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China New Town Development Co. Ltd. (01278.HK)

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China New Town Development Company Limited is dual-listed on the main board of The Stock Exchange Securities Trading Limited ("SGX") and The Stock Exchange of Hong Kong Limited ("HKEx") since 14 November 2007 and 22 October 2010 respectively.

The group is pioneer in new town development in China. The group has established industry leadership through over ten years of solid track record since 2002, and are among the very first non state-owned players to engage to primary land development. The group has a distinctive business model that, through joint venture partnership with local government entities, turn bare land into valuable land resources and receive a significant portion of land sale proceeds from the relevant PRC land authorities once the land plots are sold to third party property developers through public auction, tender or listing. In the new town development process, the group has exclusive development and management rights and are not only responsible for master town planning, land preparation, infrastructure construction, but also nurturing long term town value through building high quality facilities and introducing premium brands and leading real estate developers. The group currently has three new town projects, located in Shanghai, Wuxi and Shenyang respectively, with total site area of approximately 36 sq.km..

In March 2014, CDB International ("CDBIH"), a wholly-owned subsidiary of CDB Capital ("CDBC") completed its subscription of CNTD's 54.3% shares. CNTD thereafter became a subsidiary of China Development Bank ("CDB") and CDBC. CDB is the largest policy bank in China and has a leading position in the urbanization process in China, while CDBC has nationwide network and industry leadership in new town development.

Currently, CNTD has 3 new town projects located in Shanghai Luodian, Wuxi Hongshan, and Shenyang Lixiang, with remaining salable areas of 859mu (572k sqm), 4,666mu (3.10m sqm), and 17,760mu (11.85m sqm), respectively. In 2013, the Group achieved revenue of RMB1.2 billion, of which RMB0.6 billion was from sales of land. With the extensive business and project networks of CDBC and financial support from CDB and CDBC, CNTD is expected to grow in a rapid pace going forward.

Mr. Liu Heqiang - Chief Executive Officer

Aged 46, was appointed as an Executive Director and the chief executive officer on 28 March 2014. Mr. Liu graduated from University of Science and Technology Beijing with a master degree in industrial engineering. Mr. Liu has an extensive experience in banking and investment industry. From December 2009 to 1 April 2015, Mr. Liu was the general manager of the Direct Investment Division III of CDBC, a controlling shareholder of the Company, where he was responsible for the investment in urban development related areas.. From 1992 to 2009, Mr. Liu had been working at, in chronological order, in State Raw Materials Investment Corporation (國家原材料投資公司), and Northeast Credit Department (東北信貸局), Tianjian Branch, and the Market and Investment Business Bureau, of CDB. Mr. Liu is the president of the Company and is responsible for the management of the business of the Group.

Ms. Yang Meiyu - Executive Director

Aged 33, was appointed as an Executive Director on 28 March 2014. Ms. Yang graduated from Peking University with a master degree in finance. Ms. Yang joined CDBC in December 2009, where she was responsible for urban development related investment. From December 2009 to 1 April 2015, Ms. Yang had been the senior manager of the Direct Investment Division III of CDBC, a controlling shareholder of the Company. Currently, she also acts as directors and supervisors of various subsidiaries of CDBC. Prior to the joining CDBC, Ms. Yang worked as an investment manager at China Reits Investment where she was involved in various fund raising and land development projects. Ms. Yang is the vice president of the Company and is responsible for, among other things, corporate financing, investment and investors’ relation management.

Mr. Ren Xiaowei - Executive Director

Aged 44, was appointed as an Executive Director on 28 March 2014. Mr. Ren graduated from Beijing Machinery and Industrial College (北京機械工業學院) with a bachelor degree in engineering. Mr. Ren joined CDBC, a controlling shareholder of the Company in December 2009. Mr. Ren worked as assistant general manager and chief operating officer of China Development Caofeidian Investment Company Limited (國開曹妃甸投資有限公司), the vice president and chief investment supervisor of China Development Jilin Investment Company Limited. From December 2009 to 1 April 2015, Mr. Ren had been the senior manager of the Direct Investment Division III of CDBC. Mr. Ren has extensive experience in import and export industry. Prior to joining CDBC, Mr. Ren worked as department manager of China National Machinery Import & Export Corporation (中國機械進出口公司) from 1995 to 2003 and as managing director of Bidwiin Tech from 2003 to 2009. Mr. Ren is the vice president of the Company and is responsible for, among other things, the management of urban development projects and construction projects.

Mr. Wei Wei - Chairman

Aged 56, graduated from Sichuan Architecture Materials Industry College with a bachelor degree in non-metallic minerals geology and prospecting. Mr. Wei currently is the President of China Development Bank Capital Corporation, a controlling shareholder of the Company. Mr. Wei has an extensive experience in the raw material investment and financial industry. From 2013 to present, Mr. Wei has been appointed as director of Large Corporate Client Department in CDB. From 1994 to 2013, Mr. Wei worked at various departments of CDB, being, Business Development Department, Sichuan Province Branch and Loan Management Department. Before joining CDB, Mr. Wei worked at the National Raw Materials Investment Company(國家原材料投資公司).

Mr. Zuo Kun - Vice Chairman

Aged 41, was appointed as a Non-executive Director and the Vice Chairman of the Board on 28 March 2014. Mr.Zuo holds a bachelor degree in economics from China Institute of Finance. Mr. Zuo currently is the vice president of CDBC, a controlling shareholder of the Company. Mr. Zuo has an extensive experience in the investment and financial industry. Mr. Zuo joined CDBC in 2009 and has been the vice president of CDBC since March 2011. From 2001 to September 2009, Mr. Zuo had been working at, in chronological order, the International Finance Bureau, Lanzhou Branch, and Executive Office of CDB. Mr. Zuo will be responsible for the duties in absence of the Chairman of the Board and the execution of the Group’s business strategies and plans.

Mr. Li Yao Min - Vice Chairman

Aged 65, was appointed to our Board on 11 January 2007 and has been the Executive Vice Chairman of our Company since 1 April 2007. Mr. Li was previously appointed as Co-Vice Chairman on 1 December 2008 and has subsequently been re-designated as Chief Executive Officer and Co-Vice Chairman since 7 January 2010 and as Chief Executive Officer and Co-Chairman on 1 July 2011. Mr. Li was re-designated as a Non-executive Director and the Vice Chairman of the Board on 28 March 2014. From 1992 to 1993, he was attached to Shanghai Golden World Commercial Building Co., Ltd. as a General Manager, responsible for the overall management and development of commercial property. He has over 20 years of experience in business management and the property development industry, including over 12 years’ experience in new town development in PRC. Mr. Li is also a founder of SRE Group Limited (“SRE”, 1207.hk), and was reappointed as the co-chairman and executive director of SRE on 29 August 2013, and resigned on 5 February 2015.

Mr. Xie Zhen - Non-executive Director

Aged 43, was appointed as a Non-executive Director on 5 December 2015. Mr. Xie graduated from Tsinghua University and Chinese Academy of Sciences in thermal engineering. Mr. Xie currently is the general manager of the international business of CDBC, a controlling shareholder of the Company. Mr. Xie has an extensive experience in the banking and investment industry. Mr. Xie has been appointed as the general manager of International Business Department of CDBC since December 2014, where he principally engages in international business and related areas of investment business. From 1998 to 2014, Mr. Xie had been working at, in chronological order, in PB Electrical and Mechanical Engineering Technology Co., Ltd.(柏誠機電工程技術有限公司), China Development Bank Appraisal Board (國開行評審管理局) and China Development Bank Hong Kong Branch.

Mr. Henry Tan Song Kok - LEAD Independent Non-executive Directors

Aged 51, was appointed to our Board on 25 September 2007. He is the Lead Independent Non-executive Director and the Chairman of the Audit Committee of the Company and a member of the Nominating and Remuneration Committees of ourCompany.

Mr. Tan obtained a bachelor’s degree in accountancy with first class honours from the National University of Singapore. He is a fellow of the Institute of Singapore Chartered Accountants, a fellow of the Institute of Chartered Accountants in Australia, a fellow of CPA Australia and a fellow of Singapore Institute of Directors and a member of the Institute of Internal Auditors Inc (Singapore Chapter). Mr. Tan is currently the Managing Director of Nexia TS Public Accounting Corporation and the Chairman of Nexia China. His previous roles include Asia Pacific Chairman and Board member of Nexia International. He served as President of Spirit of Enterprise from October 2006 to October 2008, a charity organization. Mr. Tan sits on the boards of Raffles Education Corporation Limited and YHI International Limited, all being companies listed on the SGX-ST. Mr. Tan has been appointed to Nanyang Technological University’s newly-formed Nanyan Business School Alumni Advisory Board on 10 March 2015.

Mr. Kong Siu Chee - Independent Non-executive Director

Aged 69, was appointed to our Board on 30 November 2006. He is the Independent Non-executive Director and also the Chairman of the Remuneration Committee and a member of the Nominating Committee. Mr. Kong obtained a bachelor’s degree in arts from the University of Hong Kong in November 1969 and a master degree in business administration from the Chinese University of Hong Kong in December 1980. He is an associate of The Chartered Institute of Bankers in the United Kingdom.Mr. Kong began his career in 1969 with Standard Chartered Bank, where he served in various managerial positions for 24 years. In 1993, he pursued his new business interest in the telecommunications sector and was a director of Champion Technology Holdings Limited from 1993 to 1994 and a director of Kantone U.K. Ltd. from 1994 to 1996. Between 1999 and 2005, he served as a director, Executive Vice President and Alternate Chief Executive Officer of CITIC Ka Wah Bank Limited (renamed as CITIC Bank International Limited in May 2010), and was also a director and the Managing Director of CITIC International Financial Holdings Limited from 2002 to 2005. Mr. Kong has been appointed as an independent non-executive director of Harbin Bank Co.Ltd since October 2013, and an independent non-executive director of Chinney Kin Wing Holdings Ltd since 11 Nov 2015.

Mr. Zhang Hao - Independent Non-executive Director

Aged 56, was appointed to our Board on 13 February 2012. He is the Independent Non-executive Director and also a member of the Audit Committee. He is currently the vice director and part-time professor of the Yangtze River Basin Development Institute of the East China Normal University. Mr. Zhang graduated from the Department of Economics of the Nanjing University in

August 1990. He then obtained a master degree in business administration from the Shanghai Jiao Tong University in March 2005. He had previously served in various departments of the provincial government of the People’s Republic of China for over 29 years. From August 1981 to August 1996, he worked first as the senior staff member in the Planning Commission of Chongming County and then as the superintendent of the Seawall Project Management of Chongming County. From August 1996 to December 2010, he held various positions including as a senior staff member of the Cooperation Office of the Shanghai Municipal Government, a cadre of the department of district and county economy of the Shanghai Municipal Development Planning Commission and a senior staff member for the department of district and county economy of the Shanghai Municipal Development and Reform Commission.

Mr. E Hock Yap - Independent Non-executive Director

Aged 60, was appointed to our Board on 29 May 2012. He is the Independent Non-executive Director and also the Chairman of the Nominating Committee and a member of the Audit and Remuneration Committees. He obtained a bachelor’s degree in Chemical Engineering at the University of Sheffield, United Kingdom in 1978. He is also a member of the Institute of Chartered

Accountants in England and Wales and a member of the Hong Kong Institute of Certified Public Accountants. He started his career with the London office of KPMG as an auditor specializing in insolvency from August 1978 to May 1983. From May 1983 to January 1987, he worked at Chase Manhattan Bank as an investment banker and in various investment banks in the region. He later took up management roles in several financial services companies in the Asia Pacific Region. He served as the Chief Executive Officer and as the Managing Director of Prime Credit Limited during the period from August 1999 to December 2007. He currently works in an investment company which invests in special situations. Mr. Yap had also served as an independent nonexecutive director of SRE during the period from 28 September 2004 to 29 May 2012.

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Board of Directors

Introduction

The board of directors (the “Board”) and management are committed to maintaining a high standard of corporate governance principles and practices so as to promote corporate transparency and accountability. Good corporate governance is an integral element of a sound corporation to protect and enhance shareholders' value.

Role of the Board

The Board has overall responsibility for the proper conduct of the Company's businesses. The Board's primary role is to provide entrepreneurial leadership, set strategic aim and ensure that the necessary financial and human resources are in place for the Group to meet its objectives as well as to protect and enhance long-term shareholders' values. It sets the overall strategy for the Group and review management performance. To fulfill this role, the Board is responsible for the overall corporate governance of the Group including establishing a framework of prudent and effective controls, setting its strategic direction, establishing goals for management and monitoring the achievement of these goals.The Board's approval is required for matters such as corporate restructuring, mergers and acquisitions, majorinvestments, material acquisitions and disposals of assets, major corporate policies on key areas of operations, the release of the Group's quarterly and annual results, interested person transactions of a material nature, declaration of interim dividends and proposal of final dividends.All other matters are delegated to the Board Committees whose actions are reported to and monitored by the Board while the day-to-day operational responsibilities are delegated to the executive management and carried out under the supervision of the chief executives. All management and staff have defined roles and responsibilities and are subject to the Code of Conduct as set out in the Employee Manual which imposes on them specific obligations to our business.Currently, we have four functional committees which are set out below:

Audit Committee
Remuncration Committee
Nominating Committee
Investment Committee

 
Audit Committee

The Audit Committee (“AC”) comprises three members, all of whom including the Chairman are Independent Non-executive Directors. The members of the AC are as follows:
Mr. Henry Tan Song Kok - Chairman
Mr. Zhang Hao - Member
Mr. E Hock Yap - Member

The AC has adopted terms of reference on 7 October 2010 and its principal functions are to:

(a) review the financial reporting process, management of financial risks and the audit process;

(b) review the audit plans and results of the external auditors’ examination and evaluation of the group’s systemsof internal accounting control and any matters which the external auditors wish to discuss (in the absence ofmanagement where necessary);

(c) review the scope and results of the internal audit procedures;

(d) review the financial statements of the Company and the consopdated financial statements of the Group before their submission to the Directors of the Company and the external auditors’ report on those financial statements;

(e) review the quarterly and annual announcements on the results and financial position of the Company and of the Group;

(f) review the co-operation and assistance given by the management to the Group’s external auditors;

(g) evaluate the cost effectiveness, independence and objectivity of the external auditors and the nature and extent of the non-audit services provided by them;

(h) make recommendation to the Board on the appointment, re-appointment and remuneration of the external auditor of the Company;

(i) evaluate the adequacy and adherence of the internal control systems including administrative, operating and internal accounting control of the Group;

(j) review interested person transactions and connected transactions to ensure that they are on normal commercial terms and not prejudicial to the interests of the Company or its shareholders.

The AC is authorised to investigate any matter within its terms of reference, and has full access to the management and resources which are necessary to enable it to discharge its functions properly. It also has full discretion to invite any director or executive management to attend its meetings.

 

 
Remuneration Committee

The Remuneration Committee (“RC”) comprises four members, all of whom including the Chairman are Independent Non-executive Directors. The members of the RC are as follows:
Mr. Kong Siu Chee - Chairman
Mr. Henry Tan Song Kok - Member
Mr. E Hock Yap - Member

The RC has adopted terms of reference on 7 October 2010 and its principle functions are to:

1. implement and administer the Management Grant and the CNTD Share Option Scheme;

2. review and recommend to the Board a framework of remuneration for the Directors and key executives, covering all aspects of remuneration such as fees, salaries, allowances, bonuses, options and benefits-in-kind;

3. review and determine the specific remuneration packages for each executive Director and senior management.

The members of the RC do not participate in any decision concerning their own remuneration.

 

 
Nominating Committee

The Nominating Committee (“NC”) comprises three members, all of whom including the Chairman are Independent Non-executive Directors. The members of the NC are as follows:
Mr. E Hock Yap - Chairman
Mr. Henry Tan Song Kok - Member
Mr. Kong Siu Chee - Member

The NC has adopted terms of reference on 7 October 2010 and its principle functions are to:

1. identify and make recommendations to the Board on the appointment of new executive and non-executive directors, including making recommendations on the composition of the Board and Board Committees;

2. evaluate/monitor the effectiveness of the Board as a whole and the contributions of each director to the effectiveness of the Board;

3. recommend directors who are retiring by rotation

4. review the independence of each director.

 

 
Investment Committee

The Investment Committee (“IC”) comprises four members, all of whom including the Chairman are Independent Non-executive Directors. The members of the IC are as follows:
Mr. Kong Siu Chee - Chairman
Mr. Henry Tan Song Kok - Member
Mr. Zhang Hao - Member

The IC performs the following main functions:

1. review the management’s recommended investment opportunities, objectives, strategies, policies and guidelines that direct the investment of the portfolio;

2. review the management’s recommended portfolio financial goals and requirements, including asset allocation, risk tolerance, investment time horizon and capital adequacy;

3. review and evaluate the performance of the investment portfolio regularly to assure adherence to policy guidelines and monitor progress toward achieving investment objectives; and

4. review the share purchase, redeem or otherwise acquire shares activities be conducted by the Company.
 

 

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COMPANY INFORMATION

Listed Date 22 Oct 2010

Address Suites 4506-4509, Two International Finance Centre, No. 8 Finance Street, Central, Hong Kong

Telephone (852) 3759 8300

Facsimile (852) 3965 9111

No. of Click Rate

92693