South China Land Limited 南 華 置 地 有 限 公 司 南華置地有限公司 於開曼群島註冊成立之有限公司 股份代號 8155 Annual Report 2013 年報 年報 2013 South China Land Limited Incorporated in the Cayman Islands with limited liability Stock Code : 8155 Annual Report 2013
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Richard Howard Gorges Floor 4 Willow House Cricket Square P O Box 2804 Grand Cayman KY1-1112 Cayman Islands 1 28 Royal Bank of Canada Trust Company (Cayman) Limited 4th Floor, Royal Bank House 24 Shedden Road, George Town Grand Cayman KY1-1110 Cayman Islands 33 18 3 8155 www.scland.co
South China Land Limited 281,700,000 2,000,000 South China (China) Limited * 41,100,00029,800,000 44,92330,450 14,473177,000 399,000 110,000,000712,600,000 67,000 1,176,800,000 235,400,000 4
32,33645,000 15,300,000 4.8 2.3 7.7% 1,963,000581,070,000 Perennial Success Limited Crystal Hub Limited Elite Empire Investments LimitedElite Empire40%600,000,000 Elite EmpireElite Empire 5
141 129 65,500,00035,700,000 80% 187,000 * 6
64 South China Holdings Limited * South China (China) Limited * XV 55 The Kellogg School of Management 32 Corpus Christi College Richard Howard Gorges70 Gorges XV 60 XV 33 7
64 Winning Management Company Limited 35 54 Monash University 8
64 Empresarial University * The Royal Institution of Chartered Surveyors * CEPA 63 9
42 20 * 10
28 96 97 15 20 98 31 32 33 4,646,00026,168,000 34 221961 943,999,000 11
Richard Howard Gorges 116Richard Howard Gorges 5.09 7 10 12
571 XV 352 5.485.67 (i) 363,393,739 7,495,060,667 67.05% 967,923,774 6,163,743,154 (a) 31,948,882 (b) 0.29% 2,602,667 0.02% 493,346,667 4.41% 1,472,000 (c) 0.01% 13
(ii) 111,784,000 (d) 83,840,000 (d) 1.00% 0.75% 55,896,000 (d) 0.50% 55,896,000 (d) 67,528,000 (d) (e) 0.50% 0.61% (a) (b) (c) (d) (e) 6,163,743,154 Bannock Investments LimitedBannock 1,088,784,8471,150,004,797 Fung Shing Group LimitedFung Shing 1,817,140,364 Parkfield Holdings LimitedParkfield1,728,362,917 Ronastar Investments LimitedRonastar76,464,373237,881,856 65,104,000 Fung Shing Parkfield RonastarSouth China Holdings Limited*73.72%63.01% Bannock60% Richard Howord Gorges Gorges 20%20%237,881,856 65,104,000Bannock 2,238,789,644 31,948,882 1,472,000 736,000736,000 32 11,632,000 3,000,0008,632,000 XV 5.485.67 14
32 3.16 38 38 15
336 2,238,789,644 20.03% (a) Fung Shing 1,817,140,364 16.26% Parkfield 1,728,362,917 15.46% Bannock 1,088,784,847 9.74% (a) 7,495,060,667 67.05% (b) (a) (b) Bannock 2,238,789,644Bannock 1,088,784,847 967,923,774 363,393,7396,163,743,154 20,000,000 16
Gorges Gorges 17.50A(1) 17.50(2)(a) (e)(g) 17
2025 5.48 5.6722 23 30 38 Crystal Hub LimitedEven Dragon Limited Crystal Hub 1,589,000,000 63.01% 2014 18
92% 58% 5% 19
E.1.2 5.05A 7 10 20
3/5 2/2 4/5 Richard Howard Gorges 5/5 5/5 4/5 2/3 5/5 5/5 5/5 1/1 5/5 2/2 4/5 4/5 3/3 21
5.485.67 26 530,000 22
Richard Howard Gorges 2/2 4/4 4/4 2/2 2/2 23
1/1 1/1 1/1 24
25 Richard Howard Gorges
South China Land Limited 2896South China Land Limited 26
P05412 27
5 48,693 6 288 1,820 25 394,941 (51,166) 305 16 43,135 (19,986) (5) (1,629) (41,105) (29,794) 8 283,272 62,225 9 (1,865) (45,969) 281,407 16,256 10 (10,784) 281,407 5,472 11 281,744 2,020 (337) 3,452 281,407 5,472 12 2.52 0.02 28
281,407 5,472 25 (139,155) (8,739) 13,184 48,958 3,000 195,655 8,472 195,990 4,794 (335) 3,678 195,655 8,472 29
15 3,271 1,746 18 355,326 355,326 19 1,036,694 1,395,291 357,072 20 765,751 146,931 21 2,988 1,405 22 707,964 658,362 361 348 23 17,747 28 10,853 24 16,355 377,419 1,493,419 1,213,065 25 3,070,252 1,493,419 4,283,317 26 19,595 2,076 27 114,689 525,767 29 97,866 30 78,000 78,000 30 150,000 310,150 755,843 25 1,137,752 310,150 1,893,595 1,183,269 2,389,722 2,578,560 2,746,794 30
30 450,260 452,010 2,128,300 2,294,784 31 111,785 111,785 34 2,016,515 1,815,715 2,128,300 1,927,500 367,284 2,128,300 2,294,784 31
17 17 1,699,972 1,779,765 61 61 1,700,033 1,779,826 27 61,801 44,907 17 245,822 346,612 307,683 391,519 1,392,350 1,388,307 1,392,350 1,388,307 30 336,700 336,700 1,055,650 1,051,607 31 111,785 111,785 34 943,865 939,822 1,055,650 1,051,607 32
281,407 16,256 6 (233) (212) 16 (43,135) 15 1,018 2,663 8 51,166 (305) 19,986 13 10,037 427 25 (394,941) 9 1,865 45,969 (30,000) 21,968 95 20 (580,698) (45,715) 370 (2,017) (14,250) 17,216 (32,974) (51,153) 325,346 (646,652) 254,840 6 233 212 281,147 15 (2,464) (679) 143,869 10,853 21,148 (1,707) (1,405) 429 432,360 19,276 (12,312) (151,750) 103,200 (4,646) (846) 9 (1,535) (45,637) (157,931) 44,405 33
(372,223) 318,521 379,382 59,062 9,196 1,799 16,355 379,382 25 (1,963) 24 16,355 377,419 24 16,355 377,419 34
111,785 771,842 6,044 291,562 750 188,105 553,384 1,923,472 363,447 2,286,919 184 184 184 (846) (846) (846) (668) 668 (60) 60 159 159 17 (104) (104) (104) (846) (544) (104) 728 (766) 159 (607) 2,020 2,020 3,452 5,472 2,774 2,774 226 3,000 2,774 2,020 4,794 3,678 8,472 111,785 771,842 (846) 6,044 291,562 206 190,775 556,132 1,927,500 367,284 2,294,784 35
111,785 771,842 (846) 6,044 291,562 206 190,775 556,132 1,927,500 367,284 2,294,784 25 (366,949) (366,949) (4,646) (4,646) (4,646) 5,358 (6,096) 738 9,456 9,456 9,456 712 3,360 738 4,810 (366,949) (362,139) 281,744 281,744 (337) 281,407 25 (139,155) (139,155) (139,155) (8,739) (8,739) (8,739) 13,184 13,184 13,184 48,956 48,956 2 48,958 4,445 (90,199) 281,744 195,990 (335) 195,655 111,785 771,842 (134) 6,044 291,562 4,445 3,566 100,576 838,614 2,128,300 2,128,300 36
1. South China Land Limited Floor 4, Willow House, Cricket Square, PO Box 2804, Grand Cayman KY1 1112, Cayman Islands 2896 2. (a) 1 7 10 13 27 19 2009 2011 2010 2012 2011 2013 37
2. (a) 1 1 13 13 7 13 13 13 39(f) (b) 36 36 36 38
2. (c) 32 1 9 2010 2012 3 2011 2013 2 1 2 3 32 32 9 9 9 39 9 39 39
3. 3.1 2 4 3.2 12 40
3. 3.2 (i) (ii) 3.3 41
3. 3.4 3.5 42
3. 3.6 3.9 3.7 3.3 3.8 20% 43
3. 3.9 3.10 44
3. 3.11 45
3. 3.11 46
3. 3.11 3.12 47
3. 3.12 40 (a) (b) (a) (b) (i) (ii) 48
3. 3.13 3.5 3.14 3.15 3.16 49
3. 3.16 3.17 50
3. 3.18 3.5 (i) (ii) (iii) 51
3. 3.19 3.20 (a) (i) (ii) (iii) (b) (i) (ii) (iii) (iv) (v) (vi) (a) (a)(i) 52
3. 3.20 (i) (ii) (iii) 3.21 3.22 (i) (ii) (iii) (iv) (v) (vi) 12 (i) (ii) 53
4. (a) (b) 3.9 (c) (d) 54
4. (d) 21 16 19 29 5. 1 47,621 1,072 48,693 6. 233 212 55 1,608 288 1,820 55
7. 38 8. 530 500 15,955 280 (394,941) 51,166 1,018 2,663 (372) 646 2,663 65,522 35,736 (57,233) (26,180) 13 8,289 9,556 3,589 828 (48,693) (48,693) 56
9. 1,535 45,637 3,900 3,879 23,689 22,520 29,124 72,036 (27,259) (26,067) 1,865 45,969 5.50% 7.34% 10. 25% 10,784 281,407 16,256 44,433 4,472 12,840 1,874 (65,297) (507) 8,024 4,945 10,784 57
10. 95,553,000 215,099,000 57,486,00044,628,000 38,067,000170,471,000 5 11. 281,744,0002,020,000 767,000 653,000 12. 281,744 2,020 11,178,498,344 11,178,498,344 (6,425,632) (77,989) 11,172,072,712 11,178,420,355 58
13. 54,332 34,154 10,037 427 1,153 1,155 (57,233) (26,180) 8,289 9,556 7,144 8,269 1,004 427 141 860 8,289 9,556 12,736 7,989 2,066 582 8,823 60 50 23,685 8,621 14. (a) 161 524 317 8,526 3,656 2,066 582 8,823 30 20 19,445 4,258 19,969 4,575 59
14. (a) 1,800 652 15 2,467 Richard Howard GORGES 434 434 434 434 vi 4,026 816 11 4,853 i 2,700 1,250 6,869 4 10,823 ii 434 434 10 10 vii 75 75 iii 26 26 75 75 iv 44 44 120 120 v 100 100 v 74 74 524 8,526 2,066 8,823 30 19,969 60
14. (a) 1,326 14 1,340 Richard Howard GORGES 2,330 582 6 2,918 10 10 75 75 75 75 75 75 75 75 7 7 317 3,656 582 20 4,575 (i) (ii) (iii) (iv) (v) (vi) (vii) 61
14. (b) 4,210 4,333 30 30 4,240 4,363 1,000,0011,500,000 1 2 1,500,0012,000,000 1 2,000,0012,500,000 2,500,0013,000,000 1 2 3 62
15. 3,069 4,596 1,634 9,299 (717) (1,959) (406) (3,082) 2,352 2,637 1,228 6,217 2,352 2,637 1,228 6,217 493 186 679 25 (2,371) (4,190) (275) (6,836) 1,113 3,007 225 4,345 (1,142) (1,221) (300) (2,663) 1 2 1 4 446 421 879 1,746 1,192 594 1,360 3,146 (746) (173) (481) (1,400) 446 421 879 1,746 446 421 879 1,746 955 1,509 2,464 (416) (292) (310) (1,018) 12 19 48 79 42 1,103 2,126 3,271 1,238 1,578 2,940 5,756 (1,196) (475) (814) (2,485) 42 1,103 2,126 3,271 63
16. 2,975,087 43,135 25 (3,019,473) 1,251 28 17. 1,699,972 1,779,765 245,882 346,612 64
17. Crystal Hub Limited 11 100% Elite Empire Investment Limited 11 100% 109,990,000 100% 49,990,000 100% 10,000,000 100% 21 100% 21 100% 104,000 65
18. 355,326 355,326 7% 7 % 19. 25 66
20. 443,956 3,401 321,795 143,530 765,751 146,931 146,931 74,922 580,698 45,715 27,259 26,067 10,863 227 765,751 146,931 21. 67
22. 655,927 630,629 6,281 7,587 45,756 20,146 707,964 658,362 23. 25 24. 2,619,00050,387,030 25. Crystal Hub Limited Crystal Hub Limited 1,589,000,000 68
25. 2,399 3,019,473 34,819 11,705 1,873 (44,384) (5,702) (580,885) (504,471) 1,934,827 (366,949) (139,155) 1,428,723 394,941 i 1,823,664 580,000 1,243,664 1,823,664 580,000 (1,873) 578,127 69
25. i 580,000,000 0.571,770,710,526 1,243,664,000 1,350,993,000107,329,000 2,491 3,019,473 34,819 11,506 1,963 3,070,252 44,384 7,827 28 581,070 504,471 1,137,752 * 1,932,500 109,976 * 470,765,000 70
26. 30 17,653 205 31 60 61 90 91 180 180 1,942 1,871 19,595 2,076 27. 10,652 4,056 i 86,589 59,434 17,448 462,277 114,689 525,767 699 290 ii 61,102 44,617 61,801 44,907 (i) (ii) 73,860,000 51,798,000 10,899,0006,999,000 61,102,000 44,617,000 71
28. 30,811 550,259 581,070 25 (581,070) 4.24% 8.63%16 10,853,000 29. 72
30. 5.00% 7.25% 7,000,0007,000,000 150,000,000 31. 0.01 100,000,000,000 1,000,000 100,000,000,000 1,000,000 0.01 11,178,498,344 111,785 11,178,498,344 111,785 4,646,000 846,00026,168,0007,136,000 73
32. (i) 2012 2002 2012 2012 (A) 2012 (i) 2012 20122012 (ii) 2012 2012 0.01 (iii) 2012 2012 1,117,849,834 201210% (iv) 1% 74
32. (i) 2012 (A) 2012 (v) 2012 (vi) (vii) 1.00 (viii) 2012 (1) (2) (3) (ix) 2012 2012 2012 363,312,000 2012 75
32. (i) 2012 (B) 2012 i ii iii 55,896,000 55,896,000 1/10/2013 1/10/2016 30/09/2023 111,784,000 111,784,000 1/10/2013 1/10/2016 30/09/2023 55,896,000 55,896,000 1/10/2013 1/10/2016 30/09/2023 55,896,000 55,896,000 1/10/2013 1/10/2016 30/09/2023 83,840,000 83,840,000 1/10/2013 1/10/2016 30/09/2023 0.188 0.188 0.188 0.188 0.188 0.188 0.188 0.188 0.188 0.188 363,312,000 363,312,000 (i) 30% 60% 100% (ii) (iii) 76
32. (i) 2012 (B) (iv) 2012 44,289,000 Black- Scholes option pricing mode 54.276% 10.0 2.049% (v) (vi) 2,823,000 363,312,000 0.188 363,312,000 0.188 0.1889 (ii) 2002 (A) 2002 (i) 2002 20022002 77
32. (ii) 2002 (A) 2002 (ii) 2002 0.01 (iii) 2002 20021,117,849,834 10% 2002 (iv) 1% (v) 2002 (vi) (vii) 1.00 (viii) 2002 (1) (2) (3) 78
32. (ii) 2002 (A) 2002 (ix) 2002 2002 2002 (B) 2002 i ii iii 1,666,666 (1,666,666) 14/03/2007 14/03/2008 13/03/2012 1,666,666 (1,666,666) 14/03/2007 14/03/2008 13/03/2012 0.2166 0.20 0.2166 0.20 3,333,332 (3,333,332) 333,334 (333,334) 14/03/2007 14/03/2008 13/03/2012 1,000,000 (1,000,000) 02/04/2007 02/04/2008 01/04/2012 0.2166 0.20 0.3150 0.20 1,333,334 (1,333,334) 4,666,666 (4,666,666) 79
32. (ii) 2002 (B) (i) 33 1 / 3% 33 1 / 3% 33 1 / 3% (ii) (iii) (iv) 2002 2,199,999945,000619,999 Black-Scholes option pricing model 457% 461% 474% 5.0 5.0 5.0 4.2% 4.2% 4.2% (v) (vi) 4,666,666 0.227 (4,666,666) 0.227 80
33. 20,000,000 31,948,882 (31,948,882) 752,000 (752,000) 1,504,000 1,504,000 3,000,000 3,000,000 10,472,000 10,472,000 5,256,000 10,472,000 (752,000) 14,976,000 5,256,000 42,420,882 (32,700,882) 14,976,000 81
33. 736,000 (736,000) 752,000 752,000 1,504,000 1,504,000 1,504,000 (1,504,000) 3,000,000 3,000,000 4,496,000 3,000,000 (2,240,000) 5,256,000 7,466,000255,000 6,633,000 184,00032,700,882 2,240,000 232,000 (232,000) 464,000 464,000 520,000 520,000 640,000 640,000 1,216,000 640,000 (232,000) 1,624,000 82
33. 216,000 (216,000) 232,000 232,000 464,000 464,000 464,000 (464,000) 520,000 520,000 1,376,000 520,000 (680,000) 1,216,000 581,000 243,000232,000 34. 35 36 771,842 652 291,562 750 (123,669) 941,137 (846) (846) (668) 668 (60) 60 184 184 (653) (653) 771,842 (846) 652 291,562 206 (123,594) 939,822 (4,646) (4,646) 5,358 (6,096) 738 9,456 9,456 (767) (767) 771,842 (134) 652 291,562 3,566 (123,623) 943,865 83
34. 22 943,999,000940,668,000 7,136,000 846 26,168,000 4,646 7,136,000 846 (32,700,882) (5,358) 603,118 134 7,136,000 846 33 35. (a) 1 84
35. (b) 2,294 1,983 169 2,105 2,463 4,088 36. 128,091 73,186 1,204,052 1,567,358 85,000 168,705 1,417,143 1,809,249 85
37. 38. (a) (i) 47,542 (ii) 23,689 22,520 (iii) 3,900 3,879 (b) 17 23 25 30 39. 86
39. (a) 50,598 104,126 41 325,515 50,639 429,641 26,495 11,124 26,495 11,124 24,144 418,517 5% 87
39. (a) 1,205 4,650 2 16,276 1,207 20,926 (b) % +/-0.5 81 +/-0.5 1,941 88
39. (c) (d) 19,595 19,595 19,595 10,652 10,652 10,652 97,866 97,866 97,866 78,000 78,000 78,000 472,773 472,773 450,260 206,113 472,773 678,886 656,373 2,076 2,076 2,076 4,056 4,056 4,056 78,000 78,000 78,000 150,000 474,610 624,610 602,010 234,132 474,610 708,742 686,142 89
39. (d) 681 681 681 245,882 245,882 245,882 353,535 353,535 336,700 246,563 353,535 600,098 583,263 272 272 272 346,612 346,612 346,612 353,535 353,535 336,700 346,884 353,535 700,419 683,584 (e) 3.11 3.18 (i) 1,036,694 2,988 1,405 45,756 20,146 17,747 10,853 16,355 377,419 1,101,793 427,570 90
39. (e) (ii) 19,595 2,076 10,652 4,056 78,000 78,000 450,260 602,010 97,866 656,373 686,142 (i) 1,699,972 1,779,765 61 61 1,700,033 1,779,826 (ii) 699 290 245,882 346,612 336,700 336,700 583,281 683,602 91
39. (f) (I) 13 1 2 1 3 (II) 1 2 3 2,988 2,988 1,036,694 1,036,694 (97,866) (97,866) 92
39. (f) (II) 1 2 3 1,405 1,405 93
39. (f) (III) 0.60% 2.58% 73.09% 74.69% 0.60% 2.58% 73.09% 74.69% 94
39. (f) (IV) 25 1,350,993 (107,329) 13,184 (19,986) (327,483) 29,449 1,036,694 (97,866) (19,986) 8,739 95
40. 2,128,300 2,294,784 28 581,070 78,000 78,000 450,260 602,010 528,260 1,261,080 402.9% 182.0% 41. 296,980,000 42. Perennial Success Limited Crystal Hub Limited Elite Empire Investments Limited Elite Empire40% 600,000,000 96
48,693 5,175 844 14,611 21,772 48,693 5,175 15,455 21,722 283,272 62,225 53,002 1,195,485 (30,121) 5,490 (4,791) 283,272 62,225 53,002 1,200,975 (34,912) (1,865) (45,969) (39,374) (11,601) (18,392) (1,865) (45,969) (39,374) (11,601) (18,392) 281,407 16,256 13,628 1,183,884 (48,513) 5,490 (4,791) 281,407 16,256 13,628 1,189,374 (53,304) (10,784) (21,695) (315,297) (153) (10,784) (21,695) (315,450) 281,407 5,472 (8,067) 868,588 (48,513) 5,337 (4,791) 281,407 5,472 (8,067) 873,925 (53,304) 281,744 2,020 (9,721) 689,734 (48,526) (337) 3,452 1,654 184,191 (4,778) 281,407 5,472 (8,067) 873,925 (53,304) 2,888,710 4,640,389 4,211,325 3,635,756 1,782,817 (760,410) (2,345,605) (1,924,406) (1,432,931) (525,044) (367,284) (363,447) (347,613) (151,978) 2,128,300 1,927,500 1,923,472 1,855,212 1,105,795 97
2016 100% 177,000 14,473 2015 100% 45,000 32,336 2014 70% 9,956 6,147 98