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Report of the Directors
Glorious Property
Annual Report 2011
The Directors are pleased to submit their report together with the audited consolidated financial statements of the Group
for the year ended 31 December 2011.
Principal Activities
The Company acts as an investment holding company. The Group is principally engaged in the development and
sale of high quality properties in key economic cites in the PRC. As at 31 December 2011, the Group had property
development projects in prime locations of key economic cities in Shanghai, Yangtze River Delta, Pan Bohai Rim and
Northeast China.
An analysis of the Group’s revenue and total assets during the year, by reportable operating segment, is set out in note 5
to the consolidated financial statements.
Subsidiaries of the Company
A list of the subsidiaries of the Company, together with their places of operation and incorporation, issued capital and
registered capital, is set out in note 11 to the consolidated financial statements.
Results and Dividends
The results of the Group for the year ended 31 December 2011 are set out in the accompanying consolidated statement
of comprehensive income on page 90 of this annual report.
The Board has resolved not to recommend for the payment of a final dividend for the year ended 31 December 2011.
Financial Summary
A summary of the consolidated results and the assets and liabilities of the Group for the last five financial years is set out
on page 151 of this annual report.
Purchase, Sale or Redemption of the Company’s Listed Securities
During the year ended 31 December 2011, there was no purchase, sale or redemption by the Company or any of its
subsidiaries of the listed securities of the Company.
Major Suppliers and Customers
For the year ended 31 December 2011, the aggregate purchases attributable to the Group’s five largest suppliers
represented approximately 30.1% of the Group’s total purchases, while the purchases from the Group’s largest supplier
accounted for approximately 15.2% of the Group’s total purchases.
For the year ended 31 December 2011, the aggregate sales attributable to the Group’s five largest customers accounted
for 7.4% of the Group’s total sales.
During the year ended 31 December 2011, apart from the interest of the father of Mr. Zhang Zhi Rong in Shanghai
Ditong Construction (Group) Co., Ltd. (“Shanghai Ditong”), as described in the section headed “Connected
Transactions” below, none of the Directors or any of their associates or any shareholders which, to the best knowledge
of the Directors, who owns more than 5% of the Company’s issued share capital, had any interest in any of the Group’s
five largest suppliers and customers.