西王置业年报 2023

(Incorporated in Bermuda with limited liability) ANNUAL REPORT2023 CONTENTS Corporate Information2Chairman’s Statement5Management Discussion and Analysis6Board of Directors22Corporate Governance Report28Directors’ Report59Independent Auditors’ Report82Financial Statements91Five-Year Financial Summary193Particulars of Properties194Glossary195 CORPORATE INFORMATION公司資料 BOARD OF DIRECTORS Executive Directors Mr. WANG Jin Tao(Chief Executive Officer)Mr. WANG Wei Min Non-Executive Directors 20232142023214 Mr. WANG Di(Chairman)(resigned on 14 February 2023)Mr. WANG Yong(Chairman)(redesignated from Deputy Chairmanto Chairman on 14 February 2023)Mr. SUN Xinhu Independent Non-Executive Directors 202358202376 Mr. WONG Kai HingMr. WANG AnMr. WANG Zhen (resigned on 8 May 2023)Ms. LI Shaorui (appointed on 6 July 2023) COMMITTEES Audit Committee 202358202376 Mr. WONG Kai Hing(Chairman)Mr. WANG AnMr. WANG Zhen (resigned on 8 May 2023)Ms. LI Shaorui (appointed on 6 July 2023) Remuneration Committee Mr. WANG An(Chairman)Mr. SUN XinhuMr. WONG Kai Hing Corporate Information (Continued)公司資料（續） Nomination Committee 20235 8202376 Mr. WONG Kai Hing(Chairman)Mr. SUN XinhuMr. WANG Zhen (resigned on 8 May 2023)Ms. LI Shaorui (appointed on 6 July 2023) COMPANY SECRETARY Ms. FUNG Nga Fong AUTHORISED REPRESENTATIVES Mr. WANG YongMs. FUNG Nga FongMr. SUN Xinhu(alternate to Mr. WANG Yong andMs. FUNG Nga Fong) REGISTERED OFFICE Clarendon House2 Church StreetHamilton HM 11Bermuda Clarendon House2 Church StreetHamilton HM 11Bermuda HEAD OFFICE AND PRINCIPAL PLACE OFBUSINESS IN THE PRC Xiwang Industrial AreaZouping CityShandong ProvincePeople’s Republic of China PRINCIPAL PLACE OF BUSINESS INHONG KONG Unit 2110, 21/F Harbour Centre25 Harbour RoadWanchaiHong Kong 25212110 Corporate Information (Continued)公司資料（續） PRINCIPAL BANKERS Agricultural Bank of ChinaBank of ChinaChina Construction BankBank of East Asia AUDITOR 1131 HLB Hodgson Impey Cheng Limited31/F, Gloucester TowerThe Landmark11 Pedder StreetCentralHong Kong PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE Butterfield Fulcrum Group (Bermuda) Limited26 Burnaby StreetHamilton HM 11Bermuda Butterfield Fulcrum Group (Bermuda) Limited26 Burnaby StreetHamilton HM 11Bermuda HONG KONG BRANCH SHAREREGISTRAR AND TRANSFER OFFICE 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong INVESTOR RELATIONS AND CORPORATECOMMUNICATION (86) 543 461 9688ir@xiwangproperty.com Mr. WANG JianxiangTel:(86) 543 461 9688Email:ir@xiwangproperty.com COMPANY WEBSITE www.xiwangproperty.com www.xiwangproperty.com CHAIRMAN’S STATEMENT主席報告 20231231202320232023 On behalf of the board (the “Board”) of directors (the “Directors”)of Xiwang Property Holdings Company Limited (the “Company”;together with its subsidiaries, the “Group”), I am pleased to presentthe annual results of the Group for the year ended 31 December2023 (the “Year”). In 2023, the real estate market in the PRCcontinued to be under pressure and the overall market remainedsluggish. The key data of the national real estate market in 2023recently released by the National Bureau of Statistics of the PRCshowed a continued overall decline in the scale of the industryin 2023. Indicators such as the gross floor area and amount ofcommercial housing sales, investment in real estate development,available funds of real estate enterprises all showed a downwardtrend. The overall sales of the industry in 2023 showed a pattern of being“high in the early stage, low in the middle stage and stable in thelater stage”. In particular, the sales in the first quarter recoveredwith a short rally, as the previous backlog of demand was releasedin a concentrated manner; in the second quarter, the momentum ofmarket recovery receded rapidly as supply contracted and demandweakened; in the third and fourth quarters, the central and localgovernments in the PRC issued a series of favorable policies, whichresulted in an increase of supply, and marginal improvement in thelow-level sales amount and gross floor area. 2023 2024 Recently, favorable policies to support funding of real estatecompanies have been issued, which was helped to boost marketconfidence. However, it is expected that a longer period of time willbe required for the full recovery of demand on the purchasers’ side.Looking forward to 2024, it is expected that pressure on adjustmentof the real estate market will continue to prevail in the near future.With the issue and implementation of favorable policies and overallresurgence of macroeconomic conditions, the real estate marketmay gradually stabilise. The Group will keep pace with the times, and pursue efficiency whilemaintaining robust management and high quality standards in thecourse of future development in line with its actual conditions andsupply and demand in local markets. In addition to optimising itsproperty management services and construction material tradingbusinesses, the