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the Group amounted to)Tj 27.6576 0 TD [( approximately HK$1,556,209,000,)]TJ -27.6576 -1.165 TD 0.0383 Tc 0.1072 Tw (approximately 11% increase as compared to approximately HK$1,40)Tj 30.8234 0 TD (1,553,000 last year. Profit)Tj -30.8234 -1.165 TD 0.0316 Tc 0.0645 Tw (attributable to the shareholders of the Company \(the ÒSharehold)Tj 28.1117 0 TD (ersÓ\) increased by approximately)Tj -28.1117 -1.17 TD 0.0344 Tc 0.0869 Tw (34% to approximately HK$309,013,000 against approximately HK$23)Tj 31.0748 0 TD (0,481,000 last year. Basic)Tj -31.0748 -1.165 TD 0.0411 Tc 0.1034 Tw (earnings per share of the Company \(the ÒShareÓ\) were HK5.0 cent)Tj 30.1987 0 TD (s \(2006: HK4.6 cents\). The)Tj -30.1987 -1.165 TD 0.0250 Tc 0.0250 Tw (GroupÕs turnover and profit was mainly derived from:)Tj 0 -2.335 TD [(?-1985(sale and delivery of office units in ÒZendai Cube Tower?in Sh)]TJ 29.3181 0 TD 0.0000 Tw (anghai)Tj -29.3181 -1.165 TD 0.0250 Tw [(?-1985(sale and delivery of ÒMandarin Palace?villas in Shanghai)]TJ 0 -1.17 TD 0.0248 Tc 0.0247 Tw [(?-1985.2(sale and delivery of residential units in Phase I of ?]TJ /G1 1 Tf 24.385 0 TD 0.1042 Tc 0.0000 Tw <028602e50a3710e7>Tj /F4 1 Tf 4.415 0 TD 0.0248 Tc 0.0247 Tw (?in Jilin)Tj -28.8 -1.165 TD 0.0250 Tc 0.0251 Tw [(?-1985(revaluation surplus of retail units in ÒZendai Thumb Plaza?in)]TJ 28.8832 0 TD [( Shanghai)]TJ /F3 1 Tf -28.8832 -2.335 TD 0.0252 Tc 0.0000 Tw (Dividend)Tj /F4 1 Tf 0 -2.33 TD 0.0239 Tc 0.0232 Tw (The Directors do not recommend payment of a final dividend for )Tj 28.0061 0 TD (the year ended 31 December 2007)Tj -28.0061 -1.17 TD 0.0250 Tc 0.0252 Tw (\(2006: nil\).)Tj /F3 1 Tf 0 -2.33 TD (Business Review)Tj /F4 1 Tf 0 -2.335 TD 0.0443 Tc 0.1159 Tw [(2007 was a year laden with opportunities and challenges for the)]TJ 29.448 0 TD [( Group. During the year, the)]TJ -29.448 -1.165 TD 0.0245 Tc 0.0242 Tw (economy in the PeopleÕs Republic of China \(the ÒPRCÓ\) continued)Tj 28.5651 0 TD [( to grow rapidly with investment)]TJ -28.5651 -1.17 TD 0.0270 Tc 0.0365 Tw [(in urban construction growing and people earning more income. T)]TJ 28.5828 0 TD [(hese phenomena fuelled demand)]TJ -28.5828 -1.165 TD 0.0301 Tc 0.0491 Tw (for different types of properties from the market. At the same )Tj 27.2083 0 TD (time, the central government of the)Tj -27.2083 -1.165 TD 0.0361 Tc 0.0906 Tw (PRC continued to launch macroeconomic austerity measures and re)Tj 30.0478 0 TD (lated credit control policies,)Tj -30.0478 -1.17 TD 0.0362 Tc 0.0765 Tw (which have helped to stabilise property prices and bring the pr)Tj 27.9868 0 TD (operty market back on to a more)Tj -27.9868 -1.165 TD 0.0280 Tc 0.0415 Tw (healthy and orderly growth track. Guided by aggressive developm)Tj 28.5651 0 TD (ent strategies and with finger on)Tj -28.5651 -1.165 TD 0.0299 Tc 0.0515 Tw (the pulse of the market, the Group actively pursued potential r)Tj 27.2543 0 TD (esidential and commercial property)Tj -27.2543 -1.17 TD 0.0428 Tc 0.1134 Tw (projects in Shanghai and other cities in the PRC to expand mark)Tj 29.5792 0 TD (et coverage and strategically)Tj -29.5792 -1.165 TD 0.0250 Tc 0.0251 Tw (strengthened its financial base to boost the scale of its busin)Tj 25.768 0 TD 0.0000 Tw (ess.)Tj -25.768 -2.335 TD 0.0204 Tc 0.0166 Tw (The Group raised net proceeds of approximately US$144,800,000 \()Tj 28.4116 0 TD (equivalent to HK$1,129,440,000\))Tj -28.4116 -1.165 TD 0.0480 Tc 0.1544 Tw (through issuing bonds in June 2007 and approximately HK$269,800)Tj 31.6191 0 TD (,000 through placing of)Tj -31.6191 -1.165 TD 0.0434 Tc 0.1201 Tw (600,000,000 new Shares in November 2007, allowing it to secure )Tj 30.4045 0 TD (adequate capital reserve to)Tj -30.4045 -1.17 TD 0.0306 Tc 0.0527 Tw (support acquisition of new projects. With a strengthened capita)Tj 27.5966 0 TD (l base, the Group was able to gain)Tj -27.5966 -1.165 TD 0.0297 Tc 0.0507 Tw (more property development projects with great potential and inc)Tj 27.9944 0 TD (reased its land reserves through a)Tj -27.9944 -1.165 TD 0.0250 Tc 0.0249 Tw (number of acquisitions during the year.)Tj ET endstream endobj 52 0 obj << /ProcSet [/PDF /Text ] /Font << /F3 11 0 R /F4 12 0 R /G1 53 0 R >> /ExtGState << /GS2 14 0 R >> >> endobj 55 0 obj << /Length 6522 >> stream BT /F4 1 Tf 12 0 0 12 327.38 68.62 Tm 0.000 0.000 0.000 1.000 k /GS2 gs 0.0230 Tc 0.0000 Tw (13)Tj -20.75 61.115 TD 0.0122 Tc 0.0026 Tw (During the year under review, the Group completed a number of a)Tj 27.2901 0 TD (cquisitions including the commercial)Tj -27.2901 -1.165 TD 0.0309 Tc 0.0604 Tw [(project ÒZhongke Langfang Technology Valley?in Langfang city, )]TJ 29.2876 0 TD [(Hebei Province, the integrated)]TJ -29.2876 -1.17 TD 0.0364 Tc 0.0890 Tw (property project ÒHengsheng Pavilion?in Pudong Shanghai, the r)Tj 29.2501 0 TD (esidential and hotel project in)Tj -29.2501 -1.165 TD 0.0244 Tc 0.0240 Tw (Qingdao, Shangdong Province and the commercial project in Haiko)Tj 28.8658 0 TD (u, Hainan. Moreover, the Group)Tj -28.8658 -1.165 TD 0.0335 Tc 0.0716 Tw [(acquired the remaining 20% interest in Shanghai Zendai Real Est)]TJ 28.887 0 TD (ate Company Limited \(ÒZendai)Tj -28.887 -1.17 TD 0.0167 Tc 0.0103 Tw (LandÓ\) at a consideration of RMB305,000,000 \(equivalent to HK$3)Tj 28.298 0 TD (16,029,000\), making it an indirect)Tj -28.298 -1.165 TD 0.0240 Tc 0.0234 Tw (wholly-owned subsidiary of the Company. The acquisition has not)Tj 28.3383 0 TD [( only enlarged the GroupÕs assets)]TJ -28.3383 -1.165 TD 0.0275 Tc 0.0377 Tw (base, but is expected to also enhance its overall financial per)Tj 26.2985 0 TD (formance in the future. Subsequent to)Tj -26.2985 -1.17 TD 0.0314 Tc 0.0558 Tw (the balance sheet date, the Group also completed a number of ac)Tj 28.3627 0 TD (quisitions in Chenmai County in)Tj -28.3627 -1.165 TD 0.0284 Tc 0.0431 Tw (Hainan, Huzhou in Zhejiang Province and Haimen in Jiangsu Provi)Tj 29.1735 0 TD (nce to expand project portfolio)Tj -29.1735 -1.165 TD 0.0250 Tc 0.0250 Tw (and increase land reserves.)Tj /F3 1 Tf 0 -2.335 TD (Residential Projects)Tj T* 0.0252 Tc 0.0000 Tw (Shanghai)Tj /F2 1 Tf 0 -2.33 TD 0.0249 Tc 0.0248 Tw (Mandarin Palace)Tj /F4 1 Tf 0 -2.335 TD 0.0486 Tc 0.1701 Tw (ÒMandarin Palace?villas, the GroupÕs premium residential proje)Tj 30.1381 0 TD (ct in Shanghai, maintained)Tj -30.1381 -1.165 TD 0.0333 Tc 0.0679 Tw (satisfactory sales. As at 31 December 2007, a cumulative 37 ind)Tj 28.438 0 TD (ividual villas with total saleable)Tj -28.438 -1.17 TD 0.0495 Tc 0.1555 Tw (area of 26,578 square metres \(17,383 square metres above-ground)Tj 30.7973 0 TD [( and 9,195 square metres)]TJ -30.7973 -1.165 TD 0.0245 Tc 0.0242 Tw (underground\) were sold, generating RMB1,070,365,000 \(equivalent)Tj 28.9131 0 TD [( to HK$1,109,072,000\) in terms)]TJ -28.9131 -1.165 TD 0.0224 Tc 0.0206 Tw (of contract value for the Group. During the year under review, )Tj 26.8252 0 TD (9 individual villas with total saleable)Tj -26.8252 -1.17 TD 0.0140 Tc 0.0055 Tw (area of 6,664 square metres \(4,472 square metres above-ground a)Tj 27.061 0 TD (nd 2,192 square metres underground\))Tj -27.061 -1.165 TD 0.0256 Tc 0.0288 Tw (were sold, generating RMB369,100,000 \(equivalent to HK$382,447,)Tj 29.312 0 TD (000\) in terms of contract value)Tj -29.312 -1.165 TD 0.0248 Tc 0.0246 Tw (for the Group. During the year under review, 25 villas with tot)Tj 26.7989 0 TD (al floor area of 17,602 square metres)Tj -26.7989 -1.17 TD 0.0371 Tc 0.0950 Tw (\(11,589 square metres above-ground and 6,013 square metres unde)Tj 29.9217 0 TD (rground\) were delivered and)Tj -29.9217 -1.165 TD 0.0250 Tc 0.0250 Tw (booked for the year at the total contract value RMB755,844,000 )Tj 27.7084 0 TD (\(equivalent to HK$783,177,000\).)Tj /F3 1 Tf -27.7084 -2.335 TD 0.0253 Tw (Other cities)Tj /F2 1 Tf 0 -2.33 TD 0.0000 Tc 0.0000 Tw (?Tj /G1 1 Tf 12 0 2.52 12 85.28 368.02 Tm 0.1033 Tc <028602e50a3710e7>Tj /F2 1 Tf 12 0 0 12 138.26 368.02 Tm 0.0239 Tc 0.0233 Tw (?in Jilin)Tj /F4 1 Tf -4.99 -2.335 TD 0.0286 Tc 0.0438 Tw (Occupying site area of 190,000 square metres, ?Tj /G1 1 Tf 20.895 0 TD 0.1115 Tc 0.0000 Tw <028602e50a3710e7>Tj /F4 1 Tf 4.445 0 TD 0.0286 Tc 0.0438 Tw (? a residential property project in Jilin,)Tj -25.34 -1.165 TD 0.0269 Tc 0.0348 Tw (boasts a total saleable area of approximately 196,000 square me)Tj 27.5564 0 TD (tres. The project will be developed)Tj -27.5564 -1.17 TD 0.0222 Tc 0.0203 Tw (in four phases. Sales of ?Tj /G1 1 Tf 10.675 0 TD 0.1008 Tc 0.0000 Tw <0e44060d04390fa8>Tj /F4 1 Tf 4.4 0 TD 0.0222 Tc 0.0203 Tw (? the first phase of the project, comprising 118 town houses a)Tj 26.4246 0 TD 0.0000 Tw (nd)Tj -41.4996 -1.165 TD 0.0432 Tc 0.1064 Tw (11 villas with total saleable area of 39,252 square metres bega)Tj 28.6415 0 TD (n in November 2006. As at 31)Tj -28.6415 -1.165 TD 0.0409 Tc 0.0996 Tw (December 2007, a cumulative 115 town houses and 5 villas with t)Tj 30.0575 0 TD (otal saleable area of 35,062)Tj -30.0575 -1.17 TD 0.0265 Tc 0.0339 Tw (square metres were sold, generating RMB143,381,000 \(equivalent )Tj 28.7352 0 TD (to HK$148,566,000\) in terms of)Tj -28.7352 -1.165 TD 0.0258 Tc 0.0283 Tw (contract value for the Group. During the year under review, a t)Tj 27.0116 0 TD (otal of 114 town houses and 4 villas)Tj -27.0116 -1.165 TD 0.0294 Tc 0.0462 Tw (with total floor area of 34,155 square metres were delivered at)Tj 27.2259 0 TD [( total contract value booked for the)]TJ -27.2259 -1.17 TD 0.0256 Tc 0.0286 Tw (year at RMB137,320,000 \(equivalent to HK$142,286,000\). Construc)Tj 29.3669 0 TD (tion of the second phase of the)Tj -29.3669 -1.165 TD 0.0252 Tc 0.0262 Tw (project comprising 4 low-rise blocks and 7 high-rise blocks, wh)Tj 27.3212 0 TD (ich together provide 568 residential)Tj -27.3212 -1.165 TD 0.0354 Tc 0.0815 Tw (units and ancillary commercial facilities with total saleable a)Tj 27.1543 0 TD (rea of about 87,000 square metres,)Tj -27.1543 -1.17 TD 0.0278 Tc 0.0390 Tw (started in July 2007. Pre-sale of the residential units project)Tj 25.8785 0 TD [( had begun in November 2007. During)]TJ -25.8785 -1.165 TD 0.0260 Tc 0.0294 Tw [(the year under review, a total of 30 residential units with tot)]TJ 25.9001 0 TD [(al saleable area of 3,006 square metres)]TJ -25.9001 -1.165 TD 0.0324 Tc 0.0685 Tw (were sold, generating RMB11,219,000 \(equivalent to HK$11,625,00)Tj 29.9757 0 TD (0\) in terms of contract value)Tj -29.9757 -1.17 TD 0.0250 Tc 0.0250 Tw (for the Group. The third phase of the project will include vill)Tj 26.1789 0 TD (as and town houses with total saleable)Tj -26.1789 -1.165 TD 0.0282 Tc 0.0398 Tw (area of about 31,000 square metres and construction is expected)Tj 27.7382 0 TD [( to begin in May 2008. The fourth)]TJ -27.7382 -1.165 TD 0.0250 Tc 0.0249 Tw (phase is still in planning stage.)Tj ET endstream endobj 56 0 obj << /ProcSet [/PDF /Text ] /Font << /F2 10 0 R /F3 11 0 R /F4 12 0 R /G1 53 0 R >> /ExtGState << /GS2 14 0 R >> >> endobj 58 0 obj << /Length 6307 >> stream BT /F4 1 Tf 12 0 0 12 327.38 68.62 Tm 0.000 0.000 0.000 1.000 k /GS2 gs 0.0230 Tc 0.0000 Tw (14)Tj /F2 1 Tf -20.75 61.115 TD 0.0000 Tc (?Tj /G1 1 Tf 12 0 2.52 12 85.28 802 Tm 0.1029 Tc <0d5b027d038805fc06ec>Tj /F2 1 Tf 12 0 0 12 151.52 802 Tm 0.0241 Tc 0.0235 Tw (?in Changchun)Tj /F4 1 Tf -6.095 -2.335 TD 0.0291 Tc 0.0497 Tw (Located in Changchun, ?Tj /G1 1 Tf 10.815 0 TD 0.1133 Tc 0.0000 Tw <0d5b027d038805fc06ec>Tj /F4 1 Tf 5.565 0 TD 0.0291 Tc 0.0497 Tw (?comprises residential properties and ancillary retail spaces)Tj -16.38 -1.165 TD 0.0277 Tc 0.0383 Tw (with a land area of 405,000 square metres and total saleable ar)Tj 27.1042 0 TD (ea of approximately 600,000 square)Tj -27.1042 -1.165 TD 0.0396 Tc 0.0918 Tw (metres. The project will be developed in five phases. The first)Tj 28.1843 0 TD [( phase occupying a land area of)]TJ -28.1843 -1.17 TD 0.0372 Tc 0.0979 Tw (approximately 77,300 square area will comprise 23 multi-storey )Tj 29.0385 0 TD (residential buildings and three)Tj -29.0385 -1.165 TD 0.0406 Tc 0.1143 Tw (high-rise residential buildings offering a total of 1,210 units)Tj 27.3884 0 TD 0.1144 Tw [( and related ancillary commercial)]TJ -27.3884 -1.165 TD 0.0293 Tc 0.0476 Tw (facilities with total saleable area of 112,000 square metres. P)Tj 26.5761 0 TD (re-sale of the first phase commenced)Tj -26.5761 -1.17 TD 0.0395 Tc 0.0892 Tw (in October 2007. During the year under review, a total of 432 u)Tj 28.8879 0 TD (nits with total saleable area of)Tj -28.8879 -1.165 TD 0.0307 Tc 0.0604 Tw (40,562 square metres were sold, generating RMB134,080,000 \(equi)Tj 29.4903 0 TD (valent to HK$138,929,000\) in)Tj -29.4903 -1.165 TD 0.0447 Tc 0.1221 Tw (terms of contract value for the Group. The second phase will be)Tj 29.6516 0 TD [( developed into multi-storey)]TJ -29.6516 -1.17 TD 0.0548 Tc 0.2009 Tw (residential buildings, high-rise residential buildings and shop)Tj 29.0756 0 TD (s with total saleable area of)Tj -29.0756 -1.165 TD 0.0246 Tc 0.0243 Tw (approximately 115,000 square metres and construction will start)Tj 27.4388 0 TD [( in May 2008. The other phases are)]TJ -27.4388 -1.165 TD 0.0250 Tc 0.0251 Tw (still in planning stage.)Tj /F2 1 Tf 0 -2.335 TD 0.0249 Tw (ÒZendai Garden-Riverside Town?in Haimen)Tj /F4 1 Tf T* 0.0279 Tc 0.0404 Tw (The GroupÕs ÒZendai Garden-Riverside Town?project in Haimen, J)Tj 29.3794 0 TD (iangsu Province is not a major)Tj -29.3794 -1.165 TD 0.0299 Tc 0.0484 Tw (property project for sale during the year under review. The pro)Tj 27.4454 0 TD (ject will be developed in two parts)Tj -27.4454 -1.165 TD 0.0334 Tc 0.0716 Tw (with total land area of approximately 577,485 square metres. ÒZ)Tj 28.3815 0 TD (endai-Dong Zhou Mansion? the)Tj -28.3815 -1.17 TD 0.0363 Tc 0.0768 Tw (first part of the project, is developed in three phases with Ph)Tj 27.1858 0 TD (ase I including 52 villas with total)Tj -27.1858 -1.165 TD 0.0347 Tc 0.0731 Tw (saleable area of approximately 17,457 square metres. As at 31 D)Tj 28.7414 0 TD (ecember 2007, a cumulative 41)Tj -28.7414 -1.165 TD 0.0285 Tc 0.0442 Tw (units with total saleable floor area of 13,903 square metres we)Tj 27.0948 0 TD (re sold, generating RMB64,483,000)Tj -27.0948 -1.17 TD 0.0435 Tc 0.1126 Tw (\(equivalent to HK$66,815,000\) in terms of contract value for th)Tj 29.2209 0 TD 0.1125 Tw (e Group. Phases II and III of)Tj -29.2209 -1.165 TD 0.0252 Tc 0.0262 Tw (ÒZendai-Dong Zhou Mansion?are still in the planning stage. ?Tj /G1 1 Tf 26.82 0 TD 0.1047 Tc 0.0000 Tw <101008ac0679>Tj /F4 1 Tf 3.315 0 TD 0.0252 Tc 0.0262 Tw (? the second part of ÒZendai)Tj -30.135 -1.165 TD 0.0445 Tc 0.1324 Tw (Garden-Riverside Town?will be developed in four phases into an)Tj 30.3507 0 TD [( integrated residential area)]TJ -30.3507 -1.17 TD 0.0267 Tc 0.0336 Tw (comprising low density town houses. Construction of Phase I off)Tj 27.9257 0 TD (ering 212 units with total saleable)Tj -27.9257 -1.165 TD 0.0238 Tc 0.0230 Tw (area of 57,000 square metres is expected to be completed by end)Tj 27.5802 0 TD [( of 2008. As at 31 December 2007,)]TJ -27.5802 -1.165 TD 0.0298 Tc 0.0487 Tw (a cumulative 66 units with total saleable floor area of 18,171 )Tj 26.9648 0 TD (square metres were sold, generating)Tj -26.9648 -1.17 TD 0.0233 Tc 0.0220 Tw (RMB77,014,000 \(equivalent to HK$79,799,000\) in terms of contrac)Tj 28.9257 0 TD (t value for the Group. The other)Tj -28.9257 -1.165 TD 0.0247 Tc 0.0246 Tw (three phases of ?Tj /G1 1 Tf 7.185 0 TD 0.1041 Tc 0.0000 Tw <101008ac0679>Tj /F4 1 Tf 3.315 0 TD 0.0247 Tc 0.0246 Tw (?are in planning stage.)Tj -10.5 -2.335 TD 0.0391 Tc 0.0955 Tw [(The Group also acquired another piece of land with site area of)]TJ 28.7594 0 TD [( approximately 811,000 square)]TJ -28.7594 -1.165 TD 0.0319 Tc 0.0582 Tw (metres for the development of residential properties in Haimen )Tj 27.9479 0 TD [(in 2006. It is still in the planning)]TJ -27.9479 -1.165 TD 0.0249 Tc 0.0000 Tw (stage.)Tj /F3 1 Tf 0 -2.335 TD 0.0250 Tw (Commercial Property Projects)Tj T* 0.0252 Tc 0.0000 Tw (Shanghai)Tj /F2 1 Tf 0 -2.33 TD 0.0250 Tc 0.0252 Tw (Zendai Cube Tower)Tj /F4 1 Tf 0 -2.335 TD 0.0408 Tc 0.1102 Tw (The GroupÕs grade A office project ÒZendai Cube Tower?comprisi)Tj 30.5829 0 TD (ng offices and commercial)Tj -30.5829 -1.165 TD 0.0240 Tc 0.0232 Tw (properties with a total gross floor area of 33,149 square metre)Tj 26.431 0 TD (s in Pudong, Shanghai was completed)Tj -26.431 -1.17 TD 0.0222 Tc 0.0203 Tw (in August 2007. As at 31 December 2007, a cumulative total floo)Tj 27.7603 0 TD (r area of 26,325 square metres was)Tj -27.7603 -1.165 TD 0.0307 Tc 0.0591 Tw (sold, generating RMB573,333,000 \(equivalent to HK$594,066,000\) )Tj 29.7052 0 TD (in terms of contract value for)Tj -29.7052 -1.165 TD 0.0409 Tc 0.0972 Tw (the Group. During the year under review, a total floor area of )Tj 28.4557 0 TD (19,509 square metres was sold,)Tj -28.4557 -1.17 TD 0.0339 Tc 0.0743 Tw (bringing in RMB461,321,000 \(equivalent to HK$478,003,000\) in te)Tj 29.8491 0 TD (rms of contract value for the)Tj -29.8491 -1.165 TD 0.0243 Tc 0.0238 Tw (Group. A total floor area of 24,420 square metres was delivered)Tj 27.3169 0 TD [( during the year with contract value)]TJ -27.3169 -1.165 TD 0.0250 Tc 0.0250 Tw (booked totaling RMB520,464,000 \(equivalent to HK$539,285,000\).)Tj ET endstream endobj 59 0 obj << /ProcSet [/PDF /Text ] /Font << /F2 10 0 R /F3 11 0 R /F4 12 0 R /G1 53 0 R >> /ExtGState << /GS2 14 0 R >> >> endobj 61 0 obj << /Length 5088 >> stream BT /F4 1 Tf 12 0 0 12 327.38 68.62 Tm 0.000 0.000 0.000 1.000 k /GS2 gs 0.0230 Tc 0.0000 Tw (15)Tj /F2 1 Tf -20.75 61.115 TD 0.0250 Tc 0.0252 Tw (Wu Dao Kou Financial Centre)Tj /F4 1 Tf 0 -2.335 TD 0.0320 Tc 0.0583 Tw (ÒWu Dao Kou Financial Centre?is another grade A commercial pro)Tj 29.8711 0 TD (perty project of the Group in)Tj -29.8711 -1.165 TD 0.0294 Tc 0.0473 Tw (Pudong, Shanghai. The entire project was completed in early 200)Tj 28.4129 0 TD (8. The south tower was acquired)Tj -28.4129 -1.165 TD 0.0274 Tc 0.0361 Tw (by Evergreen Group in Taiwan as its headquarters in the Asia Pa)Tj 28.032 0 TD (cific region during the year under)Tj -28.032 -1.17 TD 0.0291 Tc 0.0436 Tw (review and was delivered in February 2008. As for the north tow)Tj 28.2526 0 TD (er, pre-sale of 15 floors of office)Tj -28.2526 -1.165 TD 0.0465 Tc 0.1234 Tw (units with total floor area of 32,113 square metres commenced i)Tj 29.7414 0 TD (n November 2007. As at 31)Tj -29.7414 -1.165 TD 0.0184 Tc 0.0134 Tw (December 2007, a total saleable area of 8,564 square metres wer)Tj 27.117 0 TD (e sold, bringing in RMB270,099,000)Tj -27.117 -1.17 TD 0.0274 Tc 0.0371 Tw (\(equivalent to HK$279,866,000\) in terms of contract value for t)Tj 27.5253 0 TD [(he Group. The remaining 10 floors)]TJ -27.5253 -1.165 TD 0.0297 Tc 0.0477 Tw (of office units with total floor area of 14,498 square metres a)Tj 26.7256 0 TD (nd commercial areas with total floor)Tj -26.7256 -1.165 TD 0.0371 Tc 0.0859 Tw (area of 8,396 square metres will be reserved for rental. Pre-le)Tj 27.6863 0 TD [(tting has commenced in February)]TJ -27.6863 -1.17 TD 0.0250 Tc 0.0000 Tw (2008.)Tj /F2 1 Tf 0 -2.33 TD 0.0251 Tw (Hengsheng Pavilion)Tj /F4 1 Tf 0 -2.335 TD 0.0128 Tc 0.0036 Tw (During the year under review, the Group acquired 95% interest i)Tj 26.6403 0 TD (n ÒHengsheng Pavilion? an integrated)Tj -26.6403 -1.165 TD 0.0628 Tc 0.2357 Tw (property project in Pudong, at a total consideration of RMB427,)Tj 31.712 0 TD (500,000 \(equivalent to)Tj -31.712 -1.17 TD 0.0257 Tc 0.0288 Tw (HK$442,959,000\). The project is on a 12,789-square-metre site w)Tj 28.2344 0 TD (ith a total saleable area of 52,300)Tj -28.2344 -1.165 TD 0.0278 Tc 0.0384 Tw (square metres. It will comprise a 17-storey office building wit)Tj 26.8708 0 TD (h a podium consists of two levels of)Tj -26.8708 -1.165 TD 0.0259 Tc 0.0298 Tw (commercial spaces and two 18-storey serviced apartments with gr)Tj 28.2506 0 TD (ound level as commercial spaces.)Tj -28.2506 -1.17 TD 0.0398 Tc 0.1035 Tw (There will be two levels of underground spaces designed for ent)Tj 29.2056 0 TD (ertainment and leisure related)Tj -29.2056 -1.165 TD 0.0270 Tc 0.0346 Tw (commercial use and as car parking spaces. The Group topped out )Tj 28.4109 0 TD (the project during the year under)Tj -28.4109 -1.165 TD 0.0279 Tc 0.0376 Tw [(review and exterior work is in progress. It is expected to star)]TJ 26.3908 0 TD [(t sale in the second half of 2008. The)]TJ -26.3908 -1.17 TD 0.0250 Tc 0.0251 Tw (Group acquired the remaining 5% interest in ÒHengsheng Pavilion)Tj 28.3831 0 TD (?in March 2008.)Tj /F2 1 Tf -28.3831 -2.33 TD 0.0249 Tw (Zendai Thumb Plaza)Tj /F4 1 Tf 0 -2.335 TD 0.0195 Tc 0.0155 Tw (The Group holds interest in part of the shopping mall of ÒZenda)Tj 26.9762 0 TD (i Thumb Plaza?in Pudong, Shanghai)Tj -26.9762 -1.165 TD 0.0240 Tc 0.0234 Tw [(for rental purpose. During the year under review, the Group str)]TJ 26.9088 0 TD [(engthened the position of the project)]TJ -26.9088 -1.17 TD 0.0310 Tc 0.0549 Tw (as a new landmark in Pudong by introducing more prominent brand)Tj 29.6108 0 TD (s and increased rental income)Tj -29.6108 -1.165 TD 0.0157 Tc 0.0086 Tw (from the project. According to the payment terms of the acquisi)Tj 26.5419 0 TD (tion agreement, the total consideration)Tj -26.5419 -1.165 TD 0.0260 Tc 0.0298 Tw (of RMB680,000,000 will be paid by installments and the consider)Tj 28.3233 0 TD (ation will be fully paid by end of)Tj -28.3233 -1.17 TD 0.0250 Tc 0.0249 Tw (2008. The rental income for 2009 is estimated at approximately )Tj 27.514 0 TD 0.0000 Tw (RMB50,000,000.)Tj /F3 1 Tf -27.514 -2.33 TD 0.0255 Tw (Other Cities)Tj /F2 1 Tf 0 -2.335 TD 0.0252 Tw (Yangzhou Commercial Project)Tj /F4 1 Tf T* 0.0445 Tc 0.1333 Tw (The Group is developing an integrated property project for comm)Tj 30.2481 0 TD (ercial, cultural, leisure and)Tj -30.2481 -1.165 TD 0.0543 Tc 0.1617 Tw (entertainment uses in the heart of Yangzhou city. The project h)Tj 30.2851 0 TD (as a total saleable area of)Tj -30.2851 -1.165 TD 0.0284 Tc 0.0434 Tw (approximately 90,000 square metres and will include a cultural )Tj 27.6748 0 TD (sightseeing area and a commercial)Tj -27.6748 -1.17 TD 0.0267 Tc 0.0333 Tw (district. It will be developed in two phases. Construction of t)Tj 26.2356 0 TD (he first phase with total saleable floor)Tj -26.2356 -1.165 TD 0.0223 Tc 0.0203 Tw (area of approximately 18,000 square metres commenced in January)Tj 28.5868 0 TD 0.0202 Tw [( 2008 and pre-sale is expected to)]TJ -28.5868 -1.165 TD 0.0250 Tc 0.0249 Tw (start in September 2008.)Tj ET endstream endobj 62 0 obj << /ProcSet [/PDF /Text ] /Font << /F2 10 0 R /F3 11 0 R /F4 12 0 R >> /ExtGState << /GS2 14 0 R >> >> endobj 64 0 obj << /Length 6097 >> stream BT /F4 1 Tf 12 0 0 12 327.38 68.62 Tm 0.000 0.000 0.000 1.000 k /GS2 gs 0.0230 Tc 0.0000 Tw (16)Tj /F2 1 Tf -20.75 61.115 TD 0.0250 Tc 0.0251 Tw (ÒZhongke Langfang Technology Valley?in Langfang city)Tj /F4 1 Tf 0 -2.335 TD 0.0279 Tc 0.0394 Tw (In July 2007, the Group entered into a framework agreement with)Tj 28.4505 0 TD [( Shan Shan Investment Holdings)]TJ -28.4505 -1.165 TD 0.0320 Tc 0.0637 Tw (Co., Limited to jointly develop ÒZhongke Langfang Technology Va)Tj 29.6881 0 TD (lley?in Langfang city, Hebei)Tj -29.6881 -1.165 TD 0.0348 Tc 0.0779 Tw (Province. The technology valley has a total site area of approx)Tj 27.9402 0 TD (imately 3,300,000 square metres,)Tj -27.9402 -1.17 TD 0.0278 Tc 0.0391 Tw (30% of which will be for developing commercial properties. The )Tj 28.3897 0 TD (overall planning of the project is)Tj -28.3897 -1.165 TD 0.0344 Tc 0.0766 Tw (underway. According to the framework agreement, the Group acqui)Tj 29.9402 0 TD (red 30% interest in Zhongke)Tj -29.9402 -1.165 TD 0.0386 Tc 0.0990 Tw (Langfang Technology Valley Co., Ltd. at a consideration of RMB6)Tj 30.266 0 TD (3,000,000 in October 2007,)Tj -30.266 -1.17 TD 0.0188 Tc 0.0141 Tw (marking the first phase of the cooperation. Other detailed term)Tj 26.305 0 TD (s of cooperation are under negotiation.)Tj -26.305 -1.165 TD 0.0294 Tc 0.0449 Tw (As Bohai Bay Rim has been identified as a major development foc)Tj 29.0355 0 TD (us in the PRCÕs Eleventh Five-)Tj -29.0355 -1.165 TD 0.0423 Tc 0.1116 Tw (Year Plan, the strategic cooperation will allow the Group to ga)Tj 28.8576 0 TD (in foothold and seize business)Tj -28.8576 -1.17 TD 0.0221 Tc 0.0201 Tw (opportunities in the Bohai Bay Rim. It will also increase the l)Tj 26.1704 0 TD (and reserve of the Group by 1,000,000)Tj -26.1704 -1.165 TD 0.0250 Tc 0.0251 Tw (square metres in total saleable area.)Tj /F2 1 Tf 0 -2.335 TD 0.0248 Tw (Qingdao Project)Tj /F4 1 Tf 0 -2.33 TD 0.0406 Tc 0.0981 Tw (During the year under review, the Group acquired 25% interest i)Tj 29.3364 0 TD (n ?Tj /G1 1 Tf 1.4086 0 TD 0.1333 Tc 0.0000 Tw <06a108a5026a0fbc03ae0b2a03de082202ae0321>Tj /F4 1 Tf 11.33 0 TD 0.0000 Tc (?Tj -42.075 -1.17 TD 0.0252 Tc 0.0262 Tw (which owns a parcel of land of approximately 43,920 square metr)Tj 28.1518 0 TD (es located in Lao Shan District of)Tj -28.1518 -1.165 TD 0.0525 Tc 0.1610 Tw (Qingdao City for developing into a residential project and a ho)Tj 30.0265 0 TD (tel with total saleable area)Tj -30.0265 -1.165 TD 0.0327 Tc 0.0687 Tw (approximately 65,000 square metres and 43,000 square metres res)Tj 29.0488 0 TD (pectively. The entire project is)Tj -29.0488 -1.17 TD 0.0250 Tc 0.0249 Tw (expected to be completed in 2010.)Tj /F2 1 Tf 0 -2.33 TD 0.0251 Tw (Haikou Project)Tj /F4 1 Tf 0 -2.335 TD 0.0253 Tc 0.0264 Tw (By end of 2007, the Group acquired 95% interest in ?Tj /G1 1 Tf 22.99 0 TD 0.1051 Tc 0.0000 Tw <090e06cc0e2d02f007a20cef089d03de082202ae0321>Tj /F4 1 Tf 12.155 0 TD 0.0253 Tc 0.0264 Tw (?and ?Tj /G1 1 Tf 3.06 0 TD 0.1051 Tc 0.0000 Tw <090e06cc0d360f86>Tj -38.205 -1.165 TD 0.1216 Tc <0e36139c03de082202ae0321>Tj /F4 1 Tf 6.725 0 TD 0.0334 Tc 0.0702 Tw [(?respectively, through which it obtained a project under devel)]TJ 27.7341 0 TD [(opment with gross)]TJ -34.4591 -1.17 TD 0.0400 Tc 0.0998 Tw (floor area of approximately 72,000 square metres and a parcel o)Tj 29.0946 0 TD (f land of approximately 7,745)Tj -29.0946 -1.165 TD 0.0259 Tc 0.0294 Tw (square metres in Haikou, Hainan. The Group intends to convert t)Tj 27.8638 0 TD (he project under development into)Tj -27.8638 -1.165 TD 0.0302 Tc 0.0534 Tw (office with total saleable area of approximately 72,000 square )Tj 27.3756 0 TD (metres. Construction of the project)Tj -27.3756 -1.17 TD 0.0289 Tc 0.0428 Tw [(commenced in April 2008 and pre-sale is expected to start in No)]TJ 28.0899 0 TD [(vember 2007. The project will be)]TJ -28.0899 -1.165 TD 0.0280 Tc 0.0398 Tw (completed and delivered by end of 2009. The parcel of land of a)Tj 27.9318 0 TD (pproximately 7,745 square metres)Tj -27.9318 -1.165 TD 0.0250 Tc 0.0251 Tw (is still in planning stage.)Tj /F3 1 Tf 0 -2.335 TD [(Issue of Fixed Rate Notes)]TJ /F4 1 Tf T* 0.0465 Tc 0.1205 Tw (During the year under review, the Group issued a five-year term)Tj 29.8212 0 TD [( 10% fixed rate notes of an)]TJ -29.8212 -1.165 TD 0.0193 Tc 0.0148 Tw (aggregate principal amount of US$150,000,000. The net proceeds )Tj 27.9667 0 TD (from the issue were approximately)Tj -27.9667 -1.165 TD 0.0313 Tc 0.0650 Tw (US$144,800,000 \(equivalent to HK$1,129,440,000\) for acquisition)Tj 29.1853 0 TD [( of new property projects. The)]TJ -29.1853 -1.17 TD 0.0253 Tc 0.0262 Tw (notes have been rated ÒB+?by Standard & PoorÕs Ratings Group, )Tj 28.4408 0 TD (Inc., ÒB+?by Fitch Ratings, Ltd.)Tj -28.4408 -1.165 TD 0.0371 Tc 0.0825 Tw (and ÒB2?by MoodyÕs Investors Services, Inc. The Group has the )Tj 29.6022 0 TD (notes listed on the Singapore)Tj -29.6022 -1.165 TD 0.0413 Tc 0.1100 Tw (Exchange Securities Trading Limited. The move has not only gene)Tj 30.3666 0 TD (rated timely capital for the)Tj -30.3666 -1.17 TD 0.0180 Tc 0.0127 Tw (Group, but also allowed the Group to expand financing source fo)Tj 27.2856 0 TD (r promoting long-term development.)Tj /F3 1 Tf -27.2856 -2.33 TD 0.0249 Tc 0.0249 Tw (Placing of New Shares)Tj /F4 1 Tf 0 -2.335 TD 0.0235 Tc 0.0225 Tw (In November 2007, the Company entered into an agreement with Ch)Tj 29.1747 0 TD (ina Alliance Properties Limited)Tj -29.1747 -1.165 TD 0.0341 Tc 0.0713 Tw (\(ÒChina AllianceÓ\) to place to China Alliance 600,000,000 new s)Tj 28.8686 0 TD (hares at a subscription price of)Tj -28.8686 -1.17 TD 0.0230 Tc 0.0215 Tw (HK$0.45. The new shares represent approximately 8.57% of the en)Tj 28.5813 0 TD (larged issued share capital of the)Tj -28.5813 -1.165 TD 0.0318 Tc 0.0643 Tw (Company. Net proceeds from the placing amounted to approximatel)Tj 29.7614 0 TD (y HK$269,800,000 for future)Tj -29.7614 -1.165 TD 0.0250 Tc 0.0250 Tw (property acquisition in the PRC. The placing also broadened the)Tj 27.4634 0 TD [( GroupÕs shareholder base.)]TJ ET endstream endobj 65 0 obj << /ProcSet [/PDF /Text ] /Font << /F2 10 0 R /F3 11 0 R /F4 12 0 R /G1 53 0 R >> /ExtGState << /GS2 14 0 R >> >> endobj 67 0 obj << /Length 6137 >> stream BT /F4 1 Tf 12 0 0 12 327.38 68.62 Tm 0.000 0.000 0.000 1.000 k /GS2 gs 0.0230 Tc 0.0000 Tw (17)Tj /F3 1 Tf -20.75 61.115 TD 0.0248 Tc (Prospects)Tj /F4 1 Tf 0 -2.335 TD 0.0461 Tc 0.1290 Tw (In January 2008, the Group acquired 100% interest in Meiyi Inte)Tj 30.104 0 TD (rnational Limited at a total)Tj -30.104 -1.165 TD 0.0236 Tc 0.0224 Tw (consideration of RMB206,260,000 \(equivalent to HK$213,719,000\),)Tj 29.094 0 TD [( through which it obtained 60%)]TJ -29.094 -1.165 TD 0.0334 Tc 0.0647 Tw (interest in Hainan Huayi Land Company Limited. The project comp)Tj 29.9083 0 TD [(any owns a parcel of land of)]TJ -29.9083 -1.17 TD 0.0289 Tc 0.0445 Tw (1,309,563 square metres in Chenmai County, Hainan, the PRC, whi)Tj 29.3308 0 TD (ch is intended to be developed)Tj -29.3308 -1.165 TD 0.0250 Tc 0.0251 Tw (into a leisure-related commercial property and residential prop)Tj 26.7728 0 TD (erty project.)Tj -26.7728 -2.335 TD 0.0300 Tc 0.0471 Tw (In the same month, the Group also acquired a parcel of land in )Tj 27.7189 0 TD (Huzhou, Zhejiang province with a)Tj -27.7189 -1.165 TD 0.0254 Tc 0.0274 Tw (total site area of approximately 59,935 square metres and total)Tj 26.7885 0 TD [( saleable floor area of approximately)]TJ -26.7885 -1.165 TD 0.0199 Tc 0.0157 Tw [(119,000 square metres at a total consideration of RMB122,000,00)]TJ 27.7909 0 TD (0 \(equivalent to HK$126,412,000\),)Tj -27.7909 -1.17 TD 0.0250 Tc 0.0251 Tw (which will be developed into a residential and related commerci)Tj 27.4348 0 TD (al property project.)Tj -27.4348 -2.33 TD 0.0240 Tc 0.0232 Tw (In January 2008, the Group also completed the acquisition of a )Tj 27.1521 0 TD (parcel of 133,200-square metre land)Tj -27.1521 -1.17 TD 0.0332 Tc 0.0705 Tw (in Haimen, at a total consideration of RMB27,000,000 \(equivalen)Tj 28.9572 0 TD 0.0704 Tw (t to HK$27,976,000\). The land)Tj -28.9572 -1.165 TD 0.0739 Tw (acquired is close to the GroupÕs existing development project ?Tj 28.0046 0 TD (Zendai Garden-Riverside Town?)Tj -28.0046 -1.165 TD 0.0408 Tc 0.1003 Tw (Apart from expanding its land bank, the acquisition has also al)Tj 28.5975 0 TD (lowed the Group to perfect the)Tj -28.5975 -1.17 TD 0.0250 Tc 0.0249 Tw (overall planning of ÒZendai Garden-Riverside Town?)Tj 0 -2.33 TD 0.0257 Tc 0.0290 Tw (Looking forward, with urbanisation taking place at increasing s)Tj 27.2077 0 TD (peed and living standard continuing)Tj -27.2077 -1.17 TD 0.0401 Tc 0.0988 Tw (to improve in the country, the PRC property market has ample ro)Tj 29.6641 0 TD (om for growth. Furthermore,)Tj -29.6641 -1.165 TD 0.0222 Tc 0.0201 Tw (government macroeconomic austerity measures and credit control )Tj 28.173 0 TD (are expected to bring the property)Tj -28.173 -1.165 TD 0.0386 Tc 0.0857 Tw (market back on to a more healthy and orderly growth track. The )Tj 29.3135 0 TD (Group has laid down relevant)Tj -29.3135 -1.17 TD 0.0212 Tc 0.0182 Tw (development strategies with reference to current market conditi)Tj 26.82 0 TD (ons. Regarding operational coverage,)Tj -26.82 -1.165 TD 0.0203 Tc 0.0169 Tw (its business spans from its headquarters in Shanghai across the)Tj 26.4579 0 TD [( Yangtze River Delta region \(Haimen,)]TJ -26.4579 -1.165 TD 0.0332 Tc 0.0727 Tw (Yangzhou and Zhejiang\), Bohai Bay Rim \(Langfang\), Northeastern )Tj 30.0025 0 TD (China \(Changchun, Jilin and)Tj -30.0025 -1.17 TD 0.0184 Tc 0.0134 Tw (Qingdao\) and Southeastern China \(Hainan\). The Group will contin)Tj 28.0128 0 TD (ue to look for potential acquisition)Tj -28.0128 -1.165 TD 0.0223 Tc 0.0203 Tw (targets to extend business coverage. Also, the Group will conti)Tj 26.6681 0 TD (nue its two-pronged approach putting)Tj -26.6681 -1.165 TD 0.0387 Tc 0.1045 Tw (weight on both residential and commercial property development,)Tj 29.5539 0 TD [( and retain some commercial)]TJ -29.5539 -1.17 TD 0.0365 Tc 0.0902 Tw (properties as investment properties to increase recurring renta)Tj 27.6171 0 TD (l income. The Group believes the)Tj -27.6171 -1.165 TD 0.0179 Tc 0.0126 Tw (PRC property industry will continue to grow and present tremend)Tj 27.4906 0 TD (ous opportunities to market players.)Tj -27.4906 -1.165 TD 0.0227 Tc 0.0211 Tw (Drawing from its years of property development experience and i)Tj 27.8103 0 TD (ntegrated with an enhanced capital)Tj -27.8103 -1.17 TD 0.0233 Tc 0.0221 Tw (structure and financial base, the Group is committed to develop)Tj 27.0518 0 TD (ing and strengthening its business in)Tj -27.0518 -1.165 TD 0.0250 Tc 0.0250 Tw (the market with the aim of bringing satisfactory returns to Sha)Tj 26.7112 0 TD 0.0000 Tw (reholders.)Tj /F3 1 Tf -26.7112 -2.335 TD 0.0250 Tw (MANAGEMENT DISCUSSION AND ANALYSIS)Tj 0 -2.33 TD (Review of Operations)Tj /F4 1 Tf 0 -2.335 TD 0.0319 Tc 0.0584 Tw (The Group achieved satisfactory results for the year ended 31 D)Tj 28.1963 0 TD (ecember 2007. The profit for the)Tj -28.1963 -1.165 TD 0.0220 Tc 0.0199 Tw (year was mainly attributable to sales and delivery of office un)Tj 26.301 0 TD (its of Zendai Cube Tower, 25 villas of)Tj -26.301 -1.17 TD 0.0366 Tc 0.0806 Tw (Mandarin Palace, residential units of Phase I of ?Tj /G1 1 Tf 22.105 0 TD 0.1263 Tc 0.0000 Tw <028602e50a3710e7>Tj /F4 1 Tf 4.505 0 TD 0.0366 Tc 0.0806 Tw (?in Jilin and revaluation surplus of)Tj -26.61 -1.165 TD 0.0330 Tc 0.0610 Tw (shopping mall of Zendai Thumb Plaza. The Group is engaged in th)Tj 29.5272 0 TD (e development of mid to high)Tj -29.5272 -1.165 TD 0.0255 Tc 0.0273 Tw [(end properties in Shanghai and certain selected second tier cit)]TJ 26.5384 0 TD (ies in China. During the year, several)Tj -26.5384 -1.17 TD 0.0420 Tc 0.1161 Tw (residential and commercial projects went on sale. For residenti)Tj 28.651 0 TD (al projects, they were villas in)Tj -28.651 -1.165 TD 0.0173 Tc 0.0114 Tw (Mandarin Palace, villas and detached houses in Haimen, villas a)Tj 26.8805 0 TD (nd apartments in Jilin and apartments)Tj -26.8805 -1.165 TD 0.0267 Tc 0.0338 Tw (in Changchun. In respect of commercial projects, they were offi)Tj 27.5636 0 TD (ce premises in Zendai Cube Tower)Tj -27.5636 -1.17 TD 0.0250 Tc 0.0250 Tw (and Wu Dao Kou Financial Centre.)Tj ET endstream endobj 68 0 obj << /ProcSet [/PDF /Text ] /Font << /F3 11 0 R /F4 12 0 R /G1 53 0 R >> /ExtGState << /GS2 14 0 R >> >> endobj 70 0 obj << /Length 4656 >> stream BT /F4 1 Tf 12 0 0 12 327.38 68.62 Tm 0.000 0.000 0.000 1.000 k /GS2 gs 0.0230 Tc 0.0000 Tw (18)Tj /F3 1 Tf -20.75 61.115 TD 0.0250 Tc 0.0251 Tw (Liquidity, Financial Resources, Capital Structure and Gearing)Tj /F4 1 Tf 0 -2.335 TD 0.0275 Tc 0.0368 Tw (As at 31 December 2007 the Group had a healthy financial positi)Tj 28.1612 0 TD (on with net assets increased from)Tj -28.1612 -1.165 TD 0.0320 Tc 0.0663 Tw (approximately HK$1,598 million in 2006 to approximately HK$2,53)Tj 30.1183 0 TD (0 million. Net current assets)Tj -30.1183 -1.165 TD 0.0201 Tc 0.0162 Tw (amounted to approximately HK$3,101 million \(2006: approximately)Tj 28.8345 0 TD [( HK$1,585 million\) with current)]TJ -28.8345 -1.17 TD (ratio of approximately 2.26 times \(2006: 1.96 times\). The Group)Tj 27.2442 0 TD [( adopted relatively prudent financial)]TJ -27.2442 -1.165 TD 0.0306 Tc 0.0517 Tw [(policy and closely monitored its cash flow. As at 31 December 2)]TJ 28.3787 0 TD 0.0518 Tw [(007, the Group had consolidated)]TJ -28.3787 -1.165 TD 0.0295 Tc 0.0483 Tw (bank loans of approximately HK$709 million in which HK$199 mill)Tj 29.819 0 TD (ion was repayable within one)Tj -29.819 -1.17 TD 0.0250 Tc 0.0251 Tw (year and HK$510 million was repayable more than one year. As at)Tj 28.5685 0 TD [( 31 December 2007, the GroupÕs)]TJ -28.5685 -1.165 TD 0.0432 Tc 0.1184 Tw (bank balances and cash are approximately HK$1,328 million. The )Tj 30.5329 0 TD (gearing ratio of the Group)Tj -30.5329 -1.165 TD 0.0220 Tc 0.0200 Tw (slightly increased from 0.8 times in 2006 to 0.9 times in 2007 )Tj 26.5177 0 TD (\(basis: total of amounts due to related)Tj -26.5177 -1.17 TD 0.0250 Tc 0.0250 Tw (companies, bank loans, notes payable and convertible notes divi)Tj 27.4377 0 TD (dend by Shareholders?funds\).)Tj /F3 1 Tf -27.4377 -2.33 TD (Segment Information)Tj /F2 1 Tf 0 -2.335 TD (Sales of properties)Tj /F4 1 Tf T* 0.0154 Tc 0.0080 Tw (The turnover of this segment for the year amounted to HK$1,507,)Tj 27.3795 0 TD (675,000 \(2006: HK$1,360,648,000\).)Tj -27.3795 -1.165 TD 0.0275 Tc 0.0370 Tw (It resulted from the increase in high value properties availabl)Tj 26.422 0 TD (e for delivery to buyers by the Group)Tj -26.422 -1.165 TD 0.0250 Tc 0.0252 Tw (during the year.)Tj /F2 1 Tf 0 -2.335 TD (Travel and related business)Tj /F4 1 Tf T* 0.0585 Tc 0.2106 Tw (The turnover of this segment for the year reached approximately)Tj 31.3812 0 TD [( HK$15,367,000 \(2006:)]TJ -31.3812 -1.165 TD 0.0251 Tc 0.0000 Tw (HK$22,186,000\).)Tj /F2 1 Tf 0 -2.335 TD 0.0249 Tw (Investment properties)Tj /F4 1 Tf 0 -2.33 TD 0.0145 Tc 0.0063 Tw (The turnover of this segment for the year was approximately HK$)Tj 27.4132 0 TD (33,167,000 \(2006: HK$18,719,000\).)Tj /F3 1 Tf -27.4132 -2.335 TD 0.0250 Tc 0.0250 Tw (Foreign Currency Exposures)Tj /F4 1 Tf T* 0.0267 Tc 0.0337 Tw (As most of the GroupÕs monetary assets and liabilities are deno)Tj 27.3478 0 TD (minated in Renminbi, the exchange)Tj -27.3478 -1.165 TD 0.0250 Tc 0.0250 Tw (rate risks of the Group is considered to be minimal.)Tj /F3 1 Tf 0 -2.335 TD 0.0252 Tc 0.0000 Tw (Employees)Tj /F4 1 Tf 0 -2.33 TD 0.0205 Tc 0.0172 Tw (As at 31 December 2007, the Group employed approximately 280 em)Tj 29.3763 0 TD (ployees \(2006: 230 employees\))Tj -29.3763 -1.17 TD 0.0282 Tc 0.0390 Tw (in Hong Kong and the PRC. They were remunerated according to th)Tj 29.4795 0 TD (e nature of the job and market)Tj -29.4795 -1.165 TD 0.0450 Tc 0.1423 Tw (conditions. Other staff benefits include a mandatory provident )Tj 29.1107 0 TD (fund scheme, local municipal)Tj -29.1107 -1.165 TD 0.0250 Tc 0.0250 Tw (government retirement scheme, insurance and medical insurance a)Tj 28.3527 0 TD (nd share option scheme.)Tj /F3 1 Tf -28.3527 -2.335 TD (Major Acquistions)Tj /F2 1 Tf T* (20% shareholding in Zendai Land)Tj /F4 1 Tf 0 -2.33 TD 0.0256 Tc 0.0284 Tw (In October 2007, the CompanyÕs wholly owned subsidiary, Amply C)Tj 29.5065 0 TD (entury Limited entered into an)Tj -29.5065 -1.17 TD 0.0338 Tc 0.0714 Tw (agreement to purchase 20% interest in Zendai Land at a total co)Tj 28.4391 0 TD (nsideration of RMB305,000,000)Tj -28.4391 -1.165 TD 0.0288 Tc 0.0493 Tw (\(equivalent to approximately HK$316,029,000\). The acquisition w)Tj 28.8586 0 TD (as completed in February 2008,)Tj -28.8586 -1.165 TD 0.0307 Tc 0.0516 Tw (which increased the GroupÕs shareholding in Zendai Land from 80)Tj 29.0858 0 TD (% to 100%. As Zendai Land is)Tj -29.0858 -1.17 TD 0.0278 Tc 0.0398 Tw (the GroupÕs flagship real estate company in PRC, the acquisitio)Tj 27.5536 0 TD (n will enhance the GroupÕs overall)Tj -27.5536 -1.165 TD 0.0250 Tc 0.0250 Tw (financial performance.)Tj ET endstream endobj 71 0 obj << /ProcSet [/PDF /Text ] /Font << /F2 10 0 R /F3 11 0 R /F4 12 0 R >> /ExtGState << /GS2 14 0 R >> >> endobj 73 0 obj << /Length 3370 >> stream BT /F4 1 Tf 12 0 0 12 327.38 68.62 Tm 0.000 0.000 0.000 1.000 k /GS2 gs 0.0230 Tc 0.0000 Tw (19)Tj /F2 1 Tf -20.75 61.115 TD 0.0250 Tc 0.0250 Tw (Hengsheng Pavilion in Pudong, Shanghai)Tj /F4 1 Tf 0 -2.335 TD 0.0319 Tc 0.0583 Tw (During the year under review, the Group also acquired 95% of th)Tj 28.699 0 TD (e registered capital of Shanghai)Tj -28.699 -1.165 TD 0.0686 Tc 0.2783 Tw (Hengjin Property Development Co., Ltd. \(ÒShanghai HengjinÓ\) for)Tj 33.0434 0 TD [( a consideration of)]TJ -33.0434 -1.165 TD 0.0337 Tc 0.0705 Tw (RMB427,500,000. The remaining 5% of the registered capital was )Tj 29.6438 0 TD (also acquired in March 2008.)Tj -29.6438 -1.17 TD 0.0240 Tc 0.0232 Tw (Shanghai Hengjin is developing an integrated commercial and res)Tj 28.0253 0 TD (idential project named Hengsheng)Tj -28.0253 -1.165 TD 0.0250 Tc 0.0250 Tw (Pavilion in Pudong, Shanghai which will be available for sale i)Tj 27.0168 0 TD (n the second half of 2008.)Tj /F3 1 Tf -27.0168 -2.335 TD (Charge on Assets)Tj /F4 1 Tf 0 -2.33 TD 0.0427 Tc 0.1156 Tw (As at 31 December 2007, the GroupÕs properties for development )Tj 30.3662 0 TD (and sales of approximately)Tj -30.3662 -1.17 TD 0.0250 Tc 0.0249 Tw (HK$465 million had been pledged to banks to secure bank loans g)Tj 28.4283 0 TD (ranted to the Group.)Tj /F3 1 Tf -28.4283 -2.33 TD 0.0252 Tw (CORPORATE GOVERNANCE)Tj /F4 1 Tf 0 -2.335 TD 0.0274 Tc 0.0375 Tw (The Company has adopted the Code on Corporate Governance Practi)Tj 29.7521 0 TD (ces contained in Appendix 14)Tj -29.7521 -1.165 TD 0.0337 Tc 0.0650 Tw (to the Listing Rules \(the ÒCodeÓ\) as its own code of corporate )Tj 27.8973 0 TD (governance and has taken careful)Tj -27.8973 -1.17 TD 0.0442 Tc 0.1142 Tw (measures to ensure that the provisions have been duly complied )Tj 29.699 0 TD (with from time to time. The)Tj -29.699 -1.165 TD 0.0295 Tc 0.0448 Tw (Directors are of the opinion that the Company has met the code )Tj 28.0011 0 TD (provisions in the Code during the)Tj -28.0011 -1.165 TD 0.0250 Tc 0.0000 Tw (year.)Tj 0 -2.335 TD 0.0219 Tc 0.0197 Tw (The CompanyÕs annual results for the year ended 31 December 200)Tj 28.6242 0 TD (7 has been reviewed by the audit)Tj -28.6242 -1.165 TD 0.0249 Tc 0.0249 Tw (committee of the Company.)Tj /F3 1 Tf 0 -2.335 TD (PURCHASE, SALE OR REDEMTION OF THE COMPANYÕS LISTED SECURITIES)Tj /F4 1 Tf T* 0.0272 Tc 0.0356 Tw (Neither the Company or any of its subsidiaries purchased, sold )Tj 27.427 0 TD (or redeemed any of the CompanyÕs)Tj -27.427 -1.165 TD 0.0250 Tc 0.0250 Tw (listed securities during the year.)Tj 27.645 -2.335 TD (On behalf of the board of)Tj /F3 1 Tf -2.485 -1.165 TD 0.0252 Tw (Shanghai Zendai Property Limited)Tj 5.09 -1.165 TD 0.0249 Tw (Dai Zhikang)Tj /F2 1 Tf 0.705 -1.17 TD 0.0247 Tc 0.0000 Tw (Chairman)Tj /F4 1 Tf -30.955 -2.33 TD 0.0250 Tc 0.0249 Tw (Hong Kong, 10 April 2008)Tj /F2 1 Tf 0 -2.335 TD 0.0305 Tc 0.0503 Tw (As at the date of this announcement, the executive Directors ar)Tj 27.6148 0 TD (e Mr. Dai Zhikang, Mr. Fang Bin,)Tj -27.6148 -1.165 TD 0.0289 Tc 0.0433 Tw (Mr. Zhang Wei, Lu Puling, Wang Xiangang, Mr. Tang Jian and Ye W)Tj 30.2016 0 TD (enbin. 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