Annual Report 2009 - Greentown China Holdings Limited

CEO’s Review
Sales of major projects during 2009 are set out in the following table:
Project
Saleable area
Area sold
in 2009
Sales amount
in 2009
Percentage of
area sold
Average price
(sq.m.) (sq.m.) RMB million RMB/sq.m.
Wenzhou Lucheng Plaza 167,609 164,385 6,797 98% 41,351
Hangzhou Sincere Garden 92,303 88,365 2,651 96% 29,999
Hangzhou Sapphire Mansion 78,854 78,854 2,342 100% 29,701
Jinan National Games Project 267,032 235,215 2,267 88% 9,637
Hangzhou Lijiang Apartment 114,697 113,510 2,082 99% 18,340
Beijing Majestic Mansion 44,453 41,505 1,660 93% 39,994
Ningbo Crown Garden 127,161 102,055 1,596 80% 15,636
Hangzhou Hope Town 130,331 125,750 1,575 96% 12,524
Shaoxing Yulan Garden 130,285 123,808 1,536 95% 12,406
Haining Lily New Town 174,996 163,175 1,511 93% 9,258
Shanghai Bund House 28,258 27,271 1,453 97% 53,276
Taizhou Yulan Plaza 90,828 70,618 1,306 78% 18,489
Sub-total of other projects 2,468,413 2,161,679 24,565 87% 11,364
Total 3,915,220 3,496,190 51,341 89% 14,684
Operations and management
Greentown always believes that quality staff is the key
to corporate success. The Company’s development and
expansion rest on the growth and improvement of its
workforce. Over the past year, the Group focused on
human resources development and implemented a
series of in-house training and mentorship programmes
as well as accreditation schemes for project managers,
finance managers and sales and marketing managers. We
are pleased that these efforts have yielded very positive
results as we see marked improvement in the specialized
and comprehensive skills of our staff at different levels.
During the year, we strengthened the Group’s
organisational structure and systems in accordance
with our three management philosophies, namely
“operations, quality and assurance”. We implemented a
number of changes in this respect, namely integrating
the Group’s functional departments, establishing our
corporate product centre, building our professional team
in a more unified manner, improving the quality of our
products, strengthening the management of our operation
units, defining the roles of the basic operating units in
our project companies, which facilitated vertical and
corporate reforms with better supporting and serving
projects at their core. In addition, we organised spring
and autumn conferences with our shareholders, media
and financial institutions, increased the standardisation of
our construction processes in line with the “Standardised
Construction Planning” system, and developed our
information technology infrastructure in a systematic
way. As a result, the management has become more
transparent and scientific, and the efficiency of our work
and management has improved comprehensively.
At the same time, we expanded our vertical financial
management systems, introduced comprehensive budget
management methods, and carried out a “Comprehensive
Budget Management Measures” pilot project. We
established expansionary, steady and defensive strategic
financial models, upgraded the cost standards we apply
to various types of products, and strengthened our cost
controls at the design stage. Furthermore, we strictly
regulated our bidding management system. All these
initiatives were aimed at strengthening our control over
the costs of the entire development process to ensure a
reasonable return.
Greentown China Holdings Limited Annual Report 2009 43