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1 ELEMENTS ANNUAL REPORT 2010 GROWTH YANLORD LAND GROUP LIMITED

2 Contents Mission Statement About Yanlord Chairman s Message Elements of Growth Operations Review Operational Highlights Financial Highlights Development Schedule Summary Our Project Showcase Board of Directors Key Management Corporate Information Notice of AGM Proxy Form Request for Printed Copy Nanjing Yanlord Yangtze Riverbay Town

3 MISSION STATEMENT Managing with benevolence and integrity, achieving perpetuity through perseverance. ABOUT YANLORD Yanlord develops high quality properties that distinguish themselves amidst the localities that they are in. Properties developed by our company are characterised by outstanding architectural design and quality construction. With a track record in developments located at prime locations, our brand name, just like the properties we build, is an icon in itself. ANNUAL REPORT

4 CHAIRMAN S MESSAGE DEAR SHAREHOLDERS It is with great pleasure that I present to you Yanlord Land Group Limited s ( Yanlord and together with its subsidiaries, the Group ) annual report for the financial year ended 31 December 2010 ( FY2010 ) was a volatile year for global financial markets as uncertainty arising from the European debt crisis coupled with inflationary pressures within the key emerging markets weighed upon market sentiments. MR. ZHONG SHENG JIAN Chairman and CEO In China, the success of stimulus measures promulgated by the central government in 2009 propelled economic expansion up a stellar 10.3% to RMB39.8 trillion in FY2010. However the robust economic performance has led to accelerating inflation which prompted the central government to introduce cooling measures such as credit tightening and home purchase restrictions, etc. Against the challenging external and domestic backdrop, I would like to share with you my views and continued confidence on the outlook of the real estate industry as well as the Group s future development plans. 2 YANLORD LAND LAND GROUP GROUP LIMITED LIMITED

5 Driven by sustained demand for quality developments from discerning customers, the Group continues to witness strong sales momentum at its recent projects launches despite the austerity measures. RESULTS AND HIGHLIGHTS FOR FY2010 Strong project sales at higher ASP despite cooling measures Despite cooling measures having impacted sales volumes within the sector, Yanlord continues to enjoy strong demand for its high-quality developments. Driven by sustained demand for quality developments from discerning customers, the Group continues to witness strong sales momentum at its recent projects launches despite the austerity measures. Yanlord G53 Apartments in Nanjing and Yanlord Townhouse in Shanghai saw opening weekend sales of over 84.3% and 80.2% of apartment units during their respective launches in August 2010 and October Underlining the strong take-up rates for these two projects was the success of our business strategies to further enhance our position as the developer of choice for high-end fully furnished apartments in the growing PRC market. We also consistently enjoy pricing power in the PRC. In FY2010, Yanlord continued building upon the Group s strong track record to chalk a 14.7% rise in recognized average selling price ( ASP ) to RMB22,546 per square metre ( sqm ). In line with the Group s delivery schedule, recognised revenue in FY2010 was marginally lower at RMB7.38 billion compared to RMB7.45 billion in FY2009 owing to a smaller gross floor area ( GFA ) delivered of 325,509 sqm in FY2010. However, strong demand for the Group s high quality developments coupled with a fair value gain mainly arising from our high-end commercial development of Yanlord Landmark, in Chengdu, and retail mall of Yanlord Riverside Plaza, in Tianjin resulted in a 30.2% jump in profit attributable to equity holders to RMB1.95 billion in FY2010 from RMB1.50 billion in FY2009. Setting a new milestone in our property investment portfolio 2010 was a significant year for our investment property portfolio business segment. Our first large scale integrated commercial development - Yanlord Landmark in Chengdu, Sichuan, PRC had its grand opening in September Incorporating Grade A offices, serviced apartments managed by Singapore s Frasers Hospitality, a high-end shopping mall and underground carpark lots, Yanlord Landmark showcased the best of luxury living with the latest fashion flagship stores of international luxury brands such as Christian Dior, Hugo Boss, Louis Vuitton and Prada. With over 92% retail occupancy and Fortune 500 tenants such as Royal Dutch Shell, Yanlord Landmark is set to contribute positively to the Group s future rental income. Shareholders would also be pleased to note that in 2011, we will achieve another milestone with the opening of the retail mall at Tianjin Yanlord Riverside Plaza. Nestled in Tianjin s traditional downtown area, the approximate 58,000 sqm GFA mall integrates lifestyle, food and entertainment options under one roof. With anchor tenants such as Lotte Department Store and CGV cinema in place, Yanlord Riverside Plaza is set to capture the hearts and imagination of Tianjin residents. ANNUAL REPORT

6 Construction of Zhuhai Yanlord Marina Centre, our next integrated development, remains on schedule. We are also continuing to make headway in leasing arrangements with the successful engagement of the InterContinental Hotels Group to manage the hotel. With the progressive completion of key investment properties across the PRC, I am confident that contribution from this business segment will grow steadily to complement Yanlord s property development business segment. Balanced land acquisition strategy to drive future development The ability to accumulate prime development landbanks at economically viable valuations is key to sustained growth. Adopting a prudent and calculated approach to land acquisition, we conducted comprehensive feasibility studies on various opportunities. I am pleased to report that in 2010 and early 2011, Yanlord has successfully completed six new land acquisitions through public tenders. In early 2010, we acquired two land parcels with GFAs of 77,509 sqm and 246,487 sqm in Sanya, Hainan and Qingpu District, Shanghai respectively. Whereby the Shanghai project was a joint accquisition with Ho Bee Investment Ltd ( HBI ). Similarly, in June 2010, together with HBI, we acquired a prime integrated residential and office development site with a GFA of 387,638 sqm in Nanhu Eco-City, Tangshan. In September 2010, the Group successfully acquired a prime development site with a GFA of 179,944 sqm in Tangzhen New District, Pudong, Shanghai. Within close proximity to the planned Shanghai Disneyland and 13 km from Shanghai s bustling Lujiazui financial centre, this site will be developed into a prime international community. In December 2010, the Group successfully acquired a prime residential development site with a GFA of 149,685 sqm in Shenzhen Longgang District. To be developed into a prime international community, the site lies in close proximity to our Shenzhen Longgang District Redevelopment Project and presents a unique opportunity to further augment our landbank holdings in land scarce Shenzhen. With a combined GFA of approximately 540,000 sqm, these two sites will be progressively developed and will contribute to the Group s market penetration initiatives in Shenzhen. In January 2011, the Group together with an affiliate of Singapore GIC Real Estate successfully acquired a 364,787 sqm prime residential development site in Tianjin. The site is situated within the planned Tianjin Haihe Academic Park, which benefits from Tianjin government initiatives to develop the area into a 37 sqkm educational district that will house over 200,000 students, as well as campuses of renowned institutions such as the Tianjin and the Nankai Universities. The site is the Group s third project in Tianjin and a continuation of the Group s strategic initiative to further expand Yanlord s footprint within the Bohai Economic Rim. The Group is confident that this latest acquisition will contribute significantly to its future growth due to Tianjin s rapid pace of development and rising demand from prime international communities. BUSINESS OUTLOOK Despite near term uncertainties, the Group remains confident about the long term development of the PRC real estate sector which is underpinned by rapid urbanization and growth coupled with aspirations of home ownership in the world s most populous country. Yanlord has an illustrious history and an established track record tracing back to its inception in Through this period, Yanlord has encountered and surmounted many obstacles, these experiences have and will continue to enhance the Group s ability to rise above any potential challenges that it will face marks the fifth year of our listing on the Singapore Stock Exchange and I am pleased to report that despite the various peaks and troughs witnessed in the global financial system, we have leveraged on our core competencies to deliver a respectable scorecard; profit attributable to equilty holders had achieved a compounded annual growth rate of 23% over the period of our listing, rising from RM850 million in FY2006 to RMB1.95 billion in FY2010. Moving forward, we will continue to capitalise on our experienced and dedicated management team, robust landbank holdings and core advantages in the development of quality residential apartments in prime locations within high growth PRC cities, to further enhance our market presence thereby ensuring the sustained development of our core business segments and our future financial performance. IN APPRECIATION On behalf of the Board of Directors, I would like to express our sincere gratitude to our shareholders for their trust and support. The Board of Directors has proposed a first and final dividend of 1.22 Singapore cents (equivalent to approximately 5.99 Renminbi cents) per share, amounting to a dividend payout ratio of approximately 6% of FY2010 profit attributable to equity holders. Mr. Zhong Sheng Jian Chairman and CEO 4 YANLORD LAND LAND GROUP GROUP LIMITED LIMITED

7 ANNUAL REPORT

8 6 YANLORD LAND GROUP LIMITED

9 ELEMENTS of GROWTH METAL WOOD WATER FIRE EARTH There are five movements deeply rooted in Chinese tradition, and it is through a system of these five elements: Metal, Wood, Water, Fire and Earth that the Chinese use to govern interactions and relationships between phenomena. It is a system engaged in many fields and is often consulted to determine one s actions, as a balance of the five elements is believed to bring about success. These very elements have guided us to become the best at what we do. We strive to achieve the right balance in each of our real estate developments, where Metal, Wood, Water, Fire and Earth come together to create unique properties synonymous with quality and excellence elements that continue to nurture our growth and contribute to our ongoing success.

10 value We aspire to build nothing but the best. Through the years, Yanlord s proven track record has cultivated a strong brand renowned for quality of delivery, interior design, integrated landscaping and a comprehensive range of facilities, where each development has since become an icon in itself. Shanghai Yanlord Riverside City

11 METAL

12 strength Our strength lies in an unwavering commitment to our Mission. Founded on benevolence, integrity and perseverance, these values have kept us grounded in the face of challenges and enabled us to stand the test time to become a leading property developer in the PRC today. Nanjing Yanlord Yangtze Riverbay Town

13 WOOD ANNUAL REPORT

14 adaptability Suzhou Wuzhong Area C1 Land - Villas Even as we appreciate the value of tradition, we understand the need to keep up with the times, and seek new approaches to develop our strengths and enhance our business operations. Our efforts have led us to initiate strategic breakthroughs in our business model that enables us to meet the needs of the ever-changing consumer market.

15 WATER ANNUAL REPORT

16 passion Our greatest asset has always been about people. Yanlord will not be where we are without the support of an experienced management team, passionate staff, a dedicated network of business partners and a committed group of shareholders. Shanghai Yanlord Riverside City

17 FIRE ANNUAL REPORT

18 stability We value long-term viability and sustainable growth, and in doing so adopt a prudent and calculated approach to land acquisition. This allows us to seize the right opportunities as they arise and deliver greater value to our customers and shareholders alike. Nanjing Yanlord International Apartments Clubhouse

19 EARTH ANNUAL REPORT

20 OPERATIONS REVIEW Capitalising on the Group s key strengths which includes strong brand recognition, an in-depth understanding of the PRC real estate industry and an integrated product chain, we continued to stay at the forefront of the PRC economic recovery cycle. Suzhou Yanlord Peninsula (Townhouse) Recognised revenue in FY2010 was largely stable at RMB7.38 billion compared to RMB7.45 billion in FY2009 owing to a smaller GFA of 325,509 sqm delivered in line with the Group s delivery schedule. However strong demand for the Group s high quality developments coupled with a fair value gain mainly arising from its high-end commercial development in Chengdu, Yanlord Landmark and retail mall in Tianjin, Yanlord Riverside Plaza in FY2010 propelled profit attributable to equity holders of the Company up 30.2% to RMB1.95 billion from RMB1.50 billion in FY2009. Reflecting this increase, profit margin attributable to equity holders rose to 26.4% in FY2010 from 20.1% in FY2009 on stable gross profit margin of 54.6% in FY2010. Testament to the Group s continued pricing ability, ASP in FY2010 rose 14.7% to RMB22,546 per sqm from RMB19,658 per sqm in FY2009. Underscored by the continued support for Yanlord s high quality fully fitted apartments, basic earnings per share ( EPS ) rose 26.5% to Renminbi cents in FY2010, while EPS on a fully diluted basis rose 24.1% to Renminbi cents. 18 YANLORD LAND LAND GROUP GROUP LIMITED LIMITED As at 31 December 2010, the Group had total precontracted sales yet to be recognised of RMB7.38 billion which translated to a year-on-year increase of 30.7%. To be recognised in subsequent quarters, these precontracted sales will provide the Group with greater transparency and confidence for its financial performance in FY2011.

21 Shanghai Yanlord Riverside City Nanjing Yanlord G53 Apartments SALE OF PROPERTY Continued interest in Yanlord s high quality developments bolstered the Group s total contracted sales in FY2010 to RMB9.24 billion. Reflecting the strong market support, preliminary launches of the Group s latest projects, Yanlord G53 Apartments in Nanjing and Yanlord Townhouse in Shanghai recorded opening weekend sell through rates of over 80% for the units launched and contributed RMB1.42 billion and RMB2.09 billion respectively to the Group s total contracted sales in FY2010. Similarly, the Group s existing projects such as Yanlord Riverside City in Shanghai, Yanlord Peninsula in Suzhou and Yanlord New City Gardens in Zhuhai continued to receive strong take up rates at the respective launches of new batches of apartment units reiterating Yanlord s strong brand equity and stands testament to the Group s ability to deliver high-quality fully fitted developments that consistently exceed consumer demands. To drive the sustained development of the Group, Yanlord has slated to launch new projects in FY2011, namely, Yanlord Sunland Gardens (Phase 1) and Bayside Gardens in Shanghai, Yanlord Yangtze Riverbay Town (Phase 2) in Nanjing, Yanlord Lakeview Bay - Land Parcels A6 & A7 and Suzhou Wuzhong Area C1 Land - Villas in Suzhou as well as Yanlord Riverside Gardens (Phase 1) in Tianjin. Sited in prime locations, the Group is confident that these projects will be well received by home buyers and will contribute significantly to the Group s future financial performance. PROJECT DEVELOPMENT Progress at the Group s various developments remains on schedule with total GFA under construction of 1.55 million sqm as at 31 December Projects completed and delivered in FY2010 included Yanlord Riverside City (Phase 3), Yunjie Riverside Gardens (Phase 2), Yanlord Peninsula (Apartment) (Phase 2) and Yanlord Riverside Plaza (Phase 1). In addition, the Group had the grand opening of its first integrated commercial development, Yanlord Landmark in Chengdu in FY2010. Incorporating prime office, retail and hospitality services within a single location, the development is highly regarded by the Chengdu municipal government and has been earmarked as a Focal Development Project. In FY2010, the Group initiated construction works at Yanlord Sunland Gardens (Phase 1) and Bayside Gardens in Shanghai, as well as Yanlord Lakeview Bay - Land Parcels A2 & A6 in Suzhou. These projects are currently in various phases of development and will be progressively available for pre-sale from FY2011. Adhering to our corporate philosophy to develop the land with devotion and building quality accommodations with passion, we continue to strive for excellence in our developments which has won the recognition of both our clients and industry peers. Testament to our efforts, our Nanjing Yanlord Yangtze Riverbay Town and Chengdu Yanlord Landmark were awarded Construction and Engineering Excellence Award and Focal Project Engineering Excellence Award by the respective municipal governments. INVESTMENT PROPERTY PORTFOLIO 2010 marked a significant year in the development of our investment property portfolio as we had the grand opening of our first large scale integrated commercial development, Yanlord Landmark in Chengdu, Sichuan, PRC. Initiated as part of the Group s investment property strategy, the 164,781 sqm GFA Yanlord Landmark incorporates Grade A office areas, serviced apartments which are managed by Singapore s ANNUAL REPORT

22 Chengdu Yanlord Landmark Frasers Hospitality and a high-end shopping mall. The epitome of Chengdu s retail market, Yanlord Landmark with its approximately 50,000 sqm GFA mall has captured the hearts of celebrities and socialites that frequently visit for the latest fashion and apparel from the flagship stores of many international luxury brands such as Louis Vuitton, Christian Dior, Prada, Burberry, Hugo Boss and Ermenegildo Zegna. Building on the momentum of its opening, Yanlord Landmark launched the leasing of its 5A office tower in the second half of FY2010. Attracting numerous MNCs and Fortune 500 companies, the office tower has been earmarked as a Centre for Focused Economic Development by the Chengdu municipal government. The Group s hospitality segment similarly made headway in FY2010 with the opening of its 360 room premier serviced apartment tower in Yanlord Landmark in December In the same month, the Group signed a management contract with the InterContinental Hotels Group for its 5-star hotel development in Zhuhai Yanlord Marina Centre. To date, the Group has retained an aggregate GFA of approximately 527,000 sqm of prime investment property projects which are spread across various key cities such as Chengdu, Nanjing, Shanghai, Sanya, Tianjin and Zhuhai. As at 31 December 2010, the Group had in total completed investmnet property projects of approximately 306,000 sqm GFA. In FY2010, revenue contribution from investment properties was RMB108 million. LANDBANK ACQUISITIONS The PRC real estate sector continues to exhibit strong growth potential driven largely by the continued expansion of its domestic economy which rose 10.3% to RMB39.8 trillion in FY2010 coupled with the rapid urbanization of its population. Capitalising on this rapid pace of development, the Group actively sought to expand its prime landbank, acquiring approximately 1.04 million sqm GFA within the high-growth and affluent regions of the PRC in FY2010. In January 2010, the Group announced its acquisition of a prime land parcel in Hai Tang Bay, Sanya, Hainan. With a planned GFA of 77,509 sqm, the site will capitalise on its ideal location along the picturesque beaches of Sanya for the development of a 5-star hotel and serviced residence. In February 2010, the Group together with Ho Bee Investment Ltd ( HBI ) announced the strategic acquisition of a prime residential development site with a total planned GFA 246,487 sqm in Qingpu District, Shanghai. Ideally situated near the heart of the Hongqiao Commercial District which has been earmarked by the Shanghai municipal government to be the city s fully integrated financial, commercial and logistical hub servicing the Yangtze River Delta region, the Qingpu site rests on the city s No. 2 metro line and benefits from excellent connectivity via the city s comprehensive metro network as well as key thoroughfares and railways such as the Beijing-Shanghai and Shanghai-Hangzhou express rails. Yanlord has an effective equity ownership of 60% in this acquisition. 20 YANLORD LAND GROUP LIMITED

23 Shanghai Yanlord Townhouse Zhuhai Yanlord New City Gardens In June 2010, the Group together with HBI announced the strategic acquisition of a prime development site with a total planned GFA of 387,638 sqm in the Tangshan Nanhu Eco- City, Hebei. Leveraging on the Group s expertise in developing international residential projects, the sites will be developed into prime integrated residential and office units that are ideally situated within the Nanhu Eco-City which has been earmarked for the development of a new first-tier city centre incorporating modern infrastructure with environmentally conscious living conditions and comprehensive recreational amenities. Yanlord has an effective equity ownership of 50% in this acquisition. In September 2010, the Group acquired a prime residential development site with a total planned GFA of 179,944 sqm in Tangzhen New District, Pudong, Shanghai. To be developed into a prime international community, the site rests in the Tangzhen New District which has been earmarked for the development of an international community district under the Shanghai municipal government s eleventh five year plan and is 13 km from Shanghai s bustling Lujiazui financial centre. The land parcel has a low density plot ratio of up to 1.4 times and benefits from excellent connectivity via the city s major thoroughfares and the No. 2 metro line. In December 2010, the Group acquired a prime residential development site with a total planned GFA of 149,685 sqm in Longgang District, Shenzhen. Situated in close proximity to the Baolong Industrial Park which focuses on high-tech as well as modern production facilities, the site will be linked to Shenzhen s bustling city centre, Luohu via a 20 minute drive on the planned Shahe Road. The land parcel has a plot ratio of up to 3.2 times and benefits from the Shenzhen government s initiative to develop the Longgang district into a secondary city centre that manages the administrative, commercial and cultural development of eastern Shenzhen. As at 31 December 2010, the Group has a total land bank of 4.9 million sqm GFA. Sited in prime districts within key highgrowth cities in the PRC, these land parcels possess significant development potential and are expected to contribute positively to the Group s future development. Subsequent to the end of the year, in January 2011, the Group with an affiliate of GIC Real Estate, acquired a 364,787 sqm prime residential development site in Jinnan District, Tianjin. Situated within the planned Tianjin Haihe Academic Park, the site has a plot ratio of up to 2.2 times and benefits from Tianjin government s initiatives to develop the area into a 37 sqkm educational district that will house over 200,000 students, 20 vocational institutes as well as campuses of renowned universities such as the Tianjin University and the Nankai University. Yanlord has an effective equity ownership of 60% in this project. ANNUAL REPORT

24 Nanjing Yanlord International Apartments FUND RAISING To drive the sustained development of the Group, the management actively pursued a land acquisition strategy in To meet the capital requirements for this strategy, the Group announced in April 2010, its successful issuance of US$300 million 9.5% Senior Notes due Receiving very positive responses from the market, the notes were more than two times oversubscribed and served to further extend the Group s investor base. Subsequent to the end of the year, the Group announced on 23 March 2011, its successful issuance of US$400 million % Senior Notes due This issue was similiarly well received by the market and was more than five times oversubscribed. Reflecting the broader market s continued confidence about the long-term prospects of the Group, Yanlord was rated Ba2 and BB by rating agencies Moody s and Standard & Poor s respectively making the Group the highest rated non state owned PRC based property developer at that time. PRODUCT DEVELOPMENT As a leading real-estate developer specialising in the high quality real estate development and property management services, Yanlord attaches great importance towards developing quality residential and commercial real estates and seeks to strike an optimal balance across all aspects of property development, including project planning, architectural design, interior design and landscape design, ensuring that every aspect is well coordinated and fine tuned to complement each other. Recognising the need for balance between the requirements of our consumers and environmental preservation, the Group has introduced various environmental initiatives to its developments such as the inclusion of green belts as area markers, rain and river water recycling systems and passive solar lighting designs to enhance energy efficiency for underground structures such as carparks and foyers. Reflecting the success of the Group s efforts in product research and development, Tianjin Yanlord Riverside Plaza (Retail Mall) and Tianjin Yanlord Riverside Gardens have won the approval of the PRC Ministry for Housing and Urban-Rural Development for their conscious architectural designs and were awarded the Green Development (Grade II) and Green Development (Grade III) accolades respectively. Similarly, Yanlord Townhouse in Shanghai has garnered the support of the mainstream media in the city and was the recipient of numerous awards throughout 2010 including Most Creative Design, Most Popular Residential Development, 2010 and Most Anticipated International Community Award. The Group has also extended this commitment to building quality developments into its commercial properties. In FY2010, the newly opened Chengdu Yanlord Landmark was selected as one of China s Top 10 new landmark developments for PROPERTY MANAGEMENT The Group is a pioneer in the introduction of international property management concepts to the PRC. Driven by a commitment to provide a comfortable and endearing living environment for our customers, the Group employs the latest technology and quality assurance standards to continually optimise our property management model. An integral part of the Yanlord experience, our property management services continues to grow in tandem with our property development services. By the end of 2010, Yanlord s 22 YANLORD LAND GROUP LIMITED

25 Suzhou Yanlord Peninsula (Townhouse) property management services spans across the seven cities of Shanghai, Nanjing, Suzhou, Zhuhai, Chengdu, Tianjin and Guiyang. Reflecting the success and market recognition for the efforts and commitment of our property management division, Yanlord s subsidiaries were accredited with various accolades in These awards included the AA certification for Leading Enterprise for International Community Property Management Services 2010 in Shanghai, Best Managed Commercial Development, Nanjing, Jianye District in Nanjing and numerous other provincial level awards in Suzhou for Yanlord Peninsula (Apartment and Townhouse) as well as in Zhuhai for Yanlord New City Gardens. HUMAN RESOURCE We regard our human resource as one of our most valuable intangible assets and a key contributor to the Group s continued success. In line with our mission statement of Managing with benevolence and integrity achieving perpetuity through perseverance, we believe in treating our employees with trust and understanding and respecting them as a partner of the organisation. We aim to create a positive working environment and platform for employees to demonstrate their own individual strengths and capabilities, offering an opportunity for them to develop their potential and progress further in their career development, creating a win-win situation for both the Group and our employees. Yanlord regards employee development and training as an integral part of the organisation, and believes that the role of its managers must include managing operations and nurturing employees. The Group has a series of training programs implemented for managers in enhancing their management capabilities. Through the implementation of these training programs and other relevant development opportunities offered to employees, the Group seeks to achieve its strategic objective to maximise utilisation and development of human resources within the organisation. INVESTOR RELATIONS Corporate transparency and timely disclosure of information to shareholders is of key importance to Yanlord. We endeavor to maintain the highest standards of corporate governance and proactively seek to engage the investment community to facilitate the understanding of our Group s business strategies and growth potentials. Quarterly financial reports as well as major announcements and press releases pertaining to any operational updates on the Group are also promptly released on the SGX website, ensuring that investors receive timely and accurate information. Reflecting the Group s efforts and success in maintaining strong relations with the investment community and as testament to our efforts to continually enhance our corporate governance and disclosure processes, Yanlord was awarded the Most Transparent Company Award Foreign Listed Company, Runner-up in October 2010 by the Securities Investors Association (Singapore) for the third time and underscores the broad support for Yanlord by the investment community. Subsequent to the end of the year in March 2011, the Group together with nine other leading Singapore companies was invited by the Singapore Exchange and Nasdaq to participate in its opening bell ceremony as well as its inaugural collaborative roadshow in New York and Boston. Moving forward, the Group will continue to maintain regular interactions with the investment community and endeavor to deliver higher standards in investor relations. ANNUAL REPORT

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30 OPERATIONAL HIGHLIGHTS GROSS PROPERTY SALES BY CITY IN FY2010 GFA CONTRIBUTION BY CITY IN FY % 24.4% 14.3% 4.9% 2.3% 0.3% Shanghai Tianjin Suzhou Nanjing Zhuhai Others 40.0% 30.6% 20.4% 4.9% 3.7% 0.4% GROSS PROPERTY SALES BY PROJECT IN FY2010 GFA CONTRIBUTION BY PROJECT IN FY % 8.2% 24.4% 8.9% 5.4% 4.5% 2.2% 1.6% Shanghai Yanlord Riverside City (Phase 3) Shanghai Yunjie Riverside Gardens (Phase 2) Tianjin Yanlord Riverside Plaza (Phase 1) Suzhou Yanlord Peninsula (Apartment) Suzhou Yanlord Peninsula (Townhouse) Nanjing Yanlord International Apartments, Tower B Zhuhai Yanlord New City Gardens (Phase 2 - Section 1) Others 21.7% 17.8% 30.6% 15.4% 5.0% 4.6% 3.6% 1.3% 28 YANLORD LAND GROUP LIMITED

31 FINANCIAL HIGHLIGHTS REVENUE AND PROFITABILITY REVENUE (RMB MILLION) GROSS PROFIT (RMB MILLION) 7,451 7,384 4,160 4,029 4,926 2,736 FY2008 FY2009 FY2010 FY2008 FY2009 FY2010 PROFIT FOR THE YEAR (RMB MILLION) 1,535 2,011 2,344 PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY (RMB MILLION) 1,104 1,496 1,948 FY2008 FY2009 FY2010 FY2008 FY2009 FY2010 CREDIT RATIOS As at 31 December Net Debt / Equity (1) 51% 4% 34% Total Debt / Equity (1) 67% 47% 63% Total Debt / Capitalization (2) 40% 32% 39% (1) Equity = Equity attributable to equity holders of the Company + Non-controlling interests (2) Capitalization = Total debt + Equity attributable to equity holders of the Company + Non-controlling interests ANNUAL REPORT

32 DEVELOPMENT SCHEDULE SUMMARY COMPLETE DEVELOPMENT PROPERTIES Project City Interest Attributable Commencement Date Completion Date GFA (sqm) Remaining Unsold/ Held for Investment/ Fixed Assets (Saleable Area, sqm) Type Hengye International Plaza (1) Chengdu 51% December-04 April-06 40,655 39,999 S ( ) (1) Hengye Star Gardens ( ) Chengdu 51% May-06 April-08 83,943 4,130 R,S Yanlord Landmark (1) Chengdu 100% August-06 December , ,935 O,S,H ( ) (1) Xintian Centre ( ) Yanlord Villas ( ) Bamboo Gardens ( ) Guiyang 67% November-03 October-04 14,376 - S Guiyang 67% June-04 March-06 36,131 - R Nanjing 100% November-00 December , R Orchid Mansions (1) Nanjing 100% November-00 September-03 69, R ( ) (1) Plum Mansions, including Lakeside Mansions ( ) Nanjing 100% May-94 December , R Yanlord International Apartments, Tower A (1) Nanjing 100% May-04 December-07 43,567 37,940 H ( ) (1) Yanlord International Apartments, Tower B ( ) Yanlord Apartments ( ) Yanlord Gardens ( ) Yanlord Plaza ( ) Nanjing 100% May-04 June-08 67,683 1,112 R Shanghai 67% November-94 November-97 13,579 - R Shanghai 67% November-97 September , R Shanghai 67% March-93 November-96 53,049 1,499 R,S R = Residential O = Office S = Shop & Retail H = Hotel & Serviced Apartment (1) Consists of properties held for investment with unexpired terms of lease between years as at 31 December YANLORD LAND GROUP LIMITED

33 DEVELOPMENT SCHEDULE SUMMARY COMPLETE DEVELOPMENT PROPERTIES (Cont d) Project City Interest Attributable Commencement Date Completion Date GFA (sqm) Remaining Unsold/ Held for Investment/ Fixed Assets (Saleable Area, sqm) Type Yanlord Riverside City (1) Shanghai 67% May-03 June ,693 19,910 R,S ( ) (1) Yanlord Riverside Gardens ( ) Yanlord Town ( ) Yunjie Riverside Gardens (Phase 1) ( ) Yunjie Riverside Gardens (Phase 2) ( ) Yanlord Peninsula (Apartment) ( ) Yanlord Peninsula (Townhouse) ( ) Shanghai 56% May-02 March ,756 - R Shanghai 50% September-05 December-07 75,573 - R Shanghai 51% March-05 April ,046 5,127 R,S Shanghai 51% July-08 December-10 59,427 1,379 R,S Suzhou 100% May-06 June ,342 13,550 R Suzhou 100% November-05 June-09 91,963 3,589 R Yanlord Riverside Plaza (Phase 1) (1) Tianjin 100% October-07 December ,737 60,956 R,S ( ) (1) Yanlord New City Gardens (Phase 1) (1) Zhuhai 90% September-06 December-07 97,747 7,571 R,S ( ) (1) Yanlord New City Gardens (Phase 2 - Section 1) ( ) Zhuhai 90% August-07 December ,761 2,797 R Total 3,637, ,448 R = Residential O = Office S = Shop & Retail H = Hotel & Serviced Apartment (1) Consists of properties held for investment with unexpired terms of lease between years as at 31 December 2010 ANNUAL REPORT

34 DEVELOPMENT SCHEDULE SUMMARY PROPERTIES UNDER DEVELOPMENT Project City Interest Attributable Actual Commencement Date Estimated Completion Date GFA (sqm) Type Yanlord G53 Apartments (1) Nanjing 60% July-09 September-11 98,471 R,S ( ) (1) Yanlord Yangtze Riverbay Town (Phase 1) ( ) Yanlord Yangtze Riverbay Town (Phase 2) ( ) Nanjing 60% January-08 January ,601 R,S Nanjing 60% September-09 4th Quarter ,045 R,S Bayside Gardens (2) Shanghai 51% May-10 1st Quarter ,236 R ( ) (2) Yanlord Sunland Gardens (Phase 1) (3) Shanghai 60% June-10 4th Quarter ,077 R ( ) (3) Yanlord Townhouse ( ) Yunjie Riverside Gardens (Phase 2) ( ) Suzhou Wuzhong Area C1 Land - Villas ( ) Yanlord Lakeview Bay - Land Parcel A2 ( ) Yanlord Lakeview Bay - Land Parcel A6 ( ) Yanlord Lakeview Bay - Land Parcel A7 ( ) Yanlord Riverside Gardens (Phase 1) ( ) Yanlord Riverside Plaza (Phase 1) ( ) Yanlord Marina Centre - Section B ( ) Yanlord New City Gardens (Phase 2 - Section 2) ( ) Shanghai 100% September-09 August-11 65,753 R Shanghai 51% July-08 June-11 35,700 R,S Suzhou 100% October-08 November-11 15,481 R Suzhou 60% October-10 1st Quarter ,526 R Suzhou 60% May-10 4th Quarter ,038 R,S Suzhou 60% October-09 2nd Quarter ,244 R,S Tianjin 80% October-09 3rd Quarter ,056 R Tianjin 100% October-07 2nd Quarter ,202 R,S Zhuhai 95% November-09 2nd Quarter ,232 R,S Zhuhai 90% May-08 2nd Quarter ,392 R Total 1,554,054 R = Residential O = Office S = Shop & Retail H = Hotel & Serviced Apartment (1) Formerly known as Nanjing Hexi Land ( ) (2) Formerly known as Shanghai Qingpu Land ( ) (3) Formerly known as Shanghai Waigaoqiao Area Land ( ) 32 YANLORD LAND GROUP LIMITED

35 DEVELOPMENT SCHEDULE SUMMARY PROPERTIES HELD FOR FUTURE DEVELOPMENT Project City Interest Attributable Estimated Commencement Date Estimated Completion Date GFA (sqm) Type Chengdu Jinjiang Panchenggang Land ( ) Yanlord Yangtze Riverbay Town (Phase 3&4) ( ) Sanya Hai Tang Bay - Land Parcel 9 ( ) Shanghai Qingpu Xujing Town Land ( ) Chengdu 70% May ,658 R Nanjing 60% June ,690 R Sanya 100% ,509 R,H Shanghai 60% September ,487 R Shanghai San Jia Gang Land Plot ( ) Shanghai 67% Under Planning Under Planning 35,831 R Yanlord Eastern Gardens ( ) Shanghai 100% September ,944 R Yanlord Sunland Gardens (Phase 2) (1) Shanghai 60% November ,074 R ( ) (1) Shenzhen Longgang District Economic Residential Housing ( ) Shenzhen 75% Under Planning Under Planning 144,064 R Shenzhen Longgang District Redevelopment Project ( ) Shenzhen 75% Under Planning Under Planning 390,000 R Shenzhen Longgang Town Centre Land ( ) Yanlord Lakeview Bay - Land Parcels A1, A3-A5 ( ) Tangshan Nanhu Eco-City Land Parcels ( ) Yanlord Riverside Gardens (Phase 2) ( ) Yanlord Riverside Plaza (Phase 2) ( ) Shenzhen 100% October ,685 R Suzhou 60% March ,377 R Tangshan 50% April ,638 R,O Tianjin 80% October ,914 R Tianjin 100% May ,873 R,O Yanlord Marina Centre - Section A (2) Zhuhai 95% June ,350 O,S,H ( ) (2) Total 3,036,094 R = Residential O = Office S = Shop & Retail H = Hotel & Serviced Apartment (1) Formerly known as Shanghai Waigaoqiao Area Land ( ) (2) Consists of GFA of 66,181 sqm under construction-in-progress in property, plant and equipment ANNUAL REPORT

36 OUR PROJECT SHOWCASE Shanghai Yanlord Townhouse Yanlord Townhouse is the Group s latest representation of its steadfast commitment to developing high quality residential projects that continually exceed the demand of its customers. Ideally situated within one of few remaining wetland ecological conservation zones in Shanghai, the approximately 66,000 sqm GFA Yanlord Townhouse development comprises of high-quality fully furnished villas and stylistic apartment blocks that are seamlessly integrated with the lush natural surroundings. Featuring a comprehensive range of amenities including private elevators, heated indoor swimming pools, tennis courts, clubhouses and expansive gardens, Yanlord Townhouse builds on key European architectural elements coupled with the Asian concept of harmony to create a unique blend that balances form and functionality. Sited in new Jiangwan City, in close proximity to the Shanghai Wu Jiao Chang Sub-Central Business District and the Yangpu University District, Yanlord Townhouse seeks to provide its residents with homes that satisfy their business schedules and recreational needs. 34 YANLORD LAND GROUP LIMITED

37 Shanghai Yanlord Sunland Gardens Located within the tranquil environment of the Shanghai Senlan International Community District, Yanlord Sunland Gardens builds on the Group s design concepts to seamlessly blend the natural beauty of lush greenery and flowing creeks with the convenience of a comprehensive suite of modern amenities. Benefiting from excellent connectivity via the city s transportation network, the approximately 326,000 sqm GFA Yanlord Sunland Gardens will feature high quality, fully-fitted apartments and duplexes that target discerning buyers from the various multi-national corporations ( MNCs ) and Fortune 500 companies operating out of the key commercial districts nearby such as the Waigaoqiao Free Trade Zone and Jinqiao Export Processing Zone. The project will be available for pre-sale in ANNUAL REPORT

38 Nanjing Yanlord Yangtze Riverbay Town Located along the Yangtze River in Hexi New Area, Nanjing, Yanlord Yangtze Riverbay Town occupies a land area of approximately 305,000 sqm, which will be developed into a total GFA of approximately 644,000 sqm. The project is divided into four phases of which the first phase was delivered in January 2011 and the construction works of the second phase is currently ongoing. 36 YANLORD LAND GROUP LIMITED

39 Suzhou Yanlord Lakeview Bay Located within the Suzhou Industrial Park, Yanlord Lakeview Bay is located between the scenic Jinji Lake and Dushu Lake. With enchanting natural surroundings and picturesque water features, the approximately 337,000 sqm GFA Yanlord Lakeview Bay is the first residential project in Suzhou designed in accordance with the 3A standards of the Ministry of Housing and Urban and Rural Development of the PRC and will be developed into a prime international community that comprises townhouses, fully-fitted apartments and commercial facilities to meet the needs of its residents. The project will be available for presale in ANNUAL REPORT

40 Tianjin Yanlord Riverside Plaza Yanlord Riverside Plaza represents Yanlord s venture into the fast-growing Bohai Rim Region. Located in the traditional downtown area of Tianjin, Yanlord Riverside Plaza enjoys local commercial and historical resources. It is also connected to the city s subway system. Yanlord Riverside Plaza occupies a land area of approximately 95,000 sqm and has a total GFA of approximately 520,000 sqm including underground development. The project is a modern building complex that incorporates residential apartments, an office building and retail spaces. With the addition of a large-scale central complex and a pedestrian shopping street to the region, the office building in the northwest will also be a focal point of the project overlooking the Haihe River. Yanlord Riverside Plaza features various ecological initiatives that include a ground level green atrium. An underground green landscape will also be developed to provide perennial greenery to the project. Yanlord Riverside Plaza, with multiple facets of commerce, recreation, and tourism, is set to be an iconic project in Tianjin. 38 YANLORD LAND LAND GROUP GROUP LIMITED LIMITED

41 Tianjin Yanlord Riverside Gardens Located within the downtown Hebei District of Tianjin, Yanlord Riverside Gardens is situated at the confluence of the Xinkai and Ziya Rivers and features an unobstructed river view. With a planned GFA of approximately 327,000 sqm, Yanlord Riverside Gardens benefits from a comprehensive suite of recreational and educational amenities surrounding the development. Amalgamating modern living with the lush natural environment, Yanlord Riverside Gardens environmentally conscious architectural designs has won the approval of the Ministry of Housing and Urban and Rural Development of the PRC and was awarded the Green Development (Grade III) for its design. The project will be available for pre-sale in ANNUAL REPORT

42 Chengdu Yanlord Landmark Yanlord Landmark is a key investment property project of Yanlord in Western China. Located at the heart of Chengdu s Central Business District along major arterial roads, the project neighbours top-grade office buildings, five-star hotels and luxury department stores. It is ideally situated with the Metro Line No. 1 and other business resources in close vicinity. Yanlord Landmark has a GFA of approximately 165,000 sqm above ground and incorporates office areas, serviced apartments and a high-end shopping mall offering retail, conference, residence, and other business and recreation facilities. It is positioned to be a top-end property that represents the highest technical and service standards and caters to the needs of MNCs which plan to locate their regional headquarters in Chengdu. Yanlord Landmark is designed by world renowned architectural consultants ensuring that the project excels in all aspects ranging from engineering, landscaping to business operation. Commencing its operations in 2010, Yanlord Landmark continues to contribute to Chengdu s integration into the global business arena and has successfully attracted numerous MNCs such as Mitsubishi, Novatris and Royal Dutch Shell. Managed by Frasers Hospitality from Singapore, the serviced apartments in Yanlord Landmark began its operations in December 2010 and offers premier levels of luxury and comfort that target the demands of high-end business travelers. Yanlord Landmark is also the epitome of the retail market of Chengdu, showcasing the latest fashion from the flagship stores of many international luxury brands including Louis Vuitton, Christian Dior, Prada, Ermenegildo Zegna and Hugo Boss. 40 YANLORD LAND GROUP LIMITED

43 Zhuhai Yanlord Marina Centre Yanlord Marina Centre, located along Qinglv Road (South) near the sea coast, is to be developed into a landmark of Zhuhai City. Lying adjacent to Gongbei Customs Checkpoint to Macau, the project will enjoy easy access to the entrance of the planned Hong Kong-Zhuhai-Macau Bridge as well as the transport interchange of the light rail connecting Zhuhai and Guangzhou. Yanlord Marina Centre, upon completion, will be a showcase development of Zhuhai City. The total GFA of Yanlord Marina Centre will be approximately 217,000 sqm. Construction commenced in The project comprises a 5-star hotel, high-grade residence, offices and retail shops. The Group has successfully signed a management contract with the InterContinental Group to manage the hotel. The sea-view hotel, residential apartments, offices and the shopping arcades are slated to be key highlights of Zhuhai s future skyline. ANNUAL REPORT

44 BOARD OF DIRECTORS Mr. Zhong Sheng Jian Chairman and CEO Mr. Zhong Sheng Jian is the founder, Chairman and CEO of Yanlord Land Group Limited and is responsible for its overall management and strategy development. His last re-election as director was on April 29, Since the 1980s, Mr. Zhong has founded and established a number of businesses in trading, manufacturing, real estate and financial services spanning China, Singapore, Hong Kong, Australia and Thailand. He started our property development business in the early 1990s through the setting up of our offices in Shanghai and Nanjing, which are now part of the SGX Mainboard listed Yanlord Land Group Limited. Due to his investments in and contribution to various parts of China, Mr. Zhong has been awarded Honorary Citizenships in Nanjing, Zhuhai and Shanwei in the PRC. In 2005, he was also awarded the White Magnolia Award in Shanghai for his contributions to the Municipal City of Shanghai. Mr. Zhong is a member of several Singapore-China investment and trade committees, including Singapore-Sichuan Trade and Investment Committee, Singapore-Tianjin Economic & Trade Council, Singapore-Jiangsu Cooperation Council, Singapore- Guangdong Collaboration Council and Network China. He is also a member of the Tianjin People s Political Consultative Conference Standing Committee and has also been appointed as Vice President of the Singapore Chinese Chamber of Commerce & Industry, Board Member of Business China and Council Member of Singapore Federation of Chinese Clan Associations. In May 2010, Mr Zhong was named and awarded the Singapore Businessman of the Year Mr. Zhong Siliang Executive Director Mr. Zhong Siliang is our Executive Director and was appointed as our director on May 11, His last re-election as director was on April 29, Since October 2005, he has held the position of Assistant General Manager of our Investments Department and in this capacity, Mr. Zhong Siliang assists in the evaluation of new business developments and conducts feasibility studies on potential property transactions for investments. Mr. Zhong Siliang is responsible for establishing relations with architectural firms, real estate consultants and the district and national government officials, for the execution of our investments in the PRC. He also works closely with our CEO and Chairman, Mr. Zhong Sheng Jian, and assists in other group decisions. In addition, Mr Zhong Siliang assists in the overall management of Yanlord Land (Shenzhen) Co., Ltd. and is also the Deputy Director of our operations in the Group since Mr. Zhong Siliang holds a Masters Degree from the Washington University-Fudan University EMBA programme and a Bachelor Degree in Business Administration from the University of Portsmouth, England. 42 YANLORD LAND LAND GROUP GROUP LIMITED LIMITED

45 Ms. Chan Yiu Ling Executive Director Ms. Chan Yiu Ling is our Executive Director and was appointed as our director on May 11, Her last re-election as director was on April 29, Since 1999, she has been assisting our Chairman and CEO, Mr. Zhong Sheng Jian, and is responsible for various administrative functions of our Group. Prior to that, she was the Sales Manager of Yanlord Industrial Ltd., where she managed its sales and marketing department for close to 10 years. Ms.Chan has approximately eight years of administration experience working as an Administration Executive in various companies before joining us. Ms. Chan graduated with a diploma from the Chinese YMCA Secretarial Course in Mr. Hong Zhi Hua Executive Director Mr. Hong Zhi Hua is our Executive Director and was appointed as our director on September 20, His last re-election as director was on April 29, Mr. Hong has also been our Executive Vice-President since May 2005 and is responsible for human resources, recruitment, and other corporate and administration matters. Prior to joining our Group, he was a director and CEO of Shanghai Hua Hong Investment Management Co., Ltd., Assistant General Manager of Shanghai Lujiazui Financial District Holdings and vice-president of Shanghai Waigaoqiao Free Zone Holdings. From 1992 to 1999, he was the Deputy Department Head of Shanghai Pudong New District Economics and Trade Commission and was responsible for boosting trade in the area and attracting investments. From 1985 to 1992, he was the Honorary Secretary for the Youth Division of the Shanghai Communications Bureau, where he was involved in the administration of the Youth Division and its related educational institute. Mr. Hong holds a Doctorate in Business Administration from the University of South Australia and a Master s Degree in Business Administration from La Trobe University. In 1997, he graduated with a Bachelor s Degree in Business Administration from the Shanghai University, PRC. ANNUAL REPORT

46 BOARD OF DIRECTORS Mr. Ronald Seah Lim Siang Lead Independent Director Mr. Ronald Seah Lim Siang is our Lead Independent Director and was appointed to the Board on May 11, His last re-election as director was on April 29, Over a 26- year period between 1980 and 2005, he held various senior positions within the AIG Group in Singapore, initially as AIA Singapore s Vice-President and Chief Investment Officer managing the investment portfolio of AIA Singapore and later as AIG Global Investment Corporation (Singapore) Ltd s Vice President of Direct Investments. Between 2001 and 2005, Mr. Seah was also the Chairman of the Board of AIG Global Investment Corporation (Singapore) Ltd. From 1978 to 1980, Mr. Seah managed the investment portfolio of Post Office Savings Bank as Deputy Head of the Investment and Credit Department. Prior to that, he worked at Singapore Nomura Merchant Bank as an Assistant Manager with responsibilities covering the sale of bonds and securities and offshore (ACU) loan administration for the bank. Between 2002 and 2003, Mr. Seah served on the panel of experts of the Commercial Affairs Department of Singapore. Mr. Seah graduated with a Bachelor of Arts and Social Sciences (Second Class Upper in Economics) from the then University of Singapore in Mr. Ng Ser Miang Independent Director Mr. Ng Ser Miang is our Independent Director and was appointed on May 11, His last election as director was on 29 April, He has been the Chairman and founder of TIBS International Pte. Ltd. since 1981 and is currently a Vice President of the International Olympic Committee (IOC). He is also the Chairman of the NTUC Fairprice Co-operative Ltd and WBL Corporation Limited and an independent director of SPH Holdings Ltd. Mr. Ng has served and is serving as independent director on several public listed and private companies ranging from insurance, finance, venture capital, leisure industries and transport. Mr. Ng is the Chairman of Network China and has served as a member of the Asia Pacific Economic Cooperation (APEC) Business Advisory Committee (ABAC) from 2001 to September He is on the Resource Panel (Chinese Newspaper Division) of the Singapore Press Holdings Ltd and was the Chairman of the Singapore Sports Council from 1991 to Mr. Ng was appointed a Justice of the Peace in September 2005 and was a Nominated Member of Parliament from June 2002 to January In 2010, he was conferred the Meritorious Service Medal (Pingat Jasa Gemilang), a National Day Award, by the Singapore Government in addition to the Public Service Star in He also received the following awards, namely the National Trades Union Congress (NTUC) May Day Award Medal of Commendation in 1993, NTUC Friend of Labour Award in 2001, NTUC Meritorious Service Award in 2007 and the Outstanding Chief Executive of the Year Award (Singapore Business Awards) in Mr. Ng graduated with a Bachelor s Degree in Business Administration (Honors) from the then University of Singapore and is also a Fellow of the Chartered Institute of Transport (FCIT). 44 YANLORD LAND LAND GROUP GROUP LIMITED LIMITED

47 Ms. Ng Shin Ein Independent Director Ms. Ng Shin Ein is our Independent Director and was appointed to the Board on May 11, Her last re-election as as a Director was on April 29, She is the Regional Managing Director of Blue Ocean Associates Pte Ltd, a firm focused on investing in and providing financing solutions to businesses in Asia. Prior to this, Ms. Ng was with the Singapore Exchange, where she was responsible for developing Singapore s capital market by bringing foreign companies to list in Singapore. Additionally, she was part of the Singapore Exchange s IPO Approval Committee. Ms. Ng practiced as a corporate lawyer in Messrs Lee & Lee for a number of years. While in legal practice, she advised on joint ventures, mergers and acquisitions and fund-raising exercises. Ms. Ng also sits on the boards of NTUC Fairprice, Sabana Shariah Compliant Reit and First Resources Limited. Lieutenant-General (Retired) Ng Jui Ping Independent Director Lieutenant-General Ng Jui Ping (retired) is our Independent Director and was appointed on September 20, His last re-election as director was on April 29, Mr. Ng has a distinguished 30-year military career culminating in the position of Chief of Defence Force, Singapore, from which he retired in He was also Chief of Army and Chief of Staff (General Staff). He was conferred the Meritorious Service Medal (Military) and PPA (Gold), among others, for distinguished service to Singapore and was also conferred prestigious awards by regional countries for his contributions. Following his retirement, the General took up the entrepreneurial route. He listed the company he co-founded on the SGX-ST in Jan 2000 and exited via a share sale in late He now heads his own business consultancy, August Asia Consulting Pte Ltd. He is an Independent Director on the SGX-ST listed Boards of Yanlord Land Group Limited, Pacific- Andes (Holdings) Limited and Singapore Shipping Corporation Limited. Past Directorships include Deputy Chairman, Central Provident Fund Board, Singapore; Director, PSA International Pte Ltd and Chairman of its China and North East Asia Grouping; Director, NTUC Income; Chairman, Singapore Technologies Automotive Ltd; Chairman, Chartered Industries of Singapore Pte Ltd; Corporate Advisor to Singapore Technologies Pte Ltd and Singapore Technologies Engineering Ltd; Advisor, Aldar(Abu Dhabi Stock exchange). Gen Ng holds a Master of Arts degree in History from Duke University, USA and completed the Advanced Management Programme in Harvard Business School, USA. ANNUAL REPORT