1315 2015
01 01 2
Clifton House 75 Fort Street P.O. Box 1350 Grand Cayman KY1-1108 Cayman Islands 89 17 1701 88 35 02
15 13 12206 19 33 A18 www.visionfame.com Appleby Trust (Cayman) Ltd. Clifton House 75 Fort Street P.O. Box 1350 Grand Cayman KY1-1108 Cayman Islands 03
864,000,000 1,776,000,0001.06 117,000,000 48,000,000 39.1 16.1 (i) (ii) 04
(1) 864,000,000 912,000,000 106%1,776,000,000 23,000,000 22,000,000 CWIL CWIL 3,100,000 2,100,000 (i) 528,000,000 (ii) (iii) 23,000,00022,000,000 (i) (ii) 1,247,000,000 712,000,000 535,000,000 3,367,000,000 898,000,000 7,100,000 5,000,000 2,100,000 117,000,000 48,000,000 39.116.1 05
(2) (i) 558,000,000 352,000,00036,000,000 900,000 (ii) 282,000,000 214,000,000 32% 14,800,000 10,700,000 (iii) 406,000,000 297,000,000 26,400,000 13,300,000 (iv) CWIL 3,100,000 100,000CWIL 3,100,0002,100,000 3,200,000 (v) 527,500,000 1,400,000 06
(3) 181,000,000207,000,000 308,500,000175,500,000 7,560 7,740 11,177 13,817 19,717 44,661 30,659 69,113 66,218 80,600,000 202,000,000 34,200,000106,400,000 07
(4) (5) 26.7%27.5% 100% 734,800,000 605,200,000572,200,000333,300,000 1.82 1.28 (6) 164,306 127,080 08
(7) 7,800,000 11,300,000HLH Group Limited 89,400,000 89,400,000 2,900,000 (8) 39,900,000 9.6 10.1 19.7 1.2 18.5 9.6 9.6 9.6 9.6 (4.8) 4.8 4.8 6.3 (5.3) 1.0 0.6 0.4 4.8 4.8 3.8 1.0 39.9 39.9 20.0 19.9 09
(9) 1,364,140 712,401 583,915 1,492,626 1,217,918 1,217,918 430,700 534,683 308,451 656,932 3,012,758 1,247,084 892,366 3,367,476 4 25,555 8A 8B 135,000 1 Yu Sheng Road Taman Jurong Community Club 1,087 Lim Teck Boo Road 1,652 Tanjong Katong Secondary School Temasek Secondary School Bowen Secondary School 7,084 10 Kent Ridge Crescent 7,577 Chongzeng & Yumin Primary School Tampines Street 21 Chongzeng Yumin 3,744 Punggol Drive/Edgefield Plain Lot 02697C PT MK 21 New Primary School 15,880 168,600 G18F 152,745 G20B 193,477 712,401 10
13,920 2000 Prada 6,293 1,821 2 26,347 50,913 I 4 158,821 3 179,551 14 69,863 18 2,850 28Pure Fitness & Yoga Shop 10,868 Sunny Hose Building 7,850 Sunny Hose Building 2,900 2,686 534,683 11
609 2,299 4 623 15,962 2 18611 21,880 122,116 18 42,003 1,821 11,899 A1AG1 22,796 32,512 13,920 2000 Prada 6,293 28Pure Fitness & Yoga Shop 10,868 18 2,850 308,451 12
Sengkang Neighbourhood 4 Contract 12521 446,477 37 53 87,508 Tuas South Avenue 3 5, Tuas Biomedical ParkEpicentre 19,379 3,488 Anderson Primary School 5,919 1 Yu Sheng Road Taman Jurong Community Club 1,087 Tanjong Katong Secondary School Temasek Secondary School Bowen Secondary School 7,084 10 Kent Ridge Crescent 7,577 Lim Teck Boo Road 1,652 Chongzeng & Yumin Primary School Tampines Street 21 Chongzeng Yumin 3,744 583,915 13
E F B3 65,322 726,483 Teck Whye Primary School West View Primary School 7,488 Teck Whye Avenue (CK6) Bedok Reservoir (KE3) 7,356 2 Pereira Road(B1) 2,953 88,208 897,810 (10) 328324 116,000,000 100,000,000 14
(11) China Estate International LimitedCEIL CWIL CEIL500,00011,000,000 CEIL (12) 15
42 300303 35 10 BBS MBE JP71 1246 16
32 622 291AA 52 20 547 8260 1265 8315 1240 1246 1250 8219 48 20 108 0933 (INSEAD) (Fontainebleau) Young Managers Programme (IMCHK) (CMC) 17
55 24 54 29 123 18
73 49 52 30 Franklin & Andrews Construction Cost Management Consultants Southbank Polytechnic of London 51 Wan Chung Construction (Singapore) Pte. Ltd. 30 Bain D or Co., Ltd.Taisei Corporation Robert Gordon s Institute of Technology Eng Son Yam62Wan Chung Construction (Singapore) Pte. Ltd.Wan Chung Singapore Wan Chung Singapore Eng30 Eng Eng Eng DSM Eng 19
Tan Chwee Kee58Wan Chung Construction (Singapore) Pte. Ltd.Tan Chwee Kee 30 Wan Chung SingaporeTan Chwee KeeHLH Development Pte LtdHLH Group Limited Pinnacle@Duxton 50 Tan Chwee Kee Hong Lai Huat Construction Pte Ltd Tan Chwee Kee Tan Chwee Kee 46 20 20
A.1.1 A.2.1 Gavin Xing Gavin Xing A.2.1 A.2.7 21
16 20 22
1/1 2/3 1/1 3/3 Gavin Xing 1/1 3/3 1/1 3/3 1/1 3/3 1/1 3/3 23
A.4.2 112 A.4.2 108(a) 3.10(1) 3.10A 3.10(2) 3.13 A.2.7 A.2.1 Gavin Xing Gavin Xing A.2.1 24
A.6.5 500,001 1,000,000 2 1,000,001 1,500,000 5 1,500,001 2,000,000 1 25
C.3.3 2/2 2/2 2/2 26
2/2 1/2 2/2 2/2 2/2 27
0/1 1/1 1/1 1/1 1/1 28
1,280,000 347,000 1,627,000 (i) (ii) (iii) 29
D.3 0/1 1/1 Gavin Xing 1/1 1/1 1/1 1/1 30
( ) 1. 8917 1701 2. 2811 1602 3. 2811 3183 4. info@visionfame.com (i)(ii) (iii) (iv)(v) E.1.2 64 31
8917 1701 33 A18 E.1.4 (www.visionfame.com) 3.2915 32
89 17 1701 (i)(ii) (iii) 39 58.4%23.7% 17.6%15.9% 5% 44 103 33
13 27 22,850 Gavin Xing 108(a) 112 34
(a) (b) 35
(c) 10% 30,000,000 10% (d) 1% (e) 10 (f) (g) 1 (h) (i) (ii) (iii) 36
(i) 571XV XV78 352 225,000,000 (L) 75% (L) 225,000,000 225,000,000 225,000,000 XV 352 37
18 XV 336XV23 5% 1 225,000,000 (L) 75% 2 225,000,000 (L) 75% (L) 1. 225,000,000 2. 225,000,000 XV23 336 38
23 24 25 34 3.13 39
22 23 14A 104 21 32 40
4 41
44 103 42
43
5 1,776,238 863,928 (1,798,767) (842,166) (22,529) 21,762 6 7,061 4,953 (87,717) (72,212) 7 (6,834) (3,071) (2,943) (3,217) 14 392 8 (115,787) (48,568) 9 (1,476) 250 (117,263) (48,318) 2,943 (2,314) (1,726) (2,156) (3,343) (4,470) (5,069) (1,527) (5,069) (118,790) (53,387) 11 (39.1) (16.1) 44
13 31,497 32,399 14 567 8,432 15 16 7,879 11,274 39,943 52,105 17 53,285 43,123 18 24,284 19 448,808 250,246 20 19,717 44,661 20 188,754 267,180 734,848 605,210 17 5,977 14,547 21 410,699 185,630 22 7,025 23 119,862 122,607 2,683 87 24 2,348 3,387 25 30,659 572,228 333,283 162,620 271,927 202,563 324,032 45
23 170,000 170,000 24 4,112 7,646 26 1,634 845 828 762 176,574 179,253 25,989 144,779 27 3,000 3,000 22,989 141,779 25,989 144,779 44 103 46
i ii iii iv 3,000 44,322 8,979 3,642 12 2,992 22,000 113,219 198,166 (48,318) (48,318) (1,726) (1,726) (3,343) (3,343) (1,726) (3,343) (48,318) (53,387) 3,000 44,322 7,253 3,642 12 (351) 22,000 64,901 144,779 (117,263) (117,263) (2,314) (2,314) (2,156) (2,156) 2,943 2,943 (2,314) 787 (117,263) (118,790) 3,000 44,322 4,939 3,642 12 436 22,000 (52,362) 25,989 (i) (ii) 2,776,000 866,000 (iii) 25%50% (iv) 47
(115,787) (48,568) 6,834 3,071 (820) (625) (3,089) (1,098) (14) (14) (392) (750) (277) 7,578 5,144 727 2,943 3,217 642 487 (99,066) (41,725) (10,934) 5,126 (196,409) (10,380) (7,740) 9,679 225,338 18,631 (88,811) (18,669) 231 (1,009) (5) 861 (88,585) (18,817) (24,607) (7,230) (8,520) (775) 14 14 29 43 237 820 625 5,458 1,987 73,528 329,336 (48,584) (326,070) (900) 48
891 (5,515) 92,659 750 277 (374) (930) (9,205) 290,466 (4,573) (1,242) (7,025) 2,125 (62,000) (48,500) 10,232 242,196 (77,462) 217,864 267,180 50,118 (964) (802) 188,754 267,180 49
1. 39 14 15 2. 10 12 27 32 36 39 21 50
2. 9 1 14 2 15 3 11 5 1 5 16 38 5 16 41 5 19 4 27 4 10 28 5 10 5 12 28 6 4 5 1 2 3 4 5 6 9 9 9 9 a b 51
2. 9 9 39 9 9 39 39 9 9 52
2. 15 15 15 18 11 15 15 15 15 15 15 53
3. 2 17 236 54
3. 55
3. 39 36 36 56
3. 57
3. 58
3. 59
3. 60
3. 37 61
3. 62
3. 63
3. 64
3. 4. 3 (a) (b) 65
4. (b) 66
5. 557,794 352,382 405,949 297,335 281,834 214,211 3,114 527,547 1,776,238 863,928 (i) (ii) (iii) (iv) * (v) * * 67
5. 557,794 405,949 281,834 3,114 527,547 1,776,238 (35,620) 26,432 (14,786) (103) 1,414 (22,663) 3,978 (87,230) (6,834) (2,943) (487) 392 (115,787) 352,382 297,335 214,211 863,928 (933) 13,345 10,683 23,095 3,620 (72,212) (3,071) (48,568) 3 68
5. 123,673 121,494 57,490 85,622 109,606 77,043 30,987 176,180 497,936 284,159 276,855 373,156 774,791 657,315 138,379 90,539 64,602 62,122 73,163 42,281 599 144,087 420,830 194,942 327,972 317,594 748,802 512,536 69
5. 3,858 2,977 106 289 7,230 4,453 874 117 2,134 7,578 (37) (1,816) (1,236) (3,089) 3,217 3,217 2,943 2,943 487 487 727 727 567 567 (820) (820) (750) (750) 6,834 6,834 1,476 1,476 16,560 523 322 3,390 20,795 2,307 235 84 2,518 5,144 (27) (957) (114) (1,098) 8,432 8,432 (625) (625) (277) (277) 3,071 3,071 (250) (250) 70
5. 1,299,659 533,275 11,282 16,988 456,469 323,607 19,783 23,835 15,900 7,046 5 8 4,210 994 1,776,238 863,928 32,064 40,831 10% A 1 313,372 B 2 303,834 190,598 C 3 207,065 211,000 D 4 108,246 1 2 3 4 71
6. 124 1,973 3,089 1,098 820 625 14 14 750 277 7. 186 793 188 137 23 6,460 2,141 6,834 3,071 72
8. 10 5,173 3,345 63,539 57,928 2,231 1,728 43,458 36,016 1,717 1,467 110,945 97,139 5,380 2,934 2,198 2,210 7,578 5,144 1,320 1,279 6,581 4,256 642 487 727 7,443 (2) 73
9. 34 6 (38) (130) (22) (552) 703 677 (676) 26 799 426 1,476 (250) 16.5%16.5% 25% 17% (115,787) (48,568) (20,683) (8,197) 5,585 594 (521) (98) 17,155 8,133 (60) (682) 1,476 (250) 74
10. (a) 712 2,000 2,000 (i) 1,020 1,020 Gavin Xing (i) 1,617 6 1,623 (ii) 78 2 80 150 150 150 150 150 150 450 4,715 8 5,173 (iii) 1,045 1,045 (iii) 593 593 Gavin Xing (i) 700 700 (iv) (v) 103 93 3 199 (v) 102 93 3 198 (v) 91 82 173 (vi) (vii) 69 69 (vi) 127 127 143 143 (viii) 58 58 (v) 20 20 (v) 20 20 437 2,634 268 6 3,345 75
10. (a) (i) Gavin Xing Gavin Xing (ii) (iii) (iv) (v) (vi) (vii) (viii) (b) (a) 3,882 5,871 568 1,075 83 134 4,533 7,080 76
10. (b) 1,000,0011,500,000 2 4 1,500,0012,000,000 1 1 3 5 11. (117,263) (48,318) 300,000 300,000 77
12. 13. 9,000 1,616 10,530 1,331 2,923 25,400 2,201 18,435 151 8 20,795 (16) (190) (206) (19) (321) (25) (365) 9,000 3,798 28,628 1,292 2,906 45,624 909 3,603 1,044 1,674 7,230 29 694 339 1,033 (1,600) (866) (122) (379) (2,967) (68) (1,690) (90) (1,848) 9,000 3,039 30,369 2,553 4,111 49,072 1,080 1,071 3,155 1,042 2,086 8,434 180 694 3,858 221 191 5,144 (16) (190) (206) (9) (127) (11) (147) 1,260 1,756 6,870 1,073 2,266 13,225 180 1,063 5,229 480 626 7,578 (931) (675) (18) (379) (2,003) (61) (1,110) (54) (1,225) 1,440 1,827 10,314 1,535 2,459 17,575 7,560 1,212 20,055 1,018 1,652 31,497 7,740 2,042 21,758 219 640 32,399 78
13. 32 10,955,000 12,785,000 14. 1,987 1,404 6,470 (837) (25) 567 8,432 Castilia Development Pte. Ltd.Castilia 20% 20% Lian Beng-Wan Chung 49% JV Pte. Ltd. Lian Beng 79
14. Castilia487,000 Castilia Castilia 4,181 39,252 62 85 (1,410) (4,112) 2,833 35,225 Castilia 567 7,045 1,960 Castilia 392 Castilia Castilia 2,833 35,225 Castilia 567 7,045 487 Castilia 567 7,532 80
15. Keat Seng-Vision Foundation JV Pte. Ltd. 50% 50% (891) (1,415) (2,312) (1,421) 81
16. 7,577 10,951 4.7% 302 323 7,879 11,274 17. 1,509,242 1,072,147 (1,461,934) (1,043,571) 47,308 28,576 53,285 43,123 (5,977) (14,547) 47,308 28,576 82
18. 19. i 187,521 134,273 140,977 ii 50,908 49,548 iii 35,743 34,523 775 iv 32,884 31,902 448,808 250,246 (i) 30,659,000 25 30,659 (30,659) (ii) 24,300,000 17,502,000 (iii) 7% 9%7% 9% (iv) 11,177,000 10,023,000 3,794,000 83
19. 30 158,788 117,988 3090 27,265 15,234 90 1,468 1,051 187,521 134,273 15,316,000 1,821,000 3090 11,812 770 90 3,504 1,051 15,316 1,821 84
20. 0.1% 1.25%0.1% 0.4% 0.001% 0.38%0.001% 0.35% 78,124 6,609 23,859 78 275 701 21. 174,608 117,927 63,057 51,435 141,198 31,836 16,268 410,699 185,630 20,995,000 15,166,000 85
21. 30 155,280 112,977 3090 17,270 4,043 90 2,058 907 174,608 117,927 30 60 22. 23. 170,000,000 3.80%170,000,000 119,862,000 122,607,000 86
24. 2,466 4,117 2,348 3,387 2,029 4,765 1,938 4,646 2,313 2,721 2,174 3,000 6,808 11,603 6,460 11,033 (348) (570) 6,460 11,033 6,460 11,033 (2,348) (3,387) 4,112 7,646 1.45% 2.91% 1.45% 2.91% 25. 4% 87
26. 421 421 586 (160) 426 (2) (2) 1,005 (160) 845 639 160 799 (10) (10) 1,634 1,634 108,753,000 50,745,000 970,000 1,469,000 522,000 20,290,000 32,463,000 88
27. 0.01 2,000,000,000 20,000 300,000,000 3,000 28. 10% 1% 0.1%5,000,000 1 (i)(ii) (iii) 89
29. 11,000 1,033 i 1,991 11,043 (1,175) (1,892) 11,000 11,000 (11,043) (43) ii 175 (i) (ii) (iii) 2,075,000 3,114,000 1,791,464,000104,519,000 90
30. 12,275,000 31. 3,446 3,783 5,285 4,551 517 8,731 8,851 32. 80,623,000 201,983,000 7,560 7,740 11,177 13,817 19,717 44,661 30,659 69,113 66,218 91
33. 164,306 127,080 34. 5%5% 1,5001,250 5% 20% 5% 20% 3,956,000 3,201,000 92
35. (a) 6,460 2,141 1,975 111 75 642 Castilia 5,458 Castilia 1,130 Lian Beng 831 (b) 8,370 11,082 1,265 1,728 152 155 9,787 12,965 93
36. 22 2323 25 24 37. (a) 490,220 530,318 7,879 11,274 575,246 492,551 94
37. (b) (i) 20 33,343 16,821 34,073 32,634 95
37. (b) (i) 5%5% 5% 5% 5%5% 5% 5%5%5% 1,167 613 (1,414) (1,354) (ii) 25 96
37. (b) (iii) 5%5% 394,000 547,000 32 83%64%26% 16%63%56% 97
37. (b) % 227,271 20,994 248,265 248,265 119,862 119,862 119,862 3.80 176,460 176,460 170,000 1.56 2,466 4,342 6,808 6,460 4.00 31,886 31,886 30,659 164,306 164,306 545,791 201,796 747,587 575,246 166,720 15,166 181,886 181,886 7,025 7,025 7,025 122,607 122,607 122,607 3.80 183,165 183,165 170,000 1.77 4,117 7,273 11,390 11,033 127,080 127,080 427,549 205,604 633,153 492,551 98
37. (b) 32 (c) (i) 7,879,000 11,274,000 (ii) 99
38. 119,427 229 168 184,350 132,898 70 60,505 184,649 312,998 680 1,100 59,910 57,747 60,590 58,847 124,059 254,151 3,000 3,000 121,059 251,151 124,059 254,151 100
38. i ii iii 44,322 119,427 (19,836) 143,913 103,447 103,447 3,791 3,791 44,322 119,427 3,791 83,611 251,151 (130,092) (130,092) 44,322 119,427 3,791 (46,481) 121,059 (i) (ii) Prosper Ace Investments LimitedProsper Ace Investments Limited (iii) 101
39. Prosper Ace Investments Limited 10,000 100% 100% 88,000,000 100% 100% 25,000 100% 100% Wan Chung Construction (Singapore) Pte. Ltd. 12,700,000 100% 100% 10,000 100% 100% Vision Foundation Pte. Ltd. 500,000 100% 100% 10,000 100% 100% 10,000 100% 100% 10,000 100% 100% 102
39. 1315 Design Pty Ltd. 100 100% 100% 1 100% 1 100% a b * 100% b 500,000 100% a b * 100% (a) (b) 103
734,719 661,703 965,386 863,928 1,776,238 67,150 41,311 30,558 (48,568) (115,787) (12,404) (8,347) (4,685) 250 (1,476) 54,746 32,964 25,873 (48,318) (117,263) 394,831 389,489 426,624 657,315 774,791 (307,055) (212,020) (228,458) (512,536) (748,802) 87,776 177,469 198,166 144,779 25,989 104