1、(Stock Code 股份代號 ： 1109)ANNUAL REPORT年度報告 2016 此年報以環保紙張印製華潤置地有限公司China Resources Land LimitedThis annual report is printed on environmental friendly paper二零一六年年度報告 Annual Report 2016目錄 Contents234997106Corporate InformationGroup StructureNationwide PresenceMajor Investment PropertiesForew

2、ordManagement Discussion and AnalysisBiographical Details of Directors and Senior ManagementCorporate Governance ReportReport of the DirectorsIndependent Auditors ReportConsolidated Income StatementConsolidated Statement of Comprehensive IncomeConsolidated Statement of Financial PositionConsolidated

3、 Statement of Changes in 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3115247264二零一六年度報告

4、 Annual Report 2016002Corporate Information公 司 資 料董事執行董事吳向東唐 勇（副主席）俞 建非執行董事閻 飈杜文民丁潔民魏 斌陳 鷹王 彥獨立非執行董事王 石何顯毅閻 焱尹錦滔馬蔚華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

5、潤大廈46樓網址.hkDirectorsexecutive DirectorWu XiangdongTang Yong (Vice Chairman)Yu JianNoN-executive DirectorYan BiaoDu WenminDing JieminWei BinChen YingWang YaniNDepeNDeNt NoN-executive DirectorWang ShiHo Hing Ngai, BoscoAndrew Y. YanWan Kam To, PeterMa WeihuacompaNy secretaryLo Chi Lik, PeterauDitorDel

6、oitte Touche TohmatsuHoNg KoNg BraNcH sHare registrar aND traNsfer officeTricor Standard LimitedLevel 22, Hopewell Centre183 Queens Road EastHong KongregistereD officeUgland HouseSouth Church StreetPost Office Box 309George TownGrand CaymanCayman IslandsBritish West IndiesHeaD office46th Floor, Chin

7、a Resources Building26 Harbour Road, Wanchai, Hong KongWeBsite aDD.hk華潤置地有限公司 China Resources Land Limited003集 團 架 構StructureGroup 物 業 管 理ProPerty ManageMent建 築ConstruCtion 装 飾 装 修DeCoration傢 俱 Furniture城 市Cities 39產 品 線ProDuCt Lines3華 潤 置 地 有 限 公 司China resourCes LanD LiMiteD華 潤 （ 集 團 ） 有 限 公 司Chin

8、a resourCes (hoLDings)CoMPany LiMiteD61.27%(As of 31 December 2016)（截至2016年12月31日）開 發 物 業DeveLoPMentProPerties投 資 物 業investMentProPerties“X” 戰 略“X” strategy城 市Cities 56產 品 線ProDuCt Lines8ProjeCts149項 目開發中IN PIPELINEProjeCts項 目38養 老 產 業senior housing電 子 商 務eCoMMerCe已開業IN OPERATIONProjeCts22項 目全 國 佈 局

9、NationwidePresence業務覆蓋省份Province with Presence運營的持有投資物業總建築面積為totaL gFa oF oPerationaL investMent ProPerties reaCheD百萬平方米 Million Square Meters5.552016年簽約額ContraCteD saLes in 2016人民幣十億元 RMB Billion108.0二零一六年度報告 Annual Report 2016006在 營 購 物 中 心ShoppingMall in Operation MIXc MIXc萬象城， 中國購物中心行業的領跑者，引領全新的

10、生活方式與消費潮流。As the forerunner in Chinas shopping centers, MIXc has been leading new trend of life style.華潤置地有限公司 China Resources Land Limited007二零一六年度報告 Annual Report 2016008在 營 購 物 中 心ShoppingMall in Operation華潤置地有限公司 China Resources Land Limited009 MiXCone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

11、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. MiXCone二零一六年度報告 Annual Report 2016010二 零 一二 年 前 開 業 購 物 中 心MaLLs oPeneD BeFore 2012主 要 投 資 物 業MajorInv

12、estment Propertiesmixcmixc深圳萬象城 shenzhen MiXC 瀋陽萬象城 shengyang MiXC南寧萬象城 nanning MiXC杭州萬象城 hangzhou MiXC成都萬象城 ChengDu MiXC華潤置地有限公司 China Resources Land Limited011FY16FY15YoY Change 租金收入總計 （港幣百萬元）Total Rental Income (HK$ mn)3,2473,1782.2%平均出租率Average Occupancy96.1%96.1%平均成本回報率Yield on Cost30.0%27.8%2.

13、2pt零售額總計 （人民幣百萬元）Total Retail (RMB mn)17,86215,83812.8% MIXcmixcOneone上海時代廣場 shanghai tiMes square北京鳳凰滙 Beijing PhoeniX PLaza北京清河五彩城 Beijing qinghe hi5二零一六年度報告 Annual Report 2016012主 要 投 資 物 業MajorInvestment Properties二 零 一二 年 後 開 業 購 物 中 心MaLLs oPeneD aFter 2012青島萬象城 qingDao MiXC青島萬象城 qingDao MiXC合

14、肥萬象城 heFei MiXC鄭州萬象城 zhengzhou MiXC鄭州萬象城 zhengzhou MiXC無錫萬象城 WuXi MiXC贛州萬象城 ganzhou MiXC重慶萬象城 Chongqing MiXC溫州萬象城 Wenzhou MiXCmixcmixc華潤置地有限公司 China Resources Land Limited013MIXcmixcOneone合肥蜀山五彩城 heFei shushan hi5浙江余姚五彩城 zhejiang yuyao hi5瀋陽鐵西萬象滙 shenyang tieXi MiXC one上海南翔五彩城 shanghai nanXiang hi5長

15、沙星沙萬象滙 Changsha Xingsha MiXC one山東淄博萬象滙 shanDong ziBo MiXC one山東日照萬象滙 shanDong rizhao MiXC oneFY16FY15YoY Change 租金收入總計 （港幣百萬元）Total Rental Income (HK$ mn)1,5621,04250.0%平均出租率Average Occupancy90.3%88.8%1.5pt平均成本回報率Yield on Cost7.4%7.0%0.4pt零售額總計 （人民幣百萬元）Total Retail (RMB mn)9,3265,07183.9% 二零一六年度報告

16、Annual Report 2016014深圳萬象城於 2004 年開業，位於羅湖寶安南路，總建築 面積逾 20 萬平方米，集零售、餐飲、娛樂、休閒、文化等諸多元素為一身，包羅萬象、應有盡有，為消費者帶來全新的消費概念和生活體驗，是真正意義的 一站式 消費中心。深圳萬象城一期擁有 200 多個大小不一、功能各異的獨立店鋪，包括Rel 時尚生活百貨、Ol 高端生活體驗超市、嘉禾深圳影城、冰紛萬象滑冰場、 順 電 等 主 力 店 鋪， 以 及Gucci、Prada、Burberry、Fendi、Bottega Veneta、Valentino、Miu Miu、Boss、MaxMara、Alfred

17、 Dunhill、Emporio Armani、Givenchy 等眾多國際頂級奢侈品牌。Opened in 2004, Shenzhen MIXc is located in Baoan Nan Road in Luohu District with a total GFA of over 200,000 square meters. Shenzhen MIXc is a mixed-use commercial complex comprising of retail, dining, entertainment, leisure and culture elements. Custome

18、rs can experience a brand new consumption and lifestyle concept through this “one-stop” shopping solution.Shenzhen MIXc Phase 1 houses more than 200 highly differentiated shops, including anchor tenants such as Reel Department Store, Ol high-end Supermarket, Golden Harvest cinema, World Ice Arena, S

19、undan, as well as international luxury brands like Gucci, Prada, Burberry, Fendi, Bottega Veneta, Valentino, Miu Miu, Boss, MaxMara, Alfred Dunhill, Emporio Armani, Givenchy etc.租金收入rentaL inCoMe港幣百萬元 HK$ mn986評估值aPPraisaL vaLue港幣百萬元 HK$ mn8,357深 圳 萬 象 城Shenzhen MIXc華潤置地有限公司 China Resources Land Lim

20、ited015Shenzhen MIXc Phase 2 has an even higher-end positioning. It has a creative landscape plan in the space extending from indoor to outdoor, with the greenery and interior design further closing the distance between the shops and the consumers. Tenants include top international luxury brands suc

21、h as Louis Vuitton, Herms, Dior, Ermenegildo Zegna, Salvatore Ferragamo, Dolce & Gabbana, Cartier, Bvlgari, Tiffany & Co., Mont Blanc etc., as well as lifestyle, entertainment, dining elements.深圳萬象城二期在定位上更加高端，在空間上由室內延伸至室外、強調室外步行商業的特色，通過園林綠化和創意小景，進一步貼近與消費者之間 的 距 離。 二 期 租 戶 包 括 Louis Vuitton、Herms、Dio

22、r、Ermenegildo Zegna、 Salvatore Ferragamo、Dolce & Gabbana、Cartier、 Bvlgari、Tiffany & Co.、Mont Blanc 等國際頂級奢侈品牌，以及生活創意、娛樂、餐飲等特色組合。其他Others21%超市Supermarket4%百貨DepartmentStores16%奢侈品Luxury25%餐飲F&B19%生活體驗Lifestyle15%租戶構成 tenant MiX(面積佔比by GFA)二零一六年度報告 Annual Report 2016016杭 州 萬 象 城Hangzhou MIXc杭州萬象城於2010年

23、開業，位於杭州CBD中心區錢江新城，匯集眾多世界頂尖品牌，潮流時尚在此繽紛呈現，豐富的商品選擇，舒適的購物環境，顧客無不盡興歡顏；各式饕餮美食餐廳，不僅能品嘗到杭州本土家常口味，更讓您足不出戶就可以吃遍世界美食。Opened in 2010, Hangzhou MIXc is located in the CBD of Qianjiang New City. The complex brings together many of the worlds top brand names, presenting fashion trends and a rich selection of merch

24、andise. It offers a comfortable shopping environment and a variety of gourmet restaurants offering local Hangzhou food as well as worldwide cuisines.租金收入rentaL inCoMe港幣百萬元 HK$ mn508評估值aPPraisaL vaLue港幣百萬元 HK$ mn4,125華潤置地有限公司 China Resources Land Limited017It also houses an Olympic-standard ice-skati

25、ng rink, Broadway cinemas, PageOne (voted the “Best Book Store” in Hong Kong and Singapore on numerous occasions) and so on, which brings unprecedented lifestyle experience to its customers在商業物業中做到奧林匹克真冰標準的冰紛萬象滑冰場、百老匯電影院、多次被評選為香港與新加坡 最佳書店 的PageOne等多方位休閒服務設施，為顧客帶來前所未有的生活消費體驗。其他Others42%超市Supermarket5

26、%奢侈品Luxury12%餐飲F&B23%生活體驗Lifestyle18%租戶構成 tenant MiX(面積佔比by GFA)二零一六年度報告 Annual Report 2016018瀋 陽 萬 象 城Shenyang MIXc瀋陽萬象城於2011年開業，位於瀋陽金廊核心區域，是繼深圳、杭州之後，華潤旗下第三座萬象城；建築面積近25萬平方米，容納近200家各類店鋪；同時擁有地下兩層停車場、地上四層停車樓，可提供近2,000個停車位。瀋陽萬象城集合品牌零售、特色餐飲、娛樂休閒等功能於一體，擁有眾多國際一線品牌店鋪，包括Herms、LV、Prada、Miu Miu、TODs、Fendi、Bvl

27、gari、Burberry、MaxMara、Hugo Boss、Ermenegildo Zegna、Cartier等；其中，Herms是目前瀋陽唯一店，LV是全國經營面積第二大店及東北地區旗艦店，Prada是瀋陽營業面積最大的店鋪，Miu Miu更是東北第一店；Ermenegildo Zegna全球概念店，也成為東北面積最大的店。同時，還擁有眾多時尚品牌，包括引進東北地區第一家買手店Sammy Collections，以及Novo、7 for all Mankind等品牌新面孔。針對近年來百貨業態品牌數量少，業績較差的情況，瀋陽萬象城百貨區域於2015年8月改造後重新開業。百貨區域重新開業完整

28、經營首年 （2015年8月至2016年8月） 業績表現較調整前 （2012年8月至2013年8月） 明顯提升：1） 百貨區域平均租金實現196元/月/平米，增長292%；2） 購物中心Opened in 2011, Shenyang MIXc is located in the prime area in Jinlang and is the third MIXc projects after Shenzhen and Hangzhou MIXc. With a GFA of nearly 250,000 square meters, it houses nearly 200 shops. T

29、here is also a 6-storey carpark with nearly 2,000 parking spaces.Shenyang MIXc comprises of retail, specialty dining, and entertainment elements. Major tenants include many top international brands including Herms, LV, Prada, Miu Miu, TODs, Fendi, Bvlgari, Burberry, MaxMara, Hugo Boss, Ermenegildo Z

30、egna, Cartier etc. In particular, Herms is the only shop in Shenyang; LV is the second largest in China in terms of operating GFA and is the flagship store in North Eastern China; Prada is the largest shop in Shenyang in terms of operating GFA; Miu Miu is the first shop in North Eastern China; and E

31、rmenegildo Zegna, a global concept store, is the largest shop in North Eastern China in terms of operating GFA. Moreover, the complex is home to a variety of fashion brands including the first Sammy Collections in North Eastern China, Novo, 7 for all Mankind etc.Department store area in Shenyang MIX

32、c, under-performed in recent years with limited brand names, was renovated and reopened in august 2015. Operational results of first year after renovation (from Aug-2015 to Aug-2016) was inspiring compared with that of the year before renovation (from Aug-2012 to Aug-2013): 1) average monthly rental

33、 of department store area reached 196 RMB per square meter, increased by 292%; 2) average monthly 租金收入rentaL inCoMe港幣百萬元 HK$ mn507評估值aPPraisaL vaLue港幣百萬元 HK$ mn4,053華潤置地有限公司 China Resources Land Limited019rental of total mall area reached 324 RMB per square meter, increased by 57%; 3) total retail s

34、ales of department store area reached RMB245 million, increased by 75%; 4) total rental income of department store area reached RMB48.22 million, increased by 78%.整體平均租金實現324元/月/平米，增長57%；3）百貨區域零售額實現人民幣2.45億元，增長75%；4） 百貨區域租金收入實現人民幣4,822萬元，增長78%。其他Others47%超市Supermarket4%百貨DepartmentStores1%奢侈品Luxury1

35、1%餐飲F&B23%生活體驗Lifestyle14%租戶構成 tenant MiX(面積佔比by GFA)2012年8月至2013年8月Aug-12 to Aug-132015年8月至2016年8月Aug-15 to Aug-16百貨區域零售額DePartMent store area retaiL saLes人民幣百萬元 (RMB mn)75%2012年8月至2013年8月Aug-12 to Aug-13272015年8月至2016年8月Aug-15 to Aug-1648百貨區域租金收入DePartMent store area rentaL inCoMe人民幣百萬元 (RMB mn)78

36、%140245二零一六年度報告 Annual Report 2016020成 都 萬 象 城Chengdu MIXc2012年開業，成都萬象城位於成華區，匯聚了包含Hugo Boss、Armani Collezioni、Coach等 上 百家國際品牌。同時亦匯集多面時尚生活元素，從以進口食品為主的高端超市Ol到享譽全國的冰紛萬象真冰滑冰場，從百老匯電影院，到以閱讀體Opened in 2012 and located in Chenghua District, Chengdu MIXc is home to a variety of world-leading luxury brands in

37、cluding Hugo Boss, Armani Collezioni, Coach. Chengdu MIXc also features multi-faceted lifestyle elements including Ol high-end Supermarket which focuses on imported food, World Ice Arena, Broadway cinemas, Sisyphus Bookstore which is 租金收入rentaL inCoMe港幣百萬元 HK$ mn245評估值aPPraisaL vaLue港幣百萬元 HK$ mn2,92

38、0華潤置地有限公司 China Resources Land Limited021famous for great reading experience, as well as Toys “R” Us that is full of joy and playful toys.From Wangs Steak to stylish specialty restaurants, and from desserts to authentic local snacks, more than 30 global dining brands in Chengdu MIXc will bring custo

39、mers on a gluttonous trip.驗聞名的西西弗書店，及充滿快樂與童趣的玩具反 斗城，營造時尚、歡聚生活新會場。從王品台塑牛排，到時尚特色餐廳，從精緻甜品到地道地方小吃，多達三十多家全球美食品牌，為您帶來舌尖上的饕餮之旅。其他Others56%超市Supermarket14%奢侈品Luxury5%餐飲F&B14%生活體驗Lifestyle11%租戶構成 tenant MiX(面積佔比by GFA)二零一六年度報告 Annual Report 2016022南 寧 萬 象 城Nanning MIXc南寧華潤萬象城位於清秀區，於2012年開業，首日人流逾21萬人次。在這個近21萬

40、平方米的時尚殿堂裡，匯聚國際奢品名店、世界各地特色美食、奧賽水平冰紛萬象真冰場、百盛百貨以及專營高端進口商品的Ol超市、含全球第五塊巨幕影廳的沃美影院等，將購物、餐飲、娛樂、休閒、文化Nanning MIXc is located in Qingxiu District and was opened in 2012, attracting traffic of more than 210,000 shoppers on the first day of its grand opening. This approximately 210,000 square meters shopping ma

41、ll is home to a variety of world-leading luxury brands, specialty dining from around the world, an Olympic-standard ice-skating rink, Parkson department store, Ol 租金收入rentaL inCoMe港幣百萬元 HK$ mn498評估值aPPraisaL vaLue港幣百萬元 HK$ mn3,297華潤置地有限公司 China Resources Land Limited023high-end Supermarket that focu

42、ses on imported goods, Womei Theater with the worlds fifth DMR hall, and encompassing shopping, dining, entertainment, lifestyle and culture elements. Nanning MIXc was awarded 2013 CCFA Golden Lily Award after its first year of operation, and is the first commercial entity in Guangxi that won the aw

43、ard. The trendy and diverse shopping space brings unprecedented shopping and lifestyle experience to customers in Guangxi.諸多元素融於一城，包羅萬象，應有盡有。開業一年即獲2013 CCFA購物中心金百合獎，是首個獲此殊榮的廣西商業體。已成為廣西購物首選地，成為廣西人民的一種生活方式。其他Others36%超市Supermarket4%百貨DepartmentStores24%奢侈品Luxury6%餐飲F&B21%生活體驗Lifestyle9%租戶構成 tenant MiX

44、(面積佔比by GFA)二零一六年度報告 Annual Report 2016024北 京 清 河 五 彩 城Beijing Qinghe Hi5北京清河五彩城是本集團在全國範圍內的第一個五彩城，是本集團傾力打造的城市區域購物中心。北京清河五彩城位於北京市海淀區北五環外的清河，總建築面積約20萬平方米。主力店有沃爾瑪、冰酷冰場、韓國CGV影院、Snoopy樂園等。Beijing Qinghe Hi5 is a regional shopping mall and is the Groups first venture of Hi5 product line in China. Located

45、at the north 5th Ring Road in Qinghe, Haidian District, Beijing Qinghe Hi5 Living Mall has a GFA of approximately 200,000 square meters. Major tenants include Wal-Mart and an Olympic- standard ice-skating rink, Korean CGV Theater and Snoopy Garden. Beijing 租金收入rentaL inCoMe港幣百萬元 HK$ mn280評估值aPPraisa

46、L vaLue港幣百萬元 HK$ mn2,389華潤置地有限公司 China Resources Land Limited025Qinghe Hi5 is committed to creating a happy, warm, stylish, and festive one-stop living mall. The multifaceted flagship mall comprises fashion, shopping, dining, entertainment, leisure, culture and sports elements, which brings unpreced

47、ented lifestyle experience to its customers.她致力於營造一個歡樂、溫馨、時尚、充滿節日氣氛的一站式生活廣場，將成為集時尚購物、特色餐飲、娛樂休閒、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。其他Others41%超市Supermarket19%餐飲F&B24%生活體驗Lifestyle16%租戶構成 tenant MiX(面積佔比by GFA)二零一六年度報告 Annual Report 2016026前 言Foreword二零一六年，在 因城施策化解房地產庫存 的政策背景下，受整體貨幣環境寬鬆、階段性供需關係緊張、土地價格上漲等

48、因素影響，前三季度一二綫熱點城市房價快速攀升，四季度政策逐步收緊，通過限購限貸等措施抑制投資投機需求後，住宅銷售量價趨穩。商業地產方面，全國社會消費品零售總額增速保持平穩，國家積極推動零售創新及消費升級，但購物中心競爭依舊激烈。得益於公司對核心城市的戰略布局以及客戶對公司品牌的認可，本集團在本輪樓市中把握機遇，超額完成全年業績目標，簽約額及簽約均價同比大幅增長，營業額、股東應佔溢利保持穩健增長。in year 2016, amid the backdrop of “city by city specific de-stocking” policy, together with supporti

49、ng factors including loosened monetary conditions, cyclical supply demand mismatch and rising land price, average selling price (“asp”) of properties in hot tier one and two cities shot up during the first three quarters and gradually stabilized in the fourth quarter when the government tightened po

50、licies on home purchases and mortgage to curb investment and speculative demand. as for investment property, the national retail sales of consumer goods remained stable growth, thanks to the governments active promotion on retail innovation and consumption upgrade, while the shopping center competit