Annual Report 2009 - Greentown China Holdings Limited

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Notes to the Consolidated Financial Statements For The Year Ended 31 December 2009 39. RELATED PARTY DISCLOSURES (Continued) (ii) As at the end of the reporting period, the Group had balances with related parties as follows: (Continued) In respect of project-related balances with related parties: (a) (b) The trade balances due from officers arise mainly from property sales and are with a normal credit term of two months. The trade balances due from Shareholders’ Companies are mainly construction prepayments and trade receivables. Construction prepayments are billed according to the construction contracts and are settled within one to two months after the construction cost incurred are verified and agreed. Trade receivables arise mainly from materials sales and are with a normal credit terms of two months. (c) (d) (e) (f) (g) The project-related balances due from minority shareholders/associates/jointly controlled entities are mainly project advances to these minority shareholders/associates/jointly controlled entities and are tied to the project development cycle. In the opinion of the directors, these balances are expected to be settled when the projects concerned commence pre-sales. The trade balances due to Shareholders and officers are mainly pre-sale deposits. The trade balances due to Shareholders’ Companies arise mainly from construction purchases and are with a normal credit term of one to two months after the construction costs incurred are verified and agreed. Typically as much as 85% of the construction costs incurred will be settled by the time the construction of a project is completed and up to 95% by the time the amount of the aggregate construction costs are finally agreed. A warranty fee of up to 5% of the aggregate construction cost will be withheld and settled within two to five years. The project-related balances due to minority shareholders/jointly controlled entities are mainly project advances from these minority shareholders/jointly controlled entities and are tied to the project development cycle. In the opinion of the directors, these balances are expected to be settled when the projects concerned commence pre-sales. The project-related balances due to associates/jointly controlled entities are mainly prepaid distributions. The non-interest bearing balances due from (to) related parties are unsecured and repayable on demand. The key terms of the interest bearing balances due from (to) related parties are as follows: (a) The project-related amounts due from associates of RMB1,321,210,000 (2008: RMB254,277,000) at 31 December 2009 carried interest at fixed rates ranging from 5.4% to 8.29% (2008: 8.29% to 10.98%) per annum. The project-related amounts due from associates of RMB510,000,000 (2008: RMB698,920,000) at 31 December 2009 carried interest at a variable rate of 5.84% (2008: 7.30% to 7.85%) per annum. 180 Greentown China Holdings Limited Annual Report 2009
Notes to the Consolidated Financial Statements For The Year Ended 31 December 2009 39. RELATED PARTY DISCLOSURES (Continued) (ii) As at the end of the reporting period, the Group had balances with related parties as follows: (Continued) (b) The project-related amounts due from jointly controlled entities of RMB20,000,000 (2008: RMB727,689,000) at 31 December 2009 carried interest at a fixed rate of 6.91% (2008: 10.98%) per annum. The project-related amounts due from jointly controlled entities of RMB26,070,000 at 31 December 2008 carried interest at a variable rate of 9.01% per annum. (c) The project-related amounts due to minority shareholders of RMB207,744,000 (2008: RMB560,419,000) at 31 December 2009 carried interest at a variable rate of 12.28% (2008: 10.98% to 14%) per annum. The project-related amounts due to minority shareholders of RMB1,482,158,000 (2008: nil) at 31 December 2009 carried interest at a fixed rate ranging from 10.98% to 14% (2008: nil) per annum. (d) The project-related amounts due to jointly controlled entities of RMB361,644,000 (2008: RMB184,258,000) at 31 December 2009 carried interest at a variable rate of 7.82% (2008: 7.12%) per annum. The project-related amounts due to jointly controlled entities of RMB200,180,000 (2008: nil) at 31 December 2009 carried interest at a fixed rate of 10% (2008: nil) per annum. (e) The non-project related amounts due to associates of RMB122,767,000 at 31 December 2009 (2008: RMB50,669,000) carried interest at a fixed rate of 5.31% (2008: 6.12%) per annum. The non-project related amounts due to associates of RMB1,898,722,000 at 31 December 2009 (2008: RMB1,628,530,000) carried interest at a variable rate of 7.82% (2008: 7.17% to 8.26%) per annum. (f) The non-project related amounts due to jointly controlled entities of RMB1,302,000 (2008: RMB510,294,000) at 31 December 2009 carried interest at a variable rate ranging from 7.82% to 9.01% (2008: 7.97% to 9.01%) per annum. (iii) (a) During the year, in addition to those disclosed in Notes 31 and 32, the Group made acquisitions from related parties as follows: 2009 2008 RMB’000 RMB’000 Purchase of additional interests in subsidiaries from minority shareholders 9,200 214,357 Greentown China Holdings Limited Annual Report 2009 181
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eauties in life Start with a dream
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Contents Corporate Information 2 Co
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Corporate Information Registered Of
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Corporate Profile Greentown China H
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Villa Changsha Bamboo Garden Shangh
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Mansion Beijing Majestic Mansion Th
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Urban Complex
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Jinan National Games Project
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Thousand-Island Lake Resort Condo -
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Xinjiang 1.9% Proportion to total l
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Portfolio Property projects Type In
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Portfolio Completion schedule of pr
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Portfolio Wenzhou Lucheng Plaza Nin
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Portfolio Nanjing Rose Garden Prope
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Portfolio Qingdao Ideal City Jinan
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A romantic trip of timeless splendo
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Dear Shareholders, In early 2009, t
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CEO’s Review Sales of major proje
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CEO’s Review Maintaining the “e
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Management Discussion and Analysis
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58 Greentown China Holdings Limited
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Directors and Senior Management The
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Directors and Senior Management Boa
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Directors and Senior Management Ind
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Directors and Senior Management Tan
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Corporate Governance Report The Com
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Corporate Governance Report Appoint
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Corporate Governance Report (B) Dur
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Report of the Directors The Directo
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Report of the Directors (4) Pursuan
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Report of the Directors (4) A contr
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Report of the Directors Name of gra
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Report of the Directors (b) As Harb
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Report of the Directors (d) (e) Sha
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Report of the Directors (B) After c
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Report of the Directors (3) a compr
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Report of the Directors (2) an adve
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Report of the Directors (c) entered
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94 Greentown China Holdings Limited
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Independent Auditor’s Report TO T
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Consolidated Statement of Comprehen
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Consolidated Statement of Financial
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Consolidated Statement of Cash Flow
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Notes to the Consolidated Financial
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Valuation Report and Analysis 3. As
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Valuation Report and Analysis 25. A
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Annual Report 2009 - Greentown China Holdings Limited

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