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1、,2,4,5,13,16,19,27,33,35,36,37,38,39,41,43,1,Contents目錄,Corporate InformationChairmans StatementManagement Discussion and AnalysisCorporate Social ResponsibilityBiographical Details of Directors and Senior ManagementDirectors ReportCorporate Governance ReportIndependent Auditors ReportConsolidated I
2、ncome StatementConsolidated Statement of Comprehensive IncomeConsolidated Statement of Financial PositionStatement of Financial PositionConsolidated Statement of Cash FlowsConsolidated Statement of Changes in EquityNotes to the Financial Statements,公司資料主席報告管理層討論與分析企業社會責任董事及高級管理人員之履歷董事會報告企業管治報告獨立核數師報
3、告綜合收益表綜合全面收益表綜合財務狀況報表財務狀況報表綜合現金流量表綜合權益變動表財務報表附註,Group Financial SummaryList of Principal Properties,120121,集團財務概要主要物業新澤控股有限公司,二零一一年年報,2,Corporate Information公司資料,DirectorsExecutive DirectorsMr.TAOCHAIFU Choofuang(Chairman)Mr.TAO Richard(Vice Chairman)Mr.TAO Paul(Managing Director)Mr.KONG Mui Sum Law
4、renceMr.YIM Chun LeungNon-Executive DirectorMr.CHAN Bernard CharnwutIndependent Non-Executive DirectorsMr.WONG Gary Ka WaiMr.SUN Leland Li HsunMr.CHAN Norman EnriqueExecutive CommitteeMr.TAOCHAIFU Choofuang(Chairman)Mr.TAO RichardMr.TAO PaulMr.KONG Mui Sum LawrenceMr.YIM Chun LeungAudit CommitteeMr.
5、WONG Gary Ka Wai(Chairman)Mr.SUN Leland Li HsunMr.CHAN Norman EnriqueNomination CommitteeMr.CHAN Norman Enrique(Chairman)Mr.SUN Leland Li HsunMr.TAO PaulRemuneration CommitteeMr.SUN Leland Li Hsun(Chairman)Mr.CHAN Norman EnriqueMr.TAO RichardAuthorised RepresentativesMr.YIM Chun LeungMs.CHAN MeilyCo
6、mpany SecretaryMs.CHAN Meily ACS,ACIS,MBAAuditorBDO LimitedNew Heritage Holdings Ltd.Annual Report 2011,董事執行董事陶哲甫先生（主席）陶家祈先生（副主席）陶錫祺先生（董事總經理）江淼森先生嚴振亮先生非執行董事陳智思先生獨立非執行董事王家偉先生孫立勳先生陳樂文先生執行委員會陶哲甫先生（主席）陶家祈先生陶錫祺先生江淼森先生嚴振亮先生審核委員會王家偉先生（主席）孫立勳先生陳樂文先生提名委員會陳樂文先生（主席）孫立勳先生陶錫祺先生薪酬委員會孫立勳先生（主席）陳樂文先生陶家祈先生授權代表嚴振亮先生陳美
7、莉女士公司秘書陳美莉女士 ACS,ACIS,MBA核數師香港立信德豪會計師事務所有限公司,3,Corporate Information公司資料,Registered OfficeClifton House,75 Fort StreetP.O.Box 1350 GT,George TownGrand CaymanCayman IslandsHead Office and Principal Place of Business in Hong KongRoom 2301,23/F Fortis Tower7779 Gloucester RoadWanchai,Hong KongPRC Offic
8、e26/F Gold River Center88 Shi Shan Road,New DistrictSuzhouP.R.China 215011Legal Advisers(in alphabetical order)Appleby Hunter BailhacheGrandall Legal Group(Shanghai)Sidley AustinPrincipal Bankers(in alphabetical order)Bank of China Limited(Suzhou Branch)China Construction Bank Corporation(Suzhou Bra
9、nch)Chong Hing Bank LimitedPublic Bank(Hong Kong)LimitedThe Bank of East Asia,LimitedThe Hongkong and Shanghai Banking Corporation LimitedPrincipal Share Registrar and Transfer OfficeAppleby Corporate Services(Cayman)LimitedClifton House,75 Fort StreetP.O.Box 1350 GT,George TownGrand CaymanCayman Is
10、landsBranch Share Registrar and Transfer Office in Hong KongTricor Investor Services Limited26/F,Tesbury Centre28 Queens Road EastWanchai,Hong KongHKSE Stock Code95Websitewww.nh-,註冊辦事處Clifton House,75 Fort StreetP.O.Box 1350 GT,George TownGrand CaymanCayman Islands總辦事處及香港主要營業地點香港灣仔告士打道7779號富通大廈23樓23
11、01室國內辦事處中國蘇州巿新區獅山路88號金河國際中心26層郵編：215011法律顧問（按英文字母排列次序）Appleby Hunter Bailhache國浩律師集團（上海）事務所盛德律師事務所主要往來銀行（按英文字母排列次序）中國銀行股份有限公司（蘇州分行）中國建設銀行股份有限公司（蘇州分行）創興銀行有限公司大眾銀行（香港）有限公司東亞銀行有限公司香港上海滙豐銀行有限公司主要股份過戶登記處Appleby Corporate Services(Cayman)LimitedClifton House,75 Fort StreetP.O.Box 1350 GT,George TownGrand
12、CaymanCayman Islands香港股份過戶登記分處卓佳證券登記有限公司香港灣仔皇后大道東28號金鐘匯中心26樓香港聯交所股份代號95公司網址www.nh-,新澤控股有限公司,二零一一年年報,4,Chairmans Statement主席報告,To Our ShareholdersOn behalf of the Board of Directors of the Company(the“Directors”or the“Board”),I am pleased to present to you our 2011 annual report.Results and Dividends
13、For the year ended 31 December 2011,New Heritages revenue decreasedslightly from approximately HK$375.5 million in last year to approximatelyHK$375.2 million in 2011.The profit attributable to the owners of the Companydecreased by approximately 33%from the previous year to approximatelyHK$12.2 milli
14、on(HK$18.1 million in 2010).The Board has recommended the payment of a final dividend of 0.3 HKcents per ordinary share(0.5 HK cents in 2010)in cash for the year ended31 December 2011 to shareholders whose names appear on the Registerof Members of the Company on 22 May 2012,and will seek the approva
15、l ofthe Companys shareholders at the forthcoming Annual General Meeting on15 May 2012 for the payment of this final dividend.The dividend warrants areexpected to be dispatched to registered shareholders in July 2012.Business Review and OutlookThe Central Government of the PRC has since the second ha
16、lf of 2011unswervingly maintained its austerity measures and curbs on propertytransactions in order to tame house prices and to curb speculative investment.In addition,they have sped up the building of affordable housing projects,mainly by local government authorities or their related property compa
17、nies inorder to take up the slack in the building industry and provide housing to theneedy.Monetary policy remains“prudent”which although it creates stabilityin the medium term,will result in tighter credit in the short term.The mortgagelending environment has improved slightly for first-time homebu
18、yers,but theHome Purchase Restrictions(“HPR”)in many cities that limit the purchase ofmore than 2 homes remain in place.The Peoples Bank of China also continuesto drain liquidity from the banking system at the first sign of any hike in themonthly inflation rate.The upshot of all of these policies is
19、 that new home prices in many of the moreexpensive cities have fallen since the last quarter of 2011 and continue to fall.Land sales by local governments since the second half of 2011 have also fallendue to decreased appetites of developers in acquiring sites,and are generally inpoorer locations and
20、 increasingly commercial(rather than residential)in nature.Despite this,land auction opening prices remain high.Thus many auctions ofland during this period have been cancelled or met with poor response andgenerally only State-owned bidders have been active.The housing market in Suzhou has been affe
21、cted by HPR but our major projectin Shengze,Wujiang has not been subjected to HPR.Generally speaking,lessexpensive cities such as Suzhou and middle to lower income groups havebeen less affected by the austerity measures and still exhibit a willingness tobuy.During this austerity period prudent devel
22、opers will continue to keep theirinventory moving,expect most of their buyers to be end-users,secure projectfinancing early and maintain adequate cash flow for construction activities.Eventually the property price declines(especially the sharper declines in thehigher-tier cities)should ease policy p
23、ressure and see the lifting of some or allof the curbs by the Central Government.The property and construction industrywill continue to play an important part in the development of the PRC economytogether with the export sector and consumption demand.At this time,I wish to thank also our other strat
24、egic partners,shareholders andlenders for their ongoing support during this period and express our heartfeltthanks to them.I would also like to thank my fellow Board members,colleaguesand staff for their diligence and hard work throughout the course of the year.TAOCHAIFU Choofuang(C.F.Tao)ChairmanHo
25、ng Kong,16 March 2012New Heritage Holdings Ltd.Annual Report 2011,致本公司股東本人欣然代表本公司董事會（董事或董事會）向閣下提呈本公司二零一一年的年報。業績及股息截至二零一一年十二月三十一日止年度，新澤的收益由去年 約 375,500,000 港 元 微 跌 至 二 零 一 一 年 約 375,200,000港 元，而 本 公 司 股 東 應 佔 盈 利 較 去 年 減 少 約 33%至 約12,200,000港元（二零一零年：18,100,000港元）。董事會已建議派付截至二零一一年十二月三十一日止年度 的 末 期 股 息 每
26、 股 普 通 股 0.3 港 仙（二 零 一 零 年：0.5 港仙），將以現金配發予於二零一二年五月二十二日在本公司股東名冊上已登記的股東，並將尋求本公司股東於二零一二年五月十五日舉行的應屆股東週年大會批准支付該末期股息。預期股息單將約於二零一二年七月份寄發予登記股東。業務回顧及展望自二零一一年下半年起，中國中央政府堅定不移地維持緊縮措施及遏抑物業買賣，以調低房價及遏止投資炒賣活動。此外，為填補建築業的缺口及為有需要人士提供房屋，地方政府機關或其相關房地產公司已加快建設保障性住房項目。貨幣政策維持審慎，導致短期信貸收緊，但有關政策在中期能帶來穩定局面。首次置業人士的按揭貸款環境已稍為改善，但不
27、少城市仍繼續實施限購令（限購令），限制購買住房的上限為兩套。中國人民銀行亦繼續收緊銀行體系的流動資金，避免每月通脹率大幅調高。所有該等政策導致多個房價較高的城市的新房價格自二零一一年第四季起回落並持續下跌。地方政府的土地銷售自二零一一年下半年起亦因發展商收購土地的需求減少而有所下跌，有關土地一般位於經濟較不發達的地方，且用作發展商業項目而非住宅項目。儘管如此，土地拍賣的開價仍高。因此，期內已取消不少土地拍賣，或有關拍賣的反應欠佳，一般只有國有企業買家仍然活躍於市場。蘇州的房屋市場受到限購令影響，但我們位於吳江市盛澤的主要項目並不受限購令影響。一般而言，緊縮措施對房價較低的個別城市（如蘇州）及中
28、、下收入階層的影響較小，個別城市及階層仍然表現出購買房屋之意欲。於是次推行緊縮措施期間，審慎的發展商將繼續推售其存貨（預期大部分買家均為終端用家）、提早取得項目融資及為建築工程維持足夠的現金流量。物業價格最終下調（尤其是高級城市的價格大幅下跌），應可紓緩政策的壓力，有望解除中央政府所推行的部分或所有遏抑措施。房地產及建築業在發展中國經濟及出口和消費需求方面將繼續扮演重要角色。本人亦謹藉此機會衷心感謝其他策略夥伴、股東及貸款人於期內一直給予的支持，並感謝全體董事同寅、同事及員工於過去一年作出的努力和貢獻。主席陶哲甫香港，二零一二年三月十六日,1.,1.,5,Management Discussi
29、on and Analysis管理層討論與分析,REVIEW OF OPERATIONSDuring the year,the Group continued its focus on property development andinvestment business in Suzhou and Beijing.The Group continued to exploreprudently cities within and outside the Province of Jiangsu with high growthpotential to capture opportunities
30、for good development prospects.PROPERTY DEVELOPMENTIn 2011,stricter tightening measures were extended throughout the countryto curb housing investment and speculation.Purchase restrictions and creditcontrol policies in Suzhou dampened the property market such that transactionvolumes were reduced as
31、well as new home prices.Prices in the secondarymarket however have remained relatively constant.During the year,Wujiang City of Suzhou was not subjected to Home PurchaseRestrictions,and the Group grasped this opportunity to speed up sales ofPhases 1 and 2 of Lakeside Garden Court with encouraging re
32、sults.The Groups development projects in Suzhou were processed on scheduleduring the year in review,are summarised as follows:Wuzhong Garden Court,Wuzhong,SuzhouPhase 3 of the project,in the form of two 11-storey blocks,comprises206 Small Office/Home Office(“SOHO”)units and 12 retail unitswith gross
33、 floor area of approximately 10,400 sq.m.and 5,500 sq.m.,respectively.The remaining portion of 467 sq.m.of SOHO and all retailunits were completely sold,and booked revenues were about HK$3.2million and HK$51.9 million,respectively,during the year.,業務回顧年內，本集團繼續專注在蘇州及北京從事物業發展及投資業務。本集團亦繼續審慎拓展江蘇省內外具高發展潛
34、力的城市，以把握發展良好業務前景的商機。物業發展於二零一一年，遏止房屋投資及炒賣活動的緊縮措施更趨嚴厲，並延伸至全國各地。蘇州的購房限制及信貸控制政策抑壓著房地產市場，交易量及新房價格因而下降。然而，二手市場的價格則相對保持穩定。年內，蘇州吳江市並不受限購令限制，而本集團亦抓緊機會加快錦盛苑第一及二期的銷售，銷情不俗。回顧年內，本集團於蘇州的發展項目按計劃進行，進度概要如下：錦悅苑，蘇州吳中該項目第三期包括2座樓高11層的大樓，其中包括206個小型辦公室家居辦公室（SOHO）單位及12 個 零 售 單 位，總 樓 面 面 積 分 別 約 10,400 平 方 米及 5,500 平 方 米。年
35、內，餘 下 467 平 方 米 的 SOHO及所有零售單位均已全數售出，並分別入賬約3,200,000港元及51,900,000港元的收益。,新澤控股有限公司,二零一一年年報,2.,2.,戶。,6,Management Discussion and Analysis管理層討論與分析,Taihu Garden Court,Guangfu Town,Wuzhong,SuzhouDuring the year,7 low-density townhouses of Phase 1 with gross floorarea of about 1,800 sq.m.were sold,contribut
36、ing sales turnover aboutHK$19.9 million.Construction of Phase 2 which comprised about 110 low-densitytownhouses of total gross floor area about 24,700 sq.m.was completedin the end of 2011.Although the market was challenging during theyear,3 units of gross floor area 637 sq.m.were sold and booked in2
37、011,generating revenue of about HK$7.9 million.The low-densitytownhouses are primarily targeted at entry-level customers in thesurrounding suburbs that have relocation compensation or are trading-up from nearby apartments.Phase 3 commenced construction in early 2011.There will be around84 low-densit
38、y townhouses with gross floor area around 20,000 sq.m.in this final phase of the project.Completion is expected to be in thesecond half of 2012.New Heritage Holdings Ltd.Annual Report 2011,錦澤苑，蘇州吳中光福鎮屬於第一期相等於總樓面面積約1,800平方米的7個低密度排屋經已於年內售出，帶來約19,900,000港元的銷售營業額。包括約110個低密度排屋及總樓面面積約為24,700平方米的第二期建築工程已於二
39、零一一年底竣工。雖然年內市場環境嚴峻，我們仍售出3個總樓面面積637平方米的單位，並於二零一一年入賬，產生約7,900,000港元的收益。低密度排屋的目標主要為鄰近郊區獲拆遷賠償，或由附近公寓移遷的首次置業客第三期的建築工程已於二零一一年初展開。項目的最後一期將包括約84間低密度排屋，總樓面面積約為20,000平方米。預期將於二零一二年下半年竣工。,3.,3.,7,Management Discussion and Analysis管理層討論與分析,Lakeside Garden Court,Shengze Town,Wujiang,SuzhouThe total site area of t
40、his project,which is being developed in fourphases,is about 86,200 sq.m.with a gross floor area of approximately154,500 sq.m.Construction of Phase 1 with a gross floor area of around 41,000sq.m.was completed at the end of 2010.During the year,a further7,700 sq.m.approximately of four high-rise resid
41、ential buildings wassold,generating revenue of about HK$49.2 million.At 2011 year end,construction of Phase 2 which comprises 4 blocks ofhigh-rise residential buildings of gross floor area of about 35,900 sq.m.,was completed as scheduled.The proceeds of approximately HK$227.8million of revenue of gr
42、oss floor area of approximately 32,700 sq.m.,wasbooked during the year.Phase 3,comprising around 86 low-density townhouses of gross floorarea of around 19,400 sq.m.,commenced construction in mid-2011.Pre-sales started during the 4th quarter of 2011 and a number of thevillas have already been booked
43、and pre-sales agreements entered into.Delivery is expected in 2012.Phase 4 will consist of another 6 blocks of high-rise residential buildingsof gross floor area of about 58,200 sq.m.The piling phase wascompleted in 2011,and the Group will prudently match construction tolocal government measures and
44、 market demands.,錦盛苑，蘇州吳江盛澤鎮該項目的總地盤面積約為86,200平方米，總樓面面積約154,500平方米，分為四期發展。總樓面面積約41,000平方米的第一期建築工程已於二零一零年底竣工。年內，其餘約7,700平方米的4座高層住宅大樓經已售出，產生約49,200,000港元的收益。於二零一一年底，包括4座高層住宅大樓及總樓面面積約35,900平方米的第二期建築工程已如期竣工。總樓面面積約32,700平方米約227,800,000港元的收益的所得款項經已於年內入賬。包 括 約 86 間 低 密 度 排 屋，總 樓 面 面 積 約 為 19,400平方米的第三期建築工程已
45、於二零一一年中動工。二零一一年第四季已開始預售，數幢別墅亦已預訂及訂立預售協議。預期於二零一二年交付。第四期將包括總樓面面積約58,200平方米的其餘6座高層住宅大樓。打樁工程階段已於二零一一年完成，本集團將審慎安排建築工程以配合地區政府措施及市場需求。,新澤控股有限公司,二零一一年年報,4.,4.,1.,1.,2.,2.,4.,4.,8,Management Discussion and Analysis管理層討論與分析,Wuzhong Office Building,Wuzhong,SuzhouThe site area of this project is approximately 1
46、4,600 sq.m.The design ofthis building includes office,SOHO units and retail space,with sellablegross floor area of around 58,400 sq.m.At the end of the year,theproject started its piling works.PROPERTY INVESTMENTDuring the year,the Groups retail investment properties at Suzhou Garden Villabenefited
47、from the strategy set by Suzhou New District(“SND”)governmentto create more office space and residential areas in the prime central businessdistrict(“CBD”)where the Groups investment properties are situated.During2011,secondary sales of our investment properties have slowed and our focushas reverted
48、 to leasing of the units,preferring only to sell if prices are highenough.SGV Plaza,Suzhou New DistrictWhile inflationary pressures and the March earthquake and tsunamidisaster in Japan had a negative impact on retail sales in Suzhou in thefirst half of the year,from July 2011 onwards the inflation
49、rate appearsto have eased and Japanese expatriates confidence seems to have beenrestored.These coupled with more residents coming to live in SNDsCBD,provided our around 11,000 sq.m.plaza with more potentialcustomers,and the Group managed to attract new tenant chain retailerswith strong brand names.I
50、n the reporting period,SGV Plaza generatedrental income of about HK$6.1 million with a 99%occupancy rate atyear end.Garden Court Plaza,Suzhou New DistrictGarden Court Plaza,a 3-storey retail center with a gross floor area ofaround 4,500 sq.m.,was at full occupancy rate at the end of the yearand gene
