方兴地产 2009 中期报告

管理層討論與分析MANAgEMENT DISCuSSION AND ANAlySIS

二、業務回顧（續）

物業開發板塊（續）

目前，上海港國際客運中心地塊B項目一至十號樓都已全部結構封頂，十一號樓內部3個球體的主體結構吊裝施工也已基本完成，整個項目進度符合預期。根據合約安排，目前本集團佔有上海港國際客運中心地塊B項目50%的經濟利益。

發展中的上海國際航運服務中心項目（位於上海虹口北外灘黃浦江西岸）基本完成項目前期準備工作，並於今年3月份正式開工建設，目前施工進度理想。上海國際航運服務中心連同西側的上海港國際客運中心作為未來上海國際航運中心的重要區域，受到市場上各界人士的廣泛關注和支持。今年5月，本集團與中國工商銀行簽署了有關對上海國際航運服務中心項目約45億人民幣的銀團貸款協議，使項目未來發展在資金上得到有利保障。同時本集團積極向潛在的客戶推介該項目，拓展市場，力爭做到提前銷售，打好市場基礎。

目前，本集團佔有上海國際航運服務中心項目東幅和中幅地塊50%的經濟利益。未來本集團將行使中國中化集團公司授予本集團收購其於上海銀匯房地產開發有限公司（「上海銀匯」）50%權益的選擇權，在完成對上海銀匯50%權益的收購後，本集團將獲得上海銀匯所擁有的對該項目西幅地塊50%的經濟利益。

物業租賃板塊

雖然今年上半年高端寫字樓整體市場受到國際金融危機的衝擊，但本集團物業租賃板塊的三處物業以其優異的品質，出租率仍維持在較高水平，同時本集團積極採取策略以應對不斷變化的市場環境，以減少市場衝擊對自身租賃業務的影響，使租賃業務在整體上仍保持穩定。2. BuSINESS REvIEW (Continued)

Property development segment (Continued)

Currently, all superstructures of Building Nos. 1 to 10 on Site B of Shanghai Port International Cruise Terminal Project were topped out and the hoisting of main structures of the three spheres in Building No. 11 was basically completed, and the whole project progressed as expected. Pursuant to contractual arrangements, the Group owns 50% economic interest in Site B of the Shanghai Port International Cruise Terminal Project.

Shanghai International Shipping Service Center Project (situated on the west bank of the Huangpu River, North Bund of Hongkou District) is under development, with preliminary preparation work basically completed, and the construction work was officially commenced in March this year. Currently the progress is satisfactory. Shanghai International Shipping Service Center, together with Shanghai Port International Cruise Terminal which is adjacent to its west, will play an essential part in Shanghai’s future international shipping centre, therefore have received a wide range of public attention and support from the market. In May 2009, the Group and the Industrial and Commercial Bank of China entered into a RMB4.5 billion syndicated loan agreement in respect of Shanghai International Shipping Service Center Project, thereby ensuring a solid financial support for the future development of the project. Meanwhile, the Group has proactively promoted the project to potential customers, expanded the market, endeavored to bolster sales in advance and built a solid market base.

Currently, the Group owns 50% economic interest in the Eastern and Central Sites of the Shanghai International Shipping Service Center Project. In the future, the Group will exercise the option granted by Sinochem Group to acquire its 50% interest in Shanghai Yin Hui Property Development Company Limited (“Shanghai Yin Hui”). After the acquisition of the 50% interest in Shanghai Yin Hui, the Group will hold 50% economic interest in the Western Site of the project held by Shanghai Yin Hui.

Property leasing segment

Despite the negative impact on the overall high-end office building market brought about by the global financial crisis, the three properties under the properties leasing segment of the Group maintained a relatively high level of occupancy rate, mainly due to their excellent quality. Meanwhile, the Group proactively took strategic actions in response to the changing market environment, thereby relieving the impact of the market on its leasing business and thus maintaining a steady development of its overall properties leasing business.

方興地產（中國）有限公司　二零零九年中期報告10