Annual Report

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a able of Contents

4 8 13 16 32

Corporate Information Financial Highlights Letter to the Shareholders

Management’s Discussion and Analysis Directors and Senior Management Profile Report of the Directors Corporate Governance Report Independent Auditor’s Report

42 58 95 97 99 101 102 103 106 212 214

Consolidated Statement of Comprehensive Income Consolidated Statement of Financial Position Statement of Financial Position Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows Notes to the Financial Statements Five-year Financial Summary Summary of Properties

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orporate Information

Legal Advisers

K&L Gates As to Hong Kong law

44/F., Edinburgh Tower, The Landmark, 15 Queen’s Road Central, Hong Kong

15 44

Executive Directors

Yau On Yee, Annie (Chairman & Chief Executive Officer) Erwin Steve Huang (Deputy Chairman) Lai Tsz Mo, Lawrence

Reed Smith Richards Butler As to Hong Kong law

20/F., Alexandra House, 16-20 Chater Road, Central, Hong Kong

16-20 20

Independent Non-executive Directors

Chui Chi Yun, Robert Heng Ching Kuen, Franklin Chan Yue Kwong, Michael

Conyers Dill & Pearman As to Bermuda law

Room 2901, One Exchange Square, 8 Connaught Place, Central, Hong Kong

8 1 2901

Auditor

28

RSM Nelson Wheeler Certified Public Accountants

29/F., Caroline Centre, Lee Gardens Two, 28 Yun Ping Road, Hong Kong

29

Company Secretary

Lai Tsz Mo, Lawrence

Principal Banker

2

Authorised Representatives

Yau On Yee, Annie Lai Tsz Mo, Lawrence

The Royal Bank of Scotland N.V., (Hong Kong) Branch

38/F., Cheung Kong Center, 2 Queen’s Road Central, Hong Kong

38

Audit Committee

Chui Chi Yun, Robert (Chairman) Heng Ching Kuen, Franklin Chan Yue Kwong, Michael

Principal Share Registrar

Westbroke Limited

Richmond House, Par-la-Ville Road, Hamilton, Bermuda

Hong Kong Branch Share Registrar

Tricor Secretaries Limited

26/F., Tesbury Centre, 28 Queen’s Road East, Hong Kong

28 26...