two hours driving distance to Shanghai
距離上海約兩小時車程
GFA () 總建築面積（平方米） ： 695,400
Brief Introduction 項目簡介：
2. Taihu New Town Project 盛高 •太湖新城項目
Site area () 地盤面積（平方米） ： 272,376
- Situated at the core of Taihu New Town Central Business District
(CBD) next to new Wuxi government head offices and city hall
and echoing SPG’s Xi Shui Dong, the new project has excellent
future prospect
位於太湖新城中央商務區的核心地段，毗鄰無錫市新政府辦
公樓及市政廣場。同盛高． 西水東項目遙相呼應，項目具有
優秀的發展前景
- Alliance with top-notch architects and design teams, transform
the premium site into a new landmark at the core of Taihu New
Town CBD
匯同頂級建築師及設計師，該項目將打造成為太湖新城核
心地段的新地標
- Construction and pre-sale will start in 2011
將於2011 年開工並開始預售
GFA () 總建築面積（平方米） ： 778,383
Brief Introduction 項目簡介：
盛高置地（控股）有限公司 二零一零年年報 31
PROPERTY PROJECTS PORTFOLIO
物業項目簡介
Site area () 地盤面積（平方米） ： 263,300
- The site is in close proximity to the Management Committee of
Xishan Economic Development Zone and is along the key artery
of Wuxi city – Taihu Avenue
地盤位置緊鄰錫山開發區並位於譽為“無錫東西通道”的太
湖大道之側
- Well-covered by comprehensive transportation network, the
district is close to the YRD High Speed Rail - one of the biggest
stimulating factor for the future development of the district,
which will gradually become the preferred choice for home
buyers from urban area
周邊交通便捷，項目所在區域並緊靠將對該地區經濟起到巨
大推動作用的城際高鐵，並正逐步成為市區購房者的首選
- Construction commence in 2011 and expected to pre-sale in the
same year
將於2011年開工並在同年開始預售
Brief Introduction 項目簡介：
Large-scale Residential Community Projects 大型住宅社區項目
3. Taihu Avenue Project 盛高 •太湖大道項目
GFA () 總建築面積（平方米） ： 681,690
SPG Land (Holdings) Limited Annual Report 201032
PROPERTY PROJECTS PORTFOLIO
物業項目簡介
Suzhou Global 188 盛高 •環球188
Site area () 地盤面積（平方米） ： 14,896
- Located in the CBD of Suzhou Industrial Park, near Jinji Lake,
underground connected to the subway
位於毗鄰金雞湖的蘇州工業園中央商務區，地庫連接地鐵
站
- A landmark project consisting of serviced apartment (Frasers
Suites), hotel (Chedi Hotel), grade A office tower and retail
podium, the tallest building under construction in vicinity
由服務式公寓（輝盛閣）、酒店（祺禮酒店）、甲級寫字樓及
商業裙樓所組成的地標式建築，是區內在建的最高建築
- The pre-sale of the project started in 2009; Overall project
completed in 2010
於2009 年開始預售，整體已於2010年落成
GFA () 總建築面積（平方米） ： 149,308
Brief Introduction 項目簡介：
Suzhou ProjectSuzhou Project 蘇州項目
City Center Integrated Projects 市中心綜合體項目
- Awarded “Top 10 New landmarks in China”
獲得「中國十大新地標項目」稱號
盛高置地（控股）有限公司 二零一零年年報 33
PROPERTY PROJECTS PORTFOLIO
物業項目簡介
Tourism and Leisure Property Projects 旅遊休閒地產項目
Emerald Bay 盛高 •翡翠灣
Site area () 地盤面積（平方米） ： 107,391
- Situated at the unique location and is adjoining the scenic
Shang lake to the north along with impressive mountain views
該項目位於風景優美的尚湖北側，並擁有令人嘆為觀止的
山景
- Commencement of construction in 2010 and also started the
pre-sale
已於2010 年開工並於當年開始預售
GFA () 總建築面積（平方米） ： 121,325
Brief Introduction 項目簡介：
Large-scale Residential Community Projects 大型住宅社區項目
La Casa盛高 •怡景灣
Site area () 地盤面積（平方米） ： 119,769
- Situated at the fringe of Yu Mountain, facing the national park
and with established amenities and infrastructures
位於虞山邊緣，面臨國家公園，擁有完善的文化設施及基
礎設施
- A prestigious project in the area consisting of townhouses and
duplexes units
為由連排別墅及疊加別墅所組成的優質住宅項目
- The first phase of the project has been completed and phase II is
in the process of construction, pre-sale started in 2010
項目一期已經完工，第二期在建並已於2010 年開始預售
GFA () 總建築面積（平方米） ： 86,728
Brief Introduction 項目簡介：
Changshu ProjectsChangshu Projects 常熟項目
SPG Land (Holdings) Limited Annual Report 201034
PROPERTY PROJECTS PORTFOLIO
物業項目簡介
Large-scale Residential Community Projects 大型住宅社區項目
The Metropolitan 盛高 •大城
Site area () 地盤面積（平方米） ： 170,806
- Located along Dianchi Road in the metropolitan area of
Kunming, where the Provincial Central Administration Offices
are located, is a high quality multi-phase residential and
commercial project
位於昆明市中心區的滇池路口，近鄰雲南省中央行政辦公
區。為分期發展的大型優質住宅及商業綜合項目
- Designated as the recommended urban living residential project
by China Real Estate Index System in 2009
獲得2009 年中房產指數系統測評推薦“城市宜居住宅
項目”
- Phase I & III are completed and Phase II has commenced the
construction. The pre-sale started in the year of 2010
一期與三期已經落成，二期已經開工並已經於2010年開始
預售
GFA () 總建築面積（平方米） ： 614,994
Brief Introduction 項目簡介：
Kunming ProjectKunming Project 昆明項目
盛高置地（控股）有限公司 二零一零年年報 35
PROPERTY PROJECTS PORTFOLIO
物業項目簡介
Hai Chang Liu 盛高 •海長流
Tourism and Leisure Projects 旅遊休閒地產項目
The Florea 海口 •榮域
Site area () 地盤面積（平方米） ： 292,174
- Located at the first-tier waterfront in the northern part of
Haikou, the Florea enjoys an unobstructed ocean view,
comprising Spanish-style residential development
位於海南省省會城市海口北部，盛高．榮域坐擁一望無
際無敵海景，為西班牙式住宅項目
- Phase I is completed, Phase II is under construction and
commenced the pre-sale in 2010
一期已落成，二期在建並將於2010 年預售
- Adjacent to on the National Tourism Island planning, the project
has a great potential of appreciation
依託國家旅遊島規劃，升值潛力巨大
GFA () 總建築面積（平方米） ： 252,759
Brief Introduction 項目簡介：
Haikou ProjectsHaikou Projects 海口項目
Site area () 地盤面積（平方米） ： 339,720
- Located at the core area of New CBD, just close to the New
administration Center of Haikou. The new administrative center
was ready and occupied at the end of 2010
位於海口市新中央核心區域(CBD)，緊鄰海口市新行政中
心。新行政中心已於2010年底交付使用
- The land connects the Coast Avenue from North, and faces the
being built International Exhibition Centre
該地塊北沿海口市最主要的海岸線之一－濱海大道，直接
面向正在建設中的國際會展中心
- The project is under the process of design and is planned to
commence the pre-sale in the year of 2011
現處於前期規劃設計中，預計於2011年實現預售
Brief Introduction 項目簡介：
GFA () 總建築面積（平方米） ： 1,000,652
SPG Land (Holdings) Limited Annual Report 201036
PROPERTY PROJECTS PORTFOLIO
物業項目簡介
- Acquired in July 2009, located in Xiaodian District, southeast of
Taiyuan City, the capital of Shanxi Province, an area with
enormous potential as the local government intends to develop
the area into a multi-functional residential, commercial and
leisure new town center
地盤於2009年7月獲得，位於山西省會太原東南的小店區。
該地盤位置具雄厚潛力，為當地政府將發展的多功能住
宅、商業及休閒新市中心
- Planned to be a low-rise residential community with leisure,
sports and retail facilities. The topography of the land is raised so
the development will overlook the whole of Taiyuan City
規劃為具有休閒、體育及商業配套的低密度住宅社區。項
目俯瞰太原，盡覽美景
- The project is under planning and is expected to presale in 2011
項目處於規劃階段並計畫於2011年進行預售
GFA () 總建築面積（平方米） ： 352,900
Brief Introduction 項目簡介：
Large-scale Residential Community Projects 大型住宅社區項目
Andaluz Taiyuan 盛高 •日出東山
Site area () 地盤面積（平方米） ： 429,000
Taiyuan ProjectTaiyuan Project 太原項目
盛高置地（控股）有限公司 二零一零年年報 37
PROPERTY PROJECTS PORTFOLIO
物業項目簡介
Tourism and Leisure Property Projects 旅遊休閒地產項目
Huangshan Resort Project 黃山度假區項目
Site area () 地盤面積（平方米） ： 2,283,733
- Located in the northern part of Huangshan, close to the
legendary scenic Taiping Lake
位於黃山北部，鄰近著名的風景勝地太平湖
- Multi-phase resort development comprising five-star hotels, golf
course, resort villas and apartments
為多期發展的大型項目，包括五星級酒店、高爾夫球場、
度假別墅及公寓
- A golf practicing facility designed by world-renowned Gary
Player was trial to run by the end of 2009 as scheduled
由世界頂級的高球設計師Gary Player 設計的高爾夫球場於
2009 年底如期開始試運營
- Construction of resort housing started and the pre-sale is
expected to commence in 2011
首期度假住宅項目已開工並預計於2011年開始預售
GFA () 總建築面積（平方米） ： 1,141,867
Brief Introduction 項目簡介：
Huangshan ProjectHuangshan Project 黃山項目
SPG Land (Holdings) Limited Annual Report 201038
MANAGEMENT DISCUSSION AND ANALYSIS
管理層論述及分析
BUSINESS REVIEW
The financial year ended 31 December 2010 (“FY2010”) was a year
of continued steady growth for the Group notwithstanding that the
Chinese Central Government introduced and implemented a series
of tightening measures. During the year under review, the Group
recorded a total revenue of approximately RMB4,271,189,000 (2009:
RMB3,065,441,000), representing an increase of approximately
39%. Net profit attributable to equity holders of the Company
was approximately RMB890,206,000 (2009: RMB678,520,000),
up 31% over the same period last year. Basic and diluted earnings
per share attributable to equity holders of the Company amounted
to and (2009 (restated): and
) respectively for the twelve months ended 31 December
2010. The Board has recommended the payment of a final dividend
for 2010 of cents per share.
For FY2010, the Group conducted its business activities in the
following major business segments: property development, hotel
development, property investment and ancillary business. Among all,
property development remains the core business and key revenue
generator of the Group.
Under the current economic conditions, the Group proceeded
with its planned schedule for development projects, proactively
adjusted its marketing strategies to tailor the consumers’ needs and
persistently strengthened its internal management to further explore
cost-saving potentials.
業務回顧
截至二零一零年十二月三十一日止財政
年度（「二零一零年財政年度」），雖然中國
中央政府推出及實施一連串宏調措施，但
本集團仍然錄得穩健增長。於回顧年度，
本集團錄得總收益約人民幣4,271,189,000
元（二零零九年：人民幣3,065,441,000元），
增加約39%。而本公司股權持有人應佔純
利約為人民幣890,206,000元（二零零九年：
人 民 幣678,520,000元），較 去 年 同 期 上 升
31%。截至二零一零年十二月三十一日止
十二個月，本集團股權持有人應佔每股基
本及攤薄盈利分別為人民幣元及人
民 幣元（二 零 零 九 年（經 重 列）：人 民
幣元及人民幣元）。董事會已建
議派付二零一零年末期股息每股人民幣
分。
二零一零年財政年度，本集團於下列主要
業務分部進行其業務活動：物業發展、酒
店發展、物業投資及配套業務。其中，物
業發展仍為本集團的核心業務及主要收
益來源。
按目前經濟情況，本集團按其計劃進行發
展項目、積極調整其市場策略以切合消費
者需要並且持續強化其內部管理以進一
步發掘節省成本的機會。
盛高置地（控股）有限公司 二零一零年年報 39
MANAGEMENT DISCUSSION AND ANALYSIS
管理層論述及分析
BUSINESS REVIEW (Continued)
Property Development
In FY2010, the Group satisfactorily accomplished its completion and
delivery targets as planned. The total GFA sold and delivered was
305,798 . (2009: 306,885 .) while the revenue booked
from property sales added up to approximately RMB4,114 million,
representing a year-on-year (“YoY”) increase of approximately 41%
(2009: RMB2,926 million). The growth of revenue from property
sales was on track. The revenue growth was mainly attributable to
the additions of several key projects in Yangtze River Delta region.
Approximate
area sold and
delivered
in 2010
Approximate
sales
recognized
in 2010
Average
selling
price
Item 項目
已於二零一零年
售出及交付
概約面積
已於二零一零年
確認之
概約銷售額 平均售價
. RMB’000 RMB/.
平方米 人民幣千元
（人民幣╱
平方米）
Cambridge Forest Newtown
– Phase VD
康橋半島－第VD期 2,552 52,868 20,716
Cambridge Forest Newtown
– Phase VF villa
康橋半島－第VF期別墅 1,346 43,500 32,318
Cambridge Waters-Phase II D2
– apartments
康橋水都－第II期D2－公寓 19,041 193,034 10,138
Cambridge Waters-Phase II D3
– villas
康橋水都－第II期D3－別墅 954 10,277 10,773
Cambridge Waters-Phase II F
– apartments
康橋水都－第II期F－公寓 103,252 1,314,338 12,729
Cambridge Watertown – Villas 康橋水鄉－別墅 5,672 102,485 18,069
Cambridge Watertown
– Townhouses
康橋水鄉－連排別墅 1,377 16,706 12,132
Haikou Florea-Phase I – A 海口榮域－第I－A期 620 4,719 7,611
Haikou Florea-Phase I – B 海口榮域－第I－B期 2,713 25,591 9,433
Haikou Florea-Phase I – C 海口榮域－第I－C期 589 4,655 7,903
Haikou Florea-Phase I – D 海口榮域－第I－D期 1,184 10,993 9,285
Haikou Florea-Phase II – F 海口榮域－第II－F期 24,846 200,138 8,055
Kunming Metropolitan – Phase I 昆明盛高大城－第I期 27,525 185,953 6,755
Kunming Metropolitan – Phase III 昆明盛高大城－第III期 1,171 5,573 4,759
Changshu La Casa – Phase I villas 常熟怡景灣－第I期別墅 36,364 360,348 9,909
Suzhou Global 188 – Office building 蘇州環球188－商廈 23,829 472,917 19,846
Suzhou Global 188 – Apartments 蘇州環球188－公寓 36,750 828,615 22,547
Holiday Inn – Serviced apartment-
residential
假日酒店－服務式公寓－住宅 14,318 246,558 17,220
Holiday Inn – Serviced apartment-loft 假日酒店－服務式公寓－頂層 1,695 34,396 20,293
1,695 34,396 20,293
Total 總計 305,798 4,113,664 13,452
業務回顧（續）
物業發展
於二零一零年財政年度，本集團緊密符合
其 原 定 的 竣 工 及 交 付 目 標。已 售 出 及 交
付項目的總建築面積達305,798平方米（二
零 零 九 年：306,885平 方 米），物 業 銷 售 收
益 約 為 人 民 幣4,114,000,000元，按 年 增 加
約41%（二零零九年：人民幣2,926,000,000
元）。物業銷售收益增長符合預期。而收益
增長主要可歸因於多個於長江三角洲地
區的幾個新增主要項目。
SPG Land (Holdings) Limited Annual Report 201040
MANAGEMENT DISCUSSION AND ANALYSIS
管理層論述及分析
BUSINESS REVIEW (Continued)
Property Development (Continued)
During the year under review, the Group’s contracted sales reached
approximately RMB6,390 million and aggregate contracted GFA
was 482,173 .. This represents a YoY growth of approximately
15% in value (2009: RMB5,544 million) and a YoY increase of 1%
in GFA (2009: 476,995 ). We also achieved an increase in
average selling price (“ASP”) from RMB11,623 per . in 2009 to
RMB13,252 per in FY2010, representing an increase of 14%.
During FY2010, the contracted sales from the 2nd-tier cit ies
contributed a major part of the Group’s total contracted sales,
reaching to approximately 71%. This inc luded Kunming the
Metropolitan (20%), Wuxi Xi Shui Dong (16%), Changshu La Casa
(12%), Suzhou Global 188(9%), and Haikou the Florea (9%) and
Changshu Emerald Bay (5%).
In response to the strict tightening measures launched by the Central
Government, the Group adopted flexible marketing strategies in
launching new projects, prudent treasury management and credit
control, and managed to achieve satisfactory sales performance and
maximize the value of its property projects portfolio.
Land Bank Replenishment
The Group adheres to a land bank replenishment strategy of
maintaining the pipeline of land bank that is sufficient to support the
Group’s development in the future five years. In FY2010, the Group
strategically and selectively expanded its land bank and accomplished
the whole-year target by adding quality land bank of approximately
million .. The Group was able to further penetrate the
business presence and footholds in Haikou and Wuxi.
業務回顧（續）
物業發展（續）
於回顧年度，本集團合約銷售額約為人民
幣6,390,000,000元，合 約 建 築 面 積 總 額 達
482,173平 方 米，金 額 按 年 增 加 約15%（二
零零九年：人民幣5,544,000,000元）及建築
面積按年增加1%（二零零九年：476,995平
方米）。本集團之平均銷售價亦由二零零
九年每平方米人民幣11,623元上升至二零
一零年財政年度每平方米人民幣13,252元，
增加14%。
於二零一零年財政年度，二線城市合約銷
售額佔本集團總合約銷售額其中一大部分，
達約71%，包括昆明盛高大城 (20%)、無錫
西 水 東 (16%)、常 熟 怡 景 灣 (12%)、蘇 州 環
球188(9%)及海口榮域 (9%)及常熟盛高 •翡
翠灣 (5%)。
面對中央政府推出嚴厲的宏調措施，本集
團於新項目開售時採取彈性市場策略、審
慎的財資管理及信貸控制，能達到理想銷
售業績，並且將物業項目組合的價值推至
最高。
土地儲備補充
本集團堅持的一套補充土地儲備策略，是
維持適量土地儲備供應本集團未來五年
的發展。於二零一零年財政年度，本集團
具策略且選擇性擴充土地儲備，已達成增
加約250萬平方米優質土地儲備的全年目
標。本集團進一步深化於海口及無錫的業
務及據點。
盛高置地（控股）有限公司 二零一零年年報 41
MANAGEMENT DISCUSSION AND ANALYSIS
管理層論述及分析
BUSINESS REVIEW (Continued)
Land Bank Replenishment (Continued)
• Jin Gui Li and Taihu Avenue No. 1, Wuxi City, Jiangsu Province
On 8 February 2010, the Group successfully won the bids
for two prime sites in Wuxi, Jiangsu Province. At the Central
Business District (‘CBD’) of Taihu New Town, with planned
GFA of approximately 778,383 ., the development
site was acquired at a total consideration of approximately
billion. The new project is designated to become a
landmark development in Taihu New Town, echoing the glory
of Xi Shui Dong (one of the prominent city-centre integrated
deve lopment pro jects in Wuxi be ing developed by the
Group). The project is adjacent to the Jin Gui Park and will be
developed into a high-end residential community with a total
GFA of approximately 604,880 . and the remaining GFA of
approximately 173,503 . will be allocated for commercial
development. The project is a joint-venture between the Group
(60%) and Wuxi Taihu New Town Construction Investment and
Management Co., Ltd. (40%).The second project is situated
along Taihu Avenue where a parcel of land of approximately
263,000 . (GFA of approximately 682,000 .) was
acquired at a consideration of billion. The mixed-
use project will be developed into a large-scale residential
community set at international standards, with a sizeable
commercial component along the frontage of Taihu Avenue.
• Hai Chang Liu Project, Haikou City, Hainan Province
On 29 March 2010, the Group further acquired % equity
interest of a project held by Hainan Tianyuan Lifeng Shiye
Co., Ltd. which acquired it through listing-for-sale in October
2009. The site is situated at the west coast of Haikou city and
next to the New City Hall of the Government Administration
of Haikou. The project will be developed on a site area of
approximately 339,720 . (GFA of approximately 1,000,652
.). The project is expected to be launched into the market
in the fourth quarter of 2011.
As at 31 December 2010, the Group held a quality land bank
of approximately million ., well in line with the
Group’s sustainable expansion strategy.
業務回顧（續）
土地儲備補充（續）
• 江蘇省無錫市金匱里及太湖大道一號
於二零一零年二月八日，本集團成功
贏得江蘇省無錫兩個主要地盤的投標。
在太湖新城的中心商業區，本集團以
總代價約人民幣億元取得該發展
地盤約778,383平方米的計劃建築面
積。新項目被指定成為太湖新城的地
標發展，與西水東（本集團在無錫開
發的重要市中心綜合發展項目）互相
輝映。該項目與金匱公園相鄰，並將
發展成為總建築面積約604,880平方
米的高檔住宅社區，其餘建築面積約
173,503平方米將分配作為商業發展
項 目。項 目 是 本 集 團 (60%)及 無 錫 市
太湖新城建設投資管理有限公司(40%)
的合營項目。第二個項目位於太湖大
道，本集團以代價人民幣億元收
購位於太湖大道的一幅約263,000平
方 米（建 築 面 積 約682,000平 方 米）的
土地。此混合用途項目將發展為達國
際標準的大規模住宅社區，沿太湖大
道有大型商業組團。
• 海南省海口市海長流項目
於二零一零年三月二十九日，本集團
進一步收購海南天源利豐實業有限
公司持有的一個項目的%股權。
此項目是前東主於二零零九年十月
以掛牌出讓方式收購。該地盤項目位
處 海 口 市 西 海 岸，毗 鄰 海 口 市 政 府
總 部 新 市 政 大 樓。項 目 將 於 面 積 約
339,720平方米的地盤面積（約1,000,652
平方米建築面積）的土地上發展，並
預計在二零一一年第四季推出市場。
於二零一零年十二月三十一日，本集
團 持 有 優 質 土 地 儲 備 約5,950,000平
方米，足以配合本集團的可持續發展
策略。
SPG Land (Holdings) Limited Annual Report 201042
MANAGEMENT DISCUSSION AND ANALYSIS
管理層論述及分析
BUSINESS REVIEW (Continued)
Strategic Cooperation with Banking Partners
In March 2010, the Group entered into strategic cooperation
agreements with Industrial and Commercial Bank of China (‘ICBC’).
Dur ing the year under rev iew, the Group was granted with
international loan facilities of RMB10 billion to support the financing
needs of the Group’s project development over the next two years.
On 6 July 2010, the Group entered into a 3-year term loan facility
agreement relating to the provision of a term loan facility of up
to HK$500 mill ion with the Bank of East Asia Limited (‘BEA’).
In addition, the Bank of East Asia (China) Limited (‘BEA China’),
Shanghai Branch, granted a RMB facility of up to RMB600 million to
the Company for the development of Suzhou Global 188 project.
Hotel Development
To ensure stable and long-term recurring income, the Group
develops the hotel business through expansion of product line and
diversification of our portfolio. The Group has worked closely with a
number of internationally reputable operators such as the Peninsula
Group, the Inter Continental Hotel Group, Fraser Hospitality, GHM
Hotels, etc.
Our f irst and crown-jewel city-centre integrated project, the
Peninsula Shanghai development on the historic Bund, had its hotel
and shopping arcade grand opening in March 2010. The World Expo
in 2010 has no doubt brought huge success and opportunities for
Peninsula Shanghai. On top of that, the hotel has achieved numerous
awards from hospitality and travel industries.
The Hidden Tiger Golf Club in Huangshan, Anhui Province, was also
put into services on 30 October 2010. The club, boasting its world-
class golf practicing facility and first-rated IMG management, is the
first completion of Taiping Lake holiday resort. Crowne Plaza Hotel,
with its ancillary recreational facilities, is scheduled to be completed
by 2012.
Our second hotel in Shanghai, the Holiday Inn Shanghai Pudong
Kangqiao, located strategically within Cambridge Forest Newtown
and close to Pudong International Airport and Shanghai Disney’s
future site, will have 400 hotel rooms, food and beverage facilities,
conference rooms and c lubhouse. This hotel was pract ical ly
completed in 2010 and is scheduled to start business in March 2011.
業務回顧（續）
與銀行夥伴的策略性合作
於二零一零年三月，本集團與中國工商銀
行（「中國工商銀行」）訂立策略性合作協議。
於回顧年度，本集團獲授供未來兩年使用
的國際貸款融通達人民幣100億元，以支
持本集團項目發展的財政需要。
於二零一零年七月六日，本集團與東亞銀
行有限公司（「東亞銀行」）就有關提供最多
500,000,000港元有期貸款融通訂立三年期
有期貸款融通協議。此外，東亞銀行（中國）
有限公司（「東亞銀行中國」）上海分行向本
公司授出最多人民幣600,000,000元的人民
幣融通額，以撥支蘇州的盛高 •環球188中
心的發展。
酒店發展
為確保有穩定長期經常性收入，本集團透
過擴充產品線及組合多元化，發展其酒店
業務。本集團與多個國際知名營運商緊密
合作，例如半島酒店集團、洲際酒店集團、
輝盛國際管理有限公司、GHM Hotels等。
屹立具歷史性的外灘上的瑰寶－上海半島
酒店，是我們第一個市中心綜合性項目，
其酒店及購物中心已於二零一零年三月
盛大開幕。二零一零年上海世博會無疑為
上海半島酒店帶來莫大成功及機會。此外，
該酒店亦獲得來自款接及旅遊行業的多
個獎項。
位於安徽省黃山的卧虎哥爾夫球會所已
於二零一零年十月三十日投入服務。此會
所的高爾夫球練習設施達世界級水準而
且由頂尖的 IMG管理，是太平湖度假村第
一個落成項目。皇冠假日酒店及其配套休
閒設施預計於二零一二年前落成。
我們在上海的第二座酒店，上海康橋假日
酒店，策略性地位於康橋半島，鄰近浦東
國際機場及上海迪士尼的未來地點，將有
400個酒店客房、飲食設施、會議室及會所。
此酒店已大致於二零一零年落成，並定於
二零一一年三月開業。
盛高置地（控股）有限公司 二零一零年年報 43
MANAGEMENT DISCUSSION AND ANALYSIS
管理層論述及分析
BUSINESS REVIEW (Continued)
Investment Properties and Ancillary Services
To generate stable and recurring income, the Group holds some of
its properties for leasing. The Group leased out an aggregate GFA
of approximately 97,941 .. The two-storey Peninsula Arcade
features a collection of leading international luxury brands and
flagship stores standing as the trophy investment asset of the Group.
The Group also takes part in educational segment, by operating
one of the most prestigious kindergartens in Shanghai (The China
Welfare Institute Kindergarten), a post-secondary college (Shanghai
Sipo Polytechnic) and a training centre (Shanghai Sipo Vocational
Technical Training Centre). Revenue from this segment represents
approximately 2% of the Group’s total revenue as long-term
recurring income.
Property Management and Related Services
By the end of 2010, Shanghai New Independence House Property
Management Co., Ltd. (subsequently renamed to “Shanghai SPG
Property Services Co., Ltd. in January 2011), a subsidiary of the
Group was providing property management services, generated
property management and related services income, after intra-group
elimination, amounting to approximately RMB38 million, an increase
of 47% from last year. As in 2010, the Group provided property
management services to properties with a total GFA of around
1,583, ..
To further enhance the value of Peninsula development, the
associated company of the Group, Peninsula Shanghai Waitan,
signed a 10-year exclusive management contract for Building No. 1
and a 20-year leasing contract for Buildings No. 2 & 3 for 33 The
Bund.
Outlook
In spite of all the uncertainties surrounding the Chinese property
market, we envisage more opportunities will arise in future and
our ability to pursue such opportunities selectively will lead us to
achieve even better results in the coming years. Going forward, the
Group will closely observe the future market trends in a pro-active
and rational manner. The Group will continue to adopt its “2+X”
product strategy, enhance its brand name and diversify product line
and geographic span. To maximize the value of its shareholders,
the Group will persistently develop and deliver premium quality
products and services to our customers. As many of our large-scale
developments in second-tier cities will reach more mature stages in
terms of GFA available for sale and GFA to be delivered, together
with the commencement of newly acquired projects, the Group is
anticipated to experience sustainable business growths in the years
to come.
業務回顧（續）
投資物業及配套服務
為獲取穩定及經常性之收入，本集團亦持
有若干物業供租賃之用。本集團已租出的
建築面積合共約97,941平方米。兩層半島
精品廊為本集團的優質投資資產，其設有
一系列國際領先高檔品牌及旗鑑店。
本集團亦有投入教育分部，營運上海其中
一所最廣為人知的幼稚園（中福會康橋幼
兒園）、一所高等院校（上海思博職業技術
學院）及一所培訓中心（上海思博職業技術
培訓中心）。此分部的收益貢獻作為本集
團長期經常性收入佔總收益約2%。
物業管理及相關服務
於 二 零 一 零 年 底，本 集 團 旗 下 提 供 物 業
管理服務的子公司上海新獨院物業管理
有 限 公 司（已 於 二 零 一 一 年 一 月 更 名 為
上 海 盛 高 物 業 服 務 有 限 公 司），透 過 其
物業管理及相關服務產生收入約人民幣
38,000,000元（經 集 團 內 對 銷 後），按 年 增
長47%。於 二 零 一 零 年，本 集 團 提 供 物
業管理服務涉及的物業建築面積合共約
1,583,平方米。
為進一步提高上海半島發展項目的價值，
本集團的聯營公司上海半島外灘已就1號
樓宇的十年期獨家管理以及外灘33號的2
號及3號樓宇的二十年期租賃簽訂合約。
展望
面對圍繞中國物業市場的所有不明朗因素，
我們展望將來會有更多機會出現，並且相
信我們對選擇性追求這些機會的能力將
令我們於往後年份有更好業績。展望將來，
本集團將積極及理性地密切留意未來市
場形勢。本集團亦會繼續採取其「2+X」產
品策略、強化其品牌、多元化其產品線以
及擴充業務至其他地域。為將股東的價值
提升至最高，本集團會繼續為客戶發展及
提供優質產品與服務。我們多項於二線城
市的大型發展計劃在可售建築面積及即
將交付建築面積兩方面將達至更成熟的
階段，再加上新取得的項目即將展開，預
計本集團於未來數年的業務均會持續成長。
SPG Land (Holdings) Limited Annual Report 201044
MANAGEMENT DISCUSSION AND ANALYSIS
管理層論述及分析
FINANCIAL ANALYSIS
Revenue
The total revenue for the Group for the year 2010 increased by
approximately 39% from approximately RMB3,065 mil l ion to
approximately RMB4,271 million. In terms of the overall unit selling
price and volume of transactions, a table of analysis on the sales of
properties is provided as follows:
GFA sold
& delivered
Average
selling price
Type 種類
已售及交付的
建築面積 平均售價
Villas 別墅 44,336 11,652
Apartments, office buildings and
townhouse
公寓、辦公樓及連排別墅 261,462 13,757
Total 總計 305,798 13,452
In 2010, the Group successfully completed the development and
delivered residential units in Cambridge Watertown, Kunming
Metropolitan Phase I & III, Haikou Florea – Phase I & II, Changshu
La Casa-Phase I, Holiday Inn residential apartments, Suzhou Global
188-Office Building & Apartment I, Cambridge Forest Newtown and
Cambridge Waters. The total GFA delivered reached 305,798 .
(2009: 306,885 .).
The averaging selling price increased by 14% in year 2010, which
was mainly attributable to the newly-delivered Holiday Inn residential
apartments & lofts and Suzhou Global 188 office building in year
2010.
Segmental Information
The Group’s business is currently categorized into four operating
segments – sa le s o f p roper ty , l ease o f p roper ty , p roper ty
management and other related services, and education. An analysis
of the Group’s revenue is as follows:
財務分析
收益
本 集 團 於 二 零 一 零 年 的 總 收 益 上 升 約
39%，由 約 人 民 幣3,065,000,000元 上 升 至
約 人 民 幣4,271,000,000元。就 整 體 單 位 售
價及交易量而言，有關物業銷售額的分析
載列如下：
於二零一零年，本集團成功完成發展及交
付康橋水鄉、昆明盛高大城第 I及 III期、海
口榮域第 I及 II期、常熟怡景灣第 I期、假日
酒店住宅公寓、蘇州環球188商廈及住宅
公寓 I，康橋半島及康橋水都的住宅單位。
已交付的總建築面積已達到305,798平方
米（二零零九年：306,885平方米）。
於二零一零年，平均售價上升14%，此乃
主要因二零一零年全新交付的假日酒店
住宅公寓及蘇州環球188辦公室大樓所致。
分部資料
本集團的業務現時分類為四個經營分部—
物業銷售、物業租賃、物業管理和其他相
關服務及教育。本集團的收益分析如下：
盛高置地（控股）有限公司 二零一零年年報 45
MANAGEMENT DISCUSSION AND ANALYSIS
管理層論述及分析
FINANCIAL ANALYSIS (Continued)
Revenue Stream
Year ended 31 December
截至十二月三十一日止年度
2010 2009 Change
二零一零年 二零零九年 變動
RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元
Sales of property 物業銷售 4,113,664 2,926,572 1,187,092
Rental income 租金收入 29,069 27,271 1,798
Property management income &
other related service
物業管理收入及其他
相關服務 51,227 36,850 14,377
Education 教育 77,229 74,748 2,481
Total 總計 4,271,189 3,065,441 1,205,748
Sales of property remained to be the core business activity, and
generated a revenue of RMB4,114 million (2009: RMB2,927 million),
accounting for 96% of the total revenue, and representing a year-
on-year increase of %. Revenue from the leasing business
grew by % to million (2009: million). Income
derived from property management and related services grew by
% to approximately million (2009: million).
Revenue from education was approximately million (2009:
million), representing an increase of % over the year.
Cost of Sales
Total cost of sales in 2010 increased by % from RMB2,151
million to RMB3,004 million, which is in line with the increase in
revenue.
Gross Profit and Margin
Gross profit increased by % from RMB914 million in 2009 to
RMB1,267 million in 2010 while gross profit margin maintained at a
stable level of about % for the year 2010 (2009:%).
財務分析（續）
收益流
物業銷售仍為本集團的核心業務，產生收
益人民幣4,114,000,000元（二零零九年：人
民 幣2,927,000,000元），佔 總 收 益 的96%，
按年增加%。租賃業務收入上升%
至人民幣29,100,000元（二零零九年：人民
幣27,300,000元）。而物業管理和相關服務
的 收 益 上 升%至 約 人 民 幣51,200,000
元（二零零九年：人民幣36,900,000元）。至
於教育分部收益約為人民幣77,200,000元
（二零零九年：人民幣74,800,000元），全年
增加%。
銷售成本
二 零 一 零 年 的 總 銷 售 成 本 上 升%，
由 人 民 幣2,151,000,000元 升 至 人 民 幣
3,004,000,000元，與收益增長相符。
毛利及毛利率
毛 利 上 升%，由 二 零 零 九 年 人 民 幣
914,000,000元 升 至 二 零 一 零 年 人 民 幣
1,267,000,000元。而二零一零年的毛利率
維持穩定，為%（二零零九年：%）。
SPG Land (Holdings) Limited Annual Report 201046
MANAGEMENT DISCUSSION AND ANALYSIS
管理層論述及分析
FINANCIAL ANALYSIS (Continued)
Other Operating Income
In 2010, other operating income decreased from million in
2009 to million.
Operating Expenses
In 2010, the selling and marketing costs increased to approximately
RMB150 million from approximately RMB117 million in 2009 as a
result of the significant increase of contracted sales occurred during
the year by launching effective marketing campaigns.
Adminis t rat ive expenses increased f rom RMB154 mi l l ion to
RMB260 million, representing a rise of % over the year 2009,
mainly because of the increase in travelling, transportation and
entertainment expenses in connection with the acquisition of land
outside Shanghai in 2010, the increase in the number of employees
and the increase in professional fees.
Other operating expenses increased from approximately RMB5
million in 2009 to approximately RMB24 million, which was mainly
because of the donation to Charity Fund.
Net Finance Income
The net finance income of approximately RMB26 million in 2010
compared to net finance expenses of approximately RMB20 million
in 2009. This significant increase over the previous year was mainly
attributable to interest income from long term receivables.
Share of Profit of Associates
The Group enjoyed a net profit from the share of operating results of
associates in 2010 that amounted to approximately RMB282 million
as compared to approximately RMB67 million in last year. The profit
was attributable to the contribution from the Peninsula Shanghai
Waitan Hotel project.
財務分析（續）
其他經營收入
於二零一零年，其他經營收入由二零零九
年人民幣5,020,000元減少至人民幣3,423,000
元。
經營開支
於二零一零年，銷售及市場推廣成本由二
零零九年約人民幣117,000,000元增加至約
人民幣150,000,000元，此乃由於推出有效
的市場推廣活動，致使年內合約銷售額大
幅增加。
行 政 費 用 由 二 零 零 九 年 約 人 民 幣
154,000,000元增至約人民幣260,000,000元，
較二零零九年增加%，主要由於二零
一零年收購上海以外的土地導致相關旅遊、
交通及娛樂開支上升、僱員人數增加及專
業費用增加。
其 他 經 營 開 支 由 二 零 零 九 年 約 人 民 幣
5,000,000元上升至約人民幣24,000,000元，
主要用於慈善捐獻。
融資收入淨額
二零一零年的融資收入淨額約為人民幣
26,000,000元，而 二 零 零 九 年 的 融 資 成 本
淨 額 則 約 為 人 民 幣20,000,000元。較 去 年
大幅上升，主要是來自長期應收款項的利
息收入。
應佔聯營公司溢利
於 二 零 一 零 年，本 集 團 來 自 因 應 佔 聯 營
公司經營業績而產生的純利約為人民幣
282,000,000元，而 於 去 年 則 為 約 人 民 幣
67,000,000元。溢 利 是 來 自 上 海 半 島 外 灘
酒店項目。
盛高置地（控股）有限公司 二零一零年年報 47
MANAGEMENT DISCUSSION AND ANALYSIS
管理層論述及分析
FINANCIAL ANALYSIS (Continued)
Revaluation Gain on Investment Properties
The Group recorded revaluation gains totaled approximately RMB229
million in 2010, as compared with RMB517 million in last year,
which was mainly due to the market value of investment properties
in China which rose in year 2010.
Income Tax
Income tax increased by approximately % from approximately
RMB428 million in 2009 to approximately RMB618 million in 2010,
while the effective tax rate remained at a stable level of 21% (2009:
19%) The increase in tax amount was mainly attributable to the
increase of sales volume.
Profit Attributable to Equity Holders of the
Company
The Group achieved a profit attributable to equity holders of
RMB890 million (2009: RMB679 million), up RMB211 million or
31% over the previous year. Earnings per share rose by % to
from (restated) in 2009.
Net profit margin for the year decreased from 27% in 2009 to 21%
in 2010, which was mainly attributable to decrease in Revaluation
Gains on Investment Properties.
Financial Position
Equity attributable to equity holders of the Company reached
approximately RMB4,419 mill ion as at 31 December 2010 (31
December 2009: RMB3,763 mill ion). Total assets amounted to
approximately RMB21,992 million (31 December 2009: RMB16,969
million) and total liabilities stood at approximately RMB17,465
million (31 December 2009: RMB12,862 million).
財務分析（續）
投資物業重估收益
本集團於二零一零年錄得重估收益總值
約人民幣229,000,000元，而去年的數額則
為人民幣517,000,000元，主要是由於二零
一零年中國的投資物業市值上升所致。
所得稅
所 得 稅 由 二 零 零 九 年 的 約 人 民 幣
428,000,000元上升約%至二零一零年
約人民幣618,000,000元，而實際所得稅稅
率 則 維 持 穩 定 水 平 於21%（二 零 零 九 年：
19%）。稅款上升主要由於銷量增加所致。
本公司股權持有人應佔溢利
本 集 團 錄 得 股 權 持 有 人 應 佔 溢 利 人 民
幣890,000,000元（ 二 零 零 九 年： 人 民 幣
679,000,000元 ）， 較 去 年 增 加 人 民 幣
211,000,000元 或31%。每 股 盈 利 則 由 二
零 零 九 年 的 人 民 幣元（經 重 列）上 升
%至人民幣元。
純利潤率由二零零九年的27%減少至二零
一零年的21%。純利潤率下降主要是由於
投資物業重估收益減少所致。
財務狀況
於 二 零 一 零 年 十 二 月 三 十 一 日，本 公
司 的 股 權 持 有 人 應 佔 權 益 達 約 人 民 幣
4,419,000,000元（二零零九年十二月三十一
日：人民幣3,763,000,000元）。總資產約人
民 幣21,992,000,000元（ 二 零 零 九 年 十 二
月 三 十 一 日：人 民 幣16,969,000,000元），
而 總 負 債 則 維 持 約 人 民 幣17,465,000,000
元（二零零九年十二月三十一日：人民幣
12,862,000,000元）。
SPG Land (Holdings) Limited Annual Report 201048
MANAGEMENT DISCUSSION AND ANALYSIS
管理層論述及分析
FINANCIAL ANALYSIS (Continued)
Liquidity and Financial Resources
The long-term funding and working capital required by the Group
pr imar i ly comes from income generated from core bus iness
operations, bank borrowings and cash proceeds raised from the
issuance of the convertible bonds in late April 2007, which were used
to finance its business operations and investment in development
projects. The Group’s liquidity position was well-managed in 2010
and net gearing (total borrowings less cash and cash equivalents
including restricted cash over total equity) stood at a healthy level of
% as at 31 December 2010. The Group had total cash and cash
equivalents of approximately RMB3,500 million, total borrowings
approximately of RMB5,882 million and the stronger equity base of
approximately RMB4,527 million as at 31 December 2010 (2009:
RMB4,107 million).
Of the total borrowings, approximately RMB1,535 mill ion was
repayable within one year while approximately RMB4,347 million
was repayable after more than one year. The effective interest rate
for 2010 was % (2009: %).
Treasury Policy
The business transactions of the Group were mainly denominated
in Renminbi. Except for fund raising transactions in capital market,
there is limited exposure in foreign exchange risk.
The Group has established a treasury policy with the objective of
better controlling of treasury functions and lowering cost of funds.
In providing funds to all its operations, funding terms have been
centrally reviewed and monitored at Group level.
In accomplishing the aim of minimizing interest risk, it is the policy
of the Group to continue to closely monitor and manage the Group’s
loan portfolio by its existing agreements’ interest margin spread with
market interest rates and offers from banks.
財務分析（續）
流動資金及財務資源
本集團所需的長期資金及營運資金主要
來自核心業務營運產生的收入、銀行借款
及在二零零七年四月底發行可轉換債券
所籌集到的現金所得款項，該等款項為其
業務營運及投資發展項目提供資金。本集
團於二零一零年的流動資金狀況獲得良
好管理，而於二零一零年十二月三十一日
的負債比率淨額（借款總額減去現金及現
金等價物（包括受限制現金）後除以權益總
額）處於%的穩健水平。本集團於二零
一零年十二月三十一日的現金及現金等
價 物 合 共 約 為 人 民 幣3,500,000,000元，借
款 總 額 約 為 人 民 幣5,882,000,000元，及 鞏
固的股本基礎約人民幣4,527,000,000元（二
零零九年：人民幣4,107,000,000元）。
本集團的借款總額中，一年內到期的借款
為 人 民 幣1,535,000,000元，而 一 年 後 到 期
的 借 款 約 為 人 民 幣4,347,000,000元。二 零
一零年的實際利率為厘（二零零九年：
厘）。
庫務政策
本集團的業務交易主要以人民幣計值。除
在資本市場進行的籌集資金交易外，外匯
風險有限。
本集團已設定庫務政策，目標為優化庫務
職能的控制及減低資金的成本。於為其所
有業務提供資金時，資金的條款乃於本集
團的層面受到中央檢討及監督。
為達到盡量減低利率風險的目標，本集團
的政策是通過其現有的隨市場利率和銀
行利率波動的協議利率來繼續緊密監督
及管理本集團的貸款組合。
盛高置地（控股）有限公司 二零一零年年報 49
MANAGEMENT DISCUSSION AND ANALYSIS
管理層論述及分析
FINANCIAL ANALYSIS (Continued)
Credit Policy
Trade receivables mainly arose from sales and lease of properties.
Receivables in respect of sales and lease of properties are settled
in accordance with the terms stipulated in the sales and purchase
agreements or lease agreements.
Pledge of Assets
As at 31 December 2010, the Group pledged properties and land
use rights with carrying amount of approximately RMB8,107 million
to secure bank facilities granted to the Group. The total secured
loan balance outstanding as at 31 December 2010 amounted to
approximately RMB5,252 million.
Financial Guarantees
As at 31 December 2010, the Group provided guarantees to banks
for:
As at
31 December 2010
As at
31 December 2009
於二零一零年
十二月三十一日
於二零零九年
十二月三十一日
RMB’000 RMB’000
人民幣千元 人民幣千元
Mortgage facilities granted to purchasers
of property units
向物業單位買家按揭貸款
提供責任擔保 819,864 948,420
Capital Commitment
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Property development activities: 物業發展業務：
– Contracted but not provided for －已訂約但未撥備 3,094,452 2,607,856
– Authorized but not contracted for －已授權但未訂約 3,122,908 2,841,889
6,217,360 5,449,745
財務分析（續）
信貸政策
應收賬款主要由銷售和租賃物業所產生，
有關銷售和租賃物業的應收賬款將按照
買賣協議或租賃協議制定的有關條款收取。
資產抵押
於二零一零年十二月三十一日，本集團將
其賬面值約為人民幣8,107,000,000元的物
業及土地使用權抵押，以獲取授予本集團
的銀行信貸。於二零一零年十二月三十一
日，尚未償還有抵押的貸款結餘總額約為
人民幣5,252,000,000元。
財務擔保
於二零一零年十二月三十一日，本集團就
以下各項向銀行提供擔保：
資本承擔
SPG Land (Holdings) Limited Annual Report 201050
MANAGEMENT DISCUSSION AND ANALYSIS
管理層論述及分析
FINANCIAL ANALYSIS (Continued)
Management of proceeds from the 2007
Convertible Bond issuance
In April 2007 the Group raised net proceeds of approximately
RMB1,158 million from a convertible bond issuance. The company
had applied the proceeds in the existing as well as new development
projects, land acquisitions as well as repayment of borrowings. The
issue will mature and due for redemption in 2012.
The Company repurchased Convertible Bonds as follows:
Nominal value Consideration
Date 日期 面值 代價
RMB’000 RMB’000
人民幣千元 人民幣千元
29/12/2008 二零零八年十二月二十九日 100,000 40,000
25/02/2009 二零零九年二月二十五日 54,000 27,540
19/05/2009 二零零九年五月十九日 114,400 96,096
27/04/2010 二零一零年四月二十七日 817,700 874,471
27/10/2010 二零一零年十月二十七日 71,900 77,757
Total 總計 1,158,000 1,115,864
As at 31 December 2010, all of the outstanding Convertible Bonds
have been repurchased.
HUMAN RESOURCES
As at 31 December 2010, the Group employed a total 1,290
employees (2009: 913 employees). The Group has adopted a
performance-based rewarding system to motivate its staff. In
addition to a basic salary, year-end bonuses will be offered to those
staff with outstanding performance. Share option and share award
schemes were adopted to attract and retain talents to contribute
to the Group. In relation to staff training, the Group also provide
different types of programs for its staff to improve their skills and
develop their respective expertise.
財務分析（續）
管理二零零七年發行可轉換債券
所得款項
於二零零七年四月，本集團發行可轉換債
券所籌得款項淨額約人民幣1,158,000,000
元。本公司已動用所得款項於現時及新發
展的項目、土地收購和償還貸款的用途。
有關發行將於二零一二年到期贖回。
本公司購回的可轉換債券如下：
於二零一零年十二月三十一日，已經購回
所有尚未償還可轉換債券。
人力資源
於二零一零年十二月三十一日，本集團總
共僱用1,290名僱員（二零零九年：913名僱
員）。為激勵員工，本集團已採用一套與表
現掛鈎的獎勵制度。除基本薪金外，亦會
向那些有突出貢獻的員工提供年終花紅，
以及採納購股權計劃及股份獎勵計劃以
吸引及留任人才為本集團效力。有關員工
培訓方面，本集團亦已為本身員工提供各
種類型的培訓課程，以提升彼等的技術及
發展彼等各自的專長。
盛高置地（控股）有限公司 二零一零年年報 51
CORPORATE GOVERNANCE REPORT
企業管治報告
CORPORATE GOVERNANCE PRACTICES
The Board and the management of the Company treasure the
shareholders’ confidence and trust in the ability and vision of the
management team and have pledged to maintain an open and
responsive attitude in shareholders’ communications that are on
par with other leading corporations in the industry. The Board has
been adamant in upholding best practice in corporate governance
to ensure the timeliness, transparency and fairness of disclosure to
maximize the Group’s corporate values and will continue to enhance
its disclosure practices to display an exemplary corporate governance
practice.
It is the Board’s belief that a sound corporate governance system
has been and will remain as an instrumental element to the healthy
growth of the Group.
Compliance with the CG Code
The Company has complied with the Code on Corporate Governance
Pract ices ( the “CG Code”) and the ru les on the Corporate
Governance Report (the “CG Rules”) as set out respectively in
Appendices 14 and 23 to the Rules Governing the List ing of
Securities (the “Listing Rules”) on The Stock Exchange of Hong Kong
Limited (the “Stock Exchange”) for the year ended 31 December
2010, except for code provisions and with respect to
the holding of at least 4 regular Board meetings a year and the re-
election by shareholders of all directors appointed to fill a casual
vacancy at the first general meeting after their appointment, as
explained in paragraphs and respectively below.
企業管治常規
本公司董事會及管理層重視股東對管理
團隊能力及遠見所持有的信心及信任，並
承諾在與股東溝通方面維持與業內其他
主要公司一致的開放且回應積極的做法。
董事會一直堅定不移地維持最佳企業管
治常規，以確保披露的及時性、透明度及
公平性，從而使本集團的企業價值最大化。
本集團將繼續提升其披露常規，以顯示其
企業管治常規的規範性。
董事會相信，健全的企業管治體系一直並
將持續有助於本集團的健康發展。
遵守企業管治常規守則
本公司截至二零一零年十二月三十一日
止年度內，一直遵守分別載於香港聯合交
易所有限公司（「聯交所」）證券上市規則（「上
市規則」）附錄14及附錄23的企業管治常規
守則（「企業管治常規守則」）及企業管治報
告規則（「企業管治報告規則」），惟與每年
應召開至少四次董事會定期會議及所有
為填補臨時空缺而獲委任的董事須於獲
委任後的首次股東大會上接受股東重選
有關的第條及條守則條文則除外，
有關詳情分別載於下文第段及段。
SPG Land (Holdings) Limited Annual Report 201052
CORPORATE GOVERNANCE REPORT
企業管治報告
CORPORATE GOVERNANCE PRACT ICES
(Continued)
The following outlines how the Company has adopted and complied
with the CG Code and the CG Rules to achieve good corporate
governance.
A DIRECTORS
The board
Principle of Good Governance: The board should assume
responsibility for leadership and control of the company and
be collectively responsible for promoting the success of the
company. The directors should take decisions objectively in the
interests of the company.
Code Provisions
守則條文
Compliance?
是否遵守 ?
Compliance by the Company in 2010
本公司於二零一零年的遵守詳情
Board meetings should be held
at least four times a year.
董事會會議應至少每年
舉行四次。
Deviation explained
已作出說明的
偏離事項
The Board he ld 11 meet ings in 2010. Ind iv idua l
attendance of each director on a named basis is set out
below:
董事會於二零一零年舉行了十一次會議。每位董
事按記名方式記載的個人與會情況載列如下：
Executive directors: 執行董事：
Mr. WANG Weixian 4/11
王偉賢先生
Mr. TSE Sai Tung, Stones 11/11
謝世東先生
Ms. WANG Xuling 11/11
王煦菱女士
Non-executive director: 非執行董事：
Mr. LAI Kin, Jerome 3/11
黎健先生
企業管治常規（續）
下表概述本公司如何採納及遵守企業管
治常規守則及企業管治報告規則以達致
良好企業管治的詳情。
A 董事
董事會
良好管治原則：董事會應承擔領導及
控制公司的責任，並集體負責促進公
司取得成功。董事應在符合公司利益
的前提下作出客觀決定。
盛高置地（控股）有限公司 二零一零年年報 53
CORPORATE GOVERNANCE REPORT
企業管治報告
Code Provisions
守則條文
Compliance?
是否遵守 ?
Compliance by the Company in 2010
本公司於二零一零年的遵守詳情
(Continued) （續）
Independent non-executive directors: 獨立非執行董事：
Mr. CHEONG Ying Chew, Henry 3/11
張英潮先生
Mr. FONG Wo, Felix, JP 3/11
方和先生（太平紳士）
Mr. JIANG Simon X. 3/11
蔣小明先生
Mr. KWAN Kai Cheong 3/11
關啟昌先生
In addition to obtaining Board approval through the
circulation of written resolutions of the directors, two
regular Board meetings were held by the directors
during the year ended 31 December 2010. The directors
consider that such arrangements are appropriate and
adequate for addressing all the Company’s affairs which
require the Board’s direction and supervision during the
past year.
除透過傳閱董事之書面決議案而獲取董事會批准
外，於截至二零一零年十二月三十一日止年度內
董事舉行了兩次常規性董事會會議。董事認為有
關安排就過去一年回應本公司所有需要董事會指
示和監督之事務而言，屬適當及足夠。
A DIRECTORS (Continued)
The board (Continued)
A 董事（續）
董事會（續）
SPG Land (Holdings) Limited Annual Report 201054
CORPORATE GOVERNANCE REPORT
企業管治報告
Code Provisions
守則條文
Compliance?
是否遵守 ?
Compliance by the Company in 2010
本公司於二零一零年的遵守詳情
All directors should be given
opportunity to include matters
in the agenda for regular board
meetings.
所有董事應均有機會提出商討
事項列入常規董事會會議議程。
✓ All directors are invited to include matters in the agenda
for regular Board meetings.
所有董事均獲邀請提出商討事項列入常規董事會
會議議程。
Notice of at least 14 days should
be given of a regular board
meeting.
舉 行 常 規 董 事 會 會 議 須 至 少
提前14天發出通知。
✓ The Company generally gives 14 days prior written notice
of a regular Board meeting and reasonable prior notice
for all other Board meetings.
本公司舉行常規董事會會議一般會提前14天發出
書面通知，而舉行所有其他董事會會議亦會提前
在合理時間發出通知。
All directors should have access
to the advice and services of the
Company Secretary.
所 有 董 事 應 均 可 獲 得 公 司 秘
書的意見及服務。
✓ All directors have access to the advice and services of the
Company Secretary with a view to ensuring that Board
procedures and all applicable rules and regulations are
complied with.
所有董事應均可獲得公司秘書的意見及服務，以
確保董事會程序及所有適用規則及規例均獲遵守。
A DIRECTORS (Continued)
The board (Continued)
A 董事（續）
董事會（續）
盛高置地（控股）有限公司 二零一零年年報 55
CORPORATE GOVERNANCE REPORT
企業管治報告
Code Provisions
守則條文
Compliance?
是否遵守 ?
Compliance by the Company in 2010
本公司於二零一零年的遵守詳情
Minutes of board meetings and
meetings of board committees
should be kept by a duly
appointed secretary of the
meeting and such minutes should
be open for inspection.
董 事 會 會 議 及 董 事 會 委 員 會
會 議 的 紀 錄 應 由 會 議 正 式 委
任的秘書保存，且該等會議紀
錄應可供公開查閱。
✓ The minutes are kept by the Company’s legal advisers
and they are open for inspection by the directors and
the members of the Board committees.
會議紀錄由本公司法律顧問保存，且該等會議紀
錄可供董事及董事會委員會的成員查閱。
Minutes should record in sufficient
detail the matters considered by
the board and decisions reached.
Draft and final versions of minutes
should be sent to all directors
for their comment and records
within a reasonable time after the
meeting.
會 議 紀 錄 應 詳 細 記 錄 下 董 事
會 所 考 慮 事 項 及 所 達 致 決 定
的詳情。會議紀錄的初稿及終
稿 應 在 會 議 結 束 後 的 合 理 時
間內寄發予所有董事，以供彼
等發表意見及作出記錄。
✓ The secretary of the meeting is responsible for taking the
minutes and all the matters considered and the decisions
reached in the Board meeting are recorded in sufficient
detail. The draft minutes are sent to the directors for
comment within a reasonable time after each meeting
and the final versions are sent to all directors for their
records.
大會秘書負責作出會議紀錄，會議紀錄詳細記錄
下在董事會會議上所考慮事項及所達致決定的詳
情。會議紀錄的初稿及終稿在每次會議結束後的
合理時間內寄發予所有董事，以供彼等提供意見
及存檔。
A DIRECTORS (Continued)
The board (Continued)
A 董事（續）
董事會（續）
SPG Land (Holdings) Limited Annual Report 201056
CORPORATE GOVERNANCE REPORT
企業管治報告
Code Provisions
守則條文
Compliance?
是否遵守 ?
Compliance by the Company in 2010
本公司於二零一零年的遵守詳情
There should be a procedure
agreed by the board to enable
the directors to seek independent
professional advice, at the
company’s expense, to assist them
to discharge their duties.
本 公 司 應 制 定 一 項 由 董 事 會
商定的程序，讓董事能尋求獨
立專業意見，以協助彼等履行
其職責，費用由公司支付。
✓ All the directors have recourse to independent
professional advice at the Company’s expense.
所有董事均可尋求獨立專業意見，費用由本公司
支付。
If a substantial shareholder or a
director has a conflict of interest
in a matter which the board has
determined to be material, a
board meeting should be held
(and not by way of circulation or
by a committee). Independent
non-executive directors who,
and whose associates, have no
material interest in the transaction
should be present at such board
meeting.
倘主要股東或董事於董事會已
釐 定 屬 重 大 的 事 項 中 存 在 利
益衝突，則應舉行董事會會議
（而不是透過傳閱文件方式處
理 或 交 由 委 員 會 處 理）。本 身
及其聯繫人並無於交易中擁有
任 何 重 大 利 益 的 獨 立 非 執 行
董事均應出席有關董事會會議。
✓ The voting and quorum requirements specified in the
Company’s Articles of Association (the “Articles”)
conform with the Code’s requirements.
本公司章程細則（「細則」）所載列的投票權及法定
人數規定均符合守則的規定。
A DIRECTORS (Continued)
The board (Continued)
A 董事（續）
董事會（續）
盛高置地（控股）有限公司 二零一零年年報 57
CORPORATE GOVERNANCE REPORT
企業管治報告
A DIRECTORS (Continued)
Chairman and Chief Executive Officer
Principle of Good Governance: There should be a clear division
of responsibilities at the board level – the management of the
board and the day-to-day management of the business – to
ensure a balance of power and authority.
Code Provisions
守則條文
Compliance?
是否遵守 ?
Compliance by the Company in 2010
本公司於二零一零年的遵守詳情
The roles of chairman and
chief executive officer should
be separate and should not be
performed by the same individual.
The division of responsibilities
between them should be clearly
established and set out in writing.
主席與行政總裁的角色應有
區分，不應由一人同時兼任。
彼等之間職責的劃分應清楚
界定並以書面列載。
✓ Mr. Wang Weixian is the Chairman who is responsible
for the overall investment and business development
strategies of the Group. Mr. Tse Sai Tung, Stones is
the Chief Executive Officer who is responsible for the
Group’s business operations and execution of the
Group’s long term business development policies.
王偉賢先生為主席，負責本集團的整體業務投資
及發展策略。謝世東先生為行政總裁，負責本集
團業務營運，並負責執行本集團的長期業務發展
政策。
The Chairman should ensure all
directors are properly briefed on
issues arising at board meetings.
主席應確保所有董事均完全
知悉於董事會會議上所提出
的事宜。
✓ The Chairman has a clear responsibility to provide the
whole Board with all the information that is required for
the discharge of the Board’s responsibilities.
主席的明確職責是須向董事會全體成員提供所有
與履行董事會職責有關的資料。
The Chairman should ensure that
the directors receive adequate
information, which must be
complete and reliable, in a timely
manner.
主席應確保董事及時收到充足
資料，有關資料須完整及可靠。
✓ The Chairman has been continually improving the quality
and timeliness of the dissemination of information to
directors.
主席一直持續改善向董事及時寄發資料及其質素。
A 董事（續）
主席及行政總裁
良好管治原則：在董事會的層面，兩
方面的責任（即董事會的管理及業務
的日常管理）應清楚區分開來，以確
保權力與授權間的均衡。
SPG Land (Holdings) Limited Annual Report 201058
CORPORATE GOVERNANCE REPORT
企業管治報告
A DIRECTORS (Continued)
Board Composition
Principle of Good Governance: The board should have a balance
of skills and experience appropriate for the requirements of the
business of the company. The board should include a balanced
composition of executive and non-executive directors (including
independent non-executive directors) so that it can effectively
exercise independent judgement.
Code Provisions
守則條文
Compliance?
是否遵守 ?
Compliance by the Company in 2010
本公司於二零一零年的遵守詳情
The independent non-executive
directors should be expressly
identified as such in all corporate
communications.
所有公司通訊中，應明確說明
獨立非執行董事的身份。
✓ The composition of the Board, by category of the
directors, including names of Chairman, executive
directors, non-executive director and independent
non-executive directors, is disclosed in all corporate
communications.
按董事（包括主席、執行董事、非執行董事及獨立
非執行董事的姓名）分類的董事會組成於所有公
司通訊中進行披露。
Appointment, Re-election and Removal
Principle of Good Governance: There should be a formal,
considered and transparent procedure for the appointment
of new directors. There should be plans in place for orderly
succession for appointments to the board. All directors should
be subject to re-election at regular intervals.
A 董事（續）
董事會的組成
良好管治原則：董事會應具備與公司
的業務規定相適用的均衡技巧及經驗。
董事會中執行董事與非執行董事（包
括獨立非執行董事）的人數組成比例
應保持均衡，這樣董事會方能有效地
作出獨立判斷。
委任、重選及罷免
良好管治原則：公司應制訂正式、經
審慎考慮且具透明度的新董事委任
程序。董事會應制定計劃，以按循序
先後委任替任董事。所有董事均應按
定期時間間隔接受重新選舉。
盛高置地（控股）有限公司 二零一零年年報 59
CORPORATE GOVERNANCE REPORT
企業管治報告
Code Provisions
守則條文
Compliance?
是否遵守 ?
Compliance by the Company in 2010
本公司於二零一零年的遵守詳情
Non-executive directors should
be appointed for a specific term,
subject to re-election.
非執行董事應有特定任期，並
須接受重新選舉。
✓ The term of appointment of the non-executive director
is three years.
非執行董事的任期為三年。
The term of appointment of the independent non-
executive directors is one year renewable by mutual
agreement on an annual basis.
獨立非執行董事的任期為一年，可每年按雙方協
議進行續約。
Under the Company’s Articles, one-third of all directors
(whether executive or non-executive) is subject to
retirement by rotation and re-election at each annual
general meeting provided that every director shall be
subject to retirement at least once every three years.
根據本公司細則，全體董事的三分之一（不論為執
行董事還是為非執行董事）須於每屆股東週年大
會上輪值告退並接受重新選舉，惟每名董事至少
須每三年輪值告退一次。
A DIRECTORS (Continued)
Appointment , Re -e lec t ion and Remova l
(Continued)
A 董事（續）
委任、重選及罷免（續）
SPG Land (Holdings) Limited Annual Report 201060
CORPORATE GOVERNANCE REPORT
企業管治報告
Code Provisions
守則條文
Compliance?
是否遵守 ?
Compliance by the Company in 2010
本公司於二零一零年的遵守詳情
All directors appointed to fill a
causal vacancy should be subject
to election by shareholders at the
first general meeting after their
appointment.
所有為填補臨時空缺而獲委任
的董事應在彼等獲委任後的首
屆股東大會上接受股東的選舉。
Deviation explained
已作出說明的
偏離事項
The Company’s Articles provide that any director so
appointed by the Board to fill a casual vacancy shall hold
office until the next following annual general meeting
and shall be eligible for re-election at that meeting.
本公司細則規定，為填補臨時空缺而獲董事會委
任的任何董事將任職至下屆股東週年大會結束為
止，惟彼將合乎資格於大會上接受重新選舉。
Such arrangement is considered appropriate in light of
the requirement of paragraph 4(2) of Appendix 3 to the
Listing Rules which requires that any person appointed
by the directors to fill a casual vacancy shall hold office
only until the next following annual general meeting
and shall then be eligible for re-election.
鑑於上市規則附錄三第4(2)段規定，為填補臨時
空缺而獲董事委任的任何人士將僅任職至下屆股
東週年大會結束為止，惟彼將合乎資格接受重新
選舉，故該項安排被視為適當。
Every director, including those
appointed for a specific term,
should be subject to retirement by
rotation at least once every three
years.
每名董事（包括該等有特定任
期的董事）應至少每三年輪值
告退一次。
Under the Company’s Articles, one-third of all directors
(whether executive or non-executive) is subject to
retirement by rotation and re-election at each annual
general meeting provided that every director shall be
subject to retirement at least once every three years.
根據本公司細則，全體董事的三分之一（不論為執
行董事還是為非執行董事）須於每屆股東週年大
會上輪值告退並接受重新選舉，惟每名董事至少
須每三年輪值告退一次。
A DIRECTORS (Continued)
Appointment , Re -e lec t ion and Remova l
(Continued)
A 董事（續）
委任、重選及罷免（續）
盛高置地（控股）有限公司 二零一零年年報 61
CORPORATE GOVERNANCE REPORT
企業管治報告
A DIRECTORS (Continued)
Responsibilities of Directors
Code Provisions
守則條文
Compliance?
是否遵守 ?
Compliance by the Company in 2010
本公司於二零一零年的遵守詳情
Every newly appointed director
should receive a comprehensive,
formal and tailored induction,
on the first occasion of his
appointment, and subsequently
such briefing and professional
development as is necessary,
to ensure that he has a proper
understanding of the operations
and business of the company
and that he is fully aware of his
responsibilities under statute and
common law, the Listing Rules,
applicable legal requirements and
other regulatory requirements
and the business and governance
policies of the company.
每名新委任的董事均會在首次
接受委任時獲得全面、正式及
特為其而制定的就任須知，其
後亦會獲得所需的介紹及專業
培訓，以確保其對公司的運作
及業務均有適當的理解，以及
充分知悉其本身根據法規及普
通法、上市規則、適用法例規
定及其他監管規定以及公司業
務及管治政策所須承擔的職責。
✓ On appointment, new directors will be briefed by
the Chairman and senior executives on the Group’s
corporate goals and objectives, activities and business,
strategic plans and financial situations. They will also be
provided with orientation materials package including
induction of the duties and responsibilities of directors
of a listed company.
主席及高級行政人員將於新委任的董事獲委任時
向彼等簡要講述本集團的企業目標及目的、活動
及業務、策略性計劃及財務狀況。彼等亦將獲提
供一套介紹資料（包括上市公司董事的職責及責
任須知）。
The Company aims at keeping all directors updated on
the Listing Rules, statutory and regulatory requirements.
本公司旨在讓所有董事知悉最新的上市規則、法
定及監管規定。
A 董事（續）
董事責任
SPG Land (Holdings) Limited Annual Report 201062
CORPORATE GOVERNANCE REPORT
企業管治報告
Code Provisions
守則條文
Compliance?
是否遵守 ?
Compliance by the Company in 2010
本公司於二零一零年的遵守詳情
The functions of non-executive
directors should at least include:
非執行董事的職能應至少包括：
✓ All independent non-executive directors serve on the
audit and remuneration committees of the Company.
所有獨立非執行董事均出任本公司審核委員會及
薪酬委員會成員。
(a) to bring an independent
judgement at board meetings;
於 董 事 會 會 議 上 提 供 獨 立
判斷；
All independent non-executive directors are invited
to participate in Board meetings so that independent
judgement can be brought at such meetings.
所有獨立非執行董事均獲邀參加董事會會議，以
獲得彼等在該等會議上所提供的獨立判斷。
(b) to take the lead where
potential conflicts of interests
arise;
於 出 現 潛 在 利 益 衝 突 的 事
項發揮牽頭引導作用；
(c) to serve on board committees,
if invited; and
應 邀 出 任 董 事 會 委 員 會 的
成員；及
(d) to scrutinise the Company’s
performance in achieving
agreed corporate goals and
objectives, and monitoring the
reporting of performance.
仔 細 審 閱 公 司 的 表 現 是 否
達致既定企業目標及目的，
並監察表現的匯報情況。
A DIRECTORS (Continued)
Responsibilities of Directors (Continued)
A 董事（續）
董事責任（續）
盛高置地（控股）有限公司 二零一零年年報 63
CORPORATE GOVERNANCE REPORT
企業管治報告
Code Provisions
守則條文
Compliance?
是否遵守 ?
Compliance by the Company in 2010
本公司於二零一零年的遵守詳情
Every director should ensure that
he can give sufficient time and
attention to the affairs of the
company.
每 名 董 事 應 確 保 其 有 充 足 的
時間密切關注公司的事務。
✓ All the directors have given prompt attention to the
affairs of the Company.
所有董事均已即時關注本公司的事務。
All directors must comply with
their obligations under the Model
Code for Securities Transactions
by Directors of Listed Issuers
(the “Model Code”) set out in
Appendix 10 to the Listing Rules.
所 有 董 事 須 遵 守 彼 等 根 據 上
市 規 則 附 錄 十 所 載 的 上 市 發
行 人 董 事 進 行 證 券 交 易 的 標
準守則（「標準守則」）所須承擔
的責任。
✓ The Company has adopted the Model Code set out in
Appendix 10 to the Listing Rules regarding directors’
and relevant employees’ dealing in securities.
本公司已採納上市規則附錄十所載有關董事及有
關僱員買賣證券的標準守則。
All the directors and relevant employees complied with
the required standard set out in the Model Code.
所有董事及有關僱員均遵守了標準守則所載的所
需準則。
A 董事（續）
董事責任（續）
A DIRECTORS (Continued)
Responsibilities of Directors (Continued)
SPG Land (Holdings) Limited Annual Report 201064
CORPORATE GOVERNANCE REPORT
企業管治報告
A DIRECTORS (Continued)
Supply of and Access to Information
Principle of Good Governance: The directors should be
provided in a timely manner with appropriate information in
such form and of such quality as will enable them to make
an informed decis ion and to discharge their duties and
responsibilities.
Code Provisions
守則條文
Compliance?
是否遵守 ?
Compliance by the Company in 2010
本公司於二零一零年的遵守詳情
An agenda and accompanying
board papers should be sent to all
directors at least 3 days before the
intended date of a meeting.
會 議 議 程 及 隨 附 的 董 事 會 文
件 應 至 少 在 會 議 既 定 舉 行 日
期前三天寄發予所有董事。
✓ An agenda and the relevant paper and materials are
usually sent to the directors at least 3 days before the
meeting.
會議議程及相關文件及材料一般至少在會議舉行
日期前三天寄發予董事。
Each director should have
separate and independent access
to the senior management of the
company to make further enquiries
or to obtain more information in
order to fulfil his duties properly.
每 名 董 事 應 可 單 獨 及 獨 立 接
觸本公司高級管理層人員，以
為 適 當 履 行 其 職 責 而 作 出 進
一步查詢或獲取更多資料。
✓ The directors have access to the senior management of
the Company whenever they feel necessary.
董事於彼等認為有需要時均可接觸本公司的高級
管理層人員。
A 董事（續）
資料的提供及使用
良好管治原則：董事應及時獲提供適
當的資料，有關資料的形式及質素將
能讓彼等作出知情的決定並能履行
彼等的職責及責任。
盛高置地（控股）有限公司 二零一零年年報 65
CORPORATE GOVERNANCE REPORT
企業管治報告
Code Provisions
守則條文
Compliance?
是否遵守 ?
Compliance by the Company in 2010
本公司於二零一零年的遵守詳情
All directors are entitled to have
access to board papers and related
materials. Where queries are
raised by the directors, steps must
be taken to respond as promptly
and fully as possible.
所 有 董 事 均 有 權 查 閱 董 事 會
文件及相關資料。倘有董事提
出問題，必須採取步驟以盡快
作出盡量全面的回應。
✓ Board minutes and the related materials are available
for inspection by the directors whenever requested. All
efforts are made to ensure that queries of the directors
are responded to promptly and fully.
董事會會議紀錄及相關資料均可應董事要求供其
查閱。本公司盡力確保董事提出的問題盡快及充
分獲得回應。
A 董事（續）
資料的提供及使用（續）
A DIRECTORS (Continued)
Supply of and Access to Information
SPG Land (Holdings) Limited Annual Report 201066
CORPORATE GOVERNANCE REPORT
企業管治報告
B. REMUNERATION OF DIRECTORS AND
SENIOR MANAGEMENT
The Level and Make-up of Remuneration and
Disclosure
Principle of Good Governance: There should be a formal and
transparent procedure for setting policy on executive directors’
remuneration and for fixing the remuneration packages for all
directors. No director should be involved in deciding his own
remuneration.
Code Provisions
守則條文
Compliance?
是否遵守 ?
Compliance by the Company in 2010
本公司於二零一零年的遵守詳情
The company should establish
a remuneration committee with
specific written terms of reference.
A majority of the members should
be independent non-executive
directors.
公司應設立薪酬委員會，並訂
明特定書面職權範圍。大部分
成員應為獨立非執行董事。
✓ The remuneration committee was established on 19
September 2006 with specific written terms of reference
which deal clearly with its authority and responsibilities.
The remuneration committee comprises the Chairman
and all independent non-executive directors.
薪酬委員會於二零零六年九月十九日設立，並訂
明特定書面職權範圍，清楚列明其權限及職責。
薪酬委員會包括主席及全體獨立非執行董事。
The committee should consult
the Chairman and/or the
Chief Executive Officer about
their proposals relating to the
remuneration of other executive
directors and have access to
professional advice if considered
necessary.
委 員 會 應 就 有 關 其 他 執 行 董
事的薪酬諮詢主席及╱或行政
總裁的建議，倘認為必要，亦
可獲取專業意見。
✓ Pursuant to the terms of the remuneration committee,
the committee should consult with the Chairman and/ or
the Chief Executive Officer about their proposals relating
to the remuneration of other executive directors. The
committee is authorised to obtain such professional
advice as it considers necessary.
根據薪酬委員會的職權範圍，委員會應就有關其
他執行董事的薪酬諮詢主席及╱或行政總裁的建議。
委員會獲授權於其認為必要時獲取專業意見。
B. 董事及高級管理層人員的
薪酬
薪酬及披露的水平及組成
良好管治原則：公司應設立正式且具
透明度的程序，以制訂執行董事的薪
酬政策及釐訂所有董事的薪酬組合。
董事不得參與釐定其本身的酬金。
盛高置地（控股）有限公司 二零一零年年報 67
CORPORATE GOVERNANCE REPORT
企業管治報告
Code Provisions
守則條文
Compliance?
是否遵守 ?
Compliance by the Company in 2010
本公司於二零一零年的遵守詳情
The terms of reference of the
committee should include the
minimum prescribed duties.
委 員 會 的 職 權 範 圍 至 少 應 包
括規定須列明的職責。
✓ The terms of reference of the committee include the
minimum prescribed responsibilities.
委員會的職權範圍至少應包括規定須列明的職責。
The committee should make
available its terms of reference,
explaining its role and authority
delegated to it by the board.
委員會應公開其職權範圍，說
明 其 角 色 及 董 事 會 授 予 其 之
權力。
✓ The terms of reference including, among other things,
its role and authority of the committee delegated to it
by the Board are made available on request.
職權範圍（包括（其中包括）委員會的角色及董事會
授予其之權力）須在要求時予以公開。
The committee should be provided
with sufficient resources to
discharge its duties.
委 員 會 應 獲 提 供 充 足 資 源 以
履行其職責。
✓ The committee can seek independent professional advice
to complement its own resources to discharge its duties.
委員會可尋求獨立專業意見，以補充其本身資源
從而履行其職責。
B. 董事及高級管理層人員的
薪酬（續）
薪酬及披露的水平及組成（續）
B. REMUNERATION OF DIRECTORS AND
SENIOR MANAGEMENT (Continued)
The Level and Make-up of Remuneration and
Disclosure (Continued)
SPG Land (Holdings) Limited Annual Report 201068
CORPORATE GOVERNANCE REPORT
企業管治報告
C. ACCOUNTABILITY AND AUDIT
Financial Reporting
Principle of Good Governance: The board should present
a balanced, clear and comprehensible assessment of the
company’s performance, position and prospects.
Code Provisions
守則條文
Compliance?
是否遵守 ?
Compliance by the Company in 2010
本公司於二零一零年的遵守詳情
Management should provide
such explanation and information
to enable the board to make
an informed assessment of the
matters put before the board for
approval.
管 理 層 應 向 董 事 會 提 供 有 關
提 呈 董 事 會 批 准 的 事 項 的 解
釋及資料，以讓董事會能就該
等事項作出知情的評估。
✓ The directors are regularly provided with updates on the
Company’s business and the management’s strategic
plans, financial objectives and other actions.
董事定期獲提供有關本公司的業務及管理層的策
略性計劃、財務目標及其他行動的最新資料。
The directors should acknowledge
in the Corporate Governance
Report their responsibilities for
preparing the accounts, and there
should be a statement by the
auditors about their reporting
responsibilities in the auditors’
report on the financial statements.
董 事 應 在 企 業 管 治 報 告 中 陳
述其編製賬目的責任，核數師
亦 應 在 有 關 財 務 報 表 的 核 數
師 報 告 中 就 彼 等 的 申 報 責 任
作出聲明。
✓ A statement of directors’ responsibilities for preparing
the financial statements is set out in this Corporate
Governance Report.
董事編製財務報表的責任聲明載於本企業管治報告。
The report of the auditors states the auditors’ reporting
responsibilities.
核數師的申報責任於核數師報告內作出陳述。
C. 問責及核數
財務申報
良好管治原則：董事會應平衡、清晰
及全面評核公司的表現、狀況及前景。
盛高置地（控股）有限公司 二零一零年年報 69
CORPORATE GOVERNANCE REPORT
企業管治報告
Code Provisions
守則條文
Compliance?
是否遵守 ?
Compliance by the Company in 2010
本公司於二零一零年的遵守詳情
The board’s responsibility to
present a balanced, clear and
understandable assessment
extends to annual and interim
reports, other price-sensitive
announcements and other
financial disclosures required
under the Listing Rules, and
reports to regulators as well as
to information required to be
disclosed pursuant to statutory
requirements.
董事會的責任是作出均衡、清
晰及明白的評估，評估內容涉
及年報及中期報告、其他有關
股 價 敏 感 資 料 的 公 佈 及 根 據
上 市 規 則 規 定 須 予 披 露 的 其
他財務資料、向監管機構提交
的 報 告 以 及 將 須 根 據 法 例 規
定予以披露的資料。
✓ The Board aims at presenting a comprehensive,
balanced and understandable assessment of the Group’s
performance, position and prospects in all shareholder
communications.
董事會旨在就本集團的表現、狀況及前景在所有
股東匯報中作出均衡、清晰及明白的評估。
C. 問責及核數（續）
財務申報（續）
C. ACCOUNTABILITY AND AUDIT
(Continued)
Financial Reporting (Continued)
SPG Land (Holdings) Limited Annual Report 201070
CORPORATE GOVERNANCE REPORT
企業管治報告
C. ACCOUNTABILITY AND AUDIT
(Continued)
Internal Controls
Principle of Good Governance: The board should ensure that
the company maintains sound and effective internal controls to
safeguard shareholders’ investment and the company’s assets.
Code Provisions
守則條文
Compliance?
是否遵守 ?
Compliance by the Company in 2010
本公司於二零一零年的遵守詳情
and
The directors should at least
annually conduct a review of the
effectiveness of the system of
internal control of the company
and its subsidiaries. The board’s
annual review should consider
the adequacy of resources,
qualifications and experience of
staff of the company’s accounting
and financial reporting function,
and their training programmes
and budget.
董 事 應 至 少 每 年 對 公 司 及 其
子 公 司 內 部 控 制 體 系 的 有 效
性進行檢討。董事會每年進行
檢討時，應特別考慮公司在會
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。
✓ The Board has overall responsibility for the system of
internal control and for reviewing its effectiveness.
董事會就內部控制體系及檢討其有效性負有整體
責任。
The Audit Director reports to the audit committee on
key findings regarding internal controls. The audit
committee, in turn, communicates any material issues to
the Board.
內審總監向審核委員會匯報有關內部控制的主要
調查結果，而審核委員會則向董事會匯報任何重
大事項。
Two meetings were held by the audit committee in
2010 at which the audit committee was apprised of the
Group’s internal control systems.
審核委員會於二零一零年舉行了兩次會議，而審
核委員會已於該會議上獲知本集團的內部控制體系。
The Board has conducted a review of the effectiveness
of the system of internal control of the Company and
its subsidiaries and is satisfied with the adequacy of the
Group’s system of internal control.
董事會已對本公司及其子公司的內部控制體系進
行檢討，並對本集團內部控制體系的充足性感到
滿意。
C. 問責及核數（續）
內部控制
良好管治原則：董事會應確保公司維
持健全及有效的內部控制，以保障股
東的投資及公司的資產。
盛高置地（控股）有限公司 二零一零年年報 71
CORPORATE GOVERNANCE REPORT
企業管治報告
C. ACCOUNTABILITY AND AUDIT
(Continued)
Audit Committee
Principle of Good Governance: The board should establish
formal and transparent arrangements for considering how it
applies the financial reporting and internal control principles
and for maintaining an appropriate relationship with the
company’s auditors. The audit committee should have clear
terms of reference.
Code Provisions
守則條文
Compliance?
是否遵守 ?
Compliance by the Company in 2010
本公司於二零一零年的遵守詳情
Minutes of audit committee
meetings should be kept by a
duly appointed secretary of the
meeting. Draft and final versions
of minutes should be sent to all
committee members for their
comment and records within a
reasonable time after the meeting.
審 核 委 員 會 的 會 議 紀 錄 應 由
會議正式委任的秘書保存。會
議 紀 錄 的 初 稿 及 終 稿 應 在 會
議 結 束 後 的 合 理 時 間 內 寄 發
予委員會所有成員，以供彼等
發表意見及作出紀錄。
✓ The minutes are kept by the Company’s legal advisers.
The draft minutes are sent to the committee members
for comment within a reasonable time after each
meeting and the final versions are sent to all members
for their records.
會議紀錄由本公司法律顧問保存。會議記錄的初
稿於每次會議結束後的合理時間內寄發予委員會
成員，以供彼等發表意見，而會議記錄的終稿則
寄發予所有成員，以供彼等作為記錄。
A former partner of the existing
audit firm should not be a member
of the committee for a period of
one year commencing on the date
of his ceasing to be a partner of
the firm.
公 司 的 委 員 會 不 應 委 任 任 何
在 過 去 一 年 內 為 現 任 核 數 師
事務所的合夥人為成員。
✓ None of the committee members is or was a partner of
the existing audit firm.
概無委員會成員現時或曾擔任現任核數師事務所
的合夥人。
C. 問責及核數（續）
審核委員會
良好管治原則：董事會應就考慮如何
應用財務申報及內部控制原則及如
何維持與公司核數師的適當關係作
出正式並具透明度的安排。審核委員
會應具有清晰的職權範圍。
SPG Land (Holdings) Limited Annual Report 201072
CORPORATE GOVERNANCE REPORT
企業管治報告
Code Provisions
守則條文
Compliance?
是否遵守 ?
Compliance by the Company in 2010
本公司於二零一零年的遵守詳情
The terms of reference of the
committee should include the
minimum prescribed duties.
委 員 會 的 職 權 範 圍 至 少 應 包
括規定須列明的職責。
✓ The terms of reference of the committee include, among
other things, the minimum prescribed responsibilities.
委員會的職權範圍至少包括（其中包括）規定須列
明的職責。
The committee should make
available its terms of reference,
explaining its role and authority
delegated to it by the board.
委員會應公開其職權範圍，說
明 其 角 色 及 董 事 會 授 予 其 之
權力。
✓ The terms of reference of the committee which, among
other things, explain the role and authority delegated to
it by the Board, are made available on request.
委員會的職權範圍（（其中包括）說明其角色及董事
會授予其之權力）須在要求時予以公開。
C. ACCOUNTABILITY AND AUDIT
(Continued)
Audit Committee (Continued)
C. 問責及核數（續）
審核委員會（續）
盛高置地（控股）有限公司 二零一零年年報 73
CORPORATE GOVERNANCE REPORT
企業管治報告
Code Provisions
守則條文
Compliance?
是否遵守 ?
Compliance by the Company in 2010
本公司於二零一零年的遵守詳情
Where the board disagrees with
the audit committee’s view on
the selection, appointment,
resignation or dismissal of the
external auditors, the company
should include in the Corporate
Governance Report a statement
from the audit committee
explaining its recommendation
and also the reason(s) why the
board has taken a different view.
倘董事會不同意審核委員會對
甄選、委任、辭任或罷免外部
核數師事宜的意見，則本公司
應在企業管治報告中列載審核
委員會闡述其推薦建議的聲明
以及董事會持不同意見的原因。
✓ The committee recommended to the Board (which
endorsed the view) that, subject to shareholders’
approval at the forthcoming annual general meeting,
KPMG be re-appointed as the external auditors for
2011.
委員會向董事會建議（董事會已同意其意見）重新
委任畢馬威會計師事務所為二零一一年度的外部
核數師，惟須獲股東於應屆股東週年大會上批准。
The committee should be provided
with sufficient resources to
discharge its duties.
委 員 會 應 獲 提 供 充 足 資 源 以
履行其職責。
✓ The committee can seek independent professional advice
to complement its own resources to discharge its duties.
委員會可尋求獨立專業意見，以補充其本身資源
從而履行其職責。
C. 問責及核數（續）
審核委員會（續）
C. ACCOUNTABILITY AND AUDIT
(Continued)
Audit Committee (Continued)
SPG Land (Holdings) Limited Annual Report 201074
CORPORATE GOVERNANCE REPORT
企業管治報告
D. DELEGATION BY THE BOARD
Management Functions
Principle of Good Governance: The company should have a
formal schedule of matters specifically reserved to the board
for its decision. The board should give clear directions to
management as to the matters that must be approved by the
board before decisions are made on behalf of the company.
Code Provisions
守則條文
Compliance?
是否遵守 ?
Compliance by the Company in 2010
本公司於二零一零年的遵守詳情
and
The board should give clear
directions as to the powers of
management, in particular, with
respect to the circumstances
where management should
obtain prior approval from the
board before making decisions or
entering into any commitments on
behalf of the company.
董 事 會 應 就 管 理 層 的 權 力 給
予清晰指示，特別是於何種情
況 下 管 理 層 在 代 表 公 司 作 出
決 定 或 訂 立 任 何 承 諾 前 應 事
先獲得董事會的批准。
The company should formal ise
the funct ions reserved to the
board and those delegated to
management.
公 司 應 將 那 些 保 留 予 董 事 會
的 職 能 及 那 些 轉 授 予 管 理 層
的職能分別確定下來。
Important matters are reserved for the Board’s decision,
including:
以下重要事項均由董事會保留決定權，包括：
• long-term objectives and strategies
長期目標及策略
• extension of the Group’s activities into new
business areas
將本集團的業務擴充至新業務領域
• appointments to the Board and the Board
committees
董事會及董事會委員會的委任
• annual internal controls assessment and annual
budgets
年度內部控制評估及年度預算
• material acquisitions and disposals
重大收購及出售事項
• material connected transactions
重大關連交易
• material banking facilities
重大銀行貸款額度
• announcements of interim and final results
中期及末期業績公佈
• payment of dividends
派發股息
D. 董事會權力的轉授
管理職能
良好管治原則：公司應有一個正式的
預定計劃表，列載特別須董事會作決
定的事項。董事會在代表公司作出決
定前，應就須獲董事會批准的事項給
予管理層清晰指示。
盛高置地（控股）有限公司 二零一零年年報 75
CORPORATE GOVERNANCE REPORT
企業管治報告
D. DELEGATION BY THE BOARD (Continued)
Board Committees
Principle of Good Governance: board committees should be
formed with specific written terms of reference that deal
clearly with the committees’ authority and duties.
Code Provisions
守則條文
Compliance?
是否遵守 ?
Compliance by the Company in 2010
本公司於二零一零年的遵守詳情
The board should prescribe
sufficiently clear terms of reference
to enable such committees to
discharge their functions properly.
董 事 會 應 充 分 清 楚 地 訂 明 該
等委員會的職權範圍，以令有
關委員會能適當地履行其職能。
✓ The Board has established two board committees each
with specific terms of reference, namely the audit
committee and remuneration committee.
董事會已成立兩個委員會：審核委員會及薪酬委
員會；並訂明該等委員會的職權範圍。
The committees should be
required to report back to the
board on their decisions or
recommendations.
委 員 會 須 向 董 事 會 匯 報 其 決
定或推薦建議。
✓ The minutes of the committee meetings containing the
committee’s decisions and/or recommendations are
circulated to all members of the Board unless a conflict
of interest arises. The committees are required to report
back to the Board on key findings during the year.
載有委員會決定及╱或推薦建議的委員會會議紀
錄均向董事會所有成員傳閱，惟出現利益衝突的
情況則除外。委員會須於本年度內向董事會匯報
主要調查結果。
D. 董事會權力的轉授
董事會委員會
良好管治原則：董事會委員會應訂明
特定書面職權範圍，清楚列明委員會
的權力及職責。
SPG Land (Holdings) Limited Annual Report 201076
CORPORATE GOVERNANCE REPORT
企業管治報告
E. COMMUNICATION WITH SHAREHOLDERS
Effective Communication
Principle of Good Governance: The board should endeavour
to maintain an on-going dialogue with shareholders and,
in particular, use annual general meetings or other general
meetings to communicate with shareholders and encourage
their participation.
Code Provisions
守則條文
Compliance?
是否遵守 ?
Compliance by the Company in 2010
本公司於二零一零年的遵守詳情
In respect of each substantially
separate issue at a general
meeting, a separate resolution
should be proposed by the
chairman of that meeting.
就各項重大不同的事項而言，
會議主席應提呈不同的決議案。
✓ A separate resolution is proposed for each substantially
separate issue.
就各項重大不同的事項均會提呈不同的決議案。
The Chairman of the board should
attend the annual general meeting
and arrange, for the chairmen
of the audit, nomination and
remuneration committees (as
appropriate) to be available to
answer questions at the annual
general meeting.
董 事 會 主 席 應 出 席 股 東 週 年
大會，並安排審核委員會、提
名委員會及薪酬委員會（如適
用）的主席於股東週年大會上
回答提問。
✓ The Company’s annual general meeting will be held
on 2 June 2011. The Chairman of the Board who is
also the chairman of the remuneration committee
will attend such forthcoming annual general meeting
and be available to answer questions thereat and will
arrange for the chairman of the audit committee or his
representative to be available to answer questions at the
forthcoming annual general meeting.
本公司股東週年大會將於二零一一年六月二日舉
行。董事會主席（亦為薪酬委員會主席）將出席該
應屆股東週年大會並於會上回答提問，並將安排
審核委員會主席或其代表於應屆股東週年大會上
回答提問。
E. 與股東的溝通
有效溝通
良好管治原則：董事會應盡力維持與
股東進行持續對話，尤其應藉股東週
年大會或其他股東大會與股東進行
溝通並鼓勵彼等參加會議。
盛高置地（控股）有限公司 二零一零年年報 77
CORPORATE GOVERNANCE REPORT
企業管治報告
Code Provisions
守則條文
Compliance?
是否遵守 ?
Compliance by the Company in 2010
本公司於二零一零年的遵守詳情
The company should arrange for
the notice to shareholders to be
sent in the case of annual general
meetings at least 20 clear business
days before the meeting and to be
sent at least 10 clear business days
in the case of all other general
meetings.
如召開股東週年大會，公司應
安排在大會舉行前至少足20個
營業日向股東發送通知，而就
所有其他股東大會而言，則須
在大會舉行前至少足10個營業
日發送通知。
✓ Not less than 20 clear business days’ notice was sent to
shareholders before the Company’s 2010 annual general
meeting and not less than 10 clear business days’
notice was sent to shareholders before the Company’s
extraordinary general meeting held on 16 August 2010.
本公司於召開二零一零年股東週年大會前不少於
20個營業日已向股東發出通知，另於召開二零一
零年八月十六日舉行的本公司股東特別大會前不
少於10個營業日已向股東發出通知。
Voting by Poll
Code Provisions
守則條文
Compliance?
是否遵守 ?
Compliance by the Company in 2010
本公司於二零一零年的遵守詳情
The chairman of a meeting
should at the commencement
of the meeting ensure that
an explanation is provided of
the detailed procedures for
conducting a poll and then answer
any questions from shareholders
regarding voting by way of a poll.
大會主席應確保在會議開始時
已 解 釋 以 投 票 方 式 進 行 表 決
的詳細程序，然後回答股東有
關以投票方式表決的任何提問。
✓ The chairman of the Company’s 2010 annual
general meeting explained to the shareholders at the
commencement of the meeting the detailed procedures
for conducting a poll and answered questions from
shareholders regarding voting by way of a poll.
本公司二零一零年之股東週年大會主席在會議開
始時已向股東解釋以投票方式進行表決的詳細程
序，並回答股東有關以投票方式表決的提問。
E. 與股東的溝通（續）
有效溝通（續）
E. COMMUNICATION WITH SHAREHOLDERS
(Continued)
Effective Communication (Continued)
以投票方式表決
SPG Land (Holdings) Limited Annual Report 201078
CORPORATE GOVERNANCE REPORT
企業管治報告
DIRECTORS’ SECURITIES TRANSACTIONS
The Company has adopted the Model Code as set out in Appendix
10 to the Listing Rules. All directors have confirmed, following
specific enquiry by the Company, that they have complied with the
required standard set out in the Model Code for the year ended 31
December 2010.
BOARD OF DIRECTORS
The Board currently comprises three executive directors, one non-
executive director and four independent non-executive directors:
Executive directors:
WANG Weixian (Chairman)
TSE Sai Tung, Stones (Chief Executive Officer)
WANG Xuling
Non-executive director:
LAI Kin, Jerome
Independent non-executive directors:
CHEONG Ying Chew, Henry
FONG Wo, Felix, JP
JIANG Simon X.
KWAN Kai Cheong
The Board has a balance of skills and experience appropriate for
the requirements of the business of the Company. The Board has
extensive management experience in the property market in the PRC.
The Board has the required knowledge, experience and capabilities
to operate and develop the Group’s business and implement
the Company’s business strategies. The biographical details and
experience of the directors and senior management are set out on
pages 85 to 92.
董事的證券交易
本公司已採納上市規則附錄十所載的標
準守則。所有董事均已在本公司作出特定
查詢後確認，彼等於截至二零一零年十二
月三十一日止年度內已遵守標準守則所
載的規定標準。
董事會
董事會現時包括三名執行董事，一名非執
行董事及四名獨立非執行董事：
執行董事：
王偉賢（主席）
謝世東（集團總裁）
王煦菱
非執行董事：
黎健
獨立非執行董事：
張英潮
方和太平紳士
蔣小明
關啟昌
董事會應具備與本公司的業務規定相適
用的均衡技巧及經驗。董事會於中國物業
市場擁有豐富管理經驗。董事會具備經營
及發展本集團業務及實施本公司業務策
略所需的知識、經驗及能力。董事及高級
管理層人員的簡歷詳情及經驗載於第85
至92頁。
盛高置地（控股）有限公司 二零一零年年報 79
CORPORATE GOVERNANCE REPORT
企業管治報告
BOARD OF DIRECTORS (Continued)
Each director has a duty to act in good faith in the best interests of
the Company. The directors, individually and collectively, are aware
of their responsibilities and accountability to shareholders and for
the manner in which the affairs of the Company are managed and
operated.
Directors have timely access to relevant information prior to each
board meeting to enable them to make an informed decision and to
discharge their duties and responsibilities. Directors can attend board
meetings either in person or by electronic means of communication.
The Company has received an annual confirmation of independence
from each of the independent non-executive directors. The Company
is of the view that all the independent non-executive directors meet
the guidelines for assessing independence set out in Rule of the
Listing Rules and considers them to be independent.
Ms. Wang Xuling is the sister of Mr. Wang Weixian, the Chairman of
the Group. Apart from this, to the best knowledge of the Company,
there is no financial, business, family or other material or relevant
relationship among members of the Board or between the Chairman
and the Chief Executive Officer.
The Company provides directors with directors’ and officers’ liability
insurance coverage to protect them from loss as a result of any legal
proceeding against the Company.
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
Mr. Wang Weixian is the Chairman and Mr. Tse Sai Tung, Stones
serves as the Chief Executive Officer. The role of the Chairman is
separate from that of the Chief Executive Officer so as to delineate
their respective areas of responsibility. They receive significant
support from the directors and the senior management team.
董事會（續）
各董事均有責任本著符合本公司最佳利
益的原則真誠行事。董事均個別及共同知
悉彼等對股東的責任及問責性以及管理
和經營本公司事務的方式。
於舉行各董事會會議前，董事有權適時獲
得相關資料，以令彼等能作出知情決定及
履行彼等的職責及責任。董事可親身或透
過電子通訊方式出席董事會會議。
本公司已收到每名獨立非執行董事的年
度獨立性確認函。本公司認為，所有獨立
非執行董事均符合上市規則第條所載
評估獨立性的指引，並認為彼等均具獨立性。
王煦菱女士是本集團主席王偉賢先生的
胞姐。除此之外，就本公司所知，董事會
成員之間或主席與行政總裁之間概無任
何財務、業務、家庭或其他重大或相關關係。
本公司為董事提供董事及高級職員責任
保險，以保障彼等不會因任何針對本公司
的法律訴訟而須遭受損失。
主席及行政總裁
王偉賢先生為主席，而謝世東先生則為行
政總裁。主席的角色與行政總裁相互分開，
以便清楚劃分彼等各自的責任範圍。彼等
獲董事及高級管理團隊大力支持。
SPG Land (Holdings) Limited Annual Report 201080
CORPORATE GOVERNANCE REPORT
企業管治報告
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
(Continued)
The Chairman is responsible for the overall business and investment
strategies of the Group. The Chairman is also responsible for
overseeing effective functioning of the Board and application of good
corporate governance practices and procedures. The Chief Executive
Officer is responsible for managing the Group’s overall operations
and execution of the Group’s long term business development
policies. The Board, led by the Chairman, sets the overall directions,
strategies and policies of the Group. Under the leadership of the
Chief Executive Officer, the management is responsible for executing
the Board’s strategy and implementing its policies through the day-
to-day management and operations of the Company.
The Board delegates appropriate aspects of its management and
administrative functions to the management who shall report to the
Board. The Board reviews on a periodic basis such delegations to
ensure that they remain appropriate.
NON-EXECUTIVE DIRECTORS
The non-executive directors of the Company have diversif ied
backgrounds and industry skills and one of the independent non-
executive directors has an appropriate accounting qualification
as required by the Listing Rules. With their expertise, they offer
experience, independent judgement and advice on the overall
management of the Company. Their responsibi l i t ies inc lude
maintaining a balance between the interests of all shareholders of
the Company as a whole.
All the independent non-executive directors are members of the
audit and remuneration committees.
With the exception of Mr. Lai Kin, Jerome, who is appointed for a
term of three years, all the independent non-executive directors are
appointed for a term of one year renewable by mutual agreement
on an annual basis. Under the Company’s Articles, one-third of
all directors (whether executive or non-executive) is subject to
retirement by rotation and re-election at each annual general
meeting provided that every director shall be subject to retirement at
least once every three years.
主席及行政總裁（續）
主席負責本集團的整體業務及投資策略。
主席亦負責監察董事會的有效運作及良
好企業管治常規和程序的運用情況。行政
總裁負責管理本集團的整體運營以及執
行本集團的長期業務發展政策。董事會由
主席領導，董事會負責制訂本集團的整體
方向、策略及政策。在行政總裁的領導下，
管理層負責執行董事會策略並透過本公
司的日常管理及營運實施其政策。
董事會授予須向其匯報的管理層適當的
管理及行政職能。董事會定期檢討該等授
權，以確保有關授權仍屬適當。
非執行董事
本公司的非執行董事具有不同的背景及
行業技巧，其中一名獨立非執行董事擁有
上市規則所規定的適當會計資格。憑藉彼
等的專長，彼等為本公司的整體管理提供
經驗、獨立判斷及意見。彼等的責任包括
維持本公司所有股東之間整體利益的平衡。
所有獨立非執行董事均為審核委員會及
薪酬委員會成員。
除黎健先生的任期為三年外，所有獨立非
執行董事的任期均為一年，但可每年按雙
方協議進行續約。根據本公司細則，全體
董事（不論為執行董事還是為非執行董事）
的三分之一須於每屆股東週年大會上輪
值告退並接受重新選舉，惟每名董事須至
少每三年輪值告退一次。
盛高置地（控股）有限公司 二零一零年年報 81
CORPORATE GOVERNANCE REPORT
企業管治報告
REMUNERATION OF DIRECTORS
The Board established the remuneration committee on 19 September
2006 with specific written terms of reference which deal clearly
with its authority and responsibilities. The committee is responsible
for formulating and reviewing the remuneration policy and specific
remuneration packages of all executive directors. In formulating
the remuneration policy, the committee takes into consideration
factors such as salaries paid by comparable companies, employment
conditions and responsibilities, and individual performance of the
directors, senior management, and the general staff. The committee
can seek independent professional advice to complement its own
resources to discharge its duties.
The remuneration committee comprises Mr. Wang Weixian, who
is the chairman of the committee and all the independent non-
executive directors.
In addition to obtaining the remuneration committee’s approval
through the circulation of written resolutions of the committee
members, two meetings were held by the remuneration committee in
2010 to discuss remuneration related matters. All members attended
the meetings.
Details of the emoluments and options of each director, on a named
basis, are set out in note 15 to the financial statements.
NOMINATION OF DIRECTORS
The Company does not have a nomination committee. The Board
selects and recommends candidates for directorship having regard
to the balance of skills and experience appropriate to the Company’s
business.
董事薪酬
董事會於二零零六年九月十九日設立薪
酬委員會，並訂明特定書面職權範圍，清
楚列明其權限及職責。該委員會負責制訂
及檢討薪酬政策及所有執行董事的具體
薪酬範圍。在制訂薪酬政策時，委員會考
慮多方面的因素，比如可資比較公司所支
付的薪金、僱傭條件及責任以及董事、高
級管理層人員及一般職員的個人表現。委
員會可尋求獨立專業意見，以補充其本身
資源從而履行其職責。
薪酬委員會成員包括王偉賢先生（為委員
會的主席）及所有獨立非執行董事。
除透過傳閱委員會成員之書面決議案而
獲取薪酬委員會批准外，薪酬委員會於二
零一零年舉行了兩次會議，以討論與薪酬
相關的事宜。所有成員均出席了有關會議。
每名董事按姓名列載的酬金及購股權詳
情載於財務報表附註15。
董事提名
本公司並無提名委員會。董事會視乎就本
公司業務而言適合的技能與經驗之平衡
而遴選及推薦董事候選人。
SPG Land (Holdings) Limited Annual Report 201082
CORPORATE GOVERNANCE REPORT
企業管治報告
AUDIT COMMITTEE
The Board established the audit committee on 19 September 2006
with specific written terms of reference which deal clearly with
its authority and responsibilities. The committee is responsible
for formulating and reviewing the financial and internal control
principles of the Company. The committee is also responsible for
making recommendation to the Board on the appointment, re-
appointment and removal of the external auditors, approving the
remuneration and terms of engagement of the external auditors
and considering any questions of resignation or dismissal of such
auditors. The committee can seek independent professional advice to
complement its own resources to discharge its duties.
The committee comprises al l the independent non-executive
directors. Mr. Kwan Kai Cheong is the chairman of the committee.
Two meetings were held by the audit committee in 2010. Individual
attendance of the members is set out below:
Mr. Kwan Kai Cheong 2/2
Mr. Cheong Ying Chew, Henry 1/2
Mr. Fong Wo, Felix, JP 2/2
Mr. Jiang Simon X. 1/2
The committee reviewed, together with the senior management and
the external auditors, the financial statements for the year ended 31
December 2009, the accounting principles and practices adopted by
the Company, statutory compliance, other financial reporting matters
and the internal control system.
FINANCIAL REPORTING
The Board aims at presenting a comprehensive, balanced and
understandable assessment of the Group’s performance, position and
prospects. Management provides such explanation and information
to enable the Board to make an informed assessment of the matters
put before the Board for approval.
審核委員會
董事會於二零零六年九月十九日設立審
核委員會，並訂明特定書面職權範圍，清
楚列明其權限及職責。該委員會負責制訂
及檢討本公司的財務及內部控制原則。委
員會亦負責就委任、重新委任及罷免外部
核數師、批准聘用外部核數師的酬金及條
款以及省覽任何有關該等核數師的辭任
或解聘問題向董事會作出推薦建議。委員
會可尋求獨立專業意見，以補充其本身資
源從而履行其職責。
該委員會成員包括所有獨立非執行董事。
關啟昌先生為該委員會的主席。
審核委員會於二零一零年舉行了兩次會議。
個別成員出席情況如下：
關啓昌先生 2/2
張英潮先生 1/2
方和先生（太平紳士） 2/2
蔣小明先生 1/2
該委員會會同高級管理層人員及外部核
數 師 一 起 審 閱 截 至 二 零 零 九 年 十 二 月
三十一日止年度的財務報表、本公司採納
的會計原則及實務、法規遵守情況、其他
財務申報事宜及內部控制體系。
財務申報
董事會旨在就本集團的表現、狀況及前景
作出均衡、清晰及明白的評估。管理層提
供有關解釋及資料，以讓董事會能於批准
有關事項前對該等事項作出知情的評估。
盛高置地（控股）有限公司 二零一零年年報 83
CORPORATE GOVERNANCE REPORT
企業管治報告
FINANCIAL REPORTING (Continued)
The directors acknowledge their responsibilities for preparing the
financial statements for the Group.
The statement of the external auditors of the Company regarding
their responsibilities for the financial statements of the Group is set
out in the report of the auditors on page 119.
INTERNAL CONTROLS
The Board has overal l responsibi l i ty for maintaining a sound
and effective system of internal control and for reviewing its
effectiveness, particularly in respect of the controls on financial,
operat ional, compliance and r isk management, to safeguard
shareholders’ investment and the Group’s assets.
The Board is satisfied with the adequacy of the system of internal
control of the Company.
AUDITORS’ REMUNERATION
KPMG, the external auditors of the Company, is primarily responsible
for providing audit services in connection with annual financial
statements of the Group for the year ended 31 December 2010.
For the year ended 31 December 2010, the total remuneration in
respect of statutory audit services provided by KPMG for the Group
amounted to RMB3,650,000.
The audit committee recommended to the Board (which endorsed
the view) that, subject to shareholders’ approval at the forthcoming
annual general meeting, KPMG be re-appointed as the external
auditors for the Company for 2011.
財務申報（續）
董事承認彼等編製本集團財務報表的責任。
本公司外部核數師有關彼等對本集團財
務報表所承擔責任而發表的聲明載於第
119頁的核數師報告。
內部控制
董事會對維持健全及有效的內部控制體
系以及檢討其有效性（尤其是有關財務、
營運、合規情況及風險管理的監控）負有
全部責任，以保障股東投資及本集團資產。
董事會對本公司內部控制體系的充足性
感到滿意。
核數師酬金
本公司外部核數師畢馬威會計師事務所
主要負責提供與本集團截至二零一零年
十二月三十一日止年度的年度財務報表
有關的審核服務。
截至二零一零年十二月三十一日止年度，
有 關 畢 馬 威 會 計 師 事 務 所 向 本 集 團 提
供的法定審核服務的酬金總額為人民幣
3,650,000元。
審核委員會向董事會建議（董事會已同意
其意見）重新委任畢馬威會計師事務所為
本公司二零一一年度的外部核數師，惟須
獲股東於應屆股東週年大會上批准。
SPG Land (Holdings) Limited Annual Report 201084
CORPORATE GOVERNANCE REPORT
企業管治報告
SHAREHOLDINGS INFORMATION
As at 31 December 2010:
Author i sed sha re cap i t a l : HK$1 ,000 ,000 ,000 , compr i s i ng
10,000,000,000 ordinary shares of HK$ each.
Issued and fully paid-up capital: HK$105,112, comprising
1,051,128,275 ordinary shares of HK$ each.
Class of shares: one class of ordinary shares of HK$ each with
equal voting rights.
股權資料
於二零一零年十二月三十一日：
法 定 股 本：1,000,000,000港 元， 包 括
10,000,000,000股每股面值港元的普通股。
已發行及繳足股本：105,112,港元，
包括1,051,128,275股每股面值港元的普
通股。
股 份 類 別：一 類 面 值港 元 每 股 具 有 相
同投票權的普通股。
盛高置地（控股）有限公司 二零一零年年報 85
DIRECTORS AND SENIOR MANAGEMENT PROFILES
董事及高級管理層人員簡介
DIRECTORS
Executive Directors
WANG Weixian, 47, is the Chairman and the founder of the
Group. Mr. Wang has over 18 years of experience in finance,
construction, property development and investment. He founded
Starwaly Properties Group Ltd, the original holding company for
various property projects of the Group, in Australia in February 1999.
He graduated from South China University of Technology with a
Bachelor degree in Building Materials and University of Technology,
Sydney (Australia) with a Bachelor degree of Commerce. He is also
a councilor of the Shanghai Soong Ching Ling Foundation and a
standing member of the Shanghai Overseas Exchange Association.
TSE Sai Tung, Stones, 52, is the Group Chief Executive Officer.
Prior to joining the Group, Mr. Tse was the executive director
and managing director of two Hong Kong l i s ted real estate
development companies. Mr. Tse holds a Bachelor degree of Science
in Engineering from the University of Hong Kong, a Master degree
of Business Administration from the University of Warwick, United
Kingdom, a Doctorate degree in Business Administration from
Macquarie University of Australia, and is a member of the Hong
Kong Institute of Engineers and the Chartered Institute of Buildings,
United Kingdom. Mr. Tse has over 26 years of experience in property
investment and development, project management, sales and
marketing in mainland China, Hong Kong and overseas.
WANG Xuling, 49, is the Group Executive Director. Ms. Wong
graduated from Ji’nan University (Guangzhou). Prior to joining the
Group, Ms. Wang was the executive director and deputy general
manager of Mission Hills Golf Club (Mission Hills Group), responsible
for sales and marketing of properties. Before joining Mission Hills
Group (Mission Hills Golf Club), Ms. Wang had about 12 years of
experience in the news and media business. Ms. Wang is the sister of
the Group Chairman, Mr. Wang.
董事
執行董事
王偉賢，47歲，為本集團主席兼創始人。
王先生在財務、建築、物業發展與投資方
面 擁 有 逾 十 八 年 經 驗，於1999年2月 在 澳
洲創立本集團多個業務發展項目的原控
股公司 Starwaly Properties Group Ltd。王先生
擁有華南理工大學建築材料學士學位和
悉尼理工大學商學學士學位，並為上海宋
慶齡基金會理事及上海海外交流協會常
務理事。
謝 世 東，52歲，任 集 團 總 裁。於 加 盟 本 集
團前，謝先生曾任兩家上市房地產發展公
司的執行董事和董事總經理。謝先生持有
香港大學工程學士學位、英國華威大學工
商管理碩士學位和澳洲麥克里大學工商
管理博士學位，現為香港工程師學會和英
國特許建造學會會員。謝先生在中國內地、
香港及海外的地產投資、物業發展、項目
管理、銷售與市場推廣方面積逾二十六年
經驗。
王 煦 菱，49歲，任 集 團 執 行 董 事。王 女 士
畢業於廣州暨南大學，在加盟本集團前，
曾就任香港駿豪集團（觀瀾湖高爾夫球會）
集團執行董事、副總經理並主理房地產營
銷 業 務。王 女 士 在 加 入 香 港 駿 豪 集 團 前
十二年一直從事報紙媒體工作。王女士是
本集團主席王偉賢先生的胞姐。
SPG Land (Holdings) Limited Annual Report 201086
DIRECTORS AND SENIOR MANAGEMENT PROFILES
董事及高級管理層人員簡介
Non-executive Director
LAI Kin, Jerome, 62, is the Group Non-Executive Director. Mr.
Lai, who graduated from the University of Toronto with a Bachelor
degree of Commerce, is a fellow of the Hong Kong Institute of
Certified Public Accountants and a chartered accountant of The
Canadian Institute of Chartered Accountants. Mr. Lai has over
30 years of experience in accounting, management, strategic
planning, auditing and taxation. Before joining the Group, Mr. Lai
was the Senior Vice-President in charge of the finance, treasury
and administration functional units of Hong Kong Exchanges and
Clearing Limited and Director of the finance and management
services division of The Stock Exchange of Hong Kong Limited. Mr.
Lai had also served as the financial controller at China Light & Power
Company Limited.
Independent Non-executive Directors
CHEONG Ying Chew, Henry, 63, is an independent non-executive
Director, has over 30 years of experience in the securities industry.
He has been a director of the Worldsec Group of Companies which
he founded in 1991. Mr. Cheong currently serves as the deputy
chairman of Worldsec Limited, a company listed on the London Stock
Exchange.
FONG Wo, Felix, BBS, JP, 60, is an independent non-executive
Director, a practicing solicitor in Hong Kong and is also qualified
in Canada and England. He is appointed by the Ministry of Justice
of China as one of the China-Appointed Attesting Officers in Hong
Kong. Mr. Fong is a consultant and the founding partner of the
Hong Kong law firm, King & Wood (formerly known as Arculli Fong
& Ng), and has practiced law for over 30 years, including eight years
in Toronto. Mr. Fong is a member of the Guangdong Provincial
Committee of Chinese People’s Political Consultative Conference,
a director of the China Overseas Friendship Association, a director
of the Shanghai Chinese Overseas Friendship Association and an
executive director of the Guangdong Overseas Friendship Association.
He is also the chairman of the Hong Kong Liquor Licensing Board,
the chairman of the Advisory Council on Food and Environmental
Hygiene, a member of the Hong Kong Film Development Council,
非執行董事
黎 健，62歲，任 集 團 非 執 行 董 事。黎 先 生
持有多倫多大學商學士學位，是香港會計
師公會資深會員及加拿大特許會計師公
會的特許會計師。黎先生在會計、管理、
策略規劃、審計及稅務方面有逾三十年豐
富經驗。在加盟本集團前，黎先生曾就職
香港交易及結算所有限公司任主管財務、
庫務及行政管理功能單位的高級副總裁、
香港聯合交易所有限公司的財務及管理
服務部門主管。黎先生亦曾任職香港中華
電力有限公司的財務總監。
獨立非執行董事
張 英 潮，63歲，獨 立 非 執 行 董 事，擁 有 逾
三 十 年 證 券 業 經 驗，於 一 九 九 一 年 創 立
和 昇 集 團，並 出 任 和 昇 集 團 的 董 事。張
先生目前擔任倫敦證券交易所上市公司
Worldsec Limited的副主席。
方和，銅紫荊星章，太平紳士，60歲，獨立
非執行董事，香港執業律師，彼亦獲得加
拿大及英國執業律師資格，彼亦為中國司
法部認可在香港的中國委託公證人之一，
彼乃金杜律師事務所（前為夏佳理方和吳
正和律師事務所）之顧問及創立合夥人。
方先生已執業超過三十年，其中八年在多
倫多執業。方先生為中國人民政治協商會
議廣東省委員會委員、中華海外聯誼會理
事、上海海外聯誼會理事及廣東海外聯誼
會常務理事。彼亦為香港酒牌局主席、香
港政府食物及環境衛生諮詢委員會主席、
香港電影發展局委員、城市規劃委員會成
員及香港基本法研究中心理事。方先生為
香港特別行政區首屆首長推選委員會委員、
盛高置地（控股）有限公司 二零一零年年報 87
DIRECTORS AND SENIOR MANAGEMENT PROFILES
董事及高級管理層人員簡介
a member of the Town Planning Board and a director of the Hong
Kong Basic Law Institute. Mr. Fong is a member of the first Selection
Committee for the purposes of electing the Chief Executive for Hong
Kong Special Administrative Region, a founding member of the
Canadian International School of Hong Kong, a member of the Board
of Advisers for the Faculty of Business of the University of Victoria,
British Columbia, Canada and a visiting professor of the School of
Law of Sun Yat-sen University, China.
JIANG Simon X., 57, is an independent non-executive Director,
is the founder and chairman of CyberCity International Limited as
well as chairman of some of its subsidiaries. For the past five years,
Dr. Jiang has been involved mainly in private equity investment
activities in Hong Kong and mainland China. At the same time,
he is an independent non-executive director for COSL ()
and COSCO International (). He is also a member of the
National Committee of CPPCC and the United Nations Investments
Committee.
KWAN Kai Cheong , 61 , i s an independent non-execut i ve
Director, holds a Bachelor of Accountancy (Honors) degree from
the University of Singapore and is a member of the Institute of
Chartered Accountants in Australia. He is also a fellow of the Hong
Kong Institute of Directors. Mr. Kwan is presently the president of
Morrison & Company Limited, a business consultancy firm.
Joint Company Secretary
LEE Mei Yi, 43, is the joint company secretary of the Company.
Ms. Lee is a senior manager of Corporate Services Department of
Tricor Services Limited and an associate member of both the Institute
of Chartered Secretaries and Administrators and the Hong Kong
Institute of Chartered Secretaries. Ms. Lee has over 15 years of
experience in the corporate secretarial area.
Leung Ching Han , 33, is the joint company secretary of the
Company. Ms. Leung is a manager of Corporate Services Department
of Tricor Services Limited and an associate member of both the
Institute of Chartered Secretaries and Administrators and the Hong
Kong Institute of Chartered Secretaries. Ms. Leung has over 5 years
of experience in the corporate secretarial area.
香港加拿大國際學校創辦人、加拿大卑詩
省維多利亞大學工商管理學院顧問委員
會成員及中國中山大學法學院客座教授。
蔣 小 明，57歲，獨 立 非 執 行 董 事，亦 為
CyberCity International Limited的創辦人兼主
席及其若干子公司的主席。蔣博士過去五
年一直主要從事中港兩地的私人股本投
資 業 務。於 此 同 時，彼 亦 任 中 海 油 田（股
份代號：）及中遠國際（股份代號：
）的 獨 立 非 執 行 董 事，彼 亦 為 政 協
全國委員會委員及聯合國投資委員會委員。
關 啟 昌，61歲，獨 立 非 執 行 董 事，持 有 新
加坡大學會計學（榮譽）學士學位，亦為澳
洲特許會計師公會的會員及香港董事學
會的資深會員。關先生現為商業顧問公司
Morrison & Company Limited的總裁。
聯席公司秘書
李美儀，43歲，本公司的聯席公司秘書。
李女士為卓佳專業商務有限公司企業服
務部高級經理，並為英國特許秘書及行政
人員公會及香港特許秘書公會會員。李女
士擁有逾十五年的公司秘書經驗。
梁靜嫻，33歲，本公司的聯席公司秘書。
梁女士為卓佳專業商務有限公司企業服
務部經理，並為英國特許秘書及行政人員
公會及香港特許秘書公會會員。梁女士擁
有逾五年的公司秘書經驗。
SPG Land (Holdings) Limited Annual Report 201088
DIRECTORS AND SENIOR MANAGEMENT PROFILES
董事及高級管理層人員簡介
SENIOR MANAGEMENT
CHEUNG Man Hoi, Ronny, 40, is the Chief Financial Officer of the
Group. Prior to joining the Group, Mr. Cheung served duties as the
group financial controller or chief financial officer in various publicly
listed companies, including Tianjin Development Holdings Limited
and Nine Dragons Paper (Holdings) Limited. He also worked in
PricewaterhouseCoopers for over seven years. Mr. Cheung graduated
from the Hong Kong Polytechnic University with a Bachelor of Arts
(Hons) in Accountancy and the Chinese University of Hong Kong
with an Executive MBA degree. Mr. Cheung is also a fellow member
of the Association of Chartered Certified Accountants and a member
of the Hong Kong Institute of Certified Public Accountants. He has
over 17 years of experience in professional accounting, business
consulting and corporate management.
LEUNG Yiu Man, Brian, 43, is the Chief Investment Officer of the
Group. Mr. Leung has over 20 years of experience in equity market,
investment bank, equity corporate and fund management. Prior
to joining the Group, Mr. Leung served as the managing director
of the research division of China International Capital Corporation
Limited and an executive director of Deutsche Securities, Hong Kong.
He graduated from the University of Hong Kong, holds a Bachelor
degree of Social Science and is qualified as a Chartered Financial
Analyst.
ZHANG Hai Bo, 43, is the Executive Vice President of the Group.
Mr. Zhang graduated from Tong Ji University with a Bachelor
degree in Architectural Engineering, a Master degree in Business
Administration from Fudan University and is qualified as a senior
engineer. Mr. Zhang has over 18 years of experience in property
development, engineering and corporate management. He was
previously the deputy general manager, executive deputy general
manager and general manager of various operating subsidiaries of
the Group and the vice president of the Group.
高級管理層
張文海，40歲，任 集 團 首 席 財 務 官。在 加
入本集團之前，張先生曾於多間上市公司
擔任集團財務總監╱集團首席財務官等職
務，其中包括天津發展控股有限公司及玖
龍紙業（控股）有限公司等，並於羅兵咸永
道會計師事務所任職逾七年。張先生畢業
於香港理工大學，持有會計學（榮譽）學士
學位，同時持有香港中文大學行政人員工
商管理碩士學位。現為英國特許公認會計
師公會資深會員及香港會計師公會會員，
張先生擁有逾十七年專業會計、商業顧問
及企業管理經驗。
梁 耀 文，43歲，集 團 首 席 投 資 官。擁 有 逾
二十年資本市場投資銀行、證券公司及基
金經理經驗。加盟本集團前，梁先生曾先
後任中國國際金融有限公司研究部董事
總經理及德意志證券（香港）有限公司執行
董事等。梁先生畢業於香港大學，持有社
會科學學士學位，現為特許財務分析師。
張 海 波，43歲，任 集 團 執 行 副 總 裁。張 先
生持有同濟大學建築工程學士學位，復旦
大學工商管理碩士學位，具有高級工程師
資格，並在房地產開發、工程、公司管理
方面積逾十八年經驗。張先生歷任集團屬
下多家營運子公司副總經理、常務副總經
理、總經理以及集團副總裁職位。
盛高置地（控股）有限公司 二零一零年年報 89
DIRECTORS AND SENIOR MANAGEMENT PROFILES
董事及高級管理層人員簡介
REN Rui Xia, 42, is the Executive Vice President of the Group. Ms.
Ren holds a Bachelor degree in Architectural Structure from Tianjin
University and a Master degree in Business Administration from
Tsing Hua University. She has over 19 years of experience in property
development and management. Ms. Ren was previously the assistant
to general manager, the executive deputy general manager, the
regional executive deputy general manager and the reginoal general
manager of various major operating subsidiaries of the Group.
MAO Yong Ming, 57, is the Vice President of the Group. Mr. Mao,
who has over 27 years of experience in sales, property development
and investment in the PRC, and is also currently serving as a member
of the Political Consultative Conference of Huangshan Municipality
and a Standing Committee Member of the Political Consultative
Conference of the Huangshan Municipality.
WANG Hui Ren, 68, is the Vice President of the Group. Mr. Wang is
also the general manager of Shanghai Oriental Cambridge Property
Development Co., Ltd. He graduated from East China University of
Politics and Law with Bachelor of Laws, and worked for the Shanghai
Government for years.
ZHANG Ming Zhi , 56, is the Vice President and the General
Manager of Investment and Finance Department of the Group. Ms.
Zhang graduated from East China Normal University in Mathematics
and obtained a Master degree of Business Administration (MBA)
from AIOU-Asia International Open University (MACAU). Ms. Zhang
has over 15 years of experience in the finance industry and project
investment and management in the PRC. She was the director for
one of first approved fund management corporations, the director
and chairman appointed by several project companies and the
general manager of the assets trust department of a PRC trust and
investment company.
任 瑞 霞，42歲，任 集 團 執 行 副 總 裁。任 女
士持有天津大學建築結構學士學位及清
華大學工商管理碩士學位。在房地產開發
和管理等方面有逾十九年經驗。任女士歷
任集團屬下多家主要的營運子公司總經
理助理、常務副總經理、區域常務副總經
理以及區域總經理職位。
毛 永 明，57歲，任 集 團 副 總 裁。毛 先 生 在
銷售，房地產開發和投資方面有逾二十七
年經驗。毛先生是黃山市政協委員，黃山
市黃山區政協常委。
王 匯 仁，68歲，任 集 團 副 總 裁，兼 任 集 團
屬下上海東方康橋房地產發展有限公司
總經理。王先生畢業於政法大學法律系，
加入本集團前長期在上海市政府工作。
張明芝，56歲，任集團副總裁兼投資金融
部總經理。張女士於華東師範大學數學專
業畢業、獲亞洲澳門國際公開大學工商管
理碩士學位。張女士擁有逾十五年中國金
融業及項目投資與管理的經歷，曾任中國
首批基金管理公司的董事和多個項目公
司的董事、董事長，並曾任一家中國信託
投資公司的資產信託總部總經理。
SPG Land (Holdings) Limited Annual Report 201090
DIRECTORS AND SENIOR MANAGEMENT PROFILES
董事及高級管理層人員簡介
MAO Yong Jun, 37, is the Assistant President of the Group. Mr.
Mao obtains a Bachelor degree in Engineering from Shanghai
Engineering and Technology University. Mr. Mao also obtains a
Master degree in Business Administration from Fudan University. Mr.
Mao has about ten years of working and management experiences
gained from internationalized real estate companies. Prior to joining
the Group, Mr. Mao was the business development manager of
Hutchison Whampoa (Shanghai) Company Limited and senior
business development manager of Frasers Property (China) Limited.
QU Biao, Frank, 49, is the General Manager of Hotel Investment
Management Center of the Group. Mr. Qu graduated from Shanghai
Inst itute of Tourism (Currently renamed as Shanghai Normal
University) and attended Hotel Executive Education Program in
Cornell University (.). Mr. Qu has over 20 years of experience
with Starwood, Inter-Continental and Four Seasons hotel groups.
Mr. Qu was the deputy general manager of Four Seasons Hotel,
Shanghai, and has extensive experiences in hotel investment and
development and operations.
LEI Yu, Rain , 38, is the Legal Director of the Group. Mr. Lei
graduated from Fudan University with a Bachelor degree in Law and
a Master degree in Public Administration. Mr. Lei is a qualified lawyer
in the PRC and has over 12 years of working experience on real
estate development, construction and trading, structural design of
real estate project, mergers, acquisitions and reorganization, project
financing, contract negotiation and corporate legal management.
LIU Xin Rong, 39, is the General Manager of Human Resources
Management Center and Internal Audit Director of the Group. Ms.
Liu graduated from Wuhan University of Technology and majored
in Industrial Enterprise Management, obtained a Master degree in
Business Administration from Fudan University and is a qualified
accountant in the PRC. Ms. Liu has over 19 years of experience in
financial management, development and corporate management in
the property industry. Since joining the Group in 1999, Ms. Liu was
the group financial controller, executive deputy general manager of
various major operating subsidiaries of the Group.
毛 永 軍，37歲，任 集 團 助 理 總 裁。毛 先 生
持有上海工程技術大學工科學士學位，獲
得復旦大學管理學院工商管理碩士學位。
擁有約十年國際化房地產公司從業及管
理經驗。加盟本集團前，毛先生曾先後任
和記黃埔上海有限公司業務拓展經理，星
獅中國業務拓展高級經理等職務。
瞿彪，49歲，任集團酒店管理中心總經理。
瞿先生畢業於上海旅遊高等專科學校飯
店管理系（現上海師範大學），並於美國康
奈爾大學酒店管理學院學習飯店管理課程，
瞿先生在酒店業先後服務於與喜達屋集團，
洲際集團，四季集團等旗下的酒店達二十
多年，曾經擔任上海四季酒店副總經理，
有著豐富的酒店籌建，開業和管理經驗。
雷雨，38歲，任集團法務管理中心總監。
雷先生持有復旦大學法學學士學位和管
理學碩士學位。雷先生為中國合資格律師，
在房地產開發、建設和交易，房地產項目
的架構設計、收購兼併和重組、項目融資、
合同談判以及公司法律事務管理方面擁
有逾十二年的工作經驗。
劉欣戎，39歲，任集團人力資源中心總經
理及內審部總監。劉女士畢業於武漢工業
大學工業企業經濟管理專業，獲復旦大學
工 商 管 理 碩 士 學 位，擁 有 中 國 會 計 師 資
格，在房地產財務管理、開發、公司管理
方 面 具 有 十 九 年 的 管 理 經 驗。劉 女 士 自
一九九九年加入本集團以來，歷任集團財
務總監、集團屬下多家主要營運子公司常
務副總經理。
盛高置地（控股）有限公司 二零一零年年報 91
DIRECTORS AND SENIOR MANAGEMENT PROFILES
董事及高級管理層人員簡介
FAN Chun Fai, Francis, 63, is the Cost Director of City Community
Bus iness Div i s ion and the Cost Di rector of the Operat iona l
Management Center of the Group, who received his Bachelor
degree of Science in Civil Engineering from Houng Kong College of
Taiwan. Mr. Fan, presently a member of the Hong Kong Institute
of Surveyors, the Royal Institution of Chartered Surveyors, the
Association of Cost Engineers and the Chartered Institution of
Civil Engineering Surveyors. Mr. Fan has more than 30 years of
extensive experience in quantities surveying services and cost control
management in Hong Kong, China and Australia.
YOU De Feng, 35, is the Group Financial Controller. Mr. You
graduated from Shanghai University of Finance and Economics and
majored in Business Administration. He is a member of the Institute
of Financial Accountants, United Kingdom. Mr. You is a qualified
accountant of the PRC. He has over 10 years of experience in the real
estate and construction industry, accumulating extensive experience
of financial management in the industry. Since joining the Group in
2001, Mr. You was the finance manager and finance director of the
major operating subsidiaries of the Group.
CHEN Jie, 36, is the General Manager of Business Development and
Management Center of the Group. Ms. Chen graduated from the
Faculty of Arts of Shanghai University, majoring in Chinese Secretarial
Studies. She was the assistant to the chairman of the board of the
Group and deputy general manager of the Business Development
and Management Center. She has over 11 years of experience in
preliminary development, investment and project positioning in the
real estate industry.
ZHANG Ming , 42 , i s the Genera l Manager of Operat iona l
Management Center of the Group. Mr. Zhang has more than
18 years of experience of property development management in
mainland China and overseas and real estate investment funds. Prior
to joining the Group, Mr. Zhang was the assistant to the chairman
and the vice president of Coastal Corporation and Coastal Property,
and the assistant to the chairman of Olympia & York Developments
Ltd. Mr. Zhang graduated from Dalhousie University in Canada with
a Bachelor degree in Architectural Design and a Master degree in
Corporate Finance.
樊振輝，63歲，任城市社區事業部成本總
監兼運營管理中心成本總監。樊先生獲得
臺灣香江書院土木工程學士學位，現為香
港測量師學會會員，英國皇家特許測量師
學會會員，英國造價工程師學會會員及英
國特許土木工程測量師學會會員。樊先生
擁有超過三十年在香港，國內及澳洲之建
築工料測量及成本控制的豐富工作經驗。
游德鋒，35歲，任集團財務管理中心總監。
畢業於上海財經大學，擁有中歐國際工商
學院工商管理碩士學位。現為英國財務會
計師公會會員，具有中國會計師資格。游
先生從事房地產及建築業逾十年，積累了
該行業非常豐富的財務管理經驗。游先生
於二零零一年加入本集團以來，歷任集團
下屬項目公司財務經理、財務總監等職位。
陳潔，36歲，任集團企業發展中心總經理。
陳女士畢業於上海大學文學院中文秘書
學專業，歷任集團董事局主席助理、企業
發展管理中心副總經理。在房地產行業的
前期開發、投資、項目定位等具有逾十一
年經驗。
張鳴，42歲，集團運營管理中心總經理。
擁 有 逾 十 八 年 國 內 外 房 地 產 開 發 管 理、
及房地產投資基金從業經驗。加盟本集團
前，張先生曾先後任沿海國際控股、沿海
地產董事長助理及副總裁，Olympia & York
Developments Ltd.董事長助理等。張先生畢
業於加拿大Dalhousie University，建築設計
本科及企業金融研究生。
SPG Land (Holdings) Limited Annual Report 201092
DIRECTORS AND SENIOR MANAGEMENT PROFILES
董事及高級管理層人員簡介
CHEN Yi Jun, Tony, 35, is the Director of Commercial Property
Management Center of the Group. Prior to joining the Group, Mr.
Chen was the assistant to president of Shanghai Kinghill Limited
(SuperBrand Mall) and the vice president of lease department and
business development department of Chia Tai Commercial Real
Estate Co., Ltd. Before that, he served as the consultant of the
Business Consulting department of Arthur Andersen Company and
conducted research mainly on the retail and financial investment
sectors. Mr. Chen holds a Bachelor degree in Foreign Economic Law
from Shanghai Jiao Tong University.
GE Hao Long , 38, is the General Manager of Shanghai SPG
Property Services Co., Ltd. Mr. Ge has over 12 years of experience
in property management and operation. Prior to joining the Group,
Mr. Ge worked as the person-in-charge of functional division
and key projects of China Vanke, the deputy general manager of
Shenzhen Poly Property, the executive director and general manager
of Hanzens. Mr. Ge graduated from Hebei Institute of Finance
and Economics, and is currently a standing member of Shenzhen
Property Management Association, a visiting professor of Shenzhen
Real Estate and Property Management Advanced Training College
and one of the members of the expert assessment committee of
qualification training for property management project managers of
Shenzhen, Guangdong province of the PRC.
GAO Yu Di, 58, is the Executive Director and Education Director
of Sipo Polytechnic. Ms. Gao graduated from East China Normal
University, majoring in Chinese. She has over 30 years of experience
in education and was chief editor of education materials for
secondary schools in Shanghai. She held positions from teacher to
vice-principal of one of the famous high schools in Shanghai. She
was nominated as ”Shanghai Top-Level Teacher”.
陳亦軍，35歲，任集團商業管理中心總監。
於加盟本集團前，陳先生曾任正大集團商
業房地產公司、正大廣場上海帝泰發展有
限公司總裁助理，租賃部及商業發展部副
總裁。之前在安達信公司企業諮詢部擔任
諮詢顧問，主攻零售業，金融投資業研究。
陳先生持有上海交通大學涉外經濟法學
士學位。
葛浩龍，38歲，任集團屬下盛高物業管理
有限公司總經理。擁有逾十二年物業管理
企業運營經驗。加盟本集團前，葛先生曾
先後任深圳萬科物業公司職能部門及重
點項目負責人、深圳保利物業公司副總經
理、合正物業公司執行董事兼總經理等。
葛先生畢業於河北財經學院，現為深圳市
物業管理協會常務理事、深圳市房地產和
物業管理進修學院（全國房地產業深圳培
訓中心）客座教授、廣東省、深圳市物業管
理項目經理執業資質培訓班專家評委。
皋玉蒂，58歲，任集團屬下上海思博教育
發展有限公司執行董事及教育總監。皋女
士 畢 業 於 華 東 師 範 大 學 中 文 系，擁 有 逾
三十年的教學經驗，曾擔任上海市高中語
文統編教材執行主編、上海市著名中學教
師及至副校長職務，並獲得政府特殊津貼
以及上海市特級教師稱號。
盛高置地（控股）有限公司 二零一零年年報 93
REPORT OF THE BOARD OF DIRECTORS
董事會報告
REPORT OF THE DIRECTORS
The Directors of the Company are pleased to present their annual
report together with the audited consolidated accounts of the Group
for the year ended 31 December 2010.
PRINCIPAL ACTIVITIES
The Company is an investment holding company. Its subsidiaries are
principally engaged in property development, property and hotel
investment, property management and education.
An analysis of the Group’s sales and operating results for the year by
principal activities is set out in note 6 to the consolidated accounts.
MAJOR CUSTOMERS AND SUPPLIERS
The Directors believe that the five largest customers of the Group
accounted for about % of the Group’s sales in the year while the
five largest suppliers of the Group accounted for about 23% of the
Group’s purchases in the year.
Save for the association with certain related companies as set out
in Note 46 to the consolidated accounts, none of the Directors,
their associates or any shareholders (which to the knowledge of the
Directors owned more than 5% of the Company’s share capital)
has a beneficial interest in the Group’s five largest customers or five
largest suppliers.
RESULTS
The results of the Group for the year ended 31 December 2010 are
set out on page 121.
DIVIDENDS
The Directors recommended the payment of a final dividend of RMB
cents per share, totalling approximately RMB68,390,000.
董事會報告
本公司董事欣然提呈其年報連同本集團
截至二零一零年十二月三十一日止年度
的經審核綜合賬目。
主要業務
本公司為一家投資控股公司。其子公司主
要從事物業發展、物業和酒店投資、物業
管理及教育。
本集團按主要業務劃分的年度銷售額及
經營業績分析載於綜合賬目附註6。
主要客戶及供應商
董事相信，本集團五大客戶佔本集團年內
銷售額約%，而本集團五大供應商佔本
集團年內採購額約23%。
除 與 載 於 綜 合 賬 目 附 註46的 某 些 關 連 公
司的關聯外，概無董事、彼等的聯繫人或
任何股東（就董事所知擁有超過本公司股
本5%者）於本集團五大客戶或五大供應商
中擁有實益權益。
業績
本集團截至二零一零年十二月三十一日
止年度的業績載於第121頁。
股息
董事會建議派付末期股息每股人民幣
分，合計約人民幣68,390,000元。
SPG Land (Holdings) Limited Annual Report 201094
REPORT OF THE BOARD OF DIRECTORS
董事會報告
CLOSURE OF REGISTER OF MEMBERS
The annual general meeting of the Company will be held on 2
June 2011. A notice convening the annual general meeting will be
published and dispatched to the shareholders of the Company in the
manner required by the Listing Rules in due course.
The register of members of the Company wil l be closed from
Tuesday, 31 May 2011 to Thursday, 2 June 2011, both days inclusive,
during which period no transfer of shares will be registered. In order
to determine who are entitled to the proposed final dividend and to
attend the annual general meeting of the Company to be held on
2 June 2011, all transfer documents accompanied by the relevant
share certif icates must be lodged with the Company’s branch
share registrar in Hong Kong, Tricor Investor Services Limited, at
26th Floor, Tesbury Centre, 28 Queen’s Road East, Hong Kong for
registration no later than 4:30 . on Monday, 30 May 2011.
Subject to shareholders’ approval of the proposed final dividend at
the annual general meeting to be held on Thursday, 2 June 2011,
dividend warrants will be dispatched on Friday, 10 June 2011 to
shareholders whose names appear on the register of members of the
Company at the close of business on Thursday, 2 June 2011.
FIXED ASSETS
Details of the movements in fixed assets during the year are set out
in note 19 to the consolidated accounts.
BORROWINGS AND INTEREST CAPITALISED
Borrowings repayable on demand or within one year are classified
under current liabilities. Details of the long-term borrowings are
set out in note 34 to the consolidated accounts. Interest and other
borrowing costs capitalised by the Group during the year are set out
in note 13 to the consolidated accounts.
暫停辦理股份過戶登記手續
本公司的股東週年大會將於二零一一年
六月二日舉行。召開股東週年大會之通告
將按照上市規則之規定於適當時候後刊
登及寄發予本公司股東。
本公司將於二零一一年五月三十一日（星
期二）至二零一一年六月二日（星期四）（包
括首尾兩天）暫停辦理股份過戶登記手續，
期間將不會辦理任何股份過戶登記手續。
為確定合資格可享有擬派付之末期股息
以及出席將於二零一一年六月二日舉行
之 股 東 週 年 大 會 之 人 士，所 有 過 戶 文 件
連 同 有 關 股 票，必 須 於 二 零 一 一 年 五 月
三十日（星期一）下午四時三十分前，送交
本公司之香港股份過戶登記分處卓佳證
券登記有限公司，地址為香港皇后大道東
二十八號金鐘匯中心二十六樓。
待股東於二零一一年六月二日（星期四）舉
行之股東週年大會上批准建議派付末期
股息，股息單將於二零一一年六月十日（星
期五）寄予在二零一一年六月二日（星期四）
營業時間結束時名列本公司股東名冊的
股東。
固定資產
年內，固定資產變動詳情載於綜合賬目附
註19。
借貸及利息資本化
應要求或須於一年內償還的借貸被分類
為流動負債。長期借貸詳情載於綜合賬目
附註34。年內本集團資本化的利息及其他
借貸成本載於綜合賬目附註13。
盛高置地（控股）有限公司 二零一零年年報 95
REPORT OF THE BOARD OF DIRECTORS
董事會報告
MOVEMENTS OF SHARE CAPITAL
Details of the movements in the share capital during the year are set
out in note 40 to the consolidated accounts.
RESERVES
Details of the movements in reserves during the year are set out in
note 41 to the consolidated accounts.
As at 31 December 2010, the aggregate amount of reserves
available for distribution to equity shareholders of the Company was
RMB2,531,644,000 (2009: RMB2,386,175,000).
DONATIONS
The donations made by the Group during the year amounted to
RMB9,243,000 (2009: RMB200,000).
FIVE-YEAR FINANCIAL SUMMARY
A five-year financial summary of the Group is set out on pages 238
to 240.
DIRECTORS AND DIRECTORS’ SERVICE
CONTRACTS
The Directors of the Company during the year and up to the date of
this report were:
Executive Directors
Mr. WANG Weixian (Chairman)
Mr. TSE Sai Tung, Stones (Chief Executive Officer)
Ms. WANG Xuling
股本變動
年內股本變動的詳情載於綜合賬目附註
40。
儲備
年內儲備變動詳情載於綜合賬目附註41。
於 二 零 一 零 年 十 二 月 三 十 一 日，可 供 分
派予本公司股權持有人的儲備總額為人
民幣2,531,644,000元（二零零九年：人民幣
2,386,175,000元）。
捐獻
年內本集團作出的捐獻達人民幣9,243,000
元（二零零九年：人民幣200,000元）。
五年財務摘要
本集團的五年財務摘要載於第238至240頁。
董事及董事服務合約
年內及截至本報告日期為止，本公司董事
為：
執行董事
王偉賢先生（主席）
謝世東先生（行政總裁）
王煦菱女士
SPG Land (Holdings) Limited Annual Report 201096
REPORT OF THE BOARD OF DIRECTORS
董事會報告
DIRECTORS AND DIRECTORS’ SERVICE
CONTRACTS (Continued)
Non-Executive Director
Mr. LAI Kin, Jerome
Independent Non-Executive Directors
Mr. CHEONG Ying Chew, Henry
Mr. FONG Wo, Felix, JP
Mr. JIANG Simon X.
Mr. KWAN Kai Cheong
In accordance with the Company’s Articles of Association, one third
of the Directors retire from office by rotation provided that every
Director shall be subject to retirement at least once every three years.
Mr. JIANG Simon X., Mr. KWAN Kai Cheong and FONG Wo, Felix, JP
are due to retire from the Board at the forthcoming annual general
meeting. Being eligible, they offer themselves for re-election.
None of the retir ing Directors has a service contract with the
Company or any of its subsidiaries which is not terminable within
one year without payment of compensation other than statutory
compensation.
INDEPENDENT NON-EXECUTIVE DIRECTORS’
CONFIRMATION OF INDEPENDENCE
The Company has received independence confirmation from each of
the Independent Non-Executive Directors and considers them to be
independent.
DIRECTORS’ INTERESTS IN CONTRACTS
No contracts of significance in relation to the Company’s business
to which the Company or any of its subsidiaries was a party and in
which a Director of the Company had a material interest, whether
directly or indirectly, subsisted at the end of the year or at any time
during the year.
董事及董事服務合約（續）
非執行董事
黎健先生
獨立非執行董事
張英潮先生
方和先生（太平紳士）
蔣小明先生
關啟昌先生
根據本公司的組織章程細則，三分之一董
事須輪席告退，且每位董事須遵守每三年
至少引退一次的規定。蔣小明先生、關啟
昌先生及方和先生將於快將舉行的股東
週年大會上卸任董事之職，彼等皆符合資
格，願意膺選連任。
概無快將卸任之董事與本公司或其任何
子公司訂立於一年內不作賠償（法定賠償
除外）便不可終止的服務合約。
獨 立 非 執 行 董 事 的 獨 立 性 確
認函
本公司已收到每名獨立非執行董事的獨
立性確認函，並認為彼等均具獨立性。
董事於合約的權益
於年底或年內任何時間，本公司董事概無
於本公司或其任何子公司就本公司之業
務而訂立之重大合約中直接或間接擁有
重大權益。
盛高置地（控股）有限公司 二零一零年年報 97
REPORT OF THE BOARD OF DIRECTORS
董事會報告
DIRECTORS’ INTERESTS IN COMPETING
BUSINESS
In order to eliminate Directors’ interests in business competing with
the Group, on 19 September 2006, Mr. Wang Weixian entered into
a deed of non-competition with the Company (the “Deed”).
In accordance with the terms of the Deed, Mr. Wang Weixian has
provided the Company with an annual confirmation that he and his
associates (other than the Group) have complied with the terms of
the Deed.
The Independent Non-Executive Directors of the Company have
reviewed the matters relating to the compliance and enforcement
of the Deed by Mr. Wang Weixian and his associates (other than the
Group) and confirmed that Mr. Wang Weixian and his associates
(other than the Group) have complied with the Deed.
As at the date of this report, none of the Directors of the Company
is considered to have interests in businesses which compete or are
likely to compete, either directly or indirectly, with the businesses of
the Group.
SPECIFIC PERFORMANCE OBLIGATIONS OF
THE CONTROLLING SHAREHOLDER
Bank of East Asia (China) Limited, Shanghai Branch, granted a RMB
facility of up to RMB600,000,000 to a wholly-owned subsidiary of
the Company established in the PRC on 20 May 2010. In addition, on
6 July 2010, a wholly-owned subsidiary of the Company incorporated
in Hong Kong (as borrower) has entered into a term loan facility
agreement (the “Facility Agreement”) with The Bank of East Asia,
Limited (the “Bank”). The Facility Agreement relates to the provision
of a term loan facility of up to HKD500,000,000 (the “Facility”).
The Facility has a repayment term of three years from the date of
the Facility Agreement. The purpose of the Facility is to provide
capital for the borrower to finance its investment(s), including but
not limited to the acquisition of land in the PRC. The Company has
agreed to provide an unconditional and irrevocable guarantee to the
Bank in respect of the repayment obligations of the borrower under
the Facility Agreement (the “Guarantee”).
董事於競爭業務的權益
為剔除董事在與本集團有抵觸的競爭業
務中的權益，於二零零六年九月十九日，
王偉賢先生與本公司訂立一份不競爭契
約（「契約」）。
根據契約的條款，王偉賢先生已就其及其
聯繫人（本集團除外）遵守契約之條款向本
公司發出一份年度確認書。
本公司獨立非執行董事已審閱有關王偉
賢先生及其聯繫人（本集團除外）已遵守及
執行契約的規定並確認王偉賢先生及其
聯繫人（本集團除外）已遵守契約的規定。
截至本報告日期，概無本公司董事被視為
在屬於或可能與本集團業務競爭的業務
中擁有直接或間接的權益。
控股股東的具體履行義務
責任
東 亞 銀 行（中 國）有 限 公 司 上 海 分 行 於 二
零 一 零 年 五 月 二 十 日 向 本 公 司 在 中 國
成 立 之 全 資 子 公 司 授 予 一 項 達 人 民 幣
600,000,000元之人民幣融通。此外，於二
零一零年七月六日，本公司在香港註冊成
立之全資子公司（作為借款人）與東亞銀行
有限公司（「該銀行」）訂立有期貸款融通協
議（「融通協議」）。融通協議與提供一項達
500,000,000港元之有期貸款融通（「該融通」）
有關。該融通之還款期由融通協議日期起
為期三年。該融通旨在為借款人提供資金
以撥付其投資，包括但不限於在中國收購
土地。本公司同意就借款人於融通協議下
之還款責任向該銀行提供無條件及不可
撤銷擔保（「擔保」）。
SPG Land (Holdings) Limited Annual Report 201098
REPORT OF THE BOARD OF DIRECTORS
董事會報告
SPECIFIC PERFORMANCE OBLIGATIONS
OF THE CONTROLLING SHAREHOLDER
(Continued)
Pursuant to the Guarantee, Mr. Wang Weixian, David, the controlling
shareholder of the Company, shall continue to maintain more than
50% beneficial shareholding interest in the Company and maintain
management control over the Company.
A failure to comply with the aforesaid obligation will constitute an
event of default under the Facility Agreement. However no event of
default will occur if the failure to comply is capable of remedy and is
remedied within 15 business days (or such longer period as the Bank
may approve) of the earlier of the Bank giving notice to the borrower
or the borrower becoming aware of the failure to comply. If an event
of default occurs, the Facility together with accrued interest, and all
other amounts accrued or outstanding under the Facility Agreement
may become immediately due and payable.
SHARE OPTIONS
Share Option Scheme
On 19 September 2006, the Company adopted a share option
scheme (the “Share Option Scheme”).
A summary of the Share Option Scheme is set out below:
1. Purpose of the Share Option Scheme:
The purpose of the Share Option Scheme is to recognize and
acknowledge the contributions of the participants to the
growth of the Group by granting options to them as incentives
or rewards.
2. Participants of the Share Option Scheme:
The Board may, in its discretion, offer to grant options
to subscribe for such number of shares as the Board may
determine to the following participants:
(i) any executive and employee of the Group; or
(ii) any director ( including non-executive directors and
independent non-executive directors) of the Group; or
(iii) any consultant, adviser and/or agent of the Group.
控股股東的具體履行義務
責任（續）
根據擔保，本公司控股股東王偉賢先生須
繼續擁有本公司超過50%之實益股權，並
保持對本公司之管理控制權。
未能遵守上述責任將構成融通協議項下
之違約事項。然而，倘違約事項可予以糾
正並於銀行向借款人發出通知或借款人
知悉違約事項（以較早者為準）起計之15個
營業日內（或該銀行可能批准之較長期間）
獲糾正，則違約事項不會發生。倘出現違
約事項，融通協議項下之該融通連同應計
利息，以及所有其他應計或未償還金額可
能立即到期並須予償還。
購股權
購股權計劃
於二零零六年九月十九日，本公司已採納
購股權計劃（「購股權計劃」）。
購股權計劃摘要載列如下：
1. 購股權計劃的目的：
通過授予參與者購買權作為鼓勵或
獎賞，承認並答謝彼等為本集團的發
展作出的貢獻。
2. 購股權計劃的參與者：
董事會可酌情向以下參與者授出可
認購一定數量股份的購股權，認購的
數量將由董事會決定：
(i) 本集團內任何行政人員及僱員；
或
(ii) 本集團內任何董事（包括非執行
董事和獨立非執行董事）；或
(iii) 本 集 團 內 任 何 顧 問、 指 導 師
和╱或代理人。
盛高置地（控股）有限公司 二零一零年年報 99
REPORT OF THE BOARD OF DIRECTORS
董事會報告
SHARE OPTIONS (Continued)
3. Total number of shares available for issue under the
Share Option Scheme and % of issued share capital at 7
March 2011:
The maximum number of shares in respect of which options
may be granted under the Share Option Scheme must not in
aggregate exceed 103,750,000 shares (approximately %
of issued share capital).
4. Maximum entitlement of each participant under the
Share Option Scheme:
The maximum entitlement for each participant is that the total
number of shares of the Company issued and to be issued
upon exercise of the options granted to each participant
(including both exercised, cancelled and outstanding options)
in any 12-month period shall not exceed 1% of the total
number of shares of the Company in issue. Any grant of
further options above this limit shall be subject to certain
requirements as stipulated in the rules of the Share Option
Scheme.
5. The period within which the shares must be taken up
under an option:
Subject to the rules of the Share Option Scheme, options may
be exercised by a participant, in whole or in part, at any time
during the period commencing from the date of grant and
expiring at 5:00 . on the business day (i) preceding the fifth
anniversary of the date of grant or (ii) preceding the expiry of
the Share Option Scheme, whichever is the earlier.
6. The minimum period for which an option must be held
before it can be exercised:
No option may be exercised until the expiry of 12 months
after the date of grant. A grantee may be required to achieve
such performance targets as determined by the Board before
any options granted under the Share Option Scheme can be
exercised.
購股權（續）
3. 根據購股權計劃可供發行的股份總
數及於二零一一年三月七日佔已發
行股本的百分比：
按購股權計劃授出的購股權予以行
使時所發行的股份數目最高不能超
過103,750,000股（約 為 已 發 行 股 本 的
%）。
4. 根據購股權計劃，各參與者的最高權
利：
各參與者的最高權利為在任何十二
個月內獲授的購股權（包括已行使、
已註銷及尚未行使的購股權）予以行
使時所發行及將予發行的本公司股
份總數，不得超過本公司已發行的股
份總數1%。再授出任何超過此限額
的購股權須受購股權計劃規則內訂
明的若干規定所限制。
5. 必須行使購股權認購股份的期限：
受購股權計劃規則所規範，參與者可
於 授 出 日 期 起 至 (i)授 出 日 期 第 五 個
週年的前一個營業日或 (ii)購股權計
劃屆滿日期的前一個營業日 (以較早
者為準）下午五時正屆滿時的期間內，
全部或部份行使購股權。
6. 購股權於行使前必須持有的最少期間：
概不得於授出日期起計十二個月屆
滿前行使任何購股權。承授人於行使
根據購股權計劃授出的任何購股權
前，可能需要達到董事會釐定的有關
表現目標。
SPG Land (Holdings) Limited Annual Report 2010100
REPORT OF THE BOARD OF DIRECTORS
董事會報告
SHARE OPTIONS (Continued)
7. The amount payable on application or acceptance of the
option and the period within which payments or calls
must or may be made, or loans for such purposes must be
paid:
Nil
8. The basis of determining the exercise price:
The subscription price of a share in respect of any particular
option granted under the Share Option Scheme shall be such
price as the Board in its absolute discretion shall determine,
save that such price shall at least be the higher of:
(i) the closing price of the shares as stated in the Stock
Exchange’s daily quotations sheet on the date of offer,
which must be a day on which the Stock Exchange is
open for the business of dealing in securities (“Business
Day”); and
(ii) the average of the closing prices of the shares as stated
in the Stock Exchange’s daily quotations sheets for the
five Business Days immediately preceding the date of
offer,
or (where applicable) such price as from time to time adjusted
pursuant to the Share Option Scheme.
購股權（續）
7. 申請或接納購股權須付的金額以及
付款或通知付款的期限或償還申請
購股權貸款的期限：
無
8. 釐定行使價的基準：
根據購股權計劃授出的購股權所涉
及的股份認購價將由董事會全權酌
情釐定，惟不得低於下列較高者：
(i) 授出建議當日在聯交所每日報
價 表 所 示 股 份 的 收 市 價，而 授
出建議日期必須為聯交所開市
進行買賣證券的日子（「營業日」）；
及
(ii) 緊隨授出建議當日前五個營業
日在聯交所每日報價表所示的
股份平均收市價，
或（如適用）根據購股權計劃而不時調
整的價格。
盛高置地（控股）有限公司 二零一零年年報 101
REPORT OF THE BOARD OF DIRECTORS
董事會報告
SHARE OPTIONS (Continued)
9. The remaining life of the Share Option Scheme:
The Share Option Scheme is valid and effective for a period of
5 years commencing on 19 September 2006 and will expire at
5:00 . on the Business Day preceding the fifth anniversary
thereof.
Details of the share options granted to employees of the
Group pursuant to the Share Option Scheme which remained
outstanding as at 31 December 2010 are as follows:
Date of Grant
授出日期
Options
outstanding
as at
1 January
2010
於二零一零年
一月一日
尚未行使的
購股權
Options
granted during
the year ended
31 December
2010
於截至
二零一零年
十二月三十一日
止年度內
授出的購股權
Adjustment
for the
Bonus Issue
(as defined
below)2
就紅股發行
（定義見下文）2
調整
Options
lapsed during
the year ended
31 December
2010
於截至
二零一零年
十二月三十一日
止年度內
失效的購股權
Exercise
Price per
option share
(after adjustment
for the
Bonus Issue)2
(HK$)
每股購股權
股份行使價
（就紅股發行
調整後）2
（港元）
Options
outstanding
as at
31 December
2010
(after adjustment
for the
Bonus Issue)2
於二零一零年
十二月三十一日
尚未行使的
購股權
（就紅股發行
調整後）2
10 October 2007
二零零七年十月十日
320,0001 — 8,000 328,000 —
30 October 2009 3,000,0003 — 75,000 — 3,075,000
二零零九年十月三十日 3,000,0003 — 75,000 3,075,000 —
3,000,0003 — 75,000 — 3,075,000
9,320,000 — 233,000 3,403,000 6,150,000
購股權（續）
9. 購股權計劃的餘下年期：
購股權計劃的有效期為五年，由二零
零六年九月十九日開始，至五週年當
日前的營業日下午五時正屆滿。
根據購股權計劃授予本集團僱員而
於二零一零年十二月三十一日尚未
行使的購股權詳情如下：
SPG Land (Holdings) Limited Annual Report 2010102
REPORT OF THE BOARD OF DIRECTORS
董事會報告
SHARE OPTIONS (Continued)
Notes:
1. (a) The options shall vest in tranches in the following manner
on the following dates of vesting:
(i) 30% of the options shall vest on 10 October 2007
(the “First Option Tranche”);
(ii) 30% of the options shall vest on 10 October 2008
(the “Second Option Tranche”); and
(iii) 40% of the options shall vest on 10 October 2009
(the “Third Option Tranche” and, together with
the “Second Option Tranche”, the “Succeeding
Tranches”).
(b) The Board may at its absolute discretion adjust the
percentage of the options to be vested in the Succeeding
Tranches either upwards or downwards based on the
option holder’s performance in the year immediately
preceding the vesting of the options in the relevant
Succeeding Tranches as determined by the Board except
that such adjustment shall not affect the vesting of the
options in the First Option Tranche.
(c) The options may be exercised at an option price of
HK$ per share (after adjustment for the Bonus Issue)
during the period commencing from 10 October 2007 and
expiring at 5:00 . on the Business Day immediately
preceding 10 October 2012 except that no option shall
be exercised until the expiry of 12 months after the
respective dates of vesting.
2. As a result of the issue of bonus shares on 20 May 2010 (the
“Bonus Issue”), adjustments were made to the exercise price
and number of shares to be allotted and issued upon exercise of
these options.
購股權（續）
附註：
1. (a) 購 股 權 將 於 下 列 歸 屬 日 期 以
下列方式分批歸屬：
(i) 30%的 購 股 權 將 於 二 零
零七年十月十日歸屬（「首
批購股權」）；
(ii) 30%的 購 股 權 將 於 二 零
零八年十月十日歸屬（「第
二批購股權」）；及
(iii) 40%的 購 股 權 將 於 二 零
零九年十月十日歸屬（「第
三批購股權」及連同「第
二 批 購 股 權」，稱 為「後
續各批」）。
(b) 董 事 會 可 按 購 股 權 持 有 人 於
有 關 後 續 各 批 購 股 權 歸 屬 時
間前一年內的表現（由董事會
決 定），全 權 酌 情 向 上 或 向 下
調 整 歸 屬 於 後 續 各 批 購 股 權
的百分比，惟有關調整不得影
響首批購股權的歸屬。
(c) 購股權可按購股權價每股
港元（已就紅股發行作出調整）
自 二 零 零 七 年 十 月 十 日 起 計
至 緊 接 二 零 一 二 年 十 月 十 日
前 的 營 業 日 下 午 五 時 正 屆 滿
之期間內行使，惟購股權不得
於 各 自 歸 屬 日 期 起 計 的12個
月內予以行使。
2. 由於二零一零年五月二十日發行紅
股股份（「紅股發行」），已對該等購股
權獲行使時配發及發行的股份的行
使價及數目作出調整。
盛高置地（控股）有限公司 二零一零年年報 103
REPORT OF THE BOARD OF DIRECTORS
董事會報告
SHARE OPTIONS (Continued)
Notes: (Continued)
3. (a) The first tranche of the option entitling the option holder
to subscribe for 3,000,000 shares (the “First Tranche”)
shall vest on the date of grant at the option price of
HK$ per share (after adjustment for the Bonus
Issue).
(b) The second tranche of the option entitling the option
holder to subscribe for 3,000,000 shares (the “Second
Tranche”) shall vest at the option price of HK$ per
share (after adjustment for the Bonus Issue) before the
first anniversary of the date of grant for the First Tranche
as and when the average of the closing prices of the
shares as stated in the Stock Exchange’s daily quotations
sheets for the past 10 consecut ive Bus iness Days
immediately preceding the date is higher than HK$
(subject to adjustment, if any).
(c) The third tranche of the option entitling the option holder
to subscribe for 3,000,000 shares (the “Third Tranche”)
shall vest at the option price of HK$ per share
(after adjustment for the Bonus Issue) before the second
anniversary of the date of grant for the First Tranche as
and when the average of the closing prices of the shares
as stated in the Stock Exchange’s daily quotations sheets
for the past 10 consecutive Business Days immediately
preceding the date is higher than HK$ (subject to
adjustment, if any).
(d) The options may be exercised by the option holder,
in whole or in part , at any t ime dur ing the per iod
commencing from the date of grant and ending at 5:00
. on the Business Day immediately preceding 30
October 2014. However, no options vested in the First
Tranche, Second Tranche and Third Tranche can be
exercised until after the expiry of 12 months from the
respective dates of vesting in accordance with (a), (b) and
(c) above.
4. Save as disclosed above, no option granted under the Share
Option Scheme was exercised, cancelled or lapsed during the
year ended 31 December 2010.
購股權（續）
附註：（續）
3. (a) 賦予購股人權利認購3,000,000
股股份的首批購股權（「首批」）
將 於 授 出 當 日 按 購 股 權 價 格
每股港元（已就紅股發行
作出調整）歸屬。
(b) 賦予購股人權利認購3,000,000
股股份的第二批購股權（「第二
批」）將於授出首批當日的第一
個 週 年 前 及 於 緊 按 該 日 前 當
過 去 連 續10個 營 業 日 在 聯 交
所 每 日 報 價 表 所 列 的 平 均 股
份 收 市 價 高 於港 元 時（可
予 調 整，如 有）按 購 股 權 價 格
每股港元（已就紅股發行
作出調整）歸屬。
(c) 賦予購股人權利認購3,000,000
股股份的第三批購股權（「第三
批」）將於授出首批當日的第二
個 週 年 前 及 於 緊 按 該 日 前 當
過 去 連 續10個 營 業 日 在 聯 交
所 每 日 報 價 表 所 列 的 平 均 股
份收市價高於港元時（可
予 調 整，如 有）按 購 股 權 價 格
每 股港 元（已 就 紅 股 發
行作出調整）歸屬。
(d) 購 股 權 可 自 授 出 當 日 起 計 至
緊 接 二 零 一 四 年 十 月 三 十 日
前 的 營 業 日 下 午 五 時 正 屆 滿
之 期 間 內 隨 時 由 購 股 權 持 有
人全部或部分行使，惟首批、
第 二 批 及 第 三 批 歸 屬 的 購 股
權不得於各自根據上文 (a)、(b)
及 (c)的 歸 屬 日 期 起 計 的12個
月內予以行使。
4. 除上文所披露者外，截至二零一零
年十二月三十一日止年度內，概無
任何購股權計劃項下的購股權已獲
行使、註銷或失效。
SPG Land (Holdings) Limited Annual Report 2010104
REPORT OF THE BOARD OF DIRECTORS
董事會報告
SHARE OPTIONS (Continued)
Pre-IPO Share Option Scheme
On 19 September 2006, the Company also approved and adopted a
share option scheme entitling the Board of Directors to grant share
options at its discretion before the listing of the shares (the “Pre-
IPO Share Option Scheme”). A summary of the Pre-IPO Share Option
Scheme is set out below:
1. Purpose of the Pre-IPO Scheme:
The purpose of the Pre-IPO Share Option Scheme is to recognize
and acknowledge the contributions of the participants to the
growth of the Group and/or the listing of the shares of the
Company on the Stock Exchange by granting options to them as
incentives or rewards.
2. Participants of the Pre-IPO Scheme:
The Board may, in its discretion, offer to grant options to
subscribe for such number of shares as the Board may determine
to any executive, director and/or employee of the Group who
is in full-time employment of the Group at the time when an
option is granted.
3. Total number of shares available for issue under the Pre-
IPO Share Option Scheme and % of issued shared capital
at 7 March 2011:
18,540,000 shares being the maximum number of shares in
respect of which options may be granted under the Pre-IPO
Share Option Scheme have been fully granted. Such shares
represented approximately % of the issued share capital.
購股權（續）
首次公開招股前購股權計劃
於二零零六年九月十九日，本公司亦批准
及採納一項購股權計劃，賦予董事會權力
可於股份上市前酌情授出購股權（「首次公
開招股前購股權計劃」）。首次公開招股前
購股權計劃之概要載列如下：
1. 首次公開招股前購股權計劃的目的：
首次公開招股前購股權計劃旨在向
參與者授出購股權作為獎勵或嘉許，
以肯定及表揚彼等對本集團發展及╱或
本公司股份於聯交所上市的貢獻。
2. 首次公開招股前購股權計劃的參與者：
董事會可酌情向當購股權授出時，彼
為本集團任何主管人員、董事及╱或
僱員（須為本集團全職僱員）授出可認
購董事會指定數目股份的購股權。
3. 根據首次公開招股前購股權計劃可
供發行的股份總數及於二零一一年
三月七日佔已發行股本的百分比：
根據首次公開招股前購股權計劃，涉
及最高可認購18,540,000股股份的購
股權已全部授出，約為已發行股本的
%。
盛高置地（控股）有限公司 二零一零年年報 105
REPORT OF THE BOARD OF DIRECTORS
董事會報告
SHARE OPTIONS (Continued)
4. Maximum entitlement of each participant under the Pre-
IPO Share Option Scheme:
There is no restriction on the number of shares of the Company
issued and to be issued upon exercise of the options granted
to each participant in any 12-month period.
5. The period within which the shares must be taken up
under an option:
Subject to the rules of the Pre-IPO Share Option Scheme, an
option may be exercised by a participant, in whole or in part,
at any time during the period commencing from the date of
grant and ending on such date as the Board may determine
in granting the option but in any event not exceeding 5 years
from 19 September 2006 being the date of grant of the
option.
6. The minimum period for which an option must be held
before it can be exercised:
No option may be exercised until the expiry of 12 months after
the date of vesting (provided that 25% of the options which
was vested on the date of grant shall not be exercisable within
12 months from the Listing Date). A grantee may be required
to achieve such performance targets as determined by the
Board before any options granted under the Pre-IPO Share
Option Scheme can be exercised.
7. The amount payable on application or acceptance of the
option and the period within which payments or calls
must or may be made, or loans for such purposes must be
paid:
Nil
購股權（續）
4. 根據首次公開招股前購股權計劃，各
參與者的最高權利：
對各參與者在任何十二個月內獲授
的購股權予以行使時所發行及將予
發行的本公司股份總數並無任何限制。
5. 必須行使購股權認購股份的期限：
受首次公開招股前購股權計劃規則
所規範，參與者可於授出日期起至董
事會於授出購股權時所釐定的日期
止的期間內（但無論如何不得超過自
二零零六年九月十九日（即購股權授
出日期）起計五年）行使全部或部份購
股權。
6. 購股權於行使前必須持有的最少期間：
概不得於歸屬日期起計十二個月屆
滿前行使任何購股權（惟於授出日期
所歸屬的25%購股權於上市日期起計
十二個月內不得行使）。承授人於行
使根據首次公開招股前購股權計劃
授出的任何購股權前，可能需要達到
董事會指定的任何表現目標。
7. 申請或接納購股權須付的金額以及
付款或通知付款的期限或須償還申
請購股權貸款的期限：
無
SPG Land (Holdings) Limited Annual Report 2010106
REPORT OF THE BOARD OF DIRECTORS
董事會報告
SHARE OPTIONS (Continued)
8. The basis of determining the exercise price:
(i) 25% of the options shall vest on the date of grant at a
price of HK$ (prior to the adjustment for the Bonus
Issue) representing 80% of HK$ being the price of
the Company’s shares offered under the Prospectus (the
“Offer Price”). After adjustment for the Bonus Issue, the
exercise price is HK$; and
(ii) 25% of the options shall vest on each of the first, second
and third anniversary of the date of grant at a price of
HK$ (prior to the adjustment for the Bonus Issue)
representing 90% of the Offer Price. After adjustment
for the Bonus Issue, the exercise price is HK$.
購股權（續）
8. 釐定行使價的基準：
(i) 25%的 購 股 權 須 於 授 出 當 日 按
港 元（就 紅 股 發 行 作 出 調
整前）的價格歸屬，而該價格相
當於售股章程中的股份發售價
（「發 售 價」）港 元 的80%。就
紅 股 發 行 作 出 調 整 後，行 使 價
為港元；及
(ii) 25%的 購 股 權 須 於 授 出 當 日 起
計 滿 一 週 年、兩 週 年 及 三 週 年
當日分別按港元（就紅股發
行作出調整前）的價格歸屬，而
該 價 格 相 當 於 發 售 價 的90%。
就 紅 股 發 行 作 出 調 整 後，行 使
價為港元。
盛高置地（控股）有限公司 二零一零年年報 107
REPORT OF THE BOARD OF DIRECTORS
董事會報告
SHARE OPTIONS (Continued)
9. The remaining life of the Pre-IPO Share Option Scheme
The Pre-IPO Share Option Scheme was valid and effective for
the period commencing on 19 September 2006 and expired on
9 October 2006.
Details of the share options granted on 19 September 2006
pursuant to the Pre-IPO Share Option Scheme which remained
outstanding as at 31 December 2010 are as follows:
Date of Grant
Options
outstanding
as at
1 January 2010
Adjustment
for the
Bonus Issue
Options lapsed
during the
year ended
31 December
2010
Options
outstanding
as at
31 December
2010
授出日期
於二零一零年
一月一日
尚未行使的
購股權
就紅股
發行作出調整
於截至
二零一零年
十二月三十一日
止年度內
失效的購股權
於二零一零年
十二月三十一日
尚未行使的
購股權
Director 董事
Mr. Lai Kin, Jerome 黎健先生 19 September 2006 3,750,000 93,750 – 3,843,750
二零零六年九月十九日
Employees 僱員 19 September 2006 6,280,000 157,000 656,000 5,781,000
二零零六年九月十九日
10,030,000 250,750 656,000 9,624,750
購股權（續）
9. 首次公開招股前購股權計劃的餘下
年期
首次公開招股前購股權計劃的有效
期由二零零六年九月十九日開始，至
二零零六年十月九日屆滿。
有關根據首次公開招股前購股權計
劃於二零零六年九月十九日授出，而
於二零一零年十二月三十一日尚未
行使的購股權詳情如下：
SPG Land (Holdings) Limited Annual Report 2010108
REPORT OF THE BOARD OF DIRECTORS
董事會報告
SHARE OPTIONS (Continued)
Notes:
1. Pursuant to the rules of the Pre-IPO Share Option Scheme,
25% of the options shall vest on the date of grant (the “First
Tranche”) at an option price of HK$ per share (after
adjustment for the Bonus Issue). 25% of the options shall vest
on each of the first, second and third anniversary of the date
of grant (the “Subsequent Tranches”) at an option price of
HK$ per share (after adjustment for the Bonus Issue). The
Board may at its absolute discretion adjust the percentage of the
options to be vested in the Subsequent Tranches either upwards
or downwards based on the performance of the option holder in
the year immediately preceding the vesting of the options in the
relevant Subsequent Tranches as determined by the Board except
that such adjustment shall not affect the vesting of options in
the First Tranche.
2. Pursuant to the rules of the Pre-IPO Share Option Scheme,
options may be exercised by a participant, in whole or in part,
at any time during the period commencing from the date of
grant and ending on such date as the Board may determine in
granting the option but in any event not exceeding 5 years from
19 September 2006 being the date of grant of the options. No
option may be exercised until after the expiry of 12 months
after the vesting date (provided that an option vested in the
First Tranche shall not be exercisable within 12 months from the
Listing Date).
3. Save as disclosed above, no option granted under the Pre-IPO
Share Option Scheme was exercised, cancelled or lapsed during
the year ended 31 December 2010.
購股權（續）
附註：
1. 根據首次公開招股前購股權計劃的
條 款，25%的 購 股 權 將 於 授 出 當 日
按 購 股 權 價 格 每 股港 元（已 就
紅股發行作出調整）歸屬（「首批」）。
25%的購股權將於授出當日起計滿
一週年、兩週年及三週年當日分別
按 購 股 權 價 格 每 股港 元（已 就
紅 股 發 行 作 出 調 整）歸 屬（「其 後 各
批」）。董事會可按購股權持有人於
有關其後各批購股權歸屬時間前一
年 內 的 表 現（由 董 事 會 決 定），全 權
酌情向上或向下調整歸屬於該等其
後各批購股權的百分比，惟有關調
整不得影響首批購股權的歸屬。
2. 根據首次公開招股前購股權計劃的
條款，參與者可於自授出當日起至
董事會於授出購股權時所釐定之日
期止期間內任何時間行使全部或部
份購股權，惟無論如何不得超過自
二 零 零 六 年 九 月 十 九 日（即 授 出 購
股權當日）起計的五年期間內行使。
購股權須於歸屬日期後起計12個月
屆 滿 後 方 可 予 以 行 使（惟 已 歸 屬 於
首批的購股權不得於自上市日期起
計的12個月期間內予以行使）。
3. 除上文所披露者外，並無已根據首
次公開招股前購股權計劃授出的購
股 權 已 於 截 至 二 零 一 零 年 十 二 月
三十一日止年度內獲行使、被註銷
或失效。
盛高置地（控股）有限公司 二零一零年年報 109
REPORT OF THE BOARD OF DIRECTORS
董事會報告
DIRECTORS’ INTERESTS IN SECURITIES
As at 31 December 2010, the interests of each Director and chief
executive of the Company in the equity or debt securities of the
Company or any associated corporation (within the meaning of the
Securities and Futures Ordinance (“SFO”)) which (a) were required
to be notified to the Company and the Stock Exchange pursuant
to Divisions 7 and 8 of Part XV of the SFO (including interests and
short positions which they are taken or deemed to have under such
provisions of the SFO); or (b) were required, pursuant to section 352
of the SFO, to be entered in the register referred to therein; or (c)
were required, pursuant to the Model Code to be notified to the
Company and the Stock Exchange were as follows:
(i) Long position in shares of the Company:
Name of Director
董事名稱
Capacity and nature of interest
身份及權益性質
Number of
shares (Note 1)
股份數量
（附註1）
Approximate
percentage of
shareholding
持股量概約百份比
Mr. Wang Weixian
王偉賢先生
Interest of controlled corporation
(Note 2)
受控制公司權益（附註2）
642,252,138
Beneficiary of discretionary trust
(Note 3)
酌情信託受益人（附註3）
110,512,493
Mr. Tse Sai Tung, Stones
謝世東先生
Interest of controlled corporation
(Note 4)
受控制公司權益（附註4）
11,531,119
Ms. Wang Xuling
王煦菱女士
Interest of controlled corporation
(Note 5)
受控制公司權益（附註5）
10,250,448
Beneficiary of discretionary trust
(Note 3)
酌情信託受益人（附註3）
110,512,493
董事於證券的權益
於二零一零年十二月三十一日，本公司各
董事及行政總裁於本公司或任何相聯法
團（定義見證券及期貨條例（「證券及期貨
條例」）的股份或債券中擁有 (a)須根據證券
及 期 貨 條 例 第XV部 第7及 第8分 部 知 會 本
公司及聯交所的權益（包括根據證券及期
貨條例的有關條款董事被當作或視作擁
有的權益及短倉）；或 (b)根據證券及期貨
條例第352條須記錄於該條例所述登記冊
的權益；或 (c)須根據標準守則而須知會本
公司及聯交所的權益如下：
(i) 於本公司股份的長倉：
SPG Land (Holdings) Limited Annual Report 2010110
REPORT OF THE BOARD OF DIRECTORS
董事會報告
DIRECTORS’ INTERESTS IN SECURITIES
(Continued)
(i) Long posit ion in shares of the Company:
(Continued)
Notes:
(1) The number of shares in which the Directors were interested
includes the bonus shares issued on 20 May 2010.
(2) Mr. Wang Weixian is deemed to be interested in an aggregate of
752,764,631 shares which are held by SPG Investment Holdings
Ltd., Bril l iant Bright Investment Limited and Prestige Glory
Enterprises Limited, respectively.
(a) 506,741,640 shares are held by SPG Investment Holdings
Ltd. which is a wholly-owned subsidiary of SPG Asset
Management Limited. The entire issued share capital of
SPG Asset Management Limited is in turn beneficially
owned by Mr. Wang Weixian.
(b) 135,510,498 shares are held by Prestige Glory Enterprises
Limited which is entirely beneficially owned by Mr. Wang
Weixian.
(3) Each of Mr. Wang Weixian and Ms. Wang Xuling is deemed to
be interested in 110,512,493 shares, which are held by Brilliant
Bright Investment Limited which is a wholly-owned subsidiary of
HSBC International Trustee Limited as trustee of a discretionary
trust of which family members of Mr. Wang Weixian including
Mr. Wang Weixian and Ms. Wang Xuling are discretionary
objects.
董事於證券的權益（續）
(i) 於本公司股份的長倉：（續）
附註：
(1) 董事擁有權益的股份數目包括於二
零一零年五月二十日發行的紅股股份。
(2) 王 偉 賢 先 生 被 認 為 享 有 合 共
752,764,631股 股 份 之 權 益。 該 等
股 份 分 別 由 SPG Investment Holdings
Ltd.、Brilliant Bright Investment Limited
及 Prestige Glory Enterprises Limited所
持有。
(a) 為 數506,741,640股 股 份 乃 由
SPG Investment Holdings Ltd.
持 有， 該 公 司 為 SPG Asset
Management Limited之 全 資
擁 有 的 子 公 司。SPG Asset
Management Limited之 所 有 已
發 行 股 本 由 王 偉 賢 先 生 實 益
擁有。
(b) 為 數135,510,498股 股 份 乃 由
Prestige Glory Enterprises Limited
持有，該公司由王偉賢先生完
全實益擁有。
(3) 王 偉 賢 先 生 及 王 煦 菱 女 士 均 被 視
為 擁 有110,512,493股 股 份 的 權 益，
該 等 股 份 由Brilliant Bright Investment
Limited持 有，其 為HSBC International
Trustee Limited全 資 擁 有 子 公 司，而
HSBC International Trustee Limited為以
王 偉 賢 先 生 家 族 成 員（包 括 王 偉 賢
先 生 及 王 煦 菱 女 士）為 酌 情 權 益 對
象的酌情信託之信託人。
盛高置地（控股）有限公司 二零一零年年報 111
REPORT OF THE BOARD OF DIRECTORS
董事會報告
DIRECTORS’ INTERESTS IN SECURITIES
(Continued)
(i) Long posit ion in shares of the Company:
(Continued)
Notes:
(4) Mr. Tse Sa i Tung, Stones i s deemed to be interested in
11,531,119 shares, which are held by Easternflair Investment
Limited which is in turn entirely beneficially owned by Mr. Tse
Sai Tung, Stones.
(5) Ms. Wang Xuling is deemed to be interested in 10,250,448
shares, which are held by Boom Rich Investments Limited which
is in turn entirely beneficially owned by Ms. Wang Xuling.
(ii) Long position in underlying shares of the
Company:
Name of Director
董事名稱
Capacity and
nature of interest
身份及權益性質
Description of
equity derivatives
股權衍生工具明細
Number of
underlying shares
相關股份數目
Mr. Lai Kin, Jerome
黎健先生
Beneficial owner
實益擁有人
share option (Notes)
購股權（附註）
3,843,750
Notes:
(1) These share options were granted under the Pre-IPO Share
Option Scheme. A summary of the terms of the Pre-IPO Share
Option Scheme and detai ls of the share options granted
thereunder are set out in the paragraph headed “Share Options”
in this report.
(2) The number of underlying shares in respect of share options
granted to Mr. Lai Kin, Jerome has been adjusted from 3,750,000
shares to 3,843,750 shares following the Bonus Issue on 20 May
2010.
董事於證券的權益（續）
(i) 於本公司股份的長倉：（續）
附註：
(4) 謝 世 東 先 生 被 認 為 擁 有11,531,119
股 股 份 之 權 益。該 等 股 份 為 謝 世
東 先 生 完 全 實 益 擁 有 的 Easternflair
Investment Limited所持有。
(5) 王 煦 菱 女 士 被 視 為 擁 有10,250,448
股 股 份 的 權 益，上 述 股 份 由 王 煦
菱 女 士 完 全 實 益 擁 有 的Boom Rich
Investments Limited持有。
(ii) 於本公司相關股份的長倉：
附註：
(1) 該等購股權是按首次公開招股前購
股權計劃授出。首次公開招股前購
股權計劃的條款的概要和據此所授
出的購股權的詳情，列載於本報告「購
股權」一段。
(2) 向黎健先生授出的購股權涉及的相
關 股 份 數 目 已 於 二 零 一 零 年 五 月
二 十 日 的 紅 股 發 行 後，由3,750,000
股股份調整至3,843,750股股份。
SPG Land (Holdings) Limited Annual Report 2010112
REPORT OF THE BOARD OF DIRECTORS
董事會報告
DIRECTORS’ INTERESTS IN SECURITIES
(Continued)
Save as disclosed above, as at 31 December 2010, none of the
Directors, chief executives of the Company and their respective
associates had any personal, family, corporate or other interests
or short positions in the shares, underlying shares or debentures
of the Company or any of its associated corporations (within the
meaning of Part XV of the SFO) which would have to be notified to
the Company and the Stock Exchange pursuant to Divisions 7 and
8 of Part XV of the SFO (including interests or short positions which
they are taken or deemed to have under such provisions of the SFO),
or which were required, pursuant to section 352 of the SFO, to be
entered in the register referred to therein, or which were required,
pursuant to the Model Code, to be notified to the Company and the
Stock Exchange.
Apart from the foregoing, at no time during the year was the
Company or any of its subsidiaries a party to any arrangements to
enable the Directors or any of their spouses or children under 18
years of age to acquire benefits by means of the acquisition of shares
in or debentures of the Company or any other body corporate,
and no Directors or chief executives or their respective spouses
or children under 18 years of age had been granted any right to
subscribe for equity or debt securities of the Company nor exercised
any such right.
董事於證券的權益（續）
除上文所披露者外，於二零一零年十二月
三十一日，本公司董事、行政總裁及彼等
各自的聯繫人於本公司或其任何相聯法
團（定義見證券及期貨條例第XV部）的股份、
相關股份或債券中概無擁有須根據證券
及 期 貨 條 例 第XV部 第7及 第8分 部 知 會 本
公司及聯交所的權益（包括該等根據證券
及期貨條例的有關條款被當作或視作擁
有的權益和淡倉），或須根據證券及期貨
條例第352條記錄於該條例所述之登記冊
的權益，或須根據標準守則而知會本公司
及聯交所的權益。
除上述者外，於年內任何時間，本公司或
其任何子公司並無訂立任何安排，以令董
事或彼等的任何配偶或十八歲以下的子
女可透過購買本公司或任何其他法人團
體的股份或債券而獲得利益，以及董事或
行政總裁或彼等各自的配偶或十八歲以
下的子女概無已獲授可認購本公司股份
或債券的任何權利，亦無行使任何有關權利。
盛高置地（控股）有限公司 二零一零年年報 113
REPORT OF THE BOARD OF DIRECTORS
董事會報告
SUBSTANTIAL SHAREHOLDERS
Other than interests disclosed in the section headed “Directors”
Interests in Securities” above, as at 31 December 2010, according to
the register of interests kept by the Company under section 336 of
the SFO, the following entities had interests or short positions in the
shares of the Company which fall to be disclosed to the Company
under Divisions 2 and 3 of Part XV of the SFO:
Name of shareholder
Capacity and
nature of interest
Number of shares
(Note 1)
Approximate
percentage of
shareholding
股東名稱 身份及權益性質
股份數量
（附註1） 持股量概約百分比
SPG Investment Holdings Ltd. Beneficial owner (Note 2)
實益擁有人（附註2）
506,741,640
SPG Asset Management Limited Interest of controlled corporation
(Note 2)
受控制公司權益（附註2）
506,741,640
Brilliant Bright Investment Limited Beneficial owner
實益擁有人
110,512,493
Prestige Glory Enterprises Limited Beneficial owner (Note 2)
實益擁有人（附註2）
135,510,498
HSBC International Trustee Limited Trustee (Note 3)
受託人（附註3）
110,512,493
主要股東
除上文「董事於證券的權益」一節所披露
的權益外，於二零一零年十二月三十一日，
根據本公司根據證券及期貨條例第336條
須存置的權益登記冊所記錄，下列實體於
本公司股份中擁有根據證券及期貨條例
第XV部 第2及 第3分 部 須 向 本 公 司 披 露 的
權益或淡倉：
SPG Land (Holdings) Limited Annual Report 2010114
REPORT OF THE BOARD OF DIRECTORS
董事會報告
SUBSTANTIAL SHAREHOLDERS (Continued)
Note 1: The number of shares in which the substantial shareholders were
interested includes the bonus shares issued on 20 May 2010.
Note 2: 506,741,640 shares are held by SPG Investment Holdings Ltd. which
is a wholly-owned subsidiary of SPG Asset Management Limited.
SPG Asset Management Limited is deemed to be interested in
506,741,640 shares under the SFO. Mr. Wang Weixian is a director
of SPG Investment Holdings Ltd., SPG Asset Management Limited and
Prestige Glory Enterprises Limited.
Note 3: These shares are held by Brilliant Bright Investment Limited which is
a wholly-owned subsidiary of HSBC International Trustee Limited as a
trustee of a discretionary trust of which family members of Mr. Wang
Weixian including himself are discretionary objects
CONNECTED TRANSACTION
On 19 July 2010, Mausica Investment Limited (the “Seller”), SPG
Investment XII (BVI) Limited (the “Purchaser”), a wholly-owned
subsidiary of the Company, and the Company entered into the share
purchase agreement pursuant to which the Seller has agreed to sell
and transfer, and the Purchaser has agreed to purchase, accept the
transfer of, and pay for, the 29 shares of US$ each representing
29% of the entire issued share capital of SPG Investment XI (BVI)
Limited (“SPG XI”) at the consideration of RMB425 million (equivalent
to approximately HK$488 million) (the “Transaction”).
The resolution in respect of the Transaction has been approved
by the shareholders at the extraordinary general meeting of the
Company held on 16 August 2010. Upon completion, the Purchaser
owns the entire issued share capital of SPG XI and SPG XI becomes
an indirect wholly-owned subsidiary of the Company.
主要股東（續）
附註1： 主要股東擁有權益的股份數目包括於二
零一零年五月二十日發行的紅股股份。
附註2： 為數506,741,640股股份乃由SPG Investment
Holdings Ltd.所 持 有，SPG Investment
Hold ings Ltd.為 SPG Asset Management
Limited之 全 資 擁 有 的 子 公 司。根 據 證
券 及 期 貨 條 例，SPG Asset Management
Limited被 視 為 擁 有506,741,640股 股 份
之 權 益。王 偉 賢 先 生 乃 SPG Investment
Ho ld ings L td . , SPG Asse t Management
Limited及 Prestige Glory Enterprises Limited
之董事。
附註3： 此等股份為Brilliant Bright Investment Limited
所 持 有。Brilliant Bright Investment Limited是
HSBC International Trustee Limited全資擁有的
子公司，而HSBC International Trustee Limited
為一項酌情信託的受託人，其酌情信託
受益人為王偉賢先生（包括其本人）的家
族成員。
關連交易
於 二 零 一 零 年 七 月 十 九 日，Mausica
Investment Limited（「賣方」）、SPG Investment
XII (BVI) Limited（「買 方」，乃 本 公 司 之 全 資
子 公 司）及 本 公 司 訂 立 購 股 協 議，據 此，
賣 方 同 意 出 售 及 轉 讓，及 買 方 同 意 購 買
29股每股面值美元之股份（相當於 SPG
Investment XI (BVI) Limited（「SPG XI」）全部已
發行股本之29%、接納其轉讓及按代價人
民幣425,000,000元（相當於488,000,000港元）
支付該等股份（「交易事項」）。
有關交易事項的決議案已於二零一零年
八月十六日舉行的本公司股東特別大會
上 獲 股 東 批 准。於 完 成 時，買 方 擁 有 SPG
XI全 部 已 發 行 股 本，而 SPG XI成 為 本 公 司
之間接全資子公司。
盛高置地（控股）有限公司 二零一零年年報 115
REPORT OF THE BOARD OF DIRECTORS
董事會報告
CONNECTED TRANSACTION (Continued)
As at 19 July 2010, the Seller holds 29% of the entire issued
share capital of SPG XI. Accordingly, the Seller, being a substantial
shareholder of a subsidiary of the Company, was a connected
person of the Company and the Transaction constitutes a connected
transaction of the Company under the Listing Rules.
MANAGEMENT CONTRACTS
No contract concerning the management and administration of the
whole or any substantial part of the business of the Company was
entered into or existed during the year.
REMUNERATION POLICY
The remuneration policy of the employees of the Group is formulated
by the Remuneration Committee which takes into account individual
performance, qualifications and competence.
The remuneration of the Executive Directors of the Company are
decided by the Remuneration Committee, having regard to the
Company’s operating results, individual performance and comparable
market statistics. The remuneration of the Non-Executive Directors
(including the Independent Non-executive Directors) of the Company
are recommended by the Remuneration Committee.
The Company has adopted the Pre-IPO Share Option Scheme, the
Share Option Scheme and Share Award Scheme to provide incentive
to the directors and eligible employees of the Group, details of the
said schemes are set out in the paragraph headed “Share Options”
above.
關連交易（續）
於二零一零年七月十九日，賣方持有 SPG
XI全部已發行股本之29%。因此，賣方（作
為本公司一家子公司之主要股東）屬本公
司之關連人士，故根據上市規則，交易事
項構成本公司之關連交易。
管理合約
年內，概無訂立或存在有關本公司整體業
務或任何重大部分的管理及行政合約。
薪酬政策
本集團僱員的薪酬政策由薪酬委員會經
考慮個人表現、資歷及能力後制訂。
本公司執行董事的酬金由薪酬委員會視
乎本公司的營運業績、個人表現及可資比
較的市場數據而釐定。本公司非執行董事
（包括獨立非執行董事）的酬金則由薪酬委
員會建議。
本公司已採納首次公開招股前購股權計
劃、購股權計劃及股份獎勵計劃以激勵本
集團董事及合資格僱員，前述計劃詳情載
於上文「購股權」一段。
SPG Land (Holdings) Limited Annual Report 2010116
REPORT OF THE BOARD OF DIRECTORS
董事會報告
PURCHASE, SALE OR REDEMPTION OF THE
COMPANY’S LISTED SECURITIES
During the year ended 31 December 2010, the Company redeemed
its outstanding US dollar settled zero coupon convertible bonds
due 2012 in an aggregate principal amount of RMB817,700,000 in
April 2010 and of RMB71,900,000 in October 2010 (“Outstanding
Bonds”) at the early redemption amount of RMB106, and
RMB108, respectively per Outstanding Bond (“Redemption”).
The bonds were issued at the principal amount of RMB100,000
each and were l i s ted on the S ingapore Exchange Secur i t ies
Trading Limited. The aggregate consideration (excluding expenses)
for the Redempt ion amounted to USD128,103, and
USD11,647, respectively. Upon the Redemption, all the
Outstanding Bonds were cancelled.
Save as disclosed above, neither the Company nor any of its
subsidiaries has purchased, redeemed or sold any of the Company’s
listed securities during the year ended 31 December 2010.
PRE-EMPTIVE RIGHTS
No pre-emptive r ights exist in the Cayman Is lands being the
jurisdiction in which the Company is incorporated.
MODEL CODE FOR SECURITIES
TRANSACTIONS BY DIRECTORS
The Company adopted the Model Code as set out in Appendix 10
to the Listing Rules as its code of conduct for dealings in securities
of the Company by the Directors. Based on specific enquiry by the
Company, all Directors have confirmed that they have complied with
the required standards set out in the Model Code during the year
ended 31 December 2010.
CORPORATE GOVERNANCE
Principal corporate governance practices adopted by the Company
are set out in the Corporate Governance Report.
購買、出售或贖回本公司上市
證券
於截至二零一零年十二月三十一日止年
度內，本公司分別按每股尚未償還債券之
提前贖回金額人民幣106,元及人民
幣108,元，於 二 零 一 零 年 四 月 及 二
零一零年十月，分別贖回其尚未償還之二
零一二年到期美元結算零息可轉換債券
本 金 總 額 人 民 幣817,700,000元 及 人 民 幣
71,900,000元（「尚 未 償 還 債 券」）（「贖 回 事
項」）。債券按每份本金額人民幣100,000元
發行，並於新加坡證券交易所有限公司上
市。贖回事項的總代價（不包括開支在內）
分別為128,103,美元及11,647,
美元。贖回事項後，所有尚未償還債券已
經註銷。
除以上披露者外，於截至二零一零年十二
月三十一日止年度 內，本公司或其任何子
公司概無購買、贖回或出售本公司任何上
市證券。
優先購買權
本公司註冊成立的司法管轄區開曼群島
並不存在優先購買權。
董 事 進 行 證 券 交 易 的 標 準
守則
本公司採納上市規則附錄十所載的標準
守則（「標準守則」）作為其董事買賣本公司
證券的操守準則。根據本公司作出的特別
查詢，所有董事均確認，於截至二零一零
年十二月三十一日止年度內，均有遵守標
準守則所規定的準則。
企業管治
本公司所採納的主要企業管治守則載於
企業管治報告。
盛高置地（控股）有限公司 二零一零年年報 117
REPORT OF THE BOARD OF DIRECTORS
董事會報告
CHANGES IN INFORMATION OF DIRECTORS
Pursuant to Rule (B) of the Listing Rules, the changes in
information of Directors subsequent to the date of the 2009 Annual
Report are set out below:
Name of Director Details of Changes
董事姓名 變更詳情
Tse Sai Tung, Stones
謝世東
Monthly remuneration was increased to HKD380,000 with effect from 1 January
2010.
每月薪酬自二零一零年一月一日起增加至380,000港元。
Wang Xuling
王煦菱
Monthly remuneration was increased to HKD280,000 with effect from 1 January
2010.
每月薪酬自二零一零年一月一日起增加至280,000港元。
New service agreement with the Company commenced from 10 July 2010.
與本公司之新服務協議於二零一零年七月十日起生效。
Cheong Ying Chew,
Henry
張英潮
Annual director’s fee was increased to HKD303,600 with effect from 1 January 2010
and will remain in effect until otherwise determined in general meeting.
每年的董事袍金於二零一零年一月一日起增加至303,600港元，且將一直有
效，直至股東大會另有決定為止。
Appointed as an independent non-executive director of Creative Energy Solutions
Holdings Limited (listed on the Growth Enterprise Market of the Stock Exchange) on
29 July 2010.
於二零一零年七月二十九日起獲委任為科瑞控股有限公司（於聯交所創業
版上市）的獨立非執行董事。
Appointed as an independent non-executive director of BTS Group Holdings Public
Company Limited (listed on the Thailand Stock Exchange) on 29 July 2010.
於二零一零年七月二十九日起獲委任為BTS Group Holdings Public Company
Limited（於泰國證券交易所上市）的獨立非執行董事。
Fong Wo, Felix, JP
Jiang Simon X.
Kwan Kai Cheong
方和太平紳士
蔣小明
關啟昌
Annual director’s free was increased to HKD303,600 with effect from 1 January 2010
and will remain in effect until otherwise determined in general meeting.
每年的董事袍金於二零一零年一月一日起增加至303,600港元，且將一直有
效，直至股東大會另有決定為止。
董事資料變動
根據上市規則第(B)條，本公司董事資
料自二零零九年年報日期起之變動載列
如下：
SPG Land (Holdings) Limited Annual Report 2010118
REPORT OF THE BOARD OF DIRECTORS
董事會報告
AUDIT COMMITTEE
The Company’s audit committee is composed of al l the four
Independent Non-Executive Directors of the Company. The audit
committee has reviewed with the management the accounting
principles and practices adopted by the Group and discussed internal
controls and financial reporting matters including a review of the
audited consolidated accounts for the year ended 31 December
2010.
SUFFICIENCY OF PUBLIC FLOAT
Based on the information that is publicly available to the Company
and within the knowledge of its Directors, the Directors confirm
that the Company has maintained throughout the year of 2010 the
amount of public float as required under the Listing Rules.
AUDITORS
The consolidated accounts for the year have been audited by KPMG.
A resolution for the re-appointment of KPMG as the Company’s
auditors for the ensuing year is to be proposed at the forthcoming
annual general meeting.
On behalf of the Board
WANG Weixian
Chairman
Hong Kong, 7 March 2011
審核委員會
本公司審核委員會由四名本公司獨立非
執行董事組成。審核委員會與管理層已檢
討本集團的會計原則及實務，並討論了內
部監控系統及財務匯報事宜，包括審閱截
至二零一零年十二月三十一日止年度的
經審核綜合賬目。
足夠公眾持股量
根據本公司獲得的公開資料及據本公司
董事所知，董事確認，本公司已於二零一
零年內維持上市規則規定的公眾持股量。
核數師
本年度綜合賬目已由畢馬威會計師事務
所審核。重新委聘畢馬威會計師事務所為
本公司來年核數師的決議案將於應屆股
東週年大會上提呈。
代表董事會
主席
王偉賢
香港，二零一一年三月七日
盛高置地（控股）有限公司 二零一零年年報 119
REPORT OF THE AUDITORS
核數師報告
Independent auditors’ report to the shareholders of
SPG Land (Holdings) Limited
(Incoporated in the Cayman Islands with limited liability)
We have audited the consolidated financial statements of SPG Land
(Holdings) Limited (“the Company”) and its subsidiaries (hereinafter
collectively referred to as “the Group”) set out on pages 121 to 237,
which comprise the consolidated balance sheet of the Group and
the balance sheet of the Company as at 31 December 2010, and the
consolidated statement of comprehensive income, the consolidated
statement of changes in equity and the consolidated statement of cash
flows of the Group for the year then ended, and a summary of significant
accounting policies and other explanatory notes.
Directors’ responsibility for the financial statements
The directors of the Company are responsible for the preparation of
financial statements that give a true and fair view in accordance with
International Financial Reporting Standards issued by the International
Accounting Standards Board and the disclosure requirements of the
Hong Kong Companies Ordinance, and for such internal control as the
directors determine is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to
fraud or error.
Auditors’ responsibility
Our responsibility is to express an opinion on these financial statements
based on our audit. This report is made solely to you, as a body, and for
no other purpose. We do not assume responsibility towards or accept
liability to any other person for the contents of the report.
We conducted our audit in accordance with Hong Kong Standards
on Auditing issued by the Hong Kong Institute of Certified Public
Accountants. Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from material
misstatement.
致盛高置地（控股）有限公司
（於開曼群島註冊成立的有限公司）
全體股東的獨立核數師報告
本核數師（以下簡稱「我們」）已審核附隨載於
第121頁至237頁盛高置地（控股）有限公司（以
下簡稱「貴公司」）及其子公司（以下簡稱「貴集
團」）的綜合財務報表， 其中包括於二零一零
年十二月三十一日的綜合及公司資產負債表、
截止該日止年度的綜合全面利潤表、綜合權
益變動表和綜合現金流量表以及主要會計政
策概要和其他財務報表附註。
董事就財務報表須承擔的責任
貴公司董事須負責根據國際會計準則委員會
頒佈的國際財務報告準則及香港公司條例披
露規定編製及真實和公允地呈報該等財務報
表，以及對董事認為對於編製概無因欺詐或
錯誤造成的重大錯誤陳述的財務報表而言必
要的內部控制負責。
核數師的責任
我們的責任是根據審核的結果，對該等財務
報表發表意見，並僅向全體股東報告。除此
之外，本報告書不可用作其他用途。我們不
會就本報告內容向任何其他人士負上或承擔
任何責任。
我們根據香港會計師公會頒佈的香港審計準
則進行審核。這些準則要求我們遵守道德規
範，並規劃及執行審核，以合理確定該等財
務報表是否不存有任何重大錯誤陳述。
SPG Land (Holdings) Limited Annual Report 2010120
REPORT OF THE AUDITORS
核數師報告
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditors’ judgement, including the assessment
of the risks of material misstatement of the financial statements,
whether due to fraud or error. In making those risk assessments, the
auditors consider internal control relevant to the entity’s preparation
of financial statements that give a true and fair view 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 entity’s
internal control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting estimates
made by the directors, as well as evaluating the overall presentation of
the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated financial statements give a true and
fair view of the state of affairs of the Company and of the Group as at
31 December 2010 and of the Group’s profit and cash flows for the
year then ended in accordance with International Financial Reporting
Standards and have been properly prepared in accordance with the
disclosure requirements of the Hong Kong Companies Ordinance.
KPMG
Certified Public Accountants
8th Floor, Prince’s Building
10 Chater Road
Central, Hong Kong
7 March 2011
審核涉及執行程序以獲取有關財務報表所載
金額及披露資料的審核憑證。所選定的程序
取決於核數師的判斷，包括評估由於舞弊或
錯誤而導致財務報表存有重大錯誤陳述的風
險。在評估該等風險時，核數師考慮與該公
司編製及真實和公允地呈報財務報表相關的
內部控制，以設計適當的審核程序，但並非
為對公司的內部控制的有效性發表意見。審
核亦包括評價董事所採用的會計政策的適當
性及所作出的會計估計的合理性，以及評價
財務報表的整體呈報方式。
我們相信，我們所獲得的審核憑證是充足和
適當地為我們的審核意見提供基礎。
意見
我們認為，該等 綜合財務報表已真實和公允
地反映於二零一零年十二月三十一日時貴公
司及貴集團財務狀況，以及貴集團截至該日
止年度的溢利及現金流量，並已按照國際財
務報告準則和香港公司條例的披露規定適當
地編製。
畢馬威會計師事務所
執業會計師
香港中環
遮打道10號
太子大廈8樓
二零一一年三月七日
盛高置地（控股）有限公司 二零一零年年報 121
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
綜合全面利潤表
For the year ended 31 December 2010
截至二零一零年十二月三十一日止年度
2010 2009
二零一零年 二零零九年
Note RMB’000 RMB’000
附註 人民幣千元 人民幣千元
Revenue 收益 8 4,271,189 3,065,441
Cost of sales 銷售成本 (3,003,983) (2,151,003)
Gross profit 毛利 1,267,206 914,438
Other income 其他收入 9 3,423 5,020
Selling and marketing costs 銷售及市場推廣成本 (150,186) (116,507)
Administrative expenses 行政費用 (260,446) (154,183)
Other operating expenses 其他經營開支 10 (24,005) (4,994)
Net gain on acquisition of a jointly
controlled entity
收購共同控制實體的
收益淨額 7 149,911 –
Net gain on repurchase of convertible bonds 購回可轉換債券之
收益淨額 37 17,248 49,394
Results from operating activities 來自經營活動的溢利 1,003,151 693,168
Finance income 融資收入 107,851 16,914
Finance expenses 融資成本 (61,982) (86,771)
Fair value changes on financial derivatives 衍生金融工具的公允價值
變動 37 (20,123) 50,263
Net finance income/(expenses) 融資收入╱（成本）淨額 13 25,746 (19,594)
Share of profits of associates 應佔聯營公司溢利 26 281,792 66,645
Share of losses of jointly controlled entity 應佔共同控制實體虧損 27 (20,008) –
Profit before revaluation gains on
investment properties and income tax
未計投資物業重估收益及
所得稅前溢利 1,290,681 740,219
Revaluation gains on investment properties 投資物業重估收益 23 229,203 517,254
Profit before income tax 除所得稅前溢利 1,519,884 1,257,473
Income tax expense 所得稅開支 14 (618,278) (427,726)
Total comprehensive income for the year 年度全面收入總額 901,606 829,747
Total comprehensive income
attributable to:
以下人士應佔全面收入
總額：
Equity holders of the Company 本公司股權持有人 890,206 678,520
Minority interests 少數股東權益 11,400 151,227
Total comprehensive income for the year 年度全面收入總額 901,606 829,747
Earnings per share 每股盈利
Basic earnings per share (RMB) 每股基本盈利（人民幣元） 18 +
Diluted earnings per share (RMB) 每股攤薄盈利（人民幣元） 18 +
+ ‘Earnings per share’ has been restated for the impact of the bonus issue as
explained in note 18.
The notes on pages 128 to 237 form part of these financial statements.
Details of dividends payable to equity holders of the Company attributable
to the profit for the year are set out in note 17.
+ 「每股盈利」已就附註18所解釋的紅股發行的
影響作出重列。
第128至237頁之附註乃該等財務報表的組
成部分。就本年度溢利應付本公司股權持
有人股息詳情載於附註17。
SPG Land (Holdings) Limited Annual Report 2010122
CONSOLIDATED BALANCE SHEET AND COMPANY BALANCE SHEET
綜合資產負債表和公司資產負債表
As at 31 December 2010
於二零一零年十二月三十一日
Group Company
本集團 本公司
2010 2009 2010 2009
二零一零年 二零零九年 二零一零年 二零零九年
Note RMB’000 RMB’000 RMB’000 RMB’000
附註 人民幣千元 人民幣千元 人民幣千元 人民幣千元
Assets 資產
Property, plant and equipment 物業、廠房及設備 19 904,068 236,144 – –
Intangible assets 無形資產 20 1,610 1,655 – –
Land use rights 土地使用權 21 81,732 74,192 – –
Other investments 其他投資 22 13,032 13,032 – –
Properties under development 發展中物業 24 3,600,904 4,235,962 – –
Investment properties 投資物業 23 1,948,000 1,640,500 – –
Interests in associates 聯營公司權益 26 1,263,247 989,822 – –
Interests in a jointly controlled
entity
共同控制實體權益
27 738,468 – – –
Investment in subsidiaries 子公司投資 28 – – 3,935,092 3,935,092
Long-term receivable 長期應收款 30 814,186 – – –
Financial derivatives 衍生金融工具 37 625 51,491 – 51,491
Deferred tax assets 遞延稅項資產 33(ii) 287,139 212,969 – –
Total non-current assets 非流動資產總額 9,653,011 7,455,767 3,935,092 3,986,583
Properties under development 發展中物業 24 4,921,467 2,963,347 – –
Completed properties held
for sale
已建成待售物業
25 505,220 235,635 – –
Other investments 其他投資 22 16,115 1,228 – –
Trade, other receivables and
advance deposits
應收賬款、其他應收款
及預付按金 29 3,270,269 864,878 590,743 350,584
Long-term receivable within
one year
一年內到期的長期
應收款 30 125,486 – – –
Restricted cash 受限制現金 31 1,985,536 2,408,748 – –
Cash and cash equivalents 現金及現金等價物 32 1,514,439 3,038,945 743 2,070
Total current assets 流動資產總額 12,338,532 9,512,781 591,486 352,654
Total assets 資產總額 21,991,543 16,968,548 4,526,578 4,339,237
Equity 權益
Share capital 股本 40 106,591 104,347 106,591 104,347
Share premium 股份溢價 41 2,069,086 2,071,330 2,069,086 2,071,330
Reserves 儲備 41(a) 743,255 721,498 355,209 449,932
Retained earnings 保留溢利 1,499,732 865,426 152,888 5,175
Total equity attributable to
equity holders
of the Company
本公司股權持有人應佔
權益總額
4,418,664 3,762,601 2,683,774 2,630,784
Minority interests 少數股東權益 108,254 343,924 – –
Total equity 權益總額 4,526,918 4,106,525 2,683,774 2,630,784
The notes on pages 128 to 237 form part of these financial statements. 第128至237頁之附註乃該等財務報表的組
成部分。
盛高置地（控股）有限公司 二零一零年年報 123
CONSOLIDATED BALANCE SHEET AND COMPANY BALANCE SHEET
綜合資產負債表和公司資產負債表
As at 31 December 2010
於二零一零年十二月三十一日
Group Company
本集團 本公司
2010 2009 2010 2009
二零一零年 二零零九年 二零一零年 二零零九年
Note RMB’000 RMB’000 RMB’000 RMB’000
附註 人民幣千元 人民幣千元 人民幣千元 人民幣千元
Liabilities 負債
Interest-bearing loans 計息貸款 34 1,534,694 2,135,747 – –
Trade, other payables and
advance receipts
應付賬款、其他應付款
項及預收款項 35 10,162,183 5,592,876 890,575 805,811
Tax payable 應付稅項 33(i) 879,931 566,663 – –
Long-term payable within
one year
一年內到期的長期應
付款 36 6,000 6,000 – –
Total current liabilities 流動負債總額 12,582,808 8,301,286 890,575 805,811
Interest-bearing loans 計息貸款 34 4,347,386 3,151,292 – –
Long-term payable 長期應付款 36 42,738 45,301 952,229 –
Convertible bonds 可轉換債券 37 – 902,642 – 902,642
Deferred tax liabilities 遞延稅項負債 33(iii) 491,693 461,502 – –
Total non-current liabilities 非流動負債總額 4,881,817 4,560,737 952,229 902,642
Total liabilities 負債總額 17,464,625 12,862,023 1,842,804 1,708,453
Total equity and liabilities 權益及負債總額 21,991,543 16,968,548 4,526,578 4,339,237
Net current (liabilities)/assets 流動（負債） ╱資產淨額 (244,276) 1,211,495 (299,089) (453,157)
Total assets less current
liabilities
總資產減流動負債
9,408,735 8,667,262 3,636,003 3,533,426
Approved and authorised for issue by the Board of Directors on 7 March
2011.
於二零一一年三月七日獲董事會批准及授
權刊發。
Wang Weixian Tse Sai Tung, Stones
王偉賢 謝世東
Chairman of the Board of Directors Chief Executive Officer
董事會主席 行政總裁
The notes on pages 128 to 237 form part of these financial statements. 第128至237頁之附註乃該等財務報表的組
成部分。
SPG Land (Holdings) Limited Annual Report 2010124
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
綜合權益變動表
For the year ended 31 December 2010
截至二零一零年十二月三十一日止年度
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To
tal
co
mp
reh
en
siv
e i
nc
om
e f
or
the
ye
ar
年
度
全
面
收
入
總
額
–
–
–
–
–
–
–
–
–
67
8,5
20
67
8,5
20
15
1,2
27
82
9,7
47
Tr
an
sa
cti
on
s w
ith
ow
ne
rs,
re
co
rd
ed
di
re
ctl
y i
n e
qu
ity
與
持
有
人
交
易
，
於
權
益
直
接
入
賬
記
錄
Co
nt
rib
ut
ion
s b
y a
nd
di
str
ibu
tio
ns
to
ow
ne
rs
持
有
人
出
資
及
分
派
Eq
uit
y-s
ett
led
sh
are
-ba
sed
tra
ns
ac
tio
ns
股
權
結
算
的
股
份
支
付
交
易
–
–
–
–
–
6,4
67
–
–
–
–
6,4
67
–
6,4
67
Re
pu
rch
ase
of
co
nv
ert
ibl
e b
on
ds
購
回
可
轉
換
債
券
–
–
–
–
(10
,54
2)
–
–
–
–
–
(10
,54
2)
–
(10
,54
2)
Pu
rch
ase
an
d c
an
ce
lla
tio
n o
f o
wn
sh
are
s
購
入
及
註
銷
本
身
股
份
– s
ha
re
bu
yb
ac
k
—
股
份
購
回
(47
1)
(10
,25
4)
–
–
–
–
–
–
–
–
(10
,72
5)
–
(10
,72
5)
– t
ran
sfe
r b
etw
ee
n r
ese
rve
s
—
儲
備
之
間
轉
撥
–
–
–
47
1
–
–
–
–
–
(47
1)
–
–
–
Tra
ns
fer
to
re
ser
ve
s
轉
撥
至
儲
備
–
–
–
–
–
–
35
,64
2
–
–
(35
,64
2)
–
–
–
Div
ide
nd
s d
ec
lar
ed
to
eq
uit
y h
old
ers
(no
te
17
)
向
股
權
持
有
人
宣
派
股
息
（
附
註
17
）
–
–
–
–
–
–
–
–
–
(81
,51
1)
(81
,51
1)
–
(81
,51
1)
Pa
ym
en
t to
m
ino
rity
in
ter
est
s
向
少
數
股
東
支
付
款
項
–
–
–
–
–
–
–
–
–
–
–
(68
,44
0)
(68
,44
0)
To
tal
co
ntr
ibu
tio
ns
by
an
d
dis
trib
uti
on
s t
o o
wn
ers
持
有
人
出
資
及
分
派
總
額
(47
1)
(10
,25
4)
–
47
1
(10
,54
2)
6,4
67
35
,64
2
–
–
(11
7,6
24
)
(96
,31
1)
(68
,44
0)
(16
4,7
51
)
Ch
an
ge
s i
n o
wn
er
sh
ip
int
er
es
ts
in
su
bs
idi
ar
ies
子
公
司
所
有
權
變
動
Ac
qu
isit
ion
of
m
ino
rity
in
ter
est
s
收
購
少
數
股
東
權
益
–
–
–
–
–
–
–
–
–
(14
3,4
59
)
(14
3,4
59
)
(26
3,2
72
)
(40
6,7
31
)
To
tal
ch
an
ge
s in
ow
ne
rsh
ip
int
ere
sts
in
su
bs
idi
ari
es
子
公
司
所
有
權
變
動
總
額
–
–
–
–
–
–
–
–
–
(14
3,4
59
)
(14
3,4
59
)
(26
3,2
72
)
(40
6,7
31
)
To
tal
tra
ns
ac
tio
ns
w
ith
ow
ne
rs
與
持
有
人
交
易
總
額
(47
1)
(10
,25
4)
–
47
1
(10
,54
2)
6,4
67
35
,64
2
–
–
(26
1,0
83
)
(23
9,7
70
)
(33
1,7
12
)
(57
1,4
82
)
As
at
31
D
ec
em
be
r 2
00
9
於
二
零
零
九
年
十
二
月
三
十
一
日
10
4,3
47
2,0
71
,33
0
45
5,3
92
1,2
31
98
,62
2
41
,64
0
93
,53
9
25
,58
9
5,4
85
86
5,4
26
3,7
62
,60
1
34
3,9
24
4,1
06
,52
5
Th
e
no
te
s
on
p
ag
es
1
28
to
2
37
fo
rm
p
ar
t o
f t
he
se
fi
na
nc
ia
l s
ta
te
m
en
ts
.
第
1
2
8
至
2
3
7
頁
之
附
註
乃
該
等
財
務
報
表
的
組
成
部
分
。
盛高置地（控股）有限公司 二零一零年年報 125
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
綜合權益變動表
For the year ended 31 December 2010
截至二零一零年十二月三十一日止年度
Ca
pit
al
re
se
rv
es
(u
nd
ist
rib
ut
ab
le)
資
本
儲
備（
不
可
分
派
）
Iss
ue
d
ca
pit
al
Sh
ar
e
pr
em
ium
M
er
ge
r
re
se
rv
e
Ca
pit
al
re
de
mp
tio
n
re
se
rv
e
Co
nv
er
tib
le
bo
nd
s
eq
uit
y
co
mp
on
en
t
Em
plo
ye
e
sh
ar
e
op
tio
n
PR
C
sta
tu
to
ry
re
se
rv
e
Re
va
lua
tio
n
re
se
rv
e
Tr
an
sla
tio
n
re
se
rv
e
Re
ta
ine
d
ea
rn
ing
s
To
ta
l
M
ino
rit
y
int
er
es
ts
To
ta
l
eq
uit
y
已
發
行
股
本
股
份
溢
價
合
併
儲
備
資
本
贖
回
儲
備
可
轉
換
債
券
權
益
部
分
僱
員
購
股
權
中
國
法
定
儲
備
重
估
儲
備
匯
兌
儲
備
保
留
溢
利
合
計
少
數
股
東
權
益
權
益
總
額
RM
B’0
00
RM
B’0
00
RM
B’0
00
RM
B’0
00
RM
B’0
00
RM
B’0
00
RM
B’0
00
RM
B’0
00
RM
B’0
00
RM
B’0
00
RM
B’0
00
RM
B’0
00
RM
B’0
00
人
民
幣
千
元
人
民
幣
千
元
人
民
幣
千
元
人
民
幣
千
元
人
民
幣
千
元
人
民
幣
千
元
人
民
幣
千
元
人
民
幣
千
元
人
民
幣
千
元
人
民
幣
千
元
人
民
幣
千
元
人
民
幣
千
元
人
民
幣
千
元
(no
te
40
)
(no
te
41
(b)
)
(no
te
41
(d)
)
(no
te
41
(c)
)
(no
te
37
)
(no
te
39
)
(no
te
41
(f))
(no
te
41
(e)
)
(no
te
41
(g)
)
（
附
註
40
）
（
附
註
41
(b)
）
（
附
註
41
(d)
）
（
附
註
41
(c)
）
（
附
註
37
）
（
附
註
39
）
（
附
註
41
(f)
）
（
附
註
41
(e)
）
（
附
註
41
(g)
）
As
at
1
Ja
nu
ar
y 2
01
0
於
二
零
一
零
年
一
月
一
日
10
4,3
47
2,0
71
,33
0
45
5,3
92
1,2
31
98
,62
2
41
,64
0
93
,53
9
25
,58
9
5,4
85
86
5,4
26
3,7
62
,60
1
34
3,9
24
4,1
06
,52
5
To
tal
co
mp
reh
en
siv
e i
nc
om
e f
or
the
ye
ar
年
度
全
面
收
入
總
額
–
–
–
–
–
–
–
–
–
89
0,2
06
89
0,2
06
11
,40
0
90
1,6
06
Tr
an
sa
cti
on
s w
ith
ow
ne
rs,
re
co
rd
ed
dir
ec
tly
in
eq
uit
y
與
持
有
人
交
易
，
於
權
益
直
接
入
賬
記
錄
Co
nt
rib
ut
ion
s b
y a
nd
di
str
ibu
tio
ns
to
ow
ne
rs
持
有
人
出
資
及
分
派
Iss
ue
of
sh
are
s –
bo
nu
s is
su
e
(no
tes
17
an
d 4
0)
發
行
股
份
–紅
股（
附
註
17
及
40
）
2,2
44
(2,
24
4)
–
–
–
–
–
–
–
–
–
–
–
Eq
uit
y-s
ett
led
sh
are
-ba
sed
tra
ns
ac
tio
ns
股
權
結
算
的
股
份
支
付
交
易
–
–
–
–
–
3,8
99
–
–
–
–
3,8
99
–
3,8
99
Re
pu
rch
ase
of
co
nv
ert
ibl
e b
on
ds
(n
ote
37
)
購
回
可
轉
換
債
券（
附
註
37
）
–
–
–
–
(98
,62
2)
–
–
–
–
14
,90
3
(83
,71
9)
–
(83
,71
9)
Fo
rei
gn
cu
rre
nc
y t
ran
sla
tio
n d
iffe
ren
ce
s
外
幣
換
算
總
額
–
–
–
–
–
–
–
–
9
–
9
–
9
Tra
ns
fer
to
re
ser
ve
s
轉
撥
至
儲
備
–
–
–
–
–
–
11
6,4
71
–
–
(11
6,4
71
)
–
–
–
Div
ide
nd
s d
ec
lar
ed
to
eq
uit
y h
old
ers
(no
te
17
)
向
股
權
持
有
人
宣
派
股
息
（
附
註
17
）
–
–
–
–
–
–
–
–
–
(56
,40
2)
(56
,40
2)
–
(56
,40
2)
To
tal
co
ntr
ibu
tio
ns
by
an
d d
ist
rib
uti
on
s
to
ow
ne
r
持
有
人
出
資
及
分
派
總
額
2,2
44
(2,
24
4)
–
–
(98
,62
2)
3,8
99
11
6,4
71
–
9
(15
7,9
70
)
(13
6,2
13
)
–
(13
6,2
13
)
Ch
an
ge
s i
n o
wn
er
sh
ip
int
er
es
ts
in
su
bs
idi
ar
ies
子
公
司
所
有
權
變
動
Ca
pit
al
inj
ec
tio
n b
y m
ino
rity
sh
are
ho
lde
rs
少
數
股
東
注
資
–
–
–
–
–
–
–
–
–
–
–
80
,00
0
80
,00
0
Ac
qu
isit
ion
of
m
ino
rity
in
ter
est
s (n
ote
7)
收
購
少
數
股
東
權
益（
附
註
7）
–
–
–
–
–
–
–
–
–
(97
,93
0)
(97
,93
0)
(32
7,0
70
)
(42
5,0
00
)
To
tal
ch
an
ge
s in
ow
ne
rsh
ip
int
ere
sts
in
su
bs
idi
ari
es
子
公
司
所
有
權
變
動
總
額
–
–
–
–
–
–
–
–
–
(97
,93
0)
(97
,93
0)
(24
7,0
70
)
(34
5,0
00
)
To
tal
tra
ns
ac
tio
ns
w
ith
ow
ne
rs
與
持
有
人
交
易
總
額
2,2
44
(2,
24
4)
–
–
(98
,62
2)
3,8
99
11
6,4
71
–
9
(25
5,9
00
)
(23
4,1
43
)
(24
7,0
70
)
(48
1,2
13
)
As
at
31
D
ec
em
be
r 2
01
0
於
二
零
一
零
年
十
二
月
三
十
一
日
10
6,5
91
2,0
69
,08
6
45
5,3
92
1,2
31
–
45
,53
9
21
0,0
10
25
,58
9
5,4
94
1,4
99
,73
2
4,4
18
,66
4
10
8,2
54
4,5
26
,91
8
Th
e
no
te
s
on
p
ag
es
1
28
to
2
37
fo
rm
p
ar
t o
f t
he
se
fi
na
nc
ia
l s
ta
te
m
en
ts
.
第
1
2
8
至
2
3
7
頁
之
附
註
乃
該
等
財
務
報
表
的
組
成
部
分
。
SPG Land (Holdings) Limited Annual Report 2010126
CONSOLIDATED STATEMENT OF CASH FLOWS
綜合現金流量表
For the year ended 31 December 2010
截至二零一零年十二月三十一日止年度
2010 2009
二零一零年 二零零九年
Note RMB’000 RMB’000
附註 人民幣千元 人民幣千元
Operating activities 經營業務
Profit for the year 本年度溢利 901,606 829,747
Adjustments for: 調整項目：
Depreciation 折舊 19 26,213 25,516
Amortisation of intangible asset 無形資產攤銷 20 45 45
Amortisation of land use rights 土地使用權攤銷 21 1,739 1,772
Change in fair value of investment properties 投資物業公允價值改變 23 (229,203) (517,254)
Net finance (income)/expenses 融資（收入）╱成本淨額 13 (25,746) 19,594
Share of net profits of associates and
jointly controlled entity
應佔聯營公司及共同控制
實體純利 (261,784) (66,645)
Loss on disposal of property, plant and
equipment
處置物業、廠房及設備
虧損 6,691 168
Net gain on acquisition of a jointly
controlled entity
收購共同控制實體之收益
淨額 7 (149,911) –
Equity-settled share-based payment expenses 股權結算的股份支付開支 11 3,899 6,467
Net gain on repurchase of convertible bonds 購回可轉換債劵之收益
淨額 37 (17,248) (49,394)
Income tax expenses 所得稅開支 14 618,278 427,726
Operating profit before changes in
working capital
營運資金變動前的
經營溢利 874,579 677,742
Decrease/(increase) in restricted cash 受限制現金減少╱（增加） 423,212 (1,868,977)
(Increase)/decrease in trade, other receivables
and advance deposits
應收賬款、其他應收款項
及預付按金（增加）╱
減少 (2,547,187) 710,918
Increase in properties under development
and completed properties held for sale
發展中物業及已建成
待售物業增加 (1,980,211) (1,568,538)
Increase in trade, other payables and
advance receipts
應付賬款、其他應付
款項及預收款項增加 4,484,486 3,734,971
Income tax paid 支付所得稅 (348,989) (198,972)
Net cash inflow from operating activities 經營業務現金流入淨額 905,890 1,487,144
The notes on pages 128 to 237 form part of these financial statements. 第128至237頁之附註乃該等財務報表的組
成部分。
盛高置地（控股）有限公司 二零一零年年報 127
CONSOLIDATED STATEMENT OF CASH FLOWS
綜合現金流量表
For the year ended 31 December 2010
截至二零一零年十二月三十一日止年度
2010 2009
二零一零年 二零零九年
Note RMB’000 RMB’000
附註 人民幣千元 人民幣千元
Investing activities 投資活動
Proceeds from sale of property, plant and
equipment
出售物業、廠房及
設備所得款項 223 871
Proceeds from repayment of
shareholder’s loan
償還股東貸款所得款項
26(a) 12,000 –
Interest received 已收利息 52,809 16,914
Disposal of equity interests in a subsidiary 出售附屬公司權益 (7,266) –
Acquisition of a jointly controlled entity 收購共同控制實體 (1,371,100) –
Acquisition of subsidiary, net of cash acquired 收購子公司，扣除購入
現金 – (4,913)
Acquisition of property, plant and equipment 收購物業、廠房及設備 (31,788) (9,943)
Acquisition of intangible assets 收購無形資產 – (1,700)
Purchase of land use rights 購買土地使用權 – (1,447,043)
Proceeds from (acquisition)/disposal of
other investments
（收購）╱出售其他投資所
得款項 (17,173) 105
Net cash outflow from investing activities投資活動所用現金淨額 (1,362,295) (1,445,709)
Financing activities 融資活動
Proceeds from bank borrowings 銀行借貸所得款項 4,504,097 5,900,716
Capital contribution from minority interests 少數股東出資 80,000 –
Acquisition of minority interests 收購少數股東權益 7 (425,000) (406,731)
Repayment of bank borrowings 償還銀行借貸 (3,858,404) (2,335,537)
Payment for convertible bonds repurchased 支付可轉換債券回購 37 (952,227) (165,143)
Payment for shares repurchased 支付股份回購 – (10,725)
Interest paid 已付利息 (358,330) (238,559)
Dividends paid 已付股息 17 (56,402) (81,492)
Payment to minority interests 支付少數股東權益 – (68,440)
Net cash (outflow)/inflow from
financing activities
融資活動現金（流出）╱
流入淨額 (1,066,266) 2,594,089
Net (decrease)/increase in cash and
cash equivalents
現金及現金等價物
（減少）╱增加淨額 (1,522,671) 2,635,524
Cash and cash equivalents at 1 January 於一月一日的現金及
現金等價物 3,038,945 403,531
Effect of foreign exchange rate changes 匯率變動的影響 (1,835) (110)
Cash and cash equivalents
at 31 December
於十二月三十一日的
現金及現金等價物 1,514,439 3,038,945
The notes on pages 128 to 237 form part of these financial statements. 第128至237頁之附註乃該等財務報表的組
成部分。
SPG Land (Holdings) Limited Annual Report 2010128
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
1. GENERAL INFORMATION AND GROUP
REORGANISATION
The Company was incorporated in the Cayman Islands on 13
April 2006 as an exempted company with limited liability under
the Companies Law, Cap 22 (Law 3 of 1961, as consolidated and
revised) of the Cayman Islands. The address of the Company’s
registered office is Century Yard, Cricket Square, Hutchins Drive, .
Box 2681 GT, George Town, Grand Cayman, British West Indies.
The companies comprising the Group underwent a reorganisation
(the “Reorganisation”) to rationalise the Group’s structure in
preparation for the listing of the Company’s shares on the Main
Board of The Stock Exchange of Hong Kong Limited (the “Hong
Kong Stock Exchange”). On 30 June 2006, the Company became
the holding company of the subsidiaries now comprising the Group.
Details of the Reorganisation were set out in the Prospectus of the
Company dated 26 September 2006.
The Company’s shares were l isted on the Hong Kong Stock
Exchange on 10 October 2006.
2. BASIS OF PREPARATION
The consolidated results of the Group for the year ended 31
December 2010 include the results of the Company and its
subsidiaries from 1 January 2010, or their respective dates of
incorporation. The consolidated balance sheet at 31 December
2010 is a consolidation of the balance sheets of the Company and
its subsidiaries at the respective balance sheet dates. All material
intra-group transactions and balances have been eliminated on
consolidation. In the opinion of the directors, the consolidated
financial statements prepared on this basis present fairly the results
of operations and the state of affairs of the Group as a whole.
1. 一般資料及集團重組
本公司於二零零六年四月十三日根據
開曼群島公司法第22章（一九六一年
經合併及修訂的第3 條法例）在開曼群
島註冊成立為受豁免有限公司。本公
司註冊辦事處的地址為Century Yard,
Cricket Square, Hutchins Drive, . Box
2681 GT, George Town, Grand Cayman,
British West Indies。為籌備本公司股份
於香港聯合交易所有限公司（「香港聯
交所」）主板上市，包括在本集團內的
公司進行了一項重組（「重組」），以使
本集團的架構合理化。於二零零六年
六月三十日，本公司成為本集團現時
屬下各子公司的控股公司。有關重組
的 詳 情 載 於 本 公 司 於 二 零 零 六 年 九
月二十六日刊發的售股章程。
本 公 司 股 份 於 二 零 零 六 年 十 月 十 日
在香港聯交所上市。
2. 編製基準
本集團截至二零一零年十二月三十一
日 止 年 度 的 綜 合 業 績 包 括 本 公 司 及
其 子 公 司 自 二 零 一 零 年 一 月 一 日 或
彼等各自的註冊成立日期起計的業績。
於 二 零 一 零 年 十 二 月 三 十 一 日 的 綜
合 資 產 負 債 表 乃 將 本 公 司 及 其 子 公
司 於 其 各 自 資 產 負 債 表 日 的 資 產 負
債表綜合而成。所有重大集團內部交
易及結餘均已於綜合賬目時予以抵銷。
董事認為，按上述基準編製而成的綜
合 財 務 報 表 能 公 允 反 映 本 集 團 整 體
的經營業績及財務狀況。
盛高置地（控股）有限公司 二零一零年年報 129
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
2. 編製基準（續）
(a) 合規聲明
綜 合 財 務 報 表 乃 根 據 國 際 財 務
報告準則（「國際財務報告準則」）
編製而成。本財務報表亦符合香
港 公 司 條 例 之 披 露 規 定 及 香 港
聯 合 交 易 所 有 限 公 司 證 券 上 市
規則之適用披露規定。
國 際 會 計 準 則 委 員 會 頒 佈 了 某
些 新 訂 及 經 修 訂 的 國 際 財 務 報
告準則，於本集團及本公司本會
計期間首次生效或可提早採納。
因 首 次 應 用 此 等 發 展 所 導 致 關
於 本 集 團 現 在 及 之 前 會 計 期 間
的 及 載 於 綜 合 財 務 報 表 的 會 計
政 策 變 動 之 資 料 載 於 財 務 報 表
附註4。
(b) 計算基準
除其他股本證券投資、衍生金融
工 具 及 投 資 物 業 是 按 公 允 價 值
計量外，綜合財務報表乃根據歷
史成本基準編製而成。
計算公允價值所用方法在附註5
進一步討論。
財 務 報 表 乃 按 照 本 集 團 可 繼 續
在 未 來 十 二 個 月 以 持 續 經 營 的
基準而編製。於二零一零年十二
月三十一日，本集團之流動負債
超逾流動資產人民幣244,276,000
元。根據本集團能繼續得到銀行
融 資 之 預 期 能 力 及 若 干 項 目 之
預 售 之 預 計 所 得 款 項 淨 額 為 其
持續經營提供資金，本公司董事
以持續經營基準編製本財務資料。
2. BASIS OF PREPARATION (Continued)
(a) Statement of compliance
The consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards
(“IFRSs”). These financial statements also comply with the
disclosure requirements of the Hong Kong Companies
Ordinance and the applicable disclosure provisions of the
Rules Governing the Listing of Securities on Hong Kong Stock
Exchange.
The International Accounting Standards Board (“IASB”) has
issued certain new and revised IFRSs that are firstly effective or
available for early adoption for the current accounting period
of the Group and the Company. Note 4 provides information
on any changes in accounting policies resulting from initial
application of these developments to the extent that they are
relevant to the Group for the current and prior accounting
periods reflected in the consolidated financial statements.
(b) Basis of measurement
The consolidated financial statements have been prepared on
the historical cost basis except that other investments in equity
securities, derivative financial instruments and investment
properties are measured at fair value.
The methods used to measure fair values are discussed further
in note 5.
The financial statements have been prepared on the basis
that the Group will continue to operate throughout the next
twelve months as a going concern. The Group’s current
liabilities exceeded its current assets by RMB244,276,000 as
at 31 December 2010. Based on the anticipated ability of the
Group to obtain continued bank financing and the estimated
proceeds from pre-sale of certain projects to finance its
continuing operation, the Company’s directors have prepared
the financial statements on a going concern basis.
SPG Land (Holdings) Limited Annual Report 2010130
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
2. 編製基準（續）
(c) 功能及呈報貨幣
該 等 綜 合 財 務 報 表 以 人 民 幣 呈
列，人民幣乃本集團的功能貨幣。
所 有 以 人 民 幣 呈 列 的 財 務 資 料
均約整至最接近的千元。
(d) 所用估計及判斷
編 製 符 合 國 際 財 務 報 告 準 則 的
綜 合 財 務 報 表 需 要 管 理 層 作 出
判斷、估計及假設，而該等判斷、
估 計 及 假 設 會 影 響 會 計 政 策 的
採用及所呈報的資產、負債及收
支金額。該等估計和相關假設是
根 據 歷 史 經 驗 和 在 具 體 情 況 下
確 認 為 合 理 的 多 項 其 他 因 素 為
基礎作出。該等估計和相關假設
是 用 作 判 斷 顯 然 無 法 通 過 其 他
來 源 獲 得 其 賬 面 值 的 資 產 和 負
債項目的賬面值的基礎。實際結
果可能與該等估計有所不同。
該 等 估 計 和 相 關 假 設 會 持 續 予
以審閱。倘修訂僅影響該期間，
則 會 計 估 計 的 修 訂 會 在 對 估 計
作出修訂的期間確認；倘修訂影
響當期及未來期間，則會在修訂
期間和未來期間確認。
尤其是，有關在應用會對已於綜
合 財 務 報 表 內 確 認 的 金 額 有 最
重 大 影 響 的 會 計 政 策 時 所 對 重
大 領 域 所 作 出 存 有 不 確 定 性 估
計 及 關 鍵 判 斷 的 資 料 於 如 下 附
註進行概述：
‧ 附註7 — 收購共同控制實體╱
少數股東權益
‧ 附註14 — 所得稅開支
‧ 附註23 — 投資物業估值
‧ 附註33 — 遞延稅項
‧ 附註37 — 衍生金融工具之
估值
‧ 附註39 — 股份支付計量
‧ 附註42 — 財務擔保
‧ 附註43 — 金融工具估值
‧ 附註44 — 租賃分類
2. BASIS OF PREPARATION (Continued)
(c) Functional and presentation currency
These consolidated financial statements are presented in
Renminbi (“RMB”), which is the Group’s functional currency.
All financial information presented in RMB has been rounded
to the nearest thousand.
(d) Use of estimates and judgements
The preparation of the consolidated financial statements
in conformity with IFRSs requires management to make
judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts
of assets, liabilities, income and expenses. The estimates and
associated assumptions are based on historical experience
and various other factors that are believed to be reasonable
under the circumstances, the results of which form the basis
of making the judgements about carrying values of assets and
liabilities that are not readily apparent from other sources.
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.
In particular, information about significant areas of estimation
uncertainty and critical judgements in applying accounting
policies that have the most significant effect on the amounts
recognised in the consolidated financial statements are
described in the following notes:
• Note 7 – acquisition of a jointly controlled entity/
minority interests
• Note 14 – income tax expense
• Note 23 – valuation of investment properties
• Note 33 – deferred taxation
• Note 37 – valuation of derivative financial instruments
• Note 39 – measurement of share-based payments
• Note 42 – financial guarantees
• Note 43 – valuation of financial instruments
• Note 44 – lease classification
盛高置地（控股）有限公司 二零一零年年報 131
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. 主要會計政策
下 文 所 載 的 會 計 政 策 已 於 該 等 綜 合
財 務 報 表 內 呈 列 的 所 有 年 度 內 獲 貫
徹 應 用，除 於 附 註4所 解 釋 有 關 之 會
計政策變動之註譯外，所有集團實體
亦已貫徹應用該等會計政策。
(a) 合併基準
(i) 子公司
子 公 司 指 受 本 集 團 控 制 的
公 司。本 公 司 如 有 權 直 接
或 間 接 控 制 公 司 的 財 務 和
經 營 政 策 而 從 其 業 務 獲 得
利益， 即擁有該公司的控制
權。在評估控制權時， 現時
可 行 使 或 可 轉 換 的 潛 在 投
票 權 將 計 算 在 內。子 公 司
的 財 務 報 表 由 控 制 權 開 始
當日起計入綜合財務報表，
直 到 控 制 權 結 束 為 止。子
公 司 的 會 計 政 策 於 需 要 時
亦作出變動， 以確保與本集
團所採納的政策保持一致。
(ii) 從 受 共 同 控 制 的 實 體 進 行
收購
因 轉 讓 受 控 制 本 集 團 的 股
東 控 制 的 實 體 的 權 益 而 產
生的業務合併將予以入賬，
猶 如 該 項 收 購 於 所 呈 列 最
早可資比較期間（或如時間
較 後，則 於 建 立 共 同 控 制
日期）起就已發生。獲收購
的 資 產 及 負 債 按 以 往 於 本
集 團 控 股 股 東 的 綜 合 財 務
報 表 內 確 認 的 賬 面 值 進 行
確 認。獲 收 購 實 體 的 各 項
權 益 計 入 集 團 實 體 內 的 相
應 部 份，惟 獲 收 購 實 體 的
任 何 股 本 則 作 為 合 併 儲 備
的 一 部 份 予 以 確 認。任 何
就 收 購 事 項 支 付 的 現 金 直
接於權益內確認。
3. SIGNIFICANT ACCOUNTING POLICIES
The accounting policies set out below have been applied consistently
to all years presented in these consolidated financial statements,
and have been applied consistently by Group entities, except as
explained in note 4, which addresses changes in accounting policies.
(a) Basis of consolidation
(i) Subsidiaries
Subsidiaries are entities controlled by the Group.
Control exists when the Company has the power,
directly or indirectly, to govern the financial and
operating policies of an entity so as to obtain benefits
from its activities. In assessing control, potential voting
rights that are presently exercisable or convertible
are taken into account. The financial statements of
subsidiaries are included in the consolidated financial
statements from the date that control commences until
the date that control ceases. The accounting policies
of subsidiaries have been changed when necessary to
align them with the policies adopted by the Group.
(ii) Acquisitions from entities under common control
Business combinations aris ing from transfers of
interests in entities that are under the control of the
shareholder that controls the Group are accounted for
as if the acquisition had occurred at the beginning of
the earliest comparative period presented or, if later,
at the date that common control was established.
The assets and liabilities acquired are recognised
at the carrying amounts recognised previously in
the Group’s controlling shareholder’s consolidated
financial statements. The components of equity of the
acquired entities are added to the same components
within Group equity except that any share capital of
the acquired entities is recognised as part of merger
reserves. Any cash paid for the acquisition is recognised
directly in equity.
SPG Land (Holdings) Limited Annual Report 2010132
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. 主要會計政策（續）
(a) 合併基準（續）
(iii) 聯營公司及共同控制實體
聯 營 公 司 指 本 集 團 對 其 財
務 和 經 營 政 策 有 重 大 影 響
力 但 並 無 控 制 權 的 公 司。
倘 本 集 團 持 有 另 一 實 體 的
20%至50%投票權，則假定
可 發 揮 重 大 影 響 力。共 同
控 制 實 體 乃 本 集 團 對 其 業
務活動有共同控制的實體，
此 共 同 控 制 可 以 是 透 過 合
約 協 議 建 立，或 要 求 策 略
財 務 及 經 營 決 策 上 的 一 致
同意。
於 聯 營 公 司 及 共 同 控 制 實
體的投資乃以權益法入賬，
初 步 按 成 本 確 認，並 於 其
後 就 其 於 本 集 團 應 佔 被 投
資 公 司 的 資 產 淨 值 及 任 何
與 投 資 項 目 相 關 的 減 值 虧
損 的 收 購 後 變 動 予 以 調 整
（參 閱 附 註3(l)）。本 集 團 應
佔 接 受 投 資 的 公 司 的 盈 虧
及 權 益 變 動 由 可 開 始 發 揮
重 大 影 響 力 或 共 同 控 制 當
日 起 經 調 整 其 會 計 政 策 與
本 集 團 一 致 後 計 入 綜 合 財
務 報 表，至 重 大 影 響 或 共
同 控 制 結 束 當 日 止。倘 本
集 團 應 佔 聯 營 公 司 或 共 同
控制實體的虧損超逾權益，
則權益的賬面值將減至零，
且 不 會 確 認 進 一 步 虧 損，
惟 本 集 團 負 有 責 任 或 代 接
受投資的公司付款則除外。
(iv) 商譽
商 譽 是 指 企 業 合 併 的 成 本
或 於 聯 營 公 司 或 共 同 控 制
實 體 的 投 資 超 過 本 集 團 在
被 收 購 者 的 可 辨 別 資 產、
負 債 及 或 有 負 債 的 公 允 價
值淨額中所佔份額的部分。
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
(a) Basis of consolidation (Continued)
(iii) Associates and jointly controlled entities
Associates are those entities in which the Group
has significant influence, but not control, over the
financial and operating policies. Significant influence
is presumed to exist when the Group holds between
20% and 50% of the voting power of another entity.
Jointly controlled entities are those entities over whose
activities the Group has joint control, established by
contractual agreement and requiring unanimous
consent for strategic financial and operating decisions.
Investments in associates and jointly controlled entities
are accounted for using the equity method and are
initially recognised at cost and adjusted thereafter for
the post acquisition change in the Group’s share of the
investee’s net assets and any impairment loss relating
to the investment (see note 3(l)). The consolidated
financial statements include the Group’s share of
the post acquisit ion gains and losses and equity
movements of the investees, after adjustments to
align the accounting policies with those of the Group,
from the date that significant influence or joint control
commences until the date that significant influence or
joint control ceases. When the Group’s share of losses
exceeds its interest in an associate or a jointly controlled
entity, the carrying amount of the interest is reduced to
nil and the recognition of further losses is discontinued
except to the extent that the Group has an obligation
or has made payments on behalf of the investee.
(iv) Goodwill
Goodwill represents the excess of the cost of a business
combination or an investment in an associate or a
jointly controlled entity over the Group’s interest in
the net fair value of the acquiree’s identifiable assets,
liabilities and contingent liabilities.
盛高置地（控股）有限公司 二零一零年年報 133
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. 主要會計政策（續）
(a) 合併基準（續）
(iv) 商譽（續）
商 譽 按 成 本 減 累 計 減 值 虧
損 列 賬。商 譽 被 分 配 至 現
金產生單位，不作攤銷，並
於每年評估有否減值（見附
註3(l)）。就聯營公司或共同
控 制 實 體 而 言，商 譽 的 賬
面 值 計 入 於 聯 營 公 司 或 共
同控制實體投資的賬面值，
而 當 有 客 觀 證 據 證 明 有 減
值，整 體 投 資 被 測 試 是 否
存在減值（見附註3(l)）。
本 集 團 所 佔 被 收 購 者 可 識
別 資 產、負 債 及 或 有 負 債
公 允 價 值 淨 額 的 權 益 超 出
業 務 合 併 的 成 本 或 於 聯 營
公 司 或 共 同 控 制 實 體 的 投
資額的部份， 即時在損益中
確認。
倘 於 年 內 出 售 聯 營 公 司 或
共 同 控 制 實 體 的 權 益，則
計 算 出 售 損 益 時，應 將 收
購 產 生 的 商 譽 的 金 額 亦 計
算在內。
(v) 於合併時獲抵銷的交易
集 團 內 部 結 餘 及 交 易 以 及
因 集 團 內 部 交 易 而 產 生 的
任 何 未 變 現 收 入 及 開 支 均
於 編 製 綜 合 財 務 報 表 時 抵
銷。因 與 聯 營 公 司 及 共 同
控 制 實 體 的 交 易 而 產 生 的
未 變 現 收 益 則 與 有 關 投 資
相 互 抵 銷，惟 獲 抵 銷 的 數
額 須 以 本 集 團 於 接 受 投 資
的公司內所用的權益為限。
未 變 現 虧 損 的 抵 銷 方 法 與
未變現收益相同， 惟僅限於
在 沒 有 出 現 減 值 跡 象 的 情
況下進行。
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
(a) Basis of consolidation (Continued)
(iv) Goodwill (Continued)
Goodwil l is stated at cost less any accumulated
impairment losses. Goodwill is allocated to cash-
generating units and is not amortised but is tested
annually for impairment (see note 3(l)). In respect of
associates or jointly controlled entities, the carrying
amount of goodwill is included in the carrying amount
of the interest in the associate or jointly controlled
entity and the investment as a whole is tested for
impairment whenever there is objective evidence of
impairment (see note 3(l)).
Any excess of the Group’s interests in the net fair
value of the acquiree’s identifiable assets, liabilities
and contingent liabilities over the cost of a business
combination or an investment in an associate or a
jointly controlled entity is recognised immediately in
profit or loss.
On disposal of interest in an associate or a jointly
controlled entity during the year, any attributable
amount of purchased goodwill is included in the
calculation of the profit or loss on disposal.
(v) Transactions eliminated on consolidation
Intra-group balances and transactions, and any
unrealised income and expenses arising from intra-
group transactions, are el iminated in preparing
the consolidated financial statements. Unrealised
gains arising from transactions with associates and
jointly controlled entities are eliminated against the
investment to the extent of the Group’s interest in the
investee. Unrealised losses are eliminated in the same
way as unrealised gains, but only to the extent that
there is no evidence of impairment.
SPG Land (Holdings) Limited Annual Report 2010134
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. 主要會計政策（續）
(a) 合併基準（續）
(vi) 於子公司的投資
於本公司資產負債表中，子
公 司 的 投 資 以 成 本 扣 除 減
值 虧 損 入 賬（見 附 註3(l)），
分類為持作待售的投資（或
計 入 在 分 類 為 持 作 待 售 的
出售組別）除外。
(b) 外幣
(i) 外幣交易
外 幣 交 易 按 交 易 日 的 匯 率
換 算 為 各 集 團 實 體 的 功 能
貨 幣。於 報 告 日 期 以 外 幣
結 算 的 貨 幣 資 產 與 負 債 按
當 日 的 匯 率 重 新 換 算 為 功
能 貨 幣。因 貨 幣 項 目 所 產
生 的 外 幣 損 益 為 於 該 期 間
開 始 時 功 能 貨 幣 內 已 攤 銷
的 成 本、於 該 期 間 內 就 實
際 利 率 及 付 款 作 出 的 調 整
與 有 關 期 間 結 束 時 已 按 匯
率 換 算 的 外 幣 內 已 攤 銷 的
成 本 間 的 差 額。以 外 幣 結
算 及 以 公 允 價 值 計 量 的 非
貨 幣 資 產 與 負 債 於 釐 定 公
允 價 值 當 日 按 匯 率 重 新 換
算 為 功 能 貨 幣。因 重 新 換
算 所 產 生 的 外 幣 差 額 計 入
損益。
(ii) 境外業務
中華人民共和國（「中國」）以
外 境 外 業 務 的 資 產 與 負 債
（包括因合併所產生的商譽
及公允價值調整）均於報告
日 期 按 當 時 的 外 匯 匯 率 換
算 為 人 民 幣。境 外 業 務 的
收 入 及 開 支 按 與 於 交 易 日
當時的匯率換算為人民幣。
重 新 換 算 產 生 的 匯 兌 差 異
乃 直 接 於 外 幣 換 算 儲 備
（「FCTR」）中確認。當境外業
務 被 部 分 或 全 部 出 售 時，
外 幣 換 算 儲 備 的 相 關 金 額
會轉撥至損益。
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
(a) Basis of consolidation (Continued)
(vi) Investment in subsidiaries
In the Company’s balance sheet, an investment in a
subsidiary is stated at cost less impairment losses (see
note 3(l)), unless the investment is classified as held for
sale (or included in a disposal group that is classified as
held for sale).
(b) Foreign currency
(i) Foreign currency transactions
Transactions in foreign currencies are translated to
the respective functional currencies of Group entities
at the exchange rates at the dates of the transactions.
Monetary assets and liabilities denominated in foreign
currencies at the reporting date are retranslated to
the functional currency at the exchange rate at that
date. The foreign currency gain or loss on monetary
items is the difference between the amortised cost in
the functional currency at the beginning of the period,
adjusted for effective interest and payments during
the period, and the amortised cost in foreign currency
translated at the exchange rate at the end of the period.
Non-monetary assets and liabilities denominated in
foreign currencies that are measured at fair value are
retranslated to the functional currency at the exchange
rate at the date that the fair value was determined.
Foreign currency differences arising on retranslation are
recognised in profit or loss.
(ii) Foreign operations
The assets and liabilities of foreign operations outside
the People’s Republic of China (“PRC”), including
goodwi l l and fa i r va lue adjustments ar is ing on
consolidation, are translated to RMB at the foreign
exchange rates at the reporting date. The income and
expenses of foreign operations are translated to RMB at
exchange rates at the dates of the transactions.
Foreign exchange differences arising on retranslation
are recognised direct ly in the fore ign currency
translation reserve (“FCTR”). When a foreign operation
is disposed of, in part or in full, the relevant amount in
the FCTR is transferred to profit or loss.
盛高置地（控股）有限公司 二零一零年年報 135
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. 主要會計政策（續）
(b) 外幣（續）
(ii) 境外業務（續）
倘 境 外 業 務 的 收 支 並 無 計
劃 且 在 可 預 見 未 來 不 大 可
能發生， 則應收或應付境外
業 務 的 貨 幣 項 目 產 生 的 匯
兌 盈 虧 被 認 為 構 成 境 外 業
務 的 淨 投 資 一 部 分，並 直
接 於 外 幣 換 算 儲 備 內 權 益
中確認。
(c) 金融工具
(i) 其他於權益證券中的投資
除 於 子 公 司、聯 營 公 司 及
共 同 控 制 實 體 的 投 資 外，
本 集 團 於 權 益 證 券 中 投 資
的政策如下：
於 權 益 證 券 中 的 投 資 初 步
按公允價值（亦即其交易價
格）入賬，除非公允價值可
運 用 所 有 變 數 均 來 自 可 觀
察 市 場 數 據 之 估 值 方 法 作
更 加 可 靠 地 估 計。成 本 值
包 括 應 佔 交 易 成 本，惟 下
文 另 有 所 指 則 作 別 論。該
等 投 資 其 後 視 乎 其 分 類 而
按下列方式列賬：
於 持 作 交 易 目 的 之 證 券 投
資 乃 分 類 為 流 動 資 產。任
何 應 佔 交 易 成 本 於 產 生 時
在 損 益 內 確 認，於 各 資 產
負 債 表 日，公 允 價 值 乃 重
新 計 量，因 此 產 生 之 任 何
收益或虧損乃於損益內確認。
於 活 躍 市 場 並 無 列 報 市 價
及 無 法 可 靠 計 量 公 允 價 值
之 可 供 出 售 金 融 資 產 乃 按
成本扣除已分辨減值虧損（見
附註3(l)）於首次確認後各資
產負債表日確認。
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
(b) Foreign currency (Continued)
(ii) Foreign operations (Continued)
Foreign exchange gains and losses arising from a
monetary item receivable from or payable to a foreign
operation, the settlement of which is neither planned
nor likely in the foreseeable future, are considered to
form part of a net investment in a foreign operation
and are recognised directly in equity in the FCTR.
(c) Financial instruments
(i) Other investments in equity securities
The Group’s policies for investments in equity securities,
other than investments in subsidiaries, associates and
jointly controlling entities, are as follows:
Investments in equity securities are initially stated at
fair value, which is their transaction price unless fair
value can be more reliably estimated using valuation
techniques whose variables include only data from
observable markets. Cost includes attr ibutable
transaction costs, except where indicated otherwise
below. These investments are subsequently accounted
for as follows, depending on their classification:
Investments in securities held for trading are classified
as current assets. Any attributable transaction costs are
recognised in profit or loss as incurred. At each balance
sheet date the fair value is re-measured, with any
resultant gain or loss being recognised in profit or loss.
Available-for-sale financial assets that do not have a
quoted market price in an active market and whose
fair value cannot be reliably measured are measured
at cost less any identified impairment losses (see note
3(l)) at each balance sheet date subsequent to initial
recognition.
SPG Land (Holdings) Limited Annual Report 2010136
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. 主要會計政策（續）
(c) 金融工具（續）
(ii) 可轉換債券
本 公 司 所 發 行 的 可 轉 換 債
券 包 括 負 債、轉 換 權 及 贖
回 權 等 各 部 分，且 分 別 被
獨立分類為負債部分、權益
部 分 及 嵌 入 式 衍 生 工 具 部
分（由本公司贖回權組成）。
當 內 置 於 非 衍 生 主 合 約 的
衍 生 工 具 的 風 險 及 特 點 不
與 主 合 約 的 風 險 及 特 點 密
切 相 關 時，其 被 視 為 獨 立
衍生工具。於最初確認時，
負 債 部 分 的 公 允 價 值 乃 按
同 類 不 可 轉 換 債 券 的 現 行
市 場 利 率 釐 定。衍 生 工 具
部 分 以 公 允 價 值 列 賬 於 資
產 負 債 表，任 何 公 允 價 值
變 動 將 在 發 生 變 動 期 間 扣
除 或 計 入 損 益 內。發 行 可
轉 換 債 券 所 得 收 益 與 負 債
部分及嵌入式衍生工具（與
本公司贖回權有關）的公允
價值之間的差額被計入權益。
於 最 初 確 認 後，可 轉 換 債
券 的 負 債 部 分 乃 以 實 際 利
率 法 按 已 攤 銷 成 本 列 賬。
所 計 算 出 的 利 息 與 所 支 付
的 利 息 之 差 額 加 入 負 債 部
分 的 賬 面 值。嵌 入 式 衍 生
工 具 於 其 後 報 告 日 期 經 損
益 重 新 按 公 允 價 值 計 量。
權益部分（即將負債部分轉
換為本公司普通股的期權）
將 存 留 於 資 本 儲 備 內，直
至內置期權獲行使（此時，
可 轉 換 債 券 權 益 部 分 將 被
轉撥至股本及股份溢價）。
倘 期 權 於 屆 滿 期 仍 未 獲 行
使，資 本 儲 備 內 的 結 餘 將
撥 至 保 留 溢 利。期 權 的 轉
換 或 屆 滿 均 不 會 於 損 益 內
確認任何溢利或虧損。
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
(c) Financial instruments (Continued)
(ii) Convertible bonds
Convert ible bonds issued by the Company that
contain liability, conversion option and redemption
option components are classified separately into
liability component, equity component and embedded
derivative component consisting of the redemption
option of the Company respectively. A derivative
embedded in a non-derivative host contract is treated
as a separate derivative when its risks and characteristics
are not closely related to those of the host contract.
On initial recognition, the fair value of the liability
component is determined using the prevailing market
interest of similar non-convertible bonds. The derivative
component is carried at fair value on the balance sheet
with any changes in fair value being charged or credited
to profit or loss in the period in which the change
occurs. The difference between the proceeds of the
issue of the convertible bonds and the fair values of the
liability component and embedded derivative related to
the redemption option of the Company is included in
equity.
Subsequent to in i t ia l recogni t ion, the l iab i l i ty
component of the convertible bonds is carried at
amortised cost using the effective interest method.
The difference between the interest so calculated
and the interest paid is added to the carrying amount
of the liability component. The embedded derivative
is re-measured to fair value through profit or loss at
subsequent reporting dates. The equity component,
represented by the option to convert the liabil ity
component into ordinary shares of the Company,
remains in capital reserve until the embedded option is
exercised (at which time the convertible bonds equity
component will be transferred to share capital and
share premium). Where the option remains unexercised
at the expiry date, the balance remaining in capital
reserve is released to retained profits. No gain or loss
is recognised in profit or loss upon conversion or
expiration of the option.
盛高置地（控股）有限公司 二零一零年年報 137
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. 主要會計政策（續）
(c) 金融工具（續）
(ii) 可轉換債券（續）
與 發 行 可 轉 換 債 券 相 關 的
交 易 成 本 乃 按 所 得 款 項 的
分 配 比 例 分 配 至 可 轉 換 債
券 的 負 債 部 分、嵌 入 式 衍
生 工 具 部 分 及 權 益 部 分。
與 負 債 部 分 相 關 的 交 易 成
本 乃 計 入 負 債 部 分 的 賬 面
值 內，並 於 可 轉 換 債 券 期
間 以 實 際 利 率 法 攤 銷。與
嵌 入 式 衍 生 工 具 相 關 的 交
易 成 本 乃 直 接 自 損 益 中 扣
除。與 權 益 部 分 相 關 的 交
易 成 本 乃 直 接 自 股 本 儲 備
中扣除。
倘 本 公 司 於 到 期 前 贖 回 可
轉 換 債 券，本 公 司 將 於 交
易 日 將 已 支 付 的 代 價 及 任
何 購 回 或 贖 回 交 易 成 本 分
配 至 可 轉 換 債 券 的 負 債 及
權 益 部 分。支 付 代 價 及 交
易 成 本 部 分 資 金 分 配 方 法
與 用 於 已 發 行 可 轉 換 工 具
時 本 公 司 收 到 的 所 得 款 項
所 用 之 分 配 方 式 相 同。代
價 作 出 分 配 後，負 債 部 分
有 關 之 盈 虧 會 於 損 益 中 確
認；而 與 權 益 部 分 有 關 之
代價會於權益內確認。
(iii) 衍生金融工具
衍 生 金 融 工 具 初 步 接 公 允
價值確認。於各結算日，會
重 新 計 量 公 允 價 值。重 新
計 量 公 允 價 值 所 得 盈 虧 隨
即於損益內確認。
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
(c) Financial instruments (Continued)
(ii) Convertible bonds (Continued)
Transaction costs that relate to the issue of convertible
bonds are al located to the l iabi l i ty component,
embedded derivative and equity component of the
convertible bonds in proportion to the allocation of
proceeds. Transaction costs relating to the liability
component are included in the carrying amount of
the liability component and amortised over the period
of the convertible bonds using the effective interest
method. The port ion relat ing to the embedded
der ivat ive i s charged d i rect ly to prof i t or loss .
Transaction costs relating to the equity component are
charged directly to capital reserve.
I f the conver t ib le bonds a re redeemed by the
Company before maturity, the Company will allocate
the consideration paid and any transaction costs for
the repurchase or redemption to the liabil ity and
equity components of the instrument at the date of
the transaction. The method used in allocating the
consideration paid and transaction costs to the separate
components is consistent with that used in the original
allocation to the separate components of the proceeds
received by the Company when the convert ible
instrument was issued. Once the consideration is
allocated, any resulting gain or loss relating to the
liability component is recognised in profit or loss and
the amount of consideration relating to the equity
component is recognised in equity.
(iii) Derivative financial instruments
Derivative financial instruments are recognised initially
at fair value. At each balance sheet date the fair value
is re-measured. The gain or loss on re-measurement to
fair value is recognised immediately in profit or loss.
SPG Land (Holdings) Limited Annual Report 2010138
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. 主要會計政策（續）
(c) 金融工具（續）
(iv) 股本
普 通 股 分 類 列 為 股 權。與
發 行 新 股 或 購 股 權 直 接 有
關 的 增 量 成 本，列 入 股 權
作為所得款項的減值（減去
稅項）。
倘 任 何 集 團 公 司 購 買 本 公
司 之 權 益 股 本，所 支 付 之
金額（包括直接應佔成本（扣
除 所 得 稅））將 自 權 益 中 作
為扣除金額確認。
(v) 金 融 資 產 及 負 債 的 確 認 及
取消確認
當 本 集 團 成 為 工 具 合 約 條
文 之 訂 約 方，則 於 綜 合 資
產 負 債 表 確 認 金 融 資 產 及
金 融 負 債。當 本 集 團 再 無
權 利 收 取 現 金 流 量、有 關
擁 有 權 的 風 險 及 回 報 或 控
制 該 資 產，則 取 消 確 認 金
融 資 產。當 金 融 負 債 項 下
的 責 任 已 解 除、取 消 或 屆
滿時，則取消確認金融負債。
(d) 物業、廠房及設備
(i) 確認及計量
物 業、廠 房 及 設 備 項 目 成
本 減 累 計 折 舊（見 下 文 (iv)）
及減值虧損（見附註3(l)）計量。
成 本 包 括 直 接 因 收 購 該 資
產 而 動 用 的 支 出。自 建 資
產 的 成 本 包 括 原 材 料 及 直
接 勞 工 成 本 以 及 使 資 產 達
至 作 既 定 用 途 的 營 運 狀 態
的任何其他成本。
倘 物 業、廠 房 及 設 備 的 項
目 其 中 部 份 有 不 同 可 使 用
年 期，則 該 等 部 份 列 作 物
業、廠房及設備的個別項目。
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
(c) Financial instruments (Continued)
(iv) Share capital
Ordinary shares are classified as equity. Incremental
costs directly attributable to the issue of new shares or
options are shown in equity as a deduction, net of tax,
from the proceeds.
Where any group company purchases the Company’s
equity share capital, the amount of the consideration
paid, which includes directly attributable costs, is net of
any tax effects, and is recognised as a deduction from
equity.
(v) Recognition/derecognition of financial assets and
liabilities
Financial assets and financial liabilities are recognised
in the consolidated balance sheet when the Group
becomes a party to the contractual provisions of the
instrument. Financial assets are de-recognised when
the Group no longer has the rights to cash flows,
the risks and rewards of ownership or control of the
asset. Financial liabilities are de-recognised when the
obligation under the liability is discharged, cancelled or
expires.
(d) Property, plant and equipment
(i) Recognition and measurement
Items of property, plant and equipment are measured
at cost less accumulated depreciation (see (iv) below)
and impairment losses (see note 3(l)).
Cost includes expenditure that is directly attributable to
the acquisition of the asset. The cost of self-constructed
assets includes the cost of materials and direct labour,
and other costs directly attributable to bringing the
asset to a working condition for its intended use.
Where par ts of an i tem of property , p lant and
equipment have different useful l ives, they are
accounted for as separate items of property, plant and
equipment.
盛高置地（控股）有限公司 二零一零年年報 139
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. 主要會計政策（續）
(d) 物業、廠房及設備（續）
(i) 確認及計量（續）
出 售 一 項 物 業、廠 房 及 設
備 項 目 之 收 益 及 虧 損 乃 通
過 對 比 出 售 事 項 之 所 得 款
項 與 物 業、廠 房 及 設 備 的
賬 面 值 釐 定，並 於 損 益 中
的「其他收入」中按淨值入賬。
(ii) 重新分類至投資物業
當 一 項 物 業 的 用 途 從 業 主
自 用 轉 變 為 投 資 物 業 時，
則 須 按 公 允 價 值 重 新 計 量
該 項 物 業，並 作 為 投 資 物
業 重 新 分 類。重 新 計 量 時
所 產 生 的 任 何 收 益 直 接 於
權 益 內 確 認。任 何 虧 損 直
接於損益中確認。
(iii) 其後成本
如 果 物 業、廠 房 及 設 備 任
何 一 項 的 替 換 部 份 所 具 有
的 未 來 經 濟 利 益 將 可 能 流
入 本 集 團 且 其 成 本 可 以 可
靠 地 計 量 時，則 該 等 成 本
應 予 發 生 時 計 入 物 業、廠
房 及 設 備 的 賬 面 價 值。物
業、廠 房 及 設 備 日 常 服 務
的 成 本 於 產 生 期 間 在 損 益
中確認。
(iv) 折舊
折 舊 乃 按 物 業、廠 房 及 設
備 任 何 一 項 各 部 份 的 估 計
可 使 用 年 期 以 直 線 法 在 損
益 中 確 認。租 賃 資 產 則 按
租 賃 期 及 其 可 使 用 年 期 的
較短者折舊。
本 期 間 及 比 較 期 間 的 估 計
可使用年期如下：
建於租賃土地
上的樓宇 20年
汽車 5年
裝置、傢俱及設備 3至5年
租賃物業裝修 租賃期或
5年（以較
短者為準）
折 舊 法、可 使 用 年 期 及 剩
餘 價 值 會 於 報 告 日 期 重 新
評估。
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
(d) Property, plant and equipment (Continued)
(i) Recognition and measurement (Continued)
Gains and losses on disposal of an item of property,
plant and equipment are determined by comparing the
proceeds from disposal with the carrying amount of
property, plant and equipment and are recognised net
within “other income” in profit or loss.
(ii) Reclassification to investment properties
When the use of a property changes from owner-
occupied to investment properties, the property is re-
measured to fair value and reclassified as investment
properties. Any gain arising on re-measurement is
recognised directly in equity. Any loss is recognised
immediately in profit or loss.
(iii) Subsequent costs
The cost of replacing part of an item of property, plant
and equipment is recognised in the carrying amount
of the item if it is probable that the future economic
benefits embodied within the part will flow to the
Group and its cost can be measured reliably. The costs
of the day-to-day servicing of property, plant and
equipment are recognised in profit or loss as incurred.
(iv) Depreciation
Depreciation is recognised in profit or loss on a straight-
line basis over the estimated useful lives of each part
of an item of property, plant and equipment. Leased
assets are depreciated over the shorter of the lease term
and their useful lives.
The est imated usefu l l i ves for the cur rent and
comparative periods are as follows:
Buildings situated on
leasehold land 20 years
Motor vehicles 5 years
Fixtures, fittings and
equipment 3-5 years
Leasehold improvements Shorter of leasehold
period and 5 years
Depreciation methods, useful lives and residual values
are reviewed at each reporting date.
SPG Land (Holdings) Limited Annual Report 2010140
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. 主要會計政策（續）
(e) 土地使用權
土 地 使 用 權 指 收 購 中 國40至70
年的土地使用權租賃預付款項。
支 付 款 項 後 獲 得 的 土 地 使 用 權
首先按收購成本確認。土地使用
權 根 據 有 關 土 地 上 所 建 物 業 的
擬定用途分類及入賬。
就持作自用物業而言，有關租賃
預 付 款 項 在 資 產 負 債 表 中 單 獨
列作土地使用權，並按成本減累
計攤銷及任何減值虧損（見附註
3(l)）入賬。攤銷按土地使用權年
期以直線法在損益中扣除。
就投資物業而言，有關土地使用
權 分 類 及 列 為 投 資 物 業 的 一 部
份，並 按 附 註3(f)所 述 方 法 以 公
允價值列賬。
就待售物業而言，土地使用權分
類及列為物業的一部份。
(f) 投資物業
投 資 物 業 為 持 有 目 的 在 於 獲 取
租 金 收 入 或 資 本 增 值 或 作 以 上
兩種用途的物業，而用於在正常
業務過程中出售、用於生產或提
供 貨 物 或 服 務 或 作 行 政 用 途 的
物業則不屬於投資物業。投資物
業 包 括 持 作 未 來 用 途 目 前 並 未
釐 定 的 土 地 使 用 權 及 現 正 興 建
或 發 展 供 日 後 用 作 投 資 物 業 的
物業。
投 資 物 業 乃 按 公 允 價 值 於 資 產
負債表內列賬，除非其於結算日
仍在興建或開發中，而其公允價
值於當時不可被可靠地釐定。公
允 價 值 的 變 動 或 因 停 用 或 出 售
投 資 物 業 所 產 生 的 收 益 或 虧 損
乃於損益內確認。
投資物業的租金收入按附註3(r)
所述方法入賬。
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
(e) Land use rights
Land use rights represent lease prepayments for acquiring
rights to use land in the PRC with periods ranging from 40
to 70 years. Land use rights granted with consideration are
recognised initially at acquisition cost. Land use rights are
classified and accounted for in accordance with the intended
use of the properties erected on the related land.
For properties that are held for own use, the corresponding
lease prepayments are separately stated as land use rights
in the balance sheet and stated at cost, less accumulated
amortisation and any impairment losses (see note 3(l)).
Amortisation is charged to profit or loss on a straight-line
basis over the period of the land use rights.
For investment properties, the corresponding land use rights
are classified and accounted for as part of the investment
properties, which are carried at fair value as described in
note 3(f).
For properties that are developed for sale, the corresponding
land use rights are classified and accounted for as part of the
properties.
(f) Investment properties
Investment properties are properties held either to earn
rental income or for capital appreciat ion or for both,
but not for sales in the ordinary course of business, use
in the production or supply of goods or services or for
administrative purposes. These include land use rights held
for a currently undetermined future use and property that is
being constructed or developed for future use as investment
properties.
Investment properties are stated in the balance sheet at fair
value, unless they are still in the course of construction or
development at the balance sheet date and their fair value
cannot be reliably determined at that time. Any gain or loss
arising from a change in fair value or from the retirement or
disposal of an investment property is recognised in profit or
loss.
Rental income from investment properties is accounted for as
described in note 3(r).
盛高置地（控股）有限公司 二零一零年年報 141
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. 主要會計政策（續）
(f) 投資物業（續）
當一項 投 資 物 業 的 用 途 轉 變 導
致須按物業、廠房及設備進行重
新分類時，則其於重新分類當日
的 公 允 價 值 成 為 其 後 會 計 處 理
的成本。倘本集團開始重新發展
現 有 投 資 物 業 供 日 後 持 續 用 作
投資物業，則該物業繼續按公允
價值模式計量為投資物業，而不
會在重新發展期間分類為物業、
廠房及設備。
(g) 發展中物業
發 展 中 物 業 包 括 發 展 作 自 用 及
出售的物業。物業的發展成本包
括 待 售 發 展 中 物 業 的 土 地 使 用
權成本（見附註3(e)）、建築成本、
借 貸 成 本（見 附 註3(s)）及 發 展 期
間產生的專業費用等。發展中物
業按成本減任何減值虧損（見附
註3(l)）入賬。
擬 作 銷 售 用 途 及 預 期 於 結 算 日
起 十 二 個 月 內 完 成 的 發 展 中 物
業列作流動資產。
擬 作 自 用 或 銷 售 及 預 期 於 結 算
日 起 十 二 個 月 後 完 成 的 發 展 中
物業列作非流動資產。
(h) 已建成待售物業
已 建 成 待 售 物 業 於 各 期 末 按 成
本 或 可 變 現 淨 值 兩 者 的 較 低 者
入賬。
已 建 成 待 售 物 業 的 成 本 包 括 待
售物業應佔的發展成本。
可 變 現 淨 值 乃 參 考 在 日 常 業 務
中 出 售 物 業 的 銷 售 所 得 款 項 減
適用的可變銷售開支後釐定，或
由管理層按當時市況估計。
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
(f) Investment properties (Continued)
When the use of an investment property changes such that
it is reclassified as property, plant and equipment, its fair
value at the date of reclassification becomes its cost for
subsequent accounting. When the Group begins to redevelop
an existing investment property for continued future use as
investment property, the property remains an investment
property measured based on the fair value model, and is
not reclassified as property, plant and equipment during the
redevelopment.
(g) Properties under development
Properties under development comprise property developed
for own use or for sale. The development cost of property
comprises costs of land use rights for properties under
development for sale (see note 3(e)), construction costs,
borrowing costs (see note 3(s)) and professional fees
incurred during the development period. Properties under
development are carried at cost, less any impairment loss (see
note 3(l)).
Properties under development which are intended to be held
for sale and expected to be completed within 12 months from
the balance sheet date are shown as current assets.
Properties under development which are intended to be held
for own use, or for sale and expected to be completed beyond
12 months from the balance sheet date are shown as non-
current assets.
(h) Completed properties held for sale
Completed properties remaining unsold at the end of each
period are stated at the lower of cost and net realisable value.
Cost of completed properties held for sale comprises
development costs attributable to the unsold properties.
Net realisable value is determined by reference to the sale
proceeds of properties sold in the ordinary course of business,
less applicable variable selling expenses, or by management
estimates based on prevailing marketing conditions.
SPG Land (Holdings) Limited Annual Report 2010142
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. 主要會計政策（續）
(i) 無形資產（商譽除外）
本 集 團 所 購 無 形 資 產 於 資 產 負
債表按成本減累計攤銷（倘估計
可使用年期有限）及累計減值虧
損列賬（見附註3(l)）。
有 確 定 可 使 用 年 期 之 無 形 資 產
攤 銷 按 其 估 計 可 使 用 年 期 以 直
線法於損益賬內列銷。以下有確
定 可 使 用 年 期 之 無 形 資 產 自 可
用 日 期 起 攤 銷 而 估 計 可 用 年 期
如下 :
承包商資格 37年
攤 銷 期 限 及 方 法 於 於 每 年 重 新
評估。
(j) 應收賬款、其他應收款項
及預付按金
應收賬款、其他應收款項及預付
按金最初按公允價值確認，其後
按攤銷成本減呆壞賬減值虧損（見
附註3(l)）列賬，惟應收款項為免
息 墊 款 且 須 按 要 求 償 還 或 貼 現
並無重大影響者則除外。在該等
情況下，應收款項按成本減呆壞
賬減值虧損列賬（見附註3(l)）。
(k) 存貨
存 貨 按 成 本 及 可 變 現 淨 值 的 較
低者入賬。存貨成本按加權平均
成本法計算，包括採購存貨的成
本、生產成本或改裝成本及使存
貨 達 到 目 前 地 點 及 現 狀 而 產 生
的其他成本。
可 變 現 淨 值 按 日 常 業 務 過 程 中
的 估 計 售 價 減 預 計 完 工 成 本 及
銷售所需的預計成本計算。
出售存貨時，該等存貨的賬面值
會 於 有 關 收 入 確 認 期 間 確 認 為
費用。任何將存貨撇減至可變現
淨值的數額及存貨所有虧損，均
在 撇 減 或 虧 損 出 現 的 期 間 確 認
為費用。撇減存貨的任何撥回金
額 於 撥 回 期 間 確 認 為 已 確 認 作
費用的存貨的減項。
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
(i) Intangible assets (other than goodwill)
Intangible assets that are acquired by the Group are stated in
the balance sheet at cost less accumulated amortisation (where
the estimated useful life is finite) and impairment losses (see
note 3(l)).
Amortisation of intangible assets with finite useful lives is
charged to profit or loss on a straight-line basis over the
estimated useful lives. The following intangible assets with
finite useful l ives are amortised from the date they are
available for use and their estimated useful lives are as follows:
Contractor qualification 37 years
Both the period and method of amortisation are reviewed
annually.
(j) Trade, other receivables and advance
deposits
Trade, other receivables and advance deposits are initially
recognised at fair value and thereafter stated at amortised
cost less impairment losses for bad and doubtful debts
(see note 3(l)), except where the receivables are interest-
free advances and repayable on demand or the effect
of discounting would be immaterial. In such cases, the
receivables are stated at cost less impairment losses for bad
and doubtful debts (see note 3(l)).
(k) Inventories
Inventories are measured at the lower of cost and net
realisable value. The cost of inventories is calculated using
the weighted average cost formula, and includes expenditure
incurred in acquiring the inventories, production or conversion
costs and other costs incurred in bringing them to their
existing location and condition.
Net realisable value is the estimated selling price in the
ordinary course of business, less the estimated costs of
completion and selling expenses.
When inventories are sold, the carrying amount of those
inventories is recognised as an expense in the period in which
the related revenue is recognised. The amount of any write-
down of inventories to net realisable value and all losses of
inventories are recognised as an expense in the period the
write-down or loss occurs. The amount of any reversal of any
write-down of inventories is recognised as a reduction in the
amount of inventories recognised as an expense in the period
in which the reversal occurs.
盛高置地（控股）有限公司 二零一零年年報 143
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. 主要會計政策（續）
(l) 減值
(i) 金融資產
按 成 本 或 攤 銷 成 本 入 賬 的
股本證券投資（投資附屬公
司除外）及應收賬款及其他
流 動 應 收 款 項 將 於 每 個 結
算 日 檢 討，以 測 試 有 否 出
現 減 值 的 客 觀 證 據。減 值
的 客 觀 證 據 包 括 本 集 團 得
悉 的 有 關 下 列 一 項 或 多 項
虧損事件的明顯證據：
• 債務人遭遇重大財務
困難；
• 違 約，如 拖 欠 或 無 法
如期償還利息或本金；
• 債務人可能會宣告破
產或進行其他財務重
組；
• 科技、市場、經濟或法
律環境的重大變化對
債務人造成不利影響；
及
• 股本票據投資的公允
價值大幅或持續下降
至低於其成本值。
若 出 現 任 何 該 等 證 據，將
根 據 以 下 方 式 計 算 及 確 認
減值虧損：
• 按權益法確認的聯營
公司及共同控制實體
的投資（見附註3(a)），
減值虧損乃根據附註
3(l)(ii)將整體投資的可
收回數額與其賬面值
比 較 而 計 算。倘 若 根
據附註3(l)(ii)用於釐定
可收回數額的估值出
現 有 利 變 化，則 會 撥
回減值虧損。
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
(l) Impairment
(i) Financial assets
Investments in equity securities (other than investment
in subsidiaries) and trade and other current receivables
that are stated at cost or amortised cost are reviewed at
each balance sheet date to determine whether there is
objective evidence of impairment. Objective evidence
of impairment includes observable data that comes to
the attention of the Group about one or more of the
following loss events:
• significant financial difficulty of the debtor;
• a breach of contract , such as a defaul t or
delinquency in interest or principal payments;
• it becoming probable that the debtor will enter
bankruptcy or other financial reorganisation;
• significant changes in the technological, market,
economic or legal environment that have an
adverse effect on the debtor; and
• a significant or prolonged decline in the fair value
of an investment in an equity instrument below
its cost.
If any such evidence exists, an impairment loss is
determined and recognised as follows:
• For investments in assoc iates and jo int ly
controlled entities recognised using the equity
method (see note 3(a)), the impairment loss is
measured by comparing the recoverable amount
of the investment as a whole with its carrying
amount in accordance with note 3(l)(ii). The
impairment loss is reversed if there has been
a favourable change in the estimates used to
determine the recoverable amount in accordance
with note 3(l)(ii).
SPG Land (Holdings) Limited Annual Report 2010144
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. 主要會計政策（續）
(l) 減值（續）
(i) 金融資產（續）
• 按成本入賬的非上市
股本票據的減值虧損，
乃根據金融資產賬面
值及估計未來現金流
量 的 差 額 計 算，並 按
同類金融資產回報的
現有市場利率（若折算
影響屬重大）折算。非
上市股本票據的減值
虧損不得撥回。
‧ 按攤銷成本入賬的應
收賬款及其他流動應
收款項及其他金融資
產減值虧損按資產賬
面值及估計未來現金
流量現值的差額計算。
如 折 現 的 影 響 甚 大，
則按金融資產的原有
實際利率（即資產首次
確認時計算的實際利
率）折現。倘按攤銷成
本列賬的金融資產具
備類似的風險特徵（如
類似的逾期情況），且
並未單獨被評估為減
值，則 有 關 評 估 會 統
一 進 行。金 融 資 產 的
未來現金流量會根據
與該類資產具有類似
信貸風險特徵資產的
過往虧損情況一同評
估減值。
若於其後期間減值虧
損 減 少，而 有 關 減 少
可客觀地與減值虧損
確認後發生的事項相
關，減 值 虧 損 將 從 損
益 撥 回。減 值 虧 損 的
撥回不得導致資產賬
面值高於過往年度若
無出現減值虧損而應
有的資產賬面值。
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
(l) Impairment (Continued)
(i) Financial assets (Continued)
• For unquoted equity instruments carried at cost,
the impairment loss is measured as the difference
between the carrying amount of the financial
asset and the estimated future cash flows,
discounted at the current market rate of return
for a similar financial asset where the effect of
discounting is material. Impairment losses for
unquoted equity instruments carried at cost are
not reversed.
• For trade and other current receivables and other
financial assets carried at amortised cost, the
impairment loss is measured as the difference
between the asset’s carrying amount and the
present value of estimated future cash flows,
discounted at the financial asset’s original
effective interest rate (. the effective interest
rate computed at initial recognition of the asset);
where the effect of discounting is material. This
assessment is made collectively where financial
assets carried at amortised cost share similar risk
characteristics, such as similar past due status and
have not been individually assessed as impaired.
Future cash flows for financial assets which are
assessed for impairment collectively are based on
historical loss experience for assets with credit
risk characteristics similar to the collective group.
If in a subsequent period the amount of an
impairment loss decreases and the decrease
can be linked objectively to an event occurring
after the impairment loss was recognised, the
impairment loss is reversed through profit or loss.
A reversal of an impairment loss shall not result in
the asset’s carrying amount exceeding that which
would have been determined had no impairment
loss been recognised in prior years.
盛高置地（控股）有限公司 二零一零年年報 145
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. 主要會計政策（續）
(l) 減值（續）
(ii) 非金融資產
本集團非金融資產（不包括
投 資 物 業、存 貨 及 遞 延 稅
項資產）的賬面值於各報告
日 期 進 行 審 閱，以 確 定 是
否 存 在 任 何 減 值 跡 象。倘
存 在 任 何 減 值 跡 象，則 須
估 計 該 項 資 產 的 可 收 回 金
額。就商譽而言，該可收回
金額於各報告日期進行估計。
一 項 資 產 或 現 金 產 生 單 位
的 可 收 回 金 額 按 其 使 用 價
值 與 公 允 價 值 減 銷 售 成 本
的 較 高 者 釐 定。在 評 估 使
用 價 值 時，會 採 用 反 映 當
時 市 場 評 估 的 貨 幣 時 間 價
值 及 該 資 產 的 獨 有 風 險 之
稅 前 貼 現 率，將 估 計 未 來
現 金 流 量 折 現 為 現 值。為
進 行 減 值 測 試，資 產 被 集
合 為 最 小 資 產 組 合，該 資
產 組 合 通 過 不 斷 使 用 產 生
現 金 流，其 大 部 分 獨 立 於
其 他 資 產 或 資 產 組 合 之 現
金流入（「現金產生單位」）。
減 值 虧 損 於 該 資 產 或 其 現
金 產 生 單 位 的 賬 面 金 額 超
出 其 可 收 回 金 額 時 確 認。
減 值 虧 損 在 損 益 中 確 認。
就 現 金 產 生 單 位 確 認 的 減
值虧損，其分攤次序如下：
首 先 用 以 抵 減 分 攤 至 該 等
單 位 的 任 何 商 譽 的 賬 面 金
額，然 後 用 以 按 比 例 抵 減
該 單 位（或 一 組 單 位）內 其
他資產的賬面金額。
一 項 有 關 商 譽 的 減 值 虧 損
不 作 回 撥。就 其 他 資 產 而
言，於 各 呈 報 日 期 會 對 前
期已確認的減值虧損（就任
何 顯 示 虧 損 已 減 少 或 不 再
存在的現象）進行評估。當
用 於 釐 定 可 收 回 金 額 的 估
計 發 生 變 動 時 撥 回 減 值 虧
損。倘並無確認減值虧損，
則 僅 在 資 產 賬 面 值 在 扣 除
折 舊 或 攤 銷 後 並 無 超 逾 原
本 釐 定 的 賬 面 值 的 情 況 下
撥回減值虧損。
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
(l) Impairment (Continued)
(ii) Non-financial assets
The carrying amounts of the Group’s non-financial
assets, other than investment properties, inventories
and deferred tax assets, are reviewed at each reporting
date to determine whether there is any indication of
impairment. If any such indication exists, then the
asset’s recoverable amount is estimated. For goodwill,
its recoverable amount is estimated at each reporting
date.
The recoverable amount of an asset or cash-generating
unit is the greater of its value in use and its fair value
less costs to sell. 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 the purpose of
impairment testing, assets are grouped together into
the smallest group of assets that generates cash inflows
from continuing use that are largely independent of
the cash inflows of other assets or groups of assets (the
“cash-generating unit”).
An impairment loss is recognised if the carrying amount
of an asset or its cash-generating unit exceeds its
recoverable amount. Impairment losses are recognised
in profit or loss. Impairment losses recognised in respect
of cash-generating units are allocated first to reduce
the carrying amount of any goodwill allocated to the
units and then to reduce the carrying amount of the
other assets in the unit (group of units) on a pro rata
basis.
An impairment loss in respect of goodwil l is not
reversed. In respect of other assets, impairment losses
recognised in prior periods are assessed at each
reporting date for any indications that the losses have
decreased or no longer exist. An impairment loss is
reversed if there has been a change in the estimates
used to determine the recoverable amount. An
impairment loss is reversed only to the extent that the
asset’s carrying amount does not exceed the carrying
amount that would have been determined, net of
depreciation or amortisation, if no impairment loss had
been recognised.
SPG Land (Holdings) Limited Annual Report 2010146
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. 主要會計政策（續）
(m) 應付賬款、其他應付款項
及預收款項
應付賬款、其他應付款項及預收
款項首先按公允價值確認，其後
按已攤銷成本列賬，惟倘貼現並
無重大影響，則按成本列賬。
(n) 計息貸款
計 息 貸 款 首 先 按 公 允 價 值 減 應
佔交易成本確認入賬。首次確認
後，計息貸款按已攤銷成本列賬，
成 本 與 贖 回 價 值 的 任 何 差 額 在
損 益 中 以 實 際 利 率 法 按 借 貸 年
期確認入賬。
(o) 現金及現金等價物
現 金 及 現 金 等 價 物 包 括 現 金 結
餘及活期存款。就綜合現金流量
表而言，現金及現金等價物亦包
括 須 於 要 求 時 償 還 及 屬 於 本 集
團現金管理部份的銀行透支。
(p) 僱員福利
(i) 界定供款退休計劃
界 定 供 款 退 休 計 劃 為 一 項
退 休 後 僱 員 福 利 計 劃，根
據 該 計 劃，一 間 實 體 向 一
間 獨 立 的 實 體 作 出 固 定 金
額 的 供 款，其 毋 須 負 上 任
何 法 定 或 推 定 責 任 以 進 一
步 支 付 供 款。界 定 供 款 退
休 計 劃 的 供 款 責 任 於 到 期
時 在 損 益 中 確 認 為 僱 員 福
利 開 支，惟 不 包 括 計 入 尚
未 確 認 為 銷 售 成 本 的 發 展
中 物 業 或 已 建 成 待 售 物 業
成本。
(ii) 股份支付
授 予 僱 員 的 購 股 權 於 僱 員
可 無 條 件 有 權 取 得 購 股 權
期 間 按 於 授 予 當 日 的 公 允
價 值 確 認 為 僱 員 開 支，而
權 益 內 的 資 本 儲 備 則 相 應
增 加。已 確 認 為 開 支 的 款
項 經 調 整 以 反 映 行 權 的 購
股權的實際數目。
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
(m) Trade, other payables and advance receipts
Trade, other payables and advance receipts are initially
recognised at fair value and thereafter stated at amortised
cost unless the effect of discounting would be immaterial, in
which case they are stated at cost.
(n) Interest-bearing borrowings
Interest-bearing borrowings are recognised initially at fair
value less attributable transaction costs. Subsequent to
initial recognition, interest-bearing borrowings are stated
at amortised cost with any difference between cost and
redemption value being recognised in profit or loss over the
period of the borrowings on an effective interest basis.
(o) Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call
deposits. Bank overdrafts that are repayable on demand and
form an integral part of the Group’s cash management are
included as a component of cash and cash equivalents for the
purpose of the consolidated statements of cash flows.
(p) Employee benefits
(i) Defined contribution retirement plans
A defined contribution plan is a post-employment
benef i t p lan under which an ent i t y pays f i xed
contributions into a separate entity and will have no
legal or constructive obligation to pay further amounts.
Obligations for contributions to defined contribution
pension plans are recognised as an employee benefit
expense in profit or loss when they are due, except
to the extent that they are included in the cost of
properties under development or completed properties
held for sale not yet recognised as cost of sales.
(ii) Share-based payments
The grant date fair value of share options granted to
employees is recognised as an employee expense,
with a corresponding increase in capital reserve within
equity, over the period in which the employees become
unconditionally entitled to the options. The amount
recognised as an expense is adjusted to reflect the
actual number of share options that vest.
盛高置地（控股）有限公司 二零一零年年報 147
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. 主要會計政策（續）
(p) 僱員福利（續）
(ii) 股份支付（續）
公 允 價 值 於 授 予 當 日 以 二
項 模 式 計 算，並 考 慮 購 股
權 授 予 的 條 款 及 條 件。如
果 在 僱 員 於 無 條 件 地 有 權
獲 授 購 股 權 前 符 合 歸 屬 條
件，則 購 股 權 的 估 計 公 允
價 總 值 在 歸 屬 期 攤 分，並
需考慮購股權歸屬的可能性。
於 歸 屬 期，需 審 閱 預 期 行
使 的 購 股 權 數 量。任 何 對
過 往 年 度 已 確 認 累 計 公 允
價 值 所 作 的 調 整 於 審 閱 年
度 的 損 益 扣 除 或 入 賬，除
非 原 有 僱 員 開 支 合 資 格 確
認 為 資 產，則 對 資 本 儲 備
作出調整。於歸屬日期，已
確 認 為 開 支 的 金 額 會 作 調
整，以 反 映 所 行 使 的 購 股
權數量（同時亦相應調整資
本儲備），惟僅於未能達到
有 關 本 公 司 股 份 市 價 的 行
使 條 件 時 方 會 沒 收 其 購 股
權。股 權 金 額 於 資 本 儲 備
確認，直至購股權獲行使（即
轉撥至股份溢價賬時）或購
股權到期（即直接撥至保留
溢利時）為止。有關本公司
向 子 公 司 僱 員 授 予 購 股 權
的 股 份 支 付 在 本 公 司 資 產
負 債 表 列 作 子 公 司 投 資 價
值 增 加，且 於 合 併 賬 目 時
予以抵銷。
(q) 所發出的財務擔保、撥備
及或有負債
(i) 所發出的財務擔保
財務擔保乃要求發行人（即
擔保人）就擔保受益人（「持
有 人」）因 特 定 債 務 人 未 能
根 據 債 項 工 具 的 條 款 於 到
期 時 付 款 而 蒙 受 的 損 失，
而 向 持 有 人 支 付 特 定 款 項
的合約。
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
(p) Employee benefits (Continued)
(ii) Share-based payments (Continued)
The fair value is measured at grant date using the
binomial model, taking into account the terms and
conditions upon which the options were granted.
Where the employees have to meet vesting conditions
before becoming unconditionally entitled to the share
options, the total estimated fair value of the share
options is spread over the vesting period, taking into
account the probability that the options will vest.
During the vesting period, the number of share options
that is expected to vest is reviewed. Any adjustment
to the cumulative fair value recognised in prior years
is charged or credited to profit or loss for the year of
the review, unless the original employee expenses
qualify for recognition as an asset, in which case the
adjustment is made to the capital reserve. On vesting
date, the amount recognised as an expense is adjusted
to reflect the actual number of share options that
vest (with a corresponding adjustment to the capital
reserve) except where forfeiture is only due to not
achieving vesting conditions that relate to the market
price of the Company’s shares. The equity amount
is recognised in the capital reserve until either the
option is exercised (when it is transferred to the share
premium account) or the option expires (when it is
released directly to retained profits). Share-based
payment transactions in which the Company grants
share options to subsidiaries’ employees are accounted
for as an increase in value of investment in subsidiaries
in the Company’s balance sheet which is eliminated on
consolidation.
(q) Financial guarantees issued, provisions and
contingent liabilities
(i) Financial guarantees issued
Financial guarantees are contracts that require the
issuer (. the guarantor) to make specified payments
to reimburse the beneficiary of the guarantee (the
“holder”) for a loss the holder incurs because a
specified debtor fails to make payment when due in
accordance with the terms of a debt instrument.
SPG Land (Holdings) Limited Annual Report 2010148
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. 主要會計政策（續）
(q) 所發出的財務擔保、撥備
及或有負債（續）
(i) 所發出的財務擔保（續）
倘 本 集 團 發 出 財 務 擔 保，
該擔保的公允價值（即交易
價 格，除 非 該 公 允 價 值 能
確實地估計）最初確認為應
付 賬 款 及 其 他 應 付 款 內 的
遞 延 收 入。倘 在 發 行 該 擔
保 時 收 取 或 可 收 取 代 價，
該 代 價 則 根 據 適 用 於 該 類
資 產 的 本 集 團 政 策 而 予 以
確 認。倘 並 無 已 收 取 或 可
收 取 的 該 類 代 價，於 最 初
確 認 任 何 遞 延 收 入 時，即
時開支於損益內確認。
最 初 確 認 為 遞 延 收 入 的 擔
保 款 額 按 擔 保 年 期 於 損 益
內 攤 銷 為 所 發 出 的 財 務 擔
保 收 入。此 外，倘 (i)擔 保 持
有 人 有 可 能 召 回 的 本 集 團
所發出擔保；及 (ii)向本集團
的 索 賠 款 額 預 期 超 過 現 時
列 於 該 擔 保 的 應 付 賬 款 及
其他應付款（即最初確認的
金額減累計攤銷），以上情
況下將根據附註3(q)(ii)確認
撥備。
(ii) 其他撥備及或有負債
倘 本 集 團 須 就 已 發 生 的 事
件 承 擔 法 律 或 推 定 責 任，
而 該 項 責 任 可 以 可 靠 地 估
計，且 可 能 需 要 付 出 經 濟
利 益 以 履 行 該 責 任，則 該
撥 備 會 獲 確 認。撥 備 乃 按
預 期 未 來 現 金 流 量 以 可 反
映 當 時 市 場 對 貨 幣 時 間 價
值 及 負 債 特 定 風 險 的 評 估
的稅前貼現率貼現而釐定。
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
(q) Financial guarantees issued, provisions and
contingent liabilities (Continued)
(i) Financial guarantees issued (Continued)
Where the Group issues a financial guarantee, the
fair value of the guarantee (being the transaction
price, unless the fair value can otherwise be reliably
estimated) is initially recognised as deferred income
within trade and other payables. Where consideration is
received or receivable for the issuance of the guarantee,
the consideration is recognised in accordance with the
Group’s policies applicable to that category of asset.
Where no such consideration is received or receivable,
an immediate expense is recognised in profit or loss on
initial recognition of any deferred income.
The amount of the guarantee initially recognised as
deferred income is amortised in profit or loss over
the term of the guarantee as income from financial
guarantees i s sued. In addi t ion, prov i s ions are
recognised in accordance with note 3(q)(ii) if and when
(i) it becomes probable that the holder of the guarantee
will call upon the Group under the guarantee, and (ii)
the amount of that claim on the Group is expected to
exceed the amount currently carried in trade and other
payables in respect of that guarantee, . the amount
initially recognised, less accumulated amortisation.
(ii) Other provisions and contingent liabilities
A provision is recognised if, as a result of a past event,
the Group has a present legal or constructive obligation
that can be estimated reliably, and it is probable that
an outflow of economic benefits will be required to
settle the obligation. Provisions are determined by
discounting the expected future cash flows at a pre-
tax rate that reflects current market assessments of
the time value of money and the risks specific to the
liability.
盛高置地（控股）有限公司 二零一零年年報 149
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. 主要會計政策（續）
(q) 所發出的財務擔保、撥備
及或有負債（續）
(ii) 其他撥備及或有負債（續）
倘 不 一 定 需 要 流 出 經 濟 效
益 履 行 責 任 或 未 能 可 靠 估
計 款 額，則 該 等 責 任 將 披
露 作 或 有 負 債，除 非 出 現
經 濟 效 益 流 出 的 可 能 性 極
微。可 能 出 現 的 責 任（僅 由
發 生 或 不 發 生 一 項 或 多 項
未來事件而確定）亦披露為
或 有 負 債，除 非 出 現 經 濟
利益流出的可能性極微。
(r) 收益
倘 經 濟 利 益 可 能 流 向 本 集 團 而
能夠可靠計算收益及成本（如適
用），則在損益中確認如下：
(i) 物業銷售
當 集 團 公 司 將 有 關 物 業 交
付 客 戶 及 合 理 確 定 能 收 取
有 關 應 收 款 項 時 確 認 物 業
銷 售 收 益。在 確 認 收 益 當
日 前 出 售 物 業 所 收 取 的 訂
金 及 分 期 款 項 列 作 預 收 客
戶 款 項，並 在 流 動 負 債 列
為應付賬款及其他應付款項。
(ii) 經營租賃的租金收入
租 金 收 入 按 租 賃 年 期 以 直
線 法 確 認。已 給 予 的 租 賃
優 惠 於 損 益 中 確 認 為 應 收
總租賃款項淨額的一部份。
或 有 租 金 於 賺 取 的 期 間 確
認為收入。
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
(q) Financial guarantees issued, provisions and
contingent liabilities (Continued)
(ii) Other provisions and contingent l iabil it ies
(Continued)
Where it is not probable that an outflow of economic
benefits will be required, or the amount cannot be
estimated reliably, the obligation is disclosed as a
contingent liability, unless the probability of outflow
of economic benefits is remote. Possible obligations,
whose ex is tence wi l l on ly be conf i rmed by the
occurrence or non-occurrence of one or more future
events, are also disclosed as contingent liabilities unless
the probability of an outflow of economic benefits is
remote.
(r) Revenue
Provided it is probable that the economic benefits will flow
to the Group and the revenue and costs, if applicable, can be
measured reliably, revenue is recognised in profit or loss as
follows:
(i) Sales of properties
Revenue from sales of properties is recognised when
a Group entity has delivered the relevant properties
to the customers and collectability of the related
receivables is reasonably assured. Deposits and
instalments received on properties sold prior to the date
of revenue recognition are recorded as advances from
customers and presented as trade and other payables
under current liabilities.
(ii) Rental income from operating leases
Rental income is recognised on a straight-line basis
over the term of the lease. Lease incentives granted are
recognised in profit or loss as an integral part of the
aggregate net lease payment receivable. Contingent
rents are recorded as income in the periods in which
they are earned.
SPG Land (Holdings) Limited Annual Report 2010150
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. 主要會計政策（續）
(r) 收益（續）
(iii) 銷售貨品及提供服務
銷 售 貨 品 收 益 於 所 有 權 重
大 風 險 及 回 報 轉 讓 至 買 方
時 確 認。倘 若 到 期 收 回 的
款 項、附 加 成 本 或 可 能 退
貨 存 在 重 大 不 明 確 因 素，
或持續擁有貨品管理權時，
則不會確認收益。
有 關 物 業 管 理 的 收 益 於 提
供服務時確認。
園 藝 項 目 的 收 益 於 結 算 日
按 項 目 完 成 階 段 的 比 例 確
認。完 成 階 段 參 考 所 進 行
的 工 作 而 評 估。有 關 合 同
預期虧損即時在損益中確認。
(iv) 學費
提 供 教 育 服 務 的 收 益 按 時
間 比 例 以 直 線 法 確 認。在
確 認 收 益 日 期 前 收 取 的 學
費 計 入 其 他 應 付 款 項，並
列為流動負債。
(v) 政府補助
無 條 件 政 府 補 助 按 收 取 現
金基準確認為其他收入。
(s) 借貸成本
因收購、興建或生產合資格資產
而 直 接 產 生 的 借 貸 成 本 將 予 以
資本化。當進行準備資產的活動
及 產 生 借 貸 成 本 開 支 時 開 始 將
借貸成本資本化，直至該資產基
本達到可使用狀態為止。倘資產
的賬面值超逾其可收回數額，則
確認減值虧損。資本化比率乃參
考 用 作 發 展 用 途 的 借 貸 的 實 際
應 付 利 率 或 自 一 般 資 金 撥 作 部
份發展成本的平均利率而釐定。
其 他 借 貸 成 本 均 於 產 生 期 間 於
損益列支。
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
(r) Revenue (Continued)
(iii) Sales of goods and services rendered
Revenue from the sale of goods is recognised when the
significant risks and rewards of ownership have been
transferred to the buyer. No revenue is recognised if
there are significant uncertainties regarding recovery
of the consideration due, associated costs or the
possible return of goods, or where there is continuing
management involvement with the goods.
Revenue in relat ion to property management is
recognised when the services are rendered.
Revenue from landscape projects is recognised in
proportion to the stage of completion of the projects
at the balance sheet date. The stage of completion is
assessed by reference to work performed. An expected
loss on a contract is recognised immediately in profit or
loss.
(iv) Tuition fee
Revenue from provis ion of education services is
recognised on a time-proportion basis using the
straight-line method. Tuition fee received prior to the
date of revenue recognition is included in non-trade
payables and presented under current liabilities.
(v) Government grants
Unconditional government grants are recognised as
other income on a cash receipt basis.
(s) Borrowing costs
Borrowing costs are capitalised if they are directly attributable
to the acquisition, construction or production of a qualifying
asset. Capital isat ion of borrowing costs commences
when the activities to prepare the asset are in progress
and expenditures and borrowing costs are being incurred.
Capitalisation of borrowing costs may continue until the
assets are substantially ready for their intended use. If the
resulting carrying amount of the asset exceeds its recoverable
amount, an impairment loss is recognised. The capitalisation
rate is arrived at by reference to the actual rate payable on
borrowings for development purposes or, with regard to that
part of the development cost financed out of general funds,
to the average rate.
Other borrowing costs are expensed in profit or loss in the
period in which they are incurred.
盛高置地（控股）有限公司 二零一零年年報 151
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. 主要會計政策（續）
(t) 費用
(i) 服務成本及物業經營費用
已 訂 立 服 務 合 約 的 服 務 成
本 及 物 業 管 理 開 支 在 產 生
時列支。
(ii) 經營租賃支付
與 經 營 租 賃 有 關 的 款 項 按
租 賃 年 期 以 直 線 法 於 損 益
確 認。已 收 取 的 租 賃 優 惠
於 損 益 中 確 認 為 租 賃 開 支
總額的一部份。
(u) 融資成本淨額
融 資 成 本 淨 額 包 括 貸 款 利 息 成
本（扣除已資本化利息）（見附註
3(s)）、銀行現金存款利息收入、
股息收入、於其他持作交易目的
之 權 益 證 券 投 資 的 公 允 價 值 變
動及外匯收益及虧損。
利息收入以實際利率法累計確認。
非 上 市 投 資 之 股 息 收 入 在 股 東
收取款項之權利確立時確認。上
市 投 資 之 股 息 收 入 在 投 資 股 價
除息時確認。
外 匯 收 益 及 虧 損 均 以 淨 值 基 準
列報。
(v) 所得稅開支
所 得 稅 開 支 包 括 本 期 所 得 稅 及
遞延稅項。所得稅於損益中確認，
惟 倘 與 直 接 於 權 益 確 認 的 項 目
有關，則於權益確認。
本 期 所 得 稅 指 年 內 應 課 稅 收 入
按 報 告 日 期 已 執 行 或 實 際 已 執
行稅率計算的預期應付稅項，加
上以往年度應付稅項的任何調整。
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
(t) Expenses
(i) Service costs and property operating expenses
Service costs for service contracts entered into and
property operating expenses are expensed as incurred.
(ii) Operating lease payments
Payments made under operating leases are recognised
in profit or loss on a straight-line basis over the term
of the lease. Lease incentives received are recognised
in profit or loss as an integral part of the total lease
expense.
(u) Net finance expense
Net f inance expense comprises interest expenses on
borrowings (see note 3(s)), net of interest capitalised, interest
income on cash deposits in bank, dividend income, changes
in fair value of other investments in equity securities held for
trading, and foreign currency gains and losses.
Interest income is recognised as it accrues, using the effective
interest method.
Dividend income from unlisted investments is recognised
when the shareholder ’ s r ight to rece ive payment i s
established; dividend income from listed investments is
recognised when the share price of the investment goes ex-
dividend.
Foreign currency gains and losses are reported on a net basis.
(v) Income tax expense
Income tax expense comprises current and deferred tax.
Income tax is recognised in profit or loss except to the extent
that it relates to items recognised directly in equity, in which
case it is recognised in equity.
Current tax is the expected tax payable on the taxable income
for the year, using tax rates enacted or substantially enacted
at the reporting date, and any adjustment to tax payable in
respect of previous years.
SPG Land (Holdings) Limited Annual Report 2010152
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. 主要會計政策（續）
(v) 所得稅開支（續）
遞延稅項是按資產負債表法，根
據 作 財 務 呈 報 用 途 的 資 產 和 負
債 的 賬 面 值 與 該 等 資 產 和 負 債
的 計 稅 金 額 之 間 的 暫 時 差 異 計
算撥備。並不就以下暫時差異確
認遞延稅項：商譽的首次確認、
不 影 響 會 計 或 應 課 稅 溢 利 的 資
產 及 負 債 的 首 次 確 認 及 與 子 公
司投資有關的差額（倘在可見將
來不會轉回）。遞延稅項是按預
期將運用於暫時差異（當其撥回時）
的稅率，根據在呈報日期前已執
行或實質上已執行的法律計算。
遞 延 稅 項 資 產 僅 在 預 計 日 後 應
課 稅 溢 利 可 抵 銷 可 利 用 暫 時 差
額時確認。於各呈報日期對遞延
稅項資產進行審核，倘發現不大
可能變現有關稅務利益，則會調
低遞延稅項資產。
(w) 股息
股息在宣派期內確認為負債。
(x) 每股盈利
本 集 團 就 其 普 通 股 份 呈 報 基 本
及攤薄每股盈利（「每股盈利」）數
據。基本每股盈利乃按期內本公
司 普 通 股 東 應 佔 溢 利 或 虧 損 除
以 期 內 已 發 行 普 通 股 份 的 加 權
平均數計算。攤薄每股盈利乃計
及 所 有 具 潛 在 攤 薄 效 力 的 普 通
股（包括可轉換債劵及向僱員授
出之購股權）的影響後對普通股
東 應 佔 溢 利 或 虧 損 以 及 已 發 行
普 通 股 份 的 加 權 平 均 數 作 調 整
後計算。
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
(v) Income tax expense (Continued)
Deferred tax is provided using the balance sheet method,
providing for temporary differences between the carrying
amounts of assets and liabilities for financial reporting
purposes and the amounts used for taxation purposes.
Deferred tax is not recognised for the following temporary
differences: the initial recognition of goodwill, the initial
recognit ion of assets or l iabi l i t ies that affect neither
accounting nor taxable profit, and differences relating
to investments in subsidiaries to the extent that they will
probably not reverse in the foreseeable future. Deferred tax is
measured at the tax rates that are expected to be applied to
the temporary differences when they reverse, based on the
laws that have been enacted or substantially enacted by the
reporting date.
A deferred tax asset is recognised only to the extent that it is
probable that future taxable profits will be available against
which temporary differences can be utilised. Deferred tax
assets are reviewed at each reporting date and are reduced
to the extent that it is no longer probable that the related tax
benefit will be realised.
(w) Dividends
Dividends are recognised as a liability in the period in which
they are declared.
(x) Earnings per share
The Group presents basic and diluted earnings per share
(“EPS”) data for its ordinary shares. Basic EPS is calculated by
dividing the profit or loss attributable to ordinary shareholders
of the Company by the weighted average number of
ordinary shares outstanding during the period. Diluted EPS
is determined by adjusting the profit or loss attributable to
ordinary shareholders and the weighted average number
of ordinary shares outstanding for the effects of all dilutive
potential ordinary shares, which comprise convertible bonds
and share options granted to employees.
盛高置地（控股）有限公司 二零一零年年報 153
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. 主要會計政策（續）
(y) 關連人士
就本綜合財務報表而言，如果本
集 團 能 夠 直 接 或 間 接 控 制 另 一
方 或 對 另 一 方 的 財 務 及 經 營 決
策發揮重大影響力，或另一方能
夠 直 接 或 間 接 控 制 本 集 團 或 對
本 集 團 的 財 務 及 經 營 決 策 發 揮
重大影響力，或本集團與另一方
均 受 到 共 同 控 制 或 共 同 發 揮 重
大影響，則有關人士即被視為本
集團的關連人士。關連人士可為
個 人（即 主 要 管 理 人 員、主 要 股
東及╱或其直系親屬）或其他公
司，亦包括受本集團個人關連人
士發揮重大影響的公司，以及提
供 福 利 予 本 集 團 僱 員 的 離 職 後
福利計劃或與本集團關連的公司。
(z) 分部報告
經 營 分 部 以 及 財 務 報 表 內 所 報
告的每個分部項目金額，均從定
期 向 本 集 團 最 高 級 的 行 政 管 理
層 為 分 配 資 源 及 評 估 本 集 團 各
業 務 類 別 表 現 而 提 供 的 財 務 資
料識別。
就財務報告而言，個別而言屬重
大的經營分部不會合併計算，除
非分部的經濟特徵相似，以及產
品及服務性質、生產程序性質、
客戶種類或類別、分銷產品或提
供 服 務 所 用 的 方 法 及 監 管 環 境
的性質相似，則作別論。至於個
別而言不屬重大的經營分部，如
果彼等均符合上述大部分準則，
則可能合併計算。
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
(y) Related parties
For the purposes of these consolidated financial statements,
parties are considered to be related to the Group if the Group
has the ability, directly or indirectly, to control the party
or exercise significant influence over the party in making
financial and operating decisions, or vice versa, or where
the Group and the party are subject to common control
or common significant influence. Related parties may be
individuals (being members of key management personnel,
significant shareholders and/or their close family members)
or other entities and include entities which are under the
significant influence of related parties of the Group where
those parties are individuals, and post-employment benefit
plans which are for the benefits of employees of the Group or
of any entity that is a related party of the Group.
(z) Segment reporting
Operating segments, and the amounts of each segment item
reported in the financial statements, are identified from the
financial information provided regularly to the Group’s most
senior executive management for the purposes of allocating
resources to and assessing the performance of the Group’s
various lines of business.
Individually material operating segments are not aggregated
for financial reporting purposes unless the segments have
similar economic characteristics and are similar in respect of
the nature of products and services, the nature of production
processes, the type or class of customers, the methods used
to distribute the products or provide the services, and the
nature of the regulatory environment. Operating segments
which are not individually material may be aggregated if they
share a majority of these criteria.
SPG Land (Holdings) Limited Annual Report 2010154
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. 主要會計政策（續）
(aa) 尚未採納之新準則和詮釋
除 了 附 註4解 釋 先 前 已 採 納 者
之外，多項新準則、準則修訂及
詮 釋 在 截 至 二 零 一 零 年 十 二 月
三十一日止年度尚未生效，在編
製該等綜合財務報表時並未應用：
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
(aa) New standards and interpretations not yet
adopted
Other than those adopted early as explained in note 4, a
number of new standards, amendments to standards and
interpretations are not yet effective for the year ended 31
December 2010, and have not been applied in preparing
these consolidated financial statements:
Effective for accounting
period beginning
on or after
(unless specified)
於以下時間開始
或
之後時間開始的
會計期間生效
（除另有說明外）
Amendment to IAS 32, Financial instruments: 國際會計準則第32號之修訂： 1 February 2010
Presentation – Classification of rights issues 金融工具呈列 － 供股之分類 二零一零年二月一日
IFRIC 19, Extinguishing financial liabilities with
equity instruments
國際財務報告詮釋委員會第19號，
以股本工具抵銷金融負債
1 July 2010
二零一零年七月一日
Amendment to IFRS 1, First-time adoption of
International Financial Reporting Standards –
Limited exemption from comparative IFRS 7
disclosures for first-time adopters
國際財務報告準則第1號之修訂，
首次採納國際財務報告準則 －
首次採納者就可資比較之
國際財務報告準則第7號披露
之有限豁免
1 July 2010
二零一零年七月一日
Improvements to IFRSs (2010) 國際財務報告準則（二零一零年）
之改進
1 July 2010
二零一零年七月一日
Revised IAS 24, Related party disclosures 經修訂之國際會計準則第24號，
關聯方披露
1 January 2011
二零一一年一月一日
Amendments to IFRIC 14, IAS 19 – The limit on
a defined benefit asset, minimum funding
requirements and their interaction
國際財務報告詮釋委員會第14號、
國際會計準則第19號之
修訂 － 界定福利資產之限額、
最低資金要求及其相互關係
1 January 2011
二零一一年一月一日
Amendments to IAS 12, Income tax – Deferred tax:
Recovery of underlying assets
國際會計準則第12號的修訂，
所得稅 － 遞延稅項：收回相關
資產
1 January 2012
二零一二年一月一日
IFRS 9, Financial instruments 國際財務報告準則第9號，
金融工具
1 January 2013
二零一三年一月一日
盛高置地（控股）有限公司 二零一零年年報 155
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. 主要會計政策（續）
(aa) 尚未採納之新準則和詮釋
（續）
本集團正在評估該等修訂、新準
則 及 新 詮 釋 的 採 納 預 期 在 最 初
應用的期間將產生的影響。截至
該等財務報表刊發日期，本集團
認為採納上述修訂、新準則及新
詮 釋 不 大 可 能 會 對 本 集 團 的 經
營業績及財務狀況產生重大影響。
4. 會計政策變更
國 際 會 計 準 則 委 員 會 頒 佈 了 兩 則 新
訂 的 國 際 財 務 報 告 準 則 及 一 系 列 修
訂 後 的 國 際 財 務 報 告 準 則 以 及 新 訂
詮釋，並於本集團及本公司的當前會
計期間首次生效。其中，與本集團財
務報表相關者如下：
• 經修訂國際財務報告準則第1號，
首次採納國際財務報告準則
• 國際財務報告準則（二零零九年）
之改進
• 國際財務報告準則第1號之修訂，
首次採納國際財務報告準則－首
次採納者之額外豁免
• 國際財務報告準則第2號之修訂，
以股份為基礎之付款—集團以現
金結算股份為基礎付款之交易
採 納 新 訂 國 際 財 務 報 告 準 則 對 如 何
編 製 及 呈 列 即 期 或 過 往 會 計 期 間 的
業績及財務狀況並無重大影響。因此，
毋須就過往期間作出調整。
本 集 團 並 無 應 用 任 何 於 本 會 計 期 間
並未生效的任何新會計準則或詮釋。
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
(aa) New standards and interpretations not yet
adopted (Continued)
The Group is in the process of making an assessment of
what the impact of these amendments, new standards
and new interpretations are expected to be in the period of
initial application. Up to the date of the issuance of these
financial statements, the Group believes that their adoption is
unlikely to have a significant impact on the Group’s results of
operations and financial position.
4. CHANGES IN ACCOUNTING POLICIES
The IASB has issued two revised IFRSs, a number of amendments to
IFRS and new interpretations that are first effective for the current
accounting period of the Group and the Company. Of these, the
following are relevant to the Group’s financial statements:
• Revised IFRS 1, First-time adoption of International Financial
Reporting Standards
• Improvements to IFRSs (2009)
• Amendments to IFRS 1, First-time adoption of International
Financial Reporting Standards – Additional exemptions for
first-time adopters
• Amendments to IFRS 2, Share-based payments- Group cash-
settled share-based payment transactions
The adoption of the new IFRSs had no material effect on how the
results and financial position for the current or prior accounting
periods were prepared and presented. Accordingly, no prior period
adjustment was required.
The Group has not applied any new standard or interpretation that
is not yet effective for the current accounting period.
SPG Land (Holdings) Limited Annual Report 2010156
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
5. DETERMINATION OF FAIR VALUES
A number of the Group’s accounting policies and disclosures
require the determination of fair value, for both financial and non-
financial assets and liabilities. Fair values have been determined for
measurement and/or disclosure purposes based on the following
methods. Where applicable, further information about the
assumptions made in determining fair values is disclosed in the notes
specific to that asset or liability.
(i) Properties under development
The fair values of properties under development recognised
as a result of a business combination are based on market
values. The market value of a property is the estimated
amount for which a property could be exchanged on the date
of valuation between a willing buyer and a willing seller in
arms’ length transaction after proper marketing wherein the
parties had each acted knowledgeably, prudently and without
compulsion. The market value of items of plant, equipment,
fixtures and fittings is based on the quoted market prices for
similar items.
(ii) Investment properties
An external, independent valuation company, having
appropriate recognised professional qualifications and recent
experience in the location and category of property being
valued, values the Group’s investment property portfolio
every six months. The fair values are based on market
values, being the estimated amount for which a property
could be exchanged on the date of the valuation between a
willing buyer and a willing seller in arms’ length transaction
after proper marketing wherein the parties had each acted
knowledgeably, prudently and without compulsion.
In the absence of current prices in an active market, the
valuations are prepared by considering the aggregate of the
estimated cash flows expected to be received from renting out
the property. A yield that reflects the specific risks inherent in
the net cash flows then is applied to the net annual cash flows
to arrive at the property valuation.
5. 釐定公允價值
本 集 團 的 若 干 會 計 政 策 及 披 露 要 求
對 金 融 及 非 金 融 資 產 及 負 債 的 公 允
價值進行釐定。公允價值已就計量目
的及╱或披露目的根據以下方法獲釐
定。如適用，有關在釐定公允價值時
所 作 出 的 假 設 的 進 一 步 資 料 在 該 等
資產或負債的附註中具體披露。
(i) 發展中物業
因 於 業 務 合 併 而 確 認 的 發 展 中
物業的公允價值按市值釐定。物
業 的 市 值 是 指 在 進 行 適 當 推 銷
後，自願買方及自願賣方雙方經
公平磋商，在知情、審慎及不受
脅 逼 的 情 況 下 於 估 值 日 期 買 賣
一項物業的估計款額。廠房、設
備、裝置及傢俱項目的市值根據
就類似項目所報的市場價格釐定。
(ii) 投資物業
一間外部獨立測量師行（該測量
師 行 具 有 適 當 獲 認 可 之 專 業 資
格，且對被估值物業之位置及種
類有近期經驗）對本集團的投資
物業組合每六個月評估一次。公
允價值按市值（即在進行適當推
銷後，自願買方及自願賣方雙方
經公平磋商，在知情、審慎及不
受 脅 逼 的 情 況 下 於 估 值 日 期 買
賣一項物業的估計款額）釐定。
若缺乏活躍市場現時價格，則評
估 將 會 在 考 慮 到 預 期 可 由 出 租
物 業 中 收 取 的 估 計 現 金 流 的 總
額後作出。反映當時現金流量淨
額 所 含 特 定 風 險 的 收 益 率 被 用
於 淨 年 度 現 金 流 量 中 以 釐 定 物
業的估值結果。
盛高置地（控股）有限公司 二零一零年年報 157
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
5. 釐定公允價值（續）
(ii) 投資物業（續）
估值反映（如適用）：實際佔用物
業或有支付租賃承擔義務、或有
可 能 在 租 出 空 置 物 業 後 佔 用 物
業的租戶的類型、市場對彼等可
信度的普遍看法；本集團與承租
人之間維修及保險責任的分配；
及物業的剩餘經濟壽命。當續期
租 金 或 續 期 租 約 因 預 期 會 出 現
恢複的增加而未能決定時，則假
定所有通知及反向通知（如適用）
已有效並在適當的時間獲發出。
興 建 中 或 發 展 中 的 投 資 物 業 的
估 值 是 估 計 已 完 成 投 資 物 業 的
公 允 價 值 並 從 該 金 額 扣 減 估 計
完成建築或發展的成本、融資成
本及合理的利潤率。
(iii) 股份支付交易
僱 員 購 股 權 的 公 允 價 值 使 用 二
項模式計量。計量數據包括計量
當日的股價、該工具的行使價、
預期波動（根據因公開資料的預
期 變 動 而 調 整 的 過 往 加 權 平 均
波動計算）、該等工具的加權平
均預計年期（根據過往經驗及購
股權持有人一般行為計算）、預
期股息及無風險利率（根據政府
債券計算）。在釐定公允價值時，
不 考 慮 該 等 交 易 隨 附 加 的 服 務
條件及非市場表現情況。
6. 分部報告
如下文所述，本集團有四個可申報分
部，為本集團的策略性業務單位。策
略性業務單位提供不同的產品及服務，
由於需要不同的技術及營銷策略，因
此獨立管理。就各策略性業務單位而
言，主要經營決策者最少每月審閱內
部管理報告。以下概要說明本集團各
可申報分部的營運。
5. DETERMINATION OF FAIR VALUES
(Continued)
(ii) Investment properties (Continued)
Valuations reflect, where appropriate: the type of tenants
actually in occupation or responsible for meeting lease
commitments or likely to be in occupation after letting vacant
accommodation, and the market’s general perception of
their creditworthiness; the allocation of maintenance and
insurance responsibilities between the Group and the lessee;
and the remaining economic life of the property. When rent
renewals or lease renewals are pending with anticipated
reversionary increases, it is assumed that all notices and where
appropriate counter-notices have been served validly and
within the appropriate time.
Investment property under construction or development
is valued by estimating the fair value of the completed
investment property and then deducting from that amount
the estimated costs to complete construction or development,
financing costs and a reasonable profit margin.
(iii) Share-based payment transactions
The fair value of employee stock options is measured using
a binomial lattice model. Measurement inputs include share
price on measurement date, exercise price of the instrument,
expected volatility (based on weighted average historic
volatility adjusted for changes expected due to publicly
available information), weighted average expected life of
the instruments (based on historical experience and general
option holder behaviour), expected dividends, and the risk-
free interest rate (based on government bonds). Service
and non-market performance conditions attached to the
transactions are not taken into account in determining fair
value.
6. SEGMENT REPORTING
The Group has four reportable segments, as described below, which
are the Group’s strategic business units. The strategic business units
offer different products and services, and are managed separately
because they require different technology and marketing strategies.
For each of the strategic business units, the chief operating decision
maker reviews internal management reports on at least a monthly
basis. The following summary describes the operations in each of
the Group’s reportable segments.
SPG Land (Holdings) Limited Annual Report 2010158
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
6. 分部報告（續）
• 物業銷售：本分部發展及銷售住
宅物業，包括別墅、連排別墅及
公寓項目，目前本集團於上海、
昆明、常熟、無錫、蘇州、海南及
山西經營有關業務。
• 物業租賃：本分部出租商業及住
宅 物 業 以 產 生 租 金 收 入 以 及 長
期物業升值的收益。目前本集團
的投資物業組合位於上海、海南、
昆明、蘇州及無錫。
• 物業管理及其他相關服務：本分
部 向 外 部 客 戶 及 集 團 公 司 提 供
物業管理服務、項目管理服務、
綠 化 建 設 服 務 以 及 其 他 相 關 服
務。目前本集團於上海、海南、
昆明及蘇州經營有關業務。
• 教育：本分部向大專學生提供教
育及住宿服務。目前本集團在上
海經營有關業務。
為評估分部表現及各分部間資源配置，
本 集 團 之 高 層 行 政 管 理 人 員 按 以 下
基準監控各可申報分部之業績、資產
及負債：
分 部 資 產 包 括 所 有 流 動 及 非 流 動 資
產（除 聯 營 公 司 權 益、共 同 控 制 實 體
權益、衍生金融工具及其他企業資產
外）。分部負債包括所有流動及非流
動負債（除由企業階層管理之可轉換
債券負債部份外）。
收 益 及 開 支 乃 參 照 可 申 報 分 部 產 生
之 收 益 及 開 支 或 因 分 部 應 佔 之 資 產
折舊或攤銷而產生者，分配至該等分
部。分部收益及開支並不包括應佔聯
營公司及共同控制實體溢利╱（虧損）
及相關衍生金融工具、股份支付及任
何其他企業層面之交易的溢利或虧損。
6. SEGMENT REPORTING (Continued)
• Sales of property: this segment develops and sells residential
properties, including villas, townhouses and apartments, etc.
Currently the Group’s activities in this regard are carried out
in Shanghai, Kunming, Changshu, Wuxi, Suzhou, Hainan and
Shanxi.
• Lease of property: this segment leases commercial and
residential properties to generate rental income and gain from
the appreciation in the properties’ values in the long term.
Currently the Group’s investment property portfolio is located
in Shanghai, Hainan, Kunming, Suzhou and Wuxi.
• Property management and other related services: this
segment provides property management services, project
management services, greenery construction services and
other related services to external customers and group
companies. Currently the Group’s activities in this regard are
carried out in Shanghai, Hainan, Kunming and Suzhou.
• E d u c a t i o n : t h i s s e g m e n t p r o v i d e s e d u c a t i o n a n d
accommodation service to college students. Currently the
Group’s activities in this regard are carried out in Shanghai.
For the purposes of assessing segment performance and allocating
resources between segments, the Group’s senior executive
management monitors the results, assets and liabilities attributable
to each reportable segment on the following bases:
Segment assets include all current and non-current assets with the
exception of interests in associates and a jointly controlled entity,
derivative financial instruments and other corporate assets. Segment
liabilities include all current and non-current liabilities except for
the liability component of convertible bonds managed at corporate
level.
Revenue and expenses are allocated to the reportable segments
with reference to the revenue generated and the expenses incurred
by those segments or which otherwise arise from the depreciation
or amortisation of assets attributable to those segments. Segment
revenue and expenses do not include share of profits/(losses) of
associates and jointly controlled entity and those profit or loss
related to derivative financial instruments, share-based payments
and any other transactions at the corporate level.
盛高置地（控股）有限公司 二零一零年年報 159
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
6. SEGMENT REPORTING (Continued)
For the year ended 31 December 2010
Expressed in RMB’000
Sales of
property
Lease of
property
Property
management
& related
services Education Group
以人民幣千元列值 物業銷售 物業租賃
物業管理及
相關服務 教育 本集團
Revenue from external
customers
外部客戶收益
4,113,664 29,069 51,227 77,229 4,271,189
Inter-segment revenue 分部間收益 – – 18,435 – 18,435
Reportable segment revenue 可申報分部收益 4,113,664 29,069 69,662 77,229 4,289,624
Reportable segment profit 可申報分部溢利 286,892 181,651 26,693 10,966 506,202
Interest income 利息收入 106,007 267 1,541 36 107,851
Finance expenses 融資成本 (23,411) (3,150) (24,209) (11,212) (61,982)
Revaluation gains on investment
properties
投資物業重估收益
– 229,203 – – 229,203
Reportable segment assets 可申報分部資產 19,809,817 1,948,000 347,117 276,213 22,381,147
Additions to non-current
segment assets
during the year
年內增加分部
非流動資產
7,630 78,381 18,314 5,843 110,168
Reportable segment liabilities 可申報分部負債 18,679,816 640,045 210,915 198,784 19,729,560
Depreciation and amortisation 折舊及攤銷 11,708 – 2,598 13,691 27,997
6. 分部報告（續）
截至二零一零年十二月三十一日止年度
SPG Land (Holdings) Limited Annual Report 2010160
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
6. SEGMENT REPORTING (Continued)
For the year ended 31 December 2009
Expressed in RMB’000
Sales of
property
Lease of
property
Property
management
& related
services Education Group
以人民幣千元列值 物業銷售 物業租賃
物業管理及
相關服務 教育 本集團
Revenue from external
customers
外部客戶收益
2,926,572 27,271 36,850 74,748 3,065,441
Inter-segment revenue 分部間收益 – 260 77,063 – 77,323
Reportable segment revenue 可申報分部收益 2,926,572 27,531 113,913 74,748 3,142,764
Reportable segment profit 可申報分部溢利 181,061 397,050 80,334 18,716 677,161
Interest income 利息收入 15,873 202 781 58 16,914
Finance expenses 融資成本 (68,699) (2,750) (89) (15,233) (86,771)
Revaluation gains on investment
properties
投資物業重估收益
– 517,254 – – 517,254
Reportable segment assets 可申報分部資產 15,071,835 1,640,500 172,872 269,904 17,155,111
Additions to non-current
segment assets
during the year
年內增加分部
非流動資產
8,292 – 21 5,749 14,062
Reportable segment liabilities 可申報分部負債 12,353,658 548,781 9,833 179,441 13,091,713
Depreciation and amortisation 折舊及攤銷 12,111 – 694 14,528 27,333
Reconciliation of reportable segment revenues,
profit, assets and liabilities
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Revenue 收益
Reportable segment revenue 可申報分部收益 4,289,624 3,142,764
Elimination of inter-segment revenue 分部間收益對銷 (18,435) (77,323)
Consolidated revenue 綜合收益 4,271,189 3,065,441
6. 分部報告（續）
截至二零零九年十二月三十一日止年度
可 申 報 分部收益、溢利、資產
及負債的對賬
盛高置地（控股）有限公司 二零一零年年報 161
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
6. SEGMENT REPORTING (Continued)
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Profit 溢利
Reportable segment profit 可申報分部溢利 506,202 677,161
Elimination of inter-segment profits 分部間溢利對銷 (9,517) (7,249)
Fair value change on financial derivatives 衍生金融工具的公允價值變動 (20,123) 50,263
Repurchase of convertible bonds 購回可轉換債券 17,248 49,394
Share-based payments 股份支付 (3,899) (6,467)
Gain on acquisition of a jointly controlled
entity
收購共同控制實體的收益
149,911 –
Share of profits of associates 應佔聯營公司溢利 281,792 66,645
Share of losses of jointly controlled entity 應佔共同控制實體虧損 (20,008) –
Consolidated profit after income tax 除所得稅後綜合溢利 901,606 829,747
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Assets 資產
Reportable segment assets 可申報分部資產 22,381,147 17,155,111
Elimination of inter-segment receivables 分部間應收款項對銷 (2,264,935) (1,132,332)
Elimination of inter-segment investments 分部間投資對銷 (128,500) (96,152)
Other unallocated assets 其他未分配資產 1,491 608
Financial derivatives 衍生金融工具 625 51,491
Interests in associates 聯營公司權益 1,263,247 989,822
Interests in a jointly controlled entity 共同控制實體權益 738,468 –
Consolidated total assets 綜合資產總額 21,991,543 16,968,548
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Liabilities 負債
Reportable segment liabilities 可申報分部負債 19,729,560 13,091,713
Elimination of inter-segment payables 分部間應付款項對銷 (2,264,935) (1,132,332)
Convertible bonds 可轉換債券 – 902,642
Consolidated total liabilities 綜合負債總額 17,464,625 12,862,023
6. 分部報告（續）
SPG Land (Holdings) Limited Annual Report 2010162
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
6. 分部報告（續）
地區資料
由於本集團主要在中國營運，故概無
呈列地區分部資料。
有關主要客戶的資料
截 至 二 零 一 零 年 及 二 零 零 九 年 十 二
月三十一日止年度，概無單一客戶貢
獻本集團總銷售的10%或以上。
7. 收 購 共 同 控 制 實 體╱少 數
股東權益
於二零一零年收購的共同控制
實體
於二零一零年三月二十九日，本公司
的 全 資 子 公 司 海 南 建 橋 置 業 有 限 公
司（「海南建橋」）與海南天源利豐實業
有限公司（「天源利豐」）的股東（「賣方」）
訂立股權轉讓協議，以收購天源利豐
合 共%的 股 權。天 源 利 豐 已 成 功
投得位於海口市的若干土地使用權（「該
土地」），並擬透過三家新成立的公司
（「項目公司」）於該土地上興建綜合住
宅、商 業、辦 公 樓 及 酒 店 發 展 項 目。
於完成收購後，天源利豐已成為本集
團的共同控制實體。
於二零一零年三月二十九日，海南建
橋 與 賣 方 訂 立 補 充 股 權 轉 讓 合 同，
據 此，兹 同 意（其 中 包 括）本 集 團 應
透 過 海 南 建 橋 向 項 目 公 司 出 資 合 共
人 民 幣1,500,000,000元，包 括 人 民 幣
200,400,000元的資本出資及免息股東
貸款人民幣1,299,600,000元。
根據日期為二零一零年三月二十九日
的股權轉讓合同及補充股權轉讓合同，
本集團及賣方同意，本集團所收購的
股 權 將 限 於 有 關 該 土 地 的 資 產 及 負
債（「已收購資產及負債」）。天源利豐
及 其 附 屬 公 司 除 已 收 購 資 產 及 負 債
以外的任何其他資產及負債（「將予出
售資產及負債」）將予出售，而出售產
生 的 任 何 未 來 收 益 或 虧 損 連 同 有 關
將 予 出 售 資 產 及 負 債 的 累 計 虧 損 將
僅由賣方接收或承擔。
6. SEGMENT REPORTING (Continued)
Geographical information
In view of the fact that the Group mainly operates in the PRC, no
geographical segment information is presented.
Information about major customers
For the year ended 31 December 2010 and 2009, no single
customer contributes 10% or more of the total sales of the Group.
7. ACQUISITION OF A JOINTLY CONTROLLED
ENTITY/MINORITY INTERESTS
A jointly controlled entity acquired in 2010
On 29 March 2010, Hainan Jianqiao Property Corporation Ltd.
(“Hainan Jianqiao”), a wholly-owned subsidiary of the Company,
entered into an equity transfer agreement with the shareholders
of Hainan Tianyuan Lifeng Shiye Company Limited (海南天源利豐
實業有限公司) (“Tianyuan Lifeng”) (the “Vendors”) to acquire an
aggregate of % equity interest in Tianyuan Lifeng. Tianyuan
Lifeng has made a successful bid for certain land use rights in Haikou
City (the “Land”) and intends to, through three newly established
companies (the “Project Companies”), build an integrated
residential, commercial, office and hotel development on the
Land. Upon the completion of the acquisition, Tianyuan Lifeng has
become a jointly controlled entity of the Group.
On 29 March 2010, Hainan Jianqiao and the Vendors entered into
a supplemental equity transfer contract pursuant to which it was
agreed that, among other things, the Group should contribute,
through Hainan Jianqiao, to the Project Companies, an aggregate of
RMB1,500 million, including million capital contribution
and an interest-free shareholders’ loan of RMB1, million.
Pursuant to the equity transfer contract and the supplemental
equity transfer contract dated 29 March 2010, the Group and the
Vendors agreed that the equity interests acquired by the Group will
be limited to the assets and liabilities in relation to the Land (the
“Acquired Assets and Liabilities”) and any other assets and liabilities
of Tianyuan Lifeng and its subsidiaries apart from the Acquired
Assets and Liabilities (the “Assets and Liabilities to be disposed of”)
would be disposed of, and any future gain or loss arising from the
disposal, together with the accumulated losses in relation to the
Assets and Liabilities to be disposed of would be taken or borne by
the Vendors only.
盛高置地（控股）有限公司 二零一零年年報 163
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
7. ACQUISITION OF A JOINTLY CONTROLLED
ENTITY/MINORITY INTERESTS (Continued)
A jointly controlled entity acquired in 2010
(Continued)
The following summarises the consideration transferred, and the
recognised amounts of assets acquired and liabilities assumed at the
acquisition date:
In RMB’000
Pre-acquisition
carrying
amounts
Fair value
adjustments
Recognised
value on
acquisition
人民幣千元 收購前賬面值 公允價值調整
收購時確認
的價值
Trade and other receivables 應收賬款及其他應收款項 500,000 – 500,000
Land acquisition right 土地收購權 – 1,050,400 1,050,400
Trade and other payables 應付賬款及其他應付款項 (480,000) – (480,000)
Contribution by the Group (i) 本集團出資 (i) – 408,165 408,165
Deferred tax liabilities 遞延稅項負債 – (364,641) (364,641)
Net identifiable assets and liabilities 可識別資產及負債淨額 20,000 1,093,924 1,113,924
Adjusted net identifiable assets
attributable to the Group
本集團應佔經調整可識別淨
資產 558,076
Consideration for the acquisition (i) 收購的代價 (i) (408,165)
Gain from bargain purchase 議價收購收益 149,911
(i) Pursuant to the equity transfer contract and the supplemental
equity transfer contract, the Group shall provide an interest-
free long-term shareholders’ loan of RMB1, million
(the “Shareholders’ Loan”) to the Project Companies. The
Shareholders’ Loan will be repaid to the Group by 10 equal
annual instalments starting from 30 June 2011. The difference
between the fair value and the nominal amount of the
Shareholders’ Loan amounting to million, which
represents the embedded interest cost, is regarded as the
consideration for the acquisition. Such difference is accounted
for as capital contribution in the Project Companies’ financial
statements and increases the Project Companies’ net
identifiable assets.
7. 收購少數股東權益（續）
於二零一零年收購的共同控制
實體（續）
以下 概 述 已 轉 讓 的 代 價 及 於 收 購 日
期 已 收 購 的 資 產 及 已 承 擔 的 負 債 的
確認金額：
(i) 根 據 股 權 轉 讓 合 同 及 補 充 股 權
轉讓合同，本集團須提供免息長
期股東貸款人民幣1,299,600,000
元（「股 東 貸 款」）予 項 目 公 司。
股 東 貸 款 將 自 二 零 一 一 年 六 月
三 十 日 起 分10期 相 同 年 度 款 項
分 期 償 還 予 本 集 團。股 東 貸 款
的 公 允 價 值 與 面 值 相 差 人 民 幣
408,170,000元，相當於嵌入利息
成本，被視作收購的代價。有關
差 額 乃 於 項 目 公 司 的 財 務 報 表
內入賬為出資，並增加項目公司
的可識別資產淨額。
SPG Land (Holdings) Limited Annual Report 2010164
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
7. ACQUISITION OF A JOINTLY CONTROLLED
ENTITY/MINORITY INTERESTS (Continued)
Minority interests acquired in 2010
On 19 July 2010, SPG XII (BVI) Limited (“SPG XII”) which is wholly-
owned by the Company, entered into a share purchase agreement
with Mausica Investment Limited to acquire an additional 29%
equity interest in SPG Investment XI (BVI) Limited (“SPG XI”). Total
consideration of RMB425 million was settled in cash in July 2010.
The Group recognised a decrease in minority interests of RMB327
million and a decrease in retained earnings of RMB98 million. After
the acquisition, SPG XI becomes a wholly-owned subsidiary of the
Group. SPG XI is an investment holding company and indirectly
owns 100% of the equity interests in three real estate projects in the
PRC.
The following summarises the effect of changes in the Group’s
ownership interest in SPG XI:
2010
二零一零年
RMB’000
人民幣千元
Group’s ownership interest at the beginning
of the year
本集團於年初的所有權
770,380
Effect of increase in Group’s ownership interest 本集團所有權增加的影響 327,070
Group’s ownership interest at the end of the year 本集團於年終的所有權 1,097,450
8. REVENUE
The amount of each significant category of revenue recognised
during the year ended 31 December 2010 is as follows:
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Sales of properties 物業銷售 4,113,664 2,926,572
Rental income 租金收入 29,069 27,271
Property management income 物業管理收入 38,268 26,113
Sales of goods and rendering of services 貨品銷售及提供服務 12,959 10,737
Tuition fee 學費 77,229 74,748
Total 合計 4,271,189 3,065,441
7. 收購少數股東權益（續）
於 二 零 一 零 年 收 購 的 少 數 股
東權益
於二零一零年七月十九日，SPG XII (BVI)
Limited（「SPG XII」）（其由本公司全資擁
有 ）與Mausica Investment Limited訂 立
購股協議，收購 SPG Investment XI (BVI)
Limited（「SPG XI」）額外29%的股權。總
代價人民幣425,000,000元已於二零一
零年七月以現金清償。本集團確認少
數股東權益減少人民幣327,000,000元
及保留溢利減少人民幣98,000,000元。
於 收 購 後，SPG XI成 為 本 集 團 的 全 資
子公司。SPG XI為一間投資控股公司，
並 間 接 擁 有 三 項 在 中 國 的 房 地 產 項
目的全部股權。
以下為本集團於 SPG XI的所有權變動
的影響的概要：
8. 收益
在 截 至 二 零 一 零 年 十 二 月 三 十 一 日
止 年 度 確 認 之 各 項 重 大 類 別 收 益 金
額如下：
盛高置地（控股）有限公司 二零一零年年報 165
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
9. OTHER INCOME
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Government grants 政府補助 1,779 2,177
Forfeited deposits from customers 來自客戶的沒收違約金 683 2,030
Others 其他 961 813
Total 合計 3,423 5,020
10. OTHER OPERATING EXPENSES
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Donations 捐款 9,243 200
Penalty costs 違約成本 6,781 3,764
Loss of fixed assets 固定資產虧損 6,691 –
Others 其他 1,290 1,030
Total 合計 24,005 4,994
11. PERSONNEL EXPENSES
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Wages and salaries 工資及薪金 126,952 89,593
Contributions to defined contribution plans 向界定供款計劃供款 15,287 10,028
Staff welfare, bonuses and
other allowances
僱員福利、花紅及其他津貼
10,966 7,715
Equity-settled share-based
payment expenses (note 39)
股權結算的股份支付開支
（附註39） 3,899 6,467
Total 合計 157,104 113,803
9. 其他收入
10. 其他經營開支
11. 員工開支
SPG Land (Holdings) Limited Annual Report 2010166
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
12. EXPENSES BY NATURE
The following expenses are included in cost of sales, selling and
marketing costs and administrative expenses:
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Cost of properties sold 已出售物業成本 2,899,867 2,054,775
Auditors’ remuneration 核數師酬金
— audit services — 審核服務 3,000 2,750
— audit-related services — 非審核服務 650 –
Depreciation 折舊 26,213 25,516
Amortisation of land use rights 土地使用權攤銷 1,739 1,772
Operating lease charges 經營租賃支出 8,768 8,753
13. FINANCE INCOME AND EXPENSES
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Interest income on bank deposits 銀行存款利息收入 59,615 16,914
Interest income on long-term receivable
measured at amortised cost
按已攤銷成本計算的長期應
收款的利息收入 48,236 –
Finance income 融資收入 107,851 16,914
Interest expenses on bank loans 銀行貸款利息費用 (354,508) (238,559)
Less: interest capitalised (note 24) 減：資本化的利息（附註24） 261,454 194,943
Net interest expenses 利息費用淨額 (93,054) (43,616)
Interest expenses on financial liabilities
measured at amortised cost (note 37)
按已攤銷成本計算的金融負債
的利息費用（附註37） (13,857) (39,369)
Interest expenses on long-term payable
measured at amortised cost
按已攤銷成本計算的長期應付
款項的利息費用 (3,436) (3,560)
Net change in fair value of
other investments
其他投資公允價值變動淨額
(2,287) 477
Net foreign exchange gain/(loss) 匯兌收益╱（虧損）淨額 50,652 (703)
Finance expenses 融資成本 (61,982) (86,771)
Fair value changes on financial derivatives
(note 37)
衍生金融工具的公允價值變動
（附註37） (20,123) 50,263
Net finance income/(expenses) 融資收入╱（成本）淨額 25,746 (19,594)
12. 按性質劃分的費用
計入銷售成本、銷售及市場推廣成本
和行政開支的開支如下：
13. 融資收入及成本
盛高置地（控股）有限公司 二零一零年年報 167
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
14. INCOME TAX EXPENSE
(i) Income tax in the consolidated statement of
comprehensive income represents:
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Current tax 即期稅項
Provision for PRC enterprise income
tax for the year
中國企業所得稅撥備本年度
稅項 299,260 228,047
Provision for PRC land appreciation
tax for the year
中國土地增值稅撥備本年度
稅項 104,880 33,820
404,140 261,867
Deferred tax 遞延稅項
Origination and reversal of temporary
differences (note 33(ii))
暫時差異的產生及撥回
（附註33(ii)） (71,973) (113,704)
Benefit of tax losses recognised
(note 33(ii))
已確認稅項虧損影響
（附註33(ii)） (2,197) (11,116)
(Realisation)/recognition of
withholding tax
（變現）╱確認預扣稅
(18,400) 14,000
Revaluation of investment properties
(note 33(iii))
投資物業重估（附註33(iii)）
72,733 123,770
Fair value adjustments (note 33(iii)) 公允價值調整（附註33(iii)） (24,142) (27,303)
Deferred PRC land appreciation tax 遞延中國土地增值稅 258,117 180,212
214,138 165,859
Total income tax expense 所得稅開支總額 618,278 427,726
14. 所得稅開支
(i) 綜合全面利潤表內的所得
稅開支指：
SPG Land (Holdings) Limited Annual Report 2010168
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
14. INCOME TAX EXPENSE (Continued)
(i) Income tax in the consolidated statement
of comprehensive income represents :
(Continued)
Enterprise income tax
No provision for Hong Kong Profits Tax has been made as the
Group did not earn any income subject to Hong Kong Profits
Tax during the year ended 31 December 2010.
Pursuant to the rules and regulations of the Cayman Islands
and the British Virgin Islands, the Group is not subject to
any income tax in the Cayman Islands and the British Virgin
Islands.
Pursuant to the Corporate Income Tax Law (“New Tax Law”)
of the PRC passed by the Fifth Plenary Session of the Tenth
National People’s Congress on 16 March 2007 and effective
from 1 January 2008, subsidiaries of the Group in the PRC
are subject to PRC income tax at 25% (2009: 25%), except
for Shanghai Cambridge (Group) Co., Ltd. (“Shanghai
Cambridge”), Shanghai New Independence House Property
Management Co., Ltd. (“Shanghai NIH”), Hainan Jianqiao
and Kunming SPG Land Property Development Co., Ltd.
(“Kunming SPG Land”).
Shanghai Cambridge, Shanghai NIH and Hainan Jianqiao
are currently subject to income tax at a rate of 22% (2009:
20%). Pursuant to the preferential tax policies issued by the
PRC government in 2008 to encourage investment in the
Western region of the PRC, Kunming SPG Land is subject to a
concessionary income tax rate of 15% (2009: 15%).
14. 所得稅開支（續）
(i) 綜合全面利潤表內的所得
稅開支指：（續）
企業所得稅
由 於 本 集 團 於 截 至 二 零 一 零 年
十 二 月 三 十 一 日 止 年 度 並 無 賺
取 任 何 須 繳 納 香 港 利 得 稅 的 收
入，故並無作出香港利得稅撥備。
根 據 開 曼 群 島 及 英 屬 處 女 群 島
的規則及規例，本集團毋須繳納
任 何 開 曼 群 島 及 英 屬 處 女 群 島
所得稅。
根 據 於 二 零 零 七 年 三 月 十 六 日
第 十 屆 全 國 人 民 代 表 大 會 第 五
次 會 議 通 過 並 於 二 零 零 八 年 一
月 一 日 起 生 效 的 中 華 人 民 共 和
國企業所得稅法（「新稅法」），本
集團中國子公司均須按25%的稅
率繳納中國企業所得稅（二零零
九年：25%），惟上海康橋半島（集
團）有限公司（「上海康橋半島」）、
新獨院物業管理有限公司（「上海
新獨院」）、海南建橋及昆明盛高
置地發展有限公司（「昆明盛高置
地」）除外。
上 海 康 橋 半 島、上 海 新 獨 院 及
海南建橋目前按22%（二零零九
年：20%）的 所 得 稅 率 繳 納 所 得
稅。根據中國政府於二零零八年
為 鼓 勵 於 中 國 西 部 投 資 頒 佈 的
優惠稅收政策，昆明盛高置地按
15%的 特 許 所 得 稅 率 繳 納 所 得
稅（二零零九年：15%）。
盛高置地（控股）有限公司 二零一零年年報 169
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
14. 所得稅開支（續）
(i) 綜合全面利潤表內的所得
稅開支指：（續）
預扣稅
根 據 新 稅 法，就 向 外 資 企 業 投
資 者 宣 派 來 自 中 國 的 股 息 徵 收
10%預扣稅，自二零零八年一月
一日起生效。倘中國與外資企業
投 資 者 所 屬 司 法 權 區 之 間 定 有
稅 務 優 惠 安 排 則 可 按 較 低 預 扣
稅 率 繳 稅。於 二 零 零 八 年 二 月
二十二日，中國稅務機關頒佈財
稅 (2008)1號，規定自二零零七年
十 二 月 三 十 一 日 的 保 留 溢 利 宣
派 及 匯 出 中 國 境 外 之 股 息 根 據
相 關 中 國 稅 務 法 律 法 規 的 釐 定
可獲豁免預扣稅。於二零一零年
十二月三十一日，本集團已就本
集 團 中 國 子 公 司 的 保 留 溢 利 分
派 事 項 應 支 付 的 稅 項 確 認 人 民
幣16,135,000元 的 預 扣 稅（二 零
零 九 年：人 民 幣14,000,000元）。
由 於 本 公 司 控 制 該 等 子 公 司 的
股息政策，加上已釐定不大可能
於 可 見 之 未 來 就 本 集 團 中 國 子
公 司 於 截 至 二 零 一 零 年 十 二 月
三 十 一 日 止 年 度 賺 取 的 若 干 溢
利進行分派，故並無確認遞延稅
項負債人民幣11,223,000元（二零
零九年：人民幣15,865,000元）。
土地增值稅
本 集 團 銷 售 所 發 展 的 物 業 須 按
土地價值增幅以30%至60%的累
進稅率繳納中國土地增值稅，根
據有關規例，土地增值稅乃按出
售物業所得款項減可扣稅開支（包
括土地使用權出讓支出、借貸成
本及所有物業發展開支）計算。
截 至 二 零 一 零 年 十 二 月 三 十 一
日 止 年 度 計 入 利 潤 表 中 的 土 地
增值稅為人民幣362,997,000元（二
零零九年：人民幣214,032,000元）。
14. INCOME TAX EXPENSE (Continued)
(i) Income tax in the consolidated statement
of comprehensive income represents :
(Continued)
Withholding tax
Pursuant to the New Tax Law, a 10% withholding tax was
levied on dividends declared to foreign enterprise investors
from the PRC effect ive from 1 January 2008. A lower
withholding tax rate may be applied if there is a tax treaty
arrangement between the PRC and the jurisdiction of the
foreign enterprise investors. On 22 February 2008, Caishui
(2008) No. 1 was promulgated by the PRC tax authorities
to specify that dividends declared and remitted out of
the PRC from the retained earnings as at 31 December
2007 determined based on the relevant PRC tax laws and
regulations are exempted from the withholding tax. As at 31
December 2010, withholding tax of RMB16,135,000 (2009:
RMB14,000,000) have been recognised in respect of the tax
that would be payable on the distribution of the retained
profits of the Group’s PRC subsidiaries. Deferred tax liabilities
of RMB11,223,000 (2009: RMB15,865,000) have not been
recognised, as the Company controls the dividend policy
of these subsidiaries and it has been determined that it is
probable that certain of the profits earned by the Group’s PRC
subsidiaries for the year ended 31 December 2010 will not be
distributed in the foreseeable future.
Land appreciation tax
PRC land appreciation tax is levied on properties developed
for sale by the Group at progressive rates ranging from 30%
to 60% on the appreciation of land value, which under the
applicable regulations is calculated based on the proceeds
of sales of properties less deductible expenditures including
lease charges of land use rights, borrowing costs and all
property development expenditures. Land appreciation tax of
RMB362,997,000 has been included in profit or loss for the
year ended 31 December 2010 (2009: RMB214,032,000).
SPG Land (Holdings) Limited Annual Report 2010170
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
14. INCOME TAX EXPENSE (Continued)
(i) Income tax in the consolidated statement
of comprehensive income represents :
(Continued)
Land appreciation tax (Continued)
The subs id iar ies of the Group engaging in property
development business in the PRC are subject to land
appreciation taxes, which have been included in the income
tax. However, the implementation of these taxes varies
amongst various provinces and the Group has not finalised
its land appreciation tax returns with various tax authorities.
Accordingly, significant judgement is required in determining
the amount of land appreciation and its related taxes. The
ultimate tax determination is uncertain during the ordinary
course of business. The Group recognises these liabilities
based on management’s best estimates. Where the final
tax outcome of these matters is different from the amounts
initially recorded, such differences will impact the profit or
loss and provisions of land appreciation taxes in the period in
which such determination is made.
(ii) Reconciliation between tax expense and
accounting profit at applicable tax rate:
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Profit before income tax 除所得稅前溢利 1,519,884 1,257,473
Less: PRC land appreciation tax 減：中國土地增值稅 (362,997) (214,032)
1,156,887 1,043,441
Tax calculated at the rates applicable
to respective companies that
comprise the Group
按本集團屬下各公司適用稅率
計算的稅項
219,145 222,480
Tax effect of share of results
of associates and jointly
controlled entity
應佔聯營公司及共同控制實體
業績的稅務影響
3,465 (12,565)
Non-deductible expenses,
net of non-taxable income
不可扣稅支出（已扣除毋須課稅
收入） 2,176 (985)
Unused tax losses not recognised 未確認的未動用稅項虧損 15,099 4,577
Under-provision in prior years 過往年度撥備不足 (739) (13,813)
239,146 199,694
PRC land appreciation tax (note 33(i)) 中國土地增值稅（附註33(i)） 362,997 214,032
Withholding tax 預扣稅 16,135 14,000
Total 合計 618,278 427,726
14. 所得稅開支（續）
(i) 綜合全面利潤表內的所得
稅開支指：（續）
土地增值稅（續）
本 集 團 在 中 國 從 事 物 業 發 展 業
務 的 子 公 司 均 須 繳 納 土 地 增 值
稅，其 已 列 入 所 得 稅。然 而，在
不同省份，該等稅項的實施各有
差異，且本集團尚未與不同稅務
機 關 最 終 確 定 其 土 地 增 值 稅 退
稅額。因此，在釐定土地增值及
其 相 關 稅 項 的 金 額 時 須 作 出 重
大判斷。於日常業務過程中最終
釐定的稅項是不確定的。本集團
按 照 管 理 層 的 最 佳 估 計 確 認 該
等負債。倘該等事項的最終稅額
與最初記錄的金額不同，則該等
差 額 將 會 影 響 作 出 有 關 決 定 期
間的損益及土地增值稅撥備。
(ii) 所得稅開支和會計溢利按
適用稅率計算的對賬：
盛高置地（控股）有限公司 二零一零年年報 171
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
14. 所得稅開支（續）
(ii) 所得稅開支和會計溢利按
適用稅率計算的對賬：（續）
本集團 於 截 至 二 零 一 零 年 十 二
月 三 十 一 日 止 年 度 之 除 所 得 稅
前 溢 利 主 要 源 自 蘇 州 潤 建 及 上
海東方康橋，彼等按25%之稅率
繳納中國所得稅。
根據會計政策，由於部份子公司
不 大 可 能 在 有 關 稅 務 司 法 權 區
及 實 體 取 得 未 來 應 課 稅 溢 利 以
抵銷可動用的虧損，故本集團在
截 至 二 零 一 零 年 十 二 月 三 十 一
日 止 年 度 未 就 累 計 稅 項 虧 損 確
認遞延稅項資產。
15. 董事酬金
14. INCOME TAX EXPENSE (Continued)
(ii) Reconciliation between tax expense and
accounting profit at applicable tax rate:
(Continued)
Profit before income tax of the Group for the year ended 31
December 2010 was mainly generated by Suzhou Runjian and
Shanghai Oriental, which are subject to PRC income tax at
25%.
In accordance with the accounting policy set out in note 3(v),
the Group has not recognised deferred tax assets in respect of
cumulative tax losses of certain subsidiaries for the year ended
31 December 2010 as it is not probable that future taxable
profits against which the losses can be utilised will be available
in the relevant tax jurisdiction and entity.
15. DIRECTORS’ REMUNERATION
Fee
Basic
salaries,
allowances
and other
benefits
Contributions
to retirement
benefit
schemes Bonus
Share-based
payment Total
袍金
基本薪金、
津貼及
其他利益
向退休福利
計劃供款 花紅 股份支付 合計
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元
(note 38)
（附註38）
For the year ended
31 December 2010
截至二零一零年
十二月三十一日
止年度
Executive Directors 執行董事
Mr. Wang Weixian 王偉賢先生 – 5,322 – – – 5,322
Mr. Tse Sai Tung, Stones 謝世東先生 – 4,633 – 6,231 – 10,864
Ms. Wang Xuling 王煦菱女士 – 3,900 – 4,451 – 8,351
Non-Executive Directors 非執行董事
Mr. Cheong Ying Chew,
Henry
張英潮先生
260 – – – – 260
Mr. Fong Wo, Felix, JP 方和先生太平紳士 260 – – – – 260
Mr. Jiang Simon X. 蔣小明先生 260 – – – – 260
Mr. Kwan Kai Cheong 關啟昌先生 260 – – – – 260
Mr. Lai Kin, Jerome 黎健先生 566 – – – – 566
Total 合計 1,606 13,855 – 10,682 – 26,143
SPG Land (Holdings) Limited Annual Report 2010172
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
15. DIRECTORS’ REMUNERATION (Continued)
Fee
Basic
salaries,
allowances
and other
benefits
Contributions
to retirement
benefit
schemes Bonus
Share-based
payment Total
袍金
基本薪金、
津貼及
其他利益
向退休福利
計劃供款 花紅 股份支付 合計
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元
(note 38)
（附註38）
For the year ended
31 December 2009
截至二零零九年
十二月三十一日
止年度
Executive Directors 執行董事
Mr. Wang Weixian 王偉賢先生 – 4,976 – – – 4,976
Mr. Tse Sai Tung, Stones 謝世東先生 – 4,188 – 4,750 – 8,938
Ms. Wang Xuling 王煦菱女士 – 3,430 – 3,392 – 6,822
Non-Executive Directors 非執行董事
Mr. Cheong Ying Chew,
Henry
張英潮先生
243 – – – – 243
Mr. Fong Wo, Felix, JP 方和先生太平紳士 243 – – – – 243
Mr. Jiang Simon X. 蔣小明先生 243 – – – – 243
Mr. Kwan Kai Cheong 關啟昌先生 243 – – – – 243
Mr. Lai Kin, Jerome 黎健先生 554 – – – – 554
Total 合計 1,526 12,594 – 8,142 – 22,262
16. SENIOR MANAGEMENT REMUNERATION
The five highest paid individuals of the Group during the year ended
31 December 2010 comprise three directors of the Company, whose
remuneration is disclosed in note 15. During 2010 no emoluments
were paid by the Group to the directors as an inducement to join or
upon joining the Group or as compensation for loss of office.
15. 董事酬金（續）
16. 高級管理層酬金
本集團截至二零一零年十二月三十一
日 止 年 度 的 五 名 最 高 薪 酬 人 士 包 括
本公司三名董事，其酬金已於附註15
披露。二零一零年度本集團並無向董
事 支 付 任 何 酬 金 作 為 加 入 或 於 加 入
本集團時之獎勵或作為離職補償。
盛高置地（控股）有限公司 二零一零年年報 173
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
17. DIVIDENDS
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Final dividends in respect of previous
financial year, declared and paid
during the year (i)
年內已宣派及派付之過往財政
年度末期股息 (i)
56,402 51,185
Interim dividends declared and paid
during the year (ii)
年內已宣派及派付之
中期股息 (ii) – 30,326
Final dividends proposed after the
balance sheet date (iii)
資產負債表日後擬派末期
股息 (iii) 68,390 56,402
(i) The Board of D i rectors proposed f ina l d iv idends of
RMB56,402,000 ( cents per ordinary share) and
a bonus share issue of 1 bonus share for every 40 existing
shares then held in respect of the year ended 31 December
2009 at the meeting held on 5 March 2010, which was
approved by the Annual General Meeting on 10 May 2010.
The cash dividends were paid on 20 May 2010 and reflected
as an appropriation of retained earnings for the year ended
31 December 2010. The bonus shares were despatched on
20 May 2010 and reflected as an appropriation of share
premium.
(ii) The Board of Directors has resolved not to declare any interim
dividend in respect of the six months ended 30 June 2010.
(iii) The Board of Directors has resolved to propose dividends of
RMB68,390,000 ( cents per ordinary share) in respect
of the year ended 31 December 2010. The dividends proposed
after the balance sheet date have not been recognised as a
liability at the balance sheet date.
17. 股息
(i) 根 據 二 零 一 零 年 三 月 五 日 舉 行
的 董 事 會，董 事 會 建 議 派 付 截
至 二 零 零 九 年 十 二 月 三 十 一 日
止 年 度 的 末 期 股 息 為 人 民 幣
56,402,000元（每股普通股人民幣
分）及就當時每持有40股現有
股份發行1股紅股，已於二零一
零 年 五 月 十 日 舉 行 的 股 東 週 年
大會獲批准。現金股息於二零一
零年五月二十日分派，並已於截
至 二 零 一 零 年 十 二 月 三 十 一 日
止年度的保留溢利分配中反映。
紅 股 已 於 二 零 一 零 年 五 月 二 十
日寄發並反映為股份溢價分配。
(ii) 董 事 會 已 議 決 不 會 就 截 至 二 零
一 零 年 六 月 三 十 日 止 六 個 月 宣
派任何中期股息。
(iii) 董 事 會 已 議 決 建 議 就 截 至 二 零
一 零 年 十 二 月 三 十 一 日 止 年 度
派付股息人民幣68,390,000元（每
股普通股人民幣分）。資產負
債 表 日 後 擬 派 發 的 股 息 並 未 於
資產負債表日反映為負債。
SPG Land (Holdings) Limited Annual Report 2010174
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
18. EARNINGS PER SHARE (RESTATED)
As required by IAS 33 ‘Earnings per Share’, prior period’s basic and
diluted earnings per share have been restated to include the impact
of the bonus issue which took place during the year. Pursuant to an
ordinary resolution passed at the Annual General Meeting of the
Company held on 10 May 2010, bonus shares were issued on the
basis of one new share for every forty shares.
(a) Basic earnings per share
The calculation of basic earnings per share for the year ended
31 December 2010 was based on the profit attributable to
equity holders of the Company of RMB890,206,000 (2009:
RMB678,520,000) and the weighted average number of
ordinary shares of 1,051,128,275 (2009: 1,053,302,221
(restated)) in issue during the year, calculated as follows:
Weighted average number of ordinary shares
2010 2009
二零一零年 二零零九年
(Restated)
（重列）
Ordinary shares issued at 1 January 於一月一日的已發行普通股 1,025,491,000 1,030,115,000
Effect of shares repurchased 購回股份之影響 – (2,503,077)
Effect of bonus issue (note 40) 紅股發行的影響（附註40） 25,637,275 25,690,298
Weighted average number of ordinary
shares at 31 December
於十二月三十一日的普通股
加權平均數 1,051,128,275 1,053,302,221
(b) Diluted earnings per share
Diluted earnings per share is calculated by adjusting the
weighted average number of ordinary shares outstanding
based on the assumption that all dilutive potential ordinary
shares are converted.
The Company has 16,430,750 share options outstanding
as at 31 December 2010, of which 3,449,125 shares are
dilutive potential ordinary shares. Calculation is performed
to determine the number of shares that could have been
acquired at fair value (determined as the average daily market
share price of the Company’s shares) based on the monetary
value of the subscription rights attached to outstanding
share options. The number of shares calculated as above is
compared with the number of shares that would have been
issued assuming the exercise of the share options.
18. 每股盈利（經重列）
按國際會計準則第33號「每股盈利」的
規定，過往期間的每股基本及攤薄盈
利已經重列，以包括年內進行的紅股
發行的影響。根據本公司於二零一零
年 五 月 十 日 舉 行 的 股 東 週 年 大 會 通
過的普通決議案，紅股已按每四十股
股份發行一股新股份的基準發行。
(a) 每股基本盈利
截 至 二 零 一 零 年 十 二 月 三 十 一
日 止 年 度 每 股 基 本 盈 利 乃 按 本
公 司 股 權 持 有 人 應 佔 溢 利 人
民 幣890,206,000元（ 二 零 零 九
年：人 民 幣678,520,000元）及 年
內 已 發 行 普 通 股 之 加 權 平 均 數
1,051,128,275股（ 二 零 零 九 年：
1,053,302,221股（經重列））計算，
計算如下：
普通股加權平均數
(b) 每股攤薄盈利
計 算 每 股 攤 薄 盈 利 時 是 按 所 有
潛 在 攤 薄 普 通 股 已 轉 換 的 假 設
而 調 整 已 發 行 普 通 股 的 加 權 平
均數。
本 公 司 於 二 零 一 零 年 十 二 月
三 十 一 日 有16,430,750份 尚 未 行
使的購股權，其中3,449,125股股
份屬於潛在攤薄普通股。計算乃
按 尚 未 行 使 購 股 權 隨 附 的 認 購
權的貨幣價值進行，以釐定可能
按公允價值（按本公司股份的平
均每日市場股價釐定）收購的股
份數目。按上文計算的股份數目
乃 與 假 設 行 使 購 股 權 可 能 已 發
行的股份數目比較。
盛高置地（控股）有限公司 二零一零年年報 175
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
18. EARNINGS PER SHARE (RESTATED)
(Continued)
(b) Diluted earnings per share (Continued)
The calculation of diluted earnings per share for the year
ended 31 December 2010 was based on the profit attributable
to equity holders of the Company of RMB907,563,000 (2009:
RMB618,232,000) and the weighted average number of
ordinary shares outstanding after adjustment for the effect of
all dilutive potential ordinary shares of 1,102,422,896 (2009:
1,180,699,260 (restated)), calculated as follows:
(i) Weighted average number of ordinary shares
(diluted)
2010 2009
二零一零年 二零零九年
(Restated)
（重列）
Weighted average number of
ordinary shares (basic)
普通股加權平均數（基本）
1,051,128,275 1,053,302,221
Effect of share options in issue 已發行購股權之影響 227,244 –
Effect of conversion of convertible
bonds (note 37)
兌換可轉換債券之影響
（附註37） 51,067,377 127,397,039
Weighted average number of
ordinary shares (diluted)
at 31 December
於十二月三十一日的普通股
加權平均數（攤薄）
1,102,422,896 1,180,699,260
(ii) Profit attributable to ordinary equity holders of
the Company (diluted)
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Profit attributable to ordinary
equity holders (basic)
普通股股權持有人應佔溢利
（基本） 890,206 678,520
Effect of effective interest on the
liability component of
convertible bonds (note 37)
可轉換債券負債部份實際
利息的影響（附註37）
13,857 39,369
Effect of gain recognised on
repurchase of convertible
bonds (note 37)
就購回可轉換債券所確認
收益的影響（附註37）
(17,248) (49,394)
Effect of loss/(gain) recognised on
the derivative component of
convertible bonds (note 37)
就可轉換債券衍生部份所
確認虧損╱（收益）的影響
（附註37） 20,748 (50,263)
Profit attributable to ordinary
equity holders (diluted)
普通股股權持有人應佔溢利
（攤薄） 907,563 618,232
18. 每股盈利（續）
(b) 每股攤薄盈利（續）
截至二 零 一 零 年 十 二 月 三 十 一
日 止 年 度 每 股 攤 薄 盈 利 乃 按 本
公 司 股 權 持 有 人 應 佔 溢 利 人 民
幣907,563,000元（ 二 零 零 九 年：
人 民 幣618,232,000元）及 於 調 整
對 普 通 股 的 所 有 潛 在 攤 薄 影 響
後 已 發 行 普 通 股 的 加 權 平 均 數
1,102,422,896股（ 二 零 零 九 年：
1,180,699,260股（經重列））計算，
計算如下：
(i) 普通股加權平均數（攤薄）
(ii) 本 公 司 普 通 股 股 權 持 有 人
應佔溢利（攤薄）
SPG Land (Holdings) Limited Annual Report 2010176
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
19. PROPERTY, PLANT AND EQUIPMENT
In RMB’000 Buildings
Leasehold
improvements
Motor
vehicles
Fixtures,
fittings &
equipment
Hotel under
construction Total
人民幣千元 樓宇
租賃
物業裝修 汽車
裝置、
傢俱及
設備
興建中
酒店 合計
Cost: 成本：
Balance at 1 January 2009 二零零九年一月一日
的結餘 239,805 29,938 32,478 69,889 – 372,110
Acquisitions 購置 – 1,320 1,709 6,914 – 9,943
Disposals 轉讓 (962) (8) (4,965) (12,834) – (18,769)
Balance at 31 December 2009 二 零 零 九 年 十 二 月
三十一日的結餘 238,843 31,250 29,222 63,969 – 363,284
Acquisitions 購置 2,899 1,223 5,656 22,010 – 31,788
Transfer from properties under
development (note 24)
從 發 展 中 物 業 轉 撥
（附註24） 152,318 – 314 4,801 511,830 669,263
Disposals 轉讓 – (230) (1,835) (6,810) – (8,875)
Balance at 31 December 2010 二 零 一 零 年 十 二 月
三十一日的結餘 394,060 32,243 33,357 83,970 511,830 1,055,460
Depreciation: 折舊：
Balance at 1 January 2009 二零零九年一月一日
的結餘 36,867 21,023 20,177 41,287 – 119,354
Charge for the year 年內折舊 13,982 2,168 3,997 5,369 – 25,516
Disposals 轉讓 (933) (3) (4,381) (12,413) – (17,730)
Balance at 31 December 2009 二 零 零 九 年 十 二 月
三十一日的結餘 49,916 23,188 19,793 34,243 – 127,140
Charge for the year 年內折舊 14,054 957 3,321 7,881 – 26,213
Disposals 轉讓 – (157) (206) (1,598) – (1,961)
Balance at 31 December 2010 二 零 一 零 年 十 二 月
三十一日的結餘 63,970 23,988 22,908 40,526 – 151,392
Carrying amounts: 賬面值：
At 31 December 2010 於二零一零年十二月
三十一日 330,090 8,255 10,449 43,444 511,830 904,068
At 31 December 2009 於二零零九年十二月
三十一日 188,927 8,062 9,429 29,726 – 236,144
(i) All buildings owned by the Group are located in the PRC.
(ii) As at 31 December 2010, bui ld ings and hote l under
construction with a total carrying value of RMB563,497,000
(2009: RMB131,179,000) were pledged as collateral for the
Group’s borrowings.
19. 物業、廠房及設備
(i) 本 集 團 擁 有 的 所 有 樓 宇 均 位 於
中國。
(ii) 於二零一零年十二月三十一日，
本 集 團 已 抵 押 賬 面 總 值 人 民 幣
563,497,000元（二 零 零 九 年：人
民 幣131,179,000元）的 樓 宇 及 興
建 中 酒 店 作 為 本 集 團 借 貸 的 抵
押品。
盛高置地（控股）有限公司 二零一零年年報 177
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
20. INTANGIBLE ASSETS
Contractor qualification
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Cost: 成本：
Balance at 1 January 於一月一日結餘 1,700 –
Acquisitions 收購 – 1,700
Balance at 31 December 於十二月三十一日 1,700 1,700
Amortisation: 攤銷：
Balance at 1 January 於一月一日的結餘 45 –
Amortisation charge for the year 年內攤銷開支 45 45
Balance at 31 December 於十二月三十一日的結餘 90 45
Carrying amounts: 賬面值：
Balance at 31 December 於十二月三十一日的結餘 1,610 1,655
20. 無形資產
承包商資格
SPG Land (Holdings) Limited Annual Report 2010178
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
21. LAND USE RIGHTS
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Cost: 成本：
Balance at 1 January 於一月一日的結餘 83,205 86,862
Transfer from properties under development
(note 24)
轉撥自發展中物業
（附註24） 9,279 –
Additions 增加 – 2,419
Transfer to properties under development
(note 24)
轉撥至發展中物業
（附註24） – (6,076)
Balance at 31 December 於十二月三十一日的結餘 92,484 83,205
Amortisation: 攤銷：
Balance at 1 January 於一月一日的結餘 9,013 7,362
Amortisation charge for the year 年內攤銷開支 1,739 1,772
Transfer to properties under development
(note 24)
轉撥至發展中物業
（附註24） – (121)
Balance at 31 December 於十二月三十一日的結餘 10,752 9,013
Carrying amounts: 賬面值：
Balance at 31 December 於十二月三十一日的結餘 81,732 74,192
Land use rights represent lease prepayments for acquiring rights to
use land, which is all located in the PRC, for own use properties.
As at 31 December 2010, land use rights with carrying value of nil
(2009: RMB53,717,000) were pledged as collateral for the Group’s
borrowings.
22. OTHER INVESTMENTS
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Available-for-sale financial assets 可供出售金融資產 13,032 13,032
Equity securities held for trading 持作交易目的的權益證劵 16,115 1,228
As at 31 December 2010, available-for-sale financial assets represent
the Group’s % equity investment in XDM Resources Inc, which
is incorporated in Canada and is engaged in minerals exploration
and development.
21. 土地使用權
土 地 使 用 權 指 收 購 全 部 位 於 中 國 的
土地使用權利的租賃預付款項，該等
土地用作自用物業。
於二零一零年十二月三十一日，本集
團已抵押賬面值人民幣零元（二零零
九 年：人 民 幣53,717,000元）的 土 地 使
用權作為本集團借貸的抵押品。
22. 其他投資
於 二 零 一 零 年 十 二 月 三 十 一 日，
可 供 出 售 金 融 資 產 指 本 集 團 於XDM
Resources Inc的%股 權 投 資，該 公
司 於 加 拿 大 註 冊 成 立 並 從 事 礦 產 勘
探及發展業務。
盛高置地（控股）有限公司 二零一零年年報 179
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
23. INVESTMENT PROPERTIES
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Completed investment properties
held to earn rentals or for
capital appreciation or both
持作賺取租金或資本增
值或作以上兩種用途
的已建成投資物業 (a) 1,223,000 1,138,500
Investment properties under
construction or development
興 建 中 或 發 展 中 的 投 資
物業 (b) 725,000 502,000
Balance at 31 December 於十二月三十一日的結餘 1,948,000 1,640,500
(a) Completed investment properties held to
earn rentals or for capital appreciation or
both
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Balance at 1 January 於一月一日的結餘 1,138,500 723,000
Additions 增加 1,374 –
Transfer from completed properties
held for sale (note 25)
轉撥自已建成待售物業
（附註25） 1,476 149,558
Transfer from investment properties
under construction or
development (b)
轉撥自興建中或發展中的
投資物業 (b)
68,000 –
Fair value adjustments: 公允價值調整：
Transfer to profit or loss 轉撥至損益 13,650 265,942
Balance at 31 December 於十二月三十一日的結餘 1,223,000 1,138,500
23. 投資物業
(a) 持作賺取租金或資本增值
或作以上兩種用途的已建
成投資物業
SPG Land (Holdings) Limited Annual Report 2010180
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
23. INVESTMENT PROPERTIES (Continued)
(b) Investment properties under construction or
development
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Balance at 1 January 於一月一日的結餘 502,000 –
Additions 增加 75,447 –
Transfer from properties under
development (note 24)
轉撥自發展中物業
（附註24） – 250,688
Transfer to investment properties (a) 轉撥至投資物業 (a) (68,000) –
Fair value adjustments: 公允價值調整：
Transfer to profit or loss 轉撥至損益 215,553 251,312
Balance at 31 December 於十二月三十一日的結餘 725,000 502,000
All the Group’s investment properties are stated at fair value at 31
December 2010. The fair values were arrived at based on valuations
carried out by DTZ Debenham Tie Leung Limited. The valuations,
which conform to the Valuation Standards (First Edition 2005)
on Valuation of Properties published by the Hong Kong Institute
of Surveyors, have been determined by reference to comparable
sales evidence and, where appropriate, by capitalisation of net
income. The revaluation gains have been credited to profit or loss
of the respective year, or, in the case of revaluation gains arising on
transfer of an item of property, plant and equipment to investment
properties following a change in use, to equity directly.
As at 31 December 2010, investment properties with a total carrying
value of RMB1,160,654,000 (2009: RMB521,935,000) were
pledged as collateral for the Group’s borrowings.
23. 投資物業（續）
(b) 興建中或發展中的投資物業
本 集 團 所 有 投 資 物 業 於 二 零 一
零 年 十 二 月 三 十 一 日 均 以 公 允
價值入賬。公允價值乃根據戴德
梁 行 有 限 公 司 進 行 的 估 值 而 釐
定。該等估值根據香港測量師學
會頒佈的物業估值標準（二零零
五 年 第 一 版）進 行，並 參 考 比 較
銷售資料及（如適用）通過將收入
淨額資本化而釐定。重估收益已
計入各年的損益，倘因物業、廠
房 及 設 備 項 目 在 改 變 用 途 後 轉
撥至投資物業而產生重估收益，
則直接計入權益。
於二零一零年十二月三十一日，
本 集 團 已 將 賬 面 總 值 人 民 幣
1,160,654,000元（二零零九年：人
民 幣521,935,000元）的 投 資 物 業
作為本集團借貸的抵押品。
盛高置地（控股）有限公司 二零一零年年報 181
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
24. PROPERTIES UNDER DEVELOPMENT
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Properties under development expected to
be completed:
預期將於以下期間建成的
發展中物業：
— within twelve months — 十二個月內 4,921,467 2,963,347
— beyond twelve months — 十二個月後 3,600,904 4,235,962
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Balance at 1 January 於一月一日的結餘 7,199,309 4,359,630
Cost capitalised 成本資本化 4,955,101 4,860,061
Transfer from land use rights (note 21) 轉撥自土地使用權（附註21） – 5,955
Transfer to land use rights (note 21) 轉撥至土地使用權（附註21） (9,279) –
Transfer to investment properties (note 23) 轉撥至投資物業（附註23） – (250,688)
Transfer to property, plant and equipment
(note 19)
轉撥至物業、廠房及設備
（附註19） (669,263) –
Transfer to completed properties held for
sale (note 25)
轉撥至已建成待售物業
（附註25） (2,953,497) (1,775,649)
Balance at 31 December 於十二月三十一日的結餘 8,522,371 7,199,309
Interest capitalisation included in the above: 已計入上述項目的被資本化
利息：
Balance at 1 January 於一月一日的結餘 206,926 116,808
Cost capitalised (note 13) 成本資本化（附註13） 261,454 194,943
Transfer to investment properties 轉撥至投資物業 (3,353) (9,514)
Transfer to property, plant and equipment 轉撥至物業、廠房及設備 (28,272) –
Transfer to completed properties held
for sale
轉撥至已建成待售物業
(108,680) (95,311)
Balance at 31 December 於十二月三十一日的結餘 328,075 206,926
The properties under development are located in the PRC.
The weighted average capitalisation rate of borrowings is % for
the year ended 31 December 2010 (2009: %).
As at 31 December 2010, properties under development of
approximately RMB6,370,161,000 (2009: RMB3,918,502,000)
were pledged as collateral for the Group’s borrowings.
24. 發展中物業
發展中物業均位於中國。
截 至 二 零 一 零 年 十 二 月 三 十 一 日 止
年度，借貸的加權平均資本化利率為
%（二零零九年：%）。
於二零一零年十二月三十一日，本集
團已抵押價值約人民幣6,370,161,000
元（二零零九年：人民幣3,918,502,000
元）的發展中物業作為本集團借貸的
抵押品。
SPG Land (Holdings) Limited Annual Report 2010182
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
25. COMPLETED PROPERTIES HELD FOR SALE
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Balance at 1 January 於一月一日的結餘 235,635 509,861
Transfer from properties under
development (note 24)
轉撥自發展中物業（附註24）
2,953,497 1,775,649
Transfer to cost of sales 轉撥至銷售成本 (2,682,436) (1,900,317)
Transfer to investment properties (note 23) 轉撥至投資物業（附註23） (1,476) (149,558)
Balance at 31 December 於十二月三十一日的結餘 505,220 235,635
All completed properties held for sale are located in the PRC.
As at 31 December 2010, completed properties held for sale of
approximately RMB13,150,000 (2009: RMB25,592,000) were
pledged as collateral for the Group’s borrowings.
26. INTERESTS IN ASSOCIATES
2010 2009
二零一零年 二零零九年
Note RMB’000 RMB’000
附註 人民幣千元 人民幣千元
Shanghai ZhongXin Asset
Management Co., Ltd.
上海眾鑫資產經營
有限公司 (a) 110,144 115,999
The Peninsula Shanghai Waitan
Hotel Company Limited
上海外灘半島酒店
有限公司 (b) 1,149,466 873,823
Shanghai Zhaozhi Shiye Co., Ltd. 上海朝智實業有限公司 (c) 3,637 –
1,263,247 989,822
25. 已建成待售物業
所有已建成待售物業均位於中國。
於二零一零年十二月三十一日，本集
團已抵押價值約人民幣13,150,000元（二
零 零 九 年：人 民 幣25,592,000元）的 已
建 成 待 售 物 業 作 為 本 集 團 借 貸 的 抵
押品。
26. 聯營公司權益
盛高置地（控股）有限公司 二零一零年年報 183
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
26. INTERESTS IN ASSOCIATES (Continued)
(a) Shanghai ZhongXin Asset Management Co.,
Ltd. (“Shanghai ZhongXin”)
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Cost of investment 投資成本 26,933 26,933
Goodwill on acquisition 收購產生的商譽 2,794 2,794
Share of post-acquisition profit 分佔收購後溢利 59,417 53,272
Loan 貸款 21,000 33,000
110,144 115,999
The loan to Shanghai ZhongXin of RMB21,000,000 (2009:
RMB33,000,000) represents the Group’s proportional share
of a shareholders’ loan, which is unsecured, interest free and
has no fixed terms of repayment.
(b) The Peninsula Shanghai Waitan Hotel
Company Limited (“Peninsula Waitan”)
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Cost of investment 投資成本 867,013 867,013
Additional investment in paid-in
capital
增加實繳股本之投資
13,665 13,665
Share of post-acquisition
profit/(losses)
分佔收購後溢利╱（虧損）
268,788 (6,855)
1,149,466 873,823
Peninsula Waitan is 50% owned by the Group, and is
engaged in development, operation and management of The
Peninsula Shanghai Waitan Hotel.
The share of post-acquisition profit of Peninsula Waitan for
the year ended 31 December 2010 was mainly attributable
to the revaluation gain on Peninsula Waitan’s investment
properties.
26. 聯營公司權益
(a) 上海眾鑫資產經營有限公
司（「上海眾鑫」）
向 上 海 眾 鑫 提 供 的 貸 款 人 民 幣
21,000,000元（二零零九年：人民
幣33,000,000元），即本集團所佔
股東貸款部份，為無抵押、免息
及無固定還款期。
(b) 上海外灘半島酒店有限公
司（「外灘半島」）
外灘半島由本集團擁有50%股權，
並從事開發、經營及管理上海外
灘半島酒店。
截 至 二 零 一 零 年 十 二 月 三 十 一
日 止 年 度 分 佔 外 灘 半 島 收 購 後
利 潤 主 要 來 自 外 灘 半 島 投 資 物
業的重估收益。
SPG Land (Holdings) Limited Annual Report 2010184
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
26. INTERESTS IN ASSOCIATES (Continued)
(c) Shanghai Zhaozhi Shiye Co., Ltd. (“Shanghai
Zhaozhi”)
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Cost of investment 投資成本 3,633 –
Share of post-acquisition profit 分佔收購後溢利 4 –
3,637 –
Shanghai Zhaozhi is % owned by the Group, and is
engaged in development of commercial properties.
(d) Summary of financial information relating
to the associates, not adjusted for the
percentage of ownership held by the Group,
is as follows:
31 December 2010
In RMB’000 Assets
Other
liabilities
Shareholders’
loans and
equity Revenue Profit
人民幣千元 資產 其他負債
股東貸款及
權益 收益 溢利
Shanghai ZhongXin 上海眾鑫 752,487 385,340 367,147 43,736 20,486
Peninsula Waitan 外灘半島 5,251,845 2,924,229 2,327,616 332,887 550,235
Shanghai Zhaozhi 上海朝智 37,851 27,840 10,011 – 11
31 December 2009
In RMB’000 Assets
Other
liabilities
Shareholders’
loans and
equity Revenue Profit
人民幣千元
資產
其他負債
股東貸款及
權益 收益 溢利
Shanghai ZhongXin 上海眾鑫 768,822 382,161 386,661 33,000 167,533
Peninsula Waitan 外灘半島 4,279,216 2,501,851 1,777,365 38,346 39,643
26. 聯營公司權益（續）
(c) 上海朝智實業有限公司（「上
海朝智」）
上 海 朝 智 由 本 集 團 擁 有%
股權，並從事商業物業開發業務。
(d) 下文所呈列的聯營公司的
財務資料概要尚未根據本
集團應佔權益百分比而調
整：
二零一零年十二月三十一日
二零零九年十二月三十一日
盛高置地（控股）有限公司 二零一零年年報 185
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
27. INTERESTS IN A JOINTLY CONTROLLED
ENTITY
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Tianyuan Lifeng 天源利豐 738,468 –
Cost of investment 投資成本 758,476 –
Share of post-acquisition losses 分佔收購後虧損 (20,008) –
738,468 –
Tianyuan Lifeng is % owned by the Group, and is mainly
engaged in property development in Haikou, Hainan Province, the
PRC.
Summary of financial information relating to the jointly controlled
entity, not adjusted for the percentage of ownership held by the
Group, is as follows:
31 December 2010
Current Non-current Current Non-current
In RMB’000 assets assets liabilities liabilities Income Expense
人民幣千元 流動資產
非流動
資產 流動負債
非流動
負債 收入 開支
Tianyuan Lifeng 天源利豐 1,420,370 377,397 441 1,131,119 64 40,000
27. 共同控制實體權益
天源利豐由本集團擁有%，主要
於中國海南省海口市從事物業發展。
下 文 所 呈 列 的 共 同 控 制 實 體 的 財 務
資 料 概 要 尚 未 根 據 本 集 團 應 佔 權 益
百分比而調整：
二零一零年十二月三十一日
SPG Land (Holdings) Limited Annual Report 2010186
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
28. INVESTMENTS IN SUBSIDIARIES – COMPANY
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Unlisted shares, at cost 非上市股份，按成本 3,914,405 3,914,405
Cumulative fair value of share options
granted to employees of subsidiaries
授予子公司僱員的購股權
的累積公允價值 20,687 20,687
3,935,092 3,935,092
The Company’s major operating subsidiaries are as follows:
Percentage of
equity attributable
to the Company
本公司應佔權益
百分比
Name of company
Place and date of
incorporation Direct Indirect Registered capital Principal activities
公司名稱 註冊成立地點及日期 直接 間接 註冊資本 主要業務
% %
SPG Investment Ltd. British Virgin Islands,
2 March 2004
英屬處女群島，
二零零四年三月二日
100% – USD1
1美元
Investment holding
投資控股
Delta Link Holdings Limited British Virgin Islands,
6 May 2004
英屬處女群島，
二零零四年五月六日
100% – USD100
100美元
Investment holding
投資控股
Shanghai Cambridge (Group) Co., Ltd.
上海康橋半島（集團）有限公司
the PRC,
25 August 1998
中國，一九九八年
八月二十五日
– % USD67,670,000
67,670,000美元
Property development, sales
and lease
房地產開發、銷售及租賃
Shanghai New Independence House Property
Management Co., Ltd.
上海新獨院物業管理有限公司
the PRC,
17 January 2001
中國，二零零一年
一月十七日
– % RMB5,000,000
人民幣5,000,000元
Property management services
物業管理服務
28. 子公司投資 — 本公司
本公司的主要營運子公司如下：
盛高置地（控股）有限公司 二零一零年年報 187
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
Percentage of
equity attributable
to the Company
本公司應佔權益
百分比
Name of company
Place and date of
incorporation Direct Indirect Registered capital Principal activities
公司名稱 註冊成立地點及日期 直接 間接 註冊資本 主要業務
% %
Shanghai Cambridge Country Club Co., Ltd
上海康橋半島鄉村俱樂部有限公司
the PRC,
22 November 2001
中國，二零零一年
十一月二十二日
– % RMB5,000,000
人民幣5,000,000元
Clubhouse operation
會所營運
Shanghai SPG Land Property Development Co., Ltd.
上海盛高置地房地產發展有限公司
the PRC,
14 August 2002
中國，
二零零二年八月十四日
– % RMB10,000,000
人民幣10,000,000元
Property development, lease
and management
房地產開發、租賃及管理
Shanghai SPG Hotel Development Co., Ltd.
上海盛高酒店發展有限公司
the PRC,
1 December 2006
中國，
二零零六年十二月一日
– % RMB405,500,000
人民幣405,500,000元
Property development, sales
and lease
房地產開發、銷售及租賃
Shanghai Sipo Education Development Co., Ltd.
(“Sipo Education”)
上海思博教育發展有限公司（「思博教育」）
the PRC,
9 October 2001
中國，
二零零一年十月九日
– % RMB70,000,000
人民幣70,000,000元
Investment holding
投資控股
Shanghai Sipo Polytechnic
上海思博技術學院
the PRC,
15 April 2003
中國，二零零三年
四月十五日
– % RMB5,000,000
人民幣5,000,000元
College education
專科教育
Shanghai Sipo Vocational Technical Training Centre
上海思博職業技術培訓中心
the PRC,
14 October 2003
中國，二零零三年
十月十四日
– % RMB200,000
人民幣200,000元
Technical training and
technology consultancy
技術培訓及科技諮詢
Shanghai Oriental Cambridge Property Development Co., Ltd.
上海東方康橋房地產發展有限公司
the PRC,
26 September 2002
中國，二零零二年
九月二十六日
– 100% RMB650,000,000
人民幣650,000,000元
Property development, sales
and lease
房地產開發、銷售及租賃
28. INVESTMENTS IN SUBSIDIARIES – COMPANY
(Continued)
28. 子公司投資 — 本公司（續）
SPG Land (Holdings) Limited Annual Report 2010188
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
Percentage of
equity attributable
to the Company
本公司應佔權益
百分比
Name of company
Place and date of
incorporation Direct Indirect Registered capital Principal activities
公司名稱 註冊成立地點及日期 直接 間接 註冊資本 主要業務
% %
Shanghai Lishui Greenery Ecology Engineering Co., Ltd.
上海麗水生態綠化工程有限公司
the PRC,
7 November 2003
中國，二零零三年
十一月七日
– 51% RMB10,000,000
人民幣10,000,000元
Landscape construction
project
園藝項目
Shanghai Cambridge Construction Consulting Co., Ltd.
上海康橋半島建築諮詢有限公司
the PRC,
29 April 2004
中國，二零零四年
四月二十九日
– 100% RMB500,000
人民幣500,000元
Project management,
consulting and services
項目管理、諮詢及服務
Shanghai Shikang Property Consulting Co., Ltd.
上海世康房地產諮詢有限公司
the PRC,
7 January 2003
中國，二零零三年
一月七日
– 100% USD140,000
140,000美元
Property agency and
consulting
物業代理及諮詢
Shanghai Zhuxi Investment Enterprise Co., Ltd.
上海珠溪實業投資有限公司
the PRC,
2 December 2003
中國，二零零三年
十二月二日
– % RMB30,000,000
人民幣30,000,000元
Industry investment,
management and
business consulting
實業投資、管理及商務諮詢
Huangshan SPG Property Development Co., Ltd.
黃山盛高半島房地產發展有限公司
the PRC,
7 January 2004
中國，二零零四年
一月七日
– 100% RMB120,000,000
人民幣120,000,000元
Hotel development and
operation
酒店開發及經營
Huangshan Cambridge Property Development Co., Ltd.
黃山康橋半島房地產發展有限公司
the PRC,
22 July 2004
中國，二零零四年
七月二十二日
– 100% RMB50,000,000
人民幣50,000,000元
Property development, sales
and lease
房地產開發、銷售及租賃
Huangshan SPG Land Development Co., Ltd.
黃山盛高置地發展有限公司
the PRC,
16 August 2007
中國，二零零七年
八月十六日
– 100% RMB100,000,000
人民幣100,000,000元
Property development, sales
and lease
房地產開發、銷售及租賃
28. INVESTMENTS IN SUBSIDIARIES – COMPANY
(Continued)
28. 子公司投資 — 本公司（續）
盛高置地（控股）有限公司 二零一零年年報 189
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
Percentage of
equity attributable
to the Company
本公司應佔權益
百分比
Name of company
Place and date of
incorporation Direct Indirect Registered capital Principal activities
公司名稱 註冊成立地點及日期 直接 間接 註冊資本 主要業務
% %
Huangshan Shengyuan Hotel Development Co., Ltd.
黃山盛遠酒店發展有限公司
the PRC,
17 August 2007
中國，
二零零七年八月十七日
– 100% RMB150,000,000
人民幣150,000,000元
Hotel development and
operation
酒店開發及經營
Huangshan Shengzhi Hotel Development Co., Ltd.
黃山盛志酒店發展有限公司
the PRC,
17 August 2007
中國，
二零零七年八月十七日
– 100% RMB150,000,000
人民幣150,000,000元
Hotel development and
operation
酒店開發及經營
Huangshan Shengdi Real Estate Development Co., Ltd.
黃山盛地房地產發展有限公司
the PRC,
16 August 2007
中國，
二零零七年八月十六日
– 100% RMB150,000,000
人民幣150,000,000元
Property development, sales
and lease
房地產開發、銷售及租賃
Huangshan Shengde Real Estate Development Co., Ltd.
黃山盛德房地產發展有限公司
the PRC,
16 August 2007
中國，
二零零七年八月十六日
– 100% RMB150,000,000
人民幣150,000,000元
Property development, sales
and lease
房地產開發、銷售及租賃
Huangshan Shengjie Real Estate Development Co., Ltd.
黃山盛杰房地產發展有限公司
the PRC,
11 June 2009
中國，
二零零九年六月十一日
– 100% RMB15,000,000
人民幣15,000,000元
Property development, sales
and lease
房地產開發、銷售及租賃
Huangshan Shengwei Real Estate Development Co., Ltd.
黃山盛威房地產發展有限公司
the PRC,
11 June 2009
中國，
二零零九年六月十一日
– 100% RMB15,000,000
人民幣15,000,000元
Property development, sales
and lease
房地產開發、銷售及租賃
Huangshan Shengheng Real Estate Development Co., Ltd.
黃山盛衡房地產發展有限公司
the PRC,
11 June 2009
中國，
二零零九年六月十一日
– 100% RMB34,000,000
人民幣34,000,000元
Property development, sales
and lease
房地產開發、銷售及租賃
28. INVESTMENTS IN SUBSIDIARIES – COMPANY
(Continued)
28. 子公司投資 — 本公司（續）
SPG Land (Holdings) Limited Annual Report 2010190
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
Percentage of
equity attributable
to the Company
本公司應佔權益
百分比
Name of company
Place and date of
incorporation Direct Indirect Registered capital Principal activities
公司名稱 註冊成立地點及日期 直接 間接 註冊資本 主要業務
% %
Huangshan Hiddentigger Club Management Co., Ltd.
黃山卧虎會所管理有限公司
the PRC,
7 July 2009
中國，
二零零九年七月七日
– 100% RMB1,000,000
人民幣1,000,000元
Property management
services
房地產管理服務
Kunming SPG Land Development Co., Ltd.
昆明盛高置地發展有限公司
the PRC,
9 November 2006
中國，
二零零六年十一月九日
– 100% RMB142,500,000
人民幣142,500,000元
Property development, sales
and lease
房地產開發、銷售及租賃
Kunming SPG Grand City Development Co., Ltd
昆明盛高大城房地產發展有限公司
the PRC,
15 June 2007
中國，
二零零七年六月十五日
– 100% USD40,000,000
40,000,000美元
Property development, sales
and lease
房地產開發、銷售及租賃
Shanghai Zhujia Cambridge Property Development Co., Ltd.
上海珠佳康橋半島房地產開發有限公司
the PRC,
24 September 2003
中國，二零零三年
九月二十四日
– 100% RMB280,000,000
人民幣280,000,000元
Property development
and sales
房地產開發及銷售
Suzhou Runjian Property Co., Ltd.
蘇州潤建置業有限公司
the PRC,
28 September 2007
中國，二零零七年
九月二十八日
– 100% RMB550,000,000
人民幣550,000,000元
Property development, sales
and lease
房地產開發、銷售及租賃
Suzhou SPG Property Management Co., Ltd.
蘇州盛高物業服務有限公司
the PRC,
5 March 2009
中國，
二零零九年三月五日
– 100% RMB500,000
人民幣500,000元
Property management
services
物業管理服務
Suzhou Runjian Property Management Co., Ltd.
蘇州潤建物業服務有限公司
the PRC,
8 December 2009
中國， 二零零九年
十二月八日
– 100% RMB500,000
人民幣500,000元
Property management
services
物業管理服務
28. INVESTMENTS IN SUBSIDIARIES – COMPANY
(Continued)
28. 子公司投資 — 本公司（續）
盛高置地（控股）有限公司 二零一零年年報 191
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
Percentage of
equity attributable
to the Company
本公司應佔權益
百分比
Name of company
Place and date of
incorporation Direct Indirect Registered capital Principal activities
公司名稱 註冊成立地點及日期 直接 間接 註冊資本 主要業務
% %
Wuxi Guosheng Property Development Co., Ltd.
無錫國盛房產開發有限公司
the PRC,
2 November 2007
中國，二零零七年
十一月二日
– 100% HKD425,000,000
425,000,000港元
Property development, sales
and lease
房地產開發、銷售及租賃
Wuxi Shenglian Property Development Co., Ltd.
無錫盛聯房產開發有限公司
the PRC,
2 November 2007
中國，
二零零七年十一月二日
– 100% HKD425,000,000
425,000,000港元
Property development, sales
and lease
房地產開發、銷售及租賃
Hainan Jianqiao Property Corporation Ltd.
海南建橋置業有限公司
the PRC,
4 January 2008
中國，
二零零八年一月四日
– 100% RMB115,000,000
人民幣
115,000,000元
Property development, sales
and lease
房地產開發、銷售及租賃
Hainan Jianqiao Property Management Co., Ltd.
海南建橋物業管理有限公司
the PRC,
4 January 2008
中國，
二零零八年一月四日
– % RMB1,000,000
人民幣1,000,000元
Property management
services
物業管理服務
Wuxi Xishuidong Advertising Culture Media Co., Ltd.
無錫西水東廣告文化傳媒有限公司
the PRC,
9 June 2009
中國，
二零零九年六月九日
– 100% RMB500,000
人民幣500,000元
Advertisement services
廣告服務
Hubei Huazhong Constructing Co., Ltd.
湖北華中建築裝飾有限責任公司
the PRC,
21 May 2009
中國， 二零零九年
五月二十一日
– 100% RMB20,052,000
人民幣20,052,000元
Construction and
decoration services
建築及裝修服務
Changshu SPG Land Development Co., Ltd.
常熟盛高房產開發有限公司
the PRC,
12 July 2007
中國，
二零零七年七月十二日
– 100% RMB200,000,000
人民幣200,000,000元
Property development, sales
and lease
房地產開發、銷售及租賃
28. 子公司投資 — 本公司（續）28. INVESTMENTS IN SUBSIDIARIES – COMPANY
(Continued)
SPG Land (Holdings) Limited Annual Report 2010192
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
Percentage of
equity attributable
to the Company
本公司應佔權益
百分比
Name of company
Place and date of
incorporation Direct Indirect Registered capital Principal activities
公司名稱 註冊成立地點及日期 直接 間接 註冊資本 主要業務
% %
Changshu SPG Real Estate Development Co., Ltd.
常熟盛地置業有限公司
the PRC,
24 October 2007
中國，二零零七年
十月二十四日
– 100% RMB350,000,000
人民幣350,000,000元
Property development, sales
and lease
房地產開發、銷售及租賃
Wuxi SPG Land Information Consulting Co., Ltd.
無錫盛高信息諮詢有限公司
the PRC,
5 June 2007
中國，二零零七年
六月五日
– 100% USD20,000,000
20,000,000美元
Project management,
consulting and services
項目管理、諮詢及服務
Shanxi SPG Land Development Co., Ltd.
山西盛高置地發展有限公司
the PRC,
27 August 2009
中國，二零零九年
八月二十七日
– 100% USD20,000,000
20,000,000美元
Property development, sales
and lease
房地產開發、銷售及租賃
Wuxi Xindu Real Estate Development Co., Ltd.
無錫新都房產開發有限公司
the PRC,
29 January 2010
中國，二零一零年
一月二十九日
– 60% RMB200,000,000
人民幣200,000,000元
Property development, sales
and lease
房地產開發、銷售及租賃
Wuxi Shengdong Property Development Co., Ltd.
無錫盛東房產開發有限公司
the PRC,
6 May 2010
中國，二零一零年
五月六日
– 100% RMB200,000,000
人民幣200,000,000元
Property development, sales
and lease
房地產開發、銷售及租賃
Shanghai Yingjie Industrial Co., Ltd.
上海穎階實業有限公司
the PRC,
28 April 2010
中國，二零一零年
四月二十八日
– 100% RMB10,000,000
人民幣10,000,000元
Investment Management
and consulting
投資、管理及諮詢
28. 子公司投資 — 本公司（續）28. INVESTMENTS IN SUBSIDIARIES – COMPANY
(Continued)
盛高置地（控股）有限公司 二零一零年年報 193
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
Percentage of
equity attributable
to the Company
本公司應佔權益
百分比
Name of company
Place and date of
incorporation Direct Indirect Registered capital Principal activities
公司名稱 註冊成立地點及日期 直接 間接 註冊資本 主要業務
% %
Tianjing Hengzhi Investment Management Co., Ltd.
天津恒智投資管理有限公司
the PRC,
14 December 2010
中國，二零一零年
十二月十四日
– 100% RMB10,000,000
人民幣10,000,000元
Investment Management
and consulting
投資管理及諮詢
Tianjing Hengxuan Investment Management Co., Ltd.
天津恒軒投資管理有限公司
the PRC,
14 December 2010
中國，二零一零年
十二月十四日
– 100% RMB10,000,000
人民幣10,000,000元
Investment Management
and consulting
投資管理及諮詢
Tianjing Runheng Investment Management Co., Ltd.
天津潤恒投資管理有限公司
the PRC,
14 December 2010
中國，二零一零年
十二月十四日
– 100% RMB10,000,000
人民幣10,000,000元
Investment Management
and consulting
投資管理及諮詢
All these entities are controlled subsidiaries as defined under note
3(a)(i) and have been consolidated into the consolidated financial
statements.
28. INVESTMENTS IN SUBSIDIARIES – COMPANY
(Continued)
28. 子公司投資 — 本公司（續）
所有該等實體均為附註3(a)(i)所界定的
受控制子公司及已合併計入綜合財務
報表。
SPG Land (Holdings) Limited Annual Report 2010194
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
29. TRADE, OTHER RECEIVABLES AND
ADVANCE DEPOSITS
Group Company
本集團 本公司
2010 2009 2010 2009
二零一零年 二零零九年 二零一零年 二零零九年
RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元 人民幣千元
Receivables due from related parties: 應收關連人士款項：
— Subsidiaries — 子公司 – – 590,711 184,255
— Other related parties
(note 46(c))
— 其他關連人士（附註
46(c)） 1,909 4,051 32 32
1,909 4,051 590,743 184,287
Trade receivables due from third
parties
應收第三方的貿易應收
賬款 5,499 5,381 – –
Advance payments to contractors 預付承建商款項 74,480 65,265 – –
Advance deposits for acquisition of
land use rights
收購土地使用權的預付
按金 2,714,149 457,767 – 166,297
Non-trade receivables 其他應收款 221,504 149,203 – –
Tax prepayments 預繳稅款 252,728 183,211 – –
Total 合計 3,270,269 864,878 590,743 350,584
The receivables due from related parties are unsecured, non-interest
bearing and repayable on demand.
Non-trade receivable balances, deposits and advances to third
parties are expected to be settled or recovered within one year.
Tax prepayments mainly represent prepayment of business tax
during the pre-sale stage of certain properties under development.
29. 應 收 賬 款、其 他 應 收 款 及
預付按金
應收關連人士款項為無抵押、免息及
須於要求時償還。
其他應收款項結餘、訂金及預付第三
方的款項預期於一年內清還或收回。
預 繳 稅 款 主 要 指 因 預 售 若 干 發 展 中
物業而預繳的營業稅。
盛高置地（控股）有限公司 二零一零年年報 195
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
29. TRADE, OTHER RECEIVABLES AND
ADVANCE DEPOSITS (Continued)
The ageing analysis of trade receivables at each balance sheet date
is as follows:
Group
本集團
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Within 90 days 90日內 4,611 3,876
Over 90 days and within 180 days 超過90日至180日內 388 310
Over 180 days and within 365 days 超過180日至365日內 500 1,180
Over 365 days 超過365日 – 15
5,499 5,381
30. LONG-TERM RECEIVABLE
Group
本集團
Term Initial Cost 2010 2009
年期 初始成本 二零一零年 二零零九年
RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元
Long-term receivable 長期應收款 10 years 1,300,000 939,672 –
Less: Long-term receivable due
within 1 year
減：一年內到期的長期
應收款
十年
(125,486) –
Long-term receivable due
after 1 year
一年後到期的長期
應收款 814,186 –
The amount is repayable
as follows:
於以下年期收取的款項
如下：
Within 1 year 一年內 125,486 –
Over 1 year and within 2 years 超過一年至兩年內 113,103 –
Over 2 years and within 5 years 超過兩年至五年內 247,166 –
After 5 years 超過五年以上 453,917 –
939,672 –
29. 應 收 賬 款、其 他 應 收 款 及
預付按金（續）
應收賬 款 於 各 資 產 負 債 表 目 的 賬 齡
分析如下：
30. 長期應收款
SPG Land (Holdings) Limited Annual Report 2010196
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
30. 長期應收款（續）
長期應 收 款 指 提 供 予 天 源 利 豐 的 股
東貸款。該筆款項為免息，及自二零
一一年六月十一日起分10年償還，每
期收取金額為人民幣130,000,000元。
就長期應收款發生的利息收入人民幣
48,236,000元（附註13）已於年內確認（二
零零九年：無）。
31. 受限制現金
根據有關規例， 本集團若干從事物業
發展的子公司自指定銀行貸款戶口提
取現金作為購買建築材料及支付有關
物業項目發展成本以外的用途，須受
到限制。於二零一零年十二月三十一
日，須遵守該等限制的銀行戶口結餘
為人民幣702,765,000元（ 二零零九年：
人民幣1,578,673,000元。）
此外， 於二零一零年十二月三十一日，
銀行存款為人民幣1,282,771,000元（二
零零九年：人民幣830,075,000元），為
銀行貸款的抵押。
30. LONG-TERM RECEIVABLE (Continued)
Long-term receivable represents shareholders’ loan provided to
Tianyuan Lifeng. The amount is non-interest bearing and repayable
in 10 annual instalments of RMB130,000,000 each, starting from
11 June 2011. Interest income of RMB48,236,000 (note 13) was
recognised in relation to the long-term receivable during the year
(2009: nil).
31. RESTRICTED CASH
Pursuant to relevant regulations, certain subsidiaries of the Group
which engage in property development have restrictions on their
ability to draw cash from specified bank loan accounts for uses
other than the purchase of construction materials and payment
of development costs relating to the relevant property projects.
As at 31 December 2010, the bank account balances subject
to these restrictions amounted to RMB702,765,000 (2009:
RMB1,578,673,000).
Fu r the rmore , a s a t 31 December 2010 , ca sh a t bank o f
RMB1,282,771,000 (2009: 830,075,000) was pledged for bank
loans.
盛高置地（控股）有限公司 二零一零年年報 197
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
32. CASH AND CASH EQUIVALENTS
An analysis of the balance of cash and cash equivalents is set out
below:
Group Company
本集團 本公司
2010 2009 2010 2009
二零一零年 二零零九年 二零一零年 二零零九年
RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元 人民幣千元
Cash at bank and cash in hand 銀行存款及現金 3,499,975 5,447,693 743 2,070
Less: restricted cash (note 31) 減：受限制現金
（附註31） (1,985,536) (2,408,748) – –
1,514,439 3,038,945 743 2,070
Cash at bank and cash in hand is denominated in: 以下列貨幣結算的銀行存款及現金：
RMB 人民幣 3,444,433 5,341,673 – –
USD 美元 25,705 90,313 114 110
AUD 澳元 – 7 – –
HKD 港元 29,837 15,700 629 1,960
3,499,975 5,447,693 743 2,070
RMB is not a freely convertible currency and the remittance of funds
out of the PRC is subject to exchange restrictions imposed by the
PRC government.
32. 現金及現金等價物
現金及現金等價物的結餘分析如下：
人民幣並非自由兌換貨幣，從中國匯
出 人 民 幣 須 遵 守 中 國 政 府 制 訂 的 匯
兌限制。
SPG Land (Holdings) Limited Annual Report 2010198
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
33. TAX PAYABLE/DEFERRED TAX ASSETS/
(LIABILITIES)
(i) Current taxation in the consolidated balance
sheets represents:
2010 2009
二零一零年 二零零九年
PRC income tax RMB’000 RMB’000
中國所得稅 人民幣千元 人民幣千元
Balance brought forward 承前結餘 78,005 3,227
Provision for PRC enterprise income
tax for the year (note 14)
年內中國企業所得稅撥備
（附註14） 299,260 228,047
PRC income tax paid 已付中國所得稅 (226,833) (153,269)
Balance carried forward 結餘結轉 150,432 78,005
2010 2009
二零一零年 二零零九年
PRC land appreciation tax RMB’000 RMB’000
中國土地增值稅 人民幣千元 人民幣千元
Balance brought forward 承前結餘 488,658 320,329
Provision for PRC land appreciation
tax for the year (note 14)
年內的中國土地增值稅撥備
（附註14） 362,997 214,032
PRC land appreciation tax paid 已付中國土地增值稅 (122,156) (45,703)
Balance carried forward 結餘結轉 729,499 488,658
33. 應 付 稅 項╱遞 延 稅 項 資
產╱（負債）
(i) 綜合資產負債表的本期所
得稅指：
盛高置地（控股）有限公司 二零一零年年報 199
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
33. TAX PAYABLE/DEFERRED TAX ASSETS/
(LIABILITIES) (Continued)
(ii) Deferred tax assets recognised:
The components of deferred tax assets recognised in the
consolidated balance sheets and the movements during the
year ended 31 December 2010 were as follows:
Temporary
difference
on revenue
recognition
and related
cost of sales
Land
appreciation
tax and other
accruals Tax losses Total
收益確認及
有關銷售
成本的
暫時差異
土地增值稅
及其他
應計項目 稅務虧損 合計
RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元 人民幣千元
At 1 January 2009 二零零九年一月一日 – 82,860 5,289 88,149
Additions 增加 70,880 45,746 25,583 142,209
Charged to profit or loss 在損益扣除 – (2,922) (14,467) (17,389)
At 31 December 2009 二零零九年十二月
三十一日 70,880 125,684 16,405 212,969
Additions 增加 5,830 81,689 14,912 102,431
Charged to profit or loss 在損益扣除 (13,830) (1,716) (12,715) (28,261)
At 31 December 2010 二零一零年十二月
三十一日 62,880 205,657 18,602 287,139
33. 應 付 稅 項╱遞 延 稅 項 資
產╱（負債）（續）
(ii) 已確認遞延稅項資產：
已 在 綜 合 資 產 負 債 表 確 認 的 遞
延 稅 項 資 產 部 份 及 於 截 至 二 零
一 零 年 十 二 月 三 十 一 日 止 年 度
的變動如下：
SPG Land (Holdings) Limited Annual Report 2010200
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
33. TAX PAYABLE/DEFERRED TAX ASSETS/
(LIABILITIES) (Continued)
(ii) Deferred tax assets recognised: (Continued)
As at 31 December 2010, the Group had unused tax losses
of RMB182,100,000 (2009: RMB146,280,000) available to
offset against future profits. Deferred tax assets have been
recognised in respect of the tax losses of RMB74,408,000
(2009: RMB65,616,000) at the applicable income tax rates
of the respective subsidiaries as at 31 December 2010.
No deferred tax assets have been recognised in respect
of the remaining tax losses of RMB107,692,000 (2009:
RMB80,664,000) due to the unpredictability of future taxable
profit streams of the individual subsidiaries concerned as at
31 December 2010. The unrecognised tax losses for the year
ended 31 December 2010 will expire in the following years
ending 31 December:
2010 2009
二零一零年 二零零九年
PRC land appreciation tax RMB’000 RMB’000
中國土地增值稅 人民幣千元 人民幣千元
2010 二零一零年 – 17,908
2011 二零一一年 11,145 11,187
2012 二零一二年 11,509 14,495
2013 二零一三年 11,987 16,730
2014 二零一四年 16,014 20,344
2015 二零一五年 57,037 –
107,692 80,664
33. 應 付 稅 項╱ 遞 延 稅 項 資
產╱（負債）（續）
(ii) 已 確 認 遞 延 稅 項 資 產：
（續）：
於 二 零 一 零 年 十 二 月 三 十 一
日，本 集 團 可 用 來 抵 銷 未 來 溢
利 的 未 動 用 稅 務 虧 損 為 人 民 幣
182,100,000元（二 零 零 九 年：人
民 幣146,280,000元）。於 二 零 一
零 年 十 二 月 三 十 一 日，就 稅 務
虧 損 按 個 別 子 公 司 適 用 之 稅 率
確 認 的 遞 延 稅 項 資 產 為 人 民 幣
74,408,000元（ 二 零 零 九 年： 人
民 幣65,616,000元 ）。 由 於 不 能
有 確 定 有 關 合 法 實 體 的 未 來 應
課 稅 溢 利 來 抵 消 稅 務 虧 損，因
此 於 二 零 一 零 年 十 二 月 三 十 一
日 並 未 就 其 餘 稅 務 虧 損 人 民 幣
107,692,000元（二 零 零 九 年：人
民 幣80,664,000元）確 認 遞 延 稅
項資產。於截至二零一零年十二
月 三 十 一 日 止 年 度 的 未 確 認 稅
務 虧 損 將 於 以 下 截 至 十 二 月
三十一日止年度屆滿：
盛高置地（控股）有限公司 二零一零年年報 201
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
33. TAX PAYABLE/DEFERRED TAX ASSETS/
(LIABILITIES) (Continued)
(iii) Deferred tax liabilities recognised
The components of deferred tax liabilities recognised in the
consolidated balance sheets and the movements during the
year ended 31 December 2010 were as follows:
Withholding
tax
Revaluation
of
investment
properties
Fair value
adjustments Total
預扣稅
投資物業
重估
公允價值
調整 合計
RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元 人民幣千元
At 1 January 2009 二零零九年一月一日 4,400 112,039 234,596 351,035
Charged to profit or loss 在損益扣除 14,000 123,770 – 137,770
Realisation for the year 年度內變現 – – (27,303) (27,303)
At 31 December 2009 二零零九年十二月
三十一日 18,400 235,809 207,293 461,502
Charged to profit or loss 在損益扣除 – 72,733 49,537 122,270
Realisation for the year 年度內變現 (18,400) – (73,679) (92,079)
At 31 December 2010 二零一零年十二月
三十一日 – 308,542 183,151 491,693
34. INTEREST-BEARING LOANS
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Current 短期
Secured bank loans 有抵押銀行貸款 971,694 695,747
Unsecured loans 無抵押貸款 – 800,000
Current portion of non-current secured
bank loans
有抵押銀行長期貸款的
即期部份 563,000 640,000
1,534,694 2,135,747
Non-current 長期
Secured bank loans 有抵押銀行貸款 4,280,386 3,791,292
Unsecured loans 無抵押貸款 630,000 –
Less: current portion of non-current
secured bank loans
減：有抵押銀行長期貸款
即期部份 (563,000) (640,000)
4,347,386 3,151,292
33. 應 付 稅 項╱ 遞 延 稅 項 資
產╱（負債）（續）
(iii) 已確認遞延稅項負債
已 在 綜 合 資 產 負 債 表 確 認 的 遞
延 稅 項 負 債 部 份 及 於 截 至 二 零
一 零 年 十 二 月 三 十 一 日 止 年 度
的變動如下：
34. 計息貸款
SPG Land (Holdings) Limited Annual Report 2010202
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
34. INTEREST-BEARING LOANS (Continued)
As at 31 December 2010, the Group’s secured bank loans were
secured by the following:
(i) the Group’s properties and land use rights with a total carrying
amount of RMB8,107,462,000 (2009: RMB4,650,925,000)
(notes 19, 21, 23, 24 and 25);
(ii) pledged time deposits of RMB1,282,771,000 (note 31); and
(iii) charges over equity interests of certain subsidiaries of the
Group.
The Group’s non-current bank loans were repayable as follows:
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Within 1 year 一年內 563,000 640,000
Over 1 year but less than 2 years 超過一年至兩年內 1,823,730 1,070,932
Over 2 years but less than 5 years 超過二年至五年內 1,247,107 1,825,117
Over 5 years 超過五年以上 1,276,549 255,243
4,910,386 3,791,292
The effective interest rate of the year ended 31 December 2010 was
as follows:
2010 2009
二零一零年 二零零九年
Bank loans 銀行貸款 % %
The carrying amounts of current and non-current bank loans
approximate their fair value.
34. 計息貸款（續）
於二零一零年十二月三十一日，本集
團 的 有 抵 押 銀 行 貸 款 以 下 列 各 項 作
為抵押︰
(i) 本集團賬面總值人民幣8,107,462,000
元（二零零九年︰人民幣4,650,925,000
元）的物業及土地使用權（附註19、
21、23、24及25）；
(ii) 已抵押定期存款人民幣1,282,771,000元
（附註31）；及
(iii) 本集團若干附屬公司的股本權益抵
押。
本 集 團 的 長 期 銀 行 貸 款 須 於 以 下 期
間償還：
於 截 至 二 零 一 零 年 十 二 月 三 十 一 日
止年度的實際利率如下：
短期及長期銀行貸款的賬面值與公允
價值相近。
盛高置地（控股）有限公司 二零一零年年報 203
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
35. TRADE, OTHER PAYABLES AND ADVANCE
RECEIPTS
Group Company
本集團 本公司
2010 2009 2010 2009
二零一零年 二零零九年 二零一零年 二零零九年
RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元 人民幣千元
Payables due to related parties: 應付關連人士款項：
Non-trade related: 其他應付款：
— Dividends payable
(note 46(c))
— 應付股息
（附註46(c)） 9,173 9,173 – –
— Subsidiaries — 子公司 – – 878,558 797,572
— Other related parties
(note 46(c))
— 其他關連人士
（附註46(c)） 2,665,911 12,762 – –
2,675,084 21,935 878,558 797,572
Trade payables 應付賬款 1,752,740 1,118,601 – –
Advance receipts from customers 預收客戶款項 5,303,410 3,578,948 – –
Other taxes payable 其他應付稅項 48,758 85,005 – –
Dividends payable 應付股息 96 96 96 96
Non-trade payables and
accrued expenses
其他應付款和預提費用
382,095 788,291 11,921 8,143
Total 合計 10,162,183 5,592,876 890,575 805,811
The payables due to related parties are unsecured, non-interest
bearing and repayable on demand.
The ageing analysis of trade payables at each balance sheet date is
as follows:
Group
本集團
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Within 90 days 90日內 970,307 661,539
Over 90 days and within 180 days 超過90日至180日內 471,033 261,862
Over 180 days and within 365 days 超過180日至365日內 235,298 153,659
Over 365 days and within 3 years 超過365日至3年內 76,102 41,541
1,752,740 1,118,601
35. 應 付 賬 款、其 他 應 付 款 及
預收款項
應付關連人士款項為無抵押、免息及
須於要求時償還。
應付賬款於各結算日的賬齡分析如下：
SPG Land (Holdings) Limited Annual Report 2010204
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
36. LONG-TERM PAYABLE
Group
本集團
Term Initial Cost 2010 2009
年期 初始成本 二零一零年 二零零九年
RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元
Long-term payable 長期應付款 15 years
十五年
58,453 48,738 51,301
Less: Long-term payable due within
1 year
減：一年內到期的長期
應付款 (6,000) (6,000)
Long-term payable due after 1 year 一年後到期的長期
應付款 42,738 45,301
The amount is repayable as follows: 於以下年期償還的款項
如下：
Within 1 year 一年內 6,000 6,000
Over 1 year and within 2 years 超過一年至兩年內 5,682 5,613
Over 2 years and within 5 years 超過兩年至五年內 15,296 14,757
After 5 years 超過五年以上 21,760 24,931
48,738 51,301
Long-term payable represents construction cost payable to a
contractor. The amount is non-interest bearing and repayable in
15 annual instalments of RMB6,000,000 each, starting from 1
September 2008.
Company
本公司
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Due to subsidiary 應付子公司款項 952,229 –
Long-term payable represents amounts due to certain subsidiary.
The payable is interest bearing and repayable over one year but
within two years.
36. 長期應付款
長期應付款指應付一名建築商的建造
成本。該筆款項為免息，及自二零零
八年九月一日起分15年償還，每期償
還金額為人民幣6,000,000元。
長期應付款指應付若干子公司的款
項。該筆應付款項計息，並須於超過
一年至兩年內償還。
盛高置地（控股）有限公司 二零一零年年報 205
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
37. DERIVATIVE FINANCIAL INSTRUMENTS
(a) Convertible bonds
On 27 April 2007, the Company issued USD Settled Zero
Coupon Convertible Bonds due in April 2012 in the aggregate
principal amount of RMB1,158,000,000. The subscription
amount payable in respect of each unit of the Convertible
Bonds is RMB100,000 (approximately USD12,952). The
Convertible Bonds are listed on Singapore Exchange Securities
Trading Limited. The details of the principal terms of the
Convertible Bonds are set out in the Company’s 2007 annual
report.
On 29 December 2008, the Company repurchased 1,000
units of Convertible Bonds with a total principal amount
of RMB100,000,000. The bonds were repurchased with
a total consideration of USD5,858,946, equivalent to
RMB40,000,000. These bonds were cancel led upon
repurchase.
On 25 February 2009 and 19 May 2009, the Company
repurchased 540 and 1,144 units of Convertible Bonds
with total pr incipal amounts of RMB54,000,000 and
RMB114,400,000 respectively. The bonds were repurchased
with total considerations, including transaction costs,
of USD4,079,508 and USD14,221,425, equivalent to
RMB27,864,000 and RMB97,084,000 respectively. These
bonds were cancelled upon repurchase.
On 27 Apr i l 2010, the Company used an aggregate
amount of approximately USD128,000,000, equivalent to
RMB874,500,000 to redeem the Convertible Bonds with
an aggregate principal amount of RMB817,700,000. The
redeemed bonds were cancelled upon the redemption.
The gain of RMB16,745,000 in relation to the l iabil ity
component was recognised in the consolidated statement
of comprehensive income for the year ended 31 December
2010.
37. 衍生金融工具
(a) 可轉換債券
於二零零七年四月二十七日，
本公司發行本金總額為人民幣
1,158,000,000元於二零一二年四
月到期的以美元償付的零息可
轉換債券。每筆可轉換債券的
認購金額為人民幣100,000元（約
12,952美元）。可轉換債券於新
加坡證券交易所有限公司上市。
有關可轉換債券的主要條款的詳
情載於本公司二零零七年年報。
於二零零八年十二月二十九日，
本公司購回1,000份可轉換債券
（總本金額為人民幣100,000,000
元）。購回該等債券的總代價為
5,858,946美元，相當於人民幣
40,000,000元。該等債券於購回
後註銷。
於 二 零 零 九 年 二 月 二 十 五 日
及二零零九年五月十九日，本
公司分別購回540份及1,144份
可轉換債券（總本金額分別為
人 民 幣54,000,000 元 及 人 民 幣
114,400,000元）。購回該等債券
的總代價（包括交易成本）分別
為4,079,508 美 元 及14,221,425
美 元， 分 別 相 當 於 人 民 幣
27,864,000元及人民幣97,084,000
元。該等債券於購回後註銷。
於二零一零年四月二十七日，本
公司動用總金額約128,000,000
美元（相等於人民幣874,500,000
元），以贖回本金總額人民幣
817,700,000元的可轉換債券。
已贖回的債券於贖回後被註銷。
有 關 負 債 部 份 的 收 益 人 民 幣
16,745,000元已於截至二零一零
年十二月三十一日止年度的綜合
全面利潤表內確認。
SPG Land (Holdings) Limited Annual Report 2010206
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
37. DERIVATIVE FINANCIAL INSTRUMENTS
(Continued)
(a) Convertible bonds (Continued)
On 27 October 2010, the Company used an aggregate
amount of approximately USD11,600,000, equivalent to
RMB77,700,000 to fully redeem the remaining outstanding
Convertible Bonds with an aggregate principal amount of
RMB71,900,000 (“Outstanding Bonds”). The Outstanding
Bonds were cancelled upon the redemption. The gain of
RMB503,000 in relation to the liability component was
recognised in the consolidated statement of comprehensive
income for the year ended 31 December 2010. The
accumulated balance in capital reserve of RMB14,903,000
in relation to the option to convert the liability component
into ordinary shares of the Company was released to retained
profits.
The fair value of the embedded derivative of the Convertible
Bonds was calculated using certain valuation models. The
major inputs used in the models as at 27 October 2010 (date
of full redemption) and 31 December 2009 were as follows:
Redemption option of
the Company
本公司的贖回權
27 October
2010
31 December
2009
二零一零年
十月
二十七日
二零零九年
十二月
三十一日
RMB’000 RMB’000
人民幣千元 人民幣千元
Stock price 股價 港元 港元
Exercise price 行權價 港元 港元
Risk-free rate 無風險利率 % %
Expected life 預計有效年期 18 months
十八個月
28 months
二十八個月
Volatility 波幅 % %
37. 衍生金融工具（續）
(a) 可轉換債券（續）
於二零一零年十月二十七日，
本公司已動用合共約11,600,000
美元（相等於人民幣77,700,000
元）贖回全部餘下的尚未償還可
轉換債券，有關本金總額為人
民幣71,900,000元（「尚未償還債
券」）。尚未償還債券於贖回後
註銷。有關負債部份的收益人民
幣503,000元已於截至二零一零
年十二月三十一日止年度的綜合
全面利潤表內確認。有關轉換負
債部份為本公司普通股的選擇權
於資本儲備中的累計結餘人民幣
14,903,000元已解除至保留溢利。
可轉換債券之嵌入式衍生工具的
公允價值使用若干估值模式計
算。於二零一零年十月二十七日
（全數贖回日期）及二零零九年十
二月三十一日，該等模式所使用
的主要數據如下：
盛高置地（控股）有限公司 二零一零年年報 207
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
37. DERIVATIVE FINANCIAL INSTRUMENTS
(Continued)
(a) Convertible bonds (Continued)
The stock prices were the closing prices of the Company
at 27 October 2010 and 31 December 2009 quoted in the
stock price table available on the official website of The Stock
Exchange of Hong Kong Limited. The exercise price was
adjusted to on 20 May 2010. The risk-free rates
were determined with reference to the Hong Kong Exchange
Fund Notes Yields as extracted from Bloomberg. The expected
life was the remaining life of the Convertible Bonds. The
volatilities were determined based on the historical price
volatility of the Company.
Any changes in the major inputs used in the model will result
in changes in the fair value of the embedded derivative. The
variables and assumptions used in calculating the fair value
of the embedded derivative are based on the directors’ best
estimates.
The movement of the liability component, the embedded
derivative and the equity component of the Convertible Bonds
for the year is set out below:
Liability
component
Redemption
option of the
Company
Equity
component Total
負債部份
本公司的
贖回權 權益部份 合計
RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元 人民幣千元
As at 1 January 2009 於二零零九年一月一日 1,029,227 (3,382) 109,164 1,135,009
Interest charged during the
year ended 31 December
2009
於截至二零零九年
十二月三十一日止
年度內所計提的利息 39,369 – – 39,369
Changes in fair value 公允價值變動 – (50,263) – (50,263)
Derecognised due to
redemption
因贖回而終止確認
(165,954) 2,154 (10,542) (174,342)
As at 31 December 2009 於二零零九年十二月
三十一日 902,642 (51,491) 98,622 949,773
Interest charged during
the year ended
31 December 2010
(note 13)
於截至二零一零年
十二月三十一日止
年度內所計提的利息
（附註13） 13,857 – – 13,857
Changes in fair value
(note 13)
公允價值變動
（附註13） – 20,748 – 20,748
Derecognised due to
redemption (i)
因贖回而終止確認(i)
(916,499) 30,743 (98,622) (984,378)
As at 31 December 2010 於二零一零年十二月
三十一日 – – – –
37. 衍生金融工具（續）
(a) 可轉換債券（續）
股價為香港聯合交易所有限公司
官方網站的股價表所報本公司於
二零一零年十月二十七日及二零
零九年十二月三十一日的收市
價。行權價於二零一零年五月二
十日調整至港元。無風險利
率經參照香港外匯基金票據收益
率（摘錄自彭博）後釐定。預計
有效年期乃可轉換債券的餘下年
期。波幅則根據本公司的歷史價
格波幅而釐定。
倘 該 模 式 的 主 要 數 據 出 現 任 何
變動，將會導致嵌入式衍生工具
的公允價值出現變動。計算嵌入
式 衍 生 工 具 的 公 允 價 值 時 所 使
用 的 變 數 及 假 設 乃 基 於 董 事 的
最佳估計。
年內，可轉換債券的負債部份、
嵌 入 式 衍 生 工 具 以 及 權 益 部 份
的變動情況載列如下：
SPG Land (Holdings) Limited Annual Report 2010208
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
37. 衍生金融工具（續）
(a) 可轉換債券（續）
嵌入式 衍 生 工 具 的 公 允 價 值 從
二 零 零 九 年 十 二 月 三 十 一 日 至
二 零 一 零 年 十 二 月 三 十 一 日 所
產 生 的 變 動 導 致 公 允 價 值 虧 損
人 民 幣20,748,000元，有 關 情 況
已 被 列 入 截 至 二 零 一 零 年 十 二
月 三 十 一 日 止 年 度 的 利 潤 表 內
計入「衍生金融工具的公允價值
變動」一項。
(i) 有 關 贖 回 的 已 付 代 價 及 交
易 成 本 的 分 配 及 所 產 生 損
益的計算方法如下：
37. DERIVATIVE FINANCIAL INSTRUMENTS
(Continued)
(a) Convertible bonds (Continued)
The changes in the fair value of the embedded derivative from
31 December 2009 to 31 December 2010 resulted in a fair
value loss of RMB20,748,000, which has been recorded as “Fair
value changes on financial derivatives” in profit or loss for the
year ended 31 December 2010.
(i) The allocation of consideration paid and transaction
costs for the redemption and calculation of resulting
gain or loss is as follows:
Carrying value Fair Value Difference
賬面值 公允價值 差額
RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元
Liability component 負債部份 916,499 899,251 17,248
Issuer’s redemption option 發行人的贖回權 (30,743) (30,743) –
Equity component 權益部份 98,622 83,719 14,903
Total 合計 984,378 952,227 32,151
盛高置地（控股）有限公司 二零一零年年報 209
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
37. DERIVATIVE FINANCIAL INSTRUMENTS
(Continued)
(b) Financial derivative assets
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Interest rate swaps (note 13) 利率掉期（附註13） 625 –
During the year ended 31 December 2010, interest rate
swaps, denominated in Hong Kong dollars, have been entered
into to achieve an appropriate mix of fixed and floating rate
exposure. At 31 December 2010, the Group had interest rate
swaps with a notional contract amount of HKD400,000,000
(2009: Nil) to fix the interest rate of certain bank borrowings
so as to reduce the impact of interest rate fluctuation. The
swaps mature over the next years, matching the maturity
of the related loans and have fixed swap rates ranging from
% to %.
The fa i r va lue of interest rate swap is determined by
discounting the future cash flows of the contracts at the
current market interest rates. The changes in the fair value
during the year resulted in a fair value gain of RMB625,000,
which has been recorded as “Fair value changes on financial
derivatives” in profit or loss for the year ended 31 December
2010.
37. 衍生金融工具（續）
(b) 衍生金融資產
截至二零一零年十二月三十一
日止年度期間，本公司已訂立
以港元列值的利率掉期，以達
致適當的固定及浮動利率風險
組合。於二零一零年十二月三
十一日，本集團利率掉期的名
義合約金額為400,000,000港元（二
零零九年：零），固定若干銀行
借貸的利率，以減低利率波動
的風險。掉期將於未來年內
到期，其配合相關貸款的到期
日，固定掉期利率介乎%至
%。
利率掉期的公允價值乃按當前
市 場 利 率 折 現 合 約 的 未 來 現
金流量釐定。年內的公允價值
變動導致公允價值收益人民幣
625,000元，已於截至二零一零
年十二月三十一日止年度的利
潤表內計入「衍生金融工具的
公允價值變動」一項。
SPG Land (Holdings) Limited Annual Report 2010210
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
38. EMPLOYEE RETIREMENT BENEFITS
As stipulated by the regulations of the PRC, the Group participates
in various defined contribution retirement plans organised by
municipal and provincial government authorities for its employees.
The Group is required to make contributions to the retirement plans
at rates ranging from 20% to 22% of the salaries, wages, bonuses
and certain allowances of the employees. The local government
authorities are responsible for the entire pension obligations payable
to retired employees.
The Group has no other obligations for the payment of pension
benefits associated with those schemes and other post-retirement
benefits beyond the annual contributions described above.
39. SHARE-BASED PAYMENTS
(a) The terms and conditions of the grants are as
follows, whereby all options are settled by
physical delivery of shares:
Number of
shares involved
in the option Vesting condition
Contractual
life of options
購股權所涉及
的股份數目 歸屬條件
購股權的
合約期限
Options granted to directors:
授予董事的購股權：
– on 19 September 2006 7,500,000 (i) 25% on the date of grant at an exercisable price
of per share; (ii) 25% on each of the first,
second and third anniversary of the date of grant at an
exercisable price of per share
5 years
－於二零零六年九月十九日 (i)於授出當日25%可按每股港元的行使價歸屬；
(i i)於授出日期的第一、第二及第三個週年日期各有
25%可按每股港元的行使價歸屬
5年
– on 3 December 2007 10,000,000 25% on the date of grant and on each of the first,
second and third anniversary of the date of grant at an
exercisable price of per share
5 years
－於二零零七年十二月三日 於授出當日及於授出日期的第一、第二及第三個週年
日期，分別各有25%的購股權可按每股港元的行
使價歸屬
5年
38. 僱員退休福利
根據中國法規規定，本集團為其僱員參與
多個由市及省級政府部門設立的界定供款
退休福利計劃。本集團須按僱員的薪金、
報酬、花紅及若干津貼的20%至22%向退
休計劃供款。當地政府部門負責向已退休
僱員支付全部退休金。
除上述年度供款外，本集團並無其他有關
該等計劃及其他退休後福利的退休金供款
責任。
39. 股份支付
(a) 授出事宜的條款及條件如下，
而所有購股權均透過實質交
付股份結算：
盛高置地（控股）有限公司 二零一零年年報 211
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
Number of
shares involved
in the option Vesting condition
Contractual
life of options
購股權所涉及
的股份數目 歸屬條件
購股權的
合約期限
Options granted to employees:
授予僱員的購股權：
– on 19 September 2006 11,040,000 (i) 25% on the date of grant at an exercisable price
of per share; (ii) 25% on each of the first,
second and third anniversary of the date of grant at an
exercisable price of per share
5 years
－於二零零六年九月十九日 (i)於授出當日25%可按每股港元的行使價歸屬；
(i i)於授出日期的第一、第二及第三個週年日期各有
25%可按每股港元的行使價歸屬
5年
– on 10 October 2007 640,000 30% on the date of grant, 30% and 40% on the first
and second anniversary of the date of grant at an
exercisable price of per share
5 years
－於二零零七年十月十日 30%於授出當日歸屬，而30%及40%分別於授出日期
的第一及第二個週年日期歸屬，行使價均為每股港
元
5年
– on 30 October 2009 9,000,000 (i) 1/3 on the date of grant at an exercisable price of
per share; (ii) 1/3 before the first anniversary
of the date of grant as and when the average of the
closing prices of the shares as stated in the Hong Kong
Stock Exchange’s daily quotations sheet for the past
10 consecutive business days immediately preceding
the date is higher than HKD8 at an exercisable price
of per share; ( i i i ) 1/3 before the second
anniversary of the date of grant as and when the
average of the closing prices of the shares as stated in
the Hong Kong Stock Exchange’s daily quotations sheet
for the past 10 consecutive business days immediately
preced ing the date i s h igher than HKD12 at an
exercisable price of per share
5 years
－於二零零九年十月三十日 (i) 1/3於授出當日可按每股港元的行使價歸屬；(i i)
1/3於授出日期的第一個週年日期前及於緊接該日前當
過去連續10個營業日在香港聯交所每日報價表所列的
平均股份收市價高於8港元時可按每股港元的行使
價歸屬；(i i i) 1/3於授出日期的第二個週年日期前及於
緊接該日前當過去連續10個營業日在香港聯交所每日
報價表所列的平均股份收市價高於12港元時可按每股
港元的行使價歸屬
5年
Total share options
購股權數合計 38,180,000
39. SHARE-BASED PAYMENTS (Continued)
(a) The terms and conditions of the grants are as
follows, whereby all options are settled by
physical delivery of shares: (Continued)
39. 股份支付（續）
(a) 授出事宜的條款及條件如下，
而所有購股權均透過實質交
付股份結算：（續）
SPG Land (Holdings) Limited Annual Report 2010212
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
39. SHARE-BASED PAYMENTS (Continued)
(b) The number and weighted average exercise
price of share options are as follows:
Year ended 31 December 2010 Year ended 31 December 2009
截至二零一零年
十二月三十一日止年度
截至二零零九年
十二月三十一日止年度
Weighted
average
exercise price
Number of
shares involved
in the options
Weighted
average
exercise price
Number of
shares involved
in the options
加權平均
行使價
購股權
所涉及的
股份數目
加權平均
行使價
購股權
所涉及的
股份數目
Outstanding at 1 January 於一月一日尚未行使 港元 19,350,000 港元 12,785,000
Granted 已授出 – – 港元 9,000,000
Exercised 已行使 – – – –
Bonus issue impact 發行紅股的影響 – 483,750 – –
Lapsed 已失效 港元 (4,059,000) 港元 (2,435,000)
Outstanding at 31 December 於十二月三十一日
尚未行使 港元 15,774,750 港元 19,350,000
Exercisable at 31 December 於十二月三十一日
可行使 港元 12,699,750 港元 7,714,500
The options outstanding at 31 December 2010 have an
exercise price in the range of to and
a weighted average remaining contractual life of years
(2009: years).
During the year ended 31 December 2010, three employees
voluntarily resigned from the Group and therefore ceased
to be entitled to the share options granted by the Company.
On 30 October 2010, the vesting condition of 3,000,000
share options granted in 2009 was not satisfied and relevant
employee ceased to be entitled to such portion of the share
options. The number of shares involved in the above lapsed
share options amounted to 4,059,000 shares with a weighted
average exercise price of .
During the year, an expense of million (2009:
million) in relation to share-based payments is charged to
administrative expenses in profit or loss.
39. 股份支付（續）
(b) 購股權之數目及加權平均行
使價如下：
於二零一零年十二月三十一日尚未行
使之購股權之行使價介乎港元
至港元之間，而剩餘加權平均
合約期限為年（二零零九年：
年）。
截至二零一零年十二月三十一日止
年度期間，三名僱員自願自本集團
辭職，因此不再有權享有本公司所
授出之購股權。於二零一零年十月
三十日，二零零九年授出的3,000,000
份購股權的歸屬條件未獲達成，故相
關僱員無權享有該部分的購股權。上
述失效購股權所涉及的股份數目為
4,059,000股股份，加權平均行使價為
港元。
年內，有關股份支付的開支人民幣
3,900,000元（二零零九年：人民幣
6,500,000元）已於利潤表內行政費用
一項扣除。
盛高置地（控股）有限公司 二零一零年年報 213
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
40. SHARE CAPITAL
(a) Authorised and issued share capital
At 31 December 2010 and 2009
於二零一零年及二零零九年
十二月三十一日
The Group and the Company
本集團及本公司
No. of shares Amount
股份數目 金額
(thousand) HKD’000
（千股） 千港元
Authorised: 法定：
Ordinary shares of each 每股面值港元的普通股 10,000,000 1,000,000
2010 2009
二零一零年 二零零九年
No. of shares
of nominal
value of
each
Nominal
value of shares
No. of shares
of nominal
value of
each
Nominal
value of shares
每股面值港元
的股份數目 股份面值
每股面值港元
的股份數目 股份面值
(thousand) RMB’000 (thousand) RMB’000
千股 人民幣千元 千股 人民幣千元
Issued and fully paid: 已發行及繳足：
At 1 January 於一月一日 1,025,491 104,347 1,030,115 104,818
Bonus issue of ordinary
shares (b)
發行普通股紅股
（b） 25,637 2,244 – –
Shares repurchased and
cancelled
購回及註銷之
股份 – – (4,624) (471)
At 31 December 於十二月三十一日 1,051,128 106,591 1,025,491 104,347
(b) Bonus issue of ordinary shares
Pursuant to a resolution passed at the Board of Directors
meeting held on 5 March 2010, a bonus issue was made to
the shareholders whose names appear on the register on
the record date, 10 May 2010, representing 1,025,491,000
shares in total, on the basis of one bonus share, credited
as fully paid, for every forty shares held on the record date,
resulting in the issue of 25,637,275 shares of each,
ranking pari passu with existing shares in all respects but they
did not rank for the final dividend declared by the Company
in respect of the year ended 31 December 2009.
40. 股本
(a) 法定及已發行股本
(b) 發行普通股紅股
根 據 於 二 零 一 零 年 三 月 五 日 舉
行 的 董 事 會 會 議 上 通 過 的 決 議
案，本 公 司 向 於 記 錄 日 期（二 零
一零年五月十日）名列股東名冊
的股東（合共1,025,491,000股股份）
發行紅股，基準為於記錄日期每
持 有 四 十 股 股 份 可 獲 發 一 股 入
賬 列 為 繳 足 股 款 的 紅 股，導 致
發行25,637,275股每股面值港
元的股份，該等股份在各方面與
現有股份享有同等權益，惟並不
享 有 本 公 司 就 截 至 二 零 零 九 年
十 二 月 三 十 一 日 止 年 度 宣 派 的
末期股息。
SPG Land (Holdings) Limited Annual Report 2010214
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
41. SHARE PREMIUM AND RESERVES
(a) The Company
Capital reserves (undistributable)
資本儲備（不可分配）
Share
premium
Capital
redemption
reserve
Contributed
surplus
– convertible
bonds equity
component
– employee
share
option
Retained
profits/
(accumulated
losses) Total
股份溢價
資本贖回
儲備 實繳盈餘
一可轉換債券
權益部分 一僱員購股權
保留溢利╱
（累計虧損） 合計
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元
(note 41(b)) (note 41(c)) (note (i)) (note 37) (note 39)
（附註41(b)） （附註41(c)） （附註(i)） （附註37） （附註39）
At 1 January 2009 於二零零九年一月一日 2,081,584 760 308,439 109,164 35,173 (47,428) 2,487,692
Equity-settled share-based transactions 股權結算的股份支付交易 – – – – 6,467 – 6,467
Repurchase of convertible bonds 購回可轉換債券 – – – (10,542) – – (10,542)
Purchase and cancellation of own shares: 購買及註銷自身股份
— premium paid — 已付溢價 (10,254) – – – – – (10,254)
— transfer between reserves — 儲備間轉撥 – 471 – – – (471) –
Dividends declared to equity holders 已向股權持有人宣派股息 – – – – – (81,511) (81,511)
Profit for the year 年度溢利 – – – – – 134,585 134,585
At 31 December 2009 and
1 January 2010
於二零零九年十二月三十一日
及二零一零年一月一日 2,071,330 1,231 308,439 98,622 41,640 5,175 2,526,437
Equity-settled share-based transactions 股權結算的股份支付交易 – – – – 3,899 – 3,899
Bonus issue of ordinary shares (note 40) 發行普通股紅股（附註40） (2,244) – – – – – (2,244)
Repurchase of convertible bonds
(note 37)
購回可轉換債券
（附註37） – – – (98,622) – 14,903 (83,719)
Dividends declared to equity holders 已向股權持有人宣派股息 – – – – – (56,402) (56,402)
Profit for the year 年度溢利 – – – – – 189,212 189,212
At 31 December 2010 於二零一零年十二月三十一日 2,069,086 1,231 308,439 – 45,539 152,888 2,577,183
Note (i): The excess of the consolidated net assets represented by
the shares of the subsidiaries acquired over nominal value
of the shares issued by the Company in exchange under
the Reorganisation was transferred to the contributed
surplus account in the Company’s financial statements.
41. 股份溢價及儲備
(a) 本公司
附註(i)： 所收購子公司股份之綜合淨資
產超過本公司於重組時發行並
以交換該等股份面值之差額轉
撥至本公司財務報表的實繳股
本盈餘賬。
盛高置地（控股）有限公司 二零一零年年報 215
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
41. 股份溢價及儲備（續）
(b) 股份溢價
股份溢價賬的動用受開曼群島公司法
所規管。根據開曼群島公司法（二零
零七年修訂本），本公司股份溢價賬
的資金可分派予本公司股東，惟建議
分派股息當日後，本公司必須有能力
償還日常業務中的到期債務。
(c) 資本贖回儲備
資本贖回儲備指以本公司可供分派儲
備支付之購回股份面值。
(d) 合併儲備
合併儲備指被收購本公司子公司的繳
足股本面值與本公司發行的普通股面
值的差額。
(e) 重估儲備
重估儲備與重新分類為投資物業的自
用物業有關。就該等重新分類而言，
物業公允價值於重新分類日期的累計
增幅超逾過往減值虧損的數額計入重
估儲備。
(f) 中國法定儲備
由保留溢利轉撥至中國法定儲備乃根
據有關中國法例及規例與本公司在中
國註冊成立子公司的章程細則進行，
並獲各自董事會批准。法定儲備包
括：
(i) 法定盈餘公積金
由保留溢利轉撥至法定盈餘公
積金乃根據本公司子公司的章
程細則進行，並獲各自董事會
批准。
就有關的公司而言，法定盈餘
公積金可用作彌補上年度虧損
（如有），亦可按股權持有人現
時的持股比例兌換為股本，惟
兌換後結餘不得少於註冊資本
的25%。
41. SHARE PREMIUM AND RESERVES (Continued)
(b) Share premium
The application of the share premium account is governed
by the Companies Law of the Cayman Islands. Under the
Companies Law of the Cayman Islands (2007 Revision), the
funds in the share premium account of the Company are
distributable to the shareholders of the Company provided
that immediately following the date on which the dividend is
proposed to be distributed, the Company will be in a position
to pay off its debts as they fall due in the ordinary course of
the business.
(c) Capital redemption reserve
Capital redemption reserve represents the nominal value
of the shares repurchased which has been paid out of the
Company’s distributable reserves.
(d) Merger reserves
The merger reserves represent the difference between the
Company’s share of the nominal value of the paid-up capital
of the subsidiaries acquired over the nominal value of the
ordinary shares issued by the Company.
(e) Revaluation reserve
The revaluation reserve relates to property reclassified
from owner-occupied to investment properties. For such
reclassifications, the cumulative increase in the fair value of
the property at the date of reclassification in excess of any
previous impairment losses is included in the revaluation
reserve.
(f) PRC statutory reserves
Transfers from retained earnings to PRC statutory reserves
were made in accordance with the relevant PRC rules and
regulations and the articles of association of the Company’s
subsidiaries incorporated in the PRC and were approved by
the respective boards of directors. The statutory reserves
consist of:
(i) General reserve fund
Transfers from retained earnings to the general reserve
fund were made in accordance with the articles of
association of the Company’s subsidiaries and were
approved by the respective boards of directors.
For the entity concerned, the general reserve fund
can be used to cover previous years’ losses, if any, and
may be converted into capital in proportion to equity
holders’ existing equity holdings, provided that the
balance after such conversion is not less than 25% of
their registered capital.
SPG Land (Holdings) Limited Annual Report 2010216
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
41. 股份溢價及儲備（續）
(f) 中國法定儲備（續）
(ii) 企業發展基金
由保留溢利轉撥至企業發展基
金乃根據本公司子公司的章程
細則進行，並獲各自董事會批
准。
就有關的公司而言，企業發展
基金可用作業務發展及營運資
金。除清盤外，該基金不可分
派。須將保留盈利轉撥至該基
金方可向股權持有人分派股息。
(g) 匯兌儲備
匯兌儲備包括所有因換算境外業務的
財務報表而產生的外幣差額。該項儲
備乃根據附註3(b)(ii)所載的會計政策處
理。
(h) 可分派儲備
於二零一零年十二月三十一日，可分
派予本公司股東的儲備金總額為人民
幣2,531,644,000元（二零零九年：人民
幣2,386,175,000元）。
(i) 資本管理
本集團管理資本之首要目標乃保障本
集團能夠繼續根據持續經營基準經
營，從而透過與風險水平相對應之產
品和服務定價以及獲得合理成本的融
資，持續為股東創造回報及為其他利
益相關者帶來利益。
本集團積極及定期對資本架構進行檢
討和管理，以在較高股東回報情況下
可能伴隨之較高借貸水平與穩健的資
本狀況帶來的好處和保障之間取得平
衡，並因應經濟環境的變化對資本架
構作出調整。
41. SHARE PREMIUM AND RESERVES (Continued)
(f) PRC statutory reserves (Continued)
(ii) Enterprise expansion fund
Transfers from retained earnings to the enterprise
expansion fund were made in accordance with the
articles of association of the Company’s subsidiaries
and were approved by the respect ive boards of
directors.
For the entity concerned, the enterprise expansion fund
can be used for business development purposes and for
working capital purpose. This fund is non-distributable
other than upon liquidation. Transfers to this fund must
be made before distribution of dividends to the equity
holders.
(g) Translation reserve
The translation reserve comprises all foreign currency
differences arising from the translation of the financial
statements of foreign operations. The reserve is dealt with in
accordance with the accounting policy set out in note 3(b)(ii).
(h) Distributable reserve
As at 31 December 2010, the aggregate amount of
reserves available for distribution to equity shareholders
o f t h e C o m p a n y w a s R M B 2 , 5 3 1 , 6 4 4 , 0 0 0 ( 2 0 0 9 :
RMB2,386,175,000).
(i) Capital management
The Group’s primary objective in managing capital is to
safeguard the Group’s ability to continue as a going concern,
so that it can continue to provide returns for shareholders
and benefits for other stakeholders, by pricing products and
services commensurate with the level of risks and by securing
access to finance at a reasonable cost.
The Group actively and regularly reviews and manages its
capital structure to maintain a balance between the higher
shareholders returns that might be possible with higher levels
of borrowing and the advantages and security afforded by a
sound capital position, and makes adjustments to the capital
structure in light of changes in economic conditions.
盛高置地（控股）有限公司 二零一零年年報 217
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
41. 股份溢價及儲備（續）
(i) 資本管理（續）
根據行業慣例，本集團以淨負債佔經
調整權益比率作為監控資本架構的基
準。為此，本集團界定淨債項為總債
項（包括計息貸款、可轉換債券、長
期應付款、應付賬款、其他應付款項
及預收款項）加未產生之擬派股息減
去現金及現金等價物及受限制現金。
經調整權益包括權益之所有部分減去
未產生之擬派股息。
於二零一零年十二月三十一日，淨負
債佔經調整權益比率為288%（二零零
九年：159%）。年內，本集團之資本
管理方法並無改變。
本公司或其任何子公司概無受外部強
加的資本管理規定所規限。
42. 財務擔保
本集團已為部份物業單位的買方提供按揭
貸款，並對該等買方的還款責任提供財務擔
保。於二零一零年十二月三十一日，已授出
的擔保為人民幣819,864,000元（二零零九年：
人民幣948,420,000元）。該等擔保於以下較早
期間終止：(i)發出房地產所有權證書（一般
在買方擁有有關物業後六個月內發出）時；
及(ii)物業買方償還按揭貸款時。
本公司董事認為，本集團財務擔保合約於首
次確認時的公允價值很低，而董事認為有關
訂約方違約的機會極微。因此，並無於二零
一零年十二月三十一日的資產負債表中確認
任何價值。
41. SHARE PREMIUM AND RESERVES (Continued)
(i) Capital management (Continued)
Consistent with industry practice, the Group monitors its
capital structure on the basis of a net debt-to-adjusted equity
ratio. For this purpose the Group defines net debt as total
debt (including interest-bearing loans, convertible bonds,
long-term payable, trade, other payables and advance
receipts) plus unaccrued proposed dividends, less cash
and cash equivalents and restricted cash. Adjusted capital
comprises all components of equity less unaccrued proposed
dividends.
The net debt-to-adjusted equity ratio as at 31 December 2010
was 288% (2009: 159%). There were no changes in the
Group’s approach to capital management during the year.
Neither the Company nor any of its subsidiaries are subject to
externally imposed capital requirements.
42. FINANCIAL GUARANTEES
The Group has arranged mortgage loan facil it ies for certain
purchasers of property units and provided financial guarantees
to secure obligations of such purchasers for repayments. The
outstanding guarantees amounted to RMB819,864,000 as at
31 December 2010 (2009: RMB948,420,000). Such guarantees
terminate upon the earlier of (i) the issuance of the real estate
ownership certificate which will generally be available within six
months after the buyer takes possession of the relevant properties;
and (ii) the satisfaction of the mortgaged loan by the buyer of the
properties.
In the opinion of directors of the Company, the fair values of the
financial guarantee contracts of the Group are insignificant at initial
recognition and the directors consider the possibility of default by
the parties involved to be remote. Accordingly, no value has been
recognised in the balance sheet as at 31 December 2010.
SPG Land (Holdings) Limited Annual Report 2010218
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
43. 金融工具
本集團在中國經營業務，故須受特定因素及
重大風險影響，其中包括政治、經濟及法制
環境、國家機構實施價格管制的影響及行業
競爭等風險。
本集團使用的金融工具具有以下風險：
• 信貸風險
• 流動性風險
• 市場風險（包括利率風險、貨幣風險
及權益價格風險）。
本附註呈列有關本集團涉及上述各項風險、
本集團的目標、政策及措施進度及計量管理
風險的資料。
管理層全權負責建立並監督本集團的風險管
理架構。管理層建立政策是為了辨明和分析
本集團面臨的風險，並設置適當的風險限制
和控制措施以監控風險是否在限制範圍內。
風險管理政策及系統須定期進行審閱以反映
市場環境及本集團經營活動的變化。管理層
通過其培訓和管理標準及程序，旨在建立具
紀律性及建設性的控制環境，使得身處其中
的員工明白自身的角色及義務。
(a) 信貸風險
如果金融工具涉及的顧客或對方無法
履行合同項下的義務對本集團造成的
財務損失，即為信貸風險。信貸風險
主要來自本集團的應收賬款及其他應
收款項以及投資。
本集團管理層已制訂適當信貸政策，
並不斷監察信貸風險。
43. FINANCIAL INSTRUMENTS
The Group conducts its operations in the PRC and accordingly is
subject to special considerations and significant risks. These include
risks associated with, among others, the political, economic and
legal environment, influence of national authorities over pricing
regulation and competition in the industry.
The Group has exposure to the following risks from its use of
financial instruments:
• credit risk
• liquidity risk
• market risk (including interest rate risk, currency risk and
equity price risk)
This note presents information about the Group’s exposure to each
of the above risks, and the Group’s objectives, policies and processes
for measuring and managing risk.
Management has overall responsibility for the establishment and
oversight of the Group’s risk management framework. Management
establishes policies to identify and analyse the risks faced by the
Group, to set up appropriate risk limits and controls, and to monitor
risks and adherence to limits. Risk management policies and systems
are reviewed regularly to reflect changes in market conditions and
the Group’s activities. Through training and management standards
and procedures, management aims to develop a disciplined and
constructive control environment in which all employees understand
their roles and obligations.
(a) Credit risk
Credit r isk is the risk of financial loss to the Group if a
customer or counterparty to a financial instrument fails to
meet its contractual obligations, and arises principally from
the Group’s trade and other receivables and investments.
The Group’s management has a credit policy in place and
exposure to credit risk is monitored on an ongoing basis.
盛高置地（控股）有限公司 二零一零年年報 219
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
43. 金融工具（續）
(a) 信貸風險（續）
本集團的信貸風險主要來自應收賬
款、其他應收款項以及預付按金。關
於應收賬款及其他應收款項，本集團
會對每一個新客戶單獨進行信貸評
估。本集團的審閱包括外部評級（當
可用時），若干情況下參照銀行。該等
評估集中於客戶支付到期款項的流動
資金及現時的支付能力，並考慮客戶
特定資料及客戶經營所處經濟環境之
資料。本集團一般要求客戶與本集團
交易時作出預付款。本集團一般不會
向客戶提供信貸期。一般而言，本集
團不要求客戶的從屬抵押品。
本集團的信貸風險主要受各客戶的
特定情況所影響。客戶營運行業及國
家的違約風險對信貸風險亦有影響，
但程度較小。於結算日，本集團對應
收賬款、其他應收款項以及本集團收
購土地的按金產生的預付按金總額
的信貸集中度為83%（二零零九年：
53%）。該等按金將於本集團取得有關
土地使用權之後轉至發展中物業成本。
倘不考慮所持任何附屬抵押品，於結
算日，最高信貸風險為各金融資產（包
括衍生金融工具）的賬面值，並扣除
任何減值撥備。除了附註42所載本集
團作出的財務擔保，本集團並無提供
任何其他擔保，致使本集團或本公司
承受信貸風險。於結算日，有關該等
財務擔保的最高信貸風險披露於附註
42。
有關本集團產生於應收賬款、其他應
收款項以及預付按金涉及信貸風險的
其他量化披露載於附註29。
現金及現金等價物以及受限制現金存
於一組管理層認為具有良好信貸評級
的銀行及金融機構。投資對象一般為
在經認可證券交易所報價的流動證
券。管理層預期任何投資對應方不會
不履行其責任。
43. FINANCIAL INSTRUMENTS (Continued)
(a) Credit risk (Continued)
The Group’s credit risk is primarily attributable to trade, other
receivables and advance deposits. In respect of trade and
other receivables, individual credit evaluations are performed
on each new customer. The Group’s review includes external
ratings, when available, and in some cases bank references.
These evaluations focus on the customer’s liquidity to make
payments when due and current ability to pay, and take
into account information specific to the customer as well
as pertaining to the economic environment in which the
customer operates. Customers are generally required to
transact with the Group on a prepayment basis. The Group
generally offers no credit terms to customers and does not
usually obtain collateral from customers.
The Group’s exposure to credit risk is influenced mainly by the
individual characteristics of each customer. The default risk of
the industry and country in which customers operate also has
influences on credit risk, but to a lesser extent. At the balance
sheet date, the Group had a certain concentration of credit
at 83% (2009: 53%) of the total trade, other receivables and
advance deposits arising from the Group’s deposits for land
acquisition. These deposits will be transferred to the cost of
properties under development upon the Group obtaining the
relevant land use rights.
The maximum exposure to credit risk without taking account
of any collateral held is represented by the carrying amount of
each financial asset, including derivative financial instruments,
in the balance sheet after deducting any impairment
allowance. Except for the financial guarantees given by the
Group as set out in note 42, the Group does not provide
any other guarantees which would expose the Group or the
Company to credit risk. The maximum exposure to credit risk
in respect of these financial guarantees at the balance sheet
date is disclosed in note 42.
Further quantitative disclosures in respect of the Group’s
exposure to credit risk arising from trade, other receivables
and advance deposits are set out in note 29.
Cash and cash equivalents and restricted cash are placed
with a group of banks and financial institutions which
management considers have good credit ratings. Investments
are normally only in liquid securities quoted on a recognised
stock exchange and management does not expect any
investment counterparty to fail to meet its obligations.
SPG Land (Holdings) Limited Annual Report 2010220
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
43. FINANCIAL INSTRUMENTS (Continued)
(b) Liquidity risk
Liquidity risk is the risk that the Group will not be able to
meet its financial obligations as they fall due. The Group’s
policy is to regularly monitor its liquidity requirements and
its compliance with lending covenants, to ensure that it
maintains sufficient reserves of cash and adequate committed
lines of funding from banks to meet its liquidity requirements
in the short and longer term.
The following table details the remaining contractual
matur i t ies at the balance sheet of the Group’s non-
derivative financial liabilities, which are based on contractual
undiscounted cash flows (including interest payments
computed using contractual rates or, if floating, based on
rates current at the balance sheet date) and the earliest date
the Group can be required to pay:
31 December 2010
Carrying
amount
Undiscounted
contractual
cash flow
Within 1
year or on
demand
Within 2
years but
over 1 year
Within 5
years but
over 2 years
Over 5
years
二零一零年十二月三十一日 賬面值
未貼現已
訂約現金流量
一年內或
按要求
兩年內
但一年以上
五年以內
但兩年以上 五年以上
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元
Trade, other payables and
advance receipts excluding
advance receipts from
customers
應付賬款、其他應付款項
及預收款項但不包括預
收客戶款項
4,858,773 (4,858,773) (4,855,302) (3,471) – –
Unsecured interest-bearing
loans
無抵押計息貸款
630,000 (740,464) (61,200) (679,264) – –
Secured interest-bearing loans 有抵押計息貸款 5,252,080 (6,063,722) (1,810,910) (1,495,320) (1,891,348) (866,144)
Long-term payable 長期應付款 48,738 (72,000) (6,000) (6,000) (18,000) (42,000)
10,789,591 (11,734,959) (6,733,412) (2,184,055) (1,909,348) (908,144)
43. 金融工具（續）
(b) 流動性風險
流動性風險為本集團在到期日無法履
行其財務義務的風險。本集團的政策
為定期監控其流動資金需要及遵守借
款契約的情況，確保維持充足的現金
儲備及從銀行獲得足夠的已訂約融資
額度，以應付本集團短期及較長期的
流動資金需求。
下表詳述於結算日本集團非衍生金融
負債項下合約承擔的到期情況，乃按
已訂約未貼現現金流量（包括按合約
利率或（倘屬浮動）結算日當日利率計
算的利息付款）及本集團可能需要付
款的最早日期為基準作出：
盛高置地（控股）有限公司 二零一零年年報 221
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
43. FINANCIAL INSTRUMENTS (Continued)
(b) Liquidity risk (Continued)
31 December 2009
Carrying
amount
Undiscounted
contractual
cash flow
Within 1
year or on
demand
Within 2
years but
over 1 year
Within 5
years but
over 2 years
Over 5
years
二零零九年十二月三十一日 賬面值
未貼現已
訂約現金流量
一年內或
按要求
兩年內
但一年以上
五年以內
但兩年以上 五年以上
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元
Trade, other payables and
advance receipts excluding
advance receipts from
customers
應付賬款、其他應付款項
及預收款項但不包括預
收客戶款項
2,013,928 (2,013,928) (1,972,387) (41,541) – –
Secured interest-bearing loans 有抵押計息貸款 4,487,039 (5,102,132) (1,512,946) (1,187,486) (1,743,858) (657,842)
Unsecured interest-bearing
loans
無抵押計息貸款
800,000 (860,607) (860,607) – – –
Long-term payable 長期應付款 51,301 (78,000) (6,000) (6,000) (18,000) (48,000)
Convertible bonds 可轉換債券 902,642 (951,362) – – (951,362) –
8,254,910 (9,006,029) (4,351,940) (1,235,027) (2,713,220) (705,842)
(c) Interest rate risk
The Group’s interest rate risk arises primarily from interest-
bearing loans, convertible bonds, interest rate swaps, cash
and cash equivalents and restricted cash.
Cash and cash equivalents and restricted cash comprise
mainly cash at bank, with an interest rate of % per
annum as at 31 December 2010 (2009: % per annum).
Pledged bank deposits and time deposits maturing after three
months are not held for speculative purposes but are placed
to satisfy conditions for borrowing facilities granted to the
Group and for higher yield returns than cash at bank.
The Group’s variable rate borrowings are exposed to a risk
of change in cash flows due to changes in interest rates. The
interest rates and terms of repayment of the interest-bearing
loans and convertible bonds are disclosed in notes 34 and 37.
43. 金融工具（續）
(b) 流動性風險（續）
(c) 利率風險
本集團的利率風險主要來自計息貸
款、可轉換債券、利率掉期、現金及
現金等價物及受限制現金。
現金及現金等價物及受限制現金主
要為銀行存款，於二零一零年十二月
三十一日其每年利率為厘（二零零
九年：每年厘）。已抵押銀行存款
及三個月期以上的定期存款並非為投
機而持有，而是為了符合銀行向本集
團授予借貸融資的條件，以及為了得
到比銀行存款較高的回報率。
本集團的可變利率貸款承受利率變動
導致的現金流量變動風險。計息貸款
及可轉換債券的利率和償還期限披露
於附註34及37。
SPG Land (Holdings) Limited Annual Report 2010222
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
43. FINANCIAL INSTRUMENTS (Continued)
(c) Interest rate risk (Continued)
The Group manages the net exposure to interest rate risks
by maintaining sufficient lines of credit to obtain acceptable
lending costs and by monitoring the exposure to such risks
on an ongoing basis. When appropriate and at times of
interest rate uncertainty or volatility, interest rate swaps may
be used to assist in the Group’s management of interest rate
exposure.
(i) Interest rate profile
The following table details the interest rate profile of
the Group’s interest-bearing borrowings at the balance
sheet date:
2010 2009
二零一零年 二零零九年
Effective
interest rate
Effective
interest rate
實際利率 實際利率
% RMB’000 % RMB’000
人民幣千元 人民幣千元
Fixed rate borrowings 固定利率貸款
Secured interest-bearing
loans
有抵押計息貸款
% 674,000 % 691,747
Unsecured interest-
bearing loans
無抵押計息貸款
% 630,000 % 800,000
Convertible bonds 可轉換債券 – – % 902,642
1,304,000 2,394,389
Variable rate
borrowings
可變利率借貸
Secured interest-bearing
loans
有抵押計息貸款
% 4,578,080 % 3,795,292
Total borrowings 借貸總額 5,882,080 6,189,681
Fixed rate borrowings as
a percentage of total
borrowings
固定利率借貸佔借貸
總額百分比
22% 39%
43. 金融工具（續）
(c) 利率風險（續）
本集團通過維持充足的信貸額度以使
借貸成本處於可接受水平及通過持續
監控該等風險來管理利率淨風險。在
適當時及倘利率不明朗或波動，可以
使用利率掉期協助本集團管理利率風
險。
(i) 利率情況
下表詳述於結算日本集團的計
息貸款利率情況：
盛高置地（控股）有限公司 二零一零年年報 223
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
43. FINANCIAL INSTRUMENTS (Continued)
(c) Interest rate risk (Continued)
(ii) Sensitivity analysis
The Group does not account for any fixed rate financial
assets and liabilities at fair value through profit or loss
and equity. Therefore, a change in interest rates at
the reporting date would not affect profit or loss and
equity.
A change of 100 basis points in interest rates applicable
to variable rate instruments at the reporting date would
have increased/(decreased) equity and profit or loss by
the amounts shown below. This analysis assumes that
all other variables, in particular foreign currency rates,
remain constant. The analysis is performed on the same
basis as in 2009.
Profit or (loss) Equity
溢利或（虧損） 權益
100 bp
increase
100 bp
decrease
100 bp
increase
100 bp
decrease
增加100個基點 減少100個基點 增加100個基點 減少100個基點
RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元 人民幣千元
31 December 2010 二零一零年十二月
三十一日
Variable rate
instruments
可變利率工具
(34,336) 34,336 (34,336) 34,336
31 December 2009 二零零九年十二月
三十一日
Variable rate
instruments
可變利率工具
(28,465) 28,465 (28,465) 28,465
43. 金融工具（續）
(c) 利率風險（續）
(ii) 敏感度分析
本集團並無計入按公允價值列
賬於損益及權益處理的固定利
率金融資產及負債。因此，於
報告日期的利率變動不會影響
損益及權益。
於報告日期可變利率工具有關
利率變動100個基點將增加╱（減
少）權益及損益，金額列於下
表。本分析假設所有其他可變
因素（尤其是外幣匯率）保持不
變。二零零九年的分析按相同
基準進行。
SPG Land (Holdings) Limited Annual Report 2010224
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
43. 金融工具（續）
(d) 貨幣風險
人民幣不可自由兌換為外幣。所有涉
及人民幣的外匯交易須透過中國人民
銀行或其他獲授權進行外匯買賣的機
構進行。外匯交易採納的匯率乃中國
人民銀行所報的匯率（主要按供求釐
定）。
本集團承受外幣風險，主要通過以業
務功能貨幣以外的貨幣（與功能貨幣
有關）計值的借貸。該等交易主要計
值的貨幣為港元及美元。
有關以外幣計值的貨幣資產及負債，
本集團通過必要時以現貨匯率買賣外
幣，確保其淨風險保持在可接受的水
平，以解決短期不平衡。產生該風險
的貨幣主要為美元及港元。管理層並
無進行貨幣對沖交易，原因為管理層
認為此等工具的成本高於匯率波動的
潛在風險。
43. FINANCIAL INSTRUMENTS (Continued)
(d) Currency risk
Renminbi is not freely convertible into foreign currencies. All
foreign exchange transactions involving Renminbi must take
place through the People’s Bank of China or other institutions
authorised to buy and sell foreign exchange. The exchange
rates adopted for the foreign exchange transactions are the
rates of exchange quoted by the People’s Bank of China and
are determined largely by supply and demand.
The Group is exposed to foreign currency risk primarily
through borrowings that are denominated in a currency other
than the functional currency of the operations to which they
relate. The currencies in which these transactions primarily are
denominated are Hong Kong Dollars (HKD) and United States
Dollars (USD).
In respect of the monetary assets and liabilities denominated
in foreign currencies, the Group ensures that the net
exposures to this risk is kept to an acceptable level by buying
or selling foreign currencies at spot rates where necessary
to address short-term imbalances. The currencies primarily
giving rise to this risk are USD and HKD. Management does
not enter into currency hedging transactions since it considers
that the cost of such instruments outweighs the potential risk
of exchange rate fluctuations.
盛高置地（控股）有限公司 二零一零年年報 225
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
43. FINANCIAL INSTRUMENTS (Continued)
(d) Currency risk (Continued)
(i) Exposure to currency risk
The following table details the Group’s exposure at
the balance sheet date to currency risk arising from
recognised assets or l iabil it ies denominated in a
currency other than the functional currency of the
entity based on notional amounts.
31 December 2010
HKD USD
港元 美元
’000 ’000
千元 千元
Trade, other receivables and
advance deposits
應收賬款、其他應收款項以及
預付按金 10,246 13,000
Cash and cash equivalents 現金及現金等價物 18,892 3,861
Financial derivatives 金融工具 625 –
Trade, other payables and
advance receipts
應付賬款、其他應付款項
以及預收款項 (3,983) (9)
Interest-bearing borrowings 計息借款 (500,000) (169,850)
Overall exposure 總風險 (474,220) (152,998)
31 December 2009
HKD USD
港元 美元
’000 ’000
千元 千元
Trade, other receivables and
advance deposits
應收賬款、其他應收款項以及
預付按金 381 –
Cash and cash equivalents 現金及現金等價物 17,831 13,226
Interest-bearing borrowings 計息借款 – (119,470)
Overall exposure 總風險 18,212 (106,244)
43. 金融工具（續）
(d) 貨幣風險（續）
(i) 貨幣風險
下表詳述本集團於結算日產生
於已確認根據名義賬目以實體
功能貨幣以外的貨幣計值的資
產或負債的貨幣風險。
二零一零年十二月三十一日
二零零九年十二月三十一日
SPG Land (Holdings) Limited Annual Report 2010226
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
43. FINANCIAL INSTRUMENTS (Continued)
(d) Currency risk (Continued)
(i) Exposure to currency risk (Continued)
The following significant exchange rates applied during
the year:
Average rates Reporting date spot rate
平均匯率 報告日期現貨匯率
2010 2009 2010 2009
二零一零年 二零零九年 二零一零年 二零零九年
HKD 1 1港元
USD 1 1美元
(ii) Sensitivity analysis
The following table indicates the approximate change
in the Group’s prof i t and other components of
consolidated equity in response to a 5% strengthening
of the RMB against the foreign currencies to which the
Group had exposure at the balance sheet date. This
analysis assumes that the reasonably possible change
in foreign exchange rates had occurred at the balance
sheet date and had been applied to each for the
Group entities’ exposure to currency risk for financial
instruments in existence at that date, and that all other
variables, in particular interest rates, remain constant.
The analysis is performed on the same basis for 2009.
Profit or (loss)
溢利或（虧損）
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
HKD 港元 15,152 (601)
USD 美元 37,997 27,201
A 5% weakening of the RMB against the above
currencies at 31 December would have had the equal
but opposite effect on the above currencies to the
amounts shown above, on the basis that all other
variables remain constant.
43. 金融工具（續）
(d) 貨幣風險（續）
(i) 貨幣風險（續）
以下為年內採用的主要匯率：
(ii) 敏感度分析
下表顯示，倘人民幣對以下本
集團於結算日有風險的外幣升
值5%，本集團的溢利及綜合權
益其他部分的概約變動。本分
析假設已於結算日發生合理可
能的外幣匯率變動，並已影響
本集團各實體於該日存在的金
融工具貨幣風險，且所有其他
可變因素（尤其是利率）保持不
變。二零零九年的分析按相同
基準進行。
倘人民幣於十二月三十一日兌
上述貨幣貶值5%，則對上述貨
幣具有相等於上表金額但為反
方向的影響，假設所有其他可
變因素保持不變。
盛高置地（控股）有限公司 二零一零年年報 227
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
43. 金融工具（續）
(e) 公允價值
(i) 以公允價值列賬之金融工具
下表呈列於結算日在國際財務
報告準則第7號「金融工具：披
露」所界定之公允價值三層架構
中，按公允價值計量之金融工
具之賬面值，而各金融工具之
公允價值以對該公允價值計量
屬重大之最低層次輸入數據而
整體分類。所界定之層次如下：
• 第一層次（最高層次）：以
類同金融工具於活躍市場
所報價格（未經調整）計量
公允價值。
• 第二層次：以類似金融工
具於活躍市場報價，或以
估值技術（其中所有重大
輸入數據乃直接或間接以
可觀察市場數據為本）計
量公允價值。
• 第三層次（最低層次）：以
估值技術（其中所有重大
輸入數據乃並非可觀察市
場數據為本）計量公允價
值。
43. FINANCIAL INSTRUMENTS (Continued)
(e) Fair values
(i) Financial instruments carried at fair value
The following table presents the carrying value of
financial instruments measured at fair value at the
balance sheet date across the three levels of the fair
value hierarchy defined in IFRS 7, Financial Instruments:
Disclosure , with the fair value of each f inancial
instrument categorised in its entirety based on the
lowest level of input that is significant to that fair value
measurement. The levels are defined as follows:
• Level 1 (highest level): fair values measured using
quoted prices (unadjusted) in active markets for
identical financial instruments.
• Level 2: fair values measured using quoted prices
in active markets for similar financial instruments,
or using valuat ion techniques in which al l
significant inputs are directly or indirectly based
on observable market data.
• Level 3 (lowest level): fair values measured using
valuation techniques in which any significant
input is not based on observable market data.
SPG Land (Holdings) Limited Annual Report 2010228
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
43. FINANCIAL INSTRUMENTS (Continued)
(e) Fair values (Continued)
(i) F inancial instruments carr ied at fair value
(Continued)
2010
The Group
本集團
Level 1 Level 2 Level 3 Total
第一層次 第二層次 第三層次 總計
RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元 人民幣千元
Assets 資產
Equity securities held
for trading
持作買賣的股本證券
16,115 – – 16,115
Financial derivatives 衍生金融工具 – 625 – 625
16,115 625 – 16,740
The Company
本公司
Level 1 Level 2 Level 3 Total
第一層次 第二層次 第三層次 總計
RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元 人民幣千元
Assets 資產
Financial derivatives 衍生金融工具 – – – –
– – – –
43. 金融工具（續）
(e) 公允價值（續）
(i) 以公允價值列賬之金融工具
（續）
二零一零年
盛高置地（控股）有限公司 二零一零年年報 229
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
43. FINANCIAL INSTRUMENTS (Continued)
(e) Fair values (Continued)
(i) F inancial instruments carr ied at fair value
(Continued)
2009
The Group
本集團
Level 1 Level 2 Level 3 Total
第一層次 第二層次 第三層次 總計
RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元 人民幣千元
Assets 資產
Equity securities held
for trading
持作買賣的股本證券
1,228 – – 1,228
Financial derivatives 衍生金融工具 – 51,491 – 51,491
1,228 51,491 – 52,719
The Company
本公司
Level 1 Level 2 Level 3 Total
第一層次 第二層次 第三層次 總計
RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元 人民幣千元
Assets 資產
Financial derivatives 衍生金融工具 – 51,491 – 51,491
– 51,491 – 51,491
During the year there were no significant transfers
between instruments in Level 1 and Level 2.
43. 金融工具（續）
(e) 公允價值（續）
(i) 以公允價值列賬之金融工具
（續）
二零零九年
第一層次與第二層次之工具之
間在年內並無重大轉撥。
SPG Land (Holdings) Limited Annual Report 2010230
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
43. FINANCIAL INSTRUMENTS (Continued)
(e) Fair values (Continued)
(ii) Fair values of financial instruments carried at
other than fair value
The fair values of financial instruments carried at cost
or amortised cost as at 31 December 2010 and 2009,
together with the carrying amounts shown in the
consolidated balance sheet, are as follows:
2010 2009
二零一零年 二零零九年
Carrying amount Fair value Carrying amount Fair value
賬面值 公允價值 賬面值 公允價值
RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元 人民幣千元
Long-term receivable 長期應收款 939,672 939,672 – –
Available-for-sale
financial assets
可供出售金融資產
13,032 13,032 13,032 13,032
Trade, other receivables
and advance deposits
應收賬款、其他應收
款項及預付按金 3,270,269 3,270,269 864,878 864,878
Cash and cash equivalents 現金及現金等價物 3,499,975 3,499,975 5,447,693 5,447,693
Trade, other payables
and advance receipts
應付賬款、其他應付
款及預收款項 (10,162,183) (10,162,183) (5,592,876) (5,592,876)
Interest-bearing loans 計息貸款 (5,882,080) (5,882,080) (5,287,039) (5,287,039)
Long-term payable 長期應付款 (48,738) (48,738) (51,301) (51,301)
Convertible bonds 可轉換債劵 – – (902,642) (902,642)
(f) Estimation of fair values
Fair value estimates are made at a specific point in time and
based on relevant market information and information about
the financial instrument. These estimates are subjective in
nature and involve uncertainties and matters of significant
judgment and therefore cannot be determined with precision.
Changes in assumptions could significantly affect the
estimates.
The following methods and assumptions were used to
estimate the fair value for each class of financial instruments:
(i) Cash and cash equivalents, restricted cash, trade,
other receivables and advance deposits and trade,
other payables and advance receipts
The carrying values approximate fair value because of
the short maturities of these instruments.
43. 金融工具（續）
(e) 公允價值（續）
(ii) 並非以公允價值列賬之金融工
具
於二零一零年及二零零九年
十二月三十一日以成本或攤銷
成本列賬於綜合資產負債表的
金融工具之公允價值及賬面值
如下：
(f) 公允價值估計
公允價值估計是在一個特定的時間按
相關市場資料及有關該金融工具的
資料而作出。由於該等估計本質上屬
主觀，且涉及不明朗因素及相當大程
度的人為判斷，故結果不一定十分準
確。任何假設上的變動，均可能會對
估計產生重大影響。
估計各類別金融工具公允價值時採用
以下方法及假設：
(i) 現金及現金等價物、受限制現
金、應收賬款、其他應收款項
及預付按金、應付賬款、其他
應付款項及預收款項
由於該等工具均在短期內到期，
故賬面值與公允價值相近。
盛高置地（控股）有限公司 二零一零年年報 231
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
43. 金融工具（續）
(f) 公允價值估計（續）
(ii) 持作交易目的的權益證券
公允價值乃根據於結算日所報
市價（不扣減任何交易成本）計
算。
(iii) 計息貸款
根據現時可獲取且條款及到期
日相若的銀行貸款的借貸利率，
銀行貸款的賬面值與公允價值
相近。
(iv) 長期應收款及長期應付款
長期應收款及長期應付款的公
允價值按未來現金流量的現值
進行估計，並按於呈報日期的
市場利率貼現。
(v) 衍生金融工具
於各資產負債表日，一間外部
獨立測量師行（該測量師行具有
適當獲認可之專業資格）對本公
司的可轉換債券進行評估。本
公司就釐定獨立於主債務合約
的可轉換債券的嵌入式衍生金
融工具的公允價值而參照於各
資產負債表日的現行市況後採
納適當估值方法及假設。釐定
公允價值的基準於附註37披露。
本 集 團 依 賴 由 金 融 機 構 提
供 的 估 值，以 釐 定 按 照 折
現 現 金 流 量 分 析 基 準 得 出
的利率掉期公允價值（在工
具 年 期 內 使 用 適 用 的 收 益
曲線）。得出此等公允價值
所用的變數涉及使用判斷。
43. FINANCIAL INSTRUMENTS (Continued)
(f) Estimation of fair values (Continued)
(ii) Equity securities held for trading
Fair value is based on quoted market prices at the
ba lance sheet date wi thout any deduct ion for
transaction costs.
(iii) Interest-bearing loans
The carrying amounts of bank loans approximate
their fair value based on the borrowing rate currently
available for bank loans with similar terms and maturity.
(iv) Long-term receivable and long-term payable
The fair values of long-term receivable and long-term
payable are estimated as the present value of future
cash flows, discounted at the market rate of interest at
the reporting date.
(v) Derivative financial instruments
An external independent valuation company, with
appropriate recognised professional qualifications,
values the Company’s convertible bonds at each
balance sheet date. Appropriate valuation methods
and assumptions with reference to market conditions
existing at each balance sheet date to determine the
fair value of the embedded financial derivative of the
convertible bonds that is separated from the host debt
contract are adopted. The basis for determining the fair
value is disclosed in note 37.
The Group relies on the valuations provided by financial
institutions to determine the fair values of the interest
rate swaps based on the discounted cash flow analysis
using the applicable yield curve over the duration of
the instruments. Judgment is required for the variables
used in arriving at these fair values.
SPG Land (Holdings) Limited Annual Report 2010232
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
43. FINANCIAL INSTRUMENTS (Continued)
(f) Estimation of fair values (Continued)
(vi) Financial guarantees
The fa i r va lue of f inancia l guarantees i ssued is
determined by reference to fees charged in arms’
length transaction for similar services, when such
information is obtainable, or is otherwise estimated by
reference to interest rate differentials, by comparing
the actual rates charged by lenders when the guarantee
is made available with the estimated rates that lenders
would have charged, had the guarantees not been
available, where reliable estimates of such information
can be made. The basis for determining the fair value is
disclosed in note 42.
(vii) Interest rates used for determining fair value
The interest rates used to discount estimated cash
flows, when applicable, are based on the government
yield curve at the reporting date plus an adequate credit
spread, and were as follows:
2010 2009
二零一零年 二零零九年
Long-term receivable 長期應收款 % N/A不適用
Long-term payable 長期應付款 % %
Interest-bearing loans 計息貸款 %% %%
Convertible bonds 可轉換債劵 N/A不適用 %
44. OPERATING LEASE COMMITMENTS
(i) Leases as lessee
Non-cancellable operating lease rentals are payable as
follows:
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Less than one year 一年內 6,618 7,043
Between one and five years 一年至五年 5,582 11,455
Total 合計 12,200 18,498
The leases, in respect of office rental charges, run for a period
within five years.
43. 金融工具（續）
(f) 公允價值估計（續）
(vi) 財務擔保
已發出財務擔保的公允價值乃
參照按公平原則就類似服務所
收取的費用而釐定（如能取得此
等資料），或參照利率差距而釐
定，即將借貸人在有擔保情況
下所收取的實際利率，與估計
在無擔保情況下所收取的利率
作出比較（如能對有關資料作出
可靠的估計）。釐定公允價值的
基準於附註42披露。
(vii) 用作釐定公允價值之利率
用以貼現預計現金流量（倘適
用）並按照於報告日期的政府孳
息曲線加上適當的信貸息差為
基準的利率如下：
44. 經營租賃承擔
(i) 作為承租人的租賃
不可撤銷經營租賃須於以下期間支付
的租金如下：
與辦公室租金開支有關的租賃在五年內屆
滿。
盛高置地（控股）有限公司 二零一零年年報 233
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
44. OPERATING LEASE COMMITMENTS
(Continued)
(ii) Leases as lessor
The Group leases out its properties, which include investment
properties and completed properties held for sale leased out
on a temporary basis, under operating leases. The future
minimum lease payments under non-cancellable leases are as
follows:
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Less than one year 一年內 29,099 28,172
Between one and five years 一年至五年 117,646 114,150
More than five years 超過五年 235,998 262,418
Total 合計 382,743 404,740
For the year ended 31 December 2010, RMB29,069,000 (2009:
RMB27,271,000) was recognised as rental income in respect
of investment properties in profit or loss.
45. CAPITAL COMMITMENTS
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Property development activities: 物業發展活動：
— Contracted but not provided for — 已訂約但未撥備 3,094,452 2,607,856
— Authorised but not contracted for — 已授權但未訂約 3,122,908 2,841,889
Total 合計 6,217,360 5,449,745
44. 經營租賃承擔（續）
(ii) 作為出租人的租賃
本集團根據經營租賃出租物業，包括
投資物業及暫時出租的已建成待售物
業。根據不可撤銷租賃合同須於以下
期間收取的日後最低租賃款項如下：
截至二零一零年十二月三十一日止年度，已
就投資物業在損益確認的租金收入為人民幣
29,069,000元（二零零九年：人民幣27,271,000
元）。
45. 資本承擔
SPG Land (Holdings) Limited Annual Report 2010234
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
46. RELATED-PARTY TRANSACTIONS
Particulars of significant transactions between the Group and certain
related parties in which a director or shareholder of the Company is
in a position to exercise significant influence are as follows:
(a) During the year ended 31 December 2010,
transactions with the following parties were
considered as related-party transactions:
Name of party Relationship
有關人士名稱 關係
– Mr. Wang Weixian The founding equity holder and Chairman
of the Company; Controlling shareholder
of the Company’s ultimate holding company
– 王偉賢先生 本公司創辦股權持有人兼主席；本公司的最終控股公
司的控股股東
– Starwaly Properties (Group) Pty Ltd. (“SPG”) Controlled by Mr. Wang Weixian
由王偉賢先生控制
– Shanghai ZhongXin An associate of the Company
– 上海眾鑫 本公司的聯營公司
– Shanghai Yunjie Real Estate Consultancy
Company Limited (“Shanghai Yunjie”)
Controlled by a director
of various operating subsidiaries
– 上海雲杰房地產諮詢有限公司（「上海雲杰」） 由多家營運子公司的一位董事控制
– Shenzhen Huibo Investment Development
Company Limited (“Huibo”)
A minority equity holder of Sipo Education
– 深圳市匯博投資發展有限公司（「匯博」） 思博教育的少數股權持有人
– Peninsula Waitan 50% indirectly owned by Delta Link
– 外灘半島 由Delta Link間接擁有50%
– Shanghai Sendao Xinxing Men Chuang Co., Ltd
(“Sendao”)
Controlled by a close family member
of Mr. Wang Weixian
– 上海森島新型門窗有限公司（「森島」） 由王偉賢先生的近親控制
– Prestige Glory Enterprises Limited (“Prestige Glory”) Equity holder of the Company
and owned by Mr. Wang Weixian
本公司的股權持有人及由王偉賢先生擁有
– Boom Rich Investment Limited (“Boom Rich”) Equity holder of the Company
and owned by Ms. Wang Xuling
本公司股權持有人及由王煦菱女士擁有
46. 關連人士交易
本集團與若干關連人士（本公司董事或股東
可對其行使重大影響者）的重大交易詳情如
下：
(a) 於截至二零一零年十二月
三十一日止年度，與以下人士
進行的交易視為關連人士交
易：
盛高置地（控股）有限公司 二零一零年年報 235
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
Name of party Relationship
有關人士名稱 關係
– SPG Investment Holdings Limited (“SPG Investment”) Equity holder of the Company
and owned by Mr. Wang Weixian
本公司股權持有人及由王偉賢先生擁有
– Tianyuan Lifeng and its subsidiaries
(collectively as “Tianyuan Lifeng Group”)
Jointly controlled group of companies of the Group
－天源利豐及其附屬公司（統稱「天源利豐集團」） 本集團公司的共同控制集團
– Wuxi Taihu Xincheng Real Estate Development Co., Ltd.
(“Taihu Xincheng”)
A minority equity holder of Wuxi Xindu
－無錫市太湖新城建設投資管理有限公司（「太湖新城」） 無錫新都的少數股權持有人
– Zhaozhi Real Estate Development Co., Ltd. (“Zhaozhi”) An associate of the Group
－上海朝智實業有限公司（「朝智」） 本集團聯營公司
(b) Recurring transactions
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Pre-sale of properties: 預售物業：
Wang Xuling 王煦菱 4,048 –
Construction cost: 建造成本：
Sendao 森島 – 137
Sales commission expense: 銷售佣金開支：
Shanghai Yunjie 上海雲杰 – 405
Sales of service: 服務銷售：
Peninsula Waitan 外灘半島 – 6,874
Receipt of accommodation services: 收取住宿服務：
Peninsula Waitan 外灘半島 6,710 –
Financing cost: 融資成本：
Huibo 匯博 381 –
Consulting expense: 諮詢費用：
Shanghai Zhongxin 上海眾鑫 – 70
46. RELATED-PARTY TRANSACTIONS
(Continued)
(a) During the year ended 31 December 2010,
transactions with the following parties were
considered as related-party transactions:
(Continued)
46. 關連人士交易（續）
(a) 於截至二零一零年十二月
三十一日止年度，與以下人士
進行的交易視為關連人士交
易：（續）
(b) 經常交易
SPG Land (Holdings) Limited Annual Report 2010236
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
46. RELATED-PARTY TRANSACTIONS
(Continued)
(b) Recurring transactions (Continued)
Expenses and costs of the above transactions were charged
based on the serv ices rendered between the re lated
parties and in accordance with the terms of the underlying
agreements.
The directors of the Company are of the opinion that
the above related-party transactions were conducted on
normal commercial terms and were priced with reference
to prevailing market prices, and in the ordinary course of
business.
(c) Balance with related parties
As at the end of 2010, the Group had the following balances
with related parties:
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Trade balances due
from related parties (note 29):
應收關連人士款項結餘
（附註29）：
Peninsula Waitan 外灘半島 – 3,928
Non-trade balances due from related
parties (note 29):
應收關連人士其他應
收款結餘（附註29）：
Peninsula Waitan 外灘半島 891 –
Mr. Wang Weixian and
his close family members
王偉賢先生及其近親
969 72
Prestige Glory Prestige Glory 8 8
Boom Rich Boom Rich 12 12
SPG Investment SPG Investment 29 31
Long-term receivable due
from related parties (note 30):
應收關連人士長期應收款
（附註30）：
Tianyuan Lifeng Group 天源利豐集團 939,672 –
941,581 4,051
46. 關連人士交易（續）
(b) 經常交易（續）
上述交易的開支及成本根據關連人士
之間提供的服務及有關協議條款收取。
本公司董事認為上述關連人士交易按
一般商業條款進行，並參考日常業務
過程中當時市價釐定價格。
(c) 與關連人士的結餘
截至二零一零年底，本集團與關連人
士有以下結餘：
盛高置地（控股）有限公司 二零一零年年報 237
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
46. RELATED-PARTY TRANSACTIONS
(Continued)
(c) Balance with related parties (Continued)
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Non-trade balances due to related
parties (note 35):
應付關連人士其他應
付款結餘（附註35）：
SPG SPG
– dividends payable －應付股息 9,173 9,173
– other payables －其他應付款項 4,051 4,051
Huibo 匯博 6,930 8,711
Tianyuan Lifeng Group 天源利豐集團 128,900 –
Zhaozhi 朝智 4,030 –
Taihu Xincheng 太湖新城 2,522,000 –
2,675,084 21,935
Trade and non-trade balances due from/to related parties are
unsecured, interest-free and repayable on demand. Long-
term receivable due from Tianyuan Lifeng Group is unsecured
and repayable by 10 annual instalments starting from 30 June
2011.
(d) Key management personnel remuneration
Remuneration for key management personnel, including
amounts paid to the Company’s directors as disclosed in
note 15 and five of the highest paid to employees as disclosed
in note 16, was as follows:
2010 2009
二零一零年 二零零九年
RMB’000 RMB’000
人民幣千元 人民幣千元
Salaries and other emoluments 工資及其他薪酬 29,176 23,578
47. POST BALANCE SHEET EVENTS
(i) Dividends
Pursuant to a resolution passed at the Board of Directors
meeting held on 7 March 2011, it was resolved that dividends
of RMB68,390,000 ( cents per ordinary share) were
declared for the year ended 31 December 2010.
(ii) Notes issue
Pursuant to a resolution passed at the Board of Directors
meeting held on 7 March 2011, it was resolved that the
Company will issue up to USD500 million (or its equivalent
amount in RMB) in aggregate principal amount of senior
notes (the “Notes”). The Notes are to be listed and quoted on
the Singapore Exchange Securities Trading Limited.
46. 關連人士交易（續）
(c) 與關連人士的結餘（續）
應收╱應付關連人士款項及其他應
收╱應付款結餘為無抵押、免息及須
於要求時償還。應收天源利豐集團的
長期應收款乃無抵押及須於二零一一
年六月三十日起分十期（十年）償還。
(d) 關鍵管理人員薪酬
關鍵管理人員薪酬，包括在附註15中
披露支付予本公司董事的薪酬和在附
註16中披露支付予五位最高薪酬僱員
的薪酬如下：
47. 結算日後事項
(i) 股息
根據於二零一一年三月七日召開的董
事會會議通過的決議案，本公司決議
宣派截至二零一零年十二月三十一日
止年度的股息人民幣68,390,000元（每
股普通股人民幣分)。
(ii) 票據發行
根 據 董 事 會 於 二 零 一 一 年 三 月
七日舉行的會議通過的決議案，
決 議 本 公 司 將 發 行 最 多 五 億 美
元（或其等值人民幣）本金額的優
先票據（「該等票據」）。該等票據
將 於 新 加 坡 證 券 交 易 所 有 限 公
司上市及買賣。
SPG Land (Holdings) Limited Annual Report 2010238
SUMMARY OF CONSOLIDATED FINANCIAL INFORMATION
綜合財務資料概要
Year ended
31 December
2010
Year ended
31 December
2009
Year ended
31 December
2008
Year ended
31 December
2007
Year ended
31 December
2006
截至
二零一零年
十二月
三十一日
止年度
截至
二零零九年
十二月
三十一日
止年度
截至
二零零八年
十二月
三十一日
止年度
截至
二零零七年
十二月
三十一日
止年度
截至
二零零六年
十二月
三十一日
止年度
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元
(Restated)
（經重列）
Revenue 收益 4,271,189 3,065,441 1,394,993 1,714,507 1,887,458
Cost of sales 銷售成本 (3,003,983) (2,151,003) (853,196) (1,072,298) (1,307,483)
Gross profit 毛利 1,267,206 914,438 541,797 642,209 579,975
Other income 其他收入 3,423 5,020 3,289 9,237 15,858
Selling and marketing costs 銷售及市場推廣成本 (150,186) (116,507) (69,484) (65,592) (28,281)
Administrative expenses 行政費用 (260,446) (154,183) (157,982) (151,743) (81,546)
Other operating expenses 其他經營開支 (24,005) (4,994) (7,129) (9,115) (213)
Net gain on acquisition of a jointly
controlled entity
收購共同控制實體的
收益淨額 149,911 – 48,216 – –
Net gain on disposal of equity interest in
subsidiaries
出售子公司股權的
收益淨額 – 61,140 193,112 –
Net gain on repurchase of convertible
bonds
購回可轉換債券之
收益淨額 17,248 49,394 58,252 – –
Results from operating activities 來自經營活動的溢利 1,003,151 693,168 478,099 618,108 485,793
Finance income 融資收入 107,851 16,914 14,199 46,359 23,092
Finance expenses 融資成本 (61,982) (86,771) (102,056) (152,729) (36,640)
Fair value changes on financial
derivatives
衍生金融工具的公允價值
變動 (20,123) 50,263 (42,495) 20,725 –
Net finance income/(expenses) 融資收入╱（成本）淨額 25,746 (19,594) (130,352) (85,645) (13,548)
Share of profits of associates 應佔聯營公司溢利 281,792 66,645 (12,717) (8,239) (318)
Share of losses of jointly controlled entity應佔共同控制實體虧損 (20,008) – – – –
Profit before revaluation gains on
investment properties and income
tax
未計投資物業重估收益及所
得稅前溢利
1,290,681 740,219 335,030 524,224 471,927
Revaluation gains on investment
properties
投資物業重估收益
229,203 517,254 25,000 269,626 39,882
Profit before income tax 除所得稅前溢利 1,519,884 1,257,473 360,030 793,850 511,809
Income tax expense 所得稅開支 (618,278) (427,726) (172,025) (251,580) (112,799)
Total comprehensive income for the
year
年度全面收入總額
901,606 829,747 188,005 542,270 399,010
Total comprehensive income
attributable to:
以下人士應佔全面收入
總額：
Equity holders of the Company 本公司股權持有人 890,206 678,520 151,499 517,614 390,818
Minority interests 少數股東權益 11,400 151,227 36,506 24,656 8,192
Total comprehensive income for the
year
年度全面收入總額
901,606 829,747 188,005 542,270 399,010
Earnings per share 每股盈利
Basic earnings per share (RMB) 每股基本盈利（人民幣元）
Diluted earnings per share (RMB) 每股攤薄盈利（人民幣元）
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
綜合全面利潤表
盛高置地（控股）有限公司 二零一零年年報 239
SUMMARY OF CONSOLIDATED FINANCIAL INFORMATION
綜合財務資料概要
31 December
2010
31 December
2009
31 December
2008
31 December
2007
31 December
2006
二零一零年
十二月
三十一日
二零零九年
十二月
三十一日
二零零八年
十二月
三十一日
二零零七年
十二月
三十一日
二零零六年
十二月
三十一日
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元
(Restated)
（經重列）
Assets 資產
Property, plant and equipment 物業、廠房及設備 904,068 236,144 252,756 246,039 226,856
Intangible assets 無形資產 1,610 1,655 – – –
Land use rights 土地使用權 81,732 74,192 79,500 64,173 74,280
Other investment 其他投資 13,032 13,032 – – –
Properties under development 發展中物業 3,600,904 4,235,962 2,558,728 2,356,458 758,434
Investment properties 投資物業 1,948,000 1,640,500 723,000 698,000 333,700
Investment properties under development 發展中投資物業 – – – – 40,907
Investments in associates 聯營公司投資 1,263,247 989,822 923,177 982,507 944,134
Interests in a jointly controlled entity 共同控制實體權益 738,468 – – – –
Long-term receivable 長期應收款 814,186 – – – –
Financial derivatives 衍生金融工具 625 51,491 3,382 46,171 –
Deferred tax assets 遞延稅項資產 287,139 212,969 88,149 73,728 64,148
Total non-current assets 非流動資產總額 9,653,011 7,455,767 4,628,692 4,467,076 2,442,459
Properties under development 發展中物業 4,921,467 2,963,347 1,800,902 642,593 505,290
Completed properties held for sale 已建成待售物業 505,220 235,635 509,861 253,976 387,533
Other investments 其他投資 16,115 1,228 856 730 3,319
Trade, other receivables and
advance deposits
應收賬款、其他應收款及
預付按金 3,270,269 864,878 1,340,466 1,079,564 650,009
Long-term receivable with one year 一年內到期的長期應收款 125,486 – – – –
Restricted cash 受限制現金 1,985,536 2,408,748 539,771 241,593 841,717
Cash and cash equivalents 現金及現金等價物 1,514,439 3,038,945 403,531 863,237 818,974
Total current assets 流動資產總額 12,338,532 9,512,781 4,595,387 3,081,693 3,206,842
Total assets 資產總額 21,991,543 16,968,548 9,224,079 7,548,769 5,649,301
Equity 權益
Share capital 股本 106,591 104,347 104,818 105,571 105,571
Share premium 股份溢價 2,069,086 2,071,330 2,081,584 2,084,437 2,084,437
Reserves 儲備 743,255 721,498 689,460 685,931 549,831
Retained earnings/(accumulated losses) 保留溢利╱（累計虧損） 1,499,732 865,426 447,989 451,772 (65,233)
Total Equity attributable to
equity holders of the Company
本公司股權持有人應佔
權益總額 4,418,664 3,762,601 3,323,851 3,327,711 2,674,606
Minority interests 少數股東權益 108,254 343,924 524,409 304,577 15,830
Total equity 權益總額 4,526,918 4,106,525 3,848,260 3,632,288 2,690,436
CONSOLIDATED BALANCE SHEETS
綜合資產負債表
SPG Land (Holdings) Limited Annual Report 2010240
SUMMARY OF CONSOLIDATED FINANCIAL INFORMATION
綜合財務資料概要
31 December
2010
31 December
2009
31 December
2008
31 December
2007
31 December
2006
二零一零年
十二月
三十一日
二零零九年
十二月
三十一日
二零零八年
十二月
三十一日
二零零七年
十二月
三十一日
二零零六年
十二月
三十一日
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元
CONSOLIDATED BALANCE SHEETS (Continued) (Restated)
綜合資產負債表（續） （經重列）
Liabilities 負債
Interest bearing loans 計息貸款 1,534,694 2,135,747 580,000 372,400 1,111,390
Trade, other payables and advance receipts 應付賬款、其他應付款及
預收款項 10,162,183 5,592,876 1,895,128 1,238,662 848,026
Tax payable 應付稅項 879,931 566,663 323,556 332,421 185,934
Long-term payable within one year 一年內到期的長期應付款 6,000 6,000 6,000 — —
Total current liabilities 流動負債總額 12,582,808 8,301,286 2,804,684 1,943,483 2,145,350
Interest bearing loans 計息貸款 4,347,386 3,151,292 1,141,860 678,810 789,470
Long-term payable 長期應付款 42,738 45,301 49,013 — —
Convertible bonds 可轉換債券 – 902,642 1,029,227 1,080,189 —
Deferred tax liabilities 遞延稅項負債 491,693 461,502 351,035 213,999 24,045
Total non-current liabilities 非流動負債總額 4,881,817 4,560,737 2,571,135 1,972,998 813,515
Total liabilities 負債總額 17,464,625 12,862,023 5,375,819 3,916,481 2,958,865
Total equity and liabilities 權益及負債總額 21,991,543 16,968,548 9,224,079 7,548,769 5,649,301
CONSOLIDATED BALANCE SHEETS (Continued)
綜合資產負債表（續）
封面
內封
目錄
財務摘要
年度大事回顧
獎項及殊榮
主席報告
行政總裁報告
物業項目簡介
管理層論述及分析
企業管治報告
董事及高級管理層人員簡介
董事會報告
核數師報告
綜合全面利潤表
綜合資產負債表和公司資產負債表
綜合權益變動表
綜合現金流量表
綜合財務報表附註
綜合財務資料概要
封底
