Great Eagle Holdings Limited — Annual Report 2008

Apr 8, 2009

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（Stock Code 股份代號：00028）

Annual Report 2008 年報

天安中國投資有限公司 Tian An China Investments Company Limited

目錄 Contents

公司資料 董事總經理報告 管理層討論及分析 經營回顧 財務回顧 項目回顧 ‧ 主要物業發展 ‧ 主要物業投資 ‧ 其他投資 物業發展資料 發展中物業資料 物業及酒店投資資料 企業管治報告 董事會報告 獨立核數師報告 綜合收益賬 綜合資產負債表 資產負債表 綜合權益變動表 綜合現金流動表 綜合財務報表附註 財務概要

Corporate Information	2
Managing Director’s Statement	4
Management Discussion and Analysis	11
Operational Review	11
Financial Review	15
Project Review	17
• Major Property Development	17
• Major Property Investments	24
• Other Investments	26
Particulars of Property Development	27
Particulars of Properties under Construction	31
Particulars of Property and Hotel Investments	32
Corporate Governance Report	35
Directors’ Report	54
Independent Auditor’s Report	78
Consolidated Income Statement	80
Consolidated Balance Sheet	82
Balance Sheet	84
Consolidated Statement of Changes in Equity	85
Consolidated Cash Flow Statement	87
Notes to the Consolidated Financial Statements	90
Financial Summary	196

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天安中國投資有限公司 Tian An China Investments Company Limited

公司資料 Corporate Information

董事會

BOARD OF DIRECTORS

執行董事

Executive Directors

李成偉，董事總經理 黃清海，副董事總經理 馬申 勞景祐 李志剛 Yasushi Ichikawa

Patrick Lee Seng Wei, Managing Director Ng Qing Hai, Deputy Managing Director Ma Sun Edwin Lo King Yau Li Chi Kong Yasushi Ichikawa

非執行董事

Non-Executive Directors

李成輝，主席 宋增彬，副主席 鄭慕智

Lee Seng Hui, Chairman Song Zengbin, Deputy Chairman Moses Cheng Mo Chi

獨立非執行董事

Independent Non-Executive Directors

鄭鑄輝 魏華生 徐溯經 楊麗琛

Francis J. Chang Chu Fai Ngai Wah Sang Xu Su Jing Lisa Yang Lai Sum

執行委員會

EXECUTIVE COMMITTEE

李成偉，主席 Patrick Lee Seng Wei, Chairman 黃清海 Ng Qing Hai 馬申 Ma Sun 勞景祐 Edwin Lo King Yau 李志剛 Li Chi Kong Yasushi Ichikawa Yasushi Ichikawa

薪酬委員會

REMUNERATION COMMITTEE

鄭鑄輝，主席 Francis J. Chang Chu Fai, Chairman 魏華生 Ngai Wah Sang 徐溯經 Xu Su Jing 楊麗琛 Lisa Yang Lai Sum

審核委員會

AUDIT COMMITTEE

魏華生，主席 Ngai Wah Sang, Chairman 鄭鑄輝 Francis J. Chang Chu Fai 鄭慕智 Moses Cheng Mo Chi 徐溯經 Xu Su Jing 楊麗琛 Lisa Yang Lai Sum

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天安中國投資有限公司 Tian An China Investments Company Limited

公司資料 Corporate Information

往來銀行

香港

中國銀行（香港）有限公司 東亞銀行有限公司 中信嘉華銀行有限公司 香港上海滙豐銀行有限公司 渣打銀行（香港）有限公司 永亨銀行有限公司

中國內地

中國銀行 交通銀行 中國建設銀行 招商銀行 中國工商銀行 上海浦東發展銀行

註冊辦事處

香港灣仔告士打道138號 聯合鹿島大廈22樓 電話：2533 3233 傳真：2845 3034 電郵：info@tiananchina.com

股份過戶登記處

卓佳秘書商務有限公司 香港 皇后大道東28號 金鐘匯中心26樓

公司秘書

容綺媚

核數師

德勤 • 關黃陳方會計師行

律師

萬盛國際律師事務所 胡百全律師事務所

股份代號

28

網站

http://www.tiananchina.com http://www.irasia.com/listco/hk/tiananchina/ index.htm

BANKERS

Hong Kong

Bank of China (Hong Kong) Limited The Bank of East Asia, Limited CITIC Ka Wah Bank Limited The Hongkong and Shanghai Banking Corporation Limited Standard Chartered Bank (Hong Kong) Limited Wing Hang Bank, Limited

Mainland China

Bank of China Bank of Communications China Construction Bank Corporation China Merchants Bank Industrial and Commercial Bank of China Shanghai Pudong Development Bank Co., Ltd.

REGISTERED OFFICE

22nd Floor, Allied Kajima Building 138 Gloucester Road, Wanchai, Hong Kong Tel. : 2533 3233 Fax : 2845 3034 E-mail : info@tiananchina.com

SHARE REGISTRARS

Tricor Secretaries Limited 26th Floor, Tesbury Centre 28 Queen’s Road East Hong Kong

COMPANY SECRETARY

Cindy Yung Yee Mei

AUDITOR

Deloitte Touche Tohmatsu

SOLICITORS

Mallesons Stephen Jaques P. C. Woo & Co.

STOCK CODE

28

WEBSITES

http://www.tiananchina.com http://www.irasia.com/listco/hk/tiananchina/ index.htm

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天安中國投資有限公司 Tian An China Investments Company Limited

董事總經理報告 Managing Director’s Statement

本人欣然宣佈二零零八年之全年業績。

I am pleased to present to you the annual results for 2008.

財務業績

FINANCIAL RESULTS

本集團截至二零零八年十二月三十一日止年 度之收入為473,329,000港元（二零零七年： 持續經營業務為670,706,000港元及已終止經 營業務為192,482,000港元），較二零零七年 之持續經營業務收入減少29%。本公司股東 應佔溢利為711,087,000港元（二零零七年： 702,976,000港元），較去年增加1%。

The revenue of the Group for the year ended 31st December, 2008 was HK$473,329,000 (2007: HK$670,706,000 for continuing operations and HK$192,482,000 for discontinued operations), a decrease of 29% compared to the continuing operations of 2007. The profit attributable to equity holders of the Company was HK$711,087,000 (2007: HK$702,976,000), representing a 1% increase over the year before.

溢利的增加包括以下重大的非現金項目：

The increase in profit included the following significant non-cash items:

• (a) 本公司發行認股權證以致衍生財務工具 負債之公允價值之變動所產生之收益 794,420,000港元。根據二零零七年年 底進行之股份及認股權證公開發售，本 公司發行了可按認購價每股10.00港元認 購251,853,983股新股份之251,853,983 份新認股權證。認股權證可於二零零八 年一月二日至二零一零年一月二日止期 間隨時轉換為股份。然而，因本公司之 功能貨幣是人民幣，認購價10.00港元並 不是一個固定的人民幣金額。因此，根 據香港會計準則第32及39號，認股權證 乃分類為衍生財務工具負債，並於訂立 衍生合約日期按公允價值首次確認，其 後於每個結算日按公允價值重新計量。 所產生之溢利或虧損必須於每個結算日 在收益賬內確認。由於相關股份於二零 零七年年底之市值上升，因此二零零七 年下半年錄得虧損101,665,000港元。然 而，隨著二零零八年相關股份之市價下 跌，上述收益794,420,000港元已於年內 確認。

• (a) A gain of HK$794,420,000 representing the change in fair value of a derivative financial instrument liability in respect of warrants issued by the Company. Pursuant to an Open Offer of shares and warrants towards the end of 2007, 251,853,983 new warrants to subscribe for 251,853,983 new shares at a subscription price of HK$10.00 per share were issued. The warrants are convertible into shares at any time in the period commencing from 2nd January, 2008 and ending on 2nd January, 2010. However, because the functional currency of the Company is Renminbi, the subscription price of HK$10.00 is not a fixed amount of cash in Renminbi. Accordingly, under Hong Kong Accounting Standards 32 and 39, the warrants are classified as derivative financial instrument liabilities which must initially be recognised at fair value at the date at which such derivative contract is entered into and are subsequently revalued to their fair value at each balance sheet date. The resulting gain or loss must be recognised in the income statement at each balance sheet date. Because of a rise in the market value of the underlying shares at the end of 2007, a loss of HK$101,665,000 was therefore booked in the second half of 2007. However, with a fall in the market price of the underlying shares during 2008, a gain of HK$794,420,000 as mentioned above was recognised during the year.

• (b) 亦因本集團之功能貨幣為人民幣，令主 要由港元及美元銀行存款於二零零八年 產生之匯兌虧損為109,596,000港元。

• (b) An exchange loss of HK$109,596,000 mainly on the Group’s Hong Kong Dollar and United States Dollar bank deposits during 2008, also because our functional currency is Renminbi.

• (c) 投資物業之公允價值減少187,283,000 港元，對比二零零七年，相關的收益為 171,533,000港元。

• (c) A decrease in fair value of the investment properties of HK$187,283,000, compared to a gain of HK$171,533,000 for 2007.

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天安中國投資有限公司 Tian An China Investments Company Limited

董事總經理報告 Managing Director’s Statement

若不包括這些非現金項目及二零零七年已終 止經營水泥業務之溢利137,842,000港元，則 本公司於二零零八年股東應佔溢利（「溢利表 現」）減少57%。

溢利表現放緩之理由是：

• (1) 深圳天安高爾夫花園（三期）延期完工， 該項目現預期於二零零九年交付予買 家；及

• (2) 原來預計在二零零八年十二月完成出售 的肇慶及南海之非核心資產延期完成。 買家要求延長完成交易的時間，本集團 現為此事與買家進行商議。

受到上述因素之影響，每股盈利為46.98港仙 （二零零七年：54.55港仙）。

股息

本公司之董事會已建議派發截至二零零八年 十二月三十一日止年度之末期股息每股3港仙 （二零零七年：10港仙）予於二零零九年五月 二十二日（星期五）名列本公司股東名冊內之 本公司股東（「股東」）。務請留意，本公司於 年內購回其股份約19.9百萬股，總代價約為 50.7百萬港元。

另請參照本年報第8頁第(2)項內所述，我們相 信應該利用資源去進行一個具規模的股份回 購計劃。

If these non-cash items are excluded, as well as the profit of HK$137,842,000 from the discontinued cement operation in 2007, the resultant profit attributable to the equity holders of the Company for 2008 (“underlying profit performance”) would have decreased by 57%.

The lower underlying profit performance was the result of:

• (1) the delay in the completion of Shenzhen Tian An Golf Garden Phase 3, which we currently expect to deliver to purchasers in 2009; and

• (2) the delay in the completion of sales of non-core assets in Zhaoqing and Nanhai, which was originally expected in December 2008. The purchasers have requested for an extension of time for completion and this is currently being negotiated.

Subject to the above comments, earnings per share amounted to HK46.98 cents (2007: HK54.55 cents).

DIVIDEND

The board of directors of the Company has recommended a final dividend of HK3 cents per share for the year ended 31st December, 2008 (2007: HK10 cents) payable to the shareholders of the Company (“Shareholders”) whose names appear on the register of members of the Company on Friday, 22nd May, 2009. It should also be noted that the Company repurchased its shares during the year at an aggregate consideration of approximately HK$50.7 million for about 19.9 million shares.

We also refer to item (2) on page 8 of this annual report where we stated that we believe we should utilise our resources to embark on a significant share buyback programme.

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天安中國投資有限公司 Tian An China Investments Company Limited

董事總經理報告 Managing Director’s Statement

暫停辦理股份及認股權證 過戶登記

CLOSURE OF REGISTERS OF MEMBERS AND WARRANT HOLDERS

本公司將於二零零九年五月十九日（星期二） 至二零零九年五月二十二日（星期五）（包括首 尾兩天），暫停辦理本公司股份及認股權證過 戶登記，在此期間本公司股份及認股權證之 轉讓手續將不予辦理。為符合獲享末期股息 資格，須於二零零九年五月十八日（星期一） 下午四時三十分前將所有過戶文件連同有關 股票（或如為認股權證持有人，則所有認購表 格連同有關認股權證書及認購款項）送交本公 司之股份過戶登記處卓佳秘書商務有限公司 （地址為香港皇后大道東28號金鐘匯中心26 樓）辦理股份過戶登記手續。待股東於本公司 即將舉行之股東週年大會上批准後，預期股 息單將於二零零九年六月十二日（星期五）或 左右以郵寄方式寄發予股東。

The registers of members and warrant holders of the Company will be closed from Tuesday, 19th May, 2009 to Friday, 22nd May, 2009 (both days inclusive), during which period no transfers of shares and warrants of the Company will be registered. In order to qualify for the final dividend, all transfers forms accompanied by the relevant share certificates or in the case of warrant holders, all subscription forms accompanied by the relevant warrant certificates and exercise money, must be lodged with the Company’s share registrars, Tricor Secretaries Limited of 26th Floor, Tesbury Centre, 28 Queen’s Road East, Hong Kong for registration not later than 4:30 p.m. on Monday, 18th May, 2009. Subject to approval by the Shareholders at the forthcoming annual general meeting of the Company, dividend warrants are expected to be despatched to the Shareholders by post on or around Friday, 12th June, 2009.

業務回顧

BUSINESS REVIEW

本集團主要經營範圍包括：在中國開發高檔 住宅、別墅、辦公樓及商用物業、物業投 資、物業管理及酒店營運。

The Group is engaged principally in the development of high-end apartments, villas, office buildings and commercial properties, property investment, property management and hotel operation in China.

以下為本集團於本年度達到之成績：

An outline of our achievements during the year is set out below:

• (1) 本集團繼續出售非核心資產，也就是於 肇慶高爾夫渡假村及南海天安鴻基花園 項目之權益。然而，由於負面的經濟情 緒，買家要求延遲完成交易的日期。

• (1) We have continued to dispose of non-core assets, namely our interests in Zhaoqing Resort & Golf Club and Nanhai Tian An Hung Kai Garden project. However, with the poor economic sentiment, the purchasers have requested for the completion dates of the sales to be extended.

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天安中國投資有限公司 Tian An China Investments Company Limited

董事總經理報告 Managing Director’s Statement

• (2) 本集團二零零八年之總銷售為93,400平 方米，而二零零七年則為102,400平方 米。於回顧年度內，已完成住宅╱商 用物業之總樓面面積約為180,700平方 米（二零零七年：87,900平方米），較 去年增加105%（主要來自共同控制公 司）。截至二零零八年年底，在建工程 之總樓面面積約為403,800平方米（二零 零七年：363,000平方米），較去年增加 11%，包括上海天安別墅（二期）、上海 天安豪園（一期）、無錫曼哈頓（一期）、 南通天安花園（四期）、常州天安數碼 城（一期）、深圳天安龍崗數碼新城（二 期）、佛山天安南海數碼新城（二期）及 廣州天安番禺節能科技園（四期）。

• (3) 租金收入較去年增加多於40%。二零零 八年年底南京天安國際大廈商場之固定 租金期結束，此項物業預期為本集團帶 來較大現金流量及溢利。

• (4) 本集團發現跌市時搬遷補償之要求會較 為合理。就此而言，本集團有把握清拆 上海天安別墅項目內之舊有房屋，並已 進入上海天安豪園項目及上海天安陽光 半島項目（或稱作「麵粉廠」發展項目） 的後清拆階段。

• (5) 本集團將繼續大力投資於數碼城項目。 本集團於華南之數碼城進展良好，位於 深圳、番禺、龍崗及佛山之項目表現均 符合預期。就華東之數碼城而言，常州 之工程已經展開，而我們正就南京項目 提交總體規劃。我們亦繼續與當地機 關商討，以增加位於東莞（1,450畝）、 太倉（1,000畝）、北京（500畝）、重慶

• （350畝）、無錫（600畝）及常熟（935 畝）之土地儲備，以擬作興建綜合商務 園。

• (2) Total sales of the Group amounted to 93,400 m[2] in 2008, compared to 102,400 m[2] in 2007. A total Gross Floor Area (“GFA”) of approximately 180,700 m[2] (2007: 87,900 m[2] ) of residential/commercial properties was completed during the year under review, representing an increase of 105% (mainly from jointly controlled entities) over last year. By the end of 2008, a total GFA of approximately 403,800 m[2] (2007: 363,000 m[2] ) was under construction, representing a 11% increase over last year, including Shanghai Tian An Villa (Phase 2), Shanghai Tian An Place (Phase 1), Wuxi Manhattan (Phase 1), Nantong Tian An Garden (Phase 4), Changzhou Tian An Cyber Park (Phase 1), Shenzhen Tian An Longgang Cyber Park (Phase 2), Foshan Tian An Nanhai Cyber Park (Phase 2) and Guangzhou Tian An Panyu Hi-Tech Ecological Park (Phase 4).

• (3) Rental income increased by more than 40% as compared with last year. Following the end of the fixed rent period for the shopping arcades in Nanjing Tian An International Building at the end of 2008, this property is expected to contribute significantly to Group cashflow and profit.

• (4) We have found re-settlement demands to be more reasonable in a falling market. In this regard, we have been able to secure the removal of all squatters from the Shanghai Tian An Villa project and we are in an advanced stage of clearing in the Shanghai Tian An Place project and the Shanghai Sunshine Peninsula project also known as the “Flour Mill” development.

• (5) We will continue to devote a significant amount of our efforts to our cyberpark investments. Our southern cyberparks have been progressing well. The projects in Shenzhen, Panyu, Longgang and Foshan all performed in line with our expectations. As far as our eastern cyberparks are concerned, work has started in Changzhou and we are in the process of submitting the master plan for our Nanjing project. We are also continuing to negotiate with local authorities to increase our landbank in Dongguan (1,450 mu), Taicang (1,000 mu), Beijing (500 mu), Chongqing (350 mu), Wuxi (600 mu) and Changshu (935 mu), where we intend to build integrated business parks.

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天安中國投資有限公司 Tian An China Investments Company Limited

董事總經理報告 Managing Director’s Statement

• (6) 目前，本集團擁有約7,253,700平方米總 樓面面積之土地儲備（本集團應佔總樓 面面積約為6,157,100平方米，包括已竣 工投資物業290,100平方米及待發展物業 5,867,000平方米）。

• (6) The Group currently has a landbank of total GFA of approximately 7,253,700 m[2] (total GFA attributable to the Group is approximately 6,157,100 m[2] , consisting of 290,100 m[2] of completed investment properties and 5,867,000 m[2] of properties for development).

• (7) 本集團之財政狀況穩健，於二零零八年 十二月三十一日，銀行結餘及現金總額 超逾24億港元。本集團經常被稱為過份 保守，此項特徵現已變成一項優點，因 穩健之現金水平為本集團建立穩固之基 礎，以在此不明朗之經營期內捕捉機會。

• (7) The Group is in a strong financial position with total bank balances and cash as at 31st December, 2008 over HK$2.4 billion. The Group has often been described as being overly conservative. This characterisation is now an advantage as the Group’s strong cash position has put it on a strong footing to take advantage of any opportunities during this uncertain operating period.

二零零九年之計劃

PLANS FOR 2009

二零零九年之目標如下：

Objectives for 2009 are as follows:

• (1) 本集團將集中力量發展數碼城項目，在 現時的環境，本集團相信這產品具有競 爭力並富有靈活性。我們只會在初期資 本投放低及不需要馬上動工開發的條件 下，才增加數碼城之土地儲備。

• (1) We shall concentrate our efforts on developing our cyberpark projects where we believe our products are competitive and resilient in the present environment. We will only increase our cyberpark landbank where the initial capital outlay is low and there is no immediate requirement for us to commence development.

• (2) 我們注意到本公司的股價相對賬面資產 淨值出現重大的折讓，我們相信應該利 用資源去進行一個具規模的股份回購計 劃而不是投放資源去購買新的項目。本 集團會透過現有的資源、售出非核心資 產以及出售存貨（即使減少邊際溢利）來 整合現金進行回購。

• (2) We note our share price has been trading at a substantial discount to our book net asset value. We believe we should utilise our resources to embark on a significant share buyback programme rather than allocating our resources to buying new projects. We will raise the cash for buyback from existing resources, sales of non-core assets and disposals of our inventories even at the expense of margins.

• (3) 重大的管理層及金錢的資源將會投放於 本集團上海項目的舊有房屋的搬遷。特 別是上海天安豪園，搬遷計劃於二零零 九年下半年完成，並預期從二零一一年 開始貢獻重大的溢利。

• (3) Significant management and monetary resources will be allocated to the resettlement of squatters in our Shanghai projects. In particular, Shanghai Tian An Place is scheduled to complete its resettlement in the latter part of this year and is expected to contribute substantially to our profit from 2011 onwards.

• (4) 本集團將與願意加大如本集團的客戶信 貸之國內本地銀行密切合作，希望增加 項目的貸款而不是過度利用股本，從而 提升股本回報。

• (4) We will work closely with onshore mainland banks which are eager to extend credit to customers such as ourselves. We hope to gear up our projects rather than over-utilising equity in order to increase our return on equity.

• (5) 本集團將審視我們的管理及成本結構， 從而改善效益及降低費用。

• (5) We will review our management and cost structure so as to improve efficiency and lower expenses.

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天安中國投資有限公司 Tian An China Investments Company Limited

董事總經理報告 Managing Director’s Statement

業務展望

本集團相信二零零九年的經濟環境將維持在 不景氣及暗淡中偶有曙光。已發展國家的政 府正力圖解決其金融行業的問題，此舉若然 成功，將預示二零零九年下半年及以後的好 轉。本集團對中國房地產市場的長遠前景仍 然很有信心，並將繼續立於有利的位置去捕 捉中國房地產市場的復甦。

本集團憑藉雄厚實力，期望能夠推行既定策 略及目標，為全體股東爭取利益。

致謝

本人謹此衷心感謝各董事及員工於過去一年 值得表揚之努力及對本集團之貢獻，並感謝 各股東的諒解及支持，以及客戶之信任。

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董事總經理 李成偉

香港，二零零九年三月二十三日

BUSINESS OUTLOOK

We believe the economic environment for 2009 will remain stagnant and gloomy with occasional bright spots. The governments of developed countries are attempting to resolve their financial sector problems and if these initiatives are successful, it should bode well for the latter part of 2009 and beyond. We remain confident of the longer term prospects of the property market in China and will continue to position our Group to take advantage of the recovery of the PRC property market.

The Group is in a strong position and expects to be able to carry out its stated strategies and objectives for the benefit of all Shareholders.

APPRECIATION

I would like to take this opportunity to thank my fellow Directors and the staff for their diligence and contributions to the Group in the past year, to the Shareholders for their understanding and support, and to the customers for their trust.

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Patrick Lee Seng Wei Managing Director

Hong Kong, 23rd March, 2009

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天安中國投資有限公司 Tian An China Investments Company Limited

董事總經理報告 Managing Director’s Statement

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2008

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天安中國投資有限公司 Tian An China Investments Company Limited

管理層討論及分析 Management Discussion and Analysis

經營回顧

1. 收益來源

在中國的物業發展、物業投資及合營企業投 資之營運收益為本集團收入之主要來源。其 明細如下：

(1) 物業發展

物業發展收入由二零零七年478,089,000港元 下跌至223,773,000港元。年內銷售的項目 主要有南通天安花園（三期）、常州天安別墅 （一期）及長春天安第一城。

(2) 物業投資

年內，上海天安中心、南京天安國際大廈、 大連天安國際大廈及北京天安豪園出租理 想，令集團租金收入由117,739,000港元增至 171,049,000港元，升幅超逾40%。

OPERATIONAL REVIEW

1. INCOME SOURCES

Income derived from operations in property development, property investment and joint venture investments in the PRC constituted the most significant source of revenue to the Group. An analysis is as follows:

(1) Property development

Revenue derived from property development decreased from HK$478,089,000 to HK$223,773,000 compared with 2007. Projects offered for sale during the year mainly consisted of Nantong Tian An Garden (Phase 3), Changzhou Tian An Villa (Phase 1) and Changchun Tian An City One.

(2) Property investments

During the year, Shanghai Tian An Centre, Nanjing Tian An International Building, Dalian Tian An International Tower and Beijing Park Apartments had satisfactory leasing result and led to rental income increase from HK$117,739,000 to HK$171,049,000, soaring by more than 40%.

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天安中國投資有限公司 Tian An China Investments Company Limited

管理層討論及分析

Management Discussion and Analysis

(3) 合營企業投資

(3) Joint venture investments

溢利貢獻： Contribution to profit: 應佔聯營公司溢利 Share of profit of associates 應佔共同控制公司溢利 Share of profit of jointly controlled entities	2008 2007 千港元 千港元 HK$’000 HK$’000
	22,587 72,166 189,943 176,114
	212,530 248,280

2. 主要銷售

2. MAJOR SALES

截至二零零八年十二月三十一日止年度，本 集團的銷售活動主要集中在以下項目：

For the year ended 31st December, 2008, the Group’s sales activities were concentrated principally on the following projects:

項目 Project 用途 Use 深圳天安高爾夫花園（三期） Shenzhen Tian An Golf Garden (Phase 3) 住宅 Residential 深圳天安龍崗數碼新城 （一期） Shenzhen Tian An Longgang Cyber Park (Phase 1) 商業 Commercial 廣州天安番禺節能科技園 （三及四期） Guangzhou Tian An Panyu Hi-Tech Ecological Park (Phases 3 and 4) 商業 Commercial 佛山南海天安鴻基花園 Foshan Nanhai Tian An Hung Kai Garden 住宅 Residential 佛山天安南海數碼新城 （一期） Foshan Tian An Nanhai Cyber Park (Phase 1) 商業 Commercial 常州新城市花園（五期） Changzhou New City Garden (Phase 5) 住宅 Residential 常州天安別墅（一期） Changzhou Tian An Villa (Phase 1) 住宅 Residential 南通天安花園（三期） Nantong Tian An Garden (Phases 3) 住宅 Residential 長春天安第一城 Changchun Tian An City One 住宅 Residential 其他項目 Other projects 商業╱ 住宅 Commercial/ Residential 總計 Total	銷售樓面面積 GFA sold 平方米m2
	6,250 15,118 12,455 1,959 11,570 2,308 5,902 2,670 19,686 15,482
	93,400

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天安中國投資有限公司 Tian An China Investments Company Limited

管理層討論及分析 Management Discussion and Analysis

3. 土地組合

3. LAND PORTFOLIO

本集團擁有約725.37萬平方米總樓面面積的 土地儲備（本集團應佔總樓面面積約為615.71 萬平方米，包括已竣工投資物業約29.01萬 平方米及待發展物業約586.7萬平方米）， 主要位於上海、深圳、北京、廣州、惠州、 佛山、南通、無錫、常州、南京、福州、長 春、大連、武漢、肇慶及江門。

The Group currently has a landbank of total GFA of approximately 7,253,700 m[2] (total GFA attributable to the Group is approximately 6,157,100 m[2] , consisting of approximately 290,100 m[2] of completed investment properties and approximately 5,867,000 m[2] of properties for development), located mainly in Shanghai, Shenzhen, Beijing, Guangzhou, Huizhou, Foshan, Nantong, Wuxi, Changzhou, Nanjing, Fuzhou, Changchun, Dalian, Wuhan, Zhaoqing and Jiangmen.

於二零零八年十二月三十一日，本集團主要 土地組合如下：

As at 31st December, 2008, the Group’s land portfolio principally consisted of the following:

(1) 待發展物業

(1) Properties for development

地區 Region 華北 Northern China 華東 Eastern China 華南 Southern China 總計 Total	本集團應佔 總樓面面積 GFA 商業 住宅 attributable Commercial Residential to the Group 平方米 m2 平方米 m2 平方米 m2 32,000 430,000 462,000 1,300,000 1,604,000 2,904,000 542,000 1,959,000 2,501,000
	1,874,000 3,993,000 5,867,000

(2) 已竣工投資物業

(2) Completed investment properties

地區 華北 華東 華南 總計

Region Northern China Eastern China Southern China Total	本集團應佔 總樓面面積 GFA 商業 住宅 attributable Commercial Residential to the Group 平方米 m2 平方米 m2 平方米 m2 68,600 25,300 93,900 142,000 1,000 143,000 53,200 – 53,200 263,800 26,300 290,100

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天安中國投資有限公司 Tian An China Investments Company Limited

管理層討論及分析

Management Discussion and Analysis

4. 僱員及培訓

4. EMPLOYEE AND TRAINING

於二零零八年十二月三十一日， 本集團（包 括附屬公司， 但不包括聯營公司及共同控制 公司）聘用1,863（二零零七年：1,870）名員 工。本集團貫徹執行薪酬制度與市場相若之 政策，並按僱員表現發放薪金及花紅獎勵。

As at 31st December, 2008, the Group, including its subsidiaries but excluding associates and jointly controlled entities, employed 1,863 (2007: 1,870) persons. The Group maintains a policy of paying competitive remuneration packages and employees are also rewarded on performance related basis including salary and bonus.

於二零零八年十二月三十一日，本集團管理 層之組織如下：

The profile of the Group’s management staff as at 31st December, 2008 is listed below:

	認可專業人士	大學畢業生
地區	Qualified	University	25-35歲	35歲以上
Region	Professionals	Graduates	Age 25-35	Age Over 35
香港	14 (64%)	14 (64%)	4 (18%)	18 (82%)
Hong Kong
華北	32 (80%)	36 (90%)	12 (30%)	28 (70%)
Northern China
華東	63 (61%)	78 (76%)	19 (18%)	84 (82%)
Eastern China
華南	21 (60%)	30 (86%)	6 (17%)	29 (83%)
Southern China

鑑於優質員工乃本集團不可或缺之無形資 產，於年內透過組織培訓課程，致力維持前 線員工的市場觸覺及後勤員工的成本意識。 主要管理人員的酬金詳見綜合財務報表附註 14、15和48。本公司購股權計劃之詳情載於 第164頁。

Quality staff has always been the Group’s indispensable intangible asset. Training programmes were organised during the year to ensure that both the market sensitivity of the front line people and the cost consciousness of the back office staff were well maintained. The emoluments of key management personnel can be seen by reference to notes 14, 15 and 48 to the consolidated financial statements. Details of the share option scheme of the Company are set out in page 164.

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天安中國投資有限公司 Tian An China Investments Company Limited

管理層討論及分析 Management Discussion and Analysis

財務回顧

1. 資金流動狀況及融資

於二零零八年十二月三十一日，本集團致力 維持流動資金在穩健之水平，財政資源組合 分佈合理。本集團之銀行結餘及現金儲備約 24.93億港元，為本集團之日常運作提供足夠 營運資金。

於二零零八年十二月三十一日，本集團之總 借款約19.11億港元（二零零七年：19.04億港 元），包括分別為4.65億港元（二零零七年： 7.74億港元）及14.46億港元（二零零七年： 11.30億港元）之流動負債及非流動負債。本 集團有足夠現金用於償還二零零八年十二月 三十一日之總借款。本集團之資產負債率（負 債淨額除以權益總額）為負值6%（二零零七 年：負值14%）。借款乃主要用於購置投資物 業及為在建物業融資。融資成本減少主要是 因資本化的成本相對較多所致。

本集團約65%未償還負債將於兩年內到期。 由於本集團之投資及營運皆在中國進行，故 大部份銀行借款以人民幣計算及歸還。本集 團借款中約77%為定息借款，餘下者則為浮 息借款。

FINANCIAL REVIEW

1. LIQUIDITY AND FINANCING

As at 31st December, 2008, the Group maintained its liquidity at a healthy level with a balanced portfolio of financial resources. The total bank balances and cash reserves of the Group were approximately HK$2,493 million, providing sufficient working capital for the daily operations of the Group.

As at 31st December, 2008, the total borrowings of the Group amounted to approximately HK$1,911 million (2007: HK$1,904 million), including current liabilities of HK$465 million (2007: HK$774 million) and non-current liabilities of HK$1,446 million (2007: HK$1,130 million). The Group has enough cash to settle total borrowings as at 31st December, 2008. The gearing ratio (net debt over total equity) of the Group was a negative of 6% (2007: negative of 14%). The borrowings were mainly used to finance the investment properties and properties under construction. Decrease in finance costs is mainly due to a relatively large amount of costs were capitalised.

Approximately 65% of the Group’s outstanding borrowings will mature within 2 years. Since the investments and operation of the Group are carried out in the PRC, most of the bank borrowings are denominated in Renminbi (“RMB”) which will be repaid in the same currency. Around 77% of the Group’s borrowings bear interest at fixed rates while the remainder is at floating rates.

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天安中國投資有限公司 Tian An China Investments Company Limited

管理層討論及分析

Management Discussion and Analysis

2. 資產抵押

2. PLEDGE ON ASSETS

600,672,000港元之銀行存款，賬面總值分別 約53,627,000港元、1,190,027,000港元及 2,540,275,000港元之物業、廠房及設備、發 展物業及投資物業已抵押，以便本集團取得 銀行信貸及其他貸款、物業買家取得按揭貸 款及一共同控制公司取得銀行信貸之擔保。 資產抵押之詳情見綜合財務報表附註50。

Bank deposits of HK$600,672,000, aggregate carrying values of property, plant and equipment, development properties and investment properties of approximately HK$53,627,000, HK$1,190,027,000 and HK$2,540,275,000 respectively, were pledged for banking and other loan facilities granted to the Group, mortgage loans granted to property purchasers and banking facilities granted to a jointly controlled entity. Details of the pledge on assets are shown in note 50 to the consolidated financial statements.

3. 或有負債

3. CONTINGENT LIABILITIES

於截至二零零六年十二月三十一日止年度 內，中國政府加強執行有關中國國土資源部 於一九九九年四月二十六日所頒佈之閒置土 地處置法之規則。於二零零八年十二月三十 一日，一項賬面值為123,901,000港元之待發 展物業被界定為閒置土地，原因是一名前少 數股東向該附屬公司提出法律訴訟，以致延 誤發展。該法律訴訟已完結，本集團計劃繼 續發展該物業。另一賬面總值為179,134,000 港元（包括於分類為待售之資產）之待發展物 業可能被分類為閒置土地。本集團現正與當 地部門緊密洽商防止有關分類，包括商討發 展方案之可行性。根據法律意見，董事們已 對有關問題作出評估，並認為有關土地被沒 收之情況可能不會發生。

During the year ended 31st December, 2006, the PRC government reinforced the compliance of regulations on idle land confiscation which had been issued by the Ministry of Land Resources of the PRC on 26th April, 1999. As at 31st December, 2008, a property for development with carrying value of HK$123,901,000 had been identified as idle land, which delayed development was due to the legal action taken by a previous minority shareholder against the subsidiary. This legal case was settled and the Group intends to continue the development of this property. Another property for development with carrying value of HK$179,134,000 (included in assets classified as held for sale) may be potentially classified as idle land. The Group is currently working diligently to prevent the possible classification, including negotiating the feasibility of development plans with local authorities. Based on legal advice, the Directors have assessed the issue and consider that the idle land confiscation may not materialise.

於二零零八年十二月三十一日，本集團就授 予關聯公司之銀行融資，向有關銀行提供約 83,500,000港元之擔保。另就物業買家獲 授之按揭貸款向銀行提供約155,144,000港 元之擔保。本集團提供之所有擔保乃應銀行 要求，並根據一般商業條款而作出。本集團 被採取法律行動所引起之或有負債金額約為 257,104,000港元。本集團對此等索償進行評 估並在徵求法律意見後，認為現時乃太早作 評估可能產生之責任，或無需要作出額外撥 備。或有負債之詳情見綜合財務報表附註47。

As at 31st December, 2008, guarantees given to banks by the Group in respect of banking facilities granted to related companies was approximately HK$83,500,000. Guarantees given to banks in respect of mortgage loans granted to property purchasers amounted to approximately HK$155,144,000. All the guarantees provided by the Group were requested by banks and under normal commercial terms. Legal actions were taken against the Group resulting in possible contingent liabilities of approximately HK$257,104,000. The Group has assessed the claims and obtained legal advices, and considers that either it is too early to assess the range of possible liability at this stage or no additional provision is required to be made. Details of the contingent liabilities are shown in note 47 to the consolidated financial statements.

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天安中國投資有限公司 Tian An China Investments Company Limited

管理層討論及分析 Management Discussion and Analysis

項目回顧

1. 主要物業發展

華南區

深圳天安數碼城（50%）

數碼城位於深圳市中心區，毗鄰深圳高爾夫 俱樂部。此大型項目佔地約273,500平方米， 總樓面面積約787,700平方米。是一個集工 業╱辦公大樓、科技大廈、高級住宅及多功 能會所於一體的科技園。

可供出租的商業樓面面積為49,230平方米， 包括深圳數碼時代大廈、深圳天安創新科技 廣場（一及二期）及深圳福田天安科技創業園 大廈等部份樓面。

天安高爾夫花園（三期）「瓏園」為高層豪華住 宅，總樓面面積為109,000平方米，預計在二 零零九年入伙。

另外位於東莞新城市中心區－南城區之新 項目佔地約1,000,000平方米，樓面面積約 2,200,000平方米，現正與當地政府磋商中。

深圳天安龍崗數碼新城（50%）

位於深圳市龍崗區的核心區域，該項目佔地 約118,850平方米，樓面面積約356,500平方 米，計劃按照深圳天安數碼城模式開發，第 一期工程已完工。第二期工程已開工，樓面 面積約98,200平方米，並預計於二零一零年 內完工。

深圳布吉地塊（50%）

於二零零七年購入該項目，佔地約5,241平方 米，樓面面積約89,000平方米，項目位於深 圳布吉，已動工建設為商住綜合大樓。

PROJECT REVIEW

1. MAJOR PROPERTY DEVELOPMENT

Southern China

Shenzhen Tian An Cyber Park (50%)

Located at the heart of Shenzhen and adjacent to Shenzhen Golf Club, this large-scale project occupies a site area of approximately 273,500 m[2] with a total GFA of approximately 787,700 m[2] . The Cyber Park consists of industrial/office buildings, cyber technology buildings, deluxe residential apartments and multi-function clubhouse.

The lettable commercial GFA is 49,230 m[2] , including remaining areas of Shenzhen Cyber Times Building and Shenzhen Tian An Innovation Science and Technology Plaza (Phases 1 and 2) and Shenzhen Futian Tian An Hi-Tech Venture Park.

Tian An Golf Garden (Phase 3) – “ARIA” with a total GFA of 109,000 m[2] comprises luxurious high-rise residential buildings. The project is expected to be delivered to purchasers in 2009.

A new project situated right at the new city central area – Nancheng District of Dongguan and covers land area of 1,000,000 m[2] with GFA of 2,200,000 m[2] is under negotiation with the local government.

Shenzhen Tian An Longgang Cyber Park (50%)

Located in the core area of Longgang in Shenzhen, this project has a site area of approximately 118,850 m[2] and GFA of approximately 356,500 m[2] . The model of Shenzhen Tian An Cyber Park is used to develop this project. Phase 1 has been completed. Phase 2 has been commenced with GFA of approximately 98,200 m[2] and expected to be completed in 2010.

Shenzhen Buji Land Site (50%)

This project was acquired in 2007 with site area of approximately 5,241 m[2] and GFA of approximately 89,000 m[2] . Located in Buji of Shenzhen, the project was commenced to develop into a commercial/ residential building.

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天安中國投資有限公司
Tian An China Investments Company Limited
管理層討論及分析
Management Discussion and Analysis
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天安中國投資有限公司 Tian An China Investments Company Limited

管理層討論及分析 Management Discussion and Analysis

廣州天安番禺節能科技園（49%）

位於廣州市番禺中心城區，整個大型項目佔 地517,153平方米，總樓面面積約712,500平 方米。第四期樓面面積約45,300平方米在建 中，預計於二零零九年完工。此節能科技園 發展包括工業╱辦公大樓、科技大廈、高級 住宅及多功能會所。

佛山天安南海數碼新城（45%）

位於南海桂城土地，佔地約103,100平方米， 樓面面積約257,800平方米，正以深圳天安數 碼城相同概念開發，第一期工程已完工，第 二期在建工程樓面面積約58,400平方米，預 計於二零零九年內完工。

佛山南海天安鴻基花園（30%）

該項目已於二零零八年七月八日簽訂協議出 售整個項目，預計將於二零零九年底完成交 易。

惠州淡水地塊（100%）

位於惠州淡水之淡水河兩岸，佔地約392,000 平方米，樓面面積約783,000平方米，此項目 擬建設商住綜合物業。

江門天安花園（100%）

該項目包括住宅、商場、會所及地下車庫， 位於江門市中心地段，佔地42,388平方米， 規劃總樓面面積127,200平方米，因考慮更改 原先規劃，暫時停工。

Guangzhou Tian An Panyu Hi-Tech Ecological Park (49%)

Located in the central district of Panyu in Guangzhou, this large scale project has a site area of 517,153 m[2] and a total GFA of approximately 712,500 m[2] . Phase 4 with GFA of approximately 45,300 m[2] is under construction and expected to be completed in 2009. The park development consists of industrial/office buildings, science and technology buildings, high-class residential buildings and multi-function clubhouse.

Foshan Tian An Nanhai Cyber Park (45%)

Located in Guicheng of Nanhai with site area of approximately 103,100 m[2] and GFA of approximately 257,800 m[2] . This project is developing with the similar concept as Shenzhen Tian An Cyber Park. Phase I was completed. Phase 2 with GFA of approximately 58,400 m[2 ] is under construction and expects to be completed in 2009.

Foshan Nanhai Tian An Hung Kai Garden (30%)

An agreement was entered into on 8th July, 2008 to dispose of this project, of which the transaction is estimated to be completed before the end of 2009.

Huizhou Danshui Site (100%)

Located in Danshui of Huizhou and lying by both sides of Dan Shui River, this project has a site area of approximately 392,000 m[2] and GFA of approximately 783,000 m[2] . The project is planned to be developed into a comprehensive commercial/residential composite.

Jiangmen Tian An Garden (100%)

The project comprising residential buildings, shopping mall, clubhouse and underground car park is located at the centre of Jiangmen city. Having a site area of 42,388 m[2] and total GFA is 127,200 m[2] , the project is suspended for master plan improvement.

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天安中國投資有限公司 Tian An China Investments Company Limited

管理層討論及分析 Management Discussion and Analysis

華東區

Eastern China

上海天安豪園（99.99%）

Shanghai Tian An Place (99.99%)

該項目位於東方及國際人士喜好聚居的金虹 橋板塊，鄰近地鐵九號線出入口。該發展物 業佔地約362,300平方米，將發展為一個總樓 面面積約470,000平方米的高尚住宅社區，首 期開發約37,000平方米樓面，預計於二零一 零年內完工。

This project is situated at the Golden Hongqiao District where the oriental and international residents like to reside and adjacent to the entrance of the transit station of Subway No. 9. The project will be developed to a deluxe residential district with a site area of approximately 362,300 m[2] and a total GFA of approximately 470,000 m[2] . Phase 1 of the project has a GFA of approximately 37,000 m[2] has been commenced and expected to be completed in 2010.

上海天安別墅（85%）

Shanghai Tian An Villa (85%)

本項目毗鄰上海佘山國家旅遊渡假區，該項 目將西方建築美學揉合東方建築風格，集島 居、臨水、園林綠化於一體。首期樓面面積 約32,200平方米之低密度高檔別墅已完工， 第二期首批樓面面積約16,300平方米的別墅 在建築中，預計於二零一零年中完工。

This project is located near the Shanghai Sheshan National Travel and Resort Area. The project combines the art of western architecture and eastern architectural style, integrating island living, water facing, garden and greenery. Construction work for the Phase 1 low density high-class villas with GFA of approximately 32,200 m[2] was completed. Phase 2 Part 1 villas with GFA of approximately 16,300 m[2] are under construction and expected to be completed in mid-2010.

上海明苑別墅（應佔餘下土地60%溢利）

Shanghai Elegant Garden (60% share of profit of the remaining site)

該項目位於上海市著名的西郊國賓館旁，是 虹橋區最暢銷的豪華花園別墅之一。集團主 要參與餘下土地開發，部份第三期樓面面積 約6,400平方米在建築中，預計於二零零九年 完成。

Situated by the side of the well-known Shanghai Xijiao State Guest Hotel, this development is one of the best-selling luxurious villa projects in the Hongqiao District. The Group participates mainly in the development of the remaining site. Portion of Phase 3 with a GFA of approximately 6,400 m[2] is under construction and expected to be completed in 2009.

上海天安陽光半島（100%）

Shanghai Tian An Sunshine Peninsula (100%)

該項目位於上海普陀區，沿蘇州河邊長達 1,100米，佔地約82,752平方米。此項目已重 新規劃為綜合性的商業和娛樂中心，而項目 第一期計劃於二零零九年動工。

Located in the Putuo District of Shanghai, this project is to be built along the 1,100 m bank of Suzhou River with a site area of approximately 82,752 m[2] . This project has been re-planned as a commercial and entertainment complex. Construction work of Phase 1 is expected to commence in 2009.

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天安中國投資有限公司 Tian An China Investments Company Limited

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管理層討論及分析
Management Discussion and Analysis
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3. 南京天安數碼城(鳥瞰圖)

Aerial View of Nanjing Tian An Cyber Park

1. 上海天安陽光半島(計劃方案)

2. Design Scenario of Shanghai Tian An Sunshine Peninsula

3. 無錫曼哈頓(效果圖)

4. Perspective of Wuxi The Manhattan

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天安中國投資有限公司 Tian An China Investments Company Limited

管理層討論及分析

Management Discussion and Analysis

無錫曼哈頓（100%）

Wuxi The Manhattan (100%)

該項目位於無錫市中心西南部，佔地59,480 平方米，工程總建築面積約146,200平方米， 首期樓面面積約70,100平方米已動工，預計 在二零一零年第二季竣工。

This project is situated to the southwest of Wuxi city centre on a site of 59,480 m[2] to be developed into a total construction area of approximately 146,200 m[2] . Phase 1 with a GFA of approximately 70,100 m[2] is under construction and expected to be completed in the second quarter of 2010.

常州天安數碼城（100%）

Changzhou Tian An Cyber Park (100%)

該項目位於常州武進高新技術產業開發 區，佔地約289,496平方米，總樓面面積約 830,100平方米，此項目擬建科技產業大廈， 商務及生活配套。首期樓面面積約54,800平 方米已動工，預計在二零零九年底竣工。

This project is located in Changzhou Wujin Hi-Tech Industrial Zone, with a site area of approximately 289,496 m[2] and a total GFA of approximately 830,100 m[2] . The project is planned to be developed into comprehensive science and technology buildings, commercial and residential composite. Phase 1 with a GFA of approximately 54,800 m[2 ] is under construction and expected to be completed by the end of 2009.

常州天安別墅（100%）

Changzhou Tian An Villa (100%)

該項目位於常州政府重點規劃發展的武進 區，是常州目前唯一最大的純獨幢別墅小 區，地域優越，佔地473,335平方米，首期總 樓面面積 39,400平方米已竣工，第二期一批 樓面面積約25,800平方米預計在二零零九年 第二季動工。

This project is located in the Wu Jin District, the planning and development focus of the Changzhou government. With a favourable location, it is the largest deluxe villa district in Changzhou. The project occupies a site of 473,335 m[2] . Construction work for Phase 1 with a total GFA of 39,400 m[2] has been completed. Development of Phase 2 part 1 with a GFA of approximately 25,800 m[2] is planned to be commenced in second quarter of 2009.

南京天安數碼城（100%）

Nanjing Tian An Cyber Park (100%)

該項目位於南京白下區科技園創業園內，佔 地約666,670平方米，總樓面面積約833,338 平方米，此項目擬建科技產業大廈、商務及 生活配套等綜合性物業。首期建築約50,000 平方米預計在二零零九年中動工。

This project is located in Nanjing Baixia Hi-Technology Industrial Development Area with a site area of approximately 666,670 m[2] and a total GFA of approximately 833,338 m[2] . The project is planned to be developed into comprehensive science and technology buildings, commercial and residential composite. Construction work for Phase 1 of approximately 50,000 m[2] is planned to be commenced in mid-2009.

南通天安花園（100%）

Nantong Tian An Garden (100%)

該項目位於南通新城區核心地帶，佔地 203,800平方米， 總樓面面積223,000平方 米，是南通第一個大型生態住宅小區。已建 成樓面面積約161,600平方米，四期在建工程 樓面面積約10,900平方米，預計於二零零九 年第二季完工。

Situated on a site of 203,800 m[2] with a total GFA of 223,000 m[2] at the heart of the New City Zone of Nantong, this is the first massive ecological residential project in Nantong. Development for a GFA of approximately 161,600 m[2] was completed. Construction work for Phase 4 with GFA of approximately 10,900 m[2] is expected to be completed in the second quarter of 2009.

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天安中國投資有限公司 Tian An China Investments Company Limited 管理層討論及分析 Management Discussion and Analysis

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6. 長春天安第一城(三期)別墅
Villas in Changchun Tian
An City One (Phase 3)
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天安中國投資有限公司 Tian An China Investments Company Limited

管理層討論及分析

Management Discussion and Analysis

華北區

Northern China

大連天安海景花園（60%）

Dalian Tian An Seaview Garden (60%)

此項目發展位於大連經濟及技術開發區內的 高尚住宅。已開發第一期及第二期總樓面面 積約84,100平方米，第三期在規劃設計中。

This project for high-class residential development is located in the Dalian Economic & Technology Development Zone. Phases 1 and 2 with a total GFA of approximately 84,100 m[2] have been completed. Phase 3 is under planning and design stage.

大連金馬路地塊（100%）

Dalian Jin Ma Road Site (100%)

此項目位於大連經濟及技術開發區內主要道 路金馬路上，將開發為總樓面面積134,400平 方米的商住物業。

This project is located at the main road, Jin Ma Road, of the Dalian Economic & Technology Development Zone and will be developed into commercial/residential buildings with a total GFA of 134,400 m[2] .

長春天安第一城（100%）

Changchun Tian An City One (100%)

該高級住宅項目位於長春市高新技術產業開 發區內，佔地約389,200平方米，工程總建築 面積約462,000平方米，將分期開發。已開發 第一至三期總樓面面積約156,700平方米。

This high class residential project is situated within the Changchun High-technology Industrial Development Area. Erected on a site of approximately 389,200 m[2] , the project with a total construction area of approximately 462,000 m[2] is being developed by stages. Phases 1 to 3 with a total GFA of approximately 156,700 m[2] have been completed.

2. 主要物業投資

2. MAJOR PROPERTY INVESTMENTS

上海天安中心（98%）

Shanghai Tian An Centre (98%)

該大廈坐落於上海市南京西路人民廣場中心 商務區，鄰近地鐵一、二號線中轉入口。是 一座三十層高的甲級商業大樓，總樓面面積 為48,910平方米，已售出24,940平方米，自 用樓面1,620平方米，餘下的22,350平方米已 轉為投資物業，租戶多為跨國大企業。

The office building is situated at the hub of Shanghai central business district of Nanjing Road West and People’s Square, adjacent to the entrances to the transit platforms of Subway Nos. 1 and 2. It is a 30-storey Grade A commercial building with a GFA of 48,910 m[2] . 24,940 m[2] were sold, 1,620 m[2] were self occupied and the remaining GFA of 22,350 m[2] have been transferred to property investment. Most of the tenants are multinational companies.

南京天安國際大廈（100%）

Nanjing Tian An International Building (100%)

該項目位於南京市中心新街口，是南京市最 繁華的購物區，與地鐵站相連，商場樓面面 積65,430平方米已全部出租給一家百貨公 司，寫字樓樓面面積約11,500平方米，已售 出235平方米，餘下為11,265平方米，其中 9,540平方米已轉為投資物業。

The project is located at Xinjiekou, the most flourishing shopping district in Nanjing City. The building links up to the subway station. The shopping arcades with a GFA of 65,430 m[2] have been leased to a department store. Of the GFA of office approximately 11,500 m[2] , 235 m[2] were sold, and the remaining GFA were 11,265 m[2] of which the GFA of 9,540 m[2] have been transferred to property investment.

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天安中國投資有限公司 Tian An China Investments Company Limited

管理層討論及分析 Management Discussion and Analysis

常州天安城市廣場（100%）

該十四層大樓是集大型購物商場、高級寫字 樓和酒店於一體的綜合性大樓，總樓面面 積48,400平方米，作出租用途的總樓面面 積24,400平方米，其中商場部份樓面面積 24,080平方米已租出。

大連天安國際大廈（100%）

此甲級辦公樓位於大連市中山路中心商務 區，面對勝利廣場，總樓面面積67,200平 方米，樓高52層，是大連最高的標誌性建築 物。已售出14,550平方米，自用樓面1,320平 方米，餘下的51,330平方米，其中49,960平 方米已轉為投資物業。

北京天安大廈（40%）

毗鄰北京飯店及天安門廣場，其總樓面面積 為9,910平方米。該大廈於已整體出租。承租 方已改造大廈為商務酒店，並於二零零八年 五月開始營業。

北京天安豪園（100%）

此高尚住宅項目位於北京朝陽區朝陽公園西 側，鄰近使館區，其總樓面面積約為42,100 平方米。該項目已出售約一半，餘下單元作 出租用途。

天津國際大廈（25%）

該大廈是天津最高檔辦公及公寓綜合大樓之 一，位於中心商務區，租金收入及出租率仍 保持較高水平。

深圳天安國際大廈（50%）

該項目為高級商務大廈，位於深圳市羅湖區 人民南路商業中心區。二零零八年寫字樓及 商場的平均出租率分別達到76%及100%。

Changzhou Tian An City Plaza (100%)

This 14-storey building with a total GFA of 48,400 m[2] comprises a large shopping arcade, first-class offices and a hotel. The total GFA of the properties for rent is 24,400 m[2] of which 24,080 m[2] of shopping arcade has been leased.

Dalian Tian An International Tower (100%)

This Grade A office building is situated in the Zhongshan Road central business district and faces the Victory Square in Dalian City. The total GFA is 67,200 m[2] . This 52-storey building is the tallest landmark building of Dalian. 14,550 m[2] were sold, 1,320 m[2] were self occupied and the remaining GFA were 51,330 m[2] , of which the GFA of 49,960 m[2] have been transferred to property investment.

Beijing Tian An Building (40%)

With a total GFA of 9,910 m[2] , this office building is located at a prime site near the Beijing Hotel and Tian’anmen Square. The whole building has been rented out to a lessee. The lessee had renovated the building as a business hotel, which commenced business in May 2008.

Beijing Park Apartments (100%)

This premium residential project is located at the Beijing Chaoyang District to the west of Chaoyang Park and adjacent to the Embassy area. The project has a total GFA of approximately 42,100 m[2] . Approximately half of the total number of units have been sold and the remaining units kept for leasing purpose.

Tianjin International Building (25%)

Located in central business district and among the best office and apartment buildings in Tianjin, the property has maintained rental income and occupancy rate at a high level.

Shenzhen Tian An International Building (50%)

The building is located at the commercial centre of Renmin Nan Road in Luohu District of Shenzhen. The average occupancy rates of office and shopping centre were 76% and 100% respectively in 2008.

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天安中國投資有限公司 Tian An China Investments Company Limited

管理層討論及分析 Management Discussion and Analysis

3. 其他投資

3. OTHER INVESTMENTS

福州登雲高爾夫球場及登雲山莊（68.06%）

Fuzhou Summit Golf Country Club & Dengyun Resort (68.06%)

該項目佔地約2,500,000平方米，已發展成為 一個佔地約1,718,400平方米的18洞高爾夫球 場、練習場和會所，餘下佔地約781,600平方 米將發展為花園別墅及其他豪華住所設施的 高級居住社區。登雲山莊現已全面完成總體 規劃的修訂並提交報批，新的總體規劃將更 合理地利用土地資源，計劃於二零零九年開發 新一期別墅。

Built on a site of approximately 2,500,000 m[2] , of which site area of approximately 1,718,400 m[2] was developed into an 18-hole golf course, driving range and clubhouse, and the remaining site area of approximately 781,600 m[2] will be developed into villas and other deluxe living amenities. The revision of master planning of the Resort, which would optimise the application of land resources, was completed and submitted for approval. Development of a new phase of villas is planned to be commenced in 2009.

肇慶高爾夫渡假村（87.97%）

Zhaoqing Resort & Golf Club (87.97%)

該項目已於二零零七年十二月三日簽訂協議 以分期出售整個項目，預計將於二零零九年 底完成交易。

An agreement was entered on 3rd December, 2007 to dispose in stages of this project, of which the transaction is estimated to be completed before the end of 2009.

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天安中國投資有限公司 Tian An China Investments Company Limited

物業發展資料 Particulars of Property Development

項目名稱 地盤面積 用途 Project Name Site Area Use 平方米m2	可建樓面面積 Buildable 項目進度 Gross Floor Project Area Progress 平方米m2	已完成 樓面面積 Completed Gross Floor Area 平方米m2	在建工程 集團 土地 樓面面積 所佔權益 使用權年期 Gross Floor Interest Period of 約滿年期 Area under Held by Land Use Expiry Construction the Group Rights Date 平方米m2 年Years 年Year
深圳天安數碼城 廠房 深圳市，福田區，深南西路 273,500 Factory Shenzhen Tian An Cyber Park 宿舍 Shennan West Road, Dormitory Futian District, 商業 Shenzhen Commercial 住宅 Residential 深圳天安龍崗數碼新城 商業 深圳市龍崗區 118,850 Commercial Shenzhen Tian An Longgang Cyber Park Longgang District, Shenzhen 深圳布吉地塊 商業及住宅 深圳市，龍崗區，布吉鎮， 5,241 Commercial & 南門墩 Residential Shenzhen Buji Site Nanmendum, Buji Town, Longgang District, Shenzhen 廣州天安番禺節能科技園 商業 廣州市，番禺區，市穚鎮， 517,153 Commercial 迎賓路 住宅 Guangzhou Tian An Panyu Residential Hi-Tech Ecological Park Ying Bin Road, Shi Qiao Town, Panyu District, Guangzhou 佛山天安南海數碼新城 商業 佛山市、南海區、桂城路 103,100 Commercial A2地段 Foshan Tian An Nanhai Cyber Park Lot A2, Guicheng Road, Nanhai District, Foshan 佛山南海天安鴻基花園(2) 住宅 佛山市、南海區， 529,700 Residential 松崗鎮，鴻基大道 Foshan Nanhai Tian An Hung Kai Garden(2) Hong Ji Main Road, Songgang Town, Nanhai District, Foshan	分期施工階段 219,800 Phased Construction 50,000 Stage 304,900 213,000 787,700 分期施工階段 356,500 Phased Construction Stage 施工階段 89,000 Construction Stage 分期施工階段 568,300 Phased Construction 144,200 Stage 712,500 分期施工階段 257,800 Phased Construction Stage 分期施工階段 180,000 Phased Construction Stage	219,800 50,000 304,900 213,000 787,700 50,800 – 204,200 – 204,200 60,100 91,600	– 50% 50 2038 – 50% 50 2038 – 50% 50 2038 – 50% 70 2058 98,200 50% 50 2055 89,000 50% 50 2042 – 49% 50 2052 45,300 49% 50 2052 45,300 58,400 45% 50 2056 54,700 30% 70 2063

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天安中國投資有限公司 Tian An China Investments Company Limited

物業發展資料

Particulars of Property Development

項目名稱 地盤面積 用途 Project Name Site Area Use 平方米m2	可建樓面面積 Buildable 項目進度 Gross Floor Project Area Progress 平方米m2	已完成 樓面面積 Completed Gross Floor Area 平方米m2	在建工程 集團 土地 樓面面積 所佔權益 使用權年期 Gross Floor Interest Period of 約滿年期 Area under Held by Land Use Expiry Construction the Group Rights Date 平方米m2 年Years 年Year
惠州淡水地塊 商業及住宅 惠州市、惠陽區、淡水鎮 392,000 Commercial Huizhou Dan Shui Site & Residential Dan Shui Town, Huiyang District, Huizhou 江門天安花園(1) 住宅 江門市，蓬江區 42,388 Residential Jiangmen Tian An Garden(1) 附屬及商業 Peng Jiang District, Ancillary & Jiangmen Commercial 肇慶高爾夫渡假村(2) 住宅 肇慶，高要市，迴龍鎮 1,128,500 Residential Zhaoqing Resort & Golf Club(2) Huilong Town, Gaoyao City, Zhaoqing 福州登雲山莊 住宅 福州市，登雲路388號 781,600 Residential Fuzhou Dengyun Resort 附屬及商業 No.388, Dengyun Road, Fuzhou Ancillary & Commercial 武漢崇仁路地塊 住宅 武漢市，崇仁路，集賢村 22,100 Residential Wuhan Chongren Street Site 辦公樓 Ji Xian Cun, Chongren Street, 及商業 Wuhan Office & Commercial	規劃及 783,000 設計階段 Planning & Design Stage 分期施工階段 111,900 Phased Construction Stage 15,300 127,200 分期施工階段 500,000 Phased Construction Stage 分期施工階段 604,500 Phased Construction Stage 143,600 748,100 規劃及 83,500 設計階段 Planning & Design Stage 24,500 108,000	– – – 11,700 10,200 – 10,200 – –	– 100% 70 2074 38,600 100% 70 2063 15,300 100% 70 2063 53,900(1) – 87.97% 70 2062 – 68.06% 70 2062 – 68.06% 70 2062 – 90% 70 2064 – 90% 70 2044

附註：

Notes:

(1) 重新設計，暫時停工。

(1) Construction suspended for redesign.

(2) 已簽訂出售協議。

(2) Disposal Agreement was signed.

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天安中國投資有限公司 Tian An China Investments Company Limited

物業發展資料 Particulars of Property Development

項目名稱 地盤面積 用途 Project Name Site Area Use 平方米m2	可建樓面面積 Buildable 項目進度 Gross Floor Project Area Progress 平方米m2	已完成 樓面面積 Completed Gross Floor Area 平方米m2	在建工程 集團 土地 樓面面積 所佔權益 使用權年期 Gross Floor Interest Period of 約滿年期 Area under Held by Land Use Expiry Construction the Group Rights Date 平方米m2 年Years 年Year
上海天安豪園 住宅 上海市，閔行區，漕寶路， 362,320 Residential 七寶鎮52號，地塊 附屬及商業 Shanghai Tian An Place Ancillary & Lot No. 52, Qibao Town, Commercial Cao Bao Road, Minhang District, Shanghai 上海天安別墅（二及三期） 住宅 上海市，松江654號地塊 363,200 Residential Shanghai Tian An Villa (Phases 2 & 3) Lot No. 654, Song Jiang, Shanghai 上海明苑別墅（二期3B及三期） 住宅 上海市，龍溪路189號 82,000 Residential Shanghai Elegant Garden (Phase 2-3B & Phase 3) No.189, Long Xi Road, Shanghai 上海天安陽光半島 商業及住宅 上海市，普陀區，昌化路 82,752 Commercial Shanghai Tian An Sunshine & Residential Peninsula Chang Hua Road, Putuo District, Shanghai 上海天安花園（三期GS） 住宅 上海市，錦綉路1028號 3,600 Residential Shanghai Central Garden (Phase 3 GS) No. 1028, Jin Xiu Road Shanghai 無錫曼哈頓 住宅 無錫市，太湖大道與湖濱路 59,480 Residential Wuxi The Manhattan Taihu Main Road and Hubin Road, Wuxi 常州天安數碼城 商業 常州市，武進高新區 289,496 Commercial 武南路南 住宅 Changzhou Tian An Cyber Park Residential South Wuning Road, Wujin Hi-Tech Industrial Zone, Changzhou	分期施工階段 405,800 Phased Construction Stage 64,200 470,000 分期施工階段 308,700 Phased Construction Stage 分期施工階段 37,400 Phased Construction Stage 規劃及 194,100 設計階段 Planning & Design Stage 規劃及 3,600 設計階段 Planning & Design Stage 分期施工階段 146,200 Phased Construction Stage 分期施工階段 458,400 Phased Construction 371,700 Stage 830,100	– – – 23,800 – – – – –	34,800 99.99% 70 2073 2,200 99.99% 70 2073 37,000 16,300 85% 70 2075 6,400 60% 70 2062 – 100% 70 2071 – 80% 70 2068 70,100 100% 70 2074 54,800 100% 50 2057 – 100% 70 2077 54,800

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天安中國投資有限公司 Tian An China Investments Company Limited

物業發展資料

Particulars of Property Development

項目名稱 地盤面積 用途 Project Name Site Area Use 平方米m2	可建樓面面積 Buildable 項目進度 Gross Floor Project Area Progress 平方米m2	已完成 樓面面積 Completed Gross Floor Area 平方米m2	在建工程 集團 土地 樓面面積 所佔權益 使用權年期 Gross Floor Interest Period of 約滿年期 Area under Held by Land Use Expiry Construction the Group Rights Date 平方米m2 年Years 年Year
常州天安別墅 住宅 常州市，武進區，滆湖 473,335 Residential Changzhou Tian An Villa Ge Lake, Wu Jin District, Changzhou 南京天安數碼城 商業及住宅 南京市，白下高新技術 666,670 Commercial 產業園，光華路 & Residential Nanjing Tian An Cyber Park Guanghua Road, Baixia Hi-Technology Industrial Development Area Nanjing 南通天安花園 住宅 南通市，工農路 203,800 Residential Nantong Tian An Garden Gongnong Road, Nantong 大連天安海景花園 住宅 大連市，經濟及技術開發區， 58,650 Residential 遼河西路 Dalian Tian An Seaview Garden Liaohe West Road, Economic & Technical Development Zone, Dalian 大連金馬路地塊 商業 大連市，經濟及技術開發區 19,421 Commercial 金馬路 住宅 Dalian Jin Ma Road Site Residential Jin Ma Road, Economic & Technical Development Zone, Dalian 長春天安第一城 商業 長春高新技術產業開發區 389,200 Commercial 科技新城區 住宅 Changchun Tian An City One Residential High-Tech Industries Development Zone, Changchun	分期施工階段 134,400 Phased Construction Stage 規劃及 833,338 設計階段 Planning & Design Stage 分期施工階段 223,000 Phased Construction Stage 分期施工階段 122,100 Phased Construction Stage 規劃及 32,300 設計階段 Planning & 102,100 Design Stage 134,400 分期施工階段 6,100 Phased Construction 455,900 Stage 462,000	39,400 – 161,600 84,100 – – 6,100 150,600 156,700	– 100% 70 2074 – 100% 50 2057 10,900 100% 70 2071 – 60% 50 2043 – 100% 40 2048 – 100% 50 2058 – 100% 70 2071 900 100% 70 2071 900

附註： 上表根據二零零八年十二月三十一日之資 Note: The above table is based on information as of 31st December, 2008. 料編製。

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天安中國投資有限公司 Tian An China Investments Company Limited

發展中物業資料 Particulars of Properties under Construction

項目名稱 Project Name	樓面面積 Gross Floor Area 集團所佔權益 Interest Held by the Group 平方米m2	集團所佔 樓面面積 Gross Floor Area Attributable to the Group 預計完工日期 Estimated Completion Date 平方米m2	截至 31/12/2008 集團所佔 售出面積 Total Attributable Gross Floor Area Sold up to 31/12/2008 平方米m2 –(1) 1,960 –(1) –(1) –(1) ) –(1) –(1) –(1) –(1) –(1) –(1) –(1) –(1) 1,960
1. 深圳天安龍崗數碼新城（二期） Shenzhen Tian An Longgang Cyber Park (Phase 2) 2. 深圳布吉商住大廈 Shenzhen Buji Residential/ Commercial Building 3. 廣州天安番禺節能科技園（四期） 菁華公寓 Guangzhou Tian An Panyu Hi-Tech Ecological Park (Phase 4) Qing Hua Apartment 4. 佛山天安南海數碼新城（二期） Foshan Tian An Nanhai Cyber Park (Phase 2) 5. 南海天安鴻基花園三期 Nanhai Tian An Hung Kai Garden (Phase 3) 6. 江門天安花園（一期） Jiangmen Tian An Garden (Phase 1) 7. 上海天安豪園（一期） Shanghai Tian An Place (Phase 1) 8. 上海天安別墅（二期） Shanghai Tian An Villa (Phase 2) 9. 上海明苑別墅（三期二批A） Shanghai Elegant Garden (Phase 3. Part 2A) 10. 無錫曼哈頓（一期） Wuxi The Manhattan (Phase 1) 11. 常州天安數碼城（一期） Changzhou Tian An Cyber Park (Phase 1) 12. 南通天安花園（四期） Nantong Tian An Garden (Phase 4) 13. 長春天安第一城（二期）別墅 Changzhou Tian An City One (Phase 2) Villa 總數： Total:	98,200 50% 89,000 50% 45,300 49% 58,400 45% 54,700 30% 53,900 100% 37,000 99.99% 16,300 85% 6,400 60% 70,100 100% 54,800 100% 10,900 100% 900 100% 595,900	49,100 2Q/10 44,500 4Q/10 22,200 2Q/09 26,300 4Q/09 16,400 4Q/09 53,900 –(2 37,000 3Q/10 13,900 4Q/09 3,800 4Q/09 70,100 2Q/09 54,800 4Q/09 10,900 2Q/09 900 3Q/09 403,800

附註：		Notes:
(1)	未推出發售。	(1)	Not yet offered for sale.
(2)	重新設計，暫時停工。	(2)	Construction suspended for redesign.
(3)	上表根據二零零八年十二月三十一日之資	(3)	The above table is based on information as of 31st December, 2008.
	料編製。

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天安中國投資有限公司 Tian An China Investments Company Limited

物業及酒店投資資料 Particulars of Property and Hotel Investments

1. 物業 Property

					集團應佔
		物業	車庫	集團	樓面面積
	約滿年期	樓面面積	樓面面積	所佔權益	GFA
物業名稱	Expiry	Property	Carparking	Interest Held	Attributable	用途
Property Name	Date	GFA	GFA	by the Group	to the Group	Use
	年Year	平方米m2	平方米m2		平方米m2
深圳天安數碼城
Shenzhen Tian An Cyber Park
－深圳天安創新科技廣場一期	2038	10,540	–	50%	5,270	商業及辦公樓
Shenzhen Tian An Innovation Science						Commercial
and Technology Plaza, Phase 1						and office
－深圳天安創新科技廣場二期	2038	4,400	–	50%	2,200	商業及辦公樓
Shenzhen Tian An Innovation						Commercial
Science and Technology						and office
Plaza, Phase 2
－深圳數碼時代	2051	20,530	–	50%	10,260	商業及辦公樓
Shenzhen Cyber Times Building						Commercial
						and office
－深圳福田天安科技創業園大廈	2038	13,760	–	50%	6,880	商業及辦公樓
Shenzhen Futian Tian An Hi-Tech						Commercial
Venture Park						and office
深圳數碼時代26樓全層	2051	1,970	–	100%	1,970	辦公樓
Whole Floor of 26/F, Shenzhen Cyber						Office
Times Building
深圳天安國際大廈	2041	31,800	–	50%	15,900	商業及辦公樓
Shenzhen Tian An						Commercial
International Building						and office
深圳天安國際大廈20樓全層	2041	850	–	100%	850	辦公樓
Whole Floor of 20/F, Shenzhen Tian An						Office
International Building
深圳田貝一路商鋪	2033	1,460	–	100%	1,460	商業
Shenzhen Tian Bei Yi Road, shops						Commercial
廣州番禺天安科技創業中心	2052	60	–	49%	30	商業
Guangzhou Panyu Tian An						Commercial
Hi-Tech Venture Centre
廣州番禺天安科技創新大廈	2052	4,280	–	49%	2,100	商業及辦公樓
Guangzhou Panyu Tian An						Commercial
Hi-Tech Innovation Plaza						and office
廣州番禺天安科技交流中心	2052	2,640	–	49%	1,290	商業及辦公樓
Guangzhou Panyu Tian An						Commercial
Hi-Tech Exchange Centre						and office
廣州番禺天安科技產業大廈	2052	2,310	–	49%	1,140	商業
Guangzhou Panyu Tian An						Commercial
Hi-Tech Industrial Phase
廣州番禺天安科技發展大廈	2052	4,090	–	49%	2,000	商業
Guangzhou Panyu Tian An						Commercial
Hi-Tech Development Plaza

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天安中國投資有限公司 Tian An China Investments Company Limited

物業及酒店投資資料 Particulars of Property and Hotel Investments

					集團應佔
		物業	車庫	集團	樓面面積
	約滿年期	樓面面積	樓面面積	所佔權益	GFA
物業名稱	Expiry	Property	Carparking	Interest Held	Attributable	用途
Property Name	Date	GFA	GFA	by the Group	to the Group	Use
	年Year	平方米m2	平方米m2		平方米m2
佛山天安南海數碼新城	2056	4,120	–	45%	1,850	商業
天佑創富大廈						Commercial
Foshan Tian An Nanhai Cyber Park
Tianyou Fortune Mansion
上海天安中心	2044	22,350	–	98%	21,900	商業及辦公樓
Shanghai Tian An Centre						Commercial
						and office
上海天安中心5樓、8樓和16樓全層	2044	4,740	–	100%	4,740	辦公樓
Whole Floor of 5/F, 8/F & 16/F,						Office
Shanghai Tian An Centre
上海河濱豪園	2036	1,510	–	99%	1,500	商業
Shanghai The Riverside						Commercial
上海九間堂	2071	1,130	–	100%	1,130	住宅
Shanghai Mandarin Palace						Residential
無錫天安大廈	2043	1,420	–	95%	1,350	辦公樓
Wuxi Tian An Building						Office
無錫紅山半島	2041	1,480	–	95%	1,410	商業
Wuxi Redhill Peninsula						Commercial
南京天安國際大廈	2032	74,970	–	100%	74,970	商業及辦公樓
Nanjing Tian An International						Commercial
Building						and office
常州天安城市廣場	2043	24,400	–	100%	24,400	商業及辦公樓
Changzhou Tian An City Plaza						Commercial
						and office
常州新城市花園	2068	7,140	–	100%	7,140	商業
Changzhou New City Garden						Commercial
南通新海通大廈4樓全層	2043	710	–	100%	710	辦公樓
Whole Floor of 4/F, Nantong Sun Hoi						Office
Tung Building
江蘇太倉興業路廠房	2043	3,730	–	100%	3,730	廠房
Jiangsu Taicang Xingye Road,						Factory
Factory Building
天津國際大廈	2044	52,730	–	25%	13,180	辦公樓及
Tianjin International Building						服務式公寓
						Office and
						service
						apartment
北京天安大廈	2016	9,910	–	40%	3,960	辦公樓
Beijing Tian An Building						Office
北京清境明湖	2064	3,720	–	100%	3,720	住宅
Beijing Lakeside Garden						Residential
北京天安豪園	2064	20,630	–	100%	20,630	住宅
Beijing Park Apartments						Residential

~~33~~

天安中國投資有限公司 Tian An China Investments Company Limited

物業及酒店投資資料

Particulars of Property and Hotel Investments

約滿年期 物業名稱 Expiry Property Name Date 年Year	物業 樓面面積 Property GFA 平方米m2	車庫 樓面面積 Carparking GFA 平方米m2	集團 所佔權益 Interest Held by the Group
大連天安海景花園 2043 1,650 Dalian Tian An Seaview Garden 大連天安國際大廈 2035 49,960 Dalian Tian An International Tower 長春天安第一城 2051 1,500 Changchun Tian An City One 386,490 上海天安中心－車庫 2044 – Shanghai Tian An Centre, Carparking 上海天安花園－車庫 2067 – Shanghai Central Garden, Carparking 2. 酒店 Hotel 約滿年期 項目名稱 Expiry Project Name Date 年Year		– – – 7,770 5,180 12,950 集團所佔權益 Interest Held by the Group
廣州越秀天安大廈(1) 2009 Guangzhou Parkview Square(1) 武漢天安假日酒店 2026 Wuhan Tian An Holiday Inn 常州天安城市酒店9-12樓 2043 9/F to 12/F, Changzhou Tian An City Hotel		48.75% 55% 100%

附註：

Notes:

(1) 該項目已於二零零九年一月出售。

(1) 該項目已於二零零九年一月出售。 (1) The project was disposed on January 2009. (2) 上表根據二零零八年十二月三十一日之資 (2) The above table is based on information as of 31st December, 2008. 料編製。

~~34~~

天安中國投資有限公司 Tian An China Investments Company Limited

企業管治報告 Corporate Governance Report

本公司致力於切合實際之範圍內維持高水平 之企業管治，以強調高透明度、問責性及獨 立性為原則。本公司董事會（「董事會」）相信 優良之企業管治對本公司之成功及提升股東 價值至為重要。

企業管治常規守則

根據已於二零零五年一月一日起生效之香港 聯合交易所有限公司證券上市規則（「上市規 則」）附錄十四所載之企業管治常規守則（「企 業管治守則」），董事會已審閱本公司之企業 管治常規，並已採納多項經改進之程序，詳 情載於本報告內。除下文解釋之若干已闡明 原因之偏離行為外，於截至二零零八年十二 月三十一日止年度，本公司已應用企業管治 守則之原則及遵守適用之守則條文。董事會 將至少每年檢討現行之常規一次，並在其認 為需要時作出適當更改。

The Company is committed to maintaining a high standard of corporate governance within a sensible framework with an emphasis on the principles of transparency, accountability and independence. The board of directors of the Company (“Board”) believes that good corporate governance is essential to the success of the Company and the enhancement of shareholders’ value.

CODE ON CORPORATE GOVERNANCE PRACTICES

In the light of the Code on Corporate Governance Practices (“CG Code”) contained in Appendix 14 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (“Listing Rules”) which came into effect on 1st January, 2005, the Board has reviewed the corporate governance practices of the Company with the adoption of the various enhanced procedures which are detailed in this report. The Company has applied the principles of, and complied with, the applicable code provisions of the CG Code during the year ended 31st December, 2008, except for certain deviations as specified with considered reasons for such deviations as explained below. The Board will review the current practices at least annually, and make appropriate changes if considered necessary.

~~35~~

天安中國投資有限公司 Tian An China Investments Company Limited

企業管治報告

Corporate Governance Report

董事會

THE BOARD

董事會目前共由十三名董事（「董事」）組成， 其中六名為執行董事、三名為非執行董事 及四名為獨立非執行董事（「獨立非執行董 事」）。於本年內及截至本報告日期止，董事 會成員載列如下：

The Board currently comprises thirteen directors (“Directors”) in total, with six Executive Directors, three Non-Executive Directors and four Independent Non-Executive Directors (“INEDs”). The composition of the Board during the year and up to date of this report is set out as follows:

執行董事：

李成偉（董事總經理） 黃清海（副董事總經理） 馬申 勞景祐 李志剛 Yasushi Ichikawa

Executive Directors:

Patrick Lee Seng Wei (Managing Director) Ng Qing Hai (Deputy Managing Director) Ma Sun Edwin Lo King Yau Li Chi Kong Yasushi Ichikawa

非執行董事：

李成輝（主席） 宋增彬（副主席）

（於二零零八年六月一日委任） 鄭慕智 Yuki Oshima （於二零零八年六月一日辭任）

Non-Executive Directors:

Lee Seng Hui (Chairman) Song Zengbin (Deputy Chairman) (appointed on 1st June, 2008) Moses Cheng Mo Chi Yuki Oshima (resigned on 1st June, 2008)

獨立非執行董事：

鄭鑄輝 魏華生 徐溯經 楊麗琛

INEDs:

Francis J. Chang Chu Fai Ngai Wah Sang Xu Su Jing Lisa Yang Lai Sum

董事之履歷詳情載於董事會報告第57頁至第 62頁之「董事及高級管理人員之個人資料」一 節內。除本公司主席李成輝先生為本公司董 事總經理李成偉先生之堂弟外，董事會成員 之間並無存有家屬或其他重大關係。

The brief biographical details of the Directors are set out in the “Biographical Details of Directors and Senior Management” section in the Directors’ Report on pages 57 to 62. Other than that Mr. Lee Seng Hui, the Chairman of the Company, is a cousin of Mr. Patrick Lee Seng Wei, the Managing Director of the Company, there are no family or other material relationships among members of the Board.

年內，非執行董事（大部份為獨立非執行董 事）為本公司及其附屬公司（統稱「本集團」） 提供廣泛之專業知識及經驗。彼等積極參與 董事會及委員會會議，對本集團之策略、表現 及管理程序之事宜提供獨立判斷，並顧及本 公司全體股東（「股東」）之利益。

During the year, the Non-Executive Directors (a majority of whom are independent) provided the Company and its subsidiaries (collectively “Group”) with a wide range of expertise and experience. Their active participation in the Board and committee meetings brought independent judgment on issues relating to the Group’s strategy, performance and management process, taking into account the interests of all shareholders of the Company (“Shareholders”).

~~36~~

天安中國投資有限公司 Tian An China Investments Company Limited

企業管治報告 Corporate Governance Report

董事會 （續）

THE BOARD (CoNtiNueD)

於整年及截至本報告日期止，本公司之四名 獨立非執行董事佔董事會人數接近三分之 一。根據上市規則第3.10條之規定，至少一 名獨立非執行董事必須具備適當之專業資格 或會計或相關財務管理專業知識。董事會已 接獲每名現任獨立非執行董事有關其獨立性 之年度確認書，並認為所有獨立非執行董事 均具備上市規則第3.13條所載之指引下之獨 立性。

Throughout the year and up to the date of this report, the Company has four INEDs representing nearly one-third of the Board. At least one of the INEDs has the appropriate professional qualifications or accounting or related financial management expertise under Rule 3.10 of the Listing Rules. The Board has received from each existing INED an annual confirmation of his/her independence and considers that all the INEDs are independent under the guidelines set out in Rule 3.13 of the Listing Rules.

董事會定期召開會議，討論本集團之整體策 略以及營運及財務表現，並審閱及批准本集 團之全年及中期業績。於年內，已舉行四次 董事會會議，各董事之出席情況如下：

The Board meets regularly to discuss the overall strategy as well as the operation and financial performance of the Group, and to review and approve the Group’s annual and interim results. During the year, four Board meetings were held and attendance of each Director at the Board meetings is set out as follows:

		出席╱舉行
		董事會會議之次數
	Number	of Board meetings
		attended/held
執行董事：	Executive Directors:
李成偉（董事總經理）	Patrick Lee Seng Wei_(Managing Director)_	4/4
黃清海（副董事總經理）	Ng Qing Hai_(Deputy Managing Director)_	0/4
馬申	Ma Sun	2/4
勞景祐	Edwin Lo King Yau	4/4
李志剛	Li Chi Kong	4/4
Yasushi Ichikawa	Yasushi Ichikawa	4/4
非執行董事：	Non-Executive Directors:
李成輝（主席）	Lee Seng Hui_(Chairman)_	4/4
宋增彬（副主席）	Song Zengbin_(Deputy Chairman)_	1/2
（於二零零八年六月一日委任）	(appointed on 1st June, 2008)
鄭慕智	Moses Cheng Mo Chi	1/4
Yuki Oshima	Yuki Oshima	1/2
（於二零零八年六月一日辭任）	(resigned on 1st June, 2008)
獨立非執行董事：	INEDs:
鄭鑄輝	Francis J. Chang Chu Fai	4/4
魏華生	Ngai Wah Sang	4/4
徐溯經	Xu Su Jing	4/4
楊麗琛	Lisa Yang Lai Sum	4/4

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天安中國投資有限公司 Tian An China Investments Company Limited

企業管治報告 Corporate Governance Report

董事會 （續）

THE BOARD (CoNtiNueD)

經董事會決定或考慮之事宜包括本集團整體 策略、全年營運預算、全年及中期業績、董 事委任或重新委任之建議、重大合約及交 易，以及其他重大政策及財務等事宜。董事 會已將日常職責委派予行政管理人員，並由 執行委員會（其具有特定書面職權範圍）指 示╱監督。董事會及本公司管理層之職能已 分別確立並以書面列載，且董事會將不時對 上述職能作出檢討，並確保已符合現行的規 則及規例。

The Board has reserved for its decision or consideration matters covering mainly the Group’s overall strategy, annual operating budget, annual and interim results, recommendations on Directors’ appointment or re-appointment, material contracts and transactions as well as other significant policy and financial matters. The Board has delegated the day-to-day responsibility to the executive management under the instruction/supervision of the Executive Committee which has its specific written terms of reference. The respective functions of the Board and management of the Company have been formalised and set out in writing and will be reviewed by the Board from time to time to ensure that they are consistent with the existing rules and regulations.

每年定期之董事會會議預定為約每季及按業 務需要而舉行。召開董事會會議一般會給予 全體董事至少十四天之通知，以便彼等有機 會提出商討事項列入會議議程。公司秘書協 助主席編製會議議程，以及確保已遵守所有 適用規則及規例。議程及隨附之董事會文件 一般在舉行定期董事會會議（及就可行情況 下，亦適用於其他董事會會議）前至少三天 呈送全體董事。每份董事會會議記錄之初稿 於提交下一次董事會會議審批前，先供全體 董事傳閱並提供意見。所有會議記錄均由公 司秘書保存，並供任何董事於發出合理通知 時，於任何合理時間內查閱。

Regular Board meetings each year are scheduled to be held at approximately quarterly intervals and as required by business needs. At least 14 days’ notice of a Board meeting is normally given to all Directors who are given an opportunity to include matters for discussion in the agenda. The Company Secretary assists the Chairman in preparing the agenda for meetings and ensures that all applicable rules and regulations are complied with. The agenda and the accompanying Board papers are normally sent to all Directors at least 3 days before the intended date of a regular Board meeting (and so far as practicable for such other Board meetings). Draft minutes of each Board meeting are circulated to all Directors for their comment before being tabled at the following Board meeting for approval. All minutes are kept by the Company Secretary and are open for inspection at any reasonable time on reasonable notice by any Director.

根據董事會現行慣例，倘主要股東或董事在 董事會將予考慮之事項中存有董事會認為屬 重大之利益衝突，則有關事項會於正式召開 之董事會會議上處理。本公司之組織章程細 則（「章程細則」）亦規定，除當中所述之例外 情況外，董事須就批准該名董事或其任何聯 繫人士擁有重大利益之任何合約或安排之會 議上放棄投票，彼亦不會被計算於該等會議 之法定人數內。

According to the current Board practice, if a substantial shareholder or a Director has a conflict of interest in a matter to be considered by the Board which the Board has determined to be material, the matter will be dealt with by the Board at a duly convened Board meeting. The articles of association of the Company (“Articles of Association”) also stipulate that save for the exceptions as provided therein, a Director shall abstain from voting and not be counted in the quorum at meetings for approving any contract or arrangement in which such Director or any of his/her associates have a material interest.

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天安中國投資有限公司 Tian An China Investments Company Limited

企業管治報告 Corporate Governance Report

董事會 （續）

每位董事有權查閱董事會文件及相關資料， 及可向公司秘書尋求意見及服務。董事會及 各董事亦可個別及獨立地接觸本公司之高級 行政人員。董事將獲持續提供上市規則及其 他適用監管規定之最新發展之資料，以確保 彼等遵守及秉持優秀企業管治常規。此外， 書面程序已於二零零五年六月制定，讓各董 事在履行彼等職務時，可在適當之情況下尋 求獨立專業意見， 有關合理費用由本公司承 擔。

主席及行政總裁之角色

企業管治守則之守則條文A.2.1規定主席及行 政總裁（「行政總裁」）之角色應有所區分並不 應由一人同時兼任。根據本公司現行架構， 本公司主席李成輝先生負責領導董事會，確 保(i)所有重大政策事宜乃經董事會以即時及建 設性方式討論；(ii)所有董事能妥善地獲得董 事會會議上討論問題之通報；及(iii)所有董事 能收到準確、適時及清晰之資料。行政總裁 一職由本公司董事總經理李成偉先生擔任， 彼負責本集團之日常業務管理。此等職位之 職責已清晰區分且以書面形式載明，並於二 零零五年六月經董事會批准。

THE BOARD (CoNtiNueD)

Every Director is entitled to have access to Board papers and related materials and has access to the advice and services of the Company Secretary. The Board and each Director also have separate and independent access to the Company’s senior management. Directors will be continuously updated on the major development of the Listing Rules and other applicable regulatory requirements to ensure compliance and upkeep of good corporate governance practices. In addition, a written procedure was established in June 2005 to enable the Directors, in discharge of their duties, to seek independent professional advice in appropriate circumstances at a reasonable cost to be borne by the Company.

ROLES OF CHAIRMAN AND CHIEF EXECUTIVE OFFICER

Code provision A.2.1 of the CG Code stipulates that the roles of the chairman and chief executive officer (“CEO”) shall be separate and shall not be performed by the same individual. Under the current organisational structure of the Company, Mr. Lee Seng Hui, being the Chairman of the Company, is primarily responsible for the leadership of the Board, ensuring that (i) all significant policy issues are discussed by the Board in a timely and constructive manner; (ii) all Directors are properly briefed on issues arising at Board meetings; and (iii) the Directors receive accurate, timely and clear information. The functions of the CEO are performed by Mr. Patrick Lee Seng Wei, the Managing Director of the Company, who is responsible for the day-to-day management of the Group’s business. Their responsibilities are clearly segregated and have been set out in writing and approved by the Board in June 2005.

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天安中國投資有限公司 Tian An China Investments Company Limited

企業管治報告

Corporate Governance Report

董事之委任及重選

APPOINTMENT AND RE-ELECTION OF DIRECTORS

於二零零五年六月，董事會已設立並採納一 套以書面列載之提名程序（「提名程序」），具 體列明本公司董事候選人之挑選及推薦程序 及準則。執行委員會應以提名程序所載之該 等準則（如恰當資歷、個人專長及投放時間 等）作為基礎以物色及向董事會推薦建議人選 以予批准委任。

In June 2005, the Board established and adopted a written nomination procedure (“Nomination Procedure”) specifying the process and criteria for the selection and recommendation of candidates for directorship of the Company. The Executive Committee shall, based on those criteria as set out in the Nomination Procedure (such as appropriate experience, personal skills and time commitment etc.), identify and recommend the proposed candidate to the Board for approval of an appointment.

每名新獲委任之董事將於首次委任時獲公司 秘書發給一套入職資料。該套入職資料乃根 據公司條例、上市規則以及證券及期貨條例 董事須遵守之職責及持續責任之全面、正式 及按每名董事情況專門編製之指引。此外， 該套入職資料亦包括簡述本公司運作及業務 之資料，本公司最新公佈之財務報告及董事 會採納之企業管治常規文件。董事將持續獲 更新上市規則及其他適用之規管規定之重大 發展，以確保彼等遵守及維持良好之企業管 治常規。

Every newly appointed Director will receive an induction package from the Company Secretary on the first occasion of his appointment. This induction package is a comprehensive, formal and tailored induction on the responsibilities and on-going obligations to be observed by a director pursuant to the Companies Ordinance, Listing Rules and Securities and Futures Ordinance. In addition, this induction package includes materials briefly describing the operations and business of the Company, the latest published financial reports of the Company and the documentation for the corporate governance practices adopted by the Board. Directors will be continuously updated on any major developments of the Listing Rules and other applicable regulatory requirements to ensure compliance and upkeep of good corporate governance practices.

所有本公司之非執行董事（包括獨立非執行董 事）之委任已設特定任期，惟董事之離任或退 任但可膺選連任須受章程細則之有關條文或 任何其他適用法例所規限。非執行董事（包括 獨立非執行董事）之任期從二零零九年一月一 日起再續兩年。

All Non-Executive Directors (including INEDs) of the Company were appointed for a specific term, but subject to the relevant provisions of the Articles of Association or any other applicable laws whereby the Directors shall vacate or retire from their office but eligible for re-election. The term of appointment of the Non-Executive Directors (including INEDs) has been renewed for further two years commencing from 1st January, 2009.

根據章程細則，於本公司每屆股東週年大會 （「股東週年大會」）上，三分之一當時在任之 董事（或倘人數並非三之倍數，則最接近但不 少於三分之一之數目）須輪值退任。此外，任 何填補臨時空缺而獲委任之董事僅可任職至 本公司下屆股東大會為止，而獲委任為董事 會新增之成員可任職至下屆股東週年大會為 止，在該兩種情況下，該等董事應可於相關 會議上膺選連任。每名董事須至少每三年輪 值退任一次。

According to the Articles of Association, at each annual general meeting of the Company (“AGM”), one-third of the Directors for the time being (or, if their number is not a multiple of three, the number nearest to but not less than one-third) shall retire from office by rotation. Further, any Director appointed to fill a casual vacancy shall hold office only until the next following general meeting of the Company whilst for those appointed as an addition to the Board shall hold office until the next following AGM and in both cases, those Directors shall then be eligible for re-election at the relevant meeting. Every Director shall be subject to retirement by rotation at least once every three years.

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天安中國投資有限公司 Tian An China Investments Company Limited

企業管治報告 Corporate Governance Report

董事委員會

董事會已成立各類委員會，包括薪酬委員 會、審核委員會及執行委員會，各委員會均 以書面具體列明其職權範圍。委員會之所有 會議記錄及決議案由公司秘書保存，並提供 副本予全體董事會成員傳閱，而各委員會需 向董事會滙報其決定及建議（倘適用）。董事 會會議之程序及安排（於上文「董事會」一節 提述）按可行情況下亦已獲委員會會議所採 納。

薪酬委員會

薪酬委員會已於二零零五年六月成立及目前 由四名成員組成，包括鄭鑄輝先生（委員會 主席）、魏華生先生、徐溯經先生及楊麗琛女 士，彼等均為獨立非執行董事。薪酬委員會 獲提供充裕資源以履行其職務，並可按本公 司政策在有需要時尋求獨立專業意見。

薪酬委員會之主要角色及職能為：

• (i) 檢討董事之薪酬政策及待遇並向董事會 提出建議，及（倘適合）就有關其他執行 董事薪酬之提案諮詢主席及╱或董事總 經理；

• (ii) 透過參照董事會不時批准之公司宗旨及 目標，以檢討並建議按表現釐定之薪酬；

• (iii) 檢討並建議向執行董事支付與任何喪失 或終止職務或委任有關之賠償；

• (iv) 檢討並建議因董事行為失當而解僱或罷 免有關董事所涉及之賠償安排；及

• (v) 確保概無董事參與釐定其本身之薪酬。

BOARD COMMITTEES

The Board has established various committees, including a Remuneration Committee, an Audit Committee and an Executive Committee, each of which has its specific written terms of reference. Copies of minutes of all meetings and resolutions of the committees, which are kept by the Company Secretary, are circulated to all Board members and the committees are required to report back to the Board on their decision and recommendations where appropriate. The procedures and arrangements for a Board meeting, as mentioned in the section “The Board” above, have been adopted for the committee meetings so far as practicable.

Remuneration Committee

The Remuneration Committee has been established since June 2005 and currently consists of four members, including Mr. Francis J. Chang Chu Fai (Chairman of the Committee), Mr. Ngai Wah Sang, Mr. Xu Su Jing and Ms. Lisa Yang Lai Sum, all of whom are INEDs. The Remuneration Committee is provided with sufficient resources to discharge its duties and has access to independent professional advice according to the Company’s policy if considered necessary.

The major roles and functions of the Remuneration Committee are:

• (i) to review and recommend to the Board the remuneration policy and packages of the Directors and, where appropriate, to consult the Chairman and/or the Managing Director about the Committee’s proposals relating to the remuneration of other Executive Directors;

• (ii) to review and recommend performance-based remuneration by reference to corporate goals and objectives approved by the Board from time to time;

• (iii) to review and recommend the compensation payable to Executive Directors relating to any loss or termination of their office or appointment;

• (iv) to review and recommend compensation arrangements relating to dismissal or removal of Directors for misconduct; and

• (v) to ensure that no Director is involved in deciding his/her own remuneration.

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天安中國投資有限公司 Tian An China Investments Company Limited

企業管治報告

Corporate Governance Report

董事委員會 （續）

BOARD COMMITTEES (CoNtiNueD)

薪酬委員會 （續）

Remuneration Committee (continued)

本公司之薪酬委員會之職權範圍與企業管治 守則之守則條文B.1.3一致，惟就該守則條文 在薪酬委員會須釐定上市公司所有執行董事 及高級管理人員之特定薪酬待遇之職責方面 有所偏離。董事會認為，本公司薪酬委員會 僅會就執行董事（不包括高級管理人員）之薪 酬待遇作出檢討（而非釐定），並僅向董事會 作出建議，理由如下：

The terms of reference of the Remuneration Committee of the Company are in line with the code provision B.1.3 of the CG Code, but with a deviation from the code provision of the remuneration committee’s responsibilities to determine the specific remuneration packages of all executive directors and senior management of a listed company. The Board considers that the Remuneration Committee of the Company shall review (as opposed to determine) and make recommendations to the Board on the remuneration packages of Executive Directors only and not senior management for the following reasons:

• (i) 董事會認為薪酬委員會並不適宜評估高 級管理人員之表現，而有關評估程序由 執行董事執行將更為有效；

• (i) the Board believes that the Remuneration Committee is not properly in a position to evaluate the performance of senior management and that this evaluation process is more effectively carried out by the Executive Directors;

• (ii) 薪酬委員會成員僅由獨立非執行董事組 成，彼等來自不同行業、具有不同背 景，或會對本公司經營之行業並不完全 熟悉，且並無參與本公司之日常運作。 彼等對業界慣例及薪酬待遇之標準亦可 能無直接認識。故此，薪酬委員會並不 適宜釐定執行董事之薪酬；

• (ii) the Remuneration Committee members only consist of INEDs who may not be industry skilled and come from differing professions and backgrounds and they are not involved in the daily operation of the Company. They may have little direct knowledge of industry practice and standard compensation packages. The Remuneration Committee is thus not in a position to properly determine the remuneration of the Executive Directors;

• (iii) 執行董事必須負責監管高級管理人員， 因而須有權力操控彼等之薪酬；及

• (iii) the Executive Directors must be in a position to supervise and control senior management and thus must be able to control their compensation; and

• (iv) 執行董事並無理由向高級管理人員支付 高於業界標準之薪酬，而按此方法釐定 薪酬待遇可減省支出，將有利於股東。

• (iv) there is no reason for Executive Directors to pay senior management more than industry standards and thus Shareholders will benefit by reducing costs in the fixing of such compensation packages.

薪酬委員會之職權範圍已於本公司網站內登 載。

The terms of reference of the Remuneration Committee are available on the website of the Company.

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天安中國投資有限公司 Tian An China Investments Company Limited

企業管治報告 Corporate Governance Report

董事委員會 （續）

BOARD COMMITTEES (CoNtiNueD)

薪酬委員會 （續）

Remuneration Committee (continued)

根據薪酬委員會之職權範圍，薪酬委員會每 年須至少召開一次會議。於二零零八年已舉 行一次委員會會議，而各成員之出席情況如 下：

The Remuneration Committee shall meet at least once a year in accordance with its terms of reference. One Committee meeting was held in 2008 and the attendance of each member is set out as follows:

		出席╱舉行
		委員會會議之次數
	Number of Committee meeting
委員會成員	Committee members	attended/held
鄭鑄輝（主席）	Francis J. Chang Chu Fai_(Chairman)_	1/1
魏華生	Ngai Wah Sang	1/1
徐溯經	Xu Su Jing	1/1
楊麗琛	Lisa Yang Lai Sum	1/1

除舉行委員會會議外，薪酬委員會亦於二零 零八年內透過傳閱文件方式處理事宜。於二 零零八年內及截至本報告日期止，薪酬委員 會已履行之工作概述如下︰

In addition to the Committee meeting, the Remuneration Committee also dealt with matters by way of circulation during 2008. In 2008 and up to the date of this report, the Remuneration Committee performed the work as summarised below:

• (i) 檢討董事薪酬之現時政策及架構；

• (i) reviewed the existing policy and structure for the remuneration of Directors;

• (ii) 檢討截至二零零七年十二月三十一日止 年度全體執行董事及非執行董事（包括獨 立非執行董事）之薪酬待遇；

• (ii) reviewed the remuneration packages of all the Executive and Non-Executive Directors (including the INEDs) for the year ended 31st December, 2007;

• (iii) 檢討及建議董事會批准有關支付一名執 行董事之二零零七年表現花紅；

• (iii) reviewed and recommended the payment of 2007 performance bonus to an Executive Director for the Board’s approval;

• (iv) 檢討及建議董事會批准有關支付一名執 行董事之二零零七年獎金花紅；

• (iv) reviewed and recommended the payment of 2007 incentive bonus to an Executive Director for the Board’s approval;

• (v) 檢討及建議董事會批准新任副主席之建 議薪酬待遇；

• (v) reviewed and recommended the proposed remuneration package of the newly appointed Deputy Chairman for the Board’s approval;

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天安中國投資有限公司 Tian An China Investments Company Limited

企業管治報告 Corporate Governance Report

董事委員會 （續）

BOARD COMMITTEES (CoNtiNueD)

薪酬委員會 （續）

Remuneration Committee (continued)

• (vi) 檢討及建議董事會批准有關獨立非執行 董事之建議服務費、副主席之建議薪酬 待遇及非執行董事（包括獨立非執行董 事）之任期自二零零九年一月一日起再續 兩年；及

• (vi) reviewed and recommended the proposed service fees of those INEDs, the proposed remuneration package of the Deputy Chairman and the renewal of the term of appointment of the Non-Executive Directors (including the INEDs) for two years commencing from 1st January, 2009 for the Board’s approval; and

• (vii) 檢討及建議董事會批准提供固定住所津 貼予一名執行董事。

• (vii) reviewed and recommended the provision of fixed accommodation allowance to an Executive Director for the Board’s approval.

每名董事將有權獲取之董事袍金需於每年股 東週年大會上提呈予股東批准。就董事之額 外職責及服務而應付予彼等之額外薪酬（包括 獨立非執行董事之服務費），將按彼等之僱傭 合約或服務合約各自之合約條款而釐定，惟 須經薪酬委員會建議及獲董事會批准。董事 薪酬之詳情載於綜合財務報表附註14。本集 團薪酬政策之詳情亦已載於管理層討論及分 析第14頁之「僱員及培訓」一節內。有關本公 司已於一九九九年一月採納及於二零零九年 一月到期之購股權計劃詳情載於董事會報告 第55頁及綜合財務報表附註36。

Each Director will be entitled to a Director’s fee which is to be proposed for the Shareholders’ approval at the AGM each year. Further remuneration payable to Directors (including any service fees of the INEDs) for their additional responsibilities and services will depend on their respective contractual terms under their employment contracts or service contracts as approved by the Board on the recommendation of the Remuneration Committee. Details of the Directors’ remuneration are set out in note 14 to the consolidated financial statements. Details of the remuneration policy of the Group are also set out in the “Employee and Training” section in the Management Discussion and Analysis on page 14. Details of the share option scheme of the Company, which had been adopted in January 1999 and expired in January 2009, are set out in the Directors’ Report on page 55 and note 36 to the consolidated financial statements.

審核委員會

Audit Committee

審核委員會自一九九九年十一月成立，目前 由五名非執行董事組成，其中四名為獨立非 執行董事。為保持獨立性及客觀性，審核委 員會由一名具備合適專業資格或會計或相關 財務管理專業知識之獨立非執行董事擔任主 席。審核委員會之現任成員為魏華生先生（委 員會主席）、鄭鑄輝先生、鄭慕智博士、徐溯 經先生及楊麗琛女士。審核委員會獲提供充 裕資源以履行其職務，並可按本公司之政策 在有需要時尋求獨立專業意見。

The Audit Committee has been established since November 1999 and currently consists of five Non-Executive Directors, four of whom are INEDs. To retain independence and objectivity, the Audit Committee is chaired by an INED with appropriate professional qualifications or accounting or related financial management expertise. The current members of the Audit Committee are Mr. Ngai Wah Sang (Chairman of the Committee), Mr. Francis J. Chang Chu Fai, Dr. Moses Cheng Mo Chi, Mr. Xu Su Jing and Ms. Lisa Yang Lai Sum. The Audit Committee is provided with sufficient resources to discharge its duties and has access to independent professional advice according to the Company’s policy if considered necessary.

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天安中國投資有限公司 Tian An China Investments Company Limited

企業管治報告 Corporate Governance Report

董事委員會 （續）

審核委員會 （續）

審核委員會之主要角色及職能為：

• (i) 考慮向董事會提出建議外聘核數師之委 任、重新委任及罷免，以及批准外聘核 數師之薪酬及聘用條款，並處理任何有 關該核數師辭任或辭退該核數師之問題；

• (ii) 考慮及與外聘核數師討論每年核數之性 質及範疇；

• (iii) 檢討及監察外聘核數師之獨立性及客觀 性；

• (iv) 於中期及全年綜合財務報表提交董事會 前先行審閱；

• (v) 商議就中期審閱及年終審核而產生之任 何問題及保留事項，以及外聘核數師擬 商討之任何事宜；

• (vi) 審閱外聘核數師致管理層之函件及管理 層之回應；

• (vii) 檢討本集團之財務監控、內部監控及風 險管理系統；

• (viii) 審閱內部審核計劃，推動內部及外聘核 數師之工作協調；及檢視內部審計功能 是否有足夠資源運作，且在本集團具有 適當地位；及

• (ix) 考慮內部審計部作出之主要調查之任何 發現及管理層之回應。

BOARD COMMITTEES (CoNtiNueD)

Audit Committee (continued)

The major roles and functions of the Audit Committee are:

• (i) to consider and recommend to the Board on the appointment, reappointment and removal of the external auditor, to approve the remuneration and terms of engagement of the external auditor, and any questions of resignation or dismissal of such auditor;

• (ii) to consider and discuss with the external auditor the nature and scope of each year’s audit;

• (iii) to review and monitor the external auditor's independence and objectivity;

• (iv) to review the interim and annual consolidated financial statements before submission to the Board;

• to discuss any problems and reservation arising from the interim review and final audit, and any matters the external auditor may wish to discuss;

• (v)

• (vi) to review the external auditor's management letters and management’s response;

• (vii) to review the Group’s financial controls, internal control and risk management systems;

• (viii) to review the internal audit plan, promote co-ordination between the internal and external auditor, and check whether the internal audit function is adequately resourced and has appropriate standing within the Group; and

• (ix) to consider any findings of the major investigations from the internal audit and management’s response.

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天安中國投資有限公司 Tian An China Investments Company Limited

企業管治報告

Corporate Governance Report

董事委員會 （續）

BOARD COMMITTEES (CoNtiNueD)

審核委員會 （續）

Audit Committee (continued)

本公司審核委員會之職權範圍不時作出修 訂，以遵守企業管治守則之守則條文C.3.3， 惟就該守則條文在審核委員會之職責方面有 所偏離：

The terms of reference of the Audit Committee of the Company are revised from time to time to comply with the code provisions C.3.3 of the CG Code, but with deviations from the code provision of the audit committee’s responsibility to:

• (i) 執行委聘外聘核數師提供非核數服務之 政策；

• (i) implement policy on the engagement of the external auditors to supply non-audit services;

• (ii) 確保管理層已履行其職責建立有效之內 部監控系統；及

• (ii) ensure the management has discharged its duty to have an effective internal control system; and

• (iii) 確保內部與外聘核數師之工作得到協 調，也須確保內部審計功能獲得足夠資 源運作，並且在上市公司中具有適當之 地位。

• (iii) ensure co-ordination between the internal and external auditors, and ensure that the internal audit function is adequately resourced and has appropriate standing within the listed company.

董事會認為本公司審核委員會應就委聘外聘 核數師提供非核數服務之政策作出建議（而非 執行），理由如下：

The Board considers that the Audit Committee of the Company shall recommend (as opposed to implement) the policy on the engagement of the external auditors to supply non-audit services for the following reasons:

• (i) 由董事會及其下設之委員會制定政策及 作出合適之建議乃屬恰當及合適；

• (i) it is proper and appropriate for the Board and its committees to develop policy and make appropriate recommendations;

• (ii) 由執行董事及管理層執行該政策及建議 乃屬恰當及合適之機制；及

• (ii) the proper and appropriate mechanism for implementation of such policy and recommendations is through the Executive Directors and management; and

• (iii) 獨立非執行董事並不適宜執行日常之政 策及跟進工作。

• (iii) INEDs are not in an effective position to implement policy and follow up the same on a day-to-day basis.

此外，董事會認為本公司之審核委員會僅具 備監察（而非確保）管理層已履行建立有效內 部監控系統職責之能力。由於上述事宜涉及 日常監控及僱用全職之事業人員，因此審核 委員會並無確保上述事宜得以執行之能力。 審核委員會雖不能確保，但可推動內部和外 聘核數師之間的工作得到協調。同樣，審核 委員會不能確保，但可檢查內部審計是否獲 得足夠資源運作。

Further, the Board considers that the Audit Committee of the Company only possesses the effective ability to scrutinise (as opposed to ensure) whether management has discharged its duty to have an effective internal control system. The Audit Committee is not equipped to ensure that the same is in place as this would involve day-to-day supervision and the employment of permanent experts. The Audit Committee is not in a position either to ensure co-ordination between the internal and external auditors but it can promote the same. Similarly, the Audit Committee is not in a position to ensure that the internal audit function is adequately resourced but it can check whether it is adequately resourced.

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天安中國投資有限公司 Tian An China Investments Company Limited

企業管治報告 Corporate Governance Report

董事委員會 （續）

BOARD COMMITTEES (CoNtiNueD)

審核委員會 （續）

Audit Committee (continued)

審核委員會之職權範圍已於本公司網站內登 載。

The terms of reference of the Audit Committee are available on the website of the Company.

根據審核委員會之職權範圍，審核委員會每 年須至少召開兩次會議。於二零零八年已舉 行四次委員會會議，而各成員之出席情況如 下：

The Audit Committee shall meet at least twice a year in accordance with its terms of reference. Four Committee meetings were held in 2008 and the attendance of each member is set out as follows:

下：
		出席╱舉行
		委員會會議之次數
		Number of Committee meetings
委員會成員	Committee members	attended/held
魏華生（主席）	Ngai Wah Sang_(Chairman)_	4/4
鄭鑄輝	Francis J. Chang Chu Fai	4/4
鄭慕智	Moses Cheng Mo Chi	2/4
徐溯經	Xu Su Jing	2/4
楊麗琛	Lisa Yang Lai Sum	4/4
Yuki Oshima	Yuki Oshima	1/2
（於二零零八年六月一日辭任）	(resigned on 1st June, 2008)

除舉行委員會會議外，審核委員會亦於二零 零八年內透過傳閱文件方式處理事宜。於二 零零八年內及截至本報告日期止，審核委員 會已履行之工作概述如下：

In addition to the Committee meetings, the Audit Committee also dealt with matters by way of circulation during 2008. In 2008 and up to the date of this report, the Audit Committee performed the work as summarised below:

• (i) 審閱及建議董事會╱執行委員會批准外 聘核數師建議之本集團截至二零零七年 十二月三十一日止年度之年終審核（「二 零零七年年終審核」）、截至二零零八 年六月三十日止六個月之中期業績審閱

• （「二零零八年中期審閱」）及截至二零零 八年十二月三十一日止年度之年終審核

• （「二零零八年年終審核」）之核數範圍及 費用；

• (i) reviewed and recommended the audit scope and fees proposed by the external auditor in respect of the final audit for the year ended 31st December, 2007 (“2007 Final Audit”), the interim results review for the six months ended 30th June, 2008 (“2008 Interim Review”) and the final audit for the year ended 31st December, 2008 (“2008 Final Audit”) of the Group for the Board/ Executive Committee’s approval;

• (ii) 審閱外聘核數師就有關二零零七年年終 審核、二零零八年中期審閱及二零零八 年年終審核結果之報告╱獨立審閱報告 及管理層之回應；

• (ii) reviewed the reports of findings/independent review report from the external auditor and the management’s response in relation to the 2007 Final Audit, 2008 Interim Review and 2008 Final Audit;

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天安中國投資有限公司 Tian An China Investments Company Limited

企業管治報告 Corporate Governance Report

董事委員會 （續）

BOARD COMMITTEES (CoNtiNueD)

審核委員會 （續）

Audit Committee (continued)

• (iii) 審閱及建議董事會批准截至二零零七年 十二月三十一日止年度、截至二零零八 年六月三十日止六個月及截至二零零八 年十二月三十一日止年度之財務報告及 相關之管理層聲明函件及公佈；

• (iii) reviewed and recommended the financial reports for the year ended 31st December, 2007, for the six months ended 30th June, 2008 and for the year ended 31st December, 2008 together with the relevant management representation letters and announcements for the Board’s approval;

• (iv) 審閱集團內部審計部（「內部審計部」）編 製之內部審計審閱報告╱摘要，並會跟 進管理層儘快處理報告所提出之事項；

• (iv) reviewed the internal audit review reports/summaries prepared by the Group Internal Audit Department (“IAD”), and would monitor that the issues raised would be addressed and managed promptly by the management;

• (v) 審閱及建議董事會批准採納舉報者政策 及已修訂之審核委員會之職權範圍；

• (v) reviewed and recommended the adoption of the Whistle Blower Policy and the revised terms of reference of the Audit Committee for the Board’s approval;

• (vi) 審閱及建議董事會批准正式規範化之有 關連人士交易之政策及程式及關連交易 政策；及

• (vi) reviewed and recommended the formalisation of the Related Party Transaction Policies and Procedures and Connected Transaction Policies for the Board’s approval; and

• (vii) 審閱及建議董事會批准已修訂之審核委 員會之職權範圍以配合上市規則附錄十 四所載之企業管治守則之守則條文C.3.3 之修訂。

• (vii) reviewed and recommended the revised terms of reference of the Audit Committee to align with the amendment of the code provision C.3.3 of the CG Code contained in Appendix 14 of the Listing Rules for the Board’s approval.

「舉報者政策（Whistle Blower Policy）」提供一 個內部通報程序，僱員可循此途徑如實舉報 可疑事件，如不當內部監控程序；不確財務 或其他報告資料；或集團內任何指稱違法、 不當慣例或行為。繼本公司採納舉報者政策 後，審核委員會之職權範圍已於二零零八年 三月作出修訂，以遵守企業管治守則之建議 。 最佳常規C.3.7(a)

The “Whistle Blower Policy” outlines the communication procedures through which employees can report in good faith suspected departures from proper internal control procedures, incorrect or improper financial or other reporting, or any alleged unlawful or improper practices or wrongful conduct taking place within the Group. The terms of reference of the Audit Committee were revised in March 2008 following the adoption of the Whistle Blower Policy of the Company to comply with the recommended best practice C.3.7(a) of the CG Code.

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天安中國投資有限公司 Tian An China Investments Company Limited

企業管治報告 Corporate Governance Report

董事委員會 （續）

執行委員會

執行委員會於二零零四年二月成立，目前由 六名執行董事組成，包括李成偉先生（委員 會主席）、黃清海先生、馬申先生、勞景祐先 生、李志剛先生及Yasushi Ichikawa先生。執 行委員會獲授予董事會所獲授予關於本集團 業務之所有一般管理及控制權，惟根據執行 委員會之書面職權範圍須留待董事會決定及 批准之事宜除外。繼本公司採納舉報者政策 後，執行委員會之職權範圍已於二零零八年 三月作出修訂。

執行委員會於有需要時舉行會議，以討論本 集團之營運事宜，亦可透過傳閱文件方式處 理事宜。執行委員會主要負責處理及監察日 常管理事宜，並獲授權：

• (i) 制定及執行有關本集團之商業活動、內 部監控及行政政策；及

• (ii) 在董事會確定之本集團整體策略範圍 內，規劃及決定就本集團商業活動將予 採納之策略。

董事及相關僱員進行證券交易之 守則

本公司已採納上市規則附錄十所載之《上市 發行人董事進行證券交易之標準守則》（「標準 守則」）作為有關董事進行證券交易之行為守 則。經本公司作出特定查詢後，全體董事已 確認彼等一直遵守標準守則所載之規定標準。

本公司亦採納標準守則作為有關僱員進行證 券交易之守則，藉此對本公司或其附屬公司 之若干僱員（彼等被視為可能知悉有關本公司 或其證券之未刊發及價格敏感資料）就本公司 之證券買賣作出規管。

BOARD COMMITTEES (CoNtiNueD)

Executive Committee

The Executive Committee has been established since February 2004 and currently consists of six Executive Directors, being Mr. Patrick Lee Seng Wei (Chairman of the Committee), Mr. Ng Qing Hai, Mr. Ma Sun, Mr. Edwin Lo King Yau, Mr. Li Chi Kong and Mr. Yasushi Ichikawa. The Executive Committee is vested with all the general powers of management and control of the activities of the Group as are vested in the Board, save for those matters which are reserved for the Board’s decision and approval pursuant to the written terms of reference of the Executive Committee. The terms of reference of the Executive Committee were revised in March 2008 following the adoption of the Whistle Blower Policy by the Company.

The Executive Committee will meet as and when necessary to discuss the operating affairs of the Group and may also deal with matters by way of circulation. The Executive Committee is mainly responsible for undertaking and supervising the day-to-day management and is empowered:

• (i) to formulate and implement policies for the business activities, internal control and administration of the Group; and

• (ii) to plan and decide on strategies to be adopted for the business activities of the Group within the overall strategy of the Group as determined by the Board.

CODES FOR SECURITIES TRANSACTIONS BY DIRECTORS AND RELEVANT EMPLOYEES

The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (“Model Code”) as set out in Appendix 10 of the Listing Rules as its code of conduct regarding securities transactions by the Directors. All Directors have confirmed, following a specific enquiry by the Company, that they have complied with the required standard as set out in the Model Code.

The Company has also adopted the Model Code as the Code for Securities Transactions by Relevant Employees to regulate dealings in the securities of the Company by certain employees of the Company or any of its subsidiaries who are considered to be likely in possession of unpublished price sensitive information in relation to the Company or its securities.

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天安中國投資有限公司 Tian An China Investments Company Limited

企業管治報告

Corporate Governance Report

問責及核數

ACCOUNTABILITY AND AUDIT

財務報告

Financial Reporting

於財務部之協助下，董事確認彼等編製本集 團綜合財務報表之責任。於編製截至二零零 八年十二月三十一日止年度之綜合財務報表 時，本公司已採納香港公認會計原則，並遵 守香港會計師公會頒佈之香港財務報告準則 （其中亦包括香港會計準則及詮釋）之規定以 及香港公司條例之披露規定。董事認為所選 擇之會計政策適當並且貫徹應用，而所作判 斷及估計審慎合理，亦確保按持續經營基準 編製財務報表。

The Directors acknowledge their responsibility for preparing, with the support from the Finance Department, the consolidated financial statements of the Group. In preparing the consolidated financial statements for the year ended 31st December, 2008, the accounting principles generally accepted in Hong Kong have been adopted and the requirements of the Hong Kong Financial Reporting Standards (which also include Hong Kong Accounting Standards and Interpretations) issued by the Hong Kong Institute of Certified Public Accountants and the disclosure requirements of the Hong Kong Companies Ordinance were complied with. The Directors believe that they have selected suitable accounting policies and applied them consistently, and made judgements and estimates that are prudent and reasonable and ensure the consolidated financial statements are prepared on the going concern basis.

本公司外聘核數師德勤 • 關黃陳方會計師行 之匯報責任載於第78頁及第79頁之獨立核數 師報告。

The reporting responsibilities of the Company’s external auditor, Messrs. Deloitte Touche Tohmatsu, are set out in the Independent Auditor’s Report on pages 78 and 79.

內部監控

Internal Control

董事會負責每年檢討本集團內部監控系統之 效能，並確保有效之監控措施，藉以保障股 東投資及本集團之資產。於二零零九年十二 月三十一日止年度，董事會將透過審核委員 會及內部審計部對本公司在會計及財務匯報 功能的資源、員工資歷和經驗，以及有關員 工的培訓及預算開支是否足夠作出檢討。

The Board has the responsibility to review annually the effectiveness of the Group’s internal control systems and ensure that the controls are sound and effective to safeguard the Shareholders’ investments and the Group’s assets at all times. For the year ending 31st December, 2009, the Board, through the Audit Committee and IAD, will review the adequacy of resources, qualifications and experience of staff of the Company's accounting and financial reporting function, and their training programmes and budget.

內部監控系統旨在合理地（而非絕對地）保證 無重大失實陳述或損失，同時管理（但並非完 全消除）系統失誤之風險，並協助本集團達致 議定宗旨及目標。其對達致業務目標至為重 要之風險管理擔任重要角色。除了保障本集 團之資產外，內部監控亦為備存妥善之會計 記錄提供準則，有助遵守有關法律及規例。

The internal control system is designed to provide reasonable, but not absolute, assurance against material misstatement or loss; to manage rather than completely eliminate the risk of system failure; and to assist in the achievement of the Group’s agreed objectives and goals. It has a key role in the management of risks that are significant to the fulfilment of business objectives. In addition to safeguarding the Group’s assets, it should provide a basis for the maintenance of proper accounting records and assist in the compliance with relevant laws and regulations.

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天安中國投資有限公司 Tian An China Investments Company Limited

企業管治報告 Corporate Governance Report

問責及核數 （續）

內部監控 （續）

董事會透過審核委員會並在內部審計部之協 助下，已對本集團截至二零零八年十二月三 十一日止年度之地產發展組內部監控作出評 估。

內部審核

內部審計經理向主席及審核委員會作報告。 內部審計部將在向董事會保證管理層維持及 營運良好之內部監控體系方面擔任重要角 色。此乃董事會提高本集團整體企業管治水 平並遵守企業管治守則之守則條文C.2的部分 計劃。

審核委員會及董事會已審閱由內部審計部所 編製之集團整體風險分析報告，及集團內部 審計計劃與策略報告。有關本集團面對各主 要類別風險之管理政策及程序之論述，收錄 於綜合財務報表附註5b。

內部審計部對截至二零零八年十二月三十一 日止年度之物業發展組進行內部監控評估。 該等內部審核報告已提交審核委員會及董事 會審閱。內部審計部將會跟進管理層儘快處 理所提出之事項。

ACCOUNTABILITY AND AUDIT (CoNtiNueD)

Internal Control (continued)

The Board, through the Audit Committee and with the assistance of the IAD, conducted internal control reviews of the property development group for the year ended 31st December, 2008.

Internal Audit

The Internal Audit Manager reports to the Chairman and the Audit Committee. The IAD plays an important role in providing assurance to the Board that a sound internal control system is maintained and operated by the management. This is part of the Board’s plan to enhance the standards of the Group’s overall corporate governance and comply with the code provision C.2 of the CG Code.

The Group Overall Risk Profile Analysis Report, and the Group Internal Audit Plan and Strategy Report were prepared by the IAD and issued to the Audit Committee and the Board for review. A discussion of the policies and procedures on the management of each of the major types of risk which the Group is facing is included in note 5b to the consolidated financial statements.

The IAD performed internal control assessments of the property development group for the year ended 31st December, 2008. The internal audit reports were distributed to the Audit Committee and the Board for their review. The IAD would monitor that the issues raised would be addressed and managed promptly by the management.

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天安中國投資有限公司 Tian An China Investments Company Limited

企業管治報告

Corporate Governance Report

問責及核數 （續）

ACCOUNTABILITY AND AUDIT (CoNtiNueD)

外聘核數師之酬金

External Auditor’s Remuneration

於年內，已支付予本集團外聘核數師之酬金 載列如下：

During the year, the remuneration paid to the Group’s external auditor is set out as follows:

向本集團提供之服務

向本集團提供之服務 Services rendered for the Group	千港元 HK$’000
核數服務 Audit services 非核數服務（包括審閱遵守職業退休 計劃條例及審閱中期業績） Non-audit services (including review of compliance of Occupational Retirement Scheme Ordinance and review of interim results) 總計： Total:	3,300 484
	3,784

與股東之溝通

COMMUNICATION WITH SHAREHOLDERS

董事會深明與股東保持良好聯繫之重要性。 有關本集團之資料乃按時透過多種正式途徑 向股東傳達，包括中期報告及年報、公佈及 通函。該等刊發文件連同最近期之公司資料 及消息亦已於本公司網站內登載。

The Board recognises the importance of good communication with Shareholders. Information in relation to the Group is disseminated to Shareholders in a timely manner through a number of formal channels, which include interim and annual reports, announcements and circulars. Such published documents together with the latest corporate information and news are also made available on the website of the Company.

本公司股東週年大會乃董事會直接與股東聯 繫之寶貴機會。主席積極參與並親自主持股 東週年大會以回應股東之任何查詢。審核委 員會及薪酬委員會主席，或在該等主席缺席 時由各自委員會之另一名委員（或如該名委員 未能出席，則其適當委任的代表）於股東週年 大會上回答提問。任何須予或按照上市規則 成立之獨立董事委員會之主席（或倘並無委任 該主席，則至少一名獨立董事委員會成員）亦 會出席任何就批准關連交易或須獲獨立股東 批准之任何其他交易而召開之股東大會，以 回答提問。

The Company’s AGM is a valuable forum for the Board to communicate directly with the Shareholders. The Chairman actively participates in the AGM and personally chairs the meeting to answer any questions from the Shareholders. The Chairmen of the Audit Committee and Remuneration Committee or in their absence, another member of the respective committees or failing this his duly appointed delegate, are also available to answer questions at the AGM. The chairman of any independent board committee formed as necessary or pursuant to the Listing Rules (or if no such chairman is appointed, at least a member of the independent board committee) will also be available to answer questions at any general meeting of the Shareholders to approve a connected transaction or any other transaction that is subject to independent Shareholders’ approval.

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天安中國投資有限公司 Tian An China Investments Company Limited

企業管治報告 Corporate Governance Report

與股東之溝通 （續）

COMMUNICATION WITH SHAREHOLDERS

(CoNtiNueD)

在股東大會上，每項實際獨立的事宜將個別 提出決議案，包括重撰退任董事。

本公司上一次股東週年大會於二零零八年五 月二十三日舉行，股東週年大會之通函於股 東週年大會舉行最少二十一天前發送予股 東，通函載列每項擬提呈決議案之詳情、投 票程序（包括要求以股數投票方式進行表決之 程序）及其他相關資料。主席於股東週年大會 開始時，再次解釋要求以股數投票方式進行 表決之程序，及宣佈就每項決議案已接獲委 任代表之投票情況。

下屆股東週年大會將於二零零九年五月二十 二日舉行，有關通告在大會舉行前至少足20 個營業日發送予股東。以股數投票方式進 行表決的詳細程序將於會議開始時向股東解 釋。大會主席將回答股東有關以股數投票方 式表決的任何提問。股數投票結果將按照於 二零零九年一月一日起生效之上市規則規定 刊發。

提升企業管治水平

提升企業管治水平並非只為應用及遵守聯交 所之企業管治守則，乃為推動及建立道德與 健全之企業文化為依歸。吾等將持續檢討並 按經驗、監管變動及發展，於適當時候改善 現行常規。本公司亦歡迎股東提供任何意見 及建議以提高及改善本公司之透明度。

承董事會命

Separate resolutions are proposed at the general meetings for each substantial issue, including the re-election of the retiring Directors.

The Company’s last AGM was held on 23rd May, 2008 and the AGM circular was sent to Shareholders at least 21 days prior to the meeting, setting out details of each proposed resolution, voting procedures (including the procedures for demanding and conducing a poll) and other relevant information. The Chairman explained the procedures for demanding and conducting a poll again at the beginning of the meeting and revealed the level of proxies voted in respect of each resolution.

The next AGM will be held on 22nd May, 2009, the notice of which will be sent to Shareholders at least 20 clear business days before the meeting. An explanation of the detailed procedures for conducting a poll will be provided to the Shareholders at the commencement of the meeting. The Chairman will answer any questions from Shareholders regarding voting by way of a poll. The poll results will be published in accordance with the requirements of the Listing Rules effective on 1st January, 2009.

CORPORATE GOVERNANCE ENHANCEMENT

Enhancing corporate governance is not simply a matter of applying and complying with the CG Code of the Stock Exchange but also about promoting and developing an ethical and healthy corporate culture. We will continue to review and, where appropriate, improve our current practices on the basis of our experience, regulatory changes and developments. Any views and suggestions from our Shareholders to promote and improve our transparency are also welcome.

On behalf of the Board

==> picture [111 x 49] intentionally omitted <==

主席 李成輝

香港，二零零九年三月二十三日

Lee Seng Hui Chairman

Hong Kong, 23rd March, 2009

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天安中國投資有限公司 Tian An China Investments Company Limited

董事會報告 Directors’ Report

本公司之董事會（「董事會」）同寅謹將本公司 及其附屬公司（統稱「本集團」）截至二零零八 年十二月三十一日止年度之年報及經審核綜 合財務報表呈覽。

主要業務

本公司乃一間投資控股公司，其主要附屬公 司、聯營公司及共同控制公司於二零零八年 十二月三十一日之主要業務已分別列於綜合 財務報表附註51、52及53。

本集團於年內之收入主要來自中華人民共和 國（「中國」）之業務。本集團截至二零零八年 十二月三十一日止年度之營業額及除稅前之 溢利貢獻按主要業務已列於綜合財務報表附 註6。

有關本公司於二零零八年十二月三十一日之 主要附屬公司、聯營公司及共同控制公司之 詳情已分別列於綜合財務報表附註51、52及 53。

業績及溢利分配

本集團之業績及本公司之溢利分配列於第80 頁及第81頁之綜合收益賬及隨附之綜合財務 報表附註內。

董事會建議就截至二零零八年十二月三十一 日止年度派發末期股息每股3港仙予於二零零 九年五月二十二日（星期五）名列本公司股東 名冊內之本公司股東（「股東」）。有關詳情列 於綜合財務報表附註17。

The board of directors of the Company (“Board”) presents their annual report and the audited consolidated financial statements of the Company and its subsidiaries (collectively “Group”) for the year ended 31st December, 2008.

PRINCIPAL ACTIVITIES

The Company acts as an investment holding company. The principal activities of its principal subsidiaries, associates and jointly controlled entities as at 31st December, 2008 are set out in notes 51, 52 and 53 to the consolidated financial statements respectively.

The Group’s revenue for the year was derived mainly from activities carried out in the People’s Republic of China (“PRC”). The breakdown by principal activities of the Group’s turnover and the contribution to profit before taxation for the year ended 31st December, 2008 is set out in note 6 to the consolidated financial statements.

Details of the Company’s principal subsidiaries, associates and jointly controlled entities as at 31st December, 2008 are set out in notes 51, 52 and 53 to the consolidated financial statements respectively.

RESULTS AND APPROPRIATIONS

The results of the Group and appropriations of the Company are set out in the consolidated income statement on pages 80 and 81 and in the accompanying notes to the consolidated financial statements.

The Board has proposed the payment of a final dividend of HK3 cents per share for the year ended 31st December, 2008 payable to the shareholders of the Company (“Shareholders”) whose names appear on the register of members of the Company on Friday, 22nd May, 2009. Details are set out in note 17 to the consolidated financial statements.

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天安中國投資有限公司 Tian An China Investments Company Limited

董事會報告 Directors’ Report

投資物業

於年內，本集團收購投資物業總值約 63,572,000港元，而若干已竣工物業存貨價 值為237,776,000港元轉為投資物業。本集團 重估其所有投資物業截至年底之價值，因重 新估價而引致之虧損為187,283,000港元，並 已於綜合收益賬內確認。

上述事項及本集團投資物業於本年度其他變 動之詳情列於綜合財務報表附註20。

物業、廠房及設備

於年內，本集團購入之物業、廠房及設備總 值約22,602,000港元。

上述事項及本集團之物業、廠房及設備於本 年度其他變動之詳情列於綜合財務報表附註 19。

物業

本集團於二零零八年十二月三十一日之主要 物業資料列於第27頁至第34頁。

股本及認股權證

本公司之股本及認股權證於本年度之變動詳 情列於綜合財務報表附註36。

購股權計劃

本公司購股權計劃之資料列於綜合財務報表 附註36。

INVESTMENT PROPERTIES

During the year, the Group acquired investment properties totalling approximately HK$63,572,000 in value and certain inventories of completed properties to a value of HK$237,776,000 were transferred to investment properties. The Group revalued all of its investment properties as at the year end date. The deficit arising on the revaluation amounted to HK$187,283,000 and has been recognised in the consolidated income statement.

Details of these and other movements in the investment properties of the Group during the year are set out in note 20 to the consolidated financial statements.

PROPERTY, PLANT AND EQUIPMENT

During the year, the Group acquired property, plant and equipment totalling approximately HK$22,602,000.

Details of these and other movements in property, plant and equipment of the Group during the year are set out in note 19 to the consolidated financial statements.

PROPERTIES

Particulars of major properties of the Group as at 31st December, 2008 are set out on pages 27 to 34.

SHARE CAPITAL AND WARRANTS

Details of movements in the share capital and warrants of the Company during the year are set out in note 36 to the consolidated financial statements.

SHARE OPTION SCHEME

Particulars of the share option scheme of the Company are set out in note 36 to the consolidated financial statements.

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天安中國投資有限公司 Tian An China Investments Company Limited

董事會報告 Directors’ Report

借款及資本化之利息

BORROWINGS AND INTEREST CAPITALISED

須於一年內償還或應要求下償還之銀行貸 款、透支及其他借款歸納於流動負債內。有 關附息及免息借款之還款詳情已分別列於綜 合財務報表附註38及39。本集團於年內就發 展中物業而轉作資本化之利息為48,488,000 港元，詳情已列於綜合財務報表附註11。

Bank loans, overdrafts and other borrowings which are repayable within one year or on demand are classified as current liabilities. Repayment analysis of interest-bearing and interest-free borrowings are set out in notes 38 and 39 to the consolidated financial statements respectively. Interest capitalised by the Group during the year in respect of properties under development amounted to HK$48,488,000, details of which are set out in note 11 to the consolidated financial statements.

董事

DIRECTORS

於本年度及至本報告日期為止之本公司之董 事（「董事」）如下：

The directors of the Company (“Directors”) during the year and up to the date of this report were:

執行董事：

李成偉 黃清海 馬申 勞景祐 李志剛 Yasushi Ichikawa

executive Directors:

Patrick Lee Seng Wei Ng Qing Hai Ma Sun Edwin Lo King Yau Li Chi Kong Yasushi Ichikawa

非執行董事： 李成輝 宋增彬 （於二零零八年六月一日委任） 鄭慕智 Yuki Oshima （於二零零八年六月一日辭任）

Non-executive Directors:

Lee Seng Hui Song Zengbin (appointed on 1st June, 2008) Moses Cheng Mo Chi Yuki Oshima

(resigned on 1st June, 2008)

獨立非執行董事： 鄭鑄輝 Francis J. Chang Chu Fai 魏華生 Ngai Wah Sang 徐溯經 Xu Su Jing 楊麗琛 Lisa Yang Lai Sum

independent Non-executive Directors:

根據本公司組織章程細則（「章程細則」）第 105(A)條，李成偉先生、馬申先生、勞景祐 先生及鄭慕智博士將輪值退任，惟有資格並 願膺選連任。

In accordance with Article 105(A) of the articles of association of the Company (“Articles of Association”), Mr. Patrick Lee Seng Wei, Mr. Ma Sun, Mr. Edwin Lo King Yau and Dr. Moses Cheng Mo Chi shall retire from office by rotation and, being eligible, offer themselves for re-election.

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天安中國投資有限公司 Tian An China Investments Company Limited

董事會報告 Directors’ Report

董事 （續）

根據章程細則第96條，自上屆股東週年大會 後及本報告日期前獲委任之宋增彬先生之任 期於將召開之股東週年大會（「股東週年大 會」）屆滿，惟有資格並願膺選連任。

董事及高級管理人員之個人資料

執行董事

李成偉 ，五十七歲，於一九九六年六月獲委 任為本公司之執行董事，並分別於二零零四 年二月及二零零五年十二月出任為董事會主 席及代理董事總經理。彼於二零零七年四月 不再出任董事會主席，並由本公司之代理董 事總經理改任為董事總經理。李先生為一名 建築師，曾於澳洲IBM服務，其後在馬來西亞 及香港參與地產發展工作超過二十三年，彼 於物業發展具廣泛經驗。李先生亦為本公司 兩名主要股東聯合地產（香港）有限公司（「聯 合地產」）之行政總裁及執行董事，並為新鴻 基有限公司（「新鴻基」）之非執行董事。彼為 董事會主席李成輝先生之堂兄。

黃清海 ，五十二歲，於二零零三年四月獲委 任為本公司之執行董事，並於二零零三年十 月出任本公司之董事總經理。彼於二零零五 年十二月改任為本公司之副董事總經理。黃 先生於一九八三年畢業於上海建材學院會計 系，於一九九四年為中國註冊會計師協會會 員，亦於一九八八年獲法國高等商學院集團 （GROUPE ESSEC）授予管理諮詢顧問資格。 黃先生於二零零四年成為中國建材企業管理 協會副會長，並分別於二零零六年及二零零 八年成為亞洲知識管理協會院士及上海水泥 行業協會副會長。黃先生在管理企業方面擁 有豐富經驗。彼亦為本公司前非全資附屬公 司上海聯合水泥股份有限公司（「上海聯合水 泥」）之總裁及行政總裁。

DIRECTORS (CoNtiNueD)

In accordance with Article 96 of the Articles of Association, Mr. Song Zengbin, who has been appointed after the last annual general meeting and before the date of this report, shall hold office until the forthcoming annual general meeting (“AGM”) and, being eligible, offer himself for re-election.

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

Executive Directors

Patrick Lee Seng Wei , aged 57, was appointed an Executive Director of the Company in June 1996 and became the Chairman of the Board and the Acting Managing Director of the Company in February 2004 and December 2005 respectively. He relinquished his role as the Chairman of the Board and was re-designated from the Acting Managing Director to the Managing Director of the Company in April 2007. Mr. Lee is an architect and worked for IBM Australia before becoming involved in property development in Malaysia and Hong Kong more than twenty-three years ago. He has extensive experience in the property field. Mr. Lee is also the chief executive and an executive director of Allied Properties (H.K.) Limited (“APL”) and a non-executive director of Sun Hung Kai & Co. Limited (“SHK”), both are substantial shareholders of the Company. He is a cousin of Mr. Lee Seng Hui (the Chairman of the Board).

Ng Qing Hai , aged 52, was appointed an Executive Director of the Company in April 2003 and became the Managing Director of the Company in October 2003. He was re-designated as the Deputy Managing Director of the Company in December 2005. Mr. Ng graduated from the Accounting Department of Shanghai Institute of Building Materials in 1983 and became a member of the Association of Registered Accountants of the PRC in 1994. He was admitted as Management Consultant by GROUPE ESSEC of France in 1988. Mr. Ng became the vice chairman of China Building Materials Enterprises Management Association in 2004, and a fellow of Asian Knowledge Management Association and the vice chairman of Shanghai Cement Industrial Association in 2006 and 2008 respectively. Mr. Ng has extensive experience in managing enterprises. He is also the president and chief executive officer of Shanghai Allied Cement Limited (“SAC”), a former non wholly-owned subsidiary of the Company.

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天安中國投資有限公司 Tian An China Investments Company Limited

董事會報告 Directors’ Report

董事及高級管理人員之個人資料 （續）

執行董事 （續）

馬申 ，六十八歲，於二零零三年四月獲委任 為本公司之執行董事。馬先生於一九八四年 加入新鴻基證券有限公司，一九八五年轉調 本集團。除擁有機電工程學士學位外，馬先 生擁有豐富機電工程經驗及超過二十三年的 中國商貿、金融投資及物業發展經驗。

勞景祐 ，四十八歲，為特許公司秘書，並持 有澳洲Macquarie University之應用財務碩 士學位，於一九九九年八月獲委任為本公司 之執行董事。彼曾於香港多間公司履任多項 行政職位，包括於上市公司出任公司秘書。 彼亦為本公司之主要股東聯合集團有限公司 （「聯合集團」）及聯合集團之聯營公司禹銘投 資有限公司（「禹銘投資」）之執行董事。勞先 生曾為香港建屋貸款有限公司之執行董事。

李志剛 ，五十五歲，為蘇格蘭特許會計師公 會會員及香港會計師公會資深會員，於二零 零四年二月獲委任為本公司之執行董事。彼 於財務及會計行業具有豐富經驗，曾任職於 兩間大型核數師事務所及擔任多間頗具規模 之香港上市公司之集團財務總監。彼亦為本 公司之主要股東聯合地產之執行董事及本公 司另一主要股東聯合集團之集團財務總監。 李先生曾為本公司前非全資附屬公司上海聯 合水泥之副總裁及執行董事。

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT (CoNtiNueD)

Executive Directors (continued)

Ma Sun , aged 68, was appointed an Executive Director of the Company in April 2003. Mr. Ma joined Sun Hung Kai Securities Limited in 1984 and was then transferred to the Group in 1985. Besides holding a Bachelor’s Degree in Electrical Engineering, he has extensive experience in electrical engineering and over twenty-three years of experience in China commercial business, financial investment and property development.

Edwin Lo King Yau , aged 48, a chartered company secretary and holder of a Master’s Degree in Applied Finance from Macquarie University, Australia, was appointed an Executive Director of the Company in August 1999. He had served various executive roles in several companies in Hong Kong including as company secretary for public listed companies. He is also an executive director of Allied Group Limited (“AGL”), a substantial shareholder of the Company, and Yu Ming Investments Limited (“YMI”), an associate of AGL. Mr. Lo was previously an executive director of The Hong Kong Building and Loan Agency Limited.

Li Chi Kong , aged 55, a member of the Institute of Chartered Accountants of Scotland and a fellow of the Hong Kong Institute of Certified Public Accountants, was appointed an Executive Director of the Company in February 2004. He has broad experience in the finance and accounting field, having worked in two major audit firms and as group financial controller for several sizeable listed companies in Hong Kong. He is also an executive director of APL, a substantial shareholder of the Company, and the group financial controller of AGL, another substantial shareholder of the Company. Mr. Li was previously the vice-president and an executive director of SAC, a former non whollyowned subsidiary of the Company.

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天安中國投資有限公司 Tian An China Investments Company Limited

董事會報告 Directors’ Report

董事及高級管理人員之個人資料

（續）

執行董事 （續）

Yasushi Ichikawa ，五十七歲，於二零零六 年五月獲委任為本公司之執行董事。Ichikawa 先生現時為ORIX Corporation上海代表辦事處 之高級代表。彼曾任ORIX Corporation國際業 務部之部門總經理，管理大中華地區之附屬 公司及新拓展業務之發展。彼於結構資產融 資構建及市場推廣方面擁有超過二十七年經 驗。Ichikawa先生畢業於日本大阪市立大學， 持有商業學士學位。

非執行董事

李成輝 ，四十歲，於二零零七年四月獲委任 為董事會主席及非執行董事。李先生畢業於 澳洲雪梨大學法律系，並取得榮譽學位。彼 之前曾於麥堅時律師行及羅富齊父子（香港） 有限公司工作。彼亦為本公司之主要股東聯 合集團之行政總裁及執行董事。李先生亦為 Tanami Gold NL之非執行董事，該公司股份 於澳洲證券交易所上市。李先生曾為聯合集 團之聯營公司禹銘投資之董事會主席及執行 董事。彼為本公司董事總經理李成偉先生之 堂弟。

宋增彬 ，五十四歲，於二零零八年六月獲委 任為本公司之董事會副主席及非執行董事。 宋先生為一名國家註冊建造師，畢業於大 連理工大學土木工程系，擁有工程學碩士學 位。彼具有超過三十年工程及管理經驗，曾 於設計院，多間大型國營公司及政府部門擔 任高級職位，宋先生並由二零零三年起獲大 連理工大學邀請為兼職教授。

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT (CoNtiNueD)

Executive Directors (continued)

Yasushi Ichikawa , aged 57, was appointed an Executive Director of the Company in May 2006. Mr. Ichikawa is currently the senior representative of ORIX Corporation Shanghai Representative Office. He was previously the managing director overseeing the subsidiaries in the Greater China Region and the development of new business at the International Business Department of ORIX Corporation. He has over twenty-seven years of experience in structuring and marketing of structured asset finance. Mr. Ichikawa graduated from Osaka City University in Japan with a Bachelor’s Degree in Commerce.

Non-Executive Directors

Lee Seng Hui , aged 40, was appointed the Chairman of the Board and a Non-Executive Director of the Company in April 2007. Mr. Lee graduated from the Law School of the University of Sydney with Honours. Previously, he worked with Baker & McKenzie and N M Rothschild & Sons (Hong Kong) Limited. He is also the chief executive and an executive director of AGL, a substantial shareholder of the Company. Mr. Lee is also a non-executive director of Tanami Gold NL, the shares of which are listed on the Australian Securities Exchange. Mr. Lee was previously the chairman of the board of directors and an executive director of YMI, an associate of AGL. He is a cousin of Mr. Patrick Lee Seng Wei (the Managing Director of the Company).

Song Zengbin , aged 54, was appointed the Deputy Chairman of the Board and a Non-Executive Director of the Company in June 2008. Mr. Song, a state registered construction engineer, graduated from the Civil Engineering Department of Dalian University of Technology with a Master’s Degree in Engineering. He has more than thirty years of experience in the fields of engineering and management by serving in various senior roles in a design institute, several large state companies and municipal government. Mr. Song has also been invited as a guest professor for Dalian University of Technology since 2003.

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天安中國投資有限公司 Tian An China Investments Company Limited

董事會報告 Directors’ Report

董事及高級管理人員之個人資料

（續）

非執行董事 （續）

鄭慕智 ，五十九歲，於一九九七年五月獲委 任為本公司之獨立非執行董事，並於二零零 四年九月改任為本公司之非執行董事。鄭 博士乃本公司其中一所法律顧問香港胡百全 律師事務所之首席合夥人。彼為博彩及獎券 事務委員會主席，亦為香港董事學會之創會 主席，現任該會榮譽會長及榮譽主席。鄭博 士於一九九一年至一九九五年期間擔任香港 立法局議員，並於一九九七年至二零零六年 擔任香港浸會大學校董會暨諮議會主席，彼 亦於多間於香港及海外上市公司出任獨立 非執行董事及非執行董事，包括ARA Asset Management Limited、中國移動有限公司、 城市電訊（香港）有限公司、中國遠洋控股股 份有限公司、華潤創業有限公司、粵海投資 有限公司、開達集團有限公司、銀河娛樂集 團有限公司、廖創興企業有限公司、港華燃 氣有限公司及香港交易及結算所有限公司。 彼亦曾分別為北京首都國際機場股份有限公 司及瑞安建業有限公司之獨立非執行董事。

獨立非執行董事

鄭鑄輝 ，五十四歲，於二零零四年九月獲委 任為本公司之獨立非執行董事。鄭先生現時 為卓健亞洲有限公司之副主席兼獨立非執行 董事，以及皇朝傢俬控股有限公司及亞太資 源有限公司之獨立非執行董事。彼亦曾為卓 施金網有限公司之主席兼執行董事、中國金 融租賃集團有限公司之執行董事及昱豐融資 有限公司之董事總經理。鄭先生現為昱豐顧 問有限公司之董事總經理及根據證券及期貨 條例註冊之投資顧問。彼擁有逾三十一年銀 行、企業融資、投資及企業管理之經驗。鄭 先生於一九七六年取得加拿大蒙特利爾孔科 爾迪亞大學之商學學士學位，並於一九七七 年畢業於加拿大多倫多約克大學，取得工商 管理碩士學位。

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT (CoNtiNueD)

Non-Executive Directors (continued)

Moses Cheng Mo Chi , aged 59, was appointed an Independent NonExecutive Director of the Company in May 1997 and was re-designated as Non-Executive Director of the Company in September 2004. Dr. Cheng is the senior partner of P. C. Woo & Co., a firm of solicitors and notaries in Hong Kong, and also one of the Company’s solicitors. He is the Chairman of the Betting and Lotteries Commission. He is also the Founder Chairman of the Hong Kong Institute of Directors of which he is now the Honorary President and Chairman Emeritus. Dr. Cheng served as a member of the Legislative Council of Hong Kong from 1991 to 1995 and Chairman of the Council and Court of the Hong Kong Baptist University between 1997 and 2006. He also serves on the boards of various listed companies in Hong Kong and overseas, both as independent non-executive director and non-executive director, including ARA Asset Management Limited, China Mobile Limited, City Telecom (H.K.) Limited, China COSCO Holdings Company Limited, China Resources Enterprise, Limited, Guangdong Investment Limited, Kader Holdings Company Limited, Galaxy Entertainment Group Limited, Liu Chong Hing Investment Limited, Towngas China Company Limited and Hong Kong Exchanges and Clearing Limited. He was previously an independent non-executive director of Beijing Capital International Airport Company Limited and Shui On Construction and Materials Limited respectively.

Independent Non-Executive Directors

Francis J. Chang Chu Fai , aged 54, was appointed an Independent Non-Executive Director of the Company in September 2004. Mr. Chang is currently the deputy chairman and an independent non-executive director of Quality HealthCare Asia Limited; and an independent nonexecutive director of Royale Furniture Holdings Limited and APAC Resources Limited. He was previously the chairman and an executive director of Trasy Gold Ex Limited, an executive director of China Financial Leasing Group Limited and the managing director of Ceres Capital Limited. Mr. Chang is currently the Managing Director of Ceres Consultancy Limited and a registered person under the Securities and Futures Ordinance. He has over thirty-one years of experience in banking, corporate finance, investment and management. Mr. Chang holds a Bachelor’s Degree in Commerce from Concordia University in Montreal, Canada since 1976 and a Master’s Degree in Business Administration from York University in Toronto, Canada since 1977.

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天安中國投資有限公司 Tian An China Investments Company Limited

董事會報告 Directors’ Report

董事及高級管理人員之個人資料

（續）

獨立非執行董事 （續）

魏華生 ，五十歲，於二零零四年九月獲委任 為本公司之獨立非執行董事。彼現時為安利 時投資控股有限公司之董事會副主席兼行政 總裁。彼在核數、會計、財務管理以及處理 業務發展及投資方面擁有豐富經驗，並曾任 職香港及海外多間國際會計師事務所及上市 公司。魏先生取得英國倫敦大學之理學士學 位。彼亦為澳洲特許會計師公會資深會員及 香港會計師公會資深會員。

徐溯經 ，六十四歲，於二零零四年九月獲委 任為本公司之獨立非執行董事。彼曾任中國 石化集團公司企業改革部主任，但已於二零 零五年六月退休。徐先生於二零零八年十二 月獲委任為北京中道匯德投資管理有限公司 之首席經濟學家及副總經理。彼具有豐富之 石化企業宏觀管理經驗。徐先生於一九八三 年畢業於北京勞動保護科研所，主修安全技 術工程，擁有工程學碩士學位及教授級高級 經濟師職稱。

楊麗琛 ，四十二歲，於一九九九年十一月獲 委任為本公司之獨立非執行董事，並於二零 零四年九月改任為本公司之非執行董事。 彼於二零零七年七月由本公司之非執行董事 改任為獨立非執行董事。彼現為香港執業律 師，亦為柯伍陳律師事務所之顧問。楊女士 畢業於澳洲雪梨大學，取得法律及經濟學士 學位，亦取得澳洲及英國之律師資格。

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT (CoNtiNueD)

Independent Non-Executive Directors (continued)

Ngai Wah Sang , aged 50, was appointed an Independent NonExecutive Director of the Company in September 2004. He is currently the deputy chairman of the board and the chief executive officer of Earnest Investments Holdings Limited. He has broad experience in auditing, accounting, financial management and dealing with business development and investments and previously worked for international accounting firms and listed companies in Hong Kong and overseas. Mr. Ngai holds a Bachelor’s Degree in Science from the University of London in United Kingdom. He is a fellow of The Institute of Chartered Accountants in Australia and also a fellow of the Hong Kong Institute of Certified Public Accountants in Hong Kong.

Xu Su Jing , aged 64, was appointed an Independent Non-Executive Director of the Company in September 2004. He was the director of the Department of Enterprise Reform of Sinopec Group Company and has retired since June 2005. Mr. Xu was appointed the chief economist and the vice general manager of Beijing CRE-CO-CRE Invest Co., Ltd. in December 2008. He has extensive experience in the macromanagement of petrochemical enterprises. Mr. Xu graduated from the Beijing Research Institute of Labor Safety in 1983 majoring in safety technology engineering and holds a Master of Engineering and the title of a senior economist of professor level.

Lisa Yang Lai Sum , aged 42, was appointed an Independent NonExecutive Director of the Company in November 1999 and was redesignated as Non-Executive Director of the Company in September 2004. She was re-designated from a Non-Executive Director to an Independent Non-Executive Director of the Company in July 2007. She is a practicing solicitor in Hong Kong and a consultant of ONC Lawyers. Ms. Yang graduated from the University of Sydney with a Bachelor’s Degree in Law and Economics and is also qualified as a solicitor in Australia and England.

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天安中國投資有限公司 Tian An China Investments Company Limited

董事會報告 Directors’ Report

董事及高級管理人員之個人資料

（續）

高級管理人員

宋珠峰 ，四十八歲，本集團合約部總經理， 於二零零三年十二月加入本集團。宋先生畢 業於北京清華大學土木工程系，擁有工程學 學士學位。彼具有超過二十年工程管理及房 地產發展經驗。

杜燦生 ，四十四歲，本集團財務總監，於一 九九四年五月加入本集團。杜先生為香港會 計師公會會員及英國特許管理會計師公會會 員，並擁有工商管理碩士學位。杜先生具有 超過十五年財務管理及中國商業經驗。

夏謙 ，四十五歲，本集團華北地區總經理， 於一九九一年十一月加入本集團。夏先生擁 有工商管理碩士學位。彼具有超過十八年中 國房地產發展及投資經驗。

容綺媚 ，四十三歲，於二零零四年三月獲委 任為本公司之公司秘書。彼為香港特許秘書 公會及英國特許秘書及行政人員公會會員。

董事之服務合約

擬於應屆股東週年大會上膺選連任之董事概 無與本集團訂立本集團不可於一年內毋須賠 償（法定賠償除外）而可予以終止之未到期服 務合約。

非執行董事之任期

所有非執行董事（包括獨立非執行董事（「獨 立非執行董事」））均獲為期兩年的指定任 期，任期將持續至二零一零年十二月三十一 日，惟董事之離任或退任須受章程細則之有 關條文或任何其他適用法例所規限。

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT (CoNtiNueD)

Senior Management

Song Zhu Feng , aged 48, is the General Manager of the Contracts Department of the Group. He joined the Group in December 2003. Mr. Song graduated from The Civil Engineering Department of Tsing Hua University in Beijing with a Bachelor’s Degree in Engineering. He has over twenty years of experience in the fields of engineering and property development.

Sunny Tao Tsan Sang , aged 44, is the Financial Controller of the Group. He joined the Group in May 1994. Mr. Tao is an associate of the Hong Kong Institute of Certified Public Accountants and The Chartered Institute of Management Accountants and holds a Master’s Degree in Business Administration. Mr. Tao has over fifteen years of experience in financial management and China business field.

Xia Qian , aged 45, is the General Manager of the Northern China Region. He joined the Group in November 1991. Mr. Xia holds an Executive Master’s Degree in Business Administration. He has over eighteen years of experience in property development and investment in China.

Cindy Yung Yee Mei , aged 43, was appointed the Company Secretary of the Company in March 2004. She is an associate of The Hong Kong Institute of Chartered Secretaries and The Institute of Chartered Secretaries and Administrators.

DIRECTORS’ SERVICE CONTRACTS

None of the Directors proposed for re-election at the forthcoming AGM has an unexpired service contract with the Group which is not determinable by the Group within one year without payment of compensation, other than statutory compensation.

TERMS OF OFFICE FOR THE NON-EXECUTIVE DIRECTORS

All the Non-Executive Directors (including the Independent NonExecutive Directors (“INEDs”)) were appointed for a specific term of two years which shall continue until 31st December, 2010 but subject to the relevant provisions of the Articles of Association or any other applicable laws whereby the Directors shall vacate or retire from their office.

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天安中國投資有限公司 Tian An China Investments Company Limited

董事會報告 Directors’ Report

董事之權益

DIRECTORS’ INTERESTS

於二零零八年十二月三十一日，根據證券及 期貨條例（「證券及期貨條例」）第352條規 定所存置之登記冊所載，董事李成輝先生及 馬申先生於本公司股份及相關股份中持有以 下權益：

At 31st December, 2008, Messrs. Lee Seng Hui and Ma Sun, Directors, had the following interests in the shares and underlying shares of the Company as recorded in the register required to be kept under Section 352 of the Securities and Futures Ordinance (“SFO”):

		佔有關
		已發行股本之
	持有股份及	概約百分比
	相關股份之數目	Approximate % of
董事姓名	Number of shares and	the relevant issued	權益性質
Name of Directors	underlying shares held	share capital	Nature of interests
李成輝	652,602,215	43.31%	其他權益
Lee Seng Hui	（附註1及3）		Other interests
	(Notes 1 & 3)
馬申	72,975	0.005%	個人權益
Ma Sun	（附註2及3）		Personal interests
	(Notes 2 & 3)		（作為實益擁有人持有）
			(held as beneficial owner)

附註：

Notes:

1. 李成輝先生與李淑慧女士及李成煌先生皆為全 權信託Lee and Lee Trust之信託人。彼等透過 Lee and Lee Trust合共持有聯合集團有限公司

（「聯合集團」）已發行股本約44.52%權益，故 被視作擁有聯合集團所持有之股份及相關股份 之權益。有關權益包括持有(i)563,193,096股 股份；及(ii)89,409,119份本公司之認股權證

（「認股權證」）而產生之本公司89,409,119股 相關股份之權益。

1. Mr. Lee Seng Hui together with Ms. Lee Su Hwei and Mr. Lee Seng Huang are the trustees of Lee and Lee Trust, being a discretionary trust. They together, through Lee and Lee Trust, own approximately 44.52% interest in the issued share capital of Allied Group Limited (“AGL”) and were therefore deemed to have an interest in the shares and underlying shares in which AGL was interested. The interest includes the holding of (i) 563,193,096 shares; and (ii) 89,409,119 units of warrants of the Company (“Warrants”) giving rise to an interest in 89,409,119 underlying shares of the Company.

2. 有關權益包括持有(i)62,550股股份；及 (ii)10,425份認股權證而產生之本公司10,425 股相關股份之權益。

3. The interest includes the holding of (i) 62,550 shares; and (ii) 10,425 units of Warrants giving rise to an interest in 10,425 underlying shares of the Company.

4. 認股權證賦予其持有人權利，可於二零零八年 一月二日至二零一零年一月二日（包括首尾兩 天）之期間任何時間內按初步認購價每股股份 10港元（可予調整）認購本公司繳足股款之股 份。

5. The Warrants entitle the holders thereof to subscribe at any time during the period from 2nd January, 2008 to 2nd January, 2010 (both days inclusive) for fully paid shares of the Company at an initial subscription price of HK$10 per share (subject to adjustments).

6. 上述所有權益皆屬好倉。

7. All interests stated above represent long positions.

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天安中國投資有限公司 Tian An China Investments Company Limited

董事會報告 Directors’ Report

董事之權益 （續）

除上文所披露者外， 於二零零八年十二月三 十一日，本公司之各董事及最高行政人員概 無於本公司或其任何相聯法團（釋義見證券及 期貨條例第XV部）之任何股份、相關股份或 債權證中擁有須記錄於根據證券及期貨條例 第352條規定所存置之登記冊，或根據上市發 行人董事進行證券交易之標準守則須另行通 知本公司及香港聯合交易所有限公司（「聯交 所」）之任何權益或淡倉。

董事在構成競爭業務中之利益

於本年度及至本報告日期為止，根據香港聯 合交易所有限公司證券上市規則（「上市規 則」），以下董事（獨立非執行董事除外）被視 為於下列與本集團業務競爭或有可能的競爭 業務中擁有權益：

1. 李成偉先生為新鴻基之董事，該公司透 過其若干附屬公司部份從事借貸及物業 投資之業務；

2. 李成偉先生及李志剛先生為聯合地產之 董事，該公司透過其若干附屬公司部份 從事借貸、物業發展與投資之業務；

3. 李成輝先生及勞景祐先生為聯合集團之 董事，該公司透過其若干附屬公司部份 從事借貸、物業發展與投資之業務。勞 景祐先生及李志剛先生均為聯合集團之 附屬公司聯合融資有限公司之董事，該 公司部份從事借貸之業務；及

4. 李成輝先生為Lee and Lee Trust之信託 人之一，Lee and Lee Trust被視為聯合 集團、聯合地產及新鴻基各自之主要股 東，該等公司透過彼等之附屬公司部份 從事借貸、物業發展與投資之業務。

上述董事雖因彼等各自同時於其他公司出任 董事一職而持有競爭性權益，彼等仍會履行 其受託人的責任，以確保彼等於任何時候 均以股東及本公司之整體最佳利益行事。故 此，本集團得以按公平原則以獨立於該等公 司業務之方式進行其本身之業務。

DIRECTORS’ INTERESTS (CoNtiNueD)

Save as disclosed above, at 31st December, 2008, none of the Directors and chief executives of the Company had any interests or short positions in any shares, underlying shares or debentures of the Company or any of its associated corporations, within the meaning of Part XV of the SFO, as recorded in the register required to be kept under Section 352 of the SFO or as otherwise notified to the Company and The Stock Exchange of Hong Kong Limited (“Stock Exchange”) pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers.

DIRECTORS’ INTERESTS IN COMPETING BUSINESSES

During the year and up to the date of this report, the following Directors (not being the INEDs) are considered to have interests in the businesses which compete or are likely to compete with the businesses of the Group pursuant to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (“Listing Rules”) as set out below:

1. Mr. Patrick Lee Seng Wei is a director of SHK which, through certain of its subsidiaries, is partly engaged in the businesses of money lending and property investment;

2. Messrs. Patrick Lee Seng Wei and Li Chi Kong are directors of APL which, through certain of its subsidiaries, is partly engaged in the businesses of money lending, property development and investment;

3. Messrs. Lee Seng Hui and Edwin Lo King Yau are directors of AGL which, through certain of its subsidiaries, is partly engaged in the businesses of money lending, property development and investment. Both Messrs. Edwin Lo King Yau and Li Chi Kong are directors of AG Capital Limited, a subsidiary of AGL, which is partly engaged in the business of money lending; and

4. Mr. Lee Seng Hui is one of the trustees of Lee and Lee Trust which is a deemed substantial shareholder of each of AGL, APL and SHK which, through their subsidiaries, are partly engaged in the businesses of money lending, property development and investment.

Although the above mentioned Directors have competing interest in other companies by virtue of their respective common directorship, they will fulfil their fiduciary duties in order to ensure that they will act in the best interest of the Shareholders and the Company as a whole at all times. Hence, the Group is capable of carrying on its businesses independently of, and at arm’s length from, the businesses of such companies.

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天安中國投資有限公司 Tian An China Investments Company Limited

董事會報告 Directors’ Report

董事在合約中之權益

DIRECTORS’ INTERESTS IN CONTRACTS

於本年度終結時或於本年度內任何時間，本 公司或其任何附屬公司並無訂立董事或前任 董事直接或間接擁有重大權益之任何重要合 約。

No contracts of significance to which the Company or any of its subsidiaries was a party and in which the Directors or former Director had a material interest, whether directly or indirectly, subsisted at the end of the year or at any time during the year.

購買股份或債券之安排

ARRANGEMENTS TO PURCHASE SHARES OR DEBENTURES

除根據本公司購股權計劃授出可認購本公司 股份之購股權外，本公司或其任何附屬公司 於本年度內概無參與任何安排，使董事或前 任董事能藉此獲得本公司或其他任何法人團 體之股份或債券而獲得利益。

At no time during the year was the Company or any of its subsidiaries a party to any arrangements to enable the Directors or former Director to acquire benefits by means of the acquisition of shares in, or debentures of, the Company or any other body corporate with the exception of granting of share options to subscribe for shares in the Company under its share option scheme.

主要股東及其他人士之權益

SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’ INTERESTS

於二零零八年十二月三十一日，根據證券及 期貨條例第336條規定所存置之登記冊所載， 擁有本公司股份或相關股份權益之股東如下：

At 31st December, 2008, the following Shareholders had interests in the shares or underlying shares of the Company as recorded in the register required to be kept under Section 336 of the SFO:

股東名稱 Name of Shareholders

持有股份及相關股份之數目 Number of shares and underlying shares held 個人權益 （作為實益 擁有人持有） Personal Interests (held as beneficial owner) 法團權益 （受控法團 之權益） Corporate Interests (interest of controlled corporation) 其他權益 Other Interests 權益總額 Total Interests 佔有關 已發行股本之 概約百分比 Approximate % of the relevant issued share capital 652,602,215 （附註1） (Note 1) － － 652,602,215 43.31% － 652,602,215 （附註2） (Note 2) － 652,602,215 （附註3） (Note 3) 43.31% － 652,602,215 （附註4） (Note 4) － 652,602,215 （附註3） (Note 3) 43.31% － 652,602,215 （附註5） (Note 5) － 652,602,215 （附註3） (Note 3) 43.31%

新鴻基有限公司（「新鴻基」） Sun Hung Kai & Co. Limited (“SHK”) 聯合地產（香港）有限公司（「聯合地產」） Allied Properties (H.K.) Limited (“APL”) 聯合集團有限公司（「聯合集團」） Allied Group Limited (“AGL”) Lee and Lee Trust

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天安中國投資有限公司 Tian An China Investments Company Limited

董事會報告 Directors’ Report

主要股東及其他人士之權益 （續）

SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’ INTERESTS (CoNtiNueD)

持有股份及相關股份之數目

	持有股份及相關股份之數目	持有股份及相關股份之數目	持有股份及相關股份之數目	持有股份及相關股份之數目
	Number of shares and underlying shares held
	個人權益	法團權益
	（作為實益	（受控法團			佔有關
	擁有人持有）	之權益）			已發行股本之
	Personal	Corporate			概約百分比
	Interests	Interests			Approximate
	(held as	(interest of	其他權益	權益總額	% of the
股東名稱	beneficial	controlled	Other	Total	relevant issued
Name of Shareholders	owner)	corporation)	Interests	Interests	share capital
Penta Investment Advisers Limited (“Penta”)	－	－	422,479,419	422,479,419	28.02%
			（作為投資	（附註6）
			管理人持有）	(Note 6)
			(held as
			investment
			manager)
John Zwaanstra	－	422,479,419	－	422,479,419	28.02%
		（附註7）		（附註8）
		(Note 7)		(Note 8)
Penta Asia Fund, Ltd. (“Penta Asia”)	－	152,938,775	－	152,938,775	10.15%
		（附註9）		（附註10）
		(Note 9)		(Note 10)
Todd Zwaanstra	－	152,938,775	－	152,938,775	10.15%
		（附註9）		（附註10）
		(Note 9)		(Note 10)
Mercurius GP LLC (“Mercurius”)	－	－	－	152,938,775	10.15%
				（附註11）
				(Note 11)
Penta Asia Long/Short Fund, Ltd.	107,213,953	－	－	107,213,953	7.09%
				（附註12）
				(Note 12)
高盛集團有限公司（「高盛」）	－	189,103,620	－	189,103,620	12.47%
The Goldman Sachs Group, Inc.				（附註13）
(“Goldman Sachs”)				(Note 13)
UBS AG	3,666,352	–	158,400,358	162,066,710	10.75%
	（好倉）		（好倉）	（好倉）	（好倉）
	(long position)		(long position)	(long position)	(long position)
	130,000			130,000	0.01%
	（淡倉）			（淡倉）	（淡倉）
	(short position)			(short position)	(short position)
				（附註14）
				(Note 14)
ORIX Corporation	122,500,000	－	－	122,500,000	8.11%
				（附註15）
				(Note 15)

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天安中國投資有限公司 Tian An China Investments Company Limited

董事會報告 Directors’ Report

主要股東及其他人士之權益 （續）

SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’ INTERESTS (CoNtiNueD)

附註：

Notes:

1. 有關權益包括持有(i) 563,193,096股股份； 及(ii)89,409,119份認股權證而產生之本公司 89,409,119股相關股份之權益。

2. The interest includes the holding of (i) 563,193,096 shares; and (ii) 89,409,119 units of Warrants giving rise to an interest in 89,409,119 underlying shares of the Company.

3. 聯合地產分別透過其直接及間接全資附屬公 司AP Jade Limited及AP Emerald Limited持有 新鴻基已發行股本約63.42%權益，故被視作 擁有新鴻基所持有之股份及相關股份之權益。

4. Through AP Jade Limited and AP Emerald Limited, direct and indirect wholly-owned subsidiaries of APL respectively, APL owned approximately 63.42% interest in the issued share capital of SHK and was therefore deemed to have an interest in the shares and underlying shares in which SHK was interested.

5. 此數字指新鴻基持有之同一批563,193,096股 股份及89,409,119份認股權證而產生之本公 司89,409,119股相關股份之相同權益。

6. The figure refers to the same interest of SHK in 563,193,096 shares and 89,409,119 units of Warrants giving rise to an interest in 89,409,119 underlying shares of the Company.

7. 聯合集團擁有聯合地產已發行股本約73.91% 權益，故被視作擁有聯合地產所持有之股份 及相關股份之權益。

9. AGL owned approximately 73.91% interest in the issued share capital of APL and was therefore deemed to have an interest in the shares and underlying shares in which APL was interested.

10. 董事李成輝先生與李淑慧女士及李成煌先生 為全權信託Lee and Lee Trust之信託人，彼 等合共持有聯合集團已發行股本約44.52%權 益，故被視作擁有聯合集團所持有之股份及 相關股份之權益。

Mr. Lee Seng Hui, a Director, together with Ms. Lee Su Hwei and Mr. Lee Seng Huang are the trustees of Lee and Lee Trust, being a discretionary trust. They together owned approximately 44.52% interest in the issued share capital of AGL and were therefore deemed to have an interest in the shares and underlying shares in which AGL was interested.

1. 該等權益包括：(i)373,914,476股股份之權 益；(ii)可產生59,000股相關股份權益之本公 司非上市以現金結算之衍生工具之權益；及 (iii)48,505,943份認股權證而產生之本公司 48,505,943股相關股份之權益。

2. These include (i) an interest in 373,914,476 shares; (ii) an interest in unlisted cash settled derivatives of the Company giving rise to an interest in 59,000 underlying shares; and (iii) 48,505,943 units of Warrants giving rise to an interest in 48,505,943 underlying shares of the Company.

3. 此數字指Penta持有之同一批(i)373,914,476 股股份；(ii)相當於59,000股相關股份之 本公司非上市以現金結算之衍生工具；及 (iii)48,505,943份認股權證而產生之本公司 48,505,943股相關股份之相同權益。

5. The figure refers to the same interest in (i) 373,914,476 shares; (ii) unlisted cash settled derivatives of the Company equivalent to 59,000 underlying shares; and (iii) 48,505,943 units of Warrants giving rise to an interest in 48,505,943 underlying shares held by Penta.

6. John Zwaanstra先生透過其於Penta之100% 8. 權益而被視作擁有該等股份及相關股份之權 益。John Zwaanstra先生亦透過彼控制Penta Asia及Mercurius逾三分之一之投票權而被視 作擁有Penta Asia及Mercurius所持有之股份及 相關股份之權益。

7. Mr. John Zwaanstra was deemed to have interests in the shares and underlying shares through his 100% interest in Penta. Mr. John Zwaanstra was also deemed to have interests in the shares and underlying shares in which Penta Asia and Mercurius were interested through his control of more than one-third of the voting power of Penta Asia and Mercurius.

8. 此為Penta及John Zwaanstra先生部份重複 9. 之權益，並包括(i)135,014,918股股份；及 (ii)17,923,857份認股權證而產生之本公司 17,923,857股相關股份之權益。

9. These duplicated parts of the interests of Penta and Mr. John Zwaanstra and include (i) an interest in 135,014,918 shares; and (ii) an interest in 17,923,857 units of Warrants giving rise to an interest in 17,923,857 underlying shares of the Company.

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天安中國投資有限公司 Tian An China Investments Company Limited

董事會報告 Directors’ Report

主要股東及其他人士之權益 （續）

1. 該等權益由Penta Asia之一間全資附屬公司 Penta Master Fund, Ltd. （「Penta Master」） 所持有。由於Todd Zwaanstra先生作為 Mercurius Partners Trust（「Mercurius Trust」， 為一項全權信託）之信託人而控制Penta Asia 逾三分之一之投票權，故Todd Zwaanstra先生 被視作擁有Penta Master所持有之股份及相關 股份之權益。

2. Mercurius為Mercurius Trust之成立人，因此， 被視作擁有Todd Zwaanstra先生及Mercurius Trust所持有之股份及相關股份之權益。

3. 此為Penta透過其控制之管理賬戶（Penta Asia Long ╱ Short Fund, Ltd.）部份重複之 權益，並包括：(i)96,516,358股股份；及 (ii)10,697,595份認股權證而產生之本公司 10,697,595股相關股份之權益。

4. 高盛透過其多家聯屬公司（包括Sky (Delaware) LLC 、 Sky (Cayman) Ltd. 及 Elevatech Limited）被視為擁有(i)135,350,763 股股份；(ii)相當於36,400,000股股份之 本公司非上市以現金結算之衍生工具；及 (iii)17,352,857份認股權證而產生之本公司 17,352,857股相關股份之經濟權益。

5. 有關權益包括持有(i)162,066,710股股份（好 倉），當中包括可產生16,715,200股相關股份 權益之本公司上市以實物結算之衍生工具；及 (ii)130,000股股份（淡倉）。

6. 有關權益包括持有(i)105,000,000股股份； 及(ii)17,500,000份認股權證而產生之本公司 17,500,000股相關股份之權益。

7. 除UBS AG之淡倉外，上述所有於二零零八年 十二月三十一日，根據證券及期貨條例第336 條規定所存置之登記冊所載之權益皆屬好倉。

SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’ INTERESTS (CoNtiNueD)

1. The interests were held by Penta Master Fund, Ltd. (“Penta Master”), a wholly-owned subsidiary of Penta Asia. Mr. Todd Zwaanstra was deemed to have interests in the shares and underlying shares in which Penta Master was interested pursuant to his control of more than one-third of the voting power of Penta Asia as trustee of the Mercurius Partners Trust (“Mercurius Trust”), being a discretionary trust.

2. Mercurius was the founder of the Mercurius Trust and was therefore deemed to have interests in the shares and underlying shares in which Mr. Todd Zwaanstra and Mercurius Trust were interested.

3. These duplicated parts of the interests of Penta held through its controlled management account, Penta Asia Long/Short Fund, Ltd. and include (i) an interest in 96,516,358 shares; and (ii) 10,697,595 units of Warrants giving rise to an interest in 10,697,595 underlying shares of the Company.

4. Goldman Sachs (through various of its affiliates including Sky (Delaware) LLC, Sky (Cayman) Ltd. and Elevatech Limited) was deemed to be economically interested in (i) 135,350,763 shares; (ii) unlisted cash settled derivatives of the Company equivalent to 36,400,000 shares; and (iii) 17,352,857 units of Warrants giving rise to an interest in 17,352,857 underlying shares of the Company.

5. The interest includes the holding of (i) 162,066,710 shares (long position), of which included the physically settled listed derivatives of the Company giving rise to an interest in 16,715,200 underlying shares; and (ii) 130,000 shares (short position).

6. The interest includes the holding of (i) 105,000,000 shares; and (ii) 17,500,000 units of Warrants giving rise to an interest in 17,500,000 underlying shares of the Company.

7. Save for the short positions of UBS AG, all interests stated above as at 31st December, 2008 represent long positions as recorded in the register required to be kept under Section 336 of the SFO.

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天安中國投資有限公司 Tian An China Investments Company Limited

董事會報告 Directors’ Report

持續關連交易

1. 誠如本公司於二零零五年三月二日之報 章公佈所披露，本公司之一間間接全資 附屬公司正景發展有限公司（「正景」）與 捷橋財務有限公司（「捷橋」）及本公司於 二零零五年三月二日訂立一份貸款協議

（「貸款協議」），據此，捷橋同意向正景 提供最多100,000,000港元之循環備用貸 款（「備用貸款」）作為其一般營運資金， 而本公司則同意擔保備用貸款下之貸款 會獲得償還。捷橋為本公司主要股東（定 義見上市規則）新鴻基之一間直接全資 附屬公司，故此捷橋為本公司之關連人 士。因此，根據上市規則，貸款協議下 之交易構成本公司一項持續關連交易， 並須根據上市規則遵守申報、公佈及獲 得獨立股東批准之規定。由於該項交易 之代價比率（定義見上市規則）超過5% 但少於25%，根據上市規則，該項交易 亦構成本公司一項須予披露交易。批准 貸款協議之普通決議案於二零零五年四 月二十日舉行之股東特別大會上獲本公 司獨立股東以股數投票表決方式通過。

• 其後，誠如本公司於二零零五年 十一月八日之另一份報章公佈所 披露，正景與捷橋、本公司、本 公司之一間間接全資附屬公司天 滿企業有限公司（「天滿」）及本 公司之另一間間接全資附屬公司 天安地產代理（中國）有限公司（「天安地 產代理」）於二零零五年十一月七日訂立 一份補充貸款協議（「補充貸款協議」）， 據此，捷橋同意將向正景提供貸款協議 項下之備用貸款，由100,000,000港元 增加至280,000,000港元（「補充備用貸 款」），由二零零五年十一月七日起至二 零零八年十一月六日止（包括首尾兩天） 為期三年，作為其一般營運資金，而本 公司、天滿及天安地產代理同意共同及 個別擔保補充備用貸款下之貸款會獲得 償還。此外，作為正景根據貸款協議（經 補充貸款協議補充）下應付之所有款項 之抵押，本公司之一間全資附屬公司天 安中國酒店房地產投資有限公司（「天 安中國酒店」），及本公司之一間間接全

CONTINUING CONNECTED TRANSACTIONS

1. As disclosed in the press announcement of the Company dated 2nd March, 2005, Join View Development Limited (“Join View”), an indirect wholly-owned subsidiary of the Company, entered into a loan agreement (“Loan Agreement”) with Ranbridge Finance Limited (“Ranbridge”) and the Company on 2nd March, 2005, pursuant to which Ranbridge agreed to make available to Join View a revolving credit facility up to HK$100,000,000 (“Loan Facility”) for its general working capital and the Company agreed to guarantee the repayment of the loan under the Loan Facility. Ranbridge is a direct wholly-owned subsidiary of SHK, a substantial shareholder (as defined in the Listing Rules) of the Company, and therefore, a connected person of the Company. Accordingly, the transaction under the Loan Agreement constituted a continuing connected transaction for the Company under the Listing Rules and was subject to the reporting, announcement and independent shareholders’ approval requirements under the Listing Rules. Since the consideration ratio (as defined in the Listing Rules) for such transaction was more than 5% but less than 25%, it also constituted a discloseable transaction for the Company under the Listing Rules. The ordinary resolution approving the Loan Agreement was passed by the independent shareholders of the Company by poll at the extraordinary general meeting held on 20th April, 2005.

Subsequently, as disclosed in another press announcement of the Company dated 8th November, 2005, Join View entered into a supplemental loan agreement (“Supplemental Loan Agreement”) with Ranbridge and the Company, Sky Full Enterprises Limited (“Sky Full”), an indirect wholly-owned subsidiary of the Company, and Tian An Real Estate Agency (China) Limited (“Tian An Real Estate Agency”), another indirect wholly-owned subsidiary of the Company, on 7th November, 2005, pursuant to which Ranbridge agreed with Join View to increase the Loan Facility under the Loan Agreement from HK$100,000,000 to HK$280,000,000 (“Supplemental Loan Facility”) for a term of three years commencing from 7th November, 2005 to 6th November, 2008 (both days inclusive) for its general working capital and the Company, Sky Full and Tian An Real Estate Agency agreed to jointly and severally guarantee the repayment of the loan under the Supplemental Loan Facility. In addition, as security for all moneys payable by Join View under the Loan Agreement as supplemented by the Supplemental Loan Agreement, Tian An China Hotel and Property Investments Company Limited (“TACHP”), a wholly-owned subsidiary of the Company, and Oxwell Holdings Limited, an indirect whollyowned subsidiary of the Company, agreed to create a mortgage

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天安中國投資有限公司 Tian An China Investments Company Limited

董事會報告 Directors’ Report

持續關連交易 （續）

CONTINUING CONNECTED TRANSACTIONS

(CoNtiNueD)

資附屬公司晉威集團有限公司同意就彼 等於天滿之所有股權以捷橋為受益人設 立一項按揭（「天滿股份按揭」），而本 公司另一間間接全資附屬公司Tian An Real Estate (Dalian) Company Limited 同意就其於天安地產代理之所有股權以 捷橋為受益人設立另一項按揭（「天安 股份按揭」）。因此，根據上市規則， 補充貸款協議項下之交易、天滿股份按 揭及天安股份按揭構成本公司之不獲豁 免持續關連交易，並須根據上市規則遵 守申報、公佈及獲得獨立股東批准之規 定。由於該等交易之代價比率（定義見 上市規則）超過5%但少於25%，根據 上市規則，該等交易亦構成本公司之須 予披露交易。批准補充貸款協議、天滿 股份按揭及天安股份按揭之普通決議案 於二零零五年十二月六日舉行之股東特 別大會上獲本公司獨立股東以股數投票 表決方式通過。天滿股份按揭及天安 股份按揭已分別於二零零六年十一月 六日及二零零八年十二月十六日解除。

補充貸款協議已於二零零八年十一月六 日屆滿。補充備用貸款於二零零八年一 月一日至二零零八年十一月六日期間內 並未使用及於二零零八年十一月六日概 無未償還貸款結餘。

根據上市規則第14A.37條，獨立非執行 董事已審閱有關補充貸款協議之交易， 並確認該等交易乃：

• (i) 於本公司之一般及日常業務範圍內 訂立；

• (ii) 按一般商業條款進行；及

• (iii) 根據規管有關補充備用貸款之貸款 協議（由補充貸款協議補充）條款及 按公平合理且符合股東之整體利益 之條款而訂立。

in favour of Ranbridge over their entire shareholding in Sky Full (“Sky Full Share Mortgage”) whereas Tian An Real Estate (Dalian) Company Limited, another indirect wholly-owned subsidiary of the Company, agreed to create another mortgage in favour of Ranbridge over its entire shareholding in Tian An Real Estate Agency (“Tian An Share Mortgage”). Accordingly, the transactions under the Supplemental Loan Agreement, the Sky Full Share Mortgage and the Tian An Share Mortgage constituted nonexempt continuing connected transactions for the Company under the Listing Rules and were subject to the reporting, announcement and independent shareholders’ approval requirements under the Listing Rules. Since the consideration ratio (as defined in the Listing Rules) for such transactions was more than 5% but less than 25%, they also constituted discloseable transactions for the Company under the Listing Rules. The ordinary resolution approving the Supplemental Loan Agreement, the Sky Full Share Mortgage and the Tian An Share Mortgage was passed by the independent shareholders of the Company by poll at the extraordinary general meeting held on 6th December, 2005. The Sky Full Share Mortgage and the Tian An Share Mortgage were released on 6th November, 2006 and 16th December, 2008 respectively.

The Supplemental Loan Agreement had expired on 6th November, 2008. The Supplemental Loan Facility was not utilised during the period from 1st January, 2008 to 6th November, 2008 and there was no outstanding balance as at 6th November, 2008.

Pursuant to Rule 14A.37 of the Listing Rules, the INEDs have reviewed the transactions regarding the Supplemental Loan Agreement and have confirmed that the transactions were:

• (i) entered into in the ordinary and usual course of business of the Company;

• (ii) conducted on normal commercial terms; and

• (iii) entered into in accordance with the terms of the Loan Agreement as supplemented by the Supplemental Loan Agreement governing the Supplemental Loan Facility and on terms that were fair and reasonable and in the interests of the Shareholders as a whole.

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天安中國投資有限公司 Tian An China Investments Company Limited

董事會報告 Directors’ Report

持續關連交易 （續）

CONTINUING CONNECTED TRANSACTIONS

(CoNtiNueD)

根據上市規則第14A.38條規定，董事會 聘用本公司核數師為上述持續關連交易 履行若干已協定之程序。核數師已向董 事會報告該等程序之實際發現。

根據上市規則第14A.34條，補充貸款協 議之詳情及於二零零八年一月一日至二 零零八年十一月六日期間補充備用貸款 之總額仍在有關最高限額範圍之內，須 按上市規則第14A.45條之規定列載於本 報告內。

1. 誠如本公司於二零零八年二月一日之公 佈及二零零七年年報中所披露，本公司 與聯合集團於二零零八年一月三十一日 訂立重訂行政服務及管理服務分攤協議

（「重訂服務協議」），據此，本公司同意 重訂及延長日期為二零零五年十二月十 五日之行政服務及管理服務分攤協議條 款，由二零零八年一月一日起至二零一 零年十二月三十一日止（包括首尾兩天） 為期三年，並同意支付聯合集團向本集 團提供之行政服務（包括秘書服務、提 供註冊辦事處地址、辦公埸所、水電供 應、郵遞及送遞、電話（包括國際長途電 話）、互聯網、影印及其他辦公室配套服 務）（「行政服務」），及管理服務（包括聯 合集團之高級管理層及特選僱員向本集 團提供管理、顧問、策略及業務諮詢服 務）（「管理服務」）所產生之實際成本。

Pursuant to Rule 14A.38 of the Listing Rules, the Board engaged the auditor of the Company to perform certain agreed upon procedures in respect of the above continuing connected transactions and the auditor has reported its factual findings from these procedures to the Board.

Pursuant to Rule 14A.34 of the Listing Rules, details of the Supplemental Loan Agreement and the aggregate amount of the Supplemental Loan Facility for the period from 1st January, 2008 to 6th November, 2008 within the relevant maximum amount are required to be included in this report of the Company in accordance with Rule 14A.45 of the Listing Rules.

1. As disclosed in the announcement of the Company dated 1st February, 2008 and the 2007 Annual Report of the Company, the Company entered into a renewed sharing of administrative services and management services agreement (“Renewed Services Agreement”) with AGL on 31st January, 2008, pursuant to which the Company agreed to renew and extend the terms of the sharing of administrative services and management services agreement dated 15th December, 2005 for a period of three years commencing from 1st January, 2008 to 31st December, 2010 (both days inclusive) and to reimburse AGL the actual costs incurred in respect of the administrative services, which included the secretarial services, provision of registered office address, office space, utilities, courier and delivery, telephone (including international telephone), internet, photocopying and other ancillary office services provided by AGL to the Group (“Administrative Services”) and management services, which included the management, consultancy, strategic and business advice provided by the senior management and the selective staff of AGL to the Group (“Management Services”).

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天安中國投資有限公司 Tian An China Investments Company Limited

董事會報告 Directors’ Report

持續關連交易 （續）

CONTINUING CONNECTED TRANSACTIONS

(CoNtiNueD)

由於聯合集團透過其於附屬公司聯合地 產及新鴻基之權益成為本公司之主要股 東（定義見上市規則），故聯合集團為本 公司之關連人士。因此，根據上市規則 第14A.14條，訂立重訂服務協議及其項 下之有關分攤管理服務之交易構成本公 司一項持續關連交易，根據上市規則須 遵守有關申報及公佈之規定，但獲豁免 遵守獨立股東批准之規定。有關本公司 與聯合集團根據重訂服務協議項下之有 關分攤行政服務之交易，乃根據上市規 則第14A.31(8)條及第14A.33(2)條，獲 豁免遵守申報、公佈及獲獨立股東批准 之規定。

根據上市規則第14A.37條，獨立非執行 董事已審閱有關分攤管理服務之交易， 並確認該等交易乃：

• (i) 於本公司之一般及日常業務範圍內 訂立；

• (ii) 按一般商業條款進行；及

• (iii) 根據規管有關分攤管理服務之交易 之重訂服務協議條款及按公平合理 且符合股東之整體利益之條款而訂 立。

根據上市規則第14A.38條規定，董事會 聘用本公司核數師為上述持續關連交易 履行若干已協定之程序。核數師已向董 事會報告該等程序之實際發現。

根據上市規則第14A.34條，重訂服 務協議之詳情及截至二零零八年十二 月三十一日止年度管理服務之總金額 為11,700,000港元，須按上市規則第 14A.45條之規定列載於本報告內。

Since AGL is a substantial shareholder (as defined in the Listing Rules) of the Company through its interests in its subsidiaries, APL and SHK, AGL is a connected person of the Company. Accordingly, the entering into of the Renewed Services Agreement and the transaction regarding the sharing of the Management Services contemplated thereunder constituted a continuing connected transaction for the Company under Rule 14A.14 of the Listing Rules, which are subject to the reporting and announcement requirements but are exempt from the independent shareholders’ approval requirements under the Listing Rules. The transaction regarding the sharing of the Administrative Services between the Company and AGL contemplated under the Renewed Services Agreement are exempt from the reporting, announcement and independent shareholders’ approval requirements under Rules 14A.31(8) and 14A.33(2) of the Listing Rules.

Pursuant to Rule 14A.37 of the Listing Rules, the INEDs have reviewed the transactions regarding the sharing of the Management Services and have confirmed that the transactions were:

• (i) entered into in the ordinary and usual course of business of the Company;

• (ii) conducted on normal commercial terms; and

• (iii) entered into in accordance with the terms of the Renewed Services Agreement governing the transactions regarding the sharing of the Management Services and on terms that were fair and reasonable and in the interests of the Shareholders as a whole.

Pursuant to Rule 14A.38 of the Listing Rules, the Board engaged the auditor of the Company to perform certain agreed upon procedures in respect of the above continuing connected transactions and the auditor has reported its factual findings from these procedures to the Board.

Pursuant to Rule 14A.34 of the Listing Rules, details of the Renewed Services Agreement and the aggregate amount of the Management Services for the year ended 31st December, 2008 of HK$11,700,000 are required to be included in this report of the Company in accordance with Rule 14A.45 of the Listing Rules.

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天安中國投資有限公司 Tian An China Investments Company Limited

董事會報告 Directors’ Report

關連交易

1. 誠如本公司於二零零七年十二月十 日之公佈所披露，天安中國酒店（作 為賣方）與Lead Step Holdings Limited

（“Lead Step”）（作為買方），本公司 （作為賣方擔保人）及方挺先生（「方 先生」）（作為買方擔保人）於二零零 七年十二月三日訂立一份買賣協議

（「Asia Coast協議」），據此，(i)天安中 國酒店同意出售，而Lead Step同意分別 以代價100,000,000港元及560,000,000 港元（「期權價」）（可予調整）購買本 公司一間間接全資附屬公司Asia Coast Investments Limited（「Asia Coast」）每 股面值1.00美元之2,121,212股股份

（「銷售股份」）及11,878,788股股份（「期 權股份」），佔Asia Coast已發行股本約 15.15%及84.85%（「出售事項」）；及(ii) Lead Step獲授予，當中包括，可要求天 安中國酒店於經延長認購期權期間（已於 二零零八年十二月三日屆滿）（「經延長認 購期權期間」）按期權價向Lead Step出售 期權股份之期權。

• 由於方先生為Lead Step全部股本之實益 擁有人，亦為CBI投資有限公司及肇慶高 爾夫發展有限公司（兩者均為本公司之間 接非全資附屬公司）之董事，故方先生為 本公司之關連人士。因此，Asia Coast協 議下之出售事項構成本公司一項關連交 易，並須根據上市規則遵守有關申報、 公佈及獨立股東批准之規定。由於出售 事項之代價比率（定義見上市規則）超過 5%但少於25%，根據上市規則，該等交 易亦構成本公司一項須予披露交易。批 准Asia Coast協議之普通決議案於二零零 八年一月三十日舉行之股東特別大會上 獲本公司獨立股東以股數投票表決方式 通過。

其後，誠如本公司於二零零八年十二月 四日之另一份公佈所披露，天安中國酒 店與Lead Step正商討訂立一份補充協 議，以延長經延長認購期權期間及買賣 期權股份之完成日期，已分別於二零零 八年十二月三日及二零零八年十二月五 日屆滿。

CONNECTED TRANSACTIONS

1. As disclosed in the announcement of the Company dated 10th December, 2007, TACHP as vendor, entered into a sale and purchase agreement (“Asia Coast Agreement”) with Lead Step Holdings Limited (“Lead Step”) as purchaser, the Company as vendor’s guarantor and Mr. Fong Ting (“Mr. Fong”) as purchaser’s guarantor on 3rd December, 2007, pursuant to which: (i) TACHP agreed to sell and Lead Step agreed to purchase 2,121,212 shares (“Sale Shares”) and 11,878,788 shares (“Option Shares”) of US$1.00 each, representing approximately 15.15% and 84.85% of the issued share capital of Asia Coast Investments Limited (“Asia Coast”), an indirect wholly-owned subsidiary of the Company, at the considerations of HK$100,000,000 and HK$560,000,000 (“Option Price”) (subject to adjustment) respectively (“Disposal”); and (ii) Lead Step was granted, inter alia, the option to require TACHP to sell to Lead Step the Option Shares at the Option Price within the extended call option period, which expired on 3rd December, 2008 (“Extended Call Option Period”).

Since Mr. Fong is a beneficial owner of the entire share capital of Lead Step and a director of CBI Investment Limited and Zhao Qing Golf and Development Co., Ltd., both being the indirect non wholly-owned subsidiaries of the Company, Mr. Fong is a connected person of the Company. Accordingly, the Disposal under the Asia Coast Agreement constituted a connected transaction for the Company and was subject to the reporting, announcement and independent shareholders’ approval requirements under the Listing Rules. Since the consideration ratio (as defined in the Listing Rules) for the Disposal was more than 5% but less than 25%, it also constituted a discloseable transaction for the Company under the Listing Rules. The ordinary resolution approving the Asia Coast Agreement was passed by the independent shareholders of the Company by poll at the extraordinary general meeting held on 30th January, 2008.

Subsequently, as disclosed in another announcement of the Company dated 4th December, 2008, TACHP and Lead Step were in the process of negotiation for the entering into of a supplemental agreement to extend the Extended Call Option Period and the completion date for the sale and purchase of the Option Shares following the expiry on 3rd December, 2008 and 5th December, 2008 respectively.

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天安中國投資有限公司 Tian An China Investments Company Limited

董事會報告 Directors’ Report

關連交易 （續）

1. 誠如本公司於二零零八年一月二十九日 之公佈所披露，本公司之一間間接全資 附屬公司新海通有限公司（「新海通」）

（作為買方）與深圳市旭濘貿易有限公司 （「旭濘」）（作為賣方）於二零零八年一 月二十五日訂立一份買賣協議（「江門天 安協議」），據此，旭濘同意出售， 而新 海通同意以代價人民幣14,030,000元購 買江門市天安房地產開發建設有限公司

（「江門天安」）之40%權益及其附帶之股 息及溢利之權利（「收購事項」）。

• 由於旭濘為江門天安之主要股東（定義見 上市規則），而江門天安亦為本公司之一 間非全資附屬公司，故旭濘為本公司之 關連人士。因此，江門天安協議下之收 購事項構成本公司一項關連交易。由於 收購事項之各相關百分比比率（定義見上 市規則）少於2.5%，收購事項須遵守申 報及公佈之規定，惟可獲豁免上市規則 所載之獨立股東批准之規定。

• 誠如本公司於二零零八年七月十六日之 公佈所披露，本公司（作為賣方）、天安 鴻基集團有限公司（「天安鴻基」）（作為 買方）、方先生（作為買方擔保人）及國 威國際商企合作投資有限公司（「國威」） 於二零零八年七月八日訂立一份有條件 協議（「廣州天安協議」），據此，本公司 同意出售，而天安鴻基同意購買天安（廣 州）投資有限公司（「廣州天安」）之全部 股權及本公司於發展一幅位於佛山市南 海區松崗鎮鴻基大道，面積約529,698.2 平方米及總樓面面積約180,100平方米 之土地，用作住宅發展並經由南海市地 名委員會批准定名為天安鴻基花園（「項 目」）之全部權益。本公司於項目之全 部權益包括項目所產生利潤之30%權 益及未支付金額人民幣79,564,000元

（相等於約90,414,000港元）。買賣廣 州天安（「廣州天安出售事項」）之總代 價為人民幣150,000,000元（相等於約 170,455,000港元）（可予調整）。廣州天 安出售事項之完成日期應不遲於二零零 八年十二月三十一日（「完成日期」）。

CONNECTED TRANSACTIONS (CoNtiNueD)

1. As disclosed in the announcement of the Company dated 29th January, 2008, Sun Hai Tung Co., Ltd. (“Sun Hai Tung”), an indirect wholly-owned subsidiary of the Company, as purchaser entered into a sale and purchase agreement (“Jiangmen Tian An Agreement”) with 深圳市旭濘貿易有限公司 (Shenzhen City Xuling Trading Company Limited) (“Xuling”) as vendor on 25th January, 2008, pursuant to which Xuling agreed to sell and Sun Hai Tung agreed to purchase 40% equity interest and its rights to dividends and profits in 江門市天安房地產開發建設有限公司 (Jiangmen City Tian An Property Development Co., Ltd.) (“Jiangmen Tian An”) at the consideration of RMB14,030,000 (“Acquisition”).

Since Xuling is a substantial shareholder (as defined in the Listing Rules) of Jiangmen Tian An and Jiangmen Tian An is a non wholly-owned subsidiary of the Company, Xuling is a connected person of the Company. Accordingly, the Acquisition under the Jiangmen Tian An Agreement constituted a connected transaction for the Company. As each of the relevant percentage ratios (as defined under the Listing Rules) in respect of the Acquisition was less than 2.5%, the Acquisition was only subject to the reporting and announcement requirements but was exempt from the independent shareholders’ approval requirements under the Listing Rules.

1. As disclosed in the announcement of the Company dated 16th July, 2008, the Company as vendor, entered into a conditional contract (“Guangzhou Tian An Agreement”) with 天安鴻基集團 有限公司 (Tian An Hung Kai Group Company Limited) (“TAHK”) as purchaser, Mr. Fong as purchaser’s guarantor and 國威國 際商企合作投資有限公司 (Guo Wei International Trading and Investment Company Limited) (“Guo Wei”) on 8th July, 2008, pursuant to which the Company agreed to sell and TAHK agreed to purchase the entire equity interest in 天安（廣州）投資有限公 司 (Tian An (Guang Zhou) Investments Co., Ltd.) (“Guangzhou Tian An”) and hence the entire interest of the Company in the project of developing a piece of land, which is located at Hong Ji Main Road, Songgang Town, Nanhai District, Foshan City with an area of approximately 529,698.2 square metres and a total gross floor area of approximately 180,100 square metres for development, into a residential development known as 天安鴻 基花園 (Tian An Hung Kai Garden) as approved by 南海市地名 委員會 (Nanhai City Committee of Property Name) (“Project”). The entire interest of the Company in the Project includes an interest in 30% of the profits generated by the Project and the unsettled amount of RMB79,564,000 (equivalent to approximately HK$90,414,000). The aggregate consideration for the sale and purchase of Guangzhou Tian An (“Guangzhou Tian An Disposal”) was RMB150,000,000 (equivalent to approximately HK$170,455,000) (subject to adjustments). The date of completion of the Guangzhou Tian An Disposal should not be later than 31st December, 2008 (“Completion Date”).

~~74~~

天安中國投資有限公司 Tian An China Investments Company Limited

董事會報告 Directors’ Report

關連交易 （續）

由於方先生為天安鴻基之唯一實益擁有 人並持有國威之90%股權，彼亦為Asia Coast（本公司擁有其全部已發行股本約 84.85%）之董事及主要股東（定義見上 市規則），故方先生為本公司之關連人 士。因此，廣州天安協議下之廣州天安 出售事項構成本公司一項關連交易，並 須根據上市規則遵守申報、公佈及獨立 股東批准之規定。由於廣州天安出售事 項之收益比率（定義見上市規則）超過 5%但少於25%，根據上市規則，該項交 易亦構成本公司一項須予披露交易。批 准廣州天安協議之普通決議案於二零零 八年九月五日舉行之股東特別大會上獲 本公司獨立股東以股數投票表決方式通 過。

其後，誠如本公司於二零零八年十二月 三十一日之公佈所披露，本公司、天安 鴻基、方先生及國威正商討訂立一份補 充協議，以延長天安鴻基支付總代價餘 額合共人民幣135,000,000元（相等於約 153,410,000港元）予本公司之期限及因 此延長完成日期。

主要客戶及供應商

於本年度，本集團最大五位客戶之銷售總 額及本集團最大五位供應商之採購總額分 別為本集團銷售總額及採購總額約16% 及44%。

據董事所知，持有本公司已發行股本5%以上 的董事、彼等之聯繫人士或任何股東並無於 本集團最大五位供應商及客戶擁有任何實益 權益。

CONNECTED TRANSACTIONS (CoNtiNueD)

Since Mr. Fong is the sole beneficial owner of TAHK and holds 90% equity interest in Guo Wei, and is also a director and substantial shareholder (as defined in the Listing Rules) of Asia Coast, in which the Company is the owner of approximately 84.85% of its entire issued share capital, Mr. Fong is a connected person of the Company. Accordingly, the Guangzhou Tian An Disposal under the Guangzhou Tian An Agreement constituted a connected transaction for the Company and was subject to the reporting, announcement and independent shareholders’ approval requirements under the Listing Rules. Since the revenue ratio (as defined in the Listing Rules) for the Guangzhou Tian An Disposal was more than 5% but less than 25%, it also constituted a discloseable transaction for the Company under the Listing Rules. The ordinary resolution approving the Guangzhou Tian An Agreement was passed by the independent shareholders of the Company by poll at the extraordinary general meeting held on 5th September, 2008.

Subsequently, as disclosed in another announcement of the Company dated 31st December, 2008, the Company, TAHK, Mr. Fong and Guo Wei were in the process of negotiation for the entering into of a supplemental agreement to extend the payment by TAHK of the balance of the aggregate consideration in the sum of RMB135,000,000 (equivalent to approximately HK$153,410,000) to the Company and hence the Completion Date.

MAJOR CUSTOMERS AND SUPPLIERS

During the year, the aggregate sales attributable to the Group’s five largest customers and the aggregate purchases attributable to the Group’s five largest suppliers were approximately 16% and 44% of the Group’s sales and purchases respectively.

None of the Directors, their associates or any shareholders, which to the knowledge of the Directors owned more than 5% of the Company’s issued share capital, had a beneficial interest in any of the Group’s five largest suppliers and customers.

~~75~~

天安中國投資有限公司 Tian An China Investments Company Limited

董事會報告 Directors’ Report

購回、出售或贖回證券

PURCHASE, SALE OR REDEMPTION OF SECURITIES

於本年度，本公司於聯交所購回其本身之股 份如下：

During the year, the Company made the following purchases of its own shares on the Stock Exchange:

			每股購回代價	每股購回代價
二零零八年			Purchase consideration
於聯交所購回股份之月份		購回股份數目	per share		已付代價總額
Month of purchase on the		Number of	最高價	最低價	Aggregate
Stock Exchange in 2008		shares purchased	Highest	Lowest	consideration paid
			港元	港元	港元
			HK$	HK$	HK$
四月	April	75,000	5.86	5.71	435,850
七月	July	879,000	5.10	4.70	4,398,830
九月	September	9,282,000	3.83	1.86	27,485,680
十月	October	4,912,000	2.88	1.74	10,145,310
十一月	November	4,789,000	2.15	1.55	8,248,750

除上文所披露者外，本公司及其任何附屬公 司概無於本年度內購回、出售或贖回本公司 任何證券。

Save as disclosed above, neither the Company nor any of its subsidiaries had purchased, sold or redeemed any of the Company’s securities during the year.

捐款

DONATIONS

本集團於本年度內之慈善捐款為1,313,000港 元。

The Group made charitable donations of HK$1,313,000 during the year.

企業管治

CORPORATE GOVERNANCE

本公司致力維持高水平之企業管治常規。有 關本公司採納之企業管治常規之資料載於第 35頁至第53頁之企業管治報告內。

The Company is committed to maintaining a high standard of corporate governance practices. Information on the corporate governance practices adopted by the Company is set out in the Corporate Governance Report on pages 35 to 53.

~~76~~

天安中國投資有限公司 Tian An China Investments Company Limited

董事會報告 Directors’ Report

足夠之公眾持股量

於本報告日，按本公司可以得悉之公開資料 所示及就董事所知悉，本公司已維持上市規 則所規定之足夠公眾持股量。

核數師

本公司將於股東週年大會上提呈決議案重新 委聘德勤 • 關黃陳方會計師行連任本公司之 核數師。

承董事會命

承董事會命

主席 李成輝

香港，二零零九年三月二十三日

SUFFICIENCY OF PUBLIC FLOAT

Based on the information that is publicly available to the Company and within the knowledge of the Directors, as at the date of this report, the Company has maintained sufficient public float as required under the Listing Rules.

AUDITOR

A resolution will be submitted to the AGM to re-appoint Messrs. Deloitte Touche Tohmatsu as the auditor of the Company.

On behalf of the Board

On behalf of the Board

Lee Seng Hui Chairman

Hong Kong, 23rd March, 2009

~~77~~

天安中國投資有限公司 Tian An China Investments Company Limited

獨立核數師報告 Independent Auditor’s Report

==> picture [80 x 39] intentionally omitted <==

致：天安中國投資有限公司各股東 （於香港註冊成立之有限公司）

TO THE SHAREHOLDERS OF

TIAN AN CHINA INVESTMENTS COMPANY LIMITED

(incorporated in Hong Kong with limited liability)

吾等已審核列載於第80頁至195頁天安中國投 資有限公司（「貴公司」）及其附屬公司（統稱 「貴集團」）之綜合財務報表。綜合財務報表包 括二零零八年十二月三十一日之綜合和公司 資產負債表，以及截至該日止年度之綜合收 益賬、綜合權益變動表及綜合現金流量表連 同主要會計政策摘要及其他附註解釋。

We have audited the consolidated financial statements of Tian An China Investments Company Limited (the "Company") and its subsidiaries (collectively referred as the "Group") set out on pages 80 to 195, which comprise the consolidated and Company balance sheets as at 31st December, 2008, and the consolidated income statement, the consolidated statement of changes in equity and the consolidated cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory notes.

董事就財務報表之責任

DIRECTORS’ RESPONSIBILITY FOR THE CONSOLIDATED FINANCIAL STATEMENTS

貴公司之董事須根據由香港會計師公會頒佈 之香港財務報告準則及香港公司條例編製及 真實與公平地列報該等綜合財務報表。此責 任包括設計、實施及維持與編製及真實而公 平地列報綜合財務報表相關的內部監控，以 使綜合財務報表不存在由於欺詐或錯誤而導 致的重大錯誤陳述；選擇及應用適當之會計 政策，及按情況下作出合理之會計估計。

The directors of the Company are responsible for the preparation and the true and fair presentation of these consolidated financial statements in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants and the Hong Kong Companies Ordinance. This responsibility includes designing, implementing and maintaining internal control relevant to the preparation and the true and fair presentation of the consolidated financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

核數師之責任

AUDITOR’S RESPONSIBILITY

吾等之責任是根據吾等之審核，對該等綜合 財務報表提出意見，並根據香港公司條例第 141條，僅向全體股東報告本行之意見，除此 以外，本報告不可用作其他用途。吾等概不 就本報告內容向任何其他人士承擔或負上任 何責任。吾等乃根據香港會計師公會頒佈之 香港審計準則進行審核工作。該準則要求吾 等遵守道德規範，並策劃及執行審核，以合 理確定該等綜合財務報表是否不存在任何重 大錯誤陳述。

Our responsibility is to express an opinion on these consolidated financial statements based on our audit and to report our opinion solely to you, as a body, in accordance with section 141 of the Hong Kong Companies Ordinance, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. We conducted our audit in accordance with Hong Kong Standards on Auditing issued by the Hong Kong Institute of Certified Public Accountants. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to whether the consolidated financial statements are free from material misstatement.

~~78~~

天安中國投資有限公司 Tian An China Investments Company Limited

獨立核數師報告 Independent Auditor’s Report

核數師之責任 （績）

審核涉及執行程序以取得與綜合財務報表所 載數額及披露事項有關之審核憑證。所選用 之程序由核數師作判斷，包括評估由於欺詐 或錯誤而導致綜合財務報表存有重大錯誤陳 述的風險。當核數師作出該等風險評估時， 會考慮與該公司編製及真實與公平地列報綜 合財務報表相關之內部監控，以設計適合當 時情況之審核程序，但並非就公司整體之內 部控制之成效發表意見。審核亦包括評價董 事所採用之會計政策是否合適，及所作出之 會計估計是否合理，以及評價綜合財務報表 之整體呈列方式。

吾等相信吾等得到足夠及適當之審核憑證以 作為提供該審核意見之基礎。

意見

吾等認為，該等綜合財務報表已根據香港財 務報告準則真實與公平地反映貴公司及貴集 團於二零零八年十二月三十一日之財政狀況 及貴集團於截至該日止年度之溢利及現金流 量，並已按照香港公司條例妥善編製。

AUDITOR’S RESPONSIBILITY (CoNtiNueD)

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and true and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OPINION

In our opinion, the consolidated financial statements give a true and fair view of the state of affairs of the Company and of the Group as at 31st December, 2008 and of the Group's profit and cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards and have been properly prepared in accordance with the Hong Kong Companies Ordinance.

==> picture [170 x 39] intentionally omitted <==

德勤 • 關黃陳方會計師行 執業會計師

香港，二零零九年三月二十三日

DELOITTE TOUCHE TOHMATSU Certified Public Accountants

Hong Kong, 23rd March, 2009

~~79~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合收益賬 （截至二零零八年十二月三十一日止年度）

Consolidated Income Statement (For the year ended 31st December, 2008)

附註 NOTES 持續經營業務 Continuing operations 收入 Revenue 6 銷售成本 Cost of sales 毛利 Gross profit 其他收入及收益 Other income and gains 7 市場及分銷費用 Marketing and distribution costs 行政費用 Administrative expenses 其他營運費用 Other operating expenses 持作買賣投資公允 價值之（減少）增加 (Decrease) increase in fair value of held-for-trading investments 衍生財務工具公允 價值之變更 Change in fair value of derivative financial instrument 已竣工物業存貨轉撥至投資 物業之公允 價值收益 Fair value gain on transfer of inventories of completed properties to investment properties 投資物業公允 價值之（減少）增加 (Decrease) increase in fair value of investment properties 待發展物業及已竣工 物業存貨之減值撥備 Write-down of properties for development and inventories of completed properties 呆壞賬撥回 （準備） Reversal of (allowance for) bad and doubtful debts 待發展物業攤銷 Amortisation of properties for development 出售附屬公司之收益 Gain on disposal of subsidiaries 8 收購附屬公司之折讓 Discount on acquisition of subsidiaries 9 收購附屬公司額外權益 之折讓 Discount on acquisition of additional interests in subsidiaries 10 融資成本 Finance costs 11 應佔聯營公司溢利 Share of profit of associates 應佔共同控制公司溢利 Share of profit of jointly controlled entities 除稅前溢利 Profit before taxation 稅項 Taxation 12 來自持續經營業務之 本年度溢利 Profit for the year from continuing operations 13

2008 2007 千港元 千港元 HK$’000 HK$’000 473,329 670,706 (303,658) (400,134) 169,671 270,572 130,922 98,603 (14,052) (15,864) (156,521) (148,548) (180,876) (54) (19,928) 30,540 794,420 (101,665) 61,547 73,281 (187,283) 171,533 (8,370) (106,168) 3,020 (12,349) (45,645) (38,205) – 197,099 – 28,415 24,273 98,261 (94,458) (103,998) 22,587 72,166 189,943 176,114 689,250 689,733 57 (162,550) 689,307 527,183

~~80~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合收益賬 （截至二零零八年十二月三十一日止年度）

Consolidated Income Statement (For the year ended 31st December, 2008)

附註 NOTES 已終止經營業務 Discontinued operations 來自已終止經營業務 之本年度溢利 Profit for the year from discontinued operations 16 本年度溢利 Profit for the year 應佔方： Attributable to: 本公司股東 Equity holders of the Company 少數股東權益 Minority interests 股息 Dividend 17 已付 Paid 建議 Proposed 每股盈利 Earnings per share 18 來自持續及已終止經營 業務 From continuing and discontinued operations 基本 Basic 攤薄 Diluted 來自持續經營業務 From continuing operations 基本 Basic 攤薄 Diluted	2008 千港元 HK$’000	2007 千港元 HK$’000 144,330 671,513 702,976 (31,463) 671,513 28,232 151,112 港仙 HK cents 54.55 54.55 43.85 43.85
	–
	689,307
	711,087
	(21,780)
	689,307
	151,106
	45,203
	港仙
	HK cents
	46.98
	46.98
	46.98
	46.98

~~81~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合資產負債表 （於二零零八年十二月三十一日）

Consolidated Balance Sheet (At 31st December, 2008)

附註 NOTES 非流動資產 Non-current assets 物業、廠房及設備 Property, plant and equipment 19 收購物業、廠房及設備 之按金 Deposits for acquisition of property, plant and equipment 投資物業 Investment properties 20 待發展物業 Properties for development 21 收購待發展物業之 按金 Deposits for acquisition of properties for development 土地使用權預付租賃款項 Prepaid lease payments on land use rights 22 於聯營公司之權益 Interests in associates 24 於共同控制公司之權益 Interests in jointly controlled entities 25 可供出售投資 Available-for-sale investments 26 商譽 Goodwill 27 遞延稅項資產 Deferred tax assets 43 流動資產 Current assets 物業存貨 Inventories of properties －發展中 – under development －已竣工 – completed 其他存貨 Other inventories 共同控制公司欠款 Amounts due from jointly controlled entities 28 少數股東欠款 Amounts due from minority shareholders 29 應收貸款 Loans receivable 30 應收分期付款 Instalments receivable 31 貿易及其他應收賬款、 按金及預付款 Trade and other receivables, deposits and prepayments 32 土地使用權預付租賃款項 Prepaid lease payments on land use rights 22 持作買賣投資 Held-for-trading investments 33 預繳稅項 Prepaid tax 用作抵押之銀行存款 Pledged bank deposits 50 銀行結存及現金 Bank balances and cash 分類為待售之資產 Assets classified as held for sale 34	2008 2007 千港元 千港元 HK$’000 HK$’000
	153,979 263,796 – 1,970 4,352,200 3,985,200 3,388,544 2,592,037 1,327,907 1,730,890 53,980 67,392 254,945 242,703 721,499 982,250 17,583 40,345 640 640 7,303 5,975
	10,278,580 9,913,198
	628,224 592,573 477,097 544,230 996 3,041 172,392 193,056 24,320 23,504 165,650 80,048 – 74,642 199,490 190,480 896 1,437 22,513 42,131 26,577 24,424 600,672 89,912 1,892,715 3,073,336
	4,211,542 4,932,814 445,901 –
	4,657,443 4,932,814

~~82~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合資產負債表 （於二零零八年十二月三十一日）

Consolidated Balance Sheet (At 31st December, 2008)

附註 NOTES Current liabilities Trade and other payables 35 Pre-sale deposits Tax liabilities Dividends payable to minority shareholders Interest-bearing borrowings 38 Interest-free borrowings 39 Derivative financial instrument 40 Liabilities associated with assets classified as held for sale 34 Net current assets Total assets less current liabilities Capital and reserves Share capital 36 Reserves 37 Equity attributable to equity holders of the Company Minority interests Total equity Non-current liabilities Interest-bearing borrowings 38 Interest-free borrowings 39 Deferred rental income from a tenant 41 Rental deposits from tenants Membership debentures 42 Deferred tax liabilities 43	2008 2007 千港元 千港元 HK$’000 HK$’000
	901,422 891,678 78,748 117,387 428,929 459,816 453 186 297,618 605,492 166,770 168,705 9,066 803,516
	1,883,006 3,046,780 178,701 –
	2,061,707 3,046,780
	2,595,736 1,886,034
	12,874,316 11,799,232
	301,350 302,225 9,545,737 8,570,334
	9,847,087 8,872,559 291,234 390,549
	10,138,321 9,263,108
	1,446,378 1,092,944 – 36,999 106,247 107,574 10,444 18,076 – 34,995 1,172,926 1,245,536
	2,735,995 2,536,124
	12,874,316 11,799,232

流動負債 貿易及其他應付賬款 預售樓宇按金 稅項負債 應付少數股東股息 附息借款 免息借款 衍生財務工具

分類為待售之資產相關 的負債

流動資產淨值

總資產減流動負債

股本及儲備 股本 儲備

本公司股東應佔之 權益 少數股東權益

權益總額

非流動負債 附息借款 免息借款 一名租戶之遞延租金收入 租戶之租金按金 會籍債券 遞延稅項負債

刊載於第80頁至第195頁之綜合財務報表已於 二零零九年三月二十三日經董事會通過及授 權發表，並由下列董事代表簽署：

The consolidated financial statements on pages 80 to 195 were approved and authorised for issue by the Board of Directors on 23rd March, 2009 and are signed on its behalf by:

Patrick Lee Seng Wei 李成偉 Director 董事

Edwin Lo King Yau 勞景祐 Director 董事

~~83~~

天安中國投資有限公司 Tian An China Investments Company Limited

資產負債表 （於二零零八年十二月三十一日）

Balance Sheet (At 31st December, 2008)

附註 NOTES 非流動資產 Non-current assets 物業、廠房及設備 Property, plant and equipment 19 於附屬公司之權益 Interests in subsidiaries 23 於共同控制公司之權益 Interests in jointly controlled entities 25 流動資產 Current assets 其他應收賬款、按金及預付款 Other receivables, deposits and prepayments 附屬公司欠款 Amounts due from subsidiaries 共同控制公司欠款 Amounts due from jointly controlled entities 銀行結存及現金 Bank balances and cash 流動負債 Current liabilities 其他應付賬款 Other payables 稅項負債 Tax liabilities 附息借款 Interest-bearing borrowings 38 免息借款 Interest-free borrowings 39 衍生財務工具 Derivative financial instrument 40 流動資產淨值 Net current assets 總資產減流動負債 Total assets less current liabilities 股本及儲備 Capital and reserves 股本 Share capital 36 儲備 Reserves 37 非流動負債 Non-current liability 遞延稅項負債 Deferred tax liabilities 43	2008 2007 千港元 千港元 HK$’000 HK$’000
	4,682 3,188 3,458,416 5,148,950 10,339 171,651
	3,473,437 5,323,789
	9,591 2,518 7,107,414 657,127 1,587 69,154 1,911 2,461,068
	7,120,503 3,189,867
	26,630 22,755 19,176 13,914 – 78,405 60,209 44,455 9,066 803,516
	115,081 963,045
	7,005,422 2,226,822
	10,478,859 7,550,611
	301,350 302,225 10,175,952 7,248,386
	10,477,302 7,550,611 1,557 –
	10,478,859 7,550,611

Patrick Lee Seng Wei 李成偉 Director 董事

Edwin Lo King Yau 勞景祐 Director 董事

~~84~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合權益變動表 （截至二零零八年十二月三十一日止年度）

Consolidated Statement of Changes in Equity (For the year ended 31st December, 2008)

於二零零七年一月一日 At 1st January, 2007 換算所產生之 滙兌差異 Exchange differences arising on translation 應佔聯營公司及共同控制公司 之權益變動 Share of changes in equity of associates and jointly controlled entities 可供出售投資公允價值 之增加 Increase in fair value of available-for-sale investments 因物業重估而產生之 遞延稅項負債對稅率 變動之影響 Effect of change in tax rate of deferred tax liabilities arising on revaluation of properties 收購附屬公司額外權益 之重估盈餘 Surplus on revaluation on acquisition of additional interests in subsidiaries 收購附屬公司之 重估盈餘（附註9） Surplus on revaluation on acquisition of subsidiaries (note 9) 直接於權益確認之 收支淨額 Net income and expense recognised directly in equity 出售附屬公司之已實現金額 Realised on disposal of subsidiaries 於出售物業時所實現之 儲備 Reserves released upon disposal of properties 股東應佔溢利 Profit attributable to equity holders 本年度確認之收支 總額 Total recognised income and expense for the year 發行股份 Issue of shares 發行股份費用 Share issue expenses 因收購附屬公司額外 權益而導致少數 股東權益減少 Decrease in minority interests as a result of acquisition of additional interests in subsidiaries 因收購一間附屬公司而導致 少數股東權益增加 Increase in minority interests as a result of acquisition of a subsidiary 股息分配 Dividend recognised as distribution 於二零零七年十二月三十一日 At 31st December, 2007	本公司股東應佔 Attributable to equity holders of the Company 股本 Share capital 股本溢價 Share premium account 特殊 資本儲備 Special capital reserve 資本 贖回儲備 Capital redemption reserve 滙兌 浮動儲備 Exchange translation reserve 重估儲備 Revaluation reserves 其他儲備 Other reserves 累計溢利 Accumulated profits 總計 Total 少數 股東權益 Minority interests 總計 Total 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
	225,854 1,391,958 1,417,669 130,691 181,348 2,770 5,283 2,588,431 5,944,004 407,173 6,351,177
	– – – – 266,799 – – – 266,799 20,982 287,781 – – – – 44,896 – – – 44,896 – 44,896 – – – – – 36,813 – – 36,813 – 36,813 – – – – – 95 – – 95 – 95 – – – – – – (40,883) – (40,883) – (40,883) – – – – – – 15,986 – 15,986 – 15,986
	– – – – 311,695 36,908 (24,897) – 323,706 20,982 344,688 – – – – (13,527) – (8,178) – (21,705) (262,226) (283,931) – – – – – – 1,401 – 1,401 – 1,401 – – – – – – – 702,976 702,976 (31,463) 671,513
	– – – – 298,168 36,908 (31,674) 702,976 1,006,378 (272,707) 733,671
	76,371 1,915,902 – – – – – – 1,992,273 – 1,992,273 – (41,864) – – – – – – (41,864) – (41,864) – – – – – – – – – (73,187) (73,187) – – – – – – – – – 332,828 332,828 – – – – – – – (28,232) (28,232) (3,558) (31,790)
	302,225 3,265,996 1,417,669 130,691 479,516 39,678 (26,391) 3,263,175 8,872,559 390,549 9,263,108

~~85~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合權益變動表 （截至二零零八年十二月三十一日止年度）

Consolidated Statement of Changes in Equity (For the year ended 31st December, 2008)

於二零零八年一月一日 At 1st January, 2008 換算所產生之 滙兌差異 Exchange differences arising on translation 應佔聯營公司及共同控制公司 之權益變動 Share of changes in equity of associates and jointly controlled entities 可供出售投資公允價值 之減少 Decrease in fair value of available-for-sale investments 收購附屬公司額外權益之 重估盈餘 Surplus on revaluation on acquisition of additional interests in subsidiaries 直接於權益確認之 收支淨額 Net income and expense recognised directly in equity 於出售物業時所實現 之儲備 Reserves released upon disposal of properties 股東應佔溢利 Profit attributable to equity holders 本年度確認之收支 總額 Total recognised income and expense for the year 行使認股權證而發行之股份 Issue of shares on exercise of warrants 以股代息而發行之股份 Issue of shares for scrip dividend 股份購回及註銷 Share repurchased and cancelled 因收購附屬公司額外 權益而導致少數 股東權益減少 Decrease in minority interests as a result of acquisition of additional interests in subsidiaries 股息分配 Dividend recognised as distribution 於二零零八年十二月三十一日 At 31st December, 2008	本公司股東應佔 Attributable to equity holders of the Company 股本 Share capital 股本溢價 Share premium account 特殊 資本儲備 Special capital reserve 資本 贖回儲備 Capital redemption reserve 滙兌 浮動儲備 Exchange translation reserve 重估儲備 Revaluation reserves 其他儲備 Other reserves 累計溢利 Accumulated profits 總計 Total 少數 股東權益 Minority interests 總計 Total 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
	302,225 3,265,996 1,417,669 130,691 479,516 39,678 (26,391) 3,263,175 8,872,559 390,549 9,263,108
	– – – – 423,740 – – – 423,740 6,202 429,942 – – – – 12,906 – – – 12,906 – 12,906 – – – – – (25,328) – – (25,328) – (25,328) – – – – – – (36,264) – (36,264) – (36,264)
	– – – – 436,646 (25,328) (36,264) – 375,054 6,202 381,256 – – – – – – 770 – 770 – 770 – – – – – – – 711,087 711,087 (21,780) 689,307
	– – – – 436,646 (25,328) (35,494) 711,087 1,086,911 (15,578) 1,071,333
	2 120 – – – – – – 122 – 122 3,111 86,487 – – – – – – 89,598 – 89,598 (3,988) – – 3,988 – – – (50,997) (50,997) – (50,997) – – – – – – – – – (83,299) (83,299) – – – – – – – (151,106) (151,106) (438) (151,544)
	301,350 3,352,603 1,417,669 134,679 916,162 14,350 (61,885) 3,772,159 9,847,087 291,234 10,138,321

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天安中國投資有限公司 Tian An China Investments Company Limited

綜合現金流動表 （截至二零零八年十二月三十一日止年度） Consolidated Cash Flow Statement (For the year ended 31st December, 2008)

• 營運業務 除稅前溢利 調整： 其他收入及收益

• －股息收入

• －銀行存款、應收賬款及

• 應收貸款利息收入

• －共同控制公司欠款 利息收入

• －非流動免息應收賬款之 估算利息收入

• －金融負債公允價值變動之 虧損

• 持作買賣投資公允價值之 減少（增加）

• 已竣工物業存貨轉撥至投資物業之 公允價值收益

投資物業公允價值之 減少（增加） 待發展物業及已竣工物業 存貨之減值撥備 呆壞賬（撥回） 準備 出售附屬公司之收益 收購附屬公司額外權益 之折讓 收購附屬公司之折讓 應佔聯營公司溢利 應佔共同控制公司 溢利 融資成本 折舊及攤銷 衍生財務工具公允 價值改變 出售及註銷物業、廠房 及設備之虧損 聯營公司減值虧損 之撥備 發行認股權證費用

營運資金變動前之營運 現金（流出）流入 物業存貨（增加） 減少 待發展物業及收購待 發展物業之 按金增加 其他存貨增加 貿易及其他應收賬款、 按金及預付款（增加）減少 應收分期付款（增加）減少 貿易及其他應付賬款增加 預售樓宇定金減少 一名租戶之遞延租金 收入減少 租戶之租金按金（減少） 增加

附註 NOTES OPERATING ACTIVITIES Profit before taxation Adjustments for: Other income and gains – Dividend income – Interest income on bank deposits, receivables and loan receivables – Interest income from jointly controlled entities – Imputed interest income on non-current interest-free receivables – Loss arising from changes in fair value of financial liabilities Decrease (increase) in fair value of held-for-trading investments Fair value gain on transfer of inventories of completed properties to investment properties Decrease (increase) in fair value of investment properties Write-down of properties for development and inventories of completed properties (Reversal of) allowance for bad and doubtful debts Gain on disposal of subsidiaries Discount on acquisition of additional interests in subsidiaries Discount on acquisition of subsidiaries Share of profit of associates Share of profit of jointly controlled entities Finance costs Depreciation and amortisation Change in fair value of derivative financial instrument Loss on disposal and write-off of property, plant and equipment Provision for impairment of an associate Warrants issue expenses Operating cash (outflows) inflows before movements in working capital (Increase) decrease in inventories of properties Increase in properties for development and deposits for acquisition of properties for development Increase in other inventories (Increase) decrease in trade and other receivables, deposits and prepayments (Increase) decrease in instalments receivable Increase in trade and other payables Decrease in pre-sale deposits Decrease in deferred rental income from a tenant (Decrease) increase in rental deposits from tenants	2008 2007 千港元 千港元 HK$’000 HK$’000
	689,250 831,870 (364) (319) (77,762) (34,383) (99) (1,793) (4,290) (4,897) – 1,063 19,928 (30,540) (61,547) (73,281) 187,283 (171,533) 8,370 106,168 (3,020) 14,528 – (334,837) (24,273) (98,261) – (28,415) (22,587) (72,166) (189,943) (176,114) 94,458 111,690 59,742 61,201 (794,420) 101,665 258 1,164 1,536 – – 7,510
	(117,480) 210,320 (67,709) 60,003 (441,238) (367,455) (282) (4,826) (22,373) 14,667 (5,367) 11,591 36,035 135,152 (17,184) (29,417) (1,327) (308) (7,632) 3,744

~~87~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合現金流動表 （截至二零零八年十二月三十一日止年度）

Consolidated Cash Flow Statement (For the year ended 31st December, 2008)

附註 NOTES （用於）來自營運業務之現金 Cash (used in) from operations 已付中國所得稅及土地增值稅 PRC income tax and Land Appreciation Tax (“LAT”) paid 中國所得稅退稅 PRC income tax refunded 用於營運業務之 現金淨值 NET CASH USED IN OPERATING ACTIVITIES 投資業務 INVESTING ACTIVITIES 已收利息 Interest received 已收股息來自 Dividends received from: －聯營公司 – associates －共同控制公司 – jointly controlled entities －可供出售投資 – available-for-sale investments 購買物業、廠房及設備 Purchase of property, plant and equipment 出售物業、廠房及 設備所得 Proceeds on disposal of property, plant and equipment 購買投資物業 Purchase of investment properties 出售投資物業 所得 Proceeds on disposal of investment properties 收購附屬公司 Acquisition of subsidiaries 9 購買附屬公司額外 權益 Purchase of additional interests in subsidiaries 股本分派自（投入至）一間 共同控制公司 Capital distribution from (contribution to) a jointly controlled entity 出售附屬公司所得 Proceeds on disposal of subsidiaries 8 & 16 聯營公司（借款）還款 (Advances to) repayment from associates 共同控制公司還款 （借款） Repayment from (advances to) jointly controlled entities 借款予少數股東 Advances to minority shareholders 給予貸款 Loans advanced 歸還貸款 Loans repayment 用作抵押之銀行存款（增加）減少 (Increase) decrease in pledged bank deposits （用於）來自投資業務之 現金淨值 NET CASH (USED IN) FROM INVESTING ACTIVITIES

2008 2007 千港元 千港元 HK$’000 HK$’000 (644,557) 33,471 (91,156) (78,475) 742 61 (734,971) (44,943) 58,289 28,169 5,357 7,969 243,546 37,241 364 319 (20,615) (13,070) 361 1,681 (60,672) (182,848) 4,028 3,966 – (33,084) (192,562) (15,766) 148,489 (149,289) – 645,560 (70) 12,368 58,084 (142,474) (816) (2,713) (125,000) (26,709) 39,398 8,792 (510,760) 191,652 (352,579) 371,764

~~88~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合現金流動表 （截至二零零八年十二月三十一日止年度）

Consolidated Cash Flow Statement (For the year ended 31st December, 2008)

附註 NOTES 融資業務 FINANCING ACTIVITIES 已付利息 Interest paid 已付股息 Dividend paid 已付少數股東股息 Dividends paid to minority shareholders 發行股份及認股權證所得款項 Proceeds from issue of shares and warrants 發行股份及認股權證費用 Expenses on issue of shares and warrants 新借銀行及其他貸款 New bank and other loans raised 歸還銀行及其他貸款 Repayment of bank and other loans 股份購回 Share repurchase 來自（歸還）少數股東 借款 Advances from (repayment to) minority shareholders 歸還期票 Repayment of promissory note 來自聯營公司借款 Advances from associates 來自共同控制公司借款 Advances from jointly controlled entities 會籍債券借款 Advances of membership debentures （用於）來自融資業務之現金 淨值 NET CASH (USED IN) FROM FINANCING ACTIVITIES 現金及現金等值項目（減少）增加 淨額 NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS 於一月一日之現金及現金 等值項目金額 CASH AND CASH EQUIVALENTS AT 1ST JANUARY 外滙兌換率改變之影響 Effect of foreign exchange rate changes 於十二月三十一日之現金及 現金等值項目金額 CASH AND CASH EQUIVALENTS AT 31ST DECEMBER 現金及現金等值項目 結餘分析 ANALYSIS OF THE BALANCES OF CASH AND CASH EQUIVALENTS 銀行結存及現金 Bank balances and cash 包括在分類為待售之資產之 銀行結存及現金 Bank balances and cash included in assets classified as held for sale

2008 2007 千港元 千港元 HK$’000 HK$’000 (137,470) (122,305) (61,509) (28,232) (183) (11,481) 92 2,694,124 – (49,374) 581,893 553,142 (606,839) (698,910) (50,997) – 4,066 (6,920) – (40,000) 5,194 9,336 18,843 21,057 – 756 (246,910) 2,321,193 (1,334,460) 2,648,014 3,073,336 353,620 157,655 71,702 1,896,531 3,073,336 1,892,715 3,073,336 3,816 – 1,896,531 3,073,336

（用於）來自融資業務之現金 淨值 現金及現金等值項目（減少）增加 淨額 於一月一日之現金及現金 等值項目金額 外滙兌換率改變之影響 於十二月三十一日之現金及 現金等值項目金額 現金及現金等值項目 結餘分析 銀行結存及現金 包括在分類為待售之資產之 銀行結存及現金

~~89~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

1. 概括

1. GENERAL

本公司為一間在香港註冊成立之公眾上市有 限公司，其證券在香港聯合交易所有限公司 （「聯交所」）上市。本公司註冊辦事處地址及 主要營業地點於本年報「公司資料」一節中披 露。

The Company is a public limited company incorporated in Hong Kong and its securities are listed on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”). The addresses of the registered office and principal place of business of the Company are disclosed in the “Corporate Information” section to the annual report.

本集團主要從事物業發展及投資、高爾夫球 場營運、酒店及物業管理及投資控股。本公 司之功能貨幣為人民幣，因本集團之大部份 業務均在中國經營。綜合財務報表以港元呈 列，這與本公司的功能貨幣有所不同。考慮 到本公司之上市地方，本公司董事認為港元 乃是最合適之呈列貨幣。

The principal activities of the Group are property development and investment, golf course operation, provision of hotel and property management and investment holding. The functional currency of the Company is Renminbi as the Group conducts most of its operations in the PRC. The consolidated financial statements are presented in Hong Kong dollars which is different from the functional currency of the Company, as the directors of the Company consider that Hong Kong dollars is the most appropriate presentation currency in view of its place of listing.

2. 應用新訂或經修訂香港財務報 告準則

2. APPLICATION OF NEW OR REVISED HONG KONG FINANCIAL REPORTING STANDARDS

於本年度，本集團已應用下列由香港會計師 公會頒佈之修訂及詮釋（「新香港財務報告準 則」），該等新香港財務報告準則於本集團二 零零八年一月一日開始之會計年度生效。

In the current year, the Group has applied the following amendments and interpretations (“new HKFRSs”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”), which are effective for the Group’s financial year beginning on 1st January, 2008.

香港會計準則第39號及香港財務報告準則 第7號（修訂本） 金融資產的重新分類 香港（國際財務報告詮釋委員會）

－詮釋第11號 香港財務報告準則第2號

HKAS 39 & HKFRS 7 (Amendments) Reclassification of Financial Assets

HK(IFRIC)-Int 11

HKFRS 2 – Group and Treasury Share Transactions

－集團及庫存股份交易

~~90~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

2. 應用新訂或經修訂香港財務報 告準則 （續）

2. APPLICATION OF NEW OR REVISED HONG KONG FINANCIAL REPORTING STANDARDS (CoNtiNueD)

香港（國際財務報告詮釋委員會）

－詮釋第12號 特許權服務安排 香港（國際財務報告詮釋委員會） －詮釋第14號 香港會計準則第19號：定額利益資產的 限制、最低資金要求和兩者的互相關係

HK(IFRIC)-Int 12

Service Concession Arrangements

HK(IFRIC)-Int 14

HKAS 19 – The Limit on a Defined Benefit Asset,

Minimum Funding Requirements and their Interaction

採納該等新訂或經修訂香港財務報告準則對 本年度或過往會計年度本集團之業績及財務 狀況並無重大影響。因此，無須作出任何前 年度調整。

The adoption of the new or revised HKFRSs has had no material effect on the results or financial position of the Group for the current or prior accounting years. Accordingly, no prior year adjustment has been required.

本集團並未提早應用下列已頒佈但尚未生效 之新訂或經修訂之準則或詮釋。

The Group has not early applied the following new or revised standards or interpretations that have been issued but are not yet effective.

香港財務報告準則（修訂本） 香港財務報告準則的改進[1] 香港會計準則第1號（經修訂） 財務報表的呈列[2] 香港會計準則第23號（經修訂） 借款成本[2] 香港會計準則第27號（經修訂） 綜合及獨立財務報表[3] 香港會計準則第32號及 香港會計準則第1號（修訂本） 可沽售金融工具及清盤產生的責任[2] 香港會計準則第39號（修訂本） 合資格對沖項目[3] 香港財務報告準則第1號及香港會計準則 第27號（修訂本）

投資附屬公司、共同控制公司或 聯營公司的成本[2]

HKFRSs (Amendments) Improvements to HKFRSs[1] HKAS 1 (Revised) Presentation of Financial Statements[2] HKAS 23 (Revised) Borrowing Costs[2] HKAS 27 (Revised) Consolidated and Separate Financial Statements[3] HKAS 32 & HKAS 1 (Amendment) Puttable Financial Instruments and Obligations Arising on Liquidation[2] HKAS 39 (Amendment) Eligible Hedged Items[3] HKFRS 1 & HKAS 27 (Amendment)

Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate[2]

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天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

2. 應用新訂或經修訂香港財務報 2. APPLICATION OF NEW OR REVISED HONG 告準則 （續） KONG FINANCIAL REPORTING STANDARDS (CoNtiNueD)

香港財務報告準則第2號（修訂本） 歸屬條件及註銷[2] 香港財務報告準則第3號（經修訂） 業務合併[3] 香港財務報告準則第7號（修訂本） 改善金融工具披露[2] 香港財務報告準則第8號 經營分部[2] 香港（國際財務報告詮釋委員會） －詮釋第9號及香港會計準則 第39號（修訂本） 嵌入式衍生工具[4] 香港（國際財務報告詮釋委員會） －詮釋第13號 客戶忠誠計劃[5] 香港（國際財務報告詮釋委員會） －詮釋第15號 房地產建造協議[2] 香港（國際財務報告詮釋委員會） －詮釋第16號 境外業務投資淨額的對沖[6] 香港（國際財務報告詮釋委員會） －詮釋第17號 向所有者分派非現金資產[3] 香港（國際財務報告詮釋委員會） －詮釋第18號 來自客戶之資產轉讓[7]

HKFRS 2 (Amendment) Vesting Conditions and Cancellations[2] HKFRS 3 (Revised) Business Combinations[3] HKFRS 7 (Amendment) Improving Disclosures about Financial Instruments[2] HKFRS 8 Operating Segments[2] HK(IFRIC)-Int 9 & HKAS 39 (Amendment) Embedded Derivatives[4] HK(IFRIC)-Int 13 Customer Loyalty Programmes[5] HK(IFRIC)-Int 15 Agreements for the Construction of Real Estate[2] HK(IFRIC)-Int 16 Hedges of a Net Investment in a Foreign Operation[6] HK(IFRIC)-Int 17 Distribution of Non-Cash Assets to Owners[3] HK(IFRIC)-Int 18 Transfer of Assets from Customers[7]

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天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度） Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

2. 應用新訂或經修訂香港財務報 告準則 （續）

2. APPLICATION OF NEW OR REVISED HONG KONG FINANCIAL REPORTING STANDARDS (CoNtiNueD)

• 1 於二零零九年一月一日或之後開始的年度期間 生效，惟香港財務報告準則第5號的修訂則於 二零零九年七月一日或之後開始的年度期間生 效。

• 1

• 2 於二零零九年一月一日或之後開始的年度期間 生效。

• 2

• 3 於二零零九年七月一日或之後開始的年度期間 生效。

• 3

• 4 於二零零八年六月三十日或之後開始的年度期 4 間生效。

• 5 於二零零八年七月一日或之後開始的年度期間 5 生效。

• 6 於二零零八年十月一日或之後開始的年度期間 6 生效。

• 7 於二零零九年七月一日或之後的轉讓生效。

• 7

Effective for annual periods beginning on or after 1st January, 2009 except for the amendments to HKFRS 5, effective for annual periods beginning on or after 1st July, 2009.

• Effective for annual periods beginning on or after 1st January, 2009.

Effective for annual periods beginning on or after 1st July, 2009.

• Effective for annual periods beginning on or after 30th June, 2008.

Effective for annual periods beginning on or after 1st July, 2008.

• Effective for annual periods beginning on or after 1st October, 2008.

• Effective for transfer on or after 1st July, 2009.

採納香港財務報告準則第3號（經修訂）可能 會影響收購日期為二零零九年七月一日或之 後開始的首個年報期間開始日期或之後的業 務合併的會計處理。香港會計準則第27號（經 修訂）將會影響母公司於附屬公司所擁有權益 之變動（不會導致失去控制權）的會計處理， 該變動將列作權益交易。本公司董事預期應 用其他新訂或經修訂的準則或詮釋將對本集 團的業績及財務狀況並無重大影響。

The adoption of HKFRS 3 (Revised) may affect the accounting for business combination for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 1st July, 2009. HKAS 27 (Revised) will affect the accounting treatment for changes in a parent’s ownership interest in a subsidiary that do not result in a loss of control, which will be accounted for as equity transactions. The directors of the Company anticipate that the application of the other new or revised standards or interpretations will have no material impact on the results and the financial position of the Group.

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天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

3. 重要會計政策

3. SIGNIFICANT ACCOUNTING POLICIES

誠如下列會計政策所述，綜合財務報表乃按 歷史成本基準編製，惟若干物業及金融工具 按公允價值計算者除外。

The consolidated financial statements have been prepared on the historical cost basis except for certain properties and financial instruments, which are measured at fair values, as explained in the accounting policies set out below.

財務報表乃根據香港會計師公會所頒佈之香 港財務報告準則編製。此外，本財務報表包 括聯交所證券上市規則及香港公司條例規定 之適用披露。

The consolidated financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards issued by the HKICPA. In addition, the consolidated financial statements include applicable disclosures required by the Rules Governing the Listing of Securities on the Stock Exchange and by the Hong Kong Companies Ordinance.

綜合賬目編製準則

Basis of consolidation

綜合財務報表包括本公司及由本公司控制之 實體（其附屬公司）之財務報表。控制是指本 公司有權力掌管該實體之財務及營運政策， 從而自其經營活動獲得利益。

The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

於年內所收購或出售之附屬公司，其業績乃 由收購日期起及至出售日期止（如適用）計算 在綜合收益賬內。

The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition and up to the effective date of disposal, as appropriate.

如有需要，本集團會就附屬公司之財務報表 作出調整，使其會計政策與本集團其他成員 公司所採用者保持一致。

Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with others used by other members of the Group.

所有集團內交易、結餘、收益及費用均於綜 合賬目內抵銷。

All intra-group transactions, balances, income and expenses are eliminated on consolidation.

少數股東權益應佔之綜合附屬公司資產淨值 與本集團所佔之權益分開列賬。少數股東所 佔資產淨值包括其於原業務合併日期之應佔 數額，以及自合併日期起少數股東應佔權益 的變動。倘少數股東所佔的虧損超逾少數股 東於該附屬公司應佔的股本權益，除非該少 數股東須受約束性責任及有能力支付額外資 金以彌補附屬公司的虧損，否則該虧損餘額 應由本集團承擔。

Minority interests in the net assets of consolidated subsidiaries are presented separately within the Group’s equity. Minority interests in the net assets consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination. Losses applicable to the minority in excess of the minority’s interest in the subsidiary’s equity are allocated against the interests of the Group except to the extent that the minority has a binding obligation and is able to make an additional investment to cover the losses.

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天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

3. 重要會計政策 （續）

3. SIGNIFICANT ACCOUNTING POLICIES (CoNtiNueD)

業務合併

Business combinations

收購業務乃採用收購法處理。收購成本乃按 為換取被收購方控制權而於交易日期所付出 之資產、所產生或承擔之負債及本集團所發 行之股本權益工具之公允價值總額，及任何 業務合併之直接應佔成本計算。被收購方符 合香港財務報告準則第3號「業務合併」之確 認條件之可確定資產、負債及或有負債，須 按其於收購日期之公允價值確認。

The acquisition of business is accounted for using the purchase method. The cost of the acquisition is measured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree, plus any costs directly attributable to the business combination. The acquiree’s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under HKFRS 3 “Business Combinations” are recognised at their fair values at the acquisition date.

收購產生之商譽，即為業務合併成本超出本 集團於已確認之可確定資產、負債及或有負 債之公允價值淨額所佔權益之差額，被確認 為資產，並首先按成本計算。如在重新評估 後，本集團於被收購方之可確定資產、負債 及或有負債的公允價值淨額所佔權益超過業 務合併成本，該等超出之部份立即在損益內 確認。

Goodwill arising on acquisition is recognised as an asset and initially measured at cost, being the excess of the cost of the business combination over the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised. If, after reassessment, the Group’s interest in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the excess is recognised immediately in profit or loss.

被收購方之少數股東權益首先按少數股東所 佔已確認之資產、負債及或有負債之公允價 值淨額計算。

The interest of minority shareholders in the acquiree is initially measured at the minority’s proportion of the net fair value of the assets, liabilities and contingent liabilities recognised.

商譽

Goodwill

於二零零五年一月一日之前自收購所產生之 商譽

Goodwill arising on acquisitions prior to 1st January, 2005

收購一間公司的淨資產及業務（協議日期為於 二零零五年一月一日之前）所產生之商譽乃指 收購成本超逾本集團於收購當日應佔相關被 收購方可確定資產及負債公允價值之權益之 差額。

Goodwill arising on an acquisition of net assets and operations of another entity for which the agreement date is before 1st January, 2005 represents the excess of the cost of acquisition over the Group’s interest in the fair value of the identifiable assets and liabilities of the relevant acquiree at the date of acquisition.

對於於二零零一年一月一日後，收購公司的 淨資產及業務原先已資本化之商譽，本集團 自二零零五年一月一日起不再繼續攤銷，而 有關商譽每年及當有跡象顯示與商譽有關之 產生現金單位有可能發生減值時進行減值測 試（見下文會計政策）。

For previously capitalised goodwill arising on acquisitions of net assets and operations of another entity after 1st January, 2001, the Group has discontinued amortisation from 1st January, 2005 onwards, and such goodwill is tested for impairment annually, and whenever there is an indication that the cash generating unit to which the goodwill relates may be impaired (see the accounting policy below).

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天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

3. 重要會計政策 （續）

3. SIGNIFICANT ACCOUNTING POLICIES (CoNtiNueD)

商譽 （續）

Goodwill (continued)

於二零零五年一月一日或之後自收購所產生 之商譽

Goodwill arising on acquisitions on or after 1st January, 2005

收購一項業務（協議日期為於二零零五年一 月一日或之後）所產生之商譽乃指收購成本 超逾本集團於收購當日應佔相關業務可確定 資產、負債及或有負債公允價值之權益之差 額。有關商譽乃按成本減任何累計減值虧損 列賬。

Goodwill arising on an acquisition of a business for which the agreement date is on or after 1st January, 2005 represents the excess of the cost of acquisition over the Group’s interest in the fair value of the identifiable assets, liabilities and contingent liabilities of the relevant business at the date of acquisition. Such goodwill is carried at cost less any accumulated impairment losses.

收購業務所產生之已資本化商譽乃於綜合資 產負債表內分開列賬。

Capitalised goodwill arising on an acquisition of a business is presented separately in the consolidated balance sheet.

已資本化商譽之減值測試

Impairment testing on capitalised goodwill

就減值測試而言，收購所產生之商譽乃被分 配到各個預期從收購之協同效應中受益之有 關產生現金單位，或產生現金單位之組別。 已獲配商譽之產生現金單位每年及有跡象顯 示該單位有可能出現減值時進行減值測試。 就於某個財政年度收購所產生之商譽而言， 已獲配商譽之產生現金單位於該財政年度完 結前進行減值測試。當產生現金單位之可收 回金額少於該單位之賬面值，則減值虧損首 先被分配至削減任何已分配到該單位之商譽 賬面值，及其後以單位內各資產之賬面值為 基準按比例分配到該單位之其他資產。商譽 之任何減值虧損乃直接於綜合收益賬內確 認。商譽之減值虧損於其後期間不予撥回。

For the purpose of impairment testing, goodwill arising from an acquisition is allocated to each of the relevant cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies of the acquisition. A cash-generating unit to which goodwill has been allocated is tested for impairment annually, and whenever there is an indication that the unit may be impaired. For goodwill arising on an acquisition in a financial year, the cash-generating unit to which goodwill has been allocated is tested for impairment before the end of that financial year. When the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated to reduce the carrying amount of any goodwill allocated to the unit first, and then to the other assets of the unit pro rata on the basis of the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in the consolidated income statement. An impairment loss for goodwill is not reversed in subsequent periods.

其後於出售相關產生現金單位時，其所屬已 資本化但還未減值之商譽金額計入出售之損 益金額內。

On subsequent disposal of the relevant cash-generating unit, the attributable amount of goodwill capitalised but not yet impaired is included in the determination of the amount of profit or loss on disposal.

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天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

3. 重要會計政策 （續）

3. SIGNIFICANT ACCOUNTING POLICIES (CoNtiNueD)

收購附屬公司額外權益

Acquisition of additional interest in a subsidiary

當本集團增加其於本集團已控制企業之權益 時，該收購所產生之商譽乃指收購額外權益 之成本與本集團應佔可確定資產、負債及或 有負債公允價值之增加的差額。重估該附屬 公司所有可確定資產、負債及或有負債所產 生之重估盈餘或虧損並不會於綜合資產負債 表內確認。所付代價與商譽及收購額外權益 之淨資產賬面值的差額被確認為儲備變動。 此差額乃指自原收購日本集團於該附屬公司 所增加權益應佔之重估差額。

When the Group increases its interest in an entity that is already controlled by the Group, goodwill arising on such acquisition represents the difference between the cost of additional interest acquired and the increase in the Group’s share of the fair value of the identifiable assets, liabilities and contingent liabilities acquired. No revaluation surplus or deficit on revaluing all of the identifiable assets, liabilities and contingent liabilities of the subsidiary is recognised in the consolidated balance sheet. The difference between the consideration paid and the aggregate of goodwill and the book value of the assets attributable to the additional interest acquired is recognised as a reserve movement. This difference represents the portion of the revaluation difference that arose since the original acquisition date that is attributable to the Group’s increased interest in the subsidiary.

於附屬公司之投資

Investments in subsidiaries

於附屬公司之投資乃按成本值扣除任何已確 定之減值虧損於本公司之資產負債表內列賬。

Investments in subsidiaries are included in the Company’s balance sheet at cost less any identified impairment loss.

於聯營公司之權益

Interests in associates

聯營公司乃指投資方對其有重大影響力之實 體，且並非附屬公司或共同控制公司。

An associate is an entity over which the investor has significant influence and that is neither a subsidiary nor a jointly controlled entity.

聯營公司之業績、資產及負債乃以權益會計 法計入綜合財務報表。根據權益法，於聯營 公司之投資乃按成本於綜合資產負債表中列 賬，並就本集團於收購後應佔該聯營公司資 產淨值之變動作出調整，以及減去任何已確 定之減值虧損。當本集團應佔某聯營公司之 虧損相等於或超出其於該聯營公司之權益（包 括實質上構成本集團於該聯營公司部份投資 淨額之任何長期權益），則本集團不再繼續 確認其應佔之進一步虧損。當本集團已產生 法定或推定責任或代表該聯營公司作出付款 時，才會以該等金額為限，額外為應佔之虧 損撥備及確認負債。

The results and assets and liabilities of associates are incorporated in the consolidated financial statements using the equity method of accounting. Under the equity method, investments in associates are carried in the consolidated balance sheet at cost as adjusted for postacquisition changes in the Group’s share of net assets of the associate, less any identified impairment loss. When the Group’s share of losses of an associate equals or exceeds its interest in that associate (which includes any long-term interests that, in substance, form part of the Group’s net investment in the associate), the Group discontinues recognising its share of further losses. An additional share of losses is provided for and a liability is recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of that associate.

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天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

3. 重要會計政策 （續）

3. SIGNIFICANT ACCOUNTING POLICIES (CoNtiNueD)

於聯營公司之權益 （續）

Interests in associates (continued)

於二零零五年一月一日之前自收購所產生之商譽

Goodwill arising on acquisitions prior to 1st January, 2005

收購成本超逾本集團於收購當日應佔聯營公 司已確認之可確定資產及負債公允價值淨額 之差額被確認為商譽。自二零零五年一月一 日起，本集團不再繼續攤銷商譽，而有關商 譽則包括在投資之賬面值內，並作為投資的 一部份以作減值評估。

Any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets and liabilities of the associate recognised at the date of acquisition is recognised as goodwill. From 1st January, 2005 onwards, the Group has discontinued amortisation of goodwill and such goodwill is included within the carrying amount of the investment and is assessed for impairment as part of the investment.

於二零零五年一月一日或之後自收購所產生 之商譽

Goodwill arising on acquisitions on or after 1st January, 2005

收購成本超逾本集團於收購當日應佔聯營公 司已確認之可確定資產、負債及或有負債公 允價值淨額之差額被確認為商譽。商譽包括 在投資之賬面值內，並作為投資的一部份以 作減值評估。

Any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the associate recognised at the date of acquisition is recognised as goodwill. The goodwill is included within the carrying amount of the investment and is assessed for impairment as part of the investment.

本集團應佔之可確定資產，負債及或有負債 的公允價值淨額超逾收購成本之差額於重新 評估後立即在損益內確認。

Any excess of the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition, after reassessment, is recognised immediately in profit or loss.

當集團個體與本集團之聯營公司進行交易， 則按本集團所佔有關聯營公司之權益為限抵 銷損益。

Where a group entity transacts with an associate of the Group, profits and losses are eliminated to the extent of the Group’s interest in the relevant associate.

~~98~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

3. 重要會計政策 （續）

3. SIGNIFICANT ACCOUNTING POLICIES (CoNtiNueD)

合營企業

Joint ventures

共同控制公司

Jointly controlled entities

合營企業安排若涉及設立一家各合營者共同 控制其商業活動之獨立個體，該合營企業則 稱為共同控制公司。

Joint venture arrangements that involve the establishment of a separate entity in which venturers have joint control over the economic activity of the entity are referred to as jointly controlled entities.

共同控制公司之業績、資產及負債乃以權益 會計法計入綜合財務報表。根據權益法，於 共同控制公司之投資乃按成本於綜合資產負 債表中列賬，並就本集團於收購後應佔該共 同控制公司之損益及權益變動作出調整，以 及減去任何已確定之減值虧損。當本集團應 佔某共同控制公司之虧損相等於或超出其於 該共同控制公司之權益（包括實質上構成本集 團於該共同控制公司部份投資淨額之任何長 期權益），則本集團不再繼續確認其應佔之進 一步虧損。當本集團已產生法定或推定責任 或代表該共同控制公司作出付款時，才會以 該等金額為限，額外為應佔之虧損撥備及確 認負債。

The results and assets and liabilities of jointly controlled entities are incorporated in the consolidated financial statements using the equity method of accounting. Under the equity method, investments in jointly controlled entities are carried in the consolidated balance sheet at cost as adjusted for post-acquisition changes in the Group’s share of the profit or loss and of changes in equity of the jointly controlled entities, less any identified impairment loss. When the Group’s share of losses of a jointly controlled entity equals or exceeds its interest in that jointly controlled entity (which includes any long-term interests that, in substance, form part of the Group’s net investment in the jointly controlled entity), the Group discontinues recognising its share of further losses. An additional share of losses is provided for and a liability is recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of that jointly controlled entity.

於二零零五年一月一日之前自收購所產生之商譽

Goodwill arising on acquisitions prior to 1st January, 2005

收購成本超逾本集團於收購當日應佔共同控 制公司已確認之可確定資產及負債公允價值 淨額之差額被確認為商譽。自二零零五年一 月一日起，本集團不再繼續攤銷商譽，而有 關商譽則包括在投資之賬面值內，並作為投 資的一部分以作減值評估。

Any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets and liabilities of the jointly controlled entity recognised at the date of acquisition is recognised as goodwill. From 1st January, 2005 onwards, the Group has discontinued amortisation of goodwill and such goodwill is included within the carrying amount of the investment and is assessed for impairment as part of the investment.

~~99~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

3. 重要會計政策 （續）

3. SIGNIFICANT ACCOUNTING POLICIES (CoNtiNueD)

合營企業 （續）

Joint ventures (continued)

共同控制公司 （續）

Jointly controlled entities (continued)

於二零零五年一月一日或之後自收購所產生 之商譽

Goodwill arise on acquisition on or after 1st January, 2005

收購成本超逾本集團應佔之共同控制公司之 可確認資產，負債及或有負債的公允價值淨 額之差額於收購1日期會被確認為商譽。商譽 包括在投資之賬面值內，並作為投資的一部 份以作減值評估。

Any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the jointly controlled entity recognised at the date of acquisition is recognized as goodwill. The goodwill is included within the carrying amount of the investment and is assessed for impairment as part of the investment.

本集團應佔之可確認資產，負債及或有負債 的公允價值淨額超逾收購成本之差額於重新 評估後立即在損益內確認。

Any excess of the Group’s share of the net fair value the identifiable assets, liabilities and contingent liabilities over the cost of acquisition, after reassessment, is recognised immediately in profit or loss.

當集團個體與本集團之共同控制公司進行交 易，則未實現損益以本集團於有關共同控制 公司中之權益為限抵銷。若未實現虧損顯示 所轉讓之資產發生減值，則此虧損需全額確 認。

Where a group entity transacts with a jointly controlled entity of the Group, unrealised profits or losses are eliminated to the extent of the Group’s interest in the jointly controlled entity, except to the extent that unrealised losses provide evidence of an impairment of the asset transferred, in which case, the full amount of losses is recognised.

本公司於共同控制公司之投資，乃按成本值 扣除任何已確定減值虧損列賬。本公司只按 已收及應收的股息計算共同控制公司的業績。

The Company’s investments in jointly controlled entities are stated at cost, as reduced by any identified impairment loss. Results of jointly controlled entities are accounted for by the Company on the basis of dividends received and receivable.

其他合營企業安排

Other joint venture arrangements

當投資項目是以合營企業架構成立，而本集 團並不因此與其他合營者共同控制此合營企 業時，本集團會將其視為附屬公司（當本集團 擁有權力監管其財務及經營政策）、聯營公司 （當本集團可對其發揮重大影響力）、或其他 投資（當本集團不能控制及發揮重大影響力）。

Investments made by means of joint venture structures which do not result in the Group having joint control with the other venturers are accounted for as subsidiaries (where the Group has the power to govern the financial and operating policies of an enterprise), associates (where the Group is in a position to exercise significant influence) or other investments (where the Group exercises neither control nor significant influence).

~~100~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

3. 重要會計政策 （續）

3. SIGNIFICANT ACCOUNTING POLICIES (CoNtiNueD)

金融工具

Financial instruments

當某集團實體成為文據內合約性條文之訂約 方時，金融資產及金融負債便於資產負債表 確認。金融資產及金融負債按公允價值首次 確認。因收購或發行金融資產及金融負債而 直接應佔之交易成本（透過損益按公允價值處 理之金融資產及金融負債除外）乃於首次確認 時按適用情況加入或扣自該金融資產或金融 負債之公允價值。收購透過損益按公允價值 處理之金融資產或金融負債而直接應佔之交 易成本立即於損益內確認。

Financial assets and financial liabilities are recognised on the balance sheet when a group entity becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.

金融資產

Financial assets

本集團及本公司之金融資產歸入下列四個類 別之其中一個，包括透過損益按公允價值處 理之金融資產、貸款及應收款項、持有至到 期日之投資及可供出售之金融資產。所有透 過正常方式購買或出售金融資產乃按交易日 基準確認及取消確認。透過正常方式進行之 購買或出售乃按市場規則或慣例設定之時間 框架內交付資產之金融資產購買或銷售。

The Group’s and the Company’s financial assets are classified into one of the four categories, including financial assets at fair value through profit or loss, loans and receivables, held-to-maturity investments and available-for-sale financial assets. All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace.

實際利率法

effective interest method

實際利率法乃計算金融資產之攤銷成本及按 有關期間攤分利息收入之方法。實際利率乃 按金融資產之預計年期或適用的較短期間內 該項金融資產於首次確認時之賬面淨值之準 確折讓估計未來現金收入（包括構成實際利率 不可或缺部份已付或已收之一切費用、交易 成本及其他溢價及折讓）之利率。

The effective interest method is a method of calculating the amortised cost of a financial asset and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees on points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial asset, or, where appropriate, a shorter period to the net carrying amount on initial recognition.

收入乃按實際利率基準確認為債務工具。

Income is recognised on an effective interest basis for debt instruments.

~~101~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

3. 重要會計政策 （續）

3. SIGNIFICANT ACCOUNTING POLICIES (CoNtiNueD)

金融工具 （續）

Financial instruments (continued)

金融資產 （續）

Financial assets (continued)

透過損益按公允價值處理之金融資產

Financial assets at fair value through profit or loss

透過損益按公允價值處理之金融資產包括持 作買賣投資及未被指定作有效對沖工具之衍 生工具。於首次確認後之各結算日，透過損 益按公允價值處理之金融資產乃按公允價值 計量，而公允價值之變動在變動產生期間直 接在損益內確認。

Financial assets at fair value through profit or loss include held-fortrading investments and derivatives that are not designated and effective hedging instruments. At each balance sheet date subsequent to initial recognition, financial assets at fair value through profit or loss are measured at fair value, with changes in fair value recognised directly in profit or loss in the period in which they arise.

貸款及應收款項

Loans and receivables

貸款及應收款項乃非於活躍市場報價而具有 固定或可釐定付款之非衍生金融資產。於首 次確認後之各結算日，貸款及應收款項（包括 貿易及其他應收賬款、應收分期付款、應收 貸款、聯營公司欠款、共同控制公司欠款及 少數股東欠款）均採用實際利率法按攤銷成本 減任何已確定減值虧損入賬。

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. At each balance sheet date subsequent to initial recognition, loans and receivables (including trade and other receivables, instalments receivable, loans receivable, amounts due from associates, amounts due from jointly controlled entities and amounts due from minority shareholders) are carried at amortised cost using the effective interest method, less any identified impairment losses.

可供出售之金融資產

Available-for-sale financial assets

可供出售之金融資產為非衍生項目，其須指 定為可供出售金融資產或未有劃分為透過損 益按公允價值處理之金融資產、貸款和應收 款項或持有至到期日之投資。於首次確認後 之各結算日，可供出售金融資產按公允價值 計算。公允價值之變動於權益確認，直至 該金融資產被出售或決定有所減值，屆時過 往於權益確認之累計收入或虧損會自權益剔 除，並於收益賬確認。

Available-for-sale financial assets are non-derivatives that are either designated as available for sales or are not classified as financial assets at fair value through profit or loss, loans and receivables or held-tomaturity investments. At each balance sheet date subsequent to initial recognition, available-for-sale financial assets are measured at fair value. Changes in fair value are recognised in equity, until the financial asset is disposed of or is determined to be impaired, at which time, the cumulative gain or loss previously recognised in equity is reclassified from equity to profit or loss.

該等並無活躍市場之市價報價，及其公允價 值未能可靠計量的可供出售股權投資，及與 該等股本權益工具關連且必須透過交付這類 股權投資作結算之衍生工具，於首次確認後 之各個結算日按成本值減任何已確定減值虧 損計算。

For available-for-sale equity investments that do not have a quoted market price in an active market and whose fair value cannot be reliably measured, and derivatives that are linked to and must be settled by delivery of such unquoted equity instruments, they are measured at cost less any identified impairment losses at each balance sheet date subsequent to initial recognition.

~~102~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

3. 重要會計政策 （續）

3. SIGNIFICANT ACCOUNTING POLICIES (CoNtiNueD)

金融工具 （續）

Financial instruments (continued)

金融資產減值

Impairment of financial assets

金融資產（按公允價值計入損益之金融資產除 外）會於每個結算日評定是否有減值跡象。金 融資產於有客觀證據顯示其估計未來現金流 量因於初步確認該金融資產後發生之一項或 多項事件而受到影響時作出減值。

Financial assets, other than those at fair value through profit and loss, are assessed for indicators of impairment at each balance sheet date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the financial assets have been impacted.

就可供出售股本投資而言，該項投資之公允 價值大幅或持續下跌至低於成本，則視作減 值之客觀證據。

For an available-for sale equity investment, a significant or prolonged decline in the fair value of that investment below its cost is considered to be objective evidence of impairment.

就所有其他金融資產而言，減值之客觀證據 可包括：

For all other financial assets, objective evidence of impairment could include:

• 發行人或交易方出現重大財政困難；或

• 未能繳付或延遲償還利息或本金；或

• 借款人有可能面臨破產或財務重組。

• significant financial difficulty of the issuer or counterparty; or

• default or delinquency in interest or principal payments; or

• it becoming probable that the borrower will enter bankruptcy or financial re-organisation.

個別重大之金融資產會個別評估是否有減值 跡象。就若干類別之金融資產（如貿易應收賬 款）而言，被評估不會個別減值之資產，將會 其後彙集一併評估是否有減值跡象。

Financial assets that are individually significant are assessed for indicators of impairment individually. For certain types of financial assets, such as trade receivables and assets that are assessed not to be impaired individually are subsequently assessed for indicators of impairment on a collective basis.

就按已攤銷成本列賬之金融資產而言，當有 客觀證據證明資產已減值，減值虧損於損益 中確認，並按資產賬面值與按原實際利率貼 現之估計日後現金流量現值之差額計算。

For financial assets carried at amortised cost, an impairment loss is recognised in profit or loss when there is objective evidence that the asset is impaired, and is measured as the difference between the asset’s carrying amount and the present value of the estimated future cash flows discounted at the original effective interest rate.

就按成本列賬之金融資產而言，減值虧損金 額乃按資產賬面值與按類似金融資產現時市 場回報率貼現之估計日後現金流量之現值之 差額計算。有關減值虧損將不會於往後期間 撥回。

For financial assets carried at cost, the amount of the impairment loss is measured as the difference between the asset’s carrying amount and the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment loss will not be reversed in subsequent periods.

~~103~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

3. 重要會計政策 （續）

3. SIGNIFICANT ACCOUNTING POLICIES (CoNtiNueD)

金融工具 （續）

Financial instruments (continued)

金融資產減值 （續）

Impairment of financial assets (continued)

金融資產賬面值之減值會直接按減值虧損扣 減，惟貿易應收賬款除外，其賬面值會透過 使用撥備賬作出扣減。撥備賬內之賬面值變 動會於損益中確認。當貿易應收賬款被視為 不可收回時，其將於撥備賬內撇銷。其後收 回已撇銷的款項，均計入損益內。

The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables, where the carrying amount is reduced through the use of an allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss. When a trade receivable is considered uncollectible, it is written off against the allowance account. Subsequent recovery of amounts previously written off are credited to profit or loss.

就按已攤銷成本計量之金融資產而言，如在 隨後期間，減值虧損金額減少，而有關減少 在客觀上與確認減值虧損後發生之事件有 關，則先前已確認之減值虧損將透過損益予 以撥回，惟該資產於減值被撥回當日之賬面 值，不得超過未確認減值時之已攤銷成本。

For financial assets measured at amortised cost, if, in a subsequent period, the amount of impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment losses was recognised, the previously recognised impairment loss is reversed through profit or loss to the extent that the carrying amount of the asset at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised.

可供出售股本投資之減值虧損不會於往後期 間撥回損益。減值虧損其後增加之公允價值 會於權益直接確認。就可供出售債務投資而 言，倘投資增加之公允價值客觀地與確認減 值虧損後發生之事件有關，則於其後撥回減 值虧損。

Impairment losses on available-for-sale equity investments will not be reversed in profit or loss in subsequent periods. Any increase in fair value subsequent to impairment loss is recognised directly in equity. For available-for-sale debt investments, impairment losses are subsequently reversed if an increase in the fair value of the investment can be objectively related to an event occurring after the recognition of the impairment loss.

金融負債及股本權益

Financial liabilities and equity

由集團實體發行之金融負債及股本權益工具 乃根據合同安排之性質與金融負債及股本權 益工具之定義分類。

Financial liabilities and equity instruments issued by a group entity are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument.

股本權益工具乃證明集團於扣減所有負債後 之資產中擁有剩餘權益之任何合同。

An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

~~104~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

3. 重要會計政策 （續）

3. SIGNIFICANT ACCOUNTING POLICIES (CoNtiNueD)

金融工具 （續）

Financial instruments (continued)

實際利率法

Effective interest method

實際利率法乃計算金融負債之攤銷成本及按 有關期間攤分利息支出之方法。實際利率乃 按金融負債之預計年期或適用的較短期間內 該項金融負債於首次確認時之賬面淨值之準 確折讓估計未來現金支出之利率。

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period to the net carrying amount on initial recognition.

利息費用按實際利率法確認。

Interest expense is recognised on an effective interest basis.

金融負債

Financial liabilities

金融負債包括附息及免息借款，貿易及其他 應付賬款，應付少數股東股息及會籍債券， 於確認後乃採用實際利率法按攤銷成本計量。

Financial liabilities that include interest-bearing and interest-free borrowings, trade and other payables, dividend payable to minority shareholders and membership debentures are subsequently measured at amortised cost, using the effective interest method.

股本權益工具

equity instruments

本公司所發行之股本權益工具按所收取金額 扣除直接發行成本入賬。

Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.

公司購回本身之股本權益工具會直接於權益 確認及扣除。關於購買、出售、發行或註銷 公司本身之股本權益工具，沒有盈利或虧損 須在收益賬內入賬。

Repurchase of the Company’s own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in profit or loss on purchase, sale, issue or cancellation of the Company’s own instruments.

衍生金融工具

Derivative financial Instruments

衍生工具於訂立衍生合約日期按公允價值首 次確認，其後於結算日按公允價值重新計 量。所得出之收益或虧損即時於損益確認。

Derivatives are initially recognized at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. The resulting gain or loss is recognised in profit or loss immediately.

~~105~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

3. 重要會計政策 （續）

3. SIGNIFICANT ACCOUNTING POLICIES (CoNtiNueD)

金融工具 （續）

Financial instruments (continued)

內含衍生工具

Embedded derivatives

於其他非衍生主合約中內含之衍生工具，於 其風險及特色與主合約之經濟風險及特色並 不密切相關時及其主合約並非按公允價值計 量時，則被視為個別衍生工具，而公允價值 變動則於損益中確認。

Derivatives embedded in non-derivative host contracts are treated as separate derivatives when their risks and characteristics are not closely related to those of the host contracts and the host contracts are not measured at fair value with changes in fair value recognised in profit or loss.

財務擔保合約

Financial guarantee contracts

財務擔保合約是因指定債務人未能按債務票 據之原有或經修改條款如期付款時，發行者 需支付指定金額給持有人以補償其所遭受損 失之合約。本集團及本公司已發行及並不是 以透過損益按公允價值處理之財務擔保合約 首次以公允價值減發行財務擔保合約之直接 交易費用確認。於首次確認後，本集團及本 公司以(i)按照香港會計準則第37號「撥備、或 有負債及或有資產」釐定之金額及(ii)首次確認 之金額減（當合適時）按照香港會計準則第18 號「收入」確認之累計攤銷兩者中之較高者計 量財務擔保合約。

A financial guarantee contract is a contract that requires the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due in accordance with the original or modified terms of a debt instrument. A financial guarantee contract issued by the Group and the Company and not designed as at fair value through profit or loss is recognised initially at its fair value less transaction costs that are directly attributable to the issue of the financial guarantee contract. Subsequent to initial recognition, the Group and the Company measure the financial guarantee contracts at the higher of: (i) the amount determined in accordance with HKAS 37 “Provisions, Contingent Liabilities and Contingent Assets”; and (ii) the amount initially recognised less, when appropriate, cumulative amortisation recognised in accordance with HKAS 18 “Revenue”.

取消確認

Derecognition

若從資產收取現金流量之權利已到期，或金 融資產已轉讓及本集團或本公司已將其於金 融資產擁有權之絕大部份風險及回報轉移， 則金融資產將被取消確認。於取消確認金融 資產時，資產賬面值與已收及應收代價及已 直接於權益確認之累計損益之總和之差額， 將於損益中確認。

Financial assets are derecognised when the rights to receive cash flows from the assets expire, or the financial assets are transferred and the Group or the Company has transferred substantially all the risks and rewards of ownership of the financial assets. On derecognition of a financial asset, the difference between the asset’s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognised directly in equity is recognised in profit or loss.

當有關合約之特定責任獲解除、取消或到 期，金融負債則取消確認。取消確認之金融 負債賬面值與已付及應付代價之差額乃於損 益中確認。

Financial liabilities are derecognised when the obligation specified in the relevant contract is discharged, cancelled or expires. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss.

~~106~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

3. 重要會計政策 （續）

3. SIGNIFICANT ACCOUNTING POLICIES (CoNtiNueD)

物業存貨

Inventories of properties

供銷售之已竣工物業存貨及供銷售之發展中 物業存貨均以成本值及可變現淨值之較低者 入賬。成本包括土地成本、發展費用、其他 應佔成本及資本化之借貸成本。可變現淨值 乃按管理階層根據現行市場環境而作出估 計。當營業租賃開始時，物業存貨以公允價 值轉撥至投資物業，賬面值與公允價值之差 額直接於轉撥日確認於損益內。

Inventory of completed properties held for sale and inventories of properties under development for sale are stated at the lower of cost and net realisable value. Cost comprises the cost of land, development expenditure, other attributable costs and borrowing costs capitalised. Net realisable value is determined by reference to management estimates based on prevailing market conditions. Inventories of properties are transferred to investment properties at fair value when there is a change in use, evidenced by a commencement of an operating lease. The difference between the carrying amount and the fair value at the date of transfer is recognised directly in profit or loss.

待發展物業

Properties for development

待發展物業包含購買土地使用權之代價及使 該土地使用權達到適合物業開發所需之狀態 的其他直接成本。購買土地使用權之代價為 持作將來發展之土地使用權乃以成本值扣除 累計分攤及任何已確定之減值虧損入脹。使 該土地使用權達到適合物業開發所需之狀態 的其他直接成本乃以資本化為待發展物業之 成本。

Properties for development comprises the consideration for acquisition of land use rights and other costs directly attributable to bringing the leasehold land to the condition necessary for it to be capable of development of the properties. The consideration for acquisition of land use rights represent leasehold land held for future development is stated at cost less accumulated amortisation and any identified impairment loss. The costs that are directly attributable to bringing the leasehold land to the condition necessary for it to be capable of development of the properties are capitalised as costs for properties for development.

待發展物業攤銷乃以直接法按有關租賃期確 認於損益內。

Amortisation of properties for development are recognised in profit or loss on a straight-line basis over the term of the relevant lease.

~~107~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

3. 重要會計政策 （續）

3. SIGNIFICANT ACCOUNTING POLICIES (CoNtiNueD)

物業、廠房及設備

Property, plant and equipment

物業、廠房及設備（在建工程除外）以成本值 扣除其後累計折舊及累計減值虧損列賬。

Property, plant and equipment, other than construction in progress, are stated at cost less subsequent accumulated depreciation and accumulated impairment losses.

物業、廠房及設備（在建工程除外）之折舊以 直線法，按該資產估計可使用之年期及考慮 其殘值撇銷其成本值。採用之折舊年率如下：

Depreciation is provided to write off the cost of items of property, plant and equipment other than construction in progress over their estimated useful lives and after taking into account of their estimated residual value, using the straight-line method, at the following rates per annum:

中期租約之樓宇	按租約剩餘年期
中期租約之	按租約剩餘年期
高爾夫球場
廠房及機器	4% – 8%
其他	20% – 30%

Buildings on medium-term lease	Over the unexpired lease term
Golf course on medium-term	Over the unexpired lease term
lease
Plant and machinery	4% – 8%
Others	20% – 30%

在建工程指用作生產或自用之興建中物業、 廠房及設備。在建工程以成本值扣除任何已 確認減值虧損列賬。於工程完成及可供預期 使用時，在建工程分類為物業、廠房及設備 之適當類別。此等資產按其他物業資產之相 同基準進行折舊，於可供擬定用途時開始計 算。

Construction in progress represents property, plant and equipment in the course of construction for production or for its own use purposes. Construction in progress is carried at cost less any recognised impairment loss. Construction in progress is classified to the appropriate category of property, plant and equipment when completed and ready for intended use. Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready for their intended use.

物業、廠房及設備項目於出售時或當繼續使 用該資產預期不會產生任何未來經濟利益時 取消確認。資產取消確認所產生之任何收益 或虧損（按該項目之出售所得款項淨額及賬面 值間之差額計算）於該項目取消確認之年度計 入收益賬。

An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is included in the income statement in the year in which the item is derecognised.

當有證據顯示物業不作自用時，該自用物業 以公允價值轉撥至投資物業。賬面值與公允 價值之差額於轉撥當日於權益內確認。

Owner-occupied property is transferred to investment property at fair value when it is evidenced by end of owner-occupation. The difference between the carrying amount and its fair value at the date of transfer is recognised in reserve.

~~108~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

3. 重要會計政策 （續）

3. SIGNIFICANT ACCOUNTING POLICIES (CoNtiNueD)

投資物業

Investment properties

投資物業指為獲得租金收益或資本增值或兩 者兼備而持有之物業。

Investment properties are properties which are held for earning rentals or for capital appreciations or both.

投資物業於首次確認時按成本（包括所有有關 的直接支出）計量。於首次確認後，投資物業 按公允價值模式入賬。公允價值變動所產生 之收益或虧損直接於產生期間確認為損益。

On initial recognition, investment properties are measured at cost, including any directly attributable expenditure. Subsequent to initial recognition, investment properties are measured using the fair value model. Gains or losses arising from changes in the fair value of investment properties are included in profit or loss for the period in which they arise.

投資物業於出售時或當投資物業永久地不再 使用或當出售該資產預期不會產生任何未來 經濟利益時取消確認。資產取消確認所產生 之任何收益或虧損（按該資產之出售所得款項 淨額及賬面值之差額計算）於該項目取消確認 之年度計入綜合收益賬。

An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use or no future economic benefits are expected from its disposals. Any gain or loss arising on derecognition of the asset, calculated as the difference between the net disposal proceeds and the carrying amount of the asset, is included in the consolidated income statement in the year in which the item is derecognised.

減值虧損（商譽除外）

Impairment losses (other than goodwill)

於各結算日，本集團會檢討其有形和具明確 可使用年期之無形資產的賬面值，以確定是 否有任何迹象顯示這些資產已發生減值損 失。如果估計資產的可收回金額低於其賬面 值，則將該資產的賬面值減少至其可收回金 額。減值損失會立即確認為費用。

At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets with finite useful lives to determine whether there is any indication that those assets have suffered an impairment loss. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately.

如果減值損失在以後撥回，該資產的賬面值 會增加至其可收回金額的重新估計值，但增 加後的賬面值不能超過該資產以前年度未確 認減值損失時的賬面值。減值損失的撥回立 即確認為收入。

When an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

~~109~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

3. 重要會計政策 （續）

3. SIGNIFICANT ACCOUNTING POLICIES (CoNtiNueD)

租賃

Leases

如果租賃條款將所涉及擁有權之絕大部份風 險和回報轉讓給承租人時，該租賃則歸類為 融資租賃。所有其他租賃則歸類為營業租賃。

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the leasee. All other leases are classified as operating leases.

按融資租賃持有的資產按租賃開始時之公允 價值或（倘為較低者）按最低租賃付款之現值 確認為本集團資產。出租人相應承擔的負債 則會在資產負債表上列作融資租賃承擔。租 賃付款按比例於融資費用及減少租賃承擔之 間作出分配，從而使該等負債之應付餘額之 息率固定。融資費用於損益中直接扣除。

Assets held under finance leases are recognised as assets of the Group at their fair values at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged directly to profit or loss.

營業租賃下之應收（應付）租金以直線法按有 關租賃期於利潤表內加入（扣除）。用作鼓勵 訂立營業租賃之已收及應收利益以直線法按 有關租賃期確認為租金減少之部份。

Rental income (payments) under operating leases are credited (charged) to profit or loss on a straight-line basis over the term of the relevant lease. Benefits received and receivable as an incentive to enter into an operating lease are recognised as a reduction of rental expense over the lease term on a straight-line basis.

租賃土地及樓宇

Leasehold land and buildings

租賃土地及樓宇之土地及樓宇部份應視乎租 賃類別獨立入賬。若租賃土地之產權在租賃 期結束時並不會轉至承租人，則被分類為營 業租賃，除非有關租賃付款額未能可靠地分 配為土地或樓宇部份，在此情況下則一概以 融資租賃處理。

The land and building elements of a lease of land and building are considered separately for the purpose of lease classification. Leasehold land of which the title is not expected to pass to the lessee by the end of the lease term is classified as an operating lease unless the lease payments cannot be allocated reliably between the land and building elements, in which case, the entire lease is classified as a finance lease.

其他存貨

Other inventories

其他存貨以成本值或可變現淨值之較低者入 賬，成本以加權平均成本之方法計算。

Other inventories are stated at the lower of cost and net realisable value. Cost is calculated using the weighted average cost method.

~~110~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

3. 重要會計政策 （續）

3. SIGNIFICANT ACCOUNTING POLICIES (CoNtiNueD)

借貸成本

Borrowing costs

因購買、建造或生產合格資產（即需要一段較 長時期作準備以作既定用途或銷售之資產）而 直接產生的借貸成本會被資本化為該資產成 本之一部分，當資產可大致上用作既定用途 或出售時這些借貸成本亦會停止被資本化。

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are capitalised as part of the cost of those assets. Capitalisation of such borrowing costs ceases when the assets are substantially ready for their intended use or sale.

所有其餘借貸成本發生時均確認為當期費用。

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

稅項

Taxation

所得稅支出乃指本期應付稅項加上遞延稅項 之總額。

Income tax expense represents the sum of the tax currently payable and deferred tax.

本期應付稅項乃按本年度之應課稅溢利計 算。由於應課稅溢利不包括於其他年度應課 稅或可獲減免之收支項目，亦不包括收益賬 內不需課稅或不獲減免之項目，故應課稅溢 利與收益賬所列示之淨溢利有所不同。即期 稅務負債乃按結算日已實行或即將實行之稅 率計算。

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes income statement items that are never taxable or deductible. Liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.

遞延稅項乃按財務報表所載資產及負債賬面 值與計算應課稅溢利所採用相應稅基之差異 而確認，並採用資產負債表負債法計算。一 切應課稅臨時差異一般確認為遞延稅項負 債，及倘應課稅溢利可能足以抵銷可獲減免 之臨時差異，則確認為遞延稅項資產。倘因 商譽或首次確認（業務合併除外）交易之其他 資產負債而產生之臨時差異不會影響應課稅 溢利或會計溢利，則有關資產及負債不予確 認。

Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.

~~111~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

3. 重要會計政策 （續）

3. SIGNIFICANT ACCOUNTING POLICIES (CoNtiNueD)

稅項 （續）

Taxation (continued)

遞延稅項負債乃按因於附屬公司及聯營公司 之投資及於合營公司之權益而引致之應課稅 臨時差異而確認，惟若本集團可控制臨時差 異之逆轉，以及臨時差異可能不會於可見將 來逆轉者除外。

Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.

遞延稅項資產之賬面值會於各結算日審核， 及調低至再無可能有應課稅溢利足以撥回全 部或部份資產。

The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

遞延稅項乃按預期於償還負債或變現資產期 間適用之稅率及基於於結算日已頒佈或實際 頒佈之稅率（及稅法）計算。遞延稅項將於利 潤表扣除或計入利潤表，除非遞延稅項與直 接於權益扣除或計入權益之項目有關，在此 情況下則遞延稅項亦計入權益內。

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax rates (and tax laws) that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

收入確認

Revenue recognition

收入按已收或應收代價之公允價值計算。收 入指日常業務運作中所供應貨品及服務（扣除 折扣）之應收賬款。

Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods sold and services provided in the normal course of business, net of discounts.

供銷售發展物業之收入於該等物業擁有權之 重大風險及回報轉移至買方，即該等物業的 建造已經完成及該等物業已經交付予買家， 而且相關的應收款的可收回性已獲得保證時 確認。在建築期完成前整個發展物業出售所 得的溢利或虧損，乃當一個有約束力的銷售 合同成為無條件及於擁有權之風險及回報已 轉讓給買方時被確認。已收取的預售樓宇定 金則列入資產負債表之流動負債內。

Income from properties developed for sale is recognised when the significant risks and rewards of ownership of the properties are transferred to buyers, which is when the constructions of relevant properties has been completed and properties have been delivered to the purchasers and collectability of related receivables is reasonably assured. Profit or loss arising from the outright sale of an entire development property prior to completion is recognised when a binding sales contract becomes unconditional and the risks and rewards of the ownership have been transferred to the buyer. Deposits received from sales of properties are carried in the balance sheet under current liabilities.

銷售其他貨品乃按貨品付運及已將貨品權益 轉至客戶時確認入賬。

Sales of other goods are recognised when goods are delivered and title has passed.

~~112~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

3. 重要會計政策 （續）

3. SIGNIFICANT ACCOUNTING POLICIES (CoNtiNueD)

收入確認 （續）

Revenue recognition (continued)

高爾夫球場營運及酒店及物業管理收入於提 供服務時確認。

Income from golf course operation and hotel and property management is recognised when services are provided.

金融資產產生之利息收入乃按時間基準，並 參照尚未償還本金額及按所適用之實際利率 計提，而實際利率為透過金融資產之預期可 用年期將估計未來現金收入折現至該資產於 確認時之賬面淨值。

Interest income from a financial asset is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts the estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount on initial recognition.

從投資收取之股息收入在本集團確定有收取 權利時被確認。

Dividend income from investments is recognised when the Group’s rights to receive payment have been established.

外幣

Foreign currencies

於編製各個別集團實體之財務報表時，以該 實體功能貨幣以外之貨幣（外幣）進行之交易 均按交易日期之適用滙率換算為相關功能貨 幣（即該實體主要經營之經濟地區之貨幣）記 賬。於各結算日，以外幣為定值之貨幣項目 均按結算日之適用滙率重新換算。按公允價 值以外幣定值之非貨幣項目乃按於公允價值 釐定當日之適用滙率重新換算。按外幣歷史 成本計量之非貨幣項目毋須重新換算。

In preparing the financial statements of each individual group entity, transactions in currencies other than the functional currency of that entity (foreign currencies) are recorded in the respective functional currency (i.e. the currency of the primary economic environment in which the entity operates) at the rates of exchanges prevailing on the dates of the transactions. At each balance sheet date, monetary items denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

於結算及換算貨幣項目時產生之滙兌差額均 於彼等產生期間於損益內確認，惟組成公司 的外國業務的淨投資部份之貨幣項目所產生 之匯兌差額須於綜合財務報表之權益入賬。 以公允價值定值之非貨幣項目經重新換算後 產生之滙兌差額於該期間列作損益，惟換算 直接於權益內確認盈虧之非貨幣項目產生之 差額除外，在此情況下，滙兌差額亦直接於 權益內確認。

Exchange differences arising on the settlement of monetary items, and on the translation of monetary items, are recognised in profit or loss in the period in which they arise, except for exchange difference arising on a monetary item that forms part of the Company’s net investment in a foreign operation, in which case, such exchange differences are recognised in equity in the consolidated financial statements. Exchange differences arising on the retranslation of non-monetary items carried at fair value are included in profit or loss for the period except for differences arising on the retranslation of non-monetary items in respect of which gains and losses are recognised directly in equity, in which cases, the exchange differences are also recognised directly in equity.

~~113~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

3. 重要會計政策 （續）

3. SIGNIFICANT ACCOUNTING POLICIES (CoNtiNueD)

外幣 （續）

Foreign currencies (continued)

就呈列綜合財務報表而言，本集團公司之資 產及負債乃按於結算日之適用滙率換算為本 集團之列賬貨幣（即港元），而其收入及支出 乃按該年度之平均滙率進行換算，除非滙率 於該期間內出動大幅波動則作別論，於此情 況下，則採用交易當日之適用滙率。所產生 之滙兌差額（如有）乃確認作權益之獨立部份 （滙兌浮動儲備）。該等滙兌差額乃於海外業 務被出售期間在收益賬內確認。

For the purposes of presenting the consolidated financial statements, the assets and liabilities of the Group’s entities are translated into the Group presentation currency (i.e. Hong Kong dollars) at the rate of exchange prevailing at the balance sheet date, and their income and expenses are translated at the average exchange rates for the year, unless exchange rates fluctuate significantly during the period, in which case, the exchange rates prevailing at the dates of transaction are used. Exchange differences arising, if any, are recognised as a separate component of equity (the exchange translation reserve). Such exchange differences are recognised in profit or loss in the period in which the foreign operation is disposed of.

於二零零五年一月一日或以後，於收購海外 業務時產生之有關所收購可確定資產之商譽 及公允價值調整乃處理為該海外經營業務之 資產及負債，並按於結算日之適用滙率進行 換算。產生之滙兌差額乃於滙兌浮動儲備內 確認。

Goodwill and fair value adjustments on identifiable assets acquired arising on an acquisition of a foreign operation on or after 1st January, 2005 are treated as assets and liabilities of that foreign operation and translated at the rate of exchange prevailing at the balance sheet date. Exchange differences arising are recognised in the exchange equalisation reserve.

於二零零五年一月一日前因收購海外業務所 產生之商譽和公允價值調整當作收購者之非 貨幣性外幣項目處理，並按收購日之歷史兌 換率計算。

Goodwill and fair value adjustments arising on acquisitions of foreign operations prior to 1st January, 2005 are treated as non-monetary foreign currency items of the acquirer and reported using the historical exchange rate prevailing at the date of the acquisition.

退休福利費用

Retirement benefit costs

向定額供款退休福利計劃、國家監管退休福 利計劃及強制性公積金計劃的供款於僱員提 供有權收取供款之服務時計作開支。

Payments to defined contribution retirement benefit plans, statemanaged retirement benefit schemes and the Mandatory Provident Fund Scheme are charged as an expense when employees have rendered service entitling them to the contributions.

待售非流動資產

Non-current assets held for sale

若非流動資產及待出售之被處理組之賬面值 主要是透過出售交易收回，而非透過持續使 用，則分類為待售資產。當出售之可能性很 高，同時該資產（被處理組）可以現時狀態即 時出售者，方能視為達到上述條件。

Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (disposal group) is available for immediate sale in its present condition.

待售之非流動資產（及被處理組）以資產（被 處理組）原先之賬面值或公允價值扣除出售成 本之較低者入賬。

Non-current assets (and disposal groups) classified as held for sale are measured at the lower of the assets’ (disposal groups’) previous carrying amount and fair value less costs to sell.

~~114~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

4. 不確定性估計之主要來源

4. KEY SOURCES OF ESTIMATION UNCERTAINTY

於應用本集團之會計政策（如附註3所述） 時，本公司之董事須對未能透過其他來源確 定之資產及負債之賬面值作出判斷、估計及 假設。所作出之估計及相關假設乃以過往經 驗及其他被視為相關之因素為基準。實際結 果可能與該等估計有異。

In the application of the Group’s accounting policies, which are described in Note 3, the directors of the Company are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

估計及相關假計乃以持續基準被審閱。倘對 會計估計之修訂僅影響進行修訂之期間，則 於該期間確認，或倘修訂會影響目前及未來 期間，則會於目前及未來期間確認。

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

應用本集團會計政策之重要判斷

Critical judgements in applying the Group’s accounting policies

以下為董事於應用本集團會計政策過程中所 作出而對於綜合財務報表確認之金額具有重 大影響之重要判斷（涉及估計者除外（見下 文））。

The following are the critical judgements, apart from those involving estimations (see below), that the directors have made in the process of applying the entity’s accounting policies and that have the most significant effect on the amounts recognised in financial statements.

呆壞賬準備

Allowance for bad and doubtful debts

本集團及本公司呆壞賬準備政策以可收回性 評估、賬齡分析及管理層判斷為基礎。評估 該等應收賬款之最終變現能力需要進行大量 判斷，包括客戶及借款人之現時信譽及過往 收款歷史記錄。倘本集團客戶及借款人財務 狀況日趨惡化，削弱其付款能力，則須提撥 額外準備。

The policy for allowance for bad and doubtful debts of the Group and the Company is based on the evaluation of collectability and aging analysis of accounts and on management’s judgment. A considerable amount of judgment is required in assessing the ultimate realisation of these receivables, including the current creditworthiness and the past collection history of each customer and borrower. If the financial positions of customers and borrowers of the Group were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required.

~~115~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

4. 不確定性估計之主要來源 （續）

4. KEY SOURCES OF ESTIMATION UNCERTAINTY (CoNtiNueD)

物業存貨的估值方法

Valuation of inventories of properties

物業存貨乃按成本及可變現淨值的較低者入 賬。於發展各階段中之各單位成本乃使用加 權平均法釐定。估計的可變現淨值乃以售價 減銷售開支及估計的完工成本（如有）計算， 並根據最可靠的資料作出估計。

Inventories of properties are stated at the lower of the cost and net realisable value. Cost of each unit in each phase of development is determined using the weighted average method. The estimated net realisable value is estimated selling price less estimated selling expenses and estimated cost of completion (if any), which are estimated based on best available information.

投資物業公允價值之估計

Estimate of fair value of investment properties

於結算日，投資物業是按獨立專業評估師之 評估，以公允價值入賬。評估師於決定公允 價值時乃根據包含若干估計之估值方法進 行，管理層於信賴估值報告時已作出了判斷 及認同該估值方法乃反映市場現況。

At the balance sheet date, investment properties are stated at fair value based on the valuation performed by independent professional valuers. In determining the fair value, the valuers have based on a method of valuation which involves certain estimates. In relying on the valuation report, the management has exercised their judgment and is satisfied that the assumption used in valuation is reflective of the current market conditions.

稅項

Taxation

於二零零八年十二月三十一日，有關未動用 稅項虧損之遞延稅項資產4,200,000港元已被 確認，見附註43。由於無法預知未來可用作 扣減稅項虧損及可扣減暫時差異的溢利，故 無就餘下之稅項虧損347,693,000港元及可扣 減暫時差異643,221,000港元確認遞延稅項資 產。變現遞延稅項資產主要有賴於是否有足 夠未來溢利或將來可供利用之應課稅暫時差 額而定。倘產生之未來實際溢利乃少於預期 溢利，重大遞延稅項資產可能會予以撥回， 而該撥回會於其發生期間之收益賬內確認。

At 31st December, 2008, a deferred tax asset of HK$4,200,000 in relation to unused tax losses has been recognised as set out in note 43. No deferred tax asset has been recognised on the remaining tax losses of HK$347,693,000 and other deductible temporary differences of HK$643,221,000 as it is not probable that taxable profit will be available against which the tax losses and deductible temporary differences can be utilised. The realisability of the deferred tax asset mainly depends on whether sufficient future profits or taxable temporary differences will be available in the future. In cases where the actual future profits generated are less than expected, a material reversal of deferred tax assets may arise, which would be recognised in the income statement for the period in which such a reversal takes place.

~~116~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

4. 不確定性估計之主要來源 （續）

4. KEY SOURCES OF ESTIMATION UNCERTAINTY (CoNtiNueD)

土地增值稅

Land appreciation tax

中國土地增值稅乃就土地價值的增值數額（即 出售物業所得款項減包括出售費用、借貸成 本及所有物業發展開支在內的可扣減開支）按 介乎30%至60%不等的遞增稅率徵收。

PRC land appreciation tax is levied at progressive rates ranging from 30% to 60% on the appreciation of land value, being the proceeds of sales of properties less deductible expenditures including sales charges, borrowing costs and all property development expenditures.

本集團須支付中國的土地增值稅。部份主要 城市之地方稅務局已公佈有關執行的細節， 然而，本集團尚未與中國這些主要城市之地 方稅務局落實土地增值稅的計算及付款方 法。因此，須作出重大判斷以釐定土地增值 額及其相關稅項。本集團根據管理層按其對 稅務規則的理解作出的最佳估計，確定此等 土地增值稅。最終稅務結果可能與最初記錄 的金額不同，而有關差異將於有關執行細節 落實期間影響所得稅撥備。

The Group is subject to land appreciation taxes in PRC. The details of implementation have been announced by local tax bureaux in certain major cities, however, the Group has not finalised its LAT calculation and payments with local tax bureaux in those cities in the PRC. Accordingly, significant judgments are required in determining the amount of land appreciation and its related taxes. The Group recognises these liabilities based on management’s best estimates according to the understanding of the tax rules. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax provisions in the period in which such determination is made.

物業擁有權

Ownership of properties

於二零零八年十二月三十一日，於中 國的一個哥爾夫球場及待發展物業共 值1,400,564,000港元（二零零七年： 1,412,395,000港元）之若干土地使用權證已 經屆滿。為更新土地使用權證，須獲地方土 地局授予建設用地使用批文。本集團已向地 方土地局呈交所需文件，仍未獲准更新。更 新申請之最終結果取決於當地土地政策。若 此項更新被否決，項目發展計劃或需修訂。 管理層已作出判斷（當中已考慮到所得到的法 律意見）並滿意本集團仍然擁有哥爾夫球場及 待發展物業之實益擁有權。

At 31st December, 2008, certain land use rights certificates of a golf course and properties for development of totaling HK$1,400,564,000 (2007: HK$1,412,395,000) in the PRC have expired. In order to renew the land use rights certificates, permit of Land Usage for Construction must be granted by the local land bureau. The Group has submitted the necessary documents to the local land bureau and the renewal has not been granted yet. The final outcome of the renewal application depends on the local land policies. If the renewal was rejected, amendment to the development plan may be required. The management has exercised their judgment, taking into consideration legal opinion obtained, and is satisfied that the Group still have the beneficial ownership of the golf course and properties for development.

~~117~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

5. 金融工具

5. FINANCIAL INSTRUMENTS

5a. 金融工具之類別

5a. Categories of financial instruments

金融資產 Financial assets 可供出售之投資 Available-for-sales investments 持作買賣投資 Held-for-trading investments 貸款及應收賬款 （包括銀行結餘及現金、 已抵押銀行存款） Loan and receivables (including bank balances and cash, and pledged bank deposits) 金融負債 Financial liabilities 按攤銷成本計量之 金融負債 Financial liabilities measured at amortised cost 衍生財務工具 Derivative financial instrument	2008 2007 千港元 千港元 HK$’000 HK$’000
	17,583 40,345 22,513 42,131 3,075,642 3,769,102 2,812,641 2,830,999 9,066 803,516

5b. 財務風險管理目標及政策

5b. Financial risk management objective and policies

本集團之主要金融工具包括可供出售投資及 持作買賣投資、應收分期付款、聯營公司欠 款、共同控制公司欠款、少數股東欠款、 應收貸款、貿易及其他應收賬款、已抵押存 款、銀行結餘、貿易及其他應付賬款、借 款、會藉債券及衍生財務工具。該等金融工 具詳情於各附註披露。下文載列與該等金融 工具有關之風險及如何降低該等風險之政 策。管理層管理及監控該等風險，以確保及 時和有效地採取適當之措施。

The Group’s major financial instruments include available-for-sale investments and held-for-trading investments, instalments receivable, amounts due from associates, amounts due from jointly controlled entities, amounts due from minority shareholders, loans receivable, trade and other receivables, pledged deposits, bank balances, trade and other payables, borrowings, membership debentures and a derivative financial instrument. Details of these financial instruments are disclosed in respective notes. The risks associated with these financial instruments and the policies on how to mitigate these risks are set out below. The management manages and monitors these exposures to ensure appropriate measures are implemented on a timely and effective manner.

~~118~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

5. 金融工具 （續）

5. FINANCIAL INSTRUMENTS (CoNtiNueD)

5b. 財務風險管理目標及政策 （續）

5b. Financial risk management objective and policies

(continued)

市場風險

Market risk

本集團業務承受主要為利率及外幣匯率浮動 及權益及衍生財務工具之其他價格變動之財 務風險（見下文）。

The Group’s activities expose primarily to the financial risks of changes in interest rates and foreign currency exchange rates and change in other prices of equity and derivative financial instruments (see below).

本集團承受之市場風險或其管理及計量風險 之方法並無改變。

There has been no change to the Group’s exposure to market risks or the manner in which it manages and measures the risk.

(i) 利率風險管理

(i) Interest rate risk management

本集團之固定利率計息借款承受公允價值利 率變動風險。本集團之流動資金利率風險主 要涉及以浮動利率計息之借款。本集團仍然 會保持合理的浮息及定息借款組合，並於有 需要時作出對沖可預見之利率風險。本集團 之銀行及其他借款之利率及償還條款於附註 38披露。

The Group is exposed to fair value interest rate risk through the impact of rate changes on fixed-rate borrowings. The Group’s cash flow interest rate risk relates primarily to variable-rate borrowings. The Group will continue to maintain a reasonable mix of floating rate and fixed rate borrowings and take actions to hedge against any foreseeable interest rate exposure, if necessary. The interest rates and terms of repayment of bank and other borrowings of the Group are disclosed in note 38.

利率敏感度

interest rate sensitivity

於各結算日，倘利率增加╱減少200基本點 而所有其他變數維持不變，則本集團溢利將 分別於截至二零零八年十二月三十一日止年 度及截至二零零七年十二月三十一日止年度 減少╱增加約8,823,000港元及4,239,000港 元。

At the respective balance sheet dates, if interest rates increased/ decreased by 200 basis points and all other variables were held constant, the Group’s profit would decrease/increase by approximately HK$8,823,000 and HK$4,239,000 for the year ended 31st December, 2008 and 31st December, 2007 respectively.

管理層認為，敏感度分析不能代表內在利率 風險，因為年末風險並不反映年度內的風險。

In management’s opinion, the sensitivity analysis is unrepresentative of the inherent interest rate risk as the year end exposure does not reflect the exposure during the year.

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天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

5. 金融工具 （續）

5. FINANCIAL INSTRUMENTS (CoNtiNueD)

5b. 財務風險管理目標及政策 （續）

5b. Financial risk management objective and policies

(continued)

市場風險 （續）

Market risk (continued)

(ii) 外幣風險管理

(ii) Foreign currency risk management

外匯風險指來自金融工具之價值隨外幣匯率 變動而波動之風險。本集團之業務主要於中 國，當中並不包含香港地區，而本集團若干 銀行貸款以外匯列值（見附註38及39）。本集 團現時並無任何外匯對沖政策。然而，管理 層會密切監察相關外匯風險，並將在有需要 時考慮對沖重大外匯風險。

Foreign currency risk is the risk that the value of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group’s operations are mainly in the PRC other than Hong Kong and certain bank loans of the Group are denominated in foreign currencies (see notes 38 and 39). The Group currently does not have a foreign currency hedging policy. However, the management monitors the related foreign exchange exposure closely and will consider hedging significant foreign currency exposure should the need arise.

本集團以外幣（不包括人民幣）列值之貨幣資 產及貨幣負債於各結算日之賬面值如下：

The carrying amount of monetary assets and monetary liabilities that are denominated in a currency other than Renminbi (“RMB”) at the respective balance sheet dates are as follow:

資產 Assets 美元 United States Dollars 港元 Hong Kong Dollars 負債 Liabilities 美元 United States Dollars 港元 Hong Kong Dollars	2008 2007 千港元 千港元 HK$’000 HK$’000
	672,939 495,483 1,752,707 2,324,716
	1,202 20,816 362,666 593,042

~~120~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

5. 金融工具 （續）

5. FINANCIAL INSTRUMENTS (CoNtiNueD)

5b. 財務風險管理目標及政策 （續）

5b. Financial risk management objective and policies

(continued)

市場風險 （續）

Market risk (continued)

(ii) 外幣風險管理 （續）

• (ii) Foreign currency risk management (continued)

外幣敏感度

Foreign currency sensitivity

本集團主要承受美國貨幣（「美元」）及香港貨 幣（「港元」）之風險。

The Group mainly exposes to the currency of United States (“United States Dollars”) and the currency of Hong Kong (“Hong Kong Dollars”).

下表詳細載列本集團就人民幣兌相關外幣敏 感度上升及下降5%之影響。敏感度分析包括 以外幣列值之未償還外幣項目及於年終以外 幣匯率5%之變動進行換算調整。敏感度分析 包括附息及免息借款以及銀行結餘及現金。 正數表示當人民幣兌相關外幣表現強勁，則 年度溢利增加。倘人民幣兌相關外幣增加 5%，則本年度溢利減少如下：

The following table details the Group’s sensitivity to a 5% increase and decrease in the RMB against the relevant foreign currencies. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the year end for a 5% change in foreign currency rates. The sensitivity analysis includes interest-bearing and interest-free borrowings as well as bank balance and cash. A positive number indicates an increase in profit for the year where the RMB strengthens against the relevant currency. If there is 5% increase in RMB against the relevant foreign currencies, the decrease in the profit for the year is shown as below:

美元 United States Dollars 本年度溢利減少 Decrease in profit for the year 港元 Hong Kong Dollars 本年度溢利減少 Decrease in profit for the year	2008 2007 千港元 千港元 HK$’000 HK$’000 (33,587) (23,733) (69,502) (86,584)

管理層認為，敏感度分析不能代表內在外匯 風險，因為年末風險並不反映年度內的風險。

In management’s opinion, the sensitivity analysis is unrepresentative of the inherent foreign exchange risk as the year end exposure does not reflect the exposure during the year.

~~121~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

5. 金融工具 （續）

5. FINANCIAL INSTRUMENTS (CoNtiNueD)

5b. 財務風險管理目標及政策 （續）

• 5b. Financial risk management objective and policies (continued)

市場風險 （續）

Market risk (continued)

(iii) 其他價格風險

(iii) Other price risk

本集團須承受股權投資所產生之股本證券價 格風險。管理層將監察價格變動，並於有需 要時採取適當行動。

The Group is exposed to equity security price risk arising from equity investments. The management will monitor the price movements and take appropriate actions when it is required.

股票價格敏感度分析

equity price sensitivity analysis

下列敏感度分析根據報告日期股票價格之風 險釐定。

The sensitivity analyses below have been determined based on the exposure to equity price risks at the reporting date.

倘股票價格高╱低10%：

If equity prices was 10% higher/lower:

• － 由於可供出售之股份公允價值變動，因 此本集團其他股權儲備將增加╱減少 1,758,000港元（二零零七年：增加╱減 少4,034,000港元）。

• other equity reserves would increase/decrease by HK$1,758,000 (2007: increase/decrease by HK$4,034,000) for the Group as a result of the changes in fair value of available-for-sale shares.

• － 由於持作買賣投資公允價值變動，因此 本集團淨溢利將增加╱減少2,251,000 港元（二零零七年：增加╱減少 4,213,000港元）。

• net profit would increase/decrease by HK$2,251,000 (2007: increase/decrease by HK$4,213,000) for the Group as a result of the changes in fair value of held-for-trading investments.

衍生財務工具價格敏感度分析

Derivative financial instrument price sensitivity analysis

下列敏感度分析根據報告日期衍生財務工具 價格之風險釐定。

The sensitivity analyses below have been determined based on the exposure to derivative financial instrument price risks at the reporting date.

倘衍生財務工具價格高╱低10%：

If derivative financial instrument price was 10% higher/lower:

• － 由於衍生財務工具之公允價值變動， 因此本集團純利將減少╱增加907,000 港元（二零零七年：減少╱增加 80,352,000港元）。

• net profit would decrease/increase by HK$907,000 (2007: decrease/increase by HK$80,352,000) for the Group as a result of the changes in fair value of derivative financial instrument.

~~122~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

5. 金融工具 （續）

5. FINANCIAL INSTRUMENTS (CoNtiNueD)

5b. 財務風險管理目標及政策 （續）

5b. Financial risk management objective and policies

(continued)

信貸風險

Credit risk

於二零零八年十二月三十一日，倘未能承擔 相關人士之承擔或由本集團提供之財務擔保 而導致本集團財務虧損，則本公司及本集團 須承受之最大信貸風險為已於綜合資產負債 表列值之金融資產賬面值及於附註47披露之 或有負債額。為了將信貸風險降至最低，本 集團已實行監控措施，以確保採取跟進措施 收回逾期未付之債項。共同控制公司及少數 股東欠款是免息、無抵押及於需要時償還。 此外，於各結算日，本集團定期評估每項個 別貿易及其他應收款及應收貸款之可收回金 額，以確保就不可收回金額所作出之減值虧 損已足夠。就本公司向銀行對附屬公司提供 之銀行信貸作出財務擔保，董事們認為由於 該等附屬公司之財務狀況良好，信貸風險較 低。同時管理層認為向銀行就物業買家獲取 之銀行信貸提供財務擔保的信貸風險亦較 低，原因是該等按揭貸款乃以物業作抵押， 而該等物業之市場價值高於擔保金額。就此 而言，本公司董事認為本集團之信貸風險已 大幅降低。

As at 31st December, 2008, the Company’s and the Group’s maximum exposure to credit risk which will cause a financial loss to the Group due to failure to discharge an obligation by the counterparties or financial guarantees provided by the Group arising from the carrying amount of the respective recognised financial assets as stated in the consolidated balance sheet and the amount of contingent liabilities disclosed in note 47. In order to minimise the credit risk, the monitoring procedures are carried out to ensure that follow-up action is taken to recover overdue debts. In addition, the Group reviews the recoverable amount of each individual trade, other receivables and loans receivable at each balance sheet date to ensure that adequate impairment losses are made for irrecoverable amounts. With respect to financial guarantees provided to banks to secure the banking facilities granted to subsidiaries by the Company, the directors consider the credit risk is limited because the subsidiaries have strong financial positions. The management considers the credit risk exposure to financial guarantee provided to banks to secure the banking facilities granted to property purchasers is also limited because the facilities are secured by the properties and the market price of the properties is higher than the guaranteed amounts. In this regard, the directors of the Company consider that the Group’s credit risk is significantly reduced.

由於往來銀行均為由國際評級機構評為高信 貸評級之銀行，故流動資金之信貸風險有限。

The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies.

本集團之信貸風險並無過份集中，有關風險 乃分散至多個合作方及客戶。

The Group has no significant concentration of credit risk, with exposure spread over a number of counterparties and customers.

~~123~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

5. 金融工具 （續）

5. FINANCIAL INSTRUMENTS (CoNtiNueD)

5b. 財務風險管理目標及政策 （續）

5b. Financial risk management objective and policies

(continued)

流動性風險

Liquidity risk

本集團監控及維持現金和現金等值項目在管 理層認為足夠的水平，為本集團之營運提供 資金及減輕資金浮動之影響。管理層控制銀 行借款之使用及確保遵守貸款承諾。

The Group monitors and maintains a level of cash and cash equivalents deemed adequate by the management to finance the Group’s operations and mitigate the effects of fluctuations in cash flows. The management monitors the utilisation of bank borrowings and ensures compliance with loan covenants.

流動資金表

Liquidity tables

下表詳列本集團的非衍生財務負債的剩餘合 約期限。該等表格乃根據本集團於可被要求 償還財務負債的最早日期的財務負債未貼現 現金流量編製。該表包括利息及本金現金流 量。

The following tables detail the Group’s remaining contractual maturity for its non-derivative financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows.

二零零八年 2008 非衍生財務負債 Non-derivative financial liabilities 貿易及其他應付賬款 Trade and other payables 應付少數股東股息 Dividend payable to minority shareholders 附息借款 Interest bearing borrowings 免息借款 Interest-free borrowings 二零零七年 2007 非衍生財務負債 Non-derivative financial liabilities 貿易及其他應付賬款 Trade and other payables 應付少數股東股息 Dividend payable to minority shareholders 附息借款 Interest bearing borrowings 免息借款 Interest-free borrowings 會藉債券 Membership debentures	少於1個月 Less than 1 month 1至3個月 1-3 months 3個月至1年 3 months to 1 year 1至5年 1-5 years 5年以上 5+ years 未貼現現金 流量總額 Total undiscounted cash flows 於 十二月 三十一日之 賬面值 Carrying amount at 31st December 千港元 千港元 千港元 千港元 千港元 千港元 千港元 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
	877,772 2,921 5,851 14,878 – 901,422 901,422 453 – – – – 453 453 9,366 42,649 337,818 1,485,839 39,945 1,915,617 1,743,996 166,770 – – – – 166,770 166,770
	1,054,361 45,570 343,669 1,500,717 39,945 2,984,262 2,812,641
	889,178 561 1,939 – – 891,678 891,678 186 – – – – 186 186 201,753 18,001 418,095 1,086,404 65,810 1,790,063 1,698,436 168,705 – – 45,973 – 214,678 205,704 – – – 26,068 27,566 53,634 34,995
	1,259,822 18,562 420,034 1,158,445 93,376 2,950,239 2,830,999

~~124~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

5. 金融工具 （續）

5. FINANCIAL INSTRUMENTS (CoNtiNueD)

5b. 財務風險管理目標及政策 （續）

5b. Financial risk management objective and policies

(continued)

資本風險管理

Captial risk management

本集團管理其資本，以確保本集團之實體將 可持續經營，並透過優化債務及權益結餘為 股東帶來最大回報。

The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising the return to shareholders through the optimisation of the debt and equity balance.

本集團之資本結構包括債務，其包括於附註 38及附註39披露之借款、於附註42披露之會 藉債券及本公司股東應佔權益，包括股本及 儲備。

The capital structure of the Group consists of debt, which includes the borrowings disclosed in notes 38 and 39, membership debenture disclosed in note 42 and equity attributable to equity holders of the Company, comprising share capital and reserves.

本公司董事定時審閱資本結構。作為此審閱 之一環，本公司董事考慮資本成本及與各類 別資本相關之風險。本集團將根據董事之意 見於必要時透過支付股息、發行新股及購回 股份以及新增債務或贖回現有債務而平衡其 整體資本結構。

The directors of the Company review the capital structure periodically. As a part of this review, the directors of the Company considers the cost of capital and the risks associated with each class of capital. Based on recommendations of the directors, the Group will balance its overall capital structure through the payment of dividends, new share issues and share buy-backs as well as the issue of new debt or the redemption of existing debt, if necessary.

由二零零七年，本集團之整體策略維持不變。

The Group’s overall strategy remains unchanged from 2007.

金融工具之公允價值

Fair value of financial instruments

金融資產和金融負債之公允價值按下列而釐 定：

The fair value of financial assets and financial liabilities are determined as follows:

• (a) 有固定條件及於活躍的流動市場交易之 金融資產及金融負債公允價值乃按所報 之市場價格釐定；

• (a) the fair value of financial assets and financial liabilities with standard terms and conditions and traded on active liquid markets are determined with reference to quoted market bid prices;

• (b) 其他金融資產和金融負債之公允價值乃 根據一般認可之報價方法，以現金流量 貼現分析按可觀察之當時市場交易之價 格而釐定；及

• (b) the fair value of other financial assets and financial liabilities are determined in accordance with generally accepted pricing models based on discounted cash flow analysis using prices from observable current market transactions; and

• (c) 於二零零七年十二月三十一日，衍生財 務工具之公允價值乃以柏力克－舒爾斯 定價模式釐定。於二零零八年十二月三 十一日，衍生財務工具之公允價值乃根 據有關交易所所報之認股權證之市場報 價釐定。

• (c) the fair value of derivative financial instrument at 31st December, 2007 are determined by The Black-Scholes pricing model. The fair value of derivative financial instrument at 31st December, 2008 are determined based on the quoted price of warrants available from the relevant stock exchange.

~~125~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

5. 金融工具 （續）

5. FINANCIAL INSTRUMENTS (CoNtiNueD)

5b. 財務風險管理目標及政策 （續）

5b. Financial risk management objective and policies

(continued)

金融工具公允價值 （續）

Fair value of financial instruments (continued)

本集團以公允價值計量之上市投資及非上市 投資（見附註26和33）。上市投資之公允價值 乃按有關交易所所報之市場買入報價釐定。 非上市投資之公允價值乃按現金流量貼現法 估計，此方法包括了一些沒有可觀察之市場 價格或利率所支持之假設。

The Group has listed and unlisted investments which are measured at fair value (notes 26 and 33). Fair value of listed investments is determined based on the quoted market bid price available on the relevant exchanges. Fair value of unlisted investments is estimated using a discounted cash flow model, which includes some assumptions that are not supportable by observable market prices or rates.

董事們認為金融資產和金融負債之賬面值以 攤銷成本於財務報表入賬。該賬面值與其公 允價值相若。

The directors consider that the carrying amounts of financial assets and financial liabilities recorded at amortised cost in the financial statements approximate their fair values.

6. 分類資料

6. SEGMENTAL INFORMATION

收入指本年度之已竣工物業銷售收入、租金 收入、銷售建築物料、高爾夫球場營運收 入、酒店及物業管理收入，並分析如下：

Revenue represents the aggregate of proceeds from the sale of completed properties, rental income, sale of construction materials, income from golf course operation, hotel and property management during the year as follows:

銷售已竣工之物業 Sale of completed properties 租金收入 Rental income 銷售水泥、熟料及 礦渣粉 Sale of cement, clinker and slag powder 銷售建築材料 Sale of construction materials 高爾夫球場營運收入 Income from golf course operation 酒店及物業管理 收入 Income from hotel and property management	2008 2007 千港元 千港元 HK$’000 HK$’000
	223,773 478,089 171,049 117,739 – 192,482 7,036 – 26,421 23,890 45,050 50,988
	473,329 863,188

~~126~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

6. 分部資料 （續）

6. SEGMENTAL INFORMATION (CoNtiNueD)

本集團於本年度之收入及資 產主要來自在中國所經營之 業務，當中並不包含香港地 區。本集團之收入及分部業 績按主要業務分析如下：

The Group’s revenue and assets for the year was derived mainly from activities carried out and located in the PRC other than Hong Kong. An analysis of the Group’s revenue and segment results by business segment is as follows:

截至二零零八年十二月 三十一日止年度之收益賬 Income statement for the year ended 31st December, 2008 對外收入 External revenue 分部業績 Segment results 其他收入及收益 Other income and gains 未能分攤之企業費用 Unallocated corporate expenses 衍生財務工具公允 價值之變動 Change in fair value of derivative financial instrument 融資成本 Finance costs 應佔聯營公司溢利 Share of profit of associates 應佔共同控制公司 溢利 Share of profit of jointly controlled entities 除稅前溢利 Profit before taxation 稅項 Taxation 本年度溢利 Profit for the year	物業發展 Property development 千港元 HK$’000	物業投資 Property investment 其他營運 Other operations 千港元 千港元 HK$’000 HK$’000	合計 Consolidated 千港元 HK$’000
	223,773	171,049 78,507	473,329
	(58,637) 570 64,088	(82,976) (49,828) 21,560 457 124,181 1,674	(191,441) 130,922 (162,723) 794,420 (94,458) 22,587 189,943
			689,250 57
			689,307

~~127~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

6. SEGMENTAL INFORMATION(CoNtiNueD) 物業發展 Property development 物業投資 Property investment 其他營運 Other operations 千港元 千港元 千港元 HK$’000 HK$’000 HK$’000 於二零零八年十二月三十一日 之資產負債表 Balance sheet as at 31st December, 2008 資產 ASSETS 分部資產 Segment assets 6,097,174 4,440,336 351,771 於聯營公司之權益 Interests in associates 7,688 247,257 – 於共同控制公司之權益 Interests in jointly controlled entities 465,353 403,512 25,026 未能分攤之企業資產 Unallocated corporate assets 合併總資產 Consolidated total assets 負債 LIABILITIES 分部負債 Segment liabilities 759,036 184,432 186,427 未能分攤之企業負債 Unallocated corporate liabilities 合併總負債 Consolidated total liabilities 截至二零零八年十二月三十一日 止年度之其他資料 Other information for the year ended 31st December, 2008 物業、廠房及設備 增加 Additions of property, plant and equipment 18,335 1,304 2,963 待發展物業及收購待發展 物業之按金增加 Additions of properties for development and deposits for acquisition of properties for development 538,512 – – 投資物業之增加 Additions of investment properties – 63,572 – 折舊及攤銷 Depreciation and amortisation 48,833 3,616 7,293 出售及註銷物業、廠房 和設備之（收益）虧損 (Gain) loss on disposal and write off of property, plant and equipment (33) 112 179 已竣工物業存貨轉撥至 投資物業之公允價值 收益 Fair value gain on transfer of inventories of completed properties to investment properties 61,547 – – 投資物業公允價值之 減少 Decrease in fair value of investment properties – 187,283 – 待發展物業及已竣工物業存貨 之減值撥備 Write-down of properties for development and inventories of completed properties 8,370 – – 呆壞賬撥回 （準備） (Reversal of) allowance for bad and doubtful debts (5,480) 2,460 – 持作買賣投資公允價值之 減少 Decrease in fair value of investments held for trading – – 19,928 待發展物業 攤銷 Amortisation of properties for development 45,645 – – 收購附屬公司額外權益之 折讓 Discount on acquisition of additional interests in subsidiaries 24,273 – – 6.分部資料（續）	6. SEGMENTAL INFORMATION(CoNtiNueD) 物業發展 Property development 物業投資 Property investment 其他營運 Other operations 千港元 千港元 千港元 HK$’000 HK$’000 HK$’000 於二零零八年十二月三十一日 之資產負債表 Balance sheet as at 31st December, 2008 資產 ASSETS 分部資產 Segment assets 6,097,174 4,440,336 351,771 於聯營公司之權益 Interests in associates 7,688 247,257 – 於共同控制公司之權益 Interests in jointly controlled entities 465,353 403,512 25,026 未能分攤之企業資產 Unallocated corporate assets 合併總資產 Consolidated total assets 負債 LIABILITIES 分部負債 Segment liabilities 759,036 184,432 186,427 未能分攤之企業負債 Unallocated corporate liabilities 合併總負債 Consolidated total liabilities 截至二零零八年十二月三十一日 止年度之其他資料 Other information for the year ended 31st December, 2008 物業、廠房及設備 增加 Additions of property, plant and equipment 18,335 1,304 2,963 待發展物業及收購待發展 物業之按金增加 Additions of properties for development and deposits for acquisition of properties for development 538,512 – – 投資物業之增加 Additions of investment properties – 63,572 – 折舊及攤銷 Depreciation and amortisation 48,833 3,616 7,293 出售及註銷物業、廠房 和設備之（收益）虧損 (Gain) loss on disposal and write off of property, plant and equipment (33) 112 179 已竣工物業存貨轉撥至 投資物業之公允價值 收益 Fair value gain on transfer of inventories of completed properties to investment properties 61,547 – – 投資物業公允價值之 減少 Decrease in fair value of investment properties – 187,283 – 待發展物業及已竣工物業存貨 之減值撥備 Write-down of properties for development and inventories of completed properties 8,370 – – 呆壞賬撥回 （準備） (Reversal of) allowance for bad and doubtful debts (5,480) 2,460 – 持作買賣投資公允價值之 減少 Decrease in fair value of investments held for trading – – 19,928 待發展物業 攤銷 Amortisation of properties for development 45,645 – – 收購附屬公司額外權益之 折讓 Discount on acquisition of additional interests in subsidiaries 24,273 – – 6.分部資料（續）	合併 Consolidated 千港元 HK$’000
	6,097,174 4,440,336 351,771 7,688 247,257 – 465,353 403,512 25,026 759,036 184,432 186,427 18,335 1,304 2,963 538,512 – – – 63,572 – 48,833 3,616 7,293 (33) 112 179 61,547 – – – 187,283 – 8,370 – – (5,480) 2,460 – – – 19,928 45,645 – – 24,273 – –	10,889,281 254,945 893,891 2,897,906
		14,936,023
		1,129,895 3,667,807
		4,797,702

所有主要資產均位於中國。 Substantially all the assets are located in the PRC.

~~128~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

6. 分部資料 （續） 6. SEGMENTAL INFORMATION (CoNtiNueD)

截至二零零七年十二月 三十一日止年度收益賬 Income statement for the year ended 31st December, 2007 對外收入 External revenue 分部業績 Segment results 其他收入及收益 Other income and gains 未能分攤之企業費用 Unallocated corporate expenses 衍生財務工具公允 價值之變動 Change in fair value of derivative financial instrument 融資成本 Finance costs 應佔聯營公司溢利 Share of profit of associates 應佔共同控制公司溢利 Share of profit of jointly controlled entities 除稅前溢利 Profit before taxation 稅項 Taxation 本年度溢利 Profit for the year	持續經營業務 Continuing operations	已終止經營業務 Discontinued operations 合計 Total 生產及銷售 水泥、熟料 及礦渣粉 Manufacture and sale of cement, clinker and slag powder 合併 Consolidated 千港元 千港元 千港元 HK$’000 HK$’000 HK$’000
	物業發展 Property development 物業投資 Property investment 其他營運 Other Operations 千港元 千港元 千港元 HK$’000 HK$’000 HK$’000
	478,089 117,739 74,878	670,706 192,482 863,188
	334,912 241,273 18,130 30,574 41,078 514 100,104 73,562 2,448	594,315 136,796 731,111 98,603 13,033 111,636 (45,802) – (45,802) (101,665) – (101,665) (103,998) (7,692) (111,690) 72,166 – 72,166 176,114 – 176,114
		689,733 142,137 831,870 (162,550) 2,193 (160,357)
		527,183 144,330 671,513

~~129~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

6. 分部資料 （續） 6. SEGMENTAL INFORMATION (CoNtiNueD)

於二零零七年十二月三十一日 之資產負債表 Balance sheet as at 31st December, 2007 資產 ASSETS 分部資產 Segment assets 於聯營公司之權益 Interests in associates 於共同控制公司之權益 Interests in jointly controlled entities 未能分攤之企業資產 Unallocated corporate assets 合併總資產 Consolidated total assets 負債 LIABILITIES 分部負債 Segment liabilities 未能分攤之企業負債 Unallocated corporate liabilities 合併總負債 Consolidated total liabilities	物業發展 Property development 物業投資 Property investment 其他營運 Other operations 千港元 千港元 千港元 HK$’000 HK$’000 HK$’000	合併 Consolidated 千港元 HK$’000
	5,679,757 4,118,298 194,005 16,766 225,926 11 337,222 812,574 25,510 806,838 163,218 47,373	9,992,060 242,703 1,175,306 3,435,943
		14,846,012
		1,017,429 4,565,475
		5,582,904

~~130~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

6. 分部資料 （續） 6. SEGMENTAL INFORMATION (CoNtiNueD)

截至二零零七年十二月三十一日 止年度之其他資料 Other information for the year ended 31st December, 2007 物業、廠房及 設備增加 Additions of property, plant and equipment 待發展物業及 收購待發展 物業之按金增加 Additions of properties for development and deposits for acquisition of properties for development 投資物業之增加 Additions of investment properties 折舊及攤銷 Depreciation and amortisation 出售及註銷物業、廠房 及設備之虧損 Loss on disposal and write off of property, plant and equipment 已竣工物業存貨轉撥至投資物業 之公允價值收益 Fair value gain on transfer of inventories of completed properties to investment properties 投資物業公允價值之增加 Increase in fair value of investment properties 待發展物業及已竣工物業存貨 之減值撥備 Write-down of properties for development and inventories of completed properties 呆壞賬準備 Allowance for bad and doubtful debts 待發展物業攤銷 Amortisation of properties for development 收購附屬公司之折讓 Discount on acquisition of subsidiaries 收購附屬公司額外權益之 折讓 Discount on acquisition of additional interests in subsidiaries 出售附屬公司之收益 Gain on disposal of subsidiaries

持續經營業務 Continuing operations 已終止經營業務 Discontinued operations 物業發展 Property development 物業投資 Property investment 其他營運 Other Operations 生產及銷售 水泥、熟料 及礦渣粉 Manufacture and sale of cement, clinker and slag powder 千港元 千港元 千港元 千港元 HK$’000 HK$’000 HK$’000 HK$’000

2,244 2,410 9,967 1,174 650,887 – – – – 221,097 – – 40,535 3,397 7,316 9,922 37 6 301 820 73,281 – – – – 171,533 – – 106,168 – – – 12,349 – – 2,179 38,205 – – – 28,415 – – – 98,261 – – – 197,099 – – 137,738

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197,099
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所有主要資產均位於中 Substantially all the assets are located in the PRC. 國。

~~131~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

7. 其他收入及收益 7. OTHER INCOME AND GAINS

股息收入 Dividend income －非上市股份 – unlisted shares －上市股份 – listed shares 銀行存款及應收賬款 利息收入 Interest income on bank deposits and receivables 共同控制公司 利息收入 Interest income from jointly controlled entities 應收貸款利息收入 Interest income from loans receivable 非流動免息應收賬款 之估算利息收入 Imputed interest income on non-current interest-free receivables 中國增值稅退回 Refund of PRC value-added tax 利潤再投資於 中國之退稅 Tax refund for reinvestment of profits in the PRC 淨外滙滙兌收益 Net foreign exchange gains 其他收入 Other income	持續經營業務 Continuing operations 已終止經營業務 Discontinued operations 合併 Consolidated 2008 2007 2008 2007 2008 2007 千港元 千港元 千港元 千港元 千港元 千港元 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000	持續經營業務 Continuing operations 已終止經營業務 Discontinued operations 合併 Consolidated 2008 2007 2008 2007 2008 2007 千港元 千港元 千港元 千港元 千港元 千港元 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
		6 – – 10 6 698 – – 354 698 22,491 – 442 63,461 22,933 1,793 – – 99 1,793 11,450 – – 14,301 11,450 4,897 – – 4,290 4,897 – – 9,341 – 9,341 16,105 – – 23,422 16,105 17,274 – – – 17,274 23,889 – 3,250 24,985 27,139
	10
	354
	63,461
	99
	14,301
	4,290
	–
	23,422
	–
	24,985
		98,603 – 13,033 130,922 111,636
	130,922

~~132~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

8. 出售附屬公司之收益

8. GAIN ON DISPOSAL OF SUBSIDIARIES

於截至二零零七年十二月三十一日，本 集團出售於附屬公司之全部權益及股東 貸款。該附屬公司於中國成立，並從事 物業發展業務。出售之詳情如下：

During the year ended 31st December, 2007, the Group disposed of its entire interests in and shareholder’s loan to subsidiaries which are established in the PRC and engaged in property development. Details of the disposal are as follows:

在出售當日，被出售之附屬公司資產淨 值如下：

The net assets of the subsidiaries at the date of disposal were as follows:

所出售資產淨值： Net assets disposed of: 物業、機器及設備 Property, plant and equipment 待發展物業 Properties for development 收購待發展物業之按金 Deposits for acquisition of properties for development 貿易及其他應收賬款 Trade and other receivables 銀行結存及現金 Bank balances and cash 貿易及其他應付賬款 Trade and other payables 解除匯兌浮動儲備 Exchange translation reserve released 少數股東權益 Minority interests 出售收益 Gain on disposal 總代價以現金收款 Total consideration, satisfied by cash 因出售產生之現金流入淨額 Net cash inflow arising on disposal: 現金代價 Cash consideration 已出售銀行結存及現金 Bank balances and cash disposed of

千港元 HK$’000 49 66,934 183,618 3,824 35 (26,648) 227,812 (1,480) (4,175) 222,157 197,099 419,256 419,256 419,256 (35) 419,221

~~133~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

9. 收購附屬公司之折讓

9. DISCOUNT ON ACQUISITION OF SUBSIDIARIES

於二零零七年五月二日，本集團 以總代價約36,000,000港元（包 括收購後立即歸還股東貸款）收 購賢輝發展有限公司（「賢輝」） 約8%已發行股本。賢輝之主要 業務為高爾夫球場營運及物業發 展。自此本集團持有賢輝的權益 由約49%增至約57%。此項收購 之收購折讓為28,415,000港元。

On 2nd May, 2007, the Group acquired approximately 8% of the issued share capital of Jack Rock Development Limited (“Jack Rock”) for a total consideration of approximately HK$36,000,000, including repayment of shareholders’ loans immediately after the acquisition. The principal business of Jack Rock is golf course operation and property development. After such acquisition, the Group’s interest in Jack Rock increased from approximately 49% to approximately 57%. The amount of discount on acquisition arising as a result of the acquisition was HK$28,415,000.

在交易中被收購的資產淨值如 下：

The net assets acquired in the transaction are as follows:

所收購資產淨值： Net assets acquired: 物業、機器及設備 Property, plant and equipment 土地使用權預付租賃款項 Prepaid lease payments of land use rights 待發展物業 Property for development 貿易及其他應收賬款 Trade and other receivables 銀行結存及現金 Bank balances and cash 貿易及其他應付賬款 Trade and other payables 借款 Borrowings 遞延稅項負債 Deferred tax liabilities 少數股東權益 Minority interests 於以前年度已購入之聯營公司 權益 Interest acquired in previous years as interests in associates 本集團先前持有所收購 附屬公司權益之 公允淨值調整 Fair value adjustment related to Group’s previously held interests in the subsidiaries acquired 收購附屬公司之折讓 Discount on acquisition of subsidiaries 總代價，支付方式： Total consideration, satisfied by: 現金 Cash 歸還股東貸款 Repayment of shareholders’ loans 因收購產生之現金流出淨額： Net cash outflow arising on acquisition: 現金代價 Cash consideration paid 歸還股東貸款 Repayment of shareholders’ loan 所收購之銀行結存及現金 Bank balances and cash acquired	合併前被收購 公司之賬面金額 Acquiree’s carrying amount before combination 公允淨值調整 Fair value adjustment 千港元 千港元 HK$’000 HK$’000	公允淨值 Fair value 千港元 HK$’000
	61,041 – 6,915 – 962,175 387,999 7,917 951 2,925 – (70,109) – (13,000) – (216,146) (355,274)	61,041 6,915 1,350,174 8,868 2,925 (70,109) (13,000) (571,420)
	741,718 33,676	775,394 (332,828) (362,156) (15,986) (28,415)
		36,009
		7,579 28,430
		36,009
		(7,579) (28,430) 2,925
		(33,084)

~~134~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

9. 收購附屬公司之折讓 （續）

9. DISCOUNT ON ACQUISITION OF SUBSIDIARIES (CoNtiNueD)

倘收購已於二零零七年一月一日完成，則本 集團截至二零零七年十二月三十一日止年 度收入（包括持續及已終止經營業務）及溢 利（包括持續及已終止經營業務）分別應為 863,000,000港元及704,000,000港元。上述 備考資料僅供參考，並非表示收購若於二零 零七年一月一日完成，本集團實際可取得之 收益及經營業績，亦非用作預測日後業績。

If the acquisition had been completed on 1st January, 2007, total group revenue (including continuing and discontinued operations) for the year ended 31st December, 2007 would have been HK$863,000,000 and profit (including continuing and discontinued operations) for the year would have been HK$704,000,000. The pro forma information is for illustrative purposes only and is not necessarily an indication of revenue and results of operations of the Group that actually would have been achieved had the acquisition been completed on 1st January, 2007, nor is it intended to be a projection of future results.

10. 收購附屬公司額外權益之折讓

10. DISCOUNT ON ACQUISITION OF ADDITIONAL INTERESTS IN SUBSIDIARIES

於二零零八年十二月三十一日止年度內，

During the year ended 31st December, 2008,

• (a) 本集團以現金代價14,989,000港元收購 一間附屬公司額外40%權益。該附屬公 司於中國成立，並從事物業發展。此項 收購之收購折讓為19,147,000港元。

• (a) The Group acquired an additional 40% interest in a subsidiary for a cash consideration of HK$14,989,000. The subsidiary is established in the PRC and engaged in property development. This acquisition results in a discount on acquisition of HK$19,147,000.

• (b) 本集團以現金代價80,300,000港元收購 一間附屬公司額外11.03%權益。該附屬 公司於中國成立，並從事高爾夫球場營 運及物業發展。此項收購之收購折讓為 5,126,000港元。

• (b) The Group acquired an additional 11.03% interest in a subsidiary for a cash consideration of HK$80,300,000. The subsidiary is established in the PRC and engaged in golf course operation and property development. This acquisition results in a discount on acquisition of HK$5,126,000.

於二零零七年十二月三十一日止年度內，本 集團以現金代價15,766,000港元收購一間附 屬公司額外35.39%權益。該附屬公司於中國 成立，並從事物業發展及高爾夫球場營運。 此項收購之收購折讓為98,261,000港元。

During the year ended 31st December, 2007, the Group acquired an additional 35.39% interest in a subsidiary for a cash consideration of HK$15,766,000. The subsidiary is established in the PRC and engaged in property development and golf course operation. This acquisition results in a discount on acquisition of HK$98,261,000.

~~135~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

11. 融資成本

11. FINANCE COSTS

利息付予： Interest on: 銀行貸款及透支 Bank loans and overdrafts 貸款票據（附註38（b）） Loan notes_(note 38 (b))_ 其他貸款 Other loans 非流動免息借款 之估算利息 費用 Imputed interest expenses on non-current interest-free borrowings 減：資本化於發展中 物業金額 _Less:_amount capitalised on properties under development	持續經營業務 Continuing operations 已終止經營業務 Discontinued operations 合併 Consolidated 2008 2007 2008 2007 2008 2007 千港元 千港元 千港元 千港元 千港元 千港元 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
	131,304 108,973 – 6,734 131,304 115,707 1,245 1,959 – – 1,245 1,959 4,735 3,017 – – 4,735 3,017 5,662 5,976 – 958 5,662 6,934
	142,946 119,925 – 7,692 142,946 127,617 (48,488) (15,927) – – (48,488) (15,927)
	, , 94,458 103,998 – 7,692 94,458 111,690

於本年度內已資本化之借 款成本來自一般借款，其 計算方法是以合資格資產 之支出按資本化率5.65% （二零零七年：6.11%）計 算。

Borrowing costs capitalised during the year arose on the general borrowing pool and are calculated by applying a capitalisation rate of 5.65% (2007: 6.11%) to expenditure on qualifying assets.

~~136~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

12. 稅項

12. TAXATION

支出（撥回）包括：

中國企業所得稅及土地增值稅 －本年度撥備 －前年度（超額）不足撥備

遞延稅項（附註43） －本年度 －稅率變動之影響

The charge (credit) comprises: PRC Enterprise Income Tax and LAT – current year provision – (over) under provision in prior years Deferred tax_(note 43)_ – current year – effect of change in tax rate	持續經營業務 Continuing operations 已終止經營業務 Discontinued operations 合併 Consolidated 2008 2007 2008 2007 2008 2007 千港元 千港元 千港元 千港元 千港元 千港元 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
	56,555 148,992 – 615 56,555 149,607 (5,260) 24,776 – – (5,260) 24,776
	51,295 173,768 – 615 51,295 174,383 (51,352) 46,267 – (423) (51,352) 45,844 – (57,485) – (2,385) – (59,870)
	(57) 162,550 – (2,193) (57) 160,357

本集團於香港經營之公司 於該兩年度內並無任何應 課稅溢利，故並無就香港 利得稅作出撥備。本公司 若干於中國經營之附屬公 司享有稅務減免優惠。中 國企業所得稅按其附屬公 司適用稅率計算提撥。

No provision for Hong Kong Profits Tax is made as the group companies operating in Hong Kong do not have any assessable profit for both years. Certain of the Company’s subsidiaries operating in the PRC are eligible for tax exemptions and concessions. The PRC Enterprise Income Tax is calculated at the rates applicable to respective subsidiaries.

於二零零七年三月十六 日，中國以中華人民共和 國主席第六十三號令通過 中華人民共和國企業所得 稅法（「新法」）。於二零 零七年十二月六日，中國 國務院公佈新法之實施條 例。根據新法及實施條 例，自二零零八年一月一 日起集團附屬公司之稅 率由33%改為25%或由 15%遞增至25%。

On 16th March, 2007, the PRC promulgated the Law of the PRC on Enterprise Income Tax (“New Law”) by Order No. 63 of the President of the PRC. On 6th December, 2007, the State Council of the PRC issued Implementation Regulation of the New Law. The New Law and the Implementation Regulation have changed the tax rate from 33% to 25% or from 15% to 25% progressively for the Group’s subsidiaries from 1st January, 2008.

~~137~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

12. 稅項 （續）

12. TAXATION (CONTINUED)

按照財政部及國家稅務總局之 聯合通知財稅【2008】1號，自 二零零八年一月一日以來所產 生溢利分派之股息須繳納中國 企業所得稅並根據中國企業所 得稅法第3及27條關於外國投資 企業及外國企業及其實施細則 第91條關於外國投資企業及外 國企業由中國實體預扣。未分 派盈利之遞延稅項6,549,000港 元已記入截至二零零八年十二 月三十一日止年度之綜合收益 賬內。

According to a joint circular of the Ministry of Finance and State Administration of Taxation – Cai Shui 2008 No.1, dividend distributed out of the profits generated since 1st January, 2008 shall be subject to PRC Enterprise Income Tax and which held by the PRC entity pursuant to Articles 3 and 27 of the Income Tax Law Concerning Foreign Investment Enterprises and Foreign Enterprises and Article 91 of the Detailed Rules for the Implementation of the Income Tax Law for Enterprises with Foreign Investment Enterprises and Foreign Enterprises. Deferred tax of HK$6,549,000 on the undistributed earnings has been charged to the consolidated income statement for the year ended 31st December, 2008.

本年度稅項支出與綜合收益賬 內溢利之對照如下：

The tax charge for the year can be reconciled to the profit per the consolidated income statement as follows:

除稅前溢利 Profit before taxation 按國內所得稅稅率25%（二零零 七年：33%）計算之稅項 Tax at the domestic income tax rate of 25% (2007: 33%) 應佔聯營公司及共同控制 公司溢利之稅項影響 Tax effect of share of profit of associates and jointly controlled entities 於釐定應課稅溢利時不可 扣稅開支之稅項影響 Tax effect of expenses not deductible for tax purpose 於釐定應課稅溢利時毋須 課稅收入之稅項影響 Tax effect of income not taxable for tax purpose 本年度未確認稅項虧損及其他 可扣減暫時差異之稅項影響 Tax effect of tax losses and other deductible temporary differences not recognised 動用過往未確認稅項虧損 及其他可扣減暫時差異 之稅項影響 Tax effect of utilisation of taxes losses and other deductible temporary differences previously not recognised 未分派盈利之預扣稅 Withholding tax on distributed earnings 附屬公司不同稅率之影響 Effect of different tax rates of subsidiaries 稅率變動之影響 Effect of change in tax rate 土地增值稅 Land appreciation tax 前年度撥備（超額）不足 (Over) under provision in prior years 其他 Others 本年度稅項（撥回）支出 Tax (credit) charge for the year	2008 2007 千港元 千港元 HK$’000 HK$’000
	689,250 831,870
	172,313 274,517 (53,133) (81,932) 43,310 65,409 (217,422) (139,293) 49,133 87,489 (548) (27,626) 6,549 – 247 (28,023) – (59,870) 6,222 46,331 (5,260) 24,776 (1,468) (1,421)
	(57) 160,357

附註：

Note:

本集團所使用之國內稅率是按本集 團主要經營地點法律所規限之經營 地稅率（即中國企業所得稅稅率）。

The domestic tax rate (which is PRC Enterprise Income Tax rate) in the jurisdiction where the operation of the Group is substantially based is used.

~~138~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

13.本年度溢利	13. PROFIT FOR THE YEAR	13. PROFIT FOR THE YEAR	13. PROFIT FOR THE YEAR
			持續經營業務		已終止經營業務
			Continuing		Discontinued		合併
			operations		operations		Consolidated
			2008	2007	2008	2007	2008		2007
			千港元	千港元	千港元	千港元	千港元		千港元
			HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
本年度溢利	Profit for the year has been arrived
已扣除（加入）：	at after charging (crediting):
物業、廠房及	Depreciation of property,
設備折舊	plant and equipment		14,752	12,838	–	9,648	14,752		22,486
減：資本化於發展中	_Less:_amount capitalised on properties
物業金額	under development		(2,239)	(967)	–	–	(2,239)		(967)
攤銷：	Amortisation of:		12,513	11,871	–	9,648	12,513		21,519
待發展物業	Properties for development		45,645	38,205	–	–	45,645		38,205
土地使用權預付	Prepaid lease payments on land
租賃款項	use rights		1,584	1,202	–	197	1,584		1,399
無形資產	Intangible asset		–	–	–	78	–		78
折舊和攤銷總額	Total depreciation and amortisation		59,742	51,278	–	9,923	59,742		61,201
核數師酬金 存貨之成本作	Auditors’remuneration Cost of inventories recognised as		3,724	3,687	–	660	3,724		4,347
費用處理	an expense		156,391	298,334	–	172,565	156,391	470,899
包含於其他營運費用之	Exchange loss included in other
滙兌損失（附註a）	operating expenses_(note a)_		109,596	–	–	–	109,596		–
包含於其他營運費用之	Urban land use tax included in other
城鎮土地使用稅	operating expenses		38,792	2	–	–	38,792		2
包含於其他營運費用之	Compensation for cancellation of
取消一項收購投資物業作出	acquisition of an investment property
之賠償	included in other operating expenses		30,000	–	–	–	30,000		–
出售及註銷物業、廠房及	Loss on disposal and write-off
設備之虧損	property, plant and equipment		258	344	–	820	258		1,164
營業租賃	Operating lease charges
費用：	in respect of:
－土地及樓宇	– land and buildings		3,155	3,372	–	249	3,155		3,621
－廠房及機器	– plant and machinery		–	–	–	771	–		771
員工費用（包括董事酬金）	Staff costs (including directors’
（附註b）	emoluments)(note b)		74,391	63,335	–	13,240	74,391		76,575
應佔聯營公司稅項（已包括在	Share of tax of associates (included
應佔聯營公司溢利內）	in share of profit of associates)		11,638	(35,325)	–	–	11,638		(35,325)
應佔共同控制公司稅項（已包括	Share of tax of jointly controlled
在應佔共同控制	entities (included in share of profit
公司溢利內）	of jointly controlled entities)		59,734	184,566	–	–	59,734	184,566
從投資物業收取	Gross rental income from
之租金收入	investment properties		(171,049)	(117,739)	–	–	(171,049)	(117,739)
減：於年內產生租金收入	_Less:_direct operating expenses from
之投資物業	investment properties that
的直接營運	generated rental income
費用	during the year		41,826	22,953	–	–	41,826		22,953
			(129,223)	(94,786)	–	–	(129,223)		(94,786)

~~139~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

13. 本年度溢利 （續） 13. PROFIT FOR THE YEAR (CONTINUED)

附註：

Note:

• (a) 匯兌虧損主要指於年 (a) Exchange loss mainly represented the net foreign exchange loss on translation of bank balances 內由港元及美元的銀 and pledged bank deposits denominated in Hong Kong dollars and United States dollars into the 行結餘及用作抵押之 Group’s functional currency in Renminbi, which had appreciated against Hong Kong dollars and 銀行存款換算成本集 United States dollars during the year. 團之功能貨幣人民幣 時（於年內人民幣相 對港元及美元出現升 值），所產生之淨匯兌 虧損。

• (b) 員工費用並不包括如 (b) The staff costs have excluded the apportionment of management fee as disclosed in note 14 and 綜合財務報表附註14 note 49(ii) to the consolidated financial statements for certain directors as well as management 及附註49(ii)所披露的 personnel who are not directors of the Company. 管理費分攤予若干董 事及其他非本公司董 事之管理層人員。

14. 董事酬金

14. DIRECTORS’ EMOLUMENTS

已付或應付予十四位 The emoluments paid or payable to each of the fourteen (2007: fourteen) directors were （二零零七年：十四位） as follows: 董事之酬金如下：

李成偉 Patrick Lee Seng Wei 黃清海 Ng Qing Hai 馬申 Ma Sun 勞景祐 Edwin Lo King Yau 李志剛 Li Chi Kong Yasushi lchikawa Yasushi Ichikawa 李成輝 Lee Seng Hui 宋增彬 Song Zengbin 鄭慕智 Moses Cheng Mo Chi Yuki Oshima Yuki Oshima 鄭鑄輝 Francis J. Chang Chu Fai 魏華生 Ngai Wah Sang 徐溯經 Xu Su Jing 楊麗琛 Lisa Yang Lai Sum	2008 董事袍金 Directors’ fee 薪金及 其他福利 Salaries and other benefits 與業績有關 之獎金 Performance related incentive payments 退休福利 計劃供款 Retirement benefits scheme contributions 總計 Total 千港元 千港元 千港元 千港元 千港元 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
	（附註）
	(Note)
	10 1,000 – 26 1,036
	10 – 649 – 659
	10 2,774 500 243 3,527
	10 676 706 31 1,423
	10 676 405 31 1,122
	10 372 – – 382
	10 2,409 4,000 19 6,438
	6 1,167 – – 1,173
	10 – – – 10
	4 – – – 4
	10 70 – – 80
	10 90 – – 100
	10 70 – – 80
	10 70 – – 80
	130 9,374 6,260 350 16,114
	350

~~140~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度） Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

14. 董事酬金 （續） 14. DIRECTORS’ EMOLUMENTS (CONTINUED)

李成偉 Patrick Lee Seng Wei 黃清海 Ng Qing Hai 馬申 Ma Sun 勞景祐 Edwin Lo King Yau 李志剛 Li Chi Kong Yasushi Ichikawa Yasushi Ichikawa 李成輝 Lee Seng Hui 鄭慕智 Moses Cheng Mo Chi Yuki Oshima Yuki Oshima 鄭鑄輝 Francis J. Chang Chu Fai 吳繼偉 Goodwin Gaw 魏華生 Ngai Wah Sang 徐溯經 Xu Su Jing 楊麗琛 Lisa Yang Lai Sum		2007
	董事袍金 Directors’ fee 千港元 HK$’000	薪金及 其他福利 Salaries and other benefits 與業績有關 之獎金 Performance related incentive payments 退休福利 計劃供款 Retirement benefits scheme contributions 總計 Total 千港元 千港元 千港元 千港元 HK$’000 HK$’000 HK$’000 HK$’000
	10 10 10 10 10 10 7 10 10 10 5 10 10 10	（附註） (Note) 932 – 23 965 736 276 36 1,058 2,500 324 217 3,051 603 480 28 1,121 653 320 30 1,013 341 – – 351 592 – – 599 – – – 10 – – – 10 70 – – 80 – – – 5 90 – – 100 70 – – 80 35 – – 45
	132	6,622 1,400 334 8,488

附註： 金額指於本年內支 Note: The amounts represented the actual bonus of the preceding year paid to respective directors 付給相關董事之去 during the year. The bonus for the year 2008 has yet to be decided. 年實際獎金。二零 零八年之獎金尚未 決定。

若干本公司董事從一家 擁有本公司重大權益之 公司或其全資附屬公司 收取酬金。該公司向本 集團提供管理服務，並 向本集團就該等董事及 其他並非本公司董事之 管理層人員所提供服務 收取費用，該費用已包 括在附註49(ii)所披露之 管理費中。

上述之管理費乃按管理 層人員於本集團事務所 付出之時間計算，並可 分配至上述董事。總 分配金額為7,912,000 港元（二零零七年： 2,109,000港元），並已 包括在上表內。

Certain directors of the Company received remuneration from a company, or a whollyowned subsidiary of such company which has significant beneficial interests in the Company. Such company provided management services to the Group and charged the Group a fee, which has been included in management fee as disclosed in note 49(ii), for services provided by those directors as well as other management personnel who were not directors of the Company.

The above-mentioned management fee is calculated by reference to the time devoted by the management personnel on the affairs of the Group and can be apportioned to the directors mentioned above. The total of such apportioned amounts, which has been included in the above table, is HK$7,912,000 (2007: HK$2,109,000).

~~141~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

15. 僱員酬金

15. EMPLOYEES’ EMOLUMENTS

本集團五位最高酬金人士包括 四位（二零零七年：四位）本 公司董事，其酬金已包括於附 註14中。其餘一位（二零零七 年：一位）人士之酬金如下：

Of the five individuals with the highest emoluments in the Group, four (2007: four) were directors of the Company whose emoluments are included in note 14 above. The emoluments of the remaining one (2007: one) individuals were as follows:

薪金及其他福利 Salaries and other benefits 與業績有關之獎金 Performance related incentive payments 退休褔利計劃供款 Retirement benefits scheme contributions Their emoluments were within the following bands: 其酬金之分佈如下：	2008 2007 千港元 千港元 HK$’000 HK$’000
	1,072 1,001 231 216 60 55
	1,363 1,272

1,000,001港元－1,500,000港元 HK$1,000,001 to HK$1,500,000	2008 2007 僱員數目 Number of employees 僱員數目 Number of employees
	1 1

本集團之薪酬政策按現行市場 薪酬水平及各相關集團公司及 個別僱員之表現釐定。於這兩 年內，本集團並無支付任何酬 金予該五名最高薪之人士作為 鼓勵彼等加入本集團之報酬。

The remuneration policies of the Group are based on the prevailing remuneration level in the market and the performance of respective group companies and individual employees. During both years, no emoluments were paid by the Group to the five highest paid individuals as an inducement to join or upon joining the Group.

16. 已終止經營業務

16. DISCONTINUED OPERATIONS

於截至二零零七年十二月三十 一日年度，本集團出售一間 於百慕達成立之公司之全部 54.77%權益。該公司及其附 屬公司主要從事生產及銷售水 泥、熟料及礦渣粉（「生產及 銷售水泥、熟料及礦渣粉業 務」）。該出售交易已於二零零 七年六月二十九日完成，並於 當日將該等附屬公司之控股權 轉讓給收購者。

During the year ended 31st December, 2007, the Group disposed of its entire 54.77% interest in a company established in Bermuda, which together with its subsidiaries, principally engaged in manufacturing and distribution of cement, clinker and slag power (“manufacture and sale of cement, clinker and slag powder operations”). The disposal was completed on 29th June, 2007, on which date control of the subsidiaries passed to the acquirer.

~~142~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度） Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

16.已終止經營業務（續）	16.已終止經營業務（續）	16. DISCONTINUED OPERATIONS(CoNtiNueD)	16. DISCONTINUED OPERATIONS(CoNtiNueD)	16. DISCONTINUED OPERATIONS(CoNtiNueD)
來自已終止經營業務於截至二零零七年十二		The profit for the year ended 31st December,	2007	from the
月三十一日年度溢利之分析如下：		discontinued operations is analysed as follows:
				千港元
				HK$’000
生產及銷售水泥、熟料及		Profit of manufacture and sale of cement,
礦渣粉業務之溢利（附註a）		clinker and slag powder operations_(Note a)_		6,592
出售從事生產及銷售水泥、熟料		Gain on disposal of manufacture and sale of cement,
及礦渣粉業務之收益（附註b）		clinker and slag powder operations_(Note b)_		137,738
				144,330
附註：		Notes:
(a)	來自已終止經營業務之本年度溢利	(a) Profit for the year from discontinued operations
	（不包括出售該業務之收益）	(other than gain on disposal of such operations)
	收入	Revenue		192,482
	其他收入及收益	Other income and gains		13,033
	支出	Expenses		(201,116)
	除稅前溢利	Profit before taxation		4,399
	稅項	Taxation		2,193
	本年度溢利	Profit for the year		6,592

~~143~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

16. 已終止經營業務 （續）

16. DISCONTINUED OPERATIONS (CoNtiNueD)

(b) 被出售附屬公司在出售當日之資產淨值 (b) The net assets of the subsidiaries at the date of disposal were as 如下： follows:

出售資產淨值： Net assets disposed of: 物業、廠房及設備 Property, plant and equipment 無形資產 Intangible asset 土地使用權預付租賃款項 Prepaid lease payments on land use rights 其他存貨 Other inventories 貿易及其他應收賬款 Trade and other receivables 用作抵押之銀行存款 Pledged bank deposit 銀行結存及現金 Bank balances and cash 其他資產 Other assets 貿易及其他應付賬款 Trade and other payables 銀行借款 Bank borrowings 遞延稅項負債 Deferred tax liabilities 其他負債 Other liabilities 解除匯兌浮動儲備 Exchange translation reserve released 解除其他儲備 Other reserves released 少數股東權益 Minority interests 應佔之商譽 Attributable goodwill 出售收益 Gain on disposal 總代價以現金收款 Total consideration satisfied by cash 因出售產生之現金流入淨額： Net cash inflow arising on disposal: 現金代價 Cash consideration 已出售銀行結存及現金 Bank balances and cash disposed of

千港元 HK$’000 404,612 7,210 15,811 40,366 233,626 25,314 51,199 2,032 (156,273) (226,858) (14,924) (2,785) 379,330 (12,047) (8,178) (258,051) 38,746 139,800 137,738 277,538 277,538 (51,199) 226,339

於截至二零零七年十二月三十一日年 度，生產及銷售水泥、熟料及礦渣粉 業務為本集團經營業務之淨現金流 動貢獻15,530,000港元、投資業務 貢獻1,115,000港元及融資業務支出 8,467,000港元。

During the year ended 31st December, 2007, the manufacture and sale of cement, clinker and slag powder operations contributed HK$15,530,000 to the Group’s net operation cash flows, contributed HK$1,115,000 in respect of investing activities and paid HK$8,467,000 in respect of financing activities.

~~144~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

17. 股息 17. DIVIDEND

於年度內確認分派之股息： 已付股息為每股10港仙 （二零零七：2.5港仙） Dividend recognised as distribution during the year: Dividend paid of HK10 cents (2007: HK2.5 cents) per share 建議末期股息為每股3港仙 （二零零七年：10港仙） Proposed final dividend of HK3 cents (2007: HK10 cents) per share	2008 2007 千港元 千港元 HK$’000 HK$’000
	151,106 28,232
	___ 45,203 151,112

---

於截至二零零八年十二月三十 During the year ended 31st December, 2008, scrip alternative was offered in 一日止年度，二零零七年末期 respect of 2007 final dividend. The scrip dividend alternative of HK$89,598,000 was 股息按以股代息方式派發。本 accepted by certain shareholders of the Company. The remaining dividend has been 公司若干股東接受以股代息的 distributed in form of cash. 方式收取89,598,000港元之股 息。其餘之股息已以現金方式 派發。

董事會建議派發末期股息每股 3港仙（二零零七年：每股10港 仙）。惟末期股息須待本公司股 東於本公司應屆股東週年大會 上批准。

The final dividend of HK3 cents (2007: HK10 cents) per share has been proposed by the Board of Directors and is subject to approval by the shareholders of the Company at the forthcoming annual general meeting of the Company.

~~145~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

18. 每股盈利

18. EARNINGS PER SHARE

本公司普通股股東應佔之每股 基本及攤薄盈利乃按以下各項 計算：

The calculation of the basic and diluted earnings per share attributable to the ordinary equity holders of the Company is based on the following:

來自持續及已終止經營 業務之盈利 Earnings from continuing and discontinued operations 用以計算每股基本盈利之溢利 （本公司股東應佔本年度溢利） Earnings for the purposes of basic earnings per share (profit for the year attributable to equity holders of the Company) 潛在攤薄普通股之影響： 根據每股攤薄盈利調整 應佔附屬公司業績 Effect of dilutive potential ordinary shares: Adjustment to the share of result of a subsidiary based on dilution of its earnings per share 用以計算每股攤薄盈利 之溢利 Earnings for the purposes of diluted earnings per share 來自持續經營業務之盈利 Earnings from continuing operations 用以計算每股基本盈利之溢利 （本公司股東應佔 本年度溢利） Earnings for the purposes of basic earnings per share (profit for the year attributable to equity holders of the Company) 潛在攤薄普通股之影響： 根據每股攤薄盈利調整 應佔附屬公司業績 Effect of dilutive potential ordinary shares: Adjustment to the share of result of a subsidiary based on dilution of its earnings per share 用以計算每股攤薄盈利 之溢利 Earnings for the purposes of diluted earnings per share 股數 Number of shares 用以計算每股基本及攤薄盈利之 普通股加權平均數 Weighted average number of ordinary shares for the purpose of basic and diluted earnings per share	2008 2007 千港元 千港元 HK$’000 HK$’000
	711,087 702,976 – (1)
	___ 711,087 702,975
	___ 711,087 565,136 – (1)
	___ 711,087 565,135
	___ 千股 千股 ’000 ’000 1,513,694 1,288,725
	___

~~146~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

18. 每股盈利 （續）

18. EARNINGS PER SHARE (CoNtiNueD)

用以計算截至二零零八年十二月三十一日 止年度之每股攤薄盈利並未考慮本公司尚 餘認股權證之行使，因該認股權證之行使 價高於市場每股之平均價格。用以計算截 至二零零七年十二月三十一日止年度之每 股攤薄盈利並未有考慮認股權證轉換成普 通股之因素，因相關調整會增加每股盈 利。

The computation of diluted earnings per share for the year ended 31st December, 2008 does not assume the exercise of the Company’s outstanding warrants as the exercise price was higher than the average market price per share. The computation of diluted earnings per share for the year ended 31st December, 2007 had not taken into account the exercise of warrants to ordinary shares as it would result in an increase in earnings per share.

用以計算每股基本盈利之截至二零零七年 十二月三十一日止年度之普通股加權平均 數已就截至二零零七年十二月三十一日年 度內之公開發售股份而按每持有五股股份 可獲配發一股發售股份之基準向合資格股 東進行公開發售及按每股發售股份發行一 份認股權證作出調整（「公開發售」）。

The weighted average number of ordinary shares for the year ended 31st December, 2007 for the purpose of calculation of basic earnings per share has been adjusted for the open offer to qualifying shareholders on the basis of one offer share for every five shares held and issue of one warrant for every one offer share (“Open Offer”) during the year ended 31st December, 2007.

來自已終止經營業務

From discontinued operations

截至二零零七年十二月三十一日止年度， 已終止經營業務之每股基本盈利為每股 10.70港仙及已終止經營業務之每股攤薄 盈利為每股10.70港仙是根據來自已終止 經營業務之截至二零零七年十二月三十一 日止年度溢利137,840,000港元及以上之 每股基本盈利及每股攤薄盈利所用之股數 而計算。

Basic earnings per share for the discontinued operation was HK10.70 cents per share and diluted earnings per share for the discontinued operation was HK10.70 cents per share for the year ended 31st December, 2007, based on the profit for the year from the discontinued operations of HK$137,840,000 and the denominators detailed above for both basic and diluted earnings per share for the year ended 31st December, 2007.

~~147~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

19. 物業、廠房及設備 19. PROPERTY, PLANT AND EQUIPMENT

本集團 THE GROUP 成本值 COST 於二零零七年一月一日 At 1st January, 2007 滙兌調整 Exchange adjustments 購置 Additions 從收購附屬公司時購入 Acquired on acquisition of subsidiaries 出售及註銷 Disposals and write-off 於出售附屬公司時撇除 Eliminated on disposal of subsidiaries 於二零零七年十二月三十一日 At 31st December, 2007 滙兌調整 Exchange adjustments 購置 Additions 分類為待售 Reclassified as held for sale 出售及註銷 Disposals and write-off 於二零零八年十二月三十一日 At 31st December, 2008 折舊 DEPRECIATION 於二零零七年一月一日 At 1st January, 2007 滙兌調整 Exchange adjustments 年度計提 Provided for the year 於出售及註銷時撇除 Eliminated on disposals and write-off 於出售附屬公司時撇除 Eliminated on disposals of subsidiaries 於二零零七年十二月三十一日 At 31st December, 2007 滙兌調整 Exchange adjustments 本年度計提 Provided for the year 分類為待售 Reclassified as held for sale 於出售及註銷時撇除 Eliminated on disposals and write-off 於二零零八年十二月三十一日 At 31st December, 2008 賬面值 CARRYING VALUES 於二零零八年十二月三十一日 At 31st December, 2008 於二零零七年十二月三十一日 At 31st December, 2007	在香港 持有之中期 租約樓宇 Buildings in Hong Kong on medium- term lease 在中國 持有之中期 租約樓宇 Buildings in the PRC on medium- term lease 中期租約之 高爾夫球場 Golf course on medium- term lease 在建工程 Construction in progress 廠房及機器 Plant and machinery 裝修、 傢俬及設備 Leasehold improvements, furniture, fixtures and equipment 汽車 Motor vehicles 總計 Total 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
	413 293,734 101,911 275 410,260 45,646 33,170 885,409 – 10,141 12,044 6 9,217 1,827 1,606 34,841 – 6,386 – 400 236 5,385 3,388 15,795 – – 60,290 – – 254 497 61,041 – (524) – – (1,275) (1,707) (4,536) (8,042) (413) (229,704) – (681) (418,438) (4,076) (8,101) (661,413)
	– 80,033 174,245 – – 47,329 26,024 327,631
	– 4,771 11,088 – – 2,092 1,355 19,306 – – 671 13,148 – 4,204 4,579 22,602 – (33,306) (115,808) – – (27,091) (5,676) (181,881) – – – – – (2,936) (2,514) (5,450)
	– 51,498 70,196 13,148 – 23,598 23,768 182,208
	173 63,380 6,963 – 175,167 29,182 19,732 294,597 – 1,630 1,572 – 3,768 885 845 8,700 9 4,618 4,283 – 6,443 4,046 3,087 22,486 – (16) – – (311) (1,337) (3,532) (5,196) (182) (64,239) – – (185,067) (2,999) (4,265) (256,752)
	– 5,373 12,818 – – 29,777 15,867 63,835
	– 412 986 – – 901 764 3,063 – 2,101 4,995 – – 4,509 3,147 14,752 – (7,136) (15,520) – – (21,567) (4,367) (48,590) – – – – – (2,624) (2,207) (4,831)
	– 750 3,279 – – 10,996 13,204 28,229
	– 50,748 66,917 13,148 – 12,602 10,564 153,979
	– 74,660 161,427 – – 17,552 10,157 263,796

~~148~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度） Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

19.物業、廠房及設備（續）	19. PROPERTY, PLANT AND EQUIPMENT(CoNtiNueD)	19. PROPERTY, PLANT AND EQUIPMENT(CoNtiNueD)	19. PROPERTY, PLANT AND EQUIPMENT(CoNtiNueD)	19. PROPERTY, PLANT AND EQUIPMENT(CoNtiNueD)	19. PROPERTY, PLANT AND EQUIPMENT(CoNtiNueD)	19. PROPERTY, PLANT AND EQUIPMENT(CoNtiNueD)
		裝修、傢俬
		及設備
		Leasehold
		improvements,
		furniture,
		fixtures		汽車
		and		Motor			總計
		equipment		vehicles			Total
		千港元		千港元			千港元
		HK$’000		HK$’000			HK$’000
本公司	THE COMPANY
成本值	COST
於二零零七年一月一日	At 1st January, 2007	15,564		5,424			20,988
購置	Additions	1,128		711			1,839
出售及註銷	Disposals and write-off	(3)		(800)			(803)
於二零零七年十二月三十一日	At 31st December, 2007	16,689		5,335			22,024
滙兌調整	Exchange adjustments	1,062		340			1,402
購置	Additions	1,986		4			1,990
出售及註銷	Disposals and write-off	(64)		–			(64)
於二零零八年十二月三十一日	At 31st December, 2008	19,673		5,679			25,352
折舊	DEPRECIATION
於二零零七年一月一日	At 1st January, 2007	14,415		4,605			19,020
年度計提	Provided for the year	340		279			619
於出售及註銷時撇除	Eliminated on disposals and write-off	(3)		(800)			(803)
於二零零七年十二月三十一日	At 31st December, 2007	14,752		4,084			18,836
滙兌調整	Exchange adjustments	939		260			1,199
本年度計提	Provided for the year	270		410			680
於出售及註銷時撇除	Eliminated on disposals and write-off	(45)		–			(45)
於二零零八年十二月三十一日	At 31st December, 2008	15,916		4,754			20,670
賬面值	CARRYING VALUES
於二零零八年十二月三十一日	At 31st December, 2008	3,757		925			4,682
於二零零七年十二月三十一日	At 31st December, 2007	1,937		1,251			3,188

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天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

20. 投資物業

20. INVESTMENT PROPERTIES

公允價值 FAIR VALUE 於一月一日 At 1st January 滙兌調整 Exchange adjustments 購置 Additions 於竣工時從發展中物業 存貨轉入 Transferred from inventories of properties under development upon completion 從已竣工物業存貨轉入 Transferred from inventories of completed properties 出售 Disposals 確認於收益賬之公允價值 （減少）增加淨額 Net (decrease) increase in fair value recognised in the income statement 於十二月三十一日 At 31st December	本集團 THE GROUP 2008 2007 千港元 千港元 HK$’000 HK$’000	本集團 THE GROUP 2008 2007 千港元 千港元 HK$’000 HK$’000
		3,042,800 210,905 221,097 23,291 319,540 (3,966) 171,533
	3,985,200
	256,963
	63,572
	–
	237,776
	(4,028)
	(187,283)
	4	3,985,200
	4,352,200

本集團投資物業於二零零八年 十二月三十一日及二零零七年 十二月三十一日之公允價值乃 由與本集團無任何關係的獨立 專業評估師－普敦國際評估 有限公司於當日進行估值。普 敦國際評估有限公司擁有合適 的資格。該估值主要基於投資 法，計入現行租金及日後的租 賃回報收入潛力。就目前空置 的物業而言，估值乃按每一個 物業權益的一般租約條款及參 考直接比較法，基於假定合理 市場租金的市值。

The fair value of the Group’s investment properties at 31st December, 2008 and 31st December, 2007 have been arrived at on the basis of a valuation carried out on that date by Norton Appraisals Limited, a firm of independent and qualified professional valuers not connected with the Group. Norton Appraisals Limited have appropriate qualifications. The valuation was principally based on investment approach by taking into account the current rents passing and the reversionary income potential of tenancies. For the properties which are currently vacant, the valuation was based on each of the property interests by capitalisation of the hypothetical and reasonable market rents with a typical lease term and also make reference to the direct comparison approach.

所有投資物業位於中國，並按 其租約分析如下：

Investment properties are all located in the PRC and comprise properties held under:

長期租約 中期租約

Long lease Medium-term lease	本集團 THE GROUP 2008 2007 千港元 千港元 HK$’000 HK$’000
	1,252,600 1,118,400 3,099,600 2,866,800
	4,352,200 3,985,200

~~150~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

21. 待發展物業

21. PROPERTIES FOR DEVELOPMENT

於中國之物業，按成本值 PROPERTIES IN THE PRC, AT COST 於一月一日結存 Balance at 1st January 滙兌調整 Exchange adjustments 購置 Additions 收購附屬公司時購入 Acquired on acquisition of subsidiaries 轉撥至發展中 物業存貨 Transferred to inventories of properties under development 分類為待售 Reclassified as held for sale 於出售附屬公司時撇除 Elimination on disposal of subsidiaries 於十二月三十一日結存 Balance at 31st December 攤銷及減值 AMORTISATION AND IMPAIRMENT 於一月一日結存 Balance at 1st January 滙兌調整 Exchange adjustments 本年度攤銷 Amortisation for the year 本年度確認之減值虧損（附註） Impairment loss recognised for the year_(note)_ 轉撥至發展中 物業存貨 Transferred to inventories of properties under development 分類為待售 Reclassified as held for sale 於出售附屬公司時撇除 Elimination on disposal of subsidiaries 於十二月三十一日結存 Balance at 31st December 賬面值 CARRYING VALUES 本集團待發展物業包括： The Group’s properties for development comprise: 於中國之租賃土地 Leasehold land in the PRC 長期租約 Long lease 中期組約 Medium-term lease

本集團 THE GROUP 2008 2007 千港元 千港元 HK$’000 HK$’000 2,825,078 1,511,779 74,714 70,193 986,252 259,975 – 1,350,174 (34,114) (283,947) (194,607) – – (83,096) 3,657,323 2,825,078 233,041 96,528 5,770 5,284 45,645 38,205 – 118,044 (204) (8,858) (15,473) – – (16,162) 268,779 268,779 233,041 3,388,544 2,592,037 2,970,616 2,283,010 417,928 309,027 3,388,544 2,592,037

附註：

Note:

於截至二零零七年十二月三十一 日止年度，董事對一項待發展物 業進行了減值檢討，並決定該待 發展物業已完全減值。其減值是 由於土地開發嚴重延誤。因此， 118,044,000港元之減值虧損已確 認。

During the year ended 31st December, 2007, the directors conducted an impairment review of a property for development and determined that the property was fully impaired. This was because of severe delay in the development progress of the land site. Accordingly, an impairment loss of HK$118,044,000 has been recognised.

~~151~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

22. 土地使用權預付租賃款項 22. PREPAID LEASE PAYMENTS ON LAND USE RIGHTS

		本集團	本集團
		THE GROUP
		2008			2007
		千港元			千港元
		HK$’000		HK$’000
本集團土地使用權	The Group’s prepaid lease payments on
預付租賃款項包括：	land use rights comprise:
於中國之租賃土地	Leasehold land in the PRC
長期租約	Long lease	50,992			48,743
中期租約	Medium-term lease	3,884			20,086
		54,876			68,829
就報告而作出之分析如下：	Analysed for reporting purposes as:
非流動資產	Non-current asset	53,980			67,392
流動資產	Current asset	896			1,437
		54,876			68,829
23.於附屬公司之權益	23. INTERESTS IN SUBSIDIARIES
		本公司
		THE COMPANY
		2008			2007
		千港元			千港元
		HK$’000		HK$’000
非上市投資	Unlisted investments	3,499,328		3,211,442
附屬公司欠款	Amounts due from subsidiaries	–		2,020,721
減：累計減值	_Less:_accumulated impairment	(40,912)		(83,213)
		3,458,416		5,148,950

主要附屬公司於二零零八年十二月三十一日 之資料詳載於附註51。關於於二零零七年十 二月三十一日之附屬公司欠款，附屬公司將 不會於二零零七年十二月三十一日後十二個 月內償還欠款，故列作非流動金額。該附屬 公司欠款於二零零七年十二月三十一日是無 抵押及免息的。

Details of the principal subsidiaries at 31st December, 2008 are set out in note 51. In relation to amounts due from subsidiaries as at 31st December, 2007, the subsidiaries were not expected to repay the advances within twelve months from 31st December, 2007 and accordingly the balances were classified as non-current. The amounts due from subsidiaries as at 31st December, 2007 were unsecured and interest-free.

~~152~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

24. 於聯營公司之權益

24. INTERESTS IN ASSOCIATES

• 於非上市聯營公司投資 之成本

• 應佔收購後之損益 及儲備減已收 股息

• 聯營公司欠款 減：累計減值

Cost of investment in unlisted associates Share of post-acquisition profits and losses and reserves, net of dividends received Amounts due from associates _Less:_accumulated impairment	本集團 THE GROUP 2008 2007 千港元 千港元 HK$’000 HK$’000	本集團 THE GROUP 2008 2007 千港元 千港元 HK$’000 HK$’000
		27,169 209,952 5,781 (199)
	25,183
	227,286
	2,476
	–
		242,703
	254,945

附註：

Notes:

• (a) 主要聯營公司於二零零八年十二月三十一 日之資料詳載於附註52。聯營公司將不會 於結算日後十二個月內償還欠款，故列作 非流動金額。該金額是無抵押及免息的。

(a) Details of the principal associates at 31st December, 2008 are set out in note 52. The associates are not expected to repay the advances within twelve months from the balance sheet date and the balances are classified as non-current. The amounts are unsecured and interestfree.

• (b) 於聯營公司投資之成本包括於過往年度收 購聯營公司所產生之商譽674,000港元（二 零零七年：674,000港元）。

(b) Included in the cost of investment in associates is goodwill of HK$674,000 (2007: HK$674,000) arising on acquisitions of associates in prior years.

本集團聯營公司之財務資料概要呈列如下：

The summarised financial information in respect of the Group’s associates is set out below:

資產總額 負債總額 少數股東權益 資產淨值 收入 本年度溢利

Total assets Total liabilities Minority interests Net assets Revenue Profit for the year	2008 千港元 HK$’000	2007 千港元 HK$’000
		1,102,202 (158,376) (150,232)
	1,183,315
	(179,364)
	(160,533)
		793,594
	843,418
		81,196
	100,857
		126,192
	69,528

~~153~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

25. 於共同控制公司之權益 25. INTERESTS IN JOINTLY CONTROLLED ENTITIES

					本集團	本集團
					THE GROUP
					2008		2007
					千港元		千港元
					HK$’000		HK$’000
於非上市共同控制公司			Cost of investment in unlisted jointly
投資之成本（附註a）			controlled entities_(note a)_		455,941		623,626
應佔收購後之損益及			Share	of post-acquisition profits and
儲備減已收			losses and reserves, net of dividends
	股息		received		247,631		320,082
共同控制公司			Amounts due from jointly controlled
	欠款（附註b）		entities_(note b)_		56,534		77,149
減：呆壞賬準備			_Less:_allowance for doubtful debts		(38,607)		(38,607)
					721,499		982,250
					本公司
					THE COMPANY
					2008		2007
					千港元		千港元
					HK$’000		HK$’000
於非上市共同控制			Cost of investment in unlisted jointly
公司投資之成本			controlled entities		10,339		153,122
共同控制公司			Amounts due from jointly controlled
欠款（附註b）			entities_(note b)_		–		18,529
					10,339		171,651
附註：			Notes:
(a)		於共同控制公司投資之成本包括於過往年	(a)	Included in the cost of investment	of jointly controlled		entities is
		度收購共同控制公司所產生之商譽409,000		goodwill of HK$409,000 (2007: HK$409,000) arising		on acquisitions
		港元（二零零七年：409,000港元）。		of jointly controlled entities in prior years.
(b)		主要共同控制公司於二零零八年十二月三	(b)	Details of the principal jointly controlled entities at 31st December, 2008
		十一日之資料詳載於附註53。共同控制		are set out in note 53. The jointly controlled entities are not expected
		公司將不會於結算日後十二個月內償還欠		to repay the advances within twelve	months from the balance sheet
		款，故列作非流動金額。該金額是無抵押		date and the balances are classified as non-current. The amounts are
		及免息的。		unsecured and interest-free.

• (b) 主要共同控制公司於二零零八年十二月三 十一日之資料詳載於附註53。共同控制 公司將不會於結算日後十二個月內償還欠 款，故列作非流動金額。該金額是無抵押 及免息的。

~~154~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度） Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

25. 於共同控制公司之權益 （續）

25. INTERESTS IN JOINTLY CONTROLLED ENTITIES (CoNtiNueD)

本集團共同控制公司之財務資料概要呈列 如下：

The summarised financial information in respect of the Group’s jointly controlled entities is set out below:

資產總額 負債總額 少數股東權益 資產淨值 收入 本年度溢利

Total assets Total liabilities Minority interests Net assets Revenue Profit for the year	2008 2007 千港元 千港元 HK$’000 HK$’000
	4,271,447 4,970,112 (2,910,583) (3,174,173) (18,636) (10,761)
	1,342,228 1,785,178
	1,212,750 839,367
	444,392 230,107

26. 可供出售投資

26. AVAILABLE-FOR-SALE INVESTMENTS

26. AVAILABLE-FOR-SALE IN 26.可供出售投資	VESTMENTS
於香港以外上巿之 股本證券 Equity securities listed outside Hong Kong 非上市股本證券 Unlisted equity securities	本集團 THE GROUP 2008 2007 千港元 千港元 HK$’000 HK$’000
	17,501 40,156 82 189
	17,583 40,345

於香港以外地方上市之股本證券以公允價值 計量。該等投資之公允價值乃根據有關交易 所所報之市場買入報價釐定。

Equity securities listed outside Hong Kong are stated at fair value which is determined based on the quoted market bid price available on the relevant exchanges.

非上市股本證券指投資於中國成立之公司所 發行之非上市股本證券。本集團之非上市股 本證券於結算日之公允價值是按結算日流行 之市場利率折現其估計可收回之股息而計算 出來之現值，該公允價值與投資之賬面值相 若。

Unlisted equity securities represent investments in unlisted equity securities issued by the entities established in the PRC. The fair value of the Group’s unlisted equity securities at the balance sheet date, determined based on the present value of the estimated dividend recovered discounted using the prevailing market rate at the balance sheet date, approximates the carrying amount of the investments.

~~155~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

27. 商譽及商譽減值測試

27. GOODWILL AND IMPAIRMENT TESTING ON GOODWILL

按附註6所述，於報告分部資料時，本集團 以業務分部作為基本分部。於進行減值測試 時，商譽被分配至一個獨立產生現金單位， 其中包括一分部為物業發展之附屬公司。於 二零零八年十二月三十一日之商譽賬面值分 配至下列單位：

As explained in note 6, the Group uses business segment as its primary segment for reporting segment information. For the purpose of impairment testing, goodwill has been allocated to a individual cash-generating unit (“CGU”), including a subsidiary in property development segment. The carrying amount of goodwill as at 31st December, 2008 allocated is as follows:

物業發展

Property development	本集團 THE GROUP 2008 2007 千港元 千港元 HK$’000 HK$’000
	640 640

於截至二零零八年十二月三十一日止年度 內，本集團管理層認定包含商譽之產生現金 單位並未發生減值之情況。

During the year ended 31st December, 2008, management of the Group determines that there is no impairment of its CGU that contains goodwill.

28. 共同控制公司欠款

28. AMOUNTS DUE FROM JOINTLY CONTROLLED ENTITIES

共同控制公司欠款62,165,000港元（二零零七 年：102,244,000港元）是無抵押、免息及於 需要時償還。餘下的110,227,000港元（二零 零七年：90,812,000港元）是無抵押、年利率 為人民幣基準利率上浮20%（二零零七年：人 民幣基準利率上浮20%）及於二零零九年一月 至十二月償還。

Amounts due from jointly controlled entities of HK$62,165,000 (2007: HK$102,244,000) are unsecured, interest-free and repayable on demand. The remaining of HK$110,227,000 (2007: HK$90,812,000) is unsecured, interest bearing at RMB benchmark interest rates floating upward 20% (2007: RMB benchmark interest rates floating upward 20%) per annum and repayable between January and December 2009.

~~156~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

29. 少數股東欠款

29. AMOUNTS DUE FROM MINORITY SHAREHOLDERS

少數股東欠款是無抵押、免息及於需要時償 還。

Amounts due from minority shareholders are unsecured, interest-free and repayable on demand.

30. 應收貸款

30. LOANS RECEIVABLE

於二零零八年十二月三十一日，應收貸款 65,650,000港元（二零零七年：40,650,000 港元）為有抵押借款，年利率為20%至24% （二零零七年：20%），於二零零九年五月至 七月償還。應收貸款65,000,000港元（二零零 七年：無）為無抵押貸款，年利率為8%，於 二零零九年四月償還。應收貸款35,000,000 港元（二零零七年：無）為有抵押貸款，年利 息為最優惠利率加1厘，於二零零九年十二月 償還。

At 31st December, 2008, loans receivable of HK$65,650,000 (2007: HK$40,650,000) bear interests ranging from 20% to 24% (2007: 20%) per annum, are secured and repayable between May and July 2009. Loans receivable of HK$65,000,000 (2007: nil) bear interest at 8% per annum, are unsecured and repayable in April 2009. Loans receivable of HK$35,000,000 (2007: nil) bear interest at prime rate plus 1% per annum, are secured and repayable in December 2009.

於二零零七年十二月三十一日，應收貸款 12,689,000港元為無抵押貸款，年利率為最 優惠利率加1厘及已於二零零八年償還。應收 貸款26,709,000港元為無抵押貸款，月利率 為2.5%及已於二零零八年償還。

At 31st December, 2007, loans receivable of HK$12,689,000 bore interest at prime rate plus 1% per annum, are unsecured and repaid in 2008. Loans receivable of HK$26,709,000 bore interest at 2.5% per month was unsecured and repaid in 2008.

~~157~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

31. 應收分期付款

31. INSTALMENTS RECEIVABLE

於二零零七年十二月三十一日，應收分期付 款74,642,000港元乃以前年度出售待發展物 業時產生，此款為免息及按該物業之開發和 銷售進度償還。除出售代價外，本集團亦應 佔該項目之部份溢利。於二零零八年十二月 三十一日，應收分期付款83,239,000港元分 類為待售（附註34）。

At 31st December, 2007, instalments receivable arising from sale of property for development in prior years of HK$74,642,000 is interest free and repayable based on the progress of development and sale of a property project. In addition to the consideration, the Group is entitled to share part of the profit from this project. At 31st December, 2008, this instalments receivable of HK$83,239,000 was reclassified as held for sale (note 34).

32. 貿易應收賬款

32. TRADE RECEIVABLES

應收租戶之租金乃於發出發票時到期支付。 本集團一般給予物業買家及其他客戶之信用 期限為三十日至一百二十日。於結算日，貿 易應收賬款之賬齡分析如下：

Rental receivable from tenants are payable on presentation of invoices. The Group generally allows a credit period of 30 to 120 days to property purchasers and other customers. The following is an aged analysis of trade receivables at the balance sheet date:

未到期 Not yet due 逾期三個月內 Overdue within 3 months 逾期四至六個月 Overdue between 4 and 6 months 逾期七至十二個月 Overdue between 7 and 12 months 逾期超過十二個月 Overdue over 12 months	本集團 THE GROUP 2008 2007 千港元 千港元 HK$’000 HK$’000
	30,992 46,831 3,891 16,663 1,811 5,722 288 3,198 3 241
	36,985 72,655

~~158~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

33. 持作買賣投資

33. HELD-FOR-TRADING INVESTMENTS

於香港以外上市之 股本證券 Equity securities listed outside Hong Kong 非上市股本證券 Unlisted equity securities 非上市債務證劵 Unlisted debt securities	本集團 THE GROUP 2008 2007 千港元 千港元 HK$’000 HK$’000
	14,850 34,857 2,403 2,403 5,260 4,871
	22,513 42,131

於香港以外上市之股本證券以公允價值計 量。該等投資之公允價值乃根據有關交易所 所報之市場買入報價釐定。

Equity securities listed outside Hong Kong are stated at fair value which is determined based on the quoted market bid price available on the relevant exchanges.

非上市股本證券指投資於中國成立之公司所 發行之非上市股本證券。本集團之非上市證 券於結算日之公允價值是按結算日流行之市 場利率折現其估計可收回之利息或股息而計 算出來之現值，該公允價值與投資之賬面值 相若。

Unlisted equity securities represent investments in unlisted equity securities issued by the entities established in the PRC. The fair value of the Group’s unlisted securities at the balance sheet date is determined based on the present value of the estimated interest or dividend recovered discounted using the prevailing market rate at the balance sheet date, approximates to the carrying amount of the investments.

非上市債務證券指投資於中國成立之銀行所 發行之非上市債務證券。

Unlisted debt securities represent investments in unlisted debt securities issued by the bank in the PRC.

~~159~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

34. 分類為待售之資產及負債

34. ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE

於二零零七年十二月三日及二零零八年七月 八日，本集團與關連公司訂立兩份分開的買 賣協議，而該擬出售附屬公司之一位董事為 該關連公司之實益擁有者。根據買賣協議， 本集團同意出售兩間附屬公司，一間附屬公 司經營高爾夫球場營運及物業發展，而另外 一間經營住宅物業發展。

On 3rd December, 2007 and 8th July, 2008, the Group entered into two separate sale and purchase agreements with related companies, of which a director of those subsidiaries to be disposed of is a beneficial owner. Pursuant to the sale and purchase agreements, the Group agreed to sell two subsidiaries, one of which is engaged in golf course and property development and another subsidiary is engaged in residential property development operations.

在二零零八年一月三十日及二零零八年九月 五日，該等買賣協議之普通決議已分別於股 東特別大會上取得本公司股東批准。根據 該等買賣協議，完成買賣兩間附屬公司的日 期，分別不能遲於二零零八年十二月七日及 二零零八年十二月三十一日。於年內，為了 取得代價餘款的融資，關連公司要求延長交 易完成的日期。本集團正在商議延長代價餘 款之到期日及完成交易的日期的補充協議。 本集團仍然依照計劃出售兩間附屬公司。

On 30th January, 2008 and 5th September, 2008, the respective ordinary resolutions for approving the sale and purchase agreements were duly passed by the shareholders of the Company at respective extraordinary general meetings. Pursuant to the sale and purchase agreements, the completion dates of sale and purchase of the two subsidiaries shall not be later than 7th December, 2008 and 31st December, 2008 respectively. During the year, the related companies requested to extend the completion dates in order to obtain financing for the payment of the balances of the considerations. The Group is in the process of negotiating supplemental agreements to extend the payment due dates for the balances payable as consideration and the completion dates. The Group remains committed to its plan to sell the two subsidiaries.

該兩間附屬公司之資產及負債於二零零八年 十二月三十一日分類為待出售之處理組（見下 文）。其經營業務於分部報表中被包括在本集 團其他經營業務（見附註6）。該附屬公司出售 之收入預期超出其相關資產及負債之淨賬面 值；因此，該經營業務分類為待出售經營業 務無須作減值虧損確認。本集團已收到不能 退回的按金117,045,000港元（包含於貿易及 其他應付賬款內）。

The assets and liabilities attributable to the two subsidiaries have been classified as disposal group held for sale as at 31st December, 2008 (see below). The operations are included in the Group’s other operations for segment reporting purposes (see note 6). The proceeds of disposal are expected to exceed the net carrying amount of the relevant assets and liabilities and, accordingly, no impairment loss has been recognised on the classification of these operations as held for sale. The Group has already received HK$117,045,000 as a nonrefundable deposits included in trade and other payables.

~~160~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

34. 分類為待售之資產及負債 （續）

34. ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE (CoNtiNueD)

被分類為待售之被處理組之主要資產及負債 組成如下︰

The major classes of assets and liabilities comprising the disposal group classified as held for sale are as follows:

物業、廠房及設備 待發展物業 土地使用權預付租賃款項 貿易及其他應收賬款、按金 及預付款 應收分期付款 銀行結存及現金 其他資產 分類為待售之資產

貿易及其他應付賬款 預售樓宇按金 稅項負債 附息借款 免息借款 會籍債券 遞延稅項負債

分類為待售之資產 相關的負債

Property, plant and equipment Properties for development Prepaid lease payments on land use rights Trade and other receivables, deposits and prepayments Instalments receivable Bank balances and cash Other assets Assets classified as held for sale Trade and other payables Pre-sale deposits Tax liabilities Interest-bearing borrowings Interest-free borrowings Membership debentures Deferred tax liabilities Liabilities associated with assets classified as held for sale	本集團 THE GROUP 2008 千港元 HK$’000
	133,291
	179,134
	16,701
	24,155
	83,239
	3,816
	5,565
	445,901
	27,357
	21,455
	9,884
	19,012
	5,988
	38,140
	56,865
	178,701

~~161~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

35. 貿易應付賬款

35. TRADE PAYABLES

於結算日，貿易應付賬款（包括 The following is an aged analysis of trade payables, which are included in trade and 在貿易及其他應付賬款內）之賬 other payables, at the balance sheet date: 齡分析如下：

未到期 Not yet due 逾期三個月內 Overdue within 3 months 逾期四至六個月 Overdue between 4 and 6 months 逾期七至十二個月 Overdue between 7 and 12 months 逾期超過十二個月 Overdue over 12 months 36. SHARE CAPITAL 法定： Authorised: 於二零零七年十二月三十一日及 Ordinary shares of HK$0.20 each at 二零零八年十二月三十一日 每股面值0.20港元之普通股股份 31st December, 2007 and 31st December, 2008 已發行及繳足： issued and fully paid: 於二零零七年一月一日 At 1st January, 2007 進行配售事項及認購事項 而發行之股份 Shares issued under the placing and subscription 進行公開發售而發行之股份 Shares issued under Open Offer 於二零零七年十二月三十一日 At 31st December, 2007 行使認股權證而發行之股份 Shares issued on exercise of warrants 以股代息而發行之股份 Share issued for scrip dividend 股份購回及註銷 Shares repurchased and cancelled 於二零零八年十二月三十一日 At 31st December, 2008 36.股本	本集團 THE GROUP 2008 2007 千港元 千港元 HK$’000 HK$’000 145,702 273,318 45,949 5,295 – 215 2 15,514 283,338 224,668 474,991 519,010 本集團及本公司 THE GROUP AND THE COMPANY 普通股股份數目 Number of ordinary shares 面值 Nominal value 千港元 HK$’000	本集團 THE GROUP 2008 2007 千港元 千港元 HK$’000 HK$’000	本集團 THE GROUP 2008 2007 千港元 千港元 HK$’000 HK$’000
			273,318 5,295 215 15,514 224,668
		145,702
		45,949
		–
		2
		283,338
			519,010
		474,991
	2,000,000,000 400,000
	1,129,269,918 225,854 130,000,000 26,000 251,853,983 50,371
	1,511,123,901 302,225 9,238 2 15,555,176 3,111 (19,937,000) (3,988)
	1,506,751,315 301,350

~~162~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

36. 股本 （續）

36. SHARE CAPITAL (CoNtiNueD)

普通股

Ordinary shares

根據於二零零七年十月二十六日與獨立機構 投資者所訂立之認購協議，獨立機構投資者 按每股股份9.10港元之價格，認購本公司 130,000,000股每股面值0.20港元之新股份。 認購事項所得款項用作為增加國內土地儲備 及本集團一般營運資金。該等新股份乃按本 公司於二零零七年五月十八日之股東週年大 會上向本公司董事授予之一般授權而發行， 並在各方面與其他已發行股份享有同等權益。

Pursuant to a subscription agreement dated 26th October, 2007 made between independent corporate investors and the Company, independent corporate investors subscribed for 130,000,000 new shares of HK$0.20 each in the Company at a price of HK$9.10 per share. The proceeds were used to expand the landbank in PRC and to provide general working capital for the Group. These new shares were issued under the general mandate granted to the directors of the Company at the annual general meeting of the Company held on 18th May, 2007 and rank pari passu with other shares in issue in all respects.

根據二零零七年十二月六日本公司舉行之股 東特別大會所通過之普通決議案，本公司獲 批准透過向合資格股東按每股股份6.00港元 之認購價進行公開發售251,853,983股新股 份，基準為於二零零七年十二月六日當日每 持有五股股份可獲配發一股新股份，同時按 成功認購每股新股份發行一份新認股權證， 詳情見附註40。新股份在各方面與其他已發 行股份享有同等權益。於二零零七年十二月 二十七日，公開發售成為無條件而本公司發 行合共251,853,983股每股面值0.20港元新股 份及251,853,983份新認股權證。

Pursuant to an ordinary resolution passed at the Extraordinary General Meeting of the Company held on 6th December, 2007, the Company was approved to issue 251,853,983 new shares by way of the Open Offer to the qualifying shareholders at the subscription price of HK$6.00 per share, on the basis of one new share for every five shares held on 6th December, 2007 together with new warrants of the Company in the proportion of one new warrant for every one new share successfully subscribed, as detailed in note 40. The new shares rank pari passu in all respects with the then existing shares. The Open Offer became unconditional on 27th December, 2007 and a total of 251,853,983 new shares of HK$0.20 each together with 251,853,983 new warrants were issued by the Company.

於截至二零零八年十二月三十一日止年度 內，認股權證持有人以現金按每股10港元行 使認股權證，因此本公司發行9,238股每股面 值0.20港元之股份。該等新股份在各方面與 其他已發行股份享有同等權益。

During the year ended 31st December, 2008, 9,238 shares of HK$0.2 each were issued at HK$10 for cash as a result of the exercise of warrants by warrant holders. The new shares rank pari passu with other shares in issue in all respects.

於截至二零零八年十二月三十一日止年度， 本公司根據二零零八年五月二十三日公佈的 以股代息計劃，以每股5.76港元之價格，發 行了15,555,176股每股面值0.20港元之股份 予本公司股東選擇以股代息收取截至二零零 七年十二月三十一日止年度之末期股息。

During the year ended 31st December, 2008, 15,555,176 shares of HK$0.20 each in the Company were issued at HK$5.76 per share to the shareholders of the Company who elected to receive scrip shares in lieu of cash, for the final dividend for the year ended 31st December, 2007 pursuant to the scrip dividend scheme announced by the Company on 23rd May, 2008.

於截至二零零八年十二月三十一日止年度 內，本公司以每股2.54港元之平均價於聯交 所購回及註銷19,937,000股股份，代價約為 50,997,000港元（包括費用）。

During the year ended 31st December, 2008, the Company repurchased and cancelled a total of 19,937,000 shares at an average price of HK$2.54 per share on the Stock Exchange at a consideration of approximately HK$50,997,000 (inclusive of expenses).

公司購回本身之股本權益工具會直接於權益 確認及扣除。關於購買、出售、發行或註銷 公司本身之股本權益工具，沒有盈利或虧損 須在收益賬內入賬。

Repurchase of the Company’s own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Company’s own equity instruments.

~~163~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

36. 股本 （續）

36. SHARE CAPITAL (CoNtiNueD)

本公司之購股權計劃

Share Option Scheme of the Company

本公司之股東於一九九九年一月二十七日通 過決議案採納購股權計劃（「計劃」），主要為 合資格僱員（包括執行董事）提供獎勵，而該 計劃於二零零九年一月二十六日屆滿。根據 該計劃，本公司之董事會可向合資格僱員（包 括本公司及附屬公司之董事）授出可認購本公 司股份之購股權。

The Company’s share option scheme (the “Scheme”) was adopted pursuant to a resolution passed by the Company’s shareholders on 27th January, 1999 for the primary purpose of providing incentives to eligible employees (including executive directors), and expired on 26th January, 2009. Under the Scheme, the Board of Directors of the Company may grant options to eligible employees, including directors of the Company and its subsidiaries, to subscribe for shares in the Company.

根據該計劃授出之購股權可認購股份總數不 得超過授予當日本公司已發行股份之10%（惟 根據計劃授出之購股權獲行使而發行之任何 股份除外）。而根據計劃向任何合資格僱員授 出之購股權可認購之股份不得超過當時本公 司已發行及可予發行之股份總數之25%。

The maximum number of shares in respect of which options may be granted under the Scheme is not permitted to exceed 10% of the shares of the Company in issue at the date of grant excluding any shares issued pursuant to the Scheme. The number of shares in respect of which options may be granted to any eligible employee is not permitted to exceed 25% of the total number of shares of the Company issued and issuable under the Scheme.

承授人須支付10港元，作為獲授購股權之代 價。承授人須於持有購股權最少六個月後方 可行使。於兩年行使期間（由授予日起六個月 後開始）之第一個至第六個月內，最高可行 使50%購股權，其餘50%購股權，則可於兩 年行使期間內之第十三至第二十四個月內行 使。倘於第一個至第六個月期間，行使少於 50%購股權，這些尚未行使之購股權，可結 轉至第十三至第二十四個月行使。

A consideration of HK$10 is payable on the grant of an option. Options granted must be held for a minimum period of six months before they can be exercised. A maximum of 50% of the options may be exercised during the first to sixth month of the 2-year exercisable period (commencing on the expiry of six months after the date of grant) and the remaining 50% are exercisable during the thirteenth to twenty-fourth month of the 2-year period. If no option or less than 50% of the options are exercised during the first to sixth month, these unexercised options can be carried forward to the thirteenth to twenty-fourth month.

行使價由本公司董事釐定，惟將不少於本公 司股份之面值或於緊接購股權授出之日前 五個營業日股份在聯交所之平均收市價之 80%，以較高者為準。

The exercise price is determined by the directors of the Company, and will not be less than the higher of the nominal value of the Company’s share or 80% of the average closing price of the shares on the Stock Exchange for the five business days immediately preceding the date of the grant.

於截至二零零八年及二零零七年十二月三十 一日止年度內，並無授出購股權，亦無購股 權被行使。

No options were granted nor were exercised during the year ended 31st December, 2008 and 2007.

~~164~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

37. 儲備

37. RESERVES

本集團

THE GROUP

其他儲備為因收購附屬公司額 外權益所產生之物業公允價值 調整。

Other reserves comprise the fair value adjustment on properties arising from acquisition of additional interests in subsidiaries.

在中國成立之附屬公司，聯營 公司及合營企業，其可滙出中 國境外之累計溢利需由該地區 機關批准，並視乎該等公司所 賺取及保留之外幣數目而定。

The remittance outside of the PRC of accumulated profits of the subsidiaries, associates and joint ventures established in the PRC is subject to approval of the local authorities and the availability of foreign currencies generated and retained by these companies.

重估儲備

Revaluation reserves

於二零零七年一月一日 At 1st January, 2007 可供出售投資公允 價值之增加 Increase in fair value of available-for-sale investments 因物業重估而產生之遞延稅項 負債對稅率變動 之影響 Effect of change in tax rate of deferred tax liabilities arising on revaluation of properties 於二零零七年十二月三十一日 At 31st December, 2007 可供出售投資公允 價值之減少 Decrease in fair value of available-for-sale investments 於二零零八年十二月三十一日 At 31st December, 2008	物業 重估儲備 Property revaluation reserve 投資 重估儲備 Investment revaluation reserve 總計 Total 千港元 千港元 千港元 HK$’000 HK$’000 HK$’000 3,519 (749) 2,770 – 36,813 36,813 95 – 95 3,614 36,064 39,678 – (25,328) (25,328) 3,614 10,736 14,350

~~165~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

37. 儲備 （續） 37. RESERVES (CoNtiNueD)

本公司

THE COMPANY

於二零零七年一月一日 發行股份 發行股份費用 股東應佔溢利 股息分配 於二零零七年十二月三十一日 換算所產生之滙兌差異 行使認股權證而發行之股份 以股代息而發行之股份 股份回購及註銷 股東應佔溢利 股息分配 於二零零八年十二月三十一日

At 1st January, 2007 Issue of shares Share issue expenses Profit attributable to equity holders Dividend recognised as distribution At 31st December, 2007 Exchange difference arising on translation Issue of shares on exercise of warrants Issue of shares for scrip dividend Share repurchased and cancelled Profit attributable to equity holders Dividend recognised as distribution At 31st December, 2008	股本溢價 Share premium account 特殊 資本儲備 Special capital reserve 資本贖回 儲備 Capital redemption reserve 滙兌浮動 儲備 Exchange translation reserve 累計溢利 Accumulated profits 總計 Total 千港元 千港元 千港元 千港元 千港元 千港元 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
	1,391,958 1,417,669 130,691 – 2,246,700 5,187,018 1,915,902 – – – – 1,915,902 (41,864) – – – – (41,864) – – – – 215,562 215,562 – – – – (28,232) (28,232)
	3,265,996 1,417,669 130,691 – 2,434,030 7,248,386 – – – 558,239 – 558,239 120 – – – – 120 86,487 – – – – 86,487 – – 3,988 – (50,997) (47,009) – – – – 2,480,835 2,480,835 – – – – (151,106) (151,106)
	3,352,603 1,417,669 134,679 558,239 4,712,762 10,175,952

於二零零八年十二月三十 一日，本公司可分派予 股東之儲備為累計溢利 4,712,762,000港元（二零零 七年：2,434,030,000港元）。 香港特別行政區高等法院於二 零零四年批准本公司削減股份 面值時規定，就因削減股份面 值而產生之進賬撥入特殊資 本儲備，在本公司於二零零 四年三月九日之負債全部清 還前，此儲備不能作為分配 用途。於二零零八年十二月 三十一日，本公司於二零零四 年三月九日已存在之負債中， 仍有16,201,000港元（二零零 七年：94,605,000港元）並未 清還。

The Company’s reserves available for distribution to shareholders as at 31st December, 2008 represent the accumulated profits of HK$4,712,762,000 (2007: HK$2,434,030,000). When sanctioning a reduction in nominal value of the Company’s shares in 2004, the High Court of the Hong Kong Special Administrative Region stipulated that the credit arising on the reduction be transferred to a special capital reserve, and that reserve was not to be regarded as distributable until all of the liabilities of the Company as at the date of the order, 9th March, 2004, were settled. At 31st December, 2008, liabilities of the Company included HK$16,201,000 (2007: HK$94,605,000) in respect of liabilities in existence at 9th March, 2004.

~~166~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

38.附息借款	38. INTEREST-BEARING BORROWINGS	38. INTEREST-BEARING BORROWINGS	38. INTEREST-BEARING BORROWINGS
		本集團		本公司
		THE GROUP		THE COMPANY
		2008	2007	2008		2007
		千港元	千港元	千港元		千港元
		HK$’000	HK$’000	HK$’000		HK$’000
銀行貸款（附註a）	Bank loans_(note a)_	1,743,996	1,577,900	–		–
貸款票據（附註b）	Loan notes_(note b)_	–	78,405	–		78,405
其他借款（附註c）	Other loans_(note c)_	–	42,131	–		–
		1,743,996	1,698,436	–		78,405
有抵押	Secured	1,743,996	1,497,687	–		–
無抵押	Unsecured	–	200,749	–		78,405
		1,743,996	1,698,436	–		78,405
賬面金額按以下償還：	Carrying amount repayable:
應要求下或	On demand or within
一年內	one year	297,618	605,492	–		78,405
多於一年，	More than one year,
但不超過	but not exceeding
兩年	two years	770,844	186,404	–		–
多於兩年，	More than two years,
但不超過	but not exceeding
五年	five years	638,046	841,352	–		–
多於五年	More than five years	37,488	65,188	–		–
減：包括於流動負債	_Less:_Amounts due within	1,743,996	1,698,436	–		78,405
於一年內到期之	one year shown under
金額	current liabilities	(297,618)	(605,492)	–		(78,405)
		1,446,378	1,092,944	–		–

~~167~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

38. 附息借款 （續）

38. INTEREST-BEARING BORROWINGS (CoNtiNueD)

附註：

• (a) 於二零零七年十二月三十一日，一項銀行借款 約13,889,000港元為有抵押借款，按逾期年 利率約10.35%計息，原本需於二零零六年四 月二十八日償還。於截至二零零七年十二月三 十一日止年度內，此項銀行借款乃於年內從收 購一間附屬公司而取得及已於截至二零零八年 十二月三十一日止年度內償還。

• (b) 本公司於截至二零零三年十二月三十一日止年 度內發行總本金為78,405,000港元之貸款票 據作為購回本公司股份之部份代價，按年利率 2.5%計息，及已於截至二零零八年十二月三 十一日止年度內償還。

Notes:

• (a) At 31st December, 2007, a bank loan of approximately HK$13,889,000 carried interest at a default rate of approximately 10.35% per annum was secured and originally repayable on 28th April, 2006. During the year ended 31st December, 2007, this bank loan was acquired through the acquisition of a subsidiary and was repaid during the year ended 31st December, 2008.

• (b) Loan notes with an aggregate principal amount of HK$78,405,000, which were issued by the Company as part of the consideration of the repurchase of shares of the Company during the year ended 31st December, 2003, carry interest at 2.5% per annum and were repaid during the year ended 31st December 2008.

• (c) 於二零零七年十二月三十一日，其他借款 30,600,000港元為無抵押借款及已於截至二 零零八年十二月三十一日止年度內償還。

• (c) At 31st December, 2007, other loans of HK$30,600,000 carried interest at 0.81% per month were unsecured and were repaid during the year ended 31st December, 2008.

本集團定息借款之影響及合約定下之到期日 （或重新定價日）如下：

The exposure of the Group’s fixed-rate borrowings and the contractual maturity dates (or repricing dates) are as follows:

定息借款： Fixed-rate borrowings: 一年內 Within one year 於多於一年， 但不超過兩年 In more than one year but not more than two years 於多於兩年， 但不超過三年 In more than two years but not more than three years 於多於三年， 但不超過四年 In more than three years but not more than four years 於多於五年 In more than five years	2008 2007 千港元 千港元 HK$’000 HK$’000
	198,012 583,674 739,350 98,771 397,727 406,412 – 267,094 – 5,376
	1,335,089 1,361,327

同時，本集團之浮息借款乃按香港銀行同業 In addition, the Group has variable-rate borrowings which carry interest 拆息計算利息，並每三個月重新定價。 at Hong Kong Interbank Offered Rate. Interest is repriced every three months.

~~168~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

38. 附息借款 （續） 38. INTEREST-BEARING BORROWINGS (CoNtiNueD)

本集團借款之實際利率（即合約 定下之利率）範圍如下：

The ranges of effective interest rates (which are also equal to contracted interest rates) on the Group’s borrowings are as follows:

實際利率： Effective interest rate: 定息借款 Fixed-rate borrowings 浮息借款 Variable-rate borrowings	2008 2007
	5.00% to 10.00% 2.50% to 11.23% 2.79% to 8.61% 4.71% to 8.61%

本集團附息借款之賬面值乃以 下列貨幣計值：

The carrying amounts of the Group’s interest-bearing borrowings are denominated in the following currencies:

二零零八年 銀行及其他貸款 2008 Bank and other loans 二零零七年 2007 銀行及其他貸款 Bank and other loans	人民幣 Renminbi 港幣 Hong Kong dollars 美元 US dollars 總額 Total 千港元 千港元 千港元 千港元 HK$’000 HK$’000 HK$’000 HK$’000
	1,496,471 242,160 5,365 1,743,996
	1,437,340 251,960 9,136 1,698,436

於本年度，本集團獲得之新借 款金額581,893,000港元，此等 借款以市場利率計息，並於二 零一三年或以前償還，所得款 項乃用於本集團之營運業務。

During the year, the Group obtained new loans in the amount of HK$581,893,000. The loans bear interest at market rates and will be repayable in or before 2013. The proceeds were used to finance operating activities of the Group.

~~169~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

39. 免息借款 39. INTEREST-FREE BORROWINGS

來自少數股東借款 Advances from minority shareholders 應付共同控制公司 款項 Amounts due to jointly controlled entities 應付聯營公司款項 Amounts due to associates 應付附屬公司款項 Amounts due to subsidiaries 賬面金額按以下償還： Carrying amount repayable: 應要求下或一年內 On demand or within one year 一年後 More than one year 減：包括於流動負債於 一年內到期之金額 _Less:_Amounts due within one year shown under current liabilities 一年後到期之金額 Amount due after one year	本集團 THE GROUP 本公司 THE COMPANY 2008 2007 2008 2007 千港元 千港元 千港元 千港元 HK$’000 HK$’000 HK$’000 HK$’000
	67,725 62,201 – – 82,328 126,118 5,248 – 16,717 17,385 – – – – 54,961 44,455
	166,770 205,704 60,209 44,455
	166,770 168,705 60,209 44,455 – 36,999 – –
	166,770 205,704 60,209 44,455 (166,770) (168,705) (60,209) (44,455)
	– 36,999 – –

~~170~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

40. 衍生財務工具

40. DERIVATIVE FINANCIAL INSTRUMENT

於二零零七年一月一日 在公開發售所發行之認股權證

於二零零七年十二月三十一日 認股權證之行使 衍生財務工具公允價值之變更

於二零零八年十二月三十一日

At 1st January, 2007 Warrants issued under Open Offer At 31st December, 2007 Exercise of warrants Change in fair value of derivative financial instrument At 31st December, 2008	本集團及本公司 THE GROUP AND THE COMPANY 認股權證數目 Number of warrants 千港元 HK$’000
	– – 251,853,983 803,516
	251,853,983 803,516 (9,238) (30) – (794,420)
	251,844,745 9,066

根據附註36詳述之公開發售，於二零零七年 十二月二十八日已發行251,853,983份新認股 權證以按認購價每股10港元認購251,853,983 股新股份。截至二零零八年十二月三十一 日止年度內，9,238份認股權證已被行使。 於二零零八年十二月三十一日，本公司尚有 251,844,745份認股權證，並可於由二零零八 年一月二日開始至二零一零年一月二日止之 期間內任何時間行使。

Pursuant to the Open Offer as detailed in note 36, 251,853,983 new warrants to subscribe for 251,853,983 new shares at a subscription price of HK$10 per share were issued on 28th December, 2007. During the year ended 31st December, 2008, 9,238 warrants were exercised. At 31st December, 2008, the Company had outstanding 251,844,745 warrants and exercisable at any time in the period commencing on 2nd January, 2008 and ending on 2nd January, 2010.

根據相關交易所每股認股權證之報價為0.036 港元計算，於二零零八年十二月三十一日， 認股權證之估計公允價值為9,066,000港元。

The estimated fair values of the warrants are HK$9,066,000 as at 31st December, 2008, which were calculated using the quoted price of warrant of HK$0.036 per share available on the relevant exchange.

~~171~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

40. 衍生財務工具 （續） 40. DERIVATIVE FINANCIAL INSTRUMENT

(CoNtiNueD)

於二零零七年十二月二十八日授出之認股權 證之估計公允價值為701,851,000港元。於二 零零七年十二月三十一日之認股權證之估計 公允價值為803,516,000港元。

The estimated fair values of the warrants granted on 28th December, 2007 was HK$701,851,000. The estimated fair values of the warrants were HK$803,516,000 on 31st December, 2007.

該等公允價值乃使用柏力克－舒爾斯定價模 型計算。該模型之數據如下：

These fair values were calculated using The Black-Scholes pricing model. The inputs into the model were as follows:

收市股價 Closing share price 行使價 Exercise price 預期波幅 Expected volatility 預期年期 Expected life 無風險利率 Risk-free rate 預期股息率 Expected dividend yield	二零零七年 二零零七年 十二月二十八日 十二月三十一日 28th December, 2007 31st December, 2007
	HK$10.30 HK$10.96 10.30港元 10.96港元 HK$10.00 HK$10.00 10.00港元 10.00港元 52.51% 52.74% 2 years 2 years 2年 2年 2.595% 2.577% 0.23% 0.23%

預期波幅乃使用本公司股價於最近兩年之歷 史波幅釐定。

Expected volatility was determined by using the historical volatility of the Company’s share price over the last two years.

~~172~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

41. 一名租戶之遞延租金收入

41. DEFERRED RENTAL INCOME FROM A TENANT

於二零零二年五月二十六日，本集團與一名 租戶就出租一項投資物業達成一份為期二十 年之租賃協議，按協議該租戶同意代本集團 承擔該投資物業的裝修費用197,933,000港 元，以代替支付給本集團為期六年之營業租 賃租金，而餘下年期按協議每月支付營業租 賃租金。於截至二零零五年十二月三十一日 止年度內，本集團與該名租戶修訂條款，由 本集團承擔該投資物業的裝修費用修訂為 67,308,000港元，而餘下年期租戶應付每 年營業租金將會減少。按此等安排，減少由 本集團承擔之裝修費用130,625,000港元被 分類為一名租戶之遞延租金收入，並將會按 尚餘之租賃年期十七年以直線法計入損益內 作為租金收入。於二零零八年十二月三十一 日，將於一年內計入損益之一名租戶之遞延 租金收入為8,173,000港元（二零零七年： 7,684,000港元）已包括在貿易及其他應付賬 款內。

On 26th May, 2002, the Group entered into a tenancy agreement with a tenant in respect of leasing of an investment property for a period of 20 years. Pursuant to the agreement, the tenant agreed to bear the costs of fitting out works of the investment property at an agreed amount of HK$197,933,000 payable on behalf of the Group in lieu of paying operating lease rental to the Group for a period of 6 years, and paying a monthly operating lease rental over the remaining lease period. During the year ended 31st December, 2005, the Group revised the terms of the lease and determined with the tenant that the costs of fitting out works of the investment property to be borne by the Group would be revised to HK$67,308,000 and the annual operating rental payable by the tenant for the remaining period would be reduced. Taking consideration of the substance of the arrangements, the reduction of costs of fitting out works to be borne by the Group of HK$130,625,000 was reclassified as deferred rental income from a tenant and is released to the profit or loss as rental income on a straight-line basis over the remaining lease term of 17 years. At 31st December, 2008, deferred rental income from a tenant to be released within one year of HK$8,173,000 (2007: HK$7,684,000) has been included in trade and other payables.

42. 會籍債券

42. MEMBERSHIP DEBENTURES

會籍債券為高爾夫保證金，此保證金需於會 員入會後二十年退還，亦可用於抵扣會員於 高爾夫球場內購買別墅之成本。

Membership debentures represent golf guaranty fees which are refundable to members twenty years after joining the golf club or can be used by members to set off against the cost of purchasing villas at the golf course.

於二零零八年十二月三十一日，會籍債券 38,140,000港元被分類為待售之資產相關的 負債。

At 31st December, 2008, membership debenture amounting to HK$38,140,000 was reclassified as liabilities associated with assets held for sale.

~~173~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

43. 遞延稅項 43. DEFERRED TAXATION

於本年度及前年度確認的主要遞延 稅項負債和資產及其變動如下：

The following are the major deferred tax liabilities and assets recognised and movements thereon during the current and prior years:

本集團 THE GROUP 於二零零七年一月一日 At 1st January, 2007 滙兌調整 Exchange adjustments 於年內自收益扣除 （撥回） Charge (credit) to income for the year 因物業重估而產生之 遞延稅項負債對 稅率變動之影響 Effect of change in tax rate of deferred tax liabilities arising on revaluation of properties 視作收購資產 之增加 Addition on deemed acquisition of assets 取消收購一間附屬公司之 沖回（附註iv） Reversal on cancellation of acquisition of a subsidiary (note iv) 收購附屬公司 Acquisition of subsidiaries 出售附屬公司 之撇除 Elimination on disposal of subsidiaries 稅率變動之影響 （附註12） Effect of change in tax rate (note 12) 於二零零七年十二月三十一日 At 31st December, 2007 滙兌調整 Exchange adjustments 於年內自收益 撥回 Credit to income for the year 視作收購資產 之增加 Addition on deemed acquisition of assets 分類為待售 Reclassified as held for sales 於二零零八年十二月三十一日 At 31st December, 2008	業務合併 Business combinations （附註i） (Note i) 重估物業 Revaluation of properties 加速 稅項折舊 Accelerated tax depreciation 按照本集團 會計政策 作出調整 Adjustments to conform to the Group’s accounting policies （附註ii） (Note ii) 呆壞賬準備 Allowance for doubtful debts 抵銷已計入 物業內之 公司間費用 Elimination of inter- company charges in properties （附註iii） (Note iii) 稅項虧損 Tax losses 其他 Others 總計 Total 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
	514,206 280,263 20,620 18,122 (4,144) (35,311) (4,879) 630 789,507 1,847 18,013 723 (359) (85) – (289) – 19,850 (2,411) 73,535 (2,782) (22,669) 278 – – (107) 45,844 – 95 – – – – – – 95 – 4,248 – – – – – – 4,248 (116,609) – – – – – – – (116,609) 571,420 – – – – – – – 571,420 – – (18,561) – 3,951 – – (314) (14,924) (1,635) (62,658) – (5,336) – 8,560 1,219 (20) (59,870)
	966,818 313,496 – (10,242) – (26,751) (3,949) 189 1,239,561 1,604 19,598 – (1,215) – – (251) – 19,736 (1,706) (22,362) – (27,095) – – – (189) (51,352) – 2,607 – 11,936 – – – – 14,543 (63,204) – – 6,339 – – – – (56,865)
	903,512 313,339 – (20,277) – (26,751) (4,200) – 1,165,623

~~174~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度） Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

43. 遞延稅項 （續）

43. DEFERRED TAXATION (CoNtiNueD)

本公司

於二零零七年一月一日及 二零零七年十二月三十一日 於年內自收益扣除

於二零零八年十二月三十一日

附屬公司之未分派盈利 Undistributable earnings of subsidiaries 千港元 HK$’000 The Company At 1st January, 2007 and – 31st December, 2007 Charge to income for the year 1,557 At 31st December, 2008 1,557

附註：

Notes:

• (i) 指購入物業控股附屬公司時對待發展及發展 中物業公允價值作出調整而產生之臨時差異 稅項影響。

• (i) This represents the tax effect of the temporary differences arising from the fair value adjustments to properties for and under development upon acquisition of property holding subsidiaries.

• (ii) 主要指若干附屬公司為按照本集團確認收入 及將物業發展成本資本化之政策對管理賬目 作出調整而產生之臨時差異稅項影響。

• (ii) This mainly represents the tax effect of the temporary differences arising from the adjustments to management accounts of certain subsidiaries to conform to the Group’s policies of revenue recognition and capitalisation of property development cost.

• (iii) 指抵銷計入附屬公司的發展中物業、已竣工 物業存貨及投資物業成本之公司間費用而產 生之臨時差異稅項影響。

• (iii) This represents the tax effect of the temporary differences arising from the elimination of inter-company charges originally capitalised as cost of properties under development, inventories of completed properties and investment properties of subsidiaries.

• (iv) 自收購一間附屬公司以後，許多相關政府土 地部門施行之法例、規則及規定改變，影響 北京土地投資及發展。由於政府土地政策 改變，賣方無法達成相關買賣協議之若干條 件。於截至二零零七年十二月三十一日止年 度內，本集團與賣方訂立撤銷協議，以撤銷 先前收購協議及令此交易於二零零七年度回 撥。

• (iv) Since acquisition of a subsidiary, there were many changes in laws, rules and regulations as imposed by the relevant government land authority affecting the land investment and development in Beijing. Owing to the change of the government land policy, the vendor was not able and had failed to fulfill certain conditions stipulated in the relevant sale and purchase agreement. During the year ended 31st December, 2007, the Group entered into a cancellation agreement with the Vendor to cancel the previous acquisition agreements and accordingly the transaction was reversed in 2007.

~~175~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

43. 遞延稅項 （續）

43. DEFERRED TAXATION (CoNtiNueD)

部份遞延稅項資產及負債於資產負債表中已 作抵銷，以下為遞延稅項結餘之分析：

For the purpose of balance sheet presentation, certain deferred tax assets and liabilities have been offset. The following is the analysis of the deferred tax balances for financial reporting purposes:

遞延稅項負債 遞延稅項資產

Deferred tax liabilities Deferred tax assets	2008 2007 千港元 千港元 HK$’000 HK$’000
	1,172,926 1,245,536 (7,303) (5,975)
	1,165,623 1,239,561

於結算日，本集團擁有可抵銷未來溢利 之未動用稅項虧損364,493,000港元（二 零零七年：338,468,000港元）。此稅項 虧損中之16,800,000港元（二零零七年： 15,796,000港元）已確認了遞延稅項資產。 由於無法預知未來溢利，故並無就餘下之 稅項虧損347,693,000港元（二零零七年： 322,672,000港元）確認遞延稅項資產。未確 認稅項虧損包括將於二零一三年以前逐漸地 到期之虧損314,879,000港元（二零零七年： 289,857,000港元）。其他虧損可以無限期保 留。

At the balance sheet date, the Group has unused tax losses of HK$364,493,000 (2007: HK$338,468,000) available for offset against future profits. A deferred tax asset has been recognised in respect of HK$16,800,000 (2007: HK$15,796,000) of such losses. No deferred tax asset has been recognised in respect of the remaining HK$347,693,000 (2007: HK$322,672,000) due to the unpredictability of future profit streams. Included in unrecognised tax losses are losses of HK$314,879,000 (2007: HK$289,857,000) that will gradually expire until 2013. Other losses may be carried forward indefinitely.

於結算日，本集團其他可予扣減之暫時 差異為643,221,000港元（二零零七年： 437,269,000港元）。鑑於未來不大可能有應 課稅溢利抵銷可動用之可扣減暫時差異，故 本集團並無就此可扣減暫時差異確認遞延稅 項資產。

At the balance sheet date, the Group has other deductible temporary differences of HK$643,221,000 (2007: HK$437,269,000). No deferred tax asset has been recognised in relation to such deductible temporary difference as it is not probable that taxable profit will be available against which the deductible temporary differences can be utilised.

44. 主要非現金交易

44. MAJOR NON-CASH TRANSACTIONS

於截至二零零八年十二月三十一日止年度 內，本公司以每股5.76港元之價格，發行了 15,555,176股每股面值0.20港元之股份，作 為以股代息的方法派發股息。

During the year ended 31st December, 2008, 15,555,176 (2007: nil) shares of HK$0.20 each in the Company were issued at HK$5.76 (2007: nil) per share as scrip dividends.

~~176~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

45. 租賃安排

45. LEASE ARRANGEMENTS

本集團為出租方

The Group as lessor

於結算日，若干投資物業之出租期為二十 年，從承租人佔用該物業和經營之日起計 算，並於出租期完結時有續約權。承租人之 租金乃按收入（已扣除增值稅）之一定比率計 提，且每年之租金不少於若干金額。其他投 資物業之租賃期由一至十五年及大多數租約 並無給予承租人續約權。本集團將在不可撤 銷之營業租賃中最少應收租金如下：

At the balance sheet date, certain investment properties are leased out for a period of 20 years from the date of commencement of operation of a lessee that occupies the properties, with a renewal option at the end of the lease. The rentals are calculated at a certain percentage of the revenue (net of value added tax) of the lessee, with a minimum annual rental. Other investment properties were leased out for periods ranging from 1 to 15 years and the majority of the leases did not have any renewal options given to the lessees. The Group had contracted with tenants for the following future minimum lease payments:

於一年之內 於第二年至第五年（包括首尾兩年） 於五年之後

Within one year In the second to fifth years inclusive After five years	本集團 THE GROUP 2008 2007 千港元 千港元 HK$’000 HK$’000
	105,602 125,567 110,838 131,322 76,454 186,875
	292,894 443,764

本集團為承租方

The Group as lessee

於結算日，本集團承諾將會按以下時間根據 不可撤消的營業租賃支付有關物業之未來最 低租金：

At the balance sheet date, the Group had commitments for future minimum lease payments under non-cancellable operating leases in respect of rented premises which fall due as follows:

於一年之內

Within one year	本集團 THE GROUP 2008 2007 千港元 千港元 HK$’000 HK$’000
	1,999 1,634

營業租賃費用乃指本集團對於若干辦公樓物 業之應付租金。租約經議定的租賃期為一至 三年，租金不變。

Operating lease payments represent rentals payable by the Group for certain of its office properties. Leases are negotiated for a term ranging from one to three years at fixed rentals.

~~177~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

46. 資本承諾

46. CAPITAL COMMITMENTS

已簽約承諾之 資本支出為： Capital expenditure in respect of contracted commitments for: －購買國內之土地 使用權 – acquisition of land use rights in the PRC －購買物業、廠房 及設備 – acquisition of property, plant and equipment －購買一間從事物業 投資之附屬公司 – acquisition of a property investment subsidiary －注入股本予一間 附屬公司 – capital contribution to a subsidiary	本集團 本公司 THE GROUP THE COMPANY 2008 2007 2008 2007 千港元 千港元 千港元 千港元 HK$’000 HK$’000 HK$’000 HK$’000
	868,089 1,312,670 – – 10,339 1,466 – – – 49,245 – – – – – 78,394

~~178~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度） Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

47. 或有負債

47. CONTINGENT LIABILITIES

• (a) 本公司及本集團於二零零八 (a) At 31st December, 2008, the Company and the Group had guarantees as 年十二月三十一日之擔保如 follows: 下：

就給予所動用之銀行 信貸向銀行 作出擔保： Guarantees given to banks in respect of banking facilities utilised by: －附屬公司 – subsidiaries －一間共同控制公司 – a jointly controlled entity －關連公司（附註） – related companies_(note)_ 就給予一間附屬 公司之其他貸款 作出擔保 Guarantee given in respect of other loan facility granted to a subsidiary 就給予物業購買者之 按揭貸款向銀行 作出擔保 Guarantees given to banks in respect of mortgage loans granted to property purchasers	本集團 本公司 THE GROUP THE COMPANY 2008 2007 2008 2007 千港元 千港元 千港元 千港元 HK$’000 HK$’000 HK$’000 HK$’000
	– – 1,012,440 1,017,552 – 139,133 – 139,133 83,500 98,500 83,500 98,500 – – – 30,600 155,144 225,324 – 175

附註： 關連公司與本公司有一位共 Note: The related companies have a common director with the Company. 同的董事。

~~179~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

47. 或有負債 （續）

47. CONTINGENT LIABILITIES (CoNtiNueD)

• (b) 於截至二零零六年十二月三十一日止 年度內，中國政府加強執行有關中國 國土資源部於一九九九年四月二十六 日所頒佈之閒置土地處置法之規則。於 二零零八年十二月三十一日，一項賬面 值為123,901,000港元之待發展物業被 界定為閒置土地，原因是一名前少數股 東向該附屬公司提出訴訟，以致延誤發 展。該法律訴訟已經完結，本集團計劃 繼續發展此項物業。另一賬面總值為 179,134,000港元（包括於分類為待售之 資產）之待發展物業可能被分類為閒置土 地。本集團現正與當地部門緊密洽商防 止有關分類，包括商討發展方案之可行 性。根據法律意見，董事們已對有關問 題作出評估，並認為有關土地被沒收之 情況可能不會發生。

(b) During the year ended 31st December, 2006, the PRC government has reinforced the compliance of regulations on idle land confiscation which was issued by the Ministry of Land Resources of the PRC on 26th April, 1999. As at 31st December, 2008, a property for development with carrying value of HK$123,901,000 had been identified as idle land, which delayed development was due to the legal action taken by a previous minority shareholder against the subsidiary. This legal case was settled and the Group intends to continue the development of this property. Another property for development with carrying value of HK$179,134,000 (included in assets classified as held for sales) may be potentially classified as idle land. The Group is currently working diligently to prevent the possible classification, including negotiating the feasibility of development plans with local authorities. Based on legal advice, the Directors have assessed the issue and consider that the idle land confiscation may not materialise.

• (c) 一名先前購入深圳一項物業之買家，向 本公司一間全資附屬公司提出法律訴 訟，要求撒銷銷售合同及索回已付樓款 約59,466,000港元及賠償。賬面值為 42,613,000港元之已竣工物業存貨現由 法院保管持有。本集團已提出上訴，而 最高人民法院已下令重審此案件。此物 業買家提出另一項法律訴訟，要求索回 同一個商場另一層及地庫停車場之已付 樓款以及賠償合共約71,248,000港元。 於二零零七年十二月，雙方達成有條件 和解協議。於二零零八年四月，訂約方 同意修訂有條件和解協議；據此物業買 家同意就有關案件進行和解，條件是本 集團須安排以物業買家之名義發出標的 物業之產權證，並將標的物業移交物業 買家。預期現由法庭存管之物業將於和 解完成後交還本集團。

(c) A property purchaser who previously purchased a property in Shenzhen initiated legal proceedings against a wholly owned subsidiary of the Company to rescind the sale contract and claim for sales proceeds paid of approximately HK$59,466,000 together with compensation. Inventories of completed properties with carrying value of HK$42,613,000 are held in the custody of the court. The Group had appealed and the Supreme Court had ordered rehearing to the case. This property purchaser initiated another legal proceeding claiming for sales proceeds of another storey of the same shopping arcade and the underground carparks with the compensation amounting to approximately HK$71,248,000. In December 2007, a conditional settlement agreement was reached between the parties. In April, 2008, the parties agreed to modify the conditional settlement agreement whereby the property purchaser agreed to settle the case on the conditions that the Group has to arrange the issue of ownership certificates of the subject properties under the name of the property purchaser and hand over the subject properties to the property purchaser. It is expected that the properties held in custody of the court will be released to the Group following completion of the settlement.

~~180~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

47. 或有負債 （續）

47. CONTINGENT LIABILITIES (CoNtiNueD)

• (d) 若干承建商控告附屬公司，要求索償有 爭議的未付建築費及賠償共約7,104,000 港元。此等案件正於中國法院審理中。 本集團已對此等索償進行評估及在徵求 法律意見後，認為此等索償之最終結果 將對本集團之財務狀況並無重大影響。

• (d) Certain contractors have sued subsidiaries for outstanding construction costs and compensations of totally approximately HK$7,104,000 which are in dispute. The cases are under trial by the courts in the PRC. The Group has assessed the claims and obtained legal advices, and considers that the final outcome of the claims will not have material effect on the financial position of the Group.

• (e) 若干分判商控告附屬公司，要求索 償有爭議的未付建築費及賠償共約 94,840,000港元。此等仲裁仍然進行 中，但本集團已根據法律意見，對此等 索償進行評估及認為此等索償之最終結 果將對本集團的財務狀況並無重大影響。

(e) Certain contractors have applied for arbitrations against subsidiaries claiming for outstanding construction costs and compensation of totally approximately HK$94,840,000 which are being disputed. The arbitrations are still in progress, but based on legal opinions, the Group has assessed the claims and considers that the final outcome of the claims will not have material effect on the financial position of the Group.

• (f) 於一九九八年，本公司購買一間附屬公 司，該附屬公司持有一塊位於中國之土 地，本公司以一間共同控制公司之權益 轉讓給賣方作為支付部份收購代價。該 名聲稱為賣方之實益擁有人向本公司提 出法律訴訟，就此項訴訟本公司於二零 零八年三月份收到法院傳票，由於本公 司沒有把該共同控制公司之股權過戶給 賣方名下，賣方要求履行轉讓共同控制 公司及索償21,636,000港元等值之人 民幣損失、利息及其他費用（「索償金 額」）。本公司已對此案進行研究，並 盡力辯護。根據法律意見，本公司不認 為於現階段乃合適情況為本案作出任何 撥備。再者，董事會認為索償金額相對 於本公司之總資產及收入並不重大，因 此，此項索償對本集團之財務狀況並無 重大影響。

(f) In 1998, the Company acquired a subsidiary that held a land site in the PRC with the consideration partially satisfied by disposing of its interest in a jointly controlled entity to the vendor. A person who claimed to be the beneficial owner of the vendor has initiated legal proceeding against the Company, for which proceedings a writ was received by the Company in March 2008, claiming the transfer of the interest in the jointly controlled entity and losses in Renminbi of HK$21,636,000 equivalent plus interest and other costs (“Claim Amount”) on the grounds that the Company had not effectively transferred the legal title to the interest in that jointly controlled entity to the vendor. The Company has investigated the matter and is defending the case vigorously. At this stage, based on legal opinion, the Company does not consider that it is appropriate to make any provision in the circumstances. Further, the Directors are of the view that the Claim Amount is insignificant to the total assets and revenue of the Company and hence, the claim will not have material effect on the financial position of the Group.

• (g) 若干物業買家對本公司一間附屬公司採 取法律行動，就延遲發出已售予他們的 物業之房產證而要求賠償約2,810,000港 元。本集團已於本年內開始安排辦理發 出該等物業之房產證及評估該等索償， 並認為此等索償之最終結果對本集團之 財務狀況並無重大影響。

(g) Certain property purchasers have taken legal action against a subsidiary of the Company and are claiming for compensation of totally approximately HK$2,810,000 as a result of alleged late issue of title deeds of properties sold to them. The Group has arranged the issue of title deeds of properties during the year, and assessed the claims and considered that the final outcome of the claims will not have material effect on the financial statements.

~~181~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

48. 退休福利計劃

48. RETIREMENT BENEFIT PLANS

本集團參與根據職業退休計劃條例登記之定 額供款計劃（「職業退休計劃」）及根據強積金 條例於二零零零年十二月成立之強積金計劃 （「強積金計劃」）。該等計劃之資產與本集團 之資產分開持有，由受保人管理之信託基金 所持有。在強積金計劃成立之前，原為職業 退休計劃成員之僱員可選擇繼續參與職業退 休計劃或轉至強積金計劃，所有於二零零零 年十二月一日或以後新入職之僱員需參與強 積金計劃。

The Group participates in both a defined contribution scheme which is registered under the Occupational Retirement Scheme Ordinance (“ORSO Scheme”) and a Mandatory Provident Fund Scheme (“MPF Scheme”) established under the Mandatory Provident Fund Ordinance in December 2000. The assets of the schemes are held separately from those of the Group, in funds under the control of trustees. Employees who were members of the ORSO Scheme prior to the establishment of the MPF Scheme were offered a choice of staying within the ORSO Scheme or switching to the MPF Scheme, whereas all new employees joining the Group on or after 1st December, 2000 are required to join the MPF Scheme.

對於強積金計劃成員，僱員及本集團之供款 為僱員每月有關薪金之5%，強制性上限為 20,000港元，如員工每月之基本薪金超過 20,000港元，本集團亦會作出5%之補充供 款。

For members of the MPF Scheme, both employees’ and the Group’s contributions are calculated at 5% of the employee’s monthly relevant income, with the mandatory cap of HK$20,000, and the Group will make 5% top-up contribution if an employee’s monthly basic salary exceeds HK$20,000.

僱員及本集團之每月供款為職業退休計劃提 供資金。按僱員於本集團之工作年資，僱員 之供款率為基本薪金之0%至5%，而本集團 則作5%至10%之供款。倘若僱員在完全符 合獲取全部供款資格前退出職業退休計劃， 此放棄之供款將可扣減本集團之應付供款金 額。於截至二零零八年十二月三十一日止年 度內，並無因放棄而用作扣減供款金額（二零 零七年：59,000港元）。於結算日，並無因僱 員退出職業退休計劃而放棄之供款可扣減將 來應付供款金額。

The ORSO Scheme is funded by monthly contributions from the employees at rates ranging from 0% to 5% and from the Group at rates ranging from 5% to 10% of the employee’s basic salary, depending on the length of service with the Group. Where there are employees who leave the ORSO Scheme prior to vesting fully in the contributions, the contributions payable by the Group are reduced by the amount of forfeited contributions. During the year ended 31st December, 2008, there was no forfeited contributions used to set off contributions (2007: HK$59,000). At the balance sheet date, no forfeited contributions, which arose upon employees leaving the ORSO Scheme, are available to reduce the contributions payable in future years.

本公司於中國成立之附屬公司僱員乃由中國 政府運作之國家監管退休福利計劃之成員。 附屬公司之供款為僱員薪金之若干百分比， 作為該退休福利計劃之資金。本集團之唯一 責任為向該退休福利計劃提供特定的供款。

The employees of the Company’s subsidiaries established in the PRC are members of state-managed retirement benefit schemes operated by the PRC government. These subsidiaries are required to contribute certain percentage of payroll costs to the retirement benefit schemes to fund the benefits. The only obligation of the Group with respect to the retirement benefit schemes is to make the specified contributions.

於截至二零零八年十二月三十一日止年度 內，本集團已支付之退休福利計劃供款為 13,519,000港元（二零零七年：13,440,000 港元）。

During the year ended 31st December, 2008, the Group made contributions to the retirement benefit schemes of HK$13,519,000 (2007: HK$13,440,000).

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天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

49. 有關連人士之交易及 49. RELATED PARTY TRANSACTIONS AND BALANCES 結餘

本集團與有關連人士之重大交易 The Group had material transactions and balances with related parties as follows: 及結餘如下：

(i) 持有重大影響力之主要股東， 新鴻基有限公司（「新鴻基」） (i) A major shareholder with significant influence, Sun Hung Kai & Co. Limited (“SHK“) －尚餘貸款票據， 詳見附註38(b) – Outstanding loan note, as detailed in note 38(b) －貸款票據利息 – Interest on loan note －已付保險費用 – Insurance paid －租金收入 – Rental income －投資者關係服務 – Investor relations services －服務費 – Service fee －已收贖回貸款票據之折讓 – Discount received on redemption of loan note －應付金額 – Amounts payable (ii) 新鴻基之控股股東 （與本公司有共同董事） (ii) Controlling shareholders of SHK (and which have common directors with the Company) －已付租金、物業管理 及空調費用 – Rent, property management and air-conditioning fees paid －管理費 – Management fee －利息費用 – Interest expenses －應付金額 – Amounts payable (iii)少數股東 (iii) Minority shareholders －水泥生產設備 租金費用 – Rental expenses for cement production facilities －管理費 – Management fee (iv)本公司一位非執行董事為其合作 夥伴之公司 －法律及專業費用 (iv) A company of which a non-executive director of the Company is a partner – Legal and professional fees (v) 主要管理層人員薪酬 (v) Key management personnel compensation －薪金及其他短期僱員福利 – Salaries and other short-term benefits －退休福利費用 – Post-employment costs (vi)一間公司與本公司有一位 共同董事 (vi) A company which has a director common to the Company －利息收入 – Interest income －擔保費收入 – Guarantee fee income －其他應收賬款 – Other receivable	2008 千港元 HK$’000	2007 千港元 HK$’000
		78,000 1,950 882 196 – – – 3,105 3,007 4,095 591 1,541 2,863 – 3,170 9,540 395 387 905 21,673
	–
	1,238
	818
	1,170
	840
	302
	1,806
	1,520
	2,272
	11,700
	–
	3,030
	–
	1,366
	2,323
	17,895
	429
	626
	931
	22,924

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天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

49. 有關連人士之交易及結餘 （續）

49. RELATED PARTY TRANSACTIONS AND BALANCES (CoNtiNueD)

本集團若干主要管理層人員從一家擁有本公 司重大權益之公司或其全資附屬公司收取酬 金。該公司向本集團提供管理服務，並向本 集團就該等人員及其他並非本集團之主要管 理層人員所提供服務收取費用，該費用已包 括在此附註(ii)部份所披露之管理費中。

Certain key management personnel of the Group received remuneration from a company, or a wholly-owned subsidiary of such company, which has significant beneficial interests in the Company. Such company provided management services to the Group and charged the Group a fee, which has been included in management fee as disclosed in part (ii) of this note, for services provided by those personnel as well as others who were not key management personnel of the Group.

上述之管理費乃按管理層於本集團事務所付 出之時間計算，並可分配至上述主要管理層 人員。總分配金額為8,759,000港元（二零零 七年：2,284,000港元），並已包括在上述之 主要管理層人員薪酬內。

The above-mentioned management fee is calculated by reference to the time devoted by the management personnel on the affairs of the Group and can be apportioned to the above key management personnel. The total of such apportioned amounts, which has been included in the key management personnel compensation above, is HK$8,759,000 (2007: HK$2,284,000).

根據香港公司條例第161B條，於此附註(vi)部 份披露欠一間公司（與本公司有一位共同董 事）之應收金額15,904,000港元是無抵押、免 息及於需要時償還。餘下的7,020,000港元是 無抵押、年利率為最優惠利率加3.5%及於二 零零九年七月償還。年內未償還之最大金額 為22,924,000港元。

Pursuant to Section 161B of the Hong Kong Companies Ordinance, the amounts receivable from the company (which have a common director with the Company) as disclosed in part (vi) of this note of HK$15,904,000 are unsecured, interest-free and repayable on demand. The remaining of HK$7,020,000 are unsecured, interest bearing at prime rate plus 3.5% per annum and repayable on July 2009. The maximum amount outstanding during the year is HK$22,924,000.

~~184~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度） Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

50. 資產抵押

50. PLEDGED ASSETS

於二零零八年十二月三十一日，

At 31st December, 2008,

• (a) 本集團將由若干附屬公司持有之銀行存 款、物業、廠房及設備、待發展物業、 發展中物業、已竣工物業存貨及投資物 業賬面值分別為294,430,000港元（二零 零七年：86,638,000港元）、53,627,000 港元（二零零七年：47,893,000港 元）、755,520,000港元（二零零七 年：705,631,000港 元）、354,143,000 港元（二零零七年：102,182,000港 元）、78,797,000港元（二零零七年： 271,706,000港元）及2,540,275,000港 元（二零零七年：1,461,163,000港元） 給銀行作為本集團獲授銀行信貸之抵押。

• (a) Bank deposits, property, plant and equipment, properties for development, properties under development, inventories of completed properties and investment properties of certain subsidiaries with carrying values of HK$294,430,000 (2007: HK$86,638,000), HK$53,627,000 (2007: HK$47,893,000), HK$755,520,000 (2007: HK$705,631,000), HK$354,143,000 (2007: HK$102,182,000), HK$78,797,000 (2007: HK$271,706,000) and HK$2,540,275,000 (2007: HK$1,461,163,000) respectively were pledged to banks for banking facilities granted to the Group.

• (b) 本集團將賬面值1,567,000港元（二零零 七年：2,822,000港元）之待發展物業

• （包含於分類為待售之資產）作為其他貸 款之抵押。

• (b) Properties for development (included in assets classified as held for sale) with carrying value of HK$1,567,000 (2007: HK$2,822,000) were pledged against other loans.

• (c) 本集團將銀行存款6,242,000港元（二零 零七年：3,274,000港元）給銀行作為物 業買家獲授按揭貸款之抵押。

• (c) Bank deposits with carrying value of HK$6,242,000 (2007: HK$3,274,000) were pledged against mortgage loans granted to property purchasers.

• (d) 本集團將銀行存款300,000,000港元（二 零零七年：無）給銀行作為一間共同控制 公司獲授銀行信貸之抵押。

• (d) Bank deposits with carrying value of HK$300,000,000 (2007: nil) was pledged against banking facility granted to a jointly controlled entity.

• (e) 本集團之若干資產，按附註47(c)所述， 現由法院保管持有。

• 於二零零七年十二月三十一日，

• (e) Certain assets of the Group are under the custody of courts, as described in note 47(c).

• At 31st December, 2007,

• (f) 本集團將於天安地產代理（中國）有限公 司（「天安地產」）賬面值為402,236,000 港元之100%權益作為本集團獲授其他貸 款之抵押。天安地產之一間附屬公司分 別將賬面值16,780,000港元之已竣工物 業存貨及賬面值631,494,000港元之投資 物業作為該附屬公司獲授銀行信貸之抵 押。

• (f) The Group’s 100% interest in Tian An Real Estate Agency (China) Company Limited (“Tian An Real Estate”) with carrying value of HK$402,236,000 was pledged against an other loan facility granted to the Group. Inventories of completed properties and investment properties held by a subsidiary of Tian An Real Estate with carrying values of HK$16,780,000 and HK$631,494,000 respectively were pledged against a banking facility grant to that subsidiary.

• (g) 本集團將賬面值為115,055,000港元之待 發展物業作為貿易應付賬款之抵押，該 應付賬款已結清，但尚未解除。該物業 之抵押已於本年內解除。

• (g) Pledges of properties for development with carrying values of HK$115,055,000 against a trade payable which had been settled, but had not been released. The pledges of properties have been released during the year.

~~185~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

51. 主要附屬公司詳情

51. PARTICULARS OF PRINCIPAL SUBSIDIARIES

除另有說明外，所有主要附屬公司均在香港 Particulars of principal subsidiaries which are incorporated and are 註冊成立，並皆主要在香港經營運作，詳情 operating principally in Hong Kong except where otherwise indicated 如下： are as follows:

		已發行普通股股本面值╱	已發行普通股股本面值╱	已發行普通股股本面值╱	已發行普通股股本面值╱
			註冊資本之比例
			Proportion of
			nominal	value of
	已發行繳足		issued ordinary
	普通股股本╱		share capital/
	已繳足註冊資本		registered capital
	Paid up issued	本公司*╱
	ordinary share	附屬公司持有
	capital/Paid up	held by the		本集團應佔
附屬公司名稱	registered	Company*/		attributable			主要業務
Name of subsidiary	capital	subsidiaries		to the	Group		Principal activities
		2008	2007	2008	2007
		%	%	%		%
Allied Resort (Hangzhou) Company	US$1	100	100	100	100		投資控股
Limited(iii)							Investment holding
北京南湖花園公寓有限公司(ii)	US$15,600,000	100	100	100	100		物業發展及投資
Beijing Nanhu Huayuan Apartment							Property development
Co., Ltd.(ii)							and investment
CBI投資有限公司	HK$151,031,629	99.97	99.97	99.97	99.97		投資控股
CBI Investment Limited							Investment holding
長春天安房地產開發有限公司(v)	RMB50,000,000	100	100	100	100		物業發展
Changchun Tian An Real Estate							Property development
Development Co., Ltd.(v)
常州天安城市發展有限公司(v)	US$2,650,000	100	100	100	100		物業發展
Changzhou Tian An City Development							Property development
Co., Ltd.(v)
常州天安廣場置業有限公司(v)	US$8,000,000	100	100	100	100		物業發展及投資
Changzhou Tian An Landmark Co., Ltd.(v)							Property development
							and investment
常州天安元城房地產發展有限公司(v)	US$32,300,000	100	100	100	100		物業發展
Changzhou Tian An Yuan Cheng							Property development
Real Estate Development Company
Limited(v)
華萊管理有限公司	HK$200	100*	100*	100	100		投資控股
Chinaland Management Limited							Investment holding
Commander Ventures Limited(iii)	US$1	100	100	100	100		投資控股
							Investment holding

~~186~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

51. 主要附屬公司詳情 （續） 51. PARTICULARS OF PRINCIPAL SUBSIDIARIES (CoNtiNueD)

		已發行普通股股本面值╱	已發行普通股股本面值╱	已發行普通股股本面值╱
		註冊資本之比例
		Proportion of
		nominal	value of
	已發行繳足	issued ordinary
	普通股股本╱	share capital/
	已繳足註冊資本	registered capital
	Paid up issued	本公司*╱
	ordinary share	附屬公司持有
	capital/Paid up	held by the	本集團應佔
附屬公司名稱	registered	Company*/	attributable			主要業務
Name of subsidiary	capital	subsidiaries	to the	Group		Principal activities
		2008 2007	2008		2007
		% %	%		%
港力物業管理（上海）有限公司(ii)	US$620,000	100 100	100		100	物業管理及投資控股
Cornell Property Services (Shanghai)						Property management
Co., Ltd.(ii)						and investment holding
大連天安房地產開發有限公司(ii)	US$6,800,000	60 60	60		60	物業發展
Dalian Tian An Property Development						Property development
Co., Ltd.(ii)
大連天安國際大廈有限公司(v)	US$29,000,000	100 100	100		100	物業發展及投資
Dalian Tian An Tower Co., Ltd.(v)						Property development
						and investment
匯江廣瀚有限公司	HK$2	100 100	100		100	物業投資
Grandview Square Limited						Property investment
匯江景仕有限公司	HK$2	100 100	100		100	物業投資
Grand Kings Limited						Property investment
Grand Rise Investments Limited(iii)	US$1	100 100	100		100	投資控股
						Investment holding
滙江廣景有限公司	HK$3,756	100 100	100		100	物業投資
GRP VI Limited						Property investment
惠陽市淡水新陽城建設有限公司(v)	HK$50,000,000	100 100	100		100	物業投資
Huiyang Danshui Xinyangcheng						Property investment
Construction Company Limited(v)
賢輝發展有限公司	HK$230,644,800	68.06 57.04	68.06		57.04	投資控股
Jack Rock Development Limited						Investment holding
江門市天安房地產開發	RMB20,000,000	100 60	100		60	物業發展
建設有限公司(ii)						Property development
Jiangmen City Tian An Property
Development Co., Ltd.(ii)

~~187~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

51. 主要附屬公司詳情 （續） 51. PARTICULARS OF PRINCIPAL SUBSIDIARIES (CoNtiNueD)

		已發行普通股股本面值╱	已發行普通股股本面值╱	已發行普通股股本面值╱
		註冊資本之比例
		Proportion of
		nominal	value of
	已發行繳足	issued ordinary
	普通股股本╱	share capital/
	已繳足註冊資本	registered capital
	Paid up issued	本公司*╱
	ordinary share	附屬公司持有
	capital/Paid up	held by the	本集團應佔
附屬公司名稱	registered	Company*/	attributable		主要業務
Name of subsidiary	capital	subsidiaries	to the	Group	Principal activities
		2008 2007	2008	2007
		% %	%	%
正景發展有限公司	HK$2	100 100	100	100	放款服務
Join View Development Limited					Money lending
					services
Kylie Nominees Limited	HK$2	100 100	100	100	提供代理人服務
					Provision of nominee
					services
南京天都實業有限公司(v)	US$13,500,000	100 100	100	100	物業發展及投資
Nanjing Tiandu Industry Co., Ltd.(v)					Property development
					and investment
太平洋（福州）高爾夫俱樂部有限公司(v)	US$3,000,000	100 100	68.06	57.04	經營高爾夫球場
Pacific (Fuzhou) Golf Club Ltd.(v)					Golf course operation
信溢投資有限公司	HK$100	85 85	85	85	投資控股
Regal Asset Investment Limited					Investment holding
上海佘山鄉村俱樂部有限公司(v)	US$36,240,000	100 100	85	85	物業發展
Shanghai Sheshan Country Club					Property development
Company Limited(v)
上海天安中心大廈有限公司(ii)	US$28,000,000	98 98	98	98	物業發展及投資
Shanghai Tian An Centre Building					Property development
Co., Ltd.(ii)					and investment
上海天安河濱花園有限公司(ii)	RMB50,000,000	99 99	99	99	物業發展及投資
Shanghai Tianan Riverview Co., Ltd.(ii)					Property development
					and investment
上海天洋房地產有限公司(ii)	RMB50,000,000	80 80	80	80	物業發展及投資
Shanghai Tianyang Real Estate					Property development
Co., Ltd.(ii)					and investment
天滿企業有限公司	HK$10	100 100	100	100	投資控股
Sky Full Enterprises Limited					Investment holding

~~188~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度） Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

51.主要附屬公司詳情（續）	51. PARTICULARS OF PRINCIPAL	51. PARTICULARS OF PRINCIPAL	51. PARTICULARS OF PRINCIPAL	51. PARTICULARS OF PRINCIPAL	51. PARTICULARS OF PRINCIPAL	51. PARTICULARS OF PRINCIPAL	SUBSIDIARIES
	(CoNtiNueD)
		已發行普通股股本面值╱
			註冊資本之比例
			Proportion of
			nominal value of
	已發行繳足		issued ordinary
	普通股股本╱		share capital/
	已繳足註冊資本		registered capital
	Paid up issued	本公司*╱
	ordinary share	附屬公司持有
	capital/Paid up	held by the		本集團應佔
附屬公司名稱	registered	Company*/		attributable			主要業務
Name of subsidiary	capital	subsidiaries		to the	Group		Principal activities
		2008	2007	2008	2007
		%	%	%		%
Strait Investments (Shanghai) Limited(iii)	US$47,500,000	99.99	73.74	99.99	73.74		投資控股
							Investment holding
新海通有限公司(v)	US$30,000,000	100	100	100	100		物業發展及投資控股
Sunhaitung Co., Ltd.(v)							Property development
							and investment holding
新鴻基（中國）有限公司(i)	HK$2,000,000	100*	100*	100	100		物業投資
Sun Hung Kai (China) Limited(i)							Property investment
T.A.秘書服務有限公司	HK$2	100	100	100	100		提供秘書服務
T.A. Secretarial Services Limited							Provision of secretarial
							services
Tanya Nominees Limited	HK$2	100	100	100	100		提供代理人服務
							Provision of nominee
							services
天安中國置業有限公司	HK$2	100*	100*	100	100		投資控股及證券買賣
Tian An China Enterprise Limited							Investment holding and
							securities dealing
天安中國酒店房地產投資有限公司	HK$2	100*	100*	100	100		投資控股
Tian An China Hotel and Property							Investment holding
Investments Company Limited
天安（廣州）投資有限公司(v)	US$10,000,000	100*	100*	100	100		物業發展
Tian An (Guang Zhou) Investments							Property development
Co., Ltd.(v)
天安（珠江）發展有限公司	HK$2	100*	100*	100	100		投資控股
Tian An Pearl River Company Limited							Investment holding
天安（上海）投資有限公司	US$30,000,000	100(iv)	100(iv)	100	100		物業發展及投資及
（「天安上海」）(v)							投資控股
Tian An (Shanghai) Investments							Property development
Co., Ltd. (“TASH”)(v)							and investment
							and investment holding

~~189~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

51. 主要附屬公司詳情 （續） 51. PARTICULARS OF PRINCIPAL SUBSIDIARIES (CoNtiNueD)

		已發行普通股股本面值╱	已發行普通股股本面值╱	已發行普通股股本面值╱
		註冊資本之比例
		Proportion of
		nominal	value of
	已發行繳足	issued ordinary
	普通股股本╱	share capital/
	已繳足註冊資本	registered capital
	Paid up issued	本公司*╱
	ordinary share	附屬公司持有
	capital/Paid up	held by the	本集團應佔
附屬公司名稱	registered	Company*/	attributable		主要業務
Name of subsidiary	capital	subsidiaries	to the	Group	Principal activities
		2008 2007	2008	2007
		% %	%	%
天安（深圳）實業發展有限公司(v)	HK$150,000,000	100 100	100	100	物業發展
Tian An (Shenzhen) Enterprise					Property development
Development Ltd.(v)
天安（穗安）投資有限公司	HK$2	100 100	100	100	投資控股及物業投資
Tian An (Sui An) Investment					Investment holding
Company Limited					and property investment
天安登雲（福建）房地產開發有限公司(v)	US$12,000,000	100 100	68.06	57.04	物業發展
Tianan Summit (Fujian) Real Estate					Property development
Development Co., Ltd.(v)
天安（天津）投資有限公司	HK$2	100 100	100	100	投資控股
Tian An (Tianjin) Investment					Investment holding
Company Limited
寶溢置業（上海）有限公司(v)	US$16,000,000	100 100	100	100	物業發展
Value Harvest Real Estate (Shanghai)					Property development
Co., Ltd.(v)
宏信集團有限公司(iii) & (i)	US$1	100 100	100	100	物業投資
Winshine Group Limited(iii) & (i)					Property investment
武漢長福房地產開發有限公司(ii)	RMB10,000,000	90 90	90	90	物業發展
Wuhan Changfu Property Development					Property development
Co., Ltd.(ii)
無錫紅山置業有限公司(ii)	US$5,000,000	95 95	95	95	物業發展
Wuxi Redhill Properties Co., Ltd.(ii)					Property development
無錫天信置業有限公司(v)	US$18,400,000	100 100	100	100	物業發展
Wuxi Tianxin Properties Co., Ltd.(v)					Property development

~~190~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

51. 主要附屬公司詳情 （續） 51. PARTICULARS OF PRINCIPAL SUBSIDIARIES (CoNtiNueD)

		已發行普通股股本面值╱	已發行普通股股本面值╱	已發行普通股股本面值╱	已發行普通股股本面值╱
			註冊資本之比例
			Proportion of
			nominal	value of
	已發行繳足		issued ordinary
	普通股股本╱		share capital/
	已繳足註冊資本		registered capital
	Paid up issued	本公司*╱
	ordinary share	附屬公司持有
	capital/Paid up	held by the		本集團應佔
附屬公司名稱	registered	Company*/		attributable			主要業務
Name of subsidiary	capital	subsidiaries		to the	Group		Principal activities
		2008	2007	2008	2007
		%	%	%		%
肇慶高爾夫發展有限公司(ii)	US$12,000,000	88	88	87.97	87.97		物業發展及經營高爾夫
Zhao Qing Golf and Development							球場
Co., Ltd.(ii)							Property development
							and golf course
							operation
大連經濟技術開發區金馬大厦企業有限公司(v)	RMB133,060,855	100	–	100		–	物業發展
							Property development
上海凱旋門企業發展有限公司(ii)	RMB50,000,000	100	100	100	100		物業發展
							Property development
上海海峽思泉房地產有限公司(ii)	US$50,000,000	100	100	99.99	75.05		物業發展
							Property development
常州天安數碼城置業有限公司	US$49,980,000	100(vii)	100(vii)	100	100		物業發展
（「常州數碼城」） (v)							Property development
南京天寧置業有限公司 (v)	US$29,900,000	100	100	100	100		物業發展 Property development

~~191~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

51. 主要附屬公司詳情 （續）

51. PARTICULARS OF PRINCIPAL SUBSIDIARIES

(CoNtiNueD)

附註：

Notes:

• (i) 主要在中國經營運作。

• (i) Operating principally in the PRC.

• (ii) 在中國註冊成立為中外合資企業和經營運作。

• (ii) Established as sino-foreign owned equity joint ventures and operating principally in the PRC.

• (iii) 在英屬處女群島註冊成立。

• (iii) Incorporated in the British Virgin Islands.

• (iv) 本公司直接持有天安上海60%權益，而餘下 之40%權益則由一間附屬公司持有。

• (iv) The 60% interest in TASH is held directly by the Company and the remaining 40% is held by a subsidiary.

• (v) 在中國註冊成立為外商獨資企業和經營運作。

• (v) Established as wholly foreign owned enterprises and operating principally in the PRC.

• (vi) 在中國註冊成立為有限責任公司和經營運作。

• (vi) Established as limited liability companies and operating principally in the PRC.

• (vii) 本公司直接持有常州數碼城50%權益，而餘 下之50%權益則由一間附屬公司持有。

• (vii) The 50% interest in 常州數碼城 is held directly by the Company and the remaining 50% is held by a subsidiary.

以上所列出者乃董事會認為對本集團之業績 或資產有重大影響之附屬公司。董事會認為 列出其他附屬公司之詳情會令資料過於冗長。

The above table lists the subsidiaries of the Company which, in the opinion of the Directors, principally affected the results or assets of the Group. To give details of other subsidiaries would, in the opinion of the Directors, result in particulars of excessive length.

截至本年底並沒有任何附屬公司尚餘債務證 券。

None of the subsidiaries had any debt securities outstanding at the end of the year.

~~192~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

52. 主要聯營公司詳情

52. PARTICULARS OF PRINCIPAL ASSOCIATES

於二零零八年十二月三十一日，本集團於下 列聯營公司擁有權益，除另有說明外，這些 公司均在香港註冊成立及經營運作：

At 31st December, 2008, the Group had interests in the following associates, all of which are incorporated and are operating principally in Hong Kong except as otherwise indicated:

		本集團所持已發行普通股	本集團所持已發行普通股
		股本面值╱註冊資本比例
		Proportion of nominal
		value of issued
		ordinary share capital/
聯營公司名稱		registered capital			主要業務
Name of associate		held by the Group			Principal activities
		2008	2007
		%		%
安盛置業有限公司		30		30	投資控股
Bonson Properties Limited					Investment holding
Consco Investment Company Limited		31.25	31.25		投資控股
					Investment holding
天津國際大廈有限公司(ii)&(iii)		25		25	物業投資
Tianjin International Building Co., Ltd.(ii)&(iii)					Property investment
越秀天安管理有限公司(i)		50		50	物業管理
Yue Xiu Tian An Management Company Limited	(i)				Property management
附註：	Notes:

(i) 在中國經營運作。

(i) Operating in the PRC.

(ii) 在中國註冊成立及經營運作。

(ii) Established and operating in the PRC.

(iii) 由本集團聯營公司持有之附屬公司。 (iii) Subsidiaries held by the associates of the Group.

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天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

53. 主要共同控制公司詳情

53. PARTICULARS OF PRINCIPAL JOINTLY CONTROLLED ENTITIES

於二零零八年十二月三十一日，本集團於下 列共同控制公司擁有權益，除另有說明，該 等公司均為在中國成立之合營企業團體：

At 31st December, 2008, the Group had interests in the following jointly controlled entities which are corporate joint ventures established in the PRC except where otherwise indicated:

		本集團所佔註冊	本集團所佔註冊
	主要	資本比例
	經營地點	Proportion
	Principal	of registered
共同控制公司名稱	place of	capital held		主要業務
Name of jointly controlled entity	operation	by the	Group	Principal activities
		2008	2007
		%	%
北京天安大廈有限公司	北京	40	40	物業投資
Beijing Tian An Building	Beijing			Property investment
Company Limited
廣州市番禺節能科技園發展有限公司(ii)	番禺	49	49	物業發展
Guangzhou Panyu Hi-Tech Ecological	Panyu			Property development
Park Development Co., Ltd.(ii)
上海明鴻房地產發展有限公司	上海	不適用(i)	不適用(i)	物業發展
Shanghai Min Hoong Real	Shanghai	N/A(i)	N/A(i)	Property development
Estate Development Co., Ltd.
深圳國貿天安物業有限公司	深圳	50	50	物業投資
Shenzhen ITC Tian An Co., Ltd.	Shenzhen			Property investment
深圳天安數碼城有限公司	深圳	50	50	物業發展及投資及投資控股
Shenzhen Tian An Cyberpark	Shenzhen			Property development
Co., Ltd.				and investment
				and investment holding
武漢天安大酒店有限公司	武漢	55	55	經營酒店
Wuhan Tian An Hotel Co., Ltd.	Wuhan			Hotel operation
宏信有限公司(iii)	上海	50	50	投資控股
Vast Faith Limited(iii)	Shanghai			Investment holding
越秀天安大廈有限公司	廣州	48.75	48.75	經營酒店
Yuexiu Tian An Building	Guangzhou			Hotel operation
Company Limited

~~194~~

天安中國投資有限公司 Tian An China Investments Company Limited

綜合財務報表附註 （截至二零零八年十二月三十一日止年度）

Notes to the Consolidated Financial Statements (For the year ended 31st December, 2008)

53. 主要共同控制公司詳情 （續） 53. PARTICULARS OF PRINCIPAL JOINTLY CONTROLLED ENTITIES (CoNtiNueD)

		本集團所佔註冊	本集團所佔註冊
	主要	資本比例
	經營地點	Proportion
	Principal	of registered
共同控制公司名稱	place of	capital held		主要業務
Name of jointly controlled entity	operation	by the	Group	Principal activities
		2008	2007
		%	%
深圳天安物業管理有限公司	深圳	50	50	物業管理及投資控股
	Shenzhen			Property management
				and investment holding
深圳市天利安實業發展有限公司 (ii)	深圳	50	50	物業發展
	Shenzhen			Property development
深圳市龍崗天安數碼新城有限公司 (ii)	深圳	50	50	物業發展
	Shenzhen			Property development
佛山市天安數碼城有限公司 (ii)	佛山	45	45	物業發展
	Foshan			Property development

附註：

Notes:

• (i) 本集團在此合營企業之若干期發展物業中可分 享60%之溢利。

• (i) The Group is entitled to a 60% share of profit in certain phases of the development properties of the joint venture.

• (ii) 有限責任公司。

• (ii) Limited liability companies.

• (iii) 在英屬處女群島註冊成立。

(iii) Incorporated in the British Virgin Islands.

~~195~~

天安中國投資有限公司 Tian An China Investments Company Limited

財務概要 FINANCIAL SUMMARY

業績 RESULTS 收入 Revenue 年內本公司股東應佔 之溢利 Profit for the year attributable to equity holders of the Company 資產及負債 ASSETS AND LIABILITIES 總資產 Total assets 總負債 Total liabilities 少數股東權益 Minority interests 本公司股東應佔 之權益 Equity attributable to equity holders of the Company 按每股基準（附註2） PER SHARE BASIS(note 2) 每股基本盈利 Basic earnings per share 每股股息 Dividend per share 每股資產淨值 Net assets per share	2004 2005 2006 2007 2008 千港元 千港元 千港元 千港元 千港元 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
	1,973,098 1,397,100 889,302 863,188 473,329 183,737 202,540 51,496 702,976 711,087 9,358,663 9,900,964 10,864,898 14,846,012 14,936,023 4,551,149 4,827,973 4,513,721 5,582,904 4,797,702
	451,110 416,889 407,173 390,549 291,234 4,356,404 4,656,102 5,944,004 8,872,559 9,847,087
	23.1港仙 (HK cents) 23.1港仙 (HK cents) 4.39港仙 (HK cents) 54.55港仙 (HK cents) 46.98港仙 (HK cents) – – 2.5港仙 (HK cents) 10港仙 (HK cents) 3港仙 (HK cents) 5.0港元 (HK$) 5.3港元 (HK$) 5.3港元 (HK$) 6.1港元 (HK$) 6.7港元 (HK$)

附註： Notes:

• (1) 二零零四年年度金額已作重列，以反映於二 零零五年所作之會計政策變動。

• (1) Amounts for the year 2004 have been adjusted to reflect the change in accounting policies in 2005.

• (2) 二零零六年年度之每股基本盈利已就於二零 零七年之公開發售作出調整。

• (2) Basic earnings per share for the year 2006 have been adjusted to reflect the Open Offer in 2007.

~~196~~

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