C&D International Investment : 2023-04-26 2022 ANNUAL REPORT

CONTENTS

Page

1. CORPORATE INFORMATION

1. CHAIRMAN'S STATEMENT

10 MANAGEMENT DISCUSSION AND ANALYSIS

22 BIOGRAPHICAL DETAILS OF DIRECTORS AND   SENIOR MANAGEMENT

27 DIRECTORS' REPORT

59 CORPORATE GOVERNANCE REPORT

1. ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

1. INDEPENDENT AUDITOR'S REPORT

169 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND   OTHER COMPREHENSIVE INCOME

1. CONSOLIDATED STATEMENT OF FINANCIAL POSITION

1. CONSOLIDATED STATEMENT OF CASH FLOWS

1. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

1. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1. FINANCIAL SUMMARY
2. PROPERTIES PORTFOLIO

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

1	C&D International Investment Group Limited  ANNUAL REPORT 2022

CORPORATE INFORMATION

BOARD OF DIRECTORS

Executive Directors

Ms. ZHAO Chengmin (Chairperson)

• (appointed as chairperson on 25 August 2022) Mr. LIN Weiguo (Chief Executive Officer)
  Mr. TIAN Meitan (appointed on 25 August 2022) Mr. ZHUANG Yuekai (resigned on 25 August 2022)

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

Ms. KAM Mei Ha Wendy (FCG, HKFCG)

• (appointed on 9 September 2022) Miss LEUNG Ching Ching (FCG, HKFCG)
• (resigned on 9 September 2022)

AUDIT COMMITTEE

Mr. WONG Chi Wai (Committee Chairman)

Mr. WONG Tat Yan, Paul

Mr. CHAN Chun Yee

REMUNERATION COMMITTEE

Mr. WONG Tat Yan, Paul (Committee Chairman)

Mr. WONG Chi Wai

Mr. CHAN Chun Yee

NOMINATION COMMITTEE

Ms. ZHAO Chengmin (Committee Chairperson)

• (appointed as chairperson on 25 August 2022) Mr. CHAN Chun Yee
  Mr. WONG Chi Wai
  Mr. WONG Tat Yan, Paul
  Mr. ZHUANG Yuekai (resigned on 25 August 2022)

INDEPENDENT AUDITOR

Grant Thornton Hong Kong Limited

PRINCIPAL BANKERS

(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

Third Floor, Century Yard

Cricket Square, P.O. Box 902

Grand Cayman, KY1-1103

Cayman Islands

PRINCIPAL PLACE OF BUSINESS IN PRC

C&D International Building No.1699 Huandao East Road Xiamen, China (Postcode: 361008)

C&D International Investment Group Limited  ANNUAL REPORT 2022

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CORPORATE INFORMATION

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

PRINCIPAL SHARE REGISTRAR   AND TRANSFER AGENT

Tricor Services (Cayman Islands) Limited

Third 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

17/F, Far East Finance Centre

16 Harcourt Road, Hong Kong

(change of address on 15 August 2022)

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)

3	C&D International Investment Group Limited  ANNUAL REPORT 2022

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 2022 (the "Year").

1. REVIEW OF ECONOMIC LANDSCAPE

In 2022, the downward pressure on the domestic and international economies continued to increase, and the real estate market in China experienced unprecedented challenges. The real estate market sentiment was weak, the scale of commodity housing sales dropped sharply, and consumers' confidence in purchasing houses was weak. Since April 2022, the policy of the industry has entered a loose cycle, and local governments have implemented policies according to their actual situation, aiming to steadily resolve the risks in the real estate sector and boost the confidence in house purchases. According to the National Bureau of Statistics, in 2022, the sales area of commodity housing in China was 1.36 billion sq.m., representing a year-on-year decrease of 24.3%, and the sales amount was RMB13.3 trillion, representing a year-on-year decrease of 26.7%.

In respect of the industry competition landscape, the industry concentration continued to increase, and the development pattern of the industry was further differentiated. Under the major policy of "housing without speculation", real estate enterprises will continue to accelerate the reshuffle, and real estate enterprises with product and service advantages, good operating capabilities and financing advantages will be more competitive.

Regardless of changes in the environment, the Group always adheres to the long-term business philosophy, sticks to quality growth, and maintains a balance between growth, benefits and risks. The Group will enhance the core competence of its property development business, maintain its competitive edge in the real estate industry chain, and continue to create value for customers, the shareholders of the Company (the "Shareholders") and the society. In 2022, the Group achieved quality and steady growth in both revenue and profit on the basis of its sound financial position.

1. RESULTS AND DIVIDEND

During the Year, the Group achieved operating revenue of approximately RMB99.636 billion (2021: approximately RMB54.565 billion), representing a year-on-year increase of approximately 82.6%; profit for the Year attributable to the equity holders of the Company of approximately RMB4.934 billion (2021: approximately RMB3.553 billion), representing a year-on-year increase of approximately 38.9%.

As of 31 December 2022, the Group's total assets amounted to RMB393.463 billion, of which monetary funds amounted to approximately RMB50.28 billion (accounting for approximately 12.8%) and inventories amounted to approximately RMB256.689 billion (accounting for approximately 65.2%), both accounting for approximately 78.0% of the total assets, maintaining a safe and healthy asset structure.

The board (the "Board") of directors (the "Directors") of the Company recommends the declaration of a final dividend of HK$1.30 per Share for the Year with scrip dividend election, subject to the approval of the Shareholders at the forthcoming annual general meeting of the Company (the "AGM").

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