Pan Hong（P36）年次報告書

The Company was incorporated in Bermuda on 20 December 2005.

The Group is a property developer for quality residential and commercial

properties in China. It focuses on developing cities with significant growth

potential in the property market, such as Hangzhou City and Huzhou City in

Zhejiang Province and Nanchang City in Jiangxi Province.

The history of the Group can be traced back to the establishment of a Hong Kong

company in 1983 which was primarily engaged in property development. The Group

started to focus its property development projects in Zhejiang Province in 1992

as the province was generally known as one of the wealthier provinces in China,

with a growing economy and an increasing standard of living. Since 2000, the

Group has continually sought to increase its land reserve in Huzhou City, as it

saw the potential for growth in this city which is in the centre of the Yangtze

River Delta where both per capita income and urbanisation levels are high. In

2002, it expanded its land acquisition exercise into Nanchang City, the capital

of Jiangxi Province.

To-date, the Group has land reserves of approximately 457,635 sq m in China, of

which approximately 371,441 sq m is in Huzhou City, Zhejiang Province,

approximately 7,833 sq m is in Hangzhou City, Zhejiang Province and the balance

of approximately 78,361 sq m in Nanchang City, Jiangxi Province. Its land

reserves in Huzhou, Hangzhou and Nanchang cities are centrally located within

the cities or located in prime locations.