Annual Report 2009 - Greentown China Holdings Limited

Management
Discussion
and Analysis
Business Review
The Group continued to adhere to its mission of “building
platforms for our staff and creating value for our
customers; bringing beauty to our cities and wealth to
our society” during 2009, as well as its corporate culture
based on sincerity, goodwill, gracefulness, and striving
for perfection. The Group achieved promising results by
tirelessly devoting itself to improving the quality of its
properties. Some of the key highlights of the financial
year ended 31 December 2009 (the “Year”) are described
below.
Project Development
Responding to changes in the market during 2009, the
Group formulated a strategy of “earlier, faster and greater
sales”. We adjusted our construction targets in accordance
with market conditions in order to increase our stock of
saleable properties. The Greentown Group commenced
construction of new projects with a total gross floor area
(“GFA”) of 3.88 million sq.m., which was 81% more than
we had planned for at the beginning of the year.
Meanwhile, the Greentown Group completed a total
GFA of 1.93 million sq.m. during 2009, of which 1.27
million sq.m. were above-ground saleable area. As of 31
December 2009, 92% of these completed above-ground
saleable area was sold.
As at 31 December 2009, the Greentown Group had 57
projects with a total GFA of 8.17 million sq.m. under
construction.
Projects completed during the Year
Interest
attributable
to the Group
Total
GFA
completed
Aboveground
saleable
area
Area sold
as of
the end of
2009
Region Project Phases
(sq.m.) (sq.m.) (sq.m.)
Subsidiaries Hangzhou Hangzhou Blue Patio Phase 2 85% 83,841 60,000 59,502
Hangzhou Hangzhou Jiuxi Rose Garden Part 3 100% 5,623 N/A –
Hangzhou Hangzhou Lijiang Apartment Phase 1 100% 177,581 135,371 127,398
Hangzhou Hangzhou Taohuayuan South Lot F 51% 25,351 19,581 17,634
Hangzhou Hangzhou Taohuayuan South Low-rise apartment 51% 17,343 16,185 16,185
Zhejiang Xinchang Rose Garden Hotel – Main
Building and
staff dormitory
80% 31,018 N/A –
Zhejiang Xinchang Rose Garden Entertainment
centre, hotel villa
80% 20,281 N/A –
Zhejiang Thousand-Island Lake Resort
Condo
Phase 1 Block 1 80% 49,003 36,629 31,192
Zhejiang Tonglu Sweet Osmanthus Garden Phase 2 100% 102,865 80,754 60,829
Zhejiang Tonglu Rose Garden All 51% 16,229 15,329 9,020
Shanghai Shanghai Rose Garden Phase 2 100% 46,962 29,040 28,619
Beijing Beijing Lily Apartment Phase 6 80% 52,177 38,868 33,613
Beijing Beijing Lily Apartment School and
kindergarten
Beijing Beijing Majestic Mansion Phase 1 Block 1,
Phase 2
west clubhouse
80% 13,341 N/A –
100% 14,397 2,770 2,770
Jiangsu Nanjing Rose Garden Clubhouse 70% 4,475 N/A –
Anhui Hefei Sweet Osmanthus Garden Phase 5 99% 53,541 36,210 27,549
Anhui Hefei Lily Apartment Phase 4 59.4% 46,462 35,150 35,130
Hunan Changsha Bamboo Garden North Phase 3 52.5% 12,876 9,287 2,488
Hunan Changsha Bamboo Garden South Phase 1 52.5% 7,350 4,703 3,318
Shandong Qingdao Ideal City Phase 1 low-rise 80% 93,609 59,618 58,360
Shandong Qingdao Ideal City Phase 1 high-rise 80% 144,335 112,072 103,600
Xinjiang Xinjiang Rose Garden Phase 4 61.2% 13,088 13,088 8,588
Sub-total 1,031,748 704,655 625,795
48
Greentown China Holdings Limited Annual Report 2009