Pan Hong : ANNUAL REPORT 2023 View

Building on Our Solid Foundations

A N N U A L R E P O R T 2 0 2 3

TABLE OF CONTENTS

1	Corporate Information
2	Corporate Profile
3	Financial Highlights
6	Chairman's Statement
9	Business, Operations and Financial
Review
16	Board of Directors
18	Key Management Personnel
19	Report on Corporate Governance
46	Sustainability Report
64	Directors' Report
66	Directors' Statement
67	Financial Section
68	Independent Joint Auditors' Report
72	Consolidated Statement of
Comprehensive Income
73	Statements of Financial Position
74	Consolidated Statement of Cash
Flows
75	Consolidated Statement of Changes
in Equity
76	Notes to the Financial Statements
124	Property Portfolio
126	Shareholders' Information
	Additional Information required
128	pursuant to Rule 720(6) of the Listing
Manual of the SGX-ST on Directors

	seeking for re-election
130	Notice of Annual General Meeting

CORPORATE INFORMATION

COMPANY REGISTRATION NUMBER	ASSISTANT SECRETARY/ BERMUDA SHARE
	REGISTRAR
37749
	Conyers Corporate Services
BOARD OF DIRECTORS	(Bermuda) Limited
	Clarendon House
Executive:	2 Church Street
Wong Sum (Chairman)	Hamilton, HM 11
Wang Cuiping (Chief Executive Officer)	Bermuda

Non-Executive:	SHARE TRANSFER AGENT
Sim Wee Leong (Lead Independent Director)
Choo Kian Koon (Independent Director)	B.A.C.S. Private Limited
Zheng Haibin (Independent Director)	77 Robinson Road #06-03
Ng Keong Khoon (Independent Director)	Robinson 77
	Singapore 068896
AUDIT COMMITTEE
	JOINT AUDITORS
Sim Wee Leong (Chairman)
Choo Kian Koon	BDO Limited
Zheng Haibin	Certified Public Accountants, Hong Kong
	25th Floor Wing On Centre
NOMINATING COMMITTEE	111 Connaught Road Central
	Hong Kong
Choo Kian Koon (Chairman)
Sim Wee Leong	Director-in-charge
Wong Sum	Cheung Or Ping
	(Appointed with effect from financial year	31	March 2021)
REMUNERATION COMMITTEE
	BDO LLP
Zheng Haibin (Chairman)	Public Accountants and Chartered Accountants, Singapore
Choo Kian Koon	600 North Bridge Road
Chan Kin Sang	#23-01 Parkview Square
	Singapore 188778
COMPANY SECRETARIES
	Partner-in-charge
Ngai Ting Fung, Ian	William Ng Wee Liang
Toh Li Ping, Angela	(Appointed with effect from financial year	31	March 2022)

REGISTERED OFFICE

Clarendon House

2 Church Street

Hamilton, HM 11

Bermuda

BUSINESS OFFICE

Room 1214, 12 Floor, Tower B

Hunghom Commercial Centre

37-39 Ma Tau Wai Road

Hunghom, Hong Kong

Tel: [phone]

Fax: [phone]

CORPORATE PROFILE

Headquartered in Hong Kong, Pan Hong Holdings Group Limited (汎港控股集团有限公司) and its subsidiaries ("Pan Hong" or the "Group") is a property developer focused on developing high quality residential and commercial properties in the second and third-tier cities in the People's Republic of China ("PRC").

Pan Hong is an early entrant in the property development sector in these lower-tier cities. Backed by over 20 years of management experience in the PRC's property development industry, Pan Hong has established its presence in Hangzhou and Huzhou Cities in Zhejiang Province and has developed projects with gross floor area of well over 500,000 square meters since its inception. With the successful bid for the land use right of the land located in Shanwei City, Guangdong Province, made in April 2021 (the "Shanwei Project"), the Group is expanding its business geographically to the Guangdong Province for the first time.

As a testament to the strong brand identity that Pan Hong has established in the second and third-tier cities as well as the quality of its property developments, the Group has received several awards for its projects. The Group's Huzhou Run Yuan Project (湖州润园项目) had received "2014 Huzhou Most Expected Property Project (2014湖州最期待楼盘)" and "2015 Huzhou Most Influential Property Selling Project (2015年度湖州最具影响力营销事件楼盘)". The Group's Huzhou Hua Cui Ting Yuan (湖州华萃庭院) was awarded "2015 Huzhou Good Living Property Project (2015年度湖州宜居楼盘)". Improving the quality of its projects as well as home and business owners' satisfaction have always been the Group's primary missions.

Pan Hong was listed on the Main Board of the Singapore Exchange Securities Trading Limited on 20 September 2006.

While the Group is currently principally engaged in the business of property development, it has been exploring and seeking new opportunities to broaden revenue and improve profitability. To better reflect ongoing efforts aimed at diversifying the Group's business and to align with the nature and principal activities of the Company, namely investment holding and other future activities, the Group changed its name from Pan Hong Property Group Limited to Pan Hong Holdings Group Limited with effect from 9 September 2015.

Pan Hong Holdings Group Limited will integrate all the strengths of the Group, attract talents, and continue to develop in a diversified way.

2 | PAN HONG HOLDINGS GROUP LIMITED

FINANCIAL HIGHLIGHTS