方兴地产 2009 中期报告

方兴地产 2009 中期报告

方兴地产 2009 中期报告

方兴地产 2009 中期报告

公司資料

CORPORATE INFORMATION

公司名稱

Company Name

方興地產（中國）有限公司Franshion Properties (China) Limited

主要辦事處Principal Office 香港灣仔

港灣道一號

會展廣場辦公大樓47樓

4702-4703室

Rooms 4702-4703

47th Floor, Office Tower, Convention Plaza

No. 1 Harbour Road

Wan Chai, Hong Kong

非執行董事

Non-executive Directors 何操先生（主席）

王紅軍先生

Mr. HE Cao (Chairman)

Mr. WANG Hongjun

執行董事Executive Directors 李雪花女士（首席執行官）

賀斌吾先生（副總裁）

江南先生（首席財務官）

Ms. LI Xuehua (Chief Executive Officer)

Mr. HE Binwu (Vice President)

Mr. JIANG Nan (Chief Financial Officer)

獨立非執行董事Independent Non-executive Directors 劉漢銓先生

蘇錫嘉教授

劉洪玉教授

魏偉峰先生

高世斌博士

Mr. LAU Hon Chuen, Ambrose

Professor SU Xijia

Professor LIU Hongyu

Mr. NGAI Wai Fung

Dr. GAO Shibin

首席財務官

Chief Financial Officer

江南先生Mr. JIANG Nan

合資格會計師

Qualified Accountant

廖繼勤先生Mr. LIAO Chi Chiun

公司秘書

Company Secretary

廖繼勤先生Mr. LIAO Chi Chiun

授權代表

Authorised Representatives 李雪花女士

江南先生

Ms. LI Xuehua

Mr. JIANG Nan

核數師Auditors 安永會計師事務所

香港中環

金融街8號

國際金融中心2期18樓

Ernst & Young

18th Floor,

Two International Finance Centre

8 Finance Street, Central, Hong Kong

股份代碼

Stock Code

0081700817

股份過戶登記處

Share Registrar and Transfer Office 香港中央證券登記有限公司

香港灣仔

皇后大道東183號合和中心

17樓1712-1716室

Computershare Hong Kong Investor

Services Limited

Shops 1712-1716, 17th Floor

Hopewell Centre, 183 Queen’s Road East

Wanchai, Hong Kong

投資者聯絡方式Investor Enquiry 電話：852-********

傳真：852-********

電子郵件：

franshion@

Tel: 852-********

Fax: 852-********

Email: franshion@

公司網站

Website

INTERIM REPORT 2009　FRANSHION PROPERTIES (CHINA) LIMITED

1

方兴地产 2009 中期报告

主席致辭

CHAIRMAN’S STATEMENT

尊敬的各位股東：

本人欣然代表方興地產（中國）有限公司（「本公司」）董事（「董事」）會（「董事會」）提呈本公司

及其子公司（「本集團」、「我們」）截至2009年6月30日止六個月（「回顧期」）之中期業績報告，

敬請各位股東審閱。

回顧期內，未計投資物業公允值收益（已扣除遞延稅項），本公司擁有人應佔溢利達到港幣

418.8百萬元，較去年同期上升17%。由於本集團旗下的各投資物業在回顧期內的投資物業公

允值收益比上年同期大幅下降，若將投資物業公允值收益影響計入，則本公司擁有人應佔溢利

達到港幣434.1百萬元，較去年同期下降61%。每股基本盈利為5.40港仙。本公司董事會不建

議派發中期股息。

2009年上半年，全球經濟顯示出企穩跡象。中國經濟率先走出低谷，上半年GDP增長率達

7.1%，進出口的降幅也正在收縮，中國政府的貨幣政策和財政政策已經初步奏效。伴隨着政

策刺激與剛性需求的釋放，房地產市場於今年上半年迎來了自2007年底週期調整以來的強勁反

彈，上半年土地市場異常活躍。北京、上海等一線城市住宅市場成交量大幅上升，銷售價格同

步上漲，地產企業的開工量也逐漸恢復。商業地產受全球金融危機影響，一線城市的租金曾一

度下滑，空置率上升，但隨着經濟日趨回暖，寫字樓市場下滑趨勢有所放緩，一線城市寫字樓

的投資回報率仍遠好於二、三線城市。今年上半年，中國酒店業經受了自非典以來最嚴峻的考

驗。當業界和消費者對金融危機已逐漸適應時，突如其來的甲型H1N1流感使人們再次陷於恐

慌之中。在雙重危機影響下，酒店業發展環境更為複雜，市場競爭更加激烈，但危機中存在着

發展機遇。政府從刺激需求、擴大消費角度出發，為國內旅游營造了良好的經營和投資環境；

全球經濟回暖的信號也使酒店經營得到改善，整體的酒店業務正處在回升的勢頭當中。

回顧期內，憑藉三大板塊有機發展的優勢互補，以及旗下資產的優良質素，本集團抵禦風險的

能力經受住了現實考驗，本集團的各板塊在不利的外在環境下取得了值得欣慰的業績。

2

方興地產（中國）有限公司　二零零九年中期報告

方兴地产 2009 中期报告

主席致辭

CHAIRMAN’S STATEMENT

Dear Shareholders,

On behalf of the board (the “Board”) of directors (the “Directors”) of Franshion Properties

(China) Limited (the “Company”), I am pleased to present the interim results report of the

Company and its subsidiaries (the “Group”, “we” or “us”) for the six months ended 30 June

2009 (“the period under review”) for your review.

During the period under review, profit attributable to owners of the Company excluding fair

value gains on investment properties (net of deferred tax) amounted to HK$418.8 million, representing an increase of 17% over the corresponding period of last year. There was a

significant drop in fair value gains on investment properties of the Group for the period

under review as compared to the corresponding period of last year. Given that the effect

of fair value gains on investment properties were taken into account, profit attributable to

owners of the Company was HK$434.1 million, representing a decrease of 61% as compared

to the corresponding period of last year. Basic earnings per share were HK5.40 cents. The

Board of the Company does not recommend payment of interim dividend.

In the first half of 2009, the global economy showed some signs of stabilization. China

took the lead to rebound from the trough in the first half of the year. The GDP growth rate

reached 7.1% and there was a shrinking decline in imports and exports. This shows that

the monetary policies and fiscal policies adopted by the PRC government have achieved preliminary results in stimulating economic growth. Boosted by the stimulus policies and

strong market demand, the PRC property market experienced a strong rebound in the first

half of the year, since the adjustment in the previous cycle which commenced at the end

of 2007. The land market was particularly active in the first half of the year. The residential

property market in Beijing, Shanghai and other first-tier cities reported a substantial increase

in sales volumes and selling prices, and the property development enterprises have resumed

to normal operations gradually. Due to the adverse effect of the global financial crisis, commercial properties in first-tier cities had experienced a decline in rentals and a rise in

vacancy rate. However, as the economy begins to recover, the downward trend in the office

market has slowed down, and the rate of return on investment in office properties in first-

tier cities remains far higher than those in the second- and third-tier cities. In the first half

of the year, China’s hotel industry was confronted with the most severe challenges since the

outburst of SARS. While the hotel industry and the consumers had managed to adapt to

the impact of the financial crisis, they were once again shocked by the sudden outburst of

H1N1 Influenza A. Under the pressure of the dual crisis, the environment for development of

the hotel industry is becoming more complicated with ever increasing market competition. Fortunately, there are also opportunities for growth amidst the crisis. By stimulating domestic

demand and encouraging consumer consumption, the PRC Government has created a

favourable operating and investment environment for tourism in China. Meanwhile, the

rebound in global economies will also help to improve the operations of hotel industry,

which is now on a growth momentum.

During the period under review, capitalizing on the organic development in our three major

business segments and the complementation among themselves, plus the outstanding quality

of our assets, the Group’s risk resistant ability had been well proved, and all its business

segments had achieved good results in an adverse external environment.

3 INTERIM REPORT 2009　FRANSHION PROPERTIES (CHINA) LIMITED

方兴地产 2009 中期报告

主席致辭

CHAIRMAN’S STATEMENT

物業開發方面，本集團目前開發的項目正按計劃穩步推進。回顧期內，本集團在上海北外灘航

運集聚區的兩大綜合開發項目正積極施工，以實現上海市政府提出的「百年大計、世紀精品」

的目標，其中，上海港國際客運中心項目寫字樓在吸引了七大集團進駐之後，上海港國際客運

中心開發有限公司又與一家國內大型企業簽訂了銷售意向，上海國際航運服務中心在建設之

初，就已有眾多跨國公司表示了購買的願望。同時，上海崇明島、雲南麗江項目正在按期推進

規劃設計等前期工作。此外，本集團積極擴大優質的土地儲備，於2009年6月30日成功投得被

業界譽為「絕版黃金地塊」的北京市廣渠路15號地塊。

物業租賃方面，本集團旗下的投資物業由於其絕佳的地理位置及優越的品質，使其在整體行業

下滑的大環境裏，仍保持良好的業績。期內，上海金茂大廈寫字樓出租率雖略有下降，但仍維

持在高位水平，通過持續提升服務品質，租金收入平穩。北京凱晨世貿中心以其優良的品質，

其出租率和租金水平仍處於北京市場領先地位。中化大廈不斷調整租戶結構，通過深入挖掘經

營內涵提升營業收入，取得了良好的市場表現。

酒店經營方面，本集團旗下的酒店在市場整體下滑的背景下，業績雖受一定影響，但表現仍處

於行業的領先地位。回顧期內，由於一線城市在2009年上半年受到全球金融危機的影響依然揮

之不去，位於上海的上海金茂君悅大酒店經營受到了影響，但業績仍位於上海高端酒店市場的

前列。位於北京的金茂北京威斯汀大飯店和王府井大飯店通過調整客源結構，採取靈活的經營

方式等措施，穩定了市場份額，業績好於同區域的其他酒店。位於深圳的金茂深圳JW萬豪酒店

自年初開業以來，經營業績正穩步提升。位於海南三亞的金茂三亞希爾頓大酒店受到外部市場

環境變化的影響較小，業績表現平穩，而金茂三亞麗思卡爾頓酒店，在危機中抓住機遇，成為

國內上半年業績表現最好的酒店之一，這兩家酒店牢牢佔據着同區域酒店市場的領先地位。

4

方興地產（中國）有限公司　二零零九年中期報告

方兴地产 2009 中期报告

主席致辭

CHAIRMAN’S STATEMENT

Property development segment: The Group’s development projects are in steady progress as

planned. During the period under review, the Group actively proceeded with the construction

of two major integrated development projects located in the shipping concentration region

at the North Bund, Shanghai, with a view to achieving the target of “Hundred-year Grand

Plan, Centennial Masterpiece” initiated by the Shanghai Municipal Government. Among

which, after securing seven large conglomerates as its occupants, Shanghai Port International

Cruise Terminal Development Co., Ltd. also entered into a letter of intent for sale with a

large domestic enterprise in respect of Shanghai Port International Cruise Terminal Project.

On the other hand, even at the very beginning of the construction of Shanghai International

Shipping Service Center Project, many multinational companies have already expressed their

intention of purchase. In the meantime, both the Shanghai Chongming Island Project and

Yunnan Lijiang Project were on schedule and were proceeding with preliminary works such

as planning and design. In addition, the Group also took proactive measures to expand its

top quality land bank. In particular, on 30 June 2009, the Group was successful in bidding

the piece of land located at No.15 Guangqu Road, Beijing, which was recognized as the

“only remaining prime site” in the region by property developers.

Property leasing segment: All investment properties of the Group are situated in prime

locations with excellent quality, which enable the Group to maintain remarkable results

despite the overall decline in the industry. During the period under review, although the

occupancy rate of the office space of Jin Mao Tower declined slightly, it still managed to stay

at a high level, and through continuous improvement in service quality, the rental income

also remained stable. Beijing Chemsunny World Trade Centre, with its excellent high-class

quality, maintained a leading position in terms of occupancy rate and rental level in the

Beijing market. Sinochem Tower continued to adjust its tenant structure and streamline its

operations to improve operating income, which in turn contributed to its remarkable market performance.

Hotel operations segment: Against the backdrop of a general decline in the market, the

results of the hotels of the Group were affected to some extent, however their operations

still outperformed the market. During the period under review, the negative impact brought

about by the global financial crisis still lingered in first-tier cities in the first half of 2009.

The operation of Grand Hyatt Shanghai was inevitably affected, but its results still remained

forefront within the high-end hotel market in Shanghai. Westin Beijing, Chaoyang and Wangfujing Grand Hotel, both situated in Beijing, maintained their market share and

achieved better results than other hotels in the same district through adjusting guest

structure and adopting a flexible mode of operation. The operating results of JW Marriott Shenzhen, situated in Shenzhen, experienced a steady growth since its opening at the

beginning of the year. Hilton Sanya Resort & Spa, situated in Sanya, Hainan, recorded stable

results as it was less affected by the changes in the external market environment. The Ritz-

Carlton, Sanya was successful in grasping opportunities amid the crisis and became one of

the best performing hotels in China in terms of operating results in the first half of the year.

These two hotels have firmly secured their leading position within the hotel market in the

region.

5 INTERIM REPORT 2009　FRANSHION PROPERTIES (CHINA) LIMITED

方兴地产 2009 中期报告

方興地產（中國）有限公司　二零零九年中期報告6主席致辭

CHAIRMAN’S STATEMENT

今年下半年，全球經濟仍存在着不確定因素和風險。中國房地產市場及酒店業市場機遇與危機共存，本集團將努力抓住機遇並不斷提升旗下各項目品質及市場競爭力。對於在建項目將確保工程進展及質量，按計劃推進；對於物業出租項目將在鞏固既有優勢的同時，不斷提高客戶滿意度；對於酒店板塊會根據市場形勢變化，靈活調整經營策略和房價優惠措施，提升入住率，保證每房收益在競爭組合的領先地位。

展望未來，本人對中國經濟的前景充滿信心，並對由此帶動的中國商業地產市場和本集團業務的發展表示樂觀。本集團將在遵循「一線城市、黃金地段、高檔商用物業開發和持有」的戰略方針指引下，加大物業開發板塊發展力度，聚焦城市綜合體項目開發，適時發展高端住宅業務，繼續保持穩健發展，不斷鞏固本集團作為中國商業地產領先企業的市場地位。

藉此機會，本人謹代表董事會向本集團的全體股東、客戶、管理層和員工致以衷心的感謝！並希望繼續得到各位股東和客戶的鼎力支持，希望管理層和員工繼續努力，再接再厲創造更輝煌

的業績。

何操

主席

香港，2009年9月8日

方兴地产 2009 中期报告

INTERIM REPORT 2009　FRANSHION PROPERTIES (CHINA) LIMITED 7主席致辭

CHAIRMAN’S STATEMENT

In the second half of this year, there are still uncertainties and risks within the global economy. In this regard, opportunities and crisis will co-exist in China’s property and hotel markets. The Group will strive to grasp new opportunities and vigorously improve the quality and market competitiveness of all its projects. In particular, the Group will ensure the progress and quality of projects under construction are proceeding according to plans; strengthen the competitive edge of our property leasing projects and continue to enhance customers’ satisfaction. As regards the hotel segment, the Group will flexibly adjust its operating strategy and the preferential packages on room rates according to the changes in the market, with an aim to improve the occupancy rate, so as to ensure the leading position of our competitive hotel portfolio in terms of revenue per room.

Looking ahead, I have full confidence in the outlook of China’s economy, and I am optimistic about China’s commercial property market and the development of the Group’s business, which are both driven by this momentum. The Group will adhere to its strategy of “developing and holding top quality commercial properties in prime locations of first-tier cities”, dedicate more efforts in expanding its property development segment, focus on the development of urban complex projects, develop high-end residential properties as and when appropriate, continue to maintain a steady growth, and vigorously strengthen the Group’s market position as China’s leading commercial property developer.

On behalf of the Board, I would like to express my sincere gratitude to all the Group’s shareholders, clients, management and staff, and hope we can continue to win your invaluable support, and our management and staff would continue their unremitting

dedication, so that we can achieve even more splendid results in the years to come.

HE Cao

Chairman

Hong Kong, 8 September 2009

方兴地产 2009 中期报告

管理層討論與分析MANAgEMENT DISCuSSION AND ANAlySIS

一、市場回顧

從宏觀經濟層面看，2009年上半年中國經濟整體回暖跡象明顯，國內生產總值同比增長7.1%。分季度看，第一季度增長6.1%，第二季度增長7.9%，第二季度比第一季度加快1.8個百分點。全社會固定資產投資同比增長33.5%。社會消費品零售總額同比增長15.0%。

從地產行業層面看，2009年6月全國房地產開發景氣指數為96.55,比5月份提高0.61點。2009年2月至6月，國房景氣指數經歷了觸底回升過程，雖然該指數仍處於不景氣區間，但已連續3個月保持回升。2009年1月至6月，中國完成房地產的新開工面積、土地購置面積、土地開發面積等同比雖繼續下降，但降幅均顯著收窄。商品住宅及辦公樓銷售面積及銷售額同比有所增長，種種跡象顯示市場需求正在逐步回升。同時開發商的信貸支持在第二季度也大幅回升，開發商的投資、施工等運行指標在逐步恢復。

從區域市場層面看，2009年上半年一線城市甲級寫字樓雖然仍延續租金下降，空置率上升的態勢，但下降幅度已大大減緩。同時北京市政府推出一系列優惠政策吸引跨國企業的地區總部落戶。伴隨着國內經濟復蘇以及全球經濟逐步見底，預計2009年下半年寫字樓市場有望回暖。

2009年上半年，中國酒店業經受了金融危機和甲型H1N1流感雙重危機的影響，酒店行業整體入住率和平均房價都有較大幅度的下降，整個酒店行業市場競爭更加激烈。但隨着全球經濟回暖的信號日益明顯，酒店經營也將大大改善，特別是此次受到衝擊最為嚴重的一線城市的高檔酒店將會率先受惠於全球經濟的回升，同時中國強勁的經濟增長也為國內酒店業的復蘇奠定基礎，另外2010年在上海舉辦的世博會更將成為國內一線城市酒店行業整體復蘇的加速器。1. MARkET REvIEW

From a macroeconomic perspective, China’s economy as a whole demonstrated obvious signs of recovery during the first half of 2009, as evidenced by a 7.1% growth in GDP as compared to the same period of the previous year. In terms of growth rate by quarters, China’s GDP grew by 6.1% in the first quarter and 7.9% in the second quarter, and the growth rate in the second quarter accelerated by 1.8 percentage points as compared to that of the previous quarter. Total fixed asset investment in the PRC grew by 33.5% as compared to the same period of the previous year. Total retail sales volume of consumer goods grew by 15.0% as compared to the same period of the previous year.

From the perspective of the real estate industry, the National Booming Index for the Development of Real Estate (the “Booming Index”) reached 96.55 in June 2009, up 0.61 point from May. From February to June 2009, the Booming Index had been bottoming-out. Though it was still in the depression zone, it had been recovering for three consecutive months. From January to June 2009, the total area of newly started projects, the total area of acquired land and the area of land under development recorded a decline as compared to the same period of the previous year, but at a much moderate pace. Both the gross floor area sold and sales revenue of residential and office properties increased as compared to the same period of the previous year, indicating that market demand is gradually recovering. At the same time, credit facilities to property developers in the second quarter also saw a sharp rebound, resulting in the gradual resumption of investment and construction activities by the developers.

From the perspective of regional markets, A-grade office buildings in first-tier cities continued to record declining rentals and rising vacancy rate during the first half of 2009, however, the decline had slowed down significantly. Besides, the Beijing Municipal Government has introduced a series of preferential policies to attract multinational companies to establish their regional headquarters in Beijing. Along with the recovery of the domestic economy and the bottoming-out of the global economy, the office market is expected to pick up in the second half of 2009.

In the first half of 2009, the hotel industry in China was severely hit by the financial crisis and H1N1 Influenza A at the same time. The overall occupancy rate and average room rates of the hotel industry suffered a significant decline, while competition within the industry became even more intensified. However, as the signs of recovery in the global economy have become more obvious, the operation of hotel industry has been greatly improved, especially for those most significantly affected high-end hotels located in the first-tier cities, which will be the first benefiting from the rebound in global economy. Meanwhile, China’s strong momentum for economic growth will also lay a solid foundation for the recovery in China’s hotel industry. In addition, the World Expo to be held in Shanghai in 2010 will also boost the overall recovery of the hotel industry in China’s first-tier cities.

方興地產（中國）有限公司　二零零九年中期報告8

方兴地产 2009 中期报告

管理層討論與分析MANAgEMENT DISCuSSION AND ANAlySIS

二、業務回顧

綜述

回顧期內，本集團在重組併購、業務運營及市場開拓方面均有較大進展。年初，本集團完成了中國金茂（集團）有限公司（「金茂集團」）剩餘26.77%權益的收購，進一步將物業開發、物業租賃及酒店經營三大板塊有效整合。期內上海港國際客運中心地塊B項目三號樓達成銷售意向並有兩幢樓完成了與業主的交接，金茂深圳JW萬豪酒店也已開始正式營業，各項投資物業仍保持較高的出租率和租金水平，三大板塊業務穩步發展。本集團還成功投得被業界譽為「絕版黃金地塊」的北京市廣渠路15號地塊，作為本集團在北京房地產市場發展的戰略土地儲備，為本集團物業開發板塊持續發展提供保證。

物業開發板塊

今年上半年隨着國內房地產市場的回暖，本集團物業開發項目銷售及預售均取得較好成績。

已竣工的珠海每一間花園項目（位於珠海情侶路北側）抓住市場回暖時機，採取多種營銷策略，積極銷售未售樓盤。截至2009年6月30日，本集團已累計出售598套單位，約81,612平方米，佔可供出售總面積的79%。其中今年上半年出售38套單位，約4,768平方米。目前，本集團佔有珠海每一間花園項目100%的權益。

發展中的上海港國際客運中心地塊B項目（位於上海虹口北外灘黃浦江西岸）大都已完成了銷售或預售，其中有兩幢寫字樓約31,034平方米在上半年完成了與業主的交接，實現了銷售收入；同時上半年也達成了對上海港國際客運中心地塊B項目三號樓的銷售意向，至此該項目的十一幢寫字樓中已有九幢實現了銷售或達成銷售意向。銷售及達成銷售意向的面積佔預計竣工後可供出售總建築面積的77%。2. BuSINESS REvIEW

Overview

During the period under review, the Group had made remarkable progress on restructuring, merger and acquisition, business operation and market exploration. At the beginning of the year, the Group completed the acquisition of the remaining 26.77% interest in China Jin Mao (Group) Company Limited (“Jin Mao Group”), resulting in the further effective integration of our three business segments, namely, property development, property leasing, and hotel operation. During the period under review, a letter of intent for sale of Building No. 3 on Site B of the Shanghai Port International Cruise Terminal Project had been entered and two other buildings had been handed over to the owners. JW Marriott Shenzhen also commenced operation, and all investment properties maintained a relatively high occupancy rate and rentals, which in turn contributed to the steady development of our three major business segments. The Group also successfully bidded the site at No. 15 Guangqu Road, Beijing, which was recognized as the “only remaining prime site” in the region by property developers, and the piece of land will be added to our strategic land bank for the Group’s future development in the Beijing property market, which will secure a sustainable growth for the Group’s property development segment.

Property development segment

In the first half of 2009, the recovery of the domestic real estate market led to good sale and pre-sale results of the Group’s property development projects.

The fully completed Zhuhai Every Garden Project(situated on the north side of Lover’s Road, Zhuhai) grasped the opportunity of market rebound, by taking a variety of marketing strategies to proactively sell the unsold units. As at 30 June 2009, the Group accumulatively sold a total of 598 units, with a floor area of 81,612 square metres and accounting for 79% of the total floor area of apartments for sale. Among them, 38 units with a floor area of 4,768 square metres were sold in the first half of the year. Currently, the Group owns 100% interest in the Zhuhai Every Garden Project.

Site B of Shanghai Port International Cruise Terminal Project(situated on the west bank of the Huangpu River, North Bund of Hongkou District) is under development, most of its sale and pre-sale have been completed. In the first half of the year, the handover of two office buildings (with a floor area of 31,034 square metres) to the owners was completed and sales revenue was recognized, while a letter of intent for sale of Building No. 3 on Site B of Shanghai Port International Cruise Terminal Project had been entered in the first half of the year. Up to this date, nine out of a total of eleven office buildings under construction had realised pre-sale or obtained intent for sale. Floor area having been sold and obtained intent for sale accounts for 77% of the total gross floor area expected available for sale upon the completion of the project.

INTERIM REPORT 2009　FRANSHION PROPERTIES (CHINA) LIMITED

9

方兴地产 2009 中期报告

管理層討論與分析MANAgEMENT DISCuSSION AND ANAlySIS

二、業務回顧（續）

物業開發板塊（續）

目前，上海港國際客運中心地塊B項目一至十號樓都已全部結構封頂，十一號樓內部3個球體的主體結構吊裝施工也已基本完成，整個項目進度符合預期。根據合約安排，目前本集團佔有上海港國際客運中心地塊B項目50%的經濟利益。

發展中的上海國際航運服務中心項目（位於上海虹口北外灘黃浦江西岸）基本完成項目前期準備工作，並於今年3月份正式開工建設，目前施工進度理想。上海國際航運服務中心連同西側的上海港國際客運中心作為未來上海國際航運中心的重要區域，受到市場上各界人士的廣泛關注和支持。今年5月，本集團與中國工商銀行簽署了有關對上海國際航運服務中心項目約45億人民幣的銀團貸款協議，使項目未來發展在資金上得到有利保障。同時本集團積極向潛在的客戶推介該項目，拓展市場，力爭做到提前銷售，打好市場基礎。

目前，本集團佔有上海國際航運服務中心項目東幅和中幅地塊50%的經濟利益。未來本集團將行使中國中化集團公司授予本集團收購其於上海銀匯房地產開發有限公司（「上海銀匯」）50%權益的選擇權，在完成對上海銀匯50%權益的收購後，本集團將獲得上海銀匯所擁有的對該項目西幅地塊50%的經濟利益。

物業租賃板塊

雖然今年上半年高端寫字樓整體市場受到國際金融危機的衝擊，但本集團物業租賃板塊的三處物業以其優異的品質，出租率仍維持在較高水平，同時本集團積極採取策略以應對不斷變化的市場環境，以減少市場衝擊對自身租賃業務的影響，使租賃業務在整體上仍保持穩定。2. BuSINESS REvIEW (Continued)

Property development segment (Continued)

Currently, all superstructures of Building Nos. 1 to 10 on Site B of Shanghai Port International Cruise Terminal Project were topped out and the hoisting of main structures of the three spheres in Building No. 11 was basically completed, and the whole project progressed as expected. Pursuant to contractual arrangements, the Group owns 50% economic interest in Site B of the Shanghai Port International Cruise Terminal Project.

Shanghai International Shipping Service Center Project (situated on the west bank of the Huangpu River, North Bund of Hongkou District) is under development, with preliminary preparation work basically completed, and the construction work was officially commenced in March this year. Currently the progress is satisfactory. Shanghai International Shipping Service Center, together with Shanghai Port International Cruise Terminal which is adjacent to its west, will play an essential part in Shanghai’s future international shipping centre, therefore have received a wide range of public attention and support from the market. In May 2009, the Group and the Industrial and Commercial Bank of China entered into a RMB4.5 billion syndicated loan agreement in respect of Shanghai International Shipping Service Center Project, thereby ensuring a solid financial support for the future development of the project. Meanwhile, the Group has proactively promoted the project to potential customers, expanded the market, endeavored to bolster sales in advance and built a solid market base.

Currently, the Group owns 50% economic interest in the Eastern and Central Sites of the Shanghai International Shipping Service Center Project. In the future, the Group will exercise the option granted by Sinochem Group to acquire its 50% interest in Shanghai Yin Hui Property Development Company Limited (“Shanghai Yin Hui”). After the acquisition of the 50% interest in Shanghai Yin Hui, the Group will hold 50% economic interest in the Western Site of the project held by Shanghai Yin Hui.

Property leasing segment

Despite the negative impact on the overall high-end office building market brought about by the global financial crisis, the three properties under the properties leasing segment of the Group maintained a relatively high level of occupancy rate, mainly due to their excellent quality. Meanwhile, the Group proactively took strategic actions in response to the changing market environment, thereby relieving the impact of the market on its leasing business and thus maintaining a steady development of its overall properties leasing business.

方興地產（中國）有限公司　二零零九年中期報告10

方兴地产 2009 中期报告

管理層討論與分析MANAgEMENT DISCuSSION AND ANAlySIS

二、業務回顧（續）

物業租賃板塊（續）

位於北京金融區內復興門內大街上的北京凱晨世貿中心由於所處的黃金地段及優秀的品質一直贏得市場及客戶的廣泛認可，其出租率及租金水平一直保持着較高的水平。截至2009年6月30日，北京凱晨世貿中心中座大樓和西座大樓的出租率為95.9%（2008年6月30日：94.2%）。主要租戶為中國中化集團公司及其關聯公司、以及金融、諮詢等行業的優秀公司。目前，本集團擁有北京凱晨世貿中心100%的權益。

位於北京金融大街商圈復興門外大街上的中化大廈今年上半年積極招租，克服了年初部份租戶退租的影響，其出租率及租金水平仍保持着較高的水平。截至2009年6月30日，中化大廈的出租率為93.4%（2008年6月30日：95.1%）。主要租戶為金融、軟件、諮詢等行業的優秀公司及本集團關聯公司。目前，本集團擁有中化大廈100%的權益。

位於上海浦東陸家嘴金融貿易區內的金茂大廈作為中國標誌性建築之一，卓越的地標效應使其一直成為國內外知名機構在滬辦公的首選場所之一。今年上半年受到國際金融危機的影響，其出租率及租金水平受到一定影響，但本集團積極採取相應對策，盡可能減少租戶退租對金茂大廈整體租賃業務的影響，出租率水平保持在高位，租金水平仍保持穩定。截至2009年6月30日，金茂大廈的出租率為92.2%（2008年6月30日：98.0%）。主要租戶為財富500強公司或福布斯2000公司及本集團關聯公司。目前，本集團擁有金茂大廈100%的權益。2. BuSINESS REvIEW (Continued)

Property leasing segment (Continued)

Situated in Fuxingmen Nei Street within the financial district of Beijing, Beijing Chemsunny World Trade Centre is widely recognised by its clients throughout the market due to its prime location and ideal quality, and it continuously maintains a high level of occupancy rate and high rental income. As at 30 June 2009, the occupancy rate of the Central and West Towers of Beijing Chemsunny World Trade Centre was 95.9% (30 June 2008: 94.2%). The primary tenants of this property are Sinochem Group and its related companies, and some eminent companies from other fields including finance and consultancy. Currently, the Group holds 100% interest in Beijing Chemsunny World Trade Centre.

Situated in the heart of Beijing on Fuxingmen Wai Street, the prime location of the business circle of the financial street, Sinochem Tower carried out aggressive leasing promotion activities in the first half of 2009 to overcome the impact of termination of tenancy terms by some tenants at the beginning of the year, as a result, its occupancy rate maintained at high levels and rental rates were fairly stable. As at 30 June 2009, the occupancy rate of the Sinochem Tower was 93.4% (30 June 2008: 95.1%). The principal tenants are eminent enterprises in the finance, software, and consultancy industries and the related companies of the Group. Currently, the Group holds 100% interest in the Sinochem Tower.

Situated in the Lujiazui Finance and Trade Zone of Pudong, Shanghai, Jin Mao Tower is one of China’s landmark buildings and it has become one of the most preferred locations for domestic and overseas well-known institutions to set up their offices in Shanghai. In the first half of 2009, the occupancy rate and rental level were affected by the global financial crisis to certain extent, whereas the Group took proactive measures to minimise the impact of surrender of tenancy of some tenants on the overall leasing business of Jin Mao Tower. As a result, the occupancy rate remained at a high level and rental levels also remained stable. As at 30 June 2009, the occupancy rate of the offices in Jin Mao Tower was 92.2% (30 June 2008: 98.0%). The primary tenants are the Fortune 500 companies, Forbes 2000 companies and the related companies of the Group. Currently, the Group owns 100% interest in Jin Mao Tower.

INTERIM REPORT 2009　FRANSHION PROPERTIES (CHINA) LIMITED

11

方兴地产 2009 中期报告

方興地產（中國）有限公司　二零零九年中期報告12管理層討論與分析

MANAgEMENT DISCuSSION AND ANAlySIS

二、業務回顧（續）

物業租賃板塊（續） 2. BuSINESS REvIEW (Continued)Property leasing segment (Continued)北京凱晨世貿中心租戶結構Tenant structure of Beijing Chemsunny World Trade Centre

35%

62% 3%Related companies Financial Others 中化大廈租戶結構Tenant structure of Sinochem Tower

36%

31%

16% 17%Related companies Financial Commercial Others 金茂大廈租戶結構Tenant structure of Jin Mao Tower

33% 15% 11% 11%

7% 7%

16%Related companies Financial Others Consultancy Science & Technology Trade Manufacturing

方兴地产 2009 中期报告

INTERIM REPORT 2009　FRANSHION PROPERTIES (CHINA) LIMITED 13管理層討論與分析

MANAgEMENT DISCuSSION AND ANAlySIS

2. BuSINESS REvIEW (Continued)Hotel operations segment In the first half of 2009, the hotel operations segment of the Group experienced negative impact by the overall market conditions, especially its high-end hotels in Beijing, Shanghai and other first-tier cities. Whereas two high-end luxury hotels of the Group in tourist resort of Sanya, Hainan Province experienced minor impact. In particular, the Ritz-Carlton, Sanya even seized the opportunity emerged in the crisis, and became one of the domestic hotels with best performance in the first half of 2009. The Group is proactively carrying out various protective measures to minimise the impact of changing external market conditions on the Group’s hotel operations segment.Situated in the prime locations of Beijing, Westin Beijing ,

Chaoyang and Wangfujing Grand Hotel were affected by

the dual effect of global financial crisis and the surplus in hotel rooms after the 2008 Olympic Games, and accordingly the average occupancy rates and average room rates fell by different magnitudes. As at 30 June 2009, the average occupancy rate for Westin Beijing, Chaoyang was 42.9% (30 June 2008: not applicable), while that for Wangfujing Grand Hotel was 63.0% (30 June 2008: 70.1%). Westin Beijing, Chaoyang externally strengthened its market segmentation to broaden the market share, while internally launched various sale incentives and tightened cost control. As a result, the hotel gradually expanded its market share and became one of the best performing hotels in that area. At the same time, to cope with the present situation of significant reduction in number of customers for business and conference, Wangfujing Grand Hotel proactively changed its business strategy by enhancing the development of group travel market, expanding marketing channels and strengthening sales through online booking so as to expand market while minimising cost. Currently, the Group owns 100% interest in Westin Beijing, Chaoyang

and Wangfujing Grand Hotel.

Situated inside Jin Mao Tower, Grand Hyatt Shanghai was negatively affected by global financial crisis, and the average occupancy rate and average room rate both fell by different magnitudes. Through the introduction of healthy internal competition mechanism, the enthusiasm of marketing staff was greatly enhanced. At the same time, the control of cost and expenses was reinforced, making the hotel maintain a leading position among its other competitors in the same region. With the approaching of 2010 Shanghai Expo, a massive influx of tourists will drive up the performance of the hotel more rapidly. As at 30 June 2009, its average occupancy rate was 50.3% (30 June 2008: 62.7%). Currently, the Group owns 100% interest in Grand Hyatt Shanghai Hotel.二、業務回顧（續）酒店經營板塊今年上半年本集團酒店經營板塊的業務受到整體市場環境的衝擊，特別是本集團在北京、上海等一線城市的高檔酒店受到一定影響，而本集團在海南三亞旅游景區的兩家高檔酒店受到的影響較小，特別是金茂三亞麗思卡爾頓酒店，在危機中抓住機遇，成為國內上半年業績表現最好的酒店之一。本集團正積極地採取多種應對措施以最大程度地減少外部市場環境變化對本集團酒店經營板塊的衝擊。位於北京核心地段的金茂北京威斯汀大飯店和王府井大飯店受到全球金融危機以及08年奧運會後飯店客房供給量過剩的雙重影響，平均入住率和平均房價均有不同程度的下降。截至2009年6月30日，金茂北京威斯汀大飯店客房平均入住率為42.9%（2008年6月30日：不適用），而王府井大飯店客房平均入住率為63.0%（2008年6月30日：70.1%）。金茂北京威斯汀大飯店對外加大細分市場的力度以拓寬市場，對內在推出多種營銷獎勵的措施的同時加強對成本費用的控制，該酒店市場份額正逐步擴大，並擠身於該區域同業競爭組合的前列；王府井大飯店針對商務與會議客源的數量大量減少的現狀，積極轉變經營策略，加大對團體旅游市場的開發，拓寬營銷渠道，加強網上訂房銷售的力度，開拓市場的同時最大限度降低成本。目前，本集團擁有金茂北京威斯汀大飯店和王府井大飯店100%的權益。位於上海金茂大廈內的上海金茂君悅大酒店受到此次金融危機的影響，平均入住率和平均房價均有不同程度的下降。通過引入內部良性的競爭機制，內部營銷人員的工作積極性極大提升，同時加強對成本費用的控制，使得該酒店相對於同區域的其他競爭對手仍保持領先地位。隨着2010年上海世博會的日益臨近，不斷回暖的市場人氣將帶動該酒店業績更快地回升。截至2009年6月30日，上海金茂君悅大酒店客房平均入住率為50.3%（2008年6月30日：62.7%）。目前，本集團擁有上海金茂君悅大酒店100%的權益。

方兴地产 2009 中期报告

方興地產（中國）有限公司　二零零九年中期報告14管理層討論與分析

MANAgEMENT DISCuSSION AND ANAlySIS

2. BuSINESS REvIEW (Continued)Hotel operations segment (Continued)Situated at the enchanting Yalong Bay, Sanya, Hainan Province, the Ritz-Carlton, Sanya and Hilton Sanya Resort & Spa saw minor impact of the global financial crisis. Especially the Ritz-Carlton, Sanya, by actively implementing various marketing strategies, steadily proceeding with reasonable pricing policy and sufficient marketing promotion plan, not only the average occupancy rate of the hotel did not fall, but it even rose. Hilton Sanya Resort & Spa enhanced the exploration of domestic individual tourists while proactively visited large companies, and maintained and renovated existing hotel facilities, thus securing a leading position in the industrial competition within the same region. As at 30 June 2009, the average occupancy rate of the Ritz-Carlton, Sanya was 7

3.2% (30 June 2008: 30.8%) and the average occupancy rate of Hilton Sanya Resort & Spa was 65.8% (30 June 2008: 77.4%). Currently, the Group owns 100% interest in the Ritz-Carlton, Sanya and 60% interest in Hilton Sanya Resort & Spa.Located in Futian District, Shenzhen, JW Marriott Shenzhen officially commenced operation in March this year. The hotel is in the early stage of operation which focusing on market exploration. The marketing team was basically in place and corresponding marketing strategies were carried out steadily. Currently, the Group owns 100% interest in JW Marriott Shenzhen.Reserved projects Jin Mao World Heritage Park Redevelopment Project is located at the original site of Yunnan Lijiang World Heritage Park, with a site area of approximately 333,330 square metres. The project is set to be an integrated commercial project, which consists of at least one 5-star resort hotel, and aims to combine the Naxi culture with international design concepts, becoming the most characteristic high-end courtyard-type hotel and villa in China. The estimated total

gross floor area is approximately 100,000 square metres. The project is expected to be fully completed in about three years.

Jin Mao Yulong Snow Mountain Resort Hotel Project is situated at Ganhaizi in Lijiang Yulong Snow Mountain, with a total site area of approximately 54,241 square metres. The Group plans to develop this project into a super five-star luxury hotel targeting at high-end local and outside tourists, and has an estimated total gross

floor area of approximately 16,000 square metres. The project is expected to be fully completed in about three years.

二、業務回顧（續）

酒店經營板塊（續）

位於海南三亞亞龍灣內的金茂三亞麗思卡爾頓酒店和金茂三亞希爾頓大酒店受到

此次金融危機的影響較小，特別是金茂三亞

麗思卡爾頓酒店積極開展各項營銷策略，穩

步推進合理的價格策略及充分的促銷計劃，

該酒店的平均入住率不降反升；而金茂三亞

希爾頓大酒店在加強開發國內散客的同時，

積極對大型公司進行走訪，並對現有客房設

施進行維護和更新，使其在該區域同業競爭

中仍處於前列。截至2009年6月30日，金茂

三亞麗思卡爾酒店客房平均入住率為73.2%

（2008年6月30日：30.8%），而金茂三亞希

爾頓大酒店平均入住率為65.8%（2008年6

月30日：77.4%）。目前，本集團擁有金茂

三亞麗思卡爾頓酒店100%的權益和金茂三

亞希爾頓大酒店60%的權益。

位於深圳福田區內的金茂深圳JW 萬豪酒店於今年3月份開始正式營業，該酒店還處

於酒店開業初期的市場開拓階段，營銷團隊

都已基本到位，相應的營銷措施正在穩步推

進。目前，本集團擁有金茂深圳JW 萬豪酒店

100%的權益。儲備項目

位於雲南麗江世界遺產公園原址的金茂世界遺產公園重建項目土地面積約為333,330

平方米。本集團計劃將該項目發展成為綜合

商業項目（其中至少包括一座五星級度假酒

店），旨在將納西文化與國際設計理念融為

一體，在中國建造最具特色的高端度假酒店

及別墅，預計總建築面積約為100,000平方

米。該項目預計約三年時間全部完工。位於雲南麗江玉龍雪山甘海子的金茂玉龍雪山度假酒店項目土地面積約為54,241平

方米。本集團計劃將該項目開發為一座超五

星級豪華酒店，目標客戶為當地及外地的高

級游客，預計總建築面積約為16,000平方

米。該項目預計約三年時間全部完工。

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MANAgEMENT DISCuSSION AND ANAlySIS

2. BuSINESS REvIEW (Continued)Reserved projects (Continued)Shanghai Chongming Island Project is situated in Shanghai Chongming Island, with a site area of approximately 220,000 square metres. The Group plans to develop it into a quality integrated recreation, sports and holiday resort, comprising of golf club, villa, hotel and hotel equities. The project has an estimated total gross floor area of approximately 78,185 square metres and is expected to be fully completed in about two to three years. Meanwhile, the Group has leased a site adjacent to the project, with an area of approximately 955,478 square metres. The Group plans to develop it

into a golf course.

On 30 June 2009, the Group won the bid of the site at No. 15

Guangqu Road, Beijing , for a consideration of RMB4.06 billion.

The site has an area of approximately 155,918 square metres and an estimated total overground gross floor area of approximately 280,121 square metres. The project is located at Baiziwan Section, Chaoyang District, Beijing, adjacent to the CBD area, near to a cluster of bus lines and two subway lines under construction. Enjoying convenience of transportation while adjacent to health care, education institutes and related supermarkets, restaurants, and other commercial facilities and existing high-end properties in the neighborhood, the area was named as the “only remaining prime site” in the region for its excellent location. The Group plans to develop it into a large high-

quality urban complex.

3. FuTuRE OuTLOOk After a drastic downward adjustments in 2008, China’s property market demonstrated strong signs of recovery in the first half of the year, mainly thanks to the positive effect of the economic stimulus package executed by the central and local governments. The Group envisages that, the huge demand for housing, driven by the urbanization progress and China’s traditional social culture, remains one of the factors supporting the sustainable growth of China’s property market. Meanwhile, GDP per capita of Beijing, Shanghai and other first-tier cities has equalled that of moderately developed countries. Furthermore, the proportion of the tertiary industry in Beijing has exceeded 70% of the city’s GDP. With all these fuelling the development of commercial properties, various sectors within this category, including the office building sector, the commercial retail sector and the complex sector, will grow rapidly

in those cities. Investment in the property industry, particularly the commercial property, has just made a good start, and more brilliant success will come in the future.

二、業務回顧（續）儲備項目（續）位於上海崇明島的上海崇明島項目土地面積約為220,000平方米。本集團計劃將該項目開發成為集高爾夫會所、別墅、酒店、產權式酒店於一身的濱江高檔休閒、運動、度假中心。預計總建築面積約為78,185平方米。該項目預計約二至三年時間全部完工。同時本集團還租借了與該地塊相鄰的一幅土地，佔地面積約為955,478平方米，計劃將其開發為高爾夫球場。本集團於2009年6月30日以人民幣40.6億元的價格一舉拍得北京市廣渠路十五號地塊。該地塊土地面積155,918平方米，預計地上建築總面積280,121平方米。該項目位於北京市朝陽區百子灣板塊，臨近CBD 區域，週邊有集聚的公交線路，並臨近兩條在建的地鐵線，交通非常便利，同時週邊的醫院、教育等配套設施及相關的超市、餐飲等商業設施齊備，再加上週邊現有的高檔物業使其被業界譽為該區域的「絕版黃金地塊」，地理位置極佳。本集團計劃將該項目開發成為高品質的大型城市綜合體。三、未來展望中國房地產市場在經歷2008年深度調整的階段之後，隨着中央及地方政府對經濟的刺激政策開始發揮作用，房地產市場在今年上半年已出現明顯的回暖跡象。　　

本集團認為隨著城市化進程，中國傳統社會文化對住房的龐大需求作為中國房地產市場能夠持續增長的支撑因素並未改變，同時，北京上海等一線城市的人均GDP 已達到中等發達國家收入水平，北京的第三產業比重更是超過70%，這些都成為商業地產加速發展的保證，寫字樓、商業零售、綜合體等業態將在這些城市高速增長。地產業尤其是商業地產投資的精彩歲月才剛剛開始，未來將更加輝煌。

方兴地产 2009 中期报告

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MANAgEMENT DISCuSSION AND ANAlySIS

3. FuTuRE OuTLOOk (Continued)

The Group will fully capitalise on the recovery of the property market and, while observing sound investment principles, pay close attention to premium parcels of land in the key target cities including Beijing, Shanghai, Qingdao and Hangzhou. In addition, the Group will continue to replenish its land bank so as to lay a solid foundation for stable and sustainable growth in future. As for projects under construction, the relevant projects will be progressed steadily as expectation without compromising quality and safety. As for completed projects, the Group will proactively make adjustment to its sales strategy and continue its efforts to explore potential customers. At the same time, the Group will constantly improve the conditions of various leased properties with a view to better satisfy its customers. Furthermore, the Group will continue to flexibly adjust the operating strategy and marketing initiatives of the hotel segment, improve service quality and maintain the occupancy rate, and fully capitalise on the opportunities of economic recovery to mitigate the adverse effects on hotel sector brought about by the overall external business environment in earlier periods.

The Group will continue to strive to create higher value and return for its shareholders and create more wealth for the society.

4. FINANCIAL REvIEW

Revenue

For the six months ended 30 June 2009, revenue of the Group amounted to HK$2,548.7 million (six months ended 30 June 2008: HK$1,758.8 million (restated)), representing an increase of 45% as compared with the same period of 2008, which was mainly attributable to the increased sale of properties.

截至6月30日止六個月

For the six months ended 30 June

2009年2008年（重列）2009

2008 (Restated)

（未經審核）

(unaudited)

佔總收入之

百分比

Percentage of the total

revenue

（未經審核）

(Unaudited)

佔總收入之

百分比

Percentage of the total

revenue

變動百分比

港幣百萬元

Hk$ million

港幣百萬元

HK$ million

Percentage

change

物業銷售Property Sales 1,270.2 50%648.0 37%96%物業租賃Property Leasing 428.8 17%361.6 21%19%酒店經營Hotel Operations 723.3 28%606.534%19%其他Others 126.4 5%142.7 8%(11)%總計

Total

2,548.7

100%

1,758.8

100%

45%

三、未來展望（續）

本集團將在充分把握房地產行業整體回暖的基礎上，遵守穩健的投資原則，密切關注北京、上海、青島、杭州等重點目標城市的優質地塊，持續儲備土地資源，為保證公司未來穩定及可持續的增長奠定基礎。對於在建項目，在保證工程質量及安全的前提下，穩步推進工程進展使其符合預期；對於已竣工的開發項目，積極調整銷售策略，不斷挖掘潛在客戶資源；同時不斷提升各個出租物業的經營品質、提高客戶滿意度；繼續靈活調整酒店板塊經營策略和營銷措施，提升服務品質，穩定入住率，並充分抓住經濟回暖的機會，率先擺脫前一階段整體外部環境對酒店帶來的不利影響。

本集團將繼續通過不懈努力，為股東創造更大價值和回報，為社會創造更大財富。

四、財務回顧

收入

截至2009年6月30日止六個月，本集團收入達港幣2,548.7百萬元（截至2008年6月30日止六個月：港幣1,758.8百萬元（重列）），較2008年同期增長45%，主要為物業銷售水平上升所致。

方兴地产 2009 中期报告

INTERIM REPORT 2009　FRANSHION PROPERTIES (CHINA) LIMITED 17管理層討論與分析

MANAgEMENT DISCuSSION AND ANAlySIS

4. FINANCIAL REvIEW (Continued)Revenue (Continued)In the first half of 2009, property sales revenue of the Group was approximately HK$1,270.2 million, representing 50% of the total revenue, which was mainly derived from sales of certain units on Site B of the Shanghai Port International Cruise Terminal Project. Revenue from property leasing increased by 19% over the corresponding period of 2008, which was mainly attributable to the growth of leasing business of Beijing Chemsunny World Trade Centre. Revenue from hotel operations rose by 19% over the corresponding period of 2008, which was mainly attributable to the growth of

revenue from newly opened hotels in 2008 and early 2009.

Cost of sales and gross profit margin Cost of sales of the Group for the six months ended 30 June 2009 was HK$1,327.9 million (six months ended 30 June 2008: HK$615.7 million (restated)). Overall gross profit margin of the Group in the first half of 2009 was 48%, down from 65% of the corresponding period of 2008, which was mainly attributable to the decrease in gross profit margin of property sales segment and hotel operations segment for the period as compared with the same period of last year.During the period, gross profit margin of property sales segment decreased as compared with the same period of last year, mainly due to the fact that the sales of certain units on Site B of the Shanghai Port International Cruise Terminal Project, which were pre-sold at earlier stages at lower unit prices than the average price of the whole project, were recognised as income by the Group. In contrast, the properties sold in the property sales segment in the same period of

last year were certain units of the Eastern Tower of Beijing Chemsunny World Trade Centre Project, selling prices of which were comparably higher.

During the period, occupancy rate and rental level of property leasing segment remained stable as compared with the same period of last year, and gross profit margin remained at a high level. Affected by overall weakness in hotel industry due to unfavourable external environment, both the average room rate and the occupancy rate of most hotels of the Group recorded decreases to some certain extent as compared with the same period of last year, resulting in a decrease

in gross profit margin of hotel operations segment for the period as compared with the same period of last year.

Other income and gains Other income and gains of the Group for the six months ended 30 June 2009 amounted to HK$202.1 million, representing a decrease of 84% from HK$1,275.1 million in the same period in 2008, which was mainly attributable to the significant decrease in fair value gains on the investment properties held by the Group as compared with the same period of last year.

四、財務回顧（續）收入（續）2009年上半年，本集團物業銷售收入為港幣1,270.2百萬元，佔收入總額50%，主要源自上海港國際客運中心地塊B 項目的部份樓盤的收入結轉。物業租賃收入比2008年同期增長19%，主要源自北京凱晨世貿中心出租業務的增長；酒店經營收入比2008年同期增長19%，主要源自2008年及2009年初新開業的酒店收入增長所致。銷售成本及毛利率截至2009年6月30日止六個月，本集團之銷售成本為港幣1,327.9百萬元（截至2008年6月30日止六個月：港幣615.7百萬元（重列））。2009年上半年本集團整體銷售毛利率為48%，較2008年同期之65%有所下降，主要在於本期物業銷售板塊及酒店經營板塊的毛利率低於上年同期水平。由於本集團本期在物業銷售板塊確認收入的上海港國際客運中心地塊B 項目的部份樓盤為該項目早期預售的部份，其銷售單價低於整個項目的平均售價，而上年同期物業銷售板塊為銷售北京凱晨世貿中心東座的部份樓層，當時售價較高，從而導致本期物業銷售板塊毛利率同比有所下降。本期物業租賃板塊出租率及租金水平保持穩定，與上年同期相當，毛利率水平仍保持高位。由於外部環境的影響導致酒店行業整體的不景氣，今年上半年本集團旗下的大部份酒店平均房價與入住率同比上年同期都有一定幅度的下降，導致本期酒店經營板塊的毛利率同比有所下降。其他收入和收益截至2009年6月30日止六個月，本集團的其他收入和收益為港幣202.1百萬元，較2008年同期的港幣1,275.1百萬元下降84%，主要在於本集團持有的投資物業所產生的投資物業公允值收益與上年同期比較有大幅下降。

方兴地产 2009 中期报告

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4. FINANCIAL REvIEW (Continued)

Selling and marketing expenses

Selling and marketing expenses of the Group for the six months ended 30 June 2009 amounted to HK$87.2 million, representing an increase of 7% from HK$81.6 million in the same period of 2008, which was mainly attributable to the increased marketing expenses of newly operated hotels for market expansion.

Administrative expenses

Administrative expenses of the Group for the six months ended 30 June 2009 amounted to HK$241.9 million, representing a decrease of 11% from HK$271.0 million in the same period of 2008. The decrease was mainly attributable to the fact that the Group incurred acquisition fees arising from the acquisition of Jin Mao Group in last year, whereas there were no such fees during the period.

Finance cost

Finance cost of the Group for the six months ended 30 June 2009 was HK$216.6 million, which was comparable to that of HK$214.4 million in the same period of 2008.

Finance cost of the Group was either capitalized or charged as an expense. As a significant portion of the borrowings of the Group were intra-group entrustment loans, the finance cost so charged by the Group also included some interest expenses arising from internal entrustment loans of the Group. If such interest expenses are excluded, the interest expenses on interest-bearing bank and other borrowings would be HK$207.0 million, representing a decrease of 3% as compared with that of HK$214.4 million for the same period of last year.

截至6月30日止六個月

For the six months ended 30 June

2009年

（未經審核）2008年（重列）

（未經審核）（港幣百萬元）（港幣百萬元）

變動百分比

2009

(unaudited)2008(Restated)

(Unaudited)Percentage

change

(Hk$ million)(HK$ million)

須於五年內全數償還的

銀行貸款及其他借款利息Interests on bank loans and other borrowings wholly repayable within five years 283.1296.8(5)%其他貸款利息Interests on other borrowings

16.422.4(27)%利息總額

Total interests

299.5319.2(6)%減：資本化利息Less: Interests capitalised (82.9)

(104.8)(21)%小計

Sub-total

216.6 214.4

1%減：本集團內部委託　　　貸款利息

Less: I nterests on internal entrustment

loans of the Group

9.6

–

N/A

扣除本集團內部委託

貸款後的計息銀行貸款 及其他借款利息

Interests on interest-bearing bank

and other borrowings net of internal entrustment loans of the Group

207.0 214.4(3)%

四、財務回顧（續）

銷售和營銷開支

截至2009年6月30日止六個月，本集團的銷售和營銷開支為港幣87.2百萬元，較2008年同期的港幣81.6百萬元增長7%，主要由於新開業的酒店為開拓市場新增營銷費用所致。

管理費用

截至2009年6月30日止六個月，本集團的管理費用為港幣241.9百萬元，較2008年同期的港幣271.0百萬元下降11%，主要由於本集團在上年收購金茂集團過程產生了相關的收購費用，而本期並未有此類費用。

融資成本

截至2009年6月30日止六個月，本集團的融資成本為港幣216.6百萬元，與2008年同期的港幣214.4百萬元基本持平。

本集團融資成本中，一部份予以資本化，而另一部份予以費用化。由於在本集團借貸中有相當一部份為本集團內部的委託貸款，從而造成本集團在費用化的融資成本中也包括了一部份由本集團內部委託貸款所產生的利息支出。若扣除該部份利息支出，則本集團的計息銀行貸款及其他借款的利息支出為港幣207.0百萬元，較上年同期之港幣214.4百萬元下降3%。

方兴地产 2009 中期报告

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MANAgEMENT DISCuSSION AND ANAlySIS

4. FINANCIAL REvIEW (Continued)Tax

The Group had a tax charge of HK$288.5 million for the six months ended 30 June 2009, representing a decrease of 46% from HK$536.7 million in the same period of 2008. This was mainly attributable to the fact that the deferred tax charge arising from fair value gains on investment properties of the Group in the first half of the year was far lower than that of the same period of last year.Profit attributable to owners of the Company Profit attributable to owners of the Company decreased by 61% to HK$434.1 million for the six months ended 30 June 2009 from HK$1,116.7 million in the corresponding period of 2008. Excluding fair value gains on investment properties (net of deferred tax) profit attributable to owners increased by 17% to HK$418.8

million (six months ended 30 June 2008: HK$358.8 million) over the same period of last year.Properties under development As at 30 June 2009, the non-current portion of properties under development comprised the property development costs for Eastern Site and Central Site of Shanghai International Shipping Service Center, Jin Mao World Heritage Park Redevelopment Project, Jin Mao Yulong Snow Mountain Resort Hotel Project, Shanghai Chongming Island Project and the prepayment for the site at No. 15 Guangqu Road, Beijing, whereas the current portion of properties under development comprised the property development costs for Site B of

Shanghai Port International Cruise Terminal Project.

The increase in properties under development (current and non-current) from HK$6,736.5 million as at 31 December 2008 to HK$7,296.1 million as at 30 June 2009 was mainly attributable to the additional costs incurred for Jin Mao World Heritage Park Redevelopment Project, Jin Mao Yulong Snow Mountain Resort Hotel Project, Shanghai Chongming Island Project and the prepayment for the site at No. 15 Guangqu Road, Beijing. The costs were partially transferred due to the completion of some buildings on Site B of

Shanghai Port International Cruise Terminal Project.

Properties held for sale As at 30 June 2009, properties held for sale included East Tower of Beijing Chemsunny World Trade Centre and the unsold portion of the Zhuhai Every Garden Project. The decrease in properties held for sale from HK$616.1 million as at 31 December 2008 to HK$587.7 million as at 30 June 2009 was mainly attributable to the sale of some floors of the Zhuhai Every Garden Project. In addition, the additional properties held for sale as a result of the completion of some buildings on Site B of Shanghai Port International Cruise Terminal Project in the first half of 2009 were fully transferred to the cost of sale for the

period upon recognition of all revenues in the same period.

四、財務回顧（續）稅項截至2009年6月30日止六個月，本集團的稅項支出為港幣288.5百萬元，而2008年同期本集團的稅項為港幣536.7百萬元，同比下降46%。主要在於今年上半年本集團投資物業公允值收益產生的遞延稅項支出遠低於上年同期。本公司擁有人應佔溢利截至2009年6月30日止六個月，本公司擁有人應佔溢利為港幣434.1百萬元，較2008年同期的港幣1,116.7百萬元下降61%。若未計及投資物業公允值收益（已扣除遞延稅項）的擁有人應佔溢利為港幣418.8百萬元（截至2008年6月30日止六個月：港幣358.8百萬元），較上年同期增長17%。發展中物業於2009年6月30日，發展中物業的非流動部份包括上海國際航運服務中心項目東塊、中塊地塊以及金茂世界遺產公園重建項目、金茂玉龍雪山度假酒店項目、上海崇明島項目產生的物業開發成本及北京廣渠路15號地塊的預付款；而發展中物業的流動部份則包括上海港國際客運中心地塊B 項目的物業開發成本。發展中物業（流動及非流動）由2008年12月31日的港幣6,736.5百萬元上升至2009年6月30日的港幣7,296.1百萬元，主要是在於金茂世界遺產公園重建項目、金茂玉龍雪山度假酒店項目、上海崇明島項目新投入的成本以及支付北京廣渠路15號地塊預付款所致，部份成本於上海港國際客運中心地塊B 項目部份樓盤竣工而被轉撥。持作出售物業於2009年6月30日，持作出售物業包括北京凱晨世貿中心東座及珠海每一間花園項目未售部份。持作出售物業由2008年12月31日的港幣616.1百萬元減至2009年6月30日的港幣587.7百萬元，主要是由於珠海每一間花園項目部份樓盤的出售，同時，2009年上半年竣工的上海港國際客運中心地塊B 項目部份樓盤所增加的持作出售物業因當期全部確認收入而全部結轉入當期的銷售成本中。

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