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Glorious Property
Annual Report 2011
28
Management Discussion and Analysis -
Business Review
(Continued)
Business Review (Continued)
V. DEVELOPMENT OF COMMERCIAL PROPERTIES
The Group will steadily develop its commercial properties. As at 31 December 2011, approximately 200,000 sq.m.
of commercial properties of the Group were completed, of which Sunshine Venice was completed with a available
leasing area of 90,000 sq.m..
During the year, about 764,000 sq.m. of major commercial property projects were still under construction.
Shenyang Glorious Plaza is expected to be completed by the end of 2012 and the pre-completion leasing rate is
satisfactory. In the next five years, the total floor area of completed commercial properties of the Group is expected
to reach 2.66 million sq.m.. Retail commercial properties, high-end office buildings and high-end hotels will
account for 58%, 27% and 15% of total commercial properties respectively. The Group plans to hold most of the
commercial properties to secure stable rental income.
Major Commercial Properties under Construction:
City
Project Name
Property Type
Planned GFA
(’000 sq.m.)
Expected
Completion Date
Shanghai
Shanghai Bay
Commercial, office and hotel
248 December 2017
Wuxi
No.1 City Promotion
Commercial
37 December 2012
Nantong Nantong Glorious Chateau
Commercial
21 December 2012
Nantong Nantong Villa Glorious
Commercial
11 December 2012
Nantong Nantong Royal Bay
Commercial
13 December 2013
Nantong Rongsheng Plaza
Commercial, office and hotel
274 December 2016
Shenyang Shenyang Glorious Plaza
Commercial
95 December 2012
Changchun Changchun Villa Glorious (East)
Commercial
48 June 2013
Harbin
Harbin Villa Glorious
Commercial
17 December 2012
Total
764
Types of Commercial Properties:
Stages of Commercial Properties:
Total floor area of 2.66 million sq.m. is planned for commercial property.
Hotel
15%
Completed
construction
8%
Office
27%
Under
planning
63%
Retail &
Commercial
58%
Under
construction
29%