SHENZHENPROPERTIES&RESOURCES
DEVELOPMENT(GROUP)LTD.
ANNUALREPORT2019
(AnnouncementNo.2020-9)
March2020
PartIImportantNotes,TableofContentsandDefinitionsTheBoardofDirectors(orthe“Board”),theSupervisoryCommitteeaswellasthedirectors,supervisorsandseniormanagementofShenZhenProperties&ResourcesDevelopment(Group)Ltd.(hereinafterreferredtoasthe“Company”)herebyguaranteethefactuality,accuracyandcompletenessofthecontentsofthisReportanditssummary,andshallbejointlyandseverallyliableforanymisrepresentations,misleadingstatementsormaterialomissionstherein.LiuShengxiang,theCompany’slegalrepresentative,CaiLili,theCompany’sheadoffinancialaffairs,andLiuQiang,headoftheCompany’sfinancialdepartment(equivalenttofinancialmanager)herebyguaranteethattheFinancialStatementscarriedinthisReportarefactual,accurateandcomplete.AlltheCompany’sdirectorshaveattendedtheBoardmeetingforthereviewofthisReportanditssummary.TheCompanyissubjecttotheGuidelineNo.3oftheShenzhenStockExchangeonInformationDisclosurebyIndustry—forListedCompaniesEngaginginRealEstate.TheCompanyhasdescribedindetailinthisReportthepossiblerisksfacingit,alongwithcountermeasures.Pleaserefertothesectionheaded“Prospects”of“PartIVOperatingPerformanceDiscussionandAnalysis”ofthisReport.TheBoardhasapprovedafinaldividendplanasfollows:basedonthetotalsharecapitalof595,979,092shares,acashdividendofRMB3.6(taxinclusive)per10sharesistobedistributedtotheshareholders,withnobonusissuefromeitherprofitorcapitalreserves.ThisReportanditssummaryhavebeenpreparedinbothChineseandEnglish.Shouldtherebeanydiscrepanciesormisunderstandingsbetweenthetwoversions,theChineseversionsshallprevail.
TableofContents
PartIImportantNotes,TableofContentsandDefinitions ...... 2
PartIICorporateInformationandKeyFinancialInformation ...... 6
PartIIIBusinessSummary ...... 11
PartIVOperatingPerformanceDiscussionandAnalysis ...... 18
PartVSignificantEvents ...... 46
PartVIShareChangesandShareholderInformation ...... 65
PartVIIPreferredShares ...... 74
PartVIIIConvertibleCorporateBonds ...... 75
PartIXDirectors,Supervisors,SeniorManagementandStaff ...... 76
PartXCorporateGovernance ...... 85
PartXICorporateBonds ...... 93
PartXIIFinancialStatements ...... 94
PartXIIIDocumentsAvailableforReference ...... 271
Definitions
| Term | Definition |
| The“Company”,the“Group”,“SZPRD”or“we” | ShenZhenProperties&ResourcesDevelopment(Group)Ltd.anditsconsolidatedsubsidiaries,exceptwherethecontextotherwiserequires |
| SIHC | ShenzhenInvestmentHoldingsCo.,Ltd. |
| SCIHC | ShenzhenConstructionInvestmentHoldingsCorporation |
| SIM | ShenzhenInvestmentManagementCo.,Ltd. |
| TKProperty | ShenzhenToukongPropertyManagementCo.,Ltd. |
| HuangchengRealEstate | ShenzhenHuangchengRealEstateCo.,Ltd. |
| DongguanCompany | DongguanITCChangshengRealEstateDevelopmentCo.,Ltd. |
| XuzhouCompany | SZPRDXuzhouDapengRealEstateDevelopmentCo.,Ltd. |
| YangzhouCompany | SZPRDYangzhouRealEstateDevelopmentCo.,Ltd. |
| RongyaoRealEstate | ShenzhenRongyaoRealEstateDevelopmentCo.,Ltd. |
| ITCPropertyManagement | ShenzhenInternationalTradeCenterPropertyManagementCo.,Ltd. |
| HuangchengPropertyManagement | ShenzhenHuangchengPropertyManagementCo.,Ltd. |
| ShandongShenguomaoRealEstateManagement | ShandongShenguomaoRealEstateManagementCo.,Ltd. |
| ChongqingShenguomaoRealEstateManagement | ChongqingShenguomaoRealEstateManagementCo.,Ltd. |
| YangzhouJingyuePropertyDevelopment | YangzhouShouxihuJingyuePropertyDevelopmentCo.,Ltd. |
| ShenshanGuomaoPropertyDevelopment | ShenzhenShenshanSpecialCooperationZoneGuomaoPropertyDevelopmentCo.,Ltd. |
| GuomaoTonglePropertyManagement | ShenzhenGuomaoTonglePropertyManagementCo.,Ltd. |
| HousingAssetsOperationandManagementCompany | ShenzhenSZPRDHousingAssetsOperationandManagementCo.,Ltd. |
| GuomaoCatering | ShenzhenGuomaoCateringCo.,Ltd. |
| JifaWarehousing | ShenzhenRealEstateJifaWarehousingCo.,Ltd. |
| SupervisionCompany | ShenzhenPropertyEngineeringandConstructionSupervisionCo.,Ltd. |
| Tian’anCompany | ShenzhenTian’anInternationalMansionPropertyAdministrationCo.,Ltd. |
| Industrialpark | Aspecialparkbuiltbyagovernmentoranenterpriseforthepurposeofachievingindustrialdevelopment,ofwhichthosebuiltbyanenterpriseusuallyfallintothefollowingcategories:logisticsparks,technologyparks,culturalcreationpark,companyheadquartersandecologicalagricultureparks |
| RMB,RMB’0,000,RMB’00,000,000 | ExpressedintheChinesecurrencyofRenminbi,expressedintensofthousandsofRenminbi,expressedinhundredsofmillionsofRenminbi |
| IFMA | InternationalFacilityManagementAssociation |
| COVID-19 | Thenovelcoronavirusdiseasethatstartedin2019 |
PartIICorporateInformationandKeyFinancialInformation
ICorporateInformation
| Stockname | PRD,PRD-B | Stockcode | 000011,200011 |
| Changedstockname(ifany) | N/A | ||
| Stockexchangeforstocklisting | ShenzhenStockExchange | ||
| CompanynameinChinese | 深圳市物业发展(集团)股份有限公司 | ||
| Abbr. | 深物业集团 | ||
| CompanynameinEnglish(ifany) | ShenZhenProperties&ResourcesDevelopment(Group)Ltd. | ||
| Abbr.(ifany) | SZPRD | ||
| Legalrepresentative | LiuShengxiang | ||
| Registeredaddress | 39/Fand42/F,InternationalTradeCenter,RenminSouthRoad,LuohuDistrict,Shenzhen,GuangdongProvince,P.R.China | ||
| Zipcode | 518014 | ||
| Officeaddress | 16/F,20/F,39/Fand42/F,InternationalTradeCenter,RenminSouthRoad,LuohuDistrict,Shenzhen,GuangdongProvince,P.R.China | ||
| Zipcode | 518014 | ||
| Companywebsite | www.szwuye.com.cn | ||
| Emailaddress | 000011touzizhe@szwuye.com.cn | ||
IIContactInformation
| BoardSecretary | SecuritiesRepresentative | |
| Name | FanWeiping | QianZhongandDingMinghua |
| Address | 39/F,InternationalTradeCenter,RenminSouthRoad,LuohuDistrict,Shenzhen,GuangdongProvince,P.R.China | 39/F,InternationalTradeCenter,RenminSouthRoad,LuohuDistrict,Shenzhen,GuangdongProvince,P.R.China |
| Tel. | 0755-82211020 | 0755-82211020 |
| Fax | 0755-8221061082212043 | 0755-8221061082212043 |
| Emailaddress | 000011touzizhe@szwuye.com.cn | 000011touzizhe@szwuye.com.cn |
IIIMediaforInformationDisclosureandPlacewherethisReportIsLodged
| NewspapersdesignatedbytheCompanyforinformationdisclosure | ForA-stockinvestors:SecuritiesTimesForB-stockinvestors:TaKungPao(HK) |
| WebsitedesignatedbyCSRCforpublicationofthisReport | www.cninfo.com.cn |
| PlacewherethisReportislodged | BoardOffice,39/F,InternationalTradeCenter,RenminSouthRoad,LuohuDistrict,Shenzhen,GuangdongProvince,P.R.China |
IVChangetoCompanyRegisteredInformation
| Unifiedsocialcreditcode | Nochange |
| ChangetoprincipalactivityoftheCompanysincegoingpublic(ifany) | Nochange |
| Everychangeofcontrollingshareholdersinceincorporation(ifany) | On29September2004,theState-OwnedAssetsSupervisionandAdministrationCommissionofShenzhenMunicipality(“SASACShenzhen”)decidedtoincorporateShenzhenInvestmentHoldingsCo.,Ltd.(“SIHC”)toincludeShenzhenInvestmentManagementCo.,Ltd.(“SIM”,theformercontrollingshareholderoftheCompany)andShenzhenConstructionInvestmentHoldingsCorporation(“SCIHC”).SCIHCandSIMhold323,796,324and56,582,573sharesrespectivelyintheCompany,representingacombinedstakeof63.82%.On19October2018,theCompanywasnotifiedbyitsactualcontrollingshareholderSIHCthatithadreceivedtheConfirmationofSecuritiesTransferRegistrationfromChinaSecuritiesDepositoryandClearingCo.,Ltd.(Shenzhenbranch),markingthecompletionoftheequitytransfertoSIHC.Assuch,SIHChasbecomethecontrollingshareholderoftheCompany.ThecontrollingshareholderremainedunchangedduringtheReportingPeriod. |
VOtherInformation
TheindependentauditfirmhiredbytheCompany:
| Name | Pan-ChinaCertifiedPublicAccountantsLLP |
| Officeaddress | 4/F,TowerA2,YuzhuPlaza,856HuangpuBoulevardEast,HuangpuDistrict,GuangzhouCity,GuangdongProvince,China |
| Accountantswritingsignatures | WangHuansenandChenYan |
TheindependentsponsorhiredbytheCompanytoexerciseconstantsupervisionovertheCompanyintheReportingPeriod:
□Applicable√NotapplicableTheindependentfinancialadvisorhiredbytheCompanytoexerciseconstantsupervisionovertheCompanyintheReportingPeriod:
□Applicable√Notapplicable
VIKeyFinancialInformation
Indicatebytickmarkwhetherthereisanyretrospectivelyrestateddatuminthetablebelow.
√Yes□NoReasonsfortheretrospectiverestatements:
Businesscombinationundercommoncontrol
| 2019 | 2018 | 2019-over-2018change(%) | 2017 | |||
| Before | Restated | Restated | Before | Restated | ||
| Operatingrevenue(RMB) | 3,961,669,942.44 | 2,787,240,632.53 | 3,376,673,249.90 | 17.32% | 2,904,690,690.53 | 3,313,178,320.65 |
| Netprofitattributabletothelistedcompany’sshareholders(RMB) | 817,805,780.12 | 592,723,852.71 | 698,050,728.96 | 17.16% | 622,962,734.37 | 663,742,776.33 |
| Netprofitattributabletothelistedcompany’sshareholdersbeforeexceptionalgainsandlosses(RMB) | 695,675,201.19 | 591,362,024.37 | 591,362,024.37 | 17.64% | 559,625,850.90 | 559,625,850.90 |
| Netcashgeneratedfrom/usedinoperatingactivities(RMB) | 939,789,565.96 | 1,123,594,927.59 | 1,231,718,056.18 | -23.70% | -346,269,760.94 | -274,210,826.57 |
| Basicearningspershare(RMB/share) | 1.3722 | 0.9945 | 1.1713 | 17.15% | 1.0453 | 1.1137 |
| Dilutedearningspershare(RMB/share) | 1.3722 | 0.9945 | 1.1713 | 17.15% | 1.0453 | 1.1137 |
| Weightedaveragereturnonequity(%) | 20.46% | 18.94% | 19.47% | 0.99% | 26.64% | 21.75% |
| 31December2019 | 31December2018 | Changeof31December2019over31December2018(%) | 31December2017 | |||
| Before | Restated | Restated | Before | Restated | ||
| Totalassets(RMB) | 10,772,491,740.53 | 5,820,202,137.54 | 7,023,354,613.55 | 53.38% | 5,393,331,548.87 | 6,429,389,760.43 |
| Equityattributabletothelistedcompany’sshareholders(RMB) | 3,147,949,009.38 | 3,337,949,324.64 | 3,872,406,104.67 | -18.71% | 2,921,693,794.08 | 3,345,542,300.92 |
VIIAccountingDataDifferencesunderChina’sAccountingStandardsforBusinessEnterprises(CAS)andInternationalFinancialReportingStandards(IFRS)andForeignAccountingStandards
1.NetProfitandEquityunderCASandIFRS
□Applicable√NotapplicableNodifferencefortheReportingPeriod.
2.NetProfitandEquityunderCASandForeignAccountingStandards
□Applicable√NotapplicableNodifferencefortheReportingPeriod.VIIIKeyFinancialInformationbyQuarter
Unit:RMB
| Q1 | Q2 | Q3 | Q4 | |
| Operatingrevenue | 385,944,107.52 | 369,445,972.44 | 246,562,586.92 | 2,959,717,275.56 |
| Netprofitattributabletothelistedcompany’sshareholders | 78,431,920.59 | 25,317,477.57 | -689,810.21 | 714,746,192.17 |
| Netprofitattributabletothelistedcompany’sshareholdersbeforeexceptionalgainsandlosses | 77,831,706.94 | 25,854,478.35 | -1,104,487.82 | 593,093,503.72 |
| Netcashgeneratedfrom/usedinoperatingactivities | -64,518,467.02 | -395,433,769.96 | 994,222,491.29 | 405,519,311.65 |
IndicatebytickmarkwhetheranyofthequarterlyfinancialdatainthetableaboveortheirsummationsdiffersmateriallyfromwhathavebeendisclosedintheCompany’squarterlyorinterimreports.
□Yes√No
IXExceptionalGainsandLosses
√Applicable□Notapplicable
Unit:RMB
| Item | 2019 | 2018 | 2017 | Note |
| Gainorlossondisposalofnon-currentassets(inclusiveofimpairmentallowancewrite-offs) | 47,015.23 | -79,489.58 | 104,883,756.37 | |
| Governmentsubsidieschargedtocurrentprofitorloss(exclusiveofgovernmentsubsidiesgivenintheCompany’sordinarycourseofbusinessatfixedquotasoramountsasperthegovernment’suniformstandards) | 2,410,184.82 | 165,676.08 | ||
| Currentprofitorlossonsubsidiariesobtainedinbusinesscombinationsinvolvingenterprisesundercommoncontrolfromtheperiod-beginningtocombinationdates,net | 118,680,871.93 | 105,442,907.48 | 41,053,124.05 | |
| GainorlossoncontingenciesthatdonotariseintheCompany’sordinarycourseofbusiness | -5,491,792.67 | |||
| Non-operatingincomeandexpenseotherthantheabove | 2,048,751.21 | 1,724,017.41 | -466,062.66 | |
| Othergainsandlossesthatmeetthedefinitionofexceptionalgain/loss | 91,337.56 | |||
| Less:Incometaxeffects | 1,146,936.51 | 448,375.57 | 35,589,017.57 | |
| Non-controllinginterestseffects(netoftax) | 645.31 | 116,031.23 | 273,082.09 | |
| Total | 122,130,578.93 | 106,688,704.59 | 104,116,925.43 | -- |
ExplanationofwhytheCompanyreclassifiesasrecurrentanexceptionalgain/lossitemdefinedorlistedintheExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic—ExceptionalGain/LossItems:
□Applicable√NotapplicableNosuchcasesfortheReportingPeriod.
PartIIIBusinessSummaryIPrincipalActivityoftheCompanyintheReportingPeriod
(I)CoreBusinessOverviewEstablishedinNovember1982,theCompanywasoriginallyknownas“LuohuEngineeringandConstructionHeadquarters”andrenamed“ShenzhenMunicipalPropertyDevelopmentCorporation”inAugust1985.TheCompanywasdeterminedasthesecondbatchofpilotunitsforjoint-stockreformofstate-ownedenterprisesin1988.Approvedbythemunicipalgovernment,theCompanyrenamedtoShenZhenProperties&ResourcesDevelopment(Group)Ltd.(SZPRD)inApril1990.Thestockofthegroupcompany(stockname:PRD,PRD-B;stockcode:000011,200011)wasofficiallylistedinShenzhenStockExchangeinMarch1992.TheCompanyisheadquarteredintheInternationalTradeCenter,RenminSouthRoad,LuohuDistrict,Shenzhen,GuangdongProvince,P.R.China.Atitsinception,theCompanycontractedandbuiltShenzhenInternationalTradeCentreBuildingasPartyA,andcreatedtheworld-famous"ShenzhenSpeed"that"onefloorwascompletedinthreedays".InternationalTradeCentreBuildingrankedthefirstplaceinseveralplacesinChina:Itwasthefirstsuper-high-risebuildinginChina,whichhasoccupiedthepositionof"thetallestbuildinginthecountry"fortenyears;ItwasthefirstbuildingprojectinvolvingbiddinginChina.ItisthelandmarkbuildinginLuohuandevenShenzhen,aresoundinghistoricalandculturalsymbolinShenzhenandthe"culturalcardinShenzhen".Itwasselectedintothefirstbatchof45historicalbuildingsinShenzhenandbecame"TheReflectionoftheShenzhenSpeedandtheSymboloftheReformandOpening-up"withareputationforthewholecountryandeventheworld.Theenterprisespiritof"goingaheadandreforming"ofShenzhenPropertyGrouphasalsobecomethespiritualtotemofthenumerousentrepreneursinShenzhen.Sinceitsestablishment38yearsago,theCompanyhasdevelopedintoalarge-scalecomprehensivegroupcompanyfromasimpleprojectcompanyatthattimebyfocusingonthetraditionalrealestatebusinessandimplementingthepluralisticdevelopmentstrategy,takingLuohuasitsbaseareaandradiatingalloverthecountry.Currently,theCompanymainlytakesrealestatedevelopmentpropertymanagementandhousingassetoperationasthebasicbusiness,withcateringservice,warehousingbusinessandsupervisionbusiness,etc.assupplement,andthediversifiedbusinessstructureof“3+X”isbeingformed.Inaccordancewiththree-stepstrategicimplementationrouteof“strengtheningbases,brinkbreakthrough,andfocusonleading”,theCompanyconstantlyconsolidatesexistingbasicbusiness,promotesthecomprehensiveupgradingofvariousbusinesses,constitutestheadvantageofsustainabledevelopment,andkeepsonmakingeffortsfordevelopmentvisionofbuilding“comprehensivefullecologicalchainoperatorofintelligentscientificandtechnologicalparkwhichranksthefirstinChinaandtakesaleadingpositionintheworld”.Duringthereportingperiod,theCompanyrealizedlargescalegrowthofassetscale,businessrevenueandnetprofits,comprehensivecapacityandindustrypositionoftheCompanyisfurtherimproved,andthetransformationmodeofmodernurbancomprehensivecomplexhasobtainedsubstantialachievements.
1.RealestatebusinessSinceitsestablishment,intermsofthemainrealestatebusiness,theCompanyisspecializedindevelopingtheresidence,thehi-endapartmentandtheofficebuilding,ownsShenzhenHuangchengRealEstateCo.,Ltd.,DongguanITCChangshengRealEstateDevelopmentCo.,Ltd.,SZPRDXuzhouDapengRealEstateDevelopmentCo.,Ltd.,SZPRDYangzhouRealEstateDevelopmentCo.,Ltd.andShenzhenRongyaoRealEstateDevelopmentCo.,Ltd.,andhasdevelopedabatchofbrandprojects,includingInternationalTradeCommercialBuilding,HuanggangPort,Huangyuyuan,Tian’anInternationalBuilding,etc.Duringthereportingperiod,theCompanypurchased69%equityofShenzhenRongyaoRealEstateDevelopmentCo.,Ltd.,andpioneeredindevelopingurbanupdateprojectsjointlybetweenShenzhenstateownedassetsystemandprivateenterprise,andopenedtheconstructioncurtainofthefirstcompletelymarketizedurbanrenewalprojectintheGrouphistory.DevelopmentcontrolmodeofrealestatedevelopmentprojectoftheCompanyincludestwogrades,i.e.GroupHQandurbanCompany.TheGroupmainlycontrolslandinvestment,plan
andoperation,keymarketingnodes,planningdesignandcostcontrolabovequota,whileurbanCompanyisinchargeofengineeringmanagement,sitemarketing,sitedesignandcostcontrolbelowquota.SufficientautonomyisgrantedtoeachprojectCompany.TheGroupmakestakesinstitutionalizedmanagementandhasformedtheinternaloperationsystemofmainrealestatebusinesswithcomprehensivemanagementsystemRealEstateManualandotherstandardcodes,andtherealestatecontrolmodegetscompleteandmaturegradually.In2019,theCompanyexpandedlandprojectsanddeepenedthecoremarketofShenzhenbybidinvitation,auctionandlisting,mergerandacquisition,andotherchannels,withthenewannuallandreserveincreasedby120,000squaremeters.Currently,thecumulativelandreserveoftheCompanyiscloseto300,000squaremeters,whichinitiallyrelievesthebottleneckproblemoflandreservethatrestrictsthesustainabledevelopmentoftheCompany.
2.PropertymanagementDuringthereportingperiod,theCompanypurchased100%equityofTKPropertysuccessfully,furtherenrichedpropertyresourcesundermanagementoftheCompany,includingland,housepropertyandhighendscientificandtechnologicalpark.TheCompanytakessubordinateenterprisesofShenzhenInternationalTradeCenterPropertyManagementCo.,Ltd.AndTKPropertyasthecoreplatform,strivesforbuildingcomprehensivefullecologicalchainoperatorofintelligentscienceandtechnologypark.ShenzhenInternationalTradeCenterPropertyManagementisamongthefirstbatchofNationalQualifiedLevelIEnterpriseofPropertyManagement,andwasratedas“Top100NationalPropertyManagementEnterprises”and“ExcellentEnterpriseofPropertyManagementofIndustrialParkInChina”forseveralyearssuccessively,andhasfoursubsidiaries,namely,ShenzhenHuangchengPropertyManagementCo.,Ltd.,ShandongITCPropertyManagementCo.,Ltd.,ChongqingITCPropertyManagementCo.,Ltd.andYangzhouJingyuePropertyManagementCo.,Ltd.Duringthereportingperiod,itnewlyestablishedShenshanGuomaoPropertyManagement,TonglePropertyManagementofShenzhenITCPropertyManagement,whicharejointventures.Aftermorethan30yearsofdevelopment,ShenzhenITCPropertyManagementhashadstrikingbrandadvantages,withitspropertyserviceprojectsallovertheworld,includingHulunBuir,Manzhouli,BaodinginSouthwestChinaMarket,Shandong,Shanghai,ZhejiangandJiangsuinEastChinaMarket,ChongqinginSouthwestChinaMarket,ShenzhenandDongguaninSouthChinaMarket.TheCompanyhasprovidedserviceforthefamousenterpriseparks(Huawei,Alibaba,Jingdong,Hikvision)andalargebatchofgovernmentpropertyprojectsinShandongandChongqing.AfterpurchasingTKProperty,currentlythetotalpropertymanagementareaoftheCompanyismorethan20millionsquaremeters,including8millionsquaremetersofmanagementareaofhighendqualityindustrialparks,andhasrealizedthenationallayoutofhighendindustrialparkoperationmanagement,havingBaodingShenzhenIndustrialParkinthenorth,HangzhouAlibabaintheeast,ShenzhenBayIndustrialParkinthesouth,ChongqingJingdongIndustrialParkinthewest.HighendindustrialoperationandmanagementscaleoftheCompanywillenterintothefirstechelonofdomesticindustrialparkoperationandmanagement.Onthebasisofconsolidatingtraditionalpropertymanagement,theCompanywillfurtheracceleratetousebigdata,InternetofThings,AI,andothernewtechnologies,constructsmartoperationserviceplatform,constantlypromotesplatformupgradingandrealizescaleprofits.
3.HouseleasingbusinessAsanimportantlinkinbuildingcomprehensivefullecologicalchainoperatoroftheCompany,houseleasingbusinesswasoriginallyoperatedbytheleasingcenteroftheHQ,andnowitisoperatedbyhouseleasingcompanyindependently,whichaimsatacceleratingtocultivatethecoreoperationabilityoflongtermrentalapartmentwhilegivingfullplaytothebasicbusinessadvantageofrealestatedevelopmentandpropertymanagementoftheGroupCompany.Houseleasingcompanyactivelyexploresthedevelopmentmodeof“longtermrentalapartment+commercialoffice”,considerstheoperationsolutionoffulllifecycleofleasingassetsaswell,attachesgreatimportancetoreturnoninvestment,focusesondisposingstockassetsandimprovestheoperationprofitsofassetswhileseekingnewopportunitiesofnewleasingproperties.Currently,theCompanyhassignedcooperationagreementwithtalentssettlementgroupofFutianDistrict,andtakesFuminComplexprojectasthepilotprojectofnewleasingmode,whichhasbeenlistedintotalentsettlementengineeringplanofFutianDistrictin2019.StageIapartmentprojectofChuanbuStreet,FuminComplexproject,GourmetPalaceonthe2
nd
floorofInternationalTradeCenterPlazaandotherrenovationprojectalsoprogressasplanned.Currently,theleasingpropertyareaexceeds100,000squaremeters,withtheoccupancyratereaching86%.
4.Otherbusiness
TheCompanyalsoprovidescateringservice,warehousingservice,supervisionservice,etc.ThecateringserviceisoperatedbyShenzhenGuomaoCateringCo.,Ltd,withthetotaloperationareaas1,892squaremeters.GuomaoCateringCo.,Ltd.wasestablishedin1986,andtheITCRevolvingRestaurantisthefirstairrestaurantinChinaandwaslistedas“China’shighestrevolvingrestaurant”bytheStateCouncil,istheonlyrevolvingrestaurantspecializinginChinesefoodsandanimportantreceptionrestaurantsappointedbyShenzhenMunicipalGovernment,andhasreceivedmorethan600domesticandoverseasstateheads,famouspeopleandnumerousdomesticandoverseasguests,withitsreputationspreadingallovertheworld.TalksgivenbyPresidentDengXiaopinginITCRevolvingRestaurantduringhisinspectiontothesouthin1992stirredupthesecondwaveofChina’sopeningup,andITCRevolvingRestaurantalsobecomeslandmarkscenicspotofShenzhenwithuniquehistoricalsignificance.Warehousingserviceismainlyoperatedbyjointventure(50%equity)JifaWarehousingCo.,Ltd.,withtotalwarehouseareaas35,000squaremeters.SubordinatedsupervisioncompanyoftheGroup,whichwasoriginallyknownasShenzhenPropertyEngineeringManagementDepartment,hasgradeAsupervisionqualificationofbuildingworksofMOHURD,andtakespartintheconstructionandmanagementworkofShenzhenWorldTradeCenterBuilding.Itisawitnessofthewholeprocessof“Shenzhenspeed”,andmainlyservesforthedevelopmentprojectoftheGroup.(II)IndustrydevelopmentstageandcycliccharacteristicsoftheCompany,andindustrypositionoftheCompanyduringthereportingperiodIndustrydevelopmentoftheCompanyiscloselyrelatedtonationaleconomicdevelopmentandnationalpolicyorientation,andinpositivecorrelationwithcyclicfluctuationofeconomy.
1.RealestateindustryDuringthereportingperiod,China’srealestatemarketpolicyenvironmentisstilltightening.InJuly,2019,meetingofthePoliticalBureauoftheCentralCommitteereiteratedthepositionof“houseisusedforlivinginsteadofspeculation”,implementedlongtermmanagementmechanismofrealestate,andputforwardthefirsttimethatrealestateisnottakenasawayforshorttermeconomicstimulation,specifiedthebasictoneoffuturehousingsystemandrealestatepolicy.Financingpolicyoftherealestatecompanygetstightconstantly,involvingtrust,foreignbonds,developmentloan,etc.Baseoneachcity,eachdistrict,andactuationsituation,localityimplementpoliciesaccordinglytokeepthestabilityofrealestatemarket.Undersuchpolicybackground,China’srealestateindustrymainlypresentsthefollowingcharacters:
(1)Realestatemarketentersthenewcycleofqualityimprovement,speedreduction,andstabledevelopmentAccordingtoreportofthecentralbank,attheendofDecember,2019,priceofnewcommercialresidenceandsecondhandresidencein70smallandmiddlecitiesraisedby6.8%and3.7%respectively,withtheincreaseratereducedby3.7%and4%comparedwiththesameperiodlastyear.In2019,thesalesareaofnationalcommercialhousekeepsnearlythesameaslastyear,withthetotalsalesamountas1.6billionYuan,withanincreaseof6.5%comparedwiththesameperiodlastyear,withtheincreasespeedreducedby
5.7%comparedwiththeendoflastyear.Theincreasespeedofsalesareaandsalesamountofcommercialhousebothsloweddown.Nationalrealestatedevelopmentinvestmentincreasedstably,withthecompletionamountincreasedby9.9%,withtheincreasespeedimprovedby0.4%comparedwithlastyear.Amongit,cumulativeresidencedevelopmentinvestmentwas0.97billionYuan,withanincreaseof13.9%comparedwiththesameperiodlastyear,withtheincreasespeedimprovedby0.5%comparedwithlastyear,accountingfor73.4%ofrealestatedevelopmentinvestment.Therealestatemarketmaintainsstableoperationoverall,andbasicallyrealizedthepolicyobjectiveof“stablelandprice,stablehousepriceandstableforecast”.Withthegradualexitofmonetizedresettlementdividendofshantytownrenovation,fastpromotionoflong-effectmanagementmechanismofrealestateandhousingsystemreform,etc.,themarketwillreturntorationalityandcommercialhousesaleswillreturntoself-livingneeds.
(2)Pulledbyprogressofurbanization,urbanrenewalandrenovation,improvementoflivingconditions,etc.,realestatemarketspaceisstillhuge.Realestateindustrystillhasrelativelyhugedevelopmentspace.First,fromtheperspectiveofurbanizationrateandcitizenconsumptionlevel,urbanizationratefailedtoreach60.60%in2019,andthereisstillgapfrom70%urbanizationrateofdevelopedcountries.Theimprovementofurbanizationstillbringsrelativehugespaceforrealestatemarketdevelopment,andtheaccelerationofcentralizingthepeopletocitywillimprovesdemandforurbanrealestate.Second,urbanreconstructionandrenewalinvolvesalot
ofdemolitionofoldhouses,whichisresettledbymeansofhouseorcurrency.Asformonetizedsettlement,partofcitizensneedtoentersecondhandhouseandnewcommercialhousemarkettobuyself-livinghouse.Withcityenteringintothestockrenovationagegradually,futureurbanrenovationandrenewalwillfurtherimprovehousedemand.Third,accordingtostudydataofEvergrande,mainrealestatepurchasingurbanpopulationofChinabefore2045willbestabilizedatabout0.55billion,withtheiragemovingupward.Withtheincreaseofurbancitizens,outstandingdemandforhousequalityimprovement,inthefuture,highqualityimprovedhousewillbepopular.
(3)Withthedeteriorationofindustrycompetition,variousrealestatecompaniesseekthedevelopmentroadoftransformationandupgrading“MatthewEffect”ofmarketshareofrealestateenterprisesisstilldeteriorating.AccordingtostatisticsofCRIC,bytheendof2019,centralizationdegreeofequitysalesamountofTOP3,TOP10,TOP30,TOP50,TOP100realestatedevelopshavereachednearly
9.5%,21.4%,35.7%,43.5%and53%respectively.Ononehand,riskpreventionofrealestateindustryisstrengthened,partlocalgovernmentsrequirethatonlydeveloperswithacertainscalecangettheland,whichsqueezesthelivingspaceofsmallandmediumrealestatedevelopers.Ontheotherhand,constantlytightenedpolicymakesoverallfinancingdifficultyandfinancingcostofrealestateindustryincrease,scalerealestatedevelopersenjoyoutstandingfinancingadvantagesandtoprealestatedeveloperswilloccupybiggermarketshare.Infiercemarketcompetition,traditionalsinglerealestatedevelopmentmodegetsharderandhardertoadapttothechangeoftheage.Variousrealestatecompaniesalsoexplorethedevelopmentroadoftransformationandupgradingonandoff,andseeknewdevelopmentdirectionandfunctionpositioning.Undertheagebackgroundofbigdataand5G,inthenewageofreplacingpopulationdividendandlanddividendwithdigitaldividendcompletely,ithasbecometheimportantdirectionofrealestatedeveloperstostandoutinaroundofnewcompetitionbythoroughlyutilizingrichscenariosandtrafficportsofthemselvesandseizingtheopportunitiesbroughtbydataapplication,InternetofThing,andotherscientificandtechnologicalrevolution.
2.IndustryofpropertymanagementWiththeaccelerationofurbanization,theupgradingofcitizen’sconsumptionlevel,andtheconstantlyincreaseofstockpropertyarea,propertymanagementstartstodevelopfast,withbroadindustrydevelopmentprospect.Ononehand,China’srealestatemarketdevelopsconstantly,nationalnewurbanizationplanprogressesforimplementation,governmentsofpartareaspromotesfullcoverageofpropertymanagement,andalargeamountofresidentialcommunitiesintroducepropertymanagementgradually.Incrementalhouses,stockhousesandoldresidentialcommunitiesprovidehugemarketspaceforpropertymanagementspace.Ontheotherhand,usersofpropertyservicegetmature,especiallyaffectedbytheCOVID-19epidemicatthebeginningof2020,theservicelevelofdifferentpropertymanagementshowapparently,citizensrealizethatexcellentpropertyservicenotonlymattersthelivingexperience,butalsocloselyrelatestoindividualhealthincriticalperiod,whichwillfurtherstimulatethemtopurchaseexcellentpropertyservice.Specifically,China’spropertymanagementindustrymainlypresentsthefollowingcharacteristics:
(1)Marketscaleacceleratesexpansion,industrypresentsthetrendofthestrongbeingstrongforeverAccordingtoDevelopmentIndicatorEvaluationReportofPropertyServiceEnterprisesin2019,in2018,totalnationalmanagementareaofpropertymanagementindustryis27.93billionsquaremeters,withanincreaseof3.265billionsquaremeterscomparedwith2017,withtheincreaserateas13.2%;thetotalincomewas704.363billionYuan,withanincreaseof103.64billionYuancomparedwith2017andtheincreaserateas17.25%;therearetotally127,000propertyserviceenterprisesnationwide,withanincreaseof9000comparedwith2017andincreaserateas7.2%.In2018,thereare70,403propertymanagementprojectsoftop500enterprises,withthemanagementareaas11.878billionsquaremeters,accountingfor42.56%ofthetotalareaofpropertymanagementindustryin2018,andtheindustrycentralizationdegreeisfurtherimproved.Meanwhile,differentlevelenterprisesoftop500deterioratetheirdivision,top100enterprisesmanage41,514projectsand8.008billionsquaremeters,withanincreaseof33.89%comparedwiththesameperiodlastyear,whichaccountfor58.97%and67.73%ofthemanagementprojectsandmanagementareaoftop500enterprises.Resourceadvantagescentralizetowardtopenterprises,andtheindustrypresentsthetrendofthestrongbeingstrongforever.
(2)Fundamentalpropertyserviceisthebasisandmultipleoperationsbecometheprofitgrowthpoint.
Therevenueofpropertyserviceenterprisesmainlyconsistoftwoparts:incomeoffundamentalpropertyserviceandincomeofmultipleoperations.Fromtheperspectiveofrevenueandprofitcomposition,fundamentalpropertyservicehasalwaysbeentherevenueandprofitcoreofpropertymanagementservice.However,inrecentyears,duetotheslowincreaseofpropertymanagementfee,thecostoflaborintensiveindustryishardtoreduce;multipleoperationbusinessdevelopsquickly,andhasbecometheprofitgrowthpointofenterprisesgradually.Topenterprisesofpropertymanagementindustrydeepentodigcustomers’needswhileprovidinghighqualityfundamentalservices,striveforprovidingdiversifiedvalueaddedservicesforcustomers,andcarryoutmultipleoperationservices,suchasconsulting,communityhousebroker,communitye-commerceservice,communitydomesticservice,communityelderlycareservice,etc.,involvingelderlycare,finance,education,tourism,newretailing,agriculture,etc,activatethestockmarketoffundamentalproperty,andbringnewgrowthspaceforenterprisedevelopment.
(3)Industrytransformationandupgradingaccelerates,thenewformatof“Internet+propertymanagement”presentsThedevelopmentofInternet+andbigdatamakespropertymanagemententerprisesfollowthelatestdevelopmenttrendofmarketclosely,turntointelligentpropertymanagement,constructthenewformatof“Internet+propertymanagement”,andimproveenterprisemanagementefficiencyandoperationefficiencythroughinformationized,intelligent,automaticandintensivemanagement.Nearlyalltoppropertyserviceenterprisesownoraredevelopingtheirowninformationizationplatform.AftertheCOVID-19,technologicalandmechanicalrequirementsofpropertymanagementserviceindustryofthegovernmentandsocietywillbefurtherimproved.Inthefuture,propertyserviceenterpriseswillspeeduptransformationandupgrading,andchangefromtraditionalpropertyserviceprovidertointegralsupplierofmodernservices,applyscientificandtechnologicalmeanstoprovidestandard“privatebutler”serviceandotherservicemodes,andqualitywhilepayingmoreattentiontothediversifiedneedsofownersandimprovepropertyservicequalitywhileutilizingtechnology,information,AIandotherhigh-techtechnologiestoimproveserviceefficiency.
3.IndustrypositionoftheCompanySZPRDarisestogetherwithShenzhenopeningupanddevotestoShenzhenrealestateandpropertymanagementandotherfieldsformorethan30years.Itscomprehensivecapacityandbrandinfluencegetsstrongerconstantlyanditsindustrypositionimprovesgradually.Ithaswonmanyhonorsandawardsinpastyears.Realestatedivision:Duringthereportingperiod,attheGrandCeremonyofShenzhenRealEstatein2019aswellasComprehensiveEvaluationBriefingofIndustryheldbyShenzhenRealEstateAssociation,theGroupwonthehonorof“BrandValueEnterpriseofShenzhenRealEstateDevelopmentIndustry”and30-YearVicePresentUnitSinceShenzhen’sEstablishment”;SZPRD-HupanYujingprojectwon“ResidentialQuarterGoldPrizeofTien-yowJemeCivilEngineeringPrize”,withproductcapacitywinningtherecognitionofindustryauthorities;DongguangCompanywonthehonorof“ServiceEnterprisewithBenefitContributionRankingTop10in2018”,withtherankingas2
nd
.Propertymanagementdivision:ITCPropertyManagementwasamongthefirstbatchofnationalqualifiedLevelIenterprisesofpropertymanagement.Duringthereportingperiod,itrankedthe33
rd
of“Top100EnterprisesofChina’sPropertyManagementin2019”，rankedthe4
th
of“PropertyManagementEnterprisesofChina’sIndustrialParkin2019”,andwonthehonorof“BestInnovationAward”ofIFMA(China)in2019andotherhonors.ThisalsoenablesITCPropertyManagementtoberatedasTop100EnterpriseofChina’sPropertyServicefrom2016to2019consecutivelyandbecomecouncilmemberofGuangdongGreenSupplyChainAssociation&GreenPropertyManagementProfessionalCommittee;theCompany’spurchasingofTKPropertyenhancestheCompanycapacityandimprovesindustrypositionstrikingly.Duringthereportingperiod,TKPropertyrankedthe15
th
of“Top50ofComprehensiveCapacityofShenzhenPropertyServiceEnterprisesin2018”whichisratedbyShenzhenPropertyManagementAssociation,rankingthreeplaceshigherthanin2017.ComprehensivecapacityoftheCompanyalsowonthoroughrecognitionandhighlyevaluationoftheindustry.Duringthereportingperiod,theresultoftheselectionactivityof“GuandongTop500Enterprisesin2019”jointlyheldbyGuangdongProvincialFederationofEnterprisesandGuangdongFederationofEntrepreneurs,theCompanywonthehonorof“GuandongTop500Enterprisesin2019”consecutivelyfor9years.
IISignificantChangesinMajorAssets
1.SignificantChangesinMajorAssets
| Majorassets | Mainreasonforsignificantchanges |
| Equityassets | Up12.69%fromthebeginningamount,primarilydrivenbygainsonjointventuresrecognizedattheequitymethod |
| Fixedassets | Down8.74%fromthebeginningamount,primarilydrivenbyassetstrippingbysubsidiaryShenzhenToukongPropertyManagementCo.,Ltd. |
| Intangibleassets | Up53.83%fromthebeginningamount,primarilydrivenbynewpurchases |
| Constructioninprogress | Nosuchassets |
| Accountsreceivable | Up39.14%fromthebeginningamount,primarilydrivenbytheincreaseinrevenueofthepropertymanagementbusiness |
| Otherreceivables | Up1046.94%fromthebeginningamount,primarilydrivenbytheaccountsbetweenRongyaoRealEstateandshareholdersbeforeRongyaoRealEstatewasmergedintotheCompany |
| Inventories | Up251.93%fromthebeginningamount,primarilydrivenbyincreaseinthedevelopmentcostsoftheprojectsofGuanlanBangling,BanshanYujingPhaseIIandFuchangPhaseII |
| Othercurrentassets | Up146.62%fromthebeginningamount,primarilydrivenbyincreaseinpre-paidVATandinputtaxtobededucted |
| Available-for-salefinancialassets | Down100%fromthebeginningamount,primarilydrivenbyreclassificationaccordingtothenewaccountingstandardsgoverningfinancialinstruments |
| Investmentproperty | Down21.25%fromthebeginningamount,primarilydrivenbyassetstrippingbysubsidiaryShenzhenToukongPropertyManagementCo.,Ltd. |
| Long-termprepaidexpenses | Up101.37%fromthebeginningamount,primarilydrivenbymoredecorationactivities |
| Deferredincometaxassets | Up26.37%fromthebeginningamount,primarilydrivenbylargeramountsofdeductablelossandlandVATprovision |
| Othernon-currentassets | Down95.71%fromthebeginningamount,primarilydrivenbydecreaseinprepaymentsforinvestments |
2.MajorAssetsOverseas
□Applicable√NotapplicableIIICoreCompetitivenessAnalysisInrecentyears,whilevigorouslydevelopingthetraditionalrealestatebusinessanddeployingthecorecitycluster,theCompanyhasgraduallyimproveditspluralisticdevelopmentstrategy,andcontinuouslyenhanceditscorecompetitivenessbymeansofeffectivestrategicadjustmentsoastoaccumulatestrengthforitsfuturesustainabledevelopment.TheCompany’scorecompetitivenesscanbeanalyzedfromthefollowingaspects:
Thefirstistheenterprisespiritof"goingaheadandreforming".Atthebeginningofitsestablishment,The"ShenzhenSpeed"that"onefloorwascompletedinthreedays"reflectedthegoodstyleofworkofShenzhenPropertypersonnel,suchastakingcouragetoexplore,andforgedtheenterprisespiritof"goingaheadandreforming".Duringthereportingperiod,theGroupobtainedlocalizeddevelopmentprojectforthefirsttimebymeansofmarketizedpurchasing,whichisalsothefirstcompletelymarketizedurbanrenewalprojectinthehistoryoftheGroup.MergerofTKPropertyjusttook9andahalfmonthsactually,andcreated“ShenzhenSpeed”ofmarketizedincorporationofstateownedenterprisesinShenzhen.TheCompanyleadstoimplementfollowinginvestmentsystemofurbanrenewalprojectsinmunicipalstateownedassetsystem,andtakessolidstepsinmulti-layerincentiverestrictionmechanism.OnegenerationafteranothergenerationofShenzhenPropertypersonnelconstantlycarryforwardandpracticetheenterprisespiritof“goingaheadandreforming”,andpromotesustainable,healthyandstabledevelopmentoftheenterprise.Thesecondistheconstantlyenrichedstrategicandprojectresources.AsthemaincompanyandplatformcompanyofmunicipalstateownedenterprisesystemofShenzhen,SZPRDthoroughlyutilizeslistedcompanyplatformforcapitaloperation,constantlyenrichespropertyresourcesundermanagement,includingland,housingpropertyandhighendscientificandtechnologicalpark,andrealizesendogenousanddenotativegrowth.ItactivelyintroducesstrategicinvestorsandestablishesstrategiccooperationrelationshipwithInfinovaandothercompanies,withitsstrategicresourcesobtainingandintegrationabilityenhancedconstantly.Meanwhile,relyingonhighqualityserviceandgoodreputation,itaccumulatesalotofstablecustomerresources,andexpandsprojectresourcesconstantly,andtheaffiliatedpropertymanagementcompanywonseveralbidsofpropertymanagementprojects.Itspropertyserviceformatrealizesdiversificationandprofessionalism.Thethirdisstandardgoverningmechanismandstablemanagementteam.TheCompanyconstantlydeepenedsystemconstruction,consolidatedenterpriseoperationfoundation,improvedstandardandnormativemanagementlevel,andfinishedremunerationperformanceandenterpriseannuityreformsolutionandimplementeditwithintheyear.Forbiddingandtendering,investmentandmerger,internalcontrol,morethan15regulationsandsystemswerenewlyformulatedorrevisedinthewholeyear,theconceptionofrulingtheenterprisebylawwassortedoutandstrengthened,andcorporategovernancestructurewascompleted.TheCompanyhasastableoperationteam,whichpersistsinthecorporatedevelopmentstrategy,continuouslymakingthe13
thFive-YearStrategicPlanandthe14
th
Five-YearStrategicPlanandpioneeringwiththestrategicplansastheguidelineandroadmap,thusensuringthecontinuityoftheCompany’sprincipalpolicy.Theforthisprofound“ITC”brandvalueandsocialrecognition.Overmorethan30yearsofdevelopmentandaccumulation,theCompanyishighlyrecognizedinthemarketbyvirtueofitsbrandvalueof“ITC”brandvaluethatcarriesthespiritofopeningup.InJuly,2019,theCompanywonthehonorof“BrandValueEnterpriseofShenzhenRealEstateDevelopmentIndustry”and30-YearVicePresentUnitSinceShenzhen’sEstablishment”,aswellasthehonorof““Best500ofChinaRealEstateDevelopers”,“GuangdongTop500Enterprises”,etc,withitssocialinfluenceandbrandreputationimprovedconstantly.
PartIVOperatingPerformanceDiscussionandAnalysis
IOverview
TheCompanyissubjecttotheGuidelineNo.3oftheShenzhenStockExchangeonInformationDisclosurebyIndustry—forListedCompaniesEngaginginRealEstate.(I)Industryreviewforthereportingperiod
1.MacroeconomicsituationIn2019,affectedbytheriseoftradeprotection,slow-downoftechnicalrevolution,andtheincreaseofuncertaintyofgeopolitics,etc.,globaleconomygrowthkeptslow,thegrowthofmainworldeconomicentitieswassluggish.Fordifferentcountries,tenseinternationaltradesituationandsluggishglobaleconomymadetheeconomicgrowthspeedofAmericaslowdown.FederalReserveenteredpreventiveinterestratereductionfrominterestrateincreasechannel,hadthreetimesofinterestreductioninJuly,September,andOctoberrespectively,andpromotesloosemonetarypolicygradually.DuetotradefrictionandtheuncertaintyofBrexit,theeconomicgrowthofEurozoneissluggish,inflationkeptonbeinglow,whichisapparentlynotgoodasthemiddleandlongtermgoal.Japanwasalsoaffectedbyinternalandexternalfactors,presentedreductioninbothexportandproduction,withitseconomyrunninglow.Restrictedbybothexternaluncertaintyandinternalstructureproblems,economicgrowthofmainworldemergingmarketcountriesalsosloweddown,andpartofcountriesallenteredintointerestreductionchannel.Generallyspeaking,globaleconomyisstillinthedeepadjustmentperiodaftertheinternationalfinancialcrisis,acceleratedevolutioncharacteristicsofgreatworldchangegetsmorestrikingly,andglobalfluctuationandriskpointsincreaseobviously.Fordomesticeconomy,restrictedbySino-UStradefriction,Financialdeleveraging,industrytransformationandupgrading,etc.,thepressureofeconomywalkingdownwardisbig.Accordingtonationalstatisticbureau,in2019,annualGDPwas99.1trillionYuan,withanincreaseof6.1%comparedwiththesameperiodlastyear,conformingtothepredictedobjectiveof6%to6.5%.However,economicgrowthreachedrecordnewsince1991,withquarterlygrowthrateas6.4%,6.2%,6.0%and6.0%respectively,presentingquarterlydownwardtrend.GrowthrateofQ3andQ4reducedtothelowestpointduring12historicalquarters.In2019,fixedassetinvestmentincreasedby5.4%comparedwiththesameperiodlastyear,withtheincreaseratedecreasedby0.5%comparedwiththewholeyearof2018.However,realestateinvestmentwasstillindownwardchannel,cumulativerealestateinvestmentin2019increasedby9.9%comparedwiththesameperiodlastyear,withthegrowthspeedfellbackby0.3%comparedwithJanuarytoNovemberbutincreasedby0.4%comparedwith2018;asforDecember,itincreasedby7.4%comparedwiththesameperiodlastyear,fellbackby1.0%comparedwithNovember.Withtightpolicy,investmentfellbackslowly.In2019,landpurchaseareadecreasedby11.4%comparedwiththesameperiodlastyear,withanegativeincrease,decreasedby25.6%comparedwith2018.AccordingtodataofChinaIndexAcademy,infourquartersof2019,averagelandtransactionrateof300citieswere13%,21%,10%,9%respectively,presentingfallingdowntrend,andthelandmarketcooleddownobviously.In2019,realestatesalesdecreasedby0.1%annually,felldownby1.4%comparedwith2018.Undertheoveralltighteningfinancingenvironment,realestatesalesisstilllow.Attheendof2019,withthemutualfunctionoftemporarilyslow-downofSino-UStradefriction,loosefinancialandmonetarypolicy,forecastimprovementofenterprises,etc.,economystabilizedinshortterm,investmentandexportincreasedalittle,andconsumptionkeptstable.Fromthebeginningof2020,theepidemicofCOVID-19spreadalloverthecountryquickly,toavoidlargescaleflowandaggregationofpopulation,thewholecountrytookthepreventionmeasuresofisolationathome,prolongingworkandproductionresumption,etc.,manufacturing,realestate,infrastructureconstructionstoppedbasically,whichcausedapparentshocktoinvestment,consumptionandexportinshortterm.However,afterthisepidemic,domesticsystemandmechanismreformexpectstofurtherdeepen,stimulatenewintelligent,onlineproductionandlifeformats.Inlongterm,China’seconomystillhashuge
developmentpotential.Withthefurtherdeepenedstructurereformofsupplyside,scientificandtechnologicalinnovationvitalitybroughtbyhigherlevelopeningup,theimprovementoftotalfactorproductivity,andconstantstabilityofmacropolicy,China’seconomywillkeeponmaintainthebasictrendofwalkingtowardbetterinstabilityandinlongterm.
2.PolicyenvironmentoftheindustryIn2019,forpolicyofcentralcommitteelevel:atthebeginningoftheyear,twosessions(NPCandCPPCC)clarifiedto“preventbigfluctuationofrealestatemarket:;inApril,meetingofthePoliticalBureauoftheCentralCommitteereiteratedthebasictoneof“livinghousebeingnotforspeculation;inJuly,thePoliticalBureauoftheCentralCommitteeputforwardforthefirsttimethatrealestatewillnotbetakeasameanstostimulateeconomyinshortterm;attheendoftheyear,economicworkconferenceoftheCentralCommitteepointedoutto“strengthenurbanrenewalandstockhouserenovationandimprovement,dorenovationworkofoldurbancommunitieswell,powerfullydeveloprentalhouse”,andfurtherreiteratedto“sticktothepositionofhousebeingnotusedforspeculation,andthoroughlyimplementthelongeffectregulationmechanismoftakingmeasuresaccordingtocitysituation,stabilizinglandprice,housepriceandforecast”;theCentralCommitteewentthroughtheforecastoffromstabilitytotighteningtostabilityagain.Forlocalfinancelevel:atthebeginningoftheyear,Haikou,Xi’an,Nanjing,andmanyothercitieslowereditstalentsettlementthreshold,Shijiazhuangopeneditssettlementandmoving-inrestrictionconditionsthoroughly,Hohehot,Ningbo,etc.releasedthestimulantmeasures,suchassubsidyfortalentstopurchasehouse,etc.;atthemiddleoftheyear,Suzhou,Dalian,Xi’an,etc.enhancedtheirregulation,andimplementedpricelimitordertomaintaintheforecaststabilityofrealestatemarket;sinceQ3,manycitiesfocusonnewpolicyontalents,Shanghai,Zhuhai,Nanjing,etc.onlylooseditshousepurchasingthresholdforinpartares,whileChangsha,Sanya,Foshan,etc.Looseditsrestrictioninthewholecity,andthelocallevelwentthroughtheregulationprocessfrombeingloosetobeingtighteningtobeinglooseagain.Forfinancialpolicy,takingNO.23DocumentinMayasthestartpoint,ChinaBankingandInsuranceRegulatoryCommission‘ssupervisionforbankandtrustfinancinggotstricterandstricter,realestatetrustandoverseasfinancingshowedtighteningsignalsuccessively.Thispolicyhasrelativelysmallinfluenceonrealestatedeveloperwithstablefinanceandhighcredit,andindustryfinancemayfurtherbedivided.InAugust,theCentralBankcompleteditsLPRandformedmechanism,loaninterestratepricingmethodisadjustedinto“LPRplusbasispoint”.Althoughcurrently,houseloanstillbelongstohighqualityassetswithsafetyattributesandthispricingmethodmayhavegoodbenefits,underthebigbackgroundofstrictregulationonrealestate,loaninterestratestilltendtoincreaseinsteadoffall.Besides,in2019,shantyhouserenovationcooleddownapparently,withtheconstructionamountfellbackgreatly,andmonetarysettlementratereduced.Lookingforwardtothefuture,stabilityisstillthemaintoneofrealestateregulationpolicy.Long-effectmechanismhasbeenquicklyimplementedinleasing,selling,houseforlivinginsteadofspeculationandotherregulationlinks,leadsthemarkettostabilizetheforecastwithlong-effectmechanism.Thereexpectstobemoresystempoliciestobereleasedin2020.Inthefuture,realestatemarketwillshowthelayoutofstablesalesandregionaldifferentiation,andreturntoitslivingattributes.
3.RegionalmarketlayoutIn2019,theCentralCommitteereiteratedthatthehouseisforlivinginsteadofspeculation,realestatefinancialsupervisionkeepsontightening.Undersuchabackground,ShenzhenembracedthereleasesofGBAPlanningOutline,theissuingofopinionsonpioneeringsocialistdemonstrationzone,andtheadjustmentofstandardof“mansiontax”,etc.,therealestatemarketkeptongoingupward.AccordingtodataofChinaIndexAcademyofCREIS,in2019,thewholecitylaunched43,376commercialhouseswiththeareaas4.3777millionsquaremeters,withthesupplyareaincreasedby15.1%comparedwiththesameperiodlastyear,andthesupplyquantityhadresumedtothelevelof2016;commercialhousetransactionreached37,484sets,withtheareaas3.6986squaremeters,withthetransactionareaincreasedby26.48%comparedwiththesameperiodlastyear,andthetransactionscalereachedrecordhighinrecentthreeyears;transactionpriceofcommercialhousekeptstable,theaverageannualtransactionpricewas55,8231Yuan/squaremeter,withanincreaseof3.14%comparedwiththesameperiodlastyear;transactionofsecondhandhousekeptstrong,withtotally77,149secondhandhousestransactedinthewholeyear,withtheareaas6.3721squaremeters,andthetransactionquantityandareareachedrecordhighinrecentthreeyears,withanincreaseof19.4%and20.1%respectively.Thelandmarketalsorealizedincreaseinbothsupplyanddemand,thewholecitylaunched56piecesofland,withthetotalplanningareaas
8.2785squaremeters,withanincreaseof26.9%comparedwithsameperiodlastyear;48piecesoflandweretransactedsuccessfullyintotal,withtheplanningareaas6.7478millionsquaremeters,withanincreaseof9.8%comparedwiththesameperiodlastyear.Inthefuture,regulationpolicyinShenzhenexpectstomaintainthemaintoneofstability,keeponpromotethesystemofbothleasingandpurchasing,establishlong-effectmechanism,toensuretherealestatemarkettorealizethepatternofstabletransitionandmultipleconsumption.(II)BusinessReviewfortheCompanyin2019In2019,theCompanyupheldthecorevaluesof“WorkTogether,CreateTogetherandShareTogether”,focusedonthemajortasksof“PropertyDevelopment,CapitalOperationandPaymentCollection”,andadheredtoamarket-orientedstrategyinoperations.Asaresult,breakthroughshavebeenmadeinmultiplemajorpropertyprojectsthatareleadingtheCompany’sstrategictransformation,theoperationsoftheexistingpropertyprojectshavebeenfruitful,anda“3+X”diversebusinessstructureistakingshape.Moredetailsaregivenasfollows:
——Operatingresultsachievedanewhighasallbusinessdivisionsthrived.ThetotalassetsoftheGroupexceededRMB10billionforthefirsttimeinhistoryduring2019.Fortheyear,theGrouprecordedoperatingrevenueofnearlyRMB4billionforthefirsttimeinhistory,up17.32%year-on-year,andaprofitbeforetaxreachingRMB1billionforthefirsttimeinhistory,up9.42%year-on-year.Currently,operatingrevenuemainlycomesfrompropertysales,withminorcontributionsfrompropertymanagement,houserental,cateringserviceandotherbusinesses.For2019,thepropertysalesbusinessreportedoperatingrevenueofRMB2.740billion(69.16%oftheGroup’stotaloperatingrevenue),up20.03%year-on-year;thepropertymanagementbusinessachievedoperatingrevenueofRMB1.198billion(30.24%oftheGroup’stotaloperatingrevenue,amuchbiggercontributionthanbefore),up
12.83%year-on-year;thecateringbusinessgeneratedoperatingrevenueofRMB22million(0.57%oftheGroup’stotaloperatingrevenue);andtheotherbusinessescombinedreportedoperatingrevenueofRMB1.0638million(0.03%oftheGroup’stotaloperatingrevenue).——Performanceofrealestateplateisstriking,andlandreservebottleneckisrelievedtemporarily.SubordinatedrealestatecompaniesoftheGroupactivelyadaptedtothechangeofmacropolicyandmicromarket,adjustedoperationstrategytimely,seizedthemarketopportunitiesquickly,obtainedoutstandingperformanceduringthereportingperiod,completedtheannualpaymentcollectionobjectiveofGoldenCollarHolidayApartment,QianhaiHarborGarden,SonghuaLangyuan,andmadegreatcontributionfortheGrouptomaintainabundantcurrencyflowandgoodassetanddebtlevelaswellastocompleteannualoperationobjective.HuangchengRealEstateCompanyrealizedannualoperationrevenueofabout2.1billionYuan,withthenetprofitasabout0.6billionYuan,andrevenueandnetprofitincreaseinlargeamount;PhaseIIprojectofXuzhouCompanyopenedquotationattheendoftheyear,ontheopeningday,thesubscriptiongotgoodperformanceimmediately.Meanwhile,theCompanypowerfullyexpandedlandprojectsthroughbidinvitation,auctionandlisting,mergerandacquisition,etc.,thenewlandreserveofthewholeyearexceeded120,000squaremeters,allthelandsareinShenzhen,andcumulativelandreserveiscloseto300,000squaremeters.ThebottleneckproblemoflandreservewhichhasalwaysbeenrestrictingthesustainabledevelopmentoftheCompanyhasbeenrelievedinitially.——Propertymanagementplatekeepsvigorous,andendogeneticexpansionisthebrightspot.In2019,ITCPropertyManagementrealizedanoperationrevenueofabout0.55billionYuan(includingHuangchengPropertyManagement,DongguanCompany,YangzhouJingyuePropertyManagement),expandedtotally25highqualitypropertymanagementprojects,including,JingdonginChongqingandChengdu,GiantInteractiveGroupInc.inShanghai,etc.,thenetmanagementareaincreasedbyabout
1.48millionsquaremeters,andover-fulfilledthemarketexpansionobjective;itregisteredandestablishedShenshanGuomaoPropertyDevelopmentGuomaoTonglePropertyManagementandotherpropertymanagementsubsidiaries,andinnovatedbusinessdevelopmentmodeofpropertymanagement;itreachedpropertyserviceintentionwithVCEPtojointlybuildthedemonstrationzoneofthe“theBeltandRoad”initiative,withitsmarketoccupancyandbrandinfluenceenlargedconstantly.TherevenueofHuangchengPropertyManagementisabout60millionYuan,anditsfirstexternalexpansionprojectbrokethrough0intheyear,newlyexpandedprojectareaof50,000squaremeters,includingBankofCommunicationTower,DoubleInnovationParkinZhaoqing,etc.TheoperationrevenueofjointventureYangzhouJingyuePropertyManagementwasabout7millionYuan,andit
undertookprojects,like1520muofPhaseIofSanwanScenicSpotofYangzhouCanal,withthetotalareaas1.83millionsquaremeters.——Houseassetoperationplaterealizedindependentoperation,whichacceleratedthecultivationofcorecompetitiveness.HousingAssetsOperationandManagementCompanyoperatedindependently,activelyexploredthedevelopmentmodeof“commercialoffice+longtermrentalapartment,withtheannualrentalmorethan60millionYuan,andespeciallyrevitalizedtheMaylandparkinglot,ONE39Building,FuminComplex,realizedtheoperationof“Manshili”tothepublic.Italsoadaptedtothemarketchangeandadjustedtheoperationstrategyoflongtermrentalapartment,andrentedXiyuLongyuanStoreandLonghuaStoreoutsuccessfully.——Thebusinessofotherplateswerecarriedoutinorder,theeffectofdiversifiedoperationstrategywasstriking.TheoperationrevenueofGuomaoCateringfromJanuarytoNovemberwasabout25millionYuan,therevolvingrestaurantstoppedoperationfordecoration.Afterdecoration,itwilltakeopeningupandtalksgivebyChairmanDengXiaopinginhisinspectiontothesouthasclues,re-pickupthespecialadministrativezonespiritof“beingpioneeringandgoingahead”,fullymanifestthehistoricvalueofrevolvingrestaurant,andexpectstobringnewgrowthforcateringbusinessincome;revenueoftheSupervisionCompanywasabout6millionYuan;therevenueofSZPRDJifaWarehouseCo.,Ltd.Wasabout16millionYuan,tookbackthewarehouseswhichwereoccupiedoverduesuccessfullyandunconditionally,andwillchargevenuefeeforoverdueoccupancybystages;therevenueofTian’anCompanywasabout20millionYuan,andallworkcarriedoutsmoothly.Thesecondistofocusonincrement,andlaysolidfoundationforthesustainabledevelopmentoftheGroup.In2019,thecompanystartedtoexpandprojectresourcesthroughmergerandacquisition,withobviousincrementaleffect.GuanlanBanglingurbanrenewalprojectmadegreatbreakthroughwithintheyearasthefirstindustrialandurbanintegrationprojectoftheGroup,withasiteareaofapproximately70,000squaremetersandafloorareaofmorethan600,000squaremeters.ThepurchasingworkofTKPropertywascompletedwithin9andahalfmonth,andcreatedthe“ShenzhenSpeed”ofstateownedassetsystementerprisemergerandacquisition.Afterthepurchasing,theassetscaleoftheGroupbrokethrough1millionYuanforthefirsttime,andithasrealizeditsnationwideoperationandmanagementlayoutofhighendindustrialparkswithBaoding(Shenzhen)IndustrialParkinthenorth,AlibabaHangzhouintheeast,ShenzhenBayIndustrialParkinthesouthandJDinthewest.Itshighendindustrialparkmanagementareareachednearly8millionsquaremeters,andrankedintothefirstformationofdomestichighendindustrialparkmanagement,withitsindustrypositionimprovedobviously.LeasablepropertyareaoftheGrouphasincreasedby3.5timesto380,000squaremeters,theareaoflandwhichcanbedevelopedinShenzhenwasabout54,000squaremeters,withstrikingsynergism,whichlayssolidfoundationforsustainabledevelopmentoftheGroup.TKPropertyrealizedanannualrevenueofabout0.68billionYuan,andbecameanothermajorgrowthpolarofGrouprevenue.Thethirdistopracticemarketizedoperationconception,andtoestablishstimulationandrestrictionmechanismofmulti-level.In2019,theGroupimplementedfollowinginvestmentofrealestateproject,andpioneeredinstateownedassetsystemofShenzhen,whichnotonlyopenedthenewpatternthattheGroupandemployeesenjoysthedevelopmentachievementstogether,butalsobecameapilotfieldfortheGrouptochangeoperationrevenueandimplementmarketizedoperationmode,mechanism,meansandlevel,realizedtheGroup’stransformationfrompurepursuitofproject“profits”toefficiency,effectandprofits”,andwillfurtherstimulatetheemployees’initiativeandinnovationandimproveoperationperformance;theGrouprealizedremunerationreformwithfullcoverageforthefirsttime,activelyexploredtopromotemulti-layerincentivemeasures,realizedtoconnectremunerationlevel,andpunishmentandrewardmeasureswithmarketizationlevel,whichisofgreatsignificanceforpreservationandintroductionofcoreprofessionalpersonnelandisfavorablefordrivingthehighqualitystabledevelopmentoftheGroup.(III)LandBank
1.Newadditionstothelandbank
| Nameoflandlotorproject | Location | Plannedusageofland | Sitearea（㎡） | Floorareawithplotratio（㎡） | Howthelandisobtained | TheCompany’sinterest | Totallandprice(RMB’0,000) | Considerationoftheacquiree’sinterest(RMB’0,000) |
| GuanlanBanglingproject | Shenzhen | Comprehensive | 68,299 | 433,640 | Acquired | 69% | Stillinthestageofdemolition,landpriceunpaid | 50,800 |
| YupinluanshanGardenproject | Shenzhen | Office,residential | 21,924 | 78,925 | Acquired | Aspercontract | 17,997.5（acquisitionprice） | 102,738 |
| Baoluproject | Shenzhen | Industrial | 32,425 | 81,640 | Acquired | 100% | 12,256.63（acquisitionprice） | 102,738 |
Note:Thelastcolumninthetableaboveshowstheconsiderationsoftheacquirees’interests.
2.Cumulativelandbank
| Nameofproject/area | Sitearea（0,000㎡） | Floorarea（0,000㎡） | Floorareaavailablefordevelopment（0,000㎡） |
| GuanlanBanglingproject | 6.83 | 62.47 | 62.47 |
| YupinluanshanGardenproject | 2.19 | 7.89 | 7.89 |
| Baoluproject | 3.24 | 8.16 | 8.16 |
| LandinDanshui,HuiyangDistrict,HuizhouCity | 1.77 | 6.20 | 6.20 |
| LandinHongqiTown,HaikouCity | 15.80 | - | - |
| Total | 29.83 | 84.72 | 84.72 |
Note:ThefloorareasoftheYupinluanshanGardenproject,theBaoluprojectandthelandinDanshui,HuiyangDistrict,HuizhouCityarefloorareaswithplotratio.(IV)Developmentstatusofmajorprojects
| City/region | Nameofproject | Location | Usage | TheCompany’sinterest | Timeforcommencementofconstruction | %developed | %thathascompletedconstruction | Sitearea（㎡） | Plannedfloorareawithplotratio（㎡） | FloorareathatcompletedconstructionintheCurrentPeriod（㎡） | Cumulativefloorareathathascompletedconstruction（㎡） | Estimatedtotalinvestment(RMB’0,000) | Cumulativeinvestment(RMB’0,000) |
| Shenzhen | GoldenCollar’sResortapartments | FutianDistrict | Residential | 100% | 2014.3 | 100% | 100% | 12,598 | 133,767 | 182,585 | 182,585 | 143,758 | 86,571 |
| XuzhouCity | BanshanYujing(PhaseII) | TongshanDistrict | Residential | 100% | 2019.3 | Underconstruction | Roofsealedatoptheconcreteandsteelframe,andsecondarystructure40%completed | 31,537 | 22,906 | 0 | 0 | 22,124 | 10,766 |
| Shenzhen | FuhuiHuayuan | FutianDistrict | Affordablehousing | 100% | 2018.12 | Underconstruction | Pilefoundationcompleted | 4,274 | 32,050 | 0 | 0 | 90,439 | 57,631 |
(V)Salesstatusofmajorprojects
| City/region | Nameofproject | Location | Usage | TheCompany’sinterest | Floorareawithplotratio（㎡） | Floorareaavailableforsale（㎡） | Cumulativepre-sold/soldfloorarea（㎡） | Floorareapre-sold/soldintheCurrentPeriod（㎡） | Pre-sale/salesrevenuegenerateintheCurrentPeriod(RMB’0,000) | Cumulativesettledfloorarea(㎡) | FloorareasettledintheCurrentPeriod（㎡） | Pre-sale/salesrevenuesettledintheCurrentPeriod(RMB’0,000) |
| Shenzhen | SZPRD-QianhaiGangwanGarden | IntersectionofYueliangwanBoulevardandXinghaiBoulevardinNanshanDistrict | Residential | 100.00% | 64,625.13 | 63,448.26 | 63,448.26 | 3,383.81 | 25,437.8 | 63,336.29 | 4,629.70 | 33,306.86 |
| Shenzhen | GoldenCollar’sResortapartments | IntersectionofFutianSouthRoadandBinheRoadinFutianDistrict | Residential,studioapartmentsandcommercial | 100.00% | 133,767 | 125,234.63 | 34,908.48 | 34,753.60 | 276,914 | 27,102.13 | 27,102.13 | 208,550 |
| DongguanCity | SonghuLangyuan | DalangTown | Residential,commercial | 100.00% | 147,139.96 | 140,911 | 140,911 | 2,519.96 | 3,686.9 | 145,443 | 9,687 | 10,432 |
| XuzhouCity | BanshanYujing(PhaseI) | 6HuashanRoad,TongshanDistrict,XuzhouCity,JiangsuProvince | Villa | 100.00% | 54,589 | 85,651.61 | 85,651.61 | 6,321.47 | 5,213 | 83,321.27 | 4,864 | 3,888 |
| XuzhouCity | BanshanYujing(PhaseII) | 6HuashanRoad,TongshanDistrict,XuzhouCity,JiangsuProvince | Residential(elevatorhousesof4-7floors) | 100.00% | 22,906 | 21,720.72 | 11,728 | 11,728 | 14,199 | 0 | 0 | 0 |
| YangzhouCity | HupanYujingPhaseI | IntersectionofShouxihuRoadandHangouRoad | Residentialunits,shops,apartments,parkinggaragesandlots | 100.00% | 36,141.28 | 48,870.98 | 41,478.67 | 1,618.24 | 156 | 41,271.18 | 2,411.74 | 1,321.29 |
| YangzhouCity | HupanYujingPhaseII | IntersectionofShouxihuRoadandHangouRoad | Residentialunits,shops,apartments,parkinggaragesandlots | 100.00% | 56,935.75 | 73,121.96 | 66,205.83 | 8,813.37 | 11,085 | 63,116.99 | 8,874.11 | 9,193.56 |
Note:ThesettledfloorareaoftheSonghuLangyuanprojectinDongguanCityincludesparkinglots.
(VI)Rentalstatusofmajorprojects
| Nameofproject | Location | Usage | TheCompany’sworkinginterest | Rentablearea（㎡） | Cumulativerentedarea（㎡） | Averageoccupancyrate |
| XiApartments(Longyuan) | Shenzhen | Apartmentsforlong-termrental | 100% | 3967 | 3967 | 100% |
| XiApartments(Longhua) | Shenzhen | Apartmentsforlong-termrental | 100% | 1609 | 1609 | 100% |
| XiApartments(Xinhu) | Shenzhen | Apartmentsforlong-termrental | 100% | 1600 | 1600 | 100% |
| FoodCourtintheInternationalTradeCenter | Shenzhen | Commercial | 100% | 4423 | 4080 | 92% |
| TowerAofWenjinduPortBuilding | Shenzhen | Officebuilding | Jan.-Nov.:100%Dec.:75% | 5884 | 5653 | 96.2% |
| HaiwaiLianyiBuilding | Shenzhen | Commercialunitsandoffices | Jan.-Nov.:100%Dec.:75% | 9788 | 9788 | 100% |
| AnhuaBuilding | Shenzhen | Offices | Jan.-Nov.:100%Dec.:75% | 1414 | 1414 | 100% |
| TrainingBuilding/Dormitory | Shenzhen | Residentialunits/offices/commercialunits | Jan.-Nov.:100%Dec.:75% | 7682 | 2796 | 36.4% |
| PengfuBuilding | Shenzhen | Offices | Jan.-Nov.:100%Dec.:75% | 6494 | 6494 | 100% |
| JinfuBuilding | ShenzhenShenzhen | Commercial | Jan.-Nov.:100%Dec.:75% | 1701 | 1701 | 100% |
| 100% | 568 | 568 | 100% | |||
| FuxingGarden | Shenzhen | Residential/commercial | Jan.-Nov.:100%Dec.:75% | 5787 | 5787 | 100% |
| Commercial | 100% | 1417 | 1417 | 100% |
| PlantareainTangxiaTown,DongguanCity | DongguanCity | Plant | Jan.-Nov.:100%Dec.:75% | 21383 | 21383 | 100% |
| PacificBusinessBuilding | Shenzhen | Commercialunits/offices | Jan.-Nov.:100%Dec.:75% | 18134 | 15703 | 86.5% |
| KangtiBuilding | Shenzhen | Commercialunits/offices | Jan.-Nov.:100%Dec.:75% | 3157 | 3157 | 100% |
| LyuhuaBuilding | Shenzhen | Commercialandresidential | Jan.-Nov.:100%Dec.:75% | 6297 | 6297 | 100% |
| ShopsonthegroundfloorofTower48inLianhuaNorthVillage | Shenzhen | Shops | Jan.-Nov.:100%Dec.:75% | 1000 | 1000 | 100% |
| HaonianhuaBuilding | Shenzhen | Apartmentsandcommercialunits | Jan.-Nov.:100%Dec.:75% | 2513 | 2513 | 100% |
| 100% | 1619 | 1619 | 100% | |||
| Hostel2atYuxinSchool | Shenzhen | Hostel | Jan.-Nov.:100%Dec.:75% | 3176 | 3176 | 100% |
| KaifengGardeninShangmeilin | Shenzhen | Residential | 100% | 1307 | 1252 | 95.8% |
| WestTowerofBaihuoSquare | Shenzhen | Commercialunits/offices | 100% | 13632 | 13632 | 100% |
| NanzhengBuilding | Shenzhen | Offices | 100% | 8810 | 6590 | 74.8% |
| Building409inSangdaIndustrialZone | Shenzhen | Plant | 100% | 3309 | 3309 | 100% |
| MianshuiStudioApartments | Shenzhen | Apartments | 100% | 3440 | 3440 | 100% |
| XiangfuBuilding | Shenzhen | Commercialunits | 100% | 3109 | 3109 | 100% |
(VII)Primarylanddevelopment
□Applicable√Notapplicable(VIII)FinancingchannelsUnit:RMB’0,000
| Financingchannel | Endingbalanceoffinancings | Financingcostrange/averagefinancingcost | Maturitystructure | |||
| Within1year | 1-2years | 2-3years | Over3years | |||
| Bankloans | 219,393.30 | 4%-6% | 93.30 | 219,300.00 | ||
| Total | 219,393.30 | 93.30 | 219,300.00 | |||
(IX)DevelopmentstrategyandoperatingplanforthecomingyearPleasereferto“IXProspects”in“PartIVOperatingPerformanceDiscussionandAnalysis”.(X)Provisionofguaranteesforhomebuyersonbankmortgages
√Applicable□NotapplicableAsausualpracticeforrealestatedevelopers,theCompanyhasbeenprovidingguaranteesandsecuritydepositsforitshomebuyersontheirbankmortgages.Asat31December2019,securitydepositsforsuchoutstandingguaranteesamountedtoRMB1,120,910.60,whichwillbereturnedupontheexpiryoftheguarantees,i.e.whentherelevanthomebuyerspaidofftheirbankmortgages.Asausualpracticeforrealestatedevelopers,theCompanyanditssubsidiarieshasbeenprovidingguaranteesforitshomebuyersontheirbankmortgages,andthehomebuyersusetheirpurchasedhomesascollateral.Asat31December2019,theoutstandingguaranteeamountwasRMB1,812,240,875.59intotal.Onthegroundthattherehavebeennodefaultbythehomebuyerssofarandthatthemarketpricesoftherelevantpropertiesarecurrentlyhigherthanthetradingprices,theCompanybelievestheriskassociatedwithsuchguaranteesislow.(XI)Jointinvestmentsbydirectors,supervisorsandseniormanagementandthelistedcompany(applicableforsuchinvestmentswherethedirectors,supervisorsandseniormanagementaretheinvestmententities)
√Applicable□Notapplicable
| Nameofproject | Typeofinvestmententity | Amountofinvestment(RMB’0,000) | %ofinvestmentamount | As%ofthepeakoftheprojectfunds | Cumulativeincome | Disinvestment | Compatibilityofactualinvestmentamountanddistributedincome |
| UrbanRenewalofBanglingSectionatGuanlanStreet | Mandatoryinvestmententities(includingdirectorsandseniormanagement) | 2,647.00 | 66.18% | N/A | 0 | None | N/A |
| Voluntaryinvestmententities | 1,353.00 | 33.82% | N/A | 0 | None | N/A |
Note:Sincethisisanongoingproject,thepeakoftheprojectfunds,cumulativeincomeanddisinvestmentareunknown.Fordetails,pleaserefertotherelevantannouncementsdisclosedbytheCompanyonwww.cninfo.com.cndated9November2019.IICoreBusinessAnalysis
1.OverviewSee“IOverview”above.
2.RevenueandCostAnalysis
(1)BreakdownofOperatingRevenue
Unit:RMB
| 2019 | 2018 | Change(%) | |||
| Operatingrevenue | As%oftotaloperatingrevenue(%) | Operatingrevenue | As%oftotaloperatingrevenue(%) | ||
| Total | 3,961,669,942.44 | 100% | 3,376,673,249.90 | 100% | 17.32% |
| Byoperatingdivision | |||||
| Propertydevelopment | 2,740,011,690.51 | 69.16% | 2,282,760,505.89 | 67.60% | 20.03% |
| Propertymanagement | 1,198,097,114.02 | 30.24% | 1,061,865,341.89 | 31.45% | 12.83% |
| Cateringservice | 22,497,327.37 | 0.57% | 27,677,194.36 | 0.82% | -18.72% |
| Other | 1,063,810.54 | 0.03% | 4,370,207.76 | 0.13% | -75.66% |
| Byproductcategory | |||||
| Propertydevelopment | 2,740,011,690.51 | 69.16% | 2,282,760,505.89 | 67.60% | 20.03% |
| Propertymanagement | 1,198,097,114.02 | 30.24% | 1,061,865,341.89 | 31.45% | 12.83% |
| Cateringservice | 22,497,327.37 | 0.57% | 27,677,194.36 | 0.82% | -18.72% |
| Other | 1,063,810.54 | 0.03% | 4,370,207.76 | 0.13% | -75.66% |
| Byoperatingsegment | |||||
| Shenzhen | 3,712,909,688.00 | 93.72% | 2,286,409,007.08 | 67.71% | 62.39% |
| Dongguan | 104,316,939.42 | 2.63% | 252,401,699.77 | 7.47% | -58.67% |
| Other | 144,443,315.02 | 3.65% | 837,862,543.05 | 24.81% | -82.76% |
(2)OperatingDivision,ProductCategoryorOperatingSegmentContributingover10%ofOperatingRevenueorOperatingProfit
√Applicable□Notapplicable
Unit:RMB
| Operatingrevenue | Costofsales | Grossprofitmargin | YoYchangeinoperatingrevenue(%) | YoYchangeincostofsales(%) | YoYchangeingrossprofitmargin(%) | |
| Byoperatingdivision | ||||||
| Propertysales | 2,740,011,690.51 | 473,094,327.81 | 82.73% | 20.03% | -45.72% | 20.91% |
| Propertymanagement | 1,198,097,114.02 | 938,758,632.94 | 21.65% | 12.83% | 15.58% | -1.86% |
| Byproductcategory | ||||||
| Propertysales | 2,740,011,690.51 | 473,094,327.81 | 82.73% | 20.03% | -45.72% | 20.91% |
| Propertymanagement | 1,198,097,114.02 | 938,758,632.94 | 21.65% | 12.83% | 15.58% | -1.86% |
| Byoperatingsegment | ||||||
CorebusinessdataoftheprioryearrestatedaccordingtothechangedstatisticalcaliberfortheReportingPeriod:
□Applicable√Notapplicable
(3)WhetherRevenuefromPhysicalSalesIsHigherthanServiceRevenue
√Yes□No
| Operatingdivision | Item | Unit | 2019 | 2018 | Change(%) |
| Propertydevelopment | Salesvolume | m2 | 69,138.45 | 60,245 | 14.76% |
| Output | m2 | 262,098 | 262,098 | 0.00% | |
| Inventory | m2 | 114,628 | 158,489 | -27.67% |
Anyover30%YoYmovementsinthedataaboveandwhy:
□Applicable√Notapplicable
(4)ExecutionProgressofMajorSignedSalesContractsintheReportingPeriod
□Applicable√Notapplicable
(5)BreakdownofCostofSales
Byoperatingdivision
Unit:RMB
| Operatingdivision | Item | 2019 | 2018 | Change(%) | ||
| Costofsales | As%oftotalcostofsales(%) | Costofsales | As%oftotalcostofsales(%) | |||
| Propertydevelopment | 473,094,327.81 | 33.00% | 871,541,406.96 | 50.96% | -45.72% | |
| Propertymanagement | 938,758,632.94 | 65.48% | 812,213,761.80 | 47.49% | 15.58% | |
| Cateringservice | 21,187,618.40 | 1.48% | 24,267,757.21 | 1.42% | -12.69% | |
| Other | 575,306.29 | 0.04% | 2,267,624.96 | 0.13% | -74.63% | |
Notes:
N/A
(6)ChangesintheScopeofConsolidatedFinancialStatementsfortheReportingPeriod
√Yes□NoFournewentitieswereaddedtoandoneentitywasexcludedfromtheconsolidatedfinancialstatementsof2019comparedto2018.Fordetails,pleasereferto“VIIIChangestotheScopeoftheConsolidatedFinancialStatements”in“PartXIIFinancialStatements”.
(7)MajorChangestotheBusinessScopeorProductorServiceRangeintheReportingPeriod
□Applicable√Notapplicable
(8)MajorCustomersandSuppliersMajorcustomers:
| Totalsalestotopfivecustomers(RMB) | 138,669,567.95 |
| Totalsalestotopfivecustomersas%oftotalsalesoftheReportingPeriod(%) | 3.50% |
| Totalsalestorelatedpartiesamongtopfivecustomersas%oftotalsalesoftheReportingPeriod(%) | 0.77% |
Informationabouttopfivecustomers:
| No. | Customer | SalesrevenuecontributedfortheReportingPeriod(RMB) | As%oftotalsalesrevenue(%) |
| 1 | Alibaba(China)Co.,Ltd. | 40,935,059.58 | 1.03% |
| 2 | ShenzhenBayTechnologyDevelopmentCo.,Ltd. | 30,371,848.90 | 0.77% |
| 3 | SFTechnologyCo.,Ltd. | 27,928,635.64 | 0.70% |
| 4 | Alibaba(China)TechnologyCo.,Ltd. | 22,273,082.83 | 0.56% |
| 5 | Naturalperson1 | 17,160,941.00 | 0.43% |
| Total | -- | 138,669,567.95 | 3.50% |
Otherinformationaboutmajorcustomers:
√Applicable□NotapplicableTheCompany’scontrollingshareholderShenzhenInvestmentHoldingsCo.,Ltd.holds100%ofsharesofShenzhenBayTechnologyDevelopmentCo.,Ltd.whichexistsrelated-partyrelationshipwiththeCompany.Majorsuppliers:
| Totalpurchasesfromtopfivesuppliers(RMB) | 341,196,729.00 |
| Totalpurchasesfromtopfivesuppliersas%oftotalpurchasesoftheReportingPeriod(%) | 75.34% |
| Totalpurchasesfromrelatedpartiesamongtopfivesuppliersas%oftotalpurchasesoftheReportingPeriod(%) | 0.00% |
Informationabouttopfivesuppliers:
| No. | Supplier | PurchaseintheReportingPeriod(RMB) | As%oftotalpurchases(%) |
| 1 | TheSecondConstructionCo.,LtdofChinaConstructionThirdEngineeringBureau | 144,810,000.00 | 31.98% |
| 2 | JiangsuHanjianGroup | 110,750,000.00 | 24.46% |
| 3 | ShenzhenHongtaoGroupCo.,Ltd. | 30,513,800.00 | 6.74% |
| 4 | ShenzhenDingshengXingyeTechnologyCo.,Ltd. | 27,985,529.00 | 6.18% |
| 5 | ShenzhenGrandlandGroupCo.,Ltd. | 27,137,400.00 | 5.99% |
| Total | -- | 341,196,729.00 | 75.34% |
Otherinformationaboutmajorsuppliers:
□Applicable√Notapplicable
3.Expense
Unit:RMB
| 2019 | 2018 | Change(%) | Reasonforanysignificantchange | |
| Sellingexpenses | 111,553,952.50 | 46,501,225.18 | 139.89% | Increasesincommissionsforsalesagentsandadvertisingexpenditure |
| Administrativeexpenses | 204,654,552.64 | 162,378,284.09 | 26.04% | Increaseinpaymentsforremunerationandofficeadministrativeexpense |
| Financecosts | 134,718,833.57 | -65,830,939.26 | -304.64% | Increaseinlong-termborrowings |
| Incometaxexpenses | 262,716,180.91 | 220,260,863.60 | 19.28% | Increaseinrealizedprofits |
4.R&DExpense
□Applicable√Notapplicable
5.CashFlows
Unit:RMB
| Item | 2019 | 2018 | Change(%) |
| Subtotalofcashgeneratedfromoperatingactivities | 5,264,435,040.93 | 3,368,161,064.17 | 56.30% |
| Subtotalofcashusedinoperatingactivities | 4,324,645,474.97 | 2,136,443,007.99 | 102.42% |
| Netcashgeneratedfrom/usedinoperatingactivities | 939,789,565.96 | 1,231,718,056.18 | -23.70% |
| Subtotalofcashgeneratedfrominvestingactivities | 357,613.40 | 80,017,263.11 | -99.55% |
| Subtotalofcashusedininvestingactivities | 1,031,698,003.98 | 125,212,463.57 | 723.96% |
| Netcashgeneratedfrom/usedininvestingactivities | -1,031,340,390.58 | -45,195,200.46 | 2,181.97% |
| Subtotalofcashgeneratedfromfinancingactivities | 2,236,220,000.00 | 3,450,000.00 | 64,717.97% |
| Subtotalofcashusedinfinancingactivities | 2,740,366,078.11 | 198,234,654.66 | 1,282.38% |
| Netcashgeneratedfrom/usedinfinancingactivities | -504,146,078.11 | -194,784,654.66 | 158.82% |
| Netincreaseincashandcashequivalents | -595,682,024.42 | 991,743,577.15 | -160.06% |
Explanationofwhyanyofthedataabovevariessignificantly:
√Applicable□Notapplicable?Cashgeneratedandnetcashflowsfromoperatingactivitiesincreasedfromlastyear,primarilydrivenbytheincreaseinexpensesforprojectdevelopmentintheReportingPeriod.②Cashusedandnetcashflowsfrominvestingactivitiesincreasedfromlastyear,primarilydrivenbytheincreaseofpaymentsforinvestmentintheReportingPeriod.③Cashusedandnetcashflowsfromfinancingactivitiesincreasedfromlastyear,primarilydrivenbytheincreaseofinterestexpense.④Netincreaseincashandcashequivalentsdecreasedfromlastyear,primarilydrivenbytheincreaseinprojectdevelopmentexpense,investmentexpenseandincomeexpenseintheReportingPeriod.ReasonforanybigdifferencebetweenthenetoperatingcashflowandthenetprofitforthisReportingPeriod
√Applicable□NotapplicableFortheReportingPeriod,thenetcashflowsfromoperatingactivitiesstoodatRMB939,789,565.96,representingabigdifferencewiththenetincomeofRMB742,130,050.54,whichwasmainlybecauseoftheincreaseininterestexpenseoftheCompanyandthetimedifferencebetweenrelatedtaxesprovisionsandactualpayment.IIIAnalysisofNon-CoreBusinesses
√Applicable□Notapplicable
Unit:RMB
| Amount | As%oftotalprofit | Source/Reason | Exceptionalorrecurrent | |
| Investmentincome | 5,076,839.48 | 0.51% | Investmentincomeofmainjointventures | Recurrent |
| Assetimpairments | -1,234,250.84 | -0.12% | Baddebtprovisionforinventories | Exceptional |
| Non-operatingincome | 23,732,348.28 | 2.36% | RelatedaccountsthattheCompanycannotpay | Exceptional |
| Non-operatingexpense | 4,793,503.85 | 0.48% | Payinglegalcost,overduefineandcompensationforremovingtenants | Exceptional |
| Creditimpairments | -18,701,016.31 | -1.86% | Baddebtprovisionforaccountsreceivable | Exceptional |
IVAnalysisofAssetsandLiabilities
1.SignificantChangesinAssetComposition
Unit:RMB
| 31December2019 | 31December2018 | Changeinpercentage(%) | Reasonforanysignificantchange | |||
| Amount | As%oftotalassets | Amount | As%oftotalassets | |||
| Monetaryassets | 3,297,890,935.91 | 30.61% | 3,907,602,032.67 | 55.64% | -25.03% | Paymentforequitytransferwithlargeamount |
| Accountsreceivable | 216,923,663.25 | 2.01% | 155,898,006.77 | 2.22% | -0.21% | Increaseinpropertymanagementsubsidiary’saccountsreceivablefromhouseowners |
| Inventories | 4,913,510,876.66 | 45.61% | 1,396,154,603.04 | 19.88% | 25.73% | IncorporationofRongyaoRealEstateandincreaseinsubsequentdevelopmentexpense |
| Investmentproperty | 503,323,428.61 | 4.67% | 639,167,209.48 | 9.10% | -4.43% | StrippingassetsandwithdrawingdepreciationbyTKProperty |
| Long-termequityinvestments | 45,076,122.72 | 0.42% | 39,999,283.24 | 0.57% | -0.15% | Increaseininvestmentincomeunderequitymethod |
| Fixedassets | 93,557,782.83 | 0.87% | 102,516,975.36 | 1.46% | -0.59% | StrippingassetsandwithdrawingdepreciationbyTKProperty |
| Long-termborrowings | 2,193,833,000.00 | 20.37% | 1,000,000.00 | 0.01% | 20.36% | NewborrowingsintheReportingPeriod |
| Otherreceivables | 917,981,165.74 | 8.52% | 80,037,483.65 | 1.14% | 7.38% | IntercoursefundswithshareholdersofRongyao |
| RealEstatebeforeacquisition | ||||||
| Deferredincometaxassets | 658,153,122.73 | 6.11% | 520,832,796.49 | 7.42% | -1.31% | IncreaseindeductiblelossesandwithdrawalofunpaidVATofland |
| Othernon-currentassets | 4,711,963.66 | 0.04% | 109,851,318.29 | 1.56% | -1.52% | Theprepaidequitytransfermoneyhasbeendefrayed |
| Accountspayable | 577,689,139.10 | 5.36% | 435,350,850.19 | 6.20% | -0.84% | Increaseinconstructionfundsofrealestateprojects |
| Advancesfromcustomers | 728,186,032.63 | 6.76% | 278,045,801.46 | 3.96% | 2.80% | Increaseinpresalefundsreceivedfromrealestateprojects |
| Othernon-currentliabilities | 108,164,737.46 | 1.00% | 64,627,587.61 | 0.92% | 0.08% | IncreaseininvestmentsofBanglingProjectbyemployees |
2.AssetsandLiabilitiesatFairValue
√Applicable□Notapplicable
Unit:RMB
| Item | Beginningamount | Gain/lossonfair-valuechangesintheReportingPeriod | Cumulativefair-valuechangeschargedtoequity | ImpairmentallowancefortheReportingPeriod | PurchasedintheReportingPeriod | SoldintheReportingPeriod | Otherchanges | Endingamount |
| Financialassets | ||||||||
| 4.Investmentsinotherequityinstruments | 3,621,381.11 | -2,051,268.24 | 10,362.99 | 1,580,475.86 | ||||
| Subtotaloffinancialassets | 3,621,381.11 | -2,051,268.24 | 10,362.99 | 1,580,475.86 | ||||
| Totaloftheabove | 3,621,381.11 | -2,051,268.24 | 10,362.99 | 1,580,475.86 | ||||
| Financialliabilities | 0.00 | 0.00 | 0.00 |
Otherchangesareimpactsofexchangeratefluctuation.SignificantchangestothemeasurementattributesofthemajorassetsintheReportingPeriod:
□Yes√No
3.RestrictedAssetRightsasatthePeriod-End
①ShenzhenHuazhengpengPropertyManagementDevelopmentCo.,Ltd.,thesubordinateoftheCompany’ssubsidiaryShenzhenToukongPropertyManagementCo.,Ltd.,heldasumofrestrictedassetsofRMB11,018.00inthefrozenaccount;ShenzhenTaixinliRealEstateManagementCo.,Ltd.,thesubordinateofShenzhenToukongPropertyManagementCo.,Ltd.,heldasumofrestrictedassetsofRMB7,063,237.32inthefrozenaccount.Fordetailsaboutrelevantlawsuits,pleaserefertoPartV-XIIMajorLegalMatters.②ShenzhenShenlvParkTechnologyIndustrialCo.,Ltd.,thesubordinateoftheCompany’ssubsidiaryShenzhenToukongPropertyManagementCo.,Ltd.,heldtheperformanceguaranteebondsofRMB49,020.00whichwastheperformanceguaranteefortheagreementwiththenumberof20190531SLYLsignedbetweentheCompanyandShenzhenAdministrativeOfficeofGreeningon31May2019.
③Asarealestatedeveloper,theCompanyprovidedpurchasersofcommercialresidentialbuildingwithmortgageguaranteeandpaidcashdepositsofloansaccordingtotheoperationconventioninrealestateindustry.Asof31December2019,thebalanceofcashdepositsnotreleasingguaranteewasofRMB1,120,910.60,andtheguaranteewillbereleasedwhenmortgageispaidoff.
④TherewasRMB4,301,516.52ofinterestfromthefixedtimedepositswhichwasundueandwithdrawnattheperiod-endamongtheCompany’smonetaryassets.
VInvestmentsMade
1.TotalInvestmentAmount
□Applicable√Notapplicable
2.MajorEquityInvestmentsMadeintheReportingPeriod
√Applicable□Notapplicable
Unit:RMB
| Investee | Mainbusiness | Investmentmethod | Investmentamount | Shareholdingpercentage | Capitalresources | Partner | Investmentterm | Typeofproducts | Progressasofthebalancesheetdate | Estimatedincome | ProfitsorlossesofinvestmentintheReportingPeriod | Involvinginlawsuitornot | Disclosuredate(ifany) | Disclosureindex(ifany) |
| ShenzhenRongyaoRealEstateDevelopmentCo.,Ltd. | Realestate | Acquisition | 508,000,000.00 | 69.00% | Self-owned | ShenzhenXinhaiRongyaoRealEstateDevelopmentCo.,Ltd. | Long-term | Developmentofrealestate | Ownershiptransferofequity | 0.00 | -168,106,508.82 | No | 11February2019 | AnnouncementonAcquisitionofEquityInterestsinTargetCompanyandProvidingGuaranteeforit(No.:2019-2)onCninfo |
| ShenzhenToukongPropertyManagementCo.,Ltd. | Propertymanagement | Acquisition | 1,027,382,513.56 | 100.00% | Self-owned | ShenzhenInvestmentHoldingsCo.,Ltd. | Long-term | Propertymanagement,houserentandrealestatedevelopment | Ownershiptransferofequity | 0.00 | 112,965,251.79 | No | 21September2019 | AnnouncementonAcquisitionof100%ofEquityInterestsinShenzhenToukongPropertyManagementCo.,Ltd.andRelated-partyTransactions(No.:2019-33)onCninfo |
| Total | -- | -- | 1,535,382,513.56 | -- | -- | -- | -- | -- | -- | 0.00 | -55,141,257.03 | -- | -- | -- |
3.MajorNon-EquityInvestmentsOngoingintheReportingPeriod
□Applicable√Notapplicable
4.FinancialInvestments
(1)SecuritiesInvestments
√Applicable□Notapplicable
Unit:RMB
| Varietyofsecurity | Codeofsecurity | Nameofsecurity | Initialinvestmentcost | Accountingmeasurementmethod | Beginningcarryingvalue | Gain/LossonfairvaluechangesinReportingPeriod | Accumulatedfairvaluechangeschargedtoequity | PurchasedinReportingPeriod | SoldinReportingPeriod | Gain/lossinReportingPeriod | Endingcarryingvalue | Accountingtitle | Sourceofinvestmentfunds |
| Domestic/Foreignstock | 400016,420016 | GintianA,GintianB | 3,565,856.06 | Fairvaluemethod | 3,621,381.11 | 0.00 | -205,1268.24 | 0.00 | 0.00 | 10,362.99 | 1,580,475.86 | Investmentsinotherequityinstruments | ObtainedinGintian’sdebtrestructuring |
| Total | 3,565,856.06 | -- | 3,621,381.11 | 0.00 | -205,1268.24 | 0.00 | 0.00 | 10,362.99 | 1,580,475.86 | -- | -- | ||
| DisclosuredateofannouncementonBoard’sconsentforsecuritiesinvestment |
| Disclosuredateofannouncementonshareholders’meeting’sconsentforsecuritiesinvestment(ifany) |
(2)InvestmentsinDerivativeFinancialInstruments
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.
5.UseofFundsRaised
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.VISaleofMajorAssetsandEquityInterests
1.SaleofMajorAssets
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.
2.SaleofMajorEquityInterests
□Applicable√NotapplicableVIIMajorSubsidiaries
√Applicable□NotapplicableMajorfully/majority-ownedsubsidiariesandthoseminority-ownedsubsidiarieswithanover10%effectontheCompany’snetprofit:
Unit:RMB
| Name | RelationshipwiththeCompany | Principalactivity | Registeredcapital | Totalassets | Netassets | Operatingrevenue | Operatingprofit | Netprofit |
| ShenzhenHuangchengRealEstateCo.,Ltd. | Subsidiary | Developmentandsalesofrealestate | 30000000 | 3,051,184,643.99 | 755,935,507.32 | 2,088,366,016.40 | 790,032,903.22 | 593,756,497.76 |
| ShenzhenToukongPropertyManagementCo.,Ltd. | Subsidiary | Propertymanagement | 30000000 | 1,012,030,800.62 | 319,156,030.36 | 677,228,822.59 | 130,913,158.78 | 114,059,286.52 |
| ShenzhenRongyaoRealEstateDevelopmentCo.,Ltd. | Subsidiary | Developmentandsalesofrealestate | 10000000 | 4,154,532,177.09 | 343,495,206.60 | 0.00 | -284,126,674.33 | -243,632,621.48 |
SubsidiariesobtainedordisposedintheReportingPeriod:
√Applicable□Notapplicable
| Subsidiary | HowsubsidiarywasobtainedordisposedintheReportingPeriod | Effectsonoveralloperationsandoperatingperformance |
| ShenzhenRongyaoRealEstateDevelopmentCo.,Ltd. | Businesscombinationnotunderthesamecontrol | IncomewasofRMB0,andthenetprofitwasofRMB-244million |
| ShenzhenToukongPropertyManagementCo.,Ltd. | Businesscombinationunderthesamecontrol | IncomewasofRMB677million,andthenetprofitwasofRMB114million |
| ShenzhenShenshanSpecialCooperationZoneGuomaoPropertyDevelopmentCo.,Ltd. | Newlyestablished | IncomewasofRMB34,000,andthenetprofitwasofRMB-1.9922million |
| ShenzhenGuomaoTonglePropertyManagementCo.,Ltd. | Newlyestablished | BothincomeandnetprofitareofRMB0 |
VIIIStructuredBodiesControlledbytheCompany
√Applicable□NotapplicableFordetails,seeIX1.EquityinterestsinsubsidiariesinPartXIIFinancialReportherein.IXProspects(I)DevelopmentEnvironmentAnalysisReferto"(I)Reviewofindustrydevelopmentduringthereportingperiod"in"PartIV:OperatingPerformanceDiscussionandAnalysis"(II)TheCompany’sFutureDevelopmentStrategyAsthetraditionalrealestatemarket’sdevelopmentdeclinesonthewhole,variousindustrialresourceshavebeencontinuouslyoccupiedbythelarge-scalebrandhouses,whichhasthreatenedthesurvivalanddevelopmentofmediumandsmall-sizedpropertycompanies.“Large-scaleEnterprisesTakingAllAdvantages”hasbecomenormalintheindustry,andthepositioningof“Housesare
forlivingin,notforspeculatingon”hasalreadybeenestablished.Inthiscase,ShenzhenProperties&ResourcesDevelopment(Group)Ltd.specializedinthetraditionalrealestatewillbeconfrontedwiththeextremelysevereindustrialsituation.InordertoimplementtheoverallstrategiclayoutformulatedbyLandandResourcesBureauofShenzhenMunicipality,theCompanyhasmadegreatefforttoseekeffectivebreakthroughs,thoroughlyconnectedwiththesystemofLandandResourcesBureau,keptabreastofthemajorstrategicorientationfeaturinggradientoflayersandmultipleindustrialparksinonedistrictandcombinedfundcontrol,andlearnedfromtheleadingenterprisesinthebenchmarkingindustry.TheCompanyputforwardthedevelopmentvisionof“BecomingTop1IntelligentTechnologyIndustrialParkFullEco-chainIntegratedOperatorinChinaandevenLeadingtheWorld”.Throughfollowingtheoverwhelmingtrendoftherealestatemarketfromtheageofincrementstotheageofstocksandseizingthegoldenopportunityposedbythetransformationofthesocialmajorcontradiction,theCompanyhasattachedgreatimportancetothekeypointsofstockassets’valuemanagementandindustrialandecologicaloperationservices,propelledthehigh-qualitydevelopmentbasedonnewdevelopmentideasandsatisfiedpeople’slongingsforbetterlife.Inthiscontext,theCompanyputforwardthe“12345”overalldevelopmentideaof“1Vision+2MajorSectors+3DrivingFactors+4Businesses+5Value-addedServices”.Inotherwords,theCompanywilltakeeffectivemeasureswiththefocuson“Hi-techIndustrialPark”and“ResidentCommunity”,andrelyingonthedrivinginnovationpower,theleverageofcapitalandtheplatformlinkagemechanismastheinexhaustiblemotiveforcefordevelopment,payspecialattentiontodevelopfourmajorbusinessesthroughexpandingthemainbusinessandmakingbreakthroughsincludingtheurbanspacedevelopment,theindustrialecologicaloperation,propertymanagementservices,andhigh-endvalue-addedservices.Meanwhile,theCompanywillrealizetherapiddeploymentandintegrationoffivemajorvalue-addedservices.TheCompanywillmoderatelydeploythehigh-qualityheavy-assetoperatingproperties,andthehighlymarket-operatedlight-assetsoperatingproperties,andsimultaneouslycarryouttheheavy-assetsoperationandthelight-assetsoperationwiththeprioritygiventothelight-assetsoperation,highlightingtheassetvaluemanagementcapability,theindustrialecologicaloperationalcapabilityandthechannelresourcesplatformintegrationcapability;theCompanywillalsostrengthenthedrivingroleplayedbythestrategicobjective,establishthehumanisticthought,broadenthehorizonofhumanresourcesallocation,buildandimprovethemechanismandproportionofallemployeestosharevariousdevelopmentresults,andstrivetoshapeabeautifullifescene.In2025,theCompanywillmakeitsfourbusinesssegmentsadvancesidebyside,complementeachother,realizethecoordinateddevelopment,catchupwithandsurpasstheworld’sadvancedlevel.Withstrongcomprehensivestrengthanduniquebrandadvantages,itwillbecomeTop1IntelligentTechnologyIndustrialParkFullEco-chainIntegratedOperatorinChinaandevenLeadingtheWorld,andfurtherpromotethecorecompetitivenessofShenzhen.(III)MajorWorksandTasksfor2020In2020,theguidingideologyoftheGroupis:beingguidedbyXiJinping'sthoughtonSocialismwithChineseCharacteristicsforaNewEra,comprehensivelyimplementedthespiritofthe19
th
CPCNationalCongress,thespiritofthe2
nd
,3
rd
and4
th
plenarysessionsofthe19
th
CPCCentralCommitteeandthespiritoftheCentralEconomicWorkingConference,activelydevotingtoShenzhenfortheconstructionofPilotDemonstrationAreaofSocialismwithChineseCharacteristics,promotingthegreatpracticeoftheconstructionofGBA,overallimplementingseriesdecisionanddeploymentofmunicipalSASAC,adheringtobeingorientedbyproblems,developmentandsolidwork,properlyseizingthemajorhistoricalopportunitiesofbigreformandbigintegrationofstateownedassetsandstateownedenterprisesinShenzhen,keepingsteady,seekingprogressinstability,anddoingthingswellwithconcentrationanddevotion,keepingonfightingthethreebattlesof“projectdevelopment,capitaloperationandsalespaymentcollection”,makingeffortsin“revitalization,digestion,turnover,effect”;followingtheGrouptopromotemergerprocessbasedonscaleandresources,timelyinitiatingcoordinationofstrategicprinciples,organizingframeworkoptimization,integratingbusinessline,reconstructingcontrolprocess,integratingenterpriseculture,etc,andotherintegralreform,andforminginstitution,process,systemandinformationadvantagesatnewlevel;strengtheningtechnologicalinnovationcarrierconstructionandcapabilityconstruction,enhancingtheGroupproductsandservicedevelopmentability,beingorientedbythemarket,takingcustomersasthecenter,benchmarkingtheworldclass,andbuildingoperationandmanagementmodeofhighendintelligenttechnologicalpark;givingfullplaytotheplatformadvantagesoflistedcompanies,activelycarryingoutmarketvaluemanagement,andbuildingthe
listedcompanyimageofbeingactive,positiveandresponsible;implementingelitetalentprogram,cultivatingandintroducingtoacceleratethebackbonetalentsandcoretalentscultivationprocess,formingbackbonetalentsfoundationforleapingdevelopmentandtransformationdevelopmentoftheGroupassoonaspossible;continuingreinforcingPartyguidanceworkoftheGroup,implementingthePartyCommitteetocontrolthedirectionandthemajorsituationoveralltoensureexecutionandpositioning,promotingtheconstructionofahonestandcleanPartysolidly,consolidatingthecleanandrighteousworkandentrepreneurshipatmosphere,practicallychangingthepoliticaladvantagesintocorecompetitivenessoftheGroupCompanyandhighqualitydevelopmentefficiency,strivingforcompletingvariousobjectivesandtasksof2020thoroughlywithsolidbelief,noblemissionawareness,strongresponsibilityandhighfightingposture,andlayingsolidfoundationfortheblueprintof“the14
th
Five-YearPlan”oftheGroupCompany.Thespecificisasfollowing:
Firstly,theCompanyshallseizetheopportunityandtaketheinitiativetooccupythreeheavily-fortifiedpositions,continuouslyreinforceitsdevelopmentpotentialsandfirmlypromotethegroup’shigh-qualitydevelopment.StrictlyadheringtothefunctionalorientationofestablishingthemainCompanyandtheplatformCompany,theCompanywillaccordinglytaketheinitiativetooccupythreeheavily-fortifiedpositionsinrelationSalesOutstanding,ProjectDevelopmentandCapitalOperation,andflexiblyapplyvariousmarketingmethodstoguaranteethefullcompletionoftheannualsalestarget.TheGroupwillensuretorealizethecollectionobjectiveofRMB2.5billionofsalespaymentin2020,toobtain200,000squaremetersofindustrialparktypelandand200,000squaremetersofresidentiallandreservesuccessfullybymarketizedmeans,andtoactivelyexploremultiplefinancingchannelstoraisefundsforprojectdevelopmentandconstruction.Byoccupyingthreeheavily-fortifiedpositions,theCompany’sdevelopmentpotentialswillbefurtherenhanced.Inaddition,theCompanywillcontinuouslyoptimizeitsbusinessdevelopmentstructure,improveitsbusinessdevelopmentquality,strivetorealizethehigh-qualityfoundation,operationlevelanddevelopmentpotentials,andfirmlydrivetheCompany’shigh-qualitygrowth.Secondly,theCompanywillsparenoefforttoguaranteethefulfillmentofannualbusinesstarget.Basedonthecomprehensivebudget,theCompanywilleffectivelyimplementthebudgetplan,figureoutvariousin-depthpotentialfactorsandformulatetheoperatingbudgetfortheyear2020inascientificandreasonableway,completevariousbudgetobjectives,carryoutstrictassessmentworkandproperlyimplementthesupervisionandinspection.Variousbranchesnotinvolvedintherealestatearerequiredtoincreasetheincomeandreducetheexpenditure,savethecostandimprovetheefficiency,contributingtotheincreaseofoperatingprofitsofthegroup.Constantlystrengthencoordinationandcontrolforgeneralprojectobjective,nodeobjective,progresstimetable,andinvestmentplan,withthekeyonfinedecorationofTowerAandCofSZPRD-GoldenCollar’sResort,constructioncommencementofPhaseIandIIofGuanlanBangling,makingeffortstocompleteprojectsettingofFuyuanIndustryPark,landreplacementforBaolu,theceilingofPhaseIIofFuchang,andpromotingtheconstructionofPhaseIIofXuzhouandYupinLuanshan.Thirdly,theCompanyshallsticktothedevelopmentstrategyofexternallyexpandingitspropertymanagementbusiness,realizeitslarge-scaleexpansion,enhanceitscorecompetitivenessandexpandthebrandinfluence.Bycontinuouslylearningfromtheleadingenterprisewithinthebench-markingindustry,theCompanywillseekwaysforexpandingitspropertymanagementbusinesstotheoverseasmarket,andfacilitatetheCompanytotransformfromthesupplieroftraditionalpropertymanagementservicestothesupplierofinternationalizedandmodernizedcomprehensivesocialservices.Regardinghigh-endhigh-techindustrialparks,culturaltourism,municipalengineeringandmediumandhigh-endresidencecommunitiesaskeypoints,theCompanywillrealizeitslarge-scaleexpansionbymeansofmergesandacquisitionsandtheestablishmentofindustrialacquisitionfund,emphasizetheimprovementofvariouscompetitiveadvantagesinthefieldofindustrialparks,continuouslyimprovetheserviceinnovationability,formtheuniquebrandinfluenceandcorecompetitiveness,enhancetheintroductionandtrainingofcorepropertymanagementcadresandtalents,andestablishthetalentbaseforitsrapidexpansion.Inthisyear,theCompanyshalltryitsbesttomaketheexpandedpropertymanagementareathroughM&Anolessthan10millionsquaremetersandtheself-developedareanolessthan1millionsquaremeters.Fourthly,theCompanywillinsistonthecomprehensivedeepeningofthereform,furtheroptimizethesystem,definethepower-responsibilitysystem,firmlyimplementthesystemandstrengthenthedevelopmentmomentum.TheCompanymustrespectthelawsofthemarket,optimizetherationalallocationofresources,andeffectivelyestablishamechanismforsharing
benefits.Meanwhile,itisrequiredtostrengthenthemarket-orientedmanagementinthebusinessareasofgrouprealestate,propertymanagement,andlong-termrentalapartmentsetc.,improvethedecision-makingefficiencyandlevel,rationallyallocateresourcesaccordingtotherulesofmarketvalue,provideallnecessarysupport,andensuretheunificationof“efficiency,benefitsandeffects”.Atthesametime,theCompanywillfurthersetupmulti-layeredincentiveandrestraintsystemsbasedoncompletingtheGroup’sinternalremunerationreform,andtherealestateprojectinvestmentsystem,fullyintroducetheincrementalsharingmechanism,strengthentheassessment,laythecommonmaterialbenefitsfoundationforallmembers’fulfillmentofcorevaluessuchasConcentricEffort,Co-creationandSharing,andguaranteethelong-term,stableandsustainabledevelopmentoftheGroup.Inthefifthstep,theCompanyshallfocusonthenewmissionforitsdevelopment,continuouslystrengthenitsbasicmanagementability,andhelptheGroupbecomethefirst-classenterpriseinthisindustry.ThefirstistoacceleratetheinformationizationprocessoftheGroup,andpullthecomprehensivesystemconstructionofOAintegrationofthewholeGroup,onlineoperationofinternalbidinvitationandpurchaseoftheGroupandfinancialEAS;thesecondistoadapttothenewsituation,properlyoptimizescontrolframeworkandprocessdesignoftheGroup,andcompletetheresponsibilityandrightdivisionsystemoftheGroupwithsubordinatedenterprises;thethirdistocompletebrandconstructionoftheGroupandre-sortingworkofenterpriseculture,andformthebrandstrategyandculturerecognitionofuppertolowerconsistencyandplatesynergy;theforthistosteadilypromotestandardizationconstructionofproductandserviceoftheGroup,establishR&DcenteroftheGroupandreservefundsystemofR&D,constructscientificandtechnologicalsystemoftheGroup,andgraduallyenhancescientificandtechnologicalinnovationabilityoftheGroupandimprovethecontributionofscientificandtechnologicalinnovationindevelopmentoftheGroup;thefifthissetupspecialorganizationofurbanrenewalatGroupleveltobespeciallyinchargeofearlystageworkofurbanrenewal,studyactivationanddevelopmentsolutionofstocklandandhouseproperty,andownershipconfirmationoflandandhouseproperty.Thesixthistofurthercompletethegoverningoflistedcompanyandstrengthentheconstructionofboardofdirectorsandsupervisorycommittee.StartandcompletetheamendmentworkofarticlesofassociationoftheGroup,overallimplementandimbedthelatestsupervisionrequirementsofstateownedassets,specifytheoperationmodeof“blankbelt”ofsupervisionandauthorization,maketheboardofdirectorsmorepracticalandstrongerandenlargetheauthorizationofoperationteam,andpracticallyimprovethesupervisors’abilitytoperformdutiesandcommunicationandcoordinationwithboardofsupervisorsbeforemajordecisionmakingpractically.TheseventhistobeguidedbytheParty,andtofullyexerttheleadingfunctionofthePartyorganization”.TheGroupwillthoroughlypromotethefrontsquareconstructionofInternationalTradeCenterBuildingandexhibitionhallofreformandopeninguponthe42
th
floor,andopentherevolvingrestaurantonthe49thfloor,completelymanifesttheprofoundhistoryoftheGroup,rebuildtheGroupbrandqualityimageof“goingaheadandreforming”.TheGroupwillpracticallystrengthentointegratethePartyguidancewithbusiness,cultivatehealthyworkstyleandmorality,growpositiveenergy,fosterinnovativeatmosphere,createnewpatternofoperationanddevelopment,andeffectivelyexertthePartyCommitteeoftheenterprise’sroleincontrollingdirections,graspingtheoverallsituationandensuringimplementation.TheGroupwillpromotetheconstructionofacleanandhonestParty,enhancetheconstructionofanti-corruptionmanagementsystem,givefullplaytothesharpweaponfunctionofdisciplineconstructionintreatingbothprincipalandsecondaryproblems,completebrandconstructionoftheGroupoverallandre-sortingworkofenterpriseculture,andformthebrandstrategyandculturerecognitionofuppertolowerconsistencyandplatesynergism.Theeighthistoenhanceriskcontrolandsticktosafeproductionbottomlinefirmly.TheGroupwillstrictlyimplementthedeploymentofsafeproductionoftopunits,constantlypromotestandardizationofsafeproductionandtheconstructionof“doublepreventionmechanism,carryoutlistmanagementforriskofkeyfieldsandimportantlinks,andstriveforimprovingtheabilityof“accidentprevention”and“emergencyhandling”.TheGroupwillconstantlyfollowuplitigationcases,contractreview,riskremovalandotherwork,strengthenfollow-upandimplementationofmajorriskmomentum.TheGroupwillenhancesupervisionforpetitionletterandvisits,andstabilitymaintenanceandinvestigationonhiddenproblems,andreinforcetohandlelefthistoricalproblems,solvepetitionletterandvisitsproblemsappropriately,andmakesurethatnosafeproductionaccidenthappensinthewholeyear,andmakethesituationstableandcontrollable.(IV)AnalysisoftheCompany’sPossibleRisks
1.Market-relatedRisksAffectedbyfactorssuchasSino-UStradefriction,financialde-leveragingandindustrialupgradingandtransformation,in2019,China’seconomysufferedincreasingdownturnpressure,whichmaycauseadeclineintheeffectivedemandandexertadverseinfluenceontheCompany’scontinuingoperation.Atpresent,therealestatemarkethasreacheditslaterperiodofadjustmentandcontrol.Indespiteofadownturn,undertheguideofthepolicy“Housesareforlivingin,notforspeculatingon”,theadjustmentmadetotherealestatemarketisstillstrictlycontrolled.Fromtheperspectiveofdemand,therealestatesalesstilldeclinedin2019;fromtheperspectiveofsupply,therealestatefinancingfromvariouschannelswasrelativelydifficultandthesalespaymentreturnedcontinuouslydropped.Itisestimatedthatthepressureonthefundendwouldcontinuetoincrease.TheCompanyhasmadegreatefforttoprobedeeplyintovariousopportunitiesandchallengesposedbythemacro-economictrendandpolicies,positivelyrealizeastrategicbreakthroughandputforwardthedevelopmentvisionof“China’sFirstSmartTechnologyParkEcologicalChainComprehensiveOperatorTopingtheWorld”inordertofollowthesignificanttrendoftherealestatemarketevolvingfromtheageofincrementtotheageofstockandfirmlyhangontothecorelinkofstockassetsvaluemanagementandindustrialecologicaloperationservice.Inaddition,whilestrengtheningthetraditionalmainstreambusiness,theCompanywillalsoexpanditspropertybusinessandacceleratethelayoutofhouserentingbusinessaswellasimplementdiversifieddevelopmentstrategysoastogainvariousopportunitiesforitsfuturesustainabledevelopment.
2.LandReserveRiskAsamatteroffact,theCompanystilllacksenoughlandreservesanddevelopmentpoweratlaterstages.Inrecentyears,thesupplyofresidentiallandonShenzhenMarkethascontinuouslydeclined.Asthepriceofeachsingleplotincreasesyearafteryear,variouslarge-scalerealestateenterpriseshaveenlargedtheirmarketsharesandacceleratedtheirM&Apace.Whiletherealestateindustryiscentralizing,thedegreeofcentralizationofthelandreservescalehasalsobeenenhanced.Astheexternalenvironmentandtheindustry’strendbecomemuchmorecomplicatedandsevere,theincrementmarketscalewillfurthershrinkandthemarketcompetitionwillbecomeincreasinglyfierce.Impactedbyvariousfactorsincludingtherefinedregulatorypolicies,thefiercerindustrialcompetitionandinsufficientresources,theCompanywilldeepenitsinternalreform,reinforcethemarketmanagementandmakespecialefforttoimprovethebusinessdevelopmentmodeandinternalmanagementmeasures.Externalcooperationinvariousformswillalsobedevelopedinlinewithcorrespondingurbanrenewalpoliciesandthecity’sdevelopmentplanning.Exceptforthelandbid,auctionandlisting,diversifiedlandpurchasepoliciesobtainedbymeansofcooperation,acquisitionandstrategicoperationwillbeappliedtoobtainvariouslands.
3.FinancingRiskIn2019,anewroundofrealestatefinancingwastightenedandvariousmeasuresweretakentoreorganizetherealestatetrustfinancing.Currently,variousmeansoffinancinghavebeenunderstrictsupervision,includingthebankloan,trust,bondandprivateequityetc.Variousrealestatefinancingpolicieshavebecomeunprecedentedlystringent.Intheprocessofactivelyincreasinglandreservesandacceleratingthebusinessdevelopment,theCompanyneedstoinvestalargeamountoffundsforlandacquisitionandprojectdevelopment.Inadditiontoitsownfunds,theCompany’sprojectdevelopmentfundsneedtobeexternallyfinancedthroughbankloansandissuingsecurities.Ifthecountry’smacroeconomicsituation,creditpolicyandcapitalmarketundergoultra-expectedmajorchangesoradjustments,itmayleadtorestrictionsontheCompany’sfinancingortheCompany’sfinancingcosts,whichwilladverselyaffecttheCompany’sproductionandoperation.Currently,theCompanyhassteadyfinancialsituation,sufficientcashflowandgoodcreditcondition,andwillfurtherstrictlycontrolfinancialrisks,activelyexplorevariousfinancingchannelssoastoraisefundsforprojectdevelopmentinthefuture.TheabovebusinessplanandbusinessobjectivesdonotrepresentthelistedCompany’sprofitforecastfor2020.Whetheritcanbeachieveddependsonvariousfactorsincludingchangesinmarketconditionsandtheeffortmadebythemanagementteam.Investorsmustpayspecialattentiontothatbecausethereexistshugeuncertainty.
XCommunicationswiththeInvestmentCommunitysuchasResearches,InquiriesandInterviews
1.DuringtheReportingPeriod
√Applicable□Notapplicable
| Date | Wayofcommunication | Typeofcommunicationparty | Indextomaininformationcommunicated |
| 22February2019 | Byphone | Individual | InquiredofstockpricesandbusinessdevelopmentoftheCompany |
| 27February2019 | Byphone | Individual | InquiredofstockpricesoftheCompanyandBanglingProjectandQianhaiProject |
| 5March2019 | Byphone | Individual | InquiredoftheacquisitionprogressofTKProperty |
| 8March2019 | Byphone | Individual | InquiredofprojectprogressoftheCompany |
| 14March2019 | Byphone | Individual | InquiredofstockpricesandbusinessdevelopmentoftheCompany |
| 25March2019 | Byphone | Individual | InquiredoftheacquisitionprogressofTKProperty |
| 4April2019 | EasyInteractionPlatformofShenzhenStockExchange | Individual | InquiredoflandreserveoftheCompany |
| 17April2019 | Byphone | Individual | InquiredofperformanceandstockpricesoftheCompany |
| 18April2019 | EasyInteractionPlatformofShenzhenStockExchange | Individual | InquiredofGoldenCollar’sResortProject |
| 29April2019 | Byphone | Individual | InquiredofstockpricesoftheCompany |
| 9May2019 | EasyInteractionPlatformofShenzhenStockExchange | Individual | InquiredofprogressofShouxihuSci-TechInnovativeEcologicalPark |
| 9May2019 | EasyInteractionPlatformofShenzhenStockExchange | Individual | InquiredofprogressoftheSpecialPilotAreaofShenzhen-BamaHealthCooperationProject |
| 9May2019 | EasyInteractionPlatformofShenzhenStockExchange | Individual | InquiredoftheCompany’smarketvaluemanagement |
| 17June2019 | EasyInteractionPlatformofShenzhenStockExchange | Individual | InquiredofprogressofGoldenCollar’sResortProject |
| 23June2019 | EasyInteractionPlatformofShenzhenStockExchange | Individual | InquiredofsalesofGoldenCollar’sResortProject |
| 27June2019 | Byphone | Individual | InquiredoftheannualreportandprojectconstructionoftheCompany |
| 2July2019 | EasyInteractionPlatformofShenzhenStockExchange | Individual | InquiredofdisclosureoftheCompany’sinterimreport |
| 6July2019 | EasyInteractionPlatformofShenzhenStockExchange | Individual | InquiredofbusinessdevelopmentoftheCompany |
| 8July2019 | EasyInteractionPlatformofShenzhenStockExchange | Individual | InquiredofpropertymanagementofGoldenCollarProject |
| 8July2019 | EasyInteractionPlatformofShenzhenStockExchange | Individual | InquiredoftheCompany’sperformanceinthefirsthalfoftheyear |
| 9July2019 | Byphone | Individual | InquiredofbusinessprogressoftheCompany |
| 9July2019 | EasyInteractionPlatformofShenzhenStockExchange | Individual | InquiredofGoldenCollarProject’spropertymarketvalue |
| 11July2019 | EasyInteractionPlatformofShenzhenStockExchange | Individual | InquiredofGoldenCollarProject |
| 11July2019 | EasyInteractionPlatformofShenzhenStockExchange | Individual | InquiredofcommercialbuildingssellingoftheCompany |
| 13July2019 | EasyInteractionPlatformofShenzhenStockExchange | Individual | InquiredofFuchangIIProject |
| 15July2019 | Byphone | Individual | InquiredofprojectconstructionprogressandfinancialconditionoftheCompany |
| 17July2019 | EasyInteractionPlatformofShenzhenStockExchange | Individual | InquiredofcommercialbuildingssellingoftheCompany |
| 19July2019 | EasyInteractionPlatformofShenzhenStockExchange | Individual | Inquiredofthedesterilizationofrestrictedshares |
| 23August2019 | EasyInteractionPlatformofShenzhenStockExchange | Individual | InquiredofnumberoftheCompany’sshareholders |
| 11September2019 | EasyInteractionPlatformofShenzhenStockExchange | Individual | InquiredofshareholdersoftheCompany |
| 12September2019 | Byphone | Individual | InquiredofB-sharesrepurchasebytheCompanyandacquisitionofTKProperty |
| 19September2019 | EasyInteractionPlatformofShenzhenStockExchange | Individual | InquiredofshareholdersoftheCompany |
| 9October2019 | EasyInteractionPlatformofShenzhenStockExchange | Individual | InquiredoftheCompany’sinternalcontrolsystem |
| 13November2019 | Byphone | Individual | InquiredofthereasonsforfallingstockpricesoftheCompany |
| 13November2019 | EasyInteractionPlatformofShenzhenStockExchange | Individual | InquiredofnumberoftheCompany’sshareholders |
| 14November2019 | Byphone | Individual | InquiredofthereasonsforfallingstockpricesoftheCompany | |
| 21November2019 | EasyInteractionPlatformofShenzhenStockExchange | Individual | InquiredoftheacquisitionprogressofTKProperty | |
| 6December2019 | EasyInteractionPlatformofShenzhenStockExchange | Individual | InquiredoftheCompany’spropertyassets | |
| 16December2019 | Byphone | Individual | InquiredofthereasonsforsharetransfertoChinaOrientAssetManagementCo.,Ltd.byShenzhenInvestmentHoldingsCo.,Ltd. | |
| 20December2019 | Byphone | Individual | InquiredofthereasonsforfallingstockpricesoftheCompany | |
| 24December2019 | Byphone | Individual | InquiredofperformanceandprojectconstructionoftheCompany | |
| Timesofcommunications | 41 | |||
| Numberofinstitutionscommunicatedwith | 0 | |||
| Numberofindividualscommunicatedwith | 41 | |||
| Numberofothercommunicationparties | 0 | |||
| Tip-offsorleakagesofsubstantialsupposedly-confidentialinformationduringcommunications | None | |||
PartVSignificantEvents
IProfitDistributionstoOrdinaryShareholders(intheFormofCashand/orStock)
Howtheprofitdistributionpolicy,especiallythecashdividendpolicy,forordinaryshareholderswasformulated,executedorrevisedintheReportingPeriod:
□Applicable√NotapplicableTheprofitdistributionstoordinaryshareholders,eitherintheformofcashorstock,inthepastthreeyears(includingtheReportingPeriod)aresummarizedasfollows:
| Year | Profitdistributions(intheformofcashorstock) |
| 2019 | AcashdividendofRMB3.60(taxincluded)per10sharesandnosharecapitalincreasefromcapitalreserve |
| 2018 | AcashdividendofRMB3.00(taxincluded)per10sharesandnosharecapitalincreasefromcapitalreserve |
| 2017 | AcashdividendofRMB3.00(taxincluded)per10sharesandnosharecapitalincreasefromcapitalreserve |
Cashdividendforordinaryshareholdersinthepastthreeyears(includingtheReportingPeriod):
Unit:RMB
| Year | Cashdividends(taxinclusive)(A) | Netprofitattributabletoordinaryshareholdersofthelistedcompanyinconsolidatedstatementsfortheyear(B) | Aas%ofB(%) | Cashdividendsinotherforms(suchassharerepurchase)(C) | Cas%ofB(%) | Totalcashdividends(includingthoseinotherforms)(D) | Das%ofB(%) |
| 2019 | 214,552,473.12 | 817,805,780.12 | 26.24% | 214,552,473.12 | 26.24% | ||
| 2018 | 178,793,727.60 | 698,050,728.96 | 25.61% | 178,793,727.60 | 25.61% | ||
| 2017 | 178,793,727.60 | 663,742,776.33 | 26.94% | 178,793,727.60 | 26.94% |
IndicatebytickmarkwhethertheCompanyfailstoputforwardacashdividendproposalfortheordinaryshareholdersdespitethefactsthattheCompanyhasmadeprofitsintheReportingPeriodandtheprofitsoftheCompanyastheparentdistributabletotheordinaryshareholdersarepositive.
□Applicable√Notapplicable
IIFinalDividendPlanfortheReportingPeriod
√Applicable□Notapplicable
| Bonussharesforevery10shares(share) | 0 |
| Dividendforevery10shares(RMB)(taxinclusive) | 3.60 |
| Additionalsharestobeconvertedfromcapitalreserveforevery10shares(share) | 0 |
| Totalsharesasthebasisfortheprofitdistributionproposal(share) | 595,979,092.00 |
| Cashdividends(RMB)(taxinclusive) | 214,552,473.12 |
| Cashdividendsinotherforms(suchassharerepurchase)(RMB) | 0.00 |
| Totalcashdividends(includingthoseinotherforms)(RMB) | 214,552,473.12 |
| Distributableprofit(RMB) | 1,677,296,289.46 |
| Totalcashdividends(includingthoseinotherforms)as%oftotalprofitdistribution | 100% |
| Cashdividendpolicy | |
| IftheCompanyisinamaturedevelopmentstageandhasnoplansforanysignificantexpenditure,inprofitallocation,theratioofcashdividendsintheprofitallocationshallbe80%orabove. | |
| Detailsabouttheproposalforprofitdistributionandconvertingcapitalreserveintosharecapital | |
| AccordingtotheCompany’sArticlesofAssociationaswellastheactualsituationofitsdevelopmentandoperation,theproposaloftheCompanyfor2019annualprofitdistributionisasfollows:Basedonthetotal595,979,092sharesoftheCompanyasat31December2019,acashdividendofRMB3.60(taxincluded)willbedistributedtoallitsshareholdersforevery10sharestheyhold,withthetotalcashdividendstobedistributedamountingtoRMB214,552,473.12.Andtheretainedprofitswillbecarriedoverfordistributioninthefuture.Nocapitalreserveswillbeturnedintosharecapitalfor2019. | |
IIIFulfillmentofCommitments
1.CommitmentsoftheCompany’sActualController,Shareholders,RelatedPartiesandAcquirers,aswellastheCompanyItselfandotherEntitiesFulfilledintheReportingPeriodorOngoingatthePeriod-end
√Applicable□Notapplicable
| Commitment | Promisor | Typeofcommitment | Detailsofcommitment | Dateofcommitmentmaking | Termofcommitment | Fulfillment |
| Commitmentsmadeinacquisitiondocumentsorshareholdingalterationdocuments | ShenzhenInvestmentHoldingsCo.,Ltd. | Commitmentsonhorizontalcompetition,related-partytransactionsandcapitaloccupation | Wholly-ownedsubsidiaryShenzhenExpanderandsubsidiaryholdingSPGofShenzhenInvestmentHoldingsdealwithrealestateoperationandcommercialhousesales,whichbelongtothesameindustryoftheListedCompany,andhashorizontalcompetitionwiththeListedCompany.Toavoidhorizontalcompetition,ShenzhenInvestmentHoldingsmakethefollowingcommitments1. | 6September2018 | Threeyears | Normalperformance |
| ShenzhenInvestmentHoldingsCo.,Ltd. | Commitmentsonhorizontalcompetition,related-partytransactionsandcapitaloccupation | ToreduceandstandardizerelatedtransactionswiththeListedCompany,ShenzhenInvestmentHoldingsmakesthefollowingcommitments2. | 6September2018 | Long-term | Normalperformance | |
| Othercommitmentsmadetominorityshareholders | ShenzhenInvestmentHoldingsCo.,Ltd. | Performancecommitmentandcompensationarrangement | ShenzhenInvestmentHoldingssighedequitytransfercontracton100%equitytransferofTKPropertywiththeCompany,andthecontractstipulatedrelevantcommitmentsonperformance3. | 23September2019 | Threeyears | Normalperformance |
| Fulfilledontime | Yes | |||||
Note1:Wholly-ownedsubsidiaryShenzhenExpanderandsubsidiaryholdingSPGofShenzhenInvestmentHoldingsdealwithrealestateoperationandcommercialhousesales,whichbelongtothesameindustryoftheListedCompany,andhashorizontalcompetitionwiththeListedCompany.Toavoidhorizontalcompetition,ShenzhenInvestmentHoldingsmakethefollowingcommitments:1.OnthehorizontalcompetitionsolutionofShenzhenExpander:astheholdingshareholderoftheListedCompany,duringthelistingperiodatShenzhenStockExchangeoftheListedCompany,asforthecurrentbusinessofShenzhenExpanderwhichhashorizontalcompetitionwiththeListedCompany,withinthescopepermittedbylawandregulation,within12monthsfromtheequityofSZPRDbeingtransferredtoShenzhenInvestmentHoldings,ShenzhenInvestmentHoldingswillstartthesolutionwithpracticaloperabilityamongbelowhorizontalcompetitionsolutiontimelyandcompleteimplementationofthesolutionwithin3yearsfromthedatethattheequityofSZPRDistransferredtoShenzhenInvestmentHoldingstosolvecurrenthorizontalcompetitionproblems:(1)ShenzhenExpandersignsassetcustodyagreementwiththeListedCompany,entruststheassetswhichhasdirectcompetitionwiththeListedCompanytotheListedCompany,confirmsfaircustodianfeeatthesametime,andtakeseffectivemeasurestosolvehorizontalcompetitionwithincommitmentperiod;(2)InjectassetswithdirectcompetitionwiththeListedCompanyintotheListedCompany;(3)TransferassetswithdirectcompetitionwiththeListedCompanytounrelatedthirdparty;(4)othermeasureswhichcansolvehorizontalcompetitioneffectivelyandisfavorableforprotectingtheinterestoftheListedCompanyandlegalinterestsofothershareholders.Beforesolvingcurrenthorizontalcompetition,whilecompany,enterprise,economicorganization(notincludingenterprisescontrolledbytheListedCompany,hereinafterreferredtoassubordinatedCompanies)whichtheListedCompanyandShenzhenInvestmentHoldingsholdcontrollingsharesorcontrolsactuallyhavebusiness,incasetheinvolveddispute,etc.havemajorinfluenceonthebusiness,ShenzhenInvestmentHoldingsshouldkeepneutralasacontrollingshareholdertoensurethattheListedCompanyandsubordinatedCompaniescantakepartinmarketcompetitionontheprincipleof
faircompetition.2.HorizontalcompetitionsolutionofSPG:From14September2016tonow,SPGhashadstocksuspensionbecauseofmajorassetsreconstruction.AccordingtoReviewOpinionsonDelayingStockResumptionbecauseofMajorAssetsReconstructionofSPGannouncedbyCITICSecuritiesandHuataiSecuritieson26November2016,thereconstructionsolutionisthatSPGplanstoissueAshareand/orusecurrencytopurchase100%equityofEvergrandeGroup(hereinafterreferredtoas“thereconstructionofSPG”).AfterSPGcompletesthisreconstruction,GuangzhouKailongRealEstateCo.,Ltd.willbecomethecontrollingshareholderofSPG.Therefore,incasethereconstructionofSPGcompletessuccessfully,ShenzhenInvestmentHoldingswilllosethecontrolonSPG.Bythen,thehorizontalcompetitionbetweenSPGandSZPRDwillbesolved.IncasethereconstructionofSPGisterminatedforsomereasons,forbusinessofSPGwhichhashorizontalcompetitionwiththeListedCompany,ShenzhenInvestmentHoldings,withinthescopepermittedbylawandregulation,ShenzhenInvestmentHoldingswillstartarationalhorizontalcompetitionsolutionaccordingtoactualsituationatthetimewithin12monthsaftertheterminationofreconstructionofSPGandstockresumptionannouncementdate,andfulfillannouncementobligation,andSPGwillcompletetoimplementthesolutionandsolvethehorizontalcompetitionbetweenSZPRDandSPGwithin3yearsfromthedateSPGterminatesthereconstructionandannouncesstockresumption.3.Othercommitmentstoavoidhorizontalcompetition:asthecontrollingshareholderoftheListedCompanyandduringthelistingperiodoftheListedCompanyatShenzhenStockExchange,othersubordinatedCompaniesofShenzhenInvestmentHoldingswillnotengageinrelevantbusinesswhichhasdirecthorizontalbusinesscompetitionwiththeListedCompanyinnewbusinessfieldsexceptforinthebusinessfieldwhereitalreadyhashadhorizontalcompetitionwiththeListedCompany.ShenzhenInvestmentHoldingspromisesnottoseekimproperbenefitswiththepositionofcontrollingshareholderoftheListedCompanyanddamagetheinterestoftheListedCompanyanditsshareholders.Incaseofviolatingabovecommitment,ShenzhenInvestmentHoldingsshallundertakecorrespondinglegalliabilities,includingbutnotlimitedtoundertakingcompensationresponsibilitiesforalllossescausedtotheListedCompany.On17October2019,theCompanyreceivedCorrespondenceontheProgressofHorizontalCompetitionSolvingfromcontrollingshareholderShenzhenInvestmentHoldings.Duringthecommitmentperiodofhorizontalcompetitionsolving,ShenzhenInvestmentHoldingsactivelyfulfilleditsrelevantcommitments,withthedetailsasthefollowing:1.ShenzhenInvestmentHoldingsissortingouttherelevantassetsandbusinessofShenzhenExpander,andstudyingtoformulatethesolutionofhorizontalcompetition.DuetothelonghistoryofShenzhenExpanderandthecomplicatedassetstate,relevantsolutionneedstobefurtheranalyzedanddemonstrated.ShenzhenInvestmentHoldingswillactivepromoterelevantwork,strivesforsolvecompetitionproblemwithincommitmentperiod.2.ThereconstructionofSPGwithEvergrandeGroupisintheprocess,ShenzhenInvestmentHoldingswillstartarationalhorizontalcompetitionsolvingsolutionaccordingtoongoingsituationofreconstructionandannouncetimely.3.Withinthecommitmentperiod,ShenzhenInvestmentHoldingswillnotengageinrelevantbusinesswhichhasdirecthorizontalbusinesscompetitionwithSZDRPinnewbusinessfieldsexceptforinthebusinessfieldwhereitalreadyhashadhorizontalcompetitionwithSZDRP.ShenzhenInvestmentHoldingsdoesnotseekimproperbenefitswiththepositionofcontrollingshareholderofSZPRDanddamagetheinterestoftheListedCompanyanditsshareholders.Note2:ToreduceandstandardizerelatedtransactionswiththeListedCompany,ascontrollingshareholderoftheListedcompanyandduringthelistingperiodoftheListedCompanyatShenzhenExchangeStock,ShenzhenInvestmentHoldingspromises:1.ShenzhenInvestmentHoldingsanditscontrollingoractuallycontrolledcompanies,enterprises,economicorganizations(notincludingenterprisescontrolledbytheListedCompany,hereinafterreferredtoasthe“subordinatedcompanies”)willstrictlyexercisetherightsofshareholdersaccordingtoprovisionsoflaws,regulations,andothernormativedocuments,andfulfilltheobligationsofshareholders,andkeeptheindependenceoftheListedCompanyinassets,finance,employees,businessandagency,etc.2.ShenzhenInvestmentHoldingspromisesnottouseitspositionofcontrollingshareholdertopromoteboardofshareholdersorboardofdirectorstomakeresolutionswhichmaydamagethelegalinterestoftheListedCompanyorothershareholders;3.ShenzhenInvestmentHoldingsanditssubordinatedcompanieswilltrytheirbesttoavoidhavingrelatedtransactionswiththeListedCompany.IncasethetransactionwiththeListedCompanyisinevitable,ShenzhenInvestmentHoldingsanditssubordinatedcompanieswillhavetransactionwiththeListedCompanyonthebasisofequalityandfreewill,accordingtofair,rationalandnormalcommercialtransactionconditions,willnotrequireoracceptconditionswhichismorepreferentialthantheListedCompanygivesto
thethirdpartyinanyfairmarkettransactions,andstrictlyfulfillvariousrelatedtransactionswiththeListedCompanywithgoodwill.
4.ShenzhenInvestmentHoldingsanditssubordinatedcompanieswillstrictlyfulfilldecisionmakingproceduresandrelevantinformationdisclosureobligationsofrelatedtransactionsaccordingtoarticlesofassociationoftheListedCompanyandrelevantlawsandregulations.5.ShenzhenInvestmentHoldingsanditssubordinatedcompanieswillmakesurethattheywillnotseekspecialinterestsbeyondabovestipulationsbyhavingrelatedtransactionswiththeListedCompany,willnotuserelatedtransactionstoillegallytransferfundsandprofitsoftheListedCompanyandtomaliciouslydamagethelegalinterestsoftheListedCompanyanditsshareholders.6.AsforcurrentrelatedtransactionwiththeListedCompany,withinthescopepermittedbylawsandregulations,ShenzhenInvestmentHoldingspromisestoconfirmrationalrelatedtransactionsolutionwithin12monthsaftertheCompanysharesaretransferredtoShenzhenInvestmentHoldings,andcompletetoimplementthesolutionwithin5yearsaftertheCompanysharesaretransferredtoShenzhenInvestmentHoldings,tosolvesuchrelatedtransactionscompletely.Thespecificformsinclude:(1)Aftercurrentrelatedtransactioncontractexpires,itwillnotberenewed.IncasecontractrenewalisnecessaryaccordingtotheoperationneedsoftheListedCompany,itwillfulfillrelevantdecisionmakingproceduresstrictlyaccordingtoproceduresofrelatedtransactions.(2)Underthepreconditionofpossiblerealization,terminatecontractwhichisbeingfulfilled,andadoptmarketizedandopenbidinvitation,etc.,inquireagainonserviceitemsinvolvedinsuchrelatedtransactionstoconfirmappropriateserviceprovider.Incaserelatedtransactionisinvolved,itshouldfulfillrelevantdecisionmakingproceduresaccordingtorelatedtransactionprocedures.(3)Incasethereispossibilityofpricere-negotiationintherelatedtransactioncontractwhichisbeingfulfilled,conductpricenegotiationagain,makethecontractamountafterre-pricingconformtomarketpriceandnothigherthantheamountofcontractwhichisbeingfulfilled,andstrictlyfulfillrelevantdecisionmakingproceduresaccordingtorelatedtransactionprocedures.(4)Otherappropriatemeasureswhichcanreduceandfinallyeliminatecurrentrelatedtransactionbutnotnecessary.7.Incaseofviolatingabovecommitments,ShenzhenInvestmentHoldingsshallundertakecorrespondinglegalliabilities,includingbutnotlimitedtoundertakingcompensationliabilityforallthelossescausedtotheListedCompany.Note3:ShenzhenInvestmentHoldingssighedequitytransfercontracton100%equitytransferofTKPropertywiththeCompany,andthecontractstipulated:1.ShenzhenInvestmentHoldingspromisesthatthecumulativenetprofits(netprofitafterdeductingextraordinaryitems)ofTKPropertyfrom2019to2021willnotbelessthan18%oftheequitytransferpaymentamountofthistransaction,i.e.three-yearcumulativenetprofits≥equitytransferpayment*18%.TheabovenetprofitsaresubjecttotheamountwhichisconfirmedbyauditedfinancialreportofTKProperty.2.Incasethree-yearcumulativeprofitsofTKPropertyfailstoreachabovepromisedamount,TPPropertyshallcompensatetheinsufficientparttotheCompanyinfullamountbycash.Incasethree-yearcumulativeprofits(netprofitafterdeductingextraordinaryitems)ofTKPropertyismorethanthepromisedamount,theCompanywillnotrefund.3.IncaseShenzhenInvestmentHoldingsneedstofulfillperformancecompensationobligation,itshallcompletetheperformancecompensationobligationwithin30daysafterreceivingthecompensationnoticeoftheCompany,andthespecificdeliverymethodwillbeagreedbybothparties.IncaseShenzhenInvestmentHoldingsdelaystopaytheperformancecompensation,itshallpayliquidateddamagesof3/10000ofunpaidamountforeachdaydelay.Incaseoffailingtopayformorethan90days,thenCompanyhastherighttocancelthecontract.
2.WheretherehadbeenanearningsforecastforanassetorprojectandtheReportingPeriodwasstillwithintheforecastperiod,explainwhytheforecasthasbeenreachedfortheReportingPeriod.
□Applicable√Notapplicable
IVOccupationoftheCompany’sCapitalbytheControllingShareholderorItsRelatedPartiesforNon-OperatingPurposes
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.
VExplanationsGivenbytheBoardofDirectors,theSupervisoryBoardandtheIndependentDirectors(ifany)RegardingtheIndependentAuditor's“ModifiedOpinion”ontheFinancialStatementsoftheReportingPeriod
□Applicable√Notapplicable
VIYoYChangestoAccountingPolicies,EstimatesandMethods
√Applicable□NotapplicableChangestomainaccountingpolicies:
1.TheCompanyprepared2019FinancialStatementsinaccordancewiththeNoticeonRevisingandPrintingtheFormatof2019GeneralEnterprisesFinancialStatement(CK[2019]No.6),theNoticeonRevisingandPrintingtheFormatofConsolidatedFinancialStatements(2019)(CK[2019]No.16)issuedbytheMinistryofFinanceandtherequirementsoftheAccountingStandardsforBusinessEnterprises.Retroactiveadjustmentwasadoptedforthechangesintheaccountingpolicy.Thesignificantlyaffecteditemsandamountsin2018FinancialStatementsareasfollows:
| Itemandamountinoriginalfinancialstatement | Itemandamountinnewfinancialstatement | ||
| Notesreceivableandaccountsreceivable | 155,898,006.77 | Notesreceivable | |
| Accountsreceivable | 155,898,006.77 | ||
| Notespayableandaccountspayable | 435,350,850.19 | Notespayable | |
| Accountspayable | 435,350,850.19 | ||
2.TheCompanystartstoimplementtheAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstruments,AccountingStandardsforBusinessEnterprisesNo.23-TransferofFinancialAssets,AccountingStandardsforBusinessEnterprisesNo.24-HedgingandAccountingStandardsforBusinessEnterprisesNo.37-PresentationofFinancialInstruments(hereinafterreferredtoasthenewstandardsgoverningfinancialinstruments)revisedbytheMinistryofFinance.Asrequiredbytheconnectionregulationfortheoldandnewstandards,theinformationofcomparativeperiodwasnotadjusted,andthebeginningretainedearningsorothercomprehensiveincomeoftheReportingPeriodshallberetroactivelyadjustedforthedifferencebetweentheoriginalstandardsandthenewonewhenimplementedonthefirstexecutiondate.Formoredetails,pleaserefertotheNoteVChangestoMainAccountingPoliciesandAccountingEstimatesintheCompany’s2019FinancialStatements.
3.TheCompanystartstoimplementtherevisedAccountingStandardsforBusinessEnterpriseNo.7-ExchangeofNon-monetaryAssetssince10June2019andimplementtherevisedAccountingStandardsforBusinessEnterprisesNo.12-DebtRestructuringsince17June2019.Prospectiveapplicationmethodwillbeadoptedtotreatthischangetoaccountingpolicies.
VIIRetrospectiveRestatementsduetoCorrectionofMaterialAccountingErrorsintheReportingPeriod
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.
VIIIYoYChangestotheScopeoftheConsolidatedFinancialStatements
√Applicable□NotapplicableForthedetailedchangestotheCompany’sconsolidatedstatementsoftheReportingPeriod,see“PartXIIFinancialStatements”,
VIII.IXEngagementandDisengagementofIndependentAuditor
Currentindependentauditor:
| Nameofthedomesticindependentauditor | Pan-ChinaCertifiedPublicAccountants(LLP) |
| TheCompany’spaymenttothedomesticindependentauditor(RMB’0,000) | 85 |
| HowmanyconsecutiveyearsthedomesticindependentauditorhasprovidedauditservicefortheCompany | Oneyear |
| Namesofthecertifiedpublicaccountantsfromthedomesticindependentauditorwritingsignaturesontheauditor’sreport | WangHuansen,ChenYan |
| HowmanyconsecutiveyearsthecertifiedpublicaccountantshaveprovidedauditservicefortheCompany | TwoyearsforWangHuansenandoneyearforChenYan |
IndicatebytickmarkwhethertheindependentauditorwaschangedfortheReportingPeriod.
√Yes□NoIndicatebytickmarkwhethertheindependentauditorwaschangedduringtheauditperiod.
□Yes√NoIndicatebytickmarkwhetheranapprovalprocedurewasimplementedforthechangeofindependentauditor.
√Yes□NoFurtherdetailsaboutthechangeofindependentauditor:
ReviewedandapprovedbytheAnnualGeneralMeetingof2018,theCompanyhiredRuihuaCertifiedPublicAccountants(LLP)(hereinafterreferredtoas“RuihuaCPA”)astheCompany’sindependentauditorin2019providingauditservicefortheCompany.RuihuaCPAadheredtotheprincipleofindependentauditinthecourseofpracticing,andreflectedthefinancialstatusoftheCompanyinanobjective,fairandimpartialway,earnestlyfulfilledtheirdueresponsibilities,andeffectivelysafeguardedthelegitimaterightsandinterestsoftheCompanyanditsshareholdersfromaprofessionalperspective.BasedonthedemandofbusinessdevelopmentandfutureauditoftheCompanyandbilateralcommunicationandnegotiation,RuihuaCPAwasnolongertheindependentauditoroftheCompany.TheCompanyheldthe12
thMeetingofthe9
thBoardofDirectorsandthe1stExtraordinaryGeneralMeetingof2020respectivelyon30December2019and15January2020anddeterminedtohirePan-ChinaCertifiedPublicAccountants(LLP)astheauditorforthe2019FinancialStatementsandinternalcontroloftheCompany.Thesaidproposalhasbeenapprovedbothontheboardmeetingandshareholdersmeeting.Independentauditor,financialadvisororsponsorengagedfortheauditofinternalcontrols:
√Applicable□NotapplicableInthisReportingPeriod,theCompanyengagedPan-ChinaCertifiedPublicAccountants(LLP)foritsinternalcontrolauditandpaidaninternalcontrolauditfeeofRMB0.25milliontoitfortheperiod.
XPossibilityofListingSuspensionorTerminationafterDisclosureofthisReport
□Applicable√Notapplicable
XIInsolvencyandReorganization
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.
XIIMajorLegalMatters
√Applicable□Notapplicable
| Generalinformation | Involvedamount(RMB’0,000) | Provision | Progress | Decisionsandeffects | Executionofdecisions | Disclosuredate | Indextodisclosedinformation |
| LitigationmattersindisputesoverenvironmentalpollutionliabilityofFuchangBuildingII | 815.4 | None | SeePartXIIFinancialReport-XIV-2 | SeePartXIIFinancialReport-XIV-2 | SeePartXIIFinancialReport-XIV-2 | ||
| Summaryofothercontractdisputes | 840.62 | Yes | SeePartXIIFinancialReport-XIV-2 | SeePartXIIFinancialReport-XIV-2 | SeePartXIIFinancialReport-XIV-2 |
XIIIPunishmentsandRectifications
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.XIVCreditQualityoftheCompanyaswellasItsControllingShareholderandActualController
□Applicable√Notapplicable
XVEquityIncentivePlans,EmployeeStockOwnershipPlansorOtherIncentiveMeasuresforEmployees
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.
XVIMajorRelated-PartyTransactions
1.ContinuingRelated-PartyTransactions
√Applicable□Notapplicable
| Relatedparty | RelationshipwiththeCompany | Typeoftransaction | Specifictransaction | Pricingprinciple | Transactionprice | Totalvalue(RMB’0,000) | As%oftotalvalueofallsame-typetransactions | Approvedtransactionline(RMB’0,000) | Overtheapprovedlineornot | Methodofsettlement | Obtainablemarketpriceforsame-typetransactions | Disclosuredate | Indextodisclosedinformation |
| ShenzhenBayTechnologyDevelopmentCo.,Ltd. | Wholly-ownedsubsidiaryoftheCompanyastheparent | Related-partytransactionsgoverningsalesofcommodityandprovidingoflabors | Propertymanagementservices | Marketprinciple | Agreementprice | 3,037.18 | 2.54% | N/A | N/A | Cash | 3,037.18 | ||
| ShenzhenHi-TechZoneDevelopmentConstructionCompany | Wholly-ownedsubsidiaryofShenzhenBayTechnologyDevelopmentCo.,Ltd. | Related-partytransactionsgoverningsalesofcommodityandprovidingoflabors | Propertymanagementservices | Marketprinciple | Agreementprice | 142.09 | 0.12% | N/A | N/A | Cash | 142.09 |
| ShenzhenShentouRealEstateDevelopmentCo.,Ltd. | Wholly-ownedsubsidiaryoftheCompanyastheparent | Lease | Office | Marketprinciple | Agreementprice | 37.32 | 0.01% | N/A | N/A | Cash | 37.32 | ||
| ShenzhenShentouRealEstateDevelopmentCo.,Ltd. | Wholly-ownedsubsidiaryoftheCompanyastheparent | Investmentproperty | Entrustedmanagementservicesofhouses | Marketprinciple | Agreementprice | 455.24 | 1.66% | N/A | N/A | Cash | 455.24 | ||
| Total | -- | -- | 3,671.83 | -- | -- | -- | -- | -- | -- | ||||
| Large-amountsalesreturnindetail | N/A | ||||||||||||
| GivetheactualsituationintheReportingPeriod(ifany)whereanestimatehadbeenmadeforthetotalvalueofcontinuingrelated-partytransactionsbytypetooccurintheReportingPeriod | TheCompany’swholly-ownedsubsidiaryTKPropertyhascompletedequitychangeregistrationinNovember2019,relevantestimatedapprovalprocedureisnotapplicable. | ||||||||||||
| Reasonforanysignificantdifferencebetweenthetransactionpriceandthemarketreferenceprice(ifapplicable) | N/A | ||||||||||||
2.Related-PartyTransactionsRegardingPurchaseorSalesofAssetsorEquityInterests
√Applicable□Notapplicable
| Relatedparty | RelationshipwiththeCompany | Typeoftransaction | Specifictransaction | Pricingprinciple | Carryingvalueofthetransferredassets(RMB’0,000) | Assessedvalueofthetransferredassets(RMB’0,000) | Transferprice(RMB’0,000) | Methodofsettlement | Profitorlossofthetransaction(RMB’0,000) | Disclosuredate | Indextodisclosedinformation |
| ShenzhenInvestmentHoldingsCo.,Ltd. | TheCompanyastheparent | Equityinterestsacquisition | EquityinterestsacquisitionofTKProperty | Marketvaluation | 39,614.40 | 105,946.04 | 102,738.25 | Cash | 0 | 21September2019 | AnnouncementonAcquisitionof100%ofEquityInterestsinShenzhenToukongPropertyManagementCo.,Ltd.AndRelate-PartyTransactions(No.:2019-33)onCninfo |
| Reasonsforrelativelylargedifferencebetweenthetransferpriceandthecarryingvalueorassessedvalue(ifany) | N/A | ||||||||||
| InfluenceontheCompany’soperatingresultsandfinancialcondition | RefertoPartXIIFinancialReport-VIIIChangesofConsolidationScopefordetails | ||||||||||
| PerformancerealizationduringtheReportingPeriodwhenrelativetransactionsinvolvedperformancepromise | Theequitytransfercontractagreesthattheaccumulativenetprofit(deductednon-recurringprofitorloss)ofthreeyearsfrom2019to2021ofTKPropertyshallbenotless18%oftheamountpaidfortheequitytransfer.ThenetprofitofTKPropertyfortheReportingPeriodwasRMB114million. | ||||||||||
3.RelatedTransactionsRegardingJointInvestmentsinThirdParties
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.
4.CreditsandLiabilitieswithRelatedParties
√Applicable□NotapplicableIndicatebytickmarkwhethertherewereanycreditsandliabilitieswithrelatedpartiesfornon-operatingpurposes.
√Yes□NoReceivablefromrelatedparties
| Relatedparty | RelationshipwiththeCompany | Reason | Capitaloccupationfornon-operatingpurposes(yes/no) | Beginningbalance(RMB’0,000) | Amountnewlyaddedincurrentperiod(RMB’0,000) | Amountreceivedincurrentperiod(RMB’0,000) | Interestrate | Currentinterest(RMB’0,000) | Endingbalance(RMB’0,000) |
| ShenzhenBayTechnologyDevelopmentCo.,Ltd. | Wholly-ownedsubsidiaryoftheCompanyastheparent | Businesscirculatingfunds | No | 5,406.18 | 7,252.6 | 3,279.75 | 0.00% | 0 | 9,379.03 |
| ShenzhenHi-TechZoneDevelopmentConstructionCompany | Wholly-ownedsubsidiaryofShenzhenBayTechnologyDevelopmentCo.,Ltd. | Businesscirculatingfunds | No | 95.10 | 136.38 | 113.05 | 0.00% | 0 | 118.43 |
| ShenzhenXinhaiHoldingsCo.,Ltd. | TheparentcompanyofthesubsidiaryRongyaoRealEstate’sminorityshareholderXinhaiRongyao | Businesscirculatingfundsbeforeacquisition | No | 105,790 | 50,640 | 0.00% | 0 | 55,150 | |
| ShenzhenXinhaiRongyaoRealEstateDevelopmentCo.,Ltd. | MinorityshareholderofthesubsidiaryRongyaoRealEstate | Businesscirculatingfundsbeforeacquisition | No | 33,207.29 | 160 | 0.00% | 0 | 33,047.29 | |
| ShenzhenWufangPottery&PorcelainIndustrialCo.,Ltd. | 26%equitiesheldbytheCompany | Businesscirculatingfunds | No | 174.73 | 0.00% | 0 | 174.73 | ||
| InfluenceontheCompany’soperatingresultsandfinancialcondition | AllwerewithintheriskscontroloftheCompanyandnotinfluencedtheoperatingresultsandthefinancialconditions. | ||||||||
Liabilitiespayabletorelatedparties
| Relatedparty | RelationwiththeCompany | Formationreason | Beginningbalance(RMB’0,000) | Amountnewlyaddedincurrentperiod(RMB’0,000) | Amountreturnedincurrentperiod(RMB’0,000) | Interestrate | Currentinterest(RMB’0,000) | Endingbalance(RMB’0,000) |
| ShenzhenJifaWarehouseCo.,Ltd. | Jointventure | Intercoursefunds | 2,929.67 | 650 | 3,579.67 | |||
| ShenzhenTian’anInternationalBuildingPropertyManagementCo.,Ltd. | Jointventure | Intercoursefunds | 521.43 | 521.43 | ||||
| InfluenceontheCompany’soperatingresultsandfinancialcondition | AllwerewithintheriskscontroloftheCompanyandnotinfluencedtheoperatingresultsandthefinancialconditions. | |||||||
5.OtherMajorRelated-PartyTransactions
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.XVIIMajorContractsandExecutionthereof
1.Entrustment,ContractingandLeases
(1)Entrustment
√Applicable□NotapplicableDescriptionoftrusteeshipsituation:
1)On20August2018,theCompanysignedEntrustedManagementAgreementwithShenzhenInvestmentHoldings,andagreedthatShenzhenInvestmentHoldingsentruststheCompanytomanageitssolesubsidiary-TKProperty,withtheentrustedmanagementtermfrom20August2018to20January2019,totally6months.Duringtheentrustedmanagementperiod,ShenzhenInvestmentHoldingsentrustedthedailyoperationandmanagementpowerofTKPropertyforourpartytoexercise.ShenzhenInvestmentHoldingscontinuestohavetheownership,rightstoearningsanddisposalrightofTKProperty,andmakedecisionsformajoreventsaccordingtoprovisionsofstateownedassetsupervisionandarticlesofassociationofTKProperty.2）On6November2019,ShenzhenInvestmentHoldingssignedEquityTransferContractofTKPropertywithourparty,ourpartyplanstopurchase100%equityofTKPropertyheldbyShenzhenInvestmentHolding.RegardingtohistoricalproblemsleftinpartlandandpropertiesofTKPropertyandthecomplexityforhandling,ShenzhenInvestmentHoldingsandTKPropertysignedEntrustedOperationandManagementAgreementofStrippedLandandAssetsofTKPropertywithTKProperty,ShenzhenInvestmentHoldings,TKPropertyandourpartyallconfirmedthatitistheconsensusofthreepartiesto“entrustlandandpropertieswhichisstrippedtoShenzhenInvestmentHoldingsinlandandpropertydisposalsolutionofTKPropertytoTKPropertyforoperationandmanagementagainbeforeownershipconfirmationandbeingtransferredtoSZPRDaccordingtopriceevaluation
agreement.RefertoReferenceNo.:2019-33announcement-AnnouncementonPurchasing100%EquityandRelatedTransactionsofTKPropertydisclosedbycninfoon21September2019fordetails.ProjectswhoseprofitsandlossesfortheCompanyreachedmorethan10%ofthetotalprofitsduringtheReportingPeriod:
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.
(2)Contracting
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.
(3)Leases
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.
2.Majorguarantees
√Applicable□Notapplicable
(1)Guarantees
Unit:RMB'0,000
| GuaranteesprovidedbytheCompanyastheparentanditssubsidiariesforexternalparties(exclusiveofthoseforsubsidiaries) | ||||||||
| Obligor | Disclosuredateoftheguaranteelineannouncement | Lineofguarantee | Actualoccurrencedate | Actualguaranteeamount | Typeofguarantee | Termofguarantee | Havingexpiredornot | Guaranteeforarelatedpartyornot |
| GuaranteesprovidedbytheCompanyforitssubsidiaries | ||||||||
| Obligor | Disclosuredateoftheguaranteelineannouncement | Lineofguarantee | Actualoccurrencedate | Actualguaranteeamount | Typeofguarantee | Termofguarantee | Havingexpiredornot | Guaranteeforarelatedpartyornot |
| ShenzhenRongyaoRealEstateDevelopmentCo.,Ltd. | 18October2019 | 500,000 | 27November2019 | 219,300 | Joint-liability | 27November2019to20November2024 | No | Yes |
| ShenzhenHuangchengRealEstateCo.,Ltd. | 29March2018 | 75,000 | 20July2018 | 93.3 | Generalguaranty | 20July2018to20June2021 | No | Yes |
| TotalapprovedlineforsuchguaranteesintheReportingPeriod(B1) | 500,000 | TotalactualamountofsuchguaranteesintheReportingPeriod(B2) | 219,300 | |||||
| TotalapprovedlineforsuchguaranteesattheendoftheReportingPeriod(B3) | 575,000 | TotalactualbalanceofsuchguaranteesattheendoftheReportingPeriod(B4) | 219,393.3 | |||||
| Guaranteesprovidedbetweensubsidiaries | ||||||||
| Obligor | Disclosuredateoftheguaranteelineannouncement | Lineofguarantee | Actualoccurrencedate | Actualguaranteeamount | Typeofguarantee | Termofguarantee | Havingexpiredornot | Guaranteeforarelatedpartyornot |
| Totalguaranteeamount(totalofthethreekindsofguaranteesabove) | ||||||||
| TotalguaranteelineapprovedintheReportingPeriod(A1+B1+C1) | 500,000 | TotalactualguaranteeamountintheReportingPeriod(A2+B2+C2) | 219,300 | |||||
| TotalapprovedguaranteelineattheendoftheReportingPeriod(A3+B3+C3) | 575,000 | TotalactualguaranteebalanceattheendoftheReportingPeriod(A4+B4+C4) | 219,393.3 | |||||
| Totalactualguaranteeamount(A4+B4+C4)as%oftheCompany’snetassets | 69.69% | |||||||
| Ofwhich: | ||||||||
| Balanceofguaranteesprovidedforshareholders,actualcontrollerandtheirrelatedparties(D) | 0 | |||||||
| Balanceofdebtguaranteesprovideddirectlyorindirectlyforobligorswithanover70%debt/assetratio(E) | 219,393.3 | |||||||
| Amountbywhichthetotalguaranteeamountexceeds50%oftheCompany’snetassets(F) | 61,995.85 | |||||||
| Totalofthethreeamountsabove(D+E+F) | 219,393.3 | |||||||
Compoundguarantees:
(2)IrregularitiesinProvisionofGuarantees
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.
3.CashEntrustedtoOtherEntitiesforManagement
(1)CashEntrustedforWealthManagement
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.
(2)EntrustedLoans
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.
4.OtherMajorContracts
√Applicable□Notapplicable
| Nameofcontractingparty | Nameoftheotherpartyofthecontract | Target | Signingdate | Carryingvalueoftheinvolvedassets(RMB’0,000)(ifany) | Assessedvalueoftheinvolvedassets(RMB’0,000)(ifany) | Nameofevaluativeagency(ifany) | Basedateofevaluation(ifany) | Pricingprinciples | Transactionprice(RMB’0,000) | Relatedtransactionsornot | Relatedrelationship | ExecutionasoftheendoftheReportingPeriod | Disclosuredate | Indextodisclosedinformation |
| ShenzhenProperties&ResourcesDevelopment(Group)Ltd. | ShenzhenXinhaiRongyaoRealEstateDevelopmentCo.,Ltd. | 69%ofequityinterestsinShenzhenRongyaoRealEstateDevelopmentCo.,Ltd. | 26February2019 | -26,373.23 | 74,650.4 | ShenzhenPengxinAssets,LandandRealEstateAppraisalCo.,Ltd. | 31July2018 | Asset-basedapproach | 50,800 | No | Notrelated | Hascompletedtheacquisitionofrelatedequityinterests | 11February2019 | AnnouncementontheAcquisitionofEquityInterestsintheTargetCompanyandProvidingGuaranteesforit(No.:2019-6)onCninfo |
| ShenzhenProperties&ResourcesDevelopment(Group)Ltd. | ShenzhenInvestmentHoldingsCo.,Ltd. | 100%ofequityinterestsinShenzhenToukongPropertyManagementCo.,Ltd. | 6November2019 | 39,614.4 | 105,946.05 | Pan-ChinaAppraisalCo.,Ltd. | 31March2019 | Asset-basedapproach | 102,738.25 | Yes | ShenzhenInvestmentHoldingsCo.,Ltd.istheControllingshareholderoftheCompanyandTKProperty | Hascompletedtheacquisitionofrelatedequityinterests | 21September2019 | AnnouncementontheAcquisitionof100%ofEquityInterestsinShenzhenToukongPropertyManagementCo.,Ltd.andRelated-PartyTransactions(No.:2019-33)onCninfo |
XVIIICorporateSocialResponsibility(CSR)
1.MeasuresTakentoFulfillCSRCommitmentSinceitsinception,SZPRDhasbeenadheringtotheconceptofhonesty,responsibilityandwin-wincooperationforthebenefitofsociety.TheCompanyactivelyfulfillsitssocialresponsibilitiesandalwaystakesrepayingthesocietyasanimportantdevelopmentconcept.Itactivelyfulfillsitsstatutorysocialresponsibilitiesandethicalsocialobligations,andunifiestherealizationofeconomicandsocialbenefitstocreateanexcellentcorporateimage.TheCompanycarriedoutthefollowingactivitiestoperformitssocialresponsibilityin2019:
1)ActivelyOrganizeandConducttheVoluntaryBloodDonationActivityInordertocommemoratethe98
th
anniversaryofthefoundingoftheCommunistPartyofChinaandcarryforwardthegoodmoralintegrityofbeinghelpfulandselfless,on1July,thepartycommitteeofShenzhenInternationalTradeCenterPropertyManagementCo.,Ltd.subordinatedtoSZPRDtogetherwiththeJiabeiCommunityStationofNanhuSub-districtinLuohuDistrictandInternationalTradeCenterSub-branchofShenzhenBranchofBankofChinaheldtheactivityof“RedBanner&RedAction”VoluntaryBloodDonation,attractingatotalof132peopletovoluntarilydonatetheirbloodonthedaywiththetotalamountofblooddonation45,700ml.Infact,thenumberofpeopleinvolvingtheblooddonationandthedonatedbloodvolumeallexceededthatinpreviousyears.Since2011,thepartycommitteeofShenzhenInternationalTradeCenterPropertyManagementCo.,Ltd.hasinsistedoncarryingoutthethemeactivityforpublicbenefitsof“RedBanner&RedAction”tocommemoratetheparty’sbirthdayeveryyear,allowingpartymembervolunteerstoplayanexemplaryrole.Fortunately,theactivityhasattractedtheactiveresponsefromtheownersandtenantsofITCBuilding,variouspartyorganizationsinthesouthernbusinessdistrictandJiabeiCommunitystationandpeoplefromallwalksoflife,andbecomeauniquepartybuildingactivityfeaturing“thesecretarycontrolstheactivity,thepartybranchcreatesthebrand,andthepartymembersstriveforbecomingthevanguard”.Thisactivityhasbeenheldforconsecutivenineyears.Intermsofthisactivity,morethan600peoplehavedonatedtheirbloodvoluntarilywiththetotalunpaidblooddonationvolumeexceeding225,000ml.
2)Carefortheemployeesandshouldersocialresponsibilities
OnJanuary10whenthespringfestivalwascoming,tomakegrass-rootemployees,especiallyemployeeswhohasfinancialproblems,haveawarmandharmoniousspringfestival,PartysecretaryandpresidentofSZPRD,LiuShengxiang,deputysecretaryofthePartycommittee,secretaryoftheCommissionforDisciplineInspectionandchairmanofthelaborunion,WeiXiaodong,vicegeneralpresidentZhangGejian,andotherleaderswenttothegrassrootsforvisitandconsolation,broughtconsolationproductsandmoneyforthem,andmadegrass-rootemployeesfeelthewarmthoftheenterprise.OnMay26toenrichtheculturelifeofemployees,displayenterprisecultureofpioneering,innovationandkeepingpacewiththeage,SZPRDheldthefirstcompetitionof“fitnesstest”.Thecompetitioncarriedoutinacompactandorderlyway.Alltheparticipantsgavethebestaccountofoneselfanddisplayedfinesportsmanship,manifestedtheenterprisespiritof“goingaheadandreforming”ofSZPRDpersonnel,andreflectedthegoodteamspiritof“unitingtogetherandmakingeffortstogether”.
OnJuly10topracticethespiritofthe19thNationalCongressoftheCommunistPartyofChina,implementworkassistingmechanismwithintheParty,normalizePartymember’sconsolationactivitiesonmajorfestivals,combiningwiththethemeeducationof“stayingtruetoourfoundingmission”,PartyCommitteeofSZPRDcarriedout“July1”symposiatoconsolePartymemberswhohavedifficulty,andsentcareandwarmthofthePartyorganizationtothem.ToactivelyrespondthecallofmunicipalSASAC,combiningwiththethemeeducationworkarrangementof“stayingtruetoourfoundingmission”,fromAugust8on,directsubordinatedPartyOrganizationofSZPRDcarriedoutmoneydonationonGuangdongPovertyReliefDayof2019onandoff.ByAugust26totallyRMB38,495.50wasraised.SincePartyCommitteeofSZPRDinitializedtocarryoutmoneydonationactivity,eachdirectsubordinatedPartyorganizationactivelypreparedforit,andcalledforPartymembersandcommonpeopleforwideparticipation.Charityfundraisedthistimewillbedonatedtotargetedpovertyalleviationvillage--ShimaVillage,BeilingTown,LongchuanCounty,HeyuanCityaccordingtoacertainratio.TherestfundswillbelistedintopovertyrelieffundoftheGroupforhelpinternalemployeeswhohavedifficulties.
3)Constructrededucationbases,andcarryforwardthespiritofreformandopeningupInMarch,tofullydigthehistoricvalueofITCBuilding,SZPRDstartedtheconstructionpreparationworkofhistoricexhibitioncenterofreformandopeningupinITCBuilding.Afteritsconstruction,itwillboasteducation,study,displayandexchangefunctions,aswellasbecomearededucationbasewhichdisplaysthehistoricvalueofreformandopeningupandspiritsofthetime.Asthebirthplaceof“ShenzhenSpeed”andformerplaceoftalksgivenbyChairmanDengXiaopinginhisinspectiontothesouthin1992,ITCBuildingwinstheattentionandworshipofthewholecountryagain.In2019,totally20batchesoftraineesofthetrainingcourseofthePartySchooloftheCPCMunicipalCommittee,totally2000persons,visitedITCBuilding.SZPRDpowerfullycarriesforwardthespiritofreformandopeningupandmakesthespiritpassdownforever.
4)SocialhonorswonOnMarch8thewinnerslistoffirstIFMAheldbyIFMAChinacameout,and“RenovationProjectofITCBuildingAirConditionerEnergySaving”declaredbysubordinatedITCPropertyManagementofSZPRDwon“BestInnovationAward”.OnJuly3atGrandCeremonyofShenzhenRealEstatein2019aswellasComprehensiveEvaluationBriefingoftheIndustry”heldbySREA,SZPRDwon“BrandValueEnterpriseofShenzhenRealEstateDevelopmentIndustry”and“30-YearVicePresidentUnitSincetheEstablishmentofShenzhen”.OnJuly15ShenzhenPropertyManagementAssociationreleasedRankingAnalysisReportofTop50PropertyManagemententerprisesinComprehensiveCapacityofShenzhenin2018todisclosetop50enterprises,andTKPropertyrankedthe15
th
init,rankingthreeplaceshigherthanin2017.InAugust,theselectionresultof“GuangdongTop500Enterprisesin2019”jointlyheldbyGuangdongProvincialFederationofEnterprisesandGuangdongFederationofEntrepreneurscameout.ThecomprehensivecapacityofSZPRDwonthoroughrecognitionandhighlyevaluation,andwasselectedas“GuanoTop500Enterprisesin2019”,whichisits15
thtimetowinsuchahonor.Theselectionhasbeencarriedoutfor15yearsconsecutively,hasstirredupalotofattentionandbeenattachedmoreimportance,andhasbecometheauthoritativereferenceformeasuringinfluence,scaleandcomprehensivecapacityofanenterprise.InSeptember,ChinaCivilEngineeringSociety,CCES,disclosedtheselectionresultofTien-yowJemeCivilEngineeringPrize,
SZPRD-HupanYujingwon“GoldPrizeofResidentialCommunityofTien-yowJemeCivilEngineeringPrize”,withitsproductqualitywinningtheauthoritativerecognitionoftheindustry.Therewere31residentialcommunitieswinning“GoldPrizeofResidentialCommunityofTien-yowJemeCivilEngineeringPrize”in2019,and14projects(singleexcellence”)werepraised.YangzhouHupanYujingprojectofSZPRDfinallyGoldPrizeofResidentialCommunityafterexperts’comprehensiveevaluationinplanningdesign,architecturaldesign,environmentdesign,engineeringquality,scientificandtechnologicalinnovation.Theprojectteamalwaysremaintruetoquality,emphasizedetails,qualityandbrand,sticktostrivingforperfectionineachlinkofdesign,construction,andmanagement,whichfinallywinsuchahonor.InDecember,ShenzhenPropertyManagementAssociationheldsummaryandcommendationconferenceof2019,ITCPropertyManagementwonthehonorof“EnthusiasticCharityEnterpriseintheIndustryofShenzhenPropertyManagementin2019”.ITCPropertyManagementiskeenonsocialpublicwelfare.In2019,itcarriedoutthemoneydonationactivityof“AlleviatingPovertyandPassingLove”,solvedmedicalequipmentprojectforDapingTownshipHospitalofPugeCounty,LiangshanYiAutonomousPrefecture,Sichuan,displayedthespiritofbeingbravetoshouldersocialresponsibilityandselflessindevotion,andwontherecognitionoftheindustryandthesociety.
2.MeasuresTakenforTargetedPovertyAlleviation
TheCompanydidn’ttakeanytargetedmeasurestohelppeopleliftthemselvesoutofpovertyduringtheReportingPeriod,notargetedpovertyalleviationplantemporarilytoo.
3.IssuesRelatedtoEnvironmentalProtection
IndicatebytickmarkwhethertheCompanyoranyofitssubsidiariesisidentifiedasamajorpolluterbytheenvironmentalprotectionauthorities.No.NosuchcasesintheReportingPeriod.XIXOtherSignificantEvents
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.XXSignificantEventsofSubsidiaries
□Applicable√Notapplicable
PartVIShareChangesandShareholderInformation
I.ShareChanges
1.ShareChanges
Unit:share
| Before | Increase/decreaseintheReportingPeriod(+/-) | After | |||||||
| Shares | Percentage(%) | Newissues | Sharesasdividendconvertedfromprofit | Sharesasdividendconvertedfromcapitalreserves | Other | Subtotal | Shares | Percentage(%) | |
| I.Restrictedshares | 352,511,223 | 59.15% | 0 | 0 | 0 | -350,579,943 | -350,579,943 | 1,931,280 | 0.33% |
| 1.SharesheldbyState | 0 | 0.00% | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% |
| 2.Sharesheldbystate-ownedlegalperson | 350,579,943 | 58.82% | 0 | 0 | 0 | -350,579,943 | -350,579,943 | 0 | 0.00% |
| 3.Sharesheldbyotherdomesticinvestors | 1,931,280 | 0.33% | 0 | 0 | 0 | 0 | 0 | 1,931,280 | 0.33% |
| Amongwhich:Sharesheldbydomesticlegalperson | 1,894,980 | 0.32% | 0 | 0 | 0 | 0 | 0 | 1,894,980 | 0.32% |
| Sharesheldbydomesticnaturalperson | 36,300 | 0.01% | 0 | 0 | 0 | 0 | 0 | 36,300 | 0.01% |
| 4.Sharesheldbyotherforeigninvestors | 0 | 0.00% | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% |
| II.Unrestrictedshares | 243,467,869 | 40.85% | 0 | 0 | 0 | 350,579,943 | 350,579,943 | 594,047,812 | 99.67% |
| 1.RMBcommonshares | 175,862,626 | 29.51% | 0 | 0 | 0 | 350,579,943 | 350,579,943 | 526,442,569 | 88.33% |
| 2.Domesticallylistedforeignshares | 67,605,243 | 11.34% | 0 | 0 | 0 | 0 | 0 | 67,605,243 | 11.34% |
| III.Totalshares | 595,979,092 | 100.00% | 0 | 0 | 0 | 0 | 0 | 595,979,092 | 100.00% |
Reasonsforsharechanges:
√Applicable□NotapplicableAccordingtothesharereformcommitmentofShenzhenInvestmentHoldingsCo.,Ltd.,asof4November2012,sharescanbeunblockedofShenzhenInvestmentHoldingsare350,579,943accountingfor58.82%oftheCompany’stotalsharecapital.During
theReportingPeriod,theCompanycompletedrelatedproceduresregardingthedesterilizationofnon-tradablesharesand350,579,943restrictedsharesheldbyShenzhenInvestmentHoldingshavebeenlistedfortradingon19July2019.Formoreinformation,pleaserefertotheIndicativeAnnouncementontheDesterilizationofNon-TradableShares(No.:2019-23)disclosedbytheCompanyonCninfoon18July2019.Approvalofsharechanges:
√Applicable□NotapplicableAbove-mentioneddesterilizationofnon-tradableshareshasbeenapprovedbyShenzhenStockExchangeandcompletedthechangeregistrationinShenzhenBranchofChinaSecuritiesDepositoryandClearingCorporationLimited.Transferofshareownership:
□Applicable√NotapplicableProgressonanysharerepurchases:
□Applicable√NotapplicableProgressonreducingtherepurchasedsharesbymeansofcentralizedbidding:
□Applicable√NotapplicableEffectsofsharechangesonthebasicanddilutedearningspershare,equitypershareattributabletotheCompany’sordinaryshareholdersandotherfinancialindicatorsoftheprioryearandtheprioraccountingperiod,respectively:
□Applicable√NotapplicableOtherinformationthattheCompanyconsidersnecessaryorisrequiredbythesecuritiesregulatortobedisclosed:
√Applicable□NotapplicableOn16January2020,theshareholderwithrestrictedpublicsharesoftheCompanyHanYihuarepaidtheadvancedsharesforsharereformof3,326totheCompany’scontrollingshareholderShenzhenInvestmentHoldingsandtransferredtheshareownershiptothelatter.Sincethen,theshareholdingofShenzhenInvestmentHoldingsincreasedto380,382,223sharesfrom380,378,897shares.On4March2020,ShenzhenInvestmentHoldingstransferredsomesharesoftheCompanytoChinaOrientAssetManagementCo.,Ltd.（hereinafterreferredtoas“OrientAsset”)bymeansofcontractandcompletedtheownershiptransferregistrationinChinaSecuritiesDepositoryandClearingCorporationLimited.Afterthetransfer,ShenzhenInvestmentHoldingsheld345,412,223sharesoftheCompanywiththeshareholdingdecreasingto57.96%from63.82%butisstillthecontrollingshareholderoftheCompany.OrientAssetholds34,970,000sharesoftheCompanyaccountingfor5.87%oftheCompany’stotalsharecapitalandbecomesthesecondlargestshareholderwithover5%ofsharesintheCompany.Formoredetails,pleaserefertotheAnnouncementonCompletingtheOwnershipTransferofSomeSharesoftheCompanythroughContractbytheControllingShareholder(No.:2020-6)disclosedonCninfoon6March2020bytheCompany.
2.ChangesinRestrictedShares
√Applicable□Notapplicable
Unit:share
| Nameofshareholders | Numberofrestrictedsharesattheperiod-begin | Numberofincreasedrestrictedshares | Numberofreleasedrestrictedshares | Numberofrestrictedsharesattheperiod-end | Reasonforrestriction | Dateofrestrictionrelease |
| ShenzhenInvestmentHoldingsCo.,Ltd. | 350,579,943 | 0 | 350,579,943 | 0 | Sharereformcommitments | 19July2019 |
| Total | 350,579,943 | 0 | 350,579,943 | 0 | -- | -- |
II.IssuanceandListingofSecurities
1.Securities(ExclusiveofPreferredShares)IssuedintheReportingPeriod
□Applicable√Notapplicable
2.ChangestoTotalShares,ShareholderStructureandAssetandLiabilityStructures
□Applicable√Notapplicable
3.ExistingStaff-HeldShares
□Applicable√NotapplicableIIIShareholdersandActualController
1.ShareholdersandTheirShareholdingsatthePeriod-End
Unit:share
| Numberofordinaryshareholders | 40,412 | Numberofordinaryshareholdersatthemonth-endpriortothedisclosureofthisReport | 39,277 | Numberofpreferredshareholderswithresumedvotingrights(ifany)(seenote8) | 0 | Numberofpreferredshareholderswithresumedvotingrightsatthemonth-endpriortothedisclosureofthisReport(ifany)(seenote8) | 0 | ||||||||
| 5%orgreatershareholdersortop10shareholders | |||||||||||||||
| Nameofshareholder | Natureofshareholder | Shareholdingpercentage | Totalsharesheldattheperiod-end | Increase/decreaseintheReportingPeriod | Restrictedsharesheld | Unrestrictedsharesheld | Sharesinpledgeorfrozen | ||||||||
| Status | Shares | ||||||||||||||
| ShenzhenInvestmentHoldingsCo.,Ltd. | State-ownedlegalperson | 63.82% | 380,378,897 | 0 | 0 | 380,378,897 | |||||||||
| ShenzhenDuty-FreeCommodityEnterprisesCo.,Ltd. | Domesticnon-state-ownedlegalperson | 0.29% | 1,730,300 | 0 | 1,730,300 | 0 | |||||||||
| YangYaochu | Domesticnaturalperson | 0.24% | 1,425,020 | 14,400 | 0 | 1,425,020 | |||||||||
| MaiFurong | Domesticnaturalperson | 0.20% | 1,181,500 | 51,000 | 0 | 1,181,500 | |||
| LiJing | Domesticnaturalperson | 0.20% | 1,176,740 | 0 | 0 | 1,176,740 | |||
| DuanShaoteng | Domesticnaturalperson | 0.18% | 1,067,700 | 1,067,700 | 0 | 1,067,700 | |||
| WangHui | Domesticnaturalperson | 0.15% | 900,000 | 152,000 | 0 | 900,000 | |||
| ChenYutang | Domesticnaturalperson | 0.15% | 865,400 | 705,400 | 0 | 865,400 | |||
| ShantouPropertyHexinCo.,Ltd. | Domesticnon-state-ownedlegalperson | 0.14% | 850,000 | 250,000 | 0 | 850,000 | |||
| LiBaorong | Domesticnaturalperson | 0.13% | 800,000 | 400,000 | 0 | 800,000 | |||
| Strategicinvestororgenerallegalpersonbecomingatop-10ordinaryshareholderduetorightsissue(ifany)(seenote3) | N/A | ||||||||
| Relatedoracting-in-concertpartiesamongtheshareholdersabove | Thefirstlargestshareholder,ShenzhenInvestmentHoldingsCo.,Ltd.,istheactualcontrollingshareholderoftheCompany.AndtheCompanydoesnotknowwhethertherearerelatedpartiesoracting-in-concertpartiesamongtheother9shareholders. | ||||||||
| Top10unrestrictedshareholders | |||||||||
| Nameofshareholder | Unrestrictedsharesheldattheperiod-end | Sharesbytype | |||||||
| Type | Shares | ||||||||
| ShenzhenInvestmentHoldingsCo.,Ltd. | 380,378,897 | RMBcommonshare | 380,378,897 | ||||||
| YangYaochu | 1,425,020 | Domesticallylistedforeignshare | 1,425,020 | ||||||
| MaiFurong | 1,181,500 | Domesticallylistedforeignshare | 1,181,500 | ||||||
| LiJing | 1,176,740 | Domesticallylistedforeignshare | 1,176,740 | ||||||
| DuanShaoteng | 1,067,700 | RMBcommonshare | 1,067,700 | ||||||
| WangHui | 900,000 | Domesticallylistedforeignshare | 900,000 | ||||||
| ChenYutang | 865,400 | RMBcommonshare | 865,400 | ||||||
| ShantouPropertyHexinCo.,Ltd. | 850,000 | RMBcommonshare | 850,000 | ||||||
| LiBaorong | 800,000 | RMBcommonshare | 800,000 | |
| HeSimo | 762,650 | Domesticallylistedforeignshare | 762,650 | |
| Relatedoracting-in-concertpartiesamongtop10unrestrictedpublicshareholders,aswellasbetweentop10unrestrictedpublicshareholdersandtop10shareholders | Thefirstlargestshareholder,ShenzhenInvestmentHoldingCorporation,istheactualcontrollingshareholderoftheCompany.AndtheCompanydoesnotknowwhethertherearerelatedpartiesoracting-in-concertpartiesamongtheother9shareholders. | |||
| Top10ordinaryshareholdersinvolvedinsecuritiesmargintrading(ifany)(seenote4) | N/A | |||
Indicatebytickmarkwhetheranyofthetop10ordinaryshareholdersorthetop10unrestrictedordinaryshareholdersoftheCompanyconductedanypromissoryrepoduringtheReportingPeriod.
□Yea√NoNosuchcasesintheReportingPeriod.
2.ControllingShareholderNatureofthecontrollingshareholder:Controlledbyalocalstate-ownedlegalpersonTypeofthecontrollingshareholder:legalperson
| Nameofcontrollingshareholder | Legalrepresentative/personincharge | Dateofestablishment | Unifiedsocialcreditcode | Principalactivity |
| ShenzhenInvestmentHoldingsCo.,Ltd. | WangYongjian | 13October2004 | 914403007675664218 | ToexecuteinvestmentsandM&Aonfinancialequitysuchasbanks,securities,insurance,fundsandguaranteesandpseudo-bankingequity;toengageinthepropertydevelopmentandoperationbusinesswithinthescaleoflegallyacquirethelanduseright;toexecuteinvestmentsandservicesinstrategicemergingindustry;toexecutetheinvestment,operatingandmanagementofthestate-ownedequitiesofthewholly-owned,controllingandstock-participatingenterprisesthroughthemethodssuchastherestructuringintegration,capitaloperationandassetsdisposal;otherbusinessdevelopedwiththeauthorityfromtheMunicipalState-ownedAssetsSupervisionandAdministrationCommission(iftheactivityneedsapprovalasrequiredbystateregulations,itshallnotbeoperateduntilitisapproved). |
| ShareholdingsofthecontrollingshareholderinotherlistedcompaniesathomeorabroadinthisReportingPeriod | ShenzhenTextile(000045)holds234.07millionshares,accountingfor45.96%;SPGA(000029)holds642.88millionshares,accountingfor63.55%;ShenzhenUniverseA(000023)holds12.27millionshares,accountingfor8.85%;Ping’an(601318)holds962.72millionshares,accountingfor5.27%;GuosenSecurities(002736)holds2,749.53millionshares,accountingfor33.53%;GuotaiJun’an(601211)holds609.24millionA-sharesand103.37millionH-shares,totallyaccountingfor8.00%;TellingTelecommunication(000829)holds195.03millionshares,accountingfor18.80%;ShenzhenInternational(00152)holds952.01millionshares,accountingfor44.04%;BeautyStar(002243)holds604.82millionshares,accountingfor51.93%;BayAreaDevelopment(00737)holds2,213.45millionshares,accountingfor71.83%;Infinova(002528)holds315.83millionshares,accountingfor26.35%;EternalAsia(002183)holds388.45millionshares,accountingfor18.30%;ShenzhenEnergy(000027)holds5.64millionshares,accountingfor0.14%;BankofCommunications(601328)holds9.52millionshares,accountingfor0.01%;Techand(300197)holds113.98millionshares,accountingfor4.86%;Vanke(02202)holds77.27millionshares,accountingfor0.68%. |
ChangeofthecontrollingshareholderintheReportingPeriod:
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.
3.ActualControllerandItsActing-in-ConcertPartiesNatureoftheactualcontroller:localinstitutionforstate-ownedassetsmanagementTypeoftheactualcontroller:legalperson
| Nameofactualcontroller | Legalrepresentative/personincharge | Dateofestablishment | Unifiedsocialcreditcode | Principalactivity |
ShenzhenMunicipalState-ownedAssetsSupervisionandAdministrationCommission
YuGang
1July2004
K31728067
(I)Implementingandpracticingstate,provincialandmunicipallawsandregulationsrelatedtomanagementonstate-ownedassets,draftinglocallaws,regulations,andpoliciesaboutmanagementonstate-ownedassets,andorganizingimplementationactivitiesuponapprovals.Intendingtodraftsupervisionsystemsandmethodsaboutoperationalstate-ownedassets,andorganizingimplementationactivities.(II)Onthebasisofauthorizationfrommunicipalgovernment,fulfillingdutiesofinvestorsaccordingtolawsandregulations,andprotectingtherightsandinterestsofinvestorsforstate-ownedassetsaccordingtolaws(III)TakingchargeofParty-buildingworkforenterprisesinitssupervisionandorgansentrusted(IV)Undertakingthesupervisionoverstate-ownedassetsofmunicipalenterprises,strengtheningmanagementonstate-ownedassets,furtherperfectingthemanagementmechanismforstate-ownedassetswiththeunificationofpower,obligation,andduties,aswellasthecombinationofmanagingassets,people,andaffairs(V)Beingresponsibleforhedgingandappreciationofthevalueofstate-ownedassetsofenterprisesinitssupervision,establishingandperfectingtheindexsystemforhedgingandappreciationofthevalueofstate-ownedassets,settingoutassessmentstandards,supervisingonhedgingandappreciationofthevalueofstate-ownedassetsofenterprisesinitssupervisionbystatistics,audit,andcheck,andurgingenterprisesinitssupervisiontofulfillsocialduties(VI)Inchargeofresearchingandpreparingthegeneralplanningfortransformationanddevelopmentofstate-ownedenterpriseinitssupervision,guidingandboostingtransformationandre-organizationofstate-ownedenterprises,promptingtheconstructionofmodernenterprisesystem,carryingforwardoperationofstate-ownedcapital,pushingthestrategicadjustmentonstate-ownedeconomylayoutandstructure,andmakingstate-ownedcapitalplaytheroleinsignificantindustriesandkeyfieldsincludingnationalsecurity,nationaleconomylifeline,etc.(VII)Directingandpropellingenterprisesinitssupervisiontoperfectcompanygovernancestructure,intensifyingconstructionofBoardandSupervisionCommitteesofenterprisesinitssupervision,andformingthegovernancemechanismwithspecificduties,coordinatingoperation,andeffectivecounterbalance(VIII)Assumingthemanagementworkofincomedistributionforenterprisesinitssupervision,andstandardizingtheincomedistributionandposition-relatedconsumptionoverpeopleinchargeofenterprisesinitssupervision(IX)InlinewithrulesofmunicipalPartycommittee,appointinganddismissing,appraising,aswellas,inaccordancewith
| ShareholdingsoftheactualcontrollerinotherlistedcompaniesathomeorabroadinthisReportingPeriod | ListedcompaniessuchastheShenzhenAirport,YTP,ShenzhenEnergy,ShenzhenZhenye,ShenzhenTagen,AgriculturalProductsandSDGI. |
ChangeoftheactualcontrollerduringtheReportingPeriod:
□Applicable√NotapplicableNosuchcasesintheReportingPeriod.OwnershipandcontrolrelationsbetweentheactualcontrollerandtheCompany:
IndicatebytickmarkwhethertheactualcontrollercontrolstheCompanyviatrustorotherwaysofassetmanagement.
□Applicable√Notapplicable
4.Other10%orGreaterCorporateShareholders
□Applicable√Notapplicable
5.LimitationsonShareholdingDecreasebytheCompany’sControllingShareholder,ActualController,ReorganizerandOtherCommitmentMakers
□Applicable√Notapplicable
PartVIIPreferredShares
□Applicable√NotapplicableNopreferredsharesintheReportingPeriod.
PartVIIIConvertibleCorporateBonds
□Applicable√NotapplicableNoconvertiblecorporatebondsintheReportingPeriod.
PartIXDirectors,Supervisors,SeniorManagementandStaff
IChangeinShareholdingsofDirectors,SupervisorsandSeniorManagement
| Name | Officetitle | Incumbent/Former | Gender | Age | Startoftenure | Endoftenure | Beginningshareholding(share) | IncreaseintheReportingPeriod(share) | DecreaseintheReportingPeriod(share) | Otherincrease/decrease(share) | Endingshareholding(share) |
| LiuShengxiang | PartySecretaryandChairmanoftheBoard | Incumbent | Male | 49 | 15June2018 | 14June2021 | 0 | 0 | 0 | 0 | 0 |
| WangHangjun | Director,DeputyPartySecretary,GM | Incumbent | Male | 54 | 15June2018 | 14June2021 | 0 | 0 | 0 | 0 | 0 |
| WeiXiaodong | Director,DeputyPartySecretary | Incumbent | Male | 50 | 15June2018 | 14June2021 | 0 | 0 | 0 | 0 | 0 |
| ShenXueying | DirectorandCFO | Incumbent | Female | 51 | 15June2018 | 14June2021 | 0 | 0 | 0 | 0 | 0 |
| WangGe | Director | Incumbent | Male | 49 | 15June2018 | 14June2021 | 0 | 0 | 0 | 0 | 0 |
| ZhangShilei | Director | Incumbent | Male | 42 | 15June2018 | 14June2021 | 0 | 0 | 0 | 0 | 0 |
| YuanHongchang | IndependentDirector | Incumbent | Male | 49 | 14April2017 | 14June2021 | 0 | 0 | 0 | 0 | 0 |
| MeiYonghong | IndependentDirector | Incumbent | Male | 56 | 15June2018 | 14June2021 | 0 | 0 | 0 | 0 | 0 |
| LiQingyuan | IndependentDirector | Incumbent | Male | 43 | 15June2018 | 14June2021 | 0 | 0 | 0 | 0 | 0 |
| DaiXianhua | ChairmanoftheSupervisoryCommittee | Incumbent | Male | 58 | 15June2018 | 14June2021 | 0 | 0 | 0 | 0 | 0 |
| ZhangManhua | Supervisor | Incumbent | Male | 45 | 15June2018 | 14June2021 | 0 | 0 | 0 | 0 | 0 |
| LiQinghua | Supervisor | Incumbent | Male | 38 | 15June2018 | 14June2021 | 0 | 0 | 0 | 0 | 0 |
| WangQiuping | Employeesupervisor,GMofITCPropertyManagement | Incumbent | Female | 50 | 15June2018 | 14June2021 | 0 | 0 | 0 | 0 | 0 |
| GuWeimin | Employeesupervisor,viceministerofAuditDepartment | Incumbent | Female | 39 | 15June2018 | 14June2021 | 0 | 0 | 0 | 0 | 0 |
| FanWeiping | ViceGM,GeneralCounsel,BoardSecretary | Incumbent | Male | 55 | 15June2018 | 14June2021 | 0 | 0 | 0 | 0 | 0 |
| CaiLili | ViceGM | Incumbent | Female | 48 | 15June2018 | 14June2021 | 0 | 0 | 0 | 0 | 0 |
| LiPeng | ViceGM | Incumbent | Male | 44 | 15June2018 | 14June2021 | 0 | 0 | 0 | 0 | 0 |
| ZhangGejian | ViceGM | Incumbent | Male | 45 | 15June2018 | 14June2021 | 0 | 0 | 0 | 0 | 0 |
| Total | -- | -- | -- | -- | -- | -- | 0 | 0 | 0 | 0 | 0 |
IIChangeofDirectors,SupervisorsandSeniorManagement
□Applicable√NotapplicableIIIBiographicalInformation
Professionalbackgrounds,majorworkexperienceandcurrentdutiesintheCompanyoftheincumbentdirectors,supervisorsandseniormanagement:
MembersoftheBoardofDirectors:
Mr.LiuShengxiang,borninAugust1971,isanowmemberoftheCommunistPartyofChina,professor-levelseniorengineer,NationalCertifiedArchitect(Level1),andhasobtainedhisBachelorDegree,MasterofEngineering,andMBA.InJune1994,hejoinedShenzhenTagenGroupCo.,Ltd.,andsuccessivelyservedasthedeputygeneralmanager,generalmanager,andgeneralPartybranchsecretaryofShenzhenMunicipalEngineeringCorp.andthedeputygeneralmanagerofShenzhenTagenGroupCo.,Ltd.InJune2013,hejoinedShenzhenRoad&BridgeGroupastheexecutivedirector,SecretaryofthePartyCommitteeandgeneralmanager.HenowistheSecretaryofthePartyCommitteeandtheChairmanoftheCompany.Mr.LiuShengxiangwasawardedthetitleofOutstandingCommunistPartyMemberofShenzhenin2001,andobtainedTien-yowJemeCivilEngineeringPrizein2013,
andMay1
stLaborMedalofShenzhenin2015,thePartyrepresentativeofthe6
th
PartyCongressinShenzhen.Mr.WangHangjun,borninNov.1966,memberofCommunistPartyofChina,isaseniorauditorwithamasterdegreeofeconomy.HeevertookpostofDeputyChiefofAuditBureauofNanshanDistrict,Shenzhen;ViceMinister,MinisterofAuditDepartmentofShenzhenInvestmentandManagementCompany;ViceMinister,MinisterofSupervisionDepartmentofShenzhenInvestmentandManagementCompany;MinisterofAuditandInspectionDepartmentofShenzhenInvestmentHoldingCo.,Ltd.HehasbeenDeputyGMoftheCompanysinceOct.2007.NowheistheDirector,deputyPartySecretaryandGMoftheCompany.Mr.WeiXiaodong,borninJanuary1970,isamemberoftheCommunistPartyofChinawiththeBachelor’sDegree.Mr.WeiXiaodongeverworkedinthemunicipalgovernmentdepartmentofShenzhenformanyyears.In2008,hebegantoworkforShenzhenState-ownedAssetsSupervisionandAdministrationCommission,andsuccessivelyservedasthedeputydirectoranddirectorofShenzhenSASACOffice.InJune2014,heservedasthedeputydirectorofShenzhenSASACOffice,andnow,heistheDirector,deputysecretaryofthePartycommittee,SecretaryofCommitteeforDisciplineInspection.Ms.ShenXueying,borninOctober1969,BachelorofEconomics,isasenioraccountant.Ms.ShenXueyinghasbeenengagedinthefinancialmanagementoflistedcompaniesformorethan20years.ShejoinedtheFinanceDepartmentoftheCompanyin1991andsuccessivelyservedastheclerkanddeputymanagerofthefinancialmanagementdepartmentoftheCompany.ShewasthemanagerofthefinancialmanagementdepartmentoftheCompanyfrom2007-2018andnowsheiscurrentlytheDirectorandChiefFinancialOfficeroftheCompany.Mr.WangGe,borninOctober1971,thememberoftheCommunistPartyofChina,isnowtheseniorengineerwiththedegreeofBachelorofEngineering.Mr.WangGehasbeenengagedintheenterprisemanagementformanyyears.HesuccessivelyservedasthedeputydirectoranddirectoroftheengineeringdepartmentofShenzhenJian’an(Group)Co.,Ltd.,themanagerandthedeputysecretaryofthePartyBranchofJian’anGroupConstructionandMunicipalEngineeringCompany,andthedeputygeneralmanager,director,thedeputysecretaryofthePartyCommitteeandthegeneralmanagerofJian’anGroup.FromMarch2017topresent,hehasservedastheChiefEngineerofShenzhenInvestmentHoldingsCo.,Ltd.Mr.ZhangShilei,BorninDecember1976,isthememberoftheCommunistPartyofChinawiththedegreeofMasterofManagement,andsuccessivelyservedastheofficedirectorofShenzhenInformationPipelineCo.,Ltd.,thedeputydirectorofthegeneralofficeofShenzhenInvestmentHoldingsCo.,Ltd.,thedirectorofShenzhenWuzhouHotelCo.,Ltd.,thedeputysecretaryofthePartyCommitteeandthesecretaryoftheCommitteeforDisciplineInspection.FromSeptember2017topresent,heservesasthedirectorofthegeneralmanagementdepartmentofShenzhenInvestmentHoldingsCo.,Ltd.Mr.YuanHongchang,borninMar.1971,Chinesenationalitywithoutoverseasresidency,isaundergraduateandpostgraduateofTsinghuaUniversity,EMBAofCentralEurope.HeholdsprofessionalqualificationofregisteredlandappraiserofChinaandregisteredrealestatebroker.HejoinedinShenzhenWorldUnionPropertiesConsultancyIncorporatedin2001,andactedasViceGMinEastChinaRegion,GMofShanghaiWorldUnion,GMinEastChinaRegion.NowheworksasViceGMandSecretaryofBoardinShenzhenWorldUnionPropertiesConsultancyIncorporated.Mr.YuanHongchanghasattendedthe80
th
phaseofindependentdirectors’trainingclassofShenzhenStockExchangewithqualificationcertificateofindependentdirector.Mr.MeiYonghong,borninOctober1964,isthememberoftheCommunistPartyofChina,andgraduatedfromtheDepartmentofAgricultureofHuazhongAgriculturalUniversitywiththeDegreeofBachelorofAgriculture.HesuccessivelyservedasthedeputydirectoroftheGeneralOfficeofMinistryofScienceandTechnologyandthedirectoroftheinformationresearchoffice,thedirectorofthePolicy,RegulationsandSystemReformDepartmentofMinistryofScienceandTechnologyandthemayorofJiningCityinShandongProvince.FromSeptember2015topresent,hehasservedasthedirectorofChinaNationalGeneBank(CNGB)andthechairmanofBGIAgriculturalGroup.Mr.LiQingyuan,Bornin1977,isthememberoftheCommunistPartyofChinawiththeChinesenationality.AfterheobtainedthedegreeoftheDoctorofAccountancy,hebecameavisitingscholarofColumbiaUniversity,andwassuccessivelysupportedbyProgramforNewCenturyExcellentTalentsinUniversityofMinistryofEducationin2012,351ProgramforTalentsofWuhanUniversityin2011andOutstandingAccountingTalents(Academic)ofMinistryofFinancein2008.Meanwhile,healsoservesasthe
memberoftheAcademicExchangeCommitteeofAccountingSocietyofChina,theeditormemberofChinaJournalofAccountingStudies,theprofessionaleditor-in-chiefofLuojiaManagementReviewandthedirectoroftheBoardofJournalofManagementAccountingStudies.Asaprofessor(Level4),heisnominatedandelectedintoNationalSupportProgramforOutstandingYoungTalents,andnowservesasthedeputydeanofthedepartmentofeconomyandmanagementandthedirectorofthedepartmentofaccountingofWuhanUniversity.MembersoftheSupervisoryCommittee:
Mr.DaiXianhua,wasborninApril1962,doctordegree,PartymemberofCPC.HeworkedasalecturerinSchoolofBusinessandEconomyofZhongnanUniversityofEconomicsandLawfrom1986to1989.Hetookpostsofeditorofdepartmentoftheoryandreview,vicedirector,andeditor-in-chief,inShenzhenEconomicDailyfrom1992to1997;workedinShenzhenStateAssetsAdministrationCommittee(hereinafterreferredas“ShenzhenSAC”)asViceSectionChiefofAssetsManagementDepartment,investigatorofpropertyrightmanagementDepartment,ViceDirector,investigatorofOffice,andinvestigatorofAppraisalandDistributionDepartmentfrom1997to2012.Since2012heistheChairmanoftheSupervisoryCommitteeoftheCompanyandisthePartySecretarysince2020.Mr.ZhangManhua,borninFeb.1975,master’sdegree,memberoftheCommunistPartyofChina,studiedandworkedinCentralSouthUniversityfrom1992to2004;SeniorManagerintheInvestmentCenterofKonkaGroupandconcurrentlyworkedastheBoardSecretaryforShenzhenJvlongOptoelectronicCo.,Ltd.,andInvestmentManagerinShenchaoTechnologicalInvestmentCo.,Ltd.from2004to2013;heworkedasdeputydirectorintheStrategy&DevelopmentDepartmentinShenzhenInvestmentHoldingCo.,Ltdfrom2013to2018.HeisthedirectorinLawandRisksManagementdepartmentofShenzhenInvestmentHoldingsCo.,Ltdsince2018.Mr.LiQinghua,borninApril1982,hasobtainedhisBachelordegree.From2003to2013,heworkedforDZXInternationalAppraisalLimited,andsuccessivelyservedastheprojectassistance,theprojectmanagerandtheseniormanager;from2013to2017,heservedastheseniorexecutiveofthepropertyrightmanagementandlegalaffairsdepartmentofShenzhenInvestmentHoldingsCo.,Ltd.,andfrom2017tillnow,heservesasthedeputydirectoroftheauditdepartmentofShenzhenInvestmentHoldingsCo.,Ltd.Ms.WangQiuping,borninJan.1970,Bachelordegree,memberoftheCommunistPartyofChina,isasenioreconomist.From1992to2015,sheevertookpostinGMoffice,PlanandFinanceDepartment,andDevelopmentManagement.Since2015,sheisthePartyCommitteeSecretaryandGMofShenzhenInternationalTradeCenterPropertyManagementCo.,Ltd.Ms.GuWeimin,BorninOctober1981,isthememberoftheCommunistPartyofChinawiththeMaster’sDegree.From2007to2010,heservedastheauditassistancemanagerofKPMGShenzhen;from2011tillnow,hehasworkedfortheCompanyintheauditdepartment(theofficeoftheboardofsupervisors),andisnowthedeputydirectoroftheauditdepartment.Executiveofficers:
Mr.WangHangjun,borninNov.1966,memberofCommunistPartyofChina,isaseniorauditorwithamasterdegreeofeconomy.HeevertookpostofDeputyChiefofAuditBureauofNanshanDistrict,Shenzhen;ViceMinister,MinisterofAuditDepartmentofShenzhenInvestmentandManagementCompany;ViceMinister,MinisterofSupervisionDepartmentofShenzhenInvestmentandManagementCompany;MinisterofAuditandInspectionDepartmentofShenzhenInvestmentHoldingCo.,Ltd.HehasbeenDeputyGMoftheCompanysinceOct.2007.NowheistheDirector,deputyPartySecretaryandGMoftheCompany.Mr.FanWeiping,borninApr.1965,isamemberoftheCommunistPartyofChinawithpostgraduatedegree.HeusedtoworkinShenhuaGroupsuccessivelyastheChiefoftheLegalAffairsSectionintheSupervisoryandAuditDepartment;theViceManagerandManageroftheLegalAffairsDepartment;theGMAssistant;andtheChiefLegalAdviser.SinceJan.2009,hehasbecometheBoardSecretaryandtheChiefLegalAdviserfortheCompany.AndhehasbeenaViceGM,theBoardSecretaryandtheChiefLegalAdviserfortheCompanysinceFeb.2012,andhegotthequalificationcertificateofBoardSecretaryinShenzhenStockExchangein2009.NowheisthememberofthePartyCommittee,viceGM,ChiefLegalAdviser,andBoardSecretaryoftheCompany.Ms.CaiLili,BorninNovember1972,isthememberoftheCommunistPartyofChina,andhasobtainedtheMaster’sDegreeinEconomics.Since1995,hehasworkedinShenzhenTaxService,SAT,andeverservedasthedeputychiefofthetaxationand
scientificandtechnologicaldevelopmentdepartmentofShenzhenTaxService,SAT,andthememberofthePartyOrganizationandthedeputydirectorofFutianDistrictTaxBureauinShenzhen.Currently,heisthememberofthePartyCommittee,deputygeneralmanagerandChiefFinancialOfficer.Mr.LiPeng,BorninMay1976,isthememberoftheCommunistPartyofChina,theBachelorofEngineeringandtheintermediateeconomist.SinceJuly1999,hehasworkedfortheCompanyastheoperationmanager,andsuccessivelyservedasthedeputymanageroftheCompany’sdevelopmentmanagementdepartment,themanagerofthecostcontroldepartment,andthesecretaryofthePartybranchandthedeputygeneralmanagerofShenzhenHuangchengRealEstateCo.,Ltd.Currently,henowisthememberofthePartyCommittee,anddeputygeneralmanager.Mr.ZhangGejian,borninSeptember1975,thememberoftheCommunistPartyofChina,MBA,isanAccountantaswellasAuditor.HewasengagedininternalauditingworkinAuditDepartmentoftheCompanysinceJuly1997.Heactedastheauditmanager,SupervisoroftheCompanyandconcurrentlytheCostControlManager.NowheisthememberofthePartyCommittee,andtheviceGMoftheCompany.Ms.ShenXueying,borninOctober1969,thememberoftheCommunistPartyofChina,BachelorofEconomics,isasenioraccountant.Ms.ShenXueyinghasbeenengagedinthefinancialmanagementoflistedcompaniesformorethan20years.ShejoinedtheFinanceDepartmentoftheCompanyin1991andsuccessivelyservedastheclerkanddeputymanagerofthefinancialmanagementdepartmentoftheCompany.ShehasbeenthemanagerofthefinancialmanagementdepartmentoftheCompanyfrom2007-2018,andnowsheistheDirector,andChiefFinancialOfficeroftheCompany.Officesheldconcurrentlyinshareholdingentities:
√Applicable□Notapplicable
| Name | Shareholdingentity | Officeheldintheshareholdingentity | Startoftenure | Endoftenure | Remunerationorallowancefromtheshareholdingentity |
| WangGe | ShenzhenInvestmentHoldingsCo.,Ltd. | ChiefEngineerofShenzhenInvestmentHoldingsCo.,Ltd. | 1March2017 | Yes | |
| ZhangShilei | ShenzhenInvestmentHoldingsCo.,Ltd. | DirectorofthegeneralmanagementdepartmentofShenzhenInvestmentHoldingsCo.,Ltd. | 1September2017 | Yes | |
| ZhangManhua | ShenzhenInvestmentHoldingsCo.,Ltd. | DeputydirectorincapitaloperationdepartmentofShenzhenInvestmentHoldingsCo.,Ltd | 1January2017 | Yes | |
| LiQinghua | ShenzhenInvestmentHoldingsCo.,Ltd. | DeputydirectoroftheauditdepartmentofShenzhenInvestmentHoldingsCo.,Ltd. | 1January2017 | Yes |
Officesheldconcurrentlyinotherentities:
√Applicable□Notapplicable
| Name | Otherentity | Officeheldintheentity | Startoftenure | Endoftenure | Remunerationorallowancefromtheentity |
| YuanHongchang | ShenzhenWorldUnionPropertiesConsultancyIncorporated | ViceGMandSecretaryofBoardinShenzhenWorldUnionPropertiesConsultancyIncorporated. | 1September2013 | Yes | |
| MeiYonghong | ChinaNationalGeneBank,BGIAgriculturalGroup | DirectorofChinaNationalGeneBank(CNGB)andthechairmanofBGIAgriculturalGroup | 1September2015 | Yes | |
| LiQingyuan | WuhanUniversity | DeputydeanofthedepartmentofeconomyandmanagementandthedirectorofthedepartmentofaccountingofWuhanUniversity. | 1December2015 | Yes | |
| DaiXianhua | ShenZhenSpecialEconomicZoneRealEstate&Properties(Group)Co.,Ltd. | ChairmanoftheSupervisoryCommitteeofShenZhenSpecialEconomicZoneRealEstate&Properties(Group)Co.,Ltd. | 16January2020 | No |
Punishmentsimposedintherecentthreeyearsbythesecuritiesregulatorontheincumbentdirectors,supervisorsandseniormanagementaswellasthosewholeftintheReportingPeriod:
□Applicable√Notapplicable
IVRemunerationofDirectors,SupervisorsandSeniorManagementDecision-makingprocedure,determinationbasisandactualpaymentsofremunerationfordirectors,supervisorsandseniormanagement:
DuringthisReportingPeriod,theboardandthemanagementoftheCompanysignedstatementofoperationobjectivesresponsibilityfor2019,conductedappraisalsystemintegratingoperationindicators,classificationindicatorswithmanagementobjectives.AftertheendofthisReportingPeriod,assessmentwasimplementedbytheboard.Remunerationofseniorexecutives,accordingto“ManagementMethodofAnnualsalarySystemofDirectors,SupervisorsandSeniorExecutives”,adoptedannualsalarysystem,andneedtobeimplementedafterassessmentoftheboard.Remunerationofdirectors,supervisorsandseniormanagementfortheReportingPeriod
Unit:RMB'0,000
| Name | Officetitle | Gender | Age | Incumbent/Former | Totalbefore-taxremunerationfromtheCompany | Anyremunerationfromrelatedparty |
| LiuShengxiang | PartySecretaryandChairmanoftheBoard | Male | 49 | Incumbent | 113.31 | No |
| WangHangjun | Director,DeputyPartySecretary,GM | Male | 54 | Incumbent | 136.11 | No |
| WeiXiaodong | Director,DeputyPartySecretary | Male | 50 | Incumbent | 121.03 | No |
| ShenXueying | DirectorandCFO | Female | 51 | Incumbent | 97.12 | No |
| WangGe | Director | Male | 49 | Incumbent | Yes | |
| ZhangShilei | Director | Male | 42 | Incumbent | Yes | |
| YuanHongchang | IndependentDirector | Male | 49 | Incumbent | 8 | No |
| MeiYonghong | IndependentDirector | Male | 56 | Incumbent | 8 | No |
| LiQingyuan | IndependentDirector | Male | 43 | Incumbent | 8 | No |
| DaiXianhua | ChairmanoftheSupervisoryCommittee | Male | 58 | Incumbent | 100.19 | No |
| ZhangManhua | Supervisor | Male | 45 | Incumbent | Yes | |
| LiQinghua | Supervisor | Male | 38 | Incumbent | Yes | |
| WangQiuping | Employeesupervisor,GMofITCPropertyManagement | Female | 50 | Incumbent | 62.4 | No |
| GuWeimin | Employeesupervisor,viceministerofAuditDepartment | Female | 39 | Incumbent | 56.6 | No |
| FanWeiping | ViceGM,GeneralCounsel,BoardSecretary | Male | 55 | Incumbent | 116.72 | No |
| CaiLili | ViceGM | Female | 48 | Incumbent | 116.54 | No |
| LiPeng | ViceGM | Male | 44 | Incumbent | 121.03 | No |
| ZhangGejian | ViceGM | Male | 45 | Incumbent | 121.08 | No |
| Total | -- | -- | -- | -- | 1,186.11 | -- |
Equityincentivesfordirectors,supervisorsandseniormanagementintheReportingPeriod:
□Applicable√NotapplicableVEmployees
1.Number,FunctionsandEducationalBackgroundsofEmployees
| Numberofin-serviceemployeesoftheCompanyastheparent | 96 |
| Numberofin-serviceemployeesofmajorsubsidiaries | 7,673 |
| Totalnumberofin-serviceemployees | 7,769 |
| TotalnumberofpaidemployeesintheReportingPeriod | 7,769 |
| NumberofretireestowhomtheCompanyastheparentoritsmajorsubsidiariesneedtopayretirementpensions | 0 |
| Functions | |
| Function | Employees |
| Production | 5,382 |
| Sales | 211 |
| Technical | 1,286 |
| Financial | 249 |
| Administrative | 467 |
| Managerial | 174 |
| Total | 7,769 |
| Educationalbackgrounds | |
| Educationalbackground | Employees |
| CollegeandTechnicalsecondaryschoolgraduatesandabove | 3,269 |
| Highschoolgraduatesandbelow | 4,500 |
| Total | 7,769 |
2.EmployeeRemunerationPolicy
In2019,theGroupstucktoremunerationsystemofindustrializationwithintheGroupandmarketizationintheindustry,referredtomarketremunerationlevelofthesameindustry,reformedbravelyandpromotedtheincomedistributionsystemreformofthewholeGroupstablybylearningfromexternalexperienceaswellasmultipledemonstration,completedremunerationperformancemanagementsystem,establishedincrementalsharingmechanism,theCompanyHQrevisedandimplementednewremunerationperformancesystemaccordingtoprocedures;studiedandrevisedorganizationframeworkdesign,departmentfunctiondivision,fixedpositionandfixedarrangement,remunerationperformanceandincrementalsharingsystemofsubordinatedCompaniesbasedonmarketizedprinciple;propertymanagementplatealsohashadpolicystudyreserveaccordingtobusinessdevelopmentneedsandwilllaunchatpropertime.
3.EmployeeTrainingPlansIn2019,theGrouppromotedtheconstructionoflearningtypeorganization,formulatedtrainingplanaccordingtooperationdevelopmentneeds,withthekeycontentsincludingspecialcoursesofrealestate,comprehensivemanagementability,teamexpansion,positionabilityandqualityimprovement,andothercourses,takingthemethodofcombininginternaltrainingandexternaltraining,organizedalltheemployeestotakepartintrainingbygradeasplanned,improvedtheprofessionalquality,businessabilityandexecutionabilityofstaffteam,enhancedtheunderstandingandconscientiousnessforgoverningtheenterprisebylawandactingaccordingtorules.
4.LaborOutsourcing
□Applicable√Notapplicable
PartXCorporateGovernance
IGeneralInformationofCorporateGovernanceDuringthisReportingPeriod,inaccordancewiththerequirementoftheCompanyLaw,SecuritiesLaw,CodeofCorporateGovernanceforListedCompaniesinChinaandStockListingRulesofShenzhenStockExchangeaswellasrelevantlawsandstatutesofCSRC,theCompanycontinuouslyregulatedandperfectedcorporategovernancestructure,establishedandperfectedinternalmanagementandcontrolsystemandinvestigatedinmanagementactivitiesoftheCompany,whichpromotedtheCompany’sstandardmanagementlevel.AstotheendofthisReportingPeriod,theinternalcontrolsystemoftheCompanyiscomplete,accomplishedanddefinedthatinaccordancewithCompanyLaw,ArticlesofAssociationandotherlawsandregulationsaswellasrequirementsofregulatorydocuments.TheconveneofShareholders’GeneralMeeting,theBoardofDirectorsandSupervisoryBoardarestrictlyinaccordancewithrelevantrulesandregulations,alldirectorsandsupervisorsearnestlyanddiligentlycommittheirresponsibilities.CorporatestructureoftheCompanyiscompleteandtheoperationoftheCompanyisstandardized.Withthegoalofconstructingastandardmanagementstructure,theCompanyhasestablishedrelatedregulationsonShareholders’Meeting,BoardofDirectorsandBoardofSupervisors,toensureeffectiverightstodecision-making,executionandsupervisionrespectively.TheShareholders’Meetingshallhavethehighestrighttoreviewandmakedecisiononmajorissues,includingtheCompany’sbusinessidea,investmentplan,majortradingitems,capitalchanges,appointmentanddismissalofdirectorsandsupervisors,withinthelegalscopeasdefinedbylaws,regulationsandrulesliketheCompanyLawandArticlesofCorporation.TheCompanyhasestablishedandstrictlyfollowedvariousregulations,includingRulesofProcedureofShareholders’Meeting,toensureallshareholders’rights.TheBoardofDirectorshastherighttobusinessdecision-making,responsiblefortheestablishmentandeffectiveexecutionoftheCompany’sinternalcontrolaswell.Besides,itfurthersetsupfourspecialcommittees,namely,StrategicDevelopment&InvestmentCommittee,RemunerationandAssessmentCommittee,AuditCommitteeandNominationCommittee,toimproveitsoperatingefficiencybasedoncorrespondingworkrules.TheBoardofSupervisorsactsasasupervisingorganfortheCompany.ItcheckstheCompany’sfinance,andsupervisesalljobsoftheCompany’sdirectorsandseniormanagement.Also,itisresponsibleforandreportstotheShareholders’Meeting.TheCompanyformulatedandstrictlyexecutedRulesofProcedureofBoardofSupervisors,JointConferenceSystemofSupervisionWorkandseveralothersystems,toensuretheworkofboardofsupervisorstocarryoutsmoothly.Thebusinessmanagementhavetherighttoexecution.TheyareappointedbytheBoardofDirectors,andresponsiblefordailyrunningofbusinessmanagementandinternalcontrol.TheCompanyabidedbytheprincipleofbeingscientific,simplifiedandhighefficient,setupParty-massoffice,disciplineinspectionandsupervisionoffice,officeofboardofdirectors,comprehensiveoffice(procedureandinformationcenter),HRdepartment,financialmanagementdepartment(settlementcenter),investmentdevelopmentdepartment,operationandmanagementdepartment,productmanagementdepartment(technologicalcenter),lawandriskmanagementdepartment(lettersandvisitsoffice,officeofsecuritycommittee),auditingdepartment(officeofboardofsupervisors).Eachdepartmentperformitsownfunctions,andstrictlycarriesoutworkaccordingtointernalcontrolsystem,toensurethenormaloperationoftheCompany.TheCompanyhasalwaysattachedgreatimportanceonstandardizinginsiderinformationmanagement,formulatedandcompletedManagementProvisionsonInformationDisclosure,WorkProceduresofAnnualReportofAuditingCommittee,AccountabilitySystemofMajorErrorsinInformationDisclosureofAnnualReport,WorkSystemofAnnualReport,InsiderManagementSystemof
InsiderInformation,ManagementSystemofInvestorRelationship,andotherinternalcontrolsystem,toensuretheauthenticity,accuracyandcompletenessofCompanyinformationdisclosure.Duringthereportingperiod,theCompanystrictlycarriedoutinformationdisclosure,corporategovernanceconferenceorganization,anotherworkaccordingtorequirementsofsecuritiessupervision,disclosedinformationtimely,accuratelyandcompletely,withoutanyaccidentswhichviolaterelevantinternalcontrolsystemofinformationdisclosure.IndicatebytickmarketwhetherthereisanymaterialincompliancewiththeregulatorydocumentsissuedbytheCSRCgoverningthegovernanceoflistedcompanies.
□Yes√NoNosuchcasesintheReportingPeriod.
IITheCompany’sIndependencefromItsControllingShareholderinBusiness,Personnel,Asset,OrganizationandFinancialAffairsTheCompanywasindependentfromthecontrollingshareholderinbusiness,personnel,assets,organizationandfinancetorealizethatindependentpersonnel,independentfinance,completeassets,independentorganizationandindependentbusiness.
1.Inaspectofbusiness:TheCompanywasindependentfromthecontrollingshareholderwithindependentandcompletebusinessandindependentoperationcapability.Therewasnobusinesswhichwassameorcompetitivewiththecontrollingshareholder.
2.Inaspectofpersonnel:TheCompanywascompleteindependentfromthecontrollingshareholderintermsoflaborandpersonnel,managementonremuneration.AllSeniorExecutivesdrewtheremunerationfromtheCompany,andnoneheldapostconcurrentlyinshareholders’company.PersonneloftheCompanyareindependent,allonessignedlaborcontractwiththeCompany.TheCompanywasindependentfromtheshareholdersorotherrelatedpartiesinpersonnelmanagement,socialsecurity,salaryetc.
3.Inaspectofasset:TheCompany’sassetswerecompleteandindependent,thepropertyrelationshipwasclear.Therewasnocapitaloccupationbycontrollingshareholder,andassetsoftheCompanywerecompletelyindependentfromcontrollingshareholder.
4.Inaspectoforganization:TheCompany’sorganizationwasindependent,andtheCompanyimplementedrulesandregulationsaswellasresponsibilitiesforalldepartments,formedindependentresponsibilitiesandrights,scientificandrationalinternalcontrolsystem.IndependenceoftheCompanyonoperationandmanagementisfreefromimpactfromcontrollingshareholdersandothersubordinatedunits.TherewerenocontrollingshareholdersinterveneorganizationoftheCompany.
5.Inaspectoffinance:TheCompany’sfinancewasindependentwithindependentfinancedepartment.TheCompanyestablishedtheindependentfinancesettlingsystemandfinancialmanagementsystem,haditsownfinanceaccountandpaidthetaxinlinewithlaws,runfinancedecision-makingindependently.ThecontrollingshareholderoftheCompanyperformednormativelywithnoconductthatintervenedwiththeoperationdecision-makingandoperationactivitiesdirectlyorindirectlyovertheshareholders’generalmeeting,however,thecontrollingshareholdercouldinfluenceonthesignificantdecision-makingthroughthesharesholding.
IIIHorizontalCompetition
□Applicable√Notapplicable
IVAnnualandSpecialGeneralMeetingsConvenedduringtheReportingPeriod
1.GeneralMeetingConvenedduringtheReportingPeriod
| Meeting | Type | Investorparticipationratio | Dateofthemeeting | Disclosuredate | Indextodisclosedinformation |
| The1stExtraordinaryGeneralMeetingof2019 | ExtraordinaryGeneralMeeting | 63.92% | 26February2019 | 27February2019 | AnnouncementonResolutionsofthe1stExtraordinaryGeneralMeetingof2019(No.:2019-8)onCninfo |
| The2018AnnualGeneralMeeting | AnnualGeneralMeeting | 63.99% | 19April2019 | 20April2019 | AnnouncementonResolutionsofthe2018AnnualGeneralMeeting(No.:2019-17)onCninfo |
| The2ndExtraordinaryGeneralMeetingof2019 | ExtraordinaryGeneralMeeting | 2.05% | 23September2019 | 24September2019 | AnnouncementonResolutionsofthe2ndExtraordinaryGeneralMeetingof2019(No.:2019-34)onCninfo |
| The3rdExtraordinaryGeneralMeetingof2019 | ExtraordinaryGeneralMeeting | 63.96% | 4November2019 | 5November2019 | AnnouncementonResolutionsofthe3rdExtraordinaryGeneralMeetingof2019(No.:2019-43)onCninfo |
| The4thExtraordinaryGeneralMeetingof2019 | ExtraordinaryGeneralMeeting | 63.90% | 25November2019 | 26November2019 | AnnouncementonResolutionsofthe4thExtraordinaryGeneralMeetingof2019(No.:2019-49)onCninfo |
2.SpecialGeneralMeetingsConvenedattheRequestofPreferredShareholderswithResumedVotingRights
□Applicable√Notapplicable
VPerformanceofDutybyIndependentDirectorsintheReportingPeriod
1.AttendanceofIndependentDirectorsatBoardMeetingsandGeneralMeetings
| Independentdirector | Totalnumberofboardmeetingstheindependentdirectorwaseligibletoattend | Boardmeetingsattendedonsite | Boardmeetingsattendedbywayoftelecommunication | Boardmeetingsattendedthroughaproxy | Boardmeetingstheindependentdirectorfailedtoattend | Theindependentdirectorfailedtoattendtwoconsecutiveboardmeetings(yes/no) | Generalmeetingsattended |
| YuanHongchang | 9 | 2 | 7 | 0 | 0 | No | 5 |
| MeiYonghong | 9 | 2 | 7 | 0 | 0 | No | 5 |
| LiQingyuan | 9 | 2 | 7 | 0 | 0 | No | 5 |
Whyanyindependentdirectorfailedtoattendtwoconsecutiveboardmeetings:
Notapplicable
2.ObjectionsRaisedbyIndependentDirectorsonMattersoftheCompanyIndicatebytickmarkwhetheranyindependentdirectorsraisedanyobjectionsonanymatteroftheCompany.
□Yes√NoNosuchcasesintheReportingPeriod.
3.OtherInformationaboutthePerformanceofDutybyIndependentDirectors
IndicatebytickmarkwhetheranysuggestionsfromindependentdirectorswereadoptedbytheCompany.
√Yes□NoSuggestionsfromindependentdirectorsadoptedornotadoptedbytheCompany:
WithattitudeofcredibilityanddiligencetotheCompanyandallshareholders,independentdirectorswasdiligentandresponsible,reviewedallresolutions,andinlinewiththeirprofessionalknowledgeandcapability,madeindependent,objectiveandfairjudgmentawayfrominfluencefromtheCompanyandprincipalshareholdersoftheCompany.Also,independentdirectorsexpressedindependent,objectiveandfairopiniononrelevantevents,whichmadepracticaleffortstosafeguardinterestsoftheCompanyandminorityshareholders.
VIPerformanceofDutybySpecializedCommitteesundertheBoardintheReportingPeriod
Thefourspecialcommitteesundertheboard—theStrategicDevelopmentandInvestmentCommittee,theNominationCommittee,theRemunerationandAppraisalCommitteeandtheAuditCommittee—accordingto“GovernancePrincipleoflistedCompany”,“ArticlesofAssociation”,“andRulesofProcedureoftheBoardofDirectors”andimplementationrulesofspecialcommittee,earnestlyperformedtheirduties.
1.DutyPerformanceofStrategicDevelopmentandInvestmentCommitteeDuringthisReportingPeriod,strategicdevelopmentandinvestmentcommitteepaidattentiontoauthorizationoftheboardtoprojectdevelopmentandfinancing,keptgoodcontactwiththemanagementandhadagoodknowledgeofmatterswithintheirpower.
2.DutyPerformanceofNominationCommitteeDuringtheReportingPeriod,theNominationCommitteeactivelykeptgoodcontactwithrelevantdepartments,studiedthedemandfordirectorsandseniormanagementfittingthedevelopmentandchangesoftheCompany’soperationpatternandassetsscaleandputforwardsuggestionstotheBoardofDirectors.
3.DutyPerformanceofRemunerationandAssessmentCommitteeDuringthisReportingPeriod,remunerationandassessmentcommitteeearnestlyperformedtheirduties,keptgoodcontactwiththemanagementandconductedthreemeetingsrespectivelytoreviewtheperformanceappraisalresultoftheorganization,remunerationperformancemanagementsystem,enterpriseannuityplanandappraisalresultofviceGMs.
4.DutyPerformanceofAuditCommitteeDuringthisReportingPeriod,auditcommitteeheldon-the-spotworkingconferencefourtimes,listenedtoreportofRuihuaCertifiedPublicAccountants(LLP)onauditwork,deliberatepreliminaryauditopinionissuedbyRuihuaCertifiedPublicAccountants(LLP)andproposedtheiropinionsabout2018FinancialStatementoftheCompany.Inaddition,itreviewedandapprovedtheProposalon2020ComprehensiveBudget(Draft)andissuedwrittenopinionsabouttheCompany’schangeofCPAs.VIIPerformanceofDutybytheSupervisoryCommittee
IndicatebytickmarkwhethertheSupervisoryCommitteefoundanyrisktotheCompanyduringitssupervisionintheReportingPeriod.
□Yes√NoTheSupervisoryCommitteeraisednoobjectionsintheReportingPeriod.VIIIAppraisalofandIncentiveforSeniorManagementWithinthisReportingPeriod,theannualoperatingtargetplan2019waswentforthtothemanagementteambytheBoardofDirectors,ofwhichtheCompanyadoptedappraisalmethodbythescorecombinationofoperationindex,categoryindexandadministrativegoal.Attheendofthefiscalyear,theBoardofDirectorsexaminedthefinalscore.ForseniorexecutivesoftheCompany,theCompanyadoptedannualsalarysysteminaccordancewithManagementMeasureforAnnualSalarySystemofDirectors,SupervisorsandSeniorExecutives,whichshallbeimplementedaftertheBoardofDirectorscompletingfiscalexamination.
IXInternalControl
1.MaterialInternalControlWeaknessesIdentifiedfortheReportingPeriod
□Yes√No
2.InternalControlSelf-EvaluationReport
| Disclosuredateoftheinternalcontrolself-evaluationreport | 18March2020 |
| Indextothedisclosedinternalcontrolself-evaluationreport | http://www.cninfo.com.cn |
| Evaluatedentities’combinedassetsas%ofconsolidatedtotalassets | 99.00% |
| Evaluatedentities’combinedoperatingrevenueas%ofconsolidatedoperatingrevenue | 100.00% |
| Identificationstandardsforinternalcontrolweaknesses | ||
| Type | Weaknessesininternalcontroloverfinancialreporting | Weaknessesininternalcontrolnotrelatedtofinancialreporting |
| Naturestandard | Indicationsoftheseriousdefectofthefinancialreportwereincluding:(1)toexecutethemisstatementcorrectionofthegreatdefectoccurredonthereportedanddisclosedfinancialreportbytheCompany;(2)theauditinstitutiondiscoveredthecurrentfinancialreporthadgreatdefectwhiletheinternalcontroloftheCompanydidn’tfoundoutduringtheoperatingprocess;(3)thesupervisionoftheCompany’sAuditandRiskCommitteeandtheinternalauditdepartmentontheinternalcontrolwasinvalid;(4)therewassignificantcorruptpracticeamongtheDirectors,SupervisorsorSeniorManagement.Indicationsoftheimportantdefectofthefinancialreportwereincluding:(1)didn’tabidebytheuniversallyacknowledgedaccountingstandardtochooseandapplytheaccountingpolicies;(2)hadnotbuiltuptheanti-fraudprocessandthecontrolmeasures;(3)hadnotbuiltupthecorrespondingcontrolmechanismorhadnotexecutedthecorrespondingcompensatingcontrolfortheaccountingtreatmentwhichwasunconventionalorwithspecialtransaction;(4)thecontrolduringtheprocessofthefinancialreportattheperiod-endexistedoneormultipledefectsthatcouldnotguaranteethecompileofthefinancialreportreachthegoalofbeingrealandcomplete.Commondefect:referstotheothercontroldefectexceptfortheabovegreatdefectandsignificantdefect. | Ifthefollowingsituationoccurred,couldberecognizedastheseriousdefectandothersituationshouldberecognizedastheimportantdefectorthecommondefectrespectivelyaccordingtotheinfluenceddegree:(1)thedecision-makingofthesignificanteventsoftheCompanylackedofthecollectivedemocraticdecision-makingprocessorthecollectivedemocraticdecision-makingprocesswasnotnormative;(2)thedecision-makingoftheCompanywasnotscientificorthedecision-makingoccurredseriousmistakes;(3)theoperatingorthedecision-makingseriouslyviolatedthenationallawsandregulations;(4)theCompanyoccurredseriousenvironmentalpollutionorothereventsseriouslyeffectedthesocialpublicinterests;(5)themediafrequentlyoccurredthesignificantnegativenews;(6)lackedoftheimportantbusinessmanagementsystemorthesystematicnessofthesystemoperationwasinvalid;(7)theconstantlyoutflowofthekeymanagementpersonnelandtechnicalpersonneloftheCompany;(8)thegreatorsignificantinternalcontroldefectoftheCompanycouldnotbetimelymodified;(9)theCompanyconstantlyorplentifullyoccurredthesignificantinternalcontroldefects;(10)othersituationmayleadtheCompanytoseriouslydeviatefromthecontroltarget. |
| Quantitativestandard | Seriousdefect:potentialmisstatementoftheoperatingincome≥1%oftheoperatingincomeoftheconsolidatedstatementsoftheCompany,potentialmisstatementofthetotalassetsamount≥0.40%ofthetotalassetsoftheconsolidatedstatementsoftheCompany,potentialmisstatementofthenetassets≥1.00%ofthenetassetsoftheconsolidatedstatementsoftheCompany.Importantdefect:0.50%oftheoperatingincomeoftheconsolidatedstatementsoftheCompany≤misstatement<1%oftheoperatingincomeoftheconsolidatedstatementsoftheCompany;0.2%ofthetotalassetsoftheconsolidatedstatementsoftheCompany≤misstatement<0.4%ofthetotalassetsoftheconsolidatedstatementsoftheCompany,0.5%ofthenetassetsoftheconsolidatedstatementsoftheCompany≤misstatement<1%ofthenetassetsoftheconsolidatedstatementsoftheCompany.Commondefect:misstatementoftheoperatingincome<0.5%oftheoperatingincomeoftheconsolidatedstatementsoftheCompany,misstatementofthetotalassetsamount<0.2%ofthetotalassetsamountoftheconsolidatedstatementsoftheCompany,misstatementofthenetassets<0.5%ofthenetassetsoftheconsolidatedstatementsoftheCompany. | Quantitativeidentificationstandardofinternalcontroldefectsinnonfinancialstatementconfirmedbythecompanywillmainlyexecuteaccordingtotheamountofdirecteconomiclosscausedbycontroldefectivesandbyreferringtoquantitativeidentificationstandardinternalcontroldefectsinnonfinancialstatement. |
| Numberofmaterialweaknessesininternalcontroloverfinancialreporting | 0 | |
| Numberofmaterialweaknessesininternalcontrolnotrelatedtofinancialreporting | 0 | |
| Numberofseriousweaknessesininternalcontroloverfinancialreporting | 0 | |
| Numberofseriousweaknessesininternalcontrolnotrelatedtofinancialreporting | 0 | |
XIndependentAuditor’sReportonInternalControl
√Applicable□Notapplicable
| Opinionparagraphintheindependentauditor’sreportoninternalcontrol | |
| WebelievethatShenzhenProperties&ResourcesDevelopment(Group)Ltd.maintainedefficientinternalcontroloffinancialreportsinallsignificantaspectsaccordingto“BasicStandardsofCorporateInternalControl”andrelevantregulations. | |
| Independentauditor’sreportoninternalcontroldisclosedornot | Disclosed |
| Disclosuredate | 18March2020 |
| Indextosuchreportdisclosed | http://www.cninfo.com.cn |
| Typeoftheauditor’sopinion | Unmodifiedunqualifiedopinion |
| Materialweaknessesininternalcontrolnotrelatedtofinancialreporting | None |
Indicatebytickmarkwhetheranymodifiedopinionisexpressedintheindependentauditor’sreportontheCompany’sinternalcontrol.
□Yes√NoIndicatebytickmarkwhethertheindependentauditor’sreportontheCompany’sinternalcontrolisconsistentwiththeinternalcontrolself-evaluationreportissuedbytheCompany’sBoard.
√Yes□No
PartXICorporateBondsDoestheCompanyhaveanycorporatebondspubliclyofferedonthestockexchange,whichwereoutstandingbeforethedateofthisReport’sapprovalorwereduebutcouldnotberedeemedinfull?No.
PartXIIFinancialStatementsIIndependentAuditor’sReport
| Typeoftheindependentauditor’sopinion | Unmodifiedunqualifiedopinion |
| Dateofsigningthisreport | 17March2020 |
| Nameoftheindependentauditor | Pan-ChinaCertifiedPublicAccountants(LLP) |
| ReferencenumberofAuditReport | Pan-ChinaAuditReport[2020]No7-90. |
| Nameofthecertifiedpublicaccountants | WangHuansen,ChenYan |
TextoftheAuditor’sReport
Pan-ChinaAuditReport[2020]No.7-90AllshareholdersofShenzhenProperties&ResourcesDevelopment(Group)Ltd.:
1.OpinionWehaveauditedthefinancialstatementsofShenzhenProperties&ResourcesDevelopment(Group)Ltd.(the“Company”),whichcomprisetheconsolidatedandparentcompanybalancesheetsasof31December2019,theconsolidatedandparentcompanystatementsofincome,cashflowsandchangesinowners’equityfortheyearthenended,aswellasthenotestothefinancialstatements.Inouropinion,thefinancialstatementsreferredtoabovepresentfairly,inallmaterialrespects,theconsolidatedandparentcompanyfinancialpositionoftheCompanyat31December2019,andtheconsolidatedandparentcompanyoperatingresultsandcashflowsfortheyearthenended,inconformitywiththeChineseAccountingStandards(CAS).
2.BasisforOpinionWeconductedourauditsinaccordancewiththeAuditStandardsforChineseRegisteredAccountants.OurresponsibilitiesunderthosestandardsarefurtherdescribedintheAuditor’sResponsibilitiesforAuditofFinancialStatementssectionofourreport.WeareindependentoftheCompanyinaccordancewiththeChinaCodeofEthicsforCertifiedPublicAccountants,andwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththesaidCodeofEthics.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforouropinion.
3.KeyaudititemsKeyaudititemsaretheitemsthatareconsideredmostimportantfortheauditofthecurrentfinancialstatementsbasedonourprofessionaljudgment.Theresponsetotheseitemsisbasedontheauditofthefinancialstatementsasawholeandtheformationofauditopinions.Wedonotcommentontheseitemsseparately.(I)RevenueRecognition
1.DescriptionSeeNoteIII(XXIII)andNoteV(II)1ofthefinancialreportfordetails.TheoperatingrevenueoftheCompanywasmainlygeneratedfromthesalesofrealestatedevelopedbyitself.In2019,theoperatingrevenueoftheCompanywasRMB3,961,669,942.44,ofwhichtheoperatingrevenuefromsalesofrealestatewasRMB2,666,917,880.15,accountingfor67.32%oftotaloperatingrevenue.
AccordingtotherevenuerecognitionaccountingpolicyofSZPRD,therecognitionoftheCompany’srealestatesalesincomemustmeetthefollowingconditions:thedevelopmentproducthasbeencompletedandqualifiedforacceptance,andtherealizationofsalesrevenueisrecognizedafterthepropertyishandedovertotheownerinaccordancewiththecontract.AsoperatingrevenueisoneofthekeyperformanceindicatorsoftheCompany,theremightbetheinherentriskofthemanagementoftheCompanyintendingtoachievecertaingoalsorexpectationsthroughimproperrevenuerecognition.Therefore,weidentifyrevenuerecognitionasakeyauditevent.
2.AuditResponseAuditproceduresweimplementedagainstrevenuerecognitionmainlyinclude:
(1)Understandkeyinternalcontrolrelatedtorevenuerecognition,evaluateitsdesignandexecutionandtesttheoperationeffectivenessofrelevantinternalcontrol;
(2)Checkkeysalecontracts,identifythetermsrelatedtothemajorrisksandremunerationshiftofcommodityownership,evaluatewhethertherevenuerecognitionpolicycomplieswiththeregulationoftheaccountingstandardsforenterprises;
(3)Implementthegrossmarginanalysisonrevenuebyrealestateprojects,identifywhetherthereareanysignificantorunusualfluctuationsandfindoutthereasons;
(4)Wetooksamplesfromtheprojectwhoserealestatesalesrevenuewasrecognizedtocheckthesalescontract,thepaymentstatusandthereceiptofthebuildingandtoevaluatewhetherrelevantrealestatesaleswererecognizedinaccordancewiththeGroup’srevenuerecognitionpolicy
(5)Forvariousprojectswhoserealestatesalesrevenuewasrecognizedbeforeandafterthebalancesheetdate,weselectedsomesamples,checkedthesalescontract,thepaymentstatusandthereceiptofthebuildingtoevaluatewhetherrelevantrealestatesalesrevenuewasrecognizedduringtheappropriateperiod;
(6)Checkwhethertheinformationrelatedtooperatingrevenuehasbeenproperlypresentedinthefinancialstatements.(II)CalculationandWithdrawalofVATofLand
1.DescriptionThelandvalue-addedtaxisoneofthemajortaxespayablebySZPRD,andfortherealestatesoldanddevelopedbySZPRD,it’srequiredtopaythelandvalue-addedtaxbasedonthelandvalue-addedamountandtheprogressivetaxrateof30%to60%.However,forvariousrealestatedevelopmententerprisesspecializedinconstructingordinarystandardresidentialbuildingsforsales,ifthevalue-addedamountdoesnotexceed20%ofthedeductedprojectamount,theyshallbeexemptedfrompayingthelandvalue-addedtax;otherwise,relatedtaxesshallbecalculatedbasedontheaddedvalue.Therefore,attheendofeachfinancialreportingperiod,themanagementneedstoestimatetheamountofthelandvalue-addedtax.Inmakingthejudgmentontheestimation,mainfactorsrequiredtobeconsideredincludetheprovisionsandexplanationsofrelevanttaxlawsandregulations,andtheestimatedrealestatesalesrevenueminustheestimateddeductiblelandcosts,realestatedevelopmentcosts,interestexpenses,developmentcostsetc.WhenSZPRDclearsthelandvalue-addedtax,theactualtaxpayablemaydifferfromtheamountestimatedbySZPRD.Astheaccruedlandvalue-addedtaxaccountsforalargeproportioninthetaxesandsurchargesandtaxespayablereflectedintheconsolidatedfinancialstatements,andthemanagement’sjudgmentontheestimationincludesvariousconsiderationssuchastheunderstandingofrelevanttaxlaws,regulationsandpractices.Therefore,wehaverecognizedtheaccrualofthelandvalue-addedtaxofSZPRDasakeyauditmatter.
2.AuditResponse
(1)UnderstandkeyinternalcontrolrelatedtoVATofland,evaluateitsdesignandexecutionandtesttheoperationeffectivenessofrelevantinternalcontrol;
(2)Evaluatetheaccrualofthelandvalue-addedtaxon31December2019bySZPRD,includingtheevaluationofSZPRD’sassumptionsandjudgmentbasedonourunderstandingoftheactualimplementationofrelatedtaxlawsbyvariouslocaltaxauthorities,
(3)Evaluatethemanagement’sestimationsonthedeductibleamountandSZPRD’sassumptionsandjudgment;
(4)Re-calculatethelandvalue-addedtaxaccruedbySZPRD,andmakeacomparisonbetweenourcalculatedresultsandtheamount
recordedbySZPRD.
4.OtherInformationTheCompany’smanagement(hereinafterreferredtoastheManagement”)isresponsiblefortheotherinformation.TheotherinformationcomprisesalloftheinformationincludedintheCompany’s2019AnnualReportotherthanthefinancialstatementsandourauditor’sreportthereon.Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationandwedonotexpressanyformofassuranceconclusionthereon.Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsorourknowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.If,basedontheworkwehaveperformed,weconcludethatthereisamaterialmisstatementofthisotherinformation,wearerequiredtoreportthatfact.Wehavenothingtoreportinthisregard.
5.ResponsibilitiesofManagementandThoseChargedwithGovernanceforFinancialStatementsTheManagementisresponsibleforthepreparationofthefinancialstatementsthatgiveafairviewinaccordancewithCAS,andfordesigning,implementingandmaintainingsuchinternalcontrolasthemanagementdeterminesisnecessarytoenablethepreparationoffinancialstatementsthatarefreefrommaterialmisstatement,whetherduetofraudorerror.Inpreparingthefinancialstatements,theManagementisresponsibleforassessingtheCompany’sabilitytocontinueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasisofaccountingunlesstheManagementeitherintendstoliquidatetheCompanyortoceaseoperations,orhavenorealisticalternativebuttodoso.Thosechargedwithgovernance(hereinafterreferredtoasthe“Governance”)areresponsibleforoverseeingtheCompany’sfinancialreportingprocess.
6.Auditor’sResponsibilitiesforAuditofFinancialStatementsOurobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditor’sreportthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewithCASwillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthesefinancialstatements.AspartofanauditinaccordancewithCAS,weexerciseprofessionaljudgmentandmaintainprofessionalskepticismthroughouttheaudit.Wealso:
(1)Identifyandassesstherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror,designandperformauditproceduresresponsivetothoserisks,andobtainauditevidencethatissufficientandappropriatetoprovideabasisforouropinion.Theriskofnotdetectingamaterialmisstatementresultingfromfraudishigherthanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery,intentionalomissions,misrepresentations,ortheoverrideofinternalcontrol.
(2)Obtainanunderstandingofinternalcontrolrelevanttotheauditinordertodesignauditproceduresthatareappropriateinthecircumstanceswithoutthepurposeofissuingopinionsabouttheeffectivenessofinternalcontrol.
(3)Evaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesandrelateddisclosuresmadebythemanagement.
(4)Concludeontheappropriatenessofthemanagement’suseofthegoingconcernbasisofaccountingand,basedontheauditevidenceobtained,whetheramaterialuncertaintyexistsrelatedtoeventsorconditionsthatmaycastsignificantdoubtontheCompany’sabilitytocontinueasagoingconcern.Ifweconcludethatamaterialuncertaintyexists,wearerequiredbyCAStodrawusers’attentioninourauditor’sreporttotherelateddisclosuresinthefinancialstatementsor.ifsuchdisclosuresareinadequate,tomodifyouropinion.Ourconclusionsarebasedontheauditevidenceobtaineduptothedateofourauditor’sreport.However,futureeventsorconditionsmaycausetheCompanytoceasetocontinueasagoingconcern.
(5)Evaluatetheoverallpresentation,structureandcontentofthefinancialstatements,andwhetherthefinancialstatementsrepresenttheunderlyingtransactionsandeventsinamannerthatachievesfairpresentation.
(6)ObtainsufficientappropriateauditevidenceregardingthefinancialinformationoftheentitiesorbusinessactivitieswithintheCompanytoexpressanopiniononthefinancialstatements.Weareresponsibleforthedirection,supervisionandperformanceoftheCompanyaudit.Weremainsolelyresponsibleforourauditopinion.Wecommunicatewiththosechargedwithgovernanceregardingtheplannedscopeandtimingoftheauditandsignificantauditfindings,includinganynoteworthydeficienciesininternalcontrolthatweidentifyduringouraudit.Wealsoprovidethosechargedwithgovernancewithastatementthatwehavecompliedwithrelevantethicalrequirementsregardingindependence,andcommunicatewiththemallrelationshipsandothermattersthatmayreasonablybethoughttobearonourindependence,andwhereapplicable,relatedsafeguards.Fromthematterscommunicatedwiththosechargedwithgovernance,wedeterminethosemattersthatwereofmostsignificanceintheauditofthefinancialstatementsofthecurrentperiodandarethereforethekeyauditmatters.Wedescribethesemattersinourauditor’sreportunlesslaworregulationprecludespublicdisclosureaboutthematterorwhen,inextremelyrarecircumstances,wedeterminethatamattershouldnotbecommunicatedinourreportbecausetheadverseconsequencesofdoingsowouldreasonablybeexpectedtooutweighthepublicinterestbenefitsofsuchcommunication.Pan-ChinaCertifiedPublicAccountants(LLP)ChineseCPA:
(EngagementPartner)
WangHuansenHangzhou·ChinaChineseCPA
ChenYan
17March2020IIFinancialStatementsCurrencyunitforthefinancialstatementsandthenotesthereto:RMB
1.ConsolidatedBalanceSheet
PreparedbyShenzhenProperties&ResourcesDevelopment(Group)Ltd.
31December2019
Unit:RMB
| Item | 31December2019 | 31December2018 |
| Currentassets: | ||
| Monetaryassets | 3,297,890,935.91 | 3,894,546,925.52 |
| Settlementreserve | ||
| Interbankloansgranted | ||
| Held-for-tradingfinancialassets |
| Financialassetsatfairvaluethroughprofitorloss | ||
| Derivativefinancialassets | ||
| Notesreceivable | ||
| Accountsreceivable | 216,923,663.25 | 155,898,006.77 |
| Accountsreceivablefinancing | ||
| Prepayments | 69,546,774.17 | 59,546,657.35 |
| Premiumsreceivable | ||
| Reinsurancereceivables | ||
| Receivablereinsurancecontractreserve | ||
| Otherreceivables | 917,981,165.74 | 80,037,483.65 |
| Including:Interestreceivable | 13,055,107.15 | |
| Dividendsreceivable | ||
| Financialassetspurchasedunderresaleagreements | ||
| Inventories | 4,913,510,876.66 | 1,396,154,603.04 |
| Contractualassets | ||
| Assetsclassifiedasheldforsale | ||
| Currentportionofnon-currentassets | ||
| Othercurrentassets | 42,500,585.94 | 17,233,435.58 |
| Totalcurrentassets | 9,458,354,001.67 | 5,603,417,111.91 |
| Non-currentassets: | ||
| Loansandadvancestocustomers | ||
| Investmentsindebtobligations | ||
| Available-for-salefinancialassets | 3,621,381.11 | |
| Investmentsinotherdebtobligations | ||
| Held-to-maturityinvestments | ||
| Long-termreceivables | ||
| Long-termequityinvestments | 45,076,122.72 | 39,999,283.24 |
| Investmentsinotherequityinstruments | 1,580,475.86 | |
| Othernon-currentfinancialassets | ||
| Investmentproperty | 503,323,428.61 | 639,167,209.48 |
| Fixedassets | 93,557,782.83 | 102,516,975.36 |
| Constructioninprogress | ||
| Productivelivingassets | ||
| Oilandgasassets | ||
| Userightsassets | ||
| Intangibleassets | 700,369.66 | 455,300.38 |
| R&Dexpense | ||
| Goodwill | ||
| Long-termprepaidexpense | 7,034,472.79 | 3,493,237.29 |
| Deferredincometaxassets | 658,153,122.73 | 520,832,796.49 |
| Othernon-currentassets | 4,711,963.66 | 109,851,318.29 |
| Totalnon-currentassets | 1,314,137,738.86 | 1,419,937,501.64 |
| Totalassets | 10,772,491,740.53 | 7,023,354,613.55 |
| Currentliabilities: | ||
| Short-termborrowings | ||
| Borrowingsfromthecentralbank | ||
| Interbankloansobtained | ||
| Held-for-tradingfinancialliabilities | ||
| Financialliabilitiesatfairvaluethroughprofitorloss | ||
| Derivativefinancialliabilities | ||
| Notespayable | ||
| Accountspayable | 577,689,139.10 | 435,350,850.19 |
| Advancesfromcustomers | 728,186,032.63 | 278,045,801.46 |
| Contractualliabilities | ||
| Financialassetssoldunderrepurchaseagreements | ||
| Customerdepositsandinterbankdeposits | ||
| Payablesforactingtradingofsecurities | ||
| Payablesforunderwritingofsecurities | ||
| Payrollpayable | 143,493,868.80 | 126,062,756.70 |
| Taxespayable | 2,598,283,291.68 | 1,580,024,773.11 |
| Otherpayables | 1,149,104,928.85 | 656,720,054.30 |
| Including:Interestpayable | 1,669.10 | |
| Dividendspayable | 12,202,676.04 | 12,434,579.81 |
| Handlingchargesandcommissionspayable | ||
| Reinsurancepayables | ||
| Liabilitiesdirectlyassociatedwithassetsclassifiedasheldforsale | ||
| Currentportionofnon-currentliabilities | 3,921,032.24 | |
| Othercurrentliabilities | ||
| Totalcurrentliabilities | 5,200,678,293.30 | 3,076,204,235.76 |
| Non-currentliabilities: | ||
| Insurancecontractreserve | ||
| Long-termborrowings | 2,193,833,000.00 | 1,000,000.00 |
| Bondspayable | ||
| Including:Preferredshares | ||
| Perpetualbonds | ||
| Leaseliabilities | ||
| Long-termpayables | ||
| Long-termpayrollpayable | ||
| Provisions | 2,903,327.87 | |
| Deferredincome | 341,259.63 | |
| Deferredincometaxliabilities | 3,821.08 | 5,275.60 |
| Othernon-currentliabilities | 108,164,737.46 | 64,627,587.61 |
| Totalnon-currentliabilities | 2,305,246,146.04 | 65,632,863.21 |
| Totalliabilities | 7,505,924,439.34 | 3,141,837,098.97 |
| Owners’equity: | ||
| Sharecapital | 595,979,092.00 | 595,979,092.00 |
| Otherequityinstruments | ||
| Including:Preferredshares | ||
| Perpetualbonds | ||
| Capitalreserves | 80,488,045.38 | 483,347,184.25 |
| Less:Treasurystock | ||
| Othercomprehensiveincome | -2,698,371.44 | -1,786,181.69 |
| Specificreserve |
| Surplusreserves | 17,060,448.05 | 299,569,569.96 |
| Generalreserve | ||
| Retainedearnings | 2,457,119,795.39 | 2,495,296,440.15 |
| TotalequityattributabletoownersoftheCompanyastheparent | 3,147,949,009.38 | 3,872,406,104.67 |
| Non-controllinginterests | 118,618,291.81 | 9,111,409.91 |
| Totalowners’equity | 3,266,567,301.19 | 3,881,517,514.58 |
| Totalliabilitiesandowners’equity | 10,772,491,740.53 | 7,023,354,613.55 |
Legalrepresentative:LiuShengxiangHeadoffinancialaffairs:CaiLiliHeadofthefinancialdepartment:LiuQiang
2.BalanceSheetoftheCompanyastheParent
Unit:RMB
| Item | 31December2019 | 31December2018 |
| Currentassets: | ||
| Monetaryassets | 2,455,001,204.14 | 2,520,788,994.16 |
| Held-for-tradingfinancialassets | ||
| Financialassetsatfairvaluethroughprofitorloss | ||
| Derivativefinancialassets | ||
| Notesreceivable | ||
| Accountsreceivable | 755,932.14 | 1,853,494.72 |
| Accountsreceivablefinancing | ||
| Prepayments | 496,729.09 | 829,683.68 |
| Otherreceivables | 501,082,153.81 | 1,306,715,826.93 |
| Including:Interestreceivable | 8,229,503.58 | |
| Dividendsreceivable | ||
| Inventories | 624,499,208.02 | 105,840,115.24 |
| Contractualassets | ||
| Assetsclassifiedasheldforsale | ||
| Currentportionofnon-currentassets | ||
| Othercurrentassets | 1,113,935.28 | |
| Totalcurrentassets | 3,582,949,162.48 | 3,936,028,114.73 |
| Non-currentassets: | ||
| Investmentsindebtobligations | ||
| Available-for-salefinancialassets | 3,851,881.11 | |
| Investmentsinotherdebtobligations | ||
| Held-to-maturityinvestments | ||
| Long-termreceivables | ||
| Long-termequityinvestments | 1,070,542,003.11 | 239,501,956.17 |
| Investmentsinotherequityinstruments | 1,810,975.86 | |
| Othernon-currentfinancialassets | ||
| Investmentproperty | 312,638,785.76 | 317,313,917.65 |
| Fixedassets | 26,337,488.29 | 9,121,637.65 |
| Constructioninprogress | ||
| Productivelivingassets | ||
| Oilandgasassets | ||
| Userightsassets | ||
| Intangibleassets | ||
| R&Dexpense | ||
| Goodwill | ||
| Long-termprepaidexpense | 605,416.29 | 778,392.57 |
| Deferredincometaxassets | 343,958,821.07 | 315,888,967.26 |
| Othernon-currentassets | 1,613,657,031.92 | 104,132,920.00 |
| Totalnon-currentassets | 3,369,550,522.30 | 990,589,672.41 |
| Totalassets | 6,952,499,684.78 | 4,926,617,787.14 |
| Currentliabilities: | ||
| Short-termborrowings | ||
| Held-for-tradingfinancialliabilities | ||
| Financialliabilitiesatfairvaluethroughprofitorloss | ||
| Derivativefinancialliabilities | ||
| Notespayable | ||
| Accountspayable | 64,503,938.37 | 124,501,464.28 |
| Advancesfromcustomers | 320,469.53 | 75,895,087.75 |
| Contractualliabilities | ||
| Payrollpayable | 36,735,205.68 | 31,224,455.28 |
| Taxespayable | 1,322,751,671.37 | 1,402,388,742.76 |
| Otherpayables | 3,146,684,268.89 | 224,875,980.31 |
| Including:Interestpayable | ||
| Dividendspayable | 29,642.40 | 29,642.40 |
| Liabilitiesdirectlyassociatedwithassetsclassifiedasheldforsale | ||
| Currentportionofnon-currentliabilities | ||
| Othercurrentliabilities | ||
| Totalcurrentliabilities | 4,570,995,553.84 | 1,858,885,730.38 |
| Non-currentliabilities: | ||
| Long-termborrowings | ||
| Bondspayable | ||
| Including:Preferredshares | ||
| Perpetualbonds | ||
| Leaseliabilities | ||
| Long-termpayables | ||
| Long-termpayrollpayable | ||
| Provisions | ||
| Deferredincome | ||
| Deferredincometaxliabilities | ||
| Othernon-currentliabilities | 40,000,000.00 | |
| Totalnon-currentliabilities | 40,000,000.00 | |
| Totalliabilities | 4,610,995,553.84 | 1,858,885,730.38 |
| Owners’equity: | ||
| Sharecapital | 595,979,092.00 | 595,979,092.00 |
| Otherequityinstruments | ||
| Including:Preferredshares | ||
| Perpetualbonds | ||
| Capitalreserves | 53,876,380.11 | 92,326,467.62 |
| Less:Treasurystock | ||
| Othercomprehensiveincome | -2,051,268.24 | |
| Specificreserve | ||
| Surplusreserves | 16,403,637.61 | 298,912,759.52 |
| Retainedearnings | 1,677,296,289.46 | 2,080,513,737.62 |
| Totalowners’equity | 2,341,504,130.94 | 3,067,732,056.76 |
| Totalliabilitiesandowners’equity | 6,952,499,684.78 | 4,926,617,787.14 |
3.ConsolidatedIncomeStatement
Unit:RMB
| Item | 2019 | 2018 |
| 1.Revenue | 3,961,669,942.44 | 3,376,673,249.90 |
| Including:Operatingrevenue | 3,961,669,942.44 | 3,376,673,249.90 |
| Interestincome | ||
| Premiumincome | ||
| Handlingchargeandcommissionincome | ||
| 2.Costsandexpenses | 2,966,054,505.18 | 2,477,752,293.95 |
| Including:Costofsales | 1,433,615,885.43 | 1,710,290,550.93 |
| Interestexpense | ||
| Handlingchargeandcommissionexpense | ||
| Surrenders | ||
| Netclaimspaid | ||
| Netamountprovidedasinsurancecontractreserve | ||
| Expenditureonpolicydividends | ||
| Reinsurancepremiumexpense | ||
| Taxesandsurcharges | 1,081,511,281.04 | 624,413,173.01 |
| Sellingexpense | 111,553,952.50 | 46,501,225.18 |
| Administrativeexpense | 204,654,552.64 | 162,378,284.09 |
| R&Dexpense | ||
| Financecosts | 134,718,833.57 | -65,830,939.26 |
| Including:Interestexpense | 194,545,794.14 | 284,918.67 |
| Interestincome | 61,860,403.42 | 67,282,441.97 |
| Add:Otherincome | 5,150,377.43 | 312,339.94 |
| Returnoninvestment(“-”forloss) | 5,076,839.48 | 1,889,021.11 |
| Including:Shareofprofitorlossofjointventuresandassociates | 5,076,839.48 | 1,268,890.28 |
| Incomefromthederecognitionoffinancialassetsatamortizedcost(“-”forloss) | ||
| Foreignexchangegain(“-”forloss) | ||
| Netgainonexposurehedges(“-”forloss) | ||
| Gainonchangesinfairvalue(“-”forloss) | ||
| Creditimpairmentloss(“-”forloss) | -18,701,016.31 | |
| Assetimpairmentloss(“-”forloss) | -1,234,250.84 | 2,592,077.88 |
| Assetdisposalincome(“-”forloss) | -8,096.97 | |
| 3.Operatingprofit(“-”forloss) | 985,907,387.02 | 903,706,297.91 |
| Add:Non-operatingincome | 23,732,348.28 | 19,094,959.16 |
| Less:Non-operatingexpense | 4,793,503.85 | 4,435,733.97 |
| 4.Profitbeforetax(“-”forloss) | 1,004,846,231.45 | 918,365,523.10 |
| Less:Incometaxexpense | 262,716,180.91 | 220,260,863.60 |
| 5.Netprofit(“-”fornetloss) | 742,130,050.54 | 698,104,659.50 |
| 5.1Byoperatingcontinuity | ||
| 5.1.1Netprofitfromcontinuingoperations(“-”fornetloss) | 742,061,273.73 | 698,866,085.82 |
| 5.1.2Netprofitfromdiscontinuedoperations(“-”fornetloss) | 68,776.81 | -761,426.32 |
| 5.2Byownership | ||
| 5.2.1NetprofitattributabletoownersoftheCompanyastheparent | 817,805,780.12 | 698,050,728.96 |
| 5.2.1Netprofitattributabletonon-controllinginterests | -75,675,729.58 | 53,930.54 |
| 6.Othercomprehensiveincome,netoftax | -912,189.75 | 2,325,405.45 |
| AttributabletoownersoftheCompanyastheparent | -912,189.75 | 2,325,405.45 |
| 6.1Itemsthatwillnotbereclassifiedtoprofitorloss | -2,051,268.24 |
| 6.1.1Changescausedbyremeasurementsondefinedbenefitpensionschemes | ||
| 6.1.2Othercomprehensiveincomethatwillnotbereclassifiedtoprofitorlossundertheequitymethod | ||
| 6.1.3Changesinthefairvalueofinvestmentsinotherequityinstruments | -2,051,268.24 | |
| 6.1.4Changesinthefairvalueofthecompany’screditrisks | ||
| 6.1.5Other | ||
| 6.2Itemsthatwillbereclassifiedtoprofitorloss | 1,139,078.49 | 2,325,405.45 |
| 6.2.1Othercomprehensiveincomethatwillbereclassifiedtoprofitorlossundertheequitymethod | ||
| 6.2.2Changesinthefairvalueofinvestmentsinotherdebtobligations | ||
| 6.2.3Gain/Lossonchangesinthefairvalueofavailable-for-salefinancialassets | ||
| 6.2.4Othercomprehensiveincomearisingfromthereclassificationoffinancialassets | ||
| 6.2.5Gain/Lossarisingfromthereclassificationofheld-to-maturityinvestmentstoavailable-for-salefinancialassets | ||
| 6.2.6Allowanceforcreditimpairmentsininvestmentsinotherdebtobligations | ||
| 6.2.7Reserveforcashflowhedges | ||
| 6.2.8Differencesarisingfromthetranslationofforeigncurrency-denominatedfinancialstatements | 1,139,078.49 | 2,325,405.45 |
| 6.2.9Other | ||
| Attributabletonon-controllinginterests |
| 7.Totalcomprehensiveincome | 741,217,860.79 | 700,430,064.95 |
| AttributabletoownersoftheCompanyastheparent | 816,893,590.37 | 700,376,134.41 |
| Attributabletonon-controllinginterests | -75,675,729.58 | 53,930.54 |
| 8.Earningspershare | ||
| 8.1Basicearningspershare | 1.3722 | 1.1713 |
| 8.2Dilutedearningspershare | 1.3722 | 1.1713 |
Wherebusinesscombinationsundercommoncontroloccurredinthecurrentperiod,thenetprofitachievedbytheacquireesbeforethecombinationswasRMB118,680,871.93,withtheamountforlastyearbeingRMB105,442,907.48.Legalrepresentative:LiuShengxiangHeadoffinancialaffairs:CaiLiliHeadofthefinancialdepartment:LiuQiang
4.IncomeStatementoftheCompanyastheParent
Unit:RMB
| Item | 2019 | 2018 |
| 1.Operatingrevenue | 393,330,909.38 | 1,280,644,589.75 |
| Less:Costofsales | 61,706,002.23 | 225,828,386.48 |
| Taxesandsurcharges | 152,745,770.45 | 525,630,333.93 |
| Sellingexpense | 13,078,323.49 | 19,343,750.44 |
| Administrativeexpense | 77,139,133.61 | 47,578,406.12 |
| R&Dexpense | ||
| Financecosts | -43,712,067.17 | -54,255,168.19 |
| Including:Interestexpense | ||
| Interestincome | 42,193,217.20 | 50,378,375.05 |
| Add:Otherincome | 85,442.53 | |
| Returnoninvestment(“-”forloss) | 86,697,646.64 | 1,834,522.57 |
| Including:Shareofprofitorlossofjointventuresandassociates | 5,076,839.48 | 1,268,890.28 |
| Incomefromthederecognitionoffinancialassetsatamortizedcost(“-”forloss) | ||
| Netgainonexposurehedges(“-”forloss) |
| Gainonchangesinfairvalue(“-”forloss) | ||
| Creditimpairmentloss(“-”forloss) | 811,051.45 | |
| Assetimpairmentloss(“-”forloss) | -47,377,759.48 | |
| Assetdisposalincome(“-”forloss) | ||
| 2.Operatingprofit(“-”forloss) | 219,967,887.39 | 470,975,644.06 |
| Add:Non-operatingincome | 359,518.50 | 963,333.70 |
| Less:Non-operatingexpense | 1,292,469.73 | 711,102.23 |
| 3.Profitbeforetax(“-”forloss) | 219,034,936.16 | 471,227,875.53 |
| Less:Incometaxexpense | 54,998,560.04 | 132,509,442.15 |
| 4.Netprofit(“-”fornetloss) | 164,036,376.12 | 338,718,433.38 |
| 4.1Netprofitfromcontinuingoperations(“-”fornetloss) | 164,036,376.12 | 338,718,433.38 |
| 4.2Netprofitfromdiscontinuedoperations(“-”fornetloss) | ||
| 5.Othercomprehensiveincome,netoftax | -2,051,268.24 | |
| 5.1Itemsthatwillnotbereclassifiedtoprofitorloss | -2,051,268.24 | |
| 5.1.1Changescausedbyremeasurementsondefinedbenefitpensionschemes | ||
| 5.1.2Othercomprehensiveincomethatwillnotbereclassifiedtoprofitorlossundertheequitymethod | -2,051,268.24 | |
| 5.1.3Changesinthefairvalueofinvestmentsinotherequityinstruments | ||
| 5.1.4Changesinthefairvalueofthecompany’screditrisks | ||
| 5.1.5Other | ||
| 5.2Itemsthatwillbereclassifiedtoprofitorloss | ||
| 5.2.1Othercomprehensiveincomethatwillbereclassifiedtoprofitorlossundertheequitymethod |
| 5.2.2Changesinthefairvalueofinvestmentsinotherdebtobligations | ||
| 5.2.3Gain/Lossonchangesinthefairvalueofavailable-for-salefinancialassets | ||
| 5.2.4Othercomprehensiveincomearisingfromthereclassificationoffinancialassets | ||
| 5.2.5Gain/Lossarisingfromthereclassificationofheld-to-maturityinvestmentstoavailable-for-salefinancialassets | ||
| 5.2.6Allowanceforcreditimpairmentsininvestmentsinotherdebtobligations | ||
| 5.2.7Reserveforcashflowhedges | ||
| 5.2.8Differencesarisingfromthetranslationofforeigncurrency-denominatedfinancialstatements | ||
| 5.2.9Other | ||
| 6.Totalcomprehensiveincome | 161,985,107.88 | 338,718,433.38 |
| 7.Earningspershare | ||
| 7.1Basicearningspershare | 0.2752 | 0.5683 |
| 7.2Dilutedearningspershare | 0.2752 | 0.5683 |
5.ConsolidatedCashFlowStatement
Unit:RMB
| Item | 2019 | 2018 |
| 1.Cashflowsfromoperatingactivities: | ||
| Proceedsfromsaleofcommoditiesandrenderingofservices | 4,536,821,506.05 | 3,243,653,946.59 |
| Netincreaseincustomerdepositsandinterbankdeposits | ||
| Netincreaseinborrowingsfromthecentralbank | ||
| Netincreaseinloansfromotherfinancialinstitutions |
| Premiumsreceivedonoriginalinsurancecontracts | ||
| Netproceedsfromreinsurance | ||
| Netincreaseindepositsandinvestmentsofpolicyholders | ||
| Interest,handlingchargesandcommissionsreceived | ||
| Netincreaseininterbankloansobtained | ||
| Netincreaseinproceedsfromrepurchasetransactions | ||
| Netproceedsfromactingtradingofsecurities | ||
| Taxrebates | 51,795.24 | |
| Cashgeneratedfromotheroperatingactivities | 727,613,534.88 | 124,455,322.34 |
| Subtotalofcashgeneratedfromoperatingactivities | 5,264,435,040.93 | 3,368,161,064.17 |
| Paymentsforcommoditiesandservices | 2,805,353,837.83 | 680,343,701.88 |
| Netincreaseinloansandadvancestocustomers | ||
| Netincreaseindepositsinthecentralbankandininterbankloansgranted | ||
| Paymentsforclaimsonoriginalinsurancecontracts | ||
| Netincreaseininterbankloansgranted | ||
| Interest,handlingchargesandcommissionspaid | ||
| Policydividendspaid | ||
| Cashpaidtoandforemployees | 635,119,649.94 | 550,174,464.52 |
| Taxespaid | 698,846,233.34 | 792,878,768.68 |
| Cashusedinotheroperatingactivities | 185,325,753.86 | 113,046,072.91 |
| Subtotalofcashusedinoperatingactivities | 4,324,645,474.97 | 2,136,443,007.99 |
| Netcashgeneratedfrom/usedinoperatingactivities | 939,789,565.96 | 1,231,718,056.18 |
| 2.Cashflowsfrominvestingactivities: | ||
| Proceedsfromdisinvestment | ||
| Returnoninvestment | ||
| Netproceedsfromthedisposaloffixedassets,intangibleassetsandotherlong-livedassets | 357,613.40 | 115,576.54 |
| Netproceedsfromthedisposalofsubsidiariesandotherbusinessunits | 79,901,686.57 | |
| Cashgeneratedfromotherinvestingactivities | ||
| Subtotalofcashgeneratedfrominvestingactivities | 357,613.40 | 80,017,263.11 |
| Paymentsfortheacquisitionoffixedassets,intangibleassetsandotherlong-livedassets | 62,167,787.99 | 25,212,463.57 |
| Paymentsforinvestments | 100,000,000.00 | |
| Netincreaseinpledgedloansgranted | ||
| Netpaymentsfortheacquisitionofsubsidiariesandotherbusinessunits | 969,530,215.99 | |
| Cashusedinotherinvestingactivities | ||
| Subtotalofcashusedininvestingactivities | 1,031,698,003.98 | 125,212,463.57 |
| Netcashgeneratedfrom/usedininvestingactivities | -1,031,340,390.58 | -45,195,200.46 |
| 3.Cashflowsfromfinancingactivities: | ||
| Capitalcontributionsreceived | 3,220,000.00 | 2,450,000.00 |
| Including:Capitalcontributionsbynon-controllingintereststosubsidiaries | 3,220,000.00 | 2,450,000.00 |
| Borrowingsobtained | 2,193,000,000.00 | 1,000,000.00 |
| Cashgeneratedfromotherfinancingactivities | 40,000,000.00 | |
| Subtotalofcashgeneratedfromfinancingactivities | 2,236,220,000.00 | 3,450,000.00 |
| Repaymentsofborrowings | 2,193,067,000.00 | 11,000,000.00 |
| Paymentsforinterestanddividends | 423,796,908.60 | 187,234,654.66 |
| Including:Dividendspaidbysubsidiariestonon-controllinginterests | ||
| Cashusedinotherfinancingactivities | 123,502,169.51 | |
| Subtotalofcashusedinfinancingactivities | 2,740,366,078.11 | 198,234,654.66 |
| Netcashgeneratedfrom/usedinfinancingactivities | -504,146,078.11 | -194,784,654.66 |
| 4.Effectofforeignexchangeratechangesoncashandcashequivalents | 14,878.31 | 5,376.09 |
| 5.Netincreaseincashandcashequivalents | -595,682,024.42 | 991,743,577.15 |
| Add:Cashandcashequivalents,beginningoftheperiod | 3,881,027,257.89 | 2,889,283,680.74 |
| 6.Cashandcashequivalents,endoftheperiod | 3,285,345,233.47 | 3,881,027,257.89 |
6.CashFlowStatementoftheCompanyastheParent
Unit:RMB
| Item | 2019 | 2018 |
| 1.Cashflowsfromoperatingactivities: | ||
| Proceedsfromsaleofcommoditiesandrenderingofservices | 338,520,399.21 | 1,414,305,014.68 |
| Taxrebates | ||
| Cashgeneratedfromotheroperatingactivities | 3,301,015,120.23 | 43,112,205.17 |
| Subtotalofcashgeneratedfromoperatingactivities | 3,639,535,519.44 | 1,457,417,219.85 |
| Paymentsforcommoditiesandservices | 617,310,657.83 | 7,075,382.01 |
| Cashpaidtoandforemployees | 47,049,144.09 | 38,651,894.17 |
| Taxespaid | 342,530,888.32 | 148,571,148.46 |
| Cashusedinotheroperatingactivities | 45,901,384.05 | 246,528,170.36 |
| Subtotalofcashusedinoperatingactivities | 1,052,792,074.29 | 440,826,595.00 |
| Netcashgeneratedfrom/usedinoperatingactivities | 2,586,743,445.15 | 1,016,590,624.85 |
| 2.Cashflowsfrominvestingactivities: | ||
| Proceedsfromdisinvestment | 100,000,000.00 | |
| Returnoninvestment | 42,319,444.45 | |
| Netproceedsfromthedisposaloffixedassets,intangibleassetsandotherlong-livedassets | 690.00 | |
| Netproceedsfromthedisposalofsubsidiariesandotherbusinessunits | 73,001,849.11 | |
| Cashgeneratedfromotherinvestingactivities | ||
| Subtotalofcashgeneratedfrominvestingactivities | 142,320,134.45 | 73,001,849.11 |
| Paymentsfortheacquisitionoffixedassets,intangibleassetsandotherlong-livedassets | 25,563,107.56 | 4,936,323.59 |
| Paymentsforinvestments | 2,634,574,943.74 | 100,000,000.00 |
| Netpaymentsfortheacquisitionofsubsidiariesandotherbusinessunits | 39,351,392.06 | |
| Cashusedinotherinvestingactivities | ||
| Subtotalofcashusedininvestingactivities | 2,660,138,051.30 | 144,287,715.65 |
| Netcashgeneratedfrom/usedininvestingactivities | -2,517,817,916.85 | -71,285,866.54 |
| 3.Cashflowsfromfinancingactivities: | ||
| Capitalcontributionsreceived | ||
| Borrowingsobtained | ||
| Cashgeneratedfromotherfinancingactivities | 40,000,000.00 | |
| Subtotalofcashgeneratedfromfinancingactivities | 40,000,000.00 | |
| Repaymentsofborrowings | ||
| Paymentsforinterestanddividends | 178,793,727.60 | 178,793,727.60 |
| Cashusedinotherfinancingactivities |
| Subtotalofcashusedinfinancingactivities | 178,793,727.60 | 178,793,727.60 |
| Netcashgeneratedfrom/usedinfinancingactivities | -138,793,727.60 | -178,793,727.60 |
| 4.Effectofforeignexchangeratechangesoncashandcashequivalents | 14,878.31 | 5,212.00 |
| 5.Netincreaseincashandcashequivalents | -69,853,320.99 | 766,516,242.71 |
| Add:Cashandcashequivalents,beginningoftheperiod | 2,520,788,994.16 | 1,754,272,751.45 |
| 6.Cashandcashequivalents,endoftheperiod | 2,450,935,673.17 | 2,520,788,994.16 |
7.ConsolidatedStatementsofChangesinOwners’Equity
2019
Unit:RMB
| Item | 2019 | ||||||||||||||
| EquityattributabletoownersoftheCompanyastheparent | Non-controllinginterests | Totalowners’equity | |||||||||||||
| Sharecapital | Otherequityinstruments | Capitalreserves | Less:Treasurystock | Othercomprehensiveincome | Specificreserve | Surplusreserves | Generalreserve | Retainedearnings | Other | Subtotal | |||||
| Preferredshares | Perpetualbonds | Other | |||||||||||||
| 1.Balancesasattheendoftheprioryear | 595,979,092.00 | 483,347,184.25 | -1,786,181.69 | 299,569,569.96 | 2,495,296,440.15 | 3,872,406,104.67 | 9,111,409.91 | 3,881,517,514.58 | |||||||
| Add:Adjustmentsforchangedaccountingpolicies | |||||||||||||||
| Adjustmentsforcorrectionsofpreviouserrors | |||||||||||||||
| Adjustmentsforbusinesscombinationsundercommoncontrol | |||||||||||||
| Otheradjustments | |||||||||||||
| 2.Balancesasatthebeginningoftheyear | 595,979,092.00 | 483,347,184.25 | -1,786,181.69 | 299,569,569.96 | 2,495,296,440.15 | 3,872,406,104.67 | 9,111,409.91 | 3,881,517,514.58 | |||||
| 3.Increase/decreaseintheperiod(“-”fordecrease) | -402,859,138.87 | -912,189.75 | -282,509,121.91 | -38,176,644.76 | -724,457,095.29 | 109,506,881.90 | -614,950,213.39 | ||||||
| 3.1Totalcomprehensiveincome | -912,189.75 | 817,805,780.12 | 816,893,590.37 | -75,675,729.58 | 741,217,860.79 | ||||||||
| 3.2Capitalincreasedandreducedbyowners | -402,859,138.87 | -298,912,759.52 | -660,785,059.67 | -1,362,556,958.06 | 185,182,611.48 | -1,177,374,346.58 | |||||||
| 3.2.1Ordinarysharesincreasedbyowners | 3,220,000.00 | 3,220,000.00 | |||||||||||
| 3.2.2Capitalincreasedbyholdersofotherequityinstruments | |||||||||||||
| 3.2.3Share-basedpaymentsincludedinowners’equity | |||||||||||||
| 3.2.4Other | -402,859,138.87 | -298,912,759.52 | -660,785,059.67 | -1,362,556,958.06 | 181,962,611.48 | -1,180,594,346.58 |
| 3.3Profitdistribution | 16,403,637.61 | -195,197,365.21 | -178,793,727.60 | -178,793,727.60 | ||||
| 3.3.1Appropriationtosurplusreserves | 16,403,637.61 | -16,403,637.61 | ||||||
| 3.3.2Appropriationtogeneralreserve | ||||||||
| 3.3.3Appropriationtoowners(orshareholders) | -178,793,727.60 | -178,793,727.60 | -178,793,727.60 | |||||
| 3.3.4Other | ||||||||
| 3.4Transferswithinowners’equity | ||||||||
| 3.4.1Increaseincapital(orsharecapital)fromcapitalreserves | ||||||||
| 3.4.2Increaseincapital(orsharecapital)fromsurplusreserves | ||||||||
| 3.4.3Lossoffsetbysurplusreserves | ||||||||
| 3.4.4Changesindefinedbenefitpensionschemestransferredtoretainedearnings |
| 3.4.5Othercomprehensiveincometransferredtoretainedearnings | |||||||||||||
| 3.4.6Other | |||||||||||||
| 3.5Specificreserve | |||||||||||||
| 3.5.1Increaseintheperiod | |||||||||||||
| 3.5.2Usedintheperiod | |||||||||||||
| 3.6Other | |||||||||||||
| 4.Balancesasattheendoftheperiod | 595,979,092.00 | 80,488,045.38 | -2,698,371.44 | 17,060,448.05 | 2,457,119,795.39 | 3,147,949,009.38 | 118,618,291.81 | 3,266,567,301.19 |
2018
Unit:RMB
| Item | 2018 | ||||||||||||||
| EquityattributabletoownersoftheCompanyastheparent | Non-controllinginterests | Totalowners’equity | |||||||||||||
| Sharecapital | Otherequityinstruments | Capitalreserves | Less:Treasurystock | Othercomprehensiveincome | Specificreserve | Surplusreserves | Generalreserve | Retainedearnings | Other | Subtotal | |||||
| Preferredshares | Perpetualbonds | Other | |||||||||||||
| 1.Balancesasattheendoftheprioryear | 595,979,092.00 | 118,938,132.89 | -4,111,587.14 | 299,569,569.96 | 1,911,318,586.37 | 2,921,693,794.08 | 862,087.06 | 2,922,555,881.14 | |||||||
| Add:Adjustmentsforchangedaccountingpolicies | |||||||||||||||
| Adjustmentsforcorrectionsofpreviouserrors | |||||||||||||||
| Adjustmentsforbusinesscombinationsundercommoncontrol | 364,309,051.36 | 72,876,860.81 | 437,185,912.17 | 5,745,392.31 | 442,931,304.48 | ||||||||
| Otheradjustments | |||||||||||||
| 2.Balancesasatthebeginningoftheyear | 595,979,092.00 | 483,247,184.25 | -4,111,587.14 | 299,569,569.96 | 1,984,195,447.18 | 3,358,879,706.25 | 6,607,479.37 | 3,365,487,185.62 | |||||
| 3.Increase/decreaseintheperiod(“-”fordecrease) | 100,000.00 | 2,325,405.45 | 511,100,992.97 | 513,526,398.42 | 2,503,930.54 | 516,030,328.96 | |||||||
| 3.1Totalcomprehensiveincome | 2,325,405.45 | 698,050,728.96 | 700,376,134.41 | 53,930.54 | 700,430,064.95 | ||||||||
| 3.2Capitalincreasedandreducedbyowners | 100,000.00 | 100,000.00 | 2,450,000.00 | 2,550,000.00 | |||||||||
| 3.2.1Ordinarysharesincreasedbyowners | 100,000.00 | 100,000.00 | 2,450,000.00 | 2,550,000.00 | |||||||||
| 3.2.2Capitalincreasedbyholdersofotherequityinstruments | |||||||||||||
| 3.2.3Share-basedpaymentsincludedinowners’equity | |||||||||||||
| 3.2.4Other |
| 3.3Profitdistribution | -186,949,735.99 | -186,949,735.99 | -186,949,735.99 | |||
| 3.3.1Appropriationtosurplusreserves | ||||||
| 3.3.2Appropriationtogeneralreserve | ||||||
| 3.3.3Appropriationtoowners(orshareholders) | -186,949,735.99 | -186,949,735.99 | -186,949,735.99 | |||
| 3.3.4Other | ||||||
| 3.4Transferswithinowners’equity | ||||||
| 3.4.1Increaseincapital(orsharecapital)fromcapitalreserves | ||||||
| 3.4.2Increaseincapital(orsharecapital)fromsurplusreserves | ||||||
| 3.4.3Lossoffsetbysurplusreserves |
| 3.4.4Changesindefinedbenefitpensionschemestransferredtoretainedearnings | |||||||||||||
| 3.4.5Othercomprehensiveincometransferredtoretainedearnings | |||||||||||||
| 3.4.6Other | |||||||||||||
| 3.5Specificreserve | |||||||||||||
| 3.5.1Increaseintheperiod | |||||||||||||
| 3.5.2Usedintheperiod | |||||||||||||
| 3.6Other | |||||||||||||
| 4.Balancesasattheendoftheperiod | 595,979,092.00 | 483,347,184.25 | -1,786,181.69 | 299,569,569.96 | 2,495,296,440.15 | 3,872,406,104.67 | 9,111,409.91 | 3,881,517,514.58 |
8.StatementsofChangesinOwners’EquityoftheCompanyastheParent
2019
Unit:RMB
| Item | 2019 | |||||||||||
| Sharecapital | Otherequityinstruments | Capitalreserves | Less:Treasurystock | Othercomprehensiveincome | Specificreserve | Surplusreserves | Retainedearnings | Other | Totalowners’equity | |||
| Preferredshares | Perpetualbonds | Other | ||||||||||
| 1.Balancesasattheendoftheprioryear | 595,979,092.00 | 92,326,467.62 | 298,912,759.52 | 2,080,513,737.62 | 3,067,732,056.76 | |||||
| Add:Adjustmentsforchangedaccountingpolicies | ||||||||||
| Adjustmentsforcorrectionsofpreviouserrors | ||||||||||
| Otheradjustments | ||||||||||
| 2.Balancesasatthebeginningoftheyear | 595,979,092.00 | 92,326,467.62 | 298,912,759.52 | 2,080,513,737.62 | 3,067,732,056.76 | |||||
| 3.Increase/decreaseintheperiod(“-”fordecrease) | -38,450,087.51 | -2,051,268.24 | -282,509,121.91 | -403,217,448.16 | -726,227,925.82 | |||||
| 3.1Totalcomprehensiveincome | -2,051,268.24 | 164,036,376.12 | 161,985,107.88 | |||||||
| 3.2Capitalincreasedandreducedbyowners | -38,450,087.51 | -298,912,759.52 | -372,056,459.07 | -709,419,306.10 | ||||||
| 3.2.1Ordinarysharesincreasedbyowners | ||||||||||
| 3.2.2Capitalincreasedbyholdersofotherequityinstruments | ||||||||||
| 3.2.3Share-basedpaymentsincludedinowners’equity |
| 3.2.4Other | -38,450,087.51 | -298,912,759.52 | -372,056,459.07 | -709,419,306.10 | |||
| 3.3Profitdistribution | 16,403,637.61 | -195,197,365.21 | -178,793,727.60 | ||||
| 3.3.1Appropriationtosurplusreserves | 16,403,637.61 | -16,403,637.61 | |||||
| 3.3.2Appropriationtoowners(orshareholders) | -178,793,727.60 | -178,793,727.60 | |||||
| 3.3.3Other | |||||||
| 3.4Transferswithinowners’equity | |||||||
| 3.4.1Increaseincapital(orsharecapital)fromcapitalreserves | |||||||
| 3.4.2Increaseincapital(orsharecapital)fromsurplusreserves | |||||||
| 3.4.3Lossoffsetbysurplusreserves | |||||||
| 3.4.4Changesindefinedbenefitpensionschemestransferredtoretainedearnings | |||||||
| 3.4.5Othercomprehensiveincometransferredtoretainedearnings |
| 3.4.6Other | ||||||||||
| 3.5Specificreserve | ||||||||||
| 3.5.1Increaseintheperiod | ||||||||||
| 3.5.2Usedintheperiod | ||||||||||
| 3.6Other | ||||||||||
| 4.Balancesasattheendoftheperiod | 595,979,092.00 | 53,876,380.11 | -2,051,268.24 | 16,403,637.61 | 1,677,296,289.46 | 2,341,504,130.94 |
2018
Unit:RMB
| Item | 2018 | |||||||||||
| Sharecapital | Otherequityinstruments | Capitalreserves | Less:Treasurystock | Othercomprehensiveincome | Specificreserve | Surplusreserves | Retainedearnings | Other | Totalowners’equity | |||
| Preferredshares | Perpetualbonds | Other | ||||||||||
| 1.Balancesasattheendoftheprioryear | 595,979,092.00 | 94,057,859.68 | 298,912,759.52 | 1,920,589,031.84 | 2,909,538,743.04 | |||||||
| Add:Adjustmentsforchangedaccountingpolicies | ||||||||||||
| Adjustmentsforcorrectionsofpreviouserrors | ||||||||||||
| Otheradjustments | ||||||||||||
| 2.Balancesasatthebeginningoftheyear | 595,979,092.00 | 94,057,859.68 | 298,912,759.52 | 1,920,589,031.84 | 2,909,538,743.04 | |||||||
| 3.Increase/decreaseintheperiod(“-”fordecrease) | -1,731,392.06 | 159,924,705.78 | 158,193,313.72 | |||
| 3.1Totalcomprehensiveincome | 338,718,433.38 | 338,718,433.38 | ||||
| 3.2Capitalincreasedandreducedbyowners | ||||||
| 3.2.1Ordinarysharesincreasedbyowners | ||||||
| 3.2.2Capitalincreasedbyholdersofotherequityinstruments | ||||||
| 3.2.3Share-basedpaymentsincludedinowners’equity | ||||||
| 3.2.4Other | ||||||
| 3.3Profitdistribution | -178,793,727.60 | -178,793,727.60 | ||||
| 3.3.1Appropriationtosurplusreserves | ||||||
| 3.3.2Appropriationtoowners(orshareholders) | -178,793,727.60 | -178,793,727.60 | ||||
| 3.3.3Other | ||||||
| 3.4Transferswithinowners’equity | -1,731,392.06 |
| 3.4.1Increaseincapital(orsharecapital)fromcapitalreserves | ||||||||
| 3.4.2Increaseincapital(orsharecapital)fromsurplusreserves | ||||||||
| 3.4.3Lossoffsetbysurplusreserves | ||||||||
| 3.4.4Changesindefinedbenefitpensionschemestransferredtoretainedearnings | ||||||||
| 3.4.5Othercomprehensiveincometransferredtoretainedearnings | ||||||||
| 3.4.6Other | -1,731,392.06 | |||||||
| 3.5Specificreserve | ||||||||
| 3.5.1Increaseintheperiod | ||||||||
| 3.5.2Usedintheperiod | ||||||||
| 3.6Other | -1,731,392.06 | |||||||
| 4.Balancesasattheendoftheperiod | 595,979,092.00 | 92,326,467.62 | 298,912,759.52 | 2,080,513,737.62 | 3,067,732,056.76 |
IIICompanyProfile
ShenzhenProperties&ResourcesDevelopment(Group)Ltd.(hereinafterreferredtoas“theCompany”or“Company”)wasincorporatedbasedonthereconstructionofShenzhenProperties&ResourcesDevelopmentCo.,Ltd.afterobtainingapprovalofZFBF[1991]No.831fromPeople’sGovernmentofShenzhenMunicipality.ItwasregisteredwithShenzhenIndustrialandCommercialAdministrationBureauon17January1983withShenzhenasitsheadquarters.NowtheCompanyholdsthebusinesslicenseforlegalpersonwiththeregistrationnumber/unifiedsocialcreditcodeof91440300192174135N.TheregisteredcapitalwasRMB595,979,092withthetotalsharesof595,979,092(RMB1facevaluepershare),amongwhich,restrictedpublicshares:1,931,280Asharesand0Bshares;unrestrictedpublicshares:526,442,569Asharesand67,605,243Bshares.ThestockoftheCompanyhasbeenlistedontheShenzhenStockExchangeon30March1992.TheCompanyisintherealestatesector.Itsmainbusinessincludesdevelopmentofrealestateandsaleofcommercialhousing,constructionandmanagementofbuildings,houserent,supervisionofconstruction,domestictradingandmaterialssupplyandmarketing(excludingexclusivedealingandmonopolysoldproductsandcommoditiesunderspecialcontroltopurchase).Mainproductsorservicesrenderedmainlyincludethedevelopmentandsalesofcommercialresidentialhousing;propertymanagement;buildingsandthebuildingdevicesmaintenance,gardenafforestandcleaningservice;propertyleasing;superviseandmanagementoftheengineering;retailsoftheChinesefood,Western-stylefoodandwines,andetc.Thefinancialstatementswereapprovedandauthorizedforissuebythe13
thMeetingofthe9
thBoardofDirectorsoftheCompanyon17March2020.Therewere43subsidiariesincludingShenzhenHuangchengRealEstateCo.,Ltd.,DongguanGuomaoChangshengRealEstateDevelopmentCo.,Ltd.,ShenzhenInternationalTradeCenterPropertyManagementCo.,Ltd.includedintheconsolidationfinancialstatementsin2019.PleaserefertotheNoteVIIIandNoteIXofthefinancialstatementsfordetails.IV.BasisforthePreparationofFinancialStatements
1.PreparationBasisThefinancialstatementoftheCompanywaspreparedonthebaseoftheassumptionofcontinuation.
2.ContinuationTherewasnosuchcasewherethesustainableoperationabilitywithin12monthssincetheendoftheReportingPeriodwashighlydoubted.
V.ImportantAccountingPoliciesandEstimations
Indicationofspecificaccountingpoliciesandestimations:
1.StatementforComplyingwiththeAccountingStandardforBusinessEnterpriseThefinancialstatementsfortheReportingPeriodpreparedbytheCompanyareincompliancewiththerequirementsoftheaccountingstandardforbusinessenterprise,andhavereflectedtheCompany’sfinancialstatus,operatingresultsandcashflowsinanaccurateandcompleteway.
2.FiscalPeriodThefiscalyearoftheCompanyisasolarcalendaryear,whichisfrom1Januaryto31December.
3.OperatingCycleExceptfortherealestateindustry,otherbusinessesrunbytheCompanyhaverelativelyshortoperatingcyclesaccordingtotheclassificationstandardof12-month’sliquidityofassetsandliabilities.Theoperatingcycleoftherealestateindustryshallbegenerallymorethan12monthsfromrealestatedevelopmenttocashthesales.Thespecificcycleshallbedeterminedbythedevelopmentprojectandclassifiedbytheassetsandliabilitiesliquidity.
4.StandardCurrencyofAccountsTheCompanyadoptsRenminbiasastandardcurrencyofaccounts.
5.AccountingProcessofBusinessCombinationsundertheSameControlandnotundertheSameControl
1.AccountingProcessofBusinessCombinationsundertheSameControlTheassetsandliabilitiesthattheCompanyobtainsinabusinesscombinationshallbemeasuredonthebasisoftheircarryingamountcombinedpartyintheconsolidatedfinancialstatementsofthefinalcontrolleronthecombiningdate.Asforthebalancebetweenthecarryingamountofcombinedparty’sownersequitiesintheconsolidatedfinancialstatementsofthefinalcontrollerandthecarryingamountoftheconsiderationpaidbyitorthetotalparvalueofthesharesissued),theadditionalpaid-incapitalshallbeadjusted.Iftheadditionalpaid-incapitalisnotsufficienttobeoffset,theretainedearningsshallbeadjusted.
2.AccountingProcessofBusinessCombinationsnotundertheSameControlTheCompanyshallrecognizethepositivebalancebetweenthecombinationcostsandthefairvalueoftheidentifiablenetassetsobtainedfromtheacquireeonpurchasedateasgoodwill.Ifthecombinationcostsarelessthanthefairvalueoftheidentifiablenetassetsobtainedfromtheacquire,theCompanyshallrecheckthevariousidentifiableassetsandliabilitiesobtainedfromtheacquire,fairvaluewithliabilities,andmeasurementofcombinationcosts.Ifthecombinationcostsarelessthanthefairvalueoftheidentifiablenetassetsobtainedfromtheacquireafterrecheck,theCompanyshalltherecordthebalanceintotheprofitandlossofthecurrentperiod.
6.MethodsforPreparingConsolidatedFinancialStatementsTheCompanyastheparentincludeditsallsubsidiariesintotheconsolidationscopeofconsolidatedfinancialstatements.BasedonthefinancialstatementsoftheCompanyastheparentanditssubsidiariesandotherrelatedmaterials,theconsolidatedfinancialstatementswerepreparedbytheCompanyastheparentaccordingtoAccountingStandardsforEnterprisesNo.33–ConsolidatedFinancialStatements.
7.ClassificationofJointarrangementsandAccountingTreatmentofJointOperations
1.Jointarrangementisclassifiedintojointoperationandjointventures.
2.WhentheCompanyisapartyofajointoperation,recognizethefollowingitemsrelatedtotheprofitsinthejointoperation:
(1)Recognizetheassetsheldindependently,andrecognizetheassetsheldjointlyintheholdingportion;
(2)Recognizetheliabilitiesborneindependently,andrecognizetheliabilitiesheldjointlyintheholdingportion;
(3)RecognizetherevenuegeneratedfromtheoutputportionofjointoperationsharedforsellingtheCompany;
(4)RecognizetherevenuegeneratedfromthesaleofassetsinjointoperationintheholdingportionoftheCompany;
(5)Recognizetheexpensesincurredindependently,andrecognizetheexpensesincurredinjointoperationintheholdingportionoftheCompany.
8.RecognitionStandardforCashandCashEquivalentsTheterm“cash”listedandpresentedinthecashflowstatementreferstocashonhandanddepositsthatareavailableforpaymentatanytime.Theterm“cashequivalents”referstoshort-termandhighlyliquidinvestmentsthatarereadilyconvertibletoknownamountsofcashandwhicharesubjecttoaninsignificantriskofchangeinvalue.
9.ForeignCurrencyBusinessesandTranslationofForeignCurrencyFinancialStatements
(1)AccountingtreatmentsfortranslationofforeigncurrencybusinessAsforaforeigncurrencytransactioninitsinitialrecognition,theamountintheforeigncurrencyshallbetranslatedintotheamountintheRenminbiatthespotexchangerateofthetransactiondate.Onbalancesheetdate,theforeigncurrencymonetaryitemsshallbetranslatedasthespotexchangerateonthebalancesheetdate,thebalanceoccurredthereofshallberecordedintotheprofitsandlossesatthecurrentperiodexceptthatthebalanceofexchangearisingfromtheprincipalandinterestsofforeigncurrencyborrowingsforthepurchaseandconstructionorproductionofassetseligibleforcapitalization.Theforeigncurrencynon-monetaryitemsmeasuredatthehistoricalcostshallstillbetranslatedatthespotexchangerateonthetransactiondate,ofwhichtheamountoffunctionalcurrencyshallnotbechanged.Theforeigncurrencynon-monetaryitemsmeasuredatthefairvalueshallbetranslatedatthespotexchangerateontheconfirmingdateoffairvalue,ofwhichthebalanceofexchangeshallbeincludedintotheprofitandlossofthecurrentperiodorothercomprehensiveincome.
(2)TranslationofforeigncurrencyfinancialstatementsTheassetandliabilityitemsinthebalancesheetsshallbetranslatedataspotexchangerateonthebalancesheetdate.Amongtheowner’sequityitems,exceptfortheitemsas“retainedearnings”,otheritemsshallbetranslatedatthespotexchangerateatthetimewhentheyareincurred.Theincomeandexpenseitemsintheincomestatementsshallbetranslatedattheapproximatespotexchangerateatthetimewhentheyareincurred.Thedifferencefromtranslationofforeigncurrencyfinancialstatementsthereofshallberecordedintoothercomprehensiveincome.
10.FinancialInstruments
1.ClassificationofFinancialAssetsandFinancialLiabilitiesFinancialassetsshallbeclassifiedintothefollowingthreecategorieswhentheyareinitiallyrecognized:(1)financialassetsmeasuredatamortizedcost;(2)financialassetsatfairvaluethroughothercomprehensiveincome;
(3)financialassetsatfairvaluethroughprofitorloss.Financialliabilitiesshallbeclassifiedintothefollowingfourcategorieswhentheyareinitiallyrecognized:(1)financialliabilitiesatfairvaluethroughprofitorloss;(2)financialliabilitiesgeneratedfromtransferoffinancialassetsnotconformingtorequirementsofderecognitionorcontinuousinvolvementoftransferredfinancialassets;
(3)financialguaranteecontractsnotbelongingtoabove(1)or(2),andloancommitmentsnotbelongingtoabove
(1)andatlowerinterestratethanthemarketinterestrate;(4)financialliabilitiesmeasuredatamortizedcost.
2.RecognitionBasis,CalculationMethod,andTerminationofRecognitionofFinancialAssetsandLiabilities
(1)RecognitionbasisandinitialcalculationmethodoffinancialassetsandliabilitiesWhentheCompanybecomesapartytoafinancialinstrument,itshallrecognizeafinancialassetorfinancialliability.Thefinancialassetsandfinancialliabilitiesinitiallyrecognizedshallbemeasuredattheirfairvalues.Forthefinancialassetsandliabilitiesmeasuredattheirfairvaluesandofwhichthevariationisrecordedintotheprofitsandlossesofthecurrentperiod,thetransactionexpensesthereofshallbedirectlyrecordedintotheprofitsandlossesofthecurrentperiod;forothercategoriesoffinancialassetsandfinancialliabilities,thetransactionexpensesthereofshallbeincludedintotheinitiallyrecognizedamount.However,whentheaccountsreceivableinitiallyrecognizedbytheCompanydonotincludesignificantfinancingortheCompanydoesnotconsiderthefinancingincontractsnotoveroneyear,itshallbeinitiallycalculatedatthetransactionprice.
(2)Subsequentcalculationmethodoffinancialassets
1)FinancialassetsatamortizedcostTheCompanyshallmakesubsequentmeasurementonitsfinancialassetsatamortizedcostbyadoptingtheactualinterestratemethod.Thegainsorlossesgeneratedfromthefinancialassetsatamortizedcostandnotbelongingtoanyhedgingrelationshipshallberecordedintothecurrentprofitoflosswhendecognized,reclassified,amortizedwiththeactualinterestratemethodorrecognizingimpairments.
2)InvestmentsindebtinstrumentsatfairvaluethroughothercomprehensiveincomeTheCompanyshallmakesubsequentmeasurementatfairvalue.Theinterestcalculatedbyadoptingtheactualinterestratemethod,impairmentlossesorprofitsandforeignexchangegainsshallberecordedintothecurrentprofitorloss,andotherprofitsorlossesshallberecordedintoothercomprehensiveincome.Whenderecognized,theaccumulativeprofitsorlossesthereoforiginallyrecordedintoothercomprehensiveincomeshallbetransferredoutandthenrecordedintothecurrentprofitorloss.
3)InvestmentsinequityinstrumentsatfairvaluethroughothercomprehensiveincomeTheCompanyshallmakesubsequentmeasurementatfairvalue.Thedividendsobtained(excludethosebelongtorecoveryofinvestmentcost)shallberecordedintothecurrentprofitorloss,andothergainsorlossesrecordedintoothercomprehensiveincome.Whenderecognized,theaccumulativegainsorlossesthereoforiginallyrecordedintoothercomprehensiveincomeshallbetransferredoutandthenrecordedintotheretainedearnings.
4)FinancialassetsatfairvaluethroughprofitorlossTheCompanyshallmakesubsequentmeasurementatfairvalue.Thegainsorlossesgenerated(includeinterestanddividendincome)shallberecordedintothecurrentprofitorloss,unlessthefinancialassetisonepartofahedgingrelationship.
(3)Subsequentcalculationmethodoffinancialliabilities
1)FinancialliabilitiesatfairvaluethroughprofitorlossSuchfinancialliabilitiesincludetradingfinancialliabilities(includederivativeinstrumentsbelongingtofinancialliabilities)andthosedesignatedasfinancialliabilitiesatfairvaluethroughprofitorloss.Forsuchfinancialliabilities,thesubsequentmeasurementshallbeconductedatfairvalue.TheamountofchangesinfairvalueofdesignatedfinancialliabilitiesatfairvaluethroughprofitorlossduetotheCompany’screditriskchangesshallberecordedintoothercomprehensiveincome,unlessthistreatmentwillresultinorenlargeaccountingmismatchoftheprofitorloss.Theothergainsorlossesgeneratedfromsuchfinancialliabilities(includinginterestexpense,changesoffairvaluenotcausedbytheCompany’screditriskchanges)shallberecordedintothecurrentprofitorloss,unlessthetheyareonepartofahedgingrelationship.Andwhenderecognized,theaccumulativegainsorlossesthereoforiginallyrecordedintoothercomprehensiveincomeshallbetransferredoutandthenrecordedinto
theretainedearnings.
2)FinancialliabilitiesgeneratedfromfinancialassetstransfernotconformingtoderecognitionconditionsorcontinuousinvolvementoftransferredfinancialassetsTheyshallbemeasuredinaccordancewithregulationsofAccountingStandardsforBusinessEnterprisesNo.23-TransferofFinancialAssets
3)financialguaranteecontractsnotbelongingtoabove(1)or(2),andloancommitmentsnotbelongingtoabove
(1)andatlowerinterestratethanthemarketinterestrate;Thesubsequentmeasurementshallbeconductedaccordingtothehigherofthefollowingtwoamountsafterinitialrecognition:①amountofallowanceforimpairmentsrecognizedinaccordancewiththeimpairmentprovisionsoffinancialinstruments;②theresidualofinitialrecognizedamountafterdeductedaccumulativeamortizedamountrecognizedasrelevantregulations.
4)FinancialliabilitiesatamortizedcostTheCompanyshallmeasureatamortizedcostbyadoptingactualinterestratemethod.Thegainsorlossesgeneratedfromfinancialliabilitiesatamortizedcostandnotbelongingtoanyhedgingrelationshipshallberecordedintothecurrentprofitorlosswhenderecognizedoramortizedwithactualinterestratemethod.
(4)Derecognitionoffinancialassetsandfinancialliabilities
1)Derecognizefinancialassetswhenmeetingoneofthefollowingconditions:
①Thecontractrightsforcollectingcashflowoffinancialassetshaveterminated;
②FinancialassethasbeentransferredandthetransfermeetstheprovisionsofAccountingStandardsforBusinessEnterprisesNo.23-TransferofFinancialAssetsgoverningthederecognitionoffinancialassets.
2)Whenthecurrentobligationofthefinancialliability(orsomeofit)hasbeenrelieved,thefinancialliability(orsomeofit)shallbeaccordinglyderecognized.
3.RecognitionBasisandMeasurementofTransferofFinancialAssetsWheretheCompanyhastransferrednearlyalloftherisksandrewardsrelatedtotheownershipofthefinancialassettothetransferee,itshallstoprecognizingthefinancialassetandseparatelyrecognizetherightsandobligationsgeneratedretainedfromthetransferasassetsorliabilities.Ifitretainednearlyalloftherisksandrewardsrelatedtotheownershipofthefinancialasset,itshallcontinuetorecognizethetransferredfinancialasset.WheretheCompanydoesnottransferorretainnearlyalloftherisksandrewardsrelatedtotheownershipofafinancialasset,itshalldealwithitaccordingtothecircumstancesasfollows,respectively:(1)Ifitgivesupitscontroloverthefinancialasset,itshallstoprecognizingthefinancialassetandseparatelyrecognizetherightsandobligationsgeneratedretainedfromthetransferasassetsorliabilities;(2)Ifitdoesnotgiveupitscontroloverthefinancialasset,itshall,accordingtotheextentofitscontinuousinvolvementinthetransferredfinancialasset,recognizetherelatedfinancialassetandrecognizetherelevantliabilityaccordingly.Ifthetransferofanentirefinancialassetsatisfiestheconditionsforstoppingrecognition,thedifferencebetweentheamountsofthefollowing2itemsshallberecordedintheprofitsandlossesofthecurrentperiod:(1)Thecarryingvalueofthetransferredfinancialassetonthederecognitiondate;(2)Thesumofconsiderationreceivedfromthetransferoffinancialassets,andderecognitionamountamongtheaccumulativeamountofthechangesofthefairvalueoriginallyrecordedintheothercomprehensiveincome(thefinancialassetsinvolvetransferareinvestmentsindebtinstrumentsatfairvaluethroughothercomprehensiveincome.Ifthetransferofpartialfinancialassetsatisfiestheconditionstostoptherecognition,theentirecarryingvalueofthetransferredfinancialassetshall,betweentheportionwhoserecognitionhasbeenstoppedandtheportionwhoserecognitionhasnotbeenstopped,beapportionedaccordingtotheirrespectiverelativefairvalueonthetransferdate,andthedifferencebetweentheamountsofthefollowingtwoitemsshallbeincludedintotheprofitsandlossesofthecurrentperiod:(1)Thecarryingvalueoftheportionwhoserecognitionhasbeenstopped;(2)Thesumof
considerationoftheportionwhoserecognitionhasbeenstopped,andderecognitionamountamongtheaccumulativeamountofthechangesofthefairvalueoriginallyrecordedintheothercomprehensiveincome(thefinancialassetsinvolvetransferareinvestmentsindebtinstrumentsatfairvaluethroughothercomprehensiveincome.
4.RecognitionMethodofFinancialAssetsandFinancialLiabilities’FairValueTheCompanyadoptsthevaluationtechniquewithsufficientusefuldataandsupportedbyotherinformationwhichissuitableforthecurrentsituationtorecognizethefairvalueofrelatedfinancialassetsandliabilities.TheCompanyclassifiestheinputvalueusedinthevaluationtechniqueintothefollowinglevelsandusestheminsequence:
(1)Thefirstlevelofinputvalueisthenon-adjustableofferofthesameassetsorliabilitiesintheactivemarketonthecalculationdate;
(2)Thesecondlevelofinputvalueisthedirectlyorindirectlyobservableinputvalueofrelatedassetsorliabilitiesexcepttheinputvalueonthefirstlevel,including:offerofsimilarassetsorliabilitiesintheactivemarket;offerofidenticalorsimilarassetsorliabilitiesinthenon-activemarket;otherobservableinputvalueexceptoffer,includingtheobservableinterestrateduringtheintervalperiodofcommonoffer,profitratecurve,etc.;theinputvalueformarketverificationetc..
(3)Thethirdlevelofinputvalueisthenon-observableinputvalueofrelatedassetsorliabilities,includinginterestratesthatcannotbeobserveddirectlyorverifiedbythedataofobservablemarket,stockfluctuationrate,futurecashflowofthedisposalobligationborneincorporatemergers,financialforecastbasedonself-data,etc..
5.Impairmentoffinancialinstrument
(1)ImpairmentmeasurementandaccountinghandlingoffinancialinstrumentBasedonexpectedcreditloss,theCompanyconductsimpairmenthandlingandconfirmslossreserveforfinancialassetswhichismeasuredbyamortizedcost,debtinstrumentinvestmentwhichismeasuredbyfairvalueandwhosechangeiscalculatedintoothercomprehensiveprofits,accountsreceivableofrental,loancommitmentwhichisbeyondfinancialdebtclassifiedastheonewhichismeasuredbyfairvalueandwhosechangeiscalculatedintocurrentprofitsandlosses,financialdebtwhichdoesnotbelongtotheonewhichismeasuredbyfairvalueandwhosechangeiscalculatedintocurrentprofitsorlosses,orfinancialguaranteecontractoffinancialdebtwhichisformedwhenitdoesnotbelongtofinancialassettransferanddoesn’tconformtoconfirmationconditionofterminationorkeepsonbeinginvolvedintransferredfinancialasset.Expectedcreditlossreferstoweightedaverageofcreditlossoffinancialinstrumentwhichtakestheriskofcontractbreachoccurrenceastheweight.Creditlossreferstothedifferencebetweenallcontractcashflowwhichisconvertedintocashaccordingtoactualinterestrateandreceivableaccordingtocontractandallcashflowwhichtobechargedasexpected,i.e.currentvalueofallcashshortage.Amongit,asforfinancialassetpurchasedororiginalwhichhashadcreditimpairment,itshouldbeconvertedintocashaccordingactualinterestrateofthisfinancialassetaftercreditadjustment.Asforfinancialassetpurchasedororiginalwhichhashadcreditimpairment,theCompanyonlyconfirmscumulativechangeofexpectedcreditlosswithinthewholedurationafterinitialconfirmationonthebalancesheetdateaslossreserve.Asforaccountsreceivablewhichdon’tincludemajorfinancingcontentsortheCompanydoesnotconsiderfinancingcontentsincontractwhichislessthanoneyear,theCompanyappliessimplifiedmeasurementmethod,andmeasureslossreserveaccordingtoamountofexpectedcreditlosswithinthewholeduration.Asforaccountreceivableofrentalandaccountsreceivableincludingmajorfinancingcontents,theCompanyappliessimplifiedmeasurementmethod,andmeasurelossreserveaccordingtoamountofexpectedcreditlosswithinthewholeduration.
Asforfinancialassetbeyondabovementionedmeasurementmethods,theCompanyevaluateswhetheritscreditriskhasincreasedobviouslysincetheinitialconfirmationoneachbalancesheetdate.Incasecreditriskhasincreasedobviously,theCompanymeasuresthelossreserveaccordingtoamountofexpectedcreditlosswithinthewholeduration;incasethecreditriskdoesnotincreaseobviously,theCompanymeasureslossreserveaccordingtotheamountofexpectedcreditlossinnext12months.Byutilizingobtainablerationalandwellgroundedinformation,includingforward-lookinginformation,comparingtheriskofcontractbreachonbalancesheetdateandriskofcontractbreachoninitialconfirmationdate,theCompanyconfirmswhetherthecreditriskoffinancialinstrumenthasincreasedobviouslyfrominitialconfirmation.Onbalancesheetdate,incasetheCompanyjudgesthatthefinancialinstrumentjusthasrelativelylowcreditrisk,thenitwillbeassumedthatcreditriskofthefinancialinstrumenthasnotincreasedobviously.Basedonsinglefinancialinstrumentorfinancialportfolio,theCompanyevaluatesexpectedcreditriskandmeasuresexpectedcreditloss.Whenbasedonfinancialinstrumentportfolio,theCompanytakescommonriskcharacteristicsasthebasis,anddividesfinancialinstrumentsintodifferentportfolios.TheCompanymeasuresexpectedcreditlossagainoneachbalancesheetdate,theincreaseoflossreserveoramountwhichistransferbackgeneratedbyitiscalculatedintocurrentprofitsandlossesasimpairmentprofitsorlosses.Asforfinancialassetwhichismeasuredbyamortizedcost,lossreserveoffsetsthecarryingvalueofthefinancialassetlistedinthebalancesheet;asfordebtinvestmentwhichismeasuredbyfairvalueandwhosechangeiscalculatedintoothercomprehensiveprofits,theCompanyconfirmsitslossreserveinothercomprehensiveprofitsanddoesnotoffsetthecarryingvalueofthefinancialasset.
(2)Financialinstrumentsassessingexpectedcreditriskbygroupsandmeasuringexpectedcreditlosses
| Item | Recognitionbasis | Methodofmeasuringexpectedcreditlosses |
| Otherreceivables-intercoursefundsamongrelatedpartygroupwithintheconsolidationscope | Accountsnature | Consultinghistoricalexperienceincreditlosses,combiningactualsituationandpredictionforfutureeconomicsituation,thegroup’sexpectedcreditlossrateshallbeaccountedthroughexposureatdefaultandtheexpectedcreditlossratewithinthenext12monthsortheentirelife |
| Otherreceivables-interestreceivablegroup | ||
| Otherreceivables-otherintercoursefundsamongrelatedpartygroup | ||
| Otherreceivables-creditriskcharacteristicsgroup | Aginggroup | Consultinghistoricalexperienceincreditlosses,combiningactualsituationandpredictionforfutureeconomicsituation,thegroup’sexpectedcreditlossrateshallbeaccountedthroughexposureatdefaultandtheexpectedcreditlossratewithinthenext12monthsortheentirelife |
(3)Accountsreceivablewithexpectedcreditlossesmeasuredbygroups
①Specificgroupsandmethodofmeasuringexpectedcreditloss
| Item | Recognitionbasis | Methodofmeasuringexpectedcredit |
| losses | ||
| Bank’sacceptancebillsreceivable | Billtype | Consultinghistoricalexperienceincreditlosses,combiningactualsituationandpredictionforfutureeconomicsituation,thegroup’sexpectedcreditlossrateshallbeaccountedthroughexposureatdefaultandtheexpectedcreditlossratewithintheentirelife |
| Tradeacceptancebillsreceivable | ||
| Accountsreceivable-otherintercoursefundsamongrelatedpartygroup | Accountnature | Consultinghistoricalexperienceincreditlosses,combiningactualsituationandpredictionforfutureeconomicsituation,thegroup’sexpectedcreditlossrateshallbeaccountedthroughexposureatdefaultandtheexpectedcreditlossratewithintheentirelife |
| Accountsreceivable-creditriskcharacteristicsgroup | Aginggroup | Preparethecomparativelistbetweenagingofaccountsreceivableandexpectedcreditlossrateovertheentirelifebyconsultinghistoricalexperienceincreditlosses,combiningactualsituationandpredictionforfutureeconomicsituation |
②Accountsreceivable-thecomparativelistbetweenagingofcommoncustomergroupandexpectedcreditlossrateovertheentirelife
| Aging | Expectedcreditlossrateofaccountsreceivable(%) |
| Within1year(inclusive,thesamebelow) | 3.00 |
| 1to2years | 10.00 |
| 2to3years | 30.00 |
| 3to4years | 50.00 |
| 4to5years | 80.00 |
| Over5years | 100.00 |
6.OffsetbetweenfinancialassetandfinancialdebtFinancialassetandfinancialdebtarelistedinthebalancesheetseparatelyanddon’toffseteachother.However,whenthefollowingconditionsaremetatthesametime,theCompanywilllistthenetamountaftermutualoffsetinthebalancesheet:(1)TheCompanyhasthelegalrighttooffsettheconfirmedamount,andthelegalrightisexecutablecurrently;(2)TheCompanyplanstosettlebynetamount,ormonetizethefinancialassetandliquidatethefinancialdebtatthesametime.Forthosetransfersoffinancialassetsnotmeetingthederecognitionconditions,theCompanydoesnotoffsetthetransferredfinancialassetsandrelativeliabilities.
11.NotesReceivableRefertoNoteV10FinancialInstrumentsofthefinancialstatementsfordetails.
12.AccountsReceivableRefertoNoteV10FinancialInstrumentsofthefinancialstatementsfordetails.
13.AccountsReceivableFinancing:notapplicable.
14.OtherReceivables
RecognitionandaccountingtreatmentmethodsregardingexpectedcreditlossesofotherreceivablesRefertoNoteV10FinancialInstrumentsofthefinancialstatementsfordetails.
15.Inventory
(1)InventoriesClassificationInventoriesincludedevelopmentlandheldforsaleorconsumptionintheprocessofdevelopmentandoperation,developmentproducts,temporarilyleaseddevelopmentproductswhichintendedforsale,relocationhousing,stockmaterials,inventoryequipment,andlow-valueconsumables,etc.,aswellasdevelopmentcostsintheprocessofdevelopment.
(2)CostFlowAssumption
1)Send-outmaterialsandequipmentshalladoptthemovingweightedaveragemethod.
2)Duringthedevelopmentoftheproject,thedevelopmentlandshallbeincludedinthedevelopmentcostoftheprojectbythefloorareaapportionofthedevelopedproducts.
3)Send-outdevelopedproductsshallbeaccountedbyspecificidentificationmethod.
4)ThetemporarilyleaseddevelopmentproductswhichintendedforsaleandrelocationhousingshallbeamortizedaveragelybystagesaccordingtotheexpectedusefullifeofthesamekindoffixedassetsoftheCompany.
5)Ifthepublicsupportingfacilitiesarecompletedearlierthantherelevantdevelopmentproducts,afterthefinalaccountofthepublicsupportingfacilities，itshallbeaccountintothedevelopmentcostoftherelevantdevelopmentprojectsaccordingtothebuildingarea;Ifthepublicsupportingfacilitiesarecompletedlaterthantherelevantdevelopmentproducts,therelevantdevelopmentproductsshallwithholdthepublicsupportingfacilitiesfees,andadjusttherelevantdevelopmentproductcostsaccordingtothedifferencebetweentheactualoccurrenceandthewithholdamountafterthecompletedpublicsupportingfacilities'finalaccounts.
(3)RecognitionbasisofNetRealizableValueofInventoryOnthebalancesheetdate,inventoryshallbemeasuredatthelowerofcostornetrealizablevalue,andprovisionshallbemadeforfallingpriceofinventoriesonthegroundofthedifferencebetweenthecostofeachitemofinventoriesandthenetrealizablevalue.Inventoriesdirectlyforsale,undernormalproducingprocess,totheamountafterdeductingtheestimatedsaleexpenseandrelevanttaxesfromtheestimatedsellpriceoftheinventory,thenetrealizablevaluehasbeenrecognized;inventorieswhichneedtobeprocessed,undernormalproducingprocess,totheamountafterdeductingtheestimatedcostofcompletion,estimatedsaleexpenseandrelevanttaxesfromtheestimatedsalepriceofproducedfinishedgoods,thenetrealizablevaluehasbeenrecognized;onthebalancesheetdate,inthesameitemofinventories,ifsomehavecontractualpriceagreementwhileothersdonot,
thenetrealizablevalueshallberecognizedrespectivelyandcomparedwiththeircost,andtheamountofprovisionwithdrawalorreversalforfallingpriceofinventoriesshallberecognizedrespectively.
(4)InventorySystemforInventories:
Inventorysystem:Perpetualinventorysystem
(5)AmortizationMethodoftheLow-valueConsumptionGoodsandPackingArticles
1)Low-valueConsumptionGoodsOne-offamortizationmethod
2)PackingArticlesOne-offamortizationmethod
16.ContractualAssets:notapplicable.
17.ContractualCosts:notapplicable
18.DividedasAssetsHeldforSale
1.ClassificationofNon-currentassetsordisposalgroupHeldforSaleNon-currentassetsordisposalgroupareconfirmedtobethecomponentsheldforsalewhenthefollowingconditionsaresimultaneouslysatisfied:(1)Accordingtotheconventionofsimilartransactionssellingthiskindofassetsordisposalgroup,theycanbesoldinstantlyinsuchconditions.(2)Saleisextremelylikelytohappen,thatis,theCompanyhasmadethedecisionofasaleplan,andgottheconfirmedpurchasecommitment.Itisestimatedthatthesalewillbefinishedwithin1year.Non-currentassetsordisposalgroupsspecificallyobtainedbytheCompanyforresalewillbeclassifiedasheld-for-saleontheacquisitiondatewhentheymeetthestipulatedconditionsof“expectedtobesoldwithinoneyear”ontheacquisitiondate,andmaywellsatisfythecategoryofheld-for-salewithinashorttime(whichisusually3months).Ifanytransactionbetweennon-relatedpartiesfailstocompletewithinoneyearduetooneofthefollowingreasonsoutsidetheCompany’scontrol,andtheCompanystillcommitstosellnon-currentassetsordisposalgroups,thenon-currentassetsordisposalgroupsshallbestillclassifiedastheheld-for-salecategory:(1)Forconditionsofsaledelayresultingfromtheaccidentalsettingbythebuyeroranotherparty,theCompanyhasdulytakenactionsagainstthoseconditionsanditisexpectedthatthedelayfactorscanbesmoothlysolvedwithinoneyearsincetheconditionsofsaledelayresultingfromthesetting;(2)Non-currentassetsordisposalgroupsheldforsalefailtobesoldwithinoneyearduetorarecircumstances,andtheCompanyhastakennecessarymeasuresagainstthosenewsituationswithinthefirstyearandre-satisfiedtheconditionsforclassifyingthemintotheheld-for-salecategory.
2.Measurementofheld-for-salenon-currentassetsordisposalgroups
(1)InitialmeasurementandsubsequentmeasurementFortheinitialmeasurementandthere-measurementofheld-for-salenon-currentassetsordisposalgroupsonthebalancesheetdate,ifthecarryingvalueishigherthanthenetamountofthefairvaluedeductingthesellingexpenses,thecarryingvalueshallbewrittendowntothenetamountofthefairvaluedeductingthesellingexpenses.Thewrittendownamountshallberecognizedasassetimpairmentlossesandrecordedintocurrentprofitsorlosses,andatthesametime,theheld-for-saleassetimpairmentprovisionshallbewithdrawn.Inrespectofnon-currentassetsordisposalgroupsclassifiedintotheheld-for-salecategoryonthedateofobtainment,wheninitiallymeasuringthem,comparetheinitiallymeasuredamountsupposingthattheyarenot
classifiedintotheheld-for-salecategoryandtheamountofthefairvaluedeductingthesellingexpenses,andmeasurethemattheloweramount.Otherthanthenon-currentassetsordisposalgroupsobtainedincorporatemergers,thedifferencegeneratedfromthenetamountofthefairvalueofnon-currentassetsordisposalgroupsdeductingthesellingexpensesastheinitiallymeasuredamountshallberecordedintocurrentprofitsorlosses.Fortheamountofassetimpairmentlossesrecognizedinrespectofheld-for-saledisposalgroups,firstwriteoffthecarryingvalueofgoodwillinthedisposalgroups,andthenwriteofftheircarryingvalueinproportionaccordingtothepercentageofthecarryingvalueofeachnon-currentassetinthedisposalgroups.Depreciationoramortizationshallnotbewithdrawnforheld-for-salenon-currentassetsorthenon-currentassetsindisposalgroups,whiletheinterestsofliabilitiesandotherexpensesinheld-for-saledisposalgroupsshallstillberecognized.
(2)AccountingMethodsfortheRecoveryofAssetsImpairmentLossesIfthenetamountthatthefairvalueofthenon-currentassetsheldforsaleonthefollow-upbalancesheetdateminusthesalecostsincreases,thepreviouswritten-downamountwillberestored,andreversedtotheassetimpairmentlossconfirmedaftertheassetsbeingclassifiedasheld-for-sale.Thereversedamountwillbeincludedinthecurrentprofitorloss.Impairmentlossesonassetsrecognizedpriortoclassificationasheldforsalearenotreversed.Ifthenetamountthatthefairvalueofthedisposalgroupsheldforsaleonthefollow-upbalancesheetdateminusthesalecostsincreases,thepreviouswritten-downamountwillberestored,andreversedtotheassetimpairmentlossconfirmedaftertheassetsbeingclassifiedasheld-for-sale.Thereversedamountwillbeincludedinthecurrentprofitorloss.Thecarryingvalueofdeductedgoodwillandthenon-currentassetsapplicabletothemeasurementofheld-for-salecategorieswillnotbereversediftheassetimpairmentlossisrecognizedbeforeitisclassifiedasheldforsale.Forthesubsequentreversalamountoftheassetimpairmentlossrecognizedbythedisposalgroupheldforsale,itscarryingvalueshallbeincreasedproportionatelytotheproportionofthecarryingvalueofvariousnon-currentassetsmeasuredbythedisposalgroupinadditiontogoodwill.
(3)AccountingMethodsforCeasingtobeclassifiedasheld-for-saleandTerminationofRecognitionWhenanon-currentassetordisposalgroupceasestobeclassifiedasheld-for-saleoranon-currentassetisremovedoutfromtheheld-for-saledisposalgroupduetofailureinmeetingtheclassificationconditionsforthecategoryofheld-for-sale,itwillbemeasuredbyoneofthefollowingswhicheverislower:①Thecarryingvaluebeforebeingclassifiedasheldforsalewillbeadjustedaccordingtothedepreciation,amortizationorimpairmentthatwouldhavebeenrecognizedundertheassumptionthatitwasnotclassifiedasheldforsale;②Therecoverableamount.Whenterminatingtherecognitionofnon-currentassetsordisposalgroupheldforsale,theunconfirmedgainsorlossesshallberecordedintothecurrentprofitsandlosses.
19.InvestmentsinDebtObligations:notapplicable
20.InvestmentsinotherDebtObligations:notapplicable
21.Long-termAccountsReceivable:notapplicable
22.Long-termEquityInvestments
1.JudgmentofJointControlandSignificantInfluences
Theterm"jointcontrol"referstothejointcontroloveranarrangementinaccordancewiththerelatedagreements,whichdoesnotexistunlesstheparticipantssharingthecontrolpoweragreewitheachotherabouttherelatedarrangedactivity.Theterm"significantinfluences"referstothepowertoparticipateinmakingdecisionsonthefinancialandoperatingpoliciesofanenterprise,butnottocontrolordojointcontroltogetherwithotherpartiesovertheformulationofthesepolicies.
2.RecognitionofInvestmentCost
(1)Ifthebusinesscombinationisunderthecommoncontrolandtheacquirerobtainslong-termequityinvestmentintheconsiderationofcash,non-monetaryassetexchange,bearingacquiree’sliabilities,ortheissuanceofequitysecurities,theinitialcostisthecarryingamountoftheproportionoftheacquiree’sowner’sequityattheacquisitiondate.Thedifferencebetweentheinitialcostofthelong-termequityinvestmentandthecarryingamountofthepaidcombinationorthetotalamountoftheissuedsharesshouldbeadjustedtocapitalsurplus.Ifthecapitalsurplusisnotsufficientforadjustment,retainedearningsareadjustedrespectively.Whenalong-termequityinvestmentisformedfromthebusinesscombinationundercommoncontrolthroughtheCompany’smultipletransactionsstepbystep,thetreatmentshallbecarriedoutbasedonwhetherthetransactionsconstitutethe“packagedeal”.Iftheydo,theaccountingtreatmentshallbecarriedoutonthebasisofassumingalltransactionsasonetransactionwiththeacquisitionofcontrol.Iftheydonot,theinitialinvestmentcostshallbetheportionofthecarryingvalueofacquiree’snetassetsentitledintheconsolidatedfinancialstatementsofthefinalcontrolleraftertheconsolidation.Thedifferencebetweentheinitialinvestmentcostofthelong-termequityinvestmentonthecombinationdateandthecarryingvalueoftheinvestmentbeforethecombinationplusthecarryingvalueofthenewly-paidconsiderationfortheacquisitionofthesharesontheconsolidationdateshallbeadjustedtocapitalreserve;ifthecapitalreserveisinsufficientfortheadjustment,retainedearningsshouldbeadjustedaccordingly.
(2)Forthoseformedfromthebusinesscombinationunderdifferentcontrol,theinitialinvestmentcostisthefairvalueofthecombinationconsiderationpaidontheacquisitiondate.Whenalong-termequityinvestmentisformedfromthebusinesscombinationunderdifferentcontrolthroughtheCompany’smultipletransactionsstepbystep,theaccountingtreatmentshallbecarriedoutbasedonwhetherthefinancialstatementsareindividualorconsolidated:
1)Inindividualfinancialstatements,theinitialinvestmentcostaccountedincostmethodisthesumofthecarryingvalueoftheequityinvestmentoriginallyheldandthecostofnewinvestment.
2)Inconsolidatefinancialstatements,judgewhetherthetransactionsconstitutethe“packagedeal”.Iftheydo,theaccountingtreatmentshallbecarriedoutonthebasisofassumingalltransactionsasonetransactionwiththeacquisitionofcontrol.Iftheydonot,fortheacquiree’sequityheldbeforetheacquisitiondate,re-measurementshallbecarriedoutaccordingtothefairvalueoftheequityontheacquisitiondateandthedifferencebetweenthefairvalueandthecarryingvalueshallberecordedintocurrentinvestmentincome;iftheacquiree’sequityheldbeforetheacquisitiondateinvolvesothercomprehensiveincomeaccountedinequitymethod,othercomprehensiveincomerelatedtoitshallbetransferredintotheincomefortheperiodinwhichtheacquisitiondatefalls,withtheexceptionoftheothercomprehensiveincomesoccurredbecauseofthechangesofnetliabilitiesornetassetsofthedefinedbenefitpensionplansbere-measuredforsettingbytheinvestees.
3)Forthoseformedotherthanfrombusinesscombination:Iftheyareacquiredincashpayment,theinitialinvestmentcostisthepurchasepriceactuallypaid;iftheyareacquiredintheissueofequitysecurities,theinitial
investmentcostisthefairvalueoftheissuedequitysecurities;iftheyareacquiredindebtrestructuring,theinitialinvestmentcostshallberecognizedaccordingtotheAccountingStandardsforEnterprisesNo.12-DebtRestructuring;iftheyareacquiredintheexchangeofnon-monetaryassets,theinitialinvestmentshallberecognizedaccordingtotheAccountingStandardsforEnterprisesNo.7-ExchangeofNon-MonetaryAssets.
3.MethodofsubsequentmeasurementandrecognitionofprofitsandlossesLong-termequityinvestmentwithcontroloverinvesteesshallbeaccountedincostmethod;long-termequityinvestmentonassociatedenterprisesandjointventuresshallbeaccountedinequitymethod.
4.Methodoftreatingthedisposaloftheinvestmentinasubsidiarystembystepthroughmultipletransactionsuntilthelossofthecontrollingright
(1)IndividualfinancialstatementsForthedisposedequity,thedifferencebetweenitsfairvalueandtheactuallyobtainedpriceshallberecordedintocurrentprofitsorlosses.Fortheresidualequity,thepartthatstillhassignificanteffectsoninvesteesorwithcommoncontroljointlywithotherpartiesshallbeaccountedinequitymethod;thepartthathasnomorecontrol,commoncontrolorsignificanteffectsoninvesteesshallbeaccountedinaccordancewiththerelevantregulationoftheAccountingStandardsforEnterprisesNo.22-RecognitionandMeasurementofFinancialInstruments.
(2)Consolidatedfinancialstatements
1)Forthedisposaloftheinvestmentinsubsidiariesstepbystepuntilthelossofthecontrollingrightthroughmultipletransactions,whichdonotconstitutethe“packagedeal”Beforethelossofthecontrollingright,forthebalancebetweenthedisposalremunerationandthesharesofnetassetsinthesubsidiariesthathavebeencalculatedsincetheacquisitiondateorcombinationdatecorrespondingtothedisposaloflong-termequityinvestment,capitalreserve(capitalpremium)shallbeadjusted,andifthecapitalpremiumisnotsufficientforthewrite-down,theretainedearningsshallbewrittendown.Atthelossofthecontrollingrightovertheoriginalsubsidiaries,theresidualequityshallbere-measuredatitsfairvalueonthedateoflosingthecontrollingright.Thedifferencebetweentheconsiderationobtainedintheequitydisposal,plusthefairvalueoftheremainingequities,lesstheCompany’sshareofnetassetsenjoyedoftheformersubsidiarythathasbeencalculatedsincetheacquisitiondateorcombinationdateaccordingtotheformershareholdingratio,shallberecordedintotheinvestmentgainsfortheperiodwhenthecontrolceases;meanwhile,goodwillshallbewrittendown.Othercomprehensiveincomerelatedtoformersubsidiary'sequityinvestmentshallbetransferredintocurrentinvestmentincomewhenthecontrolceases.
2)Forthedisposaloftheinvestmentinsubsidiariesstepbystepuntilthelossofthecontrollingrightthroughmultipletransactions,whichconstitutethe“packagedeal”Theaccountingtreatmentshallbecarriedoutonthebasisofconsideringeachtransactionasatransactionofdisposingthesubsidiaryandlosingcontrol.However,beforelosingcontrol,thedifferencebetweeneachdisposalpricebeforelosingthecontrol,andthecorrespondingnetassetsshareenjoyedofsubsidiarywhendisposinglong-termequityinvestment,shallberecognizedasothercomprehensiveincomeintheconsolidatedfinancialstatementsandwhenthecontrolceases,transferredintocurrentprofitsorlossesoftheperiodoflosingcontrol.
23.InvestmentPropertyMeasurementmodeofinvestmentrealestatesMeasurementofcostmethodDepreciationoramortizationmethod
1.Theterm"investmentrealestate"includestherighttouseanylandwhichhasalreadybeenrented,therighttouseanylandwhichisheldandpreparedfortransferafterappreciation,andtherighttouseanybuildingwhichhasalreadybeenrented.
2.TheCompanyinitiallymeasurestheinvestmentpropertyaccordingtothecosts,andadoptsthecostmethodinthesubsequentmeasurementofinvestmentproperty,andadoptsthesamemethodswithfixedassetsandintangibleassetstowithdrawdepreciationoramortization.
24.FixedAssets
(1)RecognizedStandardofFixedAssetsTheterm"fixedassets"referstothetangibleassetsthatsimultaneouslypossessthefeaturesasfollows:theyareheldforthesakeofproducingcommodities,renderinglaborservice,rentingorbusinessmanagement;andtheirusefullifeisinexcessofonefiscalyear.Nofixedassetmayberecognizedunlessitsimultaneouslymeetstheconditionsasfollows:(1)Theeconomicbenefitsarelikelytoflowintotheenterprise;(2)Thecostofthefixedassetcanbemeasuredreliably.
(2)DepreciationMethod
| Category | Depreciationmethod | Usefullife(year) | Expectednetsalvagevalue | Annualdeprecation |
| Housesandbuildings | Straight-linedepreciation | 20-25 | 5-10 | 3.6-4.75 |
| Transportation | Straight-linedepreciation | 5 | 5 | 19 |
| Otherequipment | Straight-linedepreciation | 5 | 5 | 19 |
| Machineryequipment | Straight-linedepreciation | 5 | 5 | 19 |
| Decorationoffixedassets | Straight-linedepreciation | 5 | 0 | 20 |
(3)RecognitionBasis,PricingandDepreciationMethodofFixedAssetsbyFinanceLease:notapplicable
25.ConstructioninProgress
1.Noconstructioninprogressmayberecognizedunlessitsimultaneouslymeetstheconditionsasfollows:(1)Theeconomicbenefitsarelikelytoflowintotheenterprise;(2)Thecostofthefixedassetcanbemeasuredreliably.Constructioninprogressshallbemeasuredaccordingtotheoccurredactualcostsbeforetheassetsavailablefortheintendeduse.
2.Whentheconstructioninprogressisavailablefortheintendeduse,itshallbetransferredtofixedassetsaccordingtotheactualcostoftheproject.Forconstructioninprogressavailablefortheintendedusebutnot
dealingwithfinalaccountsofcompletedproject,itshallbetransferredtofixedassetsaccordingtotheestimatedvaluefirst,andthenadjustoriginaltemporarilyestimatedvaluebasedontheactualcostsafterthefinalaccountsofcompletedproject,butnotadjustthedepreciationthatwasalreadycalculated.
26.BorrowingCosts
1.RecognitionPrincipleofCapitalizationofBorrowingCostsWheretheborrowingcostsincurredtotheCompanycanbedirectlyattributabletotheacquisitionandconstructionorproductionofassetseligibleforcapitalization,itshallbecapitalizedandrecordedintothecostsofrelevantassets.Otherborrowingcostsshallberecognizedasexpenseswhenitoccurred,andshallberecordedintothecurrentprofitsandlosses.
2.CapitalizationPeriodofBorrowingsCosts
(1)Theborrowingcostsshallnotbecapitalizedunlesstheysimultaneouslymeetthefollowingrequirements:1)Theassetdisbursementshavealreadyincurred;2)Theborrowingcostshavealreadyincurred;3)Theacquisitionandconstructionorproductionactivitieswhicharenecessarytopreparetheassetforitsintendeduseorsalehavealreadystarted.
(2)Wheretheacquisitionandconstructionorproductionofaqualifiedassetisinterruptedabnormallyandtheinterruptionperiodlastsformorethan3months,thecapitalizationoftheborrowingcostsshallbesuspended.Theborrowingcostsincurredduringsuchperiodshallberecognizedasexpenses,andshallberecordedintotheprofitsandlossesofthecurrentperiod,tilltheacquisitionandconstructionorproductionoftheassetrestarts.
(3)Whentheacquisitionandconstructionorproductionofaqualifiedasseteligibleforcapitalizationareavailableforitsintendeduseorsale,thecapitalizationofborrowingcostsshallbestopped.
3.CapitalizedrateandamountofborrowingcostsTotheextentthatfundsareborrowedspecificallyforthepurposeofacquiringorconstructingaqualifyingasset,theamountofborrowingcostseligibleforcapitalizationonthatassetisdeterminedastheactualinterestcosts(includingamortizationofdiscountandpremiumconfirmedaccordingtoeffectiveinterestmethod)incurredonthatborrowingduringtheperiodlessanyinvestmentincomeonthetemporaryinvestmentoftheborrowing.Totheextentthatfundsareborrowedgenerallyandusedforthepurposeofacquiringorconstructingaqualifyingasset,theamountofborrowingcostseligibleforcapitalizationshallbedeterminedbyapplyingacapitalizationratetotheweightedaverageofexcessofaccumulatedexpendituresonqualifyingassetoverthatonspecificpurposeborrowing.
27.BiologicalAssets:notapplicable
28.OilandGasAssets:notapplicable
29.UseRightAssets:notapplicable
30.IntangibleAssets
(1)PricingMethod,UsefulLifeandImpairmentTest
1.Intangibleassetsincluderighttouselandsites,userightofsoftwareetc.andconducttheinitialmeasurementaccordingtothecosts.
2.Withregardtointangibleassetswithlimitedservicelife,itshallbeamortizedsystematicallyandreasonably
withintheirservicelifeaccordingtotheexpectedimplementationofeconomicinterestsrelatedtotheintangibleassets.Ifitcan’trecognizetheexpectedimplementationreliably,itshallbeamortizedbystraight-linemethod.Thespecificusefullivesareasfollows:
| Items | Usefullifeforamortization(years) |
| Userightoflands | Statutorylifeoflanduseright |
| Userightofsoftware | 5 |
Theintangibleassetswithuncertainservicelifeshallnotbeamortized,andtheCompanyrecheckstheservicelifeoftheintangibleassetsineveryaccountingperiod.Forintangibleassetswithuncertainservice,therecognitionbasisiswithoutcertainservicelifeandexpectedbenefitlife.
(2)AccountingPoliciesofInternalR&DExpenses:notapplicable
31.ImpairmentofLong-termAssetsForlong-termassets,suchasinvestmentpropertymeasuredbycostmodel,fixedassets,constructioninprogress,andintangibleassetswithlimitedservicelifemeasuredbycostmodel,theCompanyshallestimatetherecoverableamountiftherearesignsofimpairmentonbalancesheetdate.Forintangibleassetswithuncertaingoodwillorservicelifeformedbyenterprisecombination,whetherornotthereissignofimpairment,impairmenttestshallbeconductedeveryyear.Goodwillcombinationanditsrelatedassetsgrouporcombinationofassetsgroupshallbeconductedtheimpairmenttest.Iftherecoverableamountoftheabove-mentionedlong-termassetsislowerthanitscarryingvalue,itshallmakethepreparationforassetsimpairmentbasedonitsbalanceandberecordedintocurrentprofitsandlosses.
32.Long-termPrepaidExpensesLong-termdeferredexpensesrefertogeneralexpenseswiththeamortizedperiodoveroneyear(oneyearexcluded)thathaveoccurred.Long-termprepaidexpenseshallberecordedintotheaccountaccordingtotheactualaccrual.Long-termprepaidexpenseshallbeamortizedaveragelywithinbenefitperiodorspecifiedperiod.Incaseofnobenefitinthefutureaccountingperiod,theamortizedvalueofsuchprojectthatfailstobeamortizedshallbetransferredintotheprofitsandlossesofthecurrentperiod.
33.ContractualLiabilities:notapplicable
34.Payroll
(1)AccountingTreatmentofShort-termCompensationDuringtheaccountingperiodwhentheemployeesprovidingtheservicefortheCompany,theactualshort-termcompensationshallberecognizedasliabilities,andberecordedintothecurrentprofitsandlossesorrelatedassetscosts.
(2)AccountingTreatmentoftheWelfareafterDemissionTheCompany'swelfareafterdemissionplansisdividedintodefinedcontributionplansanddefinedbenefitplans
(1)DuringtheaccountingperiodwhentheemployeeprovidingservicefortheCompany,theamountpaidinlinewiththesettingdrawingplanwillberecognizedasliabilitiesandrecordedintocurrentprofitsorlossesorcostofrelevantassets.
(2)Theaccountingtreatmentofdefinedbenefitplansusuallyconsistsofthefollowingsteps:
1)Accordingtotheexpectedcumulativewelfareunitmethod,adoptunbiasedandmutuallyconsistentactuarialassumptionstoevaluaterelateddemographicvariablesandfinancialvariables,measuretheobligationsgeneratedfromdefinedbenefitplansandrecognizetheperiodinrespectofrelatedobligations.Meanwhile,discounttheobligationsgeneratedfromdefinedbenefitplanstorecognizetheirpresentvalueandthecurrentservicecosts;
2)Ifthereareanyassetsinadefinedbenefitplan,thedeficitorsurplusformedfromthepresentvalueofthedefinedbenefitplanobligationslessthefairvalueofthedefinedbenefitplanassetsshallberecognizedasnetliabilitiesornetassetsofadefinedbenefitplan.Ifthereisanysurplusinadefinedbenefitplan,thenetassetsoftheplanshallbemeasuredatthelowerofthesurplusortheupperassetlimit;
3)Attheendoftheperiod,thestaffremunerationcostsgeneratedfromadefinedbenefitplanshallberecognizedasservicescosts,netinterestsofthenetliabilitiesornetassetsoftheplanandchangesfromthere-measurementofthenetliabilitiesornetassetsoftheplan.Servicecostsandnetinterestsofthenetliabilitiesornetassetsoftheplanshallberecordedintothecurrentprofitsorlossesorrelatedassetcosts,whilechangesfromthere-measurementofthenetliabilitiesornetassetsoftheplanshallberecordedintoothercomprehensiveincomeandshallnotbetransferredbacktoprofitsorlossesinsubsequentaccountingperiods.Buttheamountsrecognizedinothercomprehensiveincomemaybetransferredwithintheequityscope.
(3)AccountingTreatmentofDemissionWelfareWhentheCompanyisunabletounilaterallywithdrawtheplanonthecancellationoflaborrelationshiporthelayoffproposal,orwhenrecognizingthecostsorexpenses(theearlieronebetweenthetwo)relatedtothereorganizationofpayingthedemissionwelfare,shouldrecognizethepayrollliabilitiesfromthedemissionwelfareandincludeinthecurrentgainsandlosses.
(4)AccountingTreatmentofotherWelfareoftheLong-termEmployeesTheCompanyprovidestheotherlong-termemployeebenefitsfortheemployees,andforthosemetwiththedefinedcontributionplans,accountingtreatmentshouldbeconductedaccordingtotherelatedregulationsofthedefinedcontributionplans;thefortheotherslong-termemployeebenefitsexceptfortheformer,accountingtreatmentshouldbeconductedaccordingtotherelatedregulationsofthedefinedbenefitplans.Inordertosimplifytherelatedaccountingtreatment,thepayrollsshallberecognizedasservicecosts,thenetamountofinterestofnetliabilitiesandnetassetsofotherwelfareofthelong-termemployees.Thetotalnetamountsmadeupfromthechangesofmeasuringthenetliabilitiesandnetassetsofotherwelfareofthelong-termemployeesagainshallberecordedintothecurrentprofitsandlossesorrelatedassetscosts.
35.LeaseLiabilities:notapplicable
36.Provisions
1.Theobligationsuchasexternalguaranty,litigationorarbitration,productqualityassurance,losscontract,pertinenttoacontingenciesshallberecognizedastheprovisionswhenthefollowingconditionsaresatisfiedsimultaneously:①Thatobligationisacurrentobligationoftheenterprise;②Itislikelytocauseanyeconomic
benefittoflowoutoftheenterpriseasaresultofperformanceoftheobligation;and③Theamountoftheobligationcanbemeasuredinareliableway.
2.TheCompanyshallconducttheinitialmeasurementtoprovisionsaccordingtothebestestimatenumberneededforperformingtherelatedcurrentobligationandrecheckthecarryingvalueofaccruedliabilitiesonbalancesheetdate.
37.Share-basedPayment:notapplicable
38.OtherFinancialInstrumentssuchasPreferredSharesandPerpetualBonds:notapplicable
39.RevenueHasimplementednewstandardsgoverningrevenue
□Yes√No
(1)RealEstateSalesRevenue
1)RealEstateSalesRevenueRecognitionPrincipleTherealizationofsalesrevenueshallberecognizedunderthefollowingconditions:thedevelopedproductshavebeencompletedandaccepted,thesalescontracthasbeensignedandtheobligationsstipulatedinthecontracthavebeenfulfilled,themainrisksandrewardsofownershipofthedevelopedproductshavebeentransferredtothebuyeratthesametime,theCompanyshallnolongerretainthecontinuousmanagementrightsnormallyassociatedwithownershipandeffectivelycontrolthesolddevelopedproducts,therevenueamountcanbemeasuredreliably,therelatedeconomicbenefitsarelikelytoflowin,andtherelatedcoststhathaveoccurredorwilloccurcanbemeasuredreliably.Forthesaleofself-occupiedhousing,therealizationofsalesincomeshallberecognizedunderthefollowingconditions:themainrisksandrewardsofownershipofself-occupiedhousesaretransferredtothebuyer,theCompanywillnolongerretainthecontinuousmanagementrightsnormallyassociatedwithownershipandeffectivelycontrolthesolddevelopmentproducts,theamountofincomecanbemeasuredreliably,relevanteconomicbenefitsarelikelytoflowin,therelevantcoststhathaveoccurredorwilloccurcanbemeasuredreliably.
2)SpecificmethodsforrecognizingrealestatesalesrevenueOnlyrecognizingthesalesincomerealizationunderthefollowingconditions:acquiredtherealestatecompletedandacceptedasqualified(thecompletionandacceptancereports),signedanirreversiblesalescontract,obtainedthebuyer'spaymentcertificate(forthosewhochosebankmortgage,thefirstinstallmentandthefullamountofbankmortgagemustberequired;forthosewhodidnotchoosethebankmortgagetomaketheirpayment,thefullhousepaymentmustberequired)issuedthenoticeofrepossession(iftheownerfailstogothroughtheformalitiesintimewithinthespecifiedtimelimitthebuildingshallbedeemedasrepossessed).
(2)Providinglaborservices
Iftheprovisionoflaborservicescanbereliablyestimated(allthefollowingconditionsaremet:①Theamountofincomecanbemeasuredreliably;②TherelevanteconomicbenefitsarelikelytoinflowtotheCompany;③Theprogressofthetransactioncanbereliablydetermined;④Thecostincurredandtobeincurredinthetransactioncanbemeasuredreliably),itshallrecognizetherevenuefromprovidingservicesemployingthepercentage-of-completionmethod,andconfirmthecompletionoflaborserviceaccordingtothecostsincurredasapercentageofthetotalestimatedcosts.IftheCompanycan’t,onthedateofthebalancesheet,reliablyestimatetheoutcomeofatransactionconcerningthelaborservicesitprovides,itshallbehandledunderthefollowing
conditions:Ifthecostoflaborservicesincurredisexpectedtobecompensated,therevenuefromtheprovidingoflaborservicesshallberecognizedinaccordancewiththeamountofthecostoflaborservicesincurred,andthecostoflaborservicesshallbecarriedforwardatthesameamount;Ifthecostoflaborservicesincurredisnotexpectedtocompensate,thecostincurredshouldbeincludedinthecurrentprofitsandlosses,andnorevenuefromtheprovidingoflaborservicesmayberecognized.Propertymanagementrevenueshallberecognizedwhenpropertymanagementserviceshavebeenprovided,economicbenefitsrelatedtopropertymanagementservicescanflowintotheenterprise,andcostsrelatedtopropertymanagementcanbereliablymeasured.
(3)TransferringtheRighttoUseAssets
Therevenueoftransferringtherighttouseassetsmaynotberecognizedunlessthefollowingconditionsarebothmet:therelevanteconomicbenefitsarelikelytoinflowtotheCompany;andtherevenuecanbereliablymeasured.TheinterestincomeshallberecognizedaccordingtothetimeandactualinterestrateinwhichotherpeopleusetheCompany’smonetaryfunds.Royaltyrevenueshallberecognizedaccordingtothechargeabletimeandmethodstipulatedinrelatedcontractsandagreements.Accordingtotheleasedateandleaseamountagreedintheleasecontractandagreement,therealizationofrentalpropertyincomeshallberecognizedwhenrelevanteconomicbenefitsarelikelytoflowin.
(4)OtherBusinessIncome
Accordingtothestipulationsofrelevantcontractsandagreements,whentheeconomicbenefitsrelatedtothetransactioncanflowintotheenterpriseandthecostsrelatedtotheincomecanbereliablymeasured,therealizationofotherbusinessincomeshallbeconfirmed.
40.GovernmentSubsidies
1.Ifthegovernmentsubsidiesmeetwiththefollowingconditionsatthesame,itshouldberecognized:(1)Theentitywillcomplywiththeconditionattachingtothem;(2)Thegrantswillbereceivedfromgovernment.Ifagovernmentsubsidyisamonetaryasset,itshallbemeasuredaccordingtotheamountreceivedorreceivable.Ifagovernmentsubsidyisanon-monetaryasset,itshallbemeasuredatitsfairvalue,andshallbemeasuredatanominalamountwhenthefairvaluecannotbeobtainedreliably.
2.JudgmentbasisandaccountingmethodsofgovernmentsubsidiesrelatedtoassetsThegovernmentsubsidiesthatareacquiredforconstructionorformlong-termassetsinotherwaysaccordingtogovernmentdocumentsshallbedefinedasasset-relatedgovernmentsubsidies.Forthosenotspecifiedingovernmentdocuments,thejudgmentshallbemadebasedonthecompulsoryfundamentalconditionsforacquiringthesubsidies.Ifthesubsidiesareacquiredwithconstructionortheformationoflong-termassetsinotherwaysasfundamentalconditions,theyshallberecognizedasasset-relatedgovernmentsubsidies.Forasset-relatedgovernmentsubsidies,thecarryingvalueofrelatedassetsshallbewrittendownorrecognizedasdeferredincome.Ifasset-relatedgovernmentsubsidiesarerecognizedasdeferredincome,itshallberecordedintoprofitsorlossesbyperiodinareasonableandsystemicmannerwithinthelifeofrelatedassets.Governmentsubsidiesmeasuredatthenominalamountshallbedirectlyrecordedintocurrentprofitsorlosses.Ifrelatedassetsaresold,transferred,disposedofordestroyedbeforetheendoftheirlife,theundistributedbalanceofrelateddeferredincomeshallbetransferredintotheprofitsorlossesfortheperiodoftheassetdisposal.
3.Judgmentbasisandaccountingtreatmentofprofits-relatedgovernmentsubsidiesGovernmentsubsidiesotherthanasset-relatedgovernmentsubsidiesshallbedefinedasprofits-relatedgovernmentsubsidies.Forgovernmentsubsidiesconsistingofbothasset-relatedpartsandprofits-relatedparts,whichisdifficulttojudgewhethertheyarerelatedtoassetsorprofits,theentiretyshallbeclassifiedas
profits-relatedgovernmentsubsidies.Profits-relatedgovernmentsubsidiesthatareusedtocompensatetherelatedfutureexpensesorlossesshallberecognizedasdeferredincomeandshallbeincludedintothecurrentprofit/lossesduringtheperiodwhentherelevantexpensesorlossesarerecognized;thosesubsidiesusedtocompensatetherelatedexpensesorlossesincurredshallbedirectlyincludedintothecurrentprofits/losses.
4.GovernmentsubsidiesrelatedtotheCompany’sroutineoperatingactivitiesshallbeincludedintootherincomeorwritedownrelatedcostsaccordingtotheeconomicbusinessnature.GovernmentsubsidiesnotrelatedtotheCompany’sroutineactivitiesshallbeincludedintonon-operatingincomeandexpenditure.
41.DeferredIncomeTaxAssets/DeferredIncomeTaxLiabilities
1.Inaccordancewiththebalance(theitemnotrecognizedasassetsandliabilitiescanconfirmtheirtaxbasesaccordingtothetaxlaw,thebalancebetweenthetaxbasesanditscarryingamount)betweenthecarryingamountofassetsorliabilitiesandtheirtaxbases,deferredtaxassetsanddeferredtaxliabilitiesshouldberecognizedatthetaxratesthatareexpectedtoapplytotheperiodwhentheassetisrealizedortheliabilityissettled.
2.Adeferredtaxassetshallberecognizedwithinthelimitoftaxableincomethatislikelytobeobtainedtooffsetthedeductibletemporarydifferences.Atthebalancesheetdate,wherethereisstrongevidenceshowingthatsufficienttaxableprofitwillbeavailableagainstwhichthedeductibletemporarydifferencecanbeutilized,thedeferredtaxassetunrecognizedinpriorperiodshallberecognized.
3.TheCompanyassessesthecarryingamountofdeferredtaxassetatthebalancesheetdate.Ifit’sprobablethatsufficienttaxableprofitwillnotbeavailableagainstwhichthedeductibletemporarydifferencecanbeutilized,theCompanyshallwritedownthecarryingamountofdeferredtaxasset,orreversetheamountwrittendownlaterwhenit’sprobablethatsufficienttaxableprofitwillbeavailable.
4.ThecurrentincometaxanddeferredincometaxoftheCompanyarerecordedintothecurrentgainsandlossesasincometaxexpensesorrevenue,exceptinthefollowingcircumstances:(1)Businesscombination;(2)Thetransactionoreventdirectlyincludedinowner’equity.
42.Lease
(1)AccountingTreatmentofOperatingLeaseAsaLessee,theCompanyshallrecordtherentintorelevantassetscostorrecognizeitasthecurrentprofitorlossonastraight-linebasisovertheleaseterm.Theinitialdirectcostsincurredshallberecognizedasthecurrentprofitorloss;Contingentrentsshallbechargedintothecurrentprofitorlosswhentheyareincurred.Asalessor,theCompanyshallrecognizetherentasthecurrentprofitorlossonastraight-linebasisovertheleaseterm.Initialdirectcostsincurredbythelessorshallbedirectlyrecognizedasthecurrentprofitorlossexceptthatcostswithlargeramountsshallbecapitalizedandrecordedintothecurrentprofitandlossbystages;Contingentrentsshallbechargedintothecurrentprofitorlosswhentheyareincurred.
(2)AccountingTreatmentsofFinancialLeaseForthelessee,afixedassetacquiredunderfinanceleaseshallbevaluedatthelowerofthefairvalueoftheleasedassetandthepresentvalueoftheminimumleasepaymentsattheinceptionoflease.Theminimumleasepaymentsastheenteringvalueinlong-termaccountpayable,thedifferenceasunrecognizedfinancingcharges;theinitialdirectcostsshallbedirectlyrecordedintoleasingassetvalue.Ateachperiodduringtheleaseterm,the
effectiveinterestratemethodshallbeadoptedtocalculateandconfirmthecurrentfinancingcharge.Ontheinitialdateoffinanciallease,lesseeofthefinancialleaseshallrecordthesumoftheminimumleasepaymentsandinitialdirectcostsasthefinancingleaseaccountsreceivable,andalsorecordthenon-guaranteedresidualvalue;recognizethedifferencebetweenthetotalminimumleasepayments,initialdirectcosts,non-guaranteedresidualvalueandsumofthepresentvalueastheunrealizedfinancingincome;Ateachperiodduringtheleaseterm,theeffectiveinterestratemethodshallbeadoptedtocalculateandconfirmthecurrentfinancingincome.
43.OtherImportantAccountingPoliciesandAccountingEstimations
(1)ConfirmationstandardandaccountinghandlingmethodforoperationterminationComponentswhichmeetoneofthefollowingconditions,havebeendisposedordividedasheldforsalecategoryandcanbedistinguishedseparatelyareconfirmedasoperationtermination.
1)Thecomponentrepresentsoneimportantindependentmainbusinessoronesinglemainoperationarea.
2)Thecomponentisonepartofarelatedplanwhichplanstodisposeoneindependentmainbusinessoronesinglemainoperationarea.
3)Thecomponentisasubsidiarywhichisobtainedforresalespecially.RefertotheNoteXVI(5)ofthefinancialstatementsfordetailedsituationoftheCompanyoperationtermination.
(2)AccountingMethodforMaintenancefundandQualityDeposit
1)MaintenancefundaccountingmethodAccordingtothelocalrelevantregulationsofthedevelopmentproject,themaintenancefundshallcollectfromthebuyers,orwithdrawfromthedevelopmentcostsoftheCompany’srelevantdevelopmentproductswhendevelopmentproductssell(pre-sell),andshalluniformlyturnthemovertothemaintenancefundmanagementdepartment.
2)QualitydepositaccountingmethodThequalityguaranteefundshallbereservedfromtheprojectfundoftheconstructionunitaccordingtotheprovisionsoftheconstructioncontract.Maintenancefeesincurredduringthewarrantyperiodofthedevelopedproductsshallbeoffsetagainstthequalityguaranteedeposit;Aftertheexpirationofthewarrantyperiodagreeduponinthedevelopmentofproducts,thebalanceofthequalityguaranteedepositshallbereturnedtotheconstructionunit.
(3)SegmentalreportTheGrouprecognizestheoperatingsegmentsaccordingtotheinternalorganizationstructure,themanagementrequirementsandtheinternalreportsystem.OperatingsegmentsrefertothecomposepartsoftheGroupwhichmeetwiththefollowingconditionsatthesametime:
1)thecomposepartcouldcauserevenuesandexpensesinthedailyactivities;
2)themanagementlayercouldperiodicallyevaluatetheoperationresultsofthecomposepartandbasewhichtodistributetheresourcesandevaluatetheperformance;
3)theGroupcouldacquiretherelevantaccountinginformationofthefinancialconditions,operationresultsandthecashflowsofthecomposepartthroughanalysis.
44.ChangesinMainAccountingPoliciesandEstimates
(1)ChangeofAccountingPolicies
√Applicable□Notapplicable
| Contentsandreasons | Procedures | Remarks |
1)ChangeofaccountingpoliciescausedbychangeofAccountingStandardsforBusinessEnterprises
①TheCompanyprepared2019FinancialStatementsinaccordancewiththeNoticeonRevisingandPrintingtheFormatof2019GeneralEnterprisesFinancialStatements(CK[2019]No.6),theNoticeonRevisingandPrintingtheFormatofConsolidatedFinancialStatements(2019)(CK[2019]No.16)issuedbytheMinistryofFinanceandtherequirementsoftheAccountingStandardsforBusinessEnterprises.Retroactiveadjustmentwasadoptedforthechangesintheaccountingpolicy.Thesignificantlyaffecteditemsandamountsin2018FinancialStatementsareasfollows:
| Itemandamountinoriginalfinancialstatement | Itemandamountinnewfinancialstatement | ||
| Notesreceivableandaccountsreceivable | 155,898,006.77 | Notesreceivable | |
| Accountsreceivable | 155,898,006.77 | ||
| Notespayableandaccountspayable | 435,350,850.19 | Notespayable | |
| Accountspayable | 435,350,850.19 | ||
2)TheCompanystartstoimplementtheAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstruments,AccountingStandardsforBusinessEnterprisesNo.23-TransferofFinancialAssets,AccountingStandardsforBusinessEnterprisesNo.24-HedgingandAccountingStandardsforBusinessEnterprisesNo.37-PresentationofFinancialInstruments(hereinafterreferredtothenewstandardsgoverningfinancialinstruments)revisedbytheMinistryofFinancesince1January2019.Asrequiredbytheconnectionregulationfortheoldandnewstandards,theinformationofcomparativeperiodwasnotadjusted,andthebeginningretainedearningsorothercomprehensiveincomeoftheReportingPeriodshallberetroactivelyadjustedforthedifferencebetweentheoriginalstandardsandthenewonewhenimplementedonthefirstexecutiondate.
①TheimpactsofimplementingthenewstandardsgoverningfinancialinstrumentsontheCompany’sfinancialstatementson1January2019:
| Item | Balancesheet | ||
| 31December2018 | Impacts | 1January2019 | |
| Monetaryassets | 3,894,546,925.52 | 13,055,107.15 | 3,907,602,032.67 |
| Otherreceivables | 80,037,483.65 | -13,055,107.15 | 66,982,376.50 |
| Otherpayables | 656,720,054.30 | -1,669.10 | 656,718,385.20 |
| Currentportionofnon-currentliabilities | 1,669.10 | 1,669.10 | |
②ThecomparisonstatementoffinancialassetsandfinancialliabilitiesoftheCompanyclassifiedandmeasuredrespectivelyaccordingtothenewstandardsgoverningfinancialinstrumentsandtheoriginaloneon1January2019:
| Item | Originalstandards | Newstandards | ||
| Measurement | Carryingvalue | Measurementcategory | Carryingvalue | |
| category | ||||
| Monetaryassets | Loansandaccountsreceivable | 3,894,546,925.52 | Financialassetsatamortizedcost | 3,907,602,032.67 |
| Accountsreceivable | Loansandaccountsreceivable | 155,898,006.77 | Financialassetsatamortizedcost | 155,898,006.77 |
| Otherreceivables | Loansandaccountsreceivable | 80,037,483.65 | Financialassetsatamortizedcost | 66,982,376.50 |
| Available-for-salefinancialassets | Available-for-salefinancialassets | 3,621,381.11 | ||
| Investmentsinotherequityinstruments | Financialassetsatfairvaluethroughothercomprehensiveincome | 3,621,381.11 | ||
| Accountspayable | Otherfinancialliabilities | 435,350,850.19 | Financialliabilitiesatamortizedcost | 435,350,850.19 |
| Otherpayables | Otherfinancialliabilities | 656,720,054.30 | Financialliabilitiesatamortizedcost | 656,718,385.20 |
| Currentportionofnon-currentliabilities | Otherfinancialliabilities | Financialliabilitiesatamortizedcost | 1,669.10 | |
| Long-termborrowings | Otherfinancialliabilities | 1,000,000.00 | Financialliabilitiesatamortizedcost | 1,000,000.00 |
③ThereconciliationstatementofcarryingvalueoforiginalfinancialassetsandfinancialliabilitiesoftheCompanyreclassifiedandremeasuredaccordingtothenewstandardsgoverningfinancialinstrumentson1January2019
| Item | Carryingvaluelistedaccordingtooriginalstandards(31December2018) | Reclassified | Remeasured | Carryingvaluelistedaccordingtonewstandards(1January2019) |
| A.Financialassets | ||||
| a.Amortizedcost | ||||
| Monetaryassets | 3,894,546,925.52 | 13,055,107.15 | 3,907,602,032.67 | |
| Accountsreceivable | 155,898,006.77 | 155,898,006.77 | ||
| Otherreceivables | 80,037,483.65 | -13,055,107.15 | 66,982,376.50 | |
| Totalfinancialassetsatamortizedcost | 4,130,482,415.94 | 4,130,482,415.94 | ||
| b.Atfairvaluethroughothercomprehensiveincome | ||||
| Available-for-salefinancialassets | 3,621,381.11 | -3,621,381.11 | ||
| Investmentsinotherequityinstruments | 3,621,381.11 | 3,621,381.11 | ||
| Totalfinancialassetsatfairvaluethroughothercomprehensive | 3,621,381.11 | 3,621,381.11 | ||
| income | ||||
| B.Financialliabilities | ||||
| a.Amortizedcost | ||||
| Accountspayable | 435,350,850.19 | 435,350,850.19 | ||
| Otherpayables | 656,720,054.30 | -1,669.10 | 656,718,385.20 | |
| Currentportionofnon-currentliabilities | 1,669.10 | 1,669.10 | ||
| Long-termborrowings | 1,000,000.00 | 1,000,000.00 | ||
| Totalliabilitiesatamortizedcost | 1,093,070,904.49 | 1,093,070,904.49 | ||
3)TheCompanystartstoimplementtherevisedAccountingStandardsforBusinessEnterprisesNo.7-Non-MonetaryAssetsExchangesince10June2019andtoimplementtherevisedAccountingStandardsforBusinessEnterprisesNo.12-DebtRestructuringsince17June2019.Thischangeofaccountingpolicywastreatedwithprospectiveapplication.
(2)ChangesinAccountingEstimates
□Applicable√Notapplicable
(3)AdjustmentstotheFinancialStatementsattheBeginningoftheFirstExecutionYearofanyNewStandardsGoverningFinancialInstruments,RevenueorLeasessince2019
√Applicable□NotapplicableConsolidatedbalancesheet:
Unit:RMB
| Item | 31December2018 | 1January2019 | Adjustment |
| Currentassets: | |||
| Monetaryassets | 3,894,546,925.52 | 3,907,602,032.67 | 13,055,107.15 |
| Settlementreserve | |||
| Interbankloansgranted | |||
| Held-for-tradingfinancialassets | |||
| Financialassetsatfairvaluethroughprofitorloss | |||
| Derivativefinancialassets | |||
| Notesreceivable | |||
| Accountsreceivable | 155,898,006.77 | 155,898,006.77 | |
| Accountsreceivablefinancing |
| Prepayments | 59,546,657.35 | 59,546,657.35 | |
| Premiumsreceivable | |||
| Reinsurancereceivables | |||
| Receivablereinsurancecontractreserve | |||
| Otherreceivables | 80,037,483.65 | 66,982,376.50 | -13,055,107.15 |
| Including:Interestreceivable | 13,055,107.15 | -13,055,107.15 | |
| Dividendsreceivable | |||
| Financialassetspurchasedunderresaleagreements | |||
| Inventories | 1,396,154,603.04 | 1,396,154,603.04 | |
| Contractassets | |||
| Assetsclassifiedasheldforsale | |||
| Currentportionofnon-currentassets | |||
| Othercurrentassets | 17,233,435.58 | 17,233,435.58 | |
| Totalcurrentassets | 5,603,417,111.91 | 5,603,417,111.91 | |
| Non-currentassets: | |||
| Loansandadvancestocustomers | |||
| Investmentsindebtobligations | |||
| Available-for-salefinancialassets | 3,621,381.11 | -3,621,381.11 | |
| Investmentsinotherdebtobligations | |||
| Held-to-maturityinvestments | |||
| Long-termreceivables | |||
| Long-termequityinvestments | 39,999,283.24 | 39,999,283.24 | |
| Investmentsinotherequityinstruments | 3,621,381.11 | 3,621,381.11 |
| Othernon-currentfinancialassets | ||
| Investmentproperty | 639,167,209.48 | 639,167,209.48 |
| Fixedassets | 102,516,975.36 | 102,516,975.36 |
| Constructioninprogress | ||
| Productivelivingassets | ||
| Oilandgasassets | ||
| Right-of-useassets | ||
| Intangibleassets | 455,300.38 | 455,300.38 |
| R&Dexpense | ||
| Goodwill | ||
| Long-termprepaidexpense | 3,493,237.29 | 3,493,237.29 |
| Deferredincometaxassets | 520,832,796.49 | 520,832,796.49 |
| Othernon-currentassets | 109,851,318.29 | 109,851,318.29 |
| Totalnon-currentassets | 1,419,937,501.64 | 1,419,937,501.64 |
| Totalassets | 7,023,354,613.55 | 7,023,354,613.55 |
| Currentliabilities: | ||
| Short-termborrowings | ||
| Borrowingsfromcentralbank | ||
| Interbankloansobtained | ||
| Held-for-tradingfinancialliabilities | ||
| Financialliabilitiesatfairvaluethroughprofitorloss | ||
| Derivativefinancialliabilities | ||
| Notespayable | ||
| Accountspayable | 435,350,850.19 | 435,350,850.19 |
| Advancesfromcustomers | 278,045,801.46 | 278,045,801.46 |
| Contractliabilities | ||
| Financialassetssoldunderrepurchaseagreements | ||
| Customerdepositsandinterbankdeposits |
| Payablesforactingtradingofsecurities | |||
| Payablesforunderwritingofsecurities | |||
| Payrollpayable | 126,062,756.70 | 126,062,756.70 | |
| Taxespayable | 1,580,024,773.11 | 1,580,024,773.11 | |
| Otherpayables | 656,720,054.30 | 656,718,385.20 | -1,669.10 |
| Including:Interestpayable | 1,669.10 | -1,669.10 | |
| Dividendspayable | 12,434,579.81 | 12,434,579.81 | |
| Handlingchargesandcommissionspayable | |||
| Reinsurancepayables | |||
| Liabilitiesdirectlyassociatedwithassetsclassifiedasheldforsale | |||
| Currentportionofnon-currentliabilities | 1,669.10 | 1,669.10 | |
| Othercurrentliabilities | |||
| Totalcurrentliabilities | 3,076,204,235.76 | 3,076,204,235.76 | |
| Non-currentliabilities: | |||
| Insurancecontractreserve | |||
| Long-termborrowings | 1,000,000.00 | 1,000,000.00 | |
| Bondspayable | |||
| Including:Preferredshares | |||
| Perpetualbonds | |||
| Leaseliabilities | |||
| Long-termpayables | |||
| Long-termpayrollpayable | |||
| Provisions | |||
| Deferredincome | |||
| Deferredincometaxliabilities | 5,275.60 | 5,275.60 |
| Othernon-currentliabilities | 64,627,587.61 | 64,627,587.61 |
| Totalnon-currentliabilities | 65,632,863.21 | 65,632,863.21 |
| Totalliabilities | 3,141,837,098.97 | 3,141,837,098.97 |
| Owners’equity: | ||
| Sharecapital | 595,979,092.00 | 595,979,092.00 |
| Otherequityinstruments | ||
| Including:Preferredshares | ||
| Perpetualbonds | ||
| Capitalreserves | 483,347,184.25 | 483,347,184.25 |
| Less:Treasurystock | ||
| Othercomprehensiveincome | -1,786,181.69 | -1,786,181.69 |
| Specificreserve | ||
| Surplusreserves | 299,569,569.96 | 299,569,569.96 |
| Generalreserve | ||
| Retainedearnings | 2,495,296,440.15 | 2,495,296,440.15 |
| TotalequityattributabletoownersoftheCompanyastheparent | 3,872,406,104.67 | 3,872,406,104.67 |
| Non-controllinginterests | 9,111,409.91 | 9,111,409.91 |
| Totalowners’equity | 3,881,517,514.58 | 3,881,517,514.58 |
| Totalliabilitiesandowners’equity | 7,023,354,613.55 | 7,023,354,613.55 |
Notestotheadjustments:
TheCompanystartstoimplementtheAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstruments,AccountingStandardsforBusinessEnterprisesNo.23-TransferofFinancialAssets,AccountingStandardsforBusinessEnterprisesNo.24-HedgingandAccountingStandardsforBusinessEnterprisesNo.37-PresentationofFinancialInstruments(hereinafterreferredtothenewstandardsgoverningfinancialinstruments)revisedbytheMinistryofFinancesince1January2019.Asrequiredbytheconnectionregulationfortheoldandnewstandards,theinformationofcomparativeperiodwasnotadjusted,andthebeginningretainedearningsorothercomprehensiveincomeoftheReportingPeriodshallberetroactivelyadjustedforthedifferencebetweentheoriginalstandardsandthenewonewhenimplementedonthefirstexecutiondate.
BalancesheetoftheCompanyastheparent:
Unit:RMB
| Item | 31December2018 | 1January2019 | Adjustment |
| Currentassets: | |||
| Monetaryassets | 2,520,788,994.16 | 2,529,018,497.74 | 8,229,503.58 |
| Held-for-tradingfinancialassets | |||
| Financialassetsatfairvaluethroughprofitorloss | |||
| Derivativefinancialassets | |||
| Notesreceivable | |||
| Accountsreceivable | 1,853,494.72 | 1,853,494.72 | |
| Accountsreceivablefinancing | |||
| Prepayments | 829,683.68 | 829,683.68 | |
| Otherreceivables | 1,306,715,826.93 | 1,298,486,323.35 | -8,229,503.58 |
| Including:Interestreceivable | 8,229,503.58 | -8,229,503.58 | |
| Dividendsreceivable | |||
| Inventories | 105,840,115.24 | 105,840,115.24 | |
| Contractassets | |||
| Assetsclassifiedasheldforsale | |||
| Currentportionofnon-currentassets | |||
| Othercurrentassets | |||
| Totalcurrentassets | 3,936,028,114.73 | 3,936,028,114.73 | |
| Non-currentassets: | |||
| Investmentsindebtobligations | |||
| Available-for-salefinancialassets | 3,851,881.11 | -3,851,881.11 | |
| Investmentsinotherdebtobligations | |||
| Held-to-maturityinvestments | |||
| Long-termreceivables |
| Long-termequityinvestments | 239,501,956.17 | 239,501,956.17 | |
| Investmentsinotherequityinstruments | 3,851,881.11 | 3,851,881.11 | |
| Othernon-currentfinancialassets | |||
| Investmentproperty | 317,313,917.65 | 317,313,917.65 | |
| Fixedassets | 9,121,637.65 | 9,121,637.65 | |
| Constructioninprogress | |||
| Productivelivingassets | |||
| Oilandgasassets | |||
| Right-of-useassets | |||
| Intangibleassets | |||
| R&Dexpense | |||
| Goodwill | |||
| Long-termprepaidexpense | 778,392.57 | 778,392.57 | |
| Deferredincometaxassets | 315,888,967.26 | 315,888,967.26 | |
| Othernon-currentassets | 104,132,920.00 | 104,132,920.00 | |
| Totalnon-currentassets | 990,589,672.41 | 990,589,672.41 | |
| Totalassets | 4,926,617,787.14 | 4,926,617,787.14 | |
| Currentliabilities: | |||
| Short-termborrowings | |||
| Held-for-tradingfinancialliabilities | |||
| Financialliabilitiesatfairvaluethroughprofitorloss | |||
| Derivativefinancialliabilities | |||
| Notespayable | |||
| Accountspayable | 124,501,464.28 | 124,501,464.28 | |
| Advancesfromcustomers | 75,895,087.75 | 75,895,087.75 | |
| Contractliabilities | |||
| Payrollpayable | 31,224,455.28 | 31,224,455.28 | |
| Taxespayable | 1,402,388,742.76 | 1,402,388,742.76 | |
| Otherpayables | 224,875,980.31 | 224,875,980.31 |
| Including:Interestpayable | ||
| Dividendspayable | 29,642.40 | 29,642.40 |
| Liabilitiesdirectlyassociatedwithassetsclassifiedasheldforsale | ||
| Currentportionofnon-currentliabilities | ||
| Othercurrentliabilities | ||
| Totalcurrentliabilities | 1,858,885,730.38 | 1,858,885,730.38 |
| Non-currentliabilities: | ||
| Long-termborrowings | ||
| Bondspayable | ||
| Including:Preferredshares | ||
| Perpetualbonds | ||
| Leaseliabilities | ||
| Long-termpayables | ||
| Long-termpayrollpayable | ||
| Provisions | ||
| Deferredincome | ||
| Deferredincometaxliabilities | ||
| Othernon-currentliabilities | ||
| Totalnon-currentliabilities | ||
| Totalliabilities | 1,858,885,730.38 | 1,858,885,730.38 |
| Owners’equity: | ||
| Sharecapital | 595,979,092.00 | 595,979,092.00 |
| Otherequityinstruments | ||
| Including:Preferredshares | ||
| Perpetualbonds | ||
| Capitalreserves | 92,326,467.62 | 92,326,467.62 |
| Less:Treasurystock | ||
| Othercomprehensiveincome | ||
| Specificreserve | ||
| Surplusreserves | 298,912,759.52 | 298,912,759.52 |
| Retainedearnings | 2,080,513,737.62 | 2,080,513,737.62 |
| Totalowners’equity | 3,067,732,056.76 | 3,067,732,056.76 |
| Totalliabilitiesandowners’equity | 4,926,617,787.14 | 4,926,617,787.14 |
Notestotheadjustments:
TheCompanystartstoimplementtheAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstruments,AccountingStandardsforBusinessEnterprisesNo.23-TransferofFinancialAssets,AccountingStandardsforBusinessEnterprisesNo.24-HedgingandAccountingStandardsforBusinessEnterprisesNo.37-PresentationofFinancialInstruments(hereinafterreferredtothenewstandardsgoverningfinancialinstruments)revisedbytheMinistryofFinancesince1January2019.Asrequiredbytheconnectionregulationfortheoldandnewstandards,theinformationofcomparativeperiodwasnotadjusted,andthebeginningretainedearningsorothercomprehensiveincomeoftheReportingPeriodshallberetroactivelyadjustedforthedifferencebetweentheoriginalstandardsandthenewonewhenimplementedonthefirstexecutiondate.
(4)RetroactiveAdjustmentstoComparativeDataofPriorYearswhenExecutionofanyNewStandardsGoverningFinancialInstrumentsorLeasessince2019
□Applicable√Notapplicable
45.OtherIntheNoteofthefinancialstatements,thedataoftheperiod-beginningreferstothefinancialstatementdataon1January2019;thedataoftheperiod-endreferstothefinancialstatementdataon31December2019;theReportingPeriodreferstotheyearof2019;thesameperiodoflastyearreferstotheyearof2018.ThesametotheCompanyastheparent.VITaxes
1.MainTaxesandTaxRates
| Categoryoftaxes | Taxbasis | Taxrate |
| VAT | Salesofgoodsorprovisionoftaxableservices | [Note1] |
| Urbanmaintenanceandconstructiontax | Turnovertaxpayable | Appliedto7%,1%separatelyaccordingtotheregionallevel |
| Enterpriseincometax | Taxableincome | 25%[Note2] |
| VATofland | Addedvaluegeneratedfrompaidtransferoftheuserightofstate-ownedlandsandpropertyrightofabove-groundbuildingsandotherattachments | Fourprogressivelevelswiththetaxraterangingfrom30%to60%oftransferringrealestateaddedvalue |
| Realestatetax | Leviedaccordingtoprice:paidaccordingto1.2%oftheresidualvalueoftherealestate’soriginalvalueafterdeducted30%atonce;leviedaccordingtolease:paidaccordingto12%oftherentalincome | |
| Educationsurcharge | Turnovertaxpayable | 3% |
| Localeducationsurcharge | Turnovertaxpayable | 2% |
Notesofthedisclosuresituationofthetaxpayingbodieswithdifferententerprisesincometaxrate
| Name | Incometaxrate |
| ChongqingShenzhenInternationalTradeCenterPropertyManagementCo.,Ltd. | 15% |
| ShenzhenSZPRDHousingAssetsOperationandManagementCo.,Ltd. | 20% |
| ShenzhenGuomaoCateringCo.,Ltd. | 20% |
| ShenzhenPropertyEngineeringandConstructionSupervisionCo.,Ltd. | 20% |
| ShenzhenJulianHumanResourcesDevelopmentCo.,Ltd. | 20% |
| ShenzhenHuazhengpengPropertyManagementDevelopmentCo.,Ltd. | 20% |
| ShenzhenJinhailianPropertyManagementCo.,Ltd. | 20% |
| ShenzhenZhongtongdaHouseXiushanServiceCo.,Ltd. | 20% |
| ShenzhenKangpingIndustryCo.,Ltd. | 20% |
| ShenzhenTeacherFamilyTrainingCo.,Ltd. | 20% |
| ShenzhenEducationIndustryCo.,Ltd. | 20% |
| ShenzhenYufaIndustryCo.,Ltd. | 20% |
| ChongqingAoboElevatorCo.,Ltd. | 20% |
| SubsidiariesregisteredinHongKongarea | 16.5% |
| Othertaxpayingbodieswithintheconsolidatedscope | 25% |
2.TaxPreference[Note2]AccordingtotheregulationsofNo.2,PropertyServiceofNo.37,CommercialServiceamongtheencouragingcategoryoftheGuidanceCatalogueofIndustryConstructureAdjustment(Y2011),thewestern
industrymetwiththeconditionsshouldbecollectedthecorporateincometaxaccordingto15%ofthetaxrate.ThesubsidiaryoftheGroupChongqingShenzhenInternationalTradeCenterPropertyManagementCo.,Ltd.appliestoabovepolicy.AccordingtotheStateAdministrationofTaxationNoticeontheImplementationofInclusiveTaxReliefPolicyforSmallandMicroEnterprises(Fiscal[2019]No.13),from1January2019,to31December2021,theportionoftheannualtaxableincomeofsmallandmicroenterprisesthatdoesnotexceedRMB1millionshallbeincludedinthetaxableincomeatareducedrateof25%,andtheenterpriseincometaxshallbepaidatataxrateof20%.IftheannualtaxableincomeexceedsRMB1millionanddoesnotexceedRMB3million,itshallbeincludedinthetaxableincomeatareducedrateof50%,andtheenterpriseincometaxshallbepaidatataxrateof20%.Thispolicyappliesto12subsidiariesofourgroupfrom2019onwards,includingChongqingAoboElevatorCo.,Ltd.,ShenzhenInternationalTradeCenterCateringCo.,Ltd.,etc.
3.Other[Note1]TaxableitemsandtaxrateoftheVAToftheCompanyanditssubsidiariesareasfollows:
| Typeoftherevenue | Generalrate | Percentagechargesof |
| Salesofhouseproperty | 10% | 5% |
| Rentofrealestate | 10% | 5% |
| Propertyservice | 6% | 3% |
| Cateringservice | 6% | 3% |
| Others | 16% | -- |
VII.NotestoMajorItemsintheConsolidatedFinancialStatementsoftheCompany
1.MonetaryAssets
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Cashonhand | 130,048.49 | 184,219.12 |
| Bankdeposits | 3,276,826,087.46 | 3,631,118,250.16 |
| Othermonetaryassets | 20,934,799.96 | 276,299,563.39 |
| Total | 3,297,890,935.91 | 3,907,602,032.67 |
| Ofwhich:thetotalamountdepositedoverseas | 54,480,940.07 | 52,976,296.80 |
| Thetotalamountwithrestrictedrightofuseformortgage,pledgeorfreeze | 12,545,702.44 | 26,574,774.78 |
Note:pleaserefertotheNoteV44fordetailsofthedifferencebetweenthedataoftheperiod-beginningandtheendingbalanceoflastyear(31December2018).Othernotes:
OthermonetaryassetswereRMB20,934,799.96,amongwhich,thecashdepositsforguaranteesofRMB1,120,910.60,cashdepositsforL/GofRMB49,020.00,frozenassetsofbank’saccountofRMB7,074,255.32,bankdepositsofRMB3,276,826,087.46includingRMB4,301,516.52ofinterestoffixedtimedepositswithdrawnattheendoftheReportingPeriod.Theabovewasnotrecognizedascashandcashequivalentsforrestrictionsonuse.
2.Held-for-tradingFinancialAssets
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Ofwhich: | ||
| Ofwhich: |
Othernotes:
3.DerivativeFinancialAssets
Unit:RMB
| Item | Endingbalance | Beginningbalance |
Othernotes:
4.NotesReceivable
(1)NotesReceivableListedbyCategory
Unit:RMB
| Item | Endingbalance | Beginningbalance |
Unit:RMB
| Category | Endingbalance | Beginningbalance | ||||||||
| Carryingamount | Baddebtprovision | Carryingvalue | Carryingamount | Baddebtprovision | Carryingvalue | |||||
| Amount | Proportion | Amount | Withdrawalproportion | Amount | Proportion | Amount | Withdrawalproportion | |||
| Ofwhich: | ||||||||||
| Ofwhich: | ||||||||||
Baddebtprovisionseparatelyaccrued:
Unit:RMB
| Name | Endingbalance | |||
| Carryingamount | Baddebtprovision | Withdrawalproportion | Withdrawalreason | |
Baddebtprovisionwithdrawnaccordingtogroups:
Unit:RMB
| Name | Endingbalance | ||
| Carryingamount | Baddebtprovision | Withdrawalproportion | |
Notesofthebasisofrecognizingthegroup:
Ifthebaddebtprovisionfornotesreceivablewaswithdrawninaccordancewiththegeneralmodelofexpectedcreditlosses,informationrelatedtobaddebtprovisionshallbedisclosedbyreferencetothedisclosuremethodofotherreceivables:
□Applicable√Notapplicable
(2)BadDebtProvisionWithdrawn,ReversedorCollectedduringtheReportingPeriod
BaddebtprovisionwithdrawnintheReportingPeriod:
Unit:RMB
| Category | Beginningbalance | Increase/decrease | Endingbalance |
| Withdrawn | Reversedorcollected | Verified |
Ofwhich,baddebtprovisioncollectedorreversedwithsignificantamount:
□Applicable√Notapplicable
(3)NotesReceivablePledgedbytheCompanyatthePeriod-end
Unit:RMB
| Item | Amount |
(4)NotesReceivablewhichHadEndorsedbytheCompanyorhadDiscountedandhadnotDueontheBalanceSheetDateatthePeriod-end
Unit:RMB
| Item | Amountofrecognitionterminationattheperiod-end | Amountofnotterminatedrecognitionattheperiod-end |
(5)NotesTransferredtoAccountsReceivablebecauseDraweroftheNotesFailedtoExecutetheContractorAgreement
Unit:RMB
| Item | Amountofthenotestransferredtoaccountsreceivableattheperiod-end |
Othernotes:
(6)NotesReceivablewithActualVerificationfortheReportingPeriod
Unit:RMB
| Item | Amount |
Ofwhich,verificationofsignificantnotesreceivable:
Unit:RMB
| Nameoftheentity | Nature | Amount | Reason | Procedure | Whetheroccurredbecauseofrelated-partytransactions |
Notesoftheverificationofnotesreceivable:
5.AccountsReceivable
(1)AccountsReceivableClassifiedbyCategory
Unit:RMB
| Category | Endingbalance | Beginningbalance | ||||||||
| Carryingamount | Baddebtprovision | Carryingvalue | Carryingamount | Baddebtprovision | Carryingvalue | |||||
| Amount | Proportion | Amount | Withdrawalproportion | Amount | Proportion | Amount | Withdrawalproportion | |||
| Accountsreceivablewithsinglebaddebtprovisionaccrued | 106,958,370.47 | 31.79% | 105,293,364.00 | 98.44% | 1,665,006.47 | 106,653,210.92 | 40.50% | 101,925,417.89 | 95.57% | 4,727,793.03 |
| Ofwhich: | ||||||||||
| Accountsreceivablewithbaddebtprovisionwithdrawnaccordingtogroups | 229,476,481.62 | 68.21% | 14,217,824.84 | 6.20% | 215,258,656.78 | 158,966,496.11 | 59.85 | 7,796,282.37 | 4.90 | 151,170,213.74 |
| Ofwhich: | ||||||||||
| Total | 336,434,852.09 | 100.00% | 119,511,188.84 | 35.52% | 216,923,663.25 | 265,619,707.03 | 100.00 | 109,721,700.26 | 41.31 | 155,898,006.77 |
Singlebaddebtprovisionaccrued:105,293,364.00
Unit:RMB
| Name | Endingbalance | |||
| Carryingamount | Baddebtprovision | Withdrawalproportion | Withdrawalreason | |
| ShenzhenJiyongProperties&ResourcesDevelopmentCompany | 93,811,328.05 | 93,811,328.05 | 100.00% | Involvedinlawsuitandnoexecutableproperty |
| ShenzhenTeweiIndustryCo.,Ltd. | 2,836,561.00 | 2,836,561.00 | 100.00% | Uncollectibleforalongperiod |
| LunanIndustryCorporation | 2,818,284.84 | 2,818,284.84 | 100.00% | Pooroperatingconditions,uncollectibleforalongperiod |
| Thosewithinsignificantsingleamountforwhichbaddebtprovisionseparatelyaccrued | 7,492,196.58 | 5,827,190.11 | 77.78% | Uncollectibleforalongperiod |
| Total | 106,958,370.47 | 105,293,364.00 | -- | -- |
Singlebaddebtprovisionaccrued:
Unit:RMB
| Name | Endingbalance | |||
| Carryingamount | Baddebtprovision | Withdrawalproportion | Withdrawalreason | |
Baddebtprovisionwithdrawnaccordingtogroups:14,217,824.84
Unit:RMB
| Name | Endingbalance | ||
| Carryingamount | Baddebtprovision | Withdrawalproportion | |
| Within1year | 201,616,202.70 | 6,048,650.44 | 3.00% |
| 1to2years | 15,256,204.99 | 1,525,620.50 | 10.00% |
| 2to3years | 7,883,460.64 | 2,365,038.19 | 30.00% |
| 3to4years | 662,992.00 | 331,496.00 | 50.00% |
| 4to5years | 553,007.94 | 442,406.36 | 80.00% |
| Over5years | 3,504,613.35 | 3,504,613.35 | 100.00% |
| Total | 229,476,481.62 | 14,217,824.84 | -- |
Notesofthebasisofrecognizingthegroup:
Baddebtprovisionwithdrawnaccordingtogroups:
Unit:RMB
| Name | Endingbalance | ||
| Carryingamount | Baddebtprovision | Withdrawalproportion | |
Notesofthebasisofrecognizingthegroup:
Ifthebaddebtprovisionforaccountsreceivablewaswithdrawninaccordancewiththegeneralmodelofexpectedcreditlosses,informationrelatedtobaddebtprovisionshallbedisclosedbyreferencetothedisclosuremethodofotherreceivables:
□Applicable√NotapplicableDisclosedbyaging
Unit:RMB
| Aging | Endingbalance |
| Within1year(including1year) | 201,616,202.70 |
| 1to2years | 15,256,204.99 |
| 2to3years | 7,883,460.64 |
| Over3years | 111,678,983.76 |
| 3to4years | 662,992.00 |
| 4to5years | 553,007.94 |
| Over5years | 110,462,983.82 |
| Total | 336,434,852.09 |
(2)BadDebtProvisionWithdrawn,ReversedorCollectedduringtheReportingPeriod
BaddebtprovisionwithdrawnfortheReportingPeriod:
Unit:RMB
| Category | Beginningbalance | Increase/decrease | Endingbalance | ||
| Withdrawn | Reversedorcollected | Verified | |||
| Baddebtprovisionseparatelyaccrued | 101,925,417.89 | 3,367,946.11 | 105,293,364.00 | ||
| Baddebtprovisionwithdrawnaccordingtogroups | 7,796,282.37 | 6,449,091.52 | 27,549.05 | 14,217,824.84 | |
| Total | 109,721,700.26 | 9,817,037.63 | 27,549.05 | 119,511,188.84 | |
Ofwhich,baddebtprovisionreversedorcollectedwithsignificantamount:
Unit:RMB
| Nameoftheentity | Amountreversedorcollected | Method |
(3)AccountsReceivablewithActualVerificationfortheReportingPeriod
Unit:RMB
| Item | Amountverified |
Ofwhich,verificationofsignificantaccountsreceivable:
Unit:RMB
| Nameoftheentity | Nature | Amountverified | Reasonforverification | Procedure | Whetheroccurredbecauseofrelated-partytransactions |
Notesoftheverificationofaccountsreceivable:
(4)Top5oftheEndingBalanceoftheAccountsReceivableCollectedaccordingtotheArrearsParty
Unit:RMB
| Nameofunits | Endingbalanceofaccountsreceivable | %oftotalendingbalanceofaccountsreceivable | Endingbalanceofbaddebtprovision |
| ShenzhenJiyongProperties&ResourcesDevelopmentCompany | 93,811,328.05 | 27.88% | 93,811,328.05 |
| ShenzhenBayTechnologyDevelopmentCo.,Ltd. | 93,790,305.70 | 27.88% | 2,813,709.17 |
| AlibabaInternetTechnologyCo.,Ltd | 11,395,058.57 | 3.39% | 341,851.76 |
| AlibabaCloudComputingLtd. | 9,401,805.01 | 2.79% | 282,054.15 |
| TaoBao(China)SoftwareCo.,Ltd. | 6,297,347.40 | 1.87% | 188,920.42 |
| Total | 214,695,844.73 | 63.81% |
(5)DerecognizitonofAccountsReceivableduetotheTransferofFinancialAssets
(6)TheAmountoftheAssetsandLiabilitiesFormedduetotheTransferandtheContinuedInvolvementofAccountsReceivableOthernotes:
6.AccountsReceivableFinancing
Unit:RMB
| Item | Endingbalance | Beginningbalance |
Increaseordecreaseofaccountsreceivablefinancingandchangesinfairvaluethereof
□Applicable√NotapplicableIfthedepreciationreserveforaccountsreceivablefinancingwaswithdrawninaccordancewiththegeneralmodelofexpectedcreditlosses,theinformationrelatedtodepreciationreserveshallbedisclosedbyreferencetothedisclosuremethodofotherreceivables:
□Applicable√NotapplicableOthernotes:
7.Prepayments
(1)ListbyAgingAnalysis
Unit:RMB
| Aging | Endingbalance | Beginningbalance | ||
| Amount | Proportion | Amount | Proportion | |
| Within1year | 36,985,187.03 | 53.18% | 30,184,640.40 | 50.69% |
| 1to2years | 3,797,085.70 | 5.46% | 8,360,467.04 | 14.04% |
| 2to3years | 8,360,467.04 | 12.36% | 20,009,974.40 | 33.60% |
| Over3years | 20,404,034.40 | 29.00% | 991,575.51 | 1.67% |
| Total | 69,546,774.17 | -- | 59,546,657.35 | -- |
Notesofthereasonsoftheprepaymentagingover1yearwithsignificantamountbutfailedsettledintime:
Theprepaymentagingover1yeararethevariousprepaidtaxes,likelandVAT,urbanconstructiontaxandeducationalsurtaxofprepaymentofrealestateprojectsstillnotreachingtherecognitionofincomeconditionsaccordingtotaxlaw;therelevantproceduresofconsciencemoneyincludinglandpricetransactionfeesandmunicipalsupportingfacilitiesfeehasn’tbeencompletedyet.
(2)Top5oftheEndingBalanceofthePrepaymentsCollectedaccordingtothePrepaymentTarget
| Nameofunits | Carryingamount | As%ofthetotalendingbalanceoftheprepayments(%) |
| Deferredtax-landVAT | 36,435,166.41 | 51.95 |
| FinancialCommitteeofShenzhen | 19,509,471.00 | 27.81 |
| JiangsuHanjianGroup | 8,000,000.00 | 11.41 |
| StateGridChongqingElectricPowerCo.,Ltd | 475,000.00 | 0.68 |
| PropertymanagementcenterofTongshanDistrictinXuzhou | 304,992.00 | 0.43 |
| Total | 64,724,629.41 | 92.28 |
Othernotes:
Thetotalamountoftop5oftheendingbalanceoftheprepaymentswasRMB64,724,629.41,accountingfor
92.28%ofthetotalendingbalanceoftheprepayments.
8.OtherReceivables
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Otherreceivables | 917,981,165.74 | 66,982,376.50 |
| Total | 917,981,165.74 | 66,982,376.50 |
(1)InterestReceivable
1)CategoryofInterestReceivable
Unit:RMB
| Item | Endingbalance | Beginningbalance |
2)SignificantOverdueInterest
Unit:RMB
| Entity | Endingbalance | Overduetime | Overduereason | Whetheroccurredimpairmentandthejudgmentbasis |
Othernotes:
3)WithdrawalofBadDebtProvision
□Applicable√Notapplicable
(2)DividendsReceivable
1)CategoryofDividendsReceivable
Unit:RMB
| Item(orinvestees) | Endingbalance | Beginningbalance |
2)SignificantDividendsReceivableAgedover1Year
Unit:RMB
| Item(orinvestees) | Endingbalance | Aging | Reason | Whetheroccurredimpairmentandthejudgmentbasis |
3)WithdrawalofBadDebtProvision
□Applicable√NotapplicableOthernotes:
(3)OtherReceivables
1)OtherReceivablesDisclosedbyAccountNature
Unit:RMB
| Nature | Endingcarryingamount | Beginningcarryingamount |
| Margin | 13,439,816.18 | 15,537,472.90 |
| Cashdeposit | 30,202,817.84 | 5,162,622.32 |
| Pettycash | 1,853,585.88 | 1,322,262.16 |
| Paymentsonbehalf | 5,218,908.47 | 6,174,369.06 |
| Externalintercoursefunds | 915,411,567.13 | 77,833,645.12 |
| Other | 9,087,762.19 | 9,504,197.22 |
| Total | 975,214,457.69 | 115,534,568.78 |
2)WithdrawalofBadDebtProvision
Unit:RMB
| Baddebtprovision | Firststage | Secondstage | Thirdstage | Total |
| Expectedcreditlossofthenext12months | Expectedlossintheduration(creditimpairmentnotoccurred) | Expectedlossintheduration(creditimpairmentoccurred) | ||
| Balanceof1January2019 | 20,576,560.35 | 27,975,631.93 | 48,552,192.28 | |
| Balanceof1January2019intheCurrentPeriod | —— | —— | —— | —— |
| --ReversetoFirstStage | ||||
| WithdrawaloftheCurrentPeriod | 9,315,041.60 | 9,315,041.60 | ||
| ReversaloftheCurrentPeriod | 633,941.93 | 633,941.93 | ||
| Balanceof31December2019 | 29,257,660.02 | 27,975,631.93 | 57,233,291.95 |
Changesofcarryingamountwithsignificantamountchangedoflossprovisioninthecurrentperiod
□Applicable√NotapplicableDisclosurebyaging
Unit:RMB
| Aging | Carryingamount |
| Within1year(including1year) | 909,014,689.39 |
| 1to2years | 5,209,826.38 |
| 2to3years | 2,747,772.38 |
| Over3years | 58,242,169.54 |
| 3to4years | 3,983,260.15 |
| 4to5years | 6,351,427.61 |
| Over5years | 47,907,481.78 |
| Total | 975,214,457.69 |
3)BadDebtProvisionWithdrawn,ReversedorRecoveredintheReportingPeriodWithdrawalofbaddebtprovision:
Unit:RMB
| Category | Beginningbalance | Changes | Endingbalance | ||
| Withdrawal | Recoveryorreversal | Write-off | |||
| Individualwithdrawalofbaddebtprovision | 27,975,631.93 | 27,975,631.93 | |||
| Withdrawalofbaddebtprovisionbygroups | 20,576,560.35 | 9,315,041.60 | 633,941.93 | 29,257,660.02 | |
| Total | 48,552,192.28 | 9,315,041.60 | 633,941.93 | 57,233,291.95 | |
Individualwithdrawalofbaddebtprovisionofotherreceivablesattheperiod-end:
| Nameoftheentity | Carryingamount | Baddebtprovision | Withdrawalproportion(%） | Withdrawalreason |
| ShanghaiYutongRealEstateDevelopmentCo.,Ltd. | 5,676,000.00 | 5,676,000.00 | 100.00 | Difficulttorecoverthelawsuitjudgment |
| HongKongYuehengDevelopmentCo.,Ltd. | 3,271,837.78 | 3,271,837.78 | 100.00 | Unrecoverableforalongterm |
| Dameishatourismcenter | 2,576,445.69 | 2,576,445.69 | 100.00 | Projectsconstructionceased |
| Elevatedtrainproject | 2,542,332.43 | 2,542,332.43 | 100.00 | Projectsconstructionceased |
| Otherreceivableswithinsignificantsingleamountforwhichbaddebtprovisionseparatelyaccrued | 13,909,016.03 | 13,909,016.03 | 100.00 | Unrecoverableforalongterm |
| Subtotal | 27,975,631.93 | 27,975,631.93 | 100.00 |
Ofwhichbaddebtprovisionreveredorrecoveredwithsignificantamount:
Unit:RMB
| Nameoftheentity | Reversedorcollectedamount | Method |
4)ParticularsoftheActualVerificationofOtherReceivablesduringtheReportingPeriod
Unit:RMB
| Item | Amount |
Ofwhich:significantactualverificationofotherreceivables:
Unit:RMB
| Nameoftheentity | Nature | Amount | Reason | Procedure | Whetheroccurredbecauseofrelated-partytransactions |
Notesofverificationofotherreceivables:
5)Top5oftheEndingBalanceoftheOtherReceivablesCollectedaccordingtotheArrearsParty
Unit:RMB
| Nameoftheentity | Nature | Endingbalance | Aging | Proportiontoendingbalanceofotherreceivables% | Endingbalanceofbaddebtprovision |
| ShenzhenXinhaiHoldingCo.,Ltd. | Externalintercoursefunds | 551,499,990.18 | Within1year | 56.55% | |
| ShenzhenXinhaiRongyaoRealEstateDevelopmentCo.,Ltd. | Externalintercoursefunds | 330,472,932.33 | Within1year | 33.89% | |
| ShanghaiYutongRealestatedevelopmentCo.,Ltd. | Externalintercoursefunds | 5,676,000.00 | Over5years | 0.58% | 5,676,000.00 |
| ShenzhenBanglingstockCooperativeCompany | Margin | 5,031,980.00 | 4to5yearsandover5years | 0.52% | 4,031,980.00 |
| HongKongYuehengDevelopmentCo.,Ltd. | Externalintercoursefunds | 3,271,837.78 | Over5years | 0.34% | 3,271,837.78 |
| Total | -- | 895,952,740.29 | -- | 91.88% | 12,979,817.78 |
6)AccountsReceivableInvolvingGovernmentSubsidies
Unit:RMB
| Nameoftheentity | Projectofgovernmentsubsidies | Endingbalance | Agingatperiod-end | Estimatedrecoveringtime,amountandbasis |
7)DerecognitionofOtherReceivablesduetotheTransferofFinancialAssets
8)TheAmountoftheAssetsandLiabilitiesFormedduetotheTransferandtheContinuedInvolvementofOtherReceivablesOthernotes:
9.InventoriesWhethertheCompanyhasalreadyexecutedthenewincomestandards
□Yes√No
(1)CategoryofInventoriesTheCompanyneedstocomplywiththedisclosurerequirementsofShenzhenStockExchangeIndustryInformationDisclosureGuidelinesNo.3-ListedCompaniesEngagedinRealEstateIndustryClassifiedbynature
Unit:RMB
| Item | Endingbalance | Beginningbalance | ||||
| Carryingamount | Fallingpricereservesofinventoryordepreciationreservesofcontractperformancecost | Carryingvalue | Carryingamount | Fallingpricereservesofinventoryordepreciationreservesofcontractperformancecost | Carryingvalue | |
| R&Dexpenses | 4,528,429,076.71 | 6,648,404.13 | 4,521,780,672.58 | 953,871,537.48 | 6,648,404.13 | 947,223,133.35 |
| R&Dofproducts | 390,363,836.20 | 390,363,836.20 | 448,118,524.87 | 1,611,969.40 | 446,506,555.47 | |
| Rawmaterials | 1,743,790.82 | 484,117.43 | 1,259,673.39 | 1,309,072.68 | 489,471.79 | 819,600.89 |
| Inventorygood | 2,132,162.67 | 2,094,300.39 | 37,862.28 | 2,148,716.42 | 859,790.85 | 1,288,925.57 |
| Low-valueconsumptiongoods | 68,832.21 | 68,832.21 | 316,387.76 | 316,387.76 | ||
| Total | 4,922,737,698.61 | 9,226,821.95 | 4,913,510,876.66 | 1,405,764,239.21 | 9,609,636.17 | 1,396,154,603.04 |
DisclosemainitemsofR&Dexpensesandinterestcapitalizationinthefollowingformat:
Unit:RMB
| Nameofproject | Dateofcommencement | Estimateddateofcompletion | Estimatedtotalinvestment | Beginningbalance | Transferredtodevelopingpropertiesforthisperiod | Otherdecreaseforthisperiod | Increase(Costsofdevelopment)forthisperiod | Endingbalance | Accumulativeamountofcapitalizedinterests | Ofwhich:amountofcapitalizedinterestsforthisperiod | Capitalresources |
| GuanlanBanglingproject | 6,433,000,000.00 | 3,004,198,155.43 | Bankloan | ||||||||
| SZPRD-BanshanYujingPhaseII | 15March2019 | 11March2020 | 110,750,000.00 | 71,739,682.14 | 32,155,465.82 | 103,895,147.96 | Other |
| SZPRD-GoldenCollar’sResort–BuildingA&CA | 1March2014 | 1July2019 | 1,595,600,000.00 | 618,616,846.23 | 479,743,129.07 | 440,892,137.39 | 579,765,854.55 | 2,670,836.07 | 38,071.34 | Other | |
| SZPRD-FuchangGardenPhaseII | 1December2018 | 1June2020 | 969,290,000.00 | 6,851,663.65 | 574,565,307.68 | 581,416,971.33 | Other | ||||
| YupinLuanshan | 213,012,910.44 | 2,489,601.98 | 215,502,512.42 | Other | |||||||
| HainanQiongshanLand | 6,648,404.13 | 6,648,404.13 | Other | ||||||||
| ShenhuiGarden | 37,002,030.89 | 37,002,030.89 | Other | ||||||||
| Total | -- | -- | 9,108,640,000.00 | 953,871,537.48 | 479,743,129.07 | 1,050,102,512.87 | 4,528,429,076.71 | 2,670,836.07 | 38,071.34 | -- |
Disclosemainitemsof“Developingproperties”inthefollowingformat:
Unit:RMB
| Nameofproject | Dateofcompletion | Beginningbalance | Increase | Decrease | Endingbalance | Accumulativeamountofcapitalizedinterests | Ofwhich:amountofcapitalizedinterestsforthisperiod |
| SZPRD-LangqiaoInternational | 1December2012 | 11,517,196.11 | 11,517,196.11 | ||||
| SZPRD-HupanYujingPhaseI | 1June2015 | 73,821,561.41 | 9,763,188.71 | 64,058,372.70 | 10,446,911.43 | ||
| SZPRD-QianhaiGangwanGarden | 1January2016 | 51,179,063.15 | 51,179,063.15 | 14,633,486.15 | |||
| SZPRD-BanshanYujingPhaseI | 67,659,187.47 | 38,266,209.74 | 29,392,977.73 | 27,205,315.95 |
| SZPRD-SonghuLangyuan | 1July2017 | 68,099,027.29 | 41,000,916.17 | 27,098,111.12 | 30,539,392.65 | ||
| SZPRD-HupanYujingPhaseII | 11January2017 | 165,839,369.65 | 49,456.79 | 75,829,802.11 | 90,059,024.33 | ||
| SZPRD-GoldenCollar’sResort–BuildingB | 1December2019 | 479,743,129.07 | 321,508,094.65 | 158,235,034.42 | 1,206,675.51 | 17,200.51 | |
| InternationalTradeCenterPlaza | 1December1995 | 4,839,083.10 | 4,839,083.10 | ||||
| HuangyuyuanAArea | 1June2001 | 790,140.58 | 790,140.58 | ||||
| PodiumBuildingofFuchangBuilding | 1November1999 | 645,532.65 | 645,532.65 | ||||
| Otherprojects | 3,728,363.46 | 3,728,363.46 | 83,077,702.96 | ||||
| Total | -- | 448,118,524.87 | 479,792,585.86 | 537,547,274.53 | 390,363,836.20 | 167,109,484.65 | 17,200.51 |
Classificationof“Developingpropertieswiththecollectionofpaymentsininstallments”,“Rentingdevelopingproperties”and“TemporaryHousing”:
Unit:RMB
| Item | Beginningbalance | Increase | Decrease | Endingbalance |
(2)FallingPriceReservesofInventoryandDepreciationReservesofContractPerformanceCost
Disclosureoffallingprovisionwithdrawalofinventoryinthefollowingformat:
Classifiedbynature:
Unit:RMB
| Item | Beginningbalance | Increase | Decrease | Endingbalance | Note | ||
| Withdrawal | Other | Reversalorwrite-off | Other | ||||
| R&Dcosts | 6,648,404.13 | 6,648,404.13 | |||||
| R&Dproducts | 1,611,969.40 | 1,611,969.40 | |||||
| Rawmaterials | 489,471.79 | 5,354.36 | 484,117.43 | ||||
| Inventorygood | 859,790.85 | 1,234,509.54 | 2,094,300.39 | ||||
| Total | 9,609,636.17 | 1,234,509.54 | 1,617,323.76 | 9,226,821.95 | -- |
Classificationbymainproject:
Unit:RMB
| Nameofproject | Beginningbalance | Increase | Decrease | Endingbalance | Notes | ||
| Withdrawal | Other | Reversalorwrite-off | Other | ||||
| HainanQiongshanLand | 6,648,404.13 | 6,648,404.13 | |||||
| SZPRD-BanshanYujingPhaseI | 1,611,969.40 | 1,611,969.40 | |||||
| Total | 8,260,373.53 | 1,611,969.40 | 6,648,404.13 | -- | |||
(3)NotestotheEndingBalanceofInventoriesIncludingCapitalizedBorrowingExpenseThedetailsofendingbalanceoftheinventoryincludedatotalamountofthecapitalizedborrowingsasfollows:
| Item | Period-begin | ReportingPeriod | Carry-overinCurrentPeriod | Period-end |
| SZPRD-BanshanYujingPhaseI | 2,285,133.71 | 1,544,959.74 | 740,173.97 | |
| SZPRD-QianhaiGangwanGarden | 1,069,665.60 | 1,069,665.60 | ||
| SZPRD-SonghuLangyuan | 1,116,092.96 | 1,072,373.39 | 43,719.56 | |
| SZPRD-LangqiaoInternational | 2,971,986.54 | 2,971,986.54 | ||
| SZPRD-HupanYujingPhaseI | 2,140,112.62 | 515,546.13 | 1,624,566.49 | |
| SZPRD-GoldenCollar’sResort | 3,882,239.73 | 55,271.85 | 840,158.72 | 3,097,352.86 |
| Subtotal | 13,465,231.16 | 55,271.85 | 5,042,703.58 | 8,477,799.43 |
(4)InventoryLimitDisclosedbyproject
Unit:RMB
| Nameofproject | Beginningbalance | Endingbalance | ReasonfortheLimit |
(5)CategoryofInventory
TheCompanyneedstocomplywiththedisclosurerequirementsofShenzhenStockExchangeIndustryInformationDisclosureGuidelinesNo.3-ListedCompaniesEngagedinRealEstateIndustryClassifiedbynature:
Unit:RMB
| Item | Endingbalance | Beginningbalance | ||||
| Carryingamount | Fallingpricereserves | Carryingvalue | Carryingamount | Fallingpricereserves | Carryingvalue | |
| R&Dcosts | 4,528,429,076.71 | 6,648,404.13 | 4,521,780,672.58 | 953,871,537.48 | 6,648,404.13 | 947,223,133.35 |
| R&Dproducts | 390,363,836.20 | 390,363,836.20 | 448,118,524.87 | 1,611,969.40 | 446,506,555.47 | |
| Rawmaterials | 1,743,790.82 | 484,117.43 | 1,259,673.39 | 1,309,072.68 | 489,471.79 | 819,600.89 |
| Inventorygoods | 2,132,162.67 | 2,094,300.39 | 37,862.28 | 2,148,716.42 | 859,790.85 | 1,288,925.57 |
| Low-valueconsumptiongoods | 68,832.21 | 68,832.21 | 316,387.76 | 316,387.76 | ||
| Total | 4,922,737,698.61 | 9,226,821.95 | 4,913,510,876.66 | 1,405,764,239.21 | 9,609,636.17 | 1,396,154,603.04 |
DisclosemainitemsofR&Dexpensesandinterestcapitalizationinthefollowingformat:
Unit:RMB
| Nameofproject | Dateofcommencement | Estimateddateofcompletion | Estimatedtotalinvestment | Beginningbalance | Transferredtodevelopingpropertiesforthisperiod | Otherdecreaseforthisperiod | Increase(Costsofdevelopment)forthisperiod | Endingbalance | Accumulativeamountofcapitalizedinterests | Ofwhich:amountofcapitalizedinterestsforthisperiod | Capitalresources |
| GuanlanBanglingproject | 6,433,000,000.00 | 3,004,198,155.43 | Bankloan | ||||||||
| SZPRD-BanshanyujingPhaseII | 15March2019 | 11March2020 | 110,750,000.00 | 71,739,682.14 | 32,155,465.82 | 103,895,147.96 | Other |
| SZPRD-GoldenCollar’sResort–BuildingA&C | 1March2014 | 1July2019 | 1,595,600,000.00 | 618,616,846.23 | 479,743,129.07 | 440,892,137.39 | 579,765,854.55 | 2,670,836.07 | 38,071.34 | Other | |
| SZPRD-FuchangGardenPhaseII | 1December2018 | 1June2020 | 969,290,000.00 | 6,851,663.65 | 574,565,307.68 | 581,416,971.33 | Other | ||||
| YupinLuanshan | 213,012,910.44 | 2,489,601.98 | 215,502,512.42 | Other | |||||||
| HainanQiongshanLand | 6,648,404.13 | 6,648,404.13 | Other | ||||||||
| ShenhuiGarden | 37,002,030.89 | 37,002,030.89 | Other | ||||||||
| Total | -- | -- | 9,108,640,000.00 | 953,871,537.48 | 479,743,129.07 | 1,050,102,512.87 | 4,528,429,076.71 | 2,670,836.07 | 38,071.34 | -- |
Disclosingmainitemsof“Developingproperties”inthefollowingformat:
Unit:RMB
| Nameofproject | Dateofcompletion | Beginningbalance | Increase | Decrease | Endingbalance | Accumulativeamountofcapitalizedinterests | Ofwhich:amountofcapitalizedinterestsforthisperiod |
| SZPRD-LangqiaoInternational | 1February2012 | 11,517,196.11 | 11,517,196.11 | ||||
| SZPRD-HupanYujingPhaseI | 1June2015 | 73,821,561.41 | 9,763,188.71 | 64,058,372.70 | 10,446,911.43 | ||
| SZPRD-QianhaiGangwanGarden | 1January2016 | 51,179,063.15 | 51,179,063.15 | 14,633,486.15 | |||
| SZPRD-BanshanYujingPhaseI | 67,659,187.47 | 38,266,209.74 | 29,392,977.73 | 27,205,315.95 |
| SZPRD-SonghuLangyuan | 1July2017 | 68,099,027.29 | 41,000,916.17 | 27,098,111.12 | 30,539,392.65 | ||
| SZPRD-HupanYujingPhaseII | 1November2017 | 165,839,369.65 | 49,456.79 | 75,829,802.11 | 90,059,024.33 | ||
| SZPRD-GoldenCollar’sResort-BuildingB | 1February2019 | 479,743,129.07 | 321,508,094.65 | 158,235,034.42 | 1,206,675.51 | 17,200.51 | |
| InternationalTradeCenterPlaza | 1December1995 | 4,839,083.10 | 4,839,083.10 | ||||
| HuangyuyuanAArea | 1June2001 | 790,140.58 | 790,140.58 | ||||
| PodiumBuildingofFuchangBuilding | 1November1999 | 645,532.65 | 645,532.65 | ||||
| Otherprojects | 3,728,363.46 | 3,728,363.46 | 83,077,702.96 | ||||
| Total | -- | 448,118,524.87 | 479,792,585.86 | 537,547,274.53 | 390,363,836.20 | 167,109,484.65 | 17,200.51 |
Classificationof“Developingpropertieswiththecollectionofpaymentsininstallments”,“Rentingdevelopingproperties”and“TemporaryHousing”:
Unit:RMB
| Item | Beginningbalance | Increase | Decrease | Endingbalance |
(6)FallingPriceReservesofInventories
Disclosureoffallingprovisionwithdrawalofinventoryinthefollowingformat:
Classifiedbynature:
Unit:RMB
| Item | Beginningbalance | Increase | Decrease | Endingbalance | Notes | ||
| Withdrawal | Other | Reversalorwrite-off | Other | ||||
| R&Dcosts | 6,648,404.13 | 6,648,404.13 | |||||
| R&Dproducts | 1,611,969.40 | 1,611,969.40 | |||||
| Rawmaterials | 489,471.79 | 5,354.36 | 484,117.43 | ||||
| Inventorygoods | 859,790.85 | 1,234,509.54 | 2,094,300.39 | ||||
| Total | 9,609,636.17 | 1,234,509.54 | 1,617,323.76 | 9,226,821.95 | -- |
Classificationbymainproject:
Unit:RMB
| Nameofproject | Beginningbalance | Increase | Decrease | Endingbalance | Notes | ||
| Withdrawal | Other | Reversalorwrite-off | Other | ||||
| HainanQiongshanLand | 6,648,404.13 | 6,648,404.13 | |||||
| SZPRD-BanshanYujingPhaseI | 1,611,969.40 | 1,611,969.40 | |||||
| Total | 8,260,373.53 | 1,611,969.40 | 6,648,404.13 | -- | |||
(7)NotestotheEndingBalanceofInventoriesIncludingCapitalizedBorrowingExpenseThedetailsofendingbalanceoftheinventoryincludedatotalamountofthecapitalizedborrowingsasfollows:
| Item | Period-begin | ReportingPeriod | Carry-overincurrentperiod | Period-end |
| SZPRD-BanshanYujingPhaseI | 2,285,133.71 | 1,544,959.74 | 740,173.97 | |
| SZPRD-QianhaiGangwanGarden | 1,069,665.60 | 1,069,665.60 | ||
| SZPRD-SonghuLangyuan | 1,116,092.96 | 1,072,373.39 | 43,719.56 | |
| SZPRD-LangqiaoInternational | 2,971,986.54 | 2,971,986.54 | ||
| SZPRD-HupanYujingPhaseI | 2,140,112.62 | 515,546.13 | 1,624,566.49 | |
| SZPRD-GoldenCollar’sResort | 3,882,239.73 | 55,271.85 | 840,158.72 | 3,097,352.86 |
| Subtotal | 13,465,231.16 | 55,271.85 | 5,042,703.58 | 8,477,799.43 |
(8)InventoryLimit
Disclosedbyproject
Unit:RMB
| Nameofproject | Beginningbalance | Endingbalance | ReasonfortheLimit |
(9)CompletedbutUnsettledAssetsGeneratedfromConstructionContactsatthePeriod-end
Unit:
| Item | Amount |
Othernotes:
(10)CategoryofInventory
Unit:RMB
| Item | Endingbalance | Beginningbalance | ||||
| Carryingamount | Fallingpricereservesofinventoryordepreciationreservesofcontractperformancecost | Carryingvalue | Carryingamount | Fallingpricereservesofinventoryordepreciationreservesofcontractperformancecost | Carryingvalue | |
| Total | 4,913,510,876.66 | 1,396,154,603.04 | ||||
(11)FallingPriceReservesofInventoryandDepreciationReservesofContractPerformanceCost
Unit:RMB
| Item | Beginningbalance | Increase | Decrease | Endingbalance | ||
| Withdrawal | Other | Reversalorwrite-off | Other | |||
(12)NotestotheEndingBalanceofInventoriesIncludingCapitalizedBorrowingExpense
(13)NotestoAmortizedAmountofContractPerformanceCost
(14)CategoryofInventory
Unit:RMB
| Item | Endingbalance | Beginningbalance | ||||
| Carryingamount | Fallingpricereserves | Carryingvalue | Carryingamount | Fallingpricereserves | Carryingvalue | |
| Total | 4,913,510,876.66 | 1,396,154,603.04 | ||||
(15)FallingPriceReservesofInventory
Unit:RMB
| Item | Beginningbalance | Increase | Decrease | Endingbalance | ||
| Withdrawal | Other | Reversalorwrite-off | Other | |||
(16)NotestotheEndingBalanceofInventoriesIncludingCapitalizedBorrowingExpense
(17)CompletedbutUnsettledAssetsGeneratedfromConstructionContactsatthePeriod-end
Unit:RMB
| Item | Amount |
Othernotes:
10.ContractAssets
Unit:RMB
| Item | Endingbalance | Beginningbalance | ||||
| Carryingamount | Fallingpricereserves | Carryingvalue | Carryingamount | Fallingpricereserves | Carryingvalue | |
AmountofsignificantchangesincarryingvalueofcontractassetsintheReportingPeriodandreasonsthereof:
Unit:RMB
| Item | Amountchanged | Reason |
Ifthebaddebtprovisionforcontractassetsinaccordancewiththegeneralmodelofexpectedcreditlosses,theinformationrelatedtothebaddebtprovisionshallbedisclosedbyreferencetothedisclosuremethodofotherreceivables:
□Applicable√NotapplicableWithdrawalofimpairmentprovisionforcontractassetsintheReportingPeriod
Unit:RMB
| Item | Withdrawn | Reversed | Write-off/verified | Reason |
Othernotes:
11.Held-for-saleAssets
Unit:RMB
| Item | Endingcarryingamount | Impairmentprovision | Endingcarryingvalue | Fairvalue | Estimateddisposalexpense | Estimateddisposaltime |
Othernotes:
12.CurrentPortionofNon-currentAssets
Unit:RMB
| Item | Endingbalance | Beginningbalance |
Significantinvestmentsindebtobligations/otherinvestmentsindebtobligations
Unit:RMB
| Item | Endingbalance | Beginningbalance | ||||||
| Parvalue | Couponrate | Actualinterestrate | Maturitydate | Parvalue | Couponrate | Actualinterestrate | Maturitydate | |
Othernotes:
13.OtherCurrentAssetsWhethertheCompanyhasalreadyexecutedthenewincomestandards
□Yes√No
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| PrepaidVAT | 34,043,807.16 | 16,981,072.00 |
| Deductedinputtax | 8,191,279.34 | 252,363.58 |
| Entrustedloan-businesstax | 248,037.77 | |
| Prepaidincometax | 17,461.67 | |
| Total | 42,500,585.94 | 17,233,435.58 |
Othernotes:
14.Investmentsindebtobligations
Unit:RMB
| Item | Endingbalance | Beginningbalance | ||||
| Carryingamount | Impairmentprovision | Carryingvalue | Carryingamount | Impairmentprovision | Carryingvalue | |
Significantinvestmentsindebtobligations
Unit:RMB
| Item | Endingbalance | Beginningbalance | ||||||
| Parvalue | Couponrate | Actualinterestrate | Maturitydate | Parvalue | Couponrate | Actualinterestrate | Maturitydate | |
Withdrawalofimpairmentprovision
Unit:RMB
| Baddebtprovision | Firststage | Secondstage | Thirdstage | Total |
| Expectedcreditlossofthenext12months | Expectedlossintheduration(creditimpairmentnotoccurred) | Expectedlossintheduration(creditimpairmentoccurred) | ||
| Balanceof1January2019intheCurrentPeriod | —— | —— | —— | —— |
ChangesincarryingamountofprovisionforlosseswithsignificantamountintheReportingPeriod
□Applicable√NotapplicableOthernotes:
15.OtherInvestmentsinDebtObligations
Unit:RMB
| Item | Beginningbalance | Accruedinterest | ChangeinfairvalueintheReportingPeriod | Endingbalance | Costs | Accumulatedchangesinfairvalue | Accumulatedprovisionforlossesrecognizedinothercomprehensiveincome | Notes |
Significantotherinvestmentsindebtobligations
Unit:RMB
| Item | Endingbalance | Beginningbalance | ||||||
| Parvalue | Couponrate | Actualinterestrate | Maturitydate | Parvalue | Couponrate | Actualinterestrate | Maturitydate | |
Withdrawalofimpairmentprovision
Unit:RMB
| Baddebtprovision | Firststage | Secondstage | Thirdstage | Total |
| Expectedcreditlossofthenext12months | Expectedlossintheduration(creditimpairmentnotoccurred) | Expectedlossintheduration(creditimpairmentoccurred) | ||
| Balanceof1January2019intheCurrentPeriod | —— | —— | —— | —— |
ChangesincarryingamountofprovisionforlosseswithsignificantamountintheReportingPeriod
□Applicable√NotapplicableOthernotes:
16.Long-termReceivables
(1)ListofLong-termReceivables
Unit:RMB
| Item | Endingbalance | Beginningbalance | Intervalofdiscountrate | ||||
| Carryingamount | Baddebtprovision | Carryingvalue | Carryingamount | Baddebtprovision | Carryingvalue | ||
Impairmentofbaddebtprovision
Unit:RMB
| Baddebtprovision | Firststage | Secondstage | Thirdstage | Total |
| Expectedcreditlossofthenext12months | Expectedlossintheduration(creditimpairmentnotoccurred) | Expectedlossintheduration(creditimpairmentoccurred) | ||
| Balanceof1January2019intheCurrentPeriod | —— | —— | —— | —— |
ChangesincarryingamountofprovisionforlosseswithsignificantamountintheReportingPeriod
□Applicable√Notapplicable
(2)DerecognitionofLong-termReceivablesduetotheTransferofFinancialAssets
(3)TheAmountoftheAssetsandLiabilitiesFormedduetotheTransferandtheContinuedInvolvementofLong-termReceivablesOthernotes
17.Long-termEquityInvestments
Unit:RMB
| Investees | Beginningbalance(carryingvalue) | Increase/decrease | Endingbalance(carryingvalue) | Endingbalanceofdepreciationreserves | |||||||
| Additionalinvestment | Reducedinvestment | Gainsandlossesrecognizedundertheequitymethod | Adjustmentofothercomprehensiveincome | Changesofotherequity | Cashbonusorprofitsannouncedtoissue | Withdrawalofdepreciationreserves | Other | ||||
| I.Jointventures | |||||||||||
| ShenzhenRealEstateJifaWarehousingCo.,Ltd. | 34,103,840.40 | 4,510,931.26 | 38,614,771.66 | |||
| ShenzhenTian’anInternationalBuildingPropertyManagementCo.,Ltd. | 5,895,442.84 | 565,908.22 | 6,461,351.06 | |||
| Subtotal | 39,999,283.24 | 5,076,839.48 | 45,076,122.72 | |||
| II.Associatedenterprises | ||||||
| ShenzhenWufangCeramicsIndustrialCo.,Ltd. | 18,983,614.14 | 18,983,614.14 | 18,983,614.14 | |||
| ShenzhenKangfuHealthProductsCo.,Ltd. | 165,000.00 | 165,000.00 | 165,000.00 | |||
| ShenzhenXinghaoImitationPorcelainCo.,Ltd. | 756,670.68 | 756,670.68 | 756,670.68 | |||
| ShenzhenSocialWelfareCompanyFudaElectronicsFactory | 326,693.24 | 326,693.24 | 326,693.24 | |
| ShenzhenFulongIndustryDevelopmentCo.,Ltd. | 1,684,350.00 | 1,684,350.00 | 1,684,350.00 | |
| HaonianhuaHotel | 2,733,570.05 | 2,733,570.05 | 2,733,570.05 | |
| ShenzhenEducationFundLonghuaInvestment | 500,000.00 | 500,000.00 | 500,000.00 | |
| ShenzhenKangleSportsClubHuangfaBranch | 540,060.00 | 540,060.00 | 540,060.00 | |
| DankengvillageplantsofFumininGuanlantown | 1,168,973.20 | 1,168,973.20 | 1,168,973.20 | |
| ShenzhenBullEntertainmentCo.,Ltd. | 500,000.00 | 500,000.00 | 500,000.00 |
| ShenzhenLianhuaCaitianPropertyManagementCo.,Ltd. | 1,475,465.91 | 1,475,465.91 | 1,475,465.91 | |
| ShenzhenYangyuanIndustrialCo.,Ltd. | 1,030,000.00 | 1,030,000.00 | 1,030,000.00 | |
| JiakaifengCo.,Ltd.Bao’anCompany | 600,000.00 | 600,000.00 | 600,000.00 | |
| GuiyuanGarage | 350,000.00 | 350,000.00 | 350,000.00 | |
| ShenzhenWuweibenRoofGreeningCo.,Ltd. | 500,000.00 | 500,000.00 | 500,000.00 | |
| ShenzhenYuanpingPlasticSteelDoorsCo.,Ltd. | 240,000.00 | 240,000.00 | 240,000.00 | |
| ShenzhenYoufangPrintingCo.,Ltd. | 100,000.00 | 100,000.00 | 100,000.00 | |
| ShenzhenLushengIndustrialDevelopmentCo.,Ltd. | 100,000.00 | 100,000.00 | 100,000.00 | |
| Subtotal | 31,754,397.22 | 31,754,397.22 | 31,754,397.22 |
| Total | 71,753,680.46 | 5,076,839.48 | 76,830,519.94 | 31,754,397.22 |
Othernotes
18.OtherEquityInstrumentInvestment
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| GintianIndustry(Group)Co.,Ltd. | 1,580,475.86 | 3,621,381.11 |
| Total | 1,580,475.86 | 3,621,381.11 |
Disclosureofnon-tradingequityinstrumentinvestment
Unit:RMB
| Name | Dividendincomerecognized | Accumulativegains | Accumulativelosses | Amountofothercomprehensiveincometransferredtoretainedearnings | Reasonforassigningtomeasurebyfairvalueandthechangesbeincludedinothercomprehensiveincome | Reasonofothercomprehensiveincometransferredtoretainedearnings |
| GintianIndustry(Group)Co.,Ltd. | 2,051,268.24 | Notaimingatgainingearningsbysellingequity |
Othernotes:
Note:RefertoNoteV-44(3)ofthefinancialstatementsforthedifferencebetweenbeginningbalanceandendingbalanceofpriorperiod(31December2018)fordetails.
19.OtherNon-currentFinancialAssets
Unit:RMB
| Item | Endingbalance | Beginningbalance |
Othernotes:
20.InvestmentProperty
(1)InvestmentPropertyAdoptedtheCostMeasurementMode
√Applicable□Notapplicable
Unit:RMB
| Item | Housesandbuildings | Landuseright | Constructioninprogress | Total |
| I.Originalcarryingvalue | ||||
| 1.Beginningbalance | 1,065,043,700.41 | 30,594,387.05 | 1,095,638,087.46 | |
| 2.Increasedamountoftheperiod | 72,696,535.33 | 72,696,535.33 | ||
| (1)Outsourcing | 21,830,409.39 | 21,830,409.39 | ||
| (2)Transferfrominventory/fixedassets/constructioninprogress | 50,595,536.48 | 50,595,536.48 | ||
| (3)Enterprisecombinationincrease | ||||
| (4)Foreigncurrencyfinancialstatements | 270,589.46 | 270,589.46 | ||
| 3.Decreasedamountoftheperiod | 301,963,542.85 | 331,950.00 | 302,295,492.85 | |
| (1)Disposal | ||||
| (2)Othertransfer | ||||
| (3)Assetstransferofenterprisecombinationunderthesamecontrol | 301,963,542.85 | 331,950.00 | 302,295,492.85 | |
| 4.Endingbalance | 835,776,692.89 | 30,262,437.05 | 866,039,129.94 | |
| II.Accumulativedepreciationandaccumulativeamortization | ||||
| 1.Beginningbalance | 442,086,226.27 | 14,384,651.71 | 456,470,877.98 | |
| 2.Increasedamountoftheperiod | 36,730,933.12 | 699,062.38 | 37,429,995.50 | |
| (1)Withdrawaloramortization | 36,730,933.12 | 699,062.38 | 37,429,995.50 |
| 3.Decreasedamountoftheperiod | 130,916,801.63 | 268,370.52 | 131,185,172.15 | |
| (1)Disposal | ||||
| (2)Othertransfer | ||||
| (3)Assetstransferofenterprisecombinationunderthesamecontrol | 130,916,801.63 | 268,370.52 | 131,185,172.15 | |
| 4.Endingbalance | 347,900,357.76 | 14,815,343.57 | 362,715,701.33 |
| III.Depreciationreserves |
| 1.Beginningbalance |
| 2.Increasedamountoftheperiod |
| (1)Withdrawal |
| 3.Decreasedamountoftheperiod |
| (1)Disposal |
| (2)Othertransfer |
| 4.Endingbalance | ||||
| IV.Carryingvalue | ||||
| 1.Endingcarryingvalue | 487,876,335.13 | 15,447,093.48 | 503,323,428.61 | |
| 2.Beginningcarryingvalue | 622,957,474.14 | 16,209,735.34 | 639,167,209.48 |
(2)InvestmentPropertyAdoptedtheFairValueMeasurementMode
□Applicable√NotapplicableTheCompanyneedstocomplywiththedisclosurerequirementsofGuidelineNo.3oftheShenzhenStockExchangeontheIndustrialInformationDisclosureaboutListedCompanies’EngagementinRealEstateBusinessInvestmentpropertiesmeasuredinfairvaluebyprojectdisclosure:
Unit:RMB
| Nameofproject | Geographicallocation | Dateofcompletion | Buildingarea | LeaseincomeduringthisReportingPeriod | Beginningfairvalue | Endingfairvalue | Rangeoffairvaluechanges | Reasonforfairvaluechangesandreportindex |
WhethertheCompanyhasnewinvestmentpropertiesinconstructionperiodmeasuredinfairvalue
□Yes√NoWhethertheCompanyhasnewinvestmentpropertiesmeasuredinfairvalue
□Yes√No
(3)InvestmentPropertyFailedtoAccomplishCertificationofProperty
Unit:RMB
| Item | Carryingvalue | Reason |
| 02-01plotofStatutoryplaninBaolongEastArea | 9,328,459.26 | ReplacedfromtheconstructionofXiamen-ShenzhenRailway,andhasn’texchangedforthenewcertification |
| Meilinland | 3,885,469.40 | Obtainedafterthesuccessinthelastinstancein2017,relevantcertificationsofpropertyareinprocedure. |
| 507units,BlockNo.6,Maguling | 32,744.04 | Thehouseisusedforpropertymanagement,onceoccupiedbythethirdparty,apropertymanagementcompany,nowhasbeenrecovered,buthasn’thandledthewarrantyet. |
| Subtotal | 13,246,672.70 |
OthernotesRefertoNoteXII-VIII(2)fordecreaseofassetstransferofbusinesscombinationunderthesamecontrolinthecurrentperiod.
21.FixedAssets
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Fixedassets | 93,557,782.83 | 102,516,975.36 |
| Total | 93,557,782.83 | 102,516,975.36 |
(1)ListofFixedAssets
Unit:RMB
| Item | Housesandbuildings | Decorationofthefixedassets | Machineryequipment | Transportationequipment | Otherequipment | Total |
| I.Originalcarryingvalue | ||||||
| 1.Beginningbalance | 243,372,650.59 | 10,605,513.07 | 3,056,524.06 | 14,618,740.14 | 25,651,572.91 | 297,305,000.77 |
| 2.Increasedamountoftheperiod | 17,655,696.05 | 17,455,453.97 | 1,395,789.21 | 6,740,730.08 | 43,247,669.31 | |
| (1)Purchase | 17,521,455.70 | 17,455,453.97 | 1,395,789.21 | 6,292,929.89 | 42,665,628.77 | |
| (2)Transferfromconstructioninprogress | 240,198.00 | 240,198.00 |
| (3)Enterprisecombinationincrease | 207,602.19 | 207,602.19 | ||||
| (4)Influenceofthetranslationofforeigncurrency-denominatedfinancialstatements | 134,240.35 | 134,240.35 | ||||
| 3.Decreasedamountoftheperiod | 99,355,639.74 | 4,955,320.50 | 2,850,777.06 | 1,891,093.75 | 5,127,055.35 | 114,179,886.40 |
| (1)Disposalorscrap | 4,388,761.70 | 1,891,093.75 | 3,716,782.65 | 9,996,638.10 | ||
| (2)Assetstransferofenterprisecombinationunderthesamecontrol | 99,355,639.74 | 566,558.80 | 2,850,777.06 | 1,410,272.70 | 104,183,248.30 | |
| 4.Endingbalance | 161,336,884.91 | 23,105,646.54 | 205,747.00 | 14,123,435.60 | 27,601,069.63 | 226,372,783.68 |
| II.Accumulativedepreciation | ||||||
| 1.Beginningbalance | 156,651,454.95 | 7,616,459.58 | 1,741,447.97 | 9,971,905.81 | 18,731,039.94 | 194,712,308.25 |
| 2.Increasedamountoftheperiod | 6,255,103.15 | 1,683,304.96 | 2,549.40 | 1,574,401.63 | 2,275,624.17 | 10,975,767.84 |
| (1)Withdrawal | 6,255,103.15 | 1,683,304.96 | 2,549.40 | 1,574,401.63 | 2,151,303.51 | 10,851,447.18 |
| (2)Enterprisecombinationincrease | 124,320.66 | 124,320.66 | ||||
| 3.Decreasedamountoftheperiod | 61,248,743.91 | 4,850,158.86 | 1,741,447.97 | 1,848,384.85 | 4,075,272.28 | 73,764,007.87 |
| (1)Disposalorscrap | 4,283,600.06 | 1,848,384.85 | 3,257,094.38 | 9,389,079.29 |
| (2)Assetstransferofenterprisecombinationunderthesamecontrol | 61,248,743.91 | 566,558.80 | 1,741,447.97 | 818,177.90 | 64,374,928.58 | |
| 4.Endingbalance | 101,657,814.19 | 4,449,605.68 | 2,549.40 | 9,697,922.59 | 16,931,391.83 | 132,739,283.69 |
| III.Depreciationreserves | ||||||
| 1.Beginningbalance | 75,717.16 | 75,717.16 | ||||
| 2.Increasedamountoftheperiod | ||||||
| (1)Withdrawal |
| 3.Decreasedamountoftheperiod |
| (1)Disposalorscrap |
| 4.Endingbalance | 75,717.16 | 75,717.16 | ||||
| IV.Carryingvalue | ||||||
| 1.Endingcarryingvalue | 59,679,070.72 | 18,656,040.86 | 203,197.60 | 4,425,513.01 | 10,593,960.64 | 93,557,782.83 |
| 2.Beginningcarryingvalue | 86,385,373.65 | 2,989,053.49 | 1,315,076.09 | 4,646,834.33 | 7,180,637.80 | 102,516,975.36 |
(2)ListofTemporarilyIdleFixedAssets
Unit:RMB
| Item | Originalcarryingvalue | Accumulativedepreciation | Depreciationreserves | Carryingvalue | Note |
(3)FixedAssetsLeasedinbyFinancingLease
Unit:RMB
| Item | Originalcarryingvalue | Accumulativedepreciation | Depreciationreserves | Carryingvalue |
(4)FixedAssetsLeasedoutbyOperationLease
Unit:RMB
| Item | Endingcarryingvalue |
(5)FixedAssetsFailedtoAccomplishCertificationofProperty
Unit:RMB
| Item | Carryingvalue | Reason |
| Room406,2units,HulunbuirGuangxiaDigitalBuilding | 2,952,876.22 | Propertyrightdisputesbefore,nowhaswonalawsuitwithunaccomplishedcertificationofproperty. |
| Room401,402,SanxiangBusinessBuildingOfficeBuilding | 883,928.42 | Theofficebuildingwillberemovedduetotheprojectadjustmentandahigh-riseofficebuildingwillbeestablishednearbythepresentaddress.Theexistingpropertyshallbereplacedafterthecompletionofthenewofficebuilding.Thus,thecertificationofthepropertyisfailedtotransact. |
| Subtotal | 3,836,804.64 |
Othernotes
(6)ProceedsfromDisposalofFixedAssets
Unit:RMB
| Item | Endingbalance | Beginningbalance |
Othernotes
22.ConstructioninProgress
Unit:RMB
| Item | Endingbalance | Beginningbalance |
(1)ListofConstructioninProgress
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Carryingamount | Depreciationreserves | Carryingvalue | Carryingamount | Depreciationreserves | Carryingvalue |
(2)ChangesinSignificantConstructioninProgressduringtheReportingPeriod
Unit:RMB
| Item | Budget | Beginningbalance | Increasedamount | Transferredinfixedassets | Otherdecreasedamount | Endingbalance | Proportionofaccumulatedinvestmentinconstructionstobudget | Jobschedule | Accumulatedamountofinterestcapitalization | Ofwhich:AmountofcapitalizedinterestsfortheReportingPeriod | CapitalizationrateofinterestsfortheReportingPeriod | Capitalresources |
(3)ListoftheWithdrawaloftheDepreciationReservesforConstructioninProgress
Unit:RMB
| Item | Amountwithdrawn | Reasonforwithdrawal |
Othernotes
(4)EngineeringMaterials
Unit:RMB
| Item | Endingbalance | Beginningbalance | ||||
| Carryingamount | Depreciationreserves | Carryingvalue | Carryingamount | Depreciationreserves | Carryingvalue | |
Othernotes:
23.ProductiveLivingAssets
(1)ProductiveLivingAssetsAdoptingCostMeasurementMode
□Applicable√Notapplicable
(2)ProductiveLivingAssetsAdoptingFairValueMeasurementMode
□Applicable√Notapplicable
24.OilandGasAssets
□Applicable√Notapplicable
25.Right-to-useAssets
Unit:RMB
| Item | Total |
Othernotes:
26.IntangibleAssets
(1)ListofIntangibleAssets
Unit:RMB
| Item | Landuseright | Patentright | Non-patentright | Total | |
| I.Originalcarryingvalue | |||||
| 1.Beginningbalance | 784,922.02 | 784,922.02 | |||
| 2.Increasedamountoftheperiod | 449,465.64 | 449,465.64 | |||
| (1)Purchase | 436,315.64 | 436,315.64 | |||
| (2)InternalR&D | |||||
| (3)Businesscombinationincrease | 13,150.00 | 13,150.00 |
| 3.Decreasedamountoftheperiod |
| (1)Disposal |
| 4.Endingbalance | 1,234,387.66 | 1,234,387.66 | ||
| II.Accumulatedamortization | ||||
| 1.Beginningbalance | 329,621.64 | 329,621.64 | ||
| 2.Increasedamountoftheperiod | 204,396.36 | 204,396.36 | ||
| (1)Withdrawal | 204,396.36 | 204,396.36 |
| 3.Decreasedamountoftheperiod | ||||
| (1)Disposal | 534,018.00 | 534,018.00 |
| 4.Endingbalance |
| III.Depreciationreserves |
| 1.Beginningbalance |
| 2.Increasedamountoftheperiod |
| (1)Withdrawal |
| 3.Decreasedamountoftheperiod |
| (1)Disposal |
| 4.Endingbalance | ||||
| IV.Carryingvalue | ||||
| 1.Endingcarryingvalue | 700,369.66 | 700,369.66 | ||
| 2.Beginningcarryingvalue | 455,300.38 | 455,300.38 |
TheproportionofintangibleassetsformedfromtheinternalR&DoftheCompanyatthePeriod-endtotheendingbalanceofintangibleassetswas0.00%.
(2)LandUseRightwithCertificateofTitleUncompleted
Unit:RMB
| Item | Carryingvalue | Reason |
Othernotes:
27.R&DExpense
Unit:RMB
| Item | Beginningbalance | Increase | Decrease | Endingbalance | ||||
| InternalR&Dexpense | Other | Recognizedasintangibleassets | Transfertoprofitorloss | |||||
Othernotes
28.Goodwill
(1)OriginalCarryingValueofGoodwill
Unit:RMB
TotalNameoftheinvestedunitsoreventsgeneratinggoodwill
| Nameoftheinvestedunitsoreventsgeneratinggoodwill | Beginningbalance | Increase | Decrease | Endingbalance | ||
| Formedbyenterprisecombination | Disposal | |||||
(2)DepreciationReservesofGoodwill
Unit:RMB
TotalNameoftheinvestedunitsoreventsgenerating
goodwill
| Nameoftheinvestedunitsoreventsgeneratinggoodwill | Beginningbalance | Increase | Decrease | Endingbalance | ||
| Withdrawal | Disposal | |||||
InformationontheassetsgrouporcombinationofassetsgroupswhichincludegoodwillNotesofthetestingprocessofgoodwillimpairment,keyparameters(suchasgrowthrateoftheforecastperiod,growthrateofstableperiod,rateofprofit,discountrate,forecastperiodandsoonforpredictionoffuturepresentvalueofcashflows)andtherecognitionmethodofgoodwillimpairmentlosses:
InfluenceofgoodwillimpairmenttestingOthernotes
29.Long-termPrepaidExpense
Unit:RMB
Total
Item
| Item | Beginningbalance | Increasedamount | Amortizationamountoftheperiod | Otherdecreasedamount | Endingbalance |
| Rentalfees | 591,838.00 | 1,008,576.00 | 1,012,078.00 | 588,336.00 | |
| Renovationcosts | 2,901,399.29 | 4,787,548.35 | 1,242,810.85 | 6,446,136.79 | |
| Total | 3,493,237.29 | 5,796,124.35 | 2,254,888.85 | 7,034,472.79 |
Othernotes
30.DeferredIncomeTaxAssets/DeferredIncomeTaxLiabilities
(1)DeferredIncomeTaxAssetsthatHadnotBeenOff-set
Unit:RMB
| Item | Endingbalance | Beginningbalance | ||
| Deductibletemporarydifference | Deferredincometaxassets | Deductibletemporarydifference | Deferredincometaxassets | |
| Provisionforimpairmentofassets | 157,586,654.91 | 38,312,198.03 | 126,743,538.44 | 31,553,045.99 |
| Internalunrealizedprofit | 49,316,338.72 | 12,329,084.68 | 52,189,819.68 | 13,047,454.92 |
| Deductiblelosses | 162,281,053.40 | 40,570,263.35 | 657,498,958.12 | 164,374,739.53 |
| AccruedlandVAT | 2,148,670,831.53 | 537,167,707.90 | 1,209,109,559.84 | 302,277,389.96 |
| Estimatedprofitcalculatedatpre-salerevenueofpropertyenterprises | 119,095,335.72 | 29,773,833.93 | 38,294,088.60 | 9,573,522.15 |
| Payrollpayableunpaidbutwithdrawn | 139.36 | 34.84 | 26,575.76 | 6,643.94 |
| Total | 2,636,950,353.64 | 658,153,122.73 | 2,083,862,540.44 | 520,832,796.49 |
(2)DeferredIncomeTaxLiabilitiesHadNotBeenOff-set
Unit:RMB
| Item | Endingbalance | Beginningbalance | ||
| Deductibletemporarydifference | Deferredincometaxliabilities | Deductibletemporarydifference | Deferredincometaxliabilities | |
| Thecarryingvalueoffixedassetswaslargerthanthetaxbasis | 15,284.32 | 3,821.08 | 21,102.40 | 5,275.60 |
| Total | 15,284.32 | 3,821.08 | 21,102.40 | 5,275.60 |
(3)DeferredIncomeTaxAssetsorLiabilitiesListedbyNetAmountafterOff-set
Unit:RMB
| Item | Mutualset-offamountofdeferredincometaxassetsandliabilitiesattheperiod-end | Endingbalanceofdeferredincometaxassetsorliabilitiesafteroff-set | Mutualset-offamountofdeferredincometaxassetsandliabilitiesattheperiod-begin | Beginningbalanceofdeferredincometaxassetsorliabilitiesafteroff-set |
| Deferredincometaxassets | 658,153,122.73 | 520,832,796.49 | ||
| Deferredincometaxliabilities | 3,821.08 | 5,275.60 |
(4)ListofUnrecognizedDeferredIncomeTaxAssets
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Deductibletemporarydifference | 60,809,797.81 | 73,565,140.25 |
| Deductiblelosses | 187,768,845.36 | 117,469,411.97 |
| Total | 248,578,643.17 | 191,034,552.22 |
(5)DeductibleLossesofUnrecognizedDeferredIncomeTaxAssetswillDueintheFollowingYears
Unit:RMB
| Years | Endingamount | Beginningamount | Notes |
| Y2019 | 7,443.23 | 7,443.23 | Thedeductiblelossesof2014 |
| Y2020 | 8,494.90 | 2,221,261.56 | Thedeductiblelossesof2015 |
| Y2021 | 3,456.91 | 5,397,820.20 | Thedeductiblelossesof2016 |
| Y2022 | 62,919,255.68 | 109,842,886.98 | Thedeductiblelossesof2017 |
| Y2024 | 124,830,194.64 | Thedeductiblelossesof2019 | |
| Total | 187,768,845.36 | 117,469,411.97 | -- |
Othernotes:
31.OtherNon-currentAssetsWhethertheCompanyhasexecutedthenewincomestandards
□Yes√No
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Prepaymentforpurchaseoffixedassets,investmentpropertiesandintangibleassets | 4,711,963.66 | 9,851,318.29 |
| Prepaymentforacquisitionoflong-termequityinvestment | 100,000,000.00 |
| Total | 4,711,963.66 | 109,851,318.29 |
Othernotes:
32.Short-termBorrowings
(1)CategoryofShort-termBorrowings
Unit:RMB
| Item | Endingbalance | Beginningbalance |
Notesofshort-termborrowingscategory:
(2)ListoftheShort-termBorrowingsOverduebutNotReturned
Theamountoftheoverdueunpaidshort-termborrowingsattheperiod-endwasRMBXXX,ofwhichthesignificantoverdueunpaidshort-termborrowingsareasfollows:
Unit:RMB
| Borrower | Endingbalance | Interestrate | Overduetime | Overduechargerate |
Othernotes:
33.TradingFinancialliabilities
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Ofwhich: | ||
| Ofwhich: |
Othernotes:
34.DerivativeFinancialLiabilities
Unit:RMB
| Item | Endingbalance | Beginningbalance |
Othernotes:
35.NotesPayable
Unit:RMB
| Category | Endingbalance | Beginningbalance |
ThetotalamountofnotespayableduebutunpaidwasRMBXXX.
36.AccountsPayable
(1)ListofAccountsPayable
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Engineeringconstructionexpensepayable | 420,433,422.07 | 298,051,672.25 |
| Accruedexpense | 90,484,298.98 | 79,416,420.98 |
| Other | 66,771,418.05 | 57,882,756.96 |
| Total | 577,689,139.10 | 435,350,850.19 |
(2)SignificantAccountsPayableAgingoverOneYear
Unit:RMB
| Item | Endingbalance | Unpaid/Un-carry-overreason |
| JiangsuHanjianGroupCo.,Ltd.(PhaseII) | 31,568,213.29 | Unsettled |
| ShanghaiMingpengConstructionGroupCo.,Ltd. | 25,976,705.79 | Unsettled |
| TheSecondConstructionCo.,Ltd.ofChinaConstructionThirdEngineeringBureau | 25,955,592.81 | Constructiondeposit |
| ShenzhenLuohuDistrictLandandResourcesBureau | 25,000,000.00 | Unsettled |
| HenanFirstConstructionEngineeringGroupCo.,Ltd. | 9,352,490.51 | Constructiondeposit |
| Total | 117,853,002.40 | -- |
Othernotes:
Classifiedbyaging:
| Item | Endingbalance | Beginningbalance |
| Within1year | 390,848,867.89 | 161,755,701.03 |
| 1to2years | 65,326,341.12 | 204,934,319.16 |
| 2to3years | 80,063,934.43 | 13,628,614.76 |
| Over3years | 41,449,995.66 | 55,032,215.24 |
| Total | 577,689,139.10 | 435,350,850.19 |
37.AdvancesfromCustomers
WhethertheCompanyhasexecutedthenewincomestandards
□Yes√No
(1)ListofAdvancesfromCustomers
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Housepaymentinadvance | 694,213,671.69 | 234,024,856.00 |
| Propertyfeeinadvance | 17,463,948.02 | 18,043,816.10 |
| Other | 16,508,412.92 | 25,977,129.36 |
| Total | 728,186,032.63 | 278,045,801.46 |
(2)SignificantAdvancesfromCustomersAgingoverOneYear
Unit:RMB
| Item | Endingbalance | Unpaid/Un-carry-overreason |
TheCompanyneedstocomplywiththedisclosurerequirementsofGuidelineNo.3oftheShenzhenStockExchangeontheIndustrialInformationDisclosureaboutListedCompanies’EngagementinRealEstateBusinessTheproceedsinformationoftop5advancesaleamount:
Unit:RMB
| No. | Name | Beginningbalance | Endingbalance | Expectedcompletiondate | Advancesaleproportion |
| 1 | GoldenCollar’sResortBuildingB | 89,772,140.00 | 585,316,708.00 | 25December2019 | 21.64% |
| 2 | BanshanYujingPhaseII | 70,839,912.00 | 31March2020 | 53.99% | |
| 3 | SonghuLangyuan | 51,299,542.00 | 16,887,344.69 | 31July2017 | 93.72% |
| 4 | BanshanYujingPhaseI | 6,222,099.00 | 14,182,776.00 | 30November2016 | 97.28% |
| 5 | HupanYujingPhaseII | 8,687,567.00 | 6,376,931.00 | 30November2017 | 85.36% |
(3)SettledbutUncompletedProjectsFormedbyConstructionContractsatthePeriod-end
Unit:RMB
| Item | Amount |
Othernotes:
Classifiedbyaging:
| Item | Endingbalance | Beginningbalance |
| Within1year | 719,697,151.63 | 267,372,347.45 |
| 1to2years | 8,096,799.09 | 2,081,948.98 |
| 2to3years | 138,377.89 | |
| Over3years | 253,704.02 | 8,591,505.03 |
| Total | 728,186,032.63 | 278,045,801.46 |
38.ContractLiabilities
Unit:RMB
| Item | Endingbalance | Beginningbalance |
SignificantchangesinamountofcarryingvalueoccurredintheReportingPeriodandthereasons
Unit:RMB
| Item | Amountchanged | Reason |
39.PayrollPayable
(1)ListofPayrollPayable
Unit:RMB
| Item | Beginningbalance | Increase | Decrease | Endingbalance |
| I.Short-termsalary | 123,275,509.23 | 606,100,200.91 | 587,926,859.91 | 141,448,850.23 |
| II.Post-employmentbenefit-definedcontributionplans | 2,787,247.47 | 45,689,295.04 | 46,555,439.86 | 1,921,102.65 |
| III.Terminationbenefits | 988,384.40 | 864,468.48 | 123,915.92 | |
| Total | 126,062,756.70 | 652,777,880.35 | 635,346,768.25 | 143,493,868.80 |
(2)ListofShort-termSalary
Unit:RMB
| Item | Beginningbalance | Increase | Decrease | Endingbalance |
| 1.Salary,bonus,allowance,subsidy | 109,789,933.89 | 538,846,748.28 | 521,169,483.63 | 127,467,198.54 |
| 2.Employeewelfare | 830.00 | 17,949,213.12 | 17,770,140.07 | 179,903.05 |
| 3.Socialinsurance | 315,010.52 | 16,304,815.92 | 16,310,005.06 | 309,821.38 |
| Ofwhich:Medicalinsurancepremiums | 310,766.46 | 14,344,628.07 | 14,348,176.53 | 307,218.00 |
| Work-relatedinjuryinsurance | 629.30 | 645,788.19 | 646,417.49 |
| Maternityinsurance | 3,614.76 | 1,212,727.16 | 1,213,738.54 | 2,603.38 |
| Othercommercialinsurance | 101,672.50 | 101,672.50 | ||
| 4.Housingfund | 1,029,715.68 | 16,552,162.82 | 17,029,348.64 | 552,529.86 |
| 5.Laborunionbudgetandemployeeeducationbudget | 12,140,019.14 | 14,098,904.25 | 13,299,525.99 | 12,939,397.40 |
| 8.Othershort-termsalary | 2,348,356.52 | 2,348,356.52 | ||
| Total | 123,275,509.23 | 606,100,200.91 | 587,926,859.91 | 141,448,850.23 |
(3)ListofDefinedContributionPlans
Unit:RMB
| Item | Beginningbalance | Increase | Decrease | Endingbalance |
| 1.Basicpensionbenefits | 519,489.89 | 35,030,412.10 | 35,381,471.99 | 168,430.00 |
| 2.Unemploymentinsurance | 2,247.50 | 890,563.97 | 892,811.47 | |
| 3.Annuity | 2,265,510.08 | 9,768,318.97 | 10,281,156.40 | 1,752,672.65 |
| Total | 2,787,247.47 | 45,689,295.04 | 46,555,439.86 | 1,921,102.65 |
Othernotes:
40.TaxesPayable
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| VAT | 70,818,175.32 | 48,719,838.20 |
| Corporateincometax | 368,461,498.66 | 318,971,724.32 |
| Personalincometax | 1,556,780.71 | 1,176,109.41 |
| Urbanmaintenanceandconstructiontax | 3,668,311.19 | 2,252,097.30 |
| LandVAT | 2,149,507,199.99 | 1,205,033,788.57 |
| Propertytax | 526,309.33 | 1,172,809.91 |
| Landusetax | 942,757.19 | 905,178.31 |
| Educationsurcharge | 1,592,152.99 | 1,001,486.12 |
| Localeducationsurtax | 1,067,591.60 | 656,617.48 |
| Other | 142,514.70 | 135,123.49 |
| Total | 2,598,283,291.68 | 1,580,024,773.11 |
Othernotes:
41.OtherPayables
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Dividendspayable | 12,202,676.04 | 12,434,579.81 |
| Otherpayables | 1,136,902,252.81 | 644,283,805.39 |
| Total | 1,149,104,928.85 | 656,718,385.20 |
(1)InterestPayable
Unit:RMB
| Item | Endingbalance | Beginningbalance |
Listofthesignificantoverdueunpaidinterest:
Unit:RMB
| Borrower | Overdueamount | Overduereasons |
Othernotes:
(2)DividendsPayable
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Ordinarysharedividends | 12,202,676.04 | 12,434,579.81 |
| Total | 12,202,676.04 | 12,434,579.81 |
Othernotes,includingsignificantdividendspayableunpaidforoveroneyear,theunpaidreasonshallbedisclosed:
| Item | Amountunpaid | Reason |
| ShenzhenSouthChinaInvestmentDevelopmentCo.,Ltd. | 9,871.20 | Withoutaccesstoitsaccount |
| WenlingQualityControlAssociation | 9,871.02 | Withoutaccesstoitsaccount |
| ShanghaiWeihongIndustry&TradeCo.,Ltd. | 9,900.00 | Withoutaccesstoitsaccount |
| ChinaShenzhenInternationalCooperation(Group)Co.,Ltd. | 0.18 | Withoutaccesstoitsaccount |
| ShenzhenGreeningDepartment | 10,869,036.68 | Companyrestructuredwithoutclearingpaymentobject |
| LaborunionofShenzhenGreeningDepartment | 1,300,000.00 | Companyrestructuredwithoutclearingpaymentobject |
| ShenzhenSportsAdministration | 3,996.96 | Finalpaymentunpaid |
| Subtotal | 12,202,676.04 |
(3)OtherPayables
1)OtherPayablesListedbyNature
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Guarantee | 201,013,437.65 | 166,625,218.90 |
| Cashdeposit | 51,062,427.71 | 53,640,205.90 |
| residualfundsofequitytransferunpaid | 465,807,569.82 | |
| Agencyfund | 7,531,813.31 | 53,492,958.02 |
| Intercoursefund | 316,244,391.26 | 291,519,747.65 |
| Accruedexpenses | 64,684,769.05 | 54,494,153.72 |
| Paymentonbehalf | 9,235,637.59 | 4,981,829.36 |
| Other | 21,322,206.42 | 19,529,691.84 |
| Total | 1,136,902,252.81 | 644,283,805.39 |
2)SignificantOtherPayablesAgingoverOneYear
Unit:RMB
| Item | Endingbalance | Unpaid/Un-carry-overreason |
| ShenzhenRealEstateJifaWarehousingCo.,Ltd. | 35,796,665.14 | Come-and-goaccountswithoutspecificpaymentterm |
| ShenzhenPasonAluminumTechnologyCo.,Ltd. | 195,776,155.45 | Cooperativedevelopmentfundssettledincompletionoftheproject |
| Marginofsporadiclease | 6,060,127.83 | Marginwithintheleasingperiod |
| ShenzhenTian’anInternationalBuildingPropertyManagementCo.,Ltd. | 5,214,345.90 | Come-and-goaccountswithoutspecificpaymentterm |
| RainbowCo.,Ltd. | 2,380,000.00 | Marginwithintheleasingperiod |
| Total | 245,227,294.32 | -- |
Othernotes
42.Held-for-saleLiabilities
Unit:RMB
| Item | Endingbalance | Beginningbalance |
Othernotes:
43.CurrentPortionofNon-currentLiabilities
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Currentportionoflong-termborrowings | 3,921,032.24 | 1,669.10 |
| Total | 3,921,032.24 | 1,669.10 |
Othernotes:
Note:RefertoNoteV-44forthedifferencebetweenbeginningbalanceandendingbalanceofpriorperiod(31December2018)fordetails.
44.OtherCurrentLiabilities
WhethertheCompanyhasexecutedthenewincomestandards
□Yes√No
Unit:RMB
| Item | Endingbalance | Beginningbalance |
Increase/decreaseoftheshort-termbondspayable:
Unit:RMB
| Bondsname | Parvalue | Issuingdate | Duration | Issuingamount | Beginningbalance | Thecurrentissue | Withdrawalofinterestbyparvalue | Amortizationofpremiumanddepreciation | RepaymentintheReportingPeriod | Endingbalance |
Othernotes:
45.Long-termBorrowings
(1)CategoryofLong-termBorrowings
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Pledgedborrowings | 2,192,900,000.00 | |
| Guaranteedborrowings | 933,000.00 | 1,000,000.00 |
| Total | 2,193,833,000.00 | 1,000,000.00 |
Notestothecategoryoflong-termborrowings:
Othernotes,includingtheintervalofinterestrate:
Thepledgedandguaranteedborrowingsattheperiod-endwereusedtodeveloptheBanglingurbanrenewalprojectofShenzhenRongyaoRealEstateDevelopmentCo.,Ltd.(hereinafterreferredtoas“RongyaoRealEstate”)withthedurationfrom29November2019to20November2024,applyingtheborrowingratebyrising1.55%complyingtoone-yearlevelofloanprimerate.And69%
equityofRongyaoRealEstateheldbytheCompanywaspledgedandtheguaranteemodewasthejointliabilityguaranty.
46.BondsPayable
(1)ListofBondsPayable
Unit:RMB
| Item | Endingbalance | Beginningbalance |
(2)Increase/DecreaseofBondsPayable(ExcludingOtherFinancialInstrumentClassifiedasFinancialLiabilitiessuchasPreferredSharesandPerpetualBonds)
Unit:RMB
| Bondsname | Parvalue | Issuingdate | Duration | Issuingamount | Beginningbalance | Thecurrentissue | Withdrawalofinterestbyparvalue | Amortizationofpremiumanddepreciation | RepaymentintheReportingPeriod | Endingbalance |
| Total | -- | -- | -- |
(3)NotestotheConditionsandTimeoftheSharesTransferoftheConvertibleCorporateBonds
(4)NotestoOtherFinancialInstrumentsClassifiedasFinancialLiabilitiesBasicsituationofotherfinancialinstrumentssuchaspreferredsharesandperpetualbondsoutstandingattheperiod-endChangesinfinancialinstrumentssuchaspreferredsharesandperpetualbondsoutstandingattheperiod-end
Unit:RMB
| Outstandingfinancialinstrument | Period-begin | Increase | Decrease | Period-end | ||||
| Amount | Carryingvalue | Amount | Carryingvalue | Amount | Carryingvalue | Amount | Carryingvalue | |
NotestobasisfortheclassificationofotherfinancialinstrumentsasfinancialliabilitiesOthernotes
47.LeaseLiabilities
Unit:
| Item | Endingbalance | Beginningbalance |
Othernotes
48.Long-termPayables
Unit:RMB
| Item | Endingbalance | Beginningbalance |
(1)Long-termPayablesListedbyNature
Unit:RMB
| Item | Endingbalance | Beginningbalance |
Othernotes:
(2)SpecificPayables
Unit:RMB
| Item | Beginningbalance | Increase | Decrease | Endingbalance | Reasonforformation |
Othernotes:
49.Long-termPayrollPayable
(1)ListofLong-termPayrollPayable
Unit:RMB
| Item | Endingbalance | Beginningbalance |
(2)ChangesinDefinedBenefitPlans
Obligationpresentvalueofdefinedbenefitplans:
Unit:RMB
| Item | Reportingperiod | Sameperiodoflastyear |
Planassets:
Unit:RMB
| Item | Reportingperiod | Sameperiodoflastyear |
Netliabilities(netassets)ofdefinedbenefitplans:
Unit:RMB
| Item | Reportingperiod | Sameperiodoflastyear |
Notesofinfluenceofcontentofdefinedbenefitplansanditsrelevantriskstothefuturecashflow,timeanduncertaintyoftheCompany:
Notestotheresultsofsignificantactuarialassumptionsandsensitivityanalysisofdefinedbenefitplans:
Othernotes:
50.Provisions
WhethertheCompanyhasexecutedthenewincomestandards
□Yes√No
Unit:RMB
| Item | Endingbalance | Beginningbalance | Reasonforformation |
| Pendinglitigation | 2,903,327.87 | Contractdisputes | |
| Total | 2,903,327.87 | -- |
Othernotes,includingnotestorelatedsignificantassumptionsandevaluationofsignificantprovisions:
RefertoNoteXIV(2)fordetails.
51.DeferredIncome
Unit:RMB
| Item | Beginningbalance | Increase | Decrease | Endingbalance | Reasonforformation |
| Governmentsubsidy | 390,011.00 | 48,751.37 | 341,259.63 | GovernmentsubsidyforHuangyuyuanPrimarySchool | |
| Total | 390,011.00 | 48,751.37 | 341,259.63 | -- |
Iteminvolvinggovernmentsubsidies:
Unit:RMB
| Item | Beginningbalance | Amountofnewlysubsidy | Amountrecordedintonon-operatingincomeintheReportingPeriod | AmountrecordedintootherincomeintheReportingPeriod | AmountoffsetcostintheReportingPeriod | Otherchanges | Endingbalance | Relatedtoassets/relatedtoincome |
| GovernmentsubsidyforHuangyuyuanPrimarySchool | 390,011.00 | 48,751.37 | 341,259.63 | Relatedtoassets |
Othernotes:
52.OtherNon-currentLiabilities
WhethertheCompanyhasexecutedthenewincomestandards
□Yes√No
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Utilityspecificfund | 237,163.63 | 237,163.63 |
| Housingprinciplefund | 13,215,811.13 | 20,469,453.92 |
| Housewarmingdeposit | 7,052,274.22 | 6,649,884.71 |
| ElectricEquipmentMaintenancefund | 4,019,415.44 | 4,019,415.44 |
| DeputedMaintenancefund | 36,337,634.47 | 29,848,516.67 |
| Follow-upinvestmentofemployeesforGuanlanBanglingproject | 40,000,000.00 | |
| Other | 7,302,438.57 | 3,403,153.24 |
| Total | 108,164,737.46 | 64,627,587.61 |
Othernotes:
53.ShareCapital
Unit:RMB
| Beginningbalance | Increase/decrease(+/-) | Endingbalance | |||||
| Newsharesissued | Bonusshares | Bonusissuefromprofit | Other | Subtotal | |||
| Thesumofshares | 595,979,092.00 | 595,979,092.00 | |||||
Othernotes:
54.OtherEquityInstruments
(1)TheBasicInformationofOtherFinancialInstrumentssuchasPreferredStockandPerpetualBondOutstandingattheEndofthePeriod
(2)ChangesinFinancialInstrumentssuchasPreferredStockandPerpetualBondOutstandingattheEndofthePeriod
Unit:RMB
| Outstandingfinancialinstruments | Period-begin | Increase | Decrease | Period-end | ||||
| Amount | Carryingvalue | Amount | Carryingvalue | Amount | Carryingvalue | Amount | Carryingvalue | |
Thecurrentchangesinotherequityinstrumentsandthecorrespondingreasonsandthebasisoftherelevantaccountingtreatment:
Othernotes:
55.CapitalReserve
Unit:RMB
| Item | Beginningbalance | Increase | Decrease | Endingbalance |
| Capitalpremium(premiumonstock) | 402,859,138.87 | 402,859,138.87 | ||
| Othercapitalreserves | 80,488,045.38 | 80,488,045.38 | ||
| Total | 483,347,184.25 | 402,859,138.87 | 80,488,045.38 |
Othernotes,includingchangesandreasonofchange:
(1)TheCompanyobtained100%equityofShenzhenToukongPropertyManagementCo.,Ltd.(hereinafterreferredtoas“TKProperty”)viabusinesscombinationunderthesamecontrolinNovember2019.Intheprocessofobtainingtheequity,theCompanytransferredtheassetswithdefectivepropertyrightstooriginalshareholder,ShenzhenInvestmentHoldingsCo.,Ltd.Aftertransferringassets,theaccountingtreatmentwillbeconductedwithcapitalreserveofRMB206,448,648.94andsurplusreservesofRMB5,223,626.05offset.
(2)TheCompanyobtained100%equityofShenzhenToukongPropertyManagementCo.,Ltd.(hereinafterreferredtoas“TKProperty”)viabusinesscombinationunderthesamecontrolinNovember2019.Whenpreparingtheconsolidatedcomparativestatementsattheperiod-endaccordingtotheregulations,theequityshallberegardedtoexistonthecurrentconditionastheultimatecontrollerstartedtoexercisecontroltothemarginingparties.Thus,whencombiningtheacquireesinprioryear,thecapitalreservewasincreasedRMB364,409,051.36.Afterdeductingtheinfluenceofthefirstpointabove,thecapitalreserveofRMB157,960,402.42wasincreasedretroactivelybytransferringtotheprioryearonthecombinationdateunderthesamecontrol.
(3)Ontheactualmergercombinationdate,thecapitalreserveofRMB38,450,087.51wasoffsetbythedifferencebetweentheacquisitionpriceandthenetassetsofacquireesonthecombinationdate,aswellasthesurplusreservesofRMB298,912,759.52andretainedearningswithRMB372,056,459.07.
56.TreasuryShares
Unit:RMB
| Item | Beginningbalance | Increase | Decrease | Endingbalance |
Othernotes,includingchangesandreasonofchange:
57.OtherComprehensiveIncome
Unit:RMB
| Item | Beginning | ReportingPeriod | Ending |
| balance | IncomebeforetaxationintheCurrentPeriod | Less:RecordedinothercomprehensiveincomeinpriorperiodandtransferredinprofitorlossintheCurrentPeriod | Less:RecordedintoothercomprehensiveincomeinpriorperiodandtransferredinretainedearningsintheCurrentperiod | Less:Incometaxexpense | AttributabletoownersoftheCompanyastheparentaftertax | Attributabletonon-controllinginterestsaftertax | balance | |
| I.Othercomprehensiveincomethatmaynotbereclassifiedtoprofitorloss | -2,051,268.24 | -2,051,268.24 | -2,051,268.24 | |||||
| Changesinfairvalueofotherequityinstrumentinvestment | -2,051,268.24 | -2,051,268.24 | -2,051,268.24 | |||||
| II.Othercomprehensiveincomethatmaysubsequentlybereclassifiedtoprofitorloss | -1,786,181.69 | 1,139,078.49 | 1,139,078.49 | -647,103.20 | ||||
| Differencesarisingfromtranslationofforeigncurrencydenominatedfinancialstatements | -1,786,181.69 | 1,139,078.49 | 1,139,078.49 | -647,103.20 | ||||
| Totalofothercomprehensiveincome | -1,786,181.69 | -912,189.75 | -912,189.75 | -2,698,371.44 |
Othernotes,includingtheadjustmentoftheeffectivegain/lossoncashflowhedgestotheinitialrecognizedamount:
58.SpecificReserve
Unit:RMB
| Item | Beginningbalance | Increase | Decrease | Endingbalance |
Othernotes,includingchangesandreasonofchange:
59.SurplusReserves
Unit:RMB
| Item | Beginningbalance | Increase | Decrease | Endingbalance |
| Statutorysurplusreserves | 299,204,166.83 | 16,403,637.61 | 298,912,759.52 | 16,695,044.92 |
| Discretionarysurplusreserve | 365,403.13 | 365,403.13 | ||
| Total | 299,569,569.96 | 16,403,637.61 | 298,912,759.52 | 17,060,448.05 |
Notes,includingchangesandreasonofchange:
Theincreaseofthesurplusreserveswasduetothestatutorysurplusreserveswithdrawn10%ofnetprofits;refertothenoteof“CapitalReserve”forthereasonofdecrease.
60.RetainedEarnings
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear |
| Beginningbalanceofretainedearningsbeforeadjustments | 2,495,296,440.15 | 1,984,195,447.18 |
| Beginningbalanceofretainedearningsafteradjustments | 2,495,296,440.15 | 1,984,195,447.18 |
| Add:NetprofitattributabletoownersoftheCompanyastheparent | 817,805,780.12 | 698,050,728.96 |
| Less:Withdrawalofstatutorysurplusreserves | 16,403,637.61 | |
| Dividendofordinarysharespayable | 178,793,727.60 | 186,949,735.99 |
| Other | 660,785,059.67 | |
| Endingretainedearnings | 2,457,119,795.39 | 2,495,296,440.15 |
Listofadjustmentofbeginningretainedearnings:
(1)RMB0.00beginningretainedearningswasaffectedbyretrospectiveadjustmentconductedaccordingtotheAccountingStandardsforBusinessEnterprisesandrelevantnewregulations.
(2)RMB0.00beginningretainedearningswasaffectedbychangesinaccountingpolicies.
(3)RMB0.00beginningretainedearningswasaffectedbycorrectionofsignificantaccountingerrors.
(4)RMB72,876,860.81beginningretainedearningswasaffectedbychangesincombinationscopearisingfromsamecontrol.
(5)RMB0.00beginningretainedearningswasaffectedtotallybyotheradjustments.
61.OperatingRevenueandCostofSales
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear | ||
| Operatingrevenue | Costofsales | Operatingrevenue | Costofsales | |
| Mainoperations | 3,878,813,785.99 | 1,412,220,130.41 | 3,313,429,162.76 | 1,689,660,570.09 |
| Otheroperations | 82,856,156.45 | 21,395,755.02 | 63,244,087.14 | 20,629,980.84 |
| Total | 3,961,669,942.44 | 1,433,615,885.43 | 3,376,673,249.90 | 1,710,290,550.93 |
WhethertheCompanyhasexecutedthenewincomestandards
□Yes√NoOthernotesTheCompanyneedstocomplywiththedisclosurerequirementsofShenzhenStockExchangeIndustryInformationDisclosureGuidelinesNo.3-ListedCompaniesEngagedinRealEstateIndustryThetop5accountsreceivedwithconfirmedamountintheReportingPeriod:
Unit:RMB
| No. | Nameofproject | Incomebalance |
| 1 | GoldenCollar’sResort | 2,085,500,771.44 |
| 2 | QianhaiGangwan | 333,068,610.42 |
| 3 | SonghuLangyuan | 104,316,939.42 |
| 4 | HupanYujingPhaseII | 91,719,392.59 |
| 5 | BanshanYujingPhaseI | 38,883,049.53 |
62.TaxesandSurtaxes
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear |
| Urbanmaintenanceandconstructiontax | 13,199,586.55 | 10,157,150.82 |
| Educationsurcharge | 5,689,568.83 | 4,451,600.16 |
| Propertytax | 10,984,861.45 | 11,799,837.72 |
| Landusetax | 1,647,805.28 | 1,677,205.13 |
| Businesstax | 1,115,668.20 | |
| Localeducationsurtax | 3,716,788.54 | 2,976,213.48 |
| LandVAT | 1,043,898,373.56 | 591,164,599.63 |
| Othertaxes | 2,374,296.83 | 1,070,897.87 |
| Total | 1,081,511,281.04 | 624,413,173.01 |
Othernotes:
63.SellingExpense
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear |
| Agencyfee | 84,330,766.24 | 19,774,323.60 |
| Consultancyandsalesservicecharges | 8,639,346.44 | 3,508,647.82 |
| Advertising | 6,975,770.00 | 11,002,256.66 |
| Employee’sremuneration | 3,847,637.11 | 4,024,373.52 |
| Other | 7,760,432.71 | 8,191,623.58 |
| Total | 111,553,952.50 | 46,501,225.18 |
Othernotes:
64.AdministrativeExpense
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear |
| Employee’sremuneration | 143,843,884.07 | 118,468,213.91 |
| Administrativeofficecost | 38,579,803.69 | 30,176,236.34 |
| Assetsamortizationanddepreciationexpense | 6,357,837.46 | 4,888,307.99 |
| Litigationcosts | 1,596,900.60 | 182,076.40 |
| Other | 14,276,126.82 | 8,663,449.45 |
| Total | 204,654,552.64 | 162,378,284.09 |
Othernotes:
65.R&DExpense
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear |
Othernotes:
66.FinanceCosts
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear |
| Interestexpense | 194,545,794.14 | 284,918.67 |
| Less:Interestincome | -61,860,403.42 | -67,282,441.97 |
| Foreignexchangegainsorlosses | 770,739.07 | 290,983.11 |
| Other | 1,262,703.78 | 875,600.93 |
| Total | 134,718,833.57 | -65,830,939.26 |
Othernotes:
67.OtherIncome
Unit:RMB
| Sources | ReportingPeriod | Sameperiodoflastyear |
| Governmentsubsidyrelatedtoincome(Note) | 1,015,033.29 | 312,339.94 |
| Governmentsubsidyrelatedtoassets(Note) | 48,751.37 | |
| Commissionchargesreturnofdeductibleincometax | 91,337.56 | |
| AdditionaldeductionofVAT | 3,995,255.21 | |
| Total | 5,150,377.43 | 312,339.94 |
68.InvestmentIncome
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear |
| Long-termequityinvestmentincomeaccountedbyequitymethod | 5,076,839.48 | 1,268,890.28 |
| Investmentincomefromdisposaloflong-termequityinvestment | 620,130.83 | |
| Total | 5,076,839.48 | 1,889,021.11 |
Othernotes:
69．NetGainonExposureHedges
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear |
Othernotes:
70.GainonChangesinFairValue
Unit:RMB
| Sources | ReportingPeriod | Sameperiodoflastyear |
Othernotes:
71.CreditImpairmentLoss
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear |
| Baddebtlossofotherreceivables | -18,701,016.31 |
| Total | -18,701,016.31 |
Othernotes:
72.AssetsImpairmentLossWhethertheCompanyhasexecutedthenewincomestandards
□Yes√No
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear |
| I.Baddebtloss | -3,873,731.34 | |
| II.Lossoninventoryvaluation | -1,234,250.84 | 6,565,809.22 |
| V.Impairmentlossoflong-termequityinvestment | -100,000.00 | |
| Total | -1,234,250.84 | 2,592,077.88 |
Othernotes:
73.AssetDisposalIncome
Unit:RMB
| Sources | ReportingPeriod | Sameperiodoflastyear |
| Disposalincomeoffixedassets | -8,096.97 |
74.Non-operatingIncome
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear | Amountrecordedinthecurrentnon-recurringprofitorloss |
| Governmentsubsidies | 1,543,085.40 | 284,460.50 | 1,543,085.40 |
| Compensationincome | 537,474.45 | 469,843.98 | 537,474.45 |
| Accountsunpayable | 19,416,063.33 | 14,098,815.36 | 19,416,063.33 |
| Totalincomefromscrapofnon-currentassets | 70,145.12 | 18,571.33 | 70,145.12 |
| Other | 2,165,579.98 | 4,223,267.99 | 2,165,579.98 |
| Total | 23,732,348.28 | 19,094,959.16 | 23,732,348.28 |
Governmentsubsidiesrecordedintocurrentprofitorloss
Unit:RMB
| Item | Distributionentity | Distributionreason | Nature | Whetherinfluencetheprofitsorlossesoftheyearornot | Specialsubsidyornot | ReportingPeriod | Sameperiodoflastyear | Relatedtoassets/relatedtoincome |
| Difficultysubsidy | SocialSecurityBureauofChongqingJiulongpoDistrict | Subsidy | Obtainedbyundertakingstate’sfunctionsofensuringcertainpublicserviceorsocialnecessaryproductssupplyorpricecontrol | No | No | 718,712.26 | Relatedtoincome | |
| Decorationsubsidyofpublicrentalhousing | FinancePaymentCenterofChongqingBeibei | Subsidy | Obtainedbyundertakingstate’sfunctionsofensuringcertainpublicserviceorsocialnecessaryproductssupplyorpricecontrol | No | No | 777,708.00 | Relatedtoincome | |
| Other | Subsidy | Obtainedbyundertakingstate’sfunctionsofensuringcertainpublicserviceorsocialnecessaryproductssupplyorpricecontrol | No | No | 36,665.14 | Relatedtoincome | ||
| Total | 1,543,085.40 |
Othernotes:
75.Non-operatingExpense
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear | Amountrecordedinthecurrentnon-recurringprofitorloss |
| Lossondamageandscrapofnon-currentassets | 510,294.93 | 271,572.70 | 510,294.93 |
| Litigationcosts | 1,696,470.00 | 0.00 | 1,696,470.00 |
| Donation | 35,000.00 | 0.00 | 35,000.00 |
| Penaltyandfinefordelayingpayment | 128,035.72 | 2,823,896.10 | 128,035.72 |
| Other | 2,423,703.20 | 1,340,265.17 | 2,423,703.20 |
| Total | 4,793,503.85 | 4,435,733.97 | 4,793,503.85 |
Othernotes:
76.IncomeTaxExpense
(1)ListofIncomeTaxExpense
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear |
| Currentincometaxexpense | 400,037,961.67 | 352,930,844.22 |
| Deferredincometaxexpense | -137,321,780.76 | -132,669,980.62 |
| Total | 262,716,180.91 | 220,260,863.60 |
(2)AdjustmentProcessofAccountingProfitandIncomeTaxExpense
Unit:RMB
| Item | ReportingPeriod |
| Profitbeforetaxation | 1,004,846,231.45 |
| Currentincometaxexpenseaccountedatstatutory/applicabletaxrate | 251,211,557.86 |
| Influenceofapplyingdifferenttaxratesbysubsidiaries | -3,473,080.27 |
| Influenceofincometaxbeforeadjustment | -5,761,627.90 |
| Influenceofnon-deductiblecosts,expensesandlosses | 2,813,203.94 |
| Influenceofdeductiblelossofunrecognizeddeferredincometaxassetsinpriorperiod | -13,281,421.38 |
| InfluenceofdeductibletemporarydifferenceordeductiblelossesofunrecognizeddeferredincometaxintheReportingPeriod | 31,207,548.66 |
| Incometaxexpense | 262,716,180.91 |
Othernotes
77.OtherComprehensiveIncomeRefertoNoteVII-57fordetails.
78.CashFlowStatement
(1)CashGeneratedfromOtherOperatingActivities
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear |
| Largeintercoursefunds | 599,052,281.39 | 61,619,596.64 |
| Interestincome | 70,613,994.05 | 50,333,967.32 |
| Netmargins,securitydepositandvariousspecialfundsreceived | 31,810,440.56 | 3,846,601.06 |
| Governmentsubsidyreceived | 2,751,444.45 | 284,460.50 |
| Othersmallreceivables | 23,385,374.43 | 8,370,696.82 |
| Total | 727,613,534.88 | 124,455,322.34 |
Notes:
(2)CashUsedinOtherOperatingActivities
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear |
| Payingadministrativeexpenseincash | 54,452,831.11 | 29,464,167.94 |
| Payingsellingexpenseincash | 96,486,380.21 | 44,006,125.48 |
| Netamountofutilities,miscellaneousfeesandaccidentfeeandotherpaymentsonbehalf | 23,473,862.52 | 39,575,779.49 |
| Othersmallpayments | 10,912,680.02 | |
| Total | 185,325,753.86 | 113,046,072.91 |
Notes:
(3)CashGeneratedfromOtherInvestingActivities
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear |
Notes:
(4)CashUsedinOtherInvestingActivities
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear |
Notes:
(5)CashGeneratedfromOtherFinancingActivities
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear |
| Follow-upinvestmentofGuanlanBanglingproject | 40,000,000.00 | |
| Total | 40,000,000.00 |
Notes:
(6)CashUsedinOtherFinancingActivities
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear |
| Distributionofprofittooriginalshareholderbymergedcompanyunderthesamecontrol | 123,502,169.51 | |
| Total | 123,502,169.51 |
Notes:
79.SupplementalInformationforCashFlowStatement
(1)SupplementalInformationforCashFlowStatement
Unit:RMB
| Supplementalinformation | ReportingPeriod | Sameperiodoflastyear |
| 1.Reconciliationofnetprofittonetcashflowsgeneratedfromoperatingactivities | -- | -- |
| Netprofit | 742,130,050.54 | 698,104,659.50 |
| Add:Provisionforimpairmentofassets | 20,061,463.19 | -2,592,077.88 |
| Depreciationoffixedassets,oil-gasassets,andproductivelivingassets | 49,096,658.15 | 42,922,617.35 |
| Amortizationofintangibleassets | 204,396.36 | 657,052.94 |
| Amortizationoflong-termprepaidexpenses | 2,254,888.85 | 1,172,170.94 |
| Losondisposaloffixedassets,intangibleassetsandotherlong-termassets(gains:negative) | 8,096.97 | |
| Lossesonscrapoffixedassets(gains:negative) | 440,149.81 | 244,904.40 |
| Financecosts(gains:negative) | 194,530,915.83 | 279,706.67 |
| Investmentloss(gains:negative) | -5,250,050.75 | -1,889,021.11 |
| Decreaseindeferredincometaxassets(gains:negative) | -137,320,326.24 | -131,757,067.12 |
| Increaseindeferredincometaxliabilities(“-”meansdecrease) | -1,454.52 | -3,392.55 |
| Decreaseininventory(gains:negative) | -1,903,681,041.67 | 681,042,601.49 |
| Decreaseinaccountsreceivablegeneratedfromoperatingactivities(gains:negative) | 458,314,454.42 | -89,688,923.59 |
| Increaseinaccountspayableusedinoperatingactivities(decrease:negative) | 1,519,009,461.99 | 33,216,728.17 |
| Netcashgeneratedfrom/usedinoperatingactivities | 939,789,565.96 | 1,231,718,056.18 |
| 2.Significantinvestingandfinancingactivitieswithoutinvolvementofcashreceiptsandpayments | -- | -- |
| 3.Netincrease/decreaseofcashandcashequivalent: | -- | -- |
| Endingbalanceofcash | 3,285,345,233.47 | 3,881,027,257.89 |
| Less:Beginningbalanceofcash | 3,881,027,257.89 | 2,889,283,680.74 |
| Netincreaseincashandcashequivalents | -595,682,024.42 | 991,743,577.15 |
(2)NetCashPaidForAcquisitionofSubsidiaries
Unit:RMB
| Amount | |
| Cashandcashequivalentpaidforbusinesscombinationinthecurrentperiod | 969,574,943.74 |
| Ofwhich: | -- |
| Ofwhich:ShenzhenRongyaoRealEstateDevelopmentCo.,Ltd. | 408,000,000.00 |
| ShenzhenToukongPropertyManagementCo.,Ltd. | 561,574,943.74 |
| Less:Cashandcashequivalentheldbysubsidiariesonpurchasedate | 44,727.75 |
| Ofwhich: | -- |
| Ofwhich:ShenzhenRongyaoRealEstateDevelopmentCo.,Ltd. | 44,727.75 |
| Ofwhich: | -- |
| Ofwhich:ShenzhenRongyaoRealEstateDevelopmentCo.,Ltd. | |
| Netpaymentsforacquisitionofsubsidiaries | 969,530,215.99 |
Othernotes:
(3)NetCashReceivefromDisposaloftheSubsidiaries
Unit:RMB
| Amount | |
| Ofwhich: | -- |
| Ofwhich: | -- |
| Ofwhich: | -- |
Othernotes:
(4)CashandCashEquivalents
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| I.Cash | 3,285,345,233.47 | 3,881,027,257.89 |
| Including:Cashonhand | 130,048.49 | 184,219.12 |
| Bankdepositondemand | 3,272,524,570.94 | 3,618,063,143.01 |
| Othermonetaryassetsondemand | 12,690,614.04 | 262,779,895.76 |
| III.Endingbalanceofcashandcashequivalents | 3,285,345,233.47 | 3,881,027,257.89 |
Othernotes:
80.NotestoItemsoftheStatementsofChangesinOwners’EquityNotestothenameof“Other”ofendingbalanceofthesameperiodoflastyearadjustedandtheamountadjusted:
Notapplicable
81.AssetswithRestrictedOwnershiporRighttoUse
Unit:RMB
| Item | Endingcarryingvalue | Reasonforrestriction |
| Monetaryassets | 12,545,702.44 | Note1,Note2,Note3,Note4 |
| Total | 12,545,702.44 | -- |
Othernotes:
Note1:Intermofmonetaryassetswithrestrictedrighttouseattheperiod-end,therewaslimitedcapitaloffrozenaccountwithRMB11,018.00inthesubsidiarycompanyShenzhenHuazhengpengPropertyManagementCo.,Ltd.,RMB7,063,237.32inthesubsidiarycompanyShenzhenTaixinliPropertyManagementCo.,Ltd.aswell.RefertoNoteX-(II)1forrelevantmattersinvolvedwithlawsuitfordetails.Note2:Intermofmonetaryassetswithrestrictedrighttouseattheperiod-end,therewasguaranteedepositofRMB49,020.00paidtotheperformanceguaranteeNo.20190531SLYLsignedbetweenthesubsidiarycompanyShenzhenShenlvGardenTechnologyIndustrialCo.,Ltd.andShenzhenUrbanGreeningManagementDepartmenton31May2019.
Note3:Intermofmonetaryassetswithrestrictedrighttouseattheperiod-end,asarealestatedeveloper,theCompanyhasprovidedmortgageguaranteesforcommercialhousingpurchasersandpaidloanguaranteesofRMB1,120,910.60accordingtorealestatebusinesspractices.RefertoNoteXI-(II)2fordetails.Note4:Intermofmonetaryassetswithrestrictedrighttouseattheperiod-end,therewasinterestoffixedtimedepositofRMB4,301,516.52unduebutwithdrawnattheperiod-end.
82.ForeignCurrencyMonetaryItems
(1)ForeignCurrencyMonetaryItems
Unit:RMB
| Item | Endingforeigncurrencybalance | Exchangerate | EndingbalanceconvertedtoRMB |
| Monetaryassets | -- | -- | 55,219,084.87 |
| Ofwhich:USD | |||
| EUR | |||
| HKD | 61,642,202.36 | 0.8958 | 55,219,084.87 |
| Accountsreceivable | -- | -- | 59,316.24 |
| Ofwhich:USD | |||
| EUR | |||
| HKD | 66,215.94 | 0.8958 |
| Long-termborrowings | -- | -- | |
| Ofwhich:USD | |||
| EUR | |||
| HKD | |||
| Prepayment | 6,973.39 | ||
| Ofwhich:HKD | 7,784.54 | 0.8958 | 6,973.39 |
| Otherequityinstrumentinvestment | 639,772.86 | ||
| Ofwhich:USD | 91,707.93 | 6.9762 | 639,772.86 |
| Accountspayable | 50,164.80 | ||
| Ofwhich:HKD | 56,000.00 | 0.8958 | 50,164.80 |
| Otherpayables | 325,745.73 | ||
| Ofwhich:HKD | 363,636.67 | 0.8958 | 325,745.73 |
| Long-termpayables | 439,760.88 |
| Ofwhich:USD | 8,768.06 | 6.9762 | 61,167.74 |
| HKD | 422,631.32 | 0.8958 | 378,593.14 |
Othernotes:
(2)NotestoOverseasEntitiesIncluding:forSignificantOverseaEntities,MainOperatingPlace,RecordingCurrencyandSelectionBasisShallBeDisclosed;ifthereAreChangesinRecordingCurrency,RelevantReasonsShallBeDisclosed.
√Applicable□Notapplicable
| Item | Mainoperatingplace | Recordingcurrency | Basisforchoosing |
| ShumYipPropertiesDevelopmentCo.,Ltd.anditssubsidiary | HongKong | HKD | LocatedinHK,settledbyHKD |
83.Arbitrage
Qualitativeandquantitativeinformationofrelevantarbitrageinstruments,hedgedriskinlinewiththetypeofarbitragetodisclose:
84.GovernmentSubsidy
(1)BasicInformationonGovernmentSubsidy
Unit:RMB
| Category | Amount | Listeditems | Amountrecordedinthecurrentprofitorloss |
| SmallandmicrobusinessesVATexemption | 196,685.24 | Otherincome | 196,685.24 |
| Stablepostsubsidy | 867,099.42 | Otherincome | 867,099.42 |
| Bountyforachievingdrainageofmunicipalengineering | 10,000.00 | Non-operatingincome | 10,000.00 |
| DecorationsubsidyofBeibeiFinancialTreasury | 777,708.00 | Non-operatingincome | 777,708.00 |
| SocialsecuritysubsidyofJiulongpoDistrict | 755,377.40 | Non-operatingincome | 755,377.40 |
| Subtotal | 2,606,870.06 | 2,606,870.06 |
(2)ReturnofGovernmentSubsidy
□Applicable√NotapplicableOthernotes:
85.OtherVIII.ChangesofConsolidationScope
1.BusinessCombinationNotundertheSameControl
(1)BusinessCombinationNotundertheSameControlduringtheReportingPeriod
Unit:RMB
| Nameofacquiree | Timeandplaceofgainingtheequity | Costofgainingtheequity | Proportionofequity | Waytogaintheequity | Purchasedate | Recognitionbasisofpurchasedate | Incomeofacquireefromthepurchasedatetoperiod-end | Netprofitsofacquireefromthepurchasedatetoperiod-end |
| ShenzhenRongyaoRealEstateDevelopmentCo.,Ltd. | 11March2019 | 508,000,000.00 | 69.00% | Transfer | 11March2019 | Settlementdateofequity | -243,632,621.48 |
Othernotes:
(2)CombinationCostandGoodwill
Unit:RMB
| Combinationcost | |
| --Cash | 508,000,000.00 |
| Totalcombinationcost | 508,000,000.00 |
| Less:Fairvalueofidentifiablenetassets | 405,118,201.39 |
Notetodeterminationmethodofthefairvalueofthecombinationcost,considerationandchanges:
ThefairvalueatnetassetsofcombinationcostofRongyaoRealEstatewascalculatedfrom100%equityofRongyaoRealEstatewithassessedvalueofRMB746.504milliononthebasedateofassetsevaluationof31July2018aswellastheequityacquisitionratioaccordingtotheevaluationreport(PXZPBZ(2018)No.S117)issuedbyShenzhenPengxinAssetsAppraisalLandRealEstateAppraisalCo.,Ltd.Themainformationreasonforthelargegoodwill:
Othernotes:
(3)TheIdentifiableAssetsandLiabilitiesofAcquireeonPurchaseDate
Unit:RMB
| Fairvalueonpurchasedate | Carryingvalueonpurchasedate | |
| Monetaryassets | 44,727.75 | 44,727.75 |
| Accountsreceivable | 1,412,020,689.96 | 1,412,020,689.96 |
| Inventory | 1,561,388,969.82 | 551,161,727.04 |
| Fixedassets | 92,297.58 | 83,281.53 |
| Othercurrentassets | 2,157,148.78 | 2,157,148.78 |
| Long-termprepaidexpense | 170,945.15 | 170,945.15 |
| borrowings | 2,193,000,000.00 | 2,193,000,000.00 |
| Accountspayable | 117,109,047.60 | 117,109,047.60 |
| Taxpayable | 54,276,750.00 | 54,276,750.00 |
| Otherpayables | 24,361,153.34 | 24,361,153.34 |
| Netassets | 587,127,828.10 | -423,108,430.73 |
| Less:Equityofnon-controllinginterests | 182,009,626.71 | -131,163,613.53 |
| Netassetsobtained | 405,118,201.39 | -291,944,817.21 |
ThedeterminationmethodofthefairvalueofidentifiableassetsandliabilitiesThedeterminationofthefairvalue:thethirdlevelinputvalueoffairvalue,andestimatingthefairvaluebasedonthenetassetsofinvesteesattheperiod–endaskeyreference.Thenetassetsofinvesteesattheperiod–endwillbethebasenumbertoestimatethefairvalueasitcanreflectthefairvalue;otherwiseitwillbeadjustedaccordingtotheassumptionusedinrelatedassetsorliabilitiespricingbymarketparticipators.ContingentliabilityofacquireeundertakeninthebusinesscombinationOthernotes:
(4)GainsorlossesfromRe-measurementofEquityHeldbeforethePurchaseDateatFairValueWhetherthereisatransactionthatthroughmultipletransactionstepbysteptorealizebusinesscombinationandgainingthecontrolduringtheReportingPeriod
□Yes√No
(5)NotestoReasonableConsiderationorFairValueofIdentifiableAssetsandLiabilitiesoftheAcquireethatCannotBeDeterminedontheAcquisitionDateorduringthePeriod-endoftheMerger
(6)OtherNotesNotestotheperformancepromise:In2019,theCompanyassigned69%ofequityinShenzhenRongyaoRealEstateDevelopmentCo.,Ltd.(hereinafterreferredtoas“RongyaoRealEstate”)viabusinesscombinationnotunderthesamecontrol.Accordingtothetermsoftheequitytransferagreement,theoriginalcontrollingshareholderofRongyaoRealEstate,ShenzhenXinhaiRongyaoPropertyDevelopmentCo.,Ltd.(hereinafterreferredtoas“XinhaiRongyao”)promisedthatinlinewiththeequationofnetprofit(operationrevenue-operationcosts-generalexpenses-taxes)/operationrevenue,ifthenetprofitofsalescalculatedbytheequationislowerthan10%,thedifferenceshallbecomplementedbythedividendXinhaiRongyaoenjoyed;ifthedividendisinsufficient,thedifferenceshallbecomplementedbycashorothermethodsthattheCompanyrecognized.
2.BusinessCombinationundertheSameControl
(1)BusinessCombinationundertheSameControlduringtheReportingPeriod
Unit:RMB
| Combinedparty | Proportionoftheequity | Basis | Combinationdate | Recognitionbasisofcombinationdate | Incomefromtheperiod-begintothecombinationdateoftheacquiree | Netprofitsfromtheperiod-begintothecombinationdateoftheacquiree | Incomeoftheacquireeduringtheperiodofcomparison | Netprofitsoftheacquireeduringtheperiodofcomparison |
| ShenzhenToukongPropertyManagementCo.,Ltd. | 100.00% | Underthesamecontrolbeforeandafterthecombination | 27November2019 | Completedthechangesofequity | 638,544,486.82 | 118,680,871.93 | 589,432,617.37 | 105,442,907.48 |
Othernotes:
(2)CombinationCost
Unit:RMB
| Combinationcost | |
| --Cash | 1,027,382,513.56 |
ContingentliabilitiesofthecombinedpartyundertakeninthebusinesscombinationOthernotes:
(3)TheCarryingValueofAssetsandLiabilitiesoftheCombinedPartyontheCombinationDate
Unit:RMB
| Combinationdate | Period-endofthelastperiod | |
| Monetaryassets | 550,425,217.78 | 505,312,567.80 |
| Accountsreceivable | 131,009,306.66 | 91,666,738.83 |
| Inventory | 214,154,473.34 | 214,392,071.37 |
| Fixedassets | 26,489,663.22 | 69,904,382.96 |
| Intangibleassets | 759,033.97 | 1,052,558.22 |
| Prepayment | 21,894,861.89 | 23,633,493.03 |
| Otherreceivables | 67,836,897.30 | 55,609,072.46 |
| Othercurrentassets | 404,645.33 | 539,027.46 |
| Investmentproperty | 63,067,367.78 | 238,019,261.74 |
| Long-termprepaidexpense | 825,318.70 | 1,094,661.00 |
| Deferredincometaxassets | 4,440,661.60 | 1,049,264.85 |
| Othernon-currentassets | 2,631.37 | 879,376.29 |
| Accountspayable | 35,887,991.26 | 36,920,994.23 |
| Provisions | 1,231,431.87 | |
| Advancesfromcustomers | 5,290,011.32 | 12,707,586.12 |
| Payrollpayable | 21,116,047.39 | 29,993,235.16 |
| Taxespayable | 42,547,295.72 | 27,304,142.52 |
| Otherpayables | 633,461,988.10 | 544,217,907.61 |
| Othernon-currentliabilities | 17,244,278.44 | 11,690,406.80 |
| Netassets | 324,487,064.44 | 540,318,203.57 |
| Less:non-controllinginterests | 6,523,856.98 | 5,861,423.54 |
| Netassetsobtained | 317,963,207.46 | 534,456,780.03 |
ContingentliabilitiesofthecombinedpartyundertakeninthebusinesscombinationOthernotes:
(1)Notestotheassetstransferofbusinesscombinationunderthesamecontrol:ShenzhenToukongPropertyManagementCo.,Ltd.(hereinafterreferredtoas“TKProperty”)acquiredviabusinesscombinationunderthesamecontrolbytheCompany,beforethecombinationdate,transferredpartofpropertywithdefectivepropertyrightsunderitsnametooriginalshareholder,ShenzhenInvestmentHoldingsCo.,Ltd.,andthustheinvestmentpropertyandfixedassetsofTKPropertyinthecurrentperiodweredecreasedsignificantlycomparedwiththepriorperiod.InordertomaintainthestabilizationanddevelopmentofTKPropertyafterequitytransferaswellasthecompatibilityandcompletenessbetweentheemployeesandassetstructurescale,TKPropertyhassignedtheAgreementonEntrustedOperationandManagementofDivestitureofLandandRealEstateofShenzhenToukongPropertyManagementCo.,Ltd.withShenzhenInvestmentHoldingsCo.,Ltd.andShenzhenShentouPropertyDevelopmentCo.,Ltd.,andentrustedTKPropertytomanagetheaforesaidtransferredassetsonbehalf.
(2)Notestotheperformancepromise:In2019,theCompanyobtained100%ofequityinShenzhenToukongPropertyManagementCo.,Ltd.(hereinafterreferredtoas“TKProperty”)viabusinesscombinationunderthesamecontrol.Accordingtothetermsoftheequitytransferagreement,theoriginalcontrollingshareholderofTKProperty,ShenzhenInvestmentHoldingsCo.,Ltd.(hereinafterreferredtoas“ShenzhenInvestmentHoldings”)promisedthatthe3-yearaccumulativenetprofitfrom2019to2021ofTKProperty(afterdeductingnon-recurringgainorloss)shallbehigherthan18%oftheequitytransferprice;otherwisethedifferenceshallbecomplementedthroughcashbyShenzhenInvestmentHoldings.TheabovementionednetprofitshallbesubjecttotheauditedamountofTKProperty.
3.CounterPurchase
Basicinformationoftrading,thebasisoftransactionsconstitutedcounterpurchase,theretainassets,liabilitiesofthelistedcompanieswhetherconstitutedabusinessanditsbasis,thedeterminationofthecombinationcosts,theamountandcalculationofadjustedrightsandinterestsinaccordancewiththeequitytransactionprocess:
4.DisposalofSubsidiary
Whetherthereisasingledisposaloftheinvestmenttothesubsidiaryandlostcontrol?
□Yes√NoWhetherthereareseveraldisposalsoftheinvestmenttothesubsidiaryandlostcontrols?
□Yes√No
5.ChangesinCombinationScopeforOtherReasons
Notetochangesincombinationscopeforotherreasons(suchasnewlyestablishmentorliquidationofsubsidiaries,etc.)andrelevantinformation:
1.IncreaseincombinationscopeUnit:RMB
| Nameofcompany | Waytogainequity | Timeandplaceofgainingequity | Capitalcontribution | Proportion |
| ShenzhenShenshanSpecialCooperationZoneGuomaoPropertyDevelopmentCo.,Ltd. | Newly-establishedsubsidiary | 10June2019 | 3,250,000.00 | 65.00% |
| ShenzhenGuomaoTonglePropertyManagementCo.,Ltd. | Newly-establishedsubsidiary | 19November2019 | 1,020,000.00 | 51.00% |
2.DecreaseincombinationscopeUnit:RMB
| Nameofcompany | Disposalwayofequity | Timeandplaceofequitydisposal | Netassetsonthedisposaldate | Netprofitfromperiod-begintodisposaldate |
| ShenzhenHefengPropertyManagementCo.,Ltd. | Liquidationofsubsidiary | 14October2019 | 491,913.87 | 68,776.81 |
6.Other
IX.EquityinOtherEntities
1.EquityinSubsidiary
(1)Subsidiaries
| Name | Mainoperatingplace | Registrationplace | Natureofbusiness | Holdingpercentage(%) | Wayofgaining | |
| Directly | Indirectly | |||||
| ShenzhenHuangchengRealEstateCo.,Ltd. | Shenzhen | Shenzhen | Realestate | 100.00% | Set-up | |
| SZPRDRealEstateDevelopmentCo.,Ltd. | Shenzhen | Shenzhen | Realestate | 100.00% | Set-up | |
| PRDGroupXuzhouDapengRealEstateDevelopmentCo.,Ltd. | Xuzhou | Xuzhou | Realestate | 100.00% | Set-up | |
| DongguanInternationalTradeCenterChangshengRealEstateDevelopmentCo.,Ltd. | Dongguan | Dongguan | Realestate | 100.00% | Set-up | |
| PRDYangzhouRealEstateDevelopmentCo.,Ltd. | Yangzhou | Yangzhou | Realestate | 100.00% | Set-up | |
| ShenzhenInternationalTradeCenterPropertyManagementCo.,Ltd. | Shenzhen | Shenzhen | Realestate | 100.00% | Set-up | |
| ShenzhenHuangchengPropertyManagementCo.,Ltd. | Shenzhen | Shenzhen | Realestate | 100.00% | Set-up | |
| ShandongShenzhenInternationalTradeCenterPropertyManagementCo.,Ltd. | Jinan | Jinan | Realestate | 100.00% | Set-up |
| ChongqingShenzhenInternationalTradeCenterPropertyManagementCo.,Ltd. | Chongqing | Chongqing | Realestate | 100.00% | Set-up | |
| ChongqingAoboElevatorCo.,Ltd. | Chongqing | Chongqing | Service | 100.00% | Set-up | |
| ShenzhenTianqueElevatorTechnologyCo.,Ltd. | Shenzhen | Shenzhen | Service | 100.00% | Set-up | |
| ShenzhenGuoguanElectromechanicalDeviceCo.,Ltd. | Shenzhen | Shenzhen | Service | 100.00% | Set-up | |
| ShenzhenInternationalTradeCenterCateringCo.,Ltd. | Shenzhen | Shenzhen | Hotelsandcateringservices | 100.00% | Set-up | |
| ShenzhenPropertyEngineeringConstructionSupervisionCo.,Ltd. | Shenzhen | Shenzhen | Service | 100.00% | Set-up | |
| SZPRDOperationandManagementofRealEstateAssetsCo.,Ltd. | Shenzhen | Shenzhen | Service | 100.00% | Set-up | |
| ZhanjiangShenzhenRealEstateDevelopmentCo.,Ltd. | Zhanjiang | Zhanjiang | Realestate | 100.00% | Set-up | |
| ShumYipPropertiesDevelopmentCo.,Ltd. | HongKong | HongKong | Realestate | 100.00% | Set-up |
| WayhangDevelopmentCo.,Ltd. | HongKong | HongKong | Realestate | 100.00% | Set-up | |
| ChiefLinkPropertiesCo.,Ltd. | HongKong | HongKong | Realestate | 70.00% | Set-up | |
| SyndisInvestmentCo.,Ltd. | HongKong | HongKong | Realestate | 70.00% | Businesscombinationnotunderthesamecontrol | |
| YangzhouSlenderWestLakeJingyuePropertyDevelopmentCo.,Ltd. | Yangzhou | Yangzhou | Realestate | 51.00% | Set-up | |
| ShandongInternationalTradeCenterHotelManagementCo.,Ltd. | Jinan | Jinan | Realestate | 100.00% | Set-up | |
| ShenzhenShenshanSpecialCooperationZoneGuomaoPropertyDevelopmentCo.,Ltd. | Shenzhen | Shenzhen | Realestate | 65.00% | Set-up | |
| ShenzhenGuomaoTonglePropertyManagementCo.,Ltd. | Shenzhen | Shenzhen | Realestate | 51.00% | Set-up | |
| ShenzhenRongyaoRealEstateDevelopmentCo.,Ltd. | Shenzhen | Shenzhen | Realestate | 69.00% | Businesscombinationnotunderthesamecontrol | |
| ShenzhenToukongPropertyManagementCo.,Ltd. | Shenzhen | Shenzhen | Realestate | 100.00% | Businesscombinationunderthesamecontrol |
| ShenzhenJulianHumanResourcesDevelopmentCo.,Ltd. | Shenzhen | Shenzhen | Service | 100.00% | Businesscombinationunderthesamecontrol | |
| ShenzhenHuazhengpengPropertyManagementDevelopmentCo.,Ltd. | Shenzhen | Shenzhen | Realestate | 100.00% | Businesscombinationunderthesamecontrol | |
| ShenzhenTaixinliPropertyManagementCo.,Ltd. | Shenzhen | Shenzhen | Realestate | 100.00% | Businesscombinationunderthesamecontrol | |
| ShenzhenPenghongyuanIndustrialDevelopmentCo.,Ltd. | Shenzhen | Shenzhen | Hotelsandcateringservices | 100.00% | Businesscombinationunderthesamecontrol | |
| ShenzhenJinhailianPropertyManagementCo.,Ltd. | Shenzhen | Shenzhen | Realestate | 100.00% | Businesscombinationunderthesamecontrol | |
| ShenzhenSocialWelfareCo.,Ltd. | Shenzhen | Shenzhen | Healthandsocialwork | 100.00% | Businesscombinationunderthesamecontrol | |
| ShenzhenFuyuanminPropertyManagementLimitedLiabilityCompany | Shenzhen | Shenzhen | Realestate | 90.00% | Businesscombinationunderthesamecontrol | |
| ShenzhenMeilongIndustrialDevelopmentCo.,Ltd. | Shenzhen | Shenzhen | Service | 100.00% | Businesscombinationunderthesamecontrol |
| ShenzhenShenlvGardenTechnologyIndustrialCo.,Ltd. | Shenzhen | Shenzhen | Publicfacilitiesmanagement | 90.00% | Businesscombinationunderthesamecontrol | |
| ShenzhenJiayuanPropertyManagementCo.,Ltd. | Shenzhen | Shenzhen | Realestate | 54.00% | Businesscombinationunderthesamecontrol | |
| ShenzhenHelinhuaConstructionManagementCo.,Ltd. | Shenzhen | Shenzhen | Realestate | 90.00% | Businesscombinationunderthesamecontrol | |
| ShenzhenZhongtongdaHouseXiushanServiceCo.,Ltd. | Shenzhen | Shenzhen | Constructionindustry | 90.00% | Businesscombinationunderthesamecontrol | |
| ShenzhenKangpingIndustrialCo.,Ltd. | Shenzhen | Shenzhen | Retailbusiness | 90.00% | Businesscombinationunderthesamecontrol | |
| ShenzhenSportsServiceCo.,Ltd. | Shenzhen | Shenzhen | Manufacturingindustry | 100.00% | Businesscombinationunderthesamecontrol | |
| ShenzhenTeacher’sHomeTrainingCo.,Ltd. | Shenzhen | Shenzhen | Retailbusiness | 100.00% | Businesscombinationunderthesamecontrol | |
| ShenzhenEducationIndustrialCo.,Ltd. | Shenzhen | Shenzhen | Service | 100.00% | Businesscombinationunderthesamecontrol | |
| ShenzhenYufaIndustrialCo.,Ltd. | Shenzhen | Shenzhen | Retailbusiness | 80.95% | Businesscombinationunderthesamecontrol |
Notestoholdingproportioninsubsidiarydifferentfromvotingproportion:
Basisofholdinghalforlessvotingrightsbutstillcontrollingtheinvesteeandholdingmorethanhalfofthevotingrightsbutnotcontrollingtheinvestee:
Significantstructuralentitiesandcontrollingbasisinthescopeofcombination:
BasisofdeterminingwhethertheCompanyistheagentortheprincipal:
Othernotes:
(2)SignificantNon-wholly-ownedSubsidiary
Unit:RMB
| Name | Shareholdingproportionofnon-controllinginterests | Theprofitorlossattributabletothenon-controllinginterests | Declaringdividendsdistributedtonon-controllinginterests | Balanceofnon-controllinginterestsattheperiod-end |
| ShenzhenRongyaoRealEstateDevelopmentCo.,Ltd. | 31.00% | -75,526,112.66 | 106,483,514.05 | |
| YangzhouShouxihuJingyuePropertyDevelopmentCo.,Ltd. | 49.00% | -546,365.80 | 3,311,533.51 | |
| ShenzhenShenlvGardenTechnologyIndustrialCo.,Ltd. | 10.00% | 728,578.82 | 4,725,742.78 |
Holdingproportionofnon-controllinginterestsinsubsidiarydifferentfromvotingproportion:
Othernotes:
(3)TheMainFinancialInformationofSignificantNotWholly-ownedSubsidiary
Unit:RMB
| Name | Endingbalance | Beginningbalance | ||||||||||
| Currentassets | Non-currentassets | Totalassets | Currentliabilities | Non-currentliability | Totalliabilities | Currentassets | Non-currentassets | Totalassets | Currentliabilities | Non-currentliability | Totalliabilities | |
| ShenzhenRongyaoRealEstateDevelopmentCo.,Ltd. | 4,111,815,612.87 | 42,716,564.22 | 4,154,532,177.09 | 53,136,970.47 | 3,757,900,000.00 | 3,811,036,970.47 | 3,079,336,186.14 | 263,242.73 | 3,079,599,428.87 | 193,589,802.16 | 2,193,000,000.00 | 2,386,589,802.16 |
| YangzhouShouxihuJingyuePropertyDevelopmentCo.,Ltd. | 8,613,306.97 | 848,862.50 | 9,462,169.47 | 2,703,937.82 | 2,703,937.82 | 4,873,263.90 | 4,873,263.90 | |||||
| ShenzhenShenlvGardenTechnologyIndustrialCo.,Ltd. | 32,340,229.87 | 596,876.54 | 32,937,106.41 | 29,322,025.36 | 29,322,025.36 | 30,066,273.28 | 31,159,873.35 | 61,226,146.63 | 33,420,670.34 | 33,420,670.34 |
Unit:RMB
| Name | ReportingPeriod | Sameperiodoflastyear | ||||||
| Operatingrevenue | Netprofit | Totalcomprehensiveincome | Cashflowsfromoperatingactivities | Operatingrevenue | Netprofit | Totalcomprehensiveincome | Cashflowsfromoperatingactivities | |
| ShenzhenRongyaoRealEstateDevelopmentCo.,Ltd. | -243,632,621.48 | -243,632,621.48 | -957,858,901.03 | -52,393,105.98 | -52,393,105.98 | -112,947,487.91 | ||
| YangzhouShouxihuJingyuePropertyDevelopmentCo.,Ltd. | 7,340,745.68 | -1,115,032.25 | -1,115,032.25 | -4,922,102.11 | -126,736.10 | |||
| ShenzhenShenlvGardenTechnologyIndustrialCo.,Ltd. | 21,381,370.38 | 6,394,132.31 | 6,394,132.31 | -23,167,201.63 | 16,997,131.49 | 870,457.45 | 870,457.45 | 5,184,728.26 |
Othernotes:
(4)SignificantRestrictionsonUsingtheAssetsandLiquidatingtheLiabilitiesoftheCompany
(5)FinancialSupportorOtherSupportsProvidedtoStructuralEntitiesIncorporatedintotheScopeofConsolidatedFinancialStatementsOthernotes:
2.TheTransactionoftheCompanywithItsOwner’sEquityShareChangedbutStillControllingtheSubsidiary
(1)NotetotheOwner’sEquityShareChangedinSubsidiary
(2)TheTransaction’sInfluenceontheEquityofNon-controllingInterestsandtheOwner'sEquityAttributabletotheCompanyastheParent
Unit:RMBOthernotes
3.EquityinJointVenturesorAssociatedEnterprises
(1)SignificantJointVenturesorAssociatedEnterprises
| Name | Mainoperatingplace | Registrationplace | Natureofbusiness | Holdingpercentage(%) | Accountingtreatmentoftheinvestmenttojointventureorassociatedenterprise | |
| Directly | Indirectly | |||||
| ShenzhenRealEstateJifaWarehousingCo.,Ltd. | Shenzhen | Shenzhen | Warehouseservice | 50.00% | Equitymethod | |
| Tian’anInternationalBuildingPropertyManagementCompanyofShenzhen | Shenzhen | Shenzhen | Propertymanagement | 50.00% | Equitymethod | |
Notestoholdingproportionofjointventureorassociatedenterprisedifferentfromvotingproportion:
Basisofholdinglessthan20%ofthevotingrightsbuthasasignificantimpactorholding20%ormorevotingrightsbutdoesnothaveasignificantimpact:
(2)MainFinancialInformationofSignificantJointVentures
Unit:RMB
| Endingbalance/ReportingPeriod | Beginningbalance/Sameperiodoflastyear | |
| Tian’anInternationalBuildingPropertyManagementCompanyofShenzhen | Tian’anInternationalBuildingPropertyManagementCompanyofShenzhen | |
| Currentassets | 53,771,789.30 | 50,941,418.43 |
| Ofwhich:Cashandcashequivalents | 34,531,027.99 | 34,496,954.60 |
| Non-currentassets | 42,265.30 | 38,523.34 |
| Totalassets | 53,814,054.60 | 50,979,941.77 |
| Currentliabilities | 24,725,254.19 | 22,970,163.57 |
| Non-currentliability | 16,166,098.30 | 16,218,892.53 |
| Totalliabilities | 40,891,352.49 | 39,189,056.10 |
| EquityattributableToownersoftheCompanyastheparent | 11,790,885.67 | 11,790,885.67 |
| PortionofnetAssetscalculatedaccordingtoproportionofshareholdings | 5,895,442.84 | 5,895,442.84 |
| Carryingvalueofequityinvestmenttojointventures | 5,895,442.84 | 5,895,442.84 |
| Operatingrevenue | 20,445,172.55 | 20,490,161.85 |
| Financeexpense | -421,003.02 | -221,967.51 |
| Incometaxexpense | 379,274.15 | 444,662.96 |
| Netprofit | 1,131,816.44 | 1,327,325.27 |
| Totalcomprehensiveincome | 1,131,816.44 | 1,327,325.27 |
Othernotes
(3)MainFinancialInformationofSignificantAssociatedEnterprise
Unit:RMB
| Endingbalance/ReportingPeriod | Beginningbalance/Sameperiodoflastyear |
Othernotes
(4)SummaryFinancialInformationofInsignificantJointVenturesorAssociatedEnterprises
Unit:RMB
| Endingbalance/ReportingPeriod | Beginningbalance/Sameperiodoflastyear | |
| Jointventures: | -- | -- |
| Thetotaloffollowingitemsaccordingtotheshareholdingproportions | -- | -- |
| Associatedenterprises: | -- | -- |
| Thetotaloffollowingitemsaccordingtotheshareholdingproportions | -- | -- |
Othernotes
(5)NotetotheSignificantRestrictionsontheAbilityofJointVenturesorAssociatedEnterprisestoTransferFundstotheCompany
(6)TheExcessLossofJointVenturesorAssociatedEnterprises
Unit:RMB
| Name | Thecumulativerecognizedlossesinpreviousaccumulativelyderecognized | Thederecognizedlosses(ortheshareofnetprofit)inReportingPeriod | TheaccumulativeunrecognizedlossesinReportingPeriod |
Othernotes
(7)TheUnrecognizedCommitmentRelatedtoInvestmenttoJointVentures
(8)ContingentLiabilitiesRelatedtoInvestmenttoJointVenturesorAssociatedEnterprises
4.SignificantCommonOperation
| Name | Mainoperatingplace | Registrationplace | Natureofbusiness | Proportion/shareportion | |
| Directly | Indirectly | ||||
Notestoholdingproportionorshareportionincommonoperationdifferentfromvotingproportion:
Forcommonoperationasasingleentity,basisofclassifyingascommonoperationOthernotes
5.EquityintheStructuredEntityExcludedintheScopeofConsolidatedFinancialStatements
Notestothestructuredentityexcludedinthescopeofconsolidatedfinancialstatements:
6.OtherX.TheRiskRelatedtoFinancialInstruments
TheCompanyisengagedinriskmanagementtoachievebalancebetweenrisksandreturns,minimizingthe
negativeeffectsofrisksonitsoperationperformanceandmaximizingtheinterestsofitsshareholdersandotherequityinvestors.Basedonthatriskmanagementgoal,thefundamentalstrategyofitsriskmanagementistoidentifyandanalyzevariousrisksfacingtheCompany,establishanappropriateriskbottomline,carryoutriskmanagementandmonitorvariousrisksinatimelyandreliablemannertocontrolthemwithinarestrictedscope.TheCompanyfacesvariousrisksrelatedtofinancialinstrumentsinitsroutineactivities,mainlyincludingcreditrisk,liquidityriskmarketrisk.Themanagementhasreviewedandapprovedthepoliciesofmanagingthoserisks,whicharesummarizedasfollows.(I)CreditRiskCreditriskmeanstheriskoffinanciallossesincurredtotheotherpartywhenonepartyofafinancialinstrumentisunabletofulfillitsobligations.
1.CreditRiskManagementPractice
(1)CreditRiskEvaluationMethodOneachbalancesheetdate,theCompanyshallevaluatewhetherthecreditriskofrelevantfinancialinstrumentshasincreasedsignificantlysincetheinitialrecognition.Afterdeterminingwhetherthecreditriskhasincreasedsignificantlysincetheinitialrecognition,theCompanyshallconsiderobtainingreasonableandreliableinformationwithoutpayingunnecessaryextracostsorefforts,includingqualitativeandquantitativeanalysisbasedonhistoricaldata,externalcreditriskratingandforward-lookinginformation.Onthebaseofthesinglefinancialinstrumentorcombinationoffinancialinstrumentswithsimilarcreditriskcharacteristics,theCompanycomparestheriskofdefaultoffinancialinstrumentsonthebalancesheetdatewiththeriskofdefaultontheinitialrecognitiondatetodeterminethechangeofdefaultriskoffinancialinstrumentsduringtheirexpectedduration.Whenoneormoreofthefollowingquantitativeandqualitativecriteriaprevails,theCompanyshallbelievethecreditriskoffinancialinstrumentshasincreasedsignificantly:
1)Forthequantitativestandard,itcanbemainlyanalyzedfromtheprobabilityofdefaultfortheremainingdurationonthebalancesheetdaterisesbymorethanacertainproportioncomparedwiththeinitialconfirmation.
2)Forthequalitativestandard,itcanbemainlyanalyzedfromthemajoradversechangesinthedebtor'soperationorfinancialsituation,changesinexistingorexpectedtechnology,market,economyorlegalenvironmentwhichshallhavemajoradverseimpactsonthedebtor’srepaymentabilityoftheCompany,etc.
3)Theupperlimitisthatthedebtor’scontractpayment(includingprincipalandinterest)isoverdueformorethan90days.
(2)DefinitionofDefaultandCreditImpairment-AssetsWhenafinancialinstrumentmeetsoneormoreofthefollowingconditions,theCompanyshalldefinethefinancialassetashavingdefaulted,anditscriteriaareconsistentwiththedefinitionofhavingincurredcreditimpairment:
1)QuantitativeStandardThedebtorfailstomakethepaymentafterthecontractpaymentdateformorethan90days;
2)Qualitativecriteria①Thedebtorhasmajorfinancialdifficulties;
②Thedebtorviolatesthebindingprovisionsonthedebtorinthecontract;③Thedebtorislikelytogobankruptorcarryoutotherfinancialrestructurings;④Thecreditorshallgivethedebtorconcessionsthatwillnotbemadeinanyothercircumstancesduetotheeconomicorcontractualconsiderationsrelatedtothedebtor'sfinancialdifficulties.
2.MeasurementofExpectedCreditLoss
Keyparametersoftheexpectedcreditlossmeasurementincludedefaultprobability,lossgivendefault,anddefaultriskexposure.TheCompanyconsidersthequantitativeanalysisandforward-lookinginformationofhistoricalstatisticaldata(suchascounterpartyrating,guaranteemethod,collateraltype,repaymentmethod,etc.)toestablishexposuremodelsofdefaultprobability,lossgivendefault,anddefaultrisk.
3.RefertoNoteV-I(2),V-I(4),V-I(8)fordetailsofthereconciliationstatementsofbeginningbalanceandendingbalanceoffinancialinstrumentlossprovision.
4.CreditRiskExposureandCreditRiskConcentrationTheCompany’screditriskmainlycomesfrombankdepositsandaccountsreceivable.Tocontroltheaforementionedrelevantrisks,theCompanyhasadoptedthefollowingmeasures.
(1)BankdepositsTheCompanyplacesitsbankdepositswithfinancialinstitutionsofhighcreditratings.Thus,itscreditriskislow.
(2)AccountsreceivableTheCompanyconductscreditassessmentonthecustomerstradinginthemodeofcreditonaregularbasis.Basedonthecreditassessmentresult,theCompanychoosestotradewithrecognizedcustomerswithgoodcreditandmonitorthebalanceoftheaccountsreceivablefromthemtoensurethattheCompanywillnotfaceanysignificantbaddebtrisk.DuetotheCompanymerelytradeswiththeauthorizedthirdpartywithgoodcredit,theguaranteeisnotrequired.Creditriskconcentrationismanagedinaccordancewiththecustomers.Asof31December2019,therearecertaincreditconcentrationrisks,and63.81%ofaccountsreceivableoftheCompany(72.89%on31December2018)comesfromtop5customersofbalance.TheCompanyhasn’theldanyguaranteeorothercreditenhancementforbalanceofaccountsreceivable.ThemaximumcreditriskexposuretheCompanyundertookshallbethecarryingvalueofeachfinancialassetinbalancesheet.(II)LiquidityRiskLiquidityriskreferstotheriskoffundshortageoccurringwhentheCompanyfulfillsthesettlementobligationinthemodeofcashdeliveryorotherfinancialassets.Liquidityriskmayoriginatefromthefailuretosellfinancialassetsatfairvalueassoonaspossible;orfromtheotherparty’sfailuretopayoffitscontractualdebts;orfromtheearliermaturityofdebts;orfromthefailuretogeneratetheexpectedcashflow.Tocontroltherisk,theCompanycomprehensivelyadoptsbankloansasfinancingapproach,appropriatelycombinelong-termandshort-termfinancingmodesandoptimizethefinancingstructuretomaintainthebalancebetweenfinancingsustainabilityandflexibility.TheCompanyhasobtainedthelineofcreditfromanumberofcommercialbankstosatisfyitsoperationfundneedsandcapitalexpenditure.Financialliabilitiesclassifiedbyremainingmaturity
| Item | Endingbalance | ||||
| Carryingvalue | Undiscountedcontractamount | Within1year | 1to3years | Over3years | |
| Bankloans | 2,193,833,000.00 | 2,809,760,244.87 | 122,965,009.77 | 254,890,988.43 | 2,431,904,246.67 |
| Accountsreceivable | 577,689,139.10 | 577,689,139.10 | 577,689,139.10 | ||
| Otherreceivables | 1,136,902,252.81 | 1,136,902,252.81 | 1,136,902,252.81 | ||
| Currentportionfor | 3,921,032.24 | 3,926,732.24 | 3,926,732.24 | ||
| othernon-currentliabilities | |||||
| Subtotal | 3,912,345,424.15 | 4,528,278,369.02 | 1,841,483,133.92 | 254,890,988.43 | 2,431,904,246.67 |
(Continued)
| Item | Beginningbalance | ||||
| Carryingvalue | Undiscountedcontractamount | Within1year | 1to3years | Over3years | |
| Bankloans | 1,000,000.00 | 1,061,292.12 | 53,826.41 | 1,007,465.71 | |
| Accountspayable | 435,350,850.19 | 435,350,850.19 | 435,350,850.19 | ||
| Otherpayables | 656,718,385.20 | 656,718,385.20 | 656,718,385.20 | ||
| Currentportionforothernon-currentliabilities | 1,669.10 | 1,669.10 | 1,669.10 | ||
| Subtotal | 1,093,070,904.49 | 1,093,132,196.61 | 1,092,124,730.90 | 1,007,465.71 | |
Note:RefertoNoteV-(44)forthedifferencebetweenthebeginningbalanceandendingbalanceinpriorperiod(31December2018)fordetails.(III)MarketRiskMarketriskmeansthefluctuationriskofthefairvalueoffinancialinstrumentsorthefuturecashflowduetomarketpricechanges.
1.InterestrateriskInterestrateriskmeansthefluctuationriskofthefairvalueoffinancialinstrumentsorthefuturecashflowduetochangesofmarketinterestrate.TheCompanyhasfacedtheinterestrateriskoffairvaluegeneratedfromthefinancialinstrumentwithinterestoffixedrate,andtheinterestrateriskofcashflowsgeneratedfromfinancialinstrumentwithinterestoffloatinginterestrate.TheCompanywilldeterminedtheproportionbetweenthefinancialinstrumentwithinterestoffixedrateandfloatinginterestrateaccordingtothemarketenvironment,aswellasreviewregularly,superviseandmaintainappropriateportfoliooffinancialinstrument.TheinterestrateriskofcashflowsfacingtheCompanyismainlyrelatedtothebankloanscalculatedbyfloatinginterestrateoftheCompany.Asof31December2019,undertheassumptionoffixedvariableswith50basispointschangedininterestrate,thebankloanwithRMB2,193,933,000.00(RMB1,000,000.00on31December2018)calculatedatfloatingratewillnotresultinsignificantinfluenceontotalprofitandshareholders’equityoftheCompany.
2.ForeignexchangeriskForeignexchangeratereferstotheriskthatmayleadtothechangesoffairvalueoffinancialinstrumentsorfuturecashflowsduetofluctuationinexchangerate.TheriskofchangesofexchangeratefacingtheCompanyismainlyrelatedtoforeigncurrencymonetaryassetsandliabilitiesoftheCompany.TheCompanyoperatesinmainlandChina,andthemainactivitiesarerecordedbyrenminbi.Thus,theforeignexchangemarketriskundertakenisinsignificantfortheCompany.RefertoNoteV-(V)2fortheinformationofforeigncurrencymonetaryassetsandliabilitiesattheperiod-endfor
details.XI.TheDisclosureofFairValue
1.EndingFairValueofAssetsandLiabilitiesatFairValue
Unit:RMB
| Item | Endingfairvalue | |||
| Fairvaluemeasurementitemsatlevel1 | Fairvaluemeasurementitemsatlevel2 | Fairvaluemeasurementitemsatlevel3 | Total | |
| I.Consistentfairvaluemeasurement | -- | -- | -- | -- |
| (III)Otherequityinstrumentinvestment | 1,580,475.86 | 1,580,475.86 | ||
| Totalamountofassetsatfairvalue | 1,580,475.86 | 1,580,475.86 | ||
| II.Inconsistentfairvaluemeasurement | -- | -- | -- | -- |
2.MarketPriceRecognitionBasisforConsistentandInconsistentFairValueMeasurementItemsatLevel
OtherequityinstrumentheldbytheCompanybelongstostocksoflistedcompany,ofwhichtheclosingpriceofstockexchangeon31December2019shallberegardedasthefairvalue.
3.ValuationTechniqueAdoptedandNatureandAmountDeterminationofImportantParametersforConsistentandInconsistentFairValueMeasurementItemsatLevel2
4.ValuationTechniqueAdoptedandNatureandAmountDeterminationofImportantParametersforConsistentandInconsistentFairValueMeasurementItemsatLevel3
5.SensitivenessAnalysisonUnobservableParametersandAdjustmentInformationbetweenBeginningandEndingCarryingValueofConsistentFairValueMeasurementItemsatLevel3
6.ExplaintheReasonforConversionandtheGoverningPolicywhentheConversionHappensifConversionHappensamongConsistentFairValueMeasurementItemsatDifferentLevels
7.ChangesintheValuationTechniqueintheCurrentPeriodandtheReasonforSuchChanges
8.FairValueofFinancialAssetsandLiabilitiesNotMeasuredatFairValue
9.Other
XII.RelatedPartyandRelated-partyTransactions
1.InformationRelatedtotheCompanyastheParentoftheCompany
| Name | Registrationplace | Natureofbusiness | Registeredcapital | ProportionofshareheldbytheCompanyastheparentagainsttheCompany(%) | ProportionofvotingrightsownedbytheCompanyastheparentagainsttheCompany(%) |
| ShenzhenInvestmentHoldingsCo.,Ltd. | Shenzhen | Managingstate-ownedassets | RMB25,349million | 63.82% | 63.82% |
Notes:InformationontheCompanyastheparentTheCompanyastheparentoftheCompanyisShenzhenInvestmentHoldingsCo.,Ltd.,anewly-establishedandorganizedstate-ownedcapitalinvestmentcompanybasedontheoriginalthreestate-ownedassetsmanagementcompaniesinOctober2004,amongwhichthemainfunctionistomanagethepartialmunicipalstate-ownedcompaniesaccordingtotheauthorizationofMunicipalSASAC.Asagovernmentdepartment,ShenzhenState-ownedAssetsSupervisionandAdministrationBureaumanagesShenzhenInvestmentHoldingsCo.,Ltd.onbehalfofPeople’sGovernmentofShenzhenMunicipality.ThefinalcontrolleroftheCompanyisShenzhenState-ownedAssetsSupervisionandAdministrationCommitteeofShenzhenGovernment.Othernotes:
2.SubsidiariesoftheCompany
RefertoNoteIX-(I)EquityinSignificantSubsidiaryfordetails.
3.InformationontheJointVenturesandAssociatedEnterprisesoftheCompany
RefertoNoteIX-3fordetailsaboutsignificantjointventuresorassociatedenterprises.Informationonotherjointventureorassociatedenterpriseofoccurringrelated-partytransactionswiththeCompanyinReportingPeriod,orformingbalanceduetorelated-partytransactionsmadeinpreviousperiod:
| Name | RelationshipwiththeCompany |
Othernotes
4.InformationonOtherRelatedParties
| Name | RelationshipwiththeCompany |
| ShenzhenInvestmentHoldingsCo.,Ltd. | Wholly-ownedsubsidiaryoftheCompanyastheparentoftheCompany |
| ShenzhenBayTechnologyDevelopmentCo.,Ltd. | Wholly-ownedsubsidiaryoftheCompanyastheparentoftheCompany |
| ShenzhenXinhaiholdingCo.,Ltd. | TheCompanyastheparentofXinhaiRongyaoofsubsidiaryRongyaoRealEstatebynon-controllinginterests |
| ShenzhenXinhaiRongyaoRealEstateDevelopmentCo.,Ltd. | SubsidiaryRongyaoRealEstatebynon-controllinginterests |
| ShenzhenHi-techZoneDevelopmentConstructionCo.,Ltd | Wholly-ownedsubsidiaryofShenzhenBayTechnologyDevelopmentCo.,Ltd. |
| ShenzhenRealEstateJifaWarehousingCo.,Ltd. | JointventureoftheCompany |
| ShenzhenTian’anInternationalMansionPropertyAdministrationCo.,Ltd. | JointventureoftheCompany |
| ShenzhenWufangCeramicsIndustrialCo.,Ltd. | AssociatedenterpriseoftheCompany |
Othernotes
5.ListofConnectedTransactions
(1)InformationonAcquisitionofGoodsandReceptionofLaborServiceInformationonacquisitionofgoodsandreceptionoflaborservice
Unit:RMB
| Relatedparty | Content | ReportingPeriod | Theapprovaltradecredit | Whetherexceedtradecreditornot | Sameperiodoflastyear |
Informationofsalesofgoodsandprovisionoflaborservice
Unit:RMB
| Relatedparty | Content | ReportingPeriod | Sameperiodoflastyear |
| ShenzhenBayTechnologyDevelopmentCo.,Ltd | Propertymanagement | 30,371,848.90 | 48,262,643.06 |
| ShenzhenHi-techZoneDevelopmentConstructionCo.,Ltd. | Propertymanagement | 1,420,903.83 | 526,391.41 |
Notesonacquisitionofgoodsandreceptionoflaborservice
(2)InformationonRelated-partyTrusteeship/Contract
Listsoftrusteeship/contract:
Unit:RMB
| Nameoftheentruster/contractee | Nameoftheentrustee/contractor | Type | Startdate | Duedate | Pricingbasis | IncomerecognizedinthisReportingPeriod |
| ShenzhenShentouPropertyDevelopmentCo.,Ltd. | ShenzhenToukongPropertyManagementCo.,Ltd. | Investmentproperty | 6November2019 | 5November2025 | Marketpricing | 4,552,437.91 |
Notes:
Listsofentrust/contractee
Unit:RMB
| Nameoftheentruster/contractee | Nameoftheentrustee/contractor | Type | Startdate | Duedate | Pricingbasis | ChargerecognizedinthisReportingPeriod |
Notes:
(3)InformationonRelated-partyLeaseTheCompanywaslessor:
Unit:RMB
| Nameoflessee | Categoryofleasedassets | TheleaseincomeconfirmedintheReportingPeriod | TheleaseincomeconfirmedintheSameperiodoflastyear |
| ShenzhenShentouPropertyDevelopmentCo.,Ltd. | Investmentproperty | 373,194.96 | 365,868.00 |
TheCompanywaslessee:
Unit:RMB
| Nameoflessor | Categoryofleasedassets | TheleasefeeconfirmedintheReportingPeriod | TheleasefeeconfirmedintheSameperiodoflastyear |
Notes:
(4)InformationonRelated-partyGuaranteeTheCompanywasguarantor:
Unit:RMB
| Securedparty | Guaranteeamount | Startdate | Enddate | Executionaccomplishedornot |
TheCompanywassecuredparty
Unit:RMB
| Guarantor: | Guaranteeamount | Startdate | Enddate | Executionaccomplishedornot |
Notes:
(5)InformationonInter-bankLendingofCapitalofRelatedParties
Unit:RMB
| Relatedparty | Amount | Startdate | Enddate | Note |
| Borrowing | ||||
| ShenzhenRealEstateJifaWarehousingCo.,Ltd. | 6,500,000.00 | 22July2019 | Nospecificrepaymentperiod | |
| Lending | ||||
| ShenzhenXinhaiHoldingCo.,Ltd. | 551,499,990.18 | 31July2018 | In2019,theCompanyacquired69%equityofShenzhenRongyaoRealEstateDevelopmentco.,ltd(hereinafterreferredtoas“RongyaoRealEstate”)throughbusinesscombinationunderdifferentcontrol.Onthedayofmergerandacquisition,ShenzhenRongyaoRealEstateDevelopmentCo.,Ltd.ShallreceivedatotalofRMB1,390.6049millionfromtheformercontrollingshareholderShenzhenXinhaiRongyaoRealEstateDevelopmentCo.,Ltd.(hereinafterreferredtoas“XinhaiRongyao”)andtheparentcompanyShenzhenXinhaiHoldingsCo.,Ltd.(hereinafterreferredtoas“XinhaiHoldings”).Forthistransaction,ShenZhenProperties&ResourcesDevelopment(Group)Ltd.hasmaderepaymentarrangementswithrelevantpartiesandsignedrelevantrepaymentagreement,whichstipulatesthatXinhaiRongyaoandXinhaiHoldingwillpaytheabovementioneddebtswiththebalanceofequitytransferfundofRMB408million.AsfortherepaymentplanwiththeremainingbalanceofRMB982.6049million:inthefirststage,RMB100millionshallberepaidduringthedemolitionoftheproject; |
| ShenzhenXinhaiRongyaoRealEstateDevelopmentCo.,Ltd. | 330,472,932.33 | 22June2018 | Thesame |
(6)InformationonAssetsTransferandDebtRestructuringbyRelatedParty
Unit:RMB
| Relatedparty | Content | Reportingperiod | Sameperiodoflastyear |
(7)InformationonRemunerationforKeyManagementPersonnel
Unit:RMB
| Item | Reportingperiod | Sameperiodoflastyear |
| Remunerationforkeymanagementpersonnel | 11,861,114.20 | 9,764,725.59 |
(8)OtherRelated-partyTransactions
ProjectsInvestmentStatusofCoreStaffToadvocatethecorestaffofthegrouptosharetheoperatingresultsofmarket-orientedprojectswiththeCompany,sharetheoperatingrisks,stimulatetheirendogenouspowertoimproveefficiencyandincreasebenefits,furtherimprovetheprojectturnoverrate,reducetherisksoflandacquisition,developmentandoperation,improvetheassetmanagementefficiencyandtorealizethemaintenanceandappreciationofstate-ownedassets,throughthestandardizedandscientificdesignofinvestmentfollow-upmechanismandtheestablishmentofthegroup'slong-termincentiveandrestraintmechanism,theCompanyhasformulatedtheStaffFollow-upInvestmentManagementMeasures.Accordingtotheabovemanagementmeasures,follow-upinvestmentmatterswillformrelatedtransactionsofthejointinvestmentwithsomecorestaffoftheCompany.Asof31December2019,thecorestaffoftheCompanyhascontributedatotalofoneitemwithinthescopeoftheconsolidatedstatementoffollow-upinvestmentthroughcash.Theactualinvestmentoffollow-upinvestmentisRMB40million.Thereisnoaccumulatedback-upfund.Thefollow-upinvestmentoftheitemisasfollows:
| Item | Totalamount | Accumulativereturn |
| Banglingurbanrenewalproject(Note) | 40,000,000.00 |
Note:BanglingurbanrenewalprojectbelongstotheurbanrenewalprojectofShenzhenRongyaoRealEstateDevelopmentCo.,Ltd.,thesubsidiaryoftheCompany,locatedatGuihuaRoad,LonghuaDistrict,Shenzhen.Theprojectisintheearlystageofdemolitioncurrently,andafterthedemolition,thedevelopmentconstructionlandwillbeexpectedtocover68,400squaremeterswithcapacitybuildingareaof434,600squaremetersaswellasRMB6,433millionintheexpectedtotalinvestmentoftheproject.
6.AccountsReceivableandPayableofRelatedParty
(1)AccountsReceivable
Unit:RMB
| Item | Relatedparty | Endingbalance | Beginningbalance |
| Carryingamount | Baddebtprovision | Carryingamount | Baddebtprovision | ||
| Accountsreceivable | ShenzhenBayTechnologyDevelopmentCo.,Ltd. | 93,790,305.70 | 4,689,515.29 | 54,061,752.12 | 2,703,087.61 |
| ShenzhenHi-techZoneDevelopmentConstructionCo.,Ltd. | 1,045,589.81 | 31,367.69 | 669,862.82 | 20,095.88 | |
| Subtotal | 94,835,895.51 | 4,720,882.98 | 54,731,614.94 | 2,723,183.49 | |
| Otherreceivables | ShenzhenXinhaiHoldingCo.,Ltd. | 551,499,990.18 | 1,057,899,990.18 | ||
| ShenzhenXinhaiRongyaoRealEstateDevelopmentCo.,Ltd. | 330,472,932.33 | 332,072,932.33 | |||
| ShenzhenHi-techZoneDevelopmentConstructionCo.,Ltd. | 138,689.46 | 69,344.73 | 281,062.74 | 84,318.82 | |
| ShenzhenWufangCeramicsIndustrialCo.,Ltd. | 1,747,264.25 | 1,747,264.25 | 1,747,264.25 | 1,747,264.25 | |
| Subtotal | 883,858,876.22 | 1,816,608.98 | 1,392,001,249.50 | 1,831,583.07 |
(2)AccountsPayable
Unit:RMB
| Item | Relatedparty | Endingcarryingamount | Beginningcarryingamount |
| Otherpayables | ShenzhenRealEstateJifaWarehousingCo.,Ltd. | 35,796,665.14 | 29,296,665.14 |
| ShenzhenTian’anInternationalMansionPropertyAdministrationCo.,Ltd. | 5,214,345.90 | 5,214,345.90 | |
| Subtotal | 41,011,011.04 | 34,511,011.04 |
7.CommitmentsofRelatedParty
8.OtherXIII.StockPayment
1.TheOverallSituationofStockPayment
□Applicable□Notapplicable
2.TheStockPaymentSettledinEquity
□Applicable□Notapplicable
3.TheStockPaymentSettledinCash
□Applicable□Notapplicable
4.ModificationandTerminationoftheStockPayment
5.OtherXIV.CommitmentsandContingency
1.SignificantCommitmentsSignificantContingencyonBalanceSheetDate
1.Largeamountcontractsignedunderperformanceorperformancepreparation
| Item | Reportingperiod | Sameperiodoflastyear |
| Signedbutderecognizedinfinancialstatements | ||
| —Largeamountcontract | 145,501,513.44 | 11,355,909.38 |
2.Contingency
(1)SignificantContingencyonBalanceSheetDate
1)Contingentliabilitiesformedbypendingactionandfinancialinfluence
①TheactionabouttransferringJiabinBuildingcontentiousmatterIn1993,theCompanysignedRightofDevelopmentTransferContractofJiabinBuildingwithShenzhenJiyongPropertyDevelopmentCo.,Ltd.(hereinafterreferredtoas“JiyongCompany”).Sincethecontractwasnoteffectivelyexecuted,theCompanysubsequentlyfiledaseriesoflawsuitsagainstthepartiesinvolvedintheproject,buttheoutcomewasnotfavorabletotheCompany.Therefore,theCompanycalculatedandwithdrewbad-debtprovisionsforaccountsreceivablefromJiyongCompanyinfullinpastyearsforthetransferofJiabinBuilding.OnOctober31,2018,ShenzhenIntermediatePeople’sCourtmadeacivilawardandruledthattheCompany’sapplicationforthebankruptcyofJiyongCompanywouldnotbeaccepted.TheCompanyrefusedtoacceptsuch
rulingandhasappealedtoShenzhenIntermediatePeople’sCourt.Asoftheissuancedateofthereport,thereisnonewprogressinthecase.②LawsuititemsregardingdisputesoverenvironmentalpollutionliabilityofFuchangBuildingPhaseIIOn24May2019,theFutianDistrictIndemnificatoryTalentHousingProject“Fuhuihuayuan,FuchangBuildingPhaseII”developedbytheCompanyofficiallystarted.TheplaintiffsFengShuipingandother180peoplefiledacivillawsuitagainsttheCompanyandtheSecondConstructionEngineeringCo.,Ltd.ofChinaConstructionThirdEngineeringBureauCo.,Ltd.(hereinafterreferredtoas“TheThirdConstructionBureau”).TheplaintiffsclaimedtheamountofpersonalinjurycompensationatthestandardofRMB300perdayduringtheconstructionperiodandthetotalamountofthesubjectmatterinvolvedintheseriesofcaseswasRMB8.154million.Thecourtinitiallyfixedthecourtdateas10December2019,whileanotherdefendant,TheThirdConstructionBureaufiledajurisdictionalobjectionwiththecourt.Theoriginalcourtdatedecidedbythecourtofthefirstinstancewaspostponed.Asoftheissuancedateofthereport,thenoticeofthecourtdatehasnotbeenreceivedfromthecourtofthefirstinstance.Asthecourtdecisionhasnotyetbeenobtained,theCompanyhasnotaccruedtheestimatedliabilitiesfortheabovecases.\③LawsuititemsregardingLvxinyuanCompanycontractdisputeOn23October2018,ShenzhenHuazhengpengPropertyManagementDevelopmentCo.,Ltd.(hereinafterreferredtoas“Huazhengpeng”),asubsidiaryoftheCompany,wassuedbytheplaintiffShenzhenLvxinyuanAgriculturalProductsCo.,Ltd.(hereinafterreferredtoasLvxinyuan)foradisputeoverthesalescontract.On11March2019,thecourtruledthatHuazhengpenghadtopayLvxinyuangoodpaymentsandtheinterestaltogetherRMB593,579.23,andthebankaccountbalanceunderHuazhengpeng'snamewasdeductedRMB111,545.36duringtheenforcementprocessbythecourt,andtheaccountofHuazhengpengCompanywasfrozen,atthispoint,therearenoexecutableassetsunderHuazhengpeng'sname.Thisyear,HuazhengpengaccruedanestimatedliabilityofRMB482,033.87accordingtothecompensationamounttobepaid.④LawsuititemsregardingCaiXuesen'scontractdisputeOn10August2005,ShenzhenTaixinliPropertyManagementCo.,Ltd.(hereinafterreferredtoas“Taixinli”),asubsidiaryoftheCompany,leasedtwolandslocatedbesideoriginalSonggangtollstationofnationalhighway107toCaiXuesen(naturalperson)fortheconstructionofafactorybuilding.Duetothelandcanonlybeusedforeducation,CaiXuesenwasunabletoobtainaworkpermit.Therefore,on30June2008,CaiXuesenfiledalawsuittothecourtonthegroundthatTaixinlideliberatelyconcealedthefactthattheyhadnolanduseright,andmadehimimpossibletostartconstructionattheagreedtime.On13January2019,ShenzhenIntermediatePeople’sCourtmadeafinaljudgmentonthecase,demandingTaixinlitorepayCaiXuesen’slossesaltogetherRMB749,398.00.TheCompanyhasfullyaccruedtheestimatedliabilitiesfortheaboveamount.⑤LawsuititemsregardingLubanhang’scontractdisputesOn23July2014,ShenzhenTaixinliPropertyManagementCo.,Ltd.(hereinafterreferredtoas“Taixinli”),asubsidiaryoftheCompany,signedSupervisionServiceContractwithGuangdongLubanhangTechnologyCo.,Ltd.(hereinafterreferredtoas“Lubanhang”)regardingYupinLuanshanproject.Theprojectwassuspendedin2016forsomereason,soLubanhangfiledalawsuitwithShenzhenBao’anDistrictPeople'sCourton31March2019,requiredtodissolvetheSupervisionServiceContractandpaysupervisionservicefeesandinterest,etcaltogetherRMB7,063,237.32,andproposedtothecourtforpropertypreservationandfreezethetotalamountofRMB7,063,237.32intheaccountofTaixinliCompany.On5November2019,thecourtruledinthefirstinstancethatTaixinlishouldpaypartofthesupervisionservicefeesandcorrespondinginterestaccordingtothefaultliability.Accordingly,theCompanyhasaccruedtheestimatedliabilityofRMB1,671,896.00accordingtothejudgmentresultofthecourt.
2)Contingentliabilitiesformedbydebtguaranteeprovidedforotherunitsandfinancialinfluence
①Asarealestatedeveloper,theCompanyhasprovidedmortgageguaranteesforcommercialhousingpurchasersandpaidloanguaranteesaccordingtorealestatebusinesspractices.Asof31December2019,thebalanceofthecashdepositthathavenotbeenreleasedisRMB1,117,507.63.Thatguaranteewillbereleasedonthedatewhenthemortgagemoneyispaidoff.②TheCompanyanditssubsidiariesprovidemortgageguaranteesforcommercialhousingpurchasersaccordingtotherealestatebusinesspractice.Thepurchaserusesthepurchasedcommercialhousingascollateral.Theguaranteeamountthathasnotbeensettledasof31December2019isRMB1,812,240,875.59andsincesofar,purchasershavenotdefaulted,andthecurrentmarketpriceof
thesepropertiesishigherthanthesellingprice,theCompanybelievesthattherisksassociatedwithprovidingsuchguaranteesarerelativelylow.
(2)InDespiteofnoSignificantContingencytoDisclose,theCompanyShallAlsoMakeRelevantStatementsTherewasnosignificantcontingencyintheCompany.
3.Other
XV.EventsafterBalanceSheetDate
1.SignificantNon-adjustedEvents
Unit:RMB
| Item | Content | Influencenumbertothefinancialpositionandoperatingresults | Reasonofinabilitytoestimateinfluencenumber |
2.ProfitDistribution
Unit:RMB
| Profitsordividendsplannedtodistribute | 214,552,473.12 |
| Reviewedandapprovedprofitsordividendsdeclaredtodistribute | 214,552,473.12 |
3.SalesReturn
4.NotestoOtherEventsafterBalanceSheetDateXVI.OtherSignificantEvents
1.TheAccountingErrorsCorrectioninPreviousPeriod
(1)RetrospectiveRestatement
Unit:RMB
| Content | Processingprogram | Nameoftheinfluencedreportitemsduringcomparisonperiod | Accumulativeimpact |
(2)ProspectiveApplication
| Content | Processingprogram | Reasonforadoptingprospectiveapplication |
2.DebtRestructuring
Notapplicable
3.AssetsReplacement
(1)Non-monetaryAssetsExchangeNotapplicable
(2)OtherAssetsReplacementNotapplicable
4.PensionPlansNotapplicable
5.DiscontinuedOperations
Unit:RMB
| Item | Income | Expense | Totalprofit | Incometaxexpense | Netprofit | ProfitfromdiscontinuedoperationsattributabletoownersoftheCompanyastheparent |
| ShenzhenHefengPropertyManagementCo.,Ltd. | 0.00 | 928,469.09 | 68,776.81 | 0.00 | 68,776.81 | 68,776.81 |
Othernotes
6.SegmentInformation
(1)DeterminationBasisandAccountingPoliciesofReportableSegmentThefactorsconsideredtodeterminethereportablesegmentInaccordancewiththeinternalorganizationstructure,managementrequirementsandinternalreportsystem,theCompanyidentifiedthereportablesegmentsbasedontheproductsegmentandassessedtheoperationalperformanceofivorybusiness,printingbusinessandlatexbusiness.Theassetsandliabilitiessharingwithothersegmentsshallbeproportionallydistributedamongsegmentsbyscales.
(2)TheFinancialInformationofReportableSegment
Unit:RMB
| Item | Realestate | Propertymanagement | Cateringservice | Others | Offsetamongsegment | Total |
| Mainoperationrevenue | 2,733,576,693.98 | 1,149,248,827.13 | 25,233,345.26 | 6,164,659.54 | -35,409,739.92 | 3,878,813,785.99 |
| Mainoperationcost | 487,948,623.15 | 944,077,821.52 | 23,764,400.05 | 3,335,375.68 | -46,906,089.99 | 1,412,220,130.41 |
| Totalassets | 14,198,271,884.51 | 1,518,565,388.80 | 3,858,917.20 | 2,265,195.50 | -4,950,469,645.48 | 10,772,491,740.53 |
| Totalliabilities | 11,419,730,032.77 | 1,081,903,366.20 | 3,048,272.47 | 3,322,033.01 | -5,002,079,265.11 | 7,505,924,439.34 |
(3)IfthereWasnoReportableSegment,ortheTotalAmountofAssetsandLiabilitiesofEachReportableSegmentCouldnotBeReported,RelevantReasonsShallBeClearlyStated
(4)Othernotes
7.OtherSignificantTransactionsandEventswithInfluenceonInvestors’Decision-making
8.OtherXVII.NotesofMainItemsintheFinancialStatementsoftheCompanyastheParent
1.NotesReceivableandAccountsReceivable
(1)AccountsReceivableDisclosedbyCategory
Unit:RMB
| Category | Endingbalance | Beginningbalance | ||||||||
| Carryingamount | Baddebtprovision | Carryingvalue | Carryingamount | Baddebtprovision | Carryingvalue | |||||
| Amount | Proportion | Amount | Withdrawalproportion | Amount | Proportion | Amount | Withdrawalproportion | |||
| Accountsreceivableforwhichbaddebtprovisionseparatelyaccrued | 96,702,269.40 | 99.16% | 96,702,269.40 | 100.00% | 0.00 | 96,702,269.40 | 99.16% | 96,702,269.40 | 100.00% | |
| Ofwhich: | ||||||||||
| Accountsreceivablewithdrawalofbaddebtprovisionbygroup | 820,241.30 | 0.84% | 64,309.16 | 7.84% | 755,932.14 | 1,940,446.37 | 1.97% | 86,951.65 | 4.48% | 1,853,494.72 |
| Ofwhich: | ||||||||||
| Total | 97,522,510.70 | 100.00% | 96,766,578.56 | 99.22% | 755,932.14 | 98,642,715.77 | 100.00% | 96,789,221.05 | 98.12% | 1,853,494.72 |
Accountsreceivableforwhichbaddebtprovisionseparatelyaccrued:
Unit:RMB
| Name | Endingbalance | |||
| Carryingamount | Baddebtprovision | Withdrawalproportion | Reasonforwithdrawal | |
| ShenzhenJiyongProperties&ResourcesDevelopmentCompany | 93,811,328.05 | 93,811,328.05 | 100.00% | Involvedinlawsuitandwithnoexecutableproperty |
| ShenzhenTeweiIndustrialCo.,Ltd. | 2,836,561.00 | 2,836,561.00 | 100.00% | Longagingandexpectedunrecoverable |
| LuohuDistrictEconomicDevelopmentCompany | 54,380.35 | 54,380.35 | 100.00% | Longagingandexpectedunrecoverable |
| Total | 96,702,269.40 | 96,702,269.40 | -- | -- |
Accountsreceivableforwhichbaddebtprovisionseparatelyaccrued:RMB96,702,269.40
Unit:RMB
| Name | Endingbalance | |||
| Carryingamount | Baddebtprovision | Withdrawalproportion | Reasonforwithdrawal | |
Accountsreceivableforwhichbaddebtprovisionseparatelyaccrued:
Unit:RMB
| Name | Endingbalance | |||
| Carryingamount | Baddebtprovision | Withdrawalproportion | Reasonforwithdrawal | |
Withdrawalofbaddebtprovisionbygroup:RMB64,309.16
Unit:RMB
| Name | Endingbalance | ||
| Carryingamount | Baddebtprovision | Withdrawalproportion | |
| Portfolioofcreditriskfeatures | 820,241.30 | 64,309.16 | 7.84% |
Notestothedeterminationbasisforthegroup:
Fordetails,pleaserefertoPartXFinancialStatement-V-10.Withdrawalofbaddebtprovisionbygroup:
Unit:RMB
| Name | Endingbalance |
| Carryingamount | Baddebtprovision | Withdrawalproportion | |
| Within1year | 253,070.99 | 7,592.13 | 3.00% |
| 1to2years | 567,170.31 | 56,717.03 | 10.00% |
| Total | 820,241.30 | 64,309.16 | -- |
Notestothedeterminationbasisforthegroup:
Withdrawalofbaddebtprovisionbygroup:
Unit:RMB
| Name | Endingbalance | ||
| Carryingamount | Baddebtprovision | Withdrawalproportion | |
Notestothedeterminationbasisforthegroup:
Pleaserefertotherelevantinformationofdisclosureofbaddebtprovisionofotheraccountsreceivableifadoptingthegeneralmodeofexpectedcreditlosstowithdrawbaddebtprovisionofaccountsreceivable.
□Applicable√NotapplicableDisclosedbyaging
Unit:RMB
| Aging | Endingbalance |
| Within1year(including1year) | 253,070.99 |
| 1to2years | 567,170.31 |
| Over3years | 96,702,269.40 |
| Over5years | 96,702,269.40 |
| Total | 97,522,510.70 |
(2)BadDebtProvisionWithdrawal,ReversedorRecoveredintheReportingPeriod
BadDebtProvisionWithdrawn,ReversedorRecoveredintheReportingPeriod:
Unit:RMB
| Category | Beginningbalance | ChangesintheReportingPeriod | Endingbalance | ||
| Withdrawal | Reversalorrecovery | Write-off | |||
| Baddebtprovisionwithdrawnseparately | 96,702,269.40 | 96,702,269.40 | |||
| Baddebtprovisionwithdrawnbygroup | 86,951.65 | 22,642.49 | 64,309.16 | ||
| Total | 96,789,221.05 | 22,642.49 | 96,766,578.56 | ||
Ofwhichsignificantamountofreversedorrecoveredbaddebtprovision:
Unit:RMB
| Nameofentity | Amountreversedorrecovered | Wayofrecovery |
(3)AccountsReceivablewithActualVerificationduringtheReportingPeriod
Unit:RMB
| Item | Amountverified |
Ofwhichtheverificationofsignificantotheraccountsreceivable:
Unit:RMB
| Nameofentity | Nature | Amountverified | Reasonforverification | Verificationproceduresperformed | Whethergeneratedfromconnectedtransactions |
Notestoverificationofaccountsreceivable:
(4)Top5oftheEndingBalanceoftheAccountsReceivableCollectedaccordingtoArrearsParty
Unit:RMB
| Nameofentity | Endingbalanceofaccountsreceivable | Proportiontothetotalendingbalanceofaccountsreceivable(%) | Endingbalanceofbaddebtprovision |
| ShenzhenJiyongProperties&ResourcesDevelopmentCompany | 93,811,328.05 | 96.19% | 93,811,328.05 |
| ShenzhenTeweiIndustryCo.,Ltd. | 2,836,561.00 | 2.91% | 2,836,561.00 |
| ShenzhenRainbowDepartmentStoreCo.,Ltd. | 567,170.31 | 0.58% | 567,170.31 |
| ShenzhenGarwonRestaurantChainsCo.,Ltd. | 90,956.00 | 0.09% | 2,728.68 |
| LuohuDistrictEconomicDevelopmentCompany | 54,380.35 | 0.06% | 54,380.35 |
| Total | 97,360,395.71 | 99.83% |
(5)AccountsReceivableDerecognizedduetotheTransferofFinancialAssets
(6)TheAmountofAssetsandLiabilitiesGeneratedfromtheTransferandtheContinuedInvolvementofAccountsReceivableOthernotes:
2.OtherAccountsReceivable
Unit:RMB
| Item | Endingbalance | Beginningbalance |
| Otheraccountsreceivable | 501,082,153.81 | 1,298,486,323.35 |
| Total | 501,082,153.81 | 1,298,486,323.35 |
(1)InterestReceivable
1)CategoryofInterestReceivable
Unit:RMB
| Item | Endingbalance | Beginningbalance |
2)SignificantOverdueInterest
| Entity | Endingbalance | Overduetime | Overduereason | Whetheroccurredimpairmentanditsjudgmentbasis |
Othernotes:
3)InformationofWithdrawalofBadDebtProvision
□Applicable√Notapplicable
(2)DividendReceivable
1)CategoryofDividendReceivable
Unit:RMB
| Item(orinvestees) | Endingbalance | Beginningbalance |
2)SignificantDividendsReceivableAgingover1Year
Unit:RMB
| Item(orinvestees) | Endingbalance | Aging | Reason | Whetheroccurredimpairmentanditsjudgmentbasis |
3)InformationofWithdrawalofBadDebtProvision
□Applicable√NotapplicableOthernotes:
(3)OtherReceivables
1)OtherReceivablesDisclosedbyAccountNature
Unit:RMB
| Nature | Endingcarryingamount | Beginningcarryingamount |
| Guaranteedeposit | 2,139,511.80 | 2,218,894.63 |
| Pettycash | 174,311.00 | |
| Paymentonbehalf | 16,557.82 | 511,835.47 |
| Externalintercoursefunds | 23,164,046.99 | 23,110,568.22 |
| Intercoursefundstosubsidiary | 508,280,508.64 | 1,305,603,603.25 |
| Total | 533,600,625.25 | 1,331,619,212.57 |
2)InformationofWithdrawalofBadDebtProvision
Unit:RMB
| Baddebtprovision | Firststage | Secondstage | Thirdstage | Total |
| Expectedcreditlossofthenext12months | Expectedlossintheduration(creditimpairmentnotoccurred) | Expectedlossintheduration(creditimpairmentoccurred) | ||
| Balanceof1January2019 | 33,132,889.22 | 33,132,889.22 | ||
| Balanceof1January2019inthecurrentperiod | —— | —— | —— | —— |
| Reversalofthecurrentperiod | 614,417.78 | 614,417.78 | ||
| Balanceof31December2019 | 32,518,471.44 | 32,518,471.44 |
ChangesofcarryingamountwithsignificantamountchangedoflossprovisionintheReportingPeriod
□Applicable√NotapplicableDisclosurebyaging
Unit:RMB
| Aging | Endingbalance |
| Within1years(including1year) | 10,420,103.68 |
| 1to2years | 6,685,717.35 |
| 2to3years | 281,704,128.54 |
| Over3years | 234,790,675.68 |
| 3to4years | 42,409,836.60 |
| 4to5years | 5,644,887.62 |
| Over5years | 186,735,951.46 |
| Total | 533,600,625.25 |
3)BadDebtProvisionWithdrawn,ReversedorRecoveredintheReportingPeriodInformationofbaddebtprovisionwithdrawn:
Unit:RMB
| Category | Beginningbalance | ChangesintheReportingPeriod | Endingbalance | ||
| Withdrawal | Reversalorrecovery | Write-off | |||
| Baddebtprovision | 33,132,889.22 | 614,417.78 | 32,518,471.44 | ||
| Total | 33,132,889.22 | 614,417.78 | 32,518,471.44 | ||
OfwhichthebaddebtprovisionreversedorrecoveredwithsignificantamountduringtheReportingPeriod:
Unit:RMB
| Nameofentity | Amountreversedorrecovered | Wayofrecovery |
4)ParticularsoftheActualVerificationofOtherReceivablesduringtheReportingPeriod
Unit:RMB
| Item | Amount |
Ofwhichtheverificationofsignificantotherreceivables:
Unit:RMB
| Nameoftheentity | Nature | Amount | Reason | Procedure | Whetheroccurredbecauseofrelated-partytransactions |
Notestotheverificationofotherreceivables:
5)Top5oftheEndingBalanceofOtherReceivablesCollectedaccordingtotheArrearsParty
Unit:RMB
| Nameoftheentity | Nature | Endingbalance | Aging | Proportiontoendingbalanceoftotalotherreceivables% | Endingbalanceofbaddebtprovision |
| SZPRDXuzhouDapengRealEstateDevelopmentCo.,Ltd. | Intercoursefundstosubsidiary | 222,088,221.77 | 1to3years | 38.18% | |
| ShumYipPropertiesDevelopmentLimited | Intercoursefundstosubsidiary | 109,963,975.18 | Over5years | 18.91% | 7,266,277.17 |
| ShenzhenHuangchengPropertyManagementCo.,Ltd. | Intercoursefundstosubsidiary | 66,865,906.77 | 2to3years | 11.49% | |
| SZPRDYangzhouRealEstateDevelopmentCo.,Ltd. | Intercoursefundstosubsidiary | 42,409,836.60 | 3to4years | 7.29% |
| ShanghaiYutongRealEstateCo.,Ltd. | Externalintercoursefunds | 5,676,000.00 | Over5years | 0.98% | 5,676,000.00 |
| Total | -- | 447,003,940.32 | -- | 76.84% | 12,942,277.17 |
6)AccountsReceivableInvolvingGovernmentSubsidies
Unit:RMB
| Nameoftheentity | Projectofgovernmentsubsidies | Endingbalance | Endingaging | Estimatedrecoveringtime,amountandbasis |
7)DerecognitionofOtherReceivablesduetotheTransferofFinancialAssets
8)TheAmountoftheAssetsandLiabilitiesFormedduetotheTransferandtheContinuedInvolvementofOtherReceivablesOthernotes:
3.Long-termEquityInvestment
Unit:RMB
| Item | Endingbalance | Beginningbalance | ||||
| Carryingamount | Depreciationreserve | Carryingvalue | Carryingamount | Depreciationreserve | Carryingvalue | |
| Investmenttosubsidiaries | 1,095,429,880.39 | 69,964,000.00 | 1,025,465,880.39 | 269,466,672.93 | 69,964,000.00 | 199,502,672.93 |
| Investmenttojointventuresandassociatedenterprises | 64,059,736.86 | 18,983,614.14 | 45,076,122.72 | 58,982,897.38 | 18,983,614.14 | 39,999,283.24 |
| Total | 1,159,489,617.25 | 88,947,614.14 | 1,070,542,003.11 | 328,449,570.31 | 88,947,614.14 | 239,501,956.17 |
(1)InvestmenttoSubsidiaries
Unit:RMB
| Investee | Beginningbalance(carryingvalue) | Increase/decrease | Endingbalance(carryingvalue) | Endingbalanceofdepreciationreserve | |||
| Additionalinvestment | Reducedinvestment | Depreciationreservewithdrawn | Other | ||||
| ShenzhenHuangchengRealEstateCo.,Ltd. | 35,552,671.93 | 35,552,671.93 | ||
| SZPRDRealEstateDevelopmentCo.,Ltd. | 30,950,000.00 | 30,950,000.00 | ||
| SZPRDYangzhouRealEstateDevelopmentCo.,Ltd. | 50,000,000.00 | 50,000,000.00 | ||
| DongguanITCChangshengRealEstateDevelopmentCo.,Ltd. | 20,000,000.00 | 20,000,000.00 | ||
| ShenzhenInternationalTradeCenterPropertyManagementCo.,Ltd. | 20,000,000.00 | 20,000,000.00 | ||
| ShenzhenInternationalTradeCenterCateringCo.,Ltd. | 1.00 | 1.00 | 1,600,000.00 | |
| ShenzhenPropertyConstructionSupervisionCo.,Ltd. | 3,000,000.00 | 3,000,000.00 | ||
| SZPRDHousingAssetsOperationandManagementCo.,Ltd. | 40,000,000.00 | 40,000,000.00 |
| ZhanjiangShenzhenRealEstateDevelopmentCo.,Ltd. | 0.00 | 0.00 | 2,530,000.00 | ||
| ShumYipPropertiesDevelopmentCo.,Ltd. | 0.00 | 0.00 | 15,834,000.00 | ||
| SZPRDXuzhouDapengRealEstateDevelopmentCo.,Ltd. | 0.00 | 0.00 | 50,000,000.00 | ||
| ShenzhenRongyaoRealEstateDevelopmentCo.,Ltd. | 508,000,000.00 | 508,000,000.00 | |||
| ShenzhenToukongPropertyManagementCo.,Ltd. | 317,963,207.46 | 317,963,207.46 | |||
| Total | 199,502,672.93 | 825,963,207.46 | 1,025,465,880.39 | 69,964,000.00 |
(2)InvestmenttoJointVenturesandAssociatedEnterprises
Unit:RMB
| Investee | Beginningbalance(carryingvalue) | Increase/decrease | Endingbalance(carryingvalue) | Endingbalanceofdepreciationreserve | |||||||
| Additionalinvestment | Reducedinvestment | Gainsandlossesrecognizedundertheequitymethod | Adjustmentofothercomprehensiveincome | Changesofotherequity | Cashbonusorprofitsannouncedtoissue | Withdrawalofimpairmentprovision | Other | ||||
| I.Jointventures | |||||||||||
| ShenzhenRealEstateJifaWarehousingCo.,Ltd. | 34,103,840.40 | 4,510,931.26 | 38,614,771.66 | |||
| Tian’anInternationalBuildingPropertyManagementCompanyofShenzhen | 5,895,442.84 | 565,908.22 | 6,461,351.06 | |||
| Subtotal | 39,999,283.24 | 5,076,839.48 | 45,076,122.72 | |||
| II.Associatedenterprises | ||||||
| ShenzhenWufangCeramicsIndustrialCo.,Ltd. | 18,983,614.14 | |||||
| Subtotal | 18,983,614.14 | |||||
| Total | 39,999,283.24 | 5,076,839.48 | 45,076,122.72 | 18,983,614.14 | ||
(3)OtherNotes
4.OperatingRevenueandCostofSales
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear | ||
| Operatingrevenue | Costofsales | Operatingrevenue | Costofsales | |
| Mainoperations | 393,330,909.38 | 60,386,026.23 | 1,279,701,193.52 | 224,508,410.48 |
| Otheroperations | 1,319,976.00 | 943,396.23 | 1,319,976.00 | |
| Total | 393,330,909.38 | 61,706,002.23 | 1,280,644,589.75 | 225,828,386.48 |
WhethertheCompanyhasexecutedthenewincomestandards
□Yes√NoOthernotes:
5.InvestmentIncome
Unit:RMB
| Item | ReportingPeriod | Sameperiodoflastyear |
| Long-termequityinvestmentincomeaccountedbyequitymethod | 5,076,839.48 | 1,268,890.28 |
| Investmentincomefromdisposaloflong-termequityinvestment | 565,632.29 | |
| Investmentincomeoffinancialinstrumentduringholdingperiod | 81,620,807.16 | |
| Total | 86,697,646.64 | 1,834,522.57 |
6.Other
Notapplicable
XVIII.SupplementaryMaterials
1.ItemsandAmountsofNon-recurringProfitorLoss
√Applicable□Notapplicable
Unit:RMB
| Item | Amount | Note |
| Gains/lossesonthedisposalofnon-currentassets | 47,015.23 | |
| GovernmentgrantsrecognizedintheCurrentPeriod,exceptforthoseacquiredintheordinarycourseofbusinessorgrantedatcertainquotasoramountsaccordingtothegovernment’sunifiedstandards | 2,410,184.82 | |
| Currentnetgainsandlossesofsubsidiariesacquiredinbusinesscombinationunderthesamecontrolfromperiod-begintocombinationdate | 118,680,871.93 | |
| Othernon-operatingincomeandexpenseotherthantheabove | 2,048,751.21 | |
| Projectconfirmedwiththedefinitionofnon-recurringgainsandlosses | 91,337.56 |
| Less:Incometaxeffects | 1,146,936.51 | |
| Non-controllinginterestseffects | 645.31 | |
| Total | 122,130,578.93 | -- |
ExplainthereasonsiftheCompanyclassifiesanitemasannon-recurringgain/lossaccordingtothedefinitionintheExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic—Non-recurringGainsandLosses,orclassifiesanyextraordinarygain/lossitemmentionedinthesaidexplanatoryannouncementasarecurrentgain/lossitem.
□Applicable√Notapplicable
2.ReturnonEquityandEarningsPerShare
| ProfitasofReportingPeriod | WeightedaverageROE(%) | EPS(Yuan/share) | |
| EPS-basic | EPS-diluted | ||
| NetprofitattributabletoordinaryshareholdersoftheCompany | 20.467% | 1.3722 | 1.3722 |
| NetprofitattributabletoordinaryshareholdersoftheCompanyafterdeductionofnon-recurringprofitorloss | 19.82% | 1.1673 | 1.1673 |
3.DifferencesbetweenAccountingDataunderDomesticandOverseasAccountingStandards
(1)DifferencesofNetProfitandNetAssetsDisclosedinFinancialReportsPreparedunderInternationalandChineseAccountingStandards
□Applicable√Notapplicable
(2)DifferencesofNetprofitandNetassetsDisclosedinFinancialReportsPreparedunderOverseasandChineseAccountingStandards
□Applicable√Notapplicable
(3)ExplainReasonsfortheDifferencesbetweenAccountingDataunderDomesticandOverseasAccountingStandards;foranyAdjustmentMadetotheDifferenceExistingintheDataAuditedbytheForeignAuditingAgent,SuchForeignAuditingAgent’sNameShallBeClearlyStated
4.Other
PartXIIIDocumentsAvailableforReference
I.ThefinancialstatementswiththesignaturesandstampsoftheCompany’slegalrepresentative,headoffinancialaffairsandheadofthefinancialdepartment(accountingsupervisor);II.TheoriginalcopyoftheIndependentAuditor’sReportwiththesealoftheCPAfirmaswellasthesignaturesandsealsofthecertifiedpublicaccountants;andIII.TheoriginalsofalltheCompany’sdocumentsandannouncementsdisclosedtothepublicvianewspapersdesignatedbytheCSRCintheReportingPeriod.