C&D International Investment : 2022-04-14 2021 ANNUAL REPORT

CONTENTS

Page

• 2 CORPORATE INFORMATION

• 4 CHAIRMAN'S STATEMENT

• 9 MANAGEMENT DISCUSSION AND ANALYSIS

• 23 BIOGRAPHICAL DETAILS OF DIRECTORS AND

  SENIOR MANAGEMENT

• 28 DIRECTORS' REPORT

• 56 CORPORATE GOVERNANCE REPORT

• 69 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

• 149 INDEPENDENT AUDITOR'S REPORT

• 153 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND

  OTHER COMPREHENSIVE INCOME

• 155 CONSOLIDATED STATEMENT OF FINANCIAL POSITION

• 157 CONSOLIDATED STATEMENT OF CASH FLOWS

• 160 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

• 162 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

• 282 FINANCIAL SUMMARY

• 283 PROPERTIES PORTFOLIO

This annual report is made in English and Chinese. In the case of any inconsistency, the English version shall prevail.

C&D International Investment Group LimitedANNUAL REPORT 2021

BOARD OF DIRECTORS

PRINCIPAL BANKERS

Executive Directors

Mr. ZHUANG Yuekai (Chairman) Ms. ZHAO Chengmin

Mr. LIN Weiguo (Chief Executive Officer)

Non-executive Directors Mr. HUANG Wenzhou Ms. YE Yanliu

Mr. WANG Wenhuai

Independent Non-executive Directors Mr. WONG Chi Wai

Mr. WONG Tat Yan, Paul Mr. CHAN Chun Yee

COMPANY SECRETARY

Miss LEUNG Ching Ching (FCG, HKFCG)

AUDIT COMMITTEE

Mr. WONG Chi Wai (Committee Chairman) Mr. WONG Tat Yan, Paul

Mr. CHAN Chun Yee

(in alphabetical order)

Agricultural Bank of China Limited Bank of Beijing Co., Ltd.

Bank of China (Hong Kong) Limited Bank of China Limited

Bank of Communications Co., Ltd. Bank Of Hangzhou Co., Ltd.

Bank Of Jiangsu Co., Ltd.

China Construction Bank Corporation China Everbright Bank Company Limited China Merchants Bank Co., Ltd.

China Minsheng Banking Corp., Ltd.

Industrial and Commercial Bank of China Limited Industrial Bank Co., Ltd

Ping An Bank Co., Ltd. Postal Savings Bank of China Shanghai Pudong Development Bank

REGISTERED OFFICE

Second Floor, Century Yard Cricket Square, P.O. Box 902 Grand Cayman, KY1-1103 Cayman Islands

REMUNERATION COMMITTEE

PRINCIPAL PLACE OF BUSINESS IN PRC

Mr. WONG Tat Yan, Paul (Committee Chairman) Mr. WONG Chi Wai

Mr. CHAN Chun Yee

NOMINATION COMMITTEE

Mr. ZHUANG Yuekai (Committee Chairman) Mr. CHAN Chun Yee

Mr. WONG Chi Wai

Mr. WONG Tat Yan, Paul

INDEPENDENT AUDITOR

Grant Thornton Hong Kong LimitedC&D International Building No.1699 Huandao East Road Xiamen, China

(Postcode: 361008)

HEAD OFFICE AND PRINCIPAL PLACE OF

BUSINESS IN HONG KONG

Office No. 3517

35th Floor, Wu Chung House 213 Queen's Road East Wanchai, Hong Kong

CORPORATE INFORMATION

PRINCIPAL SHARE REGISTRAR

AND TRANSFER AGENT

Tricor Services (Cayman Islands) Limited Second Floor, Century Yard

Cricket Square, P.O. Box 902

Grand Cayman, KY1-1103 Cayman Islands

HONG KONG BRANCH SHARE REGISTRAR

AND TRANSFER OFFICE

Tricor Investor Services Limited Level 54, Hopewell Centre

183 Queen's Road East, Hong Kong

LEGAL ADVISER AS TO HONG KONG LAWS

King & Wood Mallesons

STOCK CODE

1908

COMPANY'S WEBSITE

www.cndintl.com

(the contents of which do not form part of this annual report)

ANNUAL REPORT 2021

CHAIRMAN'S STATEMENT

Dear Shareholders,

I am pleased to present the annual report of C&D International Investment Group Limited ("C&D International Group" or the "Company", and together with its subsidiaries, the "Group") for the year ended 31 December 2021 (the "Year").

• I. REVIEW OF ECONOMIC LANDSCAPE

  In 2021, Chinese economy experienced a difficult time because of the severe challenges brought by the pandemic and the changes over the past century, and the real estate industry has gone through ups and downs. Local governments continued to emphasize the policy objective of "housing without speculation" and insisted on regulation and control, and real estate regulation policies were introduced frequently. As for real estate financing, major banks continued to specify the rule of "Three Red Lines" to restrict real estate housing loans, the "concentration" management of real estate loans strictly controlled the scale of housing loans, and the supervision of all channels of real estate financing continued to be strengthened; meanwhile, local regulators further strengthened "pre-sale funds supervision" to prevent risks from the real estate market. Since the second half of the year, the confidence of home buyers in the market have been plagued and severely affected by the private real estate enterprises with high debts, and sales in the real estate market across the industry declined significantly in the second half of the year.

  The severe policy and market environment will further force the real estate industry to consolidate and change, so that real estate companies will focus more and more on improving their professional capabilities and achieving quality development oriented to profit growth. The Group anchored its corporate positioning as "integrated investment services provider for real estate development and real estate industry chain" in order to integrate the respective advantages of state-owned enterprise background and market-oriented operation mechanism, we proactively seek opportunities from the crisis, optimize the organization and management structure, and accelerate the market layout and adjustment. In 2021, the Group's operating results continued to grow and the influence of its corporate brand grew, continuing to create value for shareholders and society.

• II. RESULTS AND DIVIDEND

  During the Year, the Group achieved operating revenue of approximately RMB53.44 billion (2020: approximately RMB42.74 billion), representing a year-on-year increase of approximately 25.0%; the profit for the year attributable to the equity holders of the Company of approximately RMB3.52 billion (2020: approximately RMB2.32 billion), representing a year-on-year increase of approximately 51.5%.

  The board of directors of the Company (the "Board") recommends the declaration of a final dividend of HK$1.20 per share for the year with scrip dividend election, subject to the approval of the shareholders at the forthcoming annual general meeting (the "AGM").