1、(Stock Code 股份代號 ： 1109)201 7ANNUAL REPORT年度報告此年報以環保紙張印製This annual report is printed on environmental friendly paper華潤置地有限公司China Resources Land Limited二零一七年年度報告 Annual Report 2017CONTENTSCorporate InformationGroup StructureNationwide PresenceMajor Investment PropertiesForewordManagement Discussion

2、 and AnalysisBiographical Details of Directors and Senior ManagementCorporate Governance ReportReport of the DirectorsIndependent Auditor s ReportConsolidated Income StatementConsolidated Statement of Comprehensive IncomeConsolidated Statement of Financial PositionConsolidated Statement of Changes i

3、n EquityConsolidated Statement of Cash FlowsNotes to the Consolidated Financial StatementsSchedule of Principal PropertiesFinancial Summary公司資料集團架構全國佈局主要投資物業前言管理層討論與分析董事及高層管理 人員簡歷企業管治報告董事會報告獨立核數師報告書綜合收益表綜合全面收益表 綜合財務狀況表 綜合股本變動表 綜合現金流量表綜合財務報表附註 主要物業概要財務概要2346212634 477093102103 104 107 110112 230248目錄

4、二零 一 七 年度 報 告 ANN UAL REPORT 2017002公司資料CO R P O R A T E IN F O R M A T I O N二零 一 七 年度 報 告 ANN UAL REPORT 2017002董事執行董事吳向東唐 勇（副主席）俞 建張大為（於二零一七年四月十八日獲委任）李 欣（於二零一七年四月十八日獲委任）謝 驥（於二零一七年四月十八日獲委任）非執行董事閻 飈陳 鷹王 彥陳 荣（於二零一七年四月十八日獲委任）杜文民（於二零一七年四月十八日辭任）丁潔民（於二零一七年四月十八日辭任）魏 斌（於二零一七年四月十八日辭任）獨立非執行董事何顯毅閻 焱尹錦滔鍾 偉（於二零

5、一七年四月十八日獲委任）孫 哲（於二零一七年四月十八日獲委任）王 石（於二零一七年六月二日退任）馬蔚華（於二零一七年六月二日退任）公司秘書羅志力核數師德勤 ? 關黃陳方會計師行香港股份過戶登記處分處卓佳標準有限公司香港皇后大道東一八三號合和中心二十二樓註冊辦事處Ugland HouseSouth Church StreetPost Office Box 309George TownGrand CaymanCayman IslandsBritish West Indies總辦事處香港灣仔港灣道26號華潤大廈46樓網址.hkDIRECTORSEXECUTIVE DIRECTORSWu Xiangd

6、ongTang Yong (Vice Chairman)Yu JianZhang Dawei (appointed on 18 April 2017)Li Xin (appointed on 18 April 2017)Xie Ji (appointed on 18 April 2017)NON-EXECUTIVE DIRECTORSYan BiaoChen YingWang YanChen Rong (appointed on 18 April 2017)Du Wenmin (resigned on 18 April 2017)Ding Jiemin (resigned on 18 Apri

7、l 2017)Wei Bin (resigned on 18 April 2017)INDEPENDENT NON-EXECUTIVE DIRECTORSHo Hing Ngai, BoscoAndrew Y. YanWan Kam To, PeterZhong Wei (appointed on 18 April 2017)Sun Zhe (appointed on 18 April 2017)Wang Shi (retired on 2 June 2017)Ma Weihua (retired on 2 June 2017)COMPANY SECRETARYLo Chi Lik, Pete

8、rAUDITORDeloitte Touche TohmatsuHONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICETricor Standard LimitedLevel 22, Hopewell Centre183 Queen s Road EastHong KongREGISTERED OFFICEUgland HouseSouth Church StreetPost Office Box 309George TownGrand CaymanCayman IslandsBritish West IndiesHEAD OFFICE46th

9、 Floor, China Resources Building26 Harbour Road, Wanchai, Hong KongWEBSITE ADDRESS.hkCHINA RESOURCES LAND LIMITED華 潤 置 地 有 限 公 司CHINA RESOURCES (HOLDINGS)COMPANY LIMITED6 1 .27%(As of 31 December 2017)（截至2017年12月31日）投資物業INVESTMENTPROPERTIES“X” 戰略“X” STRATEGY建築、装飾装修及傢俱CONSTRUCTION, DECORATION & FURNI

10、TURE長租公寓LEASING APARTMENT產業基金INDUSTRY FUND海外業務OVERSEAS INVESTMENT產業小鎮INDUSTRIAL TOWN康養SENIOR HOUSING物業管理PROPERTY MANAGEMENTN文化體育CULTURE & SPORT城市CITIES項目PROJECTS產品線PRODUCT LINES8城市CITIES44項目PROJECTS27已開業 IN OPERATION項目PROJECTS39開發中 IN PIPELINE產品線PRODUCT LINES3華潤 （ 集團 ） 有限公司開發物業DEVELOPMENTPROPERTIES5

11、9181華潤置 地 有限 公司 CHINA RESO URCES L AND LI M ITED003集團架構GR O U P ST R U C T U R E004二零 一 七 年度 報 告 ANN UAL REPORT 2017全國?局NA T I O N W I D E PR E S E N C E152.1人民幣十億元 RMB Billion2017 年簽約額CONTRACTED SALESIN 2017CONTRACTED GFA9.5百萬平方米 Million Square Meters2017 年簽約面積IN 201740.3%2017 年結算毛利率RECOGNIZED GROS

12、S PROFIT MARGININ 2017業務覆蓋省份Province with Presence6.89百萬平方米 Million Square Meters運營的持有投資物業總建築面積TOTAL GFA OFINVESTMENT PROPERTIESIN OPERATIONTOTAL RENTAL INCOME8.78港幣十億元 HKD Billion2017 年總租金收入IN 2017RETAIL SALES GROWTH34%2017 年零售額增長IN 2017華潤置 地 有限 公司 CHINA RESO URCES L AND LI M ITED005二零 一 七 年度 報 告 A

13、NN UAL REPORT 2017006主要投資物業MA J O R IN V E S T M E N T PR O P E R T I E S二零一二年前開業購物中心MA L L S OP E N E D BE F O R E 2 012FY17FY16YoY Change 租金收入總計 （人民幣百萬元）Total Rental Income (RMB mn)3,0342,68413.0%平均出租率Average Occupancy97.4%96.8%0.6pt平均成本回報率Average Yield on Cost31.3%30.1%1.2pt零售額總計 （人民幣百萬元）Total Re

14、tail Sales (RMB mn)21,56817,45624.0% 華潤置 地 有限 公司 CHINA RESO URCES L AND LI M ITED007二零一二年後開業購物中心MA L L S OP E N E D AF T E R 2 012FY17FY16YoY Change 租金收入總計 （人民幣百萬元）Total Rental Income (RMB mn)1,9771,34247.0%平均出租率Average Occupancy92.7%90.1%2.6pt平均成本回報率Average Yield on Cost8.6%7.9%0.7pt零售額總計 （人民幣百萬元）T

15、otal Retail Sales (RMB mn)14,3049,32653.0% 二零 一 七 年度 報 告 ANN UAL REPORT 2017008MA J O R IN V E S T M E N T PR O P E R T I E S主 要 投 資 物 業MIXCAs the forerunner in China s shopping malls,MIXc has been leading new trend of lifestyle.萬象城，中國購物中心行業的領跑者，引領全新的生活方式與消費潮流。華潤置 地 有限 公司 CHINA RESO URCES L AND LI M

16、 ITED009MIXC ONE萬象滙/五彩城，集購物、餐飲、娛樂及文化運動為一體的多功能、多主題、引領嶄新生活方式的區域商業旗艦。MIXc One / Hi5 is the multi-faceted flagship mall comprises shopping, F&B, entertainment, culture and sports elements, which brings unprecedented lifestyle experience to its customers.二零 一 七 年度 報 告 ANN UAL REPORT 2017010深圳萬象城SH E N Z

17、H E N M I XC租戶構成TE N A N T MI X(面積佔比by GFA)AP P R A I S A L VA L U E港幣百萬元 HK$ mnRE N T A L IN C O M E港幣百萬元 HK$ mn1,07310, 198服裝Fashion15%餐廳F&B25%家用及個人護理Households& Personal Care9%其他*Others9%超市及百貨Supermarket &DepartmentStore22%兒童及娛樂Kids &Entertainment20%* 其他包括配飾、皮具、禮品、服務等 Others include accessories,

18、leather goods, gifts and services etc.華潤置 地 有限 公司 CHINA RESO URCES L AND LI M ITED011服裝Fashion32%餐廳F&B24%家用及個人護理Households& Personal Care12%其他*Others13%兒童及娛樂Kids &Entertainment14%超市及百貨Supermarket &DepartmentStore5%杭州萬象城HA N G Z H O U M I XC租戶構成TE N A N T MI X(面積佔比by GFA)AP P R A I S A L VA L U E港幣百萬

19、元 HK$ mnRE N T A L IN C O M E港幣百萬元 HK$ mn5515,242* 其他包括配飾、皮具、禮品、服務等 Others include accessories, leather goods, gifts and services etc.二零 一 七 年度 報 告 ANN UAL REPORT 2017012瀋陽萬象城SH E N Y A N G M I XC服裝Fashion34%餐廳F&B22%家用及個人護理Households& Personal Care13%其他*Others1 1%超市及百貨Supermarket &DepartmentStore4%兒

20、童及娛樂Kids &Entertainment16%租戶構成TE N A N T MI X(面積佔比by GFA)AP P R A I S A L VA L U E港幣百萬元 HK$ mnRE N T A L IN C O M E港幣百萬元 HK$ mn6344,538* 其他包括配飾、皮具、禮品、服務等 Others include accessories, leather goods, gifts and services etc.華潤置 地 有限 公司 CHINA RESO URCES L AND LI M ITED013服裝Fashion28%餐廳F&B18%家用及個人護理Househ

21、olds& Personal Care12%其他*Others14%超市及百貨Supermarket &DepartmentStore8%兒童及娛樂Kids &Entertainment20%成都萬象城CH E N G D U M I XC租戶構成TE N A N T MI X(面積佔比by GFA)AP P R A I S A L VA L U E港幣百萬元 HK$ mnRE N T A L IN C O M E港幣百萬元 HK$ mn2973,664* 其他包括配飾、皮具、禮品、服務等 Others include accessories, leather goods, gifts and

22、 services etc.二零 一 七 年度 報 告 ANN UAL REPORT 2017014南寧萬象城NA N N I N G M I XC服裝Fashion18%餐廳F&B22%家用及個人護理Households& Personal Care10%其他*Others9%超市及百貨Supermarket &DepartmentStore28%兒童及娛樂Kids &Entertainment13%租戶構成TE N A N T MI X(面積佔比by GFA)AP P R A I S A L VA L U E港幣百萬元 HK$ mnRE N T A L IN C O M E港幣百萬元 HK

23、$ mn5674,059* 其他包括配飾、皮具、禮品、服務等 Others include accessories, leather goods, gifts and services etc.華潤置 地 有限 公司 CHINA RESO URCES L AND LI M ITED015服裝Fashion16%餐廳F&B26%家用及個人護理Households& Personal Care4%其他*Others22%超市及百貨Supermarket &DepartmentStore20%兒童及娛樂Kids &Entertainment12%北京清河五彩城BE I J I N G QI N G

24、H E HI5租戶構成TE N A N T MI X(面積佔比by GFA)AP P R A I S A L VA L U E港幣百萬元 HK$ mnRE N T A L IN C O M E港幣百萬元 HK$ mn2772,798* 其他包括配飾、皮具、禮品、服務等 Others include accessories, leather goods, gifts and services etc.二零 一 七 年度 報 告 ANN UAL REPORT 2017016西安西咸萬象城於二零一七年四月二十一日開業，位於西咸新區灃東新城核心位置，總建築面積逾23萬平方米，集零售、餐飲、娛樂、兒童等

25、諸多業態，重點打造全家庭型定位，開業至今已成為西安、咸陽雙城的商業市場新標桿。西咸萬象城擁有200餘個獨立品牌店鋪，包括華潤萬家超市、CGV影院、孩子王、meland兒童樂園等主力店鋪，以及星巴克、優衣庫、URBAN REVIVO、五環NOVO、肯德基、小米之家、海底撈、探魚、星際傳奇等全國連鎖品牌。Opened on 21 April 2017, Xi an Xixian MIXc is located at the central area of Fengdong New Town, Xixian New District, with a total GFA of more than 0.

26、23 million square meters. It provides a wide range of functions, including retails, F&B, entertainment, kids , etc., focusing primarily on family activities. Since its opening, Xi an Xixian MIXc has set a new standard for the commercial markets in both Xi an and Xianyang. Xi an Xixian MIXc has over

27、200 independent brand stores, including anchor stores such as the China Resources Vanguard supermarket, CGV cinema, Kidswant and meland kid s playground, as well as national chain stores, such as STARBUCKS, UNIQLO, URBAN REVIVO, Wu Huan NOVO (五環 NOVO), KFC, Mi Home (小米之家), Hidilao Hot Pot (海底撈), Tan

28、 Yu (探魚) and Xing Ji Chuan Qi gaming arcade (星際傳奇).西安西咸萬象城XIA N XI X I A N M I XC二零一七年開業購物中心MA L L S OP E N E D I N 2 017華潤置 地 有限 公司 CHINA RESO URCES L AND LI M ITED017上海萬象城SH A N G H A I M I XC上海萬象城於二零一七年九月二十三日開業，位於上海軌交10號線紫藤路站上蓋，總體量為53萬平方米，包括24萬平方米萬象城購物中心、14萬平方米超A級寫字樓，3萬平方米國際輕奢時尚酒店 （世民酒店citizenM、雅

29、辰悅居酒店ARTYZEN habitat） 和上海首家地鐵博物館。超80%的綠化覆蓋，佔地逾25,000平方米、近50個籃球場大小的超長沿街面城市公園、5,000平方米星空廣場及屋頂花園組成了這座融合了購物、休閒和生活方式，與城市一同呼吸的綠色立體空間。Opened on 23 September 2017, Shanghai MIXc is located above the Ziteng Road station along Shanghai metro line 10. With total GFA of 0.53 million square meters, the project c

30、onsists of a MIXc shopping mall (0.24 million square meters), a grade A plus office building (0.14 million square meters), international entry lux fashion hotels, namely, citizen M and ARTYZEN habitat (0.03 million square meters) as well as the first metro museum in Shanghai. The project also compri

31、ses of an ultra-long city street park with a green coverage of over 80% and a site area of over 25,000 square meters, the size of which comparable to nearly 50 basketball courts; and a stargaze plaza and a rooftop garden of 5,000 square meters. It incorporates shopping, leisure and lifestyle and emb

32、odies a multi-dimensional green area that breathes with the city.二零一七年開業購物中心MA L L S OP E N E D I N 2 017二零 一 七 年度 報 告 ANN UAL REPORT 2017018深圳萬象天地於二零一七年九月二十七日開業，位於深圳南山中心區，毗鄰深圳高新科技園，南臨深南大道，東靠沙河西路，與地鐵高新園站無縫接駁，總建築面積約為23萬平方米。萬象天地是 漫步式城市創作空間 ，是深圳人文綜合型項目華潤城的商業中心，這裡將成為未來深圳最具體驗感的國際化社交、消費、休閒、創作天地。萬象天地以零售、設計

33、精品、特色美食、娛樂休閒等豐富業態，彰顯商業的活力與品質，全是最新的消費體驗和生活方式。漫步體驗式街區的呈現，將為人與人回歸親密交流狀態、構建未來城市時尚社交生活提供可能。萬象天地作為華潤置地繼萬象城後引領新商業趨勢的大型商業中心，將帶來人文、藝術、社交、科技與商業融合的全新體驗。Opened on 27 September 2017, Shenzhen Mixc World is located in the central area of Nanshan District, Shenzhen, adjacent to Shenzhen Hi-tech Park, south to Shen

34、nan Road and east to Shahe West Road, connected to Gaoxinyuan Metro Station, with a total GFA of approximately 0.23 million square meters. Mixc World represents a “leisurely creative space in the city”. It is the commercial center of CR City, a cultural complex project of Shenzhen, and will become a

35、 hub for international social exchange, shopping, leisure and creativity, offering the best experiences in Shenzhen. Showcasing commercial vibrancy and high quality, Mixc World incorporates a variety of elements including retails, designer boutiques, specialty cuisine, and entertainment and provides

36、 newest shopping and lifestyle experiences. The experience-oriented and leisurely street blocks will provide possibilities for people to go back to intimate communications and for building urban lifestyles and social life in the future. As a major commercial complex leading new business trends since

37、 CR Land s MIXc projects, Mixc World is bound to provide brand new experiences combining culture, arts, social activities and technology with businesses.深圳萬象天地SH E N Z H E N MI X C WO R L D二零一七年開業購物中心MA L L S OP E N E D I N 2 017華潤置 地 有限 公司 CHINA RESO URCES L AND LI M ITED019北京密雲萬象匯BE I J I N G MI Y

38、 U N MIXC ON E北京密雲萬象匯項目是北京密雲區唯一的購物中心，建築面積10.8萬平米，輻射密雲全境、懷柔及順義北部50萬消費人群，同時吸引年均1,000萬人旅遊客群。項目於二零一七年十一月十日正式開業，大部分零售、餐飲、兒童品牌首進密雲，品牌級次遠超競品項目，對密雲消費者極具吸引力。目前已進駐品牌包括迪卡儂、博納影院、H&M、優衣庫、GAP、星巴克、玩具反斗城、西貝、雲海肴等。The Beijing Miyun MIXc One project is the only shopping mall in Beijing Miyun with GFA of 108,000 square

39、 meters, which not only serves a total of 500,000 consumer in Miyun, Huairou and northern Shunyi, but also attracts an average of 10 million tourists every year. The project opened officially in 10 November 2017 with most of the retails, F&B and kid s brands making their first appearance in Miyun. T

40、he brand class is much higher than other competitive projects, which is extremely appealing to consumers in Miyun. Key presentative tenants include Decathlon, Bona Theater, H&M, UNIQLO, GAP, Starbucks, TOYS”R”US, COCO Park and Mystic South-Yunnan Ethnic Cuisine etc.二零一七年開業購物中心MA L L S OP E N E D I N

41、 2 017二零 一 七 年度 報 告 ANN UAL REPORT 2017020泰州萬象城購物中心一期生活館於二零一七年十二月三十一日開業，形成了以潮人運動、美食餐飲、全方位兒童三大業態為核心的全家庭體驗式購物中心。項目引進近4,000平方米迪卡儂泰州首家旗艦店、銀吉姆 英派斯健身泰州輕奢臻品旗艦店，以雙運動主力店及運動零售的組合包攬運動潮人的專業裝備和運動所需。餐飲方面引入包括小龍坎火鍋、千葉鐵板燒、酒窩甜品在內的網紅餐飲品牌，數十家品質網紅餐飲品牌首進泰州，征服泰州美食達人們的挑剔味蕾。同時，泰州萬象城生活館也為有小朋友的年輕家庭悉心打造了集合了眾多國際頂級兒童零售品牌、國際兒童教育、

42、兒童主題樂園在內的全方位兒童親子主題區域，陪伴每個家庭成長。Opened on 31 December 2017, the lifestyle store of the first phase of Taizhou MIXc Shopping Mall offers family shopping experience, focusing on three core businesses of lifestyle & sports, F&B, and comprehensive kid s related experience. The project introduces the first

43、 flagship outlet of Decathlon in Taizhou with an area of 4,000 sq.m. and a premium flagship fitness studio of INGYM Impulse in Taizhou. The combination of the two sports retail brands satisfies the demands for fashionable professional sports equipment. In terms of F&B, the project introduces several

44、 popular brands, including Longkan Hotpot (小龍坎火鍋), Chiba Teppanyaki (千葉鐵 板 燒) and Smile Dessert (酒 窩 甜 品). It marks the first presence in Taizhou for dozens of popular quality F&B brands, which should meet the demand of food guru in Taizhou. Meanwhile, there is a well-rounded family area in the life

45、style store of Taizhou MIXc, targeting young families with children. The area offers numerous leading international brands of kid s related retailer, international education and theme park, accompanying the growth of every family.泰州萬象城TA I Z H O U M I XC二零一七年開業購物中心MA L L S OP E N E D I N 2 017華潤置 地

46、有限 公司 CHINA RESO URCES L AND LI M ITED021二零二零一七年中年國GDP同比增比增長6長 .9%，%經濟經濟發發展由由高速增長增長階段階段轉向高質高質量發量發展階展階段，段經經濟結結構不構斷優優化。化。房地房產調控繼控繼續深化，化堅持因持因城施城施施策，策，從傳從傳從傳統的統的需求需求端抑端抑制向供給供給側結構結構優化優化轉轉變，同時金時金融信融信貸政貸政策持策持續收續收緊，緊，調控調控效果效逐步顯現現。除除此之此之外，外，短期短期調調控與控與控與與與長效長效機制的銜接更為緊密，國家國大力大培育發育發育發育育展住展住展住房租房房房賃市場、深化發展共有產權住房

47、試房試房試房試房試點點點，點，點，點在控在控控在控制房制制制制價水平過快上漲的同時，完善完善完善善善多層多層多多多多次住次住次住次住次住房供供供供房應體系，構建租購購並舉並的房地房地房地房地房地產制產制制產產產度，度，度度度推動推動推動推動推動長效機制的建立健全。年內年內年內年年，全，全全全全國房國房國房國房國房地產地產地產地產地產開發投資人民幣11.0萬億元，元，元，元，元同比同比同比比同比增長增長增長增長增長7. 7. 7. 7.0%0%0%0%0%；商品房銷售額人額民幣13 313 31 .4 4 4 4 4萬億萬億萬億萬萬億元，元元元，同比同比同比同比同比增長增增增13.7%，銷售面積

48、16.9 9億平億平億平億平億平米，米，米米米同比同比同比比比比比增長增長增長增長增長增增7.7%1。本集團深入宏觀觀政政策研策研研策研策研究，究，究，究，採取採取採取採取採取適當適當適當適當適適當的區域資源配置策略，確確保公保公保公保公保公司業司業司業司業司業績穩績穩績穩績穩績穩健增健增健增健增健增健增增長。長。年內內內，本集團銷售銷業業績實績實績實績實績現人現人現人現人現人民幣民民幣民幣民幣1, 1, 1, 1, 1525252 2521 1.2億億2億2億2億元，元元元元較二零一零一六年六年同同期 增期 增增增期 增期 增 長4長4長4長40. 0 0 0 8%8%8%8%8%， 超，

49、超， 超， 超超超 年年年年年 初 制 定 的 全全 年 目年年標2626262 .8 .8 8 8 8%，%，%，%，繼續繼續繼續繼續繼續續續續續保持保持保持保持持持行行業行行行業行規模前十名。於回於回於回於回於於回顧年顧年顧年顧年顧年顧年顧顧度內度內度內度度內，全，全，全，全，全全國社會消費品零售總額總額人人民幣民幣民幣民幣民民民幣3636 6 636.6 .6 6 6 .6 6萬億萬億萬億億億億元，元，元，元元，同比增長長10.2%，實體實體零售呈售呈售呈售呈售呈售呈售回暖回暖回暖回暖回趨勢趨勢趨勢趨勢2 2 2 2。本。本。本。本集團團通過卓越的運運營管營管理，理，理，理理理理，所持所

50、持所持所持所持購物購物購物購中心中心中心心中心零售額達人民幣3585858 8.7 7 7 7 7億億億億億元，元，元，元，元元元元元元元同比同比同比比比比增長增長增長增增333333.9 .9 .9 .9%，%零售零額增速保持市持市持市持市持持場場場場場領先領先領先領先領先領先領先領先領水平水平水平水平水平水平。二零二零二零二零二一七一七一七一七一七七七七七七年本年本年本年本年本年年集團集團集團集團集團團繼續繼續繼續繼續繼續繼繼堅持堅持堅持堅持堅持 2 +X的的的商業商業商業商業商業模模模模模式，式，式，式，式，式不斷不斷不斷不斷斷斷斷推動推動推推推推動推推動推推推推動康養康養康養康養康養、