DESONDEVINT'L：ANNUALREPORT2020.pdf

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1、Deson Development International Holdings Limited 迪 臣 發 展 國 際 集 團 有 限 公 司 Annual Report 2020 年報Investment Projects 投資項目*A wholly-owned hotel development project with 243 guest rooms,located in the city center of Kaifeng.位於開封市中心，有243 間客房之全資酒店發展項目。Holiday Inn Express Kaifeng City Center開封迪臣智選假日酒店Proper

2、ty Investment 物業投資Hotel Exterior酒店外觀Public Areas公共地方Rooms客房Corporate InformationChairmans StatementManagement Discussion and AnalysisReport of the DirectorsBiographical Details of Directors and Senior ManagementCorporate Governance ReportIndependent Auditors ReportAudited Financial Statements Consol

3、idated Statement of Profit or Loss Consolidated Statement of Comprehensive Income Consolidated Statement of Financial Position Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows Notes to Financial StatementsSummary of Financial InformationContents24722434874848586889092

4、223公司資料主席報告書管理層討論及分析董事會報告董事及高級管理人員履歷企業管治報告獨立核數師報告經審核財務報表綜合損益表綜合全面收益表綜合財務狀況表綜合權益變動表綜合現金流量表財務報表附註財務資料概要目錄2Deson Development International Holdings Limited 2020 Annual ReportCorporate Information公司資料BOARD OF DIRECTORSExecutive DirectorsMr.Lu Quanzhang(Chairman)Mr.Tjia Boen Sien(Managing Director and De

5、puty Chairman)Mr.Wang Jing NingMr.Tjia Wai Yip,WilliamIndependent Non-executive DirectorsDr.Ho Chung Tai,RaymondIr Siu Man PoMr.Siu Kam ChauBOARD COMMITTEESAudit committeeMr.Siu Kam Chau(Chairman)Dr.Ho Chung Tai,RaymondIr Siu Man PoRemuneration CommitteeMr.Siu Kam Chau(Chairman)Mr.Tjia Boen SienMr.W

6、ang Jing NingDr.Ho Chung Tai,RaymondIr Siu Man PoNomination CommitteeIr Siu Man Po(Chairman)Mr.Tjia Boen SienMr.Wang Jing NingDr.Ho Chung Tai,RaymondMr.Siu Kam ChauFINANCIAL CONTROLLER AND COMPANY SECRETARYMr.Lam Wing Wai,Angus,HKICPAPRINCIPAL BANKERSUnited Overseas Bank LimitedNanyang Commercial Ba

7、nk LimitedLEGAL ADVISERHowse WilliamsAUDITORErnst&Young董事會執行董事盧全章先生（主席）謝文盛先生（董事總經理兼副主席）王京寧先生謝維業先生獨立非執行董事何鍾泰博士蕭文波工程師蕭錦秋先生董事委員會審核委員會蕭錦秋先生（主席）何鍾泰博士蕭文波工程師薪酬委員會蕭錦秋先生（主席）謝文盛先生王京寧先生何鍾泰博士蕭文波工程師提名委員會蕭文波工程師（主席）謝文盛先生王京寧先生何鍾泰博士蕭錦秋先生財務總監及公司秘書 林榮偉先生（香港會計師公會）主要往來銀行大華銀行有限公司南洋商業銀行有限公司法律顧問何韋律師行核數師安永會計師事務所3迪臣發展國際集國有限公

8、司 二零二零年年報 Corporate Information公司資料股份過戶及登記總處 Ocorian Management(Bermuda)LimitedVictoria Place,5th Floor31 Victoria StreetHamilton HM10Bermuda香港股份過戶及登記分處 卓佳登捷時有限公司香港皇后大道東一八三號合和中心五十四樓註冊辦事處Victoria Place,5th Floor31 Victoria StreetHamilton HM10Bermuda總辦事處及主要營業地點 香港九龍觀塘鴻圖道五十七號南洋廣場十一樓股份上市香港聯合交易所有限公司股份代號：

9、262公司網站PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICEOcorian Management(Bermuda)LimitedVictoria Place,5th Floor31 Victoria StreetHamilton HM10BermudaHONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICETricor Tengis LimitedLevel 54,Hopewell Centre183 Queens Road EastHong KongREGISTERED OFFICEVictoria

10、Place,5th Floor31 Victoria StreetHamilton HM10BermudaHEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS11th Floor,Nanyang Plaza57 Hung To RoadKwun TongKowloonHong KongSHARE LISTINGThe Stock Exchange of Hong Kong LimitedStock Code:262WEBSITE OF THE COMPANY4Deson Development International Holdings Limited 20

11、20 Annual ReportChairmans Statement主席報告書Dear Shareholders,On behalf of the board of directors(the“Board”)of Deson Development International Holdings Limited(the“Company”,together with its subsidiaries,the“Group”or“We”),I have the pleasure to present to you the annual report(the“Annual Report”)for th

12、e year ended 31 March 2020(“Reporting Period”).BUSINESS REVIEWDuring the Reporting Period,the Group recorded a total turnover of approximately HK$351.6 million(2019:approximately HK$259.4 million).The net loss attributable to owners of the Company was approximately HK$35.3 million(2019:net profit at

13、tributable to owners of the Company of approximately HK$27.5 million),representing a decrease of approximately HK$62.8 million or 228%.Loss per share for the Reporting Period was HK3.61 cents.The decrease was mainly due to the adverse impact of the recent outbreak of 2019 coronavirus disease(the“COV

14、ID-19 Outbreak”)to the Groups properties revaluation as at 31 March 2020,which resulted in an aggregate fair value loss on the Groups investment properties in the Peoples Republic of China(the“PRC”)amounting to HK$22,758,000.The consolidated net assets value of the Group as at 31 March 2020 was appr

15、oximately HK$1,516 million(2019:approximately HK$1,647 million).The consolidated net assets value per share as at 31 March 2020 was HK$1.55 per share based on 977,880,400 shares in issue,as compared to HK$1.68 per share based on 977,880,400 shares in issue as at 31 March 2019.In 2019,the global econ

16、omy has entered into a synchronised slowdown with increasing uncertainties.In face of increasing domestic and foreign risks and challenges,China has maintained stable progress in economic development,with the gross domestic product in 2019 amounting to nearly RMB100 trillion,an increase of 6.1%as co

17、mpared with 2018,representing one of the top growth rates among the worlds main economies,and continued to push the world economic growth as an important engine.During 2019,the overall growth rate of Chinas real estate industry slowed down.The central government clearly defined the goal of“Stabilisi

18、ng land prices,housing prices and related expectations”,continued to adhere to the positioning of“housing is for living,not for speculation”and implemented long-term control mechanism of“one city,one policy”.Therefore,the real estate market has generally maintained smooth operation.各位股東：本人謹代表迪臣發展國際集

19、團有限公司（本公司，連同其附屬公司，本集團 或 我們）董事會（董事會），欣然向 閣下呈報截至二零二零年三月三十一日止年度（報告期間）之年報（年報）。業務回顧於 報 告 期 間，本 集 團 錄 得 總 營 業 額 約3 5 1,6 0 0,0 0 0 港 元（二 零 一 九 年：約259,400,000港元）。本公司擁有人應佔淨虧損約為35,300,000港元（二零一九年：本公司擁有人應佔純利約27,500,000港元），減少約62,800,000港元或228%。報告期間每股虧損為3.61港仙。減少乃主要由於近期爆發的二零一九年冠狀病毒?。–OVID-19爆發），對本集團於二零二零年三月三十一日

20、的物業重估造成不利影響，使本集團於中華人民共和國（中國）的投資物業錄得公平值虧損合共22,758,000港元。於二零二零年三月三十一日，本集團的綜合資產淨值約為1,516,000,000港元（二零一九年：約1,647,000,000港元）。於二零二零年三月三十一日，按已發行股份977,880,400股計算，每股綜合資產淨值為1.55港元，而按於二 零 一 九 年 三 月 三 十 一 日 已 發 行 股 份977,880,400股計算，每股綜合資產淨值為1.68港元。二零一九年，全球經濟同步放緩，不明朗因素加劇。因應國內外風險及挑戰日增，中國維持穩定的經濟發展步伐，二零一九年國內生產總值近人民幣

21、100萬億元，較二零一八年增長6.1%，為增長率最高的全球主要經濟體之一，同時繼續成為全球經濟增長的重要動力來源。二零一九年，中國房地產業整體增長率有所放緩。中央政府已明確界定 穩地價、穩房價、穩預期 的目標、堅持 房子是用來住的，不是用來炒的 定位，並落實 一城市一政策 的長期監控機制。因此，房地產市場運作大致保持順暢。5迪臣發展國際集國有限公司 二零二零年年報 Chairmans Statement主席報告書本集團財務表現主要來自出售物業、投資物業的租金收入、銷售醫療設備及銷售家居保安及自動化產品。物業發展及投資業務分類方面，本集團秉持審慎的土地收購政策，將目光集中於優質及具盈利能力的項目

22、。於報告期間概無收購新土地，同時，本集團集中發展開封的項目。其他分類方面，買賣醫療設備及家居保安及自動化產品業務錄得大幅增長，主因在於我們積極向醫院及醫療設備製造商擴展我們的分銷網絡，使醫療設備銷量錄得增長。此外，COVID-19爆發亦令全球不同地方不少人們的健康與福祉受到影響，同時讓本分類之銷售額上升。股息每股普通股0.5港仙之特別股息已於二零一九年六月十一日宣派。董事會不建議就報告期間派付末期股息（二零一九年：每股普通股0.5港仙）。展望繼COVID-19爆發，中國已於全國執行多項預防及監察措施，有關舉措亦將繼續執行。本集團將繼續密切監察COVID-19爆發的事態發展，並就其對本集團財務狀

23、況及營運業績的影響作出評估及主動回應。對香港及中國而言，內外因素使二零一九年成 為 極 為 艱 難 的 一 年。二 零 二 零 年 的COVID-19爆發則引發了新一場危機，不但席捲中國內地，同時仍在世界各地蔓延。The Groups financial performance primarily arose from the sales of properties,rental income from investment properties,sales of medical equipment and sales of home security and automation produ

24、cts.For the property development and investment segment,the Group maintained a prudent land acquisition policy,focused on quality and profitability of projects.No new land was acquired during the Reporting Period,and the Group focused on the development of projects in Kaifeng.For others segment,ther

25、e was a significant increase in the trading of medical equipment and home security and automation products business.The increase was primarily due to growth in sales volume of medical devices as a result of proactively expanding our distribution network to the hospitals and medical device manufactur

26、e customers.Besides,the COVID-19 Outbreak has impacted the health and wellness of many people in different parts of the world.It also caused the increase of sales in this segment.DIVIDENDSA special dividend of HK0.5 cent per ordinary share was declared on 11 June 2019.The Board does not recommend th

27、e payment of a final dividend(2019:HK0.5 cent per ordinary share)in respect of the Reporting Period.OUTLOOKFollowing the COVID-19 Outbreak,China has implemented and will continue to implement various prevention and monitoring measures across the nation.The Group will continue to monitor the developm

28、ents of the COVID-19 Outbreak closely,assess and react actively to its impacts on the financial position and operating results of the Group.2019 went down in history as an exceptionally difficult year for Hong Kong and Mainland China due to both external and internal factors.The COVID-19 Outbreak in

29、 2020 has triggered a new crisis that has not only dealt a blow to Mainland China but is still unfolding around the world.6Deson Development International Holdings Limited 2020 Annual ReportChairmans Statement主席 報 告 書展望二零二零年，由於目前COVID-19爆發仍未能在中國及海外國家完全受控，預期本集團的全年營運業績會在一定程度上受到影響。然而，本集團相信中國政府抵抗COVID-1

30、9爆發的措施，並擬透過持續拓展產品渠道及探求策略性收購及合作的機會，將各種不利影響減到最小，從而擴大我們於醫療設備買賣方面的市場佔有率。本集團一直積極搜尋香港境內外物業市場的業務機會，以讓本集團在可持續發展上更進一步，並於當前挑戰重重的市況中，長遠而言讓本公司股東的正面回報更為優越。本集團仍對中國長期經濟前景保持正面態度，預期中國房地產市場將保持穩健，長遠增長可望持續，故本集團將考慮投身該市場，擴大房地產業務。致謝本人謹代表本公司董事（董事），對本公司的股東、業務夥伴及客戶之長期支持及信任致以衷心謝意，並感激各員工在過去數年之奉獻、努力不懈及持續貢獻，協助本集團取得驕人業績。本集團將專心致力，

31、為本集團長遠發展效力，並為本公司股東帶來可持續回報。董事總經理兼副主席謝文盛香港二零二零年六月二十六日Looking forward to 2020,it is expected that the Groups full-year results of operations might be affected to a certain extent in light of the fact that the COVID-19 Outbreak has not been completely contained in the PRC and overseas countries at this

32、stage.However,with confidence in measures taken by the PRC government to fight against the COVID-19 Outbreak,the Group intends to minimise various adverse impacts by continuously diversifying product pipeline and exploring opportunities for strategic acquisition and cooperation,so as to increase our

33、 market share of medical equipment trading.The Group has been proactive in searching for business opportunities in the property market both in and outside Hong Kong to further sustain the development of the Group and achieve stronger positive returns for the shareholders of the Company in the long r

34、un amid the current challenging market conditions.The Group remains positive about the long-term economic prospect of China and will consider expanding its property businesses by tapping into Chinas property market which is expected to be resilient with sustainable demand in the long run.APPRECIATIO

35、NOn behalf of the directors of the Company(“Directors”),I would like to express my heartfelt thanks for the long term support and trust of the Companys shareholders,business partners and customers.I would also like to thank my colleagues for their dedication,hard work and continuous commitment over

36、the past few years in aiding the Group to achieve outstanding performance.The Group will carry on dedicating its efforts towards the Groups long-term development and hence deliver sustainable returns to the Companys shareholders.Tjia Boen SienManaging Director and Deputy ChairmanHong Kong26 June 202

37、07迪臣發展國際集國有限公司 二零二零年年報 Management Discussion and Analysis管 理 層 討 論 及 分析BUSINESS REVIEWThe Groups major business segments during the year ended 31 March 2020 comprise(i)property development and investment;and(ii)trading of medical equipment and home security and automation products,including the prov

38、ision of related installation and maintenance services.The Groups turnover for the year ended 31 March 2020 recorded at approximately HK$351,614,000(2019:HK$259,417,000),representing an increase of 36%compared to last year.Property development and investment businessThe Groups turnover for the year

39、ended 31 March 2020 generated from this segment recorded at approximately HK$302,170,000(2019:HK$217,365,000),representing an increase of 39%as compared with last year.The turnover generated from this segment arise from the sales of properties in the PRC and rental income earned from investment prop

40、erties located in the PRC.(i)Sales of propertiesTurnover increased from approximately HK$195,605,000 for the year ended 31 March 2019 to approximately HK$282,301,000 for the year ended 31 March 2020,representing a significant increase of 44%.Sales recognised last year were mainly generated from the

41、sales of residential blocks and shops at the street at World Expo Plaza(“World Expo”),Kaifeng,the PRC.During the year,the sales was mainly contributed by(i)the sales of the entire Zhu Ji Lane(“珠璣巷”)project in Kaifeng(total saleable area of approximately 13,000 square metres (“sq.m.”)to a single cust

42、omer at a consideration of RMB160 million(equivalent to approximately HK$176 million);and(ii)the sales of the remaining residential blocks at World Expo.(ii)Rental income from investment propertiesTurnover decreased from approximately HK$21,760,000 for the year ended 31 March 2019 to approximately H

43、K$19,869,000 for the year ended 31 March 2020,representing a decrease of 9%.The decrease was because of(i)one-month rental concession provided to the shopping mall tenants in Kaifeng,the PRC due to the COVID-19 Outbreak;and(ii)there was no rental income earned from Zhu Ji Lane properties after the s

44、ales of these properties during the year.業務回顧本集團於截至二零二零年三月三十一日止年度的主要業務分類包括(i)物業發展及投資；及(ii)買賣醫療設備及家居保安及自動化產品，包括提供相關安裝和維修服務。本集團於截至二零二零年三月三十一日止年度錄得營業額約351,614,000港元（二零一九年：259,417,000港元），較去年增加36%。物業發展及投資業務截至二零二零年三月三十一日止年度，本集團自該分類錄得營業額約302,170,000港元（二零一九年：217,365,000港元），較去年增加39%。該分類營業額來自於出售位於中國的物業及自位於中國的

45、投資物業賺取的租金收入。(i)出售物業營業額由截至二零一九年三月三十一日止年度約195,605,000港元增至截至二零 二 零 年 三 月 三 十 一 日 止 年 度 約282,301,000港元，大幅增加44%。去年確認的銷售主要來自出售中國開封世博廣場（世博廣場）的住宅樓宇及臨街商舖。於本年度，銷售主要來自(i)以代價 人 民 幣160,000,000元（相 等 於 約176,000,000港元）銷售整個位於開封的珠璣巷（珠璣巷）項目予單一客戶（總實 用 面 積 約 為13,000平 方 米（平 方米）；及(ii)銷售世博廣場餘下住宅樓宇。(ii)投資物業租金收入營業額由截至二零一九年三月

46、三十一日止年度約21,760,000港元減少至截至二零 二 零 年 三 月 三 十 一 日 止 年 度 約19,869,000港元，減少9%。減幅乃由於(i)由於COVID-19爆發而向中國開封商場租戶提供一個月租金寬免；及(ii)於年內出售珠璣巷物業後，再無自此等物業賺取租金收入。8Deson Development International Holdings Limited 2020 Annual ReportManagement Discussion and Analysis管理 層 討 論 及分析報告期間本分類產生的分類經營溢利達約5,069,000港元（二零一九年：104,084,

47、000港元）。於報告期間銷售本集團位於中國開封的物業的平均毛利約為17%，而去年同期銷售本集團位於開封的物業的平均毛利則約為27%。毛利率減少乃由於中國物業市場的平均售價下跌所致。另一方面，由於COVID-19爆發帶來的不利影響，引致投資物業錄得22,758,000港元的重估虧損（二零一九年：收益66,456,000港元），並令分類經營溢利下跌。在上述原因影響下，儘管營業額增加，此分類的分類經營溢利錄得大幅下跌。買賣醫療設備及家居保安及自動化產品業務，包括提供相關安裝及維修服務於截至二零二零年三月三十一日止年度，本集團自該分類錄得營業額約49,444,000港元（二零一九年：42,052,00

48、0港元），較去年大幅增加18%。大幅增加乃主要由於將軍澳醫院 項 目 的 醫 療 設 備 銷 售 增 加。此 外，COVID-19爆發亦令防疫產品包括外科口罩及空氣清新機的銷售增加。於報告期間該分類產生的分類經營溢利約為723,000港 元（二 零 一 九 年：8,289,000港元）。跌幅乃由於報告期間防疫產品的銷售量增加，而這些產品的毛利率低於其他產品。於截至二零二零年三月三十一日止年度，本公司擁有人應佔淨虧損約為35,296,000港元，而於截至二零一九年三月三十一日止年度本公司擁有人應佔純利約為27,486,000港元。減少乃由於(i)COVID-19爆發，對本集團於二零二零年三月三十

49、一日的物業重估造成不利影響，使本集團中國投資物業錄得公平值虧損合共22,758,000港元（二零一九年：公平值收益66,456,000港元）；及(ii)年內自出售物業產生的毛利減少16%。Segment operating profit generated from this segment during the Reporting Period amounted to approximately HK$5,069,000(2019:HK$104,084,000).The average gross profit for the sales of the Groups properties i

50、n Kaifeng,the PRC during the Reporting Period was approximately 17%while the average gross profit for the sales of the Groups properties in Kaifeng during the same period last year was approximately 27%.The decrease in gross profit margin was due to the drop of average selling price in the PRC prope

51、rty market.On the other hand,the revaluation loss of HK$22,758,000 on investment properties(2019:gain of HK$66,456,000)due to the adverse impact caused by the COVID-19 Outbreak also led to the drop in segment operating profit.Due to the above reasons,a significant drop in the segment operating profi

52、t of this segment was noted even though there was an increase in turnover.Trading of medical equipment and home security and automation products,including the provision of the related installation and maintenance services,businessThe Groups turnover for the year ended 31 March 2020 generated from th

53、is segment recorded at approximately HK$49,444,000(2019:HK$42,052,000),representing a significant increase of 18%as compared with last year.The significant increase was mainly due to the increase in sales of medical equipment for the Tseung Kwan O Hospital project.Besides,due to the COVID-19 Outbrea

54、k,there were more sales of pandemic prevention products including surgical masks and air cleaner machines.Segment operating profit generated from this segment during the Reporting Period amounted to approximately HK$723,000(2019:HK$8,289,000).The decrease was due to more sales of pandemic prevention

55、 products during the Reporting Period which have a lower gross profit margin than other products.The net loss attributable to owners of the Company for the year ended 31 March 2020 amounted to approximately HK$35,296,000 as compared with the net profit attributable to owners of the Company for the y

56、ear ended 31 March 2019 of approximately HK$27,486,000.The decrease was due to(i)the adverse impact from the COVID-19 Outbreak to the Groups properties revaluation as at 31 March 2020,which resulted in an aggregate fair value loss on the Groups investment properties in the PRC amounted to HK$22,758,

57、000(2019:fair value gain of HK$66,456,000);and(ii)the decrease in gross profit by 16%generated from the sales of properties during the year.9迪臣發展國際集國有限公司 二零二零年年報 Management Discussion and Analysis管理層討論及分 析截至二零二零年三月三十一日止年度每股虧損約為3.61港仙。財務回顧營業額於截至二零二零年三月三十一日止年度，本集團營業額約為352,000,000港元，較去年增加36%。該增加主要由於年內銷

58、售整個珠璣巷項目（總實用面積約為13,000平方米）予單一客戶，以及防疫產品銷售增加所致。物業發展及投資業務、買賣醫療設備及家居保安及自動化產品帶來之營業額分別約為302,200,000港元及49,400,000港元，分別較上一報告期間增加39%及18%。毛利率於截至二零二零年三月三十一日止年度，本集團毛利率約為23.8%，較去年的35.2%下降11.4個百分點，主因為於報告期間本集團於 中 國 開 封 的 物 業 銷 售 的 平 均 毛 利 約 為17%，而去年同期銷售本集團位於開封的物業的平均毛利則約為27%。毛利率減少乃由於中國物業市場的平均售價下跌所致。其他經營開支，淨額有關金額由截至

59、二零一九年三月三十一日止年度約54,500,000港元減至截至二零二零年三月三十一日止年度約20,700,000港元。上個年度的金額主要指(i)按公平值計入損益的股權投資公平值虧損36,000,000港元；及(ii)本集團於迪臣建設國際集團有限公司（迪臣建設國際）投資減值虧損27,200,000港元。本年度的金額主要指按公平值計入損益之股權投資公平值虧損金額合共14,800,000港元。Loss per share for the year ended 31 March 2020 was approximately HK3.61 cents.FINANCIAL REVIEWTurnoverFo

60、r the year ended 31 March 2020,the Groups turnover amounted to approximately HK$352 million,increased by 36%as compared with last year.Such increase was mainly contributed by the sales of the entire Zhu Ji Lane project(total saleable area of approximately 13,000 sq.m.)to a single customer during the

61、 year and the increase in sales of pandemic prevention products.Turnover generated from property development and investment business and trading of medical equipment and home security and automation products amounted to approximately HK$302.2 million and HK$49.4 million respectively,representing an

62、increase of 39%and 18%respectively,as compared with the last reporting period.Gross profit marginDuring the year ended 31 March 2020,the Groups gross profit margin was approximately 23.8%,decreased by 11.4 percentage points as compared with last years 35.2%.This was mainly driven by the fact that th

63、e average gross profit for the sales of the Groups properties in Kaifeng,the PRC during the Reporting Period was about 17%while the average gross profit for the sales of the Groups properties in Kaifeng during the same period last year was about 27%.The decrease in gross profit margin was due to the

64、 drop of average selling price in the PRC property market.Other operating expenses,netThe amount decreased from approximately HK$54.5 million for the year ended 31 March 2019 to approximately HK$20.7 million for the year ended 31 March 2020.Prior years amount mainly represented(i)the fair value loss

65、 on equity investments at fair value through profit or loss of HK$36.0 million;and(ii)the impairment loss of the Groups investment in Deson Construction International Holdings Limited(“DCIHL”)amounted to HK$27.2 million.This years amount mainly represented the aggregate fair value loss on the equity

66、 investments at fair value through profit or loss amounted to HK$14.8 million.10Deson Development International Holdings Limited 2020 Annual ReportManagement Discussion and Analysis管理 層 討 論 及分析應佔聯營公司溢利及虧損截至二零二零年三月三十一日止年度，本集團應佔聯營公司虧損約為1,800,000港元，較上一報告期間應佔聯營公司虧損約4,500,000港元減少60%。此乃由於二零一九年六月出售其錄得虧損的聯營

67、公司迪臣建設國際所致。於出售本集團於迪臣建設國際股權後，本集團再無進一步分佔迪臣建設國際的虧損。流動資金及財務資源於二零二零年三月三十一日，本集團總資產約為2,227,228,000港元，資金來源分別約為711,552,000港元、約1,520,705,000港元及約5,029,000港元之總負債、股東權益及非控股 權 益（虧 拙 結 餘）。於 二 零 二 零 年 三 月三十一日，本集團之流動比率為2.61，而於二零一九年三月三十一日為2.12。於二零二零年三月三十一日，本集團之資產負債比率為21%（二零一九年：19%），乃按非流動負債約412,714,000港元（二零一九年：384,180,

68、000港元）及長期資本（股本及非流動負債）約1,928,390,000港元（二零一九年：2,031,521,000港元）計算。資本開支截至二零二零年三月三十一日止年度之資本開支總額約為1,356,000港元，主要用於為中國開封一間新酒店購買設備?；蛉回搨抖愣隳耆氯蝗?，本集團並無重大或然負債。承擔於二零二零年三月三十一日，本集團有已訂約但未撥備的資本承擔約13,111,000港元。集團資產之抵押本集團資產抵押詳情，載於財務報表附註26。Share of profits and losses of associatesFor the year ended 31 March 2020,t

69、he Groups share of losses of associates amounted to approximately HK$1.8 million,decreased by 60%as compared with the share of losses of associates amounted to approximately HK$4.5 million during the last reporting period.It is because of the disposal of its loss-making associate,DCIHL,in June 2019.

70、No further loss of DCIHL was shared by the Group after the disposal of the Groups equity interest in DCIHL.Liquidity and financial resourcesAs at 31 March 2020,the Group had total assets of approximately HK$2,227,228,000,which were financed by total liabilities,shareholders equity and non-controllin

71、g interests of approximately HK$711,552,000,approximately HK$1,520,705,000 and approximately HK$5,029,000(debit balance),respectively.The Groups current ratio as at 31 March 2020 was 2.61 as compared with 2.12 as at 31 March 2019.As at 31 March 2020,the gearing ratio of the Group was 21%(2019:19%).I

72、t was calculated based on the non-current liabilities of approximately HK$412,714,000(2019:HK$384,180,000)and long-term capital(equity and non-current liabilities)of approximately HK$1,928,390,000(2019:HK$2,031,521,000).Capital expenditureTotal capital expenditure for the year ended 31 March 2020 wa

73、s approximately HK$1,356,000,which was mainly used in the purchase of equipment for a new hotel in Kaifeng,the PRC.Contingent liabilitiesAs at 31 March 2020,the Group had no significant contingent liabilities.CommitmentsAs at 31 March 2020,the Group had capital commitments contracted,but not provide

74、d for,of approximately HK$13,111,000.Charges on group assetsDetails of the charge of assets of the Group are set out in note 26 to the financial statements.11迪臣發展國際集國有限公司 二零二零年年報 Management Discussion and Analysis管理層討論及分 析庫務政策本集團已對其庫務政策採取審慎的財務管理方針，故在截至二零二零年三月三十一日止年度全年內維持健康的流動資金狀況。本集團致力透過進行持續的信貸評估及評估

75、其客戶的財務狀況以降低信貸風險。為管理流動資金風險，董事會緊密監察本集團的流動資金狀況以確保本集團的資產、負債及其他承擔的流動資金結構可應付其不時的資金需求。外匯風險本集團主要面臨人民幣（人民幣）計值之結餘風險。出現結餘風險，主要因為本集團的經營活動所用若干集團實體以外幣計值的貨幣資產與負債。本集團現時並無就撇除人民幣兌港元匯率變動導致的貨幣風險設定外幣對沖政策。然而，管理層會密切監察相關的外幣風險，需要時將考慮對沖重大的外幣風險。前景物業發展及投資於二零零五年六月九日，本集團獲授中國河南省開封市龍亭區一幅發展地塊之土地使用權。該地塊已開發為一個建築面積估計約為221,000平方米之住宅及商業

76、綜合項目。該項目名稱為 開封世紀豪苑。直至本年報日期，約190,000平方米建築面積已竣工，所獲銷售合約總額已達約人民幣761,000,000元。餘下土地（G區）正在興建，預期將於二零二零年最後一季完成興建及將於二零二一年第一季度開始預售。Treasury policiesThe Group has adopted a prudent financial management approach towards its treasury policies and thus maintained a healthy liquidity position throughout the year en

77、ded 31 March 2020.The Group strives to reduce its exposures to credit risk by performing ongoing credit assessments and evaluations of the financial status of its customers.To manage liquidity risk,the Board closely monitors the Groups liquidity position to ensure that the liquidity structure of the

78、 Groups assets,liabilities and other commitments can meet its funding requirements from time to time.Exchange risk exposureThe Group is mainly exposed to balances denominated in Renminbi(“RMB”),which mainly arise from certain Group entities foreign currency-denominated monetary assets and liabilitie

79、s for the Groups operating activities.The Group currently does not have a foreign currency hedging policy to eliminate the currency exposures against changes in exchange rates of RMB against HKD.However,management monitors the related foreign currency exposures closely and will consider hedging sign

80、ificant foreign currency exposures should the need arise.PROSPECTSProperty development and investmentOn 9 June 2005,the Group was granted the land use rights of a development site in the Long Ting District of the city of Kaifeng,Henan Province,the PRC,which has been developed into a residential and

81、commercial complex with an estimated gross floor area of approximately 221,000 sq.m.The name of this project is“Century Place,Kaifeng”.Up to the date of this Annual Report,the construction of a gross floor area of approximately 190,000 sq.m.has been completed and achieved a total sales contract sum

82、of approximately RMB761 million.The remaining part of the land(Section G)is under construction,and it is expected that the construction will be completed by the last quarter of 2020 and the pre-sale will start in the first quarter of 2021.12Deson Development International Holdings Limited 2020 Annua

83、l ReportManagement Discussion and Analysis管理 層 討 論 及分析開封世紀豪苑尚未出售面積包括以下各項：本集團計劃將C區連同G區一併出售。此乃由於該兩個區域彼此相鄰，本集團相信協同效應將為本集團帶來更高回報。直至本年報日期，任何有關潛在出售事宜的討論仍處於初步階段，尚未有任何第三方向本集團提呈正式建議，而本集團並無就任何業務合作訂立具法律約束力的協議或合約。就該等業務合作進行之任何討論，其結果難以預料，倘與上述第三方就可能的業務合作達成任何協議或訂立任何合約，本集團將遵守聯交所證券上市規則的相關規定。The unsold area at the Cen

84、tury Place,Kaifeng consists of the following:CURRENT USEGROSS FLOOR AREA當前用途建築面積(approximately sq.m.)（概約平方米）Section AInvestment properties Shops(leased out)53,600A區投資物業 商舖（已出租）Section BProperties held for sale Apartments200B區待售物業 公寓Car park81停車場Section CProperties held for sale Villas6,000C區待售物業 別墅S

85、ection DProperties held for sale Offices1,200D區待售物業 辦公室Car park10停車場Section EProperties held for sale Shops1,200E區待售物業 商舖Section FProperties held for sale Shops11,100F區待售物業 商舖Car park89停車場Section GProperties held for sale under development Apartments and shops31,000G區發展中待售物業 公寓及商舖The Group plans to

86、sell Section C together with Section G.It is because these two sections are adjacent to each other and we believe the synergy effect can bring a higher return to the Group.Up to the date of this Annual Report,the discussions regarding any potential sale remained preliminary and no formal proposal ha

87、s been put forward by any third party to the Group and no legally binding agreement or contract relating to any business cooperation has been entered into by the Group.The outcome of any discussion on such business cooperation is not known and in the event that any agreement or contract regarding th

88、e possible business cooperation with the aforementioned third party is reached,the Group will comply with the relevant requirements of the Rules Governing the Listing of Securities on the Stock Exchange.13迪臣發展國際集國有限公司 二零二零年年報 Management Discussion and Analysis管理層討論及分 析於二零一二年二月十六日，本集團成功中標取得中國開封市一幅商住地

89、塊的土地使用權，並已開發為一個估計建築面積約95,000平方米之住宅及商業綜合項目。該項目名稱為 開封世博廣場，直至本年報日期，本項目已竣工，所獲銷售合約總額約人民幣542,000,000元。開封世博廣場尚未出售面積包括以下各項：位於中國開封的酒店，其建築工程已於年內完成。動態館命名為 迪臣世博清明上河動態館，用於展示清明上河圖的動畫，其已於二零一零年上海世博會上展出。董事會決定終止動態館業務並就動態館以及中國開封世博廣場餘下之物業尋求潛在買家。On 16 February 2012,the Group successfully won a bid for the acquisition of

90、 land use right of a residential and commercial site in the city of Kaifeng,the PRC,which has been developed into a residential and commercial complex with an estimated gross floor area of approximately 95,000 sq.m.The name of this project is“World Expo,Kaifeng”.Up to the date of this Annual Report,

91、this project has been completed and achieved a total sales contract sum of approximately RMB542 million.The unsold area at the World Expo,Kaifeng consists of the following:CURRENT USEGROSS FLOOR AREA當前用途建築面積(approximately sq.m.)（概約平方米）Commercial AProperty,plant and equipment Hotel14,000商用A物業、廠房及設備 酒

92、店Commercial BProperties held for sale Shops2,600商用B待售物業 商舖Property,plant and equipment Animation centre5,000物業、廠房及設備 動態館Residential 13Properties held for sale Apartments8,900住宅13待售物業 公寓Car park159停車場The construction works of the hotel in Kaifeng,the PRC have been completed during the year.The animat

93、ion centre was named“Qing-Ming Riverside Anime Exhibition”and used to show the animation of 清明上河圖 which was shown in 2010 Shanghai Expo.The Board decided to terminate the animation centre business and has been seeking for potential buyer for the animation centre together with the remaining propertie

94、s at World Expo,Kaifeng,the PRC.14Deson Development International Holdings Limited 2020 Annual ReportManagement Discussion and Analysis管理 層 討 論 及分析於二零一四年九月，本集團已獲批中國開封市的另一項土地使用權。該項目名稱為珠璣巷。本 集 團 已 開 發 一 個 總 建 築 面 積 約 為13,000平方米之商業街項目。二零一四年十月第27屆全球客家懇親大會在上址舉行。於本年報日期，該項目已竣工。就出售整個珠璣巷項目，本集團已與一名獨立第三方訂立買賣協議

95、，代價為人民幣160,000,000元（相等於176,000,000港元），而交易已於年內完成。在諸如美中貿易糾紛加上COVID-19爆發所帶來的嚴重影響等因素影響下，中國內地經濟增長步伐可能較往年放緩。然而，預期中國政府將提供必須的財政刺激措施，並制訂寬鬆的貨幣政策讓經濟維持穩定增長。香港方面，本地經濟持續受中國內地經濟發展、美中貿易糾紛以及社會和政治事件的潛在持續所影響。COVID-19爆發預期令經濟前景更為黯淡。零售、餐飲、旅遊以及出口業所受到的影響預期為最大。二零二零年餘下時間將無可避免出現本地經濟進一步下滑以及物業市場向下調整的情況。董事會對中國內地物業市場仍保持樂觀。本集團憑藉於中

96、國物業市場的豐富經驗，可能購置其他土地以增加本集團土地儲備，尤其是於毗鄰香港的粵港澳大灣區。然而，於本年報日期，本集團並無有關任何具體項目的任何特定投資計劃。In September 2014,the Group was granted another land use right in Kaifeng,the PRC.The name of the project is Zhu Ji Lane.The Group has developed a commercial street project with a total gross floor area of approximately 1

97、3,000 sq.m.It was put in use during the 27th World Hakka Conference which was held in October 2014.As at the date of this Annual Report,the project has been completed.The Group entered into a sale and purchase agreement with an independent third party for the sales of the entire Zhu Ji Lane project

98、for a consideration of RMB160 million(equivalents to HK$176 million)and the transaction has been completed during the year.In Mainland China,the pace of economic growth is likely to be slower than previous years due to factors including the US-China trade conflict and the severe impact of the COVID-

99、19 Outbreak.However,it is expected that the China Government will provide necessary fiscal stimulus and formulate accommodative monetary policy to maintain a stable economic growth.In Hong Kong,the local economy continues to be affected by economic development in Mainland China,the US-China trade co

100、nflict,and potential continuation of social and political events.The COVID-19 Outbreak is expected to worsen the economic outlook.Sectors such as retail,catering,tourism,and exports are expected to be impacted the most.Further slide of local economy and downward adjustments in the property market se

101、em inevitable for the rest of 2020.The Board remains optimistic about the property market in Mainland China.With its good experience in the property market of the PRC,the Group may acquire additional land to enrich the Groups land reserve,specifically in Guangdong Hong Kong Macao Greater Bay Area,wh

102、ich is adjacent to Hong Kong.However,the Group has no specific investment plan in relation to any particular project as at the date of this Annual Report.15迪臣發展國際集國有限公司 二零二零年年報 Management Discussion and Analysis管理層討論及分 析就於香港物業投資及或重建成立投資公司於二零一八年十月十五日，本集團已與卓堡國際有限公司（卓堡，一間於英屬處女群島（英屬處女群島）註冊成立的公司）訂立認購協議（認

103、購協議），據此，本集團已有條件同意認購認購股份，代價為900,000美元（相等於約7,000,000港元），佔卓堡經擴大已發行股本的6%（認購事項）。同日，本集團、卓堡與南凱投資有限公司（南凱投資，一間於英屬處女群島註冊成立的公司）訂立股東協議（股東協議），規管卓堡事務及本集團提供最多62,980,000港元之股東貸款，並已於認購事項完成日期生效。卓堡為一間直接持有一間在香港註冊成立並於香港從事投資控股、物業投資及或重建業務的公司之投資控股公司，及因而持有八間其他全資附屬公司（連同卓堡，統稱 卓堡集團）。南凱投資與本集團各自同意，於卓堡董事會不時予以釐定的有關日期，按其持股比例的有關金額以多個

104、分期向卓堡分別作出最高出資約987,000,000港元及63,000,000港元，以便為卓堡集團業務及或卓堡集團重建項目提供資金。董事（包括獨立非執行董事）認為，認購協議及股東協議乃按一般商業條款進行。經計及透過投資於卓堡之建議物業發展項目將產生之預期回報，董事認為，認購協議及股東協議之條款屬公平合理，並符合本集團及本公司股東之整體利益。交易已於二零一八年十一月九日完成。Formation of an investment company for the property investment and/or redevelopment in Hong KongOn 15 October 201

105、8,the Group has entered into a subscription agreement(“Subscription Agreement”)with Excel Castle International Limited(“Excel Castle”),a company incorporated in the British Virgin Islands(“BVI”),pursuant to which the Group has conditionally agreed to subscribe for the subscription shares,representin

106、g 6%of the enlarged issued share capital of Excel Castle at a consideration of US$900,000(equivalent to approximately HK$7.0 million)(“Subscription”).On the same date,the Group,Excel Castle and Southern Victory Investments Limited(“SVIL”),a company incorporated in the BVI,have entered into a shareho

107、lders agreement(“Shareholders Agreement”)governing the affairs of Excel Castle and the provision of a shareholders loan with an amount up to HK$62,980,000 by the Group,which has taken effect on the completion date of the Subscription.Excel Castle is an investment holding company to hold directly a c

108、ompany incorporated in Hong Kong that is engaged in the business of investment holding,property investment and/or redevelopment in Hong Kong and which in turn holds eight other wholly-owned subsidiaries(together with Excel Castle,collectively referred to as the“Excel Castle Group”).Each of SVIL and

109、the Group agreed to make available the maximum contributions to Excel Castle of approximately HK$987 million and HK$63 million,respectively in various instalments in such amounts in proportion of their shareholdings on such dates as from time to time to be determined by the board of directors of Exc

110、el Castle for the purpose of financing the business of the Excel Castle Group and/or the redevelopment project of the Excel Castle Group.The Directors(including the independent non-executive Directors)considered that the Subscription Agreement and the Shareholders Agreement were on normal commercial

111、 terms.Taking into account the expected return to be generated from the proposed property development project through the investment in Excel Castle,the Directors considered that the terms of the Subscription Agreement and the Shareholders Agreement were fair and reasonable and in the interests of t

112、he Group and the Companys shareholders as a whole.The transaction was completed on 9 November 2018.16Deson Development International Holdings Limited 2020 Annual ReportManagement Discussion and Analysis管理 層 討 論 及分析於二零二零年三月四日，本集團與南凱投資訂立一份買賣協議，以現金代價4,194,000港元，向南凱投資進一步收購卓堡2%的已發行股本以及相關的股東貸款。本集團自此持有卓堡8%

113、已發行股本。董事認為此項收購為本集團提供機會，增加其於卓堡的投資，以從物業發展未來收益所帶來的長期回報中得益。同日，本集團亦與南凱投資訂立補充股東協議，據此，雙方股東，本集團及南凱投資，提供的股東貸款金額作出修訂，分別為最多67,000,000港元及769,000,000港元。鑑於本集團於卓堡沒有重大影響力，因此該投資分類為按公平值計入損益賬之股權投資。於二零二零年三月三十一日，本集團已作出總投資約74,000,000港元。於報告期末，卓堡集團僅有一個物業項目，即收購尖沙咀的舊商業大廈（TST物業）作重建。由於已從TST物業現時之業主收購超過80%業權，餘下部份已進行強拍並已取得餘下業權。卓堡

114、集團預期將TST物業發展為有更多實用面積的現代商業大廈。整個重建項目預期於二零二四年完成。於二零二零年三月三十一日，本集團於卓堡集團之權益賬面值約為50,407,000港元。就於上海物業投資及或重建成立公司於二零一九年，本集團已於上海投資兩個物業項目，即中國上海長寧區武夷路住宅公寓的物業重建（使館項目）及中國上海長寧區淮海西路辦公室及停車場的物業重建（Stone項目）。於二零二零年三月三十一日，該兩個項目的投資總額約為21,000,000港元。於二零二零年三月三十一日，此兩個項目之總賬面值約為16,493,000港元。On 4 March 2020,the Group entered into

115、 a sale and purchase agreement with SVIL to acquire a further 2%of the issued share capital of Excel Castle from SVIL and the corresponding shareholders loan at a cash consideration of HK$4,194,000.Since then,the Group holds 8%issued share capital of Excel Castle.The Directors considered that this a

116、cquisition provided the Group an opportunity to increase its investment in Excel Castle with a view to being benefited from the long-term returns from future revenue from the property development.On the same date,the Group also entered into a supplemental shareholders agreement with SVIL that the ma

117、ximum contribution amounts by both shareholders by means of the provision of shareholders loans were revised to HK$67 million by the Group and HK$769 million by SVIL.As the Group does not have significant influence over Excel Castle,the investment is classified as an equity investment at fair value

118、through profit or loss.As at 31 March 2020,total investment made by the Group was approximately HK$74 million.As at the end of the Reporting Period,Excel Castle Group had one property project only,that is to acquire an old commercial building in Tsim Sha Tsui(“TST Property”)for redevelopment.Since o

119、ver 80%of the titles has been acquired from the existing owners of the TST Property,the remaining portion has been under compulsory auction and the ownership of the remaining property has been obtained.Excel Castle Group expected to develop the TST Property into a modern commercial building with mor

120、e saleable area.The whole redevelopment project is expected to be completed in 2024.As at 31 March 2020,the carrying amount of the Groups interest in Excel Castle Group was approximately HK$50,407,000.Formation of companies for the property investment and/or redevelopment in ShanghaiIn 2019,the Grou

121、p has invested in two property projects in Shanghai,being the property redevelopment of residential apartments at Wuyi Road,Changning District,Shanghai,the PRC(“Project Embassy”)and the property redevelopment of offices and carparks at West Huaihai Road,Changning District,Shanghai,the PRC(“Project S

122、tone”).The total investments on these two projects as at 31 March 2020 were approximately HK$21 million.As at 31 March 2020,the aggregate carrying amount of these two projects was approximately HK$16,493,000.17迪臣發展國際集國有限公司 二零二零年年報 Management Discussion and Analysis管理層討論及分 析使館項目為上海低層樓宇，毗鄰比利時大使館。該樓宇有8

123、間公寓，總建築面積約為867平方米，由本集團與一名獨立第三方（透過一間於英屬處女群島註冊的公司）共同投資，其中本集團擁有10%股權。Stone項目為一座辦公大樓，名為上海中山萬博國際中心。其位於中國長寧區一棟A級綜合用途大廈內。Stone項目已收購該辦公大樓的其中四層，總建築面積約為6,668平方米。該項目由本集團與使館項目之相同獨立第三方（透過一間於英屬處女群島註冊的公司）共同投資，其中本集團擁有5%股權。使館項目及Stone項目已翻新，並正尋求潛在買家。鑑於本集團在Stone項目及使館項目沒有重大影響力，因此該等投資分類為按公平值計入損益賬之股權投資。就星程天然居南站酒店項目（天然居項目）

124、而言，其位於徐匯外灘西區，毗鄰上海植物園。該酒店於二零零三年落成，總建築面積約為7,319平方米，設有56間客房。該項目由本集團與一名獨立第三方共同投資，其中本集團擁有30%股權，並以聯營公司入賬。該酒店已轉化為一間設有66間客房及大量共享公共空間的出租公寓，並結合綜合零售及高端健身中心、泳池、網球場。天然居項目之翻修工程已經完成，並重新命名為 后社 西岸，為上海一間合居生活公寓。本集團將專注於天然居項目的資產管理及租賃業務。預期未來經濟環境充滿不明朗及挑戰加上市場仍有波動，本集團將繼續採取審慎及積極態度管理核心投資，並尋找合適而穩健之投資機會，為本公司股東爭取可持續回報。Project Em

125、bassy is a low-rise building in Shanghai located next to the Embassy of Belgium.The building comprises eight apartments with a total gross floor area of approximately 867 sq.m.It is co-invested with an independent third party through a company registered in BVI in which the Group has 10%equity inter

126、est.Project Stone is an office building,named as Shanghai City Point.It is located in a grade A mixed-use building in Changning District,the PRC.Project Stone acquired four floors of that building with a total gross floor area of approximately 6,668 sq.m.This project is co-invested with the same ind

127、ependent third party as Project Embassy in a company registered in BVI in which the Group has 5%equity interest.Project Embassy and Project Stone have been refurbished and seeking for potential buyers.As the Group does not have significant influence over Project Stone and Project Embassy,the investm

128、ents are classified as equity investments at fair value through profit or loss.Regarding the Starway Parkview South Station Hotel project(“Project Parkview”),it is located in Xuhui West Bund area,adjacent to Shanghai Botanical Garden.The hotel was built in 2003 with a total gross floor area of appro

129、ximately 7,319 sq.m.and 56 rooms.It is co-invested with an independent third party and the Group has 30%equity interest,which is accounted for as an associate.The hotel has been converted into 66-rooms rental apartments with plenty of shared common area combined with mixed retail and modern gym,swim

130、ming pool and tennis court.The renovation works of Project Parkview have been completed and it was renamed as“Cohost West Bund”,a co-living apartment in Shanghai and the Group will focus on its asset management and leasing business of Project Parkview.In anticipation of the uncertain and challenging

131、 economic environment and volatility in the market ahead,the Group will continue to adopt a cautious and proactive approach in managing its core investments and to look for sound and stable investment opportunities to produce sustainable returns for the Companys shareholders.18Deson Development Inte

132、rnational Holdings Limited 2020 Annual ReportManagement Discussion and Analysis管理 層 討 論 及分析參與房地產投資基金於二零一九年四月二十三日，本集團與一間Pamfleet Group（鵬利）之代表實體Gusto Brave Limited及Pamfleet China GP II Limited（鵬利中國）訂立一般合夥人股東協議，以作為物業投資的基金管理人的一般合夥人。本集團擁有鵬利中國的30%權益。鵬利為獨立及私人擁有的房地產投資顧問，在香港、新加坡及上海均設有辦事處。鵬利饒富經驗的團隊尋求通過物色知情交易、

133、具紀律收購、積極資產管理、重塑品牌及翻新創造長期價值，強調設計、預計租戶及社區需求及物有所值。鵬利管理層團隊成員一直在亞洲從事揀選及管理房地產投資逾20年。鵬利及本集團以扁平的組織架構營運，容許並鼓勵合作。直至報告期末，由鵬利中國管理的基金為Pamfleet Shanghai Real Estate Fund II（PSREFII）。本集團亦為PSREFII的有限合夥人（持有1.5%）。PSREFII尋求利用鵬利成功投資於上海及中國內地其他一線城市具重新定位及增值潛力惟表現未達標、價格偏低及不良房地產的往績。PSREFII的投資策略為在上海及中國內地其他一線城市識別、組織及執行成功的資產重新定

134、位投資。直至報告期末，本集團已作出的總投資約為6,000,000港元。於二零二零年三月三十一日，此房地產投資基金的投資之賬面值約為3,992,000港元。直至報告期末，PSREFII僅經營一個項目。該項目的名稱為Project Hub。Participation in a real estate investment fundOn 23 April 2019,the Group has entered into a general-partner shareholders agreement with Gusto Brave Limited,a representing entity of P

135、amfleet Group(“Pamfleet”),and Pamfleet China GP II Limited(“Pamfleet China”)to act as a general partner of a fund manager for property investment.The Group owns 30%equity interest in Pamfleet China.Pamfleet is an independent and privately-owned real estate investment advisor with offices in Hong Kon

136、g,Singapore and Shanghai.Pamfleets experienced team seeks to create long-term value through knowledgeable deal sourcing,disciplined acquisitions,active asset management,rebranding and refurbishment with an emphasis on design,anticipating tenant and community requirements and delivering good value fo

137、r money.Members of the management team of Pamfleet have been involved in the selection and management of real estate investments throughout Asia for over 20 years.Pamfleet and the Group operate with a flat organisational structure,which allows and encourages collaboration.Up to the end of the Report

138、ing Period,the fund managed by Pamfleet China is Pamfleet Shanghai Real Estate Fund II(“PSREFII”).The Group has also acted as a limited partner(holds 1.5%)of PSREFII.PSREFII seeks to capitalise on Pamfleets track record of its successful investments in under-performing,under-priced and distressed re

139、al estate with repositioning and value-add potential in Shanghai and other tier-one cities in Mainland China.The investment strategy of PSREFII is to identify,structure and execute successful asset repositioning investments in Shanghai and other tier-one cities in Mainland China.Up to the end of the

140、 Reporting Period,the total investment made by the Group was approximately HK$6 million.As at 31 March 2020,the carrying amount of this investment in the real estate investment fund was approximately HK$3,992,000.Up to the end of the Reporting Period,there was only one project operated by PSREFII.Th

141、e name of the project is Project Hub.19迪臣發展國際集國有限公司 二零二零年年報 Management Discussion and Analysis管理層討論及分 析該物業位於靜安區大寧國際商業廣場大寧路與共和新路交界處，總建築面積約為250,000平方米，當中約200,000平方米位於地面以上，50,000平方米位於地底。PSREFII的目標為興建實用面積為37,547平方米的商舖及辦公室。發展項目中的零售部份是受歡迎的區域生活中心及購物勝地。預期主要租戶來自餐飲、娛樂及教育行業的營運商。買賣醫療設備及家居保安及自動化產品全球生活水平日益富裕，尤其是在

142、香港及中國主要城市，其消費者健康意識日漸提高，尤其是在城市居住的高收入消費者，產生了對醫療設備的熱切需求。因此，預期該分類值得繼續投資。在下一個報告期間，我們將透過擴展分銷渠道及引進更多元化產品來刺激銷售增長。同時，隨著香港及中國的主要城市之安全意識日漸提高，我們預期與管理住宅屋苑、商業寫字樓、店舖、酒店、醫院、博物館及監獄相關的有線及無線安全設備及系統之需求將增加。本集團會繼續採取有效的成本管理策略及維持嚴格的信貸控制措施來應付經營環境動盪的挑戰及增強競爭力。董事將繼續致力盡其所能，為本公司股東爭取最佳利益。酒店營運誠如 前景 物業發展及投資 之段落所述，位於中國開封的酒店，其建築工程已於年

143、內完成。本集團已與六州酒店管理（上海）有限公司簽訂協議，以 開封迪臣智選假日酒店（開封智選假日酒店）之名營運該間酒店。智選假日酒店為全球知名的精選服務酒店品牌之一。開封智選假日酒店已於二零二零年一月開業。由於COVID-19爆發，開封智選假日酒店於二零二零年二月停業，並於二零 二 零 年 三 月 復 業。本 集 團 將 密 切 監 察COVID-19爆發的情況發展，並就有關情況對開封智選假日酒店營運的影響作出評估及主動回應。The property is located at the junction of Daning Road and Gonghexin Road within Danin

144、g Commercial Area of Jing An District.It has a total gross floor area of around 250,000 sq.m.,with around 200,000 sq.m.above ground and 50,000 sq.m.under ground.PSREFII targets to build shops and offices with a saleable area of 37,547 sq.m.The retail part within the development is a popular regional

145、 lifestyle hub and shopping destination.Major tenants are expected to be operators from the food and beverage,entertainment and education industries.Trading of medical equipment and home security and automation productsThe increasing standard of living around the globe,especially in Hong Kong and ma

146、jor cities in the PRC,and increasing health awareness,in particular from high-income consumers living in urban areas,together create additional demand for medical equipment.Consequently,this segment is expected to continue to be a worthwhile investment.In the coming reporting period,we will expand o

147、ur distribution channels and introduce a broader range of products to boost sales growth.Also,with the increasing safety awareness in Hong Kong and major cities in the PRC,we expect a higher demand for wired and wireless security devices and systems,which are relevant to the management of residentia

148、l estates,commercial offices,shops,hotels,hospitals,museums and prisons.The Group will continue to adopt efficacious cost management strategies and maintain tight credit control measures to cope with challenges and to improve competitiveness within the volatile operating environment.The Directors wi

149、ll continue to make every effort to maximise the interests of the shareholders of the Company.Hotel operationAs mentioned in the paragraph headed“Prospects Property development and investment”,the construction works of the hotel in Kaifeng,the PRC have been completed during the year.The Group has si

150、gned an agreement with 六州酒店管理（上海）有限公司 to operate the hotel under the name of“Holiday Inn Express Kaifeng City Center”(“Holiday Inn Express Kaifeng”).Holiday Inn Express is one of the worlds famous selected service hotel brands.Holiday Inn Express Kaifeng was opened in January 2020.Due to the COVID-1

151、9 Outbreak,Holiday Inn Express Kaifeng was closed in February 2020 and has resumed its business in March 2020.The Group will monitor the developments of the COVID-19 Outbreak situation closely,assess and react actively to its impacts on the operation of Holiday Inn Express Kaifeng.20Deson Developmen

152、t International Holdings Limited 2020 Annual ReportManagement Discussion and Analysis管理 層 討 論 及分析開封智選假日酒店位處開封市中心，總建築面積約為14,000平方米，共有243間客房，包括100間配備大雙人床的標準房間、106間單人標準房間、18間大雙人床高級房間、18間單人高級房間及1間套房。該酒店亦設有3間會議室，總建築面積約為460平方米。出售迪臣建設國際集團有限公司及其附屬公司茲提述本公司、迪臣建設國際、Energy Luck Limited（Energy Luck）日期為二零一九年四月十二日

153、的聯合公告（聯合公告）。除另有界定者外，本公告所用詞彙具有聯合公告所界定的相同涵義。於二零一九年四月十二日，迪臣發展集團有限公司（迪臣發展集團，本公司之全資附屬公司）、Sparta Assets Limited（Sparta Assets）及謝文盛先生（謝先生）（作為賣方）及Energy Luck（作為買方）訂立買賣協議，據此，迪臣發展集團、Sparta Assets及謝先生已有條件同意出售，而Energy Luck已有條件同意向迪臣發展集團、Sparta Assets及謝先生購買銷售股份，即合共361,302,082股迪臣建設國際股份，佔迪臣建設國際已發行股本的約36.13%，代價約為79,

154、486,000港元（即購買價每股銷售股份0.22港元）（出售迪臣建設國際事項）。出售迪臣建設國際事項完成後，本公司、迪臣發展集團、Sparta Assets及謝先生不再持有迪臣建設國際的任何股權。截至出售迪臣建設國際事項為止，迪臣建設國際為一間投資控股公司，其附屬公司之主要業務包括(a)主要於香港、中國及澳門從事建築業務（作為主要承建商）、裝修工程，及提供機電工程服務，以及其他建築相關業務；(b)證券投資；及(c)物業投資。Holiday Inn Express Kaifeng is located in the city center of Kaifeng with a total gros

155、s floor area of approximately 14,000 sq.m.It consists of 243 guest rooms,including 100 king bed standard rooms,106 single bed standard rooms,18 king bed superior rooms,18 single bed superior rooms and 1 suite.There are also 3 meeting rooms with a total gross floor area of approximately 460 sq.m.Disp

156、osal of Deson Construction International Holdings Limited and its subsidiariesReference is made to the joint announcement of the Company,DCIHL and Energy Luck Limited(“Energy Luck”)dated 12 April 2019(the“Joint Announcement”).Unless otherwise defined,terms used herein have the same meanings as those

157、 defined in the Joint Announcement.On 12 April 2019,Deson Development Holdings Limited(“DDHL”),a wholly-owned subsidiary of the Company,Sparta Assets Limited(“Sparta Assets”)and Mr.Tjia Boen Sien(“Mr.Tjia”)as sellers,Energy Luck as purchaser entered into the Sale and Purchase Agreement whereby each

158、of DDHL,Sparta Assets and Mr.Tjia had conditionally agreed to sell,and Energy Luck had conditionally agreed to purchase from each of DDHL,Sparta Assets and Mr.Tjia,the Sale Shares,being in aggregate of 361,302,082 DCIHL Shares,representing approximately 36.13%of the issued share capital of DCIHL at

159、the Consideration of approximately HK$79,486,000(representing a purchase price of HK$0.22 per Sale Share)(“DCIHL Disposal”).Upon completion of the DCIHL Disposal,each of the Company,DDHL,Sparta Assets and Mr.Tjia ceased to have any shareholding interest in DCIHL.Up to the DCIHL Disposal,DCIHL was an

160、 investment holding company and the principal activities of its subsidiaries consisted of(a)the construction business,as a main contractor and fitting-out works,as well as the provision of electrical and mechanical engineering services,mainly in Hong Kong,the PRC and Macau,and other construction rel

161、ated business;(b)investment in securities;and(c)investment in properties.21迪臣發展國際集國有限公司 二零二零年年報 Management Discussion and Analysis管理層討論及分 析董事會認為，出售迪臣建設國際事項為本集團變現其於迪臣建設國際的長期投資提供具吸引力的退出機會。出售迪臣建設國際事項使本集團能將資本再用於現有物業發展及投資業務。董事認為，出售迪臣建設國際事項將有利本集團變現其投資，並加強本集團的流動性及整體財務狀況。經考慮現時普遍存在的不穩定經濟及金融市場狀況、將所得款項用於發展及擴張現

162、有業務、用於一般營運資金以及回饋本公司股東，董事會（包括迪臣發展國際的獨立非執行董事）認為，買賣協議的條款、銷售價及出售迪臣建設國際事項均按公平基準釐定，屬公平合理，並按正常商業條款進行，符合本公司及其股東的整體利益。詳情請參閱聯合公告及日期為二零一九年五月二十四日的本公司通函。出售迪臣建設國際事項已於本公司二零一九年六月十一日舉行之股東特別大會上獲股東批準。出售迪臣建設國際事項已於二零一九年六月十八日完成。於完成後，迪臣建設國際不再成為本公司的聯營公司。人力資源於二零二零年三月三十一日，本集團共聘用180名僱員，其中134名駐於中國，其餘員工駐於香港。於截至二零二零年三月三十一日止年度，總僱

163、員福利開支（包括董事酬金）約為30,000,000港元，而去年則約為24,300,000港元。有關增長的原因為本集團於年內開始營運開封智選假日酒店及因此聘請更多員工。另一方面，於二零一九年五月，我們向董事派發更多花紅。董事已審閱及批準本集團僱員之薪酬政策及待遇。除退休金外，為吸納及挽留才能優秀、做事積極之僱員，本集團按個人表現及所達到之本集團目標，向員工授出酌情花紅及購股權。The Board considered that the DCIHL Disposal provided an attractive exit opportunity for the Group to realise i

164、ts long-term investment in DCIHL.The DCIHL Disposal enabled the Group to recycle capital into the existing property development and investment business.The Directors were of the view that the DCIHL Disposal would benefit the Group by realising its investment and also strengthening the liquidity and

165、overall financial position of the Group.Having regard to the prevalent unstable economy and financial market conditions,the purpose of the use of proceeds for development and expansion of the existing businesses,for general working capital purpose and for the return to the shareholders of the Compan

166、y,the Board(including the independent non-executive directors of DDIHL)considered that the terms of the Sale and Purchase Agreement,the Sale Price and the DCIHL Disposal,which were determined on an arms length basis,were fair and reasonable and on normal commercial terms and were in the interests of

167、 the Company and its Shareholders as a whole.For details,please refer to the Joint Announcement and the Circular of the Company dated 24 May 2019.The DCIHL Disposal was approved by the shareholders of the Company at the Special General Meeting of the Company held on 11 June 2019.The DCIHL Disposal w

168、as completed on 18 June 2019.Upon completion,DCIHL ceased to be an associated company of the Company.HUMAN RESOURCESAs at 31 March 2020,the Group had 180 employees,134 of whom were based in the PRC and the remaining employees were based in Hong Kong.The total employee benefits expenses included dire

169、ctors emoluments for the year ended 31 March 2020 was approximately HK$30.0 million as compared with approximately HK$24.3 million last year.The increase was because the Group has commenced the operation of Holiday Inn Express Kaifeng during the year and thus more staff were recruited.On the other h

170、and,more bonuses were paid to Directors in May 2019.The remuneration policy and package of the Groups employees were reviewed and approved by the Directors.Apart from pension funds,in order to attract and retain a high caliber of capable and motivated workforce,the Group offers discretionary bonus a

171、nd share options to staff based on individual performance and the achievements of the Groups targets.22Deson Development International Holdings Limited 2020 Annual ReportReport of the Directors董事會報告The Directors herein present their report and the audited financial statements of the Group for the ye

172、ar ended 31 March 2020.PRINCIPAL ACTIVITIESThe principal activity of the Company is investment holding.The principal activities of the subsidiaries consist of(a)property development and investment;and(b)trading of medical equipment and home security and automation products,including the provision of

173、 related installation and maintenance services.RESULTS AND APPROPRIATIONSThe Groups loss for the year ended 31 March 2020 and the Groups financial position at that date are set out in the financial statements on pages 84 to 87.No interim dividend was paid during the year(2019:Nil).A special dividend

174、 of HK0.5 cent per ordinary share was declared on 11 June 2019.The Directors do not recommend the payment of a final dividend for the year(2019:HK0.5 cent per ordinary share).DIVIDEND POLICYThe Company aims to provide a steady return to shareholders and at the same time to maintain a strong financia

175、l position for investment opportunities and sustainable development in the future.Dividends proposed or declared,or not recommended,is subject to financial performance,cash flows and future investment opportunities of the Group.CLOSURE OF REGISTER OF MEMBERSFor the purpose of determining the qualifi

176、cation as shareholders of the Company to attend and vote at the annual general meeting(the“AGM”),the register of members of the Company will be closed from 12 August 2020 to 17 August 2020,both days inclusive.In order to qualify as shareholders of the Company to attend and vote at the AGM,unregister

177、ed holders of shares of the Company are required to lodge all transfer documents accompanied by the relevant share certificates with the Companys branch share registrar and transfer office in Hong Kong,Tricor Tengis Limited at Level 54,Hopewell Centre,183 Queens Road East,Hong Kong for registration

178、no later than 4:30 p.m.on 11 August 2020.董事謹此呈報其報告以及本集團截至二零二零年三月三十一日止年度之經審核財務報表。主要業務本公司之主要業務為投資控股。其附屬公司之主要業務包括(a)物業發展及投資；及(b)買賣醫療設備及家居保安及自動化產品，包括提供相關安裝及維修服務。業績及分配本集團截至二零二零年三月三十一日止年度之虧損以及本集團於該日的財務狀況載於第84至87頁之財務報表內。年內概無派付中期股息（二零一九年：無）。二零一九年六月十一日宣派特別股息每股普通股0.5港仙。董事不建議就本年度派發末期股息（二零一九年：每股普通股0.5港仙）。股息政策本公

179、司旨在向股東提供穩定的回報，同時保持財務狀況穩健以在未來把握投資機遇及實現可持續發展。建議派付或宣派、或不建議派付股息視乎本集團財政表現、現金流量及未來投資機遇而定。暫停辦理過戶登記手續為釐定作為本公司股東出席股東週年大會（股東週年大會）並於會上投票的資格，本公司將於二零二零年八月十二日至二零二零年八月十七日止（包括首尾兩天在內）期間暫停辦理本公司股份過戶登記手續。為合資格作為本公司股東出席股東週年大會並於會上投票，本公司股份的未登記持有人須將所有股份過戶文件連同有關股票於二零二零年八月十一日下午四時三十分前遞交本公司於香港之股份過戶登記分處卓佳登捷時有限公司登記，地址為香港皇后大道東183號

180、合和中心54樓。23迪臣發展國際集國有限公司 二零二零年年報 Report of the Directors董事會報告物業、廠房及設備以及投資物業本集團於年內之物業、廠房及設備以及投資物業之變動詳情，分別載於財務報表附註13及14。本集團投資物業之進一步詳情載於本年報第41頁。股本及購股權年內之股本及購股權之變動詳情（如有），分別載於財務報表附註28及29。股票掛鈎協議除本年報所披露者外，本公司於截至二零二零年三月三十一日止年度內概無訂立股票掛鈎協議。儲備本集團於年內之儲備變動詳情載於本年報第88頁及89頁綜合權益變動表?？煞峙蓛潇抖愣隳耆氯蝗?，根據百慕達一 九 八 一 年 公 司

181、 法（經 修 訂）計 算 本 公 司可作現金分派及或實物分派之儲備約為150,522,000港元。此外，本公司股份溢價賬及資本贖回儲備金額合共約為257,497,000港元，可以以繳足紅股形式分派。根據百慕達一九八一年公司法（經修訂），於若干情況下，本公司可從實繳盈餘中作出分派。業務回顧本集團截至二零二零年三月三十一日止年度的業務回顧載於本年報第7至21頁 管理層討論及分析 一節。該等討論構成本 董事會報告 之一部份。PROPERTY,PLANT AND EQUIPMENT AND INVESTMENT PROPERTIESDetails of movements in the propert

182、y,plant and equipment,and investment properties of the Group during the year are set out in notes 13 and 14 to the financial statements,respectively.Further details of the Groups investment properties are set out on page 41 of this Annual Report.SHARE CAPITAL AND SHARE OPTIONSDetails of movements in

183、 the share capital and share options during the year,if any,are set out in notes 28 and 29 to the financial statements,respectively.EQUITY-LINKED AGREEMENTSave as disclosed in this Annual Report,there was no equity-linked agreement entered into by the Company during the year ended 31 March 2020.RESE

184、RVESDetails of movements in the reserves of the Group during the year are set out in the consolidated statement of changes in equity on pages 88 and 89 of this Annual Report.DISTRIBUTABLE RESERVESAt 31 March 2020,the Companys reserves available for cash distribution and/or distribution in specie,com

185、puted in accordance with the Companies Act 1981 of Bermuda(as amended),amounted to approximately HK$150,522,000.In addition,the Companys share premium account and capital redemption reserve,in the aggregate amount of approximately HK$257,497,000,may be distributed in the form of fully paid bonus sha

186、res.Under the Companies Act 1981 of Bermuda(as amended),the Company may make distributions from its contributed surplus in certain circumstances.BUSINESS REVIEWA review of the business of the Group for the year ended 31 March 2020 is set out in the section headed“Management Discussion and Analysis”o

187、n pages 7 to 21 of this Annual Report.These discussions form part of this“Report of the Directors”.24Deson Development International Holdings Limited 2020 Annual ReportReport of the Directors董事 會 報 告業務回顧乃根據香港聯合交易所有限公司（聯交所）頒佈的主板上市規則（上市規則 ）附錄十六第28(2)(d)段進行，本集團已據此按照香港法例第622章香港公司條例（公司條例 ）附表5的要求對上述的主要業務作

188、出進一步分析及論述。董事認為 主席報告書 及 管理層討論及分析 兩節已提供本集團截至二零二零年三月三十一日止年度之全面業務回顧及未來展望。主要風險及不明朗因素以下是被視為有可能對本集團業務、經營業績及財務狀況構成重大影響的主要風險及不明朗因素的目錄。惟以下目錄並非詳盡無遺，經濟及其它狀況隨時間改變均有可能產生其它風險及不明朗因素。本集團採用風險管理及內部監控框架來識別機構內不同層面當前及可預見的風險，以採取防範措施繼而避免或減輕風險帶來的不利影響。與物業發展及投資分類有關的風險物業發展及投資分類為本集團的主要業務之一，中國內地尤為重要。據此，該分類須視乎中國內地以及周邊地區經濟體的經濟、政治與

189、法律方面的發展情況。近年，中國內地的物業市場變動一直同時受中國內地經濟趨勢及政府政策所影響，包括但不限於在房地產市場採納分類調控措施及雙邊調控措施、按揭水平及擁有權的政策改變、息率改變、供求狀況以及整體經濟動盪。本集團的物業發展及投資分類預期將繼續面對這些風險，這有可能影響本集團的投資策略以及其表現。為此，本集團積極評估中國內地其他省份的整體經濟、政治與法律方面的發展情況及物業市場，以決定可行的收購及銷售策略。在收購每個潛在項目前，本集團均會就所有方面進行詳盡的可行性研究及壓力測試，務求將風險減至最低。This business review is made pursuant to parag

190、raph 28(2)(d)of Appendix 16 to the Main Board Listing Rules(the“Listing Rules”)published by The Stock Exchange of Hong Kong Limited(the“Stock Exchange”),pursuant to which further analysis of and discussion on the above principal activities of the Group as required by Schedule 5 to the Hong Kong Comp

191、anies Ordinance(Chapter 622 of the Laws of Hong Kong)(the“Companies Ordinance”)are made.In the opinion of the Directors,the section headed“Chairmans statement”and“Management discussion and analysis”provide a comprehensive review of the performance of the Group for the year ended 31 March 2020 as wel

192、l as its future prospects.PRINCIPAL RISKS AND UNCERTAINTIESThe following is a list of principal risks and uncertainties that are considered to be of significance and have potential to affect the Groups businesses,results of operations and financial position.However,this list is non-exhaustive as the

193、re may be other risks and uncertainties which may arise as a result of changes in economic and other conditions over time.The Group employs a risk management and internal control framework to identify current and foreseeable risks at different levels of the organisation so as to take preventive acti

194、ons to avoid or mitigate their adverse impacts.Risks relating to property development and investment segmentThe property development and investment segment is one of the major businesses of the Group,particularly in Mainland China.Accordingly,this segment is subject to economic,political and legal d

195、evelopments in Mainland China as well as in the economies in the surrounding region.In recent years,the properties market movements in Mainland China have been concurrently affected by the economic trend and government policies,including but not limited to,the adoption of category-based regulatory m

196、easures and the bilateral regulatory measures for the real estate market,policy changes in mortgage levels and ownership,interest rate changes,supply and demand conditions as well as the overall economic volatility in Mainland China.The Groups property development and investment segment is expected

197、to continue being exposed to these risks,which may affect the Groups investment strategy as well as its performance.In this respect,the Group actively assesses the overall economic,political and legal developments as well as the property markets in other provinces in Mainland China in deciding viabl

198、e acquisitions and selling strategies.For each potential project,detailed feasibility studies and stress tests in regard to all aspects will be carried out before an acquisition to minimise the risks.25迪臣發展國際集國有限公司 二零二零年年報 Report of the Directors董事會報告與財務狀況及經營業績有關的風險(i)本集團的融資成本將隨利率變化而波動。中國方面，本集團的借款亦包

199、括以人民幣計值的款項。中國人民銀行不時調整其基準貸款利率，以應對中國及全球經濟變動。全球信貸市場現行利率的變動亦或會對本集團有所影響。本集團就借款貨幣所支付的息率有任何增幅將增加本集團的融資成本及客戶按揭息率，並可能對本集團的業務、財務狀況、營運業績及增長前景造成重大不利影響。(ii)本集團須於所發出財務報表各報告期末重估其投資物業的公平值。根據香港財務報告準則，投資物業按公平值列賬，其估值變動須於產生的財政期間計入綜合損益表。根據獨立外部估值師進行的估值，本集團於綜合財務狀況表按公平值確認投資物業，並確認相關遞延稅項，並於綜合損益表確認投資物業的公平值變動及相關遞延稅項的變動。因此，在巿況變

200、動下用於投資物業估值的假設亦有所變動。儘管溢利有升跌，公平值損益為非現金項目，因此並不因而增減現金及現金等值項目。重估調整金額一直並將繼續受市況波動影響。因此，本集團無法保證市況變動將於日後繼續按相若水平或甚至產生任何投資物業公平值變動帶來的收益，亦無法保證本集團投資物業的公平值日後不會下降。假如本集團經營所在地區的房地產市場放緩，本集團投資物業的公平值或會下滑。.Risks relating to financial conditions and results of operation(i)The Groups finance costs fluctuate with changes in

201、 interest rates.In the PRC,the Groups borrowings also include amounts denominated in RMB.The Peoples Bank of China adjusts its benchmark lending rates from time to time in response to domestic and global economic changes.The Group may be affected by changes in the prevailing interest rate of the glo

202、bal credit market.Any increase in interest rate in connection with the currencies the Group borrows will increase the Groups finance costs and customers mortgage interest rates and may adversely and materially affect the Groups businesses,financial position,results of operations and growth prospects

203、.(ii)The Group is required to reassess the fair value of its investment properties at the end of every reporting period to which financial statements are made up.Pursuant to Hong Kong Financial Reporting Standards,investment properties are stated at their fair value,and the changes in their valuatio

204、n should be taken to the consolidated statement of profit or loss of the financial period in which it is incurred.Based on the valuation conducted by independent external valuers,the Group recognises the investment properties at fair value and the related deferred tax in the consolidated statement o

205、f financial position,while the changes in fair value and the related deferred tax of investment properties are recognised in the consolidated statement of profit or loss.Therefore,the assumptions made in the valuation of investment properties would change under changing market conditions.Notwithstan

206、ding any variations in profit,fair value gains and losses are non-cash items and will not increase or decrease cash and cash equivalents.The amount of revaluation adjustment has been and will continuously be subject to changes in market conditions.As such,there can be no assurance that changes in ma

207、rket conditions will continue to generate gains from fair value changes in investment properties at similar level or at all,or there will be no decline in the fair value of the Groups investment properties.If a property market in the region where the Group operates slows down,the fair value of the G

208、roups investment properties may decline.26Deson Development International Holdings Limited 2020 Annual ReportReport of the Directors董事 會 報 告(iii)本集團發展供銷售的中國物業須繳納土地增值稅（土地增值稅）。土地增值稅按物業出售所得款項減相關稅法規定的可扣稅開支計算。在向相關稅務機關清繳土地增值稅前，本集團根據中國相關稅務法律及法規就土地增值稅金額不時進行撥備。土地增值稅撥備乃根據本集團基於（其中包括）本身所作可扣稅開支分攤（須待有關稅務機關於結清土地增值

209、稅時最終確認）的估計而作出。本集團僅按地方稅務機關的要求每年預付該等撥備的一部份。本集團無法保證有關稅務機關會同意本集團計算土地增值稅的方法，亦無法保證土地增值稅撥備足以涵蓋本集團就經合併房地產業務過往土地增值稅負債的土地增值稅責任。倘相關稅務機關認定本集團的土地增值稅超過土地增值稅預付款項及撥備，並要求收取超出部份，本集團的現金流量、營運業績及財務狀況或會受到重大不利影響。由於就稅務機關會何時徵收土地增值稅，及在徵收前會否對已售物業追收土地增值稅上存在不確定性，就徵收土地增值稅而支付的金額或會嚴重限制本集團的現金流量狀況、本集團為土地收購提供資金及執行本集團業務計劃的能力。(iii)Prop

210、erties developed by the Group for sale in the PRC are subject to Land Appreciation Tax(“LAT”).LAT is calculated based on proceeds received from the sale of properties less deductible expenditures as provided in the relevant tax laws.Pending settlement with the relevant tax authorities,the Group make

211、s provisions for the amount of LAT in accordance with the relevant PRC tax laws and regulations from time to time.Provisions for LAT are made on the Groups own estimates based on,among other things,its own apportionment of deductible expenses which is subject to final confirmation by the relevant ta

212、x authorities upon settlement of the LAT.The Group only prepays a portion of such provisions each year as required by the local tax authorities.The Group cannot assure that the relevant tax authorities will agree with its calculation of LAT,nor can it assure that the LAT provisions will be sufficien

213、t to cover its LAT obligations in respect of its past LAT liabilities in relation to its combined property business.If the relevant tax authorities determine that its LAT exceeds the LAT prepayments and provisions,and seek to collect that excess amount,the Groups cash flows,results of operations and

214、 financial position may be materially and adversely affected.As there are uncertainties as to when the tax authorities will enforce the LAT collection and whether it will apply the LAT collection retrospectively to properties sold before the enforcement,any payment as a result of the enforcement of

215、LAT collection may significantly restrict the Groups cash flow position,its ability to finance its land acquisitions and to execute its business plans.27迪臣發展國際集國有限公司 二零二零年年報 Report of the Directors董事會報告環保政策、履行及遵守法律及規例本集團致力於維持可持續工作常規並密切關注以確保所有資源得到有效利用。本集團透過節省電力及鼓勵循環使用辦公用品及其他材料，致力成為環保企業。本集團及其業務活動受多條法例

216、的規定所規限。對本集團有重大影響的法律及規例包括空氣污染管制條例（香港法例第311章）、噪音管制條例（香港法例第400章）、水污染管制條例（香港法例第358章）、廢物處置條例（香港法例第354章）、環境影響評估條例（香港法例第499章）、最低工資條例（香港法例第608章）、僱員補償條例（香港法例第282章）、僱傭條例（香港法例第57章）、佔用人法律責任條例（香港法例第314章）、職業安全及健康條例（香港法例第509章）及入境條例（香港法例第115章）。本集團已實施內部規則，當中載列有關確保本集團的營運符合適用法律及規例的措施及工作程序。ENVIRONMENTAL POLICIES,PERFOR

217、MANCE AND COMPLIANCE WITH LAWS AND REGULATIONSThe Group is committed to maintaining sustainable working practices and pays close attention to ensure that all resources are efficiently utilised.The Group strives to become an environmental-friendly corporation by saving electricity and encouraging the

218、 recycling of office supplies and other materials.The Group and its business activities are subject to requirements under various laws.The laws and regulations which have a significant impact on the Group include,among others,Air Pollution Control Ordinance(Chapter 311 of the Laws of Hong Kong),Nois

219、e Control Ordinance(Chapter 400 of the Laws of Hong Kong),Water Pollution Control Ordinance(Chapter 358 of the Laws of Hong Kong),Waste Disposal Ordinance(Chapter 354 of the Laws of Hong Kong),Environmental Impact Assessment Ordinance(Chapter 499 of the Laws of Hong Kong),Minimum Wage Ordinance(Chap

220、ter 608 of the Laws of Hong Kong),Employees Compensation Ordinance(Chapter 282 of the Laws of Hong Kong),Employment Ordinance(Chapter 57 of the Laws of Hong Kong),Occupiers Liability Ordinance(Chapter 314 of the Laws of Hong Kong),Occupational Safety and Health Ordinance(Chapter 509 of the Laws of H

221、ong Kong),and Immigration Ordinance(Chapter 115 of the Laws of Hong Kong).The Group has put in place in-house rules containing measures and work procedures to ensure that the Groups operation is in compliance with the applicable laws and regulations.28Deson Development International Holdings Limited

222、 2020 Annual ReportReport of the Directors董事 會 報 告本集團的主要業務為在中國進行物業開發，該行業受到嚴格的監管。物業開發商必須遵守各種法律及法規，包括國家和地方政府訂定的規則。為從事物業開發，本集團必須向有關政府部門申請獲得及續新各種牌照、許可證、證書及批準，包括但不限於土地使用權證、物業開發商資質證明、建築工程施工許可證、建築工程規劃許可證、建設用地規劃許可證及預售許可證。在政府機構頒發或續新任何證書或許可證之前，本集團必須符合相關規定。下文載列與我們經營及業務相關的中國法定及監管條文若干方面的概要，包括以下相關方面的法律及法規：成立房地產開發

223、企業 房地產開發商資質 物業開發用地 出售商品房 房地產轉讓 房地產按揭 房地產管理 穩定物業價格的措施 中國稅項 外幣匯率 勞動保障本集團致力於遵守上述法例及法規及於截至二零二零年三月三十一日止年度，概無重大不合規案例報告。The Groups major business is property development in the PRC which is a heavily regulated industry.Property developers must abide by various laws and regulations,including rules stipulate

224、d by the national and local governments.To engage in property development,the Group must apply to relevant government authorities to obtain and renew various licenses,permits,certificates and approvals,including but not limited to,land use rights certificates,qualification certificates for property

225、developers,construction work commencement permits,construction work planning permits,construction land planning permits and pre-sale permits.Before the government authorities issue or renew any certificate or permit,the Group must meet the relevant requirements.Set out below is a summary of certain

226、aspects of PRC legal and regulatory provisions relating to our operations and business.These include laws and regulations relating to:Establishment of a real estate development enterprise Qualification of a real estate developer Land for property development Sale of commodity properties Transfer of

227、real estate Mortgages of real estate Real estate management Measures on stabilising property prices PRC taxation Foreign currency exchange Labour protectionThe Group is committed to complying with the above laws and regulations and for the year ended 31 March 2020,there was no reported case of mater

228、ial non-compliance.29迪臣發展國際集國有限公司 二零二零年年報 Report of the Directors董事會報告與僱員、客戶及供應商的主要關係於二零二零年三月三十一日，本集團的僱員人數為180人（二零一九年：112人）。僱員薪酬維持在有競爭力的水平，並密切參考有關勞動市場及當地政府不時規定的最低工資指引作每年檢討。本集團乃根據本集團的溢利成果及個人表現向合資格僱員派發酌情花紅。本公司亦已採納購股權計劃，用以招攬及保留最優秀人員，並使僱員利益與本集團利益保持一致。秉持以人為本的精神，本集團確保所有員工獲合理待遇，並且持續改善及定期檢討更新其有關薪酬與福利、培訓、職業健

229、康與安全等政策。本集團亦與其客戶及供應商保持聯繫以及透過各種渠道與客戶及供應商持續交流，例如電話、電郵及舉行會議從而獲得彼等的反饋及建議。獲準許的彌償條文本公司各位董事或其他高級人員均有權從本公司之資產獲得彌償，以就其履行職務或與之有關的情況下，所蒙受或招致之所有損失或責任或有關其他情況作出補償。於截至二零二零年三月三十一日止年度內，本集團已就針對本集團董事及高級人員的相關法律訴訟購買適當的董事及高級人員責任保險。主要客戶及供應商截至二零二零年三月三十一日止年度，本集團五大客戶之銷售，佔年內銷售總額約61%（二零一九年：16%），其中最大客戶之銷售額約佔49%（二零一九年：8%）。本集團向五大

230、供應商之採購，佔年內採購總額約37%（二零一九年：42%），其中向最大供應商採購之金額約佔14%（二零一九年：13%）。KEY RELATIONSHIPS WITH EMPLOYEES,CUSTOMERS AND SUPPLIERSAs at 31 March 2020,the Group had a headcount of 180 employees(2019:112).Salaries of employees are maintained at a competitive level and are reviewed annually,with close reference to t

231、he relevant labour market as well as the minimum wages guideline as prescribed by the local government from time to time.The Group awards discretionary bonuses to eligible employees based upon profit achievements of the Group and individual performance.The Company has also adopted a share option sch

232、eme in order to attract and retain the best available personnel and to align the interests of the employees with the Groups interests.Being people-oriented,the Group ensures all staff are reasonably remunerated and continues to improve and regularly review and update its policies on remuneration and

233、 benefits,training,and occupational health and safety.The Group also stays connected with its customers and suppliers and has ongoing communication with the customers and suppliers through various channels such as telephone,electronic mails and physical meetings to obtain their feedback and suggesti

234、ons.PERMITTED INDEMNITY PROVISIONEach Director or other officer of the Company shall be entitled to be indemnified out of the assets of the Company against all losses or liabilities which he or she may sustain or incur in or about the execution of the duties of his or her office or otherwise in rela

235、tion thereto.The Group has maintained appropriate directors and officers liability insurance in respect of relevant legal actions against the Directors and officers of the Group during the year ended 31 March 2020.MAJOR CUSTOMERS AND SUPPLIERSDuring the year ended 31 March 2020,sales to the Groups f

236、ive largest customers accounted for approximately 61%(2019:16%)of the total sales for the year and sales to the largest customer included therein amounted to approximately 49%(2019:8%).Purchases from the Groups five largest suppliers accounted for approximately 37%(2019:42%)of the total purchases fo

237、r the year and purchases from the largest supplier included therein amounted to approximately 14%(2019:13%).30Deson Development International Holdings Limited 2020 Annual ReportReport of the Directors董事 會 報 告本公司董事或其任何聯繫人士（定義見上市規則），或就本公司董事所知擁有本公司已發行股本5%以上之任何其他股東，於年內概無擁有本集團任何五大客戶或供應商的任何實益權益。董事本公司於年內及直

238、至本報告日期之董事為：執行董事盧全章先生（主席）謝文盛先生#（董事總經理兼副主席）王京寧先生#謝維業先生獨立非執行董事何鍾泰博士*#蕭文波工程師*#蕭錦秋先生*#*審核委員會成員#薪酬委員會成員 提名委員會成員根據本公司細則，謝文盛先生、何鍾泰博士及蕭錦秋先生將於二零二零年八月十七日（星期一）舉行的應屆股東週年大會上輪值告退，彼等符合資格及表示願意膺選連任。本公司認為，根據上市規則所載標準，何鍾泰博士、蕭文波工程師及蕭錦秋先生屬獨立，並已收到彼等各自獨立性年度確認函。None of the Directors of the Company or any of their associates(

239、as defined in the Listing Rules)or any other shareholders(which,to the best knowledge of the Directors,own more than 5%of the Companys issued share capital)had any beneficial interest in any of the Groups five largest customers or suppliers during the year.DIRECTORSThe Directors of the Company durin

240、g the year and up to the date of this report were:Executive DirectorsMr.LU Quanzhang(Chairman)Mr.TJIA Boen Sien#(Managing Director and Deputy Chairman)Mr.WANG Jing Ning#Mr.TJIA Wai Yip,WilliamIndependent non-executive DirectorsDr.HO Chung Tai,Raymond*#Ir SIU Man Po*#Mr.SIU Kam Chau*#*audit committee

241、 members#remuneration committee members nomination committee membersMr.Tjia Boen Sien,Dr.Ho Chung Tai,Raymond and Mr.Siu Kam Chau will retire by rotation according to the Companys Bye-Laws and,being eligible,will offer themselves for re-election at the forthcoming AGM to be held on Monday,17 August

242、2020.The Company considers that Dr.Ho Chung Tai,Raymond,Ir Siu Man Po and Mr.Siu Kam Chau are independent pursuant to the criteria set out in the Listing Rules and that it has received annual confirmations of independence from each of them.31迪臣發展國際集國有限公司 二零二零年年報 Report of the Directors董事會報告董事服務合約於應屆

243、股東週年大會上建議膺選連任之董事，概無與本公司或其任何附屬公司訂立本公司不可於一年內終止而毋須支付賠償（法定賠償除外）之服務合約。董事酬金董事袍金須於股東大會上獲得股東批準，其他酬金則由本公司董事會參照董事的職務、職責及表現以及本集團業績釐定。有關董事酬金的進一步詳情，請參閱財務報表附註8。董事及控股股東於交易、安排或合約中的權益除 持續關連交易 一段及財務報表附註34所披露者外，董事、董事的關連實體或本公司控股股東於其任何控股公司、附屬公司或同系附屬公司年內訂立而對本集團業務屬重要之任何交易、安排或合約中，概無直接或間接擁有重大實益權益。管理合約截至二零二零年三月三十一日止年度，概無訂立或存

244、在有關本公司全部或任何主要部分業務的管理及或行政合約。DIRECTORS SERVICE CONTRACTSNone of the Directors proposed for re-election at the forthcoming AGM has a service contract with the Company or any of its subsidiaries,which is not determinable by the employing company within one year without payment of compensation,other than

245、 statutory compensation.DIRECTORS REMUNERATIONThe Directors fees are subject to shareholders approval at general meeting.Other emoluments are determined by the Companys board of Directors with reference to Directors duties,responsibilities and performance and the results of the Group.For further det

246、ails of the Directors emoluments,please refer to note 8 to the financial statements.DIRECTORS AND CONTROLLING SHAREHOLDERS INTERESTS IN TRANSACTIONS,ARRANGEMENTS OR CONTRACTSSave as disclosed in paragraph headed“Continuing connected transactions”and note 34 to the financial statements,no Director,a

247、connected entity of a Director nor a controlling shareholder of the Company had a material beneficial interest,either directly or indirectly,in any transactions,arrangements or contracts of significance to the business of the Group to which any of its holding companies,subsidiaries or fellow subsidi

248、aries was a party during the year.MANAGEMENT CONTRACTSNo contracts concerning the management and/or administration of the whole or any substantial part of the business of the Company were entered into or existed during the year ended 31 March 2020.32Deson Development International Holdings Limited 2

249、020 Annual ReportReport of the Directors董事 會 報 告董事於股份及相關股份的權益及淡倉於二零二零年三月三十一日，各董事於本公司或其相聯法團（定義見證券及期貨條例（證券及期貨條例）第XV部）之股本及購股權須記錄在本公司根據證券及期貨條例第352條置存之股東名冊內，或因其他理由根據證券及期貨條例第XV部第7及第8分部或根據上市公司董事進行證券交易的標準守則須知會本公司及聯交所之權益及淡倉（包括根據證券及期貨條例第344條及第345條被視作或當作擁有之權益及淡倉）如下：於本公司普通股的好倉：附註：1.在英屬處女群島（英屬處女群島）註冊成立並由謝先生全資擁有之

250、Sparta Assets，實益擁有本公司349,935,000股普通股股份。DIRECTORS INTERESTS AND SHORT POSITIONS IN SHARES AND UNDERLYING SHARESAt 31 March 2020,the interests and short positions of the Directors in the share capital and share options of the Company or its associated corporations(within the meaning of Part XV of the

251、Securities and Futures Ordinance(the“SFO”),as recorded in the register required to be kept by the Company pursuant to Section 352 of the SFO,or as otherwise notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO(including the interests and short positions

252、which he would be deemed or taken to have under Section 344 and 345 of the SFO)or pursuant to the Model Code for Securities Transactions by Directors of Listed Companies,were as follows:Long positions in ordinary shares of the Company:Number of shares held,capacity and nature of interest所持股份數目、身份及權益

253、性質Name of Directors董事姓名Directly beneficially ownedThrough controlled corporationTotalPercentage of the Companys issued share capital直接實益 擁有透過所控制 法團合計佔本公司 已發行股本 百分比Mr.Tjia(Note 1)謝先生（附註1）73,926,600349,935,000423,861,60043.34Mr.Lu Quanzhang盧全章先生150,000150,0000.02Mr.Wang Jing Ning王京寧先生26,429,40026,429,

254、4002.70Mr.Tjia Wai Yip,William謝維業先生2,400,0002,400,0000.25Dr.Ho Chung Tai,Raymond何鍾泰博士727,500727,5000.07Ir Siu Man Po蕭文波工程師920,000920,0000.09Note:1.Sparta Assets,a company incorporated in the British Virgin Islands(“BVI”)and wholly-owned by Mr.Tjia,is beneficially interested in 349,935,000 ordinary s

255、hares of the Company.33迪臣發展國際集國有限公司 二零二零年年報 Report of the Directors董事會報告於Sparta Assets普通股的好倉：*在英屬處女群島註冊成立並由謝先生全資擁有之 Sparta Assets，實益擁有本公司349,935,000股普通股股份。董事於本公司購股權之權益，另行於下文 購股權計劃 一節披露。除上文及於財務報表附註29所披露者外，各董事概無在本公司或其任何相聯法團之股份、相關股份或債券中，擁有須根據證券及期貨條例第352條或根據上市公司董事進行證券交易的標準守則須另行知會本公司及聯交所之權益或淡倉。根據上市規則第13.

256、51B(1)條有關董事資料之披露以下為自本公司日期為二零一九年十一月二十五日的中期報告起，根據上市規則第13.51B(1)條須予披露的董事資料之變動：謝文盛先生於二零一九年七月二十九日，辭去迪臣建設國際（股份代號：8268，其股份於聯交所GEM上市）的主席及非執行董事。何鍾泰博士於二零二零年二月十八日獲委任為富石金融控股有限公司（股份代號：2263，其股份於聯交所主板上市）的獨立非執行董事。Long positions in ordinary shares of Sparta Assets:Number of shares held,capacity and nature of interes

257、t所持股份數目、身份及權益性質Name of Director董事姓名Directly beneficially ownedThrough controlled corporationTotalPercentage of the Sparta Assets issued share capital直接實益 擁有透過所控制 法團合計佔Sparta Assets已發行股本百分比Mr.Tjia*謝先生*1,0001,000100.00*Sparta Assets,a company incorporated in the BVI and wholly-owned by Mr.Tjia,is bene

258、ficially interested in 349,935,000 ordinary shares of the Company.The interests of the Directors in the share options of the Company are separately disclosed in the section headed“Share option scheme”below.Save as disclosed above and note 29 to the financial statements,none of the Directors had regi

259、stered an interest or short position in the shares,underlying shares or debentures of the Company or any of its associated corporations that was required to be recorded pursuant to Section 352 of the SFO,or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Code for Se

260、curities Transactions by Directors of Listed Companies.DISCLOSURE OF DIRECTORS INFORMATION UNDER RULE 13.51B(1)OF THE LISTING RULESThe following is the change in the information of the Directors since the interim report of the Company dated 25 November 2019,which is required to be disclosed pursuant

261、 to the Rule 13.51B(1)of the Listing Rules:Mr.Tjia Boen SienResigned as the chairman and non-executive director of DCIHL(stock code:8268),a company with its shares listed on the GEM of the Stock Exchange,on 29 July 2019.Dr.Ho Chung Tai,RaymondAppointed as an independent non-executive director of Fu

262、Shek Financial Holdings Limited(stock code:2263),a company with its shares listed on the main board of the Stock Exchange,on 18 February 2020.34Deson Development International Holdings Limited 2020 Annual ReportReport of the Directors董事 會 報 告分別於二零二零年五月十九日及二零二零年六月十六日辭去飛毛腿集團有限公司（股份代號：1399，其股份於聯交所主板上市）

263、的主席及非執行董事。蕭錦秋先生於二零二零年四月二十九日獲委任為權威金融集團有限公司（股份代號：397，其股份於聯交所主板上市）的執行董事。董事認購股份或債券的權利除上文 董事於股份及相關股份的權益及淡倉 一節及下文 購股權計劃 及財務報表附註29購股權計劃所披露者外，於本年度任何時間，並無向任何董事或彼等之配偶或未成年子女授出任何透過購入本公司股份或債券而取得利益之權利，彼等亦無行使任何該等權利，而本公司或其任何附屬公司亦無作出任何安排，使董事可購入任何其他法人團體之該等權利。購股權計劃本公司設立一項購股權計劃（計劃），旨在為對本集團業績作出貢獻之合資格參與者提供激勵及獎賞。年內概無計劃下的購

264、股權未獲行使。計劃之進一步詳情，載於財務報表附註29。主要股東及其他人士於股份及相關股份的權益及淡倉於二零二零年三月三十一日，就本公司董事所知，根據證券及期貨條例第336條之規定本公司需置存之登記名冊所載，下列人士擁有本公司已發行股本及購股權5%或以上之權益：Resigned as the chairman and non-executive director of SCUD Group Limited(stock code:1399),a company with its shares listed on the main board of the Stock Exchange,on 19

265、May 2020 and 16 June 2020,respectively.Mr.Siu Kam ChauAppointed as executive director of Power Financial Group Limited(stock code:397),a company with its shares listed on the main board of the Stock Exchange,on 29 April 2020.DIRECTORS RIGHTS TO ACQUIRE SHARES OR DEBENTURESSave as disclosed under the

266、 headings“Directors interests and short positions in shares and underlying shares”above and“Share option scheme”below,and share option scheme disclosures set out in note 29 to the financial statements,at no time during the year were rights to acquire benefits by means of the acquisition of shares in

267、 or debentures of the Company granted to any Director or their respective spouse or minor children,nor were any such rights exercised by them;nor was the Company or any of its subsidiaries a party to any arrangement to enable the Directors to acquire such rights in any other body corporate.SHARE OPT

268、ION SCHEMEThe Company operates a share option scheme(the“Scheme”)for the purpose of providing incentives and rewards to eligible participants who contribute to the success of the Groups operations.No share options were outstanding under the Scheme during the year.Further details of the Scheme are in

269、cluded in note 29 to the financial statements.SUBSTANTIAL SHAREHOLDERS AND OTHER PERSONS INTERESTS AND SHORT POSITIONS IN SHARES AND UNDERLYING SHARESAt 31 March 2020,so far as is known to the Directors of the Company,the following interests of 5%or more of the issued share capital and share options

270、 of the Company were recorded in the register of interests required to be kept by the Company pursuant to Section 336 of the SFO:35迪臣發展國際集國有限公司 二零二零年年報 Report of the Directors董事會報告好倉：附註：1.在英屬處女群島註冊成立並由謝先生全資擁有之 Sparta Assets，實益擁有本公司349,935,000股普通股股份。2.在英屬處女群島註冊成立並由陳火法先生全資擁有之Granda，實益擁有本公司173,698,740股

271、普通股股份。除上述所披露者外，於二零二零年三月三十一日，並無人士（本公司董事除外，其權益已載於上文 董事於股份及相關股份的權益及淡倉 一節）就根據證券及期貨條例第336條須予記錄之本公司股份之權益或淡倉作出登記。Long positions:NameCapacity and nature of interestNumber of ordinary shares heldPercentage of the Companys issued share capital名稱姓名身份及權益性質所持普通股數目佔本公司 已發行股本 百分比Sparta Assets(Note 1)Beneficial own

272、er349,935,00035.79Sparta Assets（附註1）實益擁有人Mr.TjiaInterests of controlled corporation349,935,00035.79謝先生受控法團之權益Directly beneficially owned73,926,6007.55直接實益擁有Granda Overseas Holding Co.Ltd.(“Granda”)(Note 2)Beneficial owner173,698,74017.76Granda Overseas Holding Co.Ltd.（Granda）（附註2）實益擁有人Mr.Chen HuofaI

273、nterests of controlled corporation173,698,74017.76陳火法先生受控法團之權益Notes:1.Sparta Assets,a company incorporated in the BVI and wholly-owned by Mr.Tjia,is beneficially interested in 349,935,000 ordinary shares of the Company.2.Granda,a company incorporated in the BVI and wholly-owned by Mr.Chen Huofa,is b

274、eneficially interested in 173,698,740 ordinary shares of the Company.Save as disclosed above,no person,other than the Directors of the Company,whose interests are set out in the section headed“Directors interests and short positions in shares and underlying shares”above,at 31 March 2020,had register

275、ed an interest or short position in the shares of the Company that was required to be recorded pursuant to Section 336 of the SFO.36Deson Development International Holdings Limited 2020 Annual ReportReport of the Directors董事 會 報 告購買、贖回或出售上市證券本公司或其任何附屬公司於截至二零二零年三月三十一日止年度並無購買、贖回或出售本公司之任何上市證券。資本結構本公司於截

276、至二零二零年三月三十一日止年度的資本結構並無變動。優先購買權本公司細則或百慕達法例概無規定本公司須向其現有股東作出按比例發售新股之優先購買權條文。稅務寬減本公司概不知悉任何因股東持有本公司股份而向彼等提供之稅務寬減。持續關連交易行政服務協議於二零一七年四月一日，本公司之全資間接附屬公司迪宏置業有限公司（迪宏）與本公司一間聯營公司迪臣發展有限公司（迪臣發展）訂立行政服務協議（行政服務協議），據此，迪臣發展（作為服務供應商）已同意向迪宏提供若干行政服務，包括提供辦公設施、公用設施及設備支援、清潔服務、行政支援以及資訊科技系統及技術培訓支援，自二零一七年四月一日起至二零一九年三月三十一日止為期二年。

277、作為提供有關行政服務的代價，迪宏會基於迪臣發展於提供及促使提供有關服務時產生的實際直接及間接成本（包括經常支出、人力及或其他資源），向迪臣發展支付一筆服務費。截至二零一八年三月三十一日及二零一九年三月三十一日止各財政年度，迪宏應付予迪臣發展的年度服務費並不超過600,000港元。於二零一九年三月七日，行政服務協議已重續一年，由二零一九年四月一日至二零二零年三月三十一日。截至二零二零年三月三十一日止年度，迪宏應付予迪臣發展的年度服務費不超過480,000港元。PURCHASE,REDEMPTION OR SALES OF LISTED SECURITIESNeither the Company,

278、nor any of its subsidiaries purchased,redeemed or sold any of the Companys listed securities during the year ended 31 March 2020.CAPITAL STRUCTUREThere was no change of the capital structure of the Company during the year ended 31 March 2020.PRE-EMPTIVE RIGHTSThere are no provisions for pre-emptive

279、rights under the Companys Bye-Laws or the laws of Bermuda which would oblige the Company to offer new shares on a pro rata basis to existing shareholders.TAX RELIEFThe Company is not aware of any relief from taxation available to shareholders by reason of their holding of the Companys shares.CONTINU

280、ING CONNECTED TRANSACTIONSAdministrative services agreementOn 1 April 2017,Grand On Enterprise Limited(“Grand On”),a wholly-owned indirect subsidiary of the Company,and Deson Development Limited(“DDL”),an associate of the Company,entered into an administrative services agreement(“Administrative Serv

281、ices Agreement”),pursuant to which DDL,as a service provider,has agreed to provide Grand On certain administrative services including provision of office facilities,utilities and equipment support,cleaning services,administrative support and information technology system and technical training suppo

282、rt,for a term of two years from 1 April 2017 to 31 March 2019.In consideration of the provision of such administrative services,Grand On shall pay DDL a service fee,based on DDLs actual direct and indirect cost incurred in the supply and procuring of the supply of such services,including overheads,h

283、uman and/or other resources.The annual service fee payable by Grand On to DDL for each of the financial years ended 31 March 2018 and 31 March 2019 did not exceed HK$600,000.On 7 March 2019,the Administrative Services Agreement was renewed for a term of one year from 1 April 2019 to 31 March 2020.Th

284、e annual service fee payable by Grand On to DDL for the year ended 31 March 2020 did not exceed HK$480,000.37迪臣發展國際集國有限公司 二零二零年年報 Report of the Directors董事會報告租賃香港辦事處(i)於二零一七年四月十五日，迪宏（作為業主）與迪臣發展（作為租戶）訂立一份租賃協議，以租用位於香港九龍觀塘鴻圖道57號南洋廣場11樓的南洋廣場物業的若干部分，總樓面面積約9,500平方呎（平方呎），並取得佔用及使用總樓面面積約3,200平方呎的共用區域的連帶權利。租賃

285、期限自二零一七年四月一日起至二零一九年三月三十一日止，預付租金每月143,000港元。截至二零一八年三月三十一日及二零一九年三月三十一日止各財政年度，迪臣發展應付迪宏的年度租金並不超過1,716,000港元。於二零一九年四月十五日，租賃協議已重續一年，由二零一九年四月一日至二零二零年三月三十一日，每月須預付租金為209,000港元。截至二零二零年三月三十一日止年度，迪臣發展應向迪宏支付的年度租金不超過2,508,000港元。(ii)於二零一七年四月十五日，迪宏已與啟康創建有限公司（由本公司董事總經理兼副主席兼主要股東謝先生全資擁有）就出租本集團位於香港之物業訂立一份租賃協議（租賃協議）。租賃協

286、議合約期為三年，自二零一七年四月一日起至二零二零年三月三十一日止，應付月租金為25,500港元。截至二零二零年三月三十一日止年度自本租賃協議賺取之租金收入約為306,000港元。於二零二零年四月十五日，租賃協議已重續兩年，由二零二零年四月一日至二零二二年三月三十一日，每月須預付租金為25,500港元。截至二零二一年三月三十一日止年度，啟康創建有限公司應向迪宏支付的年度租金預期不超過306,000港元。Leases of office premises in Hong Kong(i)On 15 April 2017,Grand On as landlord and DDL as tenant,e

287、ntered into a tenancy agreement,for the rental of certain portions of the Nanyang Plaza property located at 11th Floor of Nanyang Plaza,57 Hung To Road,Kwun Tong,Kowloon,Hong Kong with an aggregate floor area of approximately 9,500 square feet(“sq.ft.”)and the joint rights to occupy and use a common

288、 area with an aggregate floor area of approximately 3,200 sq.ft.The term of tenancy was from 1 April 2017 to 31 March 2019,with a rental of HK$143,000 per month payable in advance.The annual rental fee payable by DDL to Grand On for each of the financial years ended 31 March 2018 and 31 March 2019 d

289、id not exceed HK$1,716,000.On 15 April 2019,the tenancy agreement was renewed for a term of one year from 1 April 2019 to 31 March 2020,with a rental of HK$209,000 per month payable in advance.The annual rental fee payable by DDL to Grand On for the year ended 31 March 2020 did not exceed HK$2,508,0

290、00.(ii)On 15 April 2017,Grand On entered into a tenancy agreement(“Tenancy Agreement”)with Fitness Concept Limited,a company wholly-owned by Mr.Tjia,the Managing Director and Deputy Chairman and a substantial shareholder of the Company,for the leasing of a property of the Group in Hong Kong.The Tena

291、ncy Agreement was for a term of three years commencing from 1 April 2017 to 31 March 2020 at monthly rent of HK$25,500.The rental income earned during the year ended 31 March 2020 from this Tenancy Agreement was approximately HK$306,000.On 15 April 2020,the Tenancy Agreement was renewed for a term o

292、f two years from 1 April 2020 to 31 March 2022,with a rental of HK$25,500 per month payable in advance.The annual rental fee payable by Fitness Concept Limited to Grand On for the year ending 31 March 2021 is not expected to exceed HK$306,000.38Deson Development International Holdings Limited 2020 A

293、nnual ReportReport of the Directors董事 會 報 告鑒於謝先生乃本公司之董事總經理兼副主席且於訂立租賃協議時持有本公司約43.34%股權，根據上市規則之涵義，謝先生為本公司之關連人士，因此該交易構成本公司一項關連交易。由於該等交易之每項適用百分比率低於5%，而涉及總代價少於3,000,000港元，根據上市規則第14A.33條，該等交易獲豁免上市規則之申報、年度審核、公告及獨立股東批準之規定。物業詳情本集團發展中待售物業如下：Given that Mr.Tjia is the Managing Director and Deputy Chairman of th

294、e Company and has an approximately 43.34%equity interest in the Company at the time entering into the Tenancy Agreement,Mr.Tjia is a connected person of the Company within the meaning of the Listing Rules,the transaction therefore constitutes a connected transaction of the Company.As each of the app

295、licable percentage ratios of the transaction was less than 5%and the total considerations involved were less than HK$3,000,000,pursuant to Rule 14A.33 of the Listing Rules,the transactions were exempted from the reporting,annual review,announcement and independent shareholders approval requirements

296、of the Listing Rules.PARTICULARS OF PROPERTIESThe properties held for sale under development of the Group are as follows:LocationAttributable interest of the GroupStage of completionExpected completion dateExpected useGross floor area地點本集團 應佔權益完成階段預計完成日期預計用途建築面積Section G1 Xi Da JieKaifeng CityHenan

297、ProvincePRC100%Constructionstage2020Residential/commercialcomplex31,000 sq.m.中國河南省開封市西大街1號G區100%建設階段二零二零年住宅商業綜合項目31,000平方米39迪臣發展國際集國有限公司 二零二零年年報 Report of the Directors董事會報告本集團待售物業如下：The properties held for sale of the Group are as follows:LocationAttributable interest of the GroupTenureCurrent useG

298、ross floor area地點本集團 應佔權益年期目前用途建築面積Phase I to IV ofAsian Villas City SquareSouthern AreaJinpen IndustrialDevelopment ZoneHaikouHainan ProvincePRC100%The properties are heldfor a term of 70 years,commencing on 13 May1998 and expiring on12 May 2068Residential/commercialcomplex87,647 sq.m.中國海南省?？谑薪鸨P工業開

299、發區南區亞洲豪苑城市廣場第一至四期100%該等物業年期由一九九八年五月十三日至 二零六八年五月十二日止，為期70年住宅商業綜合項目87,647平方米Sections B to F1 Xi Da JieKaifeng CityHenan ProvincePRC100%The properties are heldfor a term of 70 years,commencing on 15 June2005 and expiring on 15June 2075Residential/commercialcomplex136,591 sq.m.中國河南省開封市西大街1號B至F區100%該等物業年

300、期由 二零零五年六月十五日至 二零七五年六月十五日止，為期70年住宅商業綜合項目136,591平方米40Deson Development International Holdings Limited 2020 Annual ReportReport of the Directors董事 會 報 告LocationAttributable interest of the GroupTenureCurrent useGross floor area地點本集團 應佔權益年期目前用途建築面積Residential Zone 13Commercial Zone A,B,C and DCore Lot

301、No.20121Zheng Kai AvenueKaifeng CityHenan ProvincePRC100%The properties are heldfor a term of 40 years,commencing on 3 June2013 and expiring on13 May 2053Commercial75,184 sq.m.中國河南省開封市鄭開大道20121號宗地13住宅區A、B、C及D商業區100%該等物業年期由 二零一三年六月三日至 二零五三年五月十三日止，為期40年商業75,184平方米41迪臣發展國際集國有限公司 二零二零年年報 Report of the D

302、irectors董事會報告本集團投資物業如下：The investment properties of the Group are as follows:LocationAttributable interest of the GroupTenureLease termCurrent useGross floor area地點本集團 應佔權益年期租期目前用途建築面積12 Haixiu AvenueMeilan DistrictHaikouHainan ProvincePRC100%The properties are heldfor a term of 70 years,commencing

303、on15 September 2006and expiring on14 September 2076LongCommercial22,803 sq.m.中國海南省?？谑忻捞m區海秀路12號100%該等物業年期由 二零零六年九月十五日至 二零七六年九月十四日止，為期70年長期商業22,803平方米Section A1 Xi Da JieKaifeng CityHenan ProvincePRC100%The properties are heldfor a term of 70 years,commencing on15 June 2005 andexpiring on15 June 2075L

304、ongCommercial53,624 sq.m.中國河南省開封市西大街1號A區100%該等物業年期由 二零零五年六月十五日至 二零七五年六月十五日止，為期70年長期商業53,624平方米Phase I to IV ofAsian Villas City SquareSouthern AreaJinpen IndustrialDevelopment ZoneHaikouHainan ProvincePRC100%The properties are heldfor a term of 70 years,commencing on13 May 1998 andexpiring on12 May

305、2068LongCommercial29,325 sq.m.中國海南省?？谑薪鸨P工業開發區南區亞洲豪苑城市廣場第一至四期100%該等物業年期由 一九九八年五月十三日至 二零六八年五月十二日止，為期70年長期商業29,325平方米42Deson Development International Holdings Limited 2020 Annual ReportReport of the Directors董事 會 報 告足夠公眾持股量根據本公司可公開獲得之資料及董事所知悉，於截至二零二零年三月三十一日止年度內，公眾至少持有本公司已發行股份總數之25%。報告期後事項COVID-19爆發COV

306、ID-19爆發自二零二零年初在中國爆發及於全球多國持續爆發。本集團將密切監察COVID-19爆發的情況發展，並將就有關情況對本集團財務狀況及營運業績的影響作出評估及主動回應。直至本年報日期，有關評估仍在進行。由於此等情況瞬息萬變，現階段無法合理估計其對本集團綜合營運業績、現金流量及財務狀況的相關影響，有關影響將於本集團二零二零二一年中期及年度財務報表中披露。審核委員會本公司之審核委員會乃根據企業管治常規守則之規定成立，以檢討及監察本集團之內部監控、風險管理及財務申報事宜，包括審閱截至二零二零年三月三十一日止年度之年度業績，及本公司會計人員之資源充足性及資歷。審核委員會由本公司三名獨立非執行董事

307、組成，即何鍾泰博士、蕭文波工程師及蕭錦秋先生。蕭錦秋先生為該委員會主席。本集團截至二零二零年三月三十一日止年度之年度業績已由審核委員會成員審閱，彼等已就此提供建議及意見。核數師安永會計師事務所退任且於應屆股東週年大會上將提呈繼續委任彼等為本公司核數師之決議案。於前三個年度，本公司的核數師概無變動。董事總經理兼副主席謝文盛香港二零二零年六月二十六日SUFFICIENCY OF PUBLIC FLOATBased on information that is publicly available to the Company and within the knowledge of the Dire

308、ctors,at least 25%of the Companys total number of issued shares were held by the public throughout the year ended 31 March 2020.EVENTS AFTER THE REPORTING PERIODThe COVID-19 OutbreakThe COVID-19 Outbreak since early 2020 has continued in China and countries across the world.The Group will monitor th

309、e developments of the COVID-19 Outbreak closely and will assess and react actively to its impacts on the financial position and operating results of the Group.Up to the date of this Annual Report,the assessment was still in progress.Given the dynamic nature of these circumstances,the related impact

310、on the Groups consolidated results of operations,cash flows and financial condition could not be reasonably estimated at this stage and will be disclosed in the Groups 2020/21 interim and annual financial statements.AUDIT COMMITTEEThe Company has an audit committee which was established in accordanc

311、e with the requirements of the Code on Corporate Governance Practices for the purpose of reviewing and providing supervision over the Groups internal controls,risk management and financial reporting matters,including the review of the annual results for the year ended 31 March 2020,and adequacy of r

312、esources and qualifications of the Companys accounting staff.The audit committee comprises of three independent non-executive directors of the Company,namely Dr.Ho Chung Tai,Raymond,Ir Siu Man Po and Mr.Siu Kam Chau.Mr.Siu Kam Chau is the Chairman of the committee.The annual results of the Group for

313、 the year ended 31 March 2020 have been reviewed by the audit committee members who have provided advice and comments thereon.AUDITORErnst&Young retire and a resolution for their reappointment as auditor of the Company will be proposed at the forthcoming AGM.There has been no change in the Companys

314、auditor in any of the preceding three years.Tjia Boen SienManaging Director and Deputy ChairmanHong Kong26 June 202043迪臣發展國際集國有限公司 二零二零年年報 Biographical Details of Directors and Senior Management董 事 及 高 級 管 理 人 員 履 歷EXECUTIVE DIRECTORLU Quanzhang(“Mr.Lu”),aged 64,is an executive Director of the Compa

315、ny since 9 November 2011.He is also the Chairman of the Board.Mr.Lu has over 24 years of experience in legal practice in the PRC.Mr.Lu is a registered lawyer in the PRC and holds a master post graduate certificate of law from China University of Political Science and Law(Practicing).Mr.Lu was a foun

316、ding partner of Jun Yan Law Firm in Guangdong where he has practiced since 2003.He worked at Jun Yan Law Firm until 2015.Currently,Mr.Lu is the senior partner of S D&Partners,a private leading law firm in Shenzhen and South China.He is an arbitrator of the China International Economic and Trade Arbi

317、tration Commission,Shenzhen Court of International Arbitration and Shanghai International Arbitration Centre.TJIA Boen Sien(“Mr.Tjia”),aged 76,is one of the co-founders of the Group.He is the Managing Director and Deputy Chairman of the Company.Mr.Tjia is the member of remuneration committee and the

318、 member of nomination committee of the Board.Mr.Tjia is well respected and has established connections in the PRC construction industry through his extensive experience.He has over 37 years experience in the construction industry in the PRC and Hong Kong.Mr.Tjia is responsible for the overall corpor

319、ate strategy and the daily operations of the Group,including business development and overall management.He graduated from chemistry studies at the Huaqiao University(華僑大學)in the PRC in July 1966.He was admitted as member of The Chartered Institute of Building in November 1996 and is a professional

320、member of The Royal Institution of Chartered Surveyors since October 2002.Mr.Tjia previously served as the vice chairman and honourable member of Zhan Tian You Civil Engineering Science and Technology Development Fund Management Committee(詹天佑土木工程科學技術發展基金管理委員會).In the past three years,Mr.Tjia was the

321、 chairman and non-executive director of DCIHL(stock code:8268),a company listed on the GEM of the Stock Exchange,for a period from 16 December 2014 to 29 July 2019.執行董事盧全章（盧先生），六十四歲，於二零一一年十一月九日為本公司執行董事。彼亦為董事會主席。盧先生於中國超過二十四年執業律師經驗。盧先生是中國的註冊律師，持有中國政法大學法學院（在職）研究生文憑。盧先生是廣東君言律師事務所始創合夥人，自二零零三年起在該律師事務所執業。他

322、於君言律師事務所工作至二零一五年。盧先生現為廣東晟典律師事務所高級合夥人，並在該律師事務所執業；彼亦為中國國際經濟貿易仲裁委員會、深圳國際仲裁院及上海國際仲裁中心仲裁員。謝文盛（謝先生），現年七十六歲，為本集團共同創辦人之一，並為本公司董事總經理兼副主席。彼亦為董事會薪酬委員會及提名委員會成員。謝先生於中國之建築業具有廣泛經驗，備受業內人士尊崇，且與中國建築界關係良好。彼於中國及香港建築業已有三十七年以上經驗。謝先生負責本集團整體公司策略及日常業務，包括本集團之業務發展與整體管理。謝先生於一九六六年七月畢業於中國華僑大學化學系。彼於一九九六年十一月獲認可為英國特許建造學會會員，並自二零零二年十

323、月起為英國皇家特許測量師學會專業會員。謝先生曾擔任詹天佑土木工程科學技術發展基金管理委員會副主席及榮譽委員。謝先生於過往三年，在二零一四年十二月十六日至二零一九年七月二十九日期間曾擔任迪臣建設國際（股份代號：8268，一間於聯交所GEM上市之公司）的主席及非執行董事。44Deson Development International Holdings Limited 2020 Annual ReportBiographical Details of Directors and Senior Management董事 及 高 級 管理人員履歷王京寧（王先生），現年六十四歲，為本公司執行董事及於一

324、九九三年九月獲委任為本公司董事。彼為本集團多個主要經營附屬公司（其中包括迪臣置業（香港）有限公司、榮信置業有限公司及江裕有限公司）的董事。王先生於中國及香港之酒店管理及建築工程方面擁有逾四十年經驗。彼負責管理本集團在中國內地之工程。謝維業（謝維業先生），四十四歲，自二零一五年一月為本公司的執行董事。謝維業先生於二零零零年二月加入本集團，彼自二零零五年七月起，為迪衛智能系統有限公司（本公司附屬公司之一）的董事。彼負責本集團的智能樓宇及安保系統業務。彼現在主要負責集團發展，包括業務開拓及整體管理。彼於一九九八年畢業於香港城市大學，獲資訊系統榮譽文學士學位。彼為本集團董事總經理兼副主席謝先生之子。獨

325、立非執行董事何鍾泰博士（何博士）銀紫荊星章、MBE、聖約翰五級勳銜、太平紳士，現年八十一歲，為本公司獨立非執行董事及於一九九三年九月獲委任為本公司董事。何博士在土木、結構、能源、環保及巖土工程與及大型工程項目管理方面有五十七年的經驗，包括四十七年在香港及十年在英國。他直接負責管理在七十年代中至八十年代初價值三十億港元（當時的項目造價）的九廣鐵路（即現時的東鐵）電氣化及現代化項目；及由八十年代初至一九九三年年末的整個沙田新市鎮及整個將軍澳新市鎮之所有政府撥款之基礎建設，工程建造經驗包括隧道、橋樑、高架公路、道路、船廠、碼頭、醫院、酒店、焚化爐、高層商住樓宇、斜坡、填海、煙囪、香港海洋公園環境研究

326、以及環保項目。WANG Jing Ning(“Mr.Wang”),aged 64,is an executive Director of the Company and was appointed as a director of the Company in September 1993.He is also a director of various main operating subsidiaries of the Group,among others,Deson Ventures(HK)Limited,Winsome Properties Limited and Honour Adv

327、ance Limited.Mr.Wang has over 40 years experience in hotel management and construction engineering in Mainland China and Hong Kong.He is responsible for managing the Groups projects in Mainland China.TJIA Wai Yip,William(“Mr.William Tjia”),aged 44,is an executive Director of the Company since Januar

328、y 2015.Mr.William Tjia joined the Group in February 2000.He is a director of Deson Innovative Limited since July 2005,one of the subsidiaries of the Company.He is responsible for intelligent building and security systems business of the Group.His major duty now is responsible for the Groups developm

329、ent including business development and overall management.He graduated from the City University of Hong Kong with a Bachelor of Arts with Honours Degree in Information Systems in 1998.He is the son of Mr.Tjia,the Managing Director and Deputy Chairman of the Group.INDEPENDENT NON-EXECUTIVE DIRECTORDr

330、.Raymond Ho Chung-Tai(“Dr.Ho”),SBS,MBE,S.B.St.J.,JP,aged 81,is an independent non-executive Director of the Company and was appointed as a director of the Company in September 1993.Dr.Ho has 57 years experience in the fields of civil,structural,energy,environmental and geotechnical engineering and d

331、irect project management of many mega size engineering projects including 47 years in Hong Kong and 10 years in the United Kingdom.He has direct management responsibility in the HK$3.0 billion(cost at the time)project of Electrification and Modernisation of Kowloon-Canton Railway(now called“The East

332、 Rail”)from the mid-70s till early 80s;and all the government-funded infrastructure works for Shatin New Town and Tseung Kwan O New Town from early 80s till the end of 1993,experience including construction of tunnels,bridges,flyovers,roads,dockyards,jetties,hospitals,hotels,incinerators,high-rise c

333、ommercial/residential buildings,slopes,reclamation,chimneys,Ocean Park environmental studies and environmental protection projects.45迪臣發展國際集國有限公司 二零二零年年報 Biographical Details of Directors and Senior Management董事及高級管理人員履 歷何博士持有英國倫敦城市大學之土木工程博士學位、香港城市大學榮譽工商管理學博士、英國曼徹斯特大學榮譽法律學博士、英國曼徹斯特大學之巖土工程研究文憑及香港大學之土木工程學士學位、香港大學榮譽院士、英國中央蘭開夏大學榮譽院士。何博士於一九七六年一月至一九九三年八月期間曾出任茂盛工程顧問有限公司之合夥人及高級董事。他亦曾出任中華人民共和國第十屆及第十一屆全國人大代