Annual Report 2009 - Greentown China Holdings Limited

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Valuation Report and Analysis Method of Valuation In valuing those properties in Groups I and II which are held by the Group for sale or owned and occupied by the Group in the PRC respectively, we have adopted direct comparison approach assuming sale of each of those properties in its existing state by making reference to comparable sales transactions as available in the relevant market. The properties in Groups III and IV are held under development or for future development in the PRC. We have valued on the basis that each of these properties will be developed and completed in accordance with the Group’s latest development proposals provided to us (if any). We have assumed that all consents, approvals and licences from relevant government authorities for the development proposals have been obtained without onerous conditions or delays. We have also assumed that the design and construction of the development are in compliance with the local planning regulations and have been approved by the relevant authorities. In arriving at our opinion of value, we have adopted the direct comparison approach by making reference to comparable sales evidence as available in the relevant market and have also taken into account the expended construction costs and the costs that will be expended to complete the development to reflect the quality of the completed development. Regarding the properties in Group V which are contracted to be acquired by the Group for future development in the PRC, we have been advised by the Group that the State-owned Land Use Rights Certificates of the properties have not been obtained yet and we usually ascribe no commercial value to the properties. However, according to the Group’s specific instruction, we have valued each of these properties on the basis that valid State-owned Land Use Rights Certificates have been issued to the properties and all land premium and related fees for the grant of the certificates have been fully settled. We have further carried out our valuation on the basis that all costs of public utilities, ancillary infrastructure fees and compensation to and resettlement of any original residents to make way for the proposed development have been fully settled. Moreover we have assumed these properties will be developed and completed in accordance with the Group’s latest development proposals provided to us. We have assumed that all consents, approvals and licenses from relevant government authorities for the development proposals have been obtained without onerous conditions or delays. We have also assumed that the design and construction of the development are in compliance with the local planning regulations and have been approved by the relevant authorities. In arriving at our opinion of value, we have adopted the direct comparison approach by making reference to comparable sales evidence as available in the relevant market and have also taken into account the development costs that will be expended to complete the development to reflect the quality of the completed development. According to the Group’s specific instruction, we have valued each of the properties in on the basis assuming valid State-owned Land Use Rights Certificates have been issued to the properties and all land premium and related fees for the grant of the certificates have been fully settled (see the footnotes mentioned in the Summary of Valuations attached herewith). Source of Information We have been provided by the Group with extracts of documents in relation to the titles to the properties. However, we have not inspected the original documents to ascertain any amendments which may not appear on the copies handed to us. In the course of our valuation, we have relied to a considerable extent on the information given by the Group in respect of the properties in the PRC and have accepted advice given by the Group on such matters as planning approvals or statutory notices, easements, tenure, identification of land and buildings, completion date of buildings, number of car parking spaces, particulars of occupancy, development schemes, construction costs, site and floor areas, interest attributable to the Group and all other relevant matters. Dimension, measurements and areas included in the attached valuation certificates are based on the information provided to us and are therefore only approximations. We have had no reasons to doubt the truth and accuracy of the information provided to us by the Group which is material to the valuations. We were also advised by the Group that no material facts have been omitted from the information provided. 192 Greentown China Holdings Limited Annual Report 2009
Valuation Report and Analysis Site Inspection We have inspected the exterior and, wherever possible, the interior of the properties. However, we have not carried out investigations on site to determine the suitability of the soil conditions and the services etc. for any future development. Our valuations are prepared on the assumption that these aspects are satisfactory and that no extraordinary costs or delays will be incurred during the construction period. Moreover, no structural survey has been made, but in the course of our inspection, we did not note any serious defect. We are not, however, able to report whether the properties are free of rot, infestation or any other structural defect. No test was carried out on any of the services. Unless otherwise stated, we have not been able to carry out detailed on-site measurements to verify the site and gross floor areas of the properties and we have assumed that the areas shown on the documents handed to us are correct. No allowance has been made in our valuations for any charges, mortgages or amounts owing on the properties nor for any expenses or taxation which may be incurred in effecting a sale. Unless otherwise stated, it is assumed that the properties are free from encumbrances, restrictions and outgoings of any onerous nature which could affect their values. Currency Unless otherwise stated, all sums stated in our valuations are in Renminbi (RMB), the official currency of the PRC. We enclose herewith a summary of our valuations and our valuation certificates. Yours faithfully, for and on behalf of DTZ Debenham Tie Leung Limited Andrew K. F. Chan Registered Professional Surveyor (GP) China Real Estate Appraiser MSc., M.H.K.I.S., M.R.I.C.S Director Greentown China Holdings Limited Annual Report 2009 193
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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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Annual Report 2009 - Greentown China Holdings Limited

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