2024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Shenzhen Properties & Resources Development (Group) Ltd.2024 Annual Report
(Announcement No.: 2025-18)
March 2025
12024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
2024 Annual Report
Section I Important Notes Table of Contents and Interpretations
The Board of Directors Board of Supervisors directors supervisors and
senior officers of the Company guarantee the authenticity accuracy and
completeness of the contents of the annual report and bear individual and
joint legal liabilities for any false records misleading statements or major
omissions.Legal Representative Wang Hangjun Chief Finance Officer Cai Lili and Chief
Accountant (accounting officer) Cai Kelin declare that they guarantee the
authenticity accuracy and completeness of the financial report in the Annual
Report.All directors attended the board meeting at which this report was considered.The Company plans not to distribute cash dividends issue bonus shares or
increase share capital through capitalization of reserves.
22024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Table of Contents
Section I Important Notes Table of Contents and In... 2
Section II Company Profile and Major Financial Ind....6
Section III Management's Discussion and Analysis ... 11
Section IV Corporate Governance .....................44
Section V Environment and Social Responsibilities ...67
Section VI Important Matters ........................71
Section VII Changes in Shares and Shareholders ..... 86
Section VIII Preferred Shares ...................... 95
Section IX Bonds ....................................95
Section X Financial Reports ........................ 96
32024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
List of Documents Available for Inspection
I. Financial statements signed and sealed by the Company's Principal Chief Finance Officer and
Chief Accountant (accounting officer).II. The original audit report bearing the seal of the accounting firm and the signature and seal of
the certified public accountant.III. The originals of all the Company's documents and announcements that have been publicly
disclosed during the reporting period.
42024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Interpretations
Items Refers to Interpretations
The Company the Group SZPRD Refers to Shenzhen Properties & Resources Development (Group) Ltd.Shenzhen Investment Holdings Refers to Shenzhen Investment Holdings Co. Ltd.Huangcheng Real Estate Refers to Shenzhen Huangcheng Real Estate Co. Ltd.Dongguan Company Refers to Dongguan ITC Changsheng Real Estate Development Co. Ltd.Xuzhou Company Refers to SZPRD Xuzhou Dapeng Real Estate Development Co. Ltd.Yangzhou Company Refers to SZPRD Yangzhou Real Estate Development Co. Ltd.Wuhe Urban Renewal Refers to Shenzhen Wuhe Urban Renewal Co. Ltd.Rongyao Real Estate Refers to Shenzhen Rongyao Real Estate Development Co. Ltd.International Trade Center Property
Refers to Shenzhen International Trade Center Property Management Co. Ltd.Management
ITC Technology Park Refers to Shenzhen ITC Technology Park Service Co. Ltd.Guomaomei Life Service Refers to Shenzhen Guomaomei Life Service Co. Ltd.Shenzhen Property Commercial
Refers to Shenzhen Property Commercial Operation Co. Ltd.Operation
ITC Catering Refers to Shenzhen ITC Catering Co. Ltd.Supervision Company Refers to Shenzhen Property Engineering and Construction Supervision Co. Ltd.Wuhe Industry Investment and
Refers to Shenzhen Wuhe Industry Investment and Development Co. Ltd.Development
Shenzhen Property Management Refers to Shenzhen Property Management Co. Ltd.Foreign Trade Property Refers to Shenzhen Foreign Trade Property Management Co. Ltd.Shenfubao Property Refers to Shenzhen Shenfubao Property Development Co. Ltd.Shenfubao Hydropower Refers to Shenzhen Shenfubao Municipal Service Co. Ltd.Security Service Refers to Shenzhen Free Trade Zone Security Service Co. Ltd.Facility Management Community Refers to Shenzhen Facility Management Community Co. Ltd.Shenzhen ITC Chuntian Refers to Shenzhen ITC Chuntian Commercial Management Co. Ltd.RMB RMB'0000 RMB'00000000 Refers to The given figures expressed in the Chinese currency of Renminbi
52024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Section II Company Profile and Major Financial Indicators
I. Information about the Company
Stock name SZPRDA SZPRD B Stock code 000011、200011
Stock name before the change
Not applicable
(if any)
Stock exchange where the
Shenzhen Stock Exchange
Company's stocks are listed
Chinese name Shenzhen Properties & Resources Development (Group) Ltd.Abbreviation in Chinese SZPRD
Foreign name of the
ShenZhen Properties & Resources Development(Group) Ltd.Company (if any)
Abbreviation of the
Company's foreign name (if SZPRD
any)
Legal representative Wang Hangjun
Floor 39 and 42 International Trade Center Building Renmin South Road Luohu District
Registered address
Shenzhen Guangdong
Postal code 518014
Historical changes of the
None
Company's registered address
Floor 16 20 39 and 42 International Trade Center Building Renmin South Road Luohu
Office address
District Shenzhen Guangdong
Postal code 518014
Official website www.szwuye.com.cn
E-mail 000011touzizhe@szwuye.com.cn
II. Contact person and contact information
Secretary of the Board of Directors Securities affairs representative
Name Zhang Gejian Ding Minghua Chen Qianying
Floor 20 International Trade Center Building Floor 39 International Trade Center Building
Contact address Renmin South Road Luohu District Renmin South Road Luohu District Shenzhen
Shenzhen City Guangdong Province City Guangdong Province
Tel. 0755-82211020 0755-82211020
Fax 0755-82210610、82212043 0755-82210610、82212043
E-mail 000011touzizhe@szwuye.com.cn 000011touzizhe@szwuye.com.cn
III. Information disclosure and storage location
Stock exchange websites where companies
Shenzhen Stock Exchange http://www.szse.cn
disclose annual reports
Name and website of the media where the
Securities Times and Cninfo http://www.cninfo.com.cn
Company discloses its annual report
62024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
The Board Office Floor 39 International Trade Center Building Renmin
Storage location of annual reports
South Road Luohu District Shenzhen Guangdong
IV. Registration changes
Unified social credit code No change
Changes in primary business since the listing of
No change
the Company (if any)
On September 29 2004 Shenzhen SASAC decided to establish Shenzhen
Investment Holdings Co. Ltd. by means of merger. The merged parties
included the original controlling shareholder Shenzhen Investment
Management Corporation and Shenzhen Construction Investment Holdings
Co. Ltd. The merged Shenzhen Construction Investment held 323796324
shares of SZPRD and Shenzhen Investment Management held 56582573
shares of SZPRD accounting for 63.82% of the total share capital of SZPRD.Previous changes of controlling shareholder (if On October 19 2018 the Company received a notice from the actual
any) controlling shareholder Shenzhen Investment Holdings that Shenzhen
Investment Holdings had obtained the Confirmation of Securities Transfer
Registration issued by China Securities Depository and Clearing Co. Ltd.Shenzhen Branch. By then the transfer of Shenzhen Investment Holdings'
equity had been completed and the controlling shareholder of the Company
had been changed to Shenzhen Investment Holdings.There was no change in the controlling shareholder of the Company during the
reporting period.V. Other relevant information
Accounting firm engaged by the Company
Name Grant Thornton Zhitong Certified Public Accountants LLP
Floor 5 Scitech Plaza No. 22 Jianguomenwai Street Chaoyang District
Office address
Beijing
Signing accountants ZHAO Juanjuan ZHOU Yilan
Sponsor engaged by the Company to perform continuous supervision during the reporting period
□Applicable □Not applicable
Financial consultant engaged by the Company to perform continuous supervision during the reporting period
□Applicable □Not applicable
VI. Main accounting data and financial indicators
Whether the Company needs to retroactively adjust or restate the accounting data of previous years
□Yes □No
Increase/decrease this
Year 2024 Year 2023 year compared with Year 2022
last year
Operating revenue
2734158884.052965117025.04-7.79%3708669046.85
(RMB)
Net profit attributable -1114764922.17 464014492.11 -340.24% 537291574.13
to the shareholders of
72024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
the listed company
(RMB)
Net profit attributable
to shareholders of
listed companies after
-1328523983.50-172360115.90-670.78%390067488.08
deducting non-
recurring profit or loss
(RMB)
Net cash flows from
operating activities -1423998174.52 -264092984.33 -439.20% 105233103.86
(RMB)
Basic earnings per
-1.87050.7786-340.24%0.9015
share (RMB/share)
Diluted earnings per
-1.87050.7786-340.24%0.9015
share (RMB/share)
Weighted average rate
-28.00%10.26%-38.26%12.36%
of return on net assets
Increase/decrease at the
end of this year
As at the end of 2024 As at the end of 2023 As at the end of 2022
compared with the end
of last year
Total assets (RMB) 15293205498.30 16988062068.09 -9.98% 15824788371.56
Net assets attributable
to shareholders of the 3361683048.50 4661810328.75 -27.89% 4414259168.34
listed company (RMB)
The net profit of the Company in the last three fiscal years before and after deducting non-recurring profit or loss is negative and
the audit report of the latest year shows that the going-concern ability of the Company is uncertain
□Yes□No
The lower of net profit before and after deducting non-recurring profit or loss is negative
□Yes □No
Item Year 2024 Year 2023 Remark
Deduct the business revenues that are not related to
the main business which are mainly the temporary
resettlement compensation revenues from the shed
Operating revenue (RMB) 2734158884.05 2965117025.04
renovation project on Chuanbu Street the demolition
compensation revenues of Fengherili and the
consulting service revenues.Deduct the business revenues that are not related to
the main business which are mainly the temporary
Operating revenue deduction resettlement compensation revenues from the shed
63518310.9317825350.04
amount (RMB) renovation project on Chuanbu Street the demolition
compensation revenues of Fengherili and the
consulting service revenues.Deduct the business revenues that are not related to
the main business which are mainly the temporary
Operating revenue after resettlement compensation revenues from the shed
2670640573.122947291675.00
deduction (RMB) renovation project on Chuanbu Street the demolition
compensation revenues of Fengherili and the
consulting service revenues.
82024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
VII.Differences between accounting data under domestic and foreign accounting standards
1. Differences in net profit and net assets in the financial reports disclosed in accordance with the
international accounting standards and the Chinese accounting standards
□Applicable □Not applicable
During the reporting period of the Company there was no difference in net profits and net assets in financial reports disclosed in
accordance with international accounting standards and Chinese accounting standards
2. Differences in net profit and net assets in financial reports disclosed in accordance with both the
international accounting standards and Chinese accounting standards
□Applicable □Not applicable
During the reporting period of the Company there was no difference in net profits and net assets in financial reports disclosed in
accordance with the international accounting standards and Chinese accounting standards
VIII. Main financial indicators by quarter
Unit: RMB
Q1 Q2 Q3 Q4
Operating revenue 406582462.31 449445982.94 461778206.82 1416352231.98
Net profit attributable
to shareholders of the 463582.22 8748875.59 -5631440.84 -1118345939.14
listed company
Net profit attributable
to shareholders of
listed companies after 222779.46 9516248.51 -2115855.29 -1336147156.18
deducting non-
recurring profit or loss
Net cash flows from
-647860412.07-88966689.37-1016120654.50328949581.42
operating activities
Whether the above financial indicators or their aggregate are significantly different from the financial indicators related to the
Company's disclosed quarterly and semi-annual reports
□Yes □No
IX. Non-recurring profit or loss items and amounts
□Applicable □Not applicable
Unit: RMB
Item Amount in 2024 Amount in 2023 Amount in 2022 Notes
Mainly due to the
Profit or loss on disposal of non-current
receipt of
assets (including write-off of provision for 44657387.86 702127250.52 175644543.02
compensation for the
asset impairment)
investment properties
Government grants included in the current
profit or loss (except for those that are 1099426.89 7802977.21 10633227.34
closely related to the Company's normal
business operations comply with national
92024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
policies and regulations are enjoyed
according to determined standards and
have a sustained impact on the Company's
profit or loss)
Profit or loss from changes in fair value of
financial assets and liabilities held by non-
financial enterprises and profit or loss from
the disposal of financial assets and financial 1300.91
liabilities except for effective hedging
operations related to the Company's normal
business operations
Fund possession costs included in the
current profit or loss and collected from 132289.35
non-financial enterprises
Current net profit or loss of the subsidiaries
from business combination under common
9596148.16
control from the beginning of the period to
the combination date
Profit or loss from debt restructuring -54026.93
Profit or loss on contingencies irrelevant to
70578.79
normal business operation of the Company
Non-operating revenue and expenses other
-7288158.92-2773489.322448235.99
than the above-mentioned items
Mainly the income
from investments in
Other items of profit or loss subject to the
184906343.25 5684844.32 277896.27 joint ventures
definition of non-recurring profit or loss
determined according
to the income method
Less: income tax effects 9424345.24 76182752.47 51525180.31
Affected amount of minority interests
137565.58284222.2554953.47
(after tax)
Total 213759061.33 636374608.01 147224086.05 --
Specific circumstances of other profit or loss items that meet the definition of non-recurring profit or loss:
□Applicable □Not applicable
Mainly the compensation received by the joint ventures for the expropriation of houses and the investment income is recognized
according to the income method. This compensation payment is not sustainable.Notes on the definition of the non-recurring profit or loss items listed in the "Interpretive Announcement No. 1 on Information
Disclosure of Companies Issuing Securities to the Public - Non-recurring Profit or Loss" as recurring profit or loss items
□Applicable □Not applicable
The Company had no circumstances of definition of the non-recurring profit or loss items listed in the "Interpretive Announcement
No. 1 on Information Disclosure of Companies Issuing Securities to the Public - Non-recurring Profit or Loss" as recurring profit
or loss items.
102024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Section III Management's Discussion and Analysis
I. Industry status during the reporting period
The Company shall comply with the disclosure requirements for the real estate industry as set out in the Guidelines for Self-
Regulation of Listed Companies of Shenzhen Stock Exchange No. 3 - Industry Information Disclosure
(I) Macroeconomic situation and industry development status
In 2024 the global economy gradually recovered amid multiple challenges and the conflict between Russia and Ukraine tensions
in the Middle East and uncertainties in China-US relations continued to affect the global economy. China's economy is also facing
new opportunities and challenges. The economic growth rate has slowed down but it still remains within a reasonable range. The
government continued to implement a proactive fiscal policy and a prudent monetary policy and increased support for scientific
and technological innovation green economy and small and medium-sized enterprises. At the same time the government
promoted supply-side structural reform optimize industrial structure and enhanced economic resilience. The real estate market
continues to be in a period of adjustment and the government continues to adhere to the positioning of "no speculation in housing"
and optimize the real estate regulation and control policy. Local governments have implemented policies based on city conditions
relaxed restrictions on purchase and loan restrictions reduced the down payment ratio and mortgage interest rates and supported
rigid and improved housing demand. A series of stimulus policies continue to support the market aiming to stabilize the real estate
market and prevent large fluctuations in the market.(II) Industrial policy environment
2024 is an important year for "major changes in the supply and demand relationship of the industry". In many important meetings
throughout the year corresponding deployment and guidance were made for the real estate industry and pointed out the
development direction for the industry. In the first half of 2024 a series of optimizations and adjustments were made to the current
system including the relaxation of purchase restrictions in first-tier cities the reduction of down payment interest rates to a new
low the further reduction of stock mortgage interest rates the cancellation of general housing standards the purchase and storage
of commercial housing and the comprehensive restart of urban village transformation aiming to standardize the market order and
improve the new model of development of the real estate industry. In the second half of the year the policy release intensity and
frequency increased and the policy turned to "lifting and using". On September 26 the Politburo of the CPC Central Committee
held a meeting. In terms of real estate the meeting emphasized the need to promote the real estate market to stop falling and
stabilize strictly control the increment optimize the stock and improve the quality of commercial housings increase lending to
"white list" projects and support the revitalization of idle land. Since then the real estate market has shown positive changes the
house price index has gradually stabilized and market confidence has been boosted.Supply-side financial support guaranteed delivery and financial policy supported land and housing destocking. Supply-side
financial support continued to increase and upgrade. The policy was committed to helping the market destock and gradually
restore the normal operation ability of enterprises. Efforts were made in stabilizing both the market and the main body and various
financial policy tools were used to support the implementation of supporting policies mainly focusing on promoting financing
coordination mechanism expanding the "white list" of housing enterprises and guaranteeing stock acquisition through housing
loans and special bonds.Demand-side policies have been continuously relaxed and stimulated through the "optimal combination" aiming to boost
property purchase expectations and enthusiasm. The Ministry of Housing and Urban-Rural Development together with the
Ministry of Finance the Ministry of Natural Resources the People's Bank of China the National Financial Regulatory
Administration and other departments introduced the "four cancellations four reductions and two increases" measures to support
residents' purchase of housings. The four cancellations mainly include cancellation of restrictions on purchase cancellation of
restrictions on sales cancellation of price caps cancellation of the distinction between ordinary and non-ordinary residential
112024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
standards; the four reductions include the reduction of interest rates on housing provident fund loans reduction of the down
payment ratio for housing loans reduction of interest rates on existing loans and reduction of the tax burden of "sell old buy new"
house replacements; among the two increases one is to increase 1 million units of urban village and old housing renovations
through monetary compensation and the other is to increase the credit scale of the projects in the "white list" to RMB 4 trillion by
the end of the year aiming to promote the property market to halt falling and spur a stable recovery through the "optimal
combination".(III) Regional market landscape
From the perspective of the regional market in 2024 Shenzhen's economy remained resilient. The property market policy centered
on "stabilizing land prices stabilizing house prices stabilizing expectations supporting rigid and improved housing demand and
promoting the stable development of the real estate market" and introduced a number of loose and favorable policies. The scale of
primary residential supply in Shenzhen has shrunk due to the slowdown in the pace of land supply. On September 29 four
departments including Shenzhen Habitat Construction & Conservation jointly issued a document proposing measures such as
relaxing purchase restrictions lowering down payments removing price caps and sales restrictions and adjusting value-added tax
exemption term from 5 years to 2 years aiming to accelerate the establishment of a new development model for the real estate
sector and promote the real estate market to halt falling and spur a stable recovery. The launch of "929 New Policies" has become
the key to promoting the market. In view of the increase in market activity property developers timely accelerated their project
launches with multiple core indicators achieving stabilization and improvement.(VI) Present situation and tasks
At present the internal and external environment presents a complex and challenging situation. The Company's projects under
construction are planned to be sold in the market one after another and the sales collection is the annual central work which is
directly related to the healthy operation of the enterprise's capital chain. In this context accelerating the return of funds strictly
controlling the scale of expenditure ensuring the safety and stability of cash flows and preventing liquidity risk have become the
core tasks to achieve the Company's stable operation. At the same time the Company needs to further promote the high-quality
development of the property management segment accelerate the construction of a modern professional and intelligent service
system and enhance the market competitiveness. In the field of commercial operation it is necessary to take a multi-pronged
approach to promote transformation and upgrading as a whole and maximize the value of commercial assets by innovating
business models optimizing business layout and improving operational efficiency. In the face of uncertain market situation the
Company shall take the initiative to hedge external risks through deterministic work maintain strategic concentration ensure the
full completion of annual tasks and objectives and lay a solid foundation for sustainable development.(V) Position in the industry
SZPRD accompanied the reform and opening up of Shenzhen. It has been deeply involved in real estate and property management
for more than 40 years. Its industry position and brand influence have been improving and it has won many honors and awards
over the years. During the reporting period the Company ranked 271st in the list of "Top 500 Shenzhen Enterprises in 2024" and
won the title of "2023-2024 High-quality Development Star Enterprise in Luohu District" granted by the People's Government of
Luohu District. Its property management segment ranked 27th in the national comprehensive strength up 6 places from 2023 and
9th in the comprehensive strength of state-owned property service. It has been consecutively awarded the "2024 China's Top 100
Property Service Enterprise in Comprehensive Strength" "2024 China Property FM Leading Enterprise" "2024 China's Top 20
Enterprises in Park Property Service" "2024 China Industrial Park Property Service Leading Enterprise" "2024 China Office
Building Property Service Leading Enterprise" "2024 South China's Top 30 Brand Enterprises in Property Service" and other
awards; in subdivisions it has successively won the honor of "Shenzhen Bay Science and Technology Ecological Park" service
capacity benchmarking project "Shenzhen Bay Innovation and Technology Center" and "Shenzhen International Trade
Commercial Building" management excellence benchmarking project. Its real estate segment won the awards of "2024 Integrity
Enterprise of Shenzhen Real Estate Development Industry" "2024 Development Power Enterprise of Shenzhen Real Estate
Development Industry" among others. Shenzhen International Trade Center Building is listed in the first batch of historical
122024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
buildings in Shenzhen announced by the Shenzhen Municipal People's Government and the historical exhibition of Shenzhen
International Trade Center is included in the list of important historical sites of reform and opening up which demonstrates the
comprehensive strength of the Company and reflects the high recognition of the Company's comprehensive strength by the
industry customers and government departments.During the reporting period in the face of changes in the situation of the real estate industry the Company locked in its goals and
sprinted throughout the year to generally complete various annual operating indicators. The Company proactively adapted to
changes and implemented flexible strategies to tackle market challenges. The Company took multiple measures to further advance
market-oriented transformation of commercial operations. The Company took the initiative in production safety and proper
handling of petition ensuring the steady development of the Group's business.II. Main business engaged in by the Company during the reporting period
The Company shall comply with the disclosure requirements for the real estate industry as set out in the Guidelines for Self-
Regulation of Listed Companies of Shenzhen Stock Exchange No. 3 - Industry Information Disclosure
(I) Overview of main business
SZPRD was established in 1982. It was formerly known as Luohu Engineering Construction Headquarters. In August 1985 it was
renamed Shenzhen Properties Development Corporation. In 1988 it was identified by Shenzhen government as the second batch
of state-owned enterprises to pilot the joint-stock reform. In 1990 it completed the joint-stock reform and was officially renamed
Shenzhen Properties & Resources Development (Group) Ltd. In March 1992 the Company's stock (SZPRD A/SZPRD B
000011/200011) was officially listed on the Shenzhen Stock Exchange.
SZPRD as Party A of the construction of the International Trade Center Building played a leading role in orchestrating the entire
process of its construction and operation. It is a key creator and organizer of the world-renowned "Shenzhen Speed". The
International Trade Center Building is also fortunate to have become an important historic site of DENG Xiaoping's world-
renowned "south tour speeches". The Company was founded as the International Trade Center Building was established and
thrived through China's reform and opening-up growing alongside the miraculous city of Shenzhen. It has become a steadfast
practitioner of the "pioneer cattle" spirit in the new era dedicated to innovative services and overcoming challenges. The
employees of SZPRD uphold the spirit of "daring to be the first and striving for strength through reform and innovation" focus on
the functional positioning of state-owned assets of "serving the overall situation serving the city serving the industry and serving
the people's livelihood" stick to the original aspiration forge ahead with perseverance take the lead and bravely act as the
vanguard. In recent years both the development speed and quality have been greatly improved. The Company has now developed
from a project company when it first built the International Trade Center Building to a large-scale comprehensive industrial group.In the new era and new stage the Company assesses the situation and acts accordingly striving to move forward towards the goal
of becoming "China's leading smart operator of industrial and urban space."
1. Industrial and urban space development
The Company's space development sector is committed to the development of different business formats such as residential
buildings high-end apartments office buildings and industrial parks. It has brand projects such as ITC Building Huanggang Port
Tian'an International Building Qianhai Port and Jinling Holiday. Based on the existing real estate development business the
Company will promote the stock optimization and increment development and construction simultaneously. Taking the
subordinate companies such as Huangcheng Real Estate Rongyao Real Estate and Wuhe Urban Renewal as the development and
urban renewal entities the Company will rely on its listing platform to increase capital operation and rationally allocate urban
space development sectors. During the reporting period the Group steadily promoted the development of local and off-site
projects in Shenzhen accelerated the sales of project inventory and improved the speed of capital recovery. On this basis it
focused on the development and construction of industry-city complexes and accelerated the creation of an integrated and
symbiotic development model of urban boutique housing and high-end industrial space.
2. Property management service
132024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
The Company's property management segment is based on International Trade Center Property Management. As one of the first
batch of national first-class property management qualified enterprises International Trade Center Property Management has after
more than 30 years of development become a domestic first-class property service provider with diversified business capabilities
and technological strength. It has been rated as "Top 100 property management Enterprises in China" and "Excellent Enterprise for
China Industrial Park Property Management" for many years in a row. The projects under its management are spread all over the
country and its business radiates to various regions of the country including South China Southwest China East China North
China as well as the Vietnam-Vietnam Cooperation Zone. The existing business has covered various formats such as industrial
parks cultural tourism scenic spots government agencies rail transit housing hospitals schools hotels etc. and is being
arranged to enter the field of grassroots social governance cooperate with the government to create a safe harmonious civilized
and orderly urban environment and basically form a good pattern of multi-format comprehensive development. International
Trade Center Property Management has more than 20 subsidiaries leveraging its headquarters' functional departments as a
platform to actively build three major centers namely "market empowerment and supervision". It has established business centers
and profit centers based on the three major modules featuring professional business companies professional companies and
regional companies aiming to achieve a sustainable and effective "1+1 > 2" coordinated development new pattern.
3. Industrial ecological operation
The industrial ecological operation sector makes full use of the Company's development foundation and entire industrial chain
development advantages in the three basic industries of real estate development property management and leasing focuses on the
two strategic starting points of "value-added operation of stock assets" and "light asset operation output" strengthens internal and
external strategic cooperation is committed to building a closed-loop of the whole industry ecology covering project development
services park operation services supporting leasing operations etc. continuously optimizes the space service and leasing
ecosystem in the park and has initially possessed the whole chain capabilities and experience of various assets from the early
planning project clearance construction control investment promotion operation on-site control etc. forming a unique and
mature business development model. The Company is accelerating the inventory and evaluation of existing properties and
strengthening management. In the future it will gradually expand the scope of its leasing business and enhance property leasing
development capabilities. On this basis it will gradually shift the focus of its industrial ecological operations to science and
technology parks providing supporting services for the entire value chain including industrial ecological introduction project
development services and park operation services to shape the role of a "space service provider" with science and technology
parks as the core.
4. Other business
During the reporting period the Company's business also includes catering business and project supervision business. The catering
business is operated by Shenzhen ITC Catering Co. Ltd. ITC Catering was established in 1986 and became famous at home and
abroad as the place where the "Southern Tour Speech" was delivered in 1992. Since its opening it has received more than 600
Chinese and foreign dignitaries celebrities and countless Chinese and foreign guests and its reputation has spread far and wide
both at home and abroad. The engineering supervision business is operated by a supervision company which has Class A
supervision qualification for housing construction projects from the Ministry of Construction. Its predecessor was the SZPRD
Management Department. It was directly involved in the construction and management of the Shenzhen International Trade
Building and witnessed the entire process of creating the " Shenzhen Speed". It has long been mainly serving the group's
development projects.(II) Operation in 2024
In 2024 in the face of internal and external challenges the management team of the Company has always adhered to the overall
leadership of the Party maintained strategic focus strictly implemented the decisions and deployments of the Board and the Party
Committee made every effort with firm confidence closely focused on the key tasks proposed at the beginning of the year and
adopted many measures to actively respond to market changes. The real estate company flexibly adjusted its sales strategy
according to the situation and accurately seized the favorable opportunity to start project pre-sale and late-market referral laying a
142024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
foundation for achieving annual business indicators; the property management company improved the overall profitability and
core competitiveness of the enterprise through organizational restructuring system process reengineering talent optimization and
allocation etc.; with the goal of accelerating transformation and upgrading the Shenzhen Property Commercial Operation
continuously improved its operation and management mode and maintained a stable and healthy development trend in each
business segment. During the reporting period the Group's total assets were about RMB 15.293 billion and the annual operating
revenue was about RMB 2.73 billion and the annual main economic indicators were generally completed.First for the industry-city space development sector we've taken the initiative to adapt and flexibly implement policies to
face market challenges. The real estate business achieved an operating revenue of RMB 1.003 billion throughout the year
accounting for 36.71% of the total revenue. During the reporting period the four major real estate projects Jinling Project
Guangming Yutang Shangfu Project Lake City Project and Humen Binhai Harbour Palace Project were launched simultaneously.Marketing management actively responded to market changes prudently analyzed and evaluated market conditions closely
monitored dynamics in key regional markets and seized market opportunities to accelerate sales and inventory clearance. The
Company has consistently strengthened the coordination of milestone targets and resource allocation guarantees. Adhering to a
market-oriented management philosophy all business lines including design procurement and engineering within the Group have
maintained high-level collaboration enhanced refined control to adapt to market changes and implemented comprehensive
coordination and guidance for project development. Proactive planning was conducted for critical tasks such as project design
schemes tendering and procurement target cost determination and on-site construction ensuring efficient and orderly
development of all ongoing projects. A refined control system covering the entire real estate project development process has now
taken shape. Substantial progress has also been made in projects such as Shenyang Digital Intelligent City Haikou Hongqi Town
Fuyuan Industrial Zone Huiyang Danshui and others.Second the external expansion of the property management segment and internal coordination go hand in hand and the
market expansion continues to be strengthened. The property management business reported an operating revenue of
RMB1.594bn accounting for 58.32% of the total revenue higher than in 2023. During the reporting period the Company
deepened the coordinated development and internal integration of the system developed value-added services such as tourism
sales promotion and community-to-home services and achieved breakthroughs in new formats of culture and sports and value-
added service boundaries. The area under management reached a record high exceeding 45 million m2 for the first time. Further
enrich the business formats of office buildings industrial parks schools hospitals farmers' markets and military regions and
provide strong support to building a municipal-level benchmark property management platform. At the same time the remodeling
of organizational structure and the establishment of cost management system were initiated to further consolidate the position of
the only property management platform in the system. Shenzhen International Trade Center Property Management has
consecutively won the titles of "2024 China Property Service Enterprise Comprehensive Strength Top 100" "2024 China Property
FM Facility Management Leading Enterprise" "2024 China Park Property Service TOP20 Enterprise" "2024 China Industrial
Park Property Service Leading Enterprise" and other awards with its brand value and reputation continuously improving.Third industrial ecological operation and other sectors shall take multiple measures simultaneously to cultivate core
operation capabilities. The leasing and operation business reported an operating revenue of RMB135mn accounting for 4.97% of
the total revenue. In recent years the Company has taken multiple measures to accelerate transformation and upgrading adopted
measures such as exploring and establishing an incremental sharing mechanism and increasing the intensity of project expansion
promoted the transformation of the current simple leasing business to a commercial operation model and helped realize the
development and growth of the industrial ecological operation sector. During the reporting period the renovation of ITC Shopping
Mall and the inauguration ceremony of Shenzhen ITC Chuntian unveiled. By operating ITC Shopping Mall in a light-asset
management and charter mode the Company took firm steps in creating the Group's independent commercial brand and exploring
market-oriented commercial operations. Through measures such as improving asset quality and efficiency exploring and
establishing an incremental sharing mechanism the industrial operation sector cultivated core operation capabilities in multiple
paths adheres to improving quality and efficiency as the core and accelerates the transformation upgrading and revitalization of
152024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
stock assets. In terms of industrial investment attraction the industrial alliance system was expanded during the year and project
investment attraction was actively promoted.
(3) Work Safety of the Company in 2024
In 2024 SZPRD adhered to the bottom line of safety production coordinated development and safety actively implemented the
deployment and requirements of government departments at all levels on safety production work comprehensively consolidated
the main responsibility of the enterprise and carried out a three-year campaign to tackle the root causes of work safety. The
Group's work safety situation was stable and controllable throughout the year and no work safety liability accidents with serious
injuries or above or major economic losses occurred and the work safety objectives for 2024 were successfully completed.New land reserve projects
Equity
Total land
Land parcel Land Capacity Land considerati
Land area price
or project Location planning 2 building acquisition Equity ratio on(m ) (RMB100
name purpose area (m2) method (RMB100
00)
00)
None
Cumulative land reserve
Total construction area Remaining developable floor
Project/Area name Total floor area (10000 m2)
(10000 m2) area (10000 m2)
Land in Huiyang Danshui 1.77 4.25 4.25
Land in Hongqi Town
15.80--
Haikou
Total 17.57 4.25 4.25
Development of main projects
Comp
Plan Total
leted Estimat
ned Cumu accumu
Eq area ed total
Develo Schedule Lan capa lative lated
Projec uit Commen of the investm
City/R Proje Locati pment of d city compl investm
t y cement curre ent
egion ct on progres completio area buil eted ent
format rati time 2 nt amounts n (m ) ding area amount
o perio 2 (RMB1area (m ) (RMB1
2 d 0000)(m ) 2 0000)(m )
Fuhu Compl
Futian
Shenz i Reside 100 etion 427 334 4352
Distri 2018.12 100% 0 91133 77396
hen Huay nce % of 4 30 2
ct
uan works
Main
body
capped
and
Harb
Hume Under electrome
Dongg our Reside 100 516 113 32175 26657
n 2022.03 constru chanical 0 0
uan Palac nce % 87 713 9 6
Town ction and
e
decoratio
n works
in
progress.Shenz Yuta Guan Reside 100 2022.03 Compl 100% 149 819 1248 1248 26586 21605
162024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
hen ng gming nce % etion 01 60 32 32 8 6
Shan area of
gfu works
Phase I
earthwork
and pile
foundatio
n related
Reside
constructi
ntial
on are in
Longh industr
Under progress;
Shenz Lake ua ial 69 682 433 84000 57411
2020.10 constru phase II 0 0
hen City Distri comm % 98 640 0 9
ction main
ct ercial
bodies on
apartm
Plot #02
ents
Plot #03
Plot #04
and Plot
#06
capped.Phase I
Plot D
basically
Shen complete
yang Reside d; and
Pings
Digit ntial Under Plot C
Yangz han 67 231 370 37747
al industr 2023.03 constru superstru 0 0 94948
hou Towns % 612 258 9
Intell ial ction cture
hip
igent office main
City body
constructi
on in
progress.Sales of main projects
The Amount
Settle Settleme
Cumul curre of pre-
Cumul ment nt
ative nt sale
Item Equ Capaci ative area in amountSalabl pre- perio (sale) in
City/R Locati ity ty settlem the in the
Project
egion on Business
e area sale d pre- the
rati buildin 2 ent curren currentformats (m ) (sales) sale currento g area area t period
area (sales period
(m22 ) period (RMB10(m ) ) area (RMB10
(m2) 000)
(m2) 000)
Residentia
l
Longh industrial
Shenzh Lake 69 43364 30499 10496 1049 34585.0
ua estatedor 0 0 0
en City % 0 7.53 .91 6.91 3
District mitory
commerci
al
Shenzh Golden Futian Residentia 100 13380 12523 12437 3245. 22254.2 12553 2406. 15555.0
en -collar District l single % 0.6 1.07 0.8 26 2 3.73 29 8
Holida apartment
172024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
y s
Apart commerci
ments al
Residentia
l
(including
talent
Yutang Guang housing)
Shenzh 100 78355 30481 29250. 2925 75357.3
Shangf ming commerci 89143 89.83 246.94
en % .93 .88 12 0.12 1
u area al and
communit
y
vegetable
markets
Residentia
l
Songh commerci
Dongg
u Dalang al 100 14713 15791 15005 15004
uan 300 221.13 288 202.81
Langy Town kindergart % 9.96 1.56 8.71 5.84
City
uan en
parking
space
Shenya Residentia
ng l office
Hanjia
Yangzh Digital commerci 67 37055 50281 200.8
ng 200.82 138.83 0 0 0
ou City Intellig al garage % 6.76 3.45 2
District
ent parking
City space
Residentia
Lakesi l shops
Hanjia
Yangzh de apartment 100 93077 12199 11557 -
ng -210.18 115394 88.53 29.71
ou City Royal s garages % .03 2.94 4.71 110.6
District
View parking
spaces
Leasing of main projects
Accumulated
Rentable area Average
Project Location Project format Equity ratio 2 leased area(m ) 2 occupancy rate(m )
Long-term
Xiyu Longyuan
Shenzhen rental 100.00% 3967.05 3967.05 100.00%
Store
apartments
Long-term
Xiyu Xinhu Store Shenzhen rental 100.00% 1589.6 1093.8 68.81%
apartments
Commercial
Fumin Complex Shenzhen 100.00% 6450.19 5742.35 89.03%
and apartments
Block A Man Kam
Shenzhen Office building 75.00% 5904.3 5614.3 95.10%
To Port Building
Overseas Friendship Commercial
Shenzhen 75.00% 6635.08 6375.08 96.08%
Building office building
Anhua Building Shenzhen Office 75.00% 1414 1414 100.00%
182024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Pengfu Building Shenzhen Office 75.00% 6494 6494 100.00%
Jinfu Building Shenzhen Commercial 75.00% 1652.7 1652.7 100.00%
Jinfu Building Shenzhen Commercial 100.00% 567.56 567.56 100.00%
Residential/Co
Fuxing Garden Shenzhen 75.00% 5787.22 5787.22 100.00%
mmercial
Fuxing Garden Shenzhen Commercial 100.00% 1417.15 1417.15 100.00%
Dongguan Tangxia Dongguan
Powerhouse 75.00% 22462.08 22462.08 100.00%
factory City
Commercial
Pacific Trade
Shenzhen area/Office 75.00% 3149.03 2094.26 66.50%
Building
building
Commercial
Pacific Trade
Shenzhen area/Office 15.00% 14888.76 10958.61 73.60%
Building
building
Commercial
Kangti Building Shenzhen area/Office 75.00% 2095.87 2095.87 100.00%
building
Commercial
Kangti Building Shenzhen area/Office 15.00% 1146.81 1146.81 100.00%
building
Commercial
Lvhua building Shenzhen 75.00% 7106.95 6901.02 97.10%
and residential
Shops on the first
floor of Building
Shenzhen Shops 75.00% 1000.34 1000.34 100.00%
48 Lianhua North
Village
Haonianhua Apartments and
Shenzhen 100.00% 1802.61 1802.61 100.00%
Building commercial
Haonianhua Apartments and
Shenzhen 75.00% 2277.9 2277.9 100.00%
Building commercial
Shangmeilin
Shenzhen Residence 100.00% 1192.88 984.15 82.52%
Kaifeng Garden
Fuyuan Industrial
Shenzhen Powerhouse 75.00% 47131.4 43845.2 93.03%
Zone
Tonglu Industrial
Shenzhen Powerhouse 100.00% 74845.08 69911.23 93.41%
Zone
Jiangling Industrial
Shenzhen Powerhouse 75.00% 10396.64 10396.64 100.00%
Zone
Commercial
Area 21 Shenzhen area/Office 75.00% 9518.7 9438.7 99.16%
building
Baoli Community Shenzhen Residence 75.00% 9093.07 7846.46 86.29%
Songgang plant Shenzhen Powerhouse 75.00% 5700 5700 100.00%
Bulong plant Shenzhen Powerhouse 75.00% 7471.36 7471.36 100.00%
Henggang plant
Shenzhen Powerhouse 75.00% 3821 3821 100.00%
(new)
Huanggang
Shenzhen Office 75.00% 4599.72 4508.09 98.00%
Highway Building
Yuetong Complex Shenzhen Office 75.00% 3044 3044 100.00%
Department Store
Shenzhen Office 33.00% 12751.15 12751.15 100.00%
Plaza
192024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Southern Securities
Shenzhen Office 33.00% 8809.8 6590.22 74.81%
Building
Tax-free single
Shenzhen Apartment 33.00% 3440.12 3440.12 100.00%
apartments
Xiangfu Building Shenzhen Commercial 33.00% 3109.4 3109.4 100.00%
Level-I land development
□Applicable □Not applicable
Financing approach
Financing Term structure
Financing cost
balance at the
Financing range/average
end of the
approach financing cost
period Within 1 year 1-2 years 2-3 years Over 3 years
(RMB10000)
(RMB10000)
Bank loans 543772.77 3%-3.5% 68206.31 376290.48 65471.52 33804.46
Non-bank loans 39960.00 4%-6% 40.00 40.00 40.00 39840.00
Total 583732.77 3%-4% 68246.31 376330.48 65511.52 73644.46
Development strategy and business plan for the next year
In 2025 due to the uncertainties of the international situation and other factors the domestic economy is expected to remain under
pressure. The central government proposes to adhere to the general tone of seeking progress while maintaining stability
completely accurately and comprehensively implement the new development concept implement more proactive macro policies
expand domestic demand stabilize the property market and stock market stabilize expectations stimulate vitality promote the
continuous recovery of the economy and continue to push the real estate market to stabilize. SZPRD will continue to actively
connect with the major strategic orientation of the state-owned asset system and firmly control the core links of the value
management of stock assets and the industrial ecological operation service. It will focus on the development of four major
businesses including industrial-city space development property management service industrial ecological operation and main
business ecological investment deeply study and follow the new trends and new characteristics of the development of the real
estate industry and strive to seize the opportunity in the adjustment stage of the real estate industry. It will also focus on stable
operation seek sustainable development together create a market-oriented commercial property platform and solidly promote the
high-quality development of the enterprise with certainty. In the coming year while focusing on the development and sales of
existing projects the Group will continue to follow up and seek incremental resources to lay a foundation for development during
the "15th Five-Year Plan" period. In terms of project development the Company will steadily promote the development and
construction of Yutang Shangfu Project Lake City Project Harbour Palace Garden Project and Shenyang Digital Intelligent City
Project create quality benchmark demonstration projects continue to improve development capabilities strengthen quality control
deepen lean management improve product comprehensive competitiveness and actively create "good houses"; in terms of sales
and destocking we will keep an eye on the optimization of industry regulatory policies seize the market window period closely
combine with the marketing nodes of each project balance the volume and price relationship strictly control the marketing
expenses and fully promote the sales of Yutang Shangfu Project Lake City Project Harbour Palace Project and Shenyang Digital
Intelligent City Project and strive to complete the annual sales target of each project; in terms of land reserve we will activate the
stock resources deepen the value of assets grasp the important window period of the real estate market focus on the economic
development potential areas such as the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta actively
promote the implementation of projects through market-oriented urban renewal bidding auction and listing industrial land
application project cooperation and other means and prudently choose opportunities to try to carry out capital operation to
accelerate the pace of market mergers and acquisitions so as to obtain more resources for the sustainable development of the
Company.The above business plans and business objectives do not represent the listed company's profit forecast for 2025. Whether they can
be realized depends on various factors such as changes in market conditions and the efforts of the business team and there are
great uncertainties. Investors should pay special attention to them.Guarantee to buyers of commercial housing for bank mortgage
□Applicable □Not applicable
202024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
1) As a real estate developer the Company has historically provided mortgage guarantees for buyers of commercial housing in
accordance with real estate development practices. As of December 31 2024 the outstanding guarantee balance was RMB
1135580.83 and such guarantee will be released upon full repayment of the related mortgage.
2) As a real estate developer the Company has historically provided mortgage guarantees for buyers of commercial housing in
accordance with real estate development practices. As of December 31 2024 the outstanding guarantee balance was RMB
387671636.94 and such guarantee will be released upon full repayment of the related mortgage.
Joint investment by the DSSM and the listed company (applicable to the DSSM of the listed company as the investor)
□Applicable □Not applicable
Matching of
actual
Type of Investment Proportion of Accumulated investment
Peak ratio of
Project investment amount investment income Exit status amount and
project funds
entity (RMB) amount (RMB) amount of
income
distribution
Mandatory
co-
Guanlan investment
Subdistrict personnel Not2647.00 66.18% Not
Bangling (including
None None
applicable applicable
District directors and
urban senior
renewal officers)
project1 Voluntary co-
Not
investment 1353.00 33.82% Not None None
applicable applicablepersonnel
Note: 1 This project is in progress and the peak project funds cumulative income and exit status are not applicable. For details
please refer to the relevant announcement disclosed by the Company on Cninfo on November 9 2019.III. Analysis of core competitiveness
Advantages of brand and cultural accumulation: As a state-owned enterprise under the Shenzhen Municipal Government
SZPRD has gone through 40 years of magnificent and pioneering development and has gradually formed a diversified
development pattern with real estate development as its main industry involving urban renewal property management asset
operation industrial investment etc. The brand value and comprehensive strength of "Shenzhen Property" that carries the spirit of
reform and opening up of the International Trade Center Building have been highly recognized by the market. The company was
born because of the International Trade Center Building prospered because of reform and opening up and coexists and grows
with the miracle city of Shenzhen. The combination of the corporate culture of "daring to be the first reforming and strengthening"
and the "pioneer" spirit of overcoming difficulties has become an action guide to drive SZPRD's splendid leap from "Shenzhen
Speed" to "Shenzhen Quality".Market-oriented advantages: SZPRD has been following a market-oriented pace of changing its strategies every year and
undergoing major changes every three years. It has continuously innovated its systems and mechanisms continued to deepen
internal reforms and actively carried out market-oriented operations in line with industry benchmarks which has significantly
stimulated the vitality and momentum for the Group's high-quality development. In recent years Lake City Project pioneered the
cooperation between state-owned enterprises and private enterprises to develop urban renewal projects marking the official launch
of the first fully market-oriented urban renewal project in the history of the Group and taking the lead in implementing the urban
renewal project co-investment system in the municipal state-owned assets system; property management segment the Company
212024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
actively expanded projects outside the province and strengthened its market expansion efforts effectively enhancing the
competitiveness of the Company's property management business in the national market. The Company has simultaneously
established a multi-level incentive and restraint mechanism including co-investment and long-term incentives to allocate
resources select talents assess rewards and punishments in a market-oriented manner.Advantages of the entire industrial chain: Over the years SZPRD formed advantages in the entire industrial chain including
project acquisition development and construction investment promotion and sales leasing management and property management.In particular it has formed obvious segmentation advantages in high-end park basic services and property quality services which
has forged the Company's core competitiveness.Advantages of industrial-city integration: The Company's space development segment is committed to the development of
different business formats such as residential high-end apartments office buildings and industrial parks. From the earliest ITC
urban complex and Huanggang Port area development to the development and operation of the large-scale industrial-city complex
Lake City Project the advantages of SZPRD characteristic development products of industrial-city complexes have been
highlighted. With the implementation of a series of urban renewal project and industrial land acquisition projects the advantages
of industrial-city integration will be further consolidated and enhanced.Advantages of being a Fortune 500 subsidiary: The Company's controlling shareholder Shenzhen Investment Holdings Co. Ltd.has been committed to building a world-class state-owned capital investment and operation company and financial holding group.It ranked 370th in the Fortune 500 in 2024. Relying on the controlling shareholder's entire industrial chain advantages in the
science and technology park the Company is actively transforming and upgrading focusing on the development and construction
of industry-city complexes and has broader development prospects.IV. Analysis of primary business
1. Overview
Please refer to the relevant contents of "II. Main businesses engaged in by the Company during the reporting period" in
"Management Discussion and Analysis".
2. Revenue and cost
(1) Composition of operating revenue
Unit: RMB
Year 2024 Year 2023
Percentage of Percentage of YoY change
Amount Amount
operating revenue operating revenue
Total operating
2734158884.05100%2965117025.04100%-7.79%
revenue
By industry
Real estate 1003780119.17 36.71% 1234537188.62 41.64% -18.69%
Property
1594488341.4958.32%1578719323.9853.24%1.00%
management
Lease operation 135890423.39 4.97% 151860512.44 5.12% -10.52%
By product
Real estate 1003780119.17 36.71% 1234537188.62 41.64% -18.69%
Property
1594488341.4958.32%1578719323.9853.24%1.00%
management
222024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Lease operation 135890423.39 4.97% 151860512.44 5.12% -10.52%
By region
Shenzhen 2316973557.44 84.74% 2569038060.46 86.64% -9.81%
Others 417185326.61 15.26% 396078964.58 13.36% 5.33%
Subsales model
(2) Industry product region and sales model accounting for more than 10% of the Company's operating revenue or
operating profit
□Applicable □Not applicable
Unit: RMB
YoY change in
YoY change in YoY change in
Operating revenue Operating costs Gross margin operating
operating costs gross margin
revenue
By industry
Real estate 1003780119.17 843578721.75 15.96% -18.69% 3.06% -17.74%
Property
managemen 1594488341.49 1320671101.86 17.17% 1.00% 0.30% 0.58%
t
By product
Real estate 1003780119.17 843578721.75 15.96% -18.69% 3.06% -17.74%
Property
managemen 1594488341.49 1320671101.86 17.17% 1.00% 0.30% 0.58%
t
By region
Subsales model
Under the circumstances that the calculation method of the Company's main business data is adjusted during the reporting period
the Company's main business data for the latest period is adjusted according to the calculation method at the end of the reporting
period
□Applicable □Not applicable
(3) Whether the Company's physical sales revenue is greater than the revenue of labor services
□Yes □No
(4) Performance of major sales contracts and major procurement contracts signed by the Company as of the reporting
period
□Applicable □Not applicable
(5) Composition of operating costs
Industry classification
Unit: RMB
Year 2024 Year 2023
Industry
Item YoY change
classification Amount Proportion
Proportion in
Amount
in operating operating costs
232024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
costs
Real estate 843578721.75 37.49% 818496053.38 36.65% 0.84%
Property
1320671101.8658.70%1316777091.3258.95%-0.25%
management
Lease operation 85764264.72 3.81% 98252237.79 4.40% -0.59%
Notes
None
(6) Whether there was any change in the consolidation scope during the reporting period
□Yes □No
For details please refer to IX. Changes in consolidation scope of Section X Financial Reports of this report.
(7) Information about significant changes or adjustments in the Company's business products or services during the
reporting period
□Applicable □Not applicable
(8) Main sales customers and suppliers
Main sales customers of the Company
Total sales amount of top five customers (RMB) 230591030.13
Ratio of top 5 customers' sales to total annual sales 8.43%
Ratio of related party sales among top 5 customers to total
6.24%
annual sales
Information on the Company's top 5 customers
No. Customer name Sales amount (RMB) Ratio in total annual sales
1 Customer 1 170561801.31 6.24%
2 Customer 2 21344276.27 0.78%
3 Customer 3 13872016.89 0.51%
4 Customer 4 12979331.92 0.47%
5 Customer 5 11833603.74 0.43%
Total -- 230591030.13 8.43%
Other information on main customers
□Applicable □Not applicable
Legal person 1 has the same control relationship with the Company.Main suppliers of the Company
Total purchase amount of top five suppliers (RMB) 221845140.26
Ratio of total purchase amount of the top five suppliers in the
22.30%
total annual purchase amount
Ratio of related party purchases among top 5 suppliers to total
6.27%
annual purchases
Information on the Company's top 5 suppliers
242024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Ratio in the annual purchase
No. Supplier name Purchase amount (RMB)
amount
Shenzhen Bay Technology Development
1 Co. Ltd. 62382807.01 6.27%
China Construction Fifth Engineering
2 Bureau Group Co. Ltd. 56288720.85 5.66%
3 Shenzhen Security Service Co. Ltd. 44373356.40 4.46%
Shenzhen Sunrise Human Settlement
4 Environmental Service Co. Ltd. 34398400.00 3.46%
Shenzhen Shekou Security Service Co.
5 Ltd. 24401856.00 2.45%
Total -- 221845140.26 22.30%
Other information on main suppliers
□Applicable □Not applicable
Shenzhen Bay Technology Development Co. Ltd. is a wholly-owned subsidiary of Shenzhen Investment Holdings Co. Ltd. the
controlling shareholder of the Company. In addition the other four suppliers have no related relationships with the Company.
3. Costs
Unit: RMB
Explanation of
Year 2024 Year 2023 YoY change
significant changes
Selling and distribution
43995985.4146757158.57-5.91%
expenses
G&A expenses 284433101.74 310578375.15 -8.42%
Financial expenses 41043648.75 43846029.30 -6.39%
R&D expenses 5351808.44 4133484.37 29.47%
4. R&D investment
□Applicable □Not applicable
Expected impact
Name of main on the Company's
Purpose of the project Project progress Objectives to be achieved
R&D project future
development
Based on the five dimensions—
comprehensive overview subsystem
By integrating BIM
overview equipment group analysis
model technology we
equipment view analysis and equipment
enhance operation and
knowledge base—the BIM-integrated
maintenance
IOC enables efficient and accurate
BIM operation efficiency realize the Increase product
decision analysis overall management
and maintenance visualization features advantages and
Delivered problem identification resolution and
management of BIM models and market
solution methods for any scenario in
system enable owners to competitiveness
smart buildings. The large screen also
manage assets and
supports data governance analysis and
make informed
comprehensive IOC components to
decisions more
display various indicators such as
effectively.histograms line graphs scatter diagrams
Sankey diagrams and heat maps meeting
252024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
the display requirements for different
business scenarios.This product combines the latest mobile
In order to address the
Internet IoT big data BIM and other
intelligent
technologies. It is a solution integrating
management of
operation and maintenance tools
building facilities it
management and intelligent decision-
provides a powerful
making in the real estate and facility
integrated
management of buildings. It can provide
Building management platform
full life cycle management functions from Add new market
intelligent for asset owners and Delivered
entry operation and maintenance to opportunities
integrated system operators to achieve
disposal for various facility assets within
asset value
the whole range covering engineering
preservation and
environment safety customer service
appreciation cost
quality and other businesses and has the
reduction and
characteristics of extensive integration
efficiency
intelligent monitoring intelligent alarm
improvement.intelligent scheduling and so on.The platform consists of FMS facility
management subsystem IMS IoT
monitoring subsystem EMS energy
management subsystem basic support
subsystem BI intelligent report system
Combining the subsystem and mobile application
Internet of Things big system. It can realize the implementation
data BIM and other management of the process personnel
technologies it and standard system of real estate and
provides solutions facility operation and maintenance Increase product
Digital integrated
integrating operation management; realize unmanned machine advantages and
management Delivered
and maintenance room management save labor costs and market
platform
tools management improve safety assurance; realize energy competitiveness
and intelligent consumption analysis management; have
decision-making for the function of providing basic data
real estate and facility support for the whole platform; realize
management. statistical analysis and decision support in
personnel management asset
management task management customer
service etc.; realize internal management
and convenient use of customer mobile
terminals.The specific functions of the system
include: hospital equipment and
infrastructure management material and
By introducing
supply chain management environmental
information
management safety management
technology such as
medical service and patient experience
the Internet of Things
management energy conservation
Hospital microservices and big
emission reduction， and environmentalintelligent data the hospital's
protection data analysis and decision- Add new market
logistics operations can be Delivered
making. It has multi-interface functions opportunities
management optimized service
such as work order board task
platform quality and efficiency
processing workbench plan
can be improved and
management budget management
resources can be
process management work analysis
utilized to the
space management asset management
maximum extent.and customer service personnel
management etc. which can be used on
the APP terminal.
262024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
As a unified intelligent operation center
for enterprise administration this system
takes the digital middle platform as the
The system takes the base layer to build data collection and
digital middle business self-operation capabilities and
platform as the base takes professional management as the
layer build data service layer to build an administrative
collection and operation control platform (E-IOC). The
Enterprise
business self- system is mainly for management
administrative Add new market
operation capabilities Delivered employees and IT administrators related
intelligent opportunities
and take professional to enterprise administration and logistics.operation center
management as the The main functions include:
service layer to build comprehensive management billboard
an administrative professional management report query
operation control report export data entry event center
platform. account permission management
organizational structure management
indicator management mobile terminal
and data center.R&D personnel of the Company
Year 2024 Year 2023 Change ratio
Number of R&D personnel 41 38 7.89%
Proportion of R&D personnel 0.46% 0.43% 0.03%
Educational structure of R&D personnel
Undergraduate 31 28 10.71%
Master 1 2 -50.00%
Junior college 9 8 12.50%
Age composition of R&D personnel
Under 30 24 27 -11.11%
30-40 years old 14 7 100.00%
40+34-25.00%
R&D investment
Year 2024 Year 2023 Change ratio
Amount of R&D investment
5351808.444133484.3729.47%
(RMB)
Ratio of R&D investment to
0.20%0.14%0.06%
operating revenue (%)
Amount of capitalized R&D
0.000.00
investment (RMB)
Ratio of capitalized R&D
investment to R&D 0.00% 0.00%
investment
Reasons and impact of major changes in the composition of the Company's R&D personnel
□Applicable □Not applicable
Reasons for the significant change in the proportion of total R&D investment to operating revenue compared with the previous
year
□Applicable □Not applicable
Reasons for the significant change in the capitalization rate of R&D investment and its rationality explanation
272024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
□Applicable □Not applicable
5. Cash flows
Unit: RMB
Item Year 2024 Year 2023 YoY change
Sub-total of cash inflows
3047561766.413509206475.96-13.16%
from operating activities
Sub-total of cash outflows
4471559940.933773299460.2918.51%
from operating activities
Net cash flows from operating
-1423998174.52-264092984.33-439.20%
activities
Sub-total of cash inflows
55996880.52634734196.73-91.18%
from investing activities
Sub-total of cash outflows
67756411.997641999.39786.63%
from investing activities
Net cash flows from the
-11759531.47627092197.34-101.88%
investing activities
Sub-total of cash inflows
1239948405.211484580254.47-16.48%
from financing activities
Sub-total of cash outflows
927580751.94624251511.6348.59%
from financing activities
Net cash flows from financing
312367653.27860328742.84-63.69%
activities
Net increase in cash and cash
-1122339250.821223445277.64-191.74%
equivalents
Description of main influencing factors of significant YoY changes in relevant data
□Applicable □Not applicable
* The year-on-year decrease in cash inflows from operating activities mainly due to the decrease in real estate revenue during the
reporting period.* The year-on-year increase in cash outflows from operating activities mainly due to the increase in land value increment tax
payments during the reporting period.* The cash inflows from investing activities decreased YoY mainly due to the receipt of equity transfer payments in the same
period last year.* The year-on-year increase in cash outflows from investing activities mainly due to the increase in long-term assets acquisition
during the reporting period.* The year-on-year decrease in cash inflows from financing activities mainly due to the decrease in new bank borrowings during
the reporting period.* The year-on-year increase in cash outflows from financing activities mainly due to the increase in bank borrowings repayment
during the reporting period.Explanation of the reasons for the significant difference between the net cash flow generated from the operating activities of the
Company and the net profit of the current year during the reporting period
□Applicable □Not applicable
282024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
The net cash flows generated by the Company's operating activities during the reporting period were -1423998174.52 which was
significantly different from the net profit of -1287143724.11 during the reporting period. The main reasons are that the land
value increment tax accrued in previous years was paid the provision for asset impairment was accrued and the income from
investments in joint ventures was recognized during the reporting period.V.Analysis of non-primary business
□Applicable □Not applicable
Unit: RMB
Whether it is
Amount Ratio of total profit Formation reasons
sustainable
Except for the
Mainly the compensation received
compensation received by the joint ventures
Investment income 185619483.06 -15.55%
by joint ventures for for house
house expropriation expropriation it is
sustainable.Mainly provision for
Asset impairment -1036113360.07 86.79% No
inventory depreciation
Mainly forfeiture of
Non-operating revenue 1067805.57 -0.09% No
deposits and guarantee
Non-operating Mainly payment of
8355964.49 -0.70% No
expenses liquidated damages
Mainly provision for
Credit loss -363088397.28 30.41% No
bad debts
VI. Analysis of assets and liabilities
1. Major changes in asset composition
Unit: RMB
As at the end of 2024 Early 2024 Increase/decre
Explanation of
Ratio of Ratio of ase in
Amount Amount significant changes
total assets total assets percentage
Resulting from the
decrease in real
1678116644.
Monetary funds 10.97% 2748798476.72 16.18% -5.21% estate revenue and
12
the payment of land
value increment tax
Accounts Caused by provision
476014729.603.11%502806453.882.96%0.15%
receivable for bad debts
Contract assets 468765.62 0.00% 844485.57 0.00% 0.00%
Resulting from
10685045153 provision for
Inventories 69.87% 11098209095.74 65.33% 4.54%.41 inventory
depreciation
Investment
374035893.072.45%386810800.472.28%0.17%
properties
Long-term Increase in
equity 268187805.52 1.75% 84057750.55 0.49% 1.26% investment income
investments from joint ventures
292024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Fixed assets 52712396.64 0.34% 66436408.90 0.39% -0.05%
Right-of-use
16967620.030.11%23516796.220.14%-0.03%
assets
Resulting from
Short-term decrease in short-
190165458.331.24%230915000.001.36%-0.12%
borrowings term bank
borrowings
Resulting from the
Contract
336164629.72 2.20% 820424953.42 4.83% -2.63% carry-forward of
liabilities
operating revenue
Caused by the
accounting
adjustment of
Long-term 4755314631.
31.09% 1399889274.47 8.24% 22.85% deferred bank
borrowings 26
borrowings
originally due
within one year
Lease liabilities 11089072.57 0.07% 10571092.27 0.06% 0.01%
Advances to
7789173.690.05%11983086.350.07%-0.02%
suppliers
Increase in recovery
of part of current
Other
273333289.51 1.79% 624394372.82 3.68% -1.89% accounts and
receivables
provision for bad
debts
Increase in
Assets held for investment
170154.050.00%0.000.00%0.00%
sale properties held for
sale
Other current Increase in input tax
181721113.821.19%127774825.510.75%0.44%
assets to be deducted
Caused by
Intangible
471565.39 0.00% 889801.14 0.01% -0.01% amortization of
assets
intangible assets
Other non- Increase in contract
13875501.610.09%3505155.930.02%0.07%
current assets acquisition costs
Accounts 1043092277. Increase in project
6.82%662869059.593.90%2.92%
payable 27 funds payable
Resulting from the
3224280429.
Taxes payable 21.08% 4026957347.94 23.70% -2.62% payment of land
52
value increment tax
Non-current
Decrease in long-
liabilities
506702676.30 3.31% 3092324853.07 18.20% -14.89% term borrowings
maturing within
due within one year
one year
Decrease in output
Other current
23186263.57 0.15% 68373661.13 0.40% -0.25% tax to be carried
liabilities
forward
Increase in
Estimated provision for
934205.510.01%650000.000.00%0.01%
liabilities estimated pending
litigation expenses
Deferred tax Decrease in right-
4100164.350.03%5862279.700.03%0.00%
liabilities of-use assets
High proportion of overseas assets
302024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
□Applicable □Not applicable
2. Assets and liabilities measured at fair value
□Applicable □Not applicable
Unit: RMB
Profit or
loss from Cumulative Impairment Amount
Amount
changes in changes in provision purchased
Beginning sold in the Other Ending
Item fair value fair value in the in the
balance current changes balance
in the included in current current
period
current equity period period
period
Financial assets
4. Other
equity
instrument 636926.20 -60387.90 9693.52 586231.82
investment
s
Total of the
636926.20-60387.909693.52586231.82
above
Financial
0.000.00
liabilities
Other changes
Other changes are affected by changes in exchange rates.Whether there were significant changes in the measurement attributes of the Company's major assets during the reporting period
□Yes □No
3. Restrictions on asset rights as of the end of the reporting period
Item Ending book balance Reason for restriction
Monetary funds 67316759.82 [Note 1]-[Note 11]
Land use right of Lake City Project plot 401867324.00 [Note 12]
Land use right of Plot D of Shenyang Digital Intelligent City 474272747.56 [Note 13]
Project and Plot D construction in progress
Total 943456831.38
[Note 1]: Among the monetary funds with restricted right of use at the end of the period RMB 2950000.00 was the bank
guarantee deposit of the subsidiary Shenzhen Shenfubao Property Development Co. Ltd.[Note 2]: Among the monetary funds with restricted right of use at the end of the period RMB 3000000.00 was frozen by the
court due to pre-litigation preservation for contract disputes of the subsidiary Shenzhen Facility Management Community Co. Ltd.[Note 3]: Among the monetary funds with restricted right of use at the end of the period RMB 117500.00 was the bank guarantee
deposit of the subsidiary Shenzhen Facility Management Community Co. Ltd.[Note 4]: Among the monetary funds with restricted right of use at the end of the period RMB 1000.00 was the POS machine
deposit of the subsidiary Shenzhen Shenfubao Property Development Co. Ltd. Jiangxi Branch.[Note 5]: Among the monetary funds with restricted right of use at the end of the period RMB 203171.00 was frozen by the court
due to pre-litigation preservation for contract disputes of the subsidiary Shenzhen Huangcheng Real Estate Co. Ltd.
312024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
[Note 6]: Among the monetary funds with restricted right of use at the end of the period there are RMB 57490835.33 of time
deposits purchased at the end of the period and their interest.[Note 7]: Among the monetary funds with restricted right of use at the end of the period RMB 50349.36 was the collection
business guarantee of the subsidiary Shenzhen Jiayuan Property Management Co. Ltd.[Note 8]: Among the monetary funds with restricted right of use at the end of the period RMB 284323.30 was the frozen
entrusted payment of the subsidiary Yangzhou Wohui Real Estate Co. Ltd.[Note 9]: Among the monetary funds with restricted right of use at the end of the period RMB 484000.00 was frozen by the court
due to pre-litigation preservation for contractual disputes of the subsidiary Chongqing Shenguomao Real Estate Management Co.Ltd.[Note 10]: Among the monetary funds with restricted right of use at the end of the period RMB 1600000.00 was the bank
guarantee deposit of the subsidiary Shenzhen Shenshan Special Cooperation Zone ITC Property Development Co. Ltd.[Note 11]: Among the monetary funds with restricted right of use at the end of the period there is RMB 1135580.83 which is the
loan guarantee historically provided by the Company as a real estate developer and paid for the buyers of commercial housing
according to the real estate operation practice.[Note 12]:Due to the needs of daily operating activities the Company applied for a loan from Industrial Bank Shenzhen Branch
and mortgaged the land use right of the Lake City Project plot it held.[Note 13]: Due to the needs of daily operating activities the Company applied for a loan from Agricultural Bank of China
Yangzhou Branch and mortgaged the land use right of Plot D of Shenyang Digital Intelligent City Project and the construction in
progress of Plot D.VII. Analysis of investment status
1. Overall situation
□Applicable □Not applicable
2. Major equity investments acquired during the reporting period
□Applicable □Not applicable
3. Major non-equity investments in progress during the reporting period
□Applicable □Not applicable
4. Investment in the financial assets
(1) Securities investment
□Applicable □Not applicable
Unit: RMB
Accou Profit Cumu Amou Amou Profit
Securi Initial nting Openi or lative nt nt or Closin Accou Sourc
ties Stock invest measu ng g
Ticker loss chang purch sold loss nting e of
variet name ment remen book from es in ased in the during book items funds
y cost t value chang fair in the curren the value
mode es in value curren t report
322024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
fair includ t period ing
value ed in period period
in the equity
curren
t
period
Acqui
red
Dome Other
Fair from
stic 40001 Jintia equity
3565 value - debt
and 6 、 n A 6369 9693. 5862 instru856.0 measu 0.00 6038 0.00 0.00 restru
foreig 42001 Jintia 26.20 52 31.82 ment
6 remen 7.90 cturin
n 6 n B invest
t g of
stocks ments
Jintia
n
3565-
63699693.5862
Total 856.0 -- 0.00 6038 0.00 0.00 -- --
26.205231.82
67.90
(2) Derivative investment
□Applicable □Not applicable
The Company had no derivative investment during the reporting period.
5. Use of funds raised
□Applicable □Not applicable
The Company had no use of funds raised during the reporting period.VIII. Sales of major assets and equities
1. Sales of major assets
□Applicable □Not applicable
The Company did not sell major assets during the reporting period.
2. Sale of major equity
□Applicable □Not applicable
IX. Analysis of major holding and participating companies
□Applicable □Not applicable
Major subsidiaries and participating companies with an impact of 10% or more on the Company's net profit
Unit: RMB
Company Company Main Registered Operating Operating
Total assets Net assets Net profit
name type business capital revenue profit
Shenzhen Real estate
Subsidiarie 30000000. 71843923 30282431 18179209 30530415. 22903638.Huangchen developme
s 00 86.07 82.44 6.61 22 26
g Real nt and sales
332024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Estate Co.Ltd.Shenzhen
Internation
al Trade Property
Subsidiarie 20000000. 20937906 45941701 16008153 11621611 80745015.Center manageme
s 00 63.58 4.84 75.18 8.61 28
Property nt service
Manageme
nt Co. Ltd.Information on acquisition and disposal of subsidiaries during the reporting period
□Applicable □Not applicable
Notes to main holding and participating companies
X. Structured entities controlled by the Company
□Applicable □Not applicable
XI. Prospects for the future development of the Company
(I) Industry pattern and trend
See "I. Industry situation of the Company during the reporting period" in Section III "Management Discussion and Analysis" of
this report.(II) Development strategy of the Company
With the overall downward trend of the development of the traditional real estate market SZPRD which is mainly engaged in
traditional real estate is facing a severe industry situation.In this context the Company proposed the "12345" overall development idea of "1 vision + 2 major sectors + 3 drivers + 4 major
businesses + 5 value-added services". Focusing on the two core modes of "space asset management" and "space digital ecological
operation" through "main business extension and edge breakthrough" the Company focuses on the development of four major
businesses namely industrial-city space development industrial ecological operation property management service and main
business ecological investment and quickly lays out and grafts five value-added services namely high-end consulting services
customized butler services intelligent operation platforms data mining and utilization and business ecosystem integration. With
scientific and technological innovation as the first driving force the Company gives full play to the leverage role of capital builds
a portal-type intelligent management and control service platform based in Shenzhen with the Guangdong Hong Kong and
Macao metropolitan area and surrounding areas as the expansion area builds the function of intelligent social base point and
creates a leading intelligent industrial-city space operator in China.In the future the Company will base on the current development situation grasp the rhythm of development steps and follow the
three-step implementation path of "strengthening the foundation making breakthroughs at the edge and focusing on leading" seek
transformation and upgrading opportunities in development promote incremental development in transformation build new
unique development advantages of the Company and create a new pattern of innovation and development of the Company.(Ⅲ) Business plan for 2025
In 2025 the Group will continue to focus on the four aspects of "stabilizing flow controlling cost expanding capacity and
342024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
strengthening foundation" promote the overall stability of production and operation with positive results resolutely overcome a
number of difficulties affecting the promotion of major projects and guide the development of the Group into the benign track of
simultaneous and competitive development of various sectors and projects; Continue to be a vanguard in the reform and
development of enterprises fully complete the annual tasks and objectives and make new contributions to the realization of high-
quality and sustainable development of the Group and the vision of building China's leading intelligent industrial-city space
operator.First based on the existing resource endowment and business level create conditions to strive to complete the annual main
indicators according to the planned number. Achieve the annual operating revenue total profit and other budget goals and
promote the marketing of key projects and the development of stock projects in an orderly manner.The second is to overcome difficulties and strengthen node management. Implement responsibilities improve the driving
ability management and control ability and operation efficiency of the project and ensure that the work of each project is
implemented in strict accordance with the node plan and the quality and quantity are guaranteed.Third continue to strengthen the independent operation capacity building of secondary platform companies platform
function construction and role play and strengthen the development pattern of the main real estate industry. Establish a
standardized model for the whole process of real estate project development. Continuously improve the project development
management system strive to make up for the shortcomings and cooperate with each business line such as project design
engineering bidding and marketing of the Group comprehensively benchmark projects in the industry to improve the management
level build a set of efficient standardization mode for the whole process of real estate project development and ensure the efficient
and stable operation of the whole life cycle of the project.Fourth adhere to the overall leadership of the party and promote the development of the group's party building brand in a
new stage. Continue to strengthen the construction of grass-roots party organizations and party members give full play to the
party's political leading role to help business development and select opportunities to carry out characteristic theme party building
and corporate culture publicity and creation activities; Financial management aims to improve the efficiency and benefit of
resource use optimize resource allocation strictly control and assess budgets strengthen business and financial integration
financial analysis tax management etc. and raise financing through multiple channels; Improve the construction of the training
system build an efficient cadre selection mechanism deepen the application of the HR system optimize the salary management
plan and strengthen salary control measures.Fifth there is constant vigilance regarding workplace safety petition handling and stability maintenance. Improve the
system implement the quarterly assessment of work safety and a reasonable reward and punishment system deepen the
construction of work safety standardization and "dual prevention mechanism" strengthen normal work safety inspection regularly
sort out hidden risks implement list management of key areas and important links of risk points and strictly implement
rectification to ensure that no work safety accidents occur throughout the year; Strengthen the coordination and linkage between
the letter and visit work and the key operation work of the Group deepen the case-based learning and case-based governance
improvement and give full play to the role of the letter and visit work in supporting guaranteeing and boosting operation.
(4) Possible risks
1. Market risk
Under the policy guidance of "no speculation in housing" the demand side of the real estate market is still in a downward channel.The development space of the real estate industry is constantly being compressed and the industry profit is greatly reduced. It has
352024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
changed from the previous land dividend to the era of asking for dividends from management especially for the cost design
engineering and other business capabilities which has brought unprecedented challenges. The promotion conditions of urban
renewal project are complex and full of resistance and the Company's business development is facing opportunities and challenges.In the face of the grim situation the Company deeply studied the opportunities and challenges brought by macroeconomic trends
and policy trends actively sought the direction of strategic breakthrough adhered to steady operation raised funds through
multiple channels focused on improving management level seized land market opportunities based in Shenzhen and focused on
improving its sustainable development ability with Guangdong-Hong Kong-Macao metropolitan area and surrounding areas as its
expansion area.
2. Land reserve risk
The Company's lack of land reserves and insufficient development potential still exist. In recent years the supply of residential
land in the Shenzhen market is still tight while large housing enterprises have expanded their market share accelerated the pace of
industry mergers and the real estate industry has concentrated to the head which has exacerbated the concentration of land reserve
scale. The external environment and industry situation are complex and severe the incremental market size is further compressed
and the market competition is intensifying.In the face of challenges the Company will continue to expand through market competition capital operation and urban renewal
actively increase the expansion of land reserves and promote the implementation of projects as soon as possible. In terms of
property types residential projects will focus on the Guangdong-Hong Kong-Macao Greater Bay Area the Yangtze River Delta
metropolitan area and existing project areas and gradually focus on and lay out key cities in the central urban agglomeration
centered on Wuhan the western Chengyu region and the Beijing-Tianjin-Hebei region; The urban renewal project will be mainly
in Shenzhen Dongguan and Huizhou and other Shenzhen-adjacent areas and gradually follow the Guangzhou urban renewal
project; The comprehensive industry-city projects will focus on the Guangdong-Hong Kong-Macao Greater Bay Area the Yangtze
River Delta the central Wuhan region and the western Chengyu region.
3. Financing risk
In recent years the Company has actively increased its land reserve and accelerated its business development. In this process it
needs to invest a large amount of funds for land acquisition and project development. In addition to its own funds the Company's
project development funds also need to be financed externally through bank borrowings and issuance of securities.At present the Company has a stable financial position and good credit status. In the future it will further strictly control financial
risks actively explore various financing channels and raise funds for project development and construction.The above business plans and business objectives do not represent the listed company's profit forecast for 2025. Whether they can
be realized depends on various factors such as changes in market conditions and the efforts of the business team and there are
great uncertainties. Investors should pay special attention to them.XII. Reception survey communication interview and other activities during the reporting
period
□Applicable □Not applicable
Type of Index of
Reception Reception Reception Reception Main contents discussed and
reception basic
time place mode object information provided
object information
on the
362024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
survey
January 8 The Telephone Asked whether the Company will Not
Individual Individual
2024 Company communication announce the performance forecast applicable
Inquired about the resolution of
January 8 The Telephone Not
Individual Individual horizontal competitions and the
2024 Company communication applicable
progress of project development
Online
January 8 The communication Inquired about the Company's relevant Not
Individual Individual
2024 Company on the network business layout applicable
platform
January 17 The Telephone Inquired about the Company's Not
Individual Individual
2024 Company communication performance in the fourth quarter applicable
Online Inquired about the Company's market
January 25 The communication capitalization management plan and Not
Individual Individual
2024 Company on the network whether there is a plan to repurchase applicable
platform the Company's B shares
Online
January 26 The communication Inquired about the Company's relevant Not
Individual Individual
2024 Company on the network business layout and dividend plan applicable
platform
Online
Inquired about the Company's
January 26 The communication Not
Individual Individual performance and whether to issue
2024 Company on the network applicable
performance forecast
platform
Online
Asked if the Company has plans to
January 28 The communication Not
Individual Individual participate in urban village renovation
2024 Company on the network applicable
projects
platform
Online
January 29 The communication Asked if the Company has plans to Not
Individual Individual
2024 Company on the network implement blockchain technology applicable
platform
Inquired about the reasons for the
decline in the Company's performance
February 21 The Telephone Not
Individual Individual in the third quarter the annual
2024 Company communication applicable
performance and the real estate and
property management projects
February 29 The Telephone Inquired about the Company's Not
Individual Individual
2024 Company communication performance and dividend plan applicable
Online Inquired about the selection method
February 29 The communication adopted by the Company for the Not
Individual Individual
2024 Company on the network renewal of the financial audit applicable
platform institution in 2024
Online
March 12 The communication Inquired about the Company's plans for Not
Individual Individual
2024 Company on the network ESG governance applicable
platform
Online
March 20 The communication Asked whether the Company has Not
Individual Individual
2024 Company on the network established a financial sharing center applicable
platform
March 25 The Telephone Inquired about the Company's Not
Individual Individual
2024 Company communication performance in 2023 applicable
March 25 The Telephone Not
Individual Individual Inquired about horizontal competitions
2024 Company communication applicable
March 28 The Online Asked if the Company has plans to Not
Individual Individual
2024 Company communication participate in urban village renovation applicable
372024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
on the network projects
platform
Online
April 1 The communication Inquired about the dividend plan and Not
Individual Individual
2024 Company on the network time applicable
platform
Online
April 1 The communication Not
Individual Individual Inquired about the dividend plan
2024 Company on the network applicable
platform
April 3 The Telephone Inquired about the Company's relevant Not
Individual Individual
2024 Company communication business layout applicable
April 8 The Telephone Inquired about the progress of Not
Individual Individual
2024 Company communication horizontal competition resolution applicable
April 11 The Telephone Inquired about the Company's Not
Individual Individual
2024 Company communication performance forecast in 2024 applicable
April 11 The Telephone Inquired about the progress of Not
Individual Individual
2024 Company communication horizontal competition resolution applicable
For details
please refer
Institutional to the
investors Record
such as Sheet of
Shenzhen Investor
Huaxia Inquired about the development of the Relations
April 11 The Compound Company's business segments and Activities
Field survey Institution
2024 Company Profit future plans etc. on April
Private 11 2024
Equity Fund disclosed
Management by the
Co. Ltd. Company
onApril
11 2024 on
cninf
April 12 The Telephone Inquired about the progress of Not
Individual Individual
2024 Company communication horizontal competition resolution applicable
April 17 The Telephone Inquired about the holding time of the Not
Individual Individual
2024 Company communication Company's shareholders' meeting applicable
April 17 The Telephone Inquired about the progress of Not
Individual Individual
2024 Company communication horizontal competition resolution applicable
April 18 The Telephone Not
Individual Individual Inquired about dividends
2024 Company communication applicable
April 18 The Telephone Inquired about the time of performance Not
Individual Individual
2024 Company communication briefing meeting applicable
April 18 The Telephone Inquired about the holding time of the Not
Individual Individual
2024 Company communication Company's shareholders' meeting applicable
Online
April 19 The communication Inquired about the reasons for the Not
Individual Individual
2024 Company on the network decline in the Company's profits applicable
platform
April 22 The Telephone Inquired about the Company's Not
Individual Individual
2024 Company communication financing credit applicable
Investors For details
Online
Network participating Inquired about the Company's please refer
April 22 communication
platform Others in the operations financial situation dividend to the
2024 on online
Company's situation and development plan Record
platforms
2024 annual Sheet of
382024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
performance Investor
briefing Relations
through the Activities
panoramic onApril
network 22 2024
performance disclosed
platform by the
Company
onApril
222024
on cninf
April 23 The Telephone Inquired about the progress of Not
Individual Individual
2024 Company communication horizontal competition resolution applicable
April 26 The Telephone Asked the Company how to deal with Not
Individual Individual
2024 Company communication the new real estate policy applicable
The Telephone Not
May 7 2024 Individual Individual Inquired about the dividend plan
Company communication applicable
The Telephone Inquired about the progress of Not
May 7 2024 Individual Individual
Company communication horizontal competition resolution applicable
Online
May 10 The communication Asked questions about horizontal Not
Individual Individual
2024 Company on the network competitions applicable
platform
Online
May 21 The communication Inquired about the progress of Not
Individual Individual
2024 Company on the network horizontal competition resolution applicable
platform
May 22 The Telephone Inquired about the progress of Not
Individual Individual
2024 Company communication horizontal competition resolution applicable
May 27 The Telephone Asked the reason for the decline in the Not
Individual Individual
2024 Company communication Company's share price applicable
May 30 The Telephone Inquired about the Company's Not
Individual Individual
2024 Company communication operation applicable
The Telephone Inquired about the progress of Not
June 4 2024 Individual Individual
Company communication horizontal competition resolution applicable
Inquired about the opening sales of
June 12 The Telephone Lake City and the revenue recognition Not
Individual Individual
2024 Company communication of the Company's real estate projects in applicable
the first half of the year
June 17 The Telephone Inquired about the Company's dividend Not
Individual Individual
2024 Company communication payment arrival time applicable
June 17 The Telephone Inquired about the Company's relevant Not
Individual Individual
2024 Company communication business applicable
June 17 The Telephone Inquired about the Company's dividend Not
Individual Individual
2024 Company communication payment arrival time applicable
June 17 The Telephone Inquired about the Company's Not
Individual Individual
2024 Company communication operation applicable
June 19 The Telephone Inquired about the Company's dividend Not
Individual Individual
2024 Company communication payment arrival time applicable
June 27 The Telephone Inquire about the Company's Not
Individual Individual
2024 Company communication performance applicable
Online
Inquiry about the progress of the
June 30 The communication Not
Individual Individual Company's transfer of equity of
2024 Company on the network applicable
wholly-owned subsidiary
platform
The Telephone Inquired about the transfer of the Not
July 2 2024 Individual Individual
Company communication agreement of Shenzhen Investment applicable
392024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Holdings
The Telephone Inquired about the progress of Not
July 3 2024 Individual Individual
Company communication horizontal competition resolution applicable
The Telephone Inquired about the Company's Not
July 4 2024 Individual Individual
Company communication operation applicable
The Telephone Inquired about the progress of Not
July 5 2024 Individual Individual
Company communication horizontal competition resolution applicable
The Telephone Inquired about the progress of Not
July 8 2024 Individual Individual
Company communication horizontal competition resolution applicable
The Telephone Inquired about the Company's Not
July 9 2024 Individual Individual
Company communication performance applicable
Inquired about the Company's
July 11 The Telephone Not
Individual Individual performance and the progress of
2024 Company communication applicable
horizontal competitions resolution
July 15 The Telephone Inquired about the Company's dividend Not
Individual Individual
2024 Company communication payment arrival time applicable
July 24 The Inquired about the progress of Not
Others Individual Individual
2024 Company horizontal competition resolution applicable
Inquired about the specific situation of
the arbitration between the Company
July 24 The Telephone Not
Individual Individual and Xinhai Rongyao and the progress
2024 Company communication applicable
of the solution of horizontal
competitions
Online
Inquired about the Company's relevant
July 25 The communication Not
Individual Individual business layout and whether there is a
2024 Company on the network applicable
plan to transform
platform
August 2 The Telephone Asked the reason for the rise in the Not
Individual Individual
2024 Company communication Company's stock price applicable
August 2 The Telephone Inquired about the Company's Not
Individual Individual
2024 Company communication operation applicable
Online
August 2 The communication Inquired about the Company's relevant Not
Individual Individual
2024 Company on the network business layout applicable
platform
Online
August 6 The communication Inquired about the Company's relevant Not
Individual Individual
2024 Company on the network business layout applicable
platform
Asked when the opening time of Lake
August 7 The Telephone Not
Individual Individual City was and the progress of the
2024 Company communication applicable
solution of horizontal competitions
August 7 The Telephone Inquired about the progress of Not
Individual Individual
2024 Company communication horizontal competition resolution applicable
August 8 The Telephone Inquired about the Company's views on Not
Individual Individual
2024 Company communication the real estate market applicable
August 8 The Telephone Inquired about the Company's future Not
Individual Individual
2024 Company communication business plan applicable
Inquired about the content of the
August 12 The Telephone Not
Individual Individual Company's stock change
2024 Company communication applicable
announcement
Online
August 18 The communication Inquired about the progress of Not
Individual Individual
2024 Company on the network horizontal competition resolution applicable
platform
August 22 The Telephone Inquired about the relevant matters of Not
Individual Individual
2024 Company communication the agreement transfer of Shenzhen applicable
402024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Investment Holdings and the progress
of the solution of horizontal
competitions
Online
August 25 The communication Inquired about property management Not
Individual Individual
2024 Company on the network business applicable
platform
Inquired about the relevant matters of
the agreement transfer of Shenzhen
August 28 The Telephone Not
Individual Individual Investment Holdings and the progress
2024 Company communication applicable
of the solution of horizontal
competitions
Online
September The communication Inquired about the progress of Not
Individual Individual
12 2024 Company on the network horizontal competition resolution applicable
platform
September The Telephone Inquired about the Company's Not
Individual Individual
24 2024 Company communication development prospects applicable
September The Telephone Ask about the progress of horizontal Not
Individual Individual
24 2024 Company communication competition resolution applicable
September The Telephone Inquired about the reason for the delay Not
Individual Individual
30 2024 Company communication of horizontal competitions applicable
Inquired about the Company's future
October 15 The Telephone Not
Individual Individual business plan and the Company's
2024 Company communication applicable
inventories
October 15 The Telephone Inquired about the Company's relevant Not
Individual Individual
2024 Company communication business applicable
Online
October 16 The communication Inquired about the reconstruction Not
Individual Individual
2024 Company on the network project of China World Mall applicable
platform
October 18 The Telephone Inquired about the renovation of China Not
Individual Individual
2024 Company communication World Mall applicable
Online Inquired about the progress of the
October 31 The communication transfer of some shares by the Not
Individual Individual
2024 Company on the network controlling shareholder of the applicable
platform Company
Online
October 31 The communication Not
Individual Individual Inquired about horizontal competitions
2024 Company on the network applicable
platform
Online
November 6 The communication Inquired about the Company's market Not
Individual Individual
2024 Company on the network capitalization management plan applicable
platform
November 8 The Asked if the Company has plans to Not
Others Individual Individual
2024 Company repurchase B shares applicable
Online
November 8 The communication Inquired about the Company's relevant Not
Individual Individual
2024 Company on the network business layout applicable
platform
Inquired about the composition of the
November 8 The Telephone Company's performance and the Not
Individual Individual
2024 Company communication current construction and sale of real applicable
estate
November The Telephone Inquired about the Company's Not
Individual Individual
11 2024 Company communication performance in 2024 applicable
412024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Inquired about the Company's
November The Telephone Not
Individual Individual development progress and sales of real
11 2024 Company communication applicable
estate
Online
November The communication Asked if the Company has a merger Not
Individual Individual
12 2024 Company on the network and acquisition plan applicable
platform
For details
please refer
to the
Record
Sheet of
Investor
Relations
Inquired about the development of the Activities
CITIC
November The Company's business segments and on
Field survey Institution Securities E
14 2024 Company future plans etc. November
Fund
142024
disclosed
by the
Company
on
November
142024
on cninf
Online
November The communication Asked questions related to the Not
Individual Individual
21 2024 Company on the network Company's letter applicable
platform
Online
November The communication Inquired about the Company's self-use Not
Individual Individual
21 2024 Company on the network and idle properties applicable
platform
Online
November The communication Not
Individual Individual Inquired about the Company's assets
21 2024 Company on the network applicable
platform
November The Telephone Asked if the Company has a merger Not
Individual Individual
25 2024 Company communication and acquisition plan applicable
Online Inquired about the progress of the
November The communication transfer of some shares by the Not
Individual Individual
27 2024 Company on the network controlling shareholder of the applicable
platform Company
Online
November The communication Inquired about the Company's relevant Not
Individual Individual
27 2024 Company on the network business applicable
platform
Online
December 5 The communication Inquired about the Company's relevant Not
Individual Individual
2024 Company on the network business applicable
platform
December The Telephone Inquired about the Company's relevant Not
Individual Individual
19 2024 Company communication business applicable
422024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
XIII. Formulation and implementation of market value management system and valuation
improvement plan
Whether the Company has formulated a market value management system.□Yes □No
Whether the Company has disclosed plans for valuation enhancement.□Yes □No
XIV. Implementation of the action plan of "double improvement of quality return".Whether the Company has disclosed the announcement of the action plan of "double improvement of quality return".□Yes □No
432024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Section IV Corporate Governance
I. Basic status
The internal governance structure of the Company is complete sound and clear and complies with the provisions of the Company
Law the Articles of Association and other laws regulations and normative documents. The shareholders' meeting the Board and
the Board of Supervisors of the Company were held in strict accordance with the relevant rules and regulations and all directors
and supervisors could conscientiously perform their duties and be diligent and responsible. The legal person governance structure
of the Company is perfect and the operation of the Company is standardized.The departmental organization of the Company follows the principles of science simplification and high efficiency. At present
there are Party-Mass Affairs Office the Board Office General Office (Process and Information Center and the Office of Letters
and Visits) Discipline Inspection and Supervision Office (Audit Department Board of Supervisors Office) Human Resources
Department (Training Center) Financial Management Department (Settlement Center) Investment and Development Department
Operation Management Department Design Management Department (Technical Center) Cost Contract Department Engineering
Management Department (Safety Committee Office) and Industrial Operation Office. Each functional department performs its
own duties and works in strict accordance with the internal control system to ensure the normal and efficient operation of the
Company.The Company has always attached great importance to standardizing the management of insider information and has formulated
and improved a series of internal control systems including the "Regulations on the Management of Information Disclosure"
"Audit Committee Annual Report Work Regulations" "Annual Report Information Disclosure Major Error Accountability
System" "Annual Report Work System" "Insider Information Management System" "Investor Relations Management System"
etc. to ensure that the Company's information disclosure is true accurate and complete. During the reporting period the Company
strictly complied with securities regulatory requirements in conducting information disclosure and organizing corporate
governance meetings. All disclosures were made in a timely accurate and complete manner with no violations of the internal
control systems related to information disclosure occurring.Whether there is any significant difference between the actual status of corporate governance and the laws administrative
regulations and the provisions issued by the China Securities Regulatory Commission on the governance of listed companies
□Yes □No
There are no significant differences between the actual status of corporate governance and the laws administrative regulations and
the provisions issued by the China Securities Regulatory Commission on the governance of listed companies
II. The independence of the Company from the controlling shareholder and actual owner in
terms of assets personnel finance organization and business
The Company and the controlling shareholder are completely separated in terms of business personnel assets institutions and
finance and achieve personnel independence financial independence asset integrity institutional independence and business
separation. In terms of business the Company's business is independent of the controlling shareholder with independent and
complete business and independent operation ability; in terms of personnel the Company is completely independent from the
controlling shareholder in terms of labor and personnel and salary management. The Company's personnel are independent and
all employees have signed labor contracts with the Company. The Company is independent from shareholders or other related
parties in terms of employee management social security and salary remuneration; in terms of assets the Company's assets are
complete independent and the property rights are clear. There is no situation that the assets and funds are occupied by the
controlling shareholder and the Company's assets are completely independent of the controlling shareholder; in terms of
442024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
organization the Company has an independent organization and has formulated rules and regulations and responsibilities for each
department forming a scientific and reasonable internal control system with clear responsibilities and powers; in terms of finance
the Company is financially independent with an independent financial department financial accounting system financial
management system and independent financial accounts independent tax payment and independent financial decision-making.The controlling shareholder of the Company shall abide by the code of conduct and shall not directly or indirectly intervene in the
Company's business decisions operating activities or use of funds beyond the Company's general meeting but the controlling
shareholder may have a certain impact on the Company's major decisions through the shares held.III. Horizontal competitions
□Applicable □Not applicable
Type of related
Work progress
relationship
Problem type Company name Nature Cause Solution and follow-up
with listed
plan
companies
Shenzhen
Horizontal Controlling Investment
Others Note 1 Note 2 Note 3
competitions shareholder Holdings Co.Ltd.Notes: 1 According to the overall deployment of the Shenzhen Municipal Government on the adjustment of the state-owned assets
management system the Shenzhen State-owned Assets Management Commission decided to establish Shenzhen Investment
Holdings by merger merging Shenzhen Construction Investment Holdings Shenzhen Investment Management Company and
Shenzhen Commerce and Trade Investment Holdings. As a resultShenzhen Investment Holdings has lawfully inherited the
63.82% equity stake in the listed company SZPRD that was previously held by Shenzhen Construction Investment Holding
Corporation and Shenzhen Investment Management Corporation. On October 19 2018 Shenzhen Investment Holdings obtained
the Confirmation of Securities Transfer Registration for the equity of Shenzhen Property and completed the transfer of the equity
of Shenzhen Property. Shenzhen Investment Holdings' wholly-owned subsidiaries Shenzhen Urban Construction Development
(Group) Co. Ltd. (hereinafter referred to as "Shenzhen Urban Construction") Shenzhen Special Economic Zone Real Estate &
Properties (Group) Co. Ltd. (hereinafter referred to as "Shenzhen Real Estate") and Shenzhen Property all operate real estate
development and commercial housing sales businesses and belong to the same industry and there is horizontal competition.
2. To avoid horizontal competitions Shenzhen Investment Holdings makes the following commitments: 1. Regarding the solutions
to horizontal competitions at Shenzhen Urban Construction: While acting as the controlling shareholder of the listed company—
and during the period when the Company is listed on the Shenzhen Stock Exchange—Shenzhen Investment Holdings will address
Shenzhen Urban Construction's existing businesses that compete with the listed company. Within the scope permitted by laws and
regulations Shenzhen Investment Holdings will within 12 months from the date when Shen SZPRD's equity is transferred under
its name initiate a practically feasible solution from the competition resolution options below and will complete its
implementation within 3 years from that date thereby resolving the existing horizontal competition issues: (1) Shenzhen Urban
Construction will sign an asset custody agreement with the listed company entrusting any assets that directly compete with the
listed company to that company determining a fair custody fee and taking effective measures during the commitment period to
resolve horizontal competitions. (2) Injecting assets in direct competition with the listed company into the listed company; (3)
Transferring assets in direct competition with the listed company to an unrelated third party; (4)Other measures that can effectively
solve the problem of horizontal competition and are conducive to protecting the interests of listed companies and the legitimate
452024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
rights and interests of other shareholders. Before solving the existing horizontal competition in the process of business of the
listed company and the companies enterprises and economic organizations controlled or actually controlled by Shenzhen
Investment Holdings (excluding the enterprises controlled by the listed companies hereinafter collectively referred to as
"Subsidiaries") Shenzhen Investment Holdings shall maintain a neutral position as the controlling shareholder to ensure that the
listed companies and all subsidiaries can participate in market competition in accordance with the principle of fair competition
when there are circumstances involving dispute resolution and other situations that have a significant impact on the business. 2.Solutions to horizontal competition of Shenzhen Special Economic Zone Real Estate & Properties: Shenzhen Special Economic
Zone Real Estate & Properties was suspended since September 14 2016 due to the planning of major asset restructuring.According to the Verification Opinions on the Extension of Resumption of Trading of Shenzhen Special Economic Zone Real
Estate & Properties (Group) Co. Ltd. Major Assets Restructuring issued by CITIC Securities Co. Ltd. and Huatai United
Securities Co. Ltd. respectively on November 26 2016 the restructuring plan is that Shenzhen Special Economic Zone Real
Estate & Properties intends to purchase 100% equity of Evergrande Real Estate Group Co. Ltd. by issuing A shares and/or paying
cash (hereinafter referred to as "Shenzhen Special Economic Zone Real Estate & Properties Restructuring"). After the completion
of Shenzhen Special Economic Zone Real Estate & Properties Restructuring Guangzhou Kailong Real Estate Co. Ltd. will
become the controlling shareholder of Shenzhen Special Economic Zone Real Estate & Properties. If the restructuring of Shenzhen
Special Economic Zone Real Estate & Properties is completed successfully Shenzhen Investment Holdings will lose the right of
control of Shenzhen Special Economic Zone Real Estate & Properties and the horizontal competition issue between Shenzhen
Special Economic Zone Real Estate & Properties and SZPRD will be resolved. If the current restructuring of Shenzhen Special
Economic Zone Real Estate & Properties is terminated for any reason then for Shenzhen Special Economic Zone Real Estate &
Properties' businesses that compete with the listed company Shenzhen Investment Holdings will within the scope permitted by
laws and regulations initiate a reasonable solution to resolve horizontal competitions within 12 months from the date the
restructuring is terminated and trading resumes (taking into account actual conditions at that time) and will fulfill its disclosure
obligations in a timely manner. Shenzhen Investment Holdings will complete implementation of this plan within 3 years from the
date the restructuring is terminated and trading resumes thereby resolving any competition issues between SZPRD and Shenzhen
Special Economic Zone Real Estate & Properties. 3. Other commitments to avoid horizontal competition: during the period when
it is the controlling shareholder of a listed company and the listed company is listed on the Shenzhen Stock Exchange other
Affiliated Companies of Shenzhen Investment Holdings will not engage in related business with direct horizontal competition
relationship with the listed company in new business areas other than the business areas with horizontal competition relationship
that have already occurred. Shenzhen Investment Holdings undertakes not to seek improper benefits as the controlling shareholder
of the listed company thus harming the rights and interests of the listed company and its shareholders. In case of any violation of
the above commitments Shenzhen Investment Holdings will bear corresponding legal liabilities including but not limited to the
liability for compensation for all losses caused to the listed company.
3 Since making the relevant commitments Shenzhen Investment Holdings has been actively committed to fulfilling its
commitments. During the commitment period Shenzhen Investment Holdings did not seek improper benefits as the controlling
shareholder of SZPRD which damaged the rights and interests of SZPRD and its shareholders. During the commitment period
Shenzhen Investment Holdings actively sorted out the relevant assets and business of Shenzhen Urban Construction and was
committed to formulating a feasible solution to the horizontal competition with SZPRD as soon as possible. Shenzhen Investment
Holdings also actively promoted the restructuring of Shenzhen Special Economic Zone Real Estate & Properties. However
462024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
considering the objective circumstances Shenzhen Investment Holdings has not been able to fulfill its original commitment to
avoid horizontal competitions. Shenzhen Investment Holdings has reissued the Letter on Changing the Commitments on Avoiding
Horizontal Competition on September 26 2024 and the change of the commitment has been approved by the Company's Second
Extraordinary General Meeting of Shareholders of 2024 held on October 18 2024. For details please refer to the Announcement
on the Resolution of the Second Extraordinary General Meeting in 2024 (Announcement No.: 2024-47) disclosed by the Company
on Cninfo on October 19 2024.IV. Annual general meeting and extraordinary general meeting held during the reporting
period
1. General meetings during the reporting period
Investor Date of Date of
Session Meeting type Resolutions made at the meeting
attendance ratio meeting disclosure
The meeting reviewed and
approved the "2023 Report on the
Work of the Board of Directors"
"2023 Report on the Work of the
Board of Supervisors" "2023
Annual Report and Summary"
"2023 Financial Final Accounts
Report" "2024 Financial Budget
Report" "Proposal on Profit
2023 Annual Annual
Distribution and Conversion of
General general 60.52% April 19 2024 April 20 2024
Capital Reserve into Share Capital
Meeting meeting
in 2023" "Proposal on
Comprehensive Credit Financing
Quota in 2024" and "Proposal on
Estimated Related Party
Transactions in 2024". For details
please refer to the "Announcement
on the Resolution of the 2023
General Meeting of Shareholders"
(No. 2024-16) on Cninfo.The meeting reviewed and
approved the Proposal on Providing
Guarantee for the Subsidiary to
The First
Extraordinary Apply for Facility Amount from the
Extraordinary
general 60.51% June 20 2024 June 21 2024 Bank as detailed in the
General
meeting Announcement of the First
Meeting in 2024
Extraordinary General Meeting of
Shareholders in 2024 (No. 2024-26)
on Cninfo.The meeting reviewed and
approved the "Proposal on
The Second Amending the Articles of
Extraordinary
Extraordinary October 18 October 19 Association" "Proposal on
general 61.46%
General 2024 2024 Investment Matters of the
meeting
Meeting in 2024 Upgrading and Renovation Project
of ITC Shopping Mall" "Proposal
on the Application of the
Company's Controlling Shareholder
472024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
for Change of Commitments on
Avoiding Horizontal Competitions"
and "Proposal on the Proposed
Appointment of the Company's
Independent Directors". For details
please refer to the "Announcement
of the Second Extraordinary
General Meeting of Shareholders in
2024" (No. 2024-47) on Cninfo.
The meeting reviewed and
approved the Proposal on Changing
The Third
Extraordinary the Accounting Firm which is
Extraordinary November 15 November 16
general 60.55% detailed in the Announcement on
General 2024 2024
meeting the Third Extraordinary
Meeting in 2024
Shareholders' Meeting in 2024 (No.
2024-55) on Cninfo.
2. The preferred shareholders whose voting rights have been restored requested to convene an
extraordinary general meeting.□Applicable □Not applicable
V. Directors supervisors and senior officers
1. Basic information
Numb Numb Numb Num
er of er of er of ber of
Othe
shares shares shares r share Reaso
held at increa reduce incre s held
ns for
Employ Beginni Ending increa
Gend Ag the sed d in ase/d at the
Name Position ment ng date date of beginn the the end se or
er e ecrea
status of term term ing of curren curren of the decre
se
the t t perio ase in
(shar
period period period d share
es)
(share (share (share (shar
s) s) s) es)
Secretary of
Liu the Party
Shengxi Resigne June 15 SeptemberMale 53 Committee d 2018 26 2024
ang and
Chairman
Director
Deputy
Secretary of
Wang Incumbe June 15 September
Male 58 the Party
Hangjun nt 2018 26 2024
Committee
and General
Manager
Director
Deputy
Zhang Incumbe June 29 September
Zhimin Male 47 Secretary of nt 2022 26 2024
the Party
Committee
482024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Shen Fem Director and Resigne June 15 September
55 Finance
Xueying ale d 2018 26 2024
Director
Wang Incumbe June 15 September
Male 53 Director
Ge nt 2018 26 2024
Xie Incumbe April 7 September
Male 52 Director
Chang nt 2020 26 2024
Mei
Independent Resigne June 15 September
Yongho Male 60 director d 2018 26 2024
ng
Li Independent Incumbe Septemb September
Donghu Male 52 er 27
director nt 26 2024
i 2021
Septemb
Hu Fem Independent Incumbe September
42 er 27
Caimei ale director nt 26 2024
2021
Song Independent Incumbe October
Male 61
Shaohua director nt 18 2024
Chairman of
Ma Incumbe July 21 September
Hongtao Male 56 the Board of nt 2022 26 2024
Supervisors
Zhang Incumbe Septemb September
Male 49 Supervisor er 26
Manhua nt 26 2024
2014
Li Male 42 Supervisor Incumbe June 15 September
Qinghua nt 2018 26 2024
Employee
supervisor
executive
director and
secretary of
Decemb
Wang Fem the Party Incumbe er 1 September
Qiuping ale 54 Committee nt 26 20242007
of
International
Trade
Technology
Park
Employee
supervisor
director of
the discipline
inspection
and
Gu Fem Incumbe June 15 September
Weimin ale 43 supervision nt 2018 26 2024
office and
deputy
secretary of
the discipline
inspection
committee
Member of
Party
Decemb
Chen Committee Incumbe er 28 September
Hongji Male 56 and Deputy nt 26 20242020
General
Manager
492024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Member of
Party
Fem Committee Incumbe June 15 September
Cai Lili 52
ale and Deputy nt 2018 26 2024
General
Manager
Member of
Party
Committee Incumbe June 15 September
Li Peng Male 48
and Deputy nt 2018 26 2024
General
Manager
Member of
the Party
Committee
Deputy
Zhang Incumbe June 15 September
Gejian Male 49 General nt 2018 26 2024
Manager
Secretary of
the Board of
Directors
Ni Deputy
Fem Incumbe October
Huichua 51 General
ale nt 30 2024
n Manager
Total -- -- -- -- -- -- 0 0 0 0 0 --
Notes: 1 The 10th Board of Directors and Board of Supervisors of the Company expired on September 26 2024. In view of the
fact that the new Board of Directors and Board of Supervisors are still under active preparation in order to ensure the continuity
and stability of the work of the Board and the Board of Supervisors the re-election of the Board of Directors and the Board of
Supervisors will be postponed and the term of office of the special committees and senior officers of the Board of Directors will
be postponed accordingly. For details please refer to the Company's Announcement on Postponement on the Postponement of the
Re-election of the Board and the Board of Supervisors (No. 2024-36) disclosed on Cninfo.Whether there were any resignations of directors and supervisors or dismissals of senior officers during the reporting period
□Yes □No
Due to Mr. Mei Yonghong's consecutive service as an independent director of the Company for 6 years he applied for resignation
from the post of independent director and the relevant special committees of the Board of Directors in accordance with the
Administrative Measures for Listed Company Independent Directors of the China Securities Regulatory Commission and other
laws and regulations and the provisions of the Articles of Association on the term of office of independent directors (see the
Company Announcement No. 2024-35 for details).Changes in directors supervisors and senior officers of the Company
□Applicable □Not applicable
Name Position Type Date Reasons
Secretary of the Party
Liu Shengxiang Committee and Resigned January 23 2025 Personal reasons
Chairman
Director and Finance
Shen Xueying Resigned January 23 2025 Retired
Director
Resignation upon
Mei Yonghong Independent director October 18 2024 Change of term
expiration of term
Ni Huichuan Deputy General Employment October 30 2024 Job transfer
502024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Manager
Song Shaohua Independent director Employment October 18 2024 Change of term
2. Office holding
Professional background main work experience and current main responsibilities of the current directors supervisors and senior
officers of the Company
Members of the Board:
Mr. Wang Hangjun was born in November 1966. He is a member of the Communist Party of China has a postgraduate degree a
master's degree in economics and is a senior auditor. Mr. Wang Hangjun once served as the Deputy Chief of Audit Bureau of
Nanshan District Shenzhen; Deputy Director and Director of Audit Department of Shenzhen Investment Management Company;
Deputy Director and Director of Supervision Department of Shenzhen Investment Management Company; Director of the Audit
and Supervision Department of Shenzhen Investment Holdings Co. Ltd.; He joined the Company as Deputy General Manager in
October 2007 and is currently the Company's Director Deputy Secretary of the Party Committee and General Manager.Mr. Zhang Zhimin was born in October 1977. He is a member of the Communist Party of China and holds a master's degree. Mr.Zhang Zhimin joined the State-owned Assets Supervision and Administration Commission of the People's Government of
Shenzhen Municipality in 2016 and has served as the office (letter and visit room) director the office (party committee) director
the office (party committee) deputy researcher the office level 4 investigator and the office (party committee) level 3 investigator.He has been serving as the Deputy Secretary of the Party Committee of the Company since May 2022 and as the Director Deputy
Secretary of the Party Committee and Chairman of the Labor Union of the Company since June 2022.Mr. Wang Ge was born in October 1971. He is a member of the Communist Party of China a senior engineer and has a
bachelor's degree in engineering. Mr. Wang Ge has been engaged in enterprise management for many years. He has served as
deputy director and director of the Engineering Department of Shenzhen Jian'an (Group) Co. Ltd. manager of Jian'an Group
Construction and Municipal Company deputy secretary of the branch deputy general manager of Jian'an Group director deputy
secretary of the Party Committee general manager etc. Since March 2017 he has been the chief engineer of Shenzhen Investment
Holdings Co. Ltd.Mr. Xie Chang was born in November 1971. He is a member of the Communist Party of China a bachelor of engineering a
senior engineer an economist and a party affairs specialist. Mr. Xie Chang served as the Minister of the Party-Masses Work
Department the Commission for Discipline Inspection and the Minister of the Asset Management Department of Shenzhen Jian'an
(Group) Co. Ltd.; Deputy General Manager of Shenzhen Saibainuo Gene Technology Co. Ltd.; Director of the Operation
Management Department Director of the Office and Secretary of the Board of Directors of Shenzhen Foreign Labor Service Co.Ltd.; Director of the Office of Shenzhen Talent Exchange Service Center Co. Ltd. Since September 2017 he has served as the
Minister of the General Management Department of Shenzhen Investment Holdings Co. Ltd. and since April 2020 he has served
as the director of the Company.Mr. Li Donghui was born in June 1972 holds a bachelor's degree in Auditing from the School of Economics of Wuhan University
and a doctorate degree in Finance and Banking from the School of Business of the University of New South Wales Australia. He
once served as a civil servant of the Financial Department of the National Audit Office of the People's Republic of China
Executive Dean of the School of Management of Jinan University and currently serves as a distinguished professor of finance
doctoral supervisor and is currently director of the professor committee of the School of Economics of Shenzhen University. He
has published articles in top international journals and China's national key authoritative academic journals. He has been named a
high-level overseas "Peacock Plan" talent in Shenzhen an expert of the Senior Title Evaluation Committee of Finance Bureau of
Shenzhen Municipality an expert of Shenzhen Press Group Shenzhen Communication Think Tank and a reviewer of the National
Natural Science Foundation of China.
512024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Ms. Hu Caimei was born in 1982. She holds a PhD in Management is a postdoctoral fellow in Economics a senior researcher at
the full-professor level and a reserve-level talent in Shenzhen. She is currently the director of the Institute of Financial
Development and State-owned Assets and Enterprises of China Development Institute. She has long been engaged in policy
research and consulting in the fields of local finance and state-owned assets and enterprises and has rich experience in consulting
on the reform and development of state-owned assets and state-owned enterprises. She has presided over and participated in a
number of national provincial and ministerial scientific research projects as well as more than 50 consulting projects and her
research results have been adopted by government departments and rewarded with scientific research awards for many times.Mr. Song Shaohua was born in March 1963. He holds a Bachelor of Laws and a Bachelor of Economics from Wuhan University
and a Doctor of Economics from the Graduate School of the Chinese Academy of Social Sciences. From 2006 to 2007 he served
as a director of Shenzhen Huafu Electronics Co. Ltd. From 2007 to 2012 he served as a director and deputy general manager of
Hong Kong Polyda International Co. Ltd. From 2014 to 2016 he served as a director and general manager of Shenzhen Longhao
Nanfang Investment Management Co. Ltd. From 2016 to 2018 he served as a director and deputy general manager of Hong Kong
Polyda International Co. Ltd. From August 2016 to now he has served as the executive director of Shenzhen Laocha Investment
Co. Ltd. From November 2023 to now he has served as an independent director of Shenzhen Jiejiawei Innovation Energy
Equipment Co. Ltd.Members of the Board of Supervisors:
Mr. Ma Hongtao was born in October 1968. He holds a master's degree and is a member of the Communist Party of China. From
1991 to 2000 he served as the Chief of Cashier Audit and Credit Section and Deputy Director of Office of Taiyuan Branch of
Bank of China; from 2000 to 2004 he served as the branch manager and department general manager of Taiyuan Branch of
Minsheng Bank; from 2004 to 2016 he served as the business supervisor and general manager of the division of the Head Office
of Minsheng Bank; from 2016 to 2019 he pursued further studies and volunteered as a teacher in mountainous areas from 2019 to
2020 he served as the Deputy General Manager and Capital Director of the Finance Department of Clou Electronics Co. Ltd.;
From 2020 to 2022 he served as the General Manager of the Office of Vanho Securities Co. Ltd.; He has served as Chairman of
the Board of Supervisors of the Company since July 2022.Mr. Zhang Manhua born in February 1975 is a master’s degree holder and a member of the Communist Party of China.From 1992 to 2004 he studied and worked at Central South University. from 2004 to 2013 he served as Senior Manager of
Investment and Development Center of Konka Group Co. Ltd. Secretary of the Board of Directors of Shenzhen Julong
Optoelectronics Co. Ltd. and Minister of Investment Department of Shenzhen Chao Technology Investment Co. Ltd.; From 2013
to 2018 he served as Deputy Director of the Strategy Development Department of Shenzhen Investment Holdings Co. Ltd. Since
2018 he has served as Director of the Legal and Risk Management Department of Shenzhen Investment Holdings Co. Ltd.
Mr. Li Qinghua born in April 1982 holds a bachelor's degree. From 2003 to 2013 he served as the Project Assistant Project
Manager and Senior Manager of Shenzhen Dezhengxin International Assets Appraisal Co. Ltd.; from 2013 to 2017 he served as
Senior Supervisor of the Equity Management and Legal Affairs Department at Shenzhen Investment Holdings Co. Ltd. Since
2017 he has served as Deputy Director of the Audit Department.
Ms. Wang Qiuping was born in January 1970. She has a bachelor's degree is a member of the Communist Party of China and is
a senior economist. From 1992 to 2015 she was engaged in management work in the Company's general manager's office finance
department operation management department and development management department. From 2015 to 2018 she served as the
Party Secretary Deputy General Manager and Chairman of the Trade Union of Shenzhen International Trade Center Property
Management. From 2018 to 2020 she served as the Party Secretary and General Manager of Shenzhen International Trade Center
Property Management. From 2020 to August 2021 she served as the Party Secretary Executive Director and General Manager of
Shenzhen International Trade Science and Technology Park. She is currently the Party Secretary and Executive Director of
Shenzhen International Trade Science and Technology Park.Ms. Gu Weimin was born in October 1981. She holds a master's degree and is a member of the Communist Party of China. From
2007 to 2010 she worked in the Shenzhen branch of KPMG Hua Zhen accounting firm as an external auditor; Since 2011 she has
522024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
been engaged in audit work in the Audit Department (Office of the Board of Supervisors) of the Company. Currently she serves as
the Deputy Secretary of the Commission for Discipline Inspection and the Director of the Disciplinary Inspection Office (Audit
Department Office of the Board of Supervisors) of the Company.Senior officers:
Mr. Wang Hangjun was born in November 1966. He is a member of the Communist Party of China has a postgraduate degree a
master's degree in economics and is a senior auditor. Mr. Wang Hangjun once served as the Deputy Chief of Audit Bureau of
Nanshan District Shenzhen; Deputy Director and Director of Audit Department of Shenzhen Investment Management Company;
Deputy Director and Director of Supervision Department of Shenzhen Investment Management Company; Director of the Audit
and Supervision Department of Shenzhen Investment Holdings Co. Ltd.; He joined the Company as Deputy General Manager in
October 2007 and is currently the Company's Director Deputy Secretary of the Party Committee and General Manager.Mr. Chen Hongji was born in May 1968. He is a member of the Communist Party of China has a postgraduate degree and a
Master of Philosophy. Mr. Chen Hongji has worked in Shenzhen Municipal Government for many years joined Shenzhen
Construction Investment Holding Company in January 1998 and has successively served as the section chief of the Development
Research Department deputy director of the Office deputy director of the Party Committee Office and director of the Secretary
Office of the Board of Directors. He joined Shenzhen Investment Holdings Co. Ltd. in October 2004 and served as Director of
the Party and Masses Work Department and Director of the Office of the Board. Since July 2012 he has served as the Deputy
General Manager of Shenzhen Urban Construction and Development (Group) Co. Ltd. Since December 2020 he has served as the
Company's Party Committee member and Deputy General Manager.Ms. Cai Lili was born in November 1972. She is a member of the Communist Party of China has a bachelor's degree and a
master's degree in economics. She has worked in the State Taxation Administration of Shenzhen since 1995. She was the deputy
director of the collection and management and science and technology development department of the State Taxation
Administration of Shenzhen and a member of the party group and deputy director of the Local Taxation Bureau of Futian District
of Shenzhen. She is currently a member of the party committee deputy general manager and Chief Financial Officer of the
Company.Mr. Li Peng was born in May 1976. He is a member of the Communist Party of China has a bachelor's degree in engineering and
is an intermediate economist. Since July 1999 he has been working in the Company's operational management. He served
successively as Deputy Director of the Development Management Department Manager of the Cost Control Department Party
Branch Secretary and Deputy General Manager of Shenzhen Huangcheng Real Estate Co. Ltd. He currently serves as a member of
the Party Committee and Deputy General Manager of the Company.Mr. Zhang Gejian was born in September 1975. He is a member of the Communist Party of China has a master's degree a
master's degree in business administration and is an accountant and auditor. He was engaged in internal audit work in the Audit
Department of the Company since July 1997; he has served as the manager of the Audit Department the supervisor and the
manager of the Cost Control Department of the Company and is currently a member of the Party Committee the Deputy General
Manager and the Secretary of the Board of Directors of the Company.Ms. Ni Huichuan was born in May 1973. She is a member of the Communist Party of China has a postgraduate degree and holds
a master's degree in engineering. Ms. NI Huichuan worked for many years in Shenzhen's government departments previously
serving in the Urban Renewal Section of the Second Direct Management Bureau under the Shenzhen Municipal Planning and
Land Resources Commission in the Urban Design Office of the Shenzhen Municipal Planning and Land Resources Commission
and in the Longhua Management Bureau of the Shenzhen Municipal Planning and Land Resources Commission. From October
2017 to December 2022 she served as a consultant of Hong Kong Lucky Holdings Limited. She has served as the Deputy General
Manager of the Company since October 2024.Positions held in shareholders
□Applicable □Not applicable
Name of the Name of shareholder Positions held in Beginning date Ending Whether to receive
532024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
appointed shareholders of term date of remuneration
personnel term allowance from the
shareholder unit
Shenzhen Investment
Wang Ge Chief Engineer March 1 2017 Yes
Holdings Co. Ltd.Shenzhen Investment Director of General
Xie Chang April 7 2020 Yes
Holdings Co. Ltd. Management Department
Shenzhen Investment Head of the Legal and Risk
Zhang Manhua January 1 2017 Yes
Holdings Co. Ltd. Management Department
Shenzhen Investment Deputy Head of Audit
Li Qinghua January 1 2017 Yes
Holdings Co. Ltd. Department
Description of the In addition to the above-mentioned main positions in the shareholder units directors Wang Ge and Xie
positions held in Chang and Supervisors Zhang Manhua and Li Qinghua also serve as directors or supervisors in several non-
shareholders listed subsidiaries or invested enterprises of the relevant shareholder units..Positions in other entities
□Applicable □Not applicable
Name of Whether to receive
Ending
the Beginning remuneration
Name of other entities Positions held in other entities date of
appointed date of term allowances in
term
personnel other entities
BGI Group BGI Director and Executive Vice
Agriculture Group President of BGI Group
Mei September
Country Garden Chairman of BGI Agriculture Yes
Yonghong 1 2015
Agricultural Holdings CEO of Country Garden
Limited Agricultural Holdings Limited
Distinguished Professor
Li Doctoral Supervisor Director of April 1
Shenzhen University Yes
Donghui the Professor Committee of the 2019
School of Economics
China (Shenzhen) Director of Institute of Financial
Hu November
Comprehensive Development and State-owned Yes
Caimei 1 2016
Development Institute Assets and Enterprises
Zhang Shenzhen Bay Technology December
Director and General Manager No
Manhua Development Co. Ltd. 19 2024
Song Shenzhen S.C New Energy November
Independent director Yes
Shaohua Technology Corporation 10 2023
Explanati
on of
serving in Not applicable
other
entities
Penalties imposed by securities regulators on current directors supervisors and senior officers as well as those left the post in the
past three years
□Applicable □Not applicable
3. Remuneration of directors supervisors and senior officers
Decision-making procedures determination basis and actual payment of remuneration for directors supervisors and senior officers
During the reporting period the Board of Directors and the management of the Company signed the 2024 annual business target
responsibility letter and adopted the evaluation method of combining economic indicators classified indicators and evaluation
indicators scores and after the end of the year the Board of Directors will assess it. The remuneration of the senior officers of the
Company shall be approved by the Board after the annual assessment in accordance with the Measures for the Management of
542024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Performance Assessment and Remuneration of Senior Officers of Shenzhen Properties & Resources Development (Group) Ltd.the Long-term Incentive and Restriction Plan of Shenzhen Properties & Resources Development (Group) Ltd. and other
regulations.Remuneration of directors supervisors and senior officers during the reporting period
Unit: RMB10000
Total pre-tax Whether get
Employment compensation paid from
Name Gender Age Position
status received from related parties
the Company of the Company
Liu Secretary of the Party
Male 53 Resigned 113.6 No
Shengxiang Committee and Chairman
Director Deputy Secretary
Wang
Male 58 of the Party Committee and Incumbent 107.95 No
Hangjun
General Manager
Zhang Director Deputy Secretary
Male 47 Incumbent 96.65 No
Zhimin of the Party Committee
Shen Director and Finance
Female 55 Resigned 92.33 No
Xueying Director
Wang Ge Male 53 Director Incumbent 0 Yes
Xie Chang Male 52 Director Incumbent 0 Yes
Mei
Male 60 Independent director Resigned 6.66 Yes
Yonghong
Li Donghui Male 52 Independent director Incumbent 8 No
Hu Caimei Female 42 Independent director Incumbent 8 No
Song
Male 61 Independent director Incumbent 1.33 No
Shaohua
Chairman of the Board of
Ma Hongtao Male 56 Incumbent 108.22 No
Supervisors
Zhang
Male 48 Supervisor Incumbent 0 Yes
Manhua
Li Qinghua Male 42 Supervisor Incumbent 0 Yes
Employee supervisor
executive director and
Wang
Female 54 secretary of the Party Incumbent 64.94 No
Qiuping
Committee of International
Trade Technology Park
Employee supervisor
director of the discipline
inspection and supervision
Gu Weimin Female 43 Incumbent 49.26 No
office and deputy secretary
of the discipline inspection
committee
Member of Party
Chen
Male 56 Committee and Deputy Incumbent 96.65 No
Hongji
General Manager
Member of Party
Cai Lili Female 52 Committee and Deputy Incumbent 96.65 No
General Manager
Member of Party
Li Peng Male 48 Committee and Deputy Incumbent 96.65 No
General Manager
552024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Member of the Party
Zhang Committee Deputy General
Male 49 Incumbent 96.65 No
Gejian Manager Secretary of the
Board of Directors
Ni
Female 51 Deputy General Manager Incumbent 30.3 No
Huichuan
Total -- -- -- -- 1073.841 --
Notes: 1. remuneration: (1) the remuneration in the above table does not include the long-term incentive bonus deferred to 2024:
the deferred long-term incentive bonus received by Liu Shengxiang Wang Hangjun Chen Hongji Cai Lili Li Peng and Zhang
Gejian in 2024 was RMB 265200 RMB 251900 RMB 71000 RMB 192400 RMB197300 and RMB 174000 respectively. (2)
Since the assessment in 2024 has not been completed the data in the above table are estimated according to relevant rules and the
actual amount issued shall prevail.Other circumstances
□Applicable □ Not applicable
VI. Directors' performance of duties during the reporting period
1. Board of Directors during the reporting period
Date of
Session Date of meeting Resolutions made at the meeting
disclosure
The "Proposal on Amending the Regulations on the Work of
the Strategic Development and Investment Decision-Making
Committee of the Board of Directors and Other Corporate
The 23rd Meeting of the February 3
February 2 2024 Governance Systems" and the "Proposal on Formulating the
10th Board of Directors 2024
Detailed Rules for the Work of the Secretary of the Board of
Directors and Other Corporate Governance Systems" were
deliberated and approved.The "Proposal on Signing the Performance Target
The 24th Meeting of the
March 18 2024 / Responsibility Letter of Senior Officers in 2024" was
10th Board of Directors
deliberated and approved
The Board of Directors reviewed and approved the "2023
Annual Report of the Board of Directors" "2023 Annual
Report and Summary" "2023 Financial Final Accounts
Report" "2024 Financial Budget Report" "Proposal on
Provision and Reduction of Various Provision for Asset
Impairment" "Proposal on 2023 Profit Distribution and
Conversion of Capital Reserve into Share Capital" "Proposal
on 2024 Comprehensive Credit Financing Quota" "Proposal
The 25th Meeting of the on 2024 Business Plan and Investment Budget" "Proposal
March 29 2024 March 30 2024
10th Board of Directors on Estimated Daily Related Party Transactions in 2024"
"2023 Self-Evaluation Report on Internal Control" "2023
Social Responsibility Report" "Special Evaluation Opinions
of the Board of Directors on the Independence of
Independent Directors" "Proposal on the Evaluation Report
of the Audit and Risk Management Committee on the
Performance of Accounting Firm and the Report on the
Performance of Supervisory Duties" and "Proposal on the
Convening of the 2023 Annual General Meeting"
Reviewed and approved the Company's 2024 First Quarterly
The 26th Meeting of the
April 26 2024 April 27 2024 Report 2023 Internal Control System Report and 2024
10th Board of Directors
Enterprise-wide Major Risk Assessment Report
562024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
The meeting reviewed and approved the "Proposal on
The 27th Meeting of the Providing Guarantee for Subsidiary to Apply for Facility
June 4 2024 June 5 2024
10th Board of Directors Amount from Banks" and "Proposal on Convening the First
Extraordinary General Meeting in 2024"
The 28th Meeting of the The Company's 2024 Semi-annual Report and its Summary
August 27 2024 August 28 2024
10th Board of Directors were reviewed and approved
The following proposals were deliberated and approved:
Proposal on Amending the Articles of Association Proposal
on Investment Matters of the Upgrading and Renovation
Project of ITC Shopping Mall Proposal on the Application
The 29th Meeting of the September 30
October 1 2024 of the Company's Controlling Shareholder for Changes in
10th Board of Directors 2024
Commitments on Avoiding Horizontal Competitions
Proposal on the Appointment of the Company's Independent
Directors and Proposal on the Convening of the Second
Extraordinary General Meeting of Shareholders in 2024.Reviewed and approved the Company's Third Quarter 2024
Report the Proposal on Changing the Accounting Firm the
Proposal on Appointing the Company's Deputy General
The 30th Meeting of the October 31 Manager the Proposal on Formulating the Implementation
October 30 2024
10th Board of Directors 2024 Plan for the Construction of Compliance Management
System the Proposal on Formulating the Compliance
Management Measures and the Proposal on Convening the
Third Extraordinary Shareholders' Meeting in 2024
2. Attendance of directors at the board meeting and the general meeting
Attendance of directors at the board meeting and general meeting
Whether to
Number of
Number of fail to attend
the board Number of Number of Number of
the board the meeting Number of
meetings to the board the board absences
Name of meetings of the Board general
be attended meetings meetings from the
director attended by in person for meetings
during this attended on attended by board
communicati two attended
reporting site proxy meetings
on consecutive
period
times
Liu
8 1 7 0 0 No 4
Shengxiang
Wang
8 1 7 0 0 No 4
Hangjun
Shen
8 1 7 0 0 No 4
Xueying
Wang Ge 8 0 8 0 0 No 4
Xie Chang 8 1 7 0 0 No 4
Mei
7 1 6 0 0 No 3
Yonghong
Li Donghui 8 1 7 0 0 No 4
Hu Caimei 8 1 7 0 0 No 4
Zhang
8 1 7 0 0 No 4
Zhimin
Song
1 0 1 0 0 No 1
Shaohua
Description of the failure to attend the board meetings in person for two consecutive times
Not applicable
572024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
3. Objections raised by directors to relevant matters of the Company
Whether the directors have raised any objections to relevant matters of the Company
□Yes □No
During the reporting period the directors did not raise any objection to the relevant matters of the Company.
4. Other descriptions of directors' performance of duties
Whether the relevant suggestions of the directors to the Company have been adopted
□Yes □No
Director's statement on the adoption or non-adoption of the Company's relevant proposals
During the reporting period the directors of the Company actively attended the meetings of the Board of Directors and the
Shareholders' Meeting in strict accordance with the Articles of Association the Rules of Procedures of the Board of Directors and
relevant laws and regulations and diligently and dutifully put forward relevant opinions on the Company's major governance and
business decisions according to the Company's actual situation. After full communication and discussion a consensus was reached
and the implementation of the resolutions of the Board of Directors was resolutely supervised and promoted to ensure that the
decisions were scientific timely and efficient and the legitimate rights and interests of the Company and all shareholders were
safeguarded.VII. Information on special committees under the Board during the reporting period
Import
ant
Nu
opinio
mbe
ns and Other Details of
Name of r of
Membership Date of meeting Content of the meeting sugges performance objections
committee meet
tions of duties (if any)
ings
put
held
forwar
d
Hu Caimei Mei To study the
Yonghong Li Review the Proposal on the assessment
Donghui Xie May 23 2024 Performance Evaluation Results of Agree standards
Chang Shen the Group Company in 2023 salary
Xueying policies and
plans of the
1. Deliberated the 2023 Group directors
Senior Officers Business and senior
Remunera Performance Assessment Plan; officers of
tion and 2. Reviewed the 2023 Personal the
Evaluatio
2 Debriefing Report of the senior Company
n Hu Caimei Li officers of SZPRD; supervise
Committe Donghui Xie 3. Reviewed the Completion Form the
e Chang Shen November 26 2024 of Annual Performance Targets of Agree performance
Xueying Song Senior Officers of SZPRD; of duties of
Shaohua 4. Review the additional items and the directors
rejected items of the 2023 senior and senior
management assessment; officers of
5. Review the list of senior the
management assessment scorers in Company
2023. conduct
582024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
annual
performance
assessment
of the
directors
and senior
officers of
the
Company
and make
suggestions
etc.
1. Review the Company's 2023
Audit Work Report and 2024 Audit
Work Plan;
2. Deliberate the "Inspection Report
on the Company's Provision of
Guarantee Related Party
Transactions and Other Matters in The
2023"; committee
3. Review the Company's 2023 supervise
Annual Financial and Accounting
March 29 2024 Agree the external
Report and 2023 annual report; audit agency
4. Deliberate the 2023 Internal and the
Control Self-Evaluation Report of internal
the Company; audit work
5. Deliberated the Proposal on the of the
Evaluation Report of the Audit and Company
Risk Management Committee on supervise
the Performance of Accounting the
Firm and the Report on the implementat
Audit Performance of Supervisory Duties ion of the
Risk and 1. Review the First Quarterly Company's
Li Donghui Hu
Complian Report of 2024; internal
Caimei Mei
ce 2. Review the Internal Control control
Yonghong Liu 5
Managem System Report for 2023; system and
Shengxiang Xie April 26 2024 Agree
ent 3. To review the 2024 Enterprise coordinate
Chang
Committe Major Risk Assessment Report; the
e 4. Review the Report on Audit communicat
Work in the First Quarter of 2024. ion between
1. Deliberate the Report on the the
Work Progress of the Annual Audit managemen
Accounting Firm 2024-2027 t the
July 5 2024 Agree
Selected by Shenzhen Properties & internal
Resources Development (Group) audit
Ltd. through Public Bidding. department
1. Review the Company's 2024 and relevant
Semi-annual Report and its departments
Summary; with the
2. Review the Report on Audit external
Work in the Second Quarter of audit
2024; agency.
August 27 2024 Agree
3. Review the "Inspection Report
on Provision of Guarantee Related
Party Transactions and Other
Matters in First Half of 2024";
4. Review the Report on the
Progress of the Public Bidding for
592024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
the Selection and Employment of
the Annual Audit Accounting Firm
in 2024-2027.
1. Review the Company's third
Li Donghui Hu
quarterly report of 2024;
Caimei Liu
2. Review the Report on Audit
Shengxiang Xie October 30 2024 Agree
Work in the Third Quarter of 2024;
Chang Song
3. Deliberated on the proposal on
Shaohua
changing the accounting firm.Hu Caimei Mei Deliberated the proposal on the The
Yonghong Li March 29 2024 estimated daily related party Agree independent
Donghui transactions in 2024 directors
listened to
the reports
of the
managemen
t and the
financial
principal of
the
Company
on the
Company's
Special
production
meeting of
and
independe 2 Proposal regarding the amendment
nt Hu Caimei Mei
operation
of commitments on avoiding
directors Yonghong Li September 30 2024 Agree
standardized
horizontal competitions by the
Donghui operation
controlling shareholder. and
financial
affairs in the
current year
and the
progress of
major
matters such
as
investment
and
financing
activities.Strategic
Developm LIU
ent and Shengxiang
Investmen Wang Hangjun
t ZHANG 0
Decision- Zhimin WANG
Making Ge SHEN
Committe Xueying
e
The
Nomination
ZHANG
Nominatio Committee
Zhimin WANG
n conducted a
Ge HU Caimei 0
Committe thorough
LI Donghui
e review on
SONG Shaohua
the
qualification
602024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
s of Mr.SONG
Shaohua
the
proposed
Independent
Director
and Ms. NI
Huichuan
the
candidate
for Deputy
General
Manager
and issued
their review
opinions.VIII. Work of the Board of Supervisors
Whether the Company has risks found by the Board of Supervisors during the supervision activities in the reporting period
□Yes □No
The Board of Supervisors has no objection to the supervision matters during the reporting period.IX. Employees of the Company
1. Number professional composition and education level of employees
Number of employees of the parent company at the end of the
98
reporting period
Number of in-service employees of major subsidiaries at the
8866
end of the reporting period
Total number of in-service employees at the end of the
8964
reporting period
Total number of employees receiving salaries in the current
8964
period
Number of retired employees whose expenses shall be borne by
0
the parent company and major subsidiaries
Professional composition
Professional composition category Number of employees of each category
Production personnel 6349
Sales personnel 45
Technical personnel 1892
Financial personnel 144
Administrative staff 493
R&D personnel 41
Total 8964
Education level
Education level category Quantity
612024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
College education or above 3432
High school education or below 5532
Total 8964
2. Remuneration policy
In accordance with the Group's strategic development requirements the Group Company has implemented a performance
evaluation and management system for managerial members linked to the business performance of its subsidiaries further
enhancing work efficiency and fostering a proactive work atmosphere. The Group headquarters strictly enforces all compensation
management regulations and has revised the organizational structure design departmental functional divisions position
establishment and staffing quotas as well as the compensation and performance systems of subsidiaries based on market-oriented
principles.
3. Training plan
In 2024 the Group Company will focus on talent development adhere to a talent-driven enterprise strategy and innovation
empowerment and stimulate internal vitality. To implement the talent-driven strategy and create a dynamic cycle where talent
fuels development and development nurtures talent the Group will comprehensively deepen talent development by planning the
Elite Talent leadership enhancement program designing policy communication and professional skill-building activities aligned
with business needs and pioneering the Internal Trainers Delivering Grassroots Training initiative to optimize internal trainer
resources. These efforts aim to solidify the talent foundation for sustainable growth and achieve a virtuous cycle of mutual
advancement between talent and the enterprise.
4. Outsourcing of labor services
□Applicable □Not applicable
X. The Company's profit distribution and conversion of capital reserves into share capital in
the current year
Formulation implementation or adjustment of the profit distribution policy during the reporting period especially the cash
dividend policy
□Applicable □Not applicable
The Company is profitable during the reporting period and the profit available for distribution by the parent company is positive
but no cash dividend distribution plan is proposed
□Applicable □Not applicable
Profit distribution and conversion of capital reserves into share capital during the reporting period
□Applicable □Not applicable
The Company plans not to distribute cash dividends issue bonus shares or convert capital reserves into share capital for the
current fiscal year.XI. Implementation of the Company's equity incentive plan employee stock ownership plan
or other employee incentive measures
□Applicable □Not applicable
During the reporting period the Company had no equity incentive plan employee stock ownership plan or other employee
622024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
incentive measures and their implementation.XII. Construction and implementation of internal control system during the reporting
period
1. Construction and implementation of internal control
In 2024 guided by both business needs and risk prevention and control the Company formulated the Compliance Management
Measures and the Compliance Management System Construction Implementation Plan based on its actual conditions. These
initiatives aim to promote the implementation penetration and deepening of the compliance management system across all
functional departments and affiliated enterprises of the group. A 'four-in-one' integrated collaborative mechanism encompassing
legal affairs compliance risk management and internal controls under a legal framework has been established. The company
actively drives the deep integration of internal control compliance with business development to safeguard its high-quality growth.
2. Details of major deficiencies in internal control found during the reporting period
□Yes □No
XIII. The Company's management and control over its subsidiaries during the reporting
period
Problems
Consolidation Consolidation Progress of Follow-up
Company name encountered in Solutions taken
plan progress solution solution plan
consolidation
Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable
XIV. Evaluation Report on Internal Control or Audit Report on Internal Control
1. Internal control evaluation report
Full-text disclosure date of the Evaluation
March 29 2025
Report on Internal Control
Full-text disclosure index of the Evaluation
Cninfo (http://www.cninfo.com.cn)
Report on Internal Control
Ratio of total assets of units included in the
evaluation scope to total assets in the
100.00%
consolidated financial statements of the
Company
Ratio of operating revenue of units included
in the evaluation scope to the operating
100.00%
revenue of consolidated financial statements
of the Company
Defect identification criteria
Type Financial report Non-financial report
Major deficiencies: Major deficiencies:
1. Ineffective control environment; 1. Serious violations of national laws or
Qualitative criteria 2. Significant fraudulent activities regulations resulting in major litigation
involving the Company's directors regulatory investigations business
supervisors or senior management; suspension orders criminal liability or
632024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
3. The Company's audit firm replacement of senior officers;
identified material misstatements in 2. Abnormal and significant changes in
the current financial reports that the Company's directors supervisors
were not detected by the internal senior management or key technical
control system during its operation; personnel;
4. Corrections of material errors in 3. Absence of democratic or
the Company's previously submitted scientifically flawed decision-making
or disclosed financial reports; processes within the Company leading
5. Ineffective oversight of internal to major decision-making errors;
controls by the Company's audit 4. Severe loss of core management or
committee and internal audit technical personnel;
department. 5. Frequent exposure of severely
Significant deficiencies: negative news in the media with
1. Failure to select and apply widespread impact and unresolved
accounting policies in accordance adverse effects;
with Generally Accepted Accounting 6. Critical business operations of the
Principles; Company lacking systematic controls or
2. Absence of established anti-fraud suffering from systemic failures
procedures and controls; significantly impacting production and
3. No control mechanisms operations;
established or implemented for 7. Major deficiencies identified in
accounting treatment of non-routine internal control evaluations remaining
or special transactions and absence unaddressed;
of compensating controls; 8. Other significant negative
4. One or more defects in controls circumstances materially affecting the
over the period-end financial Company.reporting process that cannot Significant deficiencies:
reasonably assure the preparation of 1. The Company's democratic decision-
financial statements achieves making processes exist but are not
objectives of truthfulness and sufficiently robust adversely impacting
completeness; its production and operations;
5. Failure to rectify significant or 2. Violations of the Company's internal
minor deficiencies in internal regulations causing substantial losses;
controls. 3. Negative media exposure significantly
Minor deficiencies: impacting the Company;
Other control deficiencies excluding 4. Significant deficiencies in key
the aforementioned major and business systems or processes remaining
significant deficiencies. unrectified;
5. Other adverse circumstances with
significant impacts on the Company.Minor deficiencies:
Other control deficiencies excluding the
aforementioned major and significant
deficiencies.Major deficiencies:
Potential misstatements in operating
revenue ≥ 0.5% of the Company's Major deficiencies:
consolidated financial statement Direct property loss amount ≥ 0.40% of
operating revenue total assets ≥ the previous year's net assets;
0.10% of the Company's Significant deficiencies:
consolidated financial statement 0.20% of the previous year's net assets ≤
Quantitative criteria
total assets and net assets ≥ 0.40% direct property loss amount < 0.40% of
of the Company's consolidated the previous year's net assets.financial statement net assets; Minor deficiencies:
Significant deficiencies: Direct property loss amount < 0.20% of
0.25% of the Company's the previous year's net assets.
consolidated statements operating
revenue ≤ misstatements < 0.50% of
642024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
the Company's consolidated
statements operating revenue and
0.05% of the Company's
consolidated statements total assets
≤ misstatements < 0.10% of the
Company's consolidated statements
total assets and 0.20% of the
Company's consolidated statements
net assets ≤ misstatements < 0.40%
of the Company's consolidated
statements net assets;
Minor deficiencies:
Misstatements in operating revenue
< 0.25% of the Company's
consolidated statement operating
revenue total assets < 0.05% of the
Company's consolidated financial
statement total assets and net assets
< 0.20% of the Company's
consolidated financial statement net
assets.Number of major deficiencies in financial
0
reports
Number of major deficiencies in non-
0
financial report
Number of significant deficiencies in
0
financial report
Number of significant deficiencies in non-
0
financial report
2. Audit Report on Internal Control
□Applicable □Not applicable
Review opinion in the Audit Report on Internal Control
In our opinion SZPRD has maintained effective internal control over financial reporting in all material respects in accordance
with the Basic Standard for Enterprise Internal Control and relevant regulations.Disclosure of the Audit Report on Internal Control Disclosed
Full-text disclosure date of the Audit Report on Internal
March 29 2025
Control
Full-text disclosure index of the Audit Report on Internal
Cninfo (http://www.cninfo.com.cn)
Control
Opinion type of the Audit Report on Internal Control Standard and unqualified opinion
Whether there are major deficiencies in non-financial reports No
Whether the accounting firm issues an Audit Report on Internal Control with non-standard opinions
□Yes □No
Whether the Audit Report on Internal Control issued by the accounting firm is consistent with the opinion of the self-evaluation
report of the Board of Directors
□Yes □No
652024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
XV. Status of rectification of self-examination issues of special actions on governance of
listed companies
Not applicable.
662024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Section V Environment and Social Responsibilities
I. Major environmental protection issues
Whether the listed company and its subsidiaries are among the key pollutant discharge entities announced by the environmental
protection department
□Yes □No
Administrative punishment due to environmental problems during the reporting period
Impact on
Name of the Corrective
Reason for production and
Company or Violations Punishment result measures of the
punishment operation of listed
subsidiaries Company
companies
The case involves
a suspected
The Lake City
violation of Article
Phase I Project
8.2 of the A supervisory
Shenzhen Property Department was
Administrative notice had been
Engineering and suspected of
Measures of issued in April
Construction failing to fulfill its Fine RMB 20000 None
Shenzhen 2024 and
Supervision Co. supervisory
Municipality on rectification has
Ltd. responsibility for
the Prevention and been completed.dust pollution
Control of Fugitive
control as required
Dust Pollution
(2022 Revision)
Refer to other environmental information disclosed by key pollutant discharging units
In 2024 Huangcheng Real Estate a subsidiary of SZPRD actively implemented pollution prevention treatment dust control and
noise reduction measures at its ongoing projects the Dongguan Humen Harbour Palace and Shenzhen Guangming Yutang
Shangfu Project to improve satisfaction among surrounding residents. The project management department rigorously fulfilled its
environmental risk prevention responsibilities actively cooperated with environmental protection regulatory authorities in
receiving onsite inspections strictly complied with environmental impact assessment and the Three Simultaneities requirements
and standardized pollutant discharge dust suppression and noise control methods.The master plans for the ongoing Humen Harbour Palace and Guangming Yutang Shangfu Project adopted eco-friendly and
pollution-controlling measures requiring that environment protection and pollution prevention facilities be simultaneously
designed constructed and commissioned with the main projects. Effective measures were implemented to control and ensure
compliance of all pollutants including exhaust gases wastewater solid waste industrial residues noise oil contaminants
radioactive and non-radioactive pollutants from construction materials as well as other emissions.Rongyao Real Estate a subsidiary of SZPRD rigorously fulfills its primary responsibility for dust and noise pollution control at
the ongoing Lake City Phase I and II Projects. The costs of dust and noise pollution prevention measures have been incorporated
into project costs and the construction contracts explicitly specify the obligations of construction contractors to implement such
measures. Firstly construction contractors are required to develop and implement dust and noise pollution prevention and control
plans adopt effective measures install dust and noise monitoring equipment at the project site to collect data and strictly control
construction-related dust and noise emissions in accordance with standards. Secondly the project strictly enforces installation of
spraying systems on enclosures to effectively reduce site dust and deployment of water trucks for dust suppression when
necessary ensuring strict control of dust pollution. Thirdly supervisory units must integrate dust and noise pollution prevention
into daily supervision and issue rectification notices immediately upon identifying issues. Fourthly the project rigorously
672024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
implements a nighttime construction approval system and contractors must complete required procedures publicly post notices at
the construction site or notify nearby residents in advance through other means before conducting nighttime construction.Wuhe Urban Renewal Company a subsidiary of SZPRD announced theTianjun Project Urban Renewal Unit Plan in January 2024.This initiative holds significant implications for urban development and improvements to residential spaces. By enhancing the
area's urban image optimizing local traffic micro-circulation and elevating public service standards the project actively responds
to the government's call for green development ensuring effective implementation of environmental measures to mitigate adverse
impacts on the surrounding environment.The Fuyuan Project has completed the public announcement of its draft plan. The implementation of this renewal initiative holds
significant implications for the preservation and appreciation of state-owned assets urban traffic and industrial development.Through the implementation of the renewal plan high-quality properties with legal property rights can be acquired achieving the
preservation and appreciation of state-owned assets. By collaborating with government road initiatives traffic efficiency and
convenience in the area are enhanced effectively alleviating regional traffic congestion. This further unclogs the transportation
artery of Bao'an District Exhibition and Convention Center significantly improving traffic flow and accessibility in and around the
convention center. The renewal initiative enables the introduction of emerging industries such as high-end manufacturing and
technology-driven innovation sectors fostering the development of modern industrial parks. This not only enhances the economic
efficiency and competitiveness of the industrial zone but also injects new vitality into the industrial development of Bao'an District
and even Shenzhen City as a whole.Measures taken to reduce its carbon emissions during the reporting period and their effects
□Applicable □Not applicable
Reasons for not disclosing other environmental information
The Company and its subsidiaries are not classified as key pollutant discharging units announced by the environment protection
department.II. Social responsibilities
(I) Fulfillment of tax obligations and distribution of stock dividends SZPRD and its subsidiaries actively fulfilled their tax
obligations in 2024 completing tax payments totaling RMB 1.069 billion fully demonstrating their commitment as socially
responsible corporate citizens. In accordance with the Company's Articles of Association and shareholder resolutions we adhere to
the principles of fairness equity and transparency to rationally distribute profits based on the Company's earnings status and
shareholders' equity. A total of RMB 185.945 million in stock dividends was distributed to shareholders safeguarding their lawful
rights and interests while reinforcing investor confidence. SZPRD also places high importance on communication and engagement
with shareholders regularly convening shareholder meetings to solicit and incorporate their feedback and suggestions. This
practice continuously refines the corporate governance framework enhancing decision-making efficiency and transparency across
the organization.(II) Addressing employment issues in 2024 SZPRD and its affiliated enterprises provided a total of 86 job positions to the public
recruiting a total of 2010 employees including 14 fresh graduates and 65 veterans. The Group further optimized its talent
structure emphasized talent recruitment and development and facilitated rapid growth of new employees through systematic
training and career planning injecting new momentum for sustainable development.(III) Conducting employee care initiatives To uphold the people-centered development philosophy and implement the Group's
support mechanism the SZPRD Party Committee organized pre-Chinese New Year care forums for employees in hardship and
'July 1st' care forums for Party members in difficulty. Prior to the pre-Chinese New Year care event for employees in hardship the
Group Party Committee identified 50 hardship care recipients including 6 hardship Party members by organizing Party
organizations at all levels to conduct thorough surveys verification and categorized documentation. During the 'July 1st' event 4
hardship Party members were supported.
682024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(IV) Implementing Green and Beautiful Guangdong ecological initiatives The SZPRD Party Committee implemented the Green
and Beautiful Guangdong ecological deployment requirements from provincial municipal and state-owned asset authorities.Aligning with enterprise production characteristics the Group organized over 200 participants in green activities planted nearly
3000 green plants integrated ecological civilization concepts into operations and advanced green development.
(V) Organizing Love from SIHC · Supporting People's Livelihood campaign SZPRD Group and its affiliated enterprises actively
responded to the 2024 Love from SIHC · Supporting People's Livelihood initiative. Through employee donations the Group raised
RMB 29566 in supplies 796 clothing items and 23 sports/educational kits for schools including Zhangji Overseas Chinese
Primary School Town Central Kindergarten and Guangxi Wanglu Primary School supporting rural revitalization.(VI) Launching the Red Flag Red Action public welfare blood donation volunteer activity The Party Committee of Shenzhen
International Trade Center Property Management a subsidiary of SZPRD Group organized directly affiliated Party organizations
directly managed enterprises local communities blood centers served communities and partnered enterprises to jointly launch
the Red Flag Red Action public welfare blood donation volunteer activity. Since its inaugural launch in 2011 the blood donation
activity has spanned 13 years by 2024 establishing a framework covering South China North China East China and Southwest
China. By 2024 it engaged over 2800 participants with 2400 successful donors contributing 850000 milliliters of blood. In 2024
the Party Committee of Shenzhen International Trade Center Property Management conducted the Red Flag Red Action national
public blood donation month campaign during June and July. According to statistics the Party Committee's affiliated units
organized a total of 9 blood donation events in Shenzhen Chongqing Baoding Yangzhou Hangzhou and Hulunbuir involving
350 participants with 250 successful donors contributing a total of 104000ml of blood. Multiple companies under Shenzhen
International Trade Center Property Management have been awarded letters of appreciation honorary titles and other distinctions
by local municipal blood centers (or central blood stations) in their respective regions.(VII) Building the ITC Service · Refreshing as a Spring Breeze Service Quality Enhancement Year Under the leadership of its
Party Committee Shenzhen International Trade Center Property Management a subsidiary of SZPRD Group launched the
Service Quality Enhancement Year campaign across all levels of its property management division. Centered on the theme ITC
Service · Refreshing as a Spring Breeze the campaign formulated Ten Key Initiatives and implemented a total of 4657 actions.The ITC Service · Refreshing as a Spring Breeze Service Quality Enhancement Year campaign diligently implemented the core
principle of customer service with utmost sincerity enhanced the brand image of Shenzhen International Trade Center Property
Management effectively improved service quality increased customer satisfaction boosted market competitiveness and ensured
the strategic objective of high-quality development for the Company.(VIII) Hosting the Second Property Service Skills Competition by Shenzhen International Trade Center Property Management
SZPRD's subsidiary Shenzhen International Trade Center Property Management adheres to the Party-led talent management
principle focusing on talent development and enhancing employee competencies. In 2024 aligned with the core tenets of its
distinctive Zhizhen ITC Party-building brand the Shenzhen International Trade Center Property Management organized its second
Property Service Skills Competition. The competition expanded from Shenzhen to a national scope attracting 109 teams (327
participants) across its system. The event covered six contests in four categories: engineering customer service security
management and environmental services with segments including written theoretical tests thematic speeches team practical
exercises case analyses and on-site quick-response quizzes.III. Consolidation and expansion of the achievements of poverty alleviation and rural
revitalization
(I) Actively supporting the implementation of the Hundreds of Thousands Project SZPRD Group and its subsidiaries carried out
consumption assistance initiatives in 2024 purchasing agricultural products totaling over RMB 1.6 million to support
underprivileged regions.
692024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(II) Aiding Futian District Committee's targeted poverty alleviation program SZPRD's subsidiary Huangcheng Real Estate
Company responded to the Futian District Committee's call for targeted assistance. At the request of government departments
such as the Futian District Development and Reform Bureau and the Poverty Alleviation Office the Company donated RMB
20000 in batches to fund the procurement of charitable supplies and public infrastructure development for rural revitalization.
702024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Section VI Important Matters
I. Fulfillment of commitments
1. Commitments made by the Company's actual owner shareholders related parties acquirers the
Company and other related parties that have been fulfilled within the reporting period and those that
have not been fulfilled as of the end of the reporting period
□Applicable □Not applicable
Party making
Reason Type Content Date Term Performance
commitment
Shenzhen Investment
Holdings' wholly-
owned subsidiary
Shenzhen City
Construction &
Development (Group)
Co. Ltd. and its
subsidiaries held
Shenzhen Special
Economic Zone Real
Commitments
Commitments Estate & Properties
on horizontal
made in the Shenzhen (Group) Co. Ltd.competitions
acquisition Investment engage in real estate September 6 Being carried
related party 3 years
report or report Holdings Co. development and 2018 out normally2
transactions
on changes in Ltd. commercial housing
and capital
equity sales which belong to
occupation
the same industry as
the listed company
resulting in horizontal
competitions. To
avoid horizontal
competitions
Shenzhen Investment
Holdings has
provided
commitments. 1
To reduce and
Commitments standardize related
Commitments
on horizontal party transactions
made in the Shenzhen
competitions with the listed
acquisition Investment September 6 In normal
related party company Shenzhen Long-term
report or report Holdings Co. 2018 performance
transactions Investment Holdings
on changes in Ltd.and capital has made the
equity
occupation following
commitments. 3
Whether the
commitment is
Yes
fulfilled on
time
Note: 1 Shenzhen Investment Holdings' wholly-owned subsidiary Shenzhen City Construction & Development (Group) Co. Ltd.and its subsidiaries held Shenzhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. engage in real estate
712024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
development and commercial housing sales which belong to the same industry as the listed company resulting in horizontal
competitions. To address this Shenzhen Investment Holdings commits as follows: 1. solutions to horizontal competitions
involving Shenzhen Urban Construction: during the period as the controlling shareholder of the listed company (SZPRD) and
while the Company is listed on the Shenzhen Stock Exchange for Shenzhen Urban Construction's existing businesses that compete
horizontally with the listed company Shenzhen Investment Holdings will to the extent permitted by laws and regulations initiate
feasible solutions among the following horizontal competitions resolution plans within 12 months from the date SZPRD's equity is
transferred to Shenzhen Investment Holdings and complete the implementation of such solutions within 3 years from the equity
transfer date to resolve existing horizontal competitions issues:
(1) Signing an asset trusteeship agreement between Shenzhen Urban Construction and the listed company entrusting assets
directly competing with the listed company to SZPRD under fair trusteeship fees and taking effective measures to resolve
horizontal competitions within the commitment period;
(2)Injecting assets in direct competition with the listed company into the listed company; (3)Transferring assets in direct
competition with the listed company to an unrelated third party; (4)Other measures that can effectively solve the problem of
horizontal competition and are conducive to protecting the interests of listed companies and the legitimate rights and interests of
other shareholders. Before solving the existing horizontal competition in the process of business of the listed company and the
companies enterprises and economic organizations controlled or actually controlled by Shenzhen Investment Holdings (excluding
the enterprises controlled by the listed companies hereinafter collectively referred to as "Subsidiaries") Shenzhen Investment
Holdings shall maintain a neutral position as the controlling shareholder to ensure that the listed companies and all subsidiaries can
participate in market competition in accordance with the principle of fair competition when there are circumstances involving
dispute resolution and other situations that have a significant impact on the business. 2. Solutions to horizontal competitions
involving Shenzhen Special Economic Zone Real Estate & Properties: On September 14 2016 Shenzhen Special Economic Zone
Real Estate & Properties suspended trading due to planning a major asset restructuring. According to the Review Opinions on the
Extension of Trading Suspension for Shenzhen Special Economic Zone Real Estate & Properties Major Asset Restructuring issued
by CITIC Securities Co. Ltd. and Huatai United Securities Co. Ltd. on November 26 2016 the restructuring plan proposed that
Shenzhen Special Economic Zone Real Estate & Properties acquire100% equity of Evergrande Real Estate Group Co. Ltd.by
issuing A-shares and/or paying cash (hereinafter referred to as the restructuring of Shenzhen Special Economic Zone Real Estate &
Properties). On November 9 2020 Shenzhen Special Economic Zone Real Estate & Properties announced the termination of the
aforementioned transaction stating that the current market conditions were immature for advancing the major asset restructuring
and that the decision aimed to safeguard the interests of the Company and all shareholders. Following the termination Shenzhen
Investment Holdings remains the controlling shareholder of Shenzhen Special Economic Zone Real Estate & Properties. For
Shenzhen Special Economic Zone Real Estate & Properties' existing business operations that involve horizontal competitions with
the listed company Shenzhen Investment Holdings will within the scope permitted by laws and regulations initiate a reasonable
solution to address the horizontal competitions within 12 months from the date of the termination of Shenzhen Special Economic
Zone Real Estate & Properties' restructuring and resumption of trading based on actual conditions at the time of resumption and
promptly fulfill disclosure obligations. Concurrently Shenzhen Investment Holdings will complete the implementation of such
solution and resolve the horizontal competitions between SZPRD and Shenzhen Special Economic Zone Real Estate & Properties
within 3 years from the date of the termination of Shenzhen Special Economic Zone Real Estate & Properties' restructuring and
resumption of trading. 3. Other commitments to avoid horizontal competition: during the period when it is the controlling
722024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
shareholder of a listed company and the listed company is listed on the Shenzhen Stock Exchange other Affiliated Companies of
Shenzhen Investment Holdings will not engage in related business with direct horizontal competition relationship with the listed
company in new business areas other than the business areas with horizontal competition relationship that have already occurred.Shenzhen Investment Holdings undertakes not to seek improper benefits as the controlling shareholder of the listed company thus
harming the rights and interests of the listed company and its shareholders. In case of any violation of the above commitments
Shenzhen Investment Holdings will bear corresponding legal liabilities including but not limited to the liability for compensation
for all losses caused to the listed company.
2 Shenzhen Investment Holdings has been actively dedicated to fulfilling these commitments since their initiation. During the
commitment period Shenzhen Investment Holdings did not seek improper benefits as the controlling shareholder of SZPRD
which damaged the rights and interests of SZPRD and its shareholders. During the commitment period Shenzhen Investment
Holdings actively sorted out the relevant assets and business of Shenzhen Urban Construction and was committed to formulating a
feasible solution to the horizontal competition with SZPRD as soon as possible. Shenzhen Investment Holdings also actively
promoted the restructuring of Shenzhen Special Economic Zone Real Estate & Properties. However considering the objective
circumstances Shenzhen Investment Holdings has not been able to fulfill its original commitment to avoid horizontal competitions.Shenzhen Investment Holdings has reissued the Letter on Changing the Commitments on Avoiding Horizontal Competition on
September 26 2024 and the change of the commitment has been approved by the Company's Second Extraordinary General
Meeting of Shareholders of 2024 held on October 18 2024. For details please refer to the Announcement on the Resolution of the
Second Extraordinary General Meeting in 2024 (Announcement No.: 2024-47) disclosed by the Company on Cninfo on October
192024.
3 To reduce and regulate related party transactions with the listed company Shenzhen Investment Holdings commits that during
its tenure as the controlling shareholder of the listed company (listed on the Shenzhen Stock Exchange): 1. Shenzhen Investment
Holdings and its controlled or de facto controlled entities (including companies enterprises and economic organizations
excluding subsidiaries of the listed company; collectively referred to as “Affiliated Companies”) shall strictly exercise shareholder
rights and fulfill shareholder obligations in accordance with laws regulations and regulatory requirements and maintain the
independence of the listed company in terms of assets financials personnel operations and organizational structure; 2. Shenzhen
Investment Holdings undertakes not to leverage its position as the controlling shareholder to influence the listed company's
shareholders' meetings or the board to make resolutions that could harm the lawful rights and interests of other shareholders; 3.Shenzhen Investment Holdings or its Affiliated Companies shall endeavor to minimize related party transactions with the listed
company. For unavoidable related party transactions Shenzhen Investment Holdings or its Affiliated Companies shall ensure that
such transactions are conducted on an arm's length and voluntary basis under fair and reasonable terms consistent with normal
commercial practices and without demanding or accepting more favorable conditions from the listed company than those offered
to third parties in comparable market transactions. Additionally Shenzhen Investment Holdings or its Affiliated Companies shall
diligently and strictly perform all related party transaction agreements entered into with the listed company in good faith; 4.Shenzhen Investment Holdings or its Affiliated Companies shall strictly comply with the listed company's Articles of Association
and applicable laws and regulations in fulfilling the decision-making procedures for related party transactions and the
corresponding information disclosure obligations; 5. Shenzhen Investment Holdings or its Affiliated Companies shall ensure not to
seek any special benefits beyond the aforementioned provisions through related party transactions with the listed company not to
732024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
illegally transfer the listed company's funds or profits via such transactions and not to maliciously infringe upon the lawful rights
and interests of the listed company or its shareholders through related party transactions. 6. Shenzhen Investment Holdings
commits to determining a reasonable solution for existing related party transactions with the listed company within the scope
permitted by laws and regulations initiating such a solution within 12 months from the date of transferring the Company's shares
to its ownership and fully implementing the solution within 5 years from the share transfer date to completely resolve these
transactions. The specific forms include: (1) upon expiration of existing related party transaction contracts no renewal shall occur.If renewal is necessary due to the listed company's operational needs relevant decision-making procedures for related party
transactions shall be strictly followed; (2) where feasible terminate existing contracts and conduct market price inquiries through
market-based public bidding to identify suitable service providers for the services involved in such transactions. If related party
transactions arise relevant decision-making procedures shall be strictly followed; (3) for existing active contracts with potential
for price renegotiation renegotiate pricing terms to ensure post-renegotiation contract amounts align with prevailing market prices
and do not exceed current contract amounts while strictly following related party transactions decision-making procedures; (4)
other reasonable measures to reduce and ultimately eliminate existing non-essential related party transactions. 7. In case of any
violation of the above commitments Shenzhen Investment Holdings will bear corresponding legal liabilities including but not
limited to the liability for compensation for all losses caused to the listed company.
2. If there is a profit forecast for the Company's assets or projects and the reporting period is still in the
profit forecast period the Company shall explain that the assets or projects have met the original profit
forecast and the reasons
□Applicable □Not applicable
II. Non-operational occupation of funds by the controlling shareholders and other related
parties of the listed company
□Applicable □Not applicable
During the reporting period there were no non-operational funds occupied by the controlling shareholders and other related parties
for the listed company.III. Illegal external guarantees
□Applicable □Not applicable
The Company had no illegal external guarantee during the reporting period.IV. Explanation of the Board of Directors on the latest "modified report"
□Applicable □Not applicable
V. Explanation of the Board of Directors the Board of Supervisors independent directors (if
any) on the "modified report" of the accounting firm during the reporting period
□Applicable □Not applicable
742024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
VI. Explanation of the accounting policies changes in accounting estimates or corrections of
significant accounting errors compared to the financial report of the previous year
□Applicable □Not applicable
During the reporting period the Company had no accounting policies changes in accounting estimates or corrections of significant
accounting errors.VII. Explanation of changes in the scope of consolidated statements compared to the
financial report of the previous year
□Applicable □Not applicable
The changes in the scope of the consolidated statements during the reporting period are detailed in IX. Changes
in Consolidation Scope of Section X Financial Reports.VIII. Appointment and dismissal of the accounting firm
Currently appointed accounting firm
Grant Thornton Zhitong Certified
Name of domestic accounting firm
Public Accountants LLP
Remuneration of domestic accounting firm (RMB10000) 105
Number of consecutive years of audit services provided by domestic accounting firm 0
Name of certified public accountants of the domestic accounting firm ZHAO Juanjuan ZHOU Yilan
Number of consecutive years of audit services provided by certified public accountants
ZHAO Juanjuan: 0 ZHOU Yilan: 0
of domestic accounting firm
Whether to change the accounting firm in the current period
□Yes □No
Was the accounting firm changed during the audit period
□Yes □No
Were the approval procedures followed for the change of the accounting firm
□Yes □No
Detailed explanation of the change of employment and accounting firm
The Company has conducted communication and explanations regarding the change of the accounting firm with both the
predecessor and successor accounting firms. All parties have duly acknowledged the change and confirmed no objections. The
predecessor and successor accounting firms have communicated in accordance with the provisions of China CPA Standard on
Auditing 1153 Communications between Predecessor and Successor CPAs.As the audit service agreement between the Company and Baker Tilly China Certified Public Accountants expired and in
accordance with the Measures for the Selection and Appointment of Accounting Firms by State-Owned Enterprises and Listed
Companies (CK [2023] No. 4) Grant Thornton Zhitong Certified Public Accountants LLP was appointed as the Company's 2024
audit service provider through a public tender process to ensure the independence and objectivity of the audit work. The Audit
Risk and Compliance Management Committee of the Board of Directors conducted a dedicated assessment on the change of the
accounting firm. On October 30 2024 the Company convened the 30th Meeting of the 10th Board of Directors and the 25th
Meeting of the 10th Board of Supervisors where the Proposal on the Change of Accounting Firm was reviewed and approved; on
November 15 2024 the Company's Third Extraordinary General Meeting of Shareholders of 2024 reviewed and approved the
752024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
proposal agreeing to appoint Grant Thornton Zhitong Certified Public Accountants LLP as the Company's 2024 financial audit
firm with an engagement period of one year.Engagement of internal control audit accounting firm financial adviser or sponsor
□Applicable □Not applicable
During the reporting period the Company engaged Grant Thornton Zhitong Certified Public Accountants LLP as its internal
control audit accounting firm with total internal control audit fees paid amounting to RMB 156000 during the period.IX. Delisting after the disclosure of the annual report
□Applicable □Not applicable
X. Matters related to bankruptcy and reorganization
□Applicable □Not applicable
During the reporting period the Company had no bankruptcy restructuring related matters.XI. Significant litigation and arbitration
□Applicable □Not applicable
Execution
Whether
Amount Results and of Date
Basic information estimated Disclo
involved Proceedings of influence of litigation of
on litigation liabilities sure
(RMB10 litigation (arbitration) litigation (arbitratio disclo
(arbitration) are index
000) (arbitration) trial n) sure
formed
judgment
As Xinhai The enforcement
Rongyao's violation ruling orders Xinhai
of the Equity Rongyao to pay
Transfer Agreement SZPRD
for the Bangling compensation for
Area Urban investment losses
Renewal Project in totaling RMB 50
Guanlan million; Xinhai
Subdistrict Rongyao has
Longhua District pledged 30% of its
Shenzhen has equity in Rongyao
constituted a Real Estate to
material breach the SZPRD as Under
5085.23 No Enforced
Company is entitled collateral; Xinhai execution
to claim Rongyao shall
compensation for compensate SZPRD
investment losses for legal fees of
from Xinhai RMB 150000
Rongyao at an preservation fees of
annual interest rate RMB 3000
of 11% on the funds preservation
invested in the Lake insurance costs of
City Project RMB 41120.84
pursuant to the and arbitration fees
Agreement. of RMB
Accordingly the 658188.60.
762024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Company has
initiated arbitration
proceedings.After the case entered
On February 26 the stage of arbitrator
2019 the Company appointment and
entered into the tribunal formation the
Repayment Respondent filed a
Agreement with lawsuit with the
Rongyao Real Shenzhen Intermediate
Estate Xinhai People's Court to
Rongyao and determine the validity
Xinhai Holdings. of the arbitration
For details refer to agreement leading to
the Announcement a temporary
on the Signing of suspension of the
the Repayment arbitration
For
Agreement proceedings. On
details
(Announcement February 26 2024 the
No. 2019-9) Shenzhen Intermediate
please
disclosed by the People's Court issued a
refer
Company on ruling dismissing
to the
Cninfo Xinhai Holdings'
Anno
(http://www.cninfo. application to
uncem
com.cn) on invalidate the
ent on
February 28 2019. arbitration agreement.Major
Pursuant to the Subsequently on July
Arbitr
Repayment 29 2024 Rongyao
ation
Agreement Xinhai Real Estate received
of
Rongyao and the Notice to Resume June
Subsi
Xinhai Holdings 72218.22 No Arbitration N/A N/A 9
diary
acknowledged their Proceedings [Case No. 2023
(Anno
obligation to repay (2023) SGZS 2970-10]
uncem
debts owed to from the Shenzhen
ent
Rongyao Real Court of International
No.Estate with Xinhai Arbitration stating
2023-
Investment that the Guangdong
13)
Expander Property Province Shenzhen
disclo
Management Intermediate People's
sed by
Lianghong Court had rendered the
the
Industrial and Civil Ruling (2023)
Comp
Tiancheng Yue 03 MT 1308
any on
Investment acting rejecting the
Cninf
as guarantors Respondent's request
o.jointly and to invalidate the
severally liable for arbitration agreement.the obligations Accordingly the
under the guarantee. Arbitration Court
However as the determined that the
aforementioned grounds for suspension
parties failed to no longer existed and
fully repay the decided to resume the
debts as agreed arbitration
Rongyao Real proceedings. The case
Estate initiated was heard by the
arbitration tribunal at the
proceedings. Shenzhen Court of
International
772024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Arbitration on August
30 2024 and remains
pending for a final
award.See
See
Section
Section
Summary of other XVI.2 of See Section XVI.2 of See Section XVI.2
XVI.2 of
contract litigation 9722.91 Section Section X Financial of Section X
Section X
disputes X Report Financial Reports
Financial
Financial
Reports
Reports
XII. Punishment and rectifications
□Applicable □Not applicable
There was no punishment or rectification during the reporting period.XIII. Integrity status of the Company and its controlling shareholders and actual owner
□Applicable □Not applicable
XIV. Major related party transactions
1. Related party transactions related to daily operations
□Applicable □Not applicable
Pricin Amou
Settle Prevai
g nt of Ratio Appro
Relate Type Price ment ling
princi relate of ved
d of Relate of Excee metho marke
Relate ples d simila transa Date
partie relate d relate ds d of t price Discl
d of party r ction of
s to d party d appro relate for osure
relatio relate transa transa quota disclo
the party transa party ved d simila index
nship d ctions ction (RMB sure
transa transa ctions transa quota party r
party (RMB amou 1000
ctions ctions ctions transa transa
transa 1000 nt 0)
ctions ctions
ctions 0)
Relate The
d 2024
party
Shenz Wholl Forec
transa
hen y- ast
ctions Prope Prope Prope
Bay owne Anno
for rty rty rty
Techn d unce
the mana mana mana
ology subsid 7780. 4.88 6969. 7780. ment
sale geme geme geme Yes Cash
Devel iary 02 % 03 02 Marc on
of nt nt nt
opme of the h 30 Recur
goods servic servic servic
nt parent 2024 ring
and e e e
Co. comp Relate
provis
Ltd. any d
ion of Party
servic Trans
es action
Hebei Subsi Relate Prope Prope Prope 5612. 3.52 5612. s
4249 Yes Cash
Shenb diary d rty rty rty 6 % 60 (Anno
782024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
ao of a party mana mana mana unce
Invest subsid transa geme geme geme ment
ment iary ctions nt nt nt No.Devel (unde for servic servic servic 2024-
opme r the the e e e 09)
nt parent sale engin disclo
Co. comp of eering sed
Ltd. any) goods servic on
and e Cninf
provis o
ion of
servic
es
Relate
d
party
Shenz Wholl
transa
hen y-
ctions
Bay owne
for Mana
Techn d Mark Agree
the geme
ology subsid et d- 6238. 4.72 7276. 6238.purch nt No Cash
Devel iary princi upon 28 % 18 28
ase of Servic
opme of the ples price
goods es
nt parent
and
Co. comp
provis
Ltd. any
ion of
servic
es
Shenz
Wholl
hen Entru
y-
Shent sted
owne
ou Entru housi
d Mark Agree
Prope sted ng
subsid et d- 6505. 47.88 6446. 6505.rty mana mana Yes Cash
iary princi upon 85 % 58 85
Devel geme geme
of the ples price
opme nt nt
parent
nt servic
comp
Co. es
any
Ltd.
26132494
Total -- -- -- -- -- -- -- --
6.750.79
Detailed circumstances of large-
Not applicable
scale sales returns
Actual fulfillment (if any) during During the reporting period the Company held the annual general meeting of 2023 on
the reporting period if the total April 19 2024 which considered and passed the Proposal on the Expected Daily Related
amount of daily related party Party Transactions for the Year 2024 with the related shareholders had abstained fromtransactions that will occur in this voting details of connected transactions are set out in the “Related parties and related partyperiod is estimated by category transactions” in the notes to the accounting statements.Reasons for significant deviations
between transaction prices and
Not applicable
market reference prices (if
applicable)
2. Related party transactions arising from the acquisition and sale of assets or equity
□Applicable □Not applicable
792024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
During the reporting period the Company had no related party transactions arising from the acquisition or sale of assets or equity.
3. Related party transactions arising from joint external investment
□Applicable □Not applicable
During the reporting period the Company had no related party transactions arising from joint external investment.
4. Related claims and debts
□Applicable □Not applicable
Existence of non-operational related party debt and credit transactions
□Yes □No
Receivables from related party (claims)
Existence Additions Recoverie Interest in
of non- Beginnin in the s in the the Ending
Related
Related Formatio operation g balance current current Interest current balance
relationsh
party n causes al funds (RMB10 period period rate period (RMB10
ip
occupatio 000) (RMB10 (RMB10 (RMB10 000)
n 000) 000) 000)
The
parent
company
of Xinhai
Rongyao
Pre-
Shenzhen the
acquisitio
Xinhai minority No 20150 20150
n working
Holdings sharehold
capital
ers of the
subsidiary
Rongyao
Real
Estate
Shenzhen
Minority
Xinhai
sharehold
Rongyao Pre-
ers of the
Real acquisitio
subsidiary No 33047.29 33047.29
Estate n working
Rongyao
Develop capital
Real
ment Co.Estate
Ltd.Impact of related party
receivables on the
According to the value analysis results of the recoverable amount by the asset appraisal agency engaged
Company's operating
by the Company the provision for bad debts was accrued by RMB356.2229 million.results and financial
position
Payables to related parties (debts)
Additions Repayment
Interest in
Beginning in the amount in Ending
the current
Related Related Formation balance current the current balance
Interest rate period
party relationship causes (RMB100 period period (RMB100
(RMB100
00) (RMB100 (RMB100 00)
00)
00)00)
802024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Shenzhen
Property
Jifa Joint Current
4229.671600020229.67
Warehousi Venture accounts
ng Co.Ltd.Shenzhen
Tian'an
Internation
Joint Current
al Building 521.43 521.43
Venture accounts
Property
Manageme
nt Co. Ltd.Impact of related party
payables on the
All such matters have been maintained entirely within the Company's risk control tolerance and do
Company's operating
not adversely affect its operating results or financial position.results and financial
position
5. Information on transactions with finance companies with related relationship
□Applicable □Not applicable
There was no deposit loan credit or other financial business between the Company and the finance companies with related
relationship and their related parties.
6. Transactions between the Company's holding finance companies and its related parties
□Applicable □Not applicable
There was no deposit loan credit or other financial business between the Company's holding finance companies and its related
parties.
7. Other major related party transactions
□Applicable □Not applicable
The Company had no other major related party transactions during the reporting period.XV. Major contracts and their performance
1. Custody contracting and lease matters
(1) Custody
□Applicable □Not applicable
During the reporting period the Company had nothing under custody.
(2) Contracting
□Applicable □Not applicable
During the reporting period the Company had no contracting.
812024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(3) Leases
□Applicable □Not applicable
During the reporting period the Company had no leases.
2. Significant guarantees
□Applicable □Not applicable
Unit: RMB10000
External guarantees of the Company and its subsidiaries (excluding the guarantees to subsidiaries)
Disclosu
re date Whether Whether
of Actual the to
Name of Type of Counter
guarante Guarante Actual guarante Collatera Guarante performa guarante
guaranto guarante guarante
e limit e limit date e l (if any) e period nce is e for a
r e e (if any)
related amount complete related
announc d party
ements
Guarantees to subsidiaries by the Company
Disclosu
re date Whether Whether
of Actual the to
Name of Type of Counter
guarante Guarante Actual guarante Collatera Guarante performa guarante
guaranto guarante guarante
e limit e limit date e l (if any) e period nce is e for a
r e e (if any)
related amount complete related
announc d party
ements
Shenzhe
n
Rongyao 2019.11.Novemb Equity
Real October 349137. 27-
500000 er 27 land use No Yes
Estate 18 2019 17 2026.3.1
2019 right
Develop 7
ment
Co. Ltd.Yangzho Land use
2024.1.1
u Wuhe right
June 21 July 25 20009.4 9-
Real 67000 construct No Yes
2024202462029.1.1
Estate ion in
8
Co. Ltd. progress
Total actual amount
Total guarantee limit
of guarantee
to be approved to
incurred to
subsidiaries during 67000 47346.86
subsidiaries during
the reporting period
the reporting period
(B1)
(B2)
Total approved Total actual balance
guarantee limit to of guarantees to
subsidiaries at the 567000 subsidiaries at the 369146.63
end of the reporting end of the reporting
period (B3) period (B4)
Guarantees by subsidiaries to subsidiaries
822024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Disclosu
re date Whether Whether
of Actual the to
Name of Type of Counter
guarante Guarante Actual guarante Collatera Guarante performa guarante
guaranto guarante guarante
e limit e limit date e l (if any) e period nce is e for a
r e e (if any)
related amount complete related
announc d party
ements
Total guarantees of the Company (i.e. the total of the top three items)
Total actual amount
Total guarantee limit
of guarantee
to be approved
67000 incurred during the 47346.86
during the reporting
reporting period
period (A1+B1+C1)
(A2+B2+C2)
Total approved Total actual balance
guarantee limit at the of guarantees at the
567000369146.63
end of the reporting end of the reporting
period (A3+B3+C3) period (A4+B4+C4)
Total actual guarantees (i.e. A4+B4+C4) as a
109.81%
percentage of the Company's net assets
Including:
Balance of debt guarantees provided directly
or indirectly for the guaranteed object whose 369146.63
asset-liability ratio exceeds 70% (E)
Total amount of the above three guarantees
369146.63
(D+E+F)
Explanation of the specific situation of the guarantee by the adoption of composite method
3. Entrustment of others for cash asset management
(1) Entrusted wealth management
□Applicable □Not applicable
During the reporting period the Company had no entrusted wealth management.
(2) Entrusted loans
□Applicable □Not applicable
There were no entrusted loans of the Company during the reporting period.
4. Other major contracts
□Applicable □Not applicable
There were no other major contracts of the Company during the reporting period.XVI. Notes to other major matters
□Applicable □Not applicable
(I) Matters related to changes in the rights and interests of the controlling shareholder
832024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
During the reporting period the Company received a notice from its controlling shareholder Shenzhen Investment Holdings Co.Ltd. that 1730300 restricted shares held by Shenzhen Duty Free Commodities Enterprise Co. Ltd. in the Company had been
transferred to Shenzhen Investment Holdings Co. Ltd. due to the enforcement of a court judgment. The number of shares held by
Shenzhen Investment Holdings and its persons acting in concert increased from 339452527 shares (accounting for 56.957% of
the total share capital of the Company) to 341182827 shares (accounting for 57.247% of the total share capital of the Company).For details please refer to the "Announcement on Changes in Equity Interests of the Controlling Shareholder" (Announcement No.:
2024-04) disclosed by the Company on Cninfo ( http://www.cninfo.com.cn).
(II) Matters related to the guarantee for subsidiary's application for facility amount from banks
During the reporting period in order to meet the capital needs of the subsidiary Yangzhou Wuhe Real Estate Co. Ltd. (hereinafter
referred to as "Yangzhou Wuhe Industry Investment and Development") for the development and construction of the Shenyang
Digital Intelligent City Project Yangzhou Wuhe Industry Investment and Development planned to apply to banks and other
financial institutions for a facility amount of no more than RMB 1 billion which was mainly for project development and
construction daily operation etc. The Board agreed that the Company would sign a guarantee agreement with banks and other
financial institutions to provide guarantee for Yangzhou Wuhe Industry Investment and Development to apply for facility amount
and the guarantee amount would not exceed RMB 670 million. For relevant progress please refer to the "Announcement on
Providing Guarantee for Subsidiary's Application for Facility Amount from the Bank" (Announcement No.: 2024-20) and the
"Announcement on the Progress of Providing Guarantee for Subsidiary's Application for Facility Amount from the Bank"
(Announcement No.: 2024-30) disclosed by the Company on Cninfo (http://www.cninfo.com.cn).
(III) Matters concerning the signing of the housing expropriation compensation agreement by the participating companies
of the Company
During the reporting period Shenzhen Property Jifa Warehousing Co. Ltd. a participating company of the Company signed a
House Acquisition Compensation Agreement with Shenzhen Yantian District Land Readiness Affairs Center. The compensation
amount was based on the Real Estate Appraisal Report on House Acquisition Project of Pingyan Railway Reconstruction Project
(Yantian Section) issued by Guozhonglian Assets Appraisal Land and Real Estate Appraisal Co. Ltd. For relevant progress please
refer to the "Announcement on the Participating Companies Signing the House Acquisition Compensation Agreement"
(Announcement No.: 2024-25) and the "Announcement on the Progress of the Participating Companies Receiving House
Acquisition Compensation"(Announcement No.: 2024-27) disclosed by the Company on Cninfo (http://www.cninfo.com.cn). .(IV) Matters related to the controlling shareholder's agreement to transfer part of the shares of the Company and the
change of equity
During the reporting period the Company received a notice from its controlling shareholder Shenzhen Investment Holdings Co.Ltd. On June 28 2024 Shenzhen Investment Holdings signed the Share Transfer Agreement with China Orient Asset Management
Co. Ltd. intending to transfer 29799000 unrestricted tradable shares of the Company to Orient Asset Management through the
agreement along with all shareholders' equity derived from this accounting for 5.00% of the Company's total share capital. After
the completion of this transfer Shenzhen Investment Holdings will hold 273345937 shares of the Company accounting for
45.87% of the total share capital of the Company. China Orient Asset Management Co. Ltd. will hold 46290402 shares of the
Company accounting for 7.77% of the Company's total share capital. This change in equity does not involve a change in the
Company's controlling interest. For details please refer to the " Announcement on the Agreement-based Transfer of Partial Shares
by the Controlling Shareholders and Changes in Equity Interests " (Announcement No.: 2024-28) disclosed by the Company on
Cninfo (http://www.cninfo.com.cn).(V) Matters concerning the application of the controlling shareholder of the Company for changing the commitments on
avoiding horizontal competitions
During the reporting period the Company received the Letter on Changing the Commitments on Avoiding Horizontal
Competitions from the controlling shareholder Shenzhen Investment Holdings Co. Ltd. and Shenzhen Investment Holdings
applied for changing the commitments on avoiding horizontal competitions. The matter was deliberated and approved at the 29th
842024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
meeting of the 10th Board of Directors and the 24th meeting of the 10th Board of Supervisors on September 30 2024 and was
voted and approved at the second extraordinary general meeting in 2024. For details please refer to the Announcement on the
Application of the Company's Controlling Shareholder for Change of Commitments on Avoiding Horizontal Competitions
(Announcement No.: 2024-40) and the Announcement on the Resolution of the Second Extraordinary General Meeting in 2024
(Announcement No.: 2024-47) disclosed by the Company on September 30 and October 19 2024 respectively.
(VI) Matters related to changes in the Company's independent directors
During the reporting period Mr. MEI Yonghong independent directors of the Company applied for resignation from the
independent directors and the relevant special committees of the Board after serving as independent directors for 6 consecutive
years in accordance with the Administrative Measures for Listed Company Independent Directors of the China Securities
Regulatory Commission and the Articles of Association and will not hold any post of the Company after resignation. According to
the Articles of Association of the Company the Company will hold the 29th meeting of the 10th Board of Directors and the
second extraordinary general meeting in 2024 on September 30 2024 and October 18 2024 respectively to elect Mr. SONG
Shaohua as an independent director of the Company with a term of office from the date of election by the Company's general
meeting to the date of expiration of the term of the 10th Board of Directors of the Company. For details please refer to the
Announcement on the Proposed Appointment of Independent Directors of the Company (Announcement No.: 2024-41) and the
Announcement on the Resolution of the Second Extraordinary General Meeting in 2024 (Announcement No.: 2024-47) disclosed
on the Cninfo on September 30 and October 19 2024.(VII) Matters related to changes in the Company's senior officers
During the reporting period upon the recommendation of the controlling shareholder of the Company Shenzhen Investment
Holdings Co. Ltd. and in accordance with the provisions of the Rules Governing the Listing of Shares on the Shenzhen Stock
Exchange and the Articles of Association of the Company the general manager nominated Ms. NI Huichuan as the deputy general
manager of the Company and the Nomination Committee of the Board reviewed the nomination and submitted it to the Board for
appointment. The Company held the 30th meeting of the 10th Board of Directors on October 30 2024 and reviewed and approved
the Proposal on the Appointment of the Company's Deputy General Manager. The term of office is from the date of approval by
the Board of Directors to the date of expiration of the 10th Board of Directors. For details please refer to the Announcement on
the Proposed Appointment of Independent Directors of the Company (Announcement No.: 2024-51) disclosed by the Company on
the Cninfo on October 31 2024.XVII. Major matters of the Company's subsidiaries
□Applicable □Not applicable
852024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Section VII Changes in Shares and Shareholders
I. Changes in shares
1. Changes in shares
Unit: shares
Before the change Increase or decrease in this change (+ -) After the change
Conversio
Bon
New n of
us
Number Ratio shares provident Others Sub-total Number Ratio
issu
issued fund into
e
shares
I. Shares with
restrictive
18983060.32%0000018983060.32%
conditions for
sales
1. State-owned
00.00%0000000.00%
shares
2. Shares held by
the state-owned 3326 0.00% 0 0 0 1730300 1730300 1733626 0.29%
legal persons
3. Other domestic
18949800.32%000-1730300-17303001646800.03%
holdings
Including: shares
held by domestic 1894980 0.32% 0 0 0 -1730300 -1730300 164680 0.03%
legal persons
Shares held by
domestic natural 0 0.00% 0 0 0 0 0 0 0.00%
persons
4. Foreign
00.00%0000000.00%
shareholding
Including: shares
held by overseas 0 0.00% 0 0 0 0 0 0 0.00%
legal persons
Shares held by
overseas natural 0 0.00% 0 0 0 0 0 0 0.00%
persons
II. Shares without
restrictive 5940807 99.68
59408078699.68%00000
conditions for 86 %
sales
1. RMB ordinary 5264755 88.34
52647554388.34%00000
shares 43 %
2. Foreign shares
676052411.34
listed 67605243 11.34% 0 0 0 0 0
3%
domestically
3. Foreign shares
00.00%0000000.00%
listed overseas
862024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
4. Others 0 0.00% 0 0 0 0 0 0 0.00%
III. Total number 100.00 5959790 100.0
59597909200000
of shares % 92 0%
Reasons for changes in shares
□Applicable □Not applicable
The Company has received notice from its controlling shareholder Shenzhen Investment Holdings Co. Ltd. that 1730300
restricted shares previously held by Shenzhen Duty free Commodities Enterprise Co. Ltd. have been transferred to Shenzhen
Investment Holdings due to the enforcement of a court judgment. For details please refer to the Announcement on Changes in
Equity Interests of the Controlling Shareholder (Announcement No. 2024-04) disclosed by the Company on Cninfo on March 6
2024.
Approval of changes in shares
□Applicable □Not applicable
Transfer of changes in shares
□Applicable □Not applicable
On March 4 2024 CSDC Shenzhen Branch transferred 1730300 restricted shares of the Company previously held by Shenzhen
Duty free Commodities Enterprise Co. Ltd. to Shenzhen Investment Holdings. For details please refer to the Announcement on
Changes in Equity Interests of the Controlling Shareholder (Announcement No. 2024-04) disclosed by the Company on Cninfo on
March 6 2024.Effect of changes in shares on financial indicators such as basic earnings per share and diluted earnings per share in the latest year
and the latest period and net assets per share attributable to the Company's ordinary shareholders
□Applicable □Not applicable
Other contents deemed necessary by the Company or required by the securities regulators to be disclosed
□Applicable □Not applicable
2. Changes in restricted shares
□Applicable □Not applicable
Unit: shares
Number of
Beginning Increase in
restricted Ending number Date of lifting
Name of number of restricted Reasons for
shares lifted in of restricted sales
shareholder restricted shares in the sales restriction
the current shares restrictions
shares current period
period
Shenzhen
Investment
3326 17303001 0 1733626 Not applicable Not applicable
Holdings Co.Ltd.Total 3326 1730300 0 1733626 -- --
Notes: 1 The 1730300 restricted shares of the Company previously held by Shenzhen Duty free Commodities Enterprise Co. Ltd.have been transferred to Shenzhen Investment Holdings due to the enforcement of a court judgment. For details please refer to the
Announcement on Changes in Equity Interests of the Controlling Shareholder (Announcement No. 2024-04) disclosed by the
Company on Cninfo on March 6 2024.
872024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
II. Issuance and listing of securities
1. Issuance of securities (excluding preferred shares) during the reporting period
□Applicable □Not applicable
2. Changes in the total number of shares and shareholder structure of the Company and changes in the
structure of assets and liabilities of the Company
□Applicable □Not applicable
3. Existing internal employee shares
□Applicable □Not applicable
III. Shareholders and actual owner
1. Number of the Company's shareholders and shareholding ratios
Unit: shares
Total
Total
number of
number of
preferred Total number of
Total ordinary
shareholders preferred shareholders
number of shareholders
with with restored voting
ordinary at the end of
restored rights as of the last day
shareholders 36875 the previous 36568 0 0
voting of the month
at the end of month
rights at the immediately preceding
the reporting before the
end of the the disclosure date of the
period. disclosure
reporting annual report (if any)
date of the
period (if
annual report
applicable)
Shareholdings of shareholders holding more than 5% or the top 10 shareholders (excluding shares lent through refinancing)
Number of Number Pledge marking or
Number of
shares held Changes of shares freezing
shares held
Name of Nature of Shareholding at the end of during the held
without
shareholder shareholder ratio the reporting under
restrictions Share
reporting period restricted Number
on sales status
period conditions
Shenzhen State-
Investment owned Not
50.87%303144937173030017336263014113110
Holdings legal applicable
Co. Ltd. person
Shenzhen
Domestic
State-owned
non-state-
Equity Not
owned 6.38% 38037890 0 0 38037890 0
Operation applicable
legal
Management
person
Co. Ltd.China Orient State-
Not
Asset owned 2.77% 16491402 0 0 16491402 0
applicable
Management legal
882024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Co. Ltd. person
Overseas
HKSCC Not
legal 0.45% 2656478 -812869 0 2656478 0
Ltd. applicable
person
Domestic
YANG Not
natural 0.35% 2096584 405600 0 2096584 0
Yaochu applicable
person
Domestic
DUAN Not
natural 0.30% 1760565 0 0 1760565 0
Shaoteng applicable
person
Industrial
and
Commercial
Bank of
China
Limited -
China Not
Others 0.28% 1643134 4300 0 1643134 0
Southern applicable
CSI All
Share Real
Estate ETF
Securities
Investment
Fund
Domestic
Not
Mai Furong natural 0.23% 1374596 130000 0 1374596 0
applicable
person
Domestic
Not
HE Simo natural 0.17% 1011750 0 0 1011750 0
applicable
person
China
Universal
Asset
Management
Company Not
Others 0.17% 1007301 1007301 0 1007301 0
Limited - applicable
Social
Security
Fund 1103
Portfolio
Circumstances under
which strategic investors or
general legal persons
become top 10 None
shareholders due to the
placement of new shares (if
any)
The largest shareholder Shenzhen Investment Holdings Co. Ltd. is the controlling shareholder of the
Notes to shareholders'
Company and Shenzhen State-owned Equity Operation Management Co. Ltd. In addition it is
related relationship or
unknown whether the remaining eight shareholders have related relationship or are persons acting in
persons acting in concert
concert.Explanation of the above
shareholders' involvement
in entrusting/being Not applicable
entrusted voting rights and
waiver of voting rights
Special disclosure on the Not applicable
892024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
existence of repurchase-
specific accounts among
the top 10 shareholders (if
any)
Shareholdings of the top 10 shareholders without restrictions on sales (excluding shares lent through refinancing and shares locked
by senior management)
Number of shares held without restrictions Type of shares
Name of shareholder
on sales at the end of the reporting period Type of shares Number
Shenzhen Investment
301411311 RMB ordinary shares 301411311
Holdings Co. Ltd.Shenzhen State-owned
Equity Operation 38037890 RMB ordinary shares 38037890
Management Co. Ltd.China Orient Asset
16491402 RMB ordinary shares 16491402
Management Co. Ltd.Hong Kong Securities
Clearing Company Ltd. 2656478 RMB ordinary shares 2656478
(HKSCC)
YANG Yaochu 2096584 Domestically listed foreign shares 2096584
DUAN Shaoteng 1760565 RMB ordinary shares 1760565
Industrial and Commercial
Bank of China Limited -
China Southern CSI All 1643134 RMB ordinary shares 1643134
Share Real Estate ETF
Securities investment funds
Mai Furong 1374596 Domestically listed foreign shares 1374596
HE Simo 1011750 Domestically listed foreign shares 1011750
China Universal Asset
Management Company
1007301 RMB ordinary shares 1007301
Limited - Social Security
Fund 1103 Portfolio
Explanation of related
relationship or concerted
actions among the top 10
The largest shareholder Shenzhen Investment Holdings Co. Ltd. is the controlling shareholder of the
shareholders with
Company and Shenzhen State-owned Equity Operation Management Co. Ltd. In addition it is
unrestricted tradable
unknown whether the remaining eight shareholders have related relationship or are persons acting in
shares and between the top
concert.
10 shareholders with
unrestricted tradable shares
and the top 10 shareholders
Disclosure on the
participation of the top 10
At the end of the reporting period among the above-mentioned shareholders DUAN Shaoteng held
ordinary shareholders in
1760565 shares of the Company through a credit securities account.
margin trading and
securities lending (if any)
Participation of shareholders holding more than 5% of the shares the top 10 shareholders and the top 10 shareholders of
unrestricted tradable shares in refinancing business and lending shares
□Applicable □Not applicable
Changes of the top 10 shareholders and the top 10 shareholders of unrestricted tradable shares compared with the previous period
due to refinancing lending/repayment
□Applicable □Not applicable
Whether the Company's top 10 ordinary shareholders and the top 10 ordinary shareholders without restrictive condition for sales
conduct any agreed repurchase transactions during the reporting period
902024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
□Yes □No
The Company's top 10 ordinary shareholders and top 10 ordinary shareholders without restrictive condition for sales did not
conduct any agreed repurchase transaction during the reporting period.
2. Controlling shareholders of the Company
Nature of controlling shareholders: local state-owned holding
Type of controlling shareholders: legal person
Legal
Date of
Name of controlling representative/
establishm Organization code Main business
shareholder person in
ent
charge
Investment in and mergers & acquisitions of
financial and quasi-financial equity including
banking securities insurance funds and
guarantee sectors; engage in real estate
development and operation business within
the scope of legally obtaining land use right;
carry out investment and services in the field
of strategic emerging industries; invest
Shenzhen Investment October operate and manage the state-owned equity of
He Jianfeng 914403007675664218
Holdings Co. Ltd. 13 2004 wholly-owned holding and participating
enterprises through restructuring and
integration capital operation asset disposal
etc; other business authorized by the
Municipal State-owned Assets Supervision
and Administration Commission (if the above
business scope needs to be approved
according to national regulations it can be
operated only after approval is obtained).Equities of other The controlling shareholder of the Company held controlling interests in the following domestic and
domestic and overseas overseas listed companies during the reporting period: Shenzhen Textile A (000045) Shenzhen Special
listed companies Economic Zone Real Estate & Properties A (000029) Shenzhen Universe A (000023) Ping An
controlled and invested Insurance (601318) Guosen Securities (002736) Guotai Junan Securities (601211) Telling
by the controlling Telecommunication Holding (000829) Shenzhen International (00152) Beauty Star (002243) Bay
shareholder during the Area Development (00737) Infinova (002528) Eternal Asia (002183) Shenzhen Energy (000027)
reporting period Bank of Communications (601328) Techand Ecology and Environment (300197) and Vanke (02202).Changes in controlling shareholders during the reporting period
□Applicable □Not applicable
There was no change in the controlling shareholder of the Company during the reporting period.
3. The Company's actual owner and its persons acting in concert
Nature of actual owner: local state-owned assets management agency
Type of actual owner: legal person
Legal
representativ Date of Organization
Name of actual owner Main business
e/person in establishment code
charge
State-owned Assets (I) Implement and enforce national provincial
Supervision and Yang Jun July 1 2004 K31728067 and municipal laws and regulations related to
Administration state-owned assets management draft local
912024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Commission of regulations rules and policies governing such
Shenzhen Municipal management and organize their implementation
People's Government upon approval. Draft regulatory frameworks and
measures for operational state-owned assets and
organize their implementation. (II) Perform the
capital contributor duties authorized by the
municipal government in accordance with laws
and regulations and safeguard the rights and
interests of the state-owned assets contributor in
compliance with the law. (III) Be responsible for
advancing the Party building work within the
supervised enterprises and the commission's
affiliated institutions. (IV) Assume the
responsibility for supervising state-owned assets
of municipal enterprises strengthen the
management of state-owned assets and further
establish a unified framework integrating rights
obligations and responsibilities with an asset
management system that combines oversight of
assets personnel and operations. (V) Assume the
responsibility for overseeing the preservation and
appreciation of state-owned assets in supervised
enterprises establish and improve an indicator
system for such preservation and appreciation
formulate assessment criteria monitor
compliance through statistics auditing and
inspections and promote supervised enterprises
to fulfill their social responsibilities. (VI) Be
responsible for researching and formulating
master plans for the reform and development of
supervised state-owned enterprises guiding and
advancing state-owned enterprises' reforms and
restructuring promoting the development of a
modern enterprise system conducting state
capital operations driving strategic adjustments
to the layout and structure of the state economy
and leveraging the role of state capital in vital
industries and key domains such as national
security and critical sectors of the national
economy. (VII) Guide and advance the
improvement of corporate governance structures
in supervised enterprises strengthen the
development of the Board and Board of
Supervisors Supervisory Boards and related
bodies and establish governance mechanisms
characterized by clearly defined responsibilities
coordinated operations and effective checks and
balances. (VIII) Assume the responsibility for
managing revenue distribution in supervised
enterprises and standardize revenue-based income
allocation and official expenses of their
executives. (IX) Conduct the appointment
removal and performance evaluation of
executives in supervised enterprises through legal
procedures and implement rewards and penalties
based on their operational performance in
accordance with the regulations of the municipal
Party committee. Establish personnel selection
922024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
and appointment mechanisms that align with the
socialist market economy system and the
requirements of the modern enterprise system
and enhance the incentive and restraint
mechanisms for executives. (X) Be responsible
for appointing or recommending directors
supervisors and Finance Directors to supervised
enterprises and conducting economic
responsibility audits of enterprise executives in
accordance with the provisions on their
management. (XI) Be responsible for formulating
draft annual state capital operation budgets and
final accounts for supervised enterprises
incorporating them into the government budget
system organizing their implementation upon
approval and collecting state capital gains from
supervised enterprises in accordance with
regulations. (XII) Be responsible for conducting
strategic research formulating policies and
providing guidance on the reform development
and asset management of collective enterprises.(XIII) Undertake other tasks assigned by the
municipal government and higher-level
authorities.Equity of other
domestic and overseas
listed companies Shenzhen Airport Yantian Port Shenzhen Energy Shenzhen Zhenye Shenzhen Tagen Shenzhen SDG
controlled by the actual Information and other listed companies.owner during the
reporting period
Changes in actual owner during the reporting period
□Applicable □Not applicable
There was no change in the actual owner of the Company during the reporting period.Chart for the property and controlling relationships between the Company and the actual owner
State-ownedAssets Supervision and
Administration Commission of Shenzhen
Municipal People's Government
Shenzhen Investment
Holdings Co. Ltd.The Company
The actual owner controls the Company by way of trust or other asset management methods
□Applicable □Not applicable
932024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
4. The cumulative number of shares pledged by the controlling shareholder or the largest shareholder of
the Company and their persons acting in concert accounted for 80% of the number of shares held by
them
□Applicable □Not applicable
5. Other institutional shareholders holding more than 10% of the shares
□Applicable □Not applicable
6. Restricted share reduction of controlling shareholder actual owner reorganization parties and other
committed entities
□Applicable □Not applicable
IV. Specific implementation of share repurchase during the reporting period
Implementation progress of share repurchase
□Applicable □Not applicable
Implementation progress of reducing repurchase shares by means of centralized bidding transaction
□Applicable □Not applicable
942024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Section VIII Preferred Shares
□Applicable □Not applicable
During the reporting period the Company had no preferred shares.Section IX Bonds
□Applicable □Not applicable
952024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Section X Financial Reports
I. Audit report
Type of audit opinion Standard and unqualified opinion
Signing date of the audit report March 28 2025
Name of audit institution Grant Thornton Zhitong Certified Public Accountants LLP
Name of certified public accountant ZHAO Juanjuan ZHOUYilan
Main Body of the Audit Report
ZTSZ (2025) No. 441A005716
All shareholders of Shenzhen Properties & Resources Development (Group) Ltd.I. Audit opinions
We have audited the financial statements of Shenzhen Properties & Resources Development (Group) Co. Ltd. (hereinafter referred
to as "SZPRD") including the consolidated and the Company's balance sheets as of December 31 2024 the consolidated and the
Company's income statements the consolidated and the Company's statements of cash flows the consolidated and the Company's
statements of changes in shareholders' equity for the year then ended and related notes to the financial statements.We believe that the attached financial statements are prepared in accordance with the provisions of the Accounting Standards for
Business Enterprises in all material respects and fairly reflect the consolidated and company financial position of SZPRD as of
December 31 2024 and the consolidated and the Company's operating results and cash flows for 2024.II. Basis for the audit opinion
We have conducted our audit in accordance with the Chinese Auditing Standards for Certified Public Accountants. Our
responsibilities under these standards are further described in the "Certified Public Accountant's Responsibilities for the
Audit of Financial Statements" section of the audit report. In accordance with the Code of Ethics for Chinese Certified
Public Accountants we are independent of SZPRD and have fulfilled other ethical responsibilities. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.III. Key audit matters
Key matters are matters we deem the most significant to the audit of financial statements based on our professional
judgment. These matters are addressed in the context of our audit of the financial statements as a whole and in forming our
opinion thereon and we do not provide a separate opinion on these matters.(I) Recognition and measurement of real estate sales revenue
See Notes III. 26 and V. 39 to the Financial Statements for details of the relevant information disclosure.
962024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
1. Descriptions
The real estate sales revenue of SZPRD for 2024 was RMB 941 million accounting for 34.40% of the total operating
revenue. SZPRD recognizes the realization of revenue after the real estate meets the delivery conditions agreed in the
contract and the owner obtains the right of control of the relevant real estate. As real estate sales revenue has a significant
impact on SZPRD's operating results inaccurate measurement or recognition in an inappropriate accounting period will
have a significant impact on SZPRD's profits. Therefore we have identified the recognition and measurement of real estate
sales revenue as one of the key audit matters.
2. Audit countermeasures
For the recognition and measurement of real estate sales revenue we mainly performed the following audit procedures:
(1) learned evaluated and tested the design and operating effectiveness of key internal controls related to the real estate
sales business;
(2) sampled and reviewed the real estate sales contracts identified the contract terms and conditions related to the transfer
of right of control and evaluated whether the accounting policies for the recognition of real estate revenue of SZPRD
comply with the provisions of the Accounting Standards for Business Enterprises;
(3) for the items of real estate sales revenue recognized in the current year selected samples reviewed the supporting
documents for the real estate delivery and evaluated whether the recognition of real estate sales revenue conforms to the
revenue recognition accounting policies of SZPRD;
(4) performed analysis procedures on real estate sales revenue compared such revenue with that in the same period in
history and the same industry analyzed the changes in revenue and gross margin and judged the rationality of the changes;
(5) performed a cut-off test on the recognition of real estate revenue and evaluated whether real estate revenue is recorded
in the appropriate accounting period.(II) Provision for inventory depreciation
See Notes III. 13 and V. 5 to the Financial Statements for details of the relevant information disclosure.
1. Descriptions
As of December 31 2024 the book balance of SZPRD's development costs and development products (hereinafter
collectively referred to as "inventories") was RMB 11.939 billion; provision for depreciation was RMB 1.255 billion; book
value was RMB 10.684 billion accounting for 69.86% of the total assets;
inventories are measured at the cost or net realizable value (whichever is lower). The management of SZPRD (hereinafter
referred to as the management) determines the net realizable value according to the amount after the estimated selling price is
deducted by the estimated cost to be incurred at the time of completion estimated selling and distribution expenses and
972024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
related taxes. Since the amount of inventories is significant and the determination of the net realizable value of inventories
involves significant management judgment we have identified the provision for inventory depreciation of SZPRD as one of
the key audit matters.
2. Audit countermeasures
For the provision for inventory depreciation we mainly performed the following audit procedures:
(1) learned evaluated and tested the design and operating effectiveness of key internal control related to the provision for
inventory depreciation;
(2) selected samples conducted on-site observation on the inventory items and inquired the management about the progress
of the inventory items;
(3) evaluated the valuation method adopted by the management and compared the key estimates and assumptions adopted
in the valuation including those related to the estimated selling price with the available market data and sales budget;
(4) obtained the net realizable value calculation table prepared by the management and recalculate the amount of the net
realizable value;
(5) reviewed the inventory impairment test report issued by the third-party assessment expert hired by the management by
using the expertise of the internal assessment expert of Grant Thornton Zhitong Certified Public Accountants LLP;
(6) evaluated the objectivity independence and professional competence of third-party evaluation experts and internal
evaluation experts of Grant Thornton Zhitong Certified Public Accountants LLP.IV. Other information
The management of SZPRD is responsible for the other information. The other information includes information covered in
the 2024 Annual Report of SZPRD but excludes the financial statements and our audit report.Our audit opinion on the financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.In connection with our audit of financial statements our responsibility is to read the other information and in doing so
consider whether the other information is materially inconsistent with financial statements or our knowledge obtained
during the audit or otherwise appears to be materially misstated.If based on the work we have performed we conclude that there is a material misstatement of the other information we are
required to report that fact. We have nothing to report in this regard.IV. Responsibilities of the management and those charged with governance for financial statements
The management of SZPRD is responsible for preparing the financial statements in accordance with the requirements of
982024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Accounting Standards for Business Enterprises to achieve a fair presentation and for designing implementing and
maintaining internal control that is necessary to ensure that the financial statements are free from material misstatements
whether due to frauds or errors.In preparing the financial statements the management is responsible for assessing the going-concern ability of SZPRD
disclosing matters related to going concern (if applicable) and applying the going concern basis unless the management
plans to liquidate SZPRD terminate its operations or has no other realistic alternative.Those charged with governance are responsible for overseeing the financial reporting process of SZPRD.VI. Responsibilities of certified public accountants for the audit of financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement whether due to fraud or error and to issue an audit report that includes our opinion. Reasonable assurance is a
high level of assurance but is not a guarantee that an audit conducted in accordance with the audit standards will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if
individually or in aggregate they could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.We have exercised professional judgment and maintained professional skepticism in performing our audit under the auditing
standards. At the same time we also implement the following work:
(1) Identify and assess the risks of material misstatement of the financial statements whether due to fraud or error design
and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error as fraud may involve collusion forgery intentional omissions misrepresentations or the override of
internal control.
(2) Understand the internal control related to the audit to design appropriate audit procedures.
(3) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the management.
(4) Conclude on the appropriateness of the going concern basis adopted by the management. At the same time based on the
obtained audit evidence a conclusion may be drawn as to whether there are significant uncertainties regarding events or
circumstances that may cause significant doubts about SZPRD's going-concern ability. If we conclude that a material
uncertainty exists we are required to in our audit report draw attention of the users of statements to the related disclosures
in the financial statements; if such disclosures are inadequate we should modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our audit report. However future events or circumstances may cause inability
of SZPRD to continue as a going concern.
992024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(5) Evaluate the overall presentation structure and content of the financial statements and evaluate whether the financial
statements fairly reflect the relevant transactions and events.
(6) Obtain sufficient and appropriate audit evidence regarding the financial information on the entities or business activities
within SZPRD to formulate opinions on the financial statements. We are responsible for the guidance supervision and
performance of the audit for the Group and remain solely responsible for our audit opinions.We communicate with those charged with governance regarding the planned scope and timing of the audit significant audit
findings and other matters including any significant deficiencies in internal control that we identify during our audit.We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence and to communicate with them all relationships and other matters that may reasonably be thought
to bear on our independence and where applicable related safeguards.From the matters communicated with those charged with governance we determine those matters that were of most
significance in the audit of the financial statements of this period and are therefore the key audit matters. We describe these
matters in the audit report unless laws and regulations prohibit public disclosure of these matters or in extremely rare
circumstances if it is reasonably expected that the negative consequences of communicating a matter outweigh the benefits
to the public interest in the audit report we determine not to do so.Grant Thornton Certified Public Accountant of China
ZHAO Juanjuan
(Special General Partnership) (Engagement Partner):
Beijing China Certified Public Accountant of China
ZHOUYilan
March 28 2025
II. Financial statements
The unit in the notes to the financial statements is: RMB
1. Consolidated balance sheet
Prepared by: Shenzhen Properties & Resources Development (Group) Ltd.December 31 2024
Unit: RMB
1002024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Item Ending balance Beginning balance
Current assets:
Monetary funds 1678116644.12 2748798476.72
Balances with clearing companies
Loans to banks and other financial
institutions
Financial assets held for trading
Derivative financial assets
Notes receivable
Accounts receivable 476014729.60 502806453.88
Receivables financing
Advances to suppliers 7789173.69 11983086.35
Premiums receivable
Reinsurance accounts receivable
Provision of cession receivable
Other receivables 273333289.51 624394372.82
Including: interest receivable
Dividends receivable
Financial assets purchased under
resale agreements
Inventories 10685045153.41 11098209095.74
Including: data resources
Contract assets 468765.62 844485.57
Assets held for sale 170154.05
Non-current assets maturing within
one year
Other current assets 181721113.82 127774825.51
Total current assets 13302659023.82 15114810796.59
Non-current assets:
Loans and advances
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 268187805.52 84057750.55
Other equity instrument investments 586231.82 636926.20
Other non-current financial assets
Investment properties 374035893.07 386810800.47
Fixed assets 52712396.64 66436408.90
Construction in progress
Productive biological assets
Oil and gas assets
Right-of-use assets 16967620.03 23516796.22
1012024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Intangible assets 471565.39 889801.14
Including: data resources
Development expenses
Including: data resources
Goodwill 9446847.38 9446847.38
Long-term deferred expenses 22110090.13 21510397.88
Deferred tax assets 1232152522.89 1276440386.83
Other non-current assets 13875501.61 3505155.93
Total non-current assets 1990546474.48 1873251271.50
Total assets 15293205498.30 16988062068.09
Current liabilities:
Short-term borrowings 190165458.33 230915000.00
Borrowings from central bank
Loans from banks and other financial
institutions
Financial liabilities held for trading
Derivative financial liabilities
Notes payable
Accounts payable 1043092277.27 662869059.59
Advances from customers 1744526.75 2265223.56
Contract liabilities 336164629.72 820424953.42
Financial assets sold under repurchase
agreements
Absorption of deposits and interbank
deposits
Receivings from vicariously traded
securities
Receivings from vicariously sold
securities
Employee compensation payable 207978691.61 218786111.78
Taxes payable 3224280429.52 4026957347.94
Other payables 1231351436.38 1217303294.25
Including: interest payable
Dividends payable 12202676.04 12202676.04
Handling service fee and commissions
Reinsurance accounts payable
Liabilities held for sale
Non-current liabilities maturing within
506702676.303092324853.07
one year
Other current liabilities 23186263.57 68373661.13
Total current liabilities 6764666389.45 10340219504.74
Non-current liabilities:
Reserves for insurance contracts
1022024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Long-term borrowings 4755314631.26 1399889274.47
Bonds payable
Including: preferred shares
Perpetual bonds
Lease liabilities 11089072.57 10571092.27
Long-term payables 399749550.00 400105655.56
Long-term employee compensations
payable
Estimated liabilities 934205.51 650000.00
Deferred income
Deferred tax liabilities 4100164.35 5862279.70
Other non-current liabilities 126919529.02 127039225.54
Total non-current liabilities 5298107152.71 1944117527.54
Total liabilities 12062773542.16 12284337032.28
Owners' equity:
Equity 595979092.00 595979092.00
Other equity instruments
Including: preferred shares
Perpetual bonds
Capital reserve 80488045.38 80488045.38
Less: treasury shares
Other comprehensive income -2200355.67 -3352337.88
Special reserves
Surplus reserves 125425488.21 116108727.08
General risk reserves
Undistributed profits 2561990778.58 3872586802.17
Total equity attributable to owners of the
3361683048.504661810328.75
parent company
Minority interests -131251092.36 41914707.06
Total owners' equity 3230431956.14 4703725035.81
Total liabilities and owners' equity 15293205498.30 16988062068.09
Legal representative: Wang Hangjun Chief Finance Officer: Cai Lili Chief Accountant: Cai Kelin
2. Balance sheet of the parent company
Unit: RMB
Item Ending balance Beginning balance
Current assets:
Monetary funds 542921067.03 1477419010.01
Financial assets held for trading
Derivative financial assets
Notes receivable
Accounts receivable 112869081.78 120029158.78
Receivables financing
Advances to suppliers
Other receivables 4279938165.85 4489713785.01
1032024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Including: interest receivable
Dividends receivable
Inventories 50862399.82 50777366.97
Including: data resources
Contract assets
Assets held for sale
Non-current assets maturing within
one year
Other current assets 4459085.14 2617751.73
Total current assets 4991049799.62 6140557072.50
Non-current assets:
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 1558679206.62 1374549151.65
Other equity instrument investments 816731.82 867426.20
Other non-current financial assets
Investment properties 233185594.71 253100089.70
Fixed assets 12189961.87 22373578.76
Construction in progress
Productive biological assets
Oil and gas assets
Right-of-use assets 4369643.63 2700397.70
Intangible assets 3495333.29 3887333.33
Including: data resources
Development expenses
Including: data resources
Goodwill
Long-term deferred expenses 380493.32
Deferred tax assets 4486334.83 1961067.37
Other non-current assets 3167926650.86 2853376650.86
Total non-current assets 4985149457.63 4513196188.89
Total assets 9976199257.25 10653753261.39
Current liabilities:
Short-term borrowings
Financial liabilities held for trading
Derivative financial liabilities
Notes payable
Accounts payable 56048131.44 77667521.25
Advances from customers 227.00
Contract liabilities 761904.76
Employee compensation payable 51619107.46 57605546.32
1042024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Taxes payable 2376003.37 75570618.96
Other payables 6853403083.89 7278131009.11
Including: interest payable
Dividends payable 29642.40 29642.40
Liabilities held for sale
Non-current liabilities maturing within
402621528.3963605554.05
one year
Other current liabilities
Total current liabilities 7366829759.31 7552580476.69
Non-current liabilities:
Long-term borrowings 400400000.00
Bonds payable
Including: preferred shares
Perpetual bonds
Lease liabilities 3082216.96 1708456.34
Long-term payables 399749550.00 400105655.56
Long-term employee compensations
payable
Estimated liabilities
Deferred income
Deferred tax liabilities 1092410.91 675099.43
Other non-current liabilities 40000000.00 40000000.00
Total non-current liabilities 443924177.87 842889211.33
Total liabilities 7810753937.18 8395469688.02
Owners' equity:
Equity 595979092.00 595979092.00
Other equity instruments
Including: preferred shares
Perpetual bonds
Capital reserve 53876380.11 53876380.11
Less: treasury shares
Other comprehensive income -3064972.70 -3004584.80
Special reserves
Surplus reserves 125425488.21 116108727.08
Undistributed profits 1393229332.45 1495323958.98
Total owners' equity 2165445320.07 2258283573.37
Total liabilities and owners' equity 9976199257.25 10653753261.39
3. Consolidated income statement
Unit: RMB
Item Year 2024 Year 2023
I. Total operating revenue 2734158884.05 2965117025.04
Including: operating revenue 2734158884.05 2965117025.04
Interest income
1052024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Premiums earned
Revenue from handling service
fee and commissions:
II. Total operating costs 2711750583.36 2745490676.70
Including: operating costs 2250014088.33 2233525382.49
Interest expenses
Handling service fee and
commissions
Surrender value
Net amount of compensation
payout
Net provision for insurance
contract liabilities
Policy dividends
Reinsurance costs
Taxes and surcharges 86911950.69 106650246.82
Selling and distribution
43995985.4146757158.57
expenses
G&A expenses 284433101.74 310578375.15
R&D expenses 5351808.44 4133484.37
Financial expenses 41043648.75 43846029.30
Including: interest expenses 68401770.57 55928873.37
Interest income 31389808.25 19183529.19
Plus: other income 4561713.55 15432192.52
Investment income ("-" for
185619483.06705759652.36
losses)
Including: investment
income from associates and joint 184223509.99 4339433.24
ventures
Gains from
derecognition of financial assets
measured at amortized costs
Exchange gains (losses expressed
with "-")
Net exposure hedging gains (loss
expressed with "-")
Gains from changes in fair value
("-" for losses)
Loss from credit impairment
-363088397.28-19844952.87
(losses expressed with "-" )
Asset impairment loss (losses
-1036113360.07-212173623.03
expressed with "-")
Gains from disposal of assets
87845.86833369.19
(losses expressed with "-")
III. Operating profit ("-" for loss) -1186524414.19 709632986.51
Plus: non-operating revenue 1067805.57 3604677.09
Less: non-operating expenses 8355964.49 6504504.20
1062024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
IV. Total profits ("-" for total losses) -1193812573.11 706733159.40
Less: income tax expenses 93331151.00 256874297.92
V. Net profit ("-" for net loss) -1287143724.11 449858861.48
(I) Classified by operating
sustainability
1. Net profit from continued
-1287143724.11449797505.65
operation (losses expressed with "-")
2. Net profit from discontinued
0.0061355.83
operations (losses expressed with "-")
(II) Classified by ownership
1. Net profit attributable to
-1114764922.17464014492.11
shareholders of the parent company
2. Minority interests -172378801.94 -14155630.63
VI. Other comprehensive income net of
1151982.21502040.07
tax
Other comprehensive income net of
tax attributable to owners of parent 1151982.21 502040.07
company
(I) Other comprehensive income
that cannot be reclassified into profit or -60387.90 -261743.15
loss later
1. Changes in re-measurement of
defined benefit plans
2. Other comprehensive income
that cannot be transferred to profit or loss
under the equity method
3. Changes in fair value of other
-60387.90-261743.15
equity instrument investments
4. Changes in fair value of the
enterprise's own credit risk
5. Others
(II) Other comprehensive income
1212370.11763783.22
that will be reclassified into profit or loss
1. Other comprehensive income
that can be transferred to profit or loss
under the equity method
2. Changes in fair value of other
debt investments
3. Amount of financial assets
reclassified and included in other
comprehensive income
4. Provision for credit impairment
of other debt investments
5. Reserve for cash flows
6. Differences arising from
translation of foreign-currency financial 1212370.11 763783.22
statements
7. Others
Net of tax of other comprehensive
income attributable to minority
shareholders
VII. Total comprehensive income -1285991741.90 450360901.55
Total comprehensive income
attributable to the owner of the parent -1113612939.96 464516532.18
company
1072024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Total comprehensive income
-172378801.94-14155630.63
attributable to minority shareholders
VIII. Earnings per share
(I) Basic earnings per share -1.8705 0.7786
(II) Diluted earnings per share -1.8705 0.7786
In case of any business combination under the same control in the current period the net profit realized by the combinee before the
combination was RMB0.00 and the net profit realized by the combinee in the previous period was RMB 0.00.Legal representative: Wang Hangjun Chief Finance Officer: Cai Lili Chief Accountant: Cai Kelin
4. Income statement of the parent company
Unit: RMB
Item Year 2024 Year 2023
I. Operating revenue 64213916.30 1053809354.95
Less: operating costs 47304177.17 790579825.41
Taxes and surcharges 5700415.15 11569489.25
Selling and distribution expenses 666120.15 1376939.25
G&A expenses 84866260.13 100710539.92
R&D expenses
Financial expenses 14386286.50 12752211.70
Including: interest expenses 34681762.07 24335591.87
Interest income 19113464.20 12114868.86
Plus: other income 176813.10 252975.99
Investment income ("-" for
184223509.99761774908.45
losses)
Including: investment income
184223509.994339433.24
from associates and joint ventures
Gains from
derecognition of financial assets
measured by amortized costs (losses
expressed with "-")
Net exposure hedging gains (loss
expressed with "-")
Gains from changes in fair value
("-" for losses)
Loss from credit impairment
-5066946.80-3568827.56
(losses expressed with "-" )
Asset impairment loss (losses
expressed with "-")
Gains from disposal of assets
111000.73
(losses expressed with "-")
II. Operating profits ("-" for loss) 90624033.49 895390407.03
Plus: non-operating revenue 29599.13 1910619.60
Less: non-operating expenses 541779.71 15573.60
III. Total profit ("for" total loss) 90111852.91 897285453.03
Less: income tax expenses -3055758.39 225123943.28
IV. Net profit ("-" for net loss) 93167611.30 672161509.75
1082024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(I) Net profit from continued operation
93167611.30672161509.75
("-" for net loss)
(II) Net profit from discontinued
0.00
operations (losses expressed with "-")
V. Net of tax of other comprehensive
-60387.90-261743.15
income
(I) Other comprehensive income
that cannot be reclassified into profit or -60387.90 -261743.15
loss later
1. Changes in re-measurement of
0.00
defined benefit plans
2. Other comprehensive income
that cannot be transferred to profit or loss 0.00
under the equity method
3. Changes in fair value of other
-60387.90-261743.15
equity instrument investments
4. Changes in fair value of the
0.00
enterprise's own credit risk
5. Others 0.00
(II) Other comprehensive income
0.00
that will be reclassified into profit or loss
1. Other comprehensive income
that can be transferred to profit or loss 0.00
under the equity method
2. Changes in fair value of other
0.00
debt investments
3. Amount of financial assets
reclassified and included in other 0.00
comprehensive income
4. Provision for credit impairment
0.00
of other debt investments
5. Reserve for cash flows 0.00
6. Differences arising from
translation of foreign-currency financial 0.00
statements
7. Others 0.00
VI. Total comprehensive income 93107223.40 671899766.60
VII. Earnings per share
(I) Basic earnings per share
(II) Diluted earnings per share
5. Consolidated statement of cash flows
Unit: RMB
Item Year 2024 Year 2023
I. Cash flows from operating activities:
Cash received from sale of goods and
2539665135.963136072105.49
rendering of services
Net increase in deposits from
customers and deposits with banks and
other financial institutions
Net increase in borrowings from
central bank
Net increase in borrowings from banks
1092024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
and other financial institutions
Cash received from receiving
insurance premium of original insurance
contract
Net cash received from reinsurance
business
Net increase in deposits and
investments from policyholders
Cash received from interests handling
service fee and commissions
Net increase in borrowings from banks
and other financial institutions
Net increase in funds from repurchase
business
Net cash received from vicariously
traded securities
Refunds of taxes and surcharges
25035642.0917871338.77
received
Other cash received related to
482860988.36355263031.70
operating activities
Sub-total of cash inflows from operating
3047561766.413509206475.96
activities
Cash paid for purchase of goods and
2085129192.682249429282.59
receipt of services
Net increase in loans and advances to
customers
Net increase in deposits with central
bank and with banks and other financial
institutions
Cash paid for original insurance
contract claims
Net increase in loans to banks and
other financial institutions
Cash paid for interests handling
service fee and commissions
Cash paid for policy dividends
Cash paid to and on behalf of
967528463.67971486269.04
employees
Cash paid for taxes and surcharges 1057184197.95 280607594.18
Other cash paid related to operating
361718086.63271776314.48
activities
Sub-total of cash outflows from
4471559940.933773299460.29
operating activities
Net cash flows from operating activities -1423998174.52 -264092984.33
II. Cash flows from investing activities:
Cash received from recovery of
investment
Cash received from investment
93455.0263120.00
income
Net cash received from disposal of
fixed assets intangible assets and other 55903425.50 92191.39
long-term assets
Net cash received from disposal of 634578885.34
1102024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
subsidiaries and other business units
Other cash received related to
investing activities
Sub-total of cash inflows from investing
55996880.52634734196.73
activities
Cash paid to acquire and construct
fixed assets intangible assets and other 10344411.99 7641999.39
long-term assets
Cash paid for investments 57412000.00
Net increase in pledge loans
Net cash paid to acquire subsidiaries
and other business units
Other cash paid related to investing
activities
Sub-total of cash outflows from investing
67756411.997641999.39
activities
Net cash flows from the investing
-11759531.47627092197.34
activities
III. Cash flows from financing activities:
Cash received from absorption of
investments
Including: cash received by
subsidiaries from absorption of
investments of minority shareholders
Cash received from acquisition of
1239948405.211084580254.47
borrowings
Other cash received related to
400000000.00
financing activities
Sub-total of cash inflows from financing
1239948405.211484580254.47
activities
Cash paid for debt repayments 502523324.00 194193324.00
Cash paid for distribution of dividends
387842921.21402974331.30
and profits or payment of interests
Including: dividends and profit paid to
786997.48245000.00
minority shareholders by subsidiaries
Other cash paid related to financing
37214506.7327083856.33
activities
Sub-total of cash outflows from
927580751.94624251511.63
financing activities
Net cash flows from financing activities 312367653.27 860328742.84
IV. Effect of fluctuation in exchange rate
1050801.90117321.79
on cash and cash equivalents
V. Net increase in cash equivalents -1122339250.82 1223445277.64
Plus: beginning balance of cash
2733139135.121509693857.48
equivalents
VI. Ending balance of cash equivalents 1610799884.30 2733139135.12
6. The statement of cash flows of the parent company
Unit: RMB
Item Year 2024 Year 2023
I. Cash flows from operating activities:
Cash received from sale of goods and
48548339.2091759421.31
rendering of services
1112024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Refunds of taxes and surcharges
0.17
received
Other cash received related to
1280972888.611234735240.99
operating activities
Sub-total of cash inflows from operating
1329521227.981326494662.30
activities
Cash paid for purchase of goods and
54312689.0754693324.00
receipt of services
Cash paid to and on behalf of
57929002.7552203282.11
employees
Cash paid for taxes and surcharges 81029962.82 52237252.64
Other cash paid related to operating
1462259953.79694228351.07
activities
Sub-total of cash outflows from
1655531608.43853362209.82
operating activities
Net cash flows from operating activities -326010380.45 473132452.48
II. Cash flows from investing activities:
Cash received from recovery of
835000000.00
investment
Cash received from investment
93455.02151496228.41
income
Net cash received from disposal of
fixed assets intangible assets and other
long-term assets
Net cash received from disposal of
subsidiaries and other business units
Other cash received related to
investing activities
Sub-total of cash inflows from investing
93455.02986496228.41
activities
Cash paid to acquire and construct
fixed assets intangible assets and other 1251193.04 697768.98
long-term assets
Cash paid for investments 314000000.00 491000000.00
Net cash paid to acquire subsidiaries
and other business units
Other cash paid related to investing
activities
Sub-total of cash outflows from investing
315251193.04491697768.98
activities
Net cash flows from the investing
-315157738.02494798459.43
activities
III. Cash flows from financing activities:
Cash received from absorption of
investments
Cash received from acquisition of
borrowings
Other cash received related to
400000000.00
financing activities
Sub-total of cash inflows from financing
400000000.00
activities
Cash paid for debt repayments 61600000.00 188100000.00
Cash paid for distribution of dividends
202467017.91239765330.40
and profits or payment of interests
Other cash paid related to financing 20629854.24
1122024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
activities
Sub-total of cash outflows from
284696872.15427865330.40
financing activities
Net cash flows from financing activities -284696872.15 -27865330.40
IV. Effect of fluctuation in exchange rate
9238.09-697037.83
on cash and cash equivalents
V. Net increase in cash equivalents -925855752.53 939368543.68
Plus: beginning balance of cash
1467641238.73528272695.05
equivalents
VI. Ending balance of cash equivalents 541785486.20 1467641238.73
7. Consolidated statements of changes in owners' equity
The current period
Unit: RMB
Year 2024
Equity attributable to owners of the parent company
Other equity Othe
instruments r Total
Less: Gene Undi Min
Item Capi com Spec Surp owntreas ral strib ority
Equi Prefe Perp tal preh ial lus Othe Sub-ury risk uted inter
ers'
ty rred etual Othe reser ensiv reser reser rs total equitshare reser profi ests
share bond rs ve e ves ves ys ves ts
s s inco
me
595804-116387466419470
I. Ending 979 880 335 108 258 181 147 372
balance last year 092. 45.3 233 727. 680 032 07.0 503
0087.88082.178.7565.81
Plus:
changes in
accounting
policies
Correc
tion of prior
period errors
Others
II. Beginning 595 804 - 116 387 466 419 470
balance as at the 979 880 335 108 258 181 147 372
beginning of this 092. 45.3 233 727. 680 032 07.0 503
year 00 8 7.88 08 2.17 8.75 6 5.81
III. Changes in
----
amount for the
115931131130173147
current period
198676059012165329
(decreases
2.211.13602728799.307
expressed with
3.590.25429.67
"-")
----
(I) Total 115 111 111 172 128
comprehensive 198 476 361 378 599
income 2.21 492 293 801. 174
2.179.96941.90
(II) Capital
1132024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
contributed or
reduced by
owners
1. Ordinary
shares
contributed by
owners
2. Capital
invested by the
holders of other
equity
instruments
3. Amounts of
share-based
payments
recognized in
owners' equity
4. Others
---
-
931195185186
(III) Profit 786
676262945732
distribution 997.
1.13237.476.474.
48
837018
-
931
1. Withdrawal of 931
676
surplus reserves 676
1.13
1.13
2. Withdrawal of
general risk
reserves
---
3. Profit -
185185186
distributed to 786
945945732
owners (or 997.
476.476.474.
shareholders) 48
707018
4. Others
(IV) Internal
transfer of
owners' equity
1. Conversion of
capital reserves
into paid-in
capital (or share
capital)
2. Conversion of
surplus reserves
into paid-in
capital (or share
capital)
3. Surplus
reserves
offsetting losses
4. Changes in
benefit plans
1142024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
transferred to
retained earnings
5. Transfer of
other
comprehensive
income into
retained earnings
6. Others
(V) Special
reserves
1. Withdrawal in
the current
period
2. Amount used
in the current
period
---
568568568
(VI) Others
863.863.863.
595959
-
595804-125256336323
IV. Balance as at 131
979880220425199168043
the end of the 251
092.45.3035488.077304195
current period 092.
0085.67218.588.506.14
36
Amount in previous period
Unit: RMB
Year 2023
Equity attributable to owners of the parent company
Other equity Othe
instruments r Total
Less: Gene Undi Min
Item Capi com Spec Surp owntreas ral strib ority
Equi Prefe Perp tal preh ial lus Othe Sub- ers'ury risk uted inter
ty rred etual Othe reser ensiv reser reser rs total equitshare reser profi ests
share bond rs ve e ves ves ys ves ts
s s inco
me
595804-488369441563447
I. Ending 979 880 385 925 275 425 153 057
balance last year 092. 45.3 437 76.1 383 916 37.6 450
0087.9502.818.3496.03
Plus:
changes in
accounting
policies
Correc
tion of prior
period errors
Others
II. Beginning 595 804 - 488 369 441 563 447
balance as at the 979 880 385 925 275 425 153 057
beginning of this 092. 45.3 437 76.1 383 916 37.6 450
1152024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
year 00 8 7.95 0 2.81 8.34 9 6.03
III. Changes in
-
amount for the 672 179 247 233
502144
current period 161 832 551 150
040.006
(decreases 50.9 969. 160. 529.
0730.6
expressed with 8 36 41 78
3
"-")
-
464464450
(I) Total 502 141
014516360
comprehensive 040. 556
492.532.901.
income 07 30.6
111855
3
(II) Capital
contributed or
reduced by
owners
1. Ordinary
shares
contributed by
owners
2. Capital
invested by the
holders of other
equity
instruments
3. Amounts of
share-based
payments
recognized in
owners' equity
4. Others
---
672-
282215215
(III) Profit 161 245
364148393
distribution 50.9 000.
603.452.452.
800
192121
-
672
672
1. Withdrawal of 161
161
surplus reserves 50.9
50.9
8
8
2. Withdrawal of
general risk
reserves
---
3. Profit -
215215215
distributed to 245
148148393
owners (or 000.
452.452.452.
shareholders) 00
212121
4. Others
(IV) Internal
transfer of
owners' equity
1. Conversion of
1162024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
capital reserves
into paid-in
capital (or share
capital)
2. Conversion of
surplus reserves
into paid-in
capital (or share
capital)
3. Surplus
reserves
offsetting losses
4. Changes in
benefit plans
transferred to
retained earnings
5. Transfer of
other
comprehensive
income into
retained earnings
6. Others
(V) Special
reserves
1. Withdrawal in
the current
period
2. Amount used
in the current
period
---
181181181
(VI) Others
691691691
9.569.569.56
595804-116387466419470
IV. Balance as at
979880335108258181147372
the end of the
092.45.3233727.68003207.0503
current period
0087.88082.178.7565.81
8. Statement of changes in owner's equity of parent company
The current period
Unit: RMB
Year 2024
Other equity instruments Other
Less: compr Specia Surplu
Item Undist TotalPreferr Perpet Capital treasur ehensi l sEquity ributed Others owners
ed ual Others reserve y ve reserve reserve profits ' equity
shares bonds shares incom s s
e
I. Ending balance 59597 53876 - 11610 1495 2258
last year 9092. 380.1 3004 8727. 32395 28357
1172024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
001584.80088.983.37
Plus: changes
in accounting
policies
Correcti
on of prior period
errors
Others
II. Beginning
5959753876-1161014952258
balance as at the
9092.380.130048727.3239528357
beginning of this
001584.80088.983.37
year
III. Changes in
amount for the - -
-
current period 9316 10209 92838
60387
(decreases 761.13 4626. 253.3.90
expressed with "- 53 0
")
(I) Total - 93167 93107
comprehensive 60387 611.3 223.4
income .90 0 0
(II) Capital
contributed or
reduced by owners
1. Ordinary shares
contributed by
owners
2. Capital invested
by the holders of
other equity
instruments
3. Amounts of
share-based
payments
recognized in
owners' equity
4. Others
--
(III) Profit 9316 19526 18594
distribution 761.13 2237. 5476.
8370
-
1. Withdrawal of 9316
9316
surplus reserves 761.13
761.13
2. Profit - -
distributed to 18594 18594
owners (or 5476. 5476.shareholders) 70 70
3. Others
(IV) Internal
transfer of owners'
equity
1182024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
1. Conversion of
capital reserves
into paid-in capital
(or share capital)
2. Conversion of
surplus reserves
into paid-in capital
(or share capital)
3. Surplus reserves
offsetting losses
4. Changes in
benefit plans
transferred to
retained earnings
5. Transfer of
other
comprehensive
income into
retained earnings
6. Others
(V) Special
reserves
1. Withdrawal in
the current period
2. Amount used in
the current period
(VI) Others
IV. Balance as at 59597 53876 - 12542 1393 2165
the end of the 9092. 380.1 3064 5488. 22933 44532
current period 00 1 972.70 21 2.45 0.07
Amount in previous period
Unit: RMB
Year 2023
Other equity instruments Other
Less: compr Specia Surplu
Item Undist TotalPreferr Perpet Capital treasur ehensi l sEquity ributed Others owners
ed ual Others reserve y ve reserve reserve profits ' equity
shares bonds shares incom s s
e
5959753876-4889211051801
I. Ending balance
9092.380.12742576.15270553225
last year
001841.6502.428.98
Plus: changes
in accounting
policies
Correcti
on of prior period
errors
Others
II. Beginning 59597 53876 - 48892 1105 1801
balance as at the 9092. 380.1 2742 576.1 52705 53225
1192024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
beginning of this 00 1 841.65 0 2.42 8.98
year
III. Changes in
amount for the
-672163897945675
current period
26174150.96906.1314.
(decreases
3.1585639
expressed with "-
")
(I) Total - 67216 67189
comprehensive 26174 1509. 9766.income 3.15 75 60
(II) Capital
contributed or
reduced by owners
1. Ordinary shares
contributed by
owners
2. Capital invested
by the holders of
other equity
instruments
3. Amounts of
share-based
payments
recognized in
owners' equity
4. Others
--
67216
(III) Profit 28236 21514
150.9
distribution 4603. 8452.
8
1921
-
67216
1. Withdrawal of 67216
150.9
surplus reserves 150.9
8
8
2. Profit - -
distributed to 21514 21514
owners (or 8452. 8452.shareholders) 21 21
3. Others
(IV) Internal
transfer of owners'
equity
1. Conversion of
capital reserves
into paid-in capital
(or share capital)
2. Conversion of
surplus reserves
into paid-in capital
(or share capital)
3. Surplus reserves
offsetting losses
1202024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
4. Changes in
benefit plans
transferred to
retained earnings
5. Transfer of
other
comprehensive
income into
retained earnings
6. Others
(V) Special
reserves
1. Withdrawal in
the current period
2. Amount used in
the current period
(VI) Others
IV. Balance as at 59597 53876 - 11610 1495 2258
the end of the 9092. 380.1 3004 8727. 32395 28357
current period 00 1 584.80 08 8.98 3.37
III. Company profile
Shenzhen Properties & Resources Development (Group) Ltd. (hereinafter referred to as "the Company") was established with the
approval of the Shenzhen Municipal People's Government of Guangdong Province under the official document SFBF [1991] No.
831. It was restructured from the former Shenzhen Properties Development General Company into a joint stock limited company
registered with the Shenzhen Administration for Market Regulation on January 17 1983 and headquartered in Shenzhen
Guangdong Province. The Company currently holds a Business License for Enterprise Legal Person with the registration
number/unified social credit code 91440300192174135N a registered capital of RMB 595979092 and a total of 595979092
shares (with a par value of RMB 1 per share). Of which restricted tradable shares include 1898306 A shares and 0 B shares；
unrestricted tradable shares comprise 526475543 A shares and 67605243 B shares. The Company's shares have been listed on
the Shenzhen Stock Exchange since March 30 1992.The Company operates in the real estate industry. The primary operating activities include real estate development and commercial
property sales construction and management of commercial buildings property leasing and construction supervision. Domestic
commerce and the supply and marketing industry (excluding state-monopolized exclusively distributed and specially controlled
commodities). Main products/services include: development and sales of commercial residential properties; property management
service; building maintenance equipment maintenance for buildings landscaping and gardening and cleaning services; property
leasing services; engineering supervision; retail of Chinese cuisine Western cuisine alcoholic beverages etc.The financial statements were approved for external release at the 34th Meeting of the 10th Board of Directors on March 28 2025.The consolidation scope of the Company's consolidated financial statements is determined based on control including the financial
statements of the Company and all its subsidiaries. A subsidiary refers to an enterprise or entity controlled by the Company. A
total of 58 subsidiaries are included in the consolidation scope of the consolidated statements during the current period. For details
regarding the scope of consolidated financial statements and its changes refer to Notes 9 and 10 to the financial statements.
1212024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
IV. Basis for preparation of financial statements
1. Basis for preparation
The financial statements are prepared on the going concern basis reflecting actual transaction events in accordance with the
relevant provisions of the Accounting Standards for Business Enterprises and based on the significant accounting policies and
accounting estimates described below.
2. Going concern
The Company has no events or conditions that raise significant doubts about its ability to continue as a going-concern ability for
the twelve months following the end of the reporting period.V. Significant accounting policies and accounting estimates
Tips of specific accounting policies and accounting estimates:
The Company based on its actual production and operational characteristics and in accordance with the relevant Accounting
Standards for Business Enterprises has established specific accounting policies and accounting estimates for transactions and
events such as revenue recognition. For details refer to the respective sections below: "Financial Instruments" "Inventories" and
"Revenue."
1. Statement of compliance with the Accounting Standards for Business Enterprises
The financial statements of the Company prepared on the aforementioned basis for preparation comply with the requirements of
the latest Accounting Standards for Business Enterprises and their application guidelines interpretations and other relevant
regulations (collectively referred to as the "Accounting Standards for Business Enterprises") issued by the Ministry of Finance.They fairly and completely reflect the Company's financial position operating results cash flows and other relevant information.In addition the preparation of this financial report references the presentation and disclosure requirements stipulated in the CSRC's
Rules for the Preparation and Disclosure of Information by Companies Offering Securities to the Public No. 15 – General
Requirements for Financial Reports (2023 Revision) and the Notice on the Implementation of New Accounting Standards for
Business Enterprises by Listed Companies (Accounting Department Letter [2018] No. 453).
2. Accounting period
The company adopts the calendar year as its accounting period which runs from January 1 to December 31 each year.
3. Operating cycle
For industries other than real estate the Companies' operating cycles are relatively short and a 12-month period is used as the
threshold for classifying the liquidity of assets and liabilities. The operating cycle in the real estate industry spans from property
development to sales realization generally exceeding 12 months. The specific duration is determined by the nature of the
development project with the operating cycle itself serving as the criterion for classifying the liquidity of assets and liabilities.
1222024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
4. Recording currency
The Company and its domestic subsidiaries adopt RMB as their recording currency. The overseas subsidiaries of the Company
determine their recording currency based on the currency of the primary economic environment in which they operate. The
Company prepares its financial statements using RMB as the reporting currency.
5. Determination methods and selection basis for materiality threshold
□Applicable □ Not applicable
Item Importance criteria
Significant accounts receivable with the
provision for bad debts made on an individual Accounts receivable balances of RMB 5 million or more
basis
A non-wholly-owned subsidiary with revenue exceeding 10% of the
Major non-wholly-owned subsidiaries consolidated operating revenue or total assets exceeding 5% of the
consolidated total assets.
6. Accounting treatments for business combinations under common control and those not under common
control
(1) Accounting treatments for business combination under common control
For business combinations under common control the assets and liabilities acquired by the Company from the acquiree are
measured at the book value of the acquiree in the consolidated financial statements of the ultimate controller as of the combination
date. The difference between the book value of the merger consideration (or the total par value of the shares issued) and the book
value of the net assets acquired in the merger is adjusted against capital reserve and if the capital reserve is insufficient to absorb
the difference the adjustment is made to retained earnings.In a business combination under common control achieved through multiple transactions in stages the assets and liabilities of the
combined party acquired by the Company in the combination are measured at their book value in the ultimate controller's
consolidated financial statements as of the combination date; the difference between the sum of the book value of the pre-
combination investment held and the book value of the new consideration paid on the combination date and the book value of the
net assets acquired in the combination is adjusted against capital reserve. If the capital reserve is insufficient to absorb the
difference the adjustment is made to retained earnings. For the long-term equity investments held by the combining party in the
combined party before obtaining the right of control the recognized profit or loss other comprehensive income and other changes
in owners' equity between the later of the date the original equity was acquired and the date when both the combining party and the
combined party first came under the ultimate controller's control up to the combination date shall be offset against either the
retained earnings at the beginning of the comparative statements period or the current period's profit or loss.
(2) Accounting treatments for business combination not under common control
In a business combination not under common control the combination cost is determined as the fair value of the assets transferred
liabilities incurred or assumed and equity securities issued by the acquirer on the acquisition date to obtain the right of control
over the acquiree. On the acquisition date the assets liabilities and contingent liabilities obtained from the acquiree are
recognized at fair value.On the acquisition date the Company recognizes the difference between the combination cost and the fair value share of net
identifiable assets obtained from the acquiree as goodwill which is subject to subsequent measurement at cost less accumulated
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provision for impairment; the difference between the combination cost and the fair value share of net identifiable assets obtained
from the acquiree is after verification recognized in profit or loss.In a business combination not under common control achieved through multiple transactions in stages the combination cost is the
sum of the consideration paid on the acquisition date and the fair value of the equity interest in the acquiree held prior to the
acquisition date as of the acquisition date. For equity interests in the acquiree held prior to the acquisition date such interests are
remeasured at their fair value as of the acquisition date and the difference between the fair value and the book value is recognized
in current period investment income; for equity interests in the acquiree held prior to the acquisition date any other comprehensive
income and other changes in owners' equity related to such interests are reclassified to profit or loss on the acquisition date except
for other comprehensive income arising from the remeasurement of the net liabilities under defined benefit plans or changes in net
assets of the acquiree and other comprehensive income related to non-trading equity instrument investments previously designated
as measured at fair value with changes recognized in other comprehensive income.
(3) Treatment of transaction costs in business combination
In a business combination intermediary fees such as audit legal services valuation consulting and other related G&A expenses
incurred for the transaction are recognized in profit or loss when incurred. The transaction costs incurred for issuing equity
securities or debt securities as merger consideration are included in the initial recognized amount of such equity securities or debt
securities.
7. Criteria for determining control and preparation methods for consolidated financial statements
(1) Judgment criteria for control
The consolidation scope in the consolidated financial statements is determined on the basis of control. Control means that the
Company has the power over the investees participates in their relevant activities to obtain variable returns and has the ability to
use that power to affect the amount of returns from the investees. When changes in relevant facts and circumstances lead to
changes in the key elements related to the definition of control the Company will re-evaluate accordingly.When determining whether to include a structured entity within the consolidation scope the Company comprehensively evaluates
all relevant facts and circumstances including assessing the structured entity's purpose and design identifying the types of variable
returns and evaluating whether control exists over the structured entity based on its participation in relevant activities that expose
it to some or all variability of returns.
(2) Preparation methods for consolidated financial statements
Consolidated financial statements are prepared by the Company based on the financial statements of the Company and its
subsidiaries along with other relevant materials. In preparing consolidated financial statements the accounting policies and
reporting periods of the Company and its subsidiaries must be consistent and significant intercompany transactions and balances
are eliminated.During the reporting period subsidiaries and businesses added due to a business combination under common control are treated as
having been included in the Company's consolidation scope from the date they came under the control of the ultimate controller.Their operating results and cash flows from that date are incorporated into the consolidated income statement and consolidated
statement of cash flows respectively.
1242024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
For subsidiaries and businesses added during the reporting period due to a business combination not under common control the
Company includes their revenue expenses and profits from the acquisition date to the end of the reporting period in the
consolidated income statement and incorporates their cash flows into the consolidated statement of cash flows.The portion of a subsidiary's shareholders' equity not attributable to the Company is presented separately as minority interests
under shareholders' equity in the consolidated balance sheet; the share of the subsidiary's net profit or loss attributable to minority
interests is presented in the consolidated income statement under the net profit item as "minority interest income". If the losses
borne by minority shareholders exceed the share of owners' equity they hold at the beginning of the subsidiary's period the excess
continues to be deducted from the minority interests.
(3) Purchase of minority shareholders' equity in a subsidiary
The difference between the cost of newly acquired long-term equity investments from the purchase of minority interests and the
proportionate share of the subsidiary's net asset share calculated based on the increased ownership ratio from the acquisition date
or combination date as well as the difference between the disposal proceeds from partial disposal of equity investments in a
subsidiary without loss of control and the proportionate share of the subsidiary's net asset share attributable to the disposed long-
term equity investments calculated from the acquisition date or combination date shall be adjusted against capital reserve in the
consolidated balance sheet. If the capital reserve is insufficient to offset the difference the remaining amount shall be adjusted
against retained earnings.
(4) Treatment for loss of right of control over subsidiaries
When the Company disposes of a portion of its equity investments or loses the right of control over the original subsidiary due to
other reasons the remaining equity interest shall be remeasured at fair value as of the date of loss of control; the difference
between the total of the consideration received from the disposal of equity and the fair value of the remaining equity interest less
the sum of the subsidiary's net assets attributable to the original ownership percentage calculated based on book value from the
acquisition date and the related goodwill shall be recognized as investment income in the period of loss of control.Other comprehensive income related to equity investments in the former subsidiary shall be reclassified on the same basis as if the
subsidiary had directly disposed of the related assets or liabilities upon loss of control and other changes in owners' equity
previously recognized under accounting by equity method related to the former subsidiary shall be transferred to profit or loss in
the period of loss of control.
(5) Treatment for the disposal of equity in stages until loss of control occurs
If the terms conditions and economic effects of multiple transactions involving the disposal of equity in stages until loss of
control meet one or more of the following conditions the Company shall account for such transactions as a package of transactions：
1) The transactions are entered into either simultaneously or in contemplation of one another;
2) The transactions as a whole are necessary to achieve a complete commercial outcome;
3) The occurrence of one transaction is contingent on the occurrence of at least one other transaction;
4) A transaction is not economically viable when considered individually but is economically viable when considered together
with the others.
1252024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
When conducting a disposal of equity in stages until the loss of the right of control occurs the measurement of the remaining
equity interest and the recognition of profit or loss related to the disposal shall follow the same accounting principles as those
described in the preceding section for "Treatment upon Loss of Control of a Subsidiary." Prior to the loss of control the difference
between the consideration received from each disposal and the disposing investment's proportionate share of the subsidiary's net
assets calculated based on book value from the acquisition date shall be accounted for as follows:
1) If the transactions constitute "a package of transactions" the related amount shall be recognized in other comprehensive income.
The related amounts shall be transferred to profit or loss during the period of loss of control.
2) If the transactions do not constitute "a package of transactions" they shall be recognized as equity transactions in the capital
reserve (equity premium/capital premium). Upon loss of control the related amounts shall not be transferred to profit or loss in the
period of loss of control.
8. Classification of joint venture arrangements and accounting treatments for joint operations
(1) Identification and classification of joint venture arrangements
A joint venture arrangement refers to an arrangement under the common control of two or more parties. A joint venture
arrangement has the following characteristics: 1) all participating parties are bound by the arrangement; 2) two or more
participating parties exercise common control over the arrangement. No single participating party can control the arrangement
individually and any party with common control over the arrangement can prevent other parties or combinations of parties from
exercising individual control.Common control refers to the control shared over an arrangement in accordance with the relevant stipulations and the decision-
making of related activities of the arrangement should not be made before the party sharing the right of control agrees the same.Joint venture arrangements are classified into joint operation and joint venture. A joint operation refers to those joint venture
arrangements under which the joint venture is entitled to relevant assets and be responsible for relevant liabilities. A joint venture
refers to a joint venture arrangement in which the participating parties only have rights to the net assets of the arrangement.
(2) Accounting treatment for joint venture arrangements
Participants in a joint operation shall recognize the following items related to their proportionate share in the joint operations and
account for them in accordance with the Accounting Standards for Business Enterprises: 1) Recognize individually held assets and
recognize jointly held assets based on their proportionate share; 2) Recognize individually incurred liabilities and recognize jointly
incurred liabilities based on their proportionate share; 3) Recognize revenue from the sale of their share of the output of the joint
operations; 4) Recognize their proportionate share of the revenue generated by the joint operations from the sale of output; 5)
Recognize individually incurred expenses and recognize expenses of the joint operations based on their proportionate share.Participants in joint ventures shall account for their investments in joint ventures in accordance with Accounting Standards for
Business Enterprises No. 2 - Long-term Equity Investments.
9. Determination criteria for cash and cash equivalents
The term cash in the statement of cash flows refers to a company's cash on hand and deposits that are readily available for payment.Cash equivalents are short-term highly liquid investments that are readily convertible to known amounts of cash and subject to an
insignificant risk of changes in value.
1262024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
10. Foreign currency transactions and translation of foreign currency statements
(1) Translation of foreign currency transactions
Foreign currency transactions shall be translated into RMB upon initial recognition using an exchange rate that approximates the
spot exchange rate on the transaction date. At the balance sheet date foreign currency monetary items shall be translated using the
spot exchange rate on the balance sheet date. Exchange differences resulting from differences between the spot exchange rate on
the balance sheet date and the spot exchange rate at initial recognition or the previous balance sheet date shall be recognized in
profit or loss; foreign currency non-monetary items measured at historical cost shall continue to be translated using the exchange
rate that approximates the spot exchange rate on the transaction date; foreign currency non-monetary items measured at fair value
shall be translated using the spot exchange rate on the date the fair value is determined. The difference between the translated
amount in the recording currency and the original recording currency amount shall be recognized in profit or loss or other
comprehensive income based on the nature of the non-monetary items.
(2) Translation of foreign-currency financial statements
At the balance sheet date when translating the foreign currency financial statements of overseas subsidiaries the assets and
liability items in the balance sheet shall be translated using the spot exchange rate on the balance sheet date; for owners' equity
items except for the "undistributed profits" item all other items shall be translated using the spot exchange rate on the transaction
date; the revenue and expense items in the income statement shall be translated using an exchange rate that approximates the spot
exchange rate on the transaction date; all items in the statement of cash flows shall be translated at the exchange rate that
approximates the spot exchange rate on the date the cash flows occurred. The difference arising from the translation of financial
statements shall be recognized in the "other comprehensive income" item under shareholders' equity in the balance sheet.
11. Financial instruments
(1) Recognition and derecognition of financial instruments
The Company recognizes financial assets or financial liabilities when it becomes a party to financial instruments contracts.Financial assets bought and sold in the ordinary course are subject to recognition and derecognition using trade date accounting.The buying and selling of financial assets in the ordinary course refers to receiving or delivering financial assets within the time
frame prescribed by laws regulations or common practices in accordance with the contractual terms. Trading date refers to the
date on which the Company commits to buy or sell financial assets.Derecognition shall be applied to a financial asset (or a portion thereof or a group of similar financial assets) when the following
conditions are meti.e. it shall be removed from the Company's accounts and balance sheet.
1) The contractual right to receive the cash flows of the financial assets has expired;
2) The financial assets has been transferred and meets the derecognition criteria for transfer of financial assets as described below.
If the present obligation of a financial liability is fully or partially discharged the liability (or the discharged portion) is
derecognized. If the Company (as the obligor) and the creditor enter into an agreement to assume a new financial liability to
replace the existing financial liability and the contractual terms of the new financial liability are substantially different from those
of the existing one the existing financial liabilities shall be derecognized and the new financial liability shall be recognized
simultaneously.
1272024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(2) Classification and measurement of financial assets
At initial recognition the Company classifies financial assets into the following three categories based on its business model for
managing financial assets and the contractual cash flows characteristics of the financial assets: financial assets measured at
amortized costs financial assets measured at fair value with changes recognized in other comprehensive income and financial
assets measured at fair value with changes recognized in profit or loss. Financial assets are initially recognized at fair value. For
financial assets measured at fair value with changes recognized in profit or loss related transaction costs are directly recognized in
profit or loss. For other categories of financial assets related transaction costs are included in their initial recognized amount. For
accounts receivable arising from the sale of goods or provision of services without including or considering significant financing
components the Company recognizes the consideration amount the Company expects to be entitled to receive as the initial
recognized amount. The subsequent measurement of financial assets depends on their classification.
1) Financial assets measured at amortized cost
A financial asset shall be classified as measured at amortized costs if it meets both of the following conditions: the Company's
business model for managing the financial assets is to collect contractual cash flows and the contractual cash flows of the financial
assets represent solely payments of principal and interest on the principal amount outstanding; the contractual terms of the
financial assets stipulate that the cash flows generated on specified dates solely represent payments of principal and interest
calculated based on the outstanding principal amount. For such financial assets the effective interest method is applied and their
subsequent measurement is performed at amortized costs with gains or losses arising from their amortization or impairment
recognized in profit or loss.
2) Investments in debt instruments measured at fair value with changes recognized in other comprehensive income
A financial asset shall be classified as measured at fair value with changes recognized in other comprehensive income if it meets
both of the following conditions: the Company's business model for managing the financial assets is both to collect contractual
cash flows and to sell the financial assets and the contractual cash flows of the financial assets represent solely payments of
principal and interest on the principal amount outstanding; the contractual terms of the financial assets stipulate that the cash flows
generated on specified dates solely represent payments of principal and interest calculated based on the outstanding principal
amount. For such financial assets fair value is used for subsequent measurement. The discount or premium is amortized using the
effective interest method and recognized as interest income or expense. Except for impairment losses and exchange differences on
foreign currency monetary financial assets recognized in profit or loss the fair value changes of such financial assets are
recognized in other comprehensive income until the financial asset is derecognized at which time the cumulative gains or losses
are reclassified to profit or loss. Interest income related to such financial assets shall be recognized in profit or loss.
3) Investments in equity instruments measured at fair value with changes recognized in other comprehensive income
The Company irrevocably elects to designate certain non-trading equity instrument investments as financial assets measured at fair
value with changes recognized in other comprehensive income. Dividend income related to such assets is recognized in profit or
loss fair value changes are recognized in other comprehensive income and cumulative gains or losses arising from such changes
are reclassified to retained earnings upon derecognition of the financial assets.
4) Financial assets measured at fair values through current profit or loss
Financial assets other than those measured at amortized costs and those measured at fair value with changes recognized in other
comprehensive incomes shall be classified as financial assets measured at fair value with changes recognized in profit or loss. At
initial recognition financial assets may be designated as measured at fair value with changes recognized in profit or loss to
1282024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
eliminate or significantly reduce an accounting mismatch. For such financial assets fair value is used for subsequent measurement
and all fair value changes are recognized in profit or loss.The Company shall reclassify all affected related financial assets if and only if it changes its business model for managing
financial assets.
(3) Classification and measurement of financial liabilities
At initial recognition the Company's financial liabilities are classified into financial liabilities measured at amortized costs and
financial liabilities measured at fair value with changes recognized in profit or loss.Financial liabilities that meet one of the following conditions may be designated at initial measurement to be measured at fair
value with changes recognized in profit or loss: 1) the designation eliminates or significantly reduces accounting mismatch; 2)
financial liabilities or a combination of financial assets and financial liabilities are managed and evaluated based on fair value
according to the formal written documents outlining the Group's risk management or investment strategies and reports are
provided to key officers within the Group based on this information; 3) The financial liabilities contain embedded derivative
instruments that need to be separately split.The Company determines the classification of financial liabilities at initial recognition. For financial liabilities measured at fair
value with changes recognized in profit or loss the related transaction costs are recognized directly in profit or loss. For other
financial liabilities the related transaction costs are included in their initial recognized amount.Subsequent measurement of financial liabilities depends on their classification:
1) Financial liabilities measured at amortized costs
For such financial liabilities subsequent measurement is conducted using the effective interest method at amortized costs and
gains or losses arising from derecognition or amortization are recognized in profit or loss.
2) Financial liabilities measured at fair value with changes recognized in profit or loss
Financial liabilities measured at fair value with changes recognized in profit or loss include financial liabilities held for trading
(including derivatives that are financial liabilities) and those initially designated as measured at fair value with changes recognized
in profit or loss. For such financial liabilities subsequent measurement is conducted at fair value and gains or losses arising from
fair value changes as well as dividends and interest expenses related to these financial liabilities are recognized in profit or loss.
(4) Offsetting of financial instruments
Financial assets and financial liabilities are presented in the balance sheet at their net amounts after offsetting provided that the
following conditions are met: there is a legally enforceable right to offset the recognized amounts and the right to offset is
currently exercisable; there is a plan to settle on a net basis or simultaneously realize the financial assets and settle the financial
liabilities.
(5) Impairment of financial instruments
1) Impairment measurement and accounting treatment of financial instruments
The Company shall conduct impairment treatment and recognize provision for loss based on expected credit losses for the
following items.
1292024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
* Financial assets measured at amortized costs;
* Accounts receivable and investments in debt instruments measured at fair value with changes recognized in other
comprehensive income;
* Contract assets as defined in Accounting Standards for Business Enterprises No. 14 - Revenue;
* Lease receivables;
* Loan commitments not classified as financial liabilities measured at fair value with changes recognized in profit or loss;
* Financial guarantee contracts (except those measured at fair value with changes recognized in profit or loss or transfer of
financial assets that do not meet derecognition criteria or continue involvement with the transferred financial assets).Expected credit losses refer to the weighted average of credit losses on financial instruments weighted by the risk of default
occurring. Credit loss refers to the difference between all contractual cash flows receivable under the contract (discounted by the
Company using the original effective interest rate) and all expected cash flows to be collected i.e. the present value of all cash
shortfalls. Specifically for financial assets purchased or originated by the Company that have incurred a credit loss the
discounting is based on the credit-adjusted effective interest rate of that financial assets.For financial assets purchased or originated by the Company that have incurred a credit loss the Company recognizes only the
cumulative changes in expected credit losses over the entire expected life since initial recognition as the provision for loss on the
balance sheet date.For accounts receivable that either do not contain a significant financing component or for which the Company does not consider
the financing component in contracts with a term of one year or less the Company applies a simplified measurement approach to
measure the provision for loss at an amount equal to the lifetime expected credit losses.For lease receivables and accounts receivable containing a significant financing component the Company applies a simplified
measurement approach to measure the provision for loss at an amount equal to the lifetime expected credit losses.Except for financial assets measured under the aforementioned methods the Company assesses whether their credit risk has
increased significantly since initial recognition at each balance sheet date. If the credit risk has increased significantly since the
initial recognition the Company measures the provision for loss at an amount equal to the lifetime expected credit losses; if the
credit risk has not increased significantly since initial recognition the Company measures the provision for loss at an amount equal
to the expected credit losses within the next 12 months of the financial instruments.The Company utilizes available reasonable and supportable information including forward-looking information by comparing the
risk of default occurring on the financial instruments as of the balance sheet date with the risk of default at initial recognition date
to determine whether the credit risk of the financial instruments has increased significantly since initial recognition.As of the balance sheet date if the Company determines that the financial instruments only have low credit risk it is assumed that
the credit risk of the financial instruments has not increased significantly since initial recognition.The Company assesses expected credit risk and measures expected credit losses on the basis of individual financial instruments or
portfolios of financial instruments. When portfolios of financial instruments are used as the basis the Company groups the
financial instruments into different portfolios based on common risk characteristics.
1302024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
The Company remeasures expected credit losses at each balance sheet date with the resulting increases or reversals in the
provision for loss recognized as impairment losses or gains in profit or loss. For financial assets measured at amortized costs the
provision for loss reduces the book value of these financial assets presented in the balance sheet; for debt investments measured at
fair value with changes recognized in other comprehensive income the Company recognizes their provision for loss within other
comprehensive income without reducing the book value of these financial assets.
2) Financial instruments for which expected credit risk is assessed and expected credit losses are measured on a portfolio basis
For accounts receivable items such as notes receivable accounts receivable other receivables and contract assets if a customer's
credit risk characteristics are significantly different from those of other customers in the portfolio or if the customer's credit risk
characteristics have changed significantly the Company assesses the provision for bad debts on an individual basis for such
receivables. Except for accounts receivable for which the provision for bad debts is assessed individually the Company groups
accounts receivable into portfolios based on credit risk characteristics and calculates the provision for bad debts on a portfolio
basis.Notes receivable accounts receivable and contract assets
For notes receivable accounts receivable and contract assets whether there is a significant financing component or not the
Company always measures its provision for loss at the amount equivalent to the expected credit losses during the entire duration.When the information on expected credit losses of a single financial asset or contract asset cannot be evaluated at a reasonable cost
the Company divides the notes receivable accounts receivable and contract assets into portfolios according to the credit risk
characteristics and calculates the expected credit losses on the basis of the portfolios. The basis for determining the portfolios is as
follows:
A. Notes receivable
Portfolio 1 of notes receivable: bank acceptance bills
Portfolio 2 of notes receivable: commercial acceptance bills
B. Accounts receivable
Portfolio 1 of accounts receivable: government payment portfolio
Portfolio 2 of accounts receivable: portfolio of transactions with other related parties
Portfolio 3 of accounts receivable: credit risk characteristic combination
For the accounts receivable divided into portfolios the Company prepares the comparison table between the aging of accounts
receivable and the rate of expected credit loss throughout the duration by reference to the experience of historical credit losses
combining with the current situation and the forecast of future economic conditions and calculates the expected credit losses. The
aging of accounts receivable is calculated from the date of recognition.C. Other receivables
The Company classifies other receivables into several portfolios based on credit risk characteristics and calculates expected credit
losses on the basis of portfolios. The basis for determining portfolios is as follows:
Portfolio 1 of other receivables: portfolio of transactions with related parties within the consolidation scope
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Portfolio 2 of other receivables: interest receivable portfolio
Portfolio 3 of other receivables: portfolio of transactions with other related parties
Portfolio 4 of other receivables: credit risk characteristic combination
For other receivables classified as portfolios the Company calculates the expected credit losses through the default risk exposure
and the rate of expected credit loss throughout the duration or in the next 12 months. For other receivables classified into portfolios
by aging the aging is calculated from the date of recognition.
(6) Transfer of financial assets
If the Company has transferred substantially all the risks and rewards of the ownership of the financial assets to the transferee the
financial assets will be derecognized; if it retains substantially all the risks and rewards of the ownership of the financial assets the
financial assets will not be derecognized.If the Company neither transfers nor retains substantially all the risks and rewards of the ownership of the financial assets the
treatment are as follows: if the Company gives up control of the financial assets the derecognition of the financial assets will be
carried out with the recognition of the resulting assets and liabilities; if the Company has not given up control of the financial
assets the relevant financial assets will be recognized to the extent of its continued involvement in the transferred financial assets
and the relevant liabilities will be recognized accordingly.
12. Notes receivable
Refer to the relevant notes to the financial statements V. 11 Financial instruments for details.
13. Accounts receivable
Refer to the relevant notes to the financial statements V. 11 Financial instruments for details.
14. Receivables financing
Not applicable.
15. Other receivables
Refer to the relevant notes to the financial statements V. 11 Financial instruments for details.
16. Contract assets
(1) Recognition methods and standards for contract assets
COOEC presents contract assets or contract liabilities in the balance sheet based on the relationship between its performance of
fulfillment obligations and customer payments. The consideration (except accounts receivable) that the Company is entitled to
receive for the transfer of goods or provision of services to customers is presented as contract assets.
(2) Determination methods and accounting treatments of expected credit losses of contract assets
1322024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
For contract assets that do not contain any significant financing component (including the financing component in contracts with a
term of less than one year that is not considered under the Standards) as stipulated in Accounting Standards for Business
Enterprises No. 14 - Revenue the Company adopts a simplified model of expected credit losses that is the provision for loss is
always measured according to the amount of expected credit losses over the life of the instruments and the resulting increase or
reversal of provision for loss is included in the current profit or loss as impairment losses or gains.For contract assets that contain significant financing components the Company chooses to use the simplified model of expected
credit losses that is the provision for loss is always measured according to the amount of expected credit losses over the life of the
instruments.
17. Inventories
(1) Classification of inventories
Inventories include development land development products development products intended for sale but temporarily leased
transitional housing inventory materials inventory equipment and low-value consumables held for sale or consumption in the
development and operation process as well as development costs in the development process.
(2) Pricing method of inventories dispatched
1) The moving weighted average method is adopted for the dispatched materials.
2) During the development of the project the land used for development is included in the development costs of the project
according to the floor area occupied by the development products.
3) The dispatched development products are accounted for by the specific identification method.
4) Development products and transitional housing that are temporarily leased for sale are amortized evenly over the expected
service life of the Company's similar fixed assets.
5) If the public supporting facilities are completed earlier than the relevant development products after the completion of the
public supporting facilities the public supporting facilities fee shall be allocated to the development costs of the relevant
development project according to the floor area of the relevant development project; if the public supporting facilities are
completed later than the relevant development products the public supporting facilities fee shall be accrued by the relevant
development products first and the cost of the relevant development products shall be adjusted according to the difference
between the actual amount and the accrued amount after the completion of the common facilities.
(3) Determination basis of net realizable value of inventories
On the balance sheet date the inventories are measured at the lower of cost or net realizable value and the provision for inventory
depreciation is made at the difference where the cost of a single inventory is higher than the net realizable value. For the
inventories that are directly used for sale the net realizable value is determined by the estimated selling price of the inventories
minus the estimated selling and distribution expenses and related taxes during the normal production and operation process; For
the inventories that need to be processed their net realizable net realizable value is determined in the normal course of production
and operation by the estimated selling price of the finished products minus the estimated costs to be incurred upon completion
estimated selling and distribution expenses and related taxes; on the balance sheet date if part of the same inventory has a contract
1332024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
price and other parts do not have a contract price its net realizable value shall be determined respectively and compared with its
corresponding cost to determine the provision or reversal of provision for inventory depreciation amount.
(4) Inventory system of inventories
The inventory system of inventories is the perpetual inventory system.
(5) Amortization method of low-value consumables and packaging materials
1) Low-value consumables
They are amortized with the one-off write-off method.
2) Packaging materials
They are amortized with the one-off write-off method.
18. Assets held for sale
(1) Recognition criteria and accounting treatments of non-current assets held for sale or disposal groups
The Company classifies non-current assets or disposal groups that meet the following conditions into the category of held for sale:
1) According to the practice of selling such assets or disposal groups in similar transactions they can be sold immediately under
the current situation; 2) The sale is very likely to occur a resolution has been made on a sale plan and a firm purchase commitment
has been obtained and the sale is expected to be completed within one year. Approval from relevant authorities or regulatory
authorities has been obtained in accordance with relevant regulations. If the Company loses the right of control of its subsidiary
due to reasons such as the sale of its investment in the subsidiary regardless of whether the enterprise retains part of the equity
investment after the sale the entire investment in the subsidiary shall be classified as held for sale in the parent company's
individual financial statements and all assets and liabilities of the subsidiary shall be classified as held for sale in the consolidated
financial statements when the investment in the subsidiary to be sold meets the conditions for the classification as held for sale.The Company adjusts the estimated net residual value of the assets held for sale to the net amount reflecting its fair value less
selling expenses (but not more than the original book value of the assets held for sale). The difference between the original book
value and the adjusted estimated net residual value is included in the current profit or loss as asset impairment loss and the
provision for impairment of assets held for sale is made at the same time. For the amount of asset impairment loss recognized by
the disposal group held for sale the book value of the goodwill in the disposal group shall be deducted first and then the ratio of
the book value of each non-current asset in the disposal group measured in accordance with the applicable standards shall be
deducted in proportion to its book value.If the net amount of the fair value of the disposal group held for sale minus sales expenses increases on subsequent balance sheet
dates the previously written-down amount shall be restored and reversed within the asset impairment loss of non-current assets
recognized under the measurement provisions of this standard after being classified as held for sale. The reversed amount shall be
included in the current profit or loss. The goodwill book value that has been offset and the asset impairment loss recognized before
the non-current assets subject to the measurement provisions of the relevant standards are classified as held for sale shall not be
reversed. The subsequent reversal amount of the asset impairment loss recognized for the disposal group held for sale shall be
1342024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
increased in proportion to its book value according to the ratio of the book value of each non-current asset in the disposal group
that is subject to the measurement provisions of the relevant standards except for goodwill.No depreciation or amortization are made for the non-current assets held for sale and the assets in the disposal group held for sale;
Interest and other expenses on liabilities in the disposal group held for sale continue to be recognized. For all or part of the
investment in associates or joint ventures classified as held for sale accounting by equity method shall cease for the part classified
as held for sale and accounting by equity method shall continue for the retained part (not classified as held for sale); the use of the
equity method shall cease when the Company loses significant influence over the associates and joint ventures as a result of the
sale.If a non-current asset or disposal group is classified as held for sale but later no longer meets the classification conditions for held
for sale the Company shall stop classifying it as held for sale and measure it at the lower of the following two amounts:
1) The amount after adjusting the book value of the asset or disposal group before it is classified as held for sale for depreciation
amortization or impairment that would have been recognized if it had not been classified as held for sale;
2) Recoverable amount.
(2) Identification criteria of discontinued operations
Discontinued operations refer to the component that can be separately distinguished and has been disposed of by the Company or
classified by the Company as held for sale that meets one of the following conditions:
1) The component represents a separate major business or a sole major business area;
2) The component is a part of the associated plan on the intended disposal of an independent major business or a sole major
business area; or
3) The component is a subsidiary acquired only for re-sale.
(3) Presentation
The Company presents the non-current assets held for sale or the assets in the disposal group held for sale in the balance sheet
under the "assets held for sale" and the liabilities in the disposal group held for sale under the "liabilities held for sale".The Company presents the profit or loss of continuing operations and the profit or loss of discontinued operations in the income
statement separately. For non-current assets or disposal group held for sale that do not meet the definition of discontinued
operations their impairment losses reversal amounts and disposal profit or loss are presented as profit or loss from continuing
operations. The impairment loss from discontinued operation reversed amount and other profit or loss from operation as well as
profit or loss from disposal shall be presented as profit or loss from discontinued operation.A disposal group that is intended to be discontinued rather than sold and meets the conditions of the relevant components in the
definition of discontinued operations is presented as discontinued operations from the date of the discontinuance of its use.For the discontinued operations presented in the current period the information originally presented as the profit or loss of
continuing operations is re-presented as the profit or loss of the discontinued operations in the comparable accounting period in the
current financial statements. If the discontinued operations no longer meet the conditions for classification as held for sale the
1352024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
information originally presented as profit or loss from discontinued operations is re-presented as the profit or loss from continuing
operations in the comparable accounting period in the current financial statements.
19. Debt investments
Not applicable
20. Other debt investments
Not applicable
21. Long-term receivables
Refer to the relevant notes to the financial statements V. 11 Financial instruments for details.
22. Long-term equity investments
(1) Common control and judgment of significant influence
If there is a shared control over an arrangement in accordance with relevant agreements and the relevant activities of the
arrangement must be decided with the unanimous consent of the participants sharing the right of control it is recognized as
common control. For determining whether there is a common control it is firstly to determine whether all participants or a
combination of participants collectively control the arrangement and then determine whether the decision on the activities related
to the arrangement must be unanimously agreed by the participants who collectively control the arrangement. If all participants or
a group of participants must act in concert to decide on the relevant activities of an arrangement all participants or a group of
participants are considered to collectively control the arrangement; if there are two or more combinations of participants that can
collectively control an arrangement it does not constitute a common control. The protective rights enjoyed are not taken into
account in determining whether there is a common control.Significant influence is recognized when there is the power to participate in the making decisions on the investees' financial and
operating policies but no power to control or exercise common control with other parties over the formulation of such policies.When it is determined whether the investor can exercise significant influence on the investees the impact of the investor's direct or
indirect holding of the investees' voting shares and the current executable potential voting rights held by the investor and other
parties after assumed conversion to investees' equity shall be taken into consideration including the impact of the current
convertible warrants share options and convertible corporate bonds issued by the investees.When the Company directly or indirectly owns more than 20% (including 20%) but less than 50% of the voting rights of the
investees through its subsidiary it is generally considered to have a significant influence on the investees unless there is clear
evidence that it cannot participate in the production and operation decision-making of the investees under such circumstances
which means no significant influence; when the Company owns less than 20% (exclusive) of the shares of voting rights of the
investees it is generally not considered to have significant influence on the investees unless there is clear evidence that it can
participate in the production and operation decision-making of the investees and in such case it has a significant influence.
1362024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(2) Determination of initial investment costs
1) If the combining party of long-term equity investments formed by business combinations under common control takes the
payment of cash transfer of non-cash assets assumption of debts or issuance of equity securities as the consideration for the
combination the share of the book value of the owners' equity of the combining party in the consolidated financial statements of
the ultimate controller shall be taken as its initial investment cost on the combination date. The capital reserve (capital premium or
equity premium) is adjusted for the difference between the initial investment cost of the long-term equity investments and the book
value of the consideration paid for the combination or the total face value of the shares issued; If the capital reserve is insufficient
the difference is adjusted against retained earnings.For long-term equity investments realized step by step by business combination under the same control the book owners' equity
share of the combined party on the combination date calculated by the shareholding ratio shall be taken as the initial investment
cost of the investment. The capital reserve (capital premium or equity premium) shall be adjusted according to difference between
the initial investment cost and the sum of the book value of the original long-term equity investments plus the book value of the
newly paid consideration for further shares acquired on the combination date; if the capital reserve is insufficient to be offset
retained earnings shall be offset.
2) For long-term equity investments formed by business combination not under common control the fair value of the combination
consideration paid on the acquisition date shall be used as the initial investment cost.
3) Except for long-term equity investments formed by business combination: if it is obtained by paying cash the actual purchase
price paid shall be taken as its initial investment cost; if it is obtained by issuing equity securities fair value of equity securities
issued will be used as its initial investment cost; if an investor invests the value stipulated in the investment contract or agreement
shall be used as its initial investment cost (except if the value stipulated in the contract or agreement is unfair).
(3) Subsequent measurements and recognition of profit or loss
Long-term equity investments in which the Company can control the investees shall be accounted for by cost method in the
individual financial statements of the Company; long-term equity investments with common control or significant influence adopt
the accounting by equity method.When the cost method is adopted the long-term equity investments are priced at the initial investment cost. Except for the actual
price paid when the investment is obtained or the cash dividends or profits included in the consideration that have been declared
but not yet distributed the entitled cash dividends or profits declared by the investees are recognized as current investment income
and whether the long-term investment is impaired is considered according to the relevant asset impairment policy at the same time.When the equity method is adopted if the initial investment cost of the long-term equity investments is greater than the fair value
share of net identifiable assets of the investees that the investor is entitled to at the time of investment it shall be included in the
initial investment cost of the long-term equity investments; if the initial investment cost of the long-term equity investments is less
than the fair value share of net identifiable assets of the investees that the investor is entitled to at the time of investment the
difference shall be included in the current profit or loss and the cost of the long-term equity investments shall be adjusted at the
same time.When the equity method is adopted after the long-term equity investments are obtained the investment profit or loss and other
comprehensive income shall be recognized according to the share of net profit or loss and other comprehensive income realized by
the investees that should be enjoyed or shared and the book value of the long-term equity investments shall be adjusted. When the
share of net profit or loss of the investees is recognized the net profit of the investees shall be adjusted and recognized on the basis
1372024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
of the fair value of the identifiable assets of the investees at the time of acquisition of the investment in accordance with the
accounting policies and accounting period of the Company and offsetting the portion of internal transaction profit or loss between
associates and joint ventures that belong to the investing enterprise according to the shareholding ratio (but if the internal
transaction loss is an asset impairment loss it shall be recognized in full). The book value of the long-term equity investments
shall be reduced according to the part to be distributed calculated according to the profits or cash dividends declared to be
distributed by the investees. The Company recognizes the net loss incurred by the investees to the extent that the book value of the
long-term equity investments and other long-term interests that substantially constitute the net investment in the investees are
reduced to zero except that the Company is obliged to bear additional losses. For other changes in owners' equity of the investees
other than net profit or loss the book value of the long-term equity investments are adjusted and included in the owners' equity.If the Company can have significant influence on or exercise common control over the investees due to additional investment or
other reasons but does not constitute control the sum of the fair value of the original equity plus the newly increased investment
cost shall be taken as the initial investment cost with the accounting by equity method on the conversion date. If the original equity
is classified as non-trading equity instrument investment measured at fair value with changes recognized in other comprehensive
income the accumulated fair value changes related to it originally included in other comprehensive income shall be transferred to
retained earnings when changed to accounting by equity method.Where the common control or significant influence on the investees is lost due to the disposal of part of the equity investments or
other reasons the remaining equity after disposal shall be accounted for in accordance with Accounting Standards for Business
Enterprises No. 22 - Recognition and Measurement of Financial Instruments on the date of loss of common control or significant
influence and the difference between the fair value and the book value shall be included in the current profit or loss. For the other
comprehensive income of the original equity investments recognized by adopting the accounting by equity method the accounting
treatment shall be made on the same basis for the direct disposal of the relevant assets or liabilities by the investees when the
accounting by equity method is terminated. other changes in owners' equity related to the original equity investments are
transferred to the current profit or loss.If the control over the investees is lost due to the disposal of part of the equity investments or other reasons and the remaining
equity after disposal can exercise common control or significant influence on the investees the accounting by equity method shall
be adopted and the remaining equity shall be adjusted as if the accounting by equity method is adopted from the time of
acquisition; if the remaining equity after disposal cannot exercise common control or significant influence on the investees it shall
be accounted for in accordance with the relevant provisions of Accounting Standards for Business Enterprises No. 22 -
Recognition and Measurement of Financial Instruments and the difference between its fair value and book value on the date of
loss of control shall be included in the current profit or loss.If the Company's shareholding ratio decreases due to the capital increase of other investors resulting in the loss of control but with
the ability to implement common control or exert significant influence over the investees the Company's share of the investees'
increase in net assets due to capital increase and share expansion shall be recognized according to the new shareholding ratio and
the difference between the original book value of the long-term equity investments corresponding to the decrease in the
shareholding ratio that should be carried forward shall be included in the current profit or loss; then adjustments shall be made as
if the accounting by equity method had been applied from the date of investment acquisition according to the new shareholding
ratio.
(4) Impairment test methods and methods for provision for impairment
For investments in subsidiaries associates and joint ventures please refer to the relevant notes to the financial statements V. 28
Impairment of long-term assets for the method of asset impairment.
1382024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
23. Investment properties
Measurement mode of investment properties
Measurement by cost method
Depreciation and amortization methods
(1) Investment properties include leased land use right land use right held for transfer upon appreciation and leased buildings.
(2) The investment properties are initially measured at cost subsequent measurement is made by using the cost model and
depreciation or amortization is provided by using the same method as that for fixed assets and intangible assets. On the balance
sheet date if there is any sign that the investment properties are impaired the corresponding provision for impairment shall be
made according to the difference between the book value and the recoverable amount. The difference between the disposal
proceeds of an investment property (through sale transfer retirement or damage) and its book value net of related taxes and fees
is recognized in current profit or loss.
24. Fixed assets
(1) Recognition conditions
Fixed assets refer to tangible assets held for the production of goods provision of labor services leasing or operation and
management and with a service life of more than one accounting year. Fixed assets are recognized only when the economic
benefits associated with them are likely to flow into the enterprise and their costs can be measured reliably. Fixed assets are
initially measured at the actual cost at the time of acquisition. Subsequent expenses related to fixed assets are included in the cost
of fixed assets when the economic benefits related to them are likely to flow into the Company and their cost can be measured
reliably; the daily repair costs of fixed assets that do not meet the conditions for capitalization of subsequent expenses of fixed
assets are included in the current profit or loss or in the cost of related assets according to the beneficiary object when incurred. For
the replaced part its book value is derecognized.
(2) Depreciation method
Annual depreciation
Type Depreciation method Depreciation life Residual value rate
rate
Buildings and
Straight-line method 20-25 5-10 3.6-4.75
constructions
Means of
Straight-line method 5 5 19
transportation
Other equipment Straight-line method 5 5 19
Machinery equipment Straight-line method 5 5 19
Renovation of fixed
Straight-line method 5 - 20
assets
The Company's fixed assets are depreciated by straight-line method. The provision for depreciation of fixed assets commences
from the month following the date they reach the working condition for intended use and ceases when they are derecognized or
classified as non-current assets held-for-sale. Without considering the provision for impairment the Company determines the
annual depreciation rate of each type of fixed assets by category estimated service life and estimated residual value of the fixed
assets as above.Among them the depreciation rate for the fixed assets with provision for impairment already made shall be calculated and
determined by deducting the accumulated amount of provision for asset impairment.
1392024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
25. Construction in progress
Not applicable
26. Borrowing costs
(1) Recognition principles of capitalization of borrowing costs
If borrowing costs incurred by the Company can be directly attributed to the acquisition construction or production of assets
eligible for capitalization they shall be capitalized and included in the cost of the related assets; Other borrowing costs are
recognized as expenses when incurred and included in the current profit or loss.
(2) Capitalization period of borrowing costs
1) The capitalization of borrowing costs shall commence when the following conditions are simultaneously met: * the asset
expenditure has been occurred; * the borrowing costs have been occurred; * the acquisition construction or production
activities that are necessary to prepare the assets for their intended use or sale have begun.
2) If an asset that meets the capitalization conditions is abnormally interrupted during the acquisition construction or production
process and the interruption lasts for more than 3 months the capitalization of borrowing costs will be suspended; The borrowing
costs incurred during the interruption period are recognized as expenses and included in the current profit or loss until the
acquisition construction or production of the asset restarts.
(3) When the assets purchased constructed or produced that meet the capitalization conditions reach the intended usable or salable
state the capitalization borrowing costs will cease.
(3) Rate and amount of capitalization of borrowing costs
If a special loan is borrowed for the purpose of purchasing constructing or producing assets that meet the capitalization conditions
interest expenses actually incurred on the special loan in the current period (including the amortization of discounts or premiums
determined according to effective interest method) minus the unused borrowed funds The amount of interest that should be
capitalized is determined based on the amount of interest income earned from depositing in a bank or investment income earned
from temporary investments; where general borrowings are used for acquiring and constructing or producing assets eligible for
capitalization the expenses of general borrowings to be capitalized should be calculated by multiplying the weighted average of
asset disbursements of the part of accumulated asset disbursements exceeding special borrowings by the capitalization rate of used
general borrowings. The capitalization rate is calculated and recognized as per the weighted average interest rate of general
borrowing.
27. Biological assets
Not applicable
28. Oil and gas assets
Not applicable
1402024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
29. Intangible assets
(1) Service life and basis for determination estimates amortization method or review procedure
1) Intangible assets include land use right software right of use etc. are initially measured at cost and the service life is analyzed
and judged when the intangible assets are obtained.
2) Intangible assets with limited service life shall be amortized systematically and reasonably within the service life according to
the expected realization method of the economic benefits related to the intangible assets. If the expected realization method cannot
be reliably determined straight-line method shall be adopted for amortization. The specific periods are as follows:
Item Amortization period (years)
Land use rights Statutory use period of land use right
Right of use of software 5
Intangible assets with uncertain service life are not amortized and the Company reviews the service life of such intangible assets
in each accounting period. If different from the previous estimate the original estimate is adjusted and treated as changes in
accounting estimates.
3) For the method of asset impairment provision for intangible assets please refer to the relevant notes to the financial statements
V. 28 Impairment of long-term assets for details.
(2) Scope of R&D expenditures and related accounting treatments
1) Scope of R&D expenditures
The Company classifies all expenses directly related to the R&D activities as R&D expenditures including employee
compensation of R&D personnel material input costs depreciation costs and amortization expenses.
2) Accounting treatments related to R&D expenditures
Expenditures in the research stage of internal research and development projects are included in the current profit or loss when
incurred. Expenditures in the development phase of internal research and development projects are recognized as intangible assets
if the following conditions are met: * it is technically feasible to complete the intangible assets so that they can be used or sold;
* there is an intention to complete the intangible assets and use or sell them; * the means of generating economic benefits by
intangible assets including being able to prove that there is a market for the products produced by applying the intangible assets or
the intangible assets having their own market and intangible assets to be used internally being able to prove their usefulness; * It
is able to finish the development of the intangible assets and able to use or sell the intangible assets with the support of sufficient
technologies financial resources and other resources; * The expenditure attributable to the intangible asset during its
development phase can be measured reliably.
30. Impairment of long-term assets
For long-term equity investments investment properties measured by the cost model fixed assets construction in progress right-
of-use assets intangible assets with limited service life goodwill and other long-term assets the Company shall on the balance
sheet date make a judgment on whether there is any indication that the assets may have impairment. For goodwill and intangible
1412024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
assets with uncertain service life arising from business combination the impairment test shall be conducted every year regardless
of whether there are any indications of impairment. The impairment test shall be carried out for goodwill in combination with the
asset group or combination of asset groups related to it.If there are any of the following signs it indicates that the asset may have impairment:
(1) The market value of the asset has fallen sharply in the current period and the decline is obviously higher than the expected
decline due to the passage of time or normal use; (2) the economic technical or legal environment in which the enterprise operates
and the market where the assets are located have undergone or will undergo significant changes in the current period or in the near
future which will adversely affect the enterprise; (3) the market interest rate or the rate of return on investment in other markets
has increased in the current period thus affecting the discount rate of the enterprise in calculating the present value of the expected
future cash flows of the asset resulting in a significant reduction in the recoverable amount of the asset; (4) there is evidence
showing that the asset is obsolete or its substance has been damaged; (5) the asset has been or will be idle terminated for use or
planned to be disposed ahead of schedule; (6) evidence from the internal reports of the enterprise shows that the economic
performance of the asset has been or will be lower than expected such as the net cash flows or operating profit (or loss) generated
by the asset is far lower (or higher) than the estimated amount; (7) other indications that the asset may have impairment.Where there is any indication of impairment of assets the recoverable amount shall be estimated. If the measurement results of
recoverable amount indicate that the recoverable amount of the asset is lower than its book value the book value of the asset shall
be written down to the recoverable amount and the amount written down shall be recognized as the asset impairment loss and
included in the current profit or loss and the corresponding provision for asset impairment shall be made at the same time. The
asset impairment loss will not be reversed in subsequent accounting periods once recognized.For impairment test of goodwill the book value of goodwill arising from business combination shall be amortized to the relevant
asset group according to a reasonable method form the acquisition date; where it is difficult to be allocated to the relevant assets
group it shall be allocated to the relevant portfolio of asset groups. The relevant asset group or portfolio of asset groups is the asset
group or portfolio of asset groups that can benefit from the synergy of the business combination and is not larger than the reporting
segment determined by the Company.When conducting the impairment test if there is any indication of impairment in the asset group or profile of asset groups related
to goodwill the impairment test shall be conducted first for the asset group or profile of asset groups excluding goodwill the
recoverable amount shall be calculated and the corresponding impairment losses shall be recognized. Then the impairment test
shall be conducted for the asset group or profile of asset groups containing goodwill and the book value and recoverable amount
shall be compared. If the recoverable amount is lower than the book value the impairment losses of goodwill shall be recognized.
31. Long-term deferred expenses
Long-term deferred expenses refer to various expenses that have already occurred but should be borne by the current period and
future periods with an amortization period of over 1 year (excluding 1 year). Long-term deferred expenses are recorded at the
actual amount incurred and are amortized evenly over the expected benefit period. If a long-term deferred expense item cannot
benefit future accounting periods all the amortized value of the item that has not yet been amortized will be fully transferred to the
current profit or loss.
1422024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
32. Contract liabilities
COOEC presents contract assets or contract liabilities in the balance sheet based on the relationship between its performance of
fulfillment obligations and customer payments. The Company's obligation to transfer goods or provide services to customers for
consideration received or receivable is presented as contract liabilities.
33. Employee compensation
(1) Accounting treatments of short-term compensation
During the accounting period when employees provide services for the Company the short-term compensation actually incurred is
recognized as a liability and included in the current profit or loss or related asset costs.
(2) Accounting treatments of post-employment benefits
Post-employment benefits are divided into defined contribution plans and defined benefit plans.
1) During the accounting period when employees provide services for the Company the amount payable calculated according to
the defined contribution plans is recognized as a liability and included in the current profit or loss or related asset costs.
2) Accounting treatments of defined benefit plans usually includes the following steps:
* According to the expected cumulative benefit unit method unbiased and mutually consistent actuarial assumptions are used to
estimate relevant demographic variables and financial variables measure the obligations arising from the defined benefit plans
and determine the period to which the relevant obligations belong. At the same time the obligations arising from the defined
benefit plans shall be discounted to determine the present value of the defined benefit plan obligations benefit plans and the current
service cost;
* If there are assets under the defined benefit plans the deficit or surplus resulting from the present value of the defined benefit
plan obligations less the fair value of the defined benefit plan assets is recognized as a net liability or net asset under defined
benefit plans. If there is a surplus under the defined benefit plans the net assets of the defined benefit plans shall be measured at
the lower of the surplus or asset ceiling of the defined benefit plans;
* At the end of the period the employee compensation costs arising from the defined benefit plans are recognized as service
costs net interest on net liabilities or net assets under defined benefit plans and changes arising from the re-measurement of net
liabilities or net assets under defined benefit plans. The service costs and net interest on net liabilities or net assets under defined
benefit plans are included in the current profit or loss or related asset costs and the changes arising from the re-measurement of net
liabilities or net assets under defined benefit plans are included in other comprehensive income and are not allowed to be reversed
to profit or loss in subsequent accounting periods but the amount recognized in other comprehensive income can be transferred
within the scope of equity.
(3) Accounting treatments of dismissal benefits
For dismissal benefits provided to employees employee compensation liabilities arising from dismissal benefits are recognized at
the earlier of the following dates and included in the current profit or loss: 1) when the Company cannot unilaterally withdraw the
1432024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
dismissal benefits provided due to the termination of labor relations plan or layoff proposal; 2) when the Company recognizes the
costs or expenses related to the restructuring involving the payment of dismissal benefits.
(4) Accounting treatments of other long-term employee benefits
If other long-term benefits provided to employees meet the conditions of defined contribution plans they shall be accounted for in
accordance with the relevant provisions of defined contribution plans; other long-term benefits shall be accounted for in
accordance with the relevant provisions of the defined benefit plans. In order to simplify the relevant accounting treatment the
employee compensation costs arising therefrom shall be recognized as the total net amount of service costs net liabilities or net
assets of other long-term employee benefits and changes arising from the re-measurement of net liabilities or net assets of other
long-term employee benefits and shall be included in the current profit or loss or related asset costs.
34. Estimated liabilities
(1) When an obligation related to the contingency become the present obligation of the Company and the performance of such
obligation is likely to result in an outflow of economic benefits from the Company and the amount of such obligation can be
measured reliably the Company recognizes it as estimated liabilities.
(2) The Company conducts the initial measurement of the estimated liabilities according to the best estimate of the expenses
required for the performance of the relevant present obligations and comprehensively considers the risks uncertainties time value
of money and other factors related to contingencies. If the impact of the time value of money is significant the best estimate shall
be determined by discounting the relevant future cash flows. The Company reviews the book value of the estimated liabilities on
the balance sheet date and adjusts the book value to reflect the current best estimate.
35. Share-based payments
Not applicable
36. Preferred shares perpetual bonds and other financial instruments
Not applicable
37. Revenue
Accounting policies adopted for revenue recognition and measurement disclosed by business type
(1) Recognition of revenue
The Company's revenue mainly includes real estate sales revenue property management revenue software sales revenue rental
property revenue (see (XXXIX) Lease for details) etc.The Company recognizes revenue when it fulfills its performance obligations in the contract that is the revenue is recognized
when the customer obtains the right of control over relevant goods. Obtaining right of control over relevant goods means being
able to direct the use of the goods and obtain almost all economic benefits from them.
1442024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(2) The Company determines that the nature of the relevant revenue obligations is "performance obligations performed within a
certain period of time" or "performance obligations performed at a certain time point " based on the relevant provisions of the
revenue standards and recognizes revenue in accordance with the following principles.
1) If the Company meets one of the following conditions it is considered to fulfill its performance obligations within a certain
period of time:
* The customer obtains and consumes the economic benefits brought by the Company's performance at the same time as the
Company performs the contract.* The customer can control over the assets under construction during the Company's performance.* The assets produced during the performance of the Company have irreplaceable uses and the Company is entitled to collect
payments for the accumulated performance completed to date throughout the contract period.For performance obligations performed within a certain period the Company will recognize the revenue based on the performance
progress during that period of time except where the performance progress cannot be reasonably determined. Considering the
nature of the goods the Company determines the appropriate performance progress by the output method or the input method
2) For performance obligations that are not performed within a certain period of time and are performed at a certain time point the
Company recognizes revenue at the time point when the customer obtains the control over relevant goods.When determining whether a customer has obtained control over goods the Company considers the following indications:
* The Company has the current right to receive the payment for the goods that is the customer has the current obligation to pay
for the goods.* The Company has transferred the legal ownership of the goods to the customer that is the customer possess the legal
ownership of the goods.* The Company has physically transferred the goods to the customer that is the customer has physically taken possession of the
goods.* The Company has transferred the significant risks and rewards of ownership of the goods to the customer that is the customer
has obtained the significant risks and rewards of ownership of the goods.* The customer has accepted the goods.* Other indications showing that the customer has obtained control over goods.
(3) Specific policies for the Company's revenue recognition
1) Specific methods for recognition of real estate sales revenue
Realization of sales revenue shall be recognized when following conditions are met simultaneously: the developed product has
been completed and accepted; the sales contract has been signed and the obligations stipulated in the contract have been fulfilled;
the main risks and rewards of ownership of the developed product have been transferred to the buyer; the Company no longer
retains the continued management rights usually associated with the ownership and effective control over the sold developed
product; the amount of revenue can be measured reliably; the relevant economic benefits are likely to flow in; the relevant costs
1452024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
incurred or to be incurred can be measured reliably. If the real estate construction has been accepted (with the completion
acceptance report obtained) an irreversible sales contract has been signed and the buyer's payment certificate has been obtained
(down payment and bank mortgage received in full if bank mortgage is involved; otherwise full housing payment received) the
revenue is recognized at the earlier of the delivery date specified in the delivery notice (delivery is deemed completed if the
formalities are not completed within the specified time limit due to the owner's reasons) and the actual time of taking over by the
owner.
2) Specific methods for recognition of property management revenue
Revenue from the property management services provided by the Company shall be recognized according to the progress of the
property services provided.
3) Specific methods for recognition of revenue from rental properties
Revenue shall be recognized in accordance with the lease standards and the Company shall recognize the revenue in the lease
term agreed in the lease contract by straight-line method or other reasonable methods.
4) Software sales revenue
* Recognition and measurement method for sales revenue from customized software and independent software products
Customized software refers to the software specially designed developed according to the actual needs of the user based on a
thorough field investigation of the user's business in accordance with the software development contract signed with the customer.Such software is not universal. Only when the goods produced by the Company in the performance process have irreplaceable uses
and the Company has the right to receive payments for the accumulated performance completed so far during the entire contract
period the revenue will be recognized over a period of time according to the progress of the completed performance obligations
during the contract period. The progress of the completed performance obligations shall be determined according to the ratio of the
actual contract costs incurred to complete the performance obligations to the estimated total cost of the contract. Otherwise the
revenue shall be recognized when the customer obtains the right of control over the relevant product.If a sales contract is signed on independent software products between the Company and the customer and the customer directly
purchases the standard version of the software that is the real estate and facility management platform. The implementation
personnel deploy the corresponding module according to the customer's needs which is a performance obligation to be performed
at a certain time point. The Company will recognize the revenue after delivery of the product and the customer has accepted the
product.* Recognition and measurement method for revenue from system integration contract
System integration includes the sales and installation of purchased goods and software products. The system has been installed and
debugged and has been put into trial use or the purchaser's preliminary inspection report has been obtained; the economic benefits
associated with the transaction can flow into the enterprise; the revenue is recognized when the relevant revenue and costs can be
measured reliably.* Recognition and measurement method of technical service revenue
Technical service mainly refers to the business of providing consulting implementation and after-sales service of products to
customers according to contract requirements. If the service period is agreed in the contract it shall be regarded as the performance
1462024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
obligations to be performed within a certain period of time. During the service provision period the revenue shall be recognized
according to the service period agreed in the contract and the service settled with the customer.
5) Other business revenue is recognized when the performance obligations in the contract are fulfilled that is when the customer
obtains the relevant control over goods according to the relevant contracts or agreements.
(4) Measurement of revenue
The Company shall measure revenue based on the transaction price allocated to each individual performance obligation. When
determining the transaction prices the Company considers the impact of factors such as variable consideration significant
financing components in the contract non-cash consideration and consideration payable to customers.
1) Variable consideration
The Company determines the best estimate of a variable consideration based on the expected value or the most likely amount but
the transaction prices containing a variable consideration shall not exceed the amount of accumulated recognized revenue that is
highly unlikely to be significantly reversed when the relevant uncertainty is eliminated. When an enterprise evaluates whether a
major reversal of accumulated recognized revenue is very unlikely to occur it should also consider the possibility and proportion
of revenue reversal.
2) Significant financing component
If there is a significant financing component in the contract the Company shall determine the transaction prices according to the
payable amount that is assumed to be paid in cash by the customer when the customer obtains the right of control over goods. The
difference between the transaction price and the contract consideration shall be amortized using effective interest method during
the contract period.
3) Non-cash consideration
If the customer pays non-cash consideration the Company shall determine the transaction price according to the fair value of the
non-cash consideration. If the fair value of the non-cash consideration cannot be reasonably estimated the Company determines
the transaction prices indirectly by referring to the stand-alone selling prices it promises for transferring the goods to the customer.
4) Consideration payable to customers
For consideration payable to customers the consideration payable should be offset against the transaction prices and should offset
the current revenue at the later of the recognition of relevant revenue and the payment (or commitment to pay) of the customer
consideration except for the consideration payable to customers for obtaining other clearly distinguishable goods from customers.Where the consideration payable to a customer is for the purpose of obtaining other clearly distinguishable goods from the
customer the purchased goods shall be recognized in a manner consistent with other purchases by the Company. If the
consideration payable by an enterprise to a customer exceeds the fair value of clearly distinguishable goods obtained from the
customer the excess amount shall be offset against the transaction prices. If the fair value of clearly distinguishable goods
obtained from customers cannot be reasonably estimated the enterprise shall offset the full amount of the consideration payable to
customers against the transaction prices.Different revenue recognition methods and measurement methods involved in the use of different business models for similar
business
1472024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
38. Contract costs
Contract costs are divided into contract performance costs and contract acquisition costs.If the cost incurred by the Company to perform the contract meet the following conditions at the same time it shall be recognized
as an asset as the contract performance cost:
(1) The cost is directly related to a current contract or an expected contract to be obtained including direct labor direct materials
manufacturing overhead (or similar expenses) costs expressly borne by the customer and other costs incurred solely due to the
contract;
(2) The cost increases the resources that the enterprise will use to fulfill its performance obligations in the future;
(3) Such cost is expected to be recovered.
If the incremental costs incurred by the Company to obtain the contract are expected to be recovered the incremental costs shall be
recognized as an asset as the contract acquisition cost ; however if the asset amortization period does not exceed one year it can
be included in the current profit or loss when it occurs.Assets related to the contract costs are amortized on the same basis as the recognition of the revenue of the goods or services
related to the asset.If the book value of the assets related to the contract costs is higher than the difference between the following two items the
Company will make provision for impairment for the excess and recognize it as asset impairment loss:
(1) The remaining consideration expected to be obtained by the transfer of goods or services related to the assets;
(2) The estimated cost to be incurred for the transfer of the relevant goods or services.
If the above provision for asset impairment is subsequently reversed the book value of the asset after the reversal shall not exceed
the book value of the asset on the reversal date under the assumption that no provision for impairment is made.
39. Government grants
(1) Government grants are recognized when the following conditions are met at the same time: 1) the Company can meet the
conditions attached to the government grants; 2) the Company can receive government grants. The government grants considered
as monetary assets are measured at the amount received or receivable. If government grants are non-monetary assets they shall be
measured at fair value; if the fair value cannot be obtained reliably it shall be measured at the nominal amount.
(2) Judgment basis and accounting treatments of asset-related government grants
Government grants used for the acquisition construction or otherwise forming long-term assets as specified in government
documents shall be classified as asset-related government grants. If there is no relevant clear stipulation in the government
document the judgment shall be made on the basis of the basic conditions that must be met to obtain the subsidy and if the basic
condition is forming long-term assets through purchase construction or other means it shall be deemed as asset-related
government grants. Asset-related government grants shall be used to offset the book value of relevant assets or recognized as
deferred income. If the asset-related government grants are recognized as deferred income they shall be included in the profit or
loss by stages in a reasonable and systematic manner within the service life of the relevant assets. Government grants measured
1482024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
according to the nominal amount are directly included in current profit or loss. If the relevant assets are sold transferred scrapped
or damaged before the end of their service life the undistributed balance of relevant deferred income will be transferred to the
profit or loss of the current period of asset disposal.
(3) Judgment basis and accounting treatments of income-related government grants
Government grants other than those related to assets shall be classified as income-related government grants. For government
grants that contain both asset-related parts and income-related parts if it is difficult to distinguish whether they are asset-related or
income-related they will be classified as income-related government grants as a whole. Income-related government grants used to
compensate for relevant costs or losses in subsequent periods shall be recognized as deferred income and shall be included in the
current profit or loss or used to offset relevant costs during the period when relevant costs or losses are recognized; if they are used
to compensate the relevant costs or losses incurred they shall be directly included in the current profit or loss or used to offset the
relevant costs.
(4) Government grants related to the daily operating activities of the Company shall be included in other income or offset against
relevant costs according to the essence of economic business. Government grants unrelated to the daily activities of the Company
shall be included in the non-operating revenue or expenditure. If a recognized government grant needs to be returned the book
value of the relevant asset shall be adjusted if the initial recognition of the grant offset the asset's book value; if there is a relevant
deferred income balance the book balance of the relevant deferred income shall be offset and the excess shall be included in the
current profit or loss; if it falls under other circumstances it shall be directly included in the current profit or loss.
40. Deferred tax assets/deferred tax liabilities
(1) According to the temporary differences between the book value of assets and liabilities and their tax bases (if the tax base of
items not recognized as assets and liabilities can be determined in accordance with tax laws the difference between the tax base
and the book value) the deferred tax assets or deferred tax liabilities are calculated and recognized according to the applicable tax
rate during the period when the assets are expected to be recovered or the liabilities are settled.
(2) Deferred tax assets are recognized to the extent of the taxable income that is likely to be obtained to offset the deductible
temporary differences unless the deductible temporary differences arise from the following transactions:
1) The transaction is not a business combination and the transaction does not affect accounting profit or taxable income (or
deductible losses) when it occurs;
2) For deductible temporary differences related to subsidiaries joint ventures and investments in associates the corresponding
deferred tax assets shall be recognized if the following conditions are met at the same time: the temporary differences are likely to
be reversed in the foreseeable future and the taxable income used to offset the deductible temporary differences is likely to be
obtained in the future.On the balance sheet date if there is conclusive evidence indicating that sufficient taxable income is likely to be obtained in the
future period to offset the deductible temporary differences deferred tax assets that have not been recognized in previous
accounting periods is recognized.
(3) All taxable temporary differences are recognized as relevant deferred tax liabilities except for taxable temporary differences
arising in the following transactions:
1492024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
The initial recognition of goodwill or the initial recognition of assets or liabilities arising from transactions with the following
characteristics: the transaction is not a business combination and the transaction does not affect accounting profit or taxable
income (or deductible losses) when it occurs.Taxable temporary differences related to investments in subsidiaries joint ventures and associates provided that the timing of the
reversal of these temporary differences can be controlled and the temporary differences are unlikely to be reversed in the
foreseeable future.
(4) On the balance sheet date the book value of deferred tax assets is reviewed. If it is likely to earn sufficient taxable income in
the future to offset the benefits of deferred tax assets the book value of deferred tax assets is written down. When it is likely to
earn sufficient taxable income the written down amount is reversed.
(5) The Company's current income tax and deferred income taxes are included in the current profit or loss as income tax expenses
or income but do not include income tax arising from the following circumstances: 1) business combination; 2) transactions or
events directly recognized in the owners' equity.
41. Lease
(1) Accounting treatments for leases in which the Company is the lessee
On the lease commencement date the Company recognizes leases that do not exceed 12 months and do not include purchase
options as short-term leases; if the single leased assets are new and with a low value the leases are recognized as leases of low
value assets. If the Company subleases or expects to sublease the leased assets the original leases shall not be recognized as leases
of low value assets.For all short-term leases and leases of low value assets the Company during each period of the lease term includes the lease
payments into the relevant asset cost or the current profit or loss according to the straight-line method.Except for the above-mentioned short-term leases and leases of low value assets with simplified treatment the Company
recognizes the right-of-use assets and lease liabilities for the lease on the lease commencement date.
1) Right-of-use assets
Right-of-use assets are initially measured at cost which includes: 1) the initial measurement amount of the lease liabilities; 2) the
lease payments made on or before the lease commencement date or the relevant amount after deducting the lease incentive already
enjoyed if any; 3) initial direct costs incurred by the lessee; 4) the costs expected to be incurred by the lessee for dismantling and
removing the leased assets restoring the site where the leased assets are located or restoring the leased assets to the condition
agreed in the lease terms.The Company depreciates the right-of-use assets according to the straight-line method. If it can be reasonably determined that the
ownership of leased assets will be acquired upon the expiration of the lease term the Company depreciates the leased assets over
their remaining service life. If it cannot be reasonably determined that the ownership of leased assets will be acquired upon the
expiration of the lease term the Company depreciates the leased assets during the shorter of the lease term and the remaining
service life of the leased assets.
2) Lease liabilities
1502024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
On the lease commencement date the Company recognizes the present value of the unpaid lease payments as lease liabilities.When calculating the present value of lease payments the interest rate implicit in lease is used as the discount rate. If the implicit
interest rate of the lease cannot be determined the incremental borrowing rate of the Company is used as the discount rate. The
difference between the lease payments and its present value is recognized as unrecognized financing expenses and the interest
expenses are recognized at the discount rate of the present value of the recognized lease payments in each period of the lease term
and included in the current profit or loss. Variable lease payments not included in the measurement of lease liabilities are included
in the current profit or loss when actually incurred.After the lease commencement date the Company remeasures the lease liability based on the present value of the changed lease
payments in case of any change in below items: actual fixed payment amount estimated amount payable of the guaranteed residual
value the index or ratio used to determine the lease payments or the evaluation result or actual exercise of the purchase option
renewal option or termination option. In such cases the book value of the right-of-use assets is also adjusted accordingly. If the
book value of the right-of-use assets has been reduced to zero but the lease liabilities still need to be further reduced the
remaining amount is included in the current profit or loss.If there is a modification in the lease and the following conditions are met simultaneously the Company accounts for the lease
modification as a separate lease: * the lease change expands the lease scope by adding the right of use on one or more leased
assets; * the increased consideration is equivalent to the amount of the separate price of the expanded part of the lease scope
adjusted according to the contract conditions.If the lease modification is not accounted for as a separate lease on the effective date of the lease modification the Company re-
apportions the consideration of the modified contract re-determines the lease term and re-measures the lease liabilities at the
present value calculated at the modified lease payments and the revised discount rate. If a lease modification results in a reduced
scope of the lease or a shortened lease term the Company reduces the book value of the right-of-use assets accordingly and
recognizes the gain or loss related to the partial or complete termination of leases in current profit or loss. If there are other lease
modifications that result in a re-measurement of lease liabilities the Company adjusts the book value of right-of-use assets
accordingly.
(2) Accounting treatments for leases in which the Company is the lessor
On the lease commencement date the Company classifies leases that have essentially transferred almost all risks and rewards
related to the ownership of leased assets as financing leases while all other leases are classified as operating leases.
1) Operating leases
During each period of the lease term the Company recognizes the lease receipts as rental income according to the straight-line
method and the initial direct costs incurred in connection with the operating leases are capitalized and amortized on the same basis
as the recognition of rental income and included in the current profit or loss in installments. The variable lease payments related to
operating leases obtained by the Company but not yet included in the lease receipts are included in the current profit or loss when
actually incurred.
2) Financing leases
On the lease commencement date the Company recognizes the financing lease receivables according to the net lease investment
(the sum of the unguaranteed residual value and the present value of the lease receipts not received on the lease commencement
date discounted at the interest rate implicit in lease) and derecognizes the financing lease assets. During each period of the lease
term the Company calculates and recognizes the interest income at the interest rate implicit in lease.
1512024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
The variable lease payments obtained by the Company but not yet included in the measurement of net lease investment are
included in the current profit or loss when actually incurred.
3) Lease modification
In case of any modifications in operating leases the Company accounts for the modified lease as a new lease from the effective
date of the modification and the advance or receivable lease receipts related to the lease before the modification is regarded as the
receipt amount of the new lease.If there is a modification in the financing lease and the following conditions are met simultaneously the Company accounts for the
modification as a separate lease: * the modification expands the scope of the lease by adding the right of use of one or more
leased assets; * the increased consideration is equivalent to the amount of the separate price of the expanded part of the lease
scope adjusted according to the contract conditions.If the modification in the financing lease is not accounted for as a separate lease the Company treats the modified lease
respectively according to the following circumstances: * if the modification takes effect on the lease commencement date and the
lease is classified as operating leases the Company accounts for it as a new lease from the effective date of the lease modification
and takes the net lease investment before the effective date of the lease modification as the book value of the leased assets; * if
the modification takes effect on the lease commencement date the lease will be classified as a financing lease and the Company
accounts for it in accordance with the provisions of Accounting Standards for Business Enterprises No. 22 - Recognition and
Measurement of Financial Instruments on modifying or renegotiating the contract.
4) Sublease
When the Company acts as a sublease lessor the original lease contract and the sublease contract are accounted for separately
according to the accounting treatment requirements of the lessee and the lessor. If the original lease is a short-term leases and
simplified accounting treatments have been adopted the sublease is classified as operating leases.
(3) Sale and leaseback
The Company in accordance with the provisions of Accounting Standards for Business Enterprises No. 14 - Revenue evaluates
and determines whether the transfer of assets in the sale and leaseback transactions is a sale.If the transfer of assets in the sale and leaseback transactions is a sale the lessee measures the right-of-use assets arising from the
sale and leaseback according to the part of the book value of the original assets related to the right of use obtained from the
leaseback and only recognizes the relevant gains or losses on the rights transferred to the lessor. The lessor accounts for asset
purchase in accordance with other applicable accounting standards for business enterprises and conducts accounting treatment for
the asset lease in accordance with Accounting Standards for Business Enterprises No. 21 - Leases.If the transfer of assets in the sale and leaseback transactions is not a sale the lessee continues to recognize the transferred assets
and recognizes the financial liabilities equal to the transfer revenue. Meanwhile the lessee accounts for the financial liabilities in
accordance with Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments.The lessor does not recognize the transferred assets but recognizes financial assets equal to the revenue transferred. It also
accounts for that financial asset in accordance with Accounting Standards for Business Enterprises No. 22 - Recognition and
Measurement of Financial Instruments.
1522024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
42. Other major accounting policies and accounting estimates
43. Major changes in accounting policies and accounting estimates
(1) Major changes in accounting policies
□Applicable □Not applicable
(2) Major changes in accounting estimates
□Applicable □Not applicable
(3) Adjustments of relevant items of financial statements at the beginning of the year in the year of initial implementation
of new accounting standards from 2024
□Applicable □Not applicable
44. Others
The beginning balance in the notes to the financial statements refers to the data in the financial statements as of
January 1 2024. The ending balance refers to the data in the financial statements as of December 31 2024. The
current period refers to the year 2024 and the same period last year refers to the year 2023. These principles also
apply to the parent company.VI. Taxation
1..Main tax types and tax rates
Tax type Tax basis Tax rate
Sales of goods or provision of taxable
Value-added tax [Note 1]
services
Apply 7% 5% and 1% respectively by
Urban maintenance and construction tax Turnover tax payable
regional level
Corporate income tax Taxable income 25%、20%、15%、16.5%
Value added from the paid transfer of the
state-owned land use right and the
Land value increment tax 30%-60%
property rights of the above-ground
buildings and other attachments
If it is levied on an ad valorem basis it
shall be calculated and paid at 1.2% of
the residual value after the original value
Property taxes of the property is deducted by 30% at 1.2%、12%
one time; if levied by lease it is
calculated and paid at 12% of rental
income
Education surcharge Turnover tax payable 3%
Local education surcharges Turnover tax payable 2%
1532024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
If there are taxpayers with different corporate income tax rates please disclose with an explanation
Name of taxpayer Income tax rate
Chongqing Shenguomao Real Estate Management Co. Ltd. 15%
Chongqing Branch of Shenzhen International Trade Center
15%
Property Management Co. Ltd.Shenzhen Facility Management Community Co. Ltd. 15%
Shenzhen Property Engineering and Construction Supervision
20%
Co. Ltd.Shenzhen ITC Chuntian Commercial Management Co. Ltd. 20%
Shenzhen Jinhailian Property Management Co. Ltd. 20%
Shenzhen Kangping Industrial Co. Ltd. 20%
Shenzhen Jiaoshizhijia Training Co. Ltd. 20%
Shenzhen Education Industry Co. Ltd. 20%
Shenzhen Yufa Industrial Co. Ltd. 20%
Chongqing Aobo Elevator Co. Ltd. 20%
Shenzhen SZPRD Fuyuantai Development Co. Ltd. 20%
Shenzhen Fuyuanmin Property Management Co. Ltd. 20%
Shenzhen Meilong Industrial Development Co. Ltd. 20%
Shenzhen Sports Service Co. Ltd. 20%
Shenzhen Penghongyuan Industrial Development Co. Ltd. 20%
Shenzhen International Trade Center Mechanical and Electrical
20%
Equipment Co. Ltd.Shenzhen ShenShan Special Cooperation Zone Shenzhen
International Trade Center Property Management Development 20%
Co. Ltd.Shenzhen Helinhua Construction Management Co. Ltd. 20%
Shenzhen ITC Tongle Property Management Co. Ltd. 20%
Shenzhen Foreign Trade Property Management Co. Ltd. 20%
Shenzhen Fubao Urban Resources Management Co. Ltd. 20%
Shenzhen Shenwu Elevator Co. Ltd. 20%
Shenzhen Shenfang Property Cleaning Co. Ltd. 20%
Shandong Shenzhen ITC Hotel Management Co. Ltd. 20%
Shenzhen Shenfubao Municipal Service Co. Ltd. 20%
Shenzhen Jiayuan Property Management Co. Ltd. 20%
Shenzhen ITC Shenlv Garden Co. Ltd. 20%
Beijing Facility Management Community Technology Co. Ltd. 20%
Shenzhen ITC Space Service Co. Ltd. 20%
Shenzhen ITC Catering Co. Ltd. 20%
A subsidiary registered in Hong Kong 16.50%
A subsidiary registered in Vietnam 20%
Other taxpayers within the consolidation scope 25%
2.Tax incentives
1. According to the provisions of Article 2 Property service of the 37th category of commercial service industry in the incentive
category of the Guidance Catalogue of Industrial Structure Adjustment (2011 Edition) issued by the National Development and
1542024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Reform Commission the eligible western China enterprises shall be subject to a corporate income tax at a reduced tax rate of 15%.The above policy applies to subsidiaries Chongqing Shenzhen International Trade Center Property Management Co. Ltd. and the
Chongqing Branch of Shenzhen International Trade Center Property Management Co. Ltd.
2. Shenzhen Facility Management Community Co. Ltd. passed the re-inspection for high-tech certification on December 19 2022.
The certificate number is GR202244204675 and the validity period is three years. According to the tax law the preferential
corporate income tax rate of 15% applies for 2024.
3. According to the Announcement on Preferential Income Tax Policies for Small and Micro Enterprises and Individual Business
Entities (CZB SWZJ GG [2023] No.6) issued by the Ministry of Finance and the State Taxation Administration and according to
the Announcement on Tax Policies for Further Supporting the Development of Small and Micro Enterprises and Individual
Business Entities (CZB SWZJ GG [2023] No.12) issued by the Ministry of Finance and the State Taxation Administration small
low-profit enterprises enjoy a corporate income tax reduction with 25% of the actual corporate income for calculating taxable
income and 20% as the tax rate. The resource tax (excluding water resources tax) urban maintenance and construction tax
housing tax urban land use tax stamp duty (excluding stamp duty on securities transactions) farmland occupation tax education
surcharge and local education surcharge shall be halved for small-scale value-added tax payers small low-profit enterprises and
individual business entities with the validity period from January 1 2023 to December 31 2027. A total of 28 subsidiaries
including Shenzhen Property Engineering and Construction Supervision Co. Ltd. and Shenzhen ITC Chuntian Commercial
Management Co. Ltd. are eligible for the policy.
3. Others
Note 1: the Company and its subsidiaries' value-added tax taxable items and tax rates are shown in the table below
Type of revenue General tax rate Simplified tax rate
Real estate sales revenue 9% 5%
Real estate rental revenue 9% 5%
Property service revenue 6% 3%
Revenue from catering services 6% 3%
Others 13% --
VII. Notes to items in consolidated financial statements
1. Monetary funds
Unit: RMB
Item Ending balance Beginning balance
Cash on hand 10705.64 75265.01
Bank deposits 1672092309.74 2742094318.81
Other monetary funds 6013628.74 6628892.90
Total 1678116644.12 2748798476.72
Including: total amount deposited
68560621.7962161463.84
abroad
Other explanations:
1552024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
At the end of the period the amount of restricted funds due to mortgage pledge freezing etc. is RMB67316759.82 mainly
including guarantee and interest of RMB5853430.19; the restricted funds in the bank deposits mainly include the frozen funds of
RMB3972494.30 and the principal and interest of time deposits of RMB57490835.33; the above amount is not treated as cash
and cash equivalents due to restrictions on use.The funds deposited overseas are mainly the balance of monetary funds of the overseas subsidiaries Shum Yip Properties
Development Limited and Vietnam Shenzhen International Trade Center Property Management Co. Ltd.
2. Financial assets held for trading
Unit: RMB
Item Ending balance Beginning balance
Including:
Including:
Other explanations:
3. Notes receivable
(1) Presentation of notes receivable by category
Unit: RMB
Item Ending balance Beginning balance
(2) Disclosure by provision method for bad debts
Unit: RMB
Ending balance Beginning balance
Provision for bad Provision for bad
Type Book balance Book balancedebts Book debts Book
Provisio value Provisio value
Amount Ratio Amount Amount Ratio Amount
n ratio n ratio
Includ
ing:
Includ
ing:
If the provision for bad debts of notes receivable is made in accordance with the general model of expected credit losses:
□ Applicable □Not applicable
(3) Provision for bad debts accrued recovered or reversed for the current period
Provision for bad debts for the current period:
Unit: RMB
Changes in the current period
Beginning
Type Recovery or Ending balancebalance Provision Write-off Others
reversal
1562024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Significant amounts of recovered or reversed provision for bad debts for the current period:
□ Applicable □Not applicable
(4) The Company's pledged notes receivable at the end of the period
Unit: RMB
Item Ending pledged amount
(5) Notes receivable endorsed or discounted by the Company and not yet due on the balance sheet date at
the end of the period
Unit: RMB
Item Ending derecognized amount Ending un-derecognized amount
(6) Actual write-off of notes receivable for the current period
Unit: RMB
Item Amount of write-off
Including write-off of important notes receivable:
Unit: RMB
Whether the fund
Write-off
Nature of notes Amount of write- Reasons for write- is generated by
Entity name procedures
receivable off off related party
performed
transactions
Explanation on write-off of notes receivable:
4. Accounts receivable
(1) Disclosure by aging
Unit: RMB
Aging Ending book balance Beginning book balance
Within 1 year (including 1 year) 305894933.54 425235829.74
1-2 years 176468618.29 83584196.31
2 to 3 years 19438565.01 19037312.67
Over 3 years 136095567.36 127356876.62
3 - 4 years 9641324.19 10334088.28
4 to 5 years 9475754.83 4135080.24
Over 5 years 116978488.34 112887708.10
Total 637897684.20 655214215.34
(2) Disclosure by provision method for bad debts
Unit: RMB
Type Ending balance Beginning balance
1572024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Provision for bad Provision for bad
Book balance Book balance
debts Book debts Book
Provisio value Provisio value
Amount Ratio Amount Amount Ratio Amount
n ratio n ratio
Account
s
receivab
le with
provisio 114667 112621 204591 115895 113235 266052
17.98%98.22%17.69%97.70%
n for bad 552.55 632.99 9.56 721.46 195.18 6.28
debts on
an
individu
al basis
Includ
ing:
Account
s
receivab
le with
provisio
523230492613473968539318391725500145
n for bad 82.02% 9.41% 82.31% 7.26%
131.6521.61810.04493.8866.28927.60
debts on
a
combina
tion
basis
Includ
ing:
637897161882476014655214152407502806
Total 100.00% 25.38% 100.00% 23.26%
684.20954.60729.60215.34761.46453.88
Provision for bad debts on an individual basis: RMB112621632.99
Unit: RMB
Beginning balance Ending balance
Name Provision for Provision for Reasons for
Book balance Book balance Provision ratio
bad debts bad debts provision
Shenzhen
Involved in
Jiyong Property
93811328.05 93811328.05 93811328.05 93811328.05 100.00% litigation and
Development
irrecoverable
Co. Ltd.Shenzhen
Tewei Estimated to be
2836561.002836561.002836561.002836561.00100.00%
Industrial Co. irrecoverable
Ltd.Shenzhen
Lunan
Estimated to be
Industrial 2818284.84 2818284.84 2818284.84 2818284.84 100.00%
irrecoverable
Development
Company
Shenzhen
Hampoo
Estimated to be
Electronic 1436020.29 1433070.29 1436020.29 1433070.29 99.79%
irrecoverable
Technology
Development
1582024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Co. Ltd.Accounts
receivable with
insignificant
Failed to
single amount
14993527.28 12335951.00 13765358.37 11722388.81 85.16% recover for a
but subject to
long time
provision for
bad debts on an
individual basis
Total 115895721.46 113235195.18 114667552.55 112621632.99
Accounts receivable with provision for bad debts on a combination basis: RMB49261321.61
Unit: RMB
Ending balance
Name
Book balance Provision for bad debts Provision ratio
Credit risk characteristic
491691046.1249261321.6112.56%
combination
Current combinations of other
146264953.295871324.784.01%
related parties
Government funding
31539085.53
combination
Total 523230131.65 49261321.61
Explanation on the basis for determining the combination:
If the provision for bad debts of accounts receivable is made in accordance with the general model of expected credit losses:
□ Applicable □Not applicable
(3) Provision for bad debts accrued recovered or reversed for the current period
Provision for bad debts for the current period:
Unit: RMB
Changes in the current period
Beginning
Type
balance Recovery or
Ending balance
Provision Write-off Others
reversal
Provision for bad debts
accrued on an 113235195.18 -613562.19 112621632.99
individual basis
Provision for bad debts
39172566.2810088755.3349261321.61
made by portfolio
Total 152407761.46 9475193.14 161882954.60
Significant amounts of recovered or reversed provision for bad debts for the current period:
Unit: RMB
Basis for determining
Recovered or reversed the ratio of provision
Entity name Reason for reversal Recovery method
amount for bad debts and its
rationality
1592024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(4).Actual write-off of accounts receivable for the current period
Unit: RMB
Item Amount of write-off
Including write-off of important accounts receivable:
Unit: RMB
Whether the fund
Write-off
Nature of accounts Amount of write- Reasons for write- is generated by
Entity name procedures
receivable off off related party
performed
transactions
Explanation on write-off of accounts receivable:
(5) Top five accounts receivable by the debtor in terms of the ending balance and contract assets
Unit: RMB
Ending balance of
Ratio to the total
provision for bad
Ending Ending balances of amount of ending
Ending debts of accounts
balance of accounts balance of
Entity name balance of receivable and
accounts receivable and accounts
contract assets provision for
receivable contract assets receivable and
impairment of
contract assets (%)
contract assets
Shenzhen Futian Talent 109392112.3
109392112.3717.14%10939211.24
Housing Co. Ltd. 7
Shenzhen Jiyong Property
93811328.0593811328.0514.70%93811328.05
Development Co. Ltd.Shenzhen Bay Technology
49188098.9149188098.917.71%1508080.64
Development Co. Ltd.Hebei Shenbao Investment
41683941.80215129.9141899071.716.56%1916102.52
Development Co. Ltd.Shenzhen Futian District
Government Property 21378880.28 21378880.28 3.35%
Management Center
315454361.4
Total 215129.91 315669491.32 49.46% 108174722.45
5. Contract assets
(1) Details of contract assets
Unit: RMB
Ending balance Beginning balance
Item Provision for Provision for
Book balance Book value Book balance Book value
bad debts bad debts
Quality
guarantee
deposit for 468765.62 468765.62 844485.57 844485.57
municipal
works
Total 468765.62 468765.62 844485.57 844485.57
1602024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(2) Major changes of book value during the reporting period and reasons
Unit: RMB
Item Changes Reason for changes
(3).Disclosure by provision method for bad debts
Unit: RMB
Ending balance Beginning balance
Provision for bad Provision for bad
Book balance Book balance
Type debts Book debts Book
Provisio value Provisio value
Amount Ratio Amount Amount Ratio Amount
n ratio n ratio
Incl
uding:
Incl
uding:
The provision for bad debts made according to the general model of expected credit losses
□ Applicable □Not applicable
(4) Provision for bad debts accrued recovered or reversed for the current period
Unit: RMB
Write-off/ cancellation
Provision for the Recovered or reversed
Item after verification for Reasons
current period for the current period
the current period
Significant amounts of recovered or reversed provision for bad debts for the current period:
Unit: RMB
Basis for determining
Recovered or reversed the ratio of provision
Entity name Reason for reversal Recovery method
amount for bad debts and its
rationality
Other explanations:
(5).Actual write-off of contract assets for the current period
Unit: RMB
Item Amount of write-off
Including write-off of important contract assets
Unit: RMB
Whether the fund
Write-off
Amount of write- Reasons for write- is generated by
Entity name Nature of payment procedures
off off related party
performed
transactions
Explanation on write-off of contract assets:
1612024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Other explanations:
6. Receivables financing
(1) Presentation of receivables financing by category
Unit: RMB
Item Ending balance Beginning balance
(2) Disclosure by provision method for bad debts
Unit: RMB
Ending balance Beginning balance
Provision for bad Provision for bad
Book balance Book balance
Type debts Book debts Book
Provisio value Provisio value
Amount Ratio Amount Amount Ratio Amount
n ratio n ratio
Incl
uding:
Incl
uding:
The provision for bad debts made according to the general model of expected credit losses
Unit: RMB
Phase I Phase II Phase III
Provision for bad debts Expected credit losses Expected credit loss Expected credit loss Total
over the next 12 throughout the duration throughout the duration
months (without credit loss) (with credit loss)
Balance as at January
1 2024 forwarded to
the current period
Basis for division of each stage and ratio of provision for bad debts
Explanation on significant changes in the book balance of receivables financing due to changes in provision for loss for the current
period:
(3) Provision for bad debts accrued recovered or reversed for the current period
Unit: RMB
Changes in the current period
Beginning
Type Recovery or Resale or write- Ending balancebalance Provision Other changes
reversal off
Significant amounts of recovered or reversed provision for bad debts for the current period:
Unit: RMB
Basis for determining
Recovered or reversed the ratio of provision
Entity name Reason for reversal Recovery method
amount for bad debts and its
rationality
Other explanations:
1622024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(4) The Company's pledged receivables financing at the end of the period
Unit: RMB
Item Ending pledged amount
(5) Receivables financing endorsed or discounted by the Company and not yet due on the balance sheet
date at the end of the period
Unit: RMB
Item Ending derecognized amount Ending un-derecognized amount
(6) Actual write-off of receivables financing for the current period
Unit: RMB
Item Amount of write-off
Including write-off of important receivables financing
Unit: RMB
Whether the fund
Write-off
Amount of write- Reasons for write- is generated by
Entity name Nature of payment procedures
off off related party
performed
transactions
Explanation on write-off:
(7) Increases/decreases and fair value changes of receivables financing for the current period
(8) Other explanations
7. Other receivables
Unit: RMB
Item Ending balance Beginning balance
Other receivables 273333289.51 624394372.82
Total 273333289.51 624394372.82
(1) Interest receivable
1) Classification of interest receivable
Unit: RMB
Item Ending balance Beginning balance
2) Significant overdue interest
Unit: RMB
Borrower Ending balance Overdue time Reason for overdue Whether impairment
occurs and the basis for
1632024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
judgment
Other explanations:
3) Disclosure by provision method for bad debts
□Applicable □Not applicable
4) Provision for bad debts accrued recovered or reversed for the current period
Unit: RMB
Changes in the current period
Beginning
Type Recovery or Resale or write- Ending balancebalance Provision Other changes
reversal off
Significant amounts of recovered or reversed provision for bad debts for the current period:
Unit: RMB
Basis for determining
Recovered or reversed the ratio of provision
Entity name Reason for reversal Recovery method
amount for bad debts and its
rationality
Other explanations:
5) Actual write-off of interest receivable for the current period
Unit: RMB
Item Amount of write-off
Including write-off of important interest receivable
Unit: RMB
Whether the fund
Write-off
Amount of write- Reasons for write- is generated by
Entity name Nature of payment procedures
off off related party
performed
transactions
Explanation on write-off:
Other explanations:
(2) Dividends receivable
1) Classification of dividends receivable
Unit: RMB
Project (or investees) Ending balance Beginning balance
2) Significant dividends receivable with aging over 1 year
Unit: RMB
Whether impairment
Reason for not
Project (or investees) Ending balance Aging occurs and the basis for
withdrawing
judgment
1642024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
3) Disclosure by provision method for bad debts
□Applicable □Not applicable
4) Provision for bad debts accrued recovered or reversed for the current period
Unit: RMB
Changes in the current period
Beginning
Type Ending balance
balance Recovery or Resale or write-Provision Other changes
reversal off
Significant amounts of recovered or reversed provision for bad debts for the current period:
Unit: RMB
Basis for determining
Recovered or reversed the ratio of provision
Entity name Reason for reversal Recovery method
amount for bad debts and its
rationality
Other explanations:
5) Actual write-off of dividends receivable in the current period
Unit: RMB
Item Amount of write-off
Write-off of important dividends receivable
Unit: RMB
Whether the fund
Write-off
Amount of write- Reasons for write- is generated by
Entity name Nature of payment procedures
off off related party
performed
transactions
Explanation on write-off:
Other explanations:
(3) Other receivables
1) Classification of other receivables by nature of payment
Unit: RMB
Nature of payment Ending book balance Beginning book balance
Deposit 15529043.09 9813980.43
Guarantee 33305992.74 45417519.59
Petty cash 107431.74 63090.95
Withholding payments 14146194.97 2826478.51
Current accounts 631105205.00 597882606.95
Others 27382989.67 63021059.95
Total 721576857.21 719024736.38
2) Disclosure by aging
Unit: RMB
1652024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Aging Ending book balance Beginning book balance
Within 1 year (including 1 year) 26526466.14 39565801.00
1-2 years 19386864.72 11760542.45
2 to 3 years 10280135.75 571247946.92
Over 3 years 665383390.60 96450446.01
3 - 4 years 569228726.25 31254533.77
4 to 5 years 31121307.77 1068702.68
Over 5 years 65033356.58 64127209.56
Total 721576857.21 719024736.38
3) Disclosure by provision method for bad debts
□Applicable □ Not applicable
Unit: RMB
Ending balance Beginning balance
Provision for bad Provision for bad
Book balance Book balance
Type debts Book debts Book
Provisio value Provisio value
Amount Ratio Amount Amount Ratio Amount
n ratio n ratio
Provisio
n for bad
debts
627770392405235364627054471694579884
accrued 87.00% 62.51% 87.21% 7.52%
434.33624.92809.41431.4274.26957.16
on an
individu
al basis
Incl
uding:
Provisio
n for bad
938064558379379684919703474608445094
debts 13.00% 59.52% 12.79% 51.60%
22.8842.7880.1004.9689.3015.66
made by
portfolio
Incl
uding:
721576448243273333719024946303624394
Total 100.00% 62.12% 100.00% 13.16%
857.21567.70289.51736.3863.56372.82
Provision for bad debts accrued on an individual basis: RMB 392405624.92
Unit: RMB
Beginning balance Ending balance
Name Provision for Provision for Reasons for
Book balance Book balance Provision ratio
bad debts bad debts provision
Shenzhen
Xinhai
Holdings Co.Prudent
Ltd. and related
587289550.00 17618686.51 587289550.00 362846450.00 61.78% judgment on
parties
recovery risk
Shenzhen
Xinhai
Rongyao Real
1662024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Estate
Development
Co. Ltd. and
Shenzhen
Qianhai
Advanced
Information
Service Co.Ltd.Shenzhen
Tianjun
10000000.0010000000.00
Industrial Co.Ltd.Shanghai
Yutong Real Failed to
Estate 5676000.00 5676000.00 5676000.00 5676000.00 100.00% recover for a
Development long time
Co. Ltd.Hong Kong
Failed to
Yueheng
3271837.78 3271837.78 3271837.78 3271837.78 100.00% recover for a
Development
long time
Co. Ltd.Failed to
Dameisha
2576445.69 2576445.69 2576445.69 2576445.69 100.00% recover for a
Tourism Center
long time
Failed to
Elevated Train
2542332.43 2542332.43 2542332.43 2542332.43 100.00% recover for a
Project
long time
Accounts
receivable with
insignificant
Failed to
single amount
15698265.52 15484171.85 16414268.43 15492559.02 94.38% recover for a
but subject to
long time
provision for
bad debts on an
individual basis
Total 627054431.42 47169474.26 627770434.33 392405624.92
Provision for bad debts by portfolio: RMB 55837942.78
Unit: RMB
Ending balance
Name
Book balance Provision for bad debts Provision ratio
Within 1 year 25604909.80 768147.25 3.00%
1-2 years 4735293.94 473529.41 10.00%
2 to 3 years 1849560.48 554868.17 30.00%
3 - 4 years 2701998.36 1350999.22 50.00%
4 to 5 years 31121307.77 24897046.20 80.00%
Over 5 years 27793352.53 27793352.53 100.00%
Total 93806422.88 55837942.78
Explanation on the basis for determining the combination:
The provision for bad debts made according to the general model of expected credit losses
Unit: RMB
Phase I Phase II Phase III
Provision for bad debts Total
Expected credit losses Expected credit loss Expected credit loss
1672024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
over the next 12 throughout the duration throughout the duration
months (without credit loss) (with credit loss)
Balance as of January
47460889.3017297069.2429872405.0294630363.56
12024
Balance as at January
1 2024 forwarded to
the current period
-Transfer to phase III -321617.26 -17297069.24 17618686.50
Provision for the
8698670.74344914533.40353613204.14
current period
Balance as of
55837942.780.00392405624.92448243567.70
December 31 2024
Basis for division of each stage and ratio of provision for bad debts
Changes in the book balance of provision for loss with significant changes in the current period
□Applicable □ Not applicable
Based on the changes in the real estate market the Company hired an asset appraisal agency to
conduct a value analysis on the recoverable amount of the claims of Shenzhen Xinhai Holdings
Co. Ltd. and related parties Shenzhen Xinhai Rongyao Real Estate Development Co. Ltd. and
Shenzhen Qianhai Advanced Information Service Co. Ltd. The provision for bad debts is made
for the part of the recoverable amount lower than the book balance according to the value analysis
report.
4) Provision for bad debts accrued recovered or reversed in the current period
Provision for bad debts for the current period:
Unit: RMB
Changes in the current period
Beginning
Type Recovery or Resale or write- Ending balancebalance Provision Others
reversal off
Provision for
bad debts
47169474.26345236150.66392405624.92
accrued on an
individual basis
Provision for
bad debts made 47460889.30 8377053.48 55837942.78
by portfolio
Total 94630363.56 353613204.14 448243567.70
Reversal or recovery of significant amount of provision for bad debts in the current period:
Unit: RMB
Basis for determining
Recovered or reversed the ratio of provision
Entity name Reason for reversal Recovery method
amount for bad debts and its
rationality
1682024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
5) Other receivables actually write-off in the current period
Unit: RMB
Item Amount of write-off
Important other receivables write-off:
Unit: RMB
Whether the fund
Write-off
Nature of other Amount of write- Reasons for write- is generated by
Entity name procedures
receivables off off related party
performed
transactions
Explanations on write-off of other receivables:
6) Other receivables of the top five ending balances collected by debtor
Unit: RMB
Balance of
Ratio to the total
provision for bad
Entity name Nature of amount Ending balance Aging ending balance of
debts as at the end
other receivables
of the period
Shenzhen Xinhai
Rongyao Real
3 to 5 years over 5
Estate Current accounts 375068984.55 51.98% 231729731.18
years
Development Co.Ltd.Shenzhen Xinhai 3 to 5 years over 5
Current accounts 201499990.18 27.92% 124493201.20
Holdings years
Shenzhen
Bengling Joint
Current accounts 30000000.00 4 to 5 years 4.16% 24000000.00
Stock Cooperative
Company
Shenzhen Qianhai
Advanced
Current accounts 10720575.27 3 - 4 years 1.49% 6623517.62
Information
Service Co. Ltd.Shenzhen Tianjun
Current accounts 10000000.00 3 - 4 years 1.39%
Industrial Co. Ltd.Total 627289550.00 86.94% 386846450.00
7) Reported as other receivables due to centralized fund management
Unit: RMB
Other explanations:
8. Advances to suppliers
(1) Advances to suppliers are listed by aging
Unit: RMB
Aging Ending balance Beginning balance
1692024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Amount Ratio Amount Ratio
Within 1 year 5575416.69 71.57% 11077693.87 92.45%
1-2 years 1533388.81 19.69% 388465.12 3.24%
2 to 3 years 352506.38 4.53% 304932.40 2.54%
Over 3 years 327861.81 4.21% 211994.96 1.77%
Total 7789173.69 11983086.35
Explanation of the reasons for the delayed settlement of advances to suppliers with an aging of over 1 year and significant amounts:
(2) Prepayment status of the top five year-end balances collected by prepaid objects
Entity name Ending balance Ratio to the total endingbalance of prepayments (%)
Chongqing Yudi Assets Operation Management Co. Ltd. 1926139.50 24.73%
The Fifth Construction Engineering Co. Ltd. of China Construction Fourth
Engineering Co. Ltd. 568181.04 7.29%
Tianjin Tanggu Gas Co. Ltd. 500002.00 6.42%
Beijing Jingdong Century Information Technology Co. Ltd. 404030.64 5.19%
Chongqing Caitong Water Affairs Co. Ltd. 300426.08 3.86%
Total 3698779.26 47.49%
Other explanations:
9. Inventories
Whether the Company needs to comply with the disclosure requirements of the real estate industry
Yes
(1) Classification
The Company shall comply with the disclosure requirements for the real estate industry as set out in the Guidelines for Self-
Regulation of Listed Companies of Shenzhen Stock Exchange No. 3 - Industry Information Disclosure
Classification by nature
Unit: RMB
Ending balance Beginning balance
Provision for Provision for
inventory inventory
depreciation or depreciation or
Item provision for provision for
Book balance Book value Book balance Book value
impairment of impairment of
contract contract
performance performance
costs costs
Development 10400305603 1159179944. 9241125658. 11174583667 10955759631
218824035.97
costs .19 88 31 .43 .46
Developing 1538484990. 1442730360.
95754630.32141176477.91141176477.91
products 57 25
Raw materials 1497761.18 907923.88 589837.30 1533601.80 915223.04 618378.76
Inventories of 2407119.31 2094300.39 312818.92 2564024.46 2094300.39 469724.07
1702024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
goods
Low-value
286478.63286478.63184883.54184883.54
consumables
119429819521257936799.106850451531132004265511098209095
Total 221833559.40.8847.41.14.74
Disclose the main items of "development costs" and their capitalization of interest in the following format:
Unit: RMB
Includi
Transfe ng:
Increas Accum
r to Other Capitali
Estimat e in the ulated
Estimat develop decreas zed
Comme ed Beginni current capitali Source
ed total ment es in Ending amount
Project ncemen complet ng period zation of
investm product the balance of
t time ion balance (develo amount funds
ent s in the current interest
time pment of
current period in the
costs) interest
period current
period
Lake October Septem 84000 52221 60105
788438 477379 119889 Bank
City 15 ber 10 00000. 24208. 63047.
838.82 595.14 892.75 loans
Project 2020 2026 00 85 67
Humen
March August 32175 25596 27414
Binhai 181770 24383 14782 Bank
223090000.48387.18798.
Harbor 410.70 165.36 180.06 loans
20222025005121
Project
Guang
ming
Decem 26586 19952 22915
Yutang March 296336 11490 76805 Bank
ber 3 80500. 22707. 58732. 0.00
Shangf 7 2022 025.16 648.55 02.14 loans
2024005672
u
Project
Land in
Hongqi 66484 66484
0.00 Others
Town 04.13 04.13
Haikou
Shenhu
3728785032.37372
i 0.00 Others
764.5485797.39
Garden
Fuyuan
161023866119968
tai 0.00 Others
390.1442.48532.62
Project
Shenya
ng
May 37747 12956 15344
Digital March 238764 88218 83609 Bank
3090000.53963.18436.
Intellig 6 2023 473.51 92.61 37.61 loans
2026000051
ent City
Project
418958019749915
Others 0.00 Others
841.7044.96586.66
1805111174229151517210400
522075150713
Total -- -- 060500 583667 58732. 0.00 80668. 305603 --
301.66512.56.00.437248.19
Disclose the main project information on "developed products" in the following format:
Unit: RMB
Time of Beginning
Project Increase in Decrease in
Ending Accumulated Including:
completion balance the current the current balance capitalization Capitalized
1712024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
period period amount of amount of
interest interest in the
current
period
SZPRD · Co
December 1 83077702.9
vered Bridge 3447316.75 3447316.75
20126
International
SZPRD · La
30141708.930049833.910446911.4
keside Royal June 1 2015 91874.94
283
View Phase I
SZPRD · Ba
January 12 27205315.9
nshan Yujing 3536989.41 57501.95 3479487.46
20225
Phase II
SZPRD · So
23046940.022232784.130539392.6
nghu July 1 2017 814155.84
395
Langyuan
SZPRD · La
keside Royal November 1 30279330.7 30166422.6
112908.140.00
View Phase 2017 8 4
II
SZPRD · Gol
December 1 36946480.8 25520654.7 11425826.0
den Ling 0.00
2019349
Holiday
SZPRD · Fuc
hang Garden
January 18
Phase II 4951526.83 4951526.83 0.00
2023
(Fuhui
Huayuan)
SZPRD · Yut December 3 229155873 867653124. 142390560 11490648.5
0.007680502.14
ang Shangfu 2024 2.72 45 8.27 5
December 1 26385636.2
ITC Plaza 4839083.10 4839083.10
19959
Area A
Huangyuyua June 1 2001 790140.58 790140.58 0.00
n
Podium
building of November 1
645532.65645532.650.00
Fuchang 1999
Building
Other
2551428.032551428.030.00
projects
141176477.229155873894250220.153848499189145607.
Total -- 7680502.14
912.72060.5783
Disclose "development products with installment collection" "development products for lease" and "revolving houses" by item in
the following format:
Unit: RMB
Increase in the current Decrease in the current
Project Beginning balance Ending balance
period period
(2) Data resources recognized as inventories
Unit: RMB
Inventories of Inventories of data Inventories of data
Item purchased data resource processed by resource obtained by Total
resources oneself other means
1722024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(3) Provision for inventory depreciation and provision for impairment of contract performance costs
The provision for inventory depreciation shall be disclosed in the following format:
Classification by nature
Unit: RMB
Increase in the current period Decrease in the current period
Beginning Ending
Item
balance Reversal or
Remark
Provision Others Others balance
write-off
Development 218824035. 940355908. 115917994
costs 97 91 4.88
Developing 95754630.3 95754630.3
products 2 2
Raw
915223.042820.8410120.00907923.88
materials
Inventories
2094300.392094300.39
of goods
221833559.103611336125793679
Total 10120.00
400.079.47
Classification by main items:
Unit: RMB
Increase in the current period Decrease in the current period
Beginning Ending
Project Remark
balance Reversal orProvision Others Others balance
write-off
(4) The capitalization rate of interest in the ending balance of inventories
Capitalization amount at Capitalization amount Amount carriedProject the beginning of the of the current period forward of the
Capitalization amount at
period current period the end of the period
SZPRD · Golden Ling Holiday 264266.89 195968.26 68298.63
SZPRD ·Lake City 357489702.39 119889892.75 477379595.14
SZPRD · Covered Bridge
International 2971986.54 2971986.54
SZPRD · Lakeside Royal View
Phase I 1249515.42 29241.32 1220274.10
SZPRD · Harbour Palace 9600985.30 14782180.06 24383165.36
SZPRD · Yutang Shangfu 3810146.41 7680502.14 4289437.30 7201211.25
Shenzhen Property · Shenyang
Digital Intelligent City 460955.00 8360937.61 8821892.61
Total 375847557.95 150713512.56 4514646.88 522046423.63
1732024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(5) Restricted inventories
Disclosure of restricted inventories by item:
Unit: RMB
Project Beginning balance Ending balance Reason for restriction
Land use right of Lake City
381246103.00 401867324.00 Loan collateral
Project plot
Land use right of Plot D of
Shenyang Digital Intelligent
474272747.56 Loan collateral
City Project and Plot D
construction in progress
Total 381246103.00 876140071.56
10. Assets held for sale
Unit: RMB
Ending book Provision for Estimated Estimated
Item Closing book value Fair value
balance impairment disposal cost disposal time
Non-current
January 13
assets held for 170154.05 170154.05
2025
sale
Total 170154.05 170154.05
Other explanations:
11. Non-current assets maturing within one year
Unit: RMB
Item Ending balance Beginning balance
(1) Debt investments due within one year
□Applicable □Not applicable
(2) Other debt investments due within one year
□Applicable □Not applicable
12. Other current assets
Unit: RMB
Item Ending balance Beginning balance
Prepaid value-added tax 26330826.55 22096062.08
Input tax to be deducted 140627987.61 97304885.00
Prepaid income tax 2883055.01 4608593.92
Prepaid land value increment tax 8078866.26 862126.84
Prepaid urban construction tax 2215820.29 1692524.35
Advance payment of education
1582870.761208945.98
surcharges
Instant collection and refund of value- 1687.34 1687.34
1742024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
added tax on software sales receivable
Total 181721113.82 127774825.51
Other explanations:
13. Debt investments
(1) Details of debt investments
Unit: RMB
Ending balance Beginning balance
Item Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
Changes in provision for impairment of debt investments in the current period
Unit: RMB
Increase in the current Decrease in the current
Item Beginning balance Ending balance
period period
(2) Important debt investments at the end of the period
Unit: RMB
Ending balance Beginning balance
Debt Nominal Effective Nominal Effective
item Book Maturity Overdue Book Maturity Overdueinterest interest interest interest
value date principal value date principal
rate rate rate rate
(3) Provision for impairment
Unit: RMB
Phase I Phase II Phase III
Provision for bad debts Expected credit losses Expected credit loss Expected credit loss Total
over the next 12 throughout the duration throughout the duration
months (without credit loss) (with credit loss)
Balance as at January
1 2024 forwarded to
the current period
Basis for division of each stage and ratio of provision for bad debts
(4) Debt investments actually written off in the current period
Unit: RMB
Item Amount of write-off
Write-off of important debt investments
Debt investments write-off:
Changes in the book balance of provision for loss with significant changes in the current period
□ Applicable □Not applicable
Other explanations:
1752024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
14. Other debt investments
(1) Other debt investments
Unit: RMB
Accumulated
Fair value provision for
Cumulati
Interest changes impairment
Beginnin Accrued Ending ve fair Remar
Item adjustmen of the Cost recognized in
g balance interest balance value k
t current other
changes
period comprehensi
ve income
Changes in provision for impairment of other debt investments in the current period
Unit: RMB
Increase in the current Decrease in the current
Item Beginning balance Ending balance
period period
(2) Other important debt investments at the end of the period
Unit: RMB
Ending balance Beginning balance
Other
debt Nominal Effective Nominal EffectiveBook Maturity Overdue Book Maturity Overdue
items interest interest interest interestvalue date principal value date principal
rate rate rate rate
(3) Provision for impairment
Unit: RMB
Phase I Phase II Phase III
Provision for bad debts Expected credit losses Expected credit loss Expected credit loss Total
over the next 12 throughout the duration throughout the duration
months (without credit loss) (with credit loss)
Balance as at January
1 2024 forwarded to
the current period
Basis for division of each stage and ratio of provision for bad debts
(4) Other debt investments actually written off in the current period
Unit: RMB
Item Amount of write-off
Write-off of important other debt investments
Other debt investments write-off:
Changes in the book balance of provision for loss with significant changes in the current period
□ Applicable □Not applicable
Other explanations:
1762024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
15. Other equity instrument investments
Unit: RMB
Reasons
Gains Losses designated
Gains Loss
accumulate accumulate as being
accrued to accrued to Dividend
d into other d into other measured
other other income
comprehen comprehen at fair
Ending Beginning comprehen comprehen recognized
Project sive sive value
balance balance sive sive during the
income at income at through
income in income in current
the end of the end of other
the current the current period
the current the current comprehen
period period
period period sive
income
Jintian
Not for
Industrial 2896256.3
586231.82 636926.20 60387.90 trading
(Group) 8
purpose
Co. Ltd.
2896256.3
Total 586231.82 636926.20 60387.90
8
Derecognition exists in the current period
Unit: RMB
Cumulative gains transferred Cumulative losses transferred
Project Reasons for derecognition
to retained earnings to retained earnings
Non-trading equity instrument investments by item in the current period
Unit: RMB
Amount Reasons
Reasons for the
transferred designated as
transfer of other
Recognized from the other being measured
Cumulative Cumulative comprehensive
Project dividend comprehensive at fair value
gains loss income into
income income to through other
retained
retained comprehensive
earnings
earnings income
Jintian
Industrial Not for trading
3004124.49
(Group) Co. purpose
Ltd.Other explanations:
16. Long-term receivables
(1) Long-term receivables
Unit: RMB
Ending balance Beginning balance
Interval of
Item Provision for Provision for
Book balance Book value Book balance Book value discount rate
bad debts bad debts
1772024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(2) Disclosure by provision method for bad debts
Unit: RMB
Ending balance Beginning balance
Provision for bad Provision for bad
Book balance Book balance
Type debts Book debts Book
Provisio value Provisio value
Amount Ratio Amount Amount Ratio Amount
n ratio n ratio
Incl
uding:
Incl
uding:
The provision for bad debts made according to the general model of expected credit losses
Unit: RMB
Phase I Phase II Phase III
Provision for bad debts Expected credit losses Expected credit loss Expected credit loss Total
over the next 12 throughout the duration throughout the duration
months (without credit loss) (with credit loss)
Balance as at January
1 2024 forwarded to
the current period
Basis for division of each stage and ratio of provision for bad debts
(3) Provision for bad debts accrued recovered or reversed for the current period
Unit: RMB
Changes in the current period
Beginning
Type
balance Recovery or Resale or write-
Ending balance
Provision Others
reversal off
Reversal or recovery of significant amount of provision for bad debts in the current period:
Unit: RMB
Basis for determining
Recovered or reversed the ratio of provision
Entity name Reason for reversal Recovery method
amount for bad debts and its
rationality
Other explanations:
(4) Actual write-off of long-term receivables in the current period
Unit: RMB
Item Amount of write-off
Write-off of important long-term receivables:
Unit: RMB
Amount of write- Reasons for write-
Entity name Nature of payment Write-off Whether the fund
off off procedures is generated by
1782024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
performed related party
transactions
Explanations on write-off of long-term receivables:
17. Long-term equity investments
Unit: RMB
Increase/decrease in this period
Invest Balanc
Beginn ment Adjust e of
Beginn ing profit ment Cash provisiEnding
ing balanc or loss of divide on forbalanc
balanc e of Additi Reduc Other Provisi
Investees recogn other nds or
impair
e provisi onal ed change on for
e
ized compr profits Others ment
(book on for invest invest s in impair
(book
under ehensi declare as atvalue)
value) impair ment ment equity mentthe ve d to be the end
ment equity incom paid of the
metho e period
d
I. Joint ventures
Shenzhen
480651842923235
Property Jifa
818.50782.6600.
Warehousing
04797
Co. Ltd.Shenzhen
Tian'an
International -
70505739
Building 1311
937.34071.23
Property 866.11
Management
Co. Ltd.
551161829723809
Sub-total 755.8 8916. 5672.
43620
II. Associates
Shenzhen
Wufang 18983 18983
Ceramic 614.1 614.1
Industry Co. 4 4
Ltd.Shenzhen
Comfort
1650016500
Health
0.000.00
Products
Co. Ltd.Shenzhen
Xinghao
Imitation 75667 75667
Porcelain 0.68 0.68
Products
Co. Ltd.Shenzhen
Social 32669 32669
Welfare 3.24 3.24
Company
1792024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Fuda
Electronics
Factory
Shenzhen
Fulong
16841684
Industrial
350.00350.00
Developmen
t Co. Ltd.Haonianhua 2733 2733
Hotel 570.05 570.05
Shenzhen
Education
5000050000
Fund
0.000.00
Longhua
Investment
Shenzhen
Kangle
5400654006
Sports Club
0.000.00
Huangfa
Branch
Factory
building in
Dankeng
Village 1168 1168
Fumin 973.20 973.20
Guanlan
Town
Shenzhen
Shenzhen
Xiongniu
5000050000
Bowling
0.000.00
Entertainme
nt Co. Ltd.Shenzhen
Lianhua
Caitian 1475
0.00
Property 465.91
Management
Co. Ltd.Shenzhen
Yangyuan 1030 1030
Industrial 000.00 000.00
Co. Ltd.Jia Kaifeng
Company 60000 60000
Bao'an 0.00 0.00
Company
Guiyuan
3500035000
Auto Repair
0.000.00
Plant
Shenzhen
Wuwei Roof 50000 50000
Landscaping 0.00 0.00
Co. Ltd.Shenzhen
2400024000
Yuanping
0.000.00
Plastic Steel
1802024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Doors and
Windows
Co. Ltd.Shenzhen
Youfang
1000010000
Printing and
0.000.00
Distribution
Co. Ltd.Shenzhen
Lusheng
1000010000
Industrial
0.000.00
Developmen
t Co. Ltd.China
Construction
Engineering
2894030092
Corporation 1244 93455
994.7133.3
Group Smart 593.63 .02
12
Parking
Technology
Co. Ltd.
28940317543009230278
124493455
Sub-total 994.7 397.2 133.3 931.3
593.63.02
1221
8405731754184222681830278
93455
Total 750.5 397.2 3509. 7805. 931.3.02
5299521
Note: Shenzhen Lianhua Caitian Property Management Co. Ltd. was legally de-registered on November 6 2024 so the Company
will write off the provision for impairment of its long-term equity investment in this entity.The recoverable amount is determined at the net amount of the fair value minus the disposal expenses
□ Applicable □Not applicable
The recoverable amount is determined based on the present value of the estimated future cash flows
□ Applicable □Not applicable
Reasons for the obvious inconsistency between the above information and the information used in previous impairment test or
external information
Reasons for the difference between the information used in the impairment test of the Company in previous years and the actual
situation of the current year
Other explanations:
18. Other non-current financial assets
Unit: RMB
Item Ending balance Beginning balance
Other explanations:
19. Investment properties
(1) Investment properties measured at the cost mode
□Applicable □ Not applicable
1812024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Unit: RMB
Construction in
Item Houses and buildings Land use rights Total
progress
I. Total original book value
1. Beginning balance 882419576.87 14495902.20 37192716.83 934108195.90
2. Increase in the current period 24580257.28 2472881.95 27053139.23
(1) Outsourcing 1045314.40 2472881.95 3518196.35
(2) Transfer from inventories
fixed assets and construction in 23534942.88 23534942.88
progress
(3) Increase in business
combination
3. Decrease in the current period 6858774.25 6858774.25
(1) Disposal 7132124.83 7132124.83
(2) Other transfers out
(3) Exchange adjustment -273350.58 -273350.58
4. Ending balance 900141059.90 14495902.20 39665598.78 954302560.88
II. Accumulated depreciation and
accumulated amortization
1. Beginning balance 503887262.40 13360585.89 30049547.14 547297395.43
2. Increase in the current period 34139732.46 4761347.05 38901079.51
(1) Provision or amortization 28432914.88 4761347.05 33194261.93
(2) Others 5706817.58 5706817.58
3. Decrease in the current period 5317568.41 614238.72 5931807.13
(1) Disposal 5577251.46 5577251.46
(2) Other transfers out 614238.72 614238.72
(3) Exchange adjustment -259683.05 -259683.05
4. Ending balance 532709426.45 13360585.89 34196655.47 580266667.81
III. Provision for impairment
1. Beginning balance
2. Increase in the current period
(1) Provision
3. Decrease in the current period
(1) Disposal
(2) Other transfers out
4. Ending balance
IV. Book value
1. Book value as at the end of the
367431633.451135316.315468943.31374035893.07
period
2. Book value as at the beginning
378532314.471135316.317143169.69386810800.47
of the period
The recoverable amount is determined at the net amount of the fair value minus the disposal expenses
□ Applicable □Not applicable
1822024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
The recoverable amount is determined based on the present value of the estimated future cash flows
□ Applicable □Not applicable
Reasons for the obvious inconsistency between the above information and the information used in previous impairment test or
external information
Not applicable
Reasons for the difference between the information used in the impairment test of the Company in previous years and the actual
situation of the current year
Not applicable
Other explanations:
(2) Investment properties measured by fair value
□Applicable □Not applicable
The Company shall comply with the disclosure requirements for the real estate industry as set out in the Guidelines for Self-
Regulation of Listed Companies of Shenzhen Stock Exchange No. 3 - Industry Information Disclosure
The investment properties measured at fair value are disclosed by item:
Unit: RMB
Rental The Reasons for
Fair value
income magnitude fair value
Geographic Time of Gross floor Opening as at the
Project during the of fair changes
al location completion area fair value end of the
reporting value and report
period
period changes index
Whether the Company has investment properties in the construction period in the current period
□ Yes □No
Whether the Company has any new investment properties measured at fair value in the current period
□ Yes □No
(3) Conversion to investment properties and measurement at fair value
Unit: RMB
Accounting Impact on other
Reason for Approval Impact on
Item items before Amount comprehensive
conversion procedure profit or loss
conversion income
(4) Investment properties without certificate of title
Unit: RMB
Reasons for failure to obtain the
Item Book value
certificate of title
The property is a property management
house which was occupied by a third-
Unit 507 Building 6 Maguling 21369.41 party property management company
and has now been recovered but the
certificate of title has not been handled
Merrill Land1 The land was obtained after the final
1832024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
judgment in 2017 and the relevant
certificate of title is being handled
Note: 1 As of December 31 2024 the original book value of Merrill Lynch land is RMB 3885469.40 the accumulated
depreciation is RMB 3885469.40 and the book value is RMB 0.Other explanations:
20. Fixed assets
Unit: RMB
Item Ending balance Beginning balance
Fixed assets 52712396.64 66436408.90
Disposal of fixed assets
Total 52712396.64 66436408.90
(1) Fixed assets
Unit: RMB
Buildings and Machinery Means of Renovation of Other
Item Total
constructions equipment transportation fixed assets equipment
I. Total original
book value:
1.
Beginning 124427233.56 6309068.92 19351344.14 37737995.88 58465847.17 246291489.67
balance
2. Increase
in the current 385466.33 701057.69 9264.42 4485049.38 5580837.82
period
(1)
372600.21701057.699264.424459955.345542877.66
Purchase
(2)
Transfer from
construction in
progress
(3)
Increase in
business
combination
(4) Others 12866.12 25094.04 37960.16
3.
Decrease in the 5234107.26 1111014.28 2878815.32 9223936.86
current period
(1)
Disposal or 1102166.49 2875816.32 3977982.81
scrapping
(2) Transfer to
investment 5360609.37 5360609.37
properties
(3) Others 8847.79 2999.00 11846.79
(4) Exchange
-126502.11-126502.11
adjustment
1842024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
4. Ending
119193126.306694535.2518941387.5537747260.3060072081.23242648390.63
balance
II. Accumulated
depreciation
1.
Beginning 95205368.96 2973487.60 14751415.52 26131133.38 40717958.15 179779363.61
balance
2. Increase
in the current 1804820.03 2253950.20 1450008.62 6737484.89 6934228.78 19180492.52
period
(1)
1804820.032253950.201450008.626737484.896546725.1318792988.87
Provision
(2) Others 387503.65 387503.65
3.
Decrease in the 4954900.57 1048411.70 3096267.03 9099579.30
current period
(1)
Disposal or 1048411.70 2713007.59 3761419.29
scrapping
(2) Transfer to
investment 5092578.86 5092578.86
properties
(3) Others 383259.44 383259.44
(4) Exchange
-137678.29-137678.29
adjustment
4. Ending
92055288.425227437.8015153012.4432868618.2744555919.90189860276.83
balance
III. Provision
for impairment
1.
Beginning 75717.16 75717.16
balance
2. Increase
in the current
period
(1)
Provision
3.
Decrease in the
current period
(1)
Disposal or
scrapping
4. Ending
75717.1675717.16
balance
IV. Book value
1. Book
value as at the
27137837.881467097.453788375.114878642.0315440444.1752712396.64
end of the
period
1852024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
2. Book
value as at the
29221864.603335581.324599928.6211606862.5017672171.8666436408.90
beginning of
the period
(2) Temporarily idle fixed assets
Unit: RMB
Original book Accumulated Provision for
Item Book value Remark
value depreciation impairment
(3)Fixed assets leased out through operating leases
Unit: RMB
Item Closing book value
(4) Fixed assets without certificate of title
Unit: RMB
Item Book value Reason for failure to properly handle the certificate of title
Due to the planning adjustment the office buildings of the
property will be demolished and a new high-rise office
Room 401 and 402 Office Building buildings will be built near the existing site. The company
498583.82
Sanxiang Business Building will replace the existing property with the new office
buildings after its completion so the property certificate of
the property has not been able to be handled.Other explanations:
(5) Impairment test of fixed assets
□Applicable □Not applicable
(6) Disposal of fixed assets
Unit: RMB
Item Ending balance Beginning balance
Other explanations:
21. Construction in progress
Unit: RMB
Item Ending balance Beginning balance
(1) Construction in progress situation
Unit: RMB
Ending balance Beginning balance
Item
Book balance Provision for Book value Book balance Provision for Book value
1862024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
impairment impairment
(2) Changes of significant construction in progress in the current period
Unit: RMB
Ratio Includi
of Accum ng: Interes
Transf
Other accum ulated Capital t
Increas er into
Beginn decrea ulated Progre capital ized capital
e in fixed Ending Source
ing ses in project ss of ization amoun ization
Project Budget the assets balanc of
balanc the invest constr amoun t of rate for
current in the e funds
e current ment uction t of interes the
period current
period in interes t in the current
period
budget t current period
(%) period
(3) Provision for impairment of construction in progress in the current period
Unit: RMB
Increase in the Decrease in the Reason for
Item Beginning balance Ending balance
current period current period provision
Other explanations:
(4) Impairment test of construction in progress
□Applicable □Not applicable
(5) Project materials
Unit: RMB
Ending balance Beginning balance
Item Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
Other explanations:
22. Right-of-use assets
(1) Right-of-use assets status
Unit: RMB
Item Buildings and constructions Total
I. Total original book value
1. Beginning balance 56060905.86 56060905.86
2. Increase in the current period 10949317.11 10949317.11
(1) New lease 10949317.11 10949317.11
3. Decrease in the current period 24356231.04 24356231.04
(1) Termination of leases 24356231.04 24356231.04
4. Ending balance 42653991.93 42653991.93
1872024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
II. Accumulated depreciation
1. Beginning balance 32544109.64 32544109.64
2. Increase in the current period 13691114.95 13691114.95
(1) Provision 13691114.95 13691114.95
3. Decrease in the current period 20548852.69 20548852.69
(1) Disposal
(2) Termination of leases 20548852.69 20548852.69
4. Ending balance 25686371.90 25686371.90
III. Provision for impairment
1. Beginning balance
2. Increase in the current period
(1) Provision
3. Decrease in the current period
(1) Disposal
4. Ending balance
IV. Book value
1. Book value as at the end of the
16967620.0316967620.03
period
2. Book value as at the beginning of
23516796.2223516796.22
the period
(2) Impairment test of right-of-use assets
□Applicable □Not applicable
Other explanations:
23. Intangible assets
(1) Intangible assets situation
Unit: RMB
Non-patented Right of use
Item Land use rights Patent right Total
technology of software
I. Total original book value
1. Beginning balance 3060312.13 3060312.13
2. Increase in the current period
(1) Purchase
(2) Internal R&D
(3) Increase in business
combination
3. Decrease in the current period
(1) Disposal
1882024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
4. Ending balance 3060312.13 3060312.13
II. Accumulated accumulation
1. Beginning balance 2170510.99 2170510.99
2. Increase in the current period 418235.75 418235.75
(1) Provision 418235.75 418235.75
3. Decrease in the current period
(1) Disposal
4. Ending balance 2588746.74 2588746.74
III. Provision for impairment
1. Beginning balance
2. Increase in the current period
(1) Provision
3. Decrease in the current period
(1) Disposal
4. Ending balance
IV. Book value
1. Book value as at the end of
471565.39471565.39
the period
2. Book value as at the
889801.14889801.14
beginning of the period
The ratio of intangible assets formed through the Company's internal research and development to the balance of intangible assets
at the end of the current period is 0.00%.
(2) Data resources recognized as intangible assets
□Applicable □Not applicable
(3) Details of land use right without certificate of title
Unit: RMB
Reason for failure to properly handle the
Item Book value
certificate of title
Other explanations:
(4) Impairment test of intangible assets
□Applicable □Not applicable
1892024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
24. Goodwill
(1) Original book value of goodwill
Unit: RMB
Increase in the current period Decrease in the current period
Name of the
investees or Beginning Amount formed
Ending balance
matters forming balance through Disposal
goodwill business
combination
Shenzhen
Facility
Management 9446847.38 9446847.38
Community
Co. Ltd.Total 9446847.38 9446847.38
(2) Provision for impairment of goodwill
Unit: RMB
Name of the Increase in the current period Decrease in the current period
investees or Beginning
Ending balance
matters forming balance Provision Disposal
goodwill
Total
(3) Relevant information on the asset group or portfolio of asset groups of the goodwill belongs to
Composition and basis of the
Whether it is consistent with
Name asset group or combination to Operating segments and basis
previous years
which it belongs
Asset group or portfolio of
asset groups that can
independently generate cash
flows determined in
consideration of the
Shenzhen Facility
synergistic effect that can Property management
Management Community Co. Yes
benefit from the business supporting services
Ltd.combination and the
management or monitoring
method of the management on
the production operating
activities
Changes in asset group or portfolio of asset groups
Objective facts and basis
Name Composition before change Composition after change
leading to changes
Other explanations
1902024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(4) Specific determination method of recoverable amount
The recoverable amount is determined at the net amount of the fair value minus the disposal expenses
□ Applicable □Not applicable
The recoverable amount is determined based on the present value of the estimated future cash flows
□Applicable □ Not applicable
Unit: RMB
Basis for
Key determinatio
Key
Years of Parameters n of key
Recoverable Impairme Parameters for
Item Book value forecast in parameters in
amount nt amount the Forecast
period Stabilizatio the
Period
n Phase stabilization
period
Shenzhen
Facility Revenue Confirmation
Management 27574639.49 32731847.11 5 growth rate No growth based on
Community discount rate caution
Co. Ltd.Total 27574639.49 32731847.11
Reasons for the obvious inconsistency between the above information and the information used in previous impairment test or
external information
Not applicable
Reasons for the difference between the information used in the impairment test of the Company in previous years and the actual
situation of the current year
Not applicable
(5) Completion of performance commitment and corresponding goodwill impairment
There is a performance commitment when the goodwill is formed and the reporting period or the previous period of the reporting
period is within the performance commitment period
□Applicable □ Not applicable
Other explanations:
In May 2021 the Company's subsidiary Shenzhen Wuhu Industry Investment and Development Co. Ltd. (Wuhe Industry
Investment and Development for short) acquired 35% of the equity of Shenzhen Facility Management Community Co. Ltd.
(Facility Management Community for short or the Target Company) through equity acquisition and targeted capital increase.
According to the equity acquisition cooperation framework agreement signed by the Wuhe Industry Investment and Development
and the original shareholders the Facility Home and its original shareholders promised that the operating revenue growth ratio or
net profit of the target company from 2021 to 2023 would reach the target value agreed in the agreement and the Wuhe Industry
Investment and Development would assess its operating performance within three years. As of the reporting date the performance
assessment has not been completed so its completion cannot be evaluated temporarily.
1912024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
According to the results of the goodwill impairment test if the recoverable amount is higher than its book value no provision for
impairment of goodwill is required.
25. Long-term deferred expenses
Unit: RMB
Amount amortized
Increase in the
Item Beginning balance in the current Other decreases Ending balance
current period
period
Renovation costs 21510397.88 9353705.75 8903786.44 -149772.94 22110090.13
Total 21510397.88 9353705.75 8903786.44 -149772.94 22110090.13
Other explanations:
26. Deferred tax assets/deferred tax liabilities
(1) Deferred tax assets without offset
Unit: RMB
Ending balance Beginning balance
Item Deductible temporary Deductible temporary
Deferred tax assets Deferred tax assets
differences differences
Provision for asset
88995990.9221643089.0495315243.8621090356.76
impairment
Unrealized profits of
436511360.97109127840.24437266319.66109316579.92
internal transactions
Deductible losses 1152203588.06 287259758.96 607016948.61 151737271.44
Land value increment
tax withdrawn for 3171733686.94 792933421.74 3911198870.69 977799717.67
deduction
Estimated profit
calculated from pre-
44109428.4011027357.1032620985.748155246.44
sale revenue of real
estate enterprises
Other accrued expenses 22746958.59 5629898.56 7694020.20 1923505.05
Lease liabilities 19127482.59 4531157.25 26502156.29 6417709.55
Total 4935428496.47 1232152522.89 5117614545.05 1276440386.83
(2) Deferred tax liabilities without offset
Unit: RMB
Ending balance Beginning balance
Item Taxable temporary Taxable temporary
Deferred tax liabilities Deferred tax liabilities
differences differences
Book value of fixed
assets is greater than 440912.20 110228.04 704413.18 176103.29
tax basis
Right-of-use assets 16972012.51 3989936.31 23516796.22 5686176.41
Total 17412924.71 4100164.35 24221209.40 5862279.70
1922024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(3) Deferred tax assets or liabilities listed net amount after write-offs
Unit: RMB
Deduction amount of Ending balance of Deduction amount of Beginning balance of
deferred tax assets and deferred tax assets or deferred tax assets and deferred tax assets or
Item
liabilities at the end of liabilities after write- liabilities from the liabilities after write-
the period off beginning of the period off
Deferred tax assets 1232152522.89 1276440386.83
Deferred tax liabilities 4100164.35 5862279.70
(4) Details of unconfirmed deferred tax assets
Unit: RMB
Item Ending balance Beginning balance
Deductible temporary differences 1779067330.85 261260204.35
Deductible losses 321157984.91 254378951.24
Total 2100225315.76 515639155.59
(5) Deductible losses from unrecognized deferred tax assets will be expired in the following years
Unit: RMB
Year Ending amount Beginning amount Remark
Year 2024 124895242.05
202522711013.8522711013.85
202614238807.0014238807.00
202781285680.1281285680.12
202811248208.2211248208.22
2029191674275.72
Total 321157984.91 254378951.24
Other explanations:
27. Other non-current assets
Unit: RMB
Ending balance Beginning balance
Item Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
Cost of contract
9590978.859590978.85
acquisition
Prepayments
for the purchase
of fixed assets
investment 1649428.99 1649428.99 870062.16 870062.16
properties
intangible
assets etc.Others 2635093.77 2635093.77 2635093.77 2635093.77
Total 13875501.61 13875501.61 3505155.93 3505155.93
1932024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Other explanations:
The cost of contract acquisition is mainly the commissions of real estate sales contracts with a carry-over period of more than one
year.Others mainly the written-down assets of investment properties because the asset involves the relocation business of the
shantytown redevelopment in Chuanbu Street which will be handed over later with a term of more than one year.
28. Assets with restrictions on the ownership or right of use
Unit: RMB
Ending Beginning
Item Book Restricted Restricted Book Restricted Restricted
Book value Book value
balance type condition balance type condition
Guarantee
deposit
time
Monetary 67316759. 67316759. Note 1 - 15659341. 15659341. deposit
Frozen Frozen
funds 82 82 Note 11 60 60 interest
judicially
frozen
funds etc.Land use
right of
Lake City 40186732 40186732 38124610 38124610
Mortgage Note 12 Mortgage Note 9
Project 4.00 4.00 3.00 3.00
Phase II
plot
Land use
right of
Plot D of
Shenyang
Digital
Intelligent 52339596 47427274
Mortgage Note 13
City 7.09 7.56
Project and
Plot D
constructio
n in
progress
99258005943456833969054439690544
Total
0.911.384.604.60
Other explanations:
[Note 1]: Among the monetary funds with restricted right of use at the end of the period RMB 2950000.00 was the bank
guarantee deposit of the subsidiary Shenzhen Shenfubao Property Development Co. Ltd.[Note 2]: Among the monetary funds with restricted right of use at the end of the period RMB 3000000.00 was frozen by the
court due to pre-litigation preservation for contract disputes of the subsidiary Shenzhen Facility Management Community Co. Ltd.[Note 3]: Among the monetary funds with restricted right of use at the end of the period RMB 117500.00 was the bank guarantee
deposit of the subsidiary Shenzhen Facility Management Community Co. Ltd.[Note 4]: Among the monetary funds with restricted right of use at the end of the period RMB 1000.00 was the POS machine
deposit of the subsidiary Shenzhen Shenfubao Property Development Co. Ltd. Jiangxi Branch.
1942024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
[Note 5]: Among the monetary funds with restricted right of use at the end of the period RMB 203171.00 was frozen by the court
due to pre-litigation preservation for contract disputes of the subsidiary Shenzhen Huangcheng Real Estate Co. Ltd.[Note 6]: Among the monetary funds with restricted right of use at the end of the period there are RMB 57490835.33 of time
deposits purchased at the end of the period and their interest.[Note 7]: Among the monetary funds with restricted right of use at the end of the period RMB 50349.36 was the collection
business guarantee of the subsidiary Shenzhen Jiayuan Property Management Co. Ltd.[Note 8]: Among the monetary funds with restricted right of use at the end of the period RMB 284323.30 was the frozen
entrusted payment of the subsidiary Yangzhou Wohui Real Estate Co. Ltd.[Note 9]: Among the monetary funds with restricted right of use at the end of the period RMB 484000.00 was frozen by the court
due to pre-litigation preservation for contractual disputes of the subsidiary Chongqing Shenguomao Real Estate Management Co.Ltd.[Note 10]: Among the monetary funds with restricted right of use at the end of the period RMB 1600000.00 was the bank
guarantee deposit of the subsidiary Shenzhen Shenshan Special Cooperation Zone ITC Property Development Co. Ltd.[Note 11]: Among the monetary funds with restricted right of use at the end of the period there is RMB 1135580.83 which is the
loan guarantee historically provided by the Company as a real estate developer and paid for the buyers of commercial housing
according to the real estate operation practice.[Note 12]:Due to the needs of daily operating activities the Company applied for a loan from Industrial Bank Shenzhen Branch
and mortgaged the land use right of the Lake City Project plot it held.[Note 13]: Due to the needs of daily operating activities the Company applied for a loan from Agricultural Bank of China
Yangzhou Branch and mortgaged the land use right of Plot D of Shenyang Digital Intelligent City Project and the construction in
progress of Plot D.
29. Short-term borrowings
(1) Classification of short-term borrowings
Unit: RMB
Item Ending balance Beginning balance
Credit borrowings 190165458.33 230915000.00
Total 190165458.33 230915000.00
Description of short-term borrowings classification:
The credit borrowings (1) at the end of the period are used for the daily operation of the Company's subsidiary Shenzhen
International Trade Center Property Management Co. Ltd. with the term of loan from September 30 2024 to September 27 2025.The credit borrowings (2) at the end of the period are used for the daily operation of the Company of subsidiary Shenzhen ITC
Science and Technology Park Service Co. Ltd. and the term of loan is from September 30 2024 to September 27 2025.The credit borrowings (3) at the end of the period are used for the daily operation of the Company of subsidiary Shenzhen ITC
Science and Technology Park Service Co. Ltd. and the term of loan is from December 23 2024 to December 22 2025.
(2) Unpaid short-term borrowings in maturity
The total amount of overdue and outstanding short-term borrowings at the end of the current period is RMB 0.00 of which the
important overdue and outstanding short-term borrowings are as follows:
Unit: RMB
1952024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Borrower Ending balance Borrowing interest rate Overdue time Overdue interest rate
Other explanations:
30. Financial liabilities held for trading
Unit: RMB
Item Ending balance Beginning balance
Including:
Including:
Other explanations:
31. Derivative financial liabilities
Unit: RMB
Item Ending balance Beginning balance
Other explanations:
32. Notes payable
Unit: RMB
Category Ending balance Beginning balance
The total amount of notes payable due but not paid at the end of the current period is RMB and the reason for the non-payment is.
33. Accounts payable
(1) Presentation of accounts payable
Unit: RMB
Item Ending balance Beginning balance
Payable for engineering construction 876393730.22 540851975.20
Estimated accounts payable 27094771.04 40980345.76
Others 139603776.01 81036738.63
Total 1043092277.27 662869059.59
(2) Significant accounts payable aging more than one year or overdue
Unit: RMB
Reason for no settlement or carrying-
Item Ending balance
forward
Shenzhen Municipal Bureau of Planning and Land Resources 25000000.00 Problems left over from history
China Construction Third Engineering Bureau Second The project payment milestone has not
19160962.25
Construction Engineering Co. Ltd been reached
The project payment milestone has not
China Construction Fourth Engineering Bureau Co. Ltd 12017672.93
been reached
Shenzhen Qianhai Advanced Information Service Co. Ltd. 7126060.00 Unsettled project
Total 63304695.18
1962024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Other explanations:
34. Other payables
Unit: RMB
Item Ending balance Beginning balance
Dividends payable 12202676.04 12202676.04
Other payables 1219148760.34 1205100618.21
Total 1231351436.38 1217303294.25
(1) Interest payable
Unit: RMB
Item Ending balance Beginning balance
Important overdue and unpaid interest situations:
Unit: RMB
Borrower Overdue amount Reason for overdue
Other explanations:
(2) Dividends payable
Unit: RMB
Item Ending balance Beginning balance
Ordinary shares dividends 12202676.04 12202676.04
Total 12202676.04 12202676.04
Other notes including important dividends payable that have not been paid for more than 1 year shall disclose the reasons for non-
payment:
Item Amount of dividends payable Reason for non-payment
Shenzhen Urban Landscaping The other party's company is
Management Office 10869036.68 restructured and the payment objecthas not been clarified
Labor Union Committee of Shenzhen The other party's company is
Urban Landscaping Administration 1300000.00 restructured and the payment objecthas not been clarified
Others 33639.36 Unable to obtain the balance paymentof the other party's account and unpaid
Total 12202676.04
(3) Other payable
1) List other payable by nature of payment
Unit: RMB
Item Ending balance Beginning balance
Deposit 308200904.93 290979176.07
Guarantee 9248840.93 11806030.93
1972024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Agency collection 4743853.11 4832329.12
Current accounts 651960088.72 611443690.41
Accrued expenses 148017114.40 200129074.12
Withholding payments 7494625.63 17030579.72
Others 89483332.62 68879737.84
Total 1219148760.34 1205100618.21
2) Other significant payable aging over one year or overdue
Unit: RMB
Reason for no settlement or carrying-
Item Ending balance
forward
Yangzhou Tourism Development
345929298.79 Merge external related party transactions
Property Co. Ltd.Shenzhen Property Jifa Warehousing Current accounts without specific
202296665.14
Co. Ltd. repayment period
China Construction Third Engineering
Bureau Second Construction Engineering 21597500.00 Guarantee
Co. Ltd
Shenzhen Qianhai WeBank Co. Ltd. 6872723.72 The lease term has not expired
Shenzhen Tian'an International Building Current accounts without specific
5214345.90
Property Management Co. Ltd. repayment period
Total 581910533.55
3) Other payable of the top ten ending balances collected by counterparts
Other explanations:
35. Advances from customers
(1) Presentation of advances from customers
Unit: RMB
Item Ending balance Beginning balance
Rent 1744526.75 2265223.56
Total 1744526.75 2265223.56
(2) Important advances from customers with aging more than 1 year or overdue
Unit: RMB
Reason for no settlement or carrying-
Item Ending balance
forward
Unit: RMB
Item Changes Reason for changes
36. Contract liabilities
Unit: RMB
1982024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Item Ending balance Beginning balance
House payment received in advance 266400127.35 747372309.30
Property management fees received in advance 20619767.27 30554843.87
Other accounts received in advance 49144735.10 42497800.25
Total 336164629.72 820424953.42
Significant contract liabilities with aging over 1 year
Unit: RMB
Reason for no settlement or carrying-
Item Ending balance
forward
Amount and reasons for significant changes in book value during the reporting period
Unit: RMB
Item Changes Reason for changes
The Company shall comply with the disclosure requirements for the real estate industry as set out in the Guidelines for Self-
Regulation of Listed Companies of Shenzhen Stock Exchange No. 3 - Industry Information Disclosure
Payment information for the top five pre-sale projects:
Unit: RMB
Beginning Estimated Pre sale
No. Project Ending balance
balance completion time ratio
1 Lake City Project 0.00 211616690.06 September 10 2026 22.16%
2 SZPRD · Yutang Shangfu 736148224.77 25548025.75 38.88%
3 SZPRD · Golden Ling Holiday 10551555.51 27832532.63 98.64%
4 SZPRD · Junfeng Lishe 0.00 761904.76 100.00%
SZPRD · Lakeside Royal View Phase
5560458.72458431.1196.26%
II
37. Employee compensation payable
(1) Presentation of employee compensation payable
Unit: RMB
Increase in the current Decrease in the current
Item Beginning balance Ending balance
period period
I. Short-term
217869071.67862915229.30874631941.82206152359.15
compensation
II. Post-employment
benefits-defined 738881.08 89934559.17 89130481.01 1542959.24
contribution plans
III. Dismissal benefits 178159.03 4499678.10 4394463.91 283373.22
Total 218786111.78 957349466.57 968156886.74 207978691.61
(2) Presentation of short-term compensation
Unit: RMB
Increase in the current Decrease in the current
Item Beginning balance Ending balance
period period
1. Salaries bonuses 203201469.12 755511700.53 765968053.08 192745116.57
allowances and
1992024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
subsidies
2. Employee benefits 1049437.80 3367157.51 2389515.31 2027080.00
3. Social insurance
16164.8228311653.2528277162.5350655.54
premiums
Including:
medical insurance 13883.77 24337317.72 24305142.20 46059.29
premiums
Work-
related injury insurance 15.96 1712689.30 1711371.23 1334.03
premiums
Maternity
2265.092261646.232260649.103262.22
insurance premiums
4. Housing provident
1165851.8828335395.3629074357.71426889.53
funds
5. Trade union funds
and employee 8492080.90 13679547.06 14799741.69 7371886.27
education expenses
8. Non-monetary
3944067.1533709775.5934123111.503530731.24
benefits
Total 217869071.67 862915229.30 874631941.82 206152359.15
(3) Presentation of defined contribution plans
Unit: RMB
Increase in the current Decrease in the current
Item Beginning balance Ending balance
period period
1. Basic endowment
21042.0670356095.7869497556.80879581.04
insurance premiums
2. Unemployment
2716.403151906.723150466.944156.18
insurance premiums
3. Enterprise annuity
715122.6216426556.6716482457.27659222.02
payment
Total 738881.08 89934559.17 89130481.01 1542959.24
Other explanations:
38. Taxes payable
Unit: RMB
Item Ending balance Beginning balance
Value-added tax 21171620.44 17768402.21
Corporate income tax 21591154.75 91035828.65
Individual income tax 4310388.69 3681965.62
Urban maintenance and construction tax 1320722.47 981394.80
Land value increment tax 3173186258.33 3911198870.69
Land use taxes 179847.49 180900.74
Property taxes 396616.98 539730.69
Education surcharge 684508.74 644625.80
Local education surcharges 530482.69 322573.66
Others 908828.94 603055.08
2002024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Total 3224280429.52 4026957347.94
Other explanations:
39. Liabilities held for sale
Unit: RMB
Item Ending balance Beginning balance
Other explanations:
40. Non-current liabilities maturing within one year
Unit: RMB
Item Ending balance Beginning balance
Long-term borrowings maturing within
498259873.753075993789.05
one year
Long-term payables due within one year 400000.00 400000.00
Lease liabilities maturing within one year 8042802.55 15931064.02
Total 506702676.30 3092324853.07
Other explanations:
41. Other current liabilities
Unit: RMB
Item Ending balance Beginning balance
Output tax to be transferred 23186263.57 68373661.13
Total 23186263.57 68373661.13
Increases or decreases in short-term bonds payable:
Unit: RMB
Amort Whet
Withd
izatio Repay her
Issued rawal
Nomi Begin n of ment Endin there
Issue in the of
Bond Book nal Issue Bond ning premi in the g is
Amou curren intere
name value intere date term balanc um curren balanc breac
nt t st at
st rate e and t e h of
period par
discou period contra
value
nt ct
Total
Other explanations:
42. Long-term borrowings
(1) Classification of long-term borrowings
Unit: RMB
Item Ending balance Beginning balance
2012024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Pledged loan 151915696.00 373646731.07
Mortgage loan 4424348935.26 625842543.40
Credit borrowings 179050000.00 400400000.00
Total 4755314631.26 1399889274.47
Description of the classification of long-term borrowings:
The pledged loan at the end of the period was used for the acquisition of 100% equity of five property management companies
Shenzhen Property Management Co. Ltd. Shenzhen Foreign Trade Property Management Co. Ltd. Shenzhen Shenfubao
Property Development Co. Ltd. Shenzhen Shenfubao Municipal Service Co. Ltd. and Shenzhen Bonded Zone Security Service
Co. Ltd. by the subsidiary of the Company Shenzhen International Trade Center Property Management Co. Ltd. The term of loan
is from May 18 2022 to April 26 2027 and the pledge is 100% equity of the five companies held by Shenzhen International
Trade Center Property Management Co. Ltd.At the end of the period the mortgage loan (1) was used for the development of Guangming Yutang Shangfu Project of Shenzhen
Guangming Wuhui Real Estate Co. Ltd. (hereinafter referred to as Guangming Wuhui) a subsidiary of the Company. The term of
loan was from July 27 2022 to May 24 2028. The collateral was the land use right of Guangming Yutang Shangfu Project held by
Guangming Wuhui and the mortgage has been released.The mortgage loan (2) at the end of the period was used for the development of the Humen Harbour Palace Project of the
Company's subsidiary Dongguan Wuhe Real Estate Co. Ltd. (hereinafter referred to as Dongguan Wuhe). The term of loan was
from August 5 2022 to August 5 2027. The collateral was the land use right of the Harbour Palace Garden Project held by
Dongguan Wuhe and the mortgage has been released.The mortgage loan (3) at the end of the period was used for the development of Lake City Project of Shenzhen Rongyao Real
Estate Development Co. Ltd. (hereinafter referred to as Rongyao Real Estate) a subsidiary of the Company. The term of loan was
from March 17 2023 to March 17 2026. The collateral was the land use right of Lanhushidai Project held by Rongyao Real Estate
and the Company provided joint and several liability guarantee.The mortgage loan (4) at the end of the period was used for the development of Shenyang Digital Intelligent City Project of
Yangzhou Wuhe Real Estate Co. Ltd. (hereinafter referred to as Yangzhou Wuhe) a subsidiary of the Company. The term of loan
was from January 19 2024 to January 19 2029. The collateral was the land use right of Plot D of Shenyang Digital Intelligent City
Project and the construction in progress of Plot D held by Yangzhou Wohui and joint and several liability guarantee was provided
by the Company and Yangzhou Lvfa Real Estate Co. Ltd.The mortgage loan (5) at the end of the period is used for development of the Lake City Project of its subsidiary Shenzhen
Rongyao Real Estate Development Co. Ltd. (hereinafter referred to as Rongyao Real Estate). The term of loan is from November
29 2019 to November 20 2026. The pledge is 69% of the equity of Rongyao Real Estate held by the Company and the Company
provides joint and several liability guarantee.The credit borrowings at the end of the period were used for the daily operation of the Company's subsidiary Shenzhen
International Trade Center Property Management Co. Ltd. with the term of loan from September 27 2024 to September 27 2026.Other explanations including interest rate range:
2022024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
43. Bonds payable
(1) Bonds payable
Unit: RMB
Item Ending balance Beginning balance
(2) Increase or decrease in bonds payable (excluding preferred shares perpetual bonds and other
financial instruments classified as financial liabilities)
Unit: RMB
Amort Whet
Withd
izatio Repay her
Issued rawal
Nomi Begin n of ment Endin there
Issue in the of
Bond Book nal Issue Bond ning premi in the g is
Amou curren intere
name value intere date term balanc um curren balanc breac
nt t st at
st rate e and t e h of
period par
discou period contra
value
nt ct
Total —— ——
(3) Description of convertible corporate bonds
(4) Description of other financial instruments classified as financial liabilities
Changes of outstanding financial instruments such as preferred shares and perpetual bonds at the period-end
Table of changes of outstanding financial instruments such as preferred shares and perpetual bonds at the period-end
Unit: RMB
Outstandin Increase in the current Decrease in the currentBeginning Ending
g financial period period
instruments Number Book value Number Book value Number Book value Number Book value
Description of the basis for classifying other financial instruments as financial liabilities
Other explanations:
44. Lease liabilities
Unit: RMB
Item Ending balance Beginning balance
Lease payments 21312666.88 34767450.58
Unrecognized financing expenses -2180791.76 -8265294.29
Less: Lease liability maturing within one
-8042802.55-15931064.02
year
Total 11089072.57 10571092.27
Other explanations:
2032024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
45. Long-term payables
Unit: RMB
Item Ending balance Beginning balance
Long-term payables 399749550.00 400105655.56
Total 399749550.00 400105655.56
(1) Presentation of long-term payables by nature of payment
Unit: RMB
Item Ending balance Beginning balance
Sale and leaseback financing funds 399749550.00 400105655.56
Other explanations:
The long-term payables at the period-end were the sale and leaseback financing between the Company and Maxwealth Financial
Leasing Co. Ltd. with the lease term from December 22 2023 to December 22 2027.
(2) Special payables
Unit: RMB
Increase in the Decrease in the
Item Beginning balance Ending balance Formation causes
current period current period
Other explanations:
46. Long-term employee compensations payable
(1) Statement of long-term employee compensations payable
Unit: RMB
Item Ending balance Beginning balance
(2) Changes in defined benefit plans
Present value of defined benefit plan obligations:
Unit: RMB
Item Amount in the current period Amount in the previous period
Plan assets:
Unit: RMB
Item Amount in the current period Amount in the previous period
Net liabilities (net assets) under defined benefit plans
Unit: RMB
Item Amount in the current period Amount in the previous period
Description of the content of the defined benefit plans and the risks associated with it and the impact on the Company's future
cash flows time and uncertainty:
2042024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Description of major actuarial assumptions and sensitivity analysis results of defined benefit plans:
Other explanations:
47. Estimated liabilities
Unit: RMB
Item Ending balance Beginning balance Formation causes
* Litigation between Basepoint and Facility
Management Community
Pending litigation 934205.51 650000.00
* Litigation between Overseas Friendship Building
and Jin Hailian
Total 934205.51 650000.00
Other explanations including relevant important assumptions and estimation notes of important estimated liabilities:
See Note XVI-2 for details
48. Deferred income
Unit: RMB
Increase in the Decrease in the
Item Beginning balance Ending balance Formation causes
current period current period
Other explanations:
49. Other non-current liabilities
Unit: RMB
Item Ending balance Beginning balance
Special fund for public utilities 537155.06 549961.59
Building structure maintenance fund 14746480.42 15997716.45
Guarantee for admission 6660398.31 6335914.04
Electrical equipment maintenance fund 4019415.44 4019415.44
Escrow maintenance fund 52435075.20 52002751.04
Co-investment capital from
40000000.0040000000.00
Guanlanbuling Project's employees
Others 8521004.59 8133466.98
Total 126919529.02 127039225.54
Other explanations:
50. Share capital
Unit: RMB
Changes during the period (+ -)
Beginning Conversion Ending
balance New shares of providentBonus issue Others Sub-total balance
issued fund into
shares
595979092.595979092.
Total shares
0000
2052024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Other explanations:
51. Other equity instruments
(1) Changes of outstanding financial instruments such as preferred shares and perpetual bonds at the period-end
(2) Table of changes of outstanding financial instruments such as preferred shares and perpetual bonds at the period-end
Unit: RMB
Outstandin Increase in the current Decrease in the currentBeginning Ending
g financial period period
instruments Number Book value Number Book value Number Book value Number Book value
Changes of other equity instruments in the current period explanation of the reasons for the changes and the basis for relevant
accounting treatment:
Other explanations:
52. Capital reserve
Unit: RMB
Increase in the current Decrease in the current
Item Beginning balance Ending balance
period period
Other capital reserves 80488045.38 80488045.38
Total 80488045.38 80488045.38
Other explanations including the increase and decrease in the current period and the reasons for the changes:
53. Treasury shares
Unit: RMB
Increase in the current Decrease in the current
Item Beginning balance Ending balance
period period
Other explanations including the increase and decrease in the current period and the reasons for the changes:
54. Other comprehensive income
Unit: RMB
Amount in the current period
Less: the Less:
amount retained
included in income
other
Amount included in
comprehen other Attributabl
Beginning before Attributablsive comprehen Less: e to EndingItem
balance income tax e to parentincome in income tax minority balance
in the sive company
prior period income in expenses shareholdercurrent after tax
and
period prior
s after tax
transferred periods and
to current transferred
profit or to current
loss profit or
2062024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
loss
I. Other
comprehensive - -
income that cannot 3004584.8 -60387.90 -60387.90 3064972.7
be reclassified into 0 0
profit or loss
Fair value
changes of - -
investments in 3004584.8 -60387.90 -60387.90 3064972.7
other equity 0 0
instruments
II. Other
comprehensive
-1212370.11212370.1
income to be 864617.03
347753.0811
reclassified into
profit or loss later
Foreign
currency - 1212370.1 1212370.1
864617.03
translation 347753.08 1 1
differences
Total of other - -
1151982.21151982.2
comprehensive 3352337.8 2200355.6
11
income 8 7
Other explanations including the adjustment of the effective portion of the profit or loss of the cash flows hedge to the initial
recognized amount of the hedged item:
55. Special reserves
Unit: RMB
Increase in the current Decrease in the current
Item Beginning balance Ending balance
period period
Other explanations including the increase and decrease in the current period and the reasons for the changes:
55. Surplus reserves
Unit: RMB
Increase in the current Decrease in the current
Item Beginning balance Ending balance
period period
Statutory surplus
115743323.959316761.13125060085.08
reserve
Discretionary surplus
365403.13365403.13
reserve
Total 116108727.08 9316761.13 125425488.21
Explanations of the surplus reserve including the changes in the current period and the reasons for the changes:
57. Undistributed profits
Unit: RMB
Item Current period Previous period
Retained earnings as at the end of the 3872586802.17 3692753832.81
2072024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
previous period before the adjustment
Undistributed profits at the beginning of
3872586802.173692753832.81
the period after adjustment
Plus: Net profit attributable to owners of
-1114764922.17464014492.11
the parent company in this period
Less: Withdrawal of statutory surplus
9316761.1367216150.98
reserves
Common stock dividends payable 185945476.70 215148452.21
Others 568863.59 1816919.56
Undistributed profits as at the end of the
2561990778.583872586802.17
period
Details of adjustment to undistributed profits as at the beginning of the period:
1) Due to the retroactive adjustment of the Accounting Standards for Business Enterprises and its related new regulations the
opening undistributed profits was RMB0.
2) Due to the change in accounting policies the opening undistributed profits was RMB0.
3) Due to the correction of major accounting errors the opening undistributed profits was RMB0.
4) Due to the change of consolidation scope caused by the same control the opening undistributed profits was RMB0.
5)The total impact of other adjustments on the opening undistributed profits was RMB0.
58. Operating revenue and operating costs
Unit: RMB
Amount in the current period Amount in the previous period
Item
Revenue Cost Revenue Cost
Primary business 2670640573.12 2249277554.33 2947291675.00 2233525382.49
Other business 63518310.93 736534.00 17825350.04
Total 2734158884.05 2250014088.33 2965117025.04 2233525382.49
Whether the audited net profit after deducting non-recurring profit or loss was negative
□Yes □ No
Unit: RMB
Item Current year Specific deductions Previous year Specific deductions
Business revenue
irrelevant to primary
Business revenue
business
irrelevant to primary
is deducted mainly
business
including
is deducted mainly
revenue from
including
compensation for
revenue from
Amount of operating temporary resettlement
2734158884.05 2965117025.04 compensation for
revenue due to shantytown
temporary resettlement
transformation at
due to shantytown
Chuanbu Street
transformation at
and revenue from
Chuanbu Street
compensation for
and consulting service
demolition of Fenghe
revenue
Rili and revenue from
consulting services
Total amount of Business revenue Business revenue63518310.93 17825350.04
operating revenue irrelevant to primary irrelevant to primary
2082024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
deduction items business business
is deducted mainly is deducted mainly
including including
revenue from revenue from
compensation for compensation for
temporary resettlement temporary resettlement
due to shantytown due to shantytown
transformation at transformation at
Chuanbu Street Chuanbu Street
and revenue from and consulting service
compensation for revenue
demolition of Fenghe
Rili and revenue from
consulting services
Proportion of total
amount of operating
revenue deduction 2.32% 0.60%
items in operating
revenue
I. Business revenue not
related to the main
business
1. Other business
revenue other than
Business revenue
normal operations. For
irrelevant to primary
example the revenue Business revenue
business
realized from the lease irrelevant to primary
is deducted mainly
of fixed assets business
including
intangible assets is deducted mainly
revenue from
packaging materials including
compensation for
sales of materials revenue from
temporary resettlement
exchange of non- 63518310.93 17825350.04 compensation for
due to shantytown
monetary assets with temporary resettlement
transformation at
materials entrusted due to shantytown
Chuanbu Street
management business transformation at
and revenue from
etc. and the income Chuanbu Street
compensation for
that is included in the and consulting service
demolition of Fenghe
income from primary revenue
Rili and revenue from
business but is not part
consulting services
of the normal operation
of the listed company.Business revenue
irrelevant to primary
Business revenue
business
irrelevant to primary
is deducted mainly
business
including
is deducted mainly
revenue from
including
compensation for
Subtotal of business revenue from
temporary resettlement
revenue not related to 63518310.93 17825350.04 compensation for
due to shantytown
main business temporary resettlement
transformation at
due to shantytown
Chuanbu Street
transformation at
and revenue from
Chuanbu Street
compensation for
and consulting service
demolition of Fenghe
revenue
Rili and revenue from
consulting services
2092024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
II. Revenue without
commercial substance
Subtotal of revenue
without commercial 0.00 No deductions in 2024 0.00 No deductions in 2023
substance
III. Other revenue not
related to the main
0.00 No deductions in 2024 0.00 No deductions in 2023
business or without
commercial substance
Business revenue
irrelevant to primary
Business revenue
business
irrelevant to primary
is deducted mainly
business
including
is deducted mainly
revenue from
including
compensation for
revenue from
Operating revenue after temporary resettlement
2670640573.12 2947291675.00 compensation for
deduction due to shantytown
temporary resettlement
transformation at
due to shantytown
Chuanbu Street
transformation at
and revenue from
Chuanbu Street
compensation for
and consulting service
demolition of Fenghe
revenue
Rili and revenue from
consulting services
Breakdown of operating revenue and operating costs:
Unit: RMB
Contract Division 1 Division 2 Total
classificati Operating Operating Operating Operating Operating Operati Operating Operating
on revenue costs revenue costs revenue ng costs revenue costs
Business 27341588 22500140 27341588 22500140
type 84.05 88.33 84.05 88.33
Including:
10037801843578721003780184357872
Real estate
19.171.7519.171.75
Property
15944883132067111594488313206711
manageme
41.4901.8641.4901.86
nt
Lease 13589042 85764264. 13589042 85764264.operation 3.39 72 3.39 72
Classificati
on by 27341588 22500140 27341588 22500140
business 84.05 88.33 84.05 88.33
area
Including:
Shenzhen 23169735 18570306 23169735 18570306
area 57.44 16.82 57.44 16.82
41718532392983474171853239298347
Other areas
6.611.516.611.51
Market or
customer
type
2102024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Including:
Contract
type
Including:
Classificati
on by time
of
commodity
transfer
Including:
Classificati
on by
contract
period
Including:
Classificati
on by sales
channel
Including:
Total
Information related to performance obligations:
Types of
Amounts
Nature of the quality
Whether it is assumed by the
Time to fulfill goods the assurance
Important the main Company that
Item performance Company provided by the
payment terms responsible are expected to
obligations undertakes to Company and
person be refunded to
transfer related
customers
obligations
Other explanations
Information related to the transaction prices allocated to the remaining performance obligations:
The amount of revenue corresponding to the performance obligations that had been signed but not yet performed or not yet
completed at the end of the reporting period was RMB336164629.72 of which RMB87001721.46 was expected to be
recognized as revenue in 2025 RMB2263178.61 was expected to be recognized as revenue in 2026 and RMB246899729.65
was expected to be recognized as revenue in 2027-2028.Information about the variable consideration in the contract:
Major contract change or major transaction prices adjustment of parent company
Unit: RMB
Item Accounting treatments Amount of impact on revenue
Other explanations:
2112024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
The Company shall comply with the disclosure requirements for the real estate industry as set out in the Guidelines for Self-
Regulation of Listed Companies of Shenzhen Stock Exchange No. 3 - Industry Information Disclosure
Information on the top five items in terms of revenue recognized during the reporting period:
Unit: RMB
No. Project Income amount
1 SZPRD · Yutang Shangfu 753573143.97
2 SZPRD · Golden Ling Holiday 155550824.77
3 SZPRD · Songhu Langyuan 2028060.93
4 SZPRD · Lakeside Royal View Phase II 182458.72
5 SZPRD · Lakeside Royal View Phase I 114678.90
59. Taxes and surcharges
Unit: RMB
Item Amount in the current period Amount in the previous period
Urban maintenance and construction tax 4422844.05 7295168.53
Education surcharge 1906313.24 3290186.80
Property taxes 10869473.40 11160717.95
Land use taxes 2135524.88 2118518.10
Local education surtax 1271801.53 2153783.29
Land value increment tax 64009266.08 78815376.80
Other taxes 2296727.51 1816495.35
Total 86911950.69 106650246.82
Other explanations:
60. G&A expenses
Unit: RMB
Item Amount in the current period Amount in the previous period
Employee compensation 214830675.48 228440720.91
Administrative office expenses 22204967.59 26172003.04
Amortization and depreciation cost of
26963578.4324574492.30
assets
Litigation costs 808759.23 5304840.82
Others 19625121.01 26086318.08
Total 284433101.74 310578375.15
Other explanations:
61. Selling and distribution expenses
Unit: RMB
Item Amount in the current period Amount in the previous period
Intermediary agency fees 9576621.10 7326766.93
Consulting and sales service fees 7170279.84 7845564.84
Advertising and publicity expenses 8545172.46 10747667.28
Employee compensation 10375132.31 9989326.02
Others 8328779.70 10847833.50
2122024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Total 43995985.41 46757158.57
Other explanations:
62. R&D expenses
Unit: RMB
Item Amount in the current period Amount in the previous period
Employee compensation 4816649.05 3808250.90
Depreciation and amortization cost 28482.42 65160.46
Others 506676.97 260073.01
Total 5351808.44 4133484.37
Other explanations:
63. Financial expenses
Unit: RMB
Item Amount in the current period Amount in the previous period
Interest expenses 68401770.57 55928873.37
Less: interest income -31389808.25 -19183529.19
Profit or loss on exchange 778902.74 761442.10
Service fee and others 3252783.69 6339243.02
Total 41043648.75 43846029.30
Other explanations:
64. Other income
Unit: RMB
Source of other income Amount in the current period Amount in the previous period
Government grants related to revenue 3059786.92 7802977.21
Refund of service fee for withholding
314568.77382244.19
individual income tax
Additional deduction of value-added tax
-834439.225302600.13
input
Refund of value-added tax 2021797.08 1944370.99
Total 4561713.55 15432192.52
65. Gains from changes in fair value
Unit: RMB
Sources of gains from changes in fair
Amount in the current period Amount in the previous period
value
Other explanations:
66. Investment income
Unit: RMB
Item Amount in the current period Amount in the previous period
Long-term equity investment income 184223509.99 4339433.24
2132024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
calculated under the equity method
Investment income from disposal of
1450000.00701420219.12
long-term equity investments
Gain on restructuring of debt -54026.93
Total 185619483.06 705759652.36
Other explanations:
67. Credit loss
Unit: RMB
Item Amount in the current period Amount in the previous period
Losses from bad debts of accounts
-9475193.14-13454920.44
receivable
Bad debt loss of other receivables -353613204.14 -6390032.43
Total -363088397.28 -19844952.87
Other explanations:
68. Assets impairment loss
Unit: RMB
Item Amount in the current period Amount in the previous period
I. Inventories depreciation loss and
contract performance cost impairment -1036113360.07 -212173623.03
losses
Total -1036113360.07 -212173623.03
Other explanations:
69. Gains from disposal of assets
Unit: RMB
Source of gains from disposal of assets Amount in the current period Amount in the previous period
Gains on disposal of fixed assets ("-" for
-10823.664611.81
losses)
Gains on disposal of right-of-use assets
98669.52594704.56
("-" for losses)
Others 234052.82
70. Non-operating revenue
Unit: RMB
Amount included in the
Amount in the previous
Item Amount in the current period current non-recurring profit or
period
loss
Gains from the damage and
scrapping of non-current 240.00 16447.29 240.00
assets
Confiscated income 544705.46 2041279.63 544705.46
Gains from unclaimed 34134.00
2142024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
payables
Gains from inventory surplus 300.00
Others 522860.11 1512516.17 522860.11
Total 1067805.57 3604677.09 1067805.57
Other explanations:
71. Non-operating expenses
Unit: RMB
Amount included in the
Amount in the previous
Item Amount in the current period current non-recurring profit or
period
loss
Donations made 8000.00 79840.57 8000.00
Loss from the damage and
scrapping of non-current 187340.31 142785.08 187340.31
assets
Litigation expenses 1879644.55 694346.32 1879644.55
Extraordinary losses 4000.00 8800.00 4000.00
Penalties and late fees 372270.64 1962837.07 372270.64
Others 5904708.99 3615895.16 5904708.99
Total 8355964.49 6504504.20 8355964.49
Other explanations:
72. Income tax expenses
(1) Income tax expenses schedule
Unit: RMB
Item Amount in the current period Amount in the previous period
Income tax expenses for the current
50805402.42142880361.95
period
Deferred tax expenses 42525748.58 113993935.97
Total 93331151.00 256874297.92
(2) Adjustment process of accounting profits and income tax expenses
Unit: RMB
Item Amount in the current period
Total profits -1193812573.11
Income tax expenses calculated at statutory/applicable tax rate -298453143.28
Influence of different tax rates applicable to subsidiaries -2791596.78
Influence of adjustments to the income tax for the prior years 6201413.84
Influence of non-taxable income -46055877.50
Influence of nondeductible costs expenses and losses 7307580.46
Influence of deductible losses on the use of preliminarily
-11535731.39
unrecognized deferred tax assets in previous periods
Effect of deductible temporary differences or deductible losses
439996457.76
from deferred tax assets unrecognized in the current period
2152024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Tax impact of the addition for the deduction of R&D expenses -1337952.11
Income tax expenses 93331151.00
Other explanations:
73. Other comprehensive income
See Note VII-54 for details.
74. Items of statement of cash flows
(1) Cash related to operating activities
Other cash received related to operating activities
Unit: RMB
Item Amount in the current period Amount in the previous period
Large current accounts received 278508648.94 117918299.90
Interest income received 40033974.92 19183529.19
Net amount of various deposits
102896047.58114428356.99
guarantees and special funds received
Government grants received 3059786.92 7802977.21
Other miscellaneous funds received 45871591.13 88094832.06
Decrease in restricted funds the current
12490938.877835036.35
period
Total 482860988.36 355263031.70
Notes to other cash received related to operating activities:
Other cash paid related to operating activities
Unit: RMB
Item Amount in the current period Amount in the previous period
G&A expenses paid in cash 39111851.22 63006009.01
Selling and distribution expenses paid in
18208447.5836673353.00
cash
Net amount of various payments and
receipts on behalf of others such as paid 170693541.68 115368992.19
utilities
Other miscellaneous funds paid 130134090.94 41068618.68
Increase in restricted funds in the current
3570155.2115659341.60
period
Total 361718086.63 271776314.48
Notes to other cash paid related to operating activities:
(2) Cash related to investing activities
Other cash received related to investing activities
Unit: RMB
Item Amount in the current period Amount in the previous period
Important cash received related to investing activities
Unit: RMB
Item Amount in the current period Amount in the previous period
2162024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Net cash received from disposal of fixed
assets intangible assets and other long- 55903425.50 92191.39
term assets
Net cash received from disposal of
634578885.34
subsidiaries and other business units
Total 55903425.50 634671076.73
Notes to other cash received related to investing activities:
Other cash paid related to investing activities
Unit: RMB
Item Amount in the current period Amount in the previous period
Important cash paid related to investing activities
Unit: RMB
Item Amount in the current period Amount in the previous period
Purchase of time deposits 57412000.00
Total 57412000.00
Notes to other cash paid related to investing activities:
(3) Cash related to financing activities
Other cash received related to financing activities
Unit: RMB
Item Amount in the current period Amount in the previous period
Received sale and leaseback financing
400000000.00
funds
Total 400000000.00
Notes to other cash received related to financing activities:
Other cash paid related to financing activities
Unit: RMB
Item Amount in the current period Amount in the previous period
Amount paid for repayment of lease
16584505.6425266936.77
liabilities
Cash consideration paid by the
combining party of business combination
568863.591816919.56
under common control on the
combination date
Amount paid for sale and leaseback 18693137.50
Other miscellaneous funds paid 1368000.00
Total 37214506.73 27083856.33
Notes to other cash paid related to financing activities:
Changes in various liabilities arising from financing activities
□Applicable □ Not applicable
Unit: RMB
Increase in the current period Decrease in the current period
Beginning
Item Ending balance
balance Non-cash Non-cashCash changes Cash changes
changes changes
Short-term 4706798063. 1239948405. 200116495.53 703084938.71 38062.20 5443739963.
2172024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
borrowings and 52 21 35
long-term
borrowings
Lease liabilities 26502156.29 9214224.47 16584505.64 19131875.12
Long-term
400505655.5618337031.9418693137.50400149550.00
payables
5133805875.1239948405.5863021388.
Total 227667751.94 738362581.85 38062.20
372147
(4) Notes to cash flows expressed in net amount
Basis for presentation of net
Item Relevant facts Financial impact
amount
(5) Significant activities and financial impacts that do not involve current cash receipts and payments but
affect the financial position of the enterprise or may affect the cash flows in the future
Not applicable
75. Supplementary information to the statement of cash flows
(1) Supplementary information to the statement of cash flows
Unit: RMB
Supplementary information The current period Amount in previous period
1. Net profit adjusted to cash flows from operating activities:
Net profit -1287143724.11 449858861.48
Plus: provision for assets impairment 1399201757.35 232018575.90
Depreciation of fixed assets depletion of oil and gas assets
51987250.8055281119.81
depreciation of productive biological assets
Depreciation of right-of-use assets 13691114.95 18139758.01
Amortization of intangible assets 418235.75 379581.77
Amortization of long-term deferred expenses 8903786.44 7726470.46
Losses from disposal of fixed assets intangible assets and
-87845.86-833369.19
other long-term assets ( "-" for gains)
Losses on write-off of fixed assets ("-" for gains) 187580.31 126337.79
Losses from changes in fair value ("-" for gains)
Financial expenses ("-" for gains) 68369233.02 55167431.27
Investments losses ("-" for gains) -185619483.06 -705759652.36
Decreases in deferred tax assets (“-” for increases) 44287863.94 131110960.37
Increase in deferred tax liabilities ("-" for decreases) -1762115.35 -17117024.40
Decreases in inventories ("-" for increases) -495134772.53 -485801483.89
Decreases in operating receivables (“-” for increases) -79181787.39 -69297620.74
Increases in operating payables (“-” for decreases) -962115268.78 64907069.39
Others
Net cash flows from operating activities -1423998174.52 -264092984.33
2182024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
2. Significant investing and financing activities not involving in cash
receipts and payments:
Transfer of debts into capital
Convertible corporate bonds maturing within 1 year
Fixed assets leased from financing
3. Net change in cash and cash equivalents:
Ending balance of cash 1610799884.30 2733139135.12
Less: beginning balance of cash 2733139135.12 1509693857.48
Plus: ending balance of cash equivalents
Less: beginning balance of cash equivalents
Net increase in cash and cash equivalents -1122339250.82 1223445277.64
(2) Net cash paid for acquisition of subsidiaries in the current period
Unit: RMB
Amount
Including:
Including:
Including:
Other explanations:
(3) Net cash received for disposal of subsidiaries in the current period
Unit: RMB
Amount
Including:
Including:
Including:
Other explanations:
(4) Breakdowns of cash and cash equivalents
Unit: RMB
Item Ending balance Beginning balance
I. Cash 1610799884.30 2733139135.12
Including: cash on hand 10705.64 75265.01
Unrestricted bank deposits 1610628980.11 2729897603.00
Other unrestricted monetary funds 160198.55 3166267.11
III. Ending balance of cash and cash equivalents 1610799884.30 2733139135.12
2192024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(5) Limited use but still presented as cash and cash equivalents
Unit: RMB
Amount in previous Reasons for classified as cash and cash
Item The current period
period equivalents
This was the capital within the pre-sale
supervision quota of the project. Potevio
could apply for paying the construction
Pre-sale funds of Guangming
249758757.74 640559629.03 expenditure and relevant statutory taxes of
Yutang Shangfu Project
the project in accordance with the relevant
regulations on the supervision of pre-sale
funds.This was the capital within the pre-sale
supervision quota of the project. Potevio
could apply for paying the construction
Pre-sale funds of Lake City
222638954.72 0.00 expenditure and relevant statutory taxes of
Project
the project in accordance with the relevant
regulations on the supervision of pre-sale
funds.Total 472397712.46 640559629.03
(6) Monetary funds not classified as cash and cash equivalents
Unit: RMB
Reasons for not classified as
Item The current period Amount in previous period
cash and cash equivalents
Time deposits and interest
Bank deposits 57490835.33 8644166.67
thereon
Bank deposits 3972494.30 3681570.32 Frozen funds
Other monetary funds 5853430.19 3333604.61 Guarantees and interests
Total 67316759.82 15659341.60
Other explanations:
(7) Notes on other significant activities
76. Notes to the statements of changes in owners' equity
Specify the name of "others" items adjusted to the ending balance of the previous year the adjusted amount and other matters:
Not applicable
77. Foreign currency monetary items
(1) Foreign currency monetary items
Unit: RMB
Ending balance of foreign Ending balance of translated
Item Exchange rate of conversion
currency RMB
Monetary funds 70111942.78
2202024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Including: USD 120000.00 7.1884 862608.00
EUR
HKD 66353838.64 0.9260 61443654.59
VND 27292588042.00 0.000286 7805680.19
Accounts receivable 5823336.00
Including: USD
EUR
HKD
VND 20361314648.00 0.000286 5823336.00
Long-term borrowings
Including: USD
EUR
HKD
Prepayment 73069.50
Including: VND 225325888.00 0.000286 64443.20
HKD 9315.65 0.9260 8626.30
Other receivables 5165941.19
Including: VND 735343648.00 0.000286 210308.28
HKD 5351655.41 0.9260 4955632.91
Accounts payable 668751.75
Including: VND 2338292855.00 0.000286 668751.75
HKD
Other payables 6038836.82
Including: VND 7583117695.00 0.000286 2168771.66
HKD 4179336.03 0.9260 3870065.16
Other explanations:
(2) Description of foreign operating entities including for significant foreign operating entities
disclosure of their principal place of business outside of the country the recording currency and the basis
of selection and disclosure of the reasons for any change in the recording currency
□Applicable □ Not applicable
Item Main premiseoverseas Recording currency Basis for selection of recording currency
Shum Yip Properties Development Hong Kong HKD The company is located in Hong Kong and isLimited and its subsidiaries mainly settled in HKD
Vietnam Shenzhen International Trade
Center Property Management Co. Vietnam VND The company is located in Vietnam and mainly
Ltd. settles in VND
78. Lease
(1) The Company acted as lessee:
□Applicable □ Not applicable
Variable lease payments not included in the measurement of lease liabilities
□ Applicable □Not applicable
Lease expense of short-term leases or low-value assets with simplified treatment
2212024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
□Applicable □ Not applicable
Item Amount in thecurrent period
Short-term leases expenses 7124442.06
Low-value lease expenses
Variable lease payments not included in the
measurement of lease liabilities
Total 7124442.06
The total cash flows related to leases in the current year amounted to RMB 42402085.20.Situations involving sale and leaseback transactions
In December 2023 the Company signed a sale and leaseback contract with Maxwealth Financial Leasing Co. Ltd. agreeing to
transfer part of the office facilities with a leaseback period of 48 months. Since the fixed assets had not been transferred to the
buyer from beginning to end it was judged that it did not belong to sales and the payment received was accounted for as a liability.
(2) The Company acted as the lessor
Operating lease as lessor
□Applicable □ Not applicable
Unit: RMB
Including: revenue related to variable
Item Lease income lease payments not included in lease
receipts
Lease item 135890423.39 0.00
Total 135890423.39 0.00
Financing lease as the lessor
□ Applicable □Not applicable
Undiscounted lease receipts for each of the next five years
□Applicable □ Not applicable
Unit: RMB
Annual undiscounted lease receipts
Item
Ending amount Beginning amount
The First year 110941561.06 124863019.23
The Second year 77676433.74 70271138.44
The Third year 56801516.42 42292889.70
The Fourth year 37483824.97 32718754.54
The Fifth year 24132445.44 24297422.32
Total undiscounted lease receipts after
15978340.3714891056.43
five years
Reconciliation of undiscounted lease receipts and net lease investment
(3) Recognize the profit or loss from financing lease sales as a manufacturer or distributor
□Applicable □Not applicable
2222024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
79. Data resources
80. Others
Not applicable
VIII. R&D expenditures
Unit: RMB
Item Amount in the current period Amount in the previous period
Employee compensation 4816649.05 3808250.90
Depreciation and amortization cost 28482.42 65160.46
Others 506676.97 260073.01
Total 5351808.44 4133484.37
Including: expensed R&D expenditures 5351808.44 4133484.37
1. R&D projects eligible for capitalization
Unit: RMB
Increase in the current period Decrease in the current period
Beginning Recognized Transfer
Item Internal
Ending
balance as into currentdevelopme Others balance
intangible profit or
nt expenses
assets loss
Total
Significant capitalized R & D projects
Production method Timing of Specific basis for
Estimated
Item R&D progress of expected capitalization capitalization
completion time
economic benefits commencement commencement
Provision for impairment of development expenses
Unit: RMB
Increase in the Decrease in the
Item Beginning balance Ending balance Impairment test
current period current period
2. Important outsourced projects under research
Methods in which economic benefits are Judgment criteria and specific basis for
Project
expected to arise capitalization or expense
Other explanations:
2232024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
IX. Changes in consolidation scope
1. Business combination not under common control
(1) Business combination not under common control occurred in the current period
Unit: RMB
Cash
Revenue Net profit
flows of
Determin of the of the
Time the
Costs of Methods ation acquiree acquiree
point of Equity acquiree
Name of equity of equity Acquisiti basis of from the from the
equity acquisitio from the
acquiree acquisitio acquisitio on date the acquisitio acquisitio
acquisitio n ratio acquisitio
n n acquisitio n date to n date to
n n date to
n date the end of the end of
the end of
the period the period
the period
Other explanations:
(2) Combination costs and goodwill
Unit: RMB
Combination costs
-- Cash
-- Fair value of non-cash assets
-- Fair value of debt issued or assumed
-- Fair value of equity securities issued
-- Fair value of the contingent consideration
-- Fair value of the equity held before the purchase date on the
acquisition date
-- Others
Total combination costs
Less: fair value share of net identifiable assets
Goodwill/combination cost less than the amount of fair value
share of net identifiable assets acquired
Determination method of fair value of combination cost:
Notes to contingent consideration and its changes
Main reasons for the formation of large goodwill:
Other explanations:
(3) Identifiable assets and liabilities of the acquiree on the acquisition date
Unit: RMB
Fair value on acquisition date Book value on acquisition date
Assets:
Monetary funds
Accounts receivable
2242024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Inventories
Fixed assets
Intangible assets
Liabilities:
Borrowing
Accounts payable
Deferred tax liabilities
Net assets
Less: minority equity
Net assets acquired
Determination method of fair value of identifiable assets and liabilities:
Contingent liabilities of the acquiree assumed in the business combination:
Other explanations:
(4) Gains or losses arising from the equity held before the acquisition date remeasured at fair value
Whether there was a transaction that realized business combination step by step through multiple transactions and obtained right of
control during the reporting period
□ Yes □No
(5) Notes to the fair value of the combination consideration or the acquiree's identifiable assets and liabilities that cannot be
reasonably determined at the end of the purchase date or the current period of the merger
(6) Other explanations
2. Business combination under common control
(1) Business combination under common control occurred in the current period
Unit: RMB
Revenue of Net profit
the of the
Basis for combined combined Revenue of Net profit
Ratio of
constituting Determinat party from party from the of the
Name of equity
business ion basis of the the combined combined
the acquired in Combinatio
combinatio the beginning beginning party party
combined business n date
n under combinatio of the of the during the during the
party combinatio
common n date period to period to comparison comparison
n
control the the period period
combinatio combinatio
n date n date
Other explanations:
(2) Combination costs
Unit: RMB
2252024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Combination costs
-- Cash
-- Book value of non-cash assets
-- Book value of debt issued or assumed
-- Par value of equity securities issued
-- Contingent consideration
Notes to contingent consideration and its changes:
Other explanations:
(3) Book value of the assets and liabilities of the combined party on the combination date
Unit: RMB
Combination date At the end of previous period
Assets:
Monetary funds
Accounts receivable
Inventories
Fixed assets
Intangible assets
Liabilities:
Borrowing
Accounts payable
Net assets
Less: minority equity
Net assets acquired
Contingent liabilities of the combined party assumed in the business combination:
Other explanations:
3. Counter purchase
Basic information on the transaction basis for the transaction to constitute a reverse purchase whether the assets and liabilities
retained by the listed company constitute a business and the basis thereof determination of the combination cost and the amount
of equity adjusted when the transaction is treated as an equity transaction and its calculation:
4. Disposal of subsidiaries
Whether there were any transactions or events during the period in which control over the subsidiary is lost
□ Yes □No
Whether there are multiple transactions and step-by-step disposal of the investment in a subsidiary leading the loss of the control
right over the subsidiary in the current period
□ Yes □No
2262024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
5. Change of consolidation scope due to other reasons
Describe changes in the scope of consolidation due to other reasons (e.g. establishment of new subsidiaries liquidation of
subsidiaries etc.) and the related situations:
The subsidiary Shengda Shi Investment Co. Ltd. completed its cancellation registration on July 5 2024.The subsidiary Zhimao Real Estate Co. Ltd. completed its cancellation registration on August 9 2024.The subsidiary Shenzhen Zhongtongda Housing Repair Service Co. Ltd. completed its cancellation registration on December 23
2024.
6. Others
X. Equity in other entities
1. Equity in the subsidiaries
(1) Compositions of the Group
Unit: RMB
Name of Registered Main Registration Business Shareholding ratio Method of
subsidiaries capital premise place nature Direct Indirect acquisition
Shenzhen
Real estate
Huangcheng 30000000.0 Establishmen
Shenzhen Shenzhen development 100.00%
Real Estate 0 t
and operation
Co. Ltd.Shenzhen
Wuhe
Industry Real estate
100000000. Establishmen
Investment Shenzhen Shenzhen leasing 100.00%
00 t
and operation
Development
Co. Ltd.Shenzhen Business
Software and
Facility combination
15453000.0 information
Management Shenzhen Shenzhen 35.00% not under
0 technology
Community common
services
Co. Ltd. control
Beijing
Business
Facility Software and
combination
Management information
5000000.00 Beijing Beijing 17.85% not under
Community technology
common
Technology services
control
Co. Ltd.SZPRD
Xuzhou
Real estate
Dapeng Real 50000000.0 Establishmen
Xuzhou Xuzhou development 100.00%
Estate 0 t
and operation
Development
Co. Ltd.Dongguan 20000000.0 Dongguan Dongguan Real estate 100.00% Establishmen
2272024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
ITC 0 City City development t
Changsheng and operation
Real Estate
Development
Co. Ltd.SZPRD
Yangzhou Real estate
50000000.0 Yangzhou Yangzhou Establishmen
Real Estate development 100.00%
0 City City t
Development and operation
Co. Ltd.Shenzhen
International
Trade Center 20000000.0 Property Establishmen
Shenzhen Shenzhen 100.00%
Property 0 management t
Management
Co. Ltd.Shenzhen
ITCmei Life Property Establishmen
5000000.00 Shenzhen Shenzhen 100.00%
Service Co. management t
Ltd.Shandong
Shenzhen
International
Property Establishmen
Trade Center 5000000.00 Jinan Jinan 100.00%
management t
Property
Management
Co. Ltd.Chongqing
Shenguomao
Property Establishmen
Real Estate 5000000.00 Chongqing Chongqing 100.00%
management t
Management
Co. Ltd.Chongqing
Construction
Aobo Establishmen
5000000.00 Chongqing Chongqing and 100.00%
Elevator Co. t
installation
Ltd.Shenzhen
Tianque Construction
Establishmen
Elevator 5000000.00 Shenzhen Shenzhen and 100.00%
t
Technology installation
Co. Ltd.Shenzhen
International
Trade Center
Construction
Mechanical Establishmen
1200000.00 Shenzhen Shenzhen and 100.00%
and t
installation
Electrical
Equipment
Co. Ltd.Shenzhen
Catering Establishmen
ITC Catering 2000000.00 Shenzhen Shenzhen 100.00%
services t
Co. Ltd.Shenzhen
Property Engineering
Establishmen
Engineering 3000000.00 Shenzhen Shenzhen supervision 100.00%
t
and services
Construction
2282024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Supervision
Co. Ltd.Shenzhen
Property Real estate
40000000.0 Establishmen
Commercial Shenzhen Shenzhen leasing 100.00%
0 t
Operation operation
Co. Ltd.Shum Yip
Real estate
Properties 20000000.0 Establishmen
Hong Kong Hong Kong leasing 100.00%
Development 0 t
operation
Limited
Huiheng Real estate
Establishmen
Development 2.001 Hong Kong Hong Kong leasing 100.00%
t
Co. Ltd. operation
Yangzhou
Slender West
Lake Jingyue 10000000.0 Yangzhou Yangzhou Property Establishmen
51.00%
Property 0 City City management t
Development
Co. Ltd.Shandong
Shenzhen
Catering Establishmen
ITC Hotel 3000000.00 Jinan Jinan 100.00%
services t
Management
Co. Ltd.Shenzhen
ShenShan
Special
Cooperation
Zone
Shenzhen Property Establishmen
5000000.00 Shenzhen Shenzhen 65.00%
International management t
Trade Center
Property
Management
Development
Co. Ltd.Shenzhen
ITC Tongle
Property Establishmen
Property 2000000.00 Shenzhen Shenzhen 51.00%
management t
Management
Co. Ltd.Shenzhen Business
Rongyao Real estate combination
10000000.0
Real Estate Shenzhen Shenzhen development 69.00% not under
0
Development and operation common
Co. Ltd. control
Shenzhen Business
ITC combinations
30000000.0 Property
Technology Shenzhen Shenzhen 100.00% under
0 management
Park Service common
Co. Ltd. control
Shenzhen Business
ITC Real estate combinations
20000000.0
Chuntian Shenzhen Shenzhen leasing 100.00% under
0
Commercial operation common
Management control
2292024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Co. Ltd.Shenzhen Business
Penghongyua Real estate combinations
n Industrial 8000000.00 Shenzhen Shenzhen leasing 100.00% under
Development operation common
Co. Ltd. control
Shenzhen Business
Jinhailian combinations
Property
Property 3000000.00 Shenzhen Shenzhen 100.00% under
management
Management common
Co. Ltd. control
Business
Shenzhen
combinations
Social 35000000.0 Property
Shenzhen Shenzhen 100.00% under
Welfare Co. 0 management
common
Ltd.control
Shenzhen Business
Fuyuanmin combinations
10000000.0 Property
Property Shenzhen Shenzhen 100.00% under
0 management
Management common
Co. Ltd. control
Shenzhen Business
Meilong Real estate combinations
Industrial 5000000.00 Shenzhen Shenzhen leasing 100.00% under
Development operation common
Co. Ltd. control
Business
Shenzhen
combinations
ITC Shenlv 10600000.0 Greening
Shenzhen Shenzhen 90.00% under
Garden Co. 0 management
common
Ltd.control
Shenzhen Business
Jiayuan combinations
Property
Property 1000000.00 Shenzhen Shenzhen 54.00% under
management
Management common
Co. Ltd. control
Shenzhen Business
Helinhua Real estate combinations
Construction 3000000.00 Shenzhen Shenzhen leasing 90.00% under
Management operation common
Co. Ltd. control
Business
Shenzhen
Real estate combinations
Kangping
1000000.00 Shenzhen Shenzhen leasing 90.00% under
Industrial
operation common
Co. Ltd.control
Business
Shenzhen
Real estate combinations
Sports
3300000.00 Shenzhen Shenzhen leasing 100.00% under
Service Co.operation common
Ltd.control
Business
Shenzhen
Real estate combinations
Jiaoshizhijia
1660000.00 Shenzhen Shenzhen leasing 100.00% under
Training Co.operation common
Ltd.control
Shenzhen 4985610.00 Shenzhen Shenzhen Real estate 100.00% Business
2302024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Education leasing combinations
Industry Co. operation under
Ltd. common
control
Business
Shenzhen
Real estate combinations
Yufa
1050000.00 Shenzhen Shenzhen leasing 80.95% under
Industrial
operation common
Co. Ltd.control
Shenzhen
SZPRD Real estate
10000000.0 Establishmen
Fuyuantai Shenzhen Shenzhen development 100.00%
0 t
Development and operation
Co. Ltd.Xiamen
Shenzhen
ITC
Property Establishmen
Chancheng 5000000.00 Xiamen Xiamen 51.00%
management t
Smart
Service Co.Ltd.Vietnam
Shenzhen
International
Property Establishmen
Trade Center 200000.002 Vietnam Vietnam 100.00%
management t
Property
Management
Co. Ltd.Shenzhen
SZPRD
Real estate
Swallow 10000000.0 Establishmen
Shenzhen Shenzhen development 100.00%
Lake 0 t
and operation
Development
Co. Ltd.Shenzhen
Guangming Real estate
50000000.0 Establishmen
Wuhe Real Shenzhen Shenzhen development 100.00%
0 t
Estate Co. and operation
Ltd.Dongguan
Real estate
Wuhe Real 50000000.0 Dongguan Dongguan Establishmen
development 100.00%
Estate Co. 0 City City t
and operation
Ltd.Business
Shenzhen
combinations
Property Property
7250000.00 Shenzhen Shenzhen 100.00% under
Management management
common
Co. Ltd.control
Business
Shenzhen
Construction combinations
Shenwu
3500000.00 Shenzhen Shenzhen and 100.00% under
Elevator Co.installation common
Ltd.control
Shenzhen Business
Shenfang Property combinations
1000000.00 Shenzhen Shenzhen 100.00%
Property management under
Cleaning common
2312024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Co. Ltd. control
Shenzhen
Business
Foreign
combinations
Trade Property
5000000.00 Shenzhen Shenzhen 100.00% under
Property management
common
Management
control
Co. Ltd.Shenzhen Business
Shenfubao combinations
15000000.0 Property
Property Shenzhen Shenzhen 100.00% under
0 management
Development common
Co. Ltd. control
Shenzhen Business
Fubao Urban combinations
Property
Resources 5000000.00 Shenzhen Shenzhen 60.00% under
management
Management common
Co. Ltd. control
Shenzhen Business
Shenfubao Construction combinations
10000000.0
Municipal Shenzhen Shenzhen and 100.00% under
0
Service Co. installation common
Ltd. control
Shenzhen
Business
Free Trade
combinations
Zone Property
2000000.00 Shenzhen Shenzhen 100.00% under
Security management
common
Service Co.control
Ltd.Shenzhen
Real estate
Wuhe Urban 195000000. Establishmen
Shenzhen Shenzhen development 100.00%
Renewal Co. 00 t
and operation
Ltd.Yangzhou
Real estate
Wuhe Real 50000000.0 Yangzhou Yangzhou Establishmen
development 67.00%
Estate Co. 0 City City t
and operation
Ltd.Shenzhen
Tonglu Wuhe Real estate
10000000.0 Establishmen
Investment Shenzhen Shenzhen leasing 100.00%
0 t
Development operation
Co. Ltd.Shenzhen
ITC Space Property Establishmen
2800000.00 Shenzhen Shenzhen 55.00%
Service Co. management t
Ltd.Note: 1 HKD 2 USD
Unit: RMB
Notes to the differences between the shareholding ratio and the proportion of voting rights in the subsidiary:
In May 2021 the Company's subsidiary Shenzhen Wuhe Industry Investment and Development Co. Ltd. (Wuhe Industry
Investment and Development for short) acquired 35% of the equity of Shenzhen Facility Management Community Co. Ltd.
(Facility Management Community for short) through equity acquisition and targeted capital increase. At the same time according
to the equity acquisition cooperation framework agreement signed by the Wuhe Industry Investment and Development and the
original shareholders from the date of completion of the transaction the original shareholders unconditionally granted 16% of the
voting right of the equity in the Facility Management Community they held or actually controlled to the Wuhe Industry Investment
2322024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
and Development. The grant of the voting right had no preconditions and the term of the voting right was not stipulated in the
contract.The basis for holding half or less than half of the voting rights but still controlling the investees and holding more than half of the
voting rights but not controlling the investees:
Not applicable
Basis of controlling significant structured entities incorporated in the consolidation scope:
Not applicable
Basis for determining whether the firm is agent or principal:
Not applicable
Other explanations:
(2) Significant non-wholly-owned subsidiaries
Unit: RMB
Profit or loss Dividends declared to
Balance of minority
Shareholding ratio by attributable to minority be distributed to
Name of subsidiaries interests as at the end
minority shareholders shareholders in this minority shareholders
of the period
period in this period
Shenzhen Rongyao
Real Estate 31.00% -132005125.54 -139171899.80
Development Co. Ltd.Yangzhou Wuhe Real
33.00%-44874308.66-39763028.56
Estate Co. Ltd.Notes to the differences between the shareholding ratios by minority shareholders in subsidiaries and the corresponding voting
ratios:
Other explanations:
(3) Key financial information on significant non-wholly-owned subsidiaries
Unit: RMB
Ending balance Beginning balance
Name
of Curren Non- Curren Non-Non- Total Non- Total
subsidi Curren Total t current Curren Total t currentcurrent liabiliti current liabiliti
aries t assets assets liabiliti liabiliti t assets assets liabiliti liabilitiassets es assets es
es es es es
Shenz
hen
Rongy
ao
67251402168653821349373146104161896266321730726289
Real
051377499.26887045511649721048831534251.72578495273491384440
Estate
2.49612.102.122.234.350.55742.298.380.568.94
Develo
pment
Co.Ltd.
2332024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Yangz
hou
Wuhe 1429 1429 1311 23891 1550 1291 1294 1278 1278
673373086
Real 17892 85229 42742 8893. 34631 35982 44640 95767 95767
1.49583.61
Estate 0.12 1.61 4.41 14 7.55 3.31 6.92 9.33 9.33
Co.Ltd.Unit: RMB
Amount in the current period Amount in the previous period
Name of Total Cash flows Total Cash flows
subsidiaries Operating comprehen from Operating comprehen fromNet profit Net profit
revenue sive operating revenue sive operating
income activities income activities
Shenzhen
Rongyao - - - - - -
Real Estate 42582298 42582298 23141850 37833453. 37833453. 53529479
Developme 5.60 5.60 3.15 79 79 6.10
nt Co. Ltd.Yangzhou
------
Wuhe Real
13598275135982752943364931719663.31719663.43688784.
Estate Co.
3.533.534.28878715
Ltd.Other explanations:
(4) Significant restrictions on the use of assets of the Group by subsidiaries and liquidation of debts of the Group
Not applicable
(5) Financial support or other supports provided to structured entities included into the scope of consolidated financial
statements
Not applicable
Other explanations:
2. Transactions leading to changes in the share of owners' equity in subsidiaries and still controlling the
subsidiaries
(1) Explanation of changes in the share of owners' equity in subsidiary
Not applicable
(2) Impact of the transaction on minority interests and owners' equity attributable to the parent company
Unit: RMB
Purchase cost/disposal consideration
-- Cash
-- Fair value of non-cash assets
2342024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Total purchase cost/disposal consideration
Less: share of net assets of subsidiary calculated according to
the ratio of equity acquired/disposed
Difference
Including: adjustment of capital reserve
Adjustment of surplus reserves
Adjustment of undistributed profits
Other explanations:
3. Equity in the joint venture arrangements or associates
(1) Significant joint ventures or associates
Shareholding ratio Accounting
Name of joint treatment for
Registration
ventures or Main premise Business nature investment in
place
associates Direct Indirect joint ventures
or associates
Shenzhen
Property Jifa Warehousing Accounting by
Shenzhen Shenzhen 25.00% 25.00%
Warehousing services equity method
Co. Ltd.Shenzhen
Tian'an
International
Property Accounting by
Building Shenzhen Shenzhen 50.00%
management equity method
Property
Management
Co. Ltd.China
Construction
Engineering
Corporation Commercial Accounting by
Shenzhen Shenzhen 10.00%
Group Smart services equity method
Parking
Technology
Co. Ltd.Notes to the difference between the shareholding ratio and the proportion of voting rights in the joint ventures or associates:
Basis for holding less than 20% voting right but with significant influence or holding 20% or more voting right but without
significant influence:
(2) Key financial information on significant joint ventures
Unit: RMB
Ending balance/amount incurred in the current Beginning balance/amount incurred in previous
period period
Tian'an Property Tian'an Property
Jifa Warehousing Jifa Warehousing
Management Management
Current assets 611947126.30 57343010.43 13949127.78 59553501.09
Including: cash and 214143035.38 36335565.40 11574044.52 38464410.56
2352024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
cash equivalents
Non-current assets 284847.56 44161.33 85381409.08 42101.51
Total assets 612231973.86 57387171.76 99330536.86 59595602.60
Current liabilities 147518773.45 29195202.15 3198899.85 28927454.58
Non-current liabilities 16713827.17 16566273.37
Total liabilities 147518773.45 45909029.32 3198899.85 45493727.95
Minority interests
Equity attributable to
shareholders of the 464713200.41 11478142.44 96131637.01 14101874.65
parent company
Net asset share
calculated based on 232356600.21 5739071.22 48065818.51 7050937.33
shareholding ratio
Adjusted matters
-- Goodwill
-- unrealized profit of
internal transactions
-- Others
Book value of equity
investment in joint 232356600.21 5739071.22 48065818.51 7050937.33
ventures
Fair value of equity
investments in joint
ventures with publicly
quoted prices
Operating revenue 4795838.23 11355950.99 13401998.52 15353082.93
Financial expenses -50468.13 -430563.58 -17937.34 -473753.01
Income tax expenses 122861946.86 2225102.81 9505.10
Net profit 368581564.93 -2623732.21 6670466.43 2780.71
Net profit from
discontinued
operations
Other comprehensive
income
Total comprehensive
368581564.93-2623732.216670466.432780.71
income
Dividends received
from joint ventures
during the year
Other explanations:
(3) Key financial information on significant associates
Unit: RMB
Ending balance/amount incurred in the Beginning balance/amount incurred in
current period previous period
China Construction Science And China Construction Science And
2362024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Industry Corporation LTD Industry Corporation LTD
Current assets 292106487.07 256074109.31
Non-current assets 88143320.13 11617792.09
Total assets 380249807.20 267691901.40
Current liabilities 173994765.30 95957288.78
Non-current liabilities 20359252.41 486565.88
Total liabilities 194354017.71 96443854.66
Minority interests
Equity attributable to shareholders of the
185895789.49171248046.74
parent company
Net asset share calculated based on
18589578.9517124804.67
shareholding ratio
Adjusted matters
-- Goodwill
-- unrealized profit of internal
transactions
-- Others
Book value of equity investments in
30092133.3228940994.71
associates
Fair value of equity investments in
associates with publicly quoted prices
Operating revenue 260448745.66 200994767.06
Net profit 12445936.25 9912150.03
Net profit from discontinued operations
Other comprehensive income
Total comprehensive income 12445936.25 9912150.03
Dividends received from associates
93455.0263120.00
during the year
Other explanations:
(4) Summarized financial insignificant of unimportant joint ventures and associates
Unit: RMB
Ending balance/amount incurred in the Beginning balance/amount incurred in
current period previous period
Joint ventures:
Total amounts of the following items
calculated at shareholding ratio
Associates:
Total amounts of the following items
calculated at shareholding ratio
Other explanations:
2372024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(5) Description of significant restrictions on the ability of joint ventures or associates to transfer funds to
the Company
(6) Excess losses incurred by joint ventures or associates
Unit: RMB
Accumulated unrecognized Losses not recognized in the Accumulated unrecognized
Name of joint ventures or
losses accumulated in current period (or net profit losses at the end of the current
associates
previous periods shared in the current period) period
Other explanations:
(7) Unrecognized commitments related to investments in joint ventures
(8) Contingent liabilities related to joint ventures or investments in associates
4. Important joint operation
Joint operation Shareholding ratio/share enjoyed (%)
Main premise Registration place Business nature
name Direct Indirect
Notes to the difference between the shareholding ratio and the proportion of voting rights in joint operations:
If the joint operations is a separate entity the basis for classifying it as joint operations:
Other explanations:
5. Equity in the structured entities not included in the scope of consolidated financial statements
Related notes to structuring subjects not included in the scope of consolidated financial statements in the current period:
Not applicable
6. Others
Not applicable
XI. Government grants
1. Government grants not recognized by amounts receivable at the end of the reporting period
□Applicable □Not applicable
Reasons for not receiving the expected amounts of government grants at the expected time
□ Applicable □Not applicable
2. Liability items involving government grants
□Applicable □Not applicable
2382024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
3. Government grants included in the current profit or loss
□Applicable □ Not applicable
Unit: RMB
Accounting item Amount in the current period Amount in the previous period
Other income 3059786.92 7690477.21
Other explanations:
XII. Risks associated with financial instruments
1. Various risks arising from financial instruments
The Company's goal in risk management is to achieve an appropriate balance between risk and return minimize the negative
impact of risk on the Company's operating performance and maximize the interests of shareholders and other equity investors.Based on this risk management objective the basic strategy of the Company's risk management is to identify and analyze the
various risks faced by the Company establish an appropriate risk tolerance bottom line and conduct risk management and timely
and reliably supervise various risks to control risks within a limited range.The Company is exposed to various risks related to financial instruments in its daily activities mainly including credit risk
liquidity risk and market risk. The Management has reviewed and approved policies to manage these risks which are summarized
below:
Credit risk
Credit risk refers to the risk that the Company will incur financial losses due to the failure of the counterparty to perform its
contractual obligations.The Company manages the credit risk by portfolio. Credit risk mainly arises from bank deposits accounts receivable other
receivables long-term receivables etc.The Company's bank deposits are mainly deposited in state-owned banks and other large and medium-sized listed banks and the
Company expects that there is no significant credit risk in the bank deposits.For accounts receivable other receivables and long-term receivables the Company has set up relevant policies to control the
exposure of credit risk. The Company evaluates the credit qualifications of customers and sets the corresponding credit period
based on the financial status credit history and other factors such as the current market conditions of customers. The COOEC
would monitor the customers' credit records periodically; as for the customers with bad credit records the COOEC would adopt
the methods including requesting a payment in writing or shortening or canceling credit term so as to keep the COOEC's overall
credit risks within controllable scope.The debtors of the Company's accounts receivable are customers distributed in different industries and regions. The Company
continuously conducts credit evaluations on the financial status of accounts receivable and purchases credit guarantee insurance
when appropriate.
2392024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
The maximum credit risk exposure of the Company shall be the carrying amount of each financial asset in the balance sheet. The
Company has not provided any other guarantee that may subject the Company to credit risk.In the Company's accounts receivable the accounts receivable of the top five companies in arrears accounted for 49.49% of the
Company's total accounts receivable (2023: 59.45%); In the Company's other receivables the other receivables of the top five
companies in arrears accounted for 86.94% (2023: 87.25%) of the total other receivables of the Company.Liquidity risk
Liquidity risk refers to the risk that the Company will encounter a shortage of funds when fulfilling its obligations to settle in cash
or other financial assets.When managing liquidity risk the Company maintains cash and cash equivalents that the Management believes are sufficient and
monitors them to meet the Company's operational needs and reduce the impact of cash flows fluctuations. The Management of the
Company monitors the use of bank borrowings and ensures compliance with the loan agreement. At the same time the Company
has obtained commitments from major financial institutions to provide sufficient standby funds to meet short-term and long-term
funding needs.The Company finances its working capital through funds generated from its operations and bank and other borrowings.At the end of the period the financial liabilities and off-balance guarantee items held by the Company were analyzed as follows
according to the maturity of the undiscounted remaining contractual cash flows (unit: RMB10000):
Ending balance
Item
Within 1 year Within 1 to 3 years More than 3years Total
Financial liabilities:
Bank borrowings 18241.68 459942.67 34740.89 512925.24
Accounts payable 104309.23 104309.23
Other payables 123135.14 123135.14
Non-current liabilities
maturing within one year 50868.12 50868.12
Other current liabilities
(excluding deferred 2318.63 2318.63
income)
Lease liabilities 1373.57 941.53 2315.10
Long-term payables 1822.49 44368.28 46190.77
Total financial liabilities
and contingent liabilities 300695.29 505684.52 35682.42 842062.23
At the end of the previous year the financial liabilities and off-balance guarantee items held by the Company were analyzed
according to the maturity of the undiscounted remaining contractual cash flows as follows (unit: RMB10000):
Balance as at the end of the previous year
Item
Within 1 year Within 1 to 3 More than 3years years Total
Financial liabilities:
2402024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Balance as at the end of the previous year
Item
Within 1 year Within 1 to 3 More than 3years years Total
Bank borrowings 37912.20 70965.99 79731.94 188610.14
Accounts payable 66286.91 66286.91
Other payables 120510.06 120510.06
Non-current liabilities maturing
within one year 311118.77 311118.77
Other current liabilities (excluding
deferred income) 6837.37 6837.37
Lease liabilities 773.04 817.42 1590.46
Long-term payables 1829.31 4127.74 42103.03 48060.08
Total financial liabilities and
contingent liabilities 544494.61 75866.78 122652.39 743013.78
The amount of financial liabilities disclosed in the above table was the undiscounted contractual cash flows so it might be
different from the book value in the balance sheet.Market risk
Market risk associated with financial instruments refers to the risk that fair value or future cash flows of financial instruments
fluctuate due to variations in market prices and it includes exchange rate risk interest rate risk and other price risks.Interest rate risk
Interest rate risk refers to the risk of fluctuations in the fair value or future cash flows of financial instruments arising from changes
in market interest rates. Interest rate risk can arise from recognized interest-bearing financial instrument and unrecognized
financial instrument (e. g. certain loan commitment).The Company's interest rate risk mainly arises from bank borrowings. Financial liabilities with floating interest rates expose the
Company to cash flows interest rate risk and financial liabilities with fixed interest rate expose the Company to fair value interest
rate risk. The Company determines the relative ratio of fixed interest rate and floating rate contracts based on the prevailing market
conditions and maintains an appropriate mix of fixed and floating rate instruments through regular review and monitoring.The Company closely monitors the impact of fluctuation in interest rate changes on the Company's interest rate risk. The Company
does not currently have an interest rate hedging policy. However the Management is responsible for monitoring interest rate risk
and will consider hedging significant interest rate risk when required. Rising interest rates will increase the cost of new interest-
bearing debt and the interest expenses of the Company's outstanding interest-bearing debt at floating rates and have a significant
adverse impact on the Company's financial performance. The Management will make timely adjustments based on the latest
market conditions which may be interest rate swaps to reduce interest rate risk.The interest-bearing financial instruments held by the Company are as follows (unit: RMB10000):
Item Amount in this period Amount in previous period
Fixed interest rate financial
instruments
Financial liabilities
2412024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Item Amount in this period Amount in previous period
Including: short-term borrowings 19016.55 23091.50
Long-term borrowings
maturing within one year 49825.99 307599.38
Long-term borrowings 475531.46 139988.93
Total 544374.00 470679.81
For financial instruments held on the balance sheet date that expose the Company to fair value interest rate risk the impact of net
profit and shareholders' equity in the above sensitivity analysis is the impact after the above financial instruments are remeasured
at the new interest rate assuming that the interest rate changes on the balance sheet date. For floating rate non-derivatives held on
the balance sheet date that expose the Company to cash flows interest rate risk the impact of net profit and shareholders' equity in
the above sensitivity analysis is the impact of the above interest rate changes on interest expenses or income estimated on an
annual basis. The previous year's analysis was based on the same assumptions and methodology.Exchange rate risk
Exchange rate risk refers to the risk that the fair value or future cash flows of the financial instrument will fluctuate due to changes
in foreign exchange rates. Exchange rate risk can arise from financial instruments denominated in foreign currencies other than
recording currency.The Company's main business is located in China and its main business is settled in RMB. However there are still foreign
exchange risks for the Company's recognized foreign currency assets and liabilities and future foreign currency transactions (the
valuation currencies of foreign currency assets and liabilities and foreign currency transactions are mainly HKD VND and USD).At the end of the period the foreign currency financial assets and foreign currency financial liabilities held by the Company are
translated into RMB as follows (unit: RMB'0000):
Foreign currency liabilities Foreign currency assets
Item Balance as at the Balance as at the
Ending balance end of the Ending balance end of the
previous year previous year
HKD 86.26 84.99
VND 283.75 212.04 1390.38 1150.76
USD 387.01 37.39 6640.79 5737.29
Total 670.76 249.43 8117.43 6973.04
The Company closely monitors the impact of fluctuation in exchange rate on the Company's exchange rate risk. The Company is
not currently taking any measures to avoid exchange rate risk. However the Management is responsible for monitoring exchange
rate risk and will consider hedging significant exchange rate risk when required.
2. Hedging
(1) The Company conducts hedging business for risk management
□Applicable □Not applicable
2422024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(2) The Company conducts eligible hedging business and applies hedge accounting
Unit: RMB
Cumulative fair value
Hedge effectiveness Impact of hedge
Book value related to hedge adjustment
and source of accounting on the
Item the hedged item and included in the book
ineffective part of Company's financial
the hedging instrument value of the hedged
hedge statements
item recognized
Type of hedging risk
Type of hedging
Other explanations
(3) The Company conducts hedging business for risk management and is expected to achieve risk management objectives
but does not apply hedging accounting
□Applicable □Not applicable
3. Financial assets
(1) Classification of transfer methods
□Applicable □Not applicable
(2) Financial assets derecognition due to transfer
□Applicable □Not applicable
(3) Continued involvement in the transfer of financial assets
□Applicable □Not applicable
Other explanations
XIII. Disclosure of fair value
1. Ending fair value of assets and liabilities measured at fair value
Unit: RMB
Fair value as at the end of the period
Item Measured at the fair Measured at the fair Measured at the fair
Total
value of the 1st level value of the 2nd level value of the 3rd level
I. Continuous
measurement of fair -- -- -- --
value
(III) Investments in
other equity 586231.82 586231.82
instruments
II. Measurement at fair
value not on a going -- -- -- --
concern
2432024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
2. Basis for recognition of the market price of items measured at fair value of Level 1 on a going and non-
going concern
3. Qualitative and quantitative valuation techniques and important parameters of sustainable and non-
sustainable items measured on the basis of fair value of level 2
4. Continuous and non-continuous Level 3 fair value measurement items valuation techniques used and
the qualitative and quantitative information on important parameters
5. The information on adjustment between the beginning and the end of the book value and analysis on
the sensitivity of the unobservable parameters of sustainable and non-sustainable items measured on the
basis of fair value of tier three
6. Continuous measurement items by fair value reason for conversion among all levels in the current
period and policies for determining the time of conversion
7. Change of valuation techniques in the current period and reason for change
8. Condition of fair value of financial assets and financial liabilities not measured at fair value
9. Others
XIV. Related parties and related party transactions
1. Parent company
Parent company's Parent company's
shareholding voting rights
Name Registration place Business nature Registered capital
percentage in the percentage in the
Company Company
Shenzhen Limited liability
RMB 33.186
Investment Shenzhen company (wholly 57.25% 57.25%
billion
Holdings Co. Ltd. state-owned)
Parent company
The ultimate controller of the Company is the State-owned Assets Supervision and Administration Commission of Shenzhen
Municipal People's Government.Other explanations:
2. Subsidiaries of the Company
See Note X.1 for details of the subsidiary of the Company.
3. Joint ventures and associates
See Note X.3 for details of important joint ventures or associates of the Company.Joint ventures and associates involved in the related party transactions with the Company in the Current Period or leading to
balance due to the related party transaction they had with the Company in previous periods:
Name of joint venture or associates Relationship with the Company
2442024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Other explanations:
4. Other related parties
Other related parties Relationship between other related parties with the COOEC
The parent company of Xinhai Rongyao the minority
Shenzhen Xinhai Holdings
shareholders of the subsidiary Rongyao Real Estate
Shenzhen Xinhai Rongyao Real Estate Development Co. Ltd. Minority shareholders of the subsidiary Rongyao Real Estate
Yangzhou Tourism Development Property Co. Ltd. Subsidiary Yangzhou Wuhe's minority shareholders
Shenzhen Wufang Ceramic Industry Co. Ltd. Associates of the Company
Shenzhen Property Jifa Warehousing Co. Ltd. Joint ventures of the Company
Shenzhen Tian'an International Building Property Management
Joint ventures of the Company
Co. Ltd.Chengdu Zunxi Land Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Dongguan Shenzhen Investment Holdings Investment
Subsidiary of a subsidiary (under the parent company)
Development Co. Ltd.Guangdong Jianbang Group (Huiyang) Industrial Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Guoren P&C Insurance Co. Ltd. Subsidiary of the parent company
Hebei Shenbao Investment Development Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Kunpeng Industrial Source Innovation Center (Shenzhen) Co.Wholly-owned sub-subsidiary of the parent company
Ltd.Shantou Huafeng Real Estate Development Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shantou Hualin Real Estate Development Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Chuangke Development Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Credit Guarantee Group Co. Ltd. Subsidiary of the parent company
Shenzhen High-tech Zone Development and Construction Co.Wholly-owned sub-subsidiary of the parent company
Ltd.Shenzhen Petrel Hotel Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Convention and Exhibition Center Management Co.Wholly-owned subsidiary of the parent company
Ltd.Shenzhen Special Economic Zone Real Estate & Properties
Subsidiary of the parent company
(Group) Co. Ltd.Shenzhen Talent Recruitment International Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Light Industrial Products Import and Export Co.Wholly-owned sub-subsidiary of the parent company
Ltd.Research Institute of Tsinghua University in Shenzhen Subsidiary of the parent company
Shenzhen Total Logistics Service Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen People's Congress Cadre Training Center Co. Ltd. Wholly-owned subsidiary of the parent company
Shenzhen Shenzhen-Hong Kong Science and Technology
Subsidiary of a subsidiary (under the parent company)
Innovation Park Operation and Development Co. Ltd.Shenzhen Shenzhen-Hong Kong Science and Technology
Subsidiary of the parent company
Innovation Cooperation Zone Development Co. Ltd.Shenzhen Shenshan Special Cooperation Zone Shenzhen
Wholly-owned subsidiary of the parent company
Investment Holdings Investment Development Co. Ltd.Shenzhen Baoshi Real Estate Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Free Trade Zone Life Service Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Binjiang Industrial Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Urban Construction Industrial Park Development
Subsidiary of a subsidiary (under the parent company)
Co. Ltd.Shenzhen Chenglong Real Estate Development Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Urban Construction and Development (Group) Co.Subsidiary of the parent company
Ltd.Shenzhen Grand Industrial Zone (Shenzhen Export Processing
Wholly-owned sub-subsidiary of the parent company
Zone) Development Management Group Co. Ltd.Shenzhen Legal Training Center Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Fubao Park Operation Co. Ltd. Wholly-owned sub-subsidiary of the parent company
2452024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Shenzhen High-tech Zone Investment and Development Group
Subsidiary of the parent company
Co. Ltd.Shenzhen Guohui Industrial Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Environmental Technology Group Co. Ltd. Subsidiary of the parent company
Shenzhen Environmental Engineering Science and Technology
Subsidiary of a subsidiary (under the parent company)
Center Co. Ltd.Shenzhen General Institute of Architectural Design and
Wholly-owned subsidiary of the parent company
Research Co. Ltd.Shenzhen Jiaotongchang Station Construction and
Wholly-owned sub-subsidiary of the parent company
Development Co. Ltd.Shenzhen Southern Certification Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Shenda Credit Enhancement Financing Guarantee
Subsidiary of a subsidiary (under the parent company)
Co. Ltd.Shenzhen Shenfang Chuanqi Real Estate Development Co.Subsidiary of a subsidiary (under the parent company)
Ltd.Shenzhen Properties Group Longgang Development Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Shenfubao (Group) Tianjin Industrial Development
Wholly-owned sub-subsidiary of the parent company
Co. Ltd.Shenzhen Shenfubao (Group) Tianjin Investment and
Wholly-owned sub-subsidiary of the parent company
Development Co. Ltd.Shenzhen Shenfubao (Group) Co. Ltd. Wholly-owned subsidiary of the parent company
Shenzhen Shenfubao East Investment and Development Co.Wholly-owned sub-subsidiary of the parent company
Ltd.Shenzhen Shentou Property Development Co. Ltd. Wholly-owned subsidiary of the parent company
Shenzhen Shenyue United Investment Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Water Planning&Design Institute Co. Ltd. Subsidiary of the parent company
Shenzhen-Shantou Special Cooperation Branch of Shenzhen
Wholly-owned sub-subsidiary of the parent company
Water Planning&Design Institute Co. Ltd.Shenzhen Tefa Port Service Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Special Zone Literature Magazine Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Sports Industry Group Co. Ltd. Wholly-owned subsidiary of the parent company
Shenzhen Sports Fashion Culture and Sports Development Co.Wholly-owned sub-subsidiary of the parent company
Ltd.Shenzhen Sports Center Operation Management Co. Ltd. Wholly-owned subsidiary of the parent company
Shenzhen Tianjun Biotechnology Development Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Investment Holdings Development Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Investment Building Hotel Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Bay Area International Hotel Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Wancheng Logistics Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Wangyu Center Operation Management Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Cultural Enterprise Development Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Renaissance Shenzhen Bay Hotel Branch of Shenzhen
Wholly-owned sub-subsidiary of the parent company
Continental Hotel Management Co. Ltd.Courtyard by Marriott Shenzhen Bay Branch of Shenzhen
Wholly-owned sub-subsidiary of the parent company
Continental Hotel Management Co. Ltd.Shenzhen Xingye Transportation Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Etong Digital Innovation and Development Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Tianjun Industrial Co. Ltd. Subsidiary of a subsidiary (under the parent company)
Shenzhen Tianjun Investment Development Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Bay (Baoding) Innovation Development Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Bay Technology Development Co. Ltd. Wholly-owned subsidiary of the parent company
Shenzhen Bay Area Urban Construction and Development Co.Wholly-owned subsidiary of the parent company
Ltd.Shenzhen Xiangmihu International Exchange Center
Wholly-owned subsidiary of the parent company
Development Co. Ltd.Shenzhen Xingye Xingfa Garment Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Silver Lake Convention Center (Hotel) Co. Ltd. Wholly-owned sub-subsidiary of the parent company
2462024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Shenzhen Infinova Limited Subsidiary of the parent company
Shenzhen Infinova Information Technology Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Shenzhen Infinova Smart Park Technology Co. Ltd. Wholly-owned sub-subsidiary of the parent company
Hong Kong HOI PAN Development Co. Ltd. Wholly-owned sub-subsidiary of the parent company
China Shenzhen Foreign Trade (Group) Company Limited Wholly-owned subsidiary of the parent company
Other explanations:
5. Related party transactions
(1) Related party transactions on purchase and sales of goods rendering and receipt of services
Purchase of goods/receipt of services
Unit: RMB
Whether the
Related party Amount in the Approved Amount in the
Related party transaction quota
transactions current period transaction quota previous period
is exceeded
Guoren P&C Insurance Insurance
2647109.232907471.58
Co. Ltd. premiums
Shenzhen Credit
Guarantee Group Co. Guarantee fee 56133.53
Ltd.Shenzhen Special
Economic Zone Real Management
4494794.364502375.31
Estate & Properties service fee
(Group) Co. Ltd.Shenzhen Light Industrial
Products Import and Catering services 23692.08 50477.89
Export Co. Ltd.Shenzhen People's
Congress Cadre Training Training expenses 1780.00
Center Co. Ltd.Shenzhen Legal Training
Training expenses 100223.49 185019.48
Center Co. Ltd.Shenzhen Guohui
Catering services 45600.00
Industrial Co. Ltd.Shenzhen Environmental Environmental
Technology Group Co. protection service 385580.19
Ltd. fee
Shenzhen Environmental
Environmental
Engineering Science and
protection service 111005.66
Technology Center Co.fee
Ltd.Shenzhen General
Project
Institute of Architectural
architectural 4207808.07 10712800.00 No 8940492.75
Design and Research Co.design services
Ltd.Shenzhen Southern
Certification fee 24528.30
Certification Co. Ltd.Shenzhen Shenda Credit
Enhancement Financing Guarantee fee 274886.79
Guarantee Co. Ltd.Shenzhen Shenfubao
Catering services 541145.00 200535.00
(Group) Co. Ltd.Shenzhen Water Consulting 13331.00
2472024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Planning&Design service fees
Institute Co. Ltd.Shenzhen Tefa Port Property service
276742.05294540.95
Service Co. Ltd. fee
Shenzhen Tianjun Green plant
Biotechnology maintenance 75068.65 107161.34
Development Co. Ltd. service
Shenzhen Cultural
Enterprise Development Activity fee 74964.34 175633.75
Co. Ltd.Shenzhen Etong Digital
Innovation and Catering services 31794.69 8982.00
Development Co. Ltd.Shenzhen Tianjun Compensation for
70296.2356613.20
Industrial Co. Ltd. relocation
Shenzhen Tianjun Green plant
Investment Development maintenance 52638.20
Co. Ltd. service
Shenzhen Bay
Management
Technology Development 62382807.01 72761800.00 62480975.10
service fee
Co. Ltd.Shenzhen Infinova
Intelligent project
Information Technology 384103.84
funds
Co. Ltd.China Shenzhen Foreign
Management
Trade (Group) Company 101850.10 305550.31
service fee
Limited
Sales of goods/ rendering of services
Unit: RMB
Related party Amount in the Amount in the
Related party
transactions current period previous period
Chengdu Zunxi Land Co. Ltd. Property service fee 3480160.55 1152459.02
Dongguan Shenzhen Investment Holdings Investment
Property service fee 3098470.59 1784025.19
Development Co. Ltd.Guangdong Jianbang Group (Huiyang) Industrial Co.Property service fee 295724.00 256331.65
Ltd.Guoren P&C Insurance Co. Ltd. Property service fee 325538.86 347629.57
Hebei Shenbao Investment Development Co. Ltd. Project funds 44233142.45 26970736.12
Hebei Shenbao Investment Development Co. Ltd. Property service fee 11892865.89 13195908.87
Kunpeng Industrial Source Innovation Center (Shenzhen)
Property service fee 1339304.96 1381929.74
Co. Ltd.Shantou Huafeng Real Estate Development Co. Ltd. Property service fee 2249598.90 2456814.89
Shantou Hualin Real Estate Development Co. Ltd. Property service fee 35320.76
Subsidiaries of Shenzhen Investment Holdings Catering services 88079.06 197755.66
Shenzhen Shenyue United Investment Co. Ltd. Property service fee 3656843.68 2900927.45
Shenzhen Chuangke Development Co. Ltd. Property service fee 5317675.30 1516908.38
Shenzhen Credit Guarantee Group Co. Ltd. Property service fee 4217529.68 4173239.39
Shenzhen High-tech Zone Development and Construction
Property service fee 2521098.97 2391764.60
Co. Ltd.Shenzhen Convention and Exhibition Center
Property service fee 12406466.64 9836455.76
Management Co. Ltd.Shenzhen Special Economic Zone Real Estate &
Property service fee 3717334.17 5809905.47
Properties (Group) Co. Ltd.Shenzhen Talent Recruitment International Co. Ltd. Property service fee 443957.91 444280.42
Research Institute of Tsinghua University in Shenzhen Property service fee 2217409.49 1376718.19
2482024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Shenzhen Total Logistics Service Co. Ltd. Property service fee 2936775.96 2931862.63
Shenzhen Shenzhen-Hong Kong Science and Technology
Property service fee 13318956.64 3153538.10
Innovation Park Operation and Development Co. Ltd.Shenzhen Shenzhen-Hong Kong Science and Technology
Property service fee 2710293.10 1588242.65
Innovation Cooperation Zone Development Co. Ltd.Shenzhen Shenshan Special Cooperation Zone Shenzhen
Property service fee 2099868.10 508184.64
Investment Holdings Investment Development Co. Ltd.Shenzhen Baoshi Real Estate Co. Ltd. Property service fee 3612660.76
Shenzhen Urban Construction Industrial Park
Property service fee 391346.42
Development Co. Ltd.Shenzhen Chenglong Real Estate Development Co. Ltd. Property service fee 1734921.21 395685.75
Shenzhen Urban Construction and Development (Group)
Property service fee 273886.79 136971.70
Co. Ltd.Shenzhen Grand Industrial Zone (Shenzhen Export
Processing Zone) Development Management Group Co. Project funds -206798.79 263350.35
Ltd.Shenzhen Grand Industrial Zone (Shenzhen Export
Processing Zone) Development Management Group Co. Property service fee 664132.17 76628.67
Ltd.Shenzhen Fubao Park Operation Co. Ltd. Project funds 184939.45 209505.25
Shenzhen Fubao Park Operation Co. Ltd. Property service fee 18301.58 140690.29
Shenzhen High-tech Zone Investment and Development
Property service fee 125538.20 47172.26
Group Co. Ltd.Shenzhen Environmental Technology Group Co. Ltd. Supervision service fee 141509.43
Shenzhen Environmental Technology Group Co. Ltd. Property service fee 5583897.63 5857237.41
Shenzhen Environmental Technology Group Co. Ltd. Project funds 90016.79
Shenzhen Southern Certification Co. Ltd. Property service fee 74269.81 74213.21
Shenzhen Shenfang Chuanqi Real Estate Development
Property service fee 266161.65 168113.22
Co. Ltd.Shenzhen Properties Group Longgang Development Co.Property service fee 382009.37
Ltd.Shenzhen Shenfubao (Group) Tianjin Industrial
Project funds 46550.75
Development Co. Ltd.Shenzhen Shenfubao (Group) Tianjin Industrial
Property service fee 818633.95 1703980.95
Development Co. Ltd.Shenzhen Shenfubao (Group) Tianjin Investment and
Property service fee 7403142.51 7628802.17
Development Co. Ltd.Shenzhen Shenfubao (Group) Co. Ltd. Project funds 1328615.05
Shenzhen Shenfubao (Group) Co. Ltd. Property service fee 4458923.38 4558105.71
Shenzhen Shenfubao East Investment and Development
Property service fee 605151.13 483048.37
Co. Ltd.Shenzhen Shentou Property Development Co. Ltd. Supervision service fee 11320.75
Shenzhen Shentou Property Development Co. Ltd. Property service fee 52981.13
Shenzhen-Shantou Special Cooperation Branch of
Property service fee 21247.49
Shenzhen Water Planning&Design Institute Co. Ltd.Shenzhen Special Zone Literature Magazine Co. Ltd. Property service fee 51384.96 51384.96
Shenzhen Sports Industry Group Co. Ltd. Project funds 3696271.96
Shenzhen Sports Industry Group Co. Ltd. Property service fee 3247533.97
Shenzhen Sports Center Operation Management Co. Ltd. Property service fee 5279580.87 4806978.01
Shenzhen Investment Holdings Development Co. Ltd. Property service fee 110059.63
Shenzhen Investment Building Hotel Co. Ltd. Supervision service fee 70754.72
Shenzhen Investment Holdings Co. Ltd. Project funds 3667431.09 186843.22
Shenzhen Investment Holdings Co. Ltd. Property service fee 7242745.72 8643987.73
Shenzhen Bay Area International Hotel Co. Ltd. Property service fee 5432881.86
Shenzhen Wancheng Logistics Co. Ltd. Project funds 451416.98
Shenzhen Cultural Enterprise Development Co. Ltd. Property service fee 372727.92 227088.46
Renaissance Shenzhen Bay Hotel Branch of Shenzhen Property service fee 283018.87 338650.32
2492024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Continental Hotel Management Co. Ltd.Courtyard by Marriott Shenzhen Bay Branch of
Property service fee 188679.28 220010.13
Shenzhen Continental Hotel Management Co. Ltd.Shenzhen Xingye Transportation Co. Ltd. Property service fee 27522.94 11009.18
Shenzhen Bay (Baoding) Innovation Development Co.Property service fee 658180.89 579370.16
Ltd.Shenzhen Bay Technology Development Co. Ltd. Property service fee 77800192.88 78923867.12
Shenzhen Bay Area Urban Construction and
Property service fee 1996166.98 2525782.31
Development Co. Ltd.Shenzhen Xiangmihu International Exchange Center
Project funds 537490.97
Development Co. Ltd.Shenzhen Xiangmihu International Exchange Center
Property service fee 2408563.82 3458208.00
Development Co. Ltd.Shenzhen Xingye Xingfa Garment Co. Ltd. Property service fee 2832334.90
Shenzhen Silver Lake Convention Center (Hotel) Co.Project funds 337614.68
Ltd.Shenzhen Infinova Limited Property service fee 88556.50 463319.77
Shenzhen Infinova Smart Park Technology Co. Ltd. Consulting service fees 101581.14 1859676.00
China Shenzhen Foreign Trade (Group) Company
Supervision service fee 424528.30
Limited
China Shenzhen Foreign Trade (Group) Company
Property service fee 3053234.14 2457982.89
Limited
Purchase or sale of goods and rendering or receipt of labor services
In 2024 the Company engaged in catering service transactions with Shenzhen Investment Holdings and several of its subsidiaries.Due to the involvement of multiple entities and relatively small transaction amounts with individual related parties the transaction
amounts did not reach the threshold for separate disclosure. Therefore the item was presented in a consolidated form under
"Shenzhen Investment Holdings and its subsidiaries".
(2) Management on commission/contract and commissioned management/contracting-out
Information on the trusteeship management and contracting by the COOEC:
Unit: RMB
Trust
Name of Termination Pricing basis of income/contract
Name of Type of Start date of
entrusting date of custody ing income
entrusted entrusted/contra entrustment/con
party/contractin entrustment/con income/contract recognized in
party/contractor cted assets tracting
g-out party tracting ing income the current
period
Shenzhen Shenzhen
Shentou Properties &
Investment November 6 November 5
Property Resources Market pricing 65058513.07
properties 2019 2025
Development Development
Co. Ltd. (Group) Ltd.Shenzhen
Shenzhen
Shenfubao
Shenfubao Real estate and December 31
Property January 1 2024 Market pricing 1132075.00
(Group) Co. engineering 2024
Development
Ltd.Co. Ltd.Shenzhen Shenzhen Free
Shenfubao Trade Zone December 31
Real estate January 1 2024 Market pricing 1560000.00
(Group) Co. Security 2024
Ltd. Service Co.
2502024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Ltd.Shenzhen
Shenzhen
Shenfubao
Shenfubao December 31
Municipal Real estate January 1 2024 Market pricing 1852679.77
(Group) Co. 2024
Service Co.Ltd.Ltd.Custody/contracting of related parties
Information on the entrustment management/contracting of the Company
Unit: RMB
Custody
Name of Termination Pricing basis of fees/contracting
Name of Type of Starting date of
entrusting date of custody -out fees
entrusted entrusted/contra entrustment/con
party/contractin entrustment/con fee/contracting- recognized in
party/contractor cting-out assets tracting-out
g-out party tracting-out out fee the current
period
Information on the related party management/contracting
(3) Related party leases
The COOEC acted as the lessor:
Unit: RMB
Lease income
Type of leased Lease income recognized in
Lessee recognized in this
asset previous period
period
Courtyard by Marriott Shenzhen Bay Branch of Investment
1265195.37
Shenzhen Continental Hotel Management Co. Ltd. properties
Renaissance Shenzhen Bay Hotel Branch of Investment
1665257.39
Shenzhen Continental Hotel Management Co. Ltd. properties
The COOEC acted as lessee:
Unit: RMB
Rental costs for
Variable lease
short-term leases
payments not
and low-value Interest expense on
included in the Increase in right-
asset leases for Paid rents lease liabilities
measurement of of-use assets
Type of simplified assumedlease liabilities (if
Lessor leased processing (if applicable)
asset applicable)
Amoun Amoun Amoun Amoun Amoun Amoun Amoun Amoun Amoun Amoun
t in the t in the t in the t in the t in the t in the t in the t in the t in the t in the
current previou current previou current previou current previou current previou
period s period period s period period s period period s period period s period
Shenzhen Investm
Investment ent 844905 820296 33604. 66547.Building Hotel properti .00 .12 31 40
Co. Ltd. es
Shenzhen
High-tech Zone Investm
Development ent 57415. 22302. 49392. 111132 4363.3
-422.03
and properti 65 40 00 .00 3
Construction es
Co. Ltd.
2512024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Shenzhen
Grand
Industrial Zone
(Shenzhen Investm
Export ent 11256.Processing properti 87
Zone) es
Development
Management
Group Co. Ltd.Shenzhen
Special
Investm
Economic Zone
ent 237999 221333 660000 702000 51688. 81134.Real Estate &
properti .96 .32 .00 .00 66 66
Properties
es
(Group) Co.Ltd.Investm
Shenzhen
ent 38243. 13200. 3131.5 235308
Petrel Hotel
properti 62 00 1 .17
Co. Ltd.es
Investm
Shenzhen
ent 470269 231660 41958. 28809. 12042
Shenfubao(Gro
properti .80 .00 61 46 67.57
up) Co. Ltd.es
Shenzhen Investm
-
Investment ent 247497 591394 27394 34822 66246. 192376
18145
Holdings Co. properti .25 .63 16.18 45.09 71 .34
18.69
Ltd. es
Shenzhen Bay Investm
Technology ent 11196 11196
Development properti 54.36 54.36
Co. Ltd. es
Shenzhen Investm
Binjiang ent 303785 41600.Industrial Co. properti .70 00
Ltd. es
Hong Kong Investm
HOI PAN ent 146234
Development properti .62
Co. Ltd. es
Related-party leases
(4) Related party guarantees
The Company as the guarantor
Unit: RMB
Amount Maturity date of Whether the guarantee
The secured party Start date of guarantee
guaranteed guarantee has been fulfilled
Shenzhen Rongyao Real Estate
3491371743.56 November 27 2019 March 17 2026 No
Development Co. Ltd.Yangzhou Wuhe Real Estate Co.
200094573.77 January 19 2024 January 18 2029 No
Ltd.The Company as the guaranteed party
2522024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Unit: RMB
Maturity date of Whether the guarantee
Guarantee Amount guaranteed Start date of guarantee
guarantee has been fulfilled
Guoren P&C Insurance
82093413.89 June 26 2022 April 30 2024 Yes
Co. Ltd.Shenzhen Shenda
Credit Enhancement
16750000.00 March 29 2022 March 28 2025 No
Financing Guarantee
Co. Ltd.Shenzhen Shenda
Credit Enhancement
36850000.00 March 29 2022 March 28 2026 No
Financing Guarantee
Co. Ltd.Shenzhen Shenda
Credit Enhancement
13400000.00 March 29 2022 March 28 2027 No
Financing Guarantee
Co. Ltd.Shenzhen Credit
Guarantee Group Co. 1684498.43 December 29 2023 December 29 2024 Yes
Ltd.Guoren P&C Insurance
73027582.04 January 10 2024 1 No
Co. Ltd.Guoren P&C Insurance
89983901.50 May 22 2023 2 No
Co. Ltd.Note: 1 Expiry of statute of limitations
2 Expiry of statute of limitations
Notes to related party guarantee
(5) Information on inter-bank lending of capital of related parties
Unit: RMB
Related party Amount borrowed Start date Maturity date Notes
Borrowed from
Lending
(6) Asset transfer and debt restructuring of related parties
Unit: RMB
Amount in the previous
Related party Related party transactions Amount in the current period
period
(7) Remuneration of key officers
Unit: RMB
Item Amount in the current period Amount in the previous period
Remuneration of key officers 10738322.13 12312227.12
2532024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(8) Other related party transactions
Not applicable
6. Accounts receivable and payable of related parties
(1) Receivables
Unit: RMB
Ending balance Beginning balance
Project Related party Provision for Provision for
Book balance Book balance
bad debts bad debts
Accounts Dongguan Shenzhen Investment Holdings
270000.008100.001784025.1972849.36
receivable Investment Development Co. Ltd.Hebei Shenbao Investment Development
41683941.801916102.5227085777.03812573.31
Co. Ltd.Kunpeng Industrial Source Innovation
182417.355472.52
Center (Shenzhen) Co. Ltd.Shantou Huafeng Real Estate Development
177667.235330.02199614.215434.84
Co. Ltd.Shantou Hualin Real Estate Development
135808.7213580.80
Co. Ltd.Shenzhen Chuangke Development Co. Ltd. 6075155.48 222749.53 1607922.88 48237.69
Shenzhen Credit Guarantee Group Co. Ltd. 157200.00 4716.00
Shenzhen High-tech Zone Development
2837150.5585114.522753626.63253302.70
and Construction Co. Ltd.Shenzhen Convention and Exhibition
936380.6528091.422511418.7389213.56
Center Management Co. Ltd.Shenzhen Special Economic Zone Real
5548078.33347553.2012659861.032147549.43
Estate & Properties (Group) Co. Ltd.Research Institute of Tsinghua University in
73234.712197.0457574.311727.23
Shenzhen
Shenzhen Total Logistics Service Co. Ltd. 466227.00 13986.81 236927.70 7107.83
Shenzhen Shenzhen-Hong Kong Science
and Technology Innovation Park Operation 5572997.25 167189.92 3342750.39 100282.51
and Development Co. Ltd.Shenzhen Shenzhen-Hong Kong Science
and Technology Innovation Cooperation 117000.00 3510.00
Zone Development Co. Ltd.Shenzhen Shenshan Special Cooperation
Zone Shenzhen Investment Holdings 202435.05 6076.05 508084.64 15242.54
Investment Development Co. Ltd.Shenzhen Urban Construction Industrial
391346.4211740.39
Park Development Co. Ltd.Shenzhen Chenglong Real Estate
395685.7511870.57
Development Co. Ltd.Shenzhen Grand Industrial Zone (Shenzhen
Export Processing Zone) Development 266132.23 58423.97 480229.65 64846.89
Management Group Co. Ltd.Shenzhen Fubao Park Operation Co. Ltd. 42352.90 1270.59 5365.01 160.95
Shenzhen Environmental Technology
2837617.8286245.771653450.9763121.44
Group Co. Ltd.Shenzhen Jiaotongchang Station
5.510.17
Construction and Development Co. Ltd.Shenzhen Shenfubao (Group) Tianjin 1581956.05 175339.45 1604015.82 66998.26
2542024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Industrial Development Co. Ltd.Shenzhen Shenfubao (Group) Tianjin
2588645.10150772.573255544.36155467.93
Investment and Development Co. Ltd.Shenzhen Shenfubao (Group) Co. Ltd. 1671102.46 52471.28 2567475.48 77024.27
Shenzhen Shentou Property Development
8591322.98424230.212378435.9871353.08
Co. Ltd.Shenzhen Shenyue United Investment Co.
3450150.13123326.684407622.21240783.73
Ltd.Shenzhen Sports Industry Group Co. Ltd. 4402968.12 132089.04
Shenzhen Sports Fashion Culture and
2429.4072.88
Sports Development Co. Ltd.Shenzhen Investment Holdings Co. Ltd. 5588052.61 225329.98 4131697.18 144179.32
Shenzhen Wancheng Logistics Co. Ltd. 171749.77 5152.49
Shenzhen Cultural Enterprise Development
935.0828.05
Co. Ltd.Shenzhen Bay (Baoding) Innovation
182228.135466.84156427.624692.83
Development Co. Ltd.Shenzhen Bay Technology Development 137865750.9
49188098.911508080.647568725.60
Co. Ltd. 7
Shenzhen Xiangmihu International
461923.2813857.70992580.2029777.40
Exchange Center Development Co. Ltd.Shenzhen Infinova Smart Park Technology
913838.0090555.141493000.0044790.00
Co. Ltd.China Shenzhen Foreign Trade (Group)
24500.002450.0024500.006600.00
Company Limited
146264953.2214687459.6
Total 5871324.78 12129262.68
97
Contract Hebei Shenbao Investment Development
215129.91361513.73
assets Co. Ltd.Shenzhen Grand Industrial Zone (Shenzhen
Export Processing Zone) Development 118043.22 231455.46
Management Group Co. Ltd.Shenzhen Fubao Park Operation Co. Ltd. 26457.15
Shenzhen Shenfubao (Group) Co. Ltd. 43500.00
Shenzhen Shenfubao East Investment and
14704.85
Development Co. Ltd.Shenzhen Investment Holdings Co. Ltd. 88223.00 133597.44
Shenzhen Xiangmihu International
14806.9414806.94
Exchange Center Development Co. Ltd.Shenzhen Urban Construction Mingyuan
18450.0018450.00
Industrial Co. Ltd.Total 454653.07 844485.57
Other
Shenzhen High-tech Zone Development
receivable 35605.73 1068.17 167086.43 10525.99
and Construction Co. Ltd.s
Shenzhen Convention and Exhibition
1000.0030.001000.00
Center Management Co. Ltd.Shenzhen Special Economic Zone Real
100000.0030000.00100000.0030000.00
Estate & Properties (Group) Co. Ltd.Shenzhen Binjiang Industrial Co. Ltd. 49397.40 1481.92 10000.00 300.00
Shenzhen Grand Industrial Zone (Shenzhen
Export Processing Zone) Development 102583.54 10258.35 102583.54 3258.35
Management Group Co. Ltd.Shenzhen Qianhai Advanced Information
10720575.276623517.6210720575.27321617.26
Service Co. Ltd.Shenzhen Shenfubao(Group) Co. Ltd. 81264.60 8126.46 81264.60 2437.94
Shenzhen Shenfubao East Investment and 350000.00 35000.00 350000.00 10500.00
2552024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Development Co. Ltd.Shenzhen Shentou Property Development
81233.0081233.0081233.0081233.00
Co. Ltd.Shenzhen Investment Holdings Co. Ltd. 685740.90 278254.03 685740.90 157127.32
201499990.1201499990.1
Shenzhen Xinhai Holdings 124493201.20 6044999.71
88
Shenzhen Xinhai Rongyao Real Estate 375068984.5 375068984.5
231729731.1811252069.54
Development Co. Ltd. 5 5
Shenzhen Tianjun Industrial Co. Ltd. 10000000.00 10000000.00
Shenzhen Bay Technology Development
2462441.2373873.2410065313.75301959.41
Co. Ltd.Shenzhen Wufang Ceramic Industry Co.
1747264.251747264.251747264.251747264.25
Ltd.Hong Kong HOI PAN Development Co.
48130.741443.92
Ltd.
603034211.3610681036.4
Total 365114483.34 19963292.77
97
(2) Payables
Unit: RMB
Ending book Beginning book
Project Related party
balance balance
Accounts payable Guoren P&C Insurance Co. Ltd. 200000.00
Shenzhen General Institute of Architectural Design and
1316929.342102761.00
Research Co. Ltd.Shenzhen Qianhai Advanced Information Service Co. Ltd. 7126060.00 8126060.00
Shenzhen Shentou Property Development Co. Ltd. 1694981.99 889007.87
Shenzhen Tefa Port Service Co. Ltd. 705360.00 564288.00
Total 11043331.33 11682116.87
Other payables Shenzhen Credit Guarantee Group Co. Ltd. 1494841.29 1494841.29
Shenzhen Talent Recruitment International Co. Ltd. 147132.37 147132.37
Shenzhen Free Trade Zone Life Service Co. Ltd. 4850.00 4850.00
Shenzhen Urban Construction and Development (Group) Co.
152227.00152227.00
Ltd.Shenzhen Grand Industrial Zone (Shenzhen Export
86247.0031218.60
Processing Zone) Development Management Group Co. Ltd.Shenzhen Southern Certification Co. Ltd. 34002.15 34002.15
Shenzhen Shenfubao (Group) Co. Ltd. 3178036.23 2863523.56
Shenzhen Shenfubao East Investment and Development Co.
369211.02117693.11
Ltd.Shenzhen Shentou Property Development Co. Ltd. 18106994.63 8621679.48
Shenzhen Cultural Enterprise Development Co. Ltd. 743680.00 773680.00
Shenzhen Tian'an International Building Property
5214345.905214345.90
Management Co. Ltd.Shenzhen Bay Technology Development Co. Ltd. 51990858.29 143003641.12
Shenzhen Bay Area Urban Construction and Development
360752.18360752.18
Co. Ltd.Shenzhen Property Jifa Warehousing Co. Ltd. 202296665.14 42296665.14
Shenzhen Infinova Limited 144219.02
Yangzhou Tourism Development Property Co. Ltd. 345929298.79 369623672.79
Total 630109141.99 574884143.71
2562024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
7. Commitments from related parties
Not applicable
8. Others
Not applicable
XV. Share-based payments
1. Overview of share-based payments
□Applicable □Not applicable
2. Share-based payments settled by equity
□Applicable □Not applicable
3. Share-based payments settled by cash
□Applicable □Not applicable
4. Current share payment expenses
□Applicable □Not applicable
5. Modification and termination of share-based payment
6. Others
XVI. Commitments and contingencies
1. Significant commitments
Significant commitments on the balance sheet date
Large-value contracts that are being performed or to be performed
Item Amount in this period Previous year
Large-value contracts that have been signed but not 2399978869.29 2528685973.91
recognized in the financial statements
2572024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
2. Contingencies
(1) Significant contingencies on the balance sheet date
(1) Litigation matters concerning the transfer of Jiabin Building
In 1993 the Company signed the Contract for Transfer of Development Rights and Interests of Jiabin Building with Shenzhen
Jiyong Property Development Co. Ltd. (current name hereinafter referred to as "Jiyong Company"). Due to the ineffective
execution of the contract the Company subsequently filed a series of lawsuits against the parties involved in the project but the
outcome of the lawsuits failed to enable the Company to obtain the benefits claimed. Therefore the Company has made provision
for bad debts in the full amount of RMB 93.81 million for accounts receivable from jiyong Company for the transfer of Jiabin
Building. On October 31 2018 the Shenzhen Intermediate People's Court made a civil judgment ruling that the Company's
application for the bankruptcy of Jiyong Company was not accepted. The Company appealed against the ruling. On April 29 2019
the Guangdong Provincial Higher People's Court ruled to reject the Company's appeal and uphold the original ruling. At the
issuance date of the report there is no new development in the case.
(2) Litigation case concerning Shenzhen Basepoint Intelligence Co. Ltd.
On August 20 2017 Shenzhen Facility Management Community Co. Ltd. signed the Software Service Contract for Smart
Facility Management Platform of China Merchants Property with China Merchants Group. Meanwhile the Company intended to
purchase a RMB 3 million facility management system (covering 31 items) for this project from Shenzhen Basepoint Intelligence
Co. Ltd. (hereinafter referred to as "Basepoint"). In the project delivery only 11 items delivered by Basepoint passed the
acceptance inspection leaving the full delivery unfinished. Therefore the Company failed to reach a consensus on payment with
Basepoint. In 2021 Basepoint sued the Company and froze the Company's funds of RMB 3 million. The judgment of the first
instance dated August 10 2022 ruled that the Company shall compensate RMB 3 million to Basepoint. The Company refused to
accept the judgment of the first instance and instituted an appeal for the second instance in 2022. The second instance was heard
on August 11 2023 and is awaiting judgment. On April 19 2024 the Shenzhen Intermediate People's Court ruled that the case
shall be remanded to the Futian District People's Court for retrial which is currently in progress.
(3) Arbitration case concerning private lending dispute involving Shenzhen Rongyao Real Estate Development Co. Ltd.
As Xinhai Rongyao and Xinhai Holdings failed to repay the loan principal and interest to Rongyao Real Estate on schedule
Rongyao Real Estate has applied to Shenzhen Court of International Arbitration for arbitration. The arbitration award ordered that
Xinhai Rongyao and Xinhai Holdings shall repay all the loan principal of RMB 671.9138 million and the corresponding interests
(at an annual interest rate of 11% calculated based on the principal of RMB 671.9138 million from August 4 2022 to the date of
full repayment of the loan; provisionally amounting to RMB 49.0684 million) to Rongyao Real Estate. The award further decided
that Xinhai Investment Company Expander Property Management Lianghong Industrial and Tiancheng Investment shall bear
joint and several liability for the obligations and liabilities of Xinhai Rongyao and Xinhai Holdings in connection with the first
arbitration claim of repayment mentioned above. It was ruled that all the respondents shall bear the attorney fees of RMB 1.2
million paid by Rongyao Real Estate and all the respondents shall bear the arbitration costs and property preservation expenses of
this case. The provisional total amount of the above stands at RMB722.1822 million.On August 7 2023 Xinhai initiated a proceeding with Shenzhen Intermediate People's Court to confirm the validity of the
arbitration agreement which led to the temporary suspension of the hearing of the case by the Arbitration Court. Shenzhen
Intermediate People's Court has conducted a trial (hearing) of the case on confirming the validity of the arbitration agreement on
December 27 2023. The Court has rejected the application of the respondent upon the hearing. The case was heard in Shenzhen
Court of International Arbitration on August 30 2024 and is pending the award of the arbitration court.
(4) Arbitration case concerning equity transfer dispute of Shenzhen Properties & Resources Development (Group) Ltd.
2582024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
As Xinhai Rongyao failed to pay the compensation for investment loss to Shenzhen Properties & Resources Development (Group)
Ltd. (hereinafter referred to as "SZPRD") as agreed SZPRD has applied to the Shenzhen Court of International Arbitration for
arbitration. It was ruled that Xinhai Rongyao shall pay RMB 170556833.33 to SZPRD as compensation for investment losses;
that Sichuan Trust Company does not legally possess the 1% equity of Shenzhen Rongyao Real Estate Development Co. Ltd.registered in its name confirming that Xinhai Rongyao is the actual owner of the said 1% equity; that Xinhai Rongyao shall pledge
and register its actually-held 31% equity of Shenzhen Rongyao Real Estate Development Co. Ltd. to SZPRD; that Sichuan Trust
Company shall facilitate the registration procedures for the pledge of the 1% equity of Shenzhen Rongyao Real Estate
Development Co. Ltd. in the aforesaid third arbitration claim; that Xinhai Rongyao and Sichuan Trust Company shall bear the
attorney fees of RMB 780000 paid by SZPRD; that Xinhai Rongyao and Sichuan Trust Company shall bear all the arbitration
costs and property preservation expenses of this case. The provisional total amount involved in these rulings amounts to RMB
171336833.33.
On April 12 2024 an arbitration award was received ruling that Xinhai Rongyao shall pay SZPRD compensation of RMB 50
million for investment loss; that Xinhai Rongyao shall pledge and register 30% of its equity in Rongyao Real Estate to SZPRD;
Xinhai Rongyao shall compensate SZPRD for legal fees of RMB 150000 preservation fees of RMB 3000 preservation insurance
costs of RMB 41120.84 and arbitration fees of RMB 658188.60. On June 27 2024 the 30% equity of Xinhai Rongyao was
finally pledged to the Group through the court enforcement procedure and continued to be sealed up and frozen. On November 4
2024 the judicial freezing was immediately enforced after the 1% equity was transferred to Xinhai Rongyao which safeguarded
the rights and interests of our State-owned assets to the greatest extent.
(5) Litigation case concerning contract dispute of Shenzhen Rongyao Real Estate Development Co. Ltd.
On November 1 2021 Shenzhen Rongyao Real Estate Development Co. Ltd. (hereinafter referred to as "Rongyao Real Estate")
Shenzhen Xinhai Rongyao Real Estate Development Co. Ltd. (hereinafter referred to as "Xinhai Company") Shenzhen Mingde
Xincheng Investment Consulting Co. Ltd. (hereinafter referred to as "Mingde Company") and Shenzhen Yinian Real Estate
Development Co. Ltd. (hereinafter referred to as "Yinian Company") signed the Four-party Agreement which stipulated that
Rongyao Real Estate shall assist the parties to transfer the subject rights and interests into the project designated by Yinian
Company and Yinian Company shall make payment to the designated account of Rongyao Real Estate in full and on schedule as
agreed. Subsequently Shenzhen Hezheng Real Estate Group Co. Ltd. (hereinafter referred to as "Hezheng Company") issued a
Reply Letter and a Payment Plan Letter committing that if Yinian Company fails to repay on schedule Hezheng Company will
bear the responsibility for repayment to Rongyao Real Estate.Due to the aforementioned obligor's failure to make timely payments which constitutes a serious breach of the agreement and
severely undermines the legitimate rights and interests of Rongyao Real Estate the latter has filed a lawsuit with the court
demanding that the relevant obligor repay the outstanding equity transfer payment of RMB 65250598.72 and pay the liquidated
damages for overdue payment of RMB 7600806.70 (calculated at a daily rate of 0.03% on the unpaid principal of the equity
transfer payment provisionally calculated up to December 5 2023 and should be actually calculated to the date of full repayment).The case was heard by the Longhua District People's Court on July 5 2024 and is currently awaiting the Court's judgment.
(6) The dispute case regarding the loan contract of Shenzhen Rongyao Real Estate Development Co. Ltd. Shenzhen Qianhai
Advanced Information Service Co. Ltd. and Shenzhen Xinhai Rongyao Real Estate Development Co. Ltd.On November 5 2021 Rongyao Real Estate and Qianhai Advanced Information Service signed the Agreement on Advance
Payment and Tax Payment stipulating all taxes and fees arising from the Relocation Compensation and Resettlement Agreement
involved in the case shall be borne by Qianhai Advanced Information Service. On the same day Xinhai Rongyao issued a Letter of
Commitment to Bear the Relevant Taxes and Fees for Relocation Compensation pledging to provide joint and several guarantee
for the obligation of Qianhai Advanced Information Service to pay all taxes and fees arising from the Relocation Compensation
and Resettlement Agreement.
2592024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
In order to expedite the project development and mitigate the substantial economic losses caused by the serious delay in the project
schedule to Rongyao Real Estate Rongyao Real Estate agreed to the application from Xinhai and advanced relevant taxes and fees
totaling RMB10720575.27 on behalf of Qianhai Advanced Information Service on July 20 2021 and January 26 2022. As of
now Xinhai still owes interest of RMB 3493287.37 (calculated at an annualized rate of 11% until July 31 2024 and shall be
actually calculated until the date of full repayment). All parties had no objections to this and signed the Confirmation Letter on
Claims and Debts on November 30 2023.To sum up Xinhai's breach of contract has seriously violated the relevant agreements and commitment letters. Rongyao Real
Estate has filed a lawsuit with the Longhua District People's Court. The case was heard on March 6 2025 with the court's
judgment still pending.
(7) The contract dispute case involving Shenzhen Rongyao Real Estate Development Co. Ltd. Shenzhen Qianhai Advanced
Information Service Co. Ltd. Shenzhen Xinhai Rongyao Real Estate Development Co. Ltd. and Shenzhen Xinhai Holdings Co.Ltd.During the demolition process of the Bangling Project Qianhai Advanced Information Service (an affiliated company of Xinhai)
repeatedly sent letters to Rongyao Real Estate requesting an advance payment of the demolition service fees and pledging to take
the amount prepaid by the latter as the principal and pay the occupancy fee to the latter at an annualized interest rate of 11% based
on the actual duration the prepaid amount is actually utilized (i.e. from the date the service fee is actually prepaid until the
cumulative demolition area reaches 61460 square meters). If Qianhai Advanced Information Service fails to complete the
demolition work on schedule Rongyao Real Estate has the right to request Xinhai to refund the principal difference and relevant
occupancy fee. Additionally Rongyao Real Estate is entitled to impose a penalty interest of 50% of the aforementioned 11%
interest rate on the difference based on the duration of the occupancy. Xinhai Rongyao and Xinhai Holdings shall be jointly and
severally liable for the above debts.In order to expedite the project development and reduce the substantial economic losses caused by the serious delay of the project
to Rongyao Real Estate Rongyao Real Estate agreed to the application of Xinhai and paid the relevant demolition service fees in
advance. As of now Xinhai still owes the interest of the demolition service fees amounting to RMB12376819.89. All parties
have no objections to this and signed the Confirmation Letter on Claims and Debts on November 30 2023.In summary the breach of contract by Xinhai has seriously violated the terms of relevant agreements and commitment letters.Rongyao Real Estate has filed a lawsuit with the Longhua District People's Court. The case has been officially registered and is
currently awaiting the Court's scheduling for a hearing.
(8) On the dispute between Shenzhen Rongyao Real Estate Development Co. Ltd. and Shenzhen Herunxiang Trading Co. Ltd. &
Shenzhen Xinhai Rongyao Real Estate Development Co. Ltd. over the creditor's right and debt of the registered tax payment for
the transfer of the certified real estate of the former Shenfa Factory.In order to accelerate the development progress of the Bangling project on October 18 2021 Herunxiang and Xinhai Rongyao
issued an Application Letter for Advancing Payment of Taxes and Fees Related to the Transfer and Cancellation of the Certified
Property of the Former Shenfa Factory to Rongyao Real Estate. The application letter stated that due to the financial difficulties of
Herunxiang they applied to Rongyao Real Estate to advance the taxes and fees amounting to a total of approximately RMB10
million to RMB15 million (the final amount to be determined by the property registration department) incurred by Herunxiang for
the transfer registration of the certified property of the former Shenfa Factory. These taxes and fees will subsequently be repaid by
Rongyao Real Estate on behalf of Herunxiang.On November 5 2021 Xinhai Rongyao issued another Letter of Commitment for Repayment to Rongyao Real Estate pledging to
subsequently refund the taxes and fees as well as interests incurred on behalf of Herunxiang and agreed that the proceeds from the
2602024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
collaborative projects such as Guanlan Bengling could be used to offset the guaranteed payments under this Letter of Commitment
on a priority basis.In order to expedite the project development and mitigate the substantial economic losses caused by the serious delay of the project
to Rongyao Real Estate Rongyao Real Estate agreed on August 2 2022 to the request from Herunxiang and Xinhai Rongyao to
advance the payment of transfer taxes and registration fees for the Shenfa Factory totaling RMB20.0428 million on behalf of
Herunxiang and Xinhai Rongyao. All parties involved had no objection to this arrangement and signed the Confirmation Letter on
Claims and Debts on November 30 2023.Up to now Herunxiang and Xinhai Rongyao have failed to repay the principal and interest as agreed which constitutes a breach of
contract. The case was successfully filed at the Longhua District People's Court on August 21 2024 and has not yet been heard.
(9) The lawsuit case regarding the property management fees of Shenzhen Xuansheng Industrial Development Co. Ltd. Part of the
Overseas Friendship Building located at No. 12 Yingchun Road Luohu District Shenzhen is owned by the United Front Work
Department of Shenzhen Municipal Party Committee and Shenzhen Jinhailian Property Management Co. Ltd. has been
authorized by the United Front Work Department of Shenzhen Municipal Party Committee to manage the said property. On
December 31 2006 Jinhailian and Shenzhen Yisheng Industrial Development Co. Ltd. signed the Property Management
Agreement of Overseas Friendship Building which stipulated that Xuansheng Company shall provide property management
services to Jinhailian and Jinhailian shall pay property management fees to Xuansheng Company for certain floors of the Overseas
Friendship Building including the first floor floors 3-8 at the rate of RMB 5 per square meter. On April 24 2024 Jinhailian
received a summons from the Luohu District People's Court of Shenzhen City regarding the property service contract dispute case
filed by Xuansheng Company against Jinhailian with a litigation subject matter amounting to RMB 1869272. (The total amount
which was sued by Xuansheng Company against Jinhailian for the payment of property management fees utilities air
conditioning fees and late payment penalties for floors 8-10 31 and the underground parking lot of Overseas Friendship Building).According to the Property Management Agreement of Overseas Friendship Building signed in 2006 the property management
fees for the 8th floor payable by the Company is calculated at RMB 5 per square meter per month and does not include floors 9-10
31 and the parking lot on the second basement level. Xuansheng Company sued Jinhailian for paying property management fees at
RMB 12 per square meter per month which is not recognized by Jinhailian. During this period Jinhailian repeatedly
communicated and coordinated with Xuansheng Company to no avail. Xuansheng Company still claimed that Jinhailian pay the
property management fees at RMB 12 per square meter per month. Since Xuansheng Company has failed to perform the terms of
the management agreement and has not provided invoices for the property management fees (at the rate of RMB 5 per square
meter per month) Jinhailian was unable to pay the relevant property management fees. On June 13 2024 the Luohu District
People's Court of Shenzhen made a first-instance judgment ruling that Shenzhen Jinhailian Property Management Co. Ltd. shall
pay a total of RMB 327250.18 for property management fees water fees air conditioning fees and late payment penalties for
floors 8-10 of Overseas Friendship Building from June 12 2022 to February 29 2024 to Shenzhen Xuansheng Industrial
Development Co. Ltd. at the rate of RMB 5 per square meter. In addition for the 31st floor Jinhailian shall pay a total of RMB
91831.89 for property management fees and late payment penalties from January 1 2019 to February 29 2024 at the rate of
RMB 3 per square meter. The total amount stands at RMB 419082.07 (the property management fees for floors 9-10 and the 31st
floor are determined based on objective facts). Not satisfied with the judgment of the first instance Jinhailian filed an appeal and
the case is pending the second-instance court hearing. As of December 31 2024 Jinhailian is expected to pay RMB 419082.07 (of
which RMB 134876.56 has been accrued for property management fees for the vacancy period on a monthly basis).
(10) As a real estate developer the Company has provided mortgage loan guarantee and paid loan deposits for buyers of
commercial housing according to the operating practice of the real estate industry. As of December 31 2024 the balance of
deposits for which the guarantee hasn't yet been released stood at RMB 1135580.83 and the said guarantee will be released upon
the full repayment of the mortgage loans.
2612024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
As a real estate developer the Company has provided mortgage loan guarantee for buyers of commercial housing in accordance
with the operating practice of the real estate industry. As of December 31 2024 the balance of the guarantee that has not been
released was RMB 387671636.94 and the said guarantee will be released upon the full repayment of the mortgage loans.
(2) Notes shall be given even if there were no significant contingencies required to be disclosed by the
Company
The Company has no significant contingencies required to be disclosed.
3. Others
Not applicable
XVII. Events after the balance sheet date
1. Significant non-adjustment matters
Unit: RMB
Impact number on financial Reasons why the impact
Item Contents
position and operating results number cannot be estimated
2. Profit distribution
Proposed dividend per 10 shares (RMB) 0
Proposed bonus shares per 10 shares (shares) 0
Proposed shares converted per 10 shares held (shares) 0
Dividend per 10 shares declared upon deliberation and approval (RMB) 0
Bonus shares per 10 shares declared upon deliberation and approval (shares) 0
Number of shares converted per 10 shares declared upon deliberation and
0
approval (shares)
3. Sales return
4. Events after the balance sheet date
XVIII. Other significant events
1. Correction of accounting errors in prior period
(1) Retrospective restatement method
Unit: RMB
Names of statement items
Contents of correction of
Processing procedure affected of comparative Cumulative impact
accounting errors
periods
2622024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(2) Prospective application method
Contents of correction of accounting Reasons for adopting the prospective
Approval procedure
errors application method
2. Debt restructuring
Not applicable
3. Asset replacement
(1) Exchange of non-monetary assets
Not applicable
(2) Replacement of other assets
Not applicable
4. Annuity plan
Not applicable
5. Discontinued operations
Unit: RMB
Profit from
discontinued
Income tax Net
Item Revenue Costs Total profits operations attributable
expenses profit
to owners of the
parent company
Other explanations:
6. Segment information
(1) Determination basis and accounting policies for reporting segments
The Company determines the reporting segments based on the internal organizational structure management requirements and
internal reporting system and in light of business segments. The operating performance of real estate sales property management
and leasing services are assessed by the Company respectively. Assets and liabilities shared among all segments are allocated to
various segments based on their scale ratios.
(2) Financial information on reporting segments
Unit: RMB
Real estate Property Inter-segment
Item Leasing business Total
business management offset
2632024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Operating revenue 1003780119.17 1594488341.49 135890423.39 2734158884.05
Operating costs 843578721.75 1320671101.86 85764264.72 2250014088.33
Total assets 12591763913.19 2173987729.50 527453855.61 15293205498.30
Total liabilities 10234673651.40 1657873902.21 170225988.55 12062773542.16
(3) If the Company has no reporting segments or cannot disclose the total assets and total liabilities of
each reporting segment the reasons shall be stated.Not applicable
(4) Other notes
Not applicable
7. Other significant transactions and events that influence the decision-making of investors
Not applicable
8. Others
Not applicable
XIX. Notes to the main items of the parent company's financial statements
1. Accounts receivable
(1) Disclosure by aging
Unit: RMB
Aging Ending book balance Beginning book balance
Within 1 year (including 1 year) 2345620.53 123156033.99
1-2 years 123067359.04 1024931.55
2 to 3 years 12649.00 716023.90
Over 3 years 96824380.35 96824380.44
3 - 4 years 9756.09
4 to 5 years 9756.00 112354.95
Over 5 years 96814624.35 96702269.40
Total 222250008.92 221721369.88
(2) Disclosure by provision method for bad debts
Unit: RMB
Ending balance Beginning balance
Type
Book balance Provision for bad Book Book balance Provision for bad Book
2642024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
debts value debts value
Provisio Provisio
Amount Ratio Amount Amount Ratio Amount
n ratio n ratio
Account
s
receivab
le with
provisio 982469 982469 982469 982469
44.21%100.00%0.0044.31%100.00%0.00
n for bad 09.94 09.94 09.94 09.94
debts on
an
individu
al basis
Includ
ing:
Account
s
receivab
le with
provisio
124003111340112869123474344530120029
n for bad 55.79% 8.98% 55.69% 2.79%
098.9817.20081.78459.941.16158.78
debts on
a
combina
tion
basis
Includ
ing:
222250109380112869221721101692120029
Total 100.00% 49.22% 100.00% 45.86%
008.92927.14081.78369.88211.10158.78
Provision for bad debts on an individual basis: 98246909.94
Unit: RMB
Beginning balance Ending balance
Name Provision for Provision for Reasons for
Book balance Book balance Provision ratio
bad debts bad debts provision
Shenzhen
Involved in
Jiyong Property
93811328.05 93811328.05 93811328.00 93811328.00 100.00% litigation and
Development
irrecoverable
Co. Ltd.Luohu District
Long aging and
Economic
54380.35 54380.35 54380.35 54380.35 100.00% estimated to be
Development
irrecoverable
Company
Shenzhen
Tewei Long aging and
Industrial Co. 2836561.00 2836561.00 2836561.00 2836561.00 100.00% estimated to be
Ltd. (Chenhui irrecoverable
Building)
Accounts
receivable with
insignificant Involved in
single amount 1544640.54 1544640.54 1544640.54 1544640.54 100.00% litigation and
but subject to irrecoverable
provision for
bad debts on an
2652024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
individual basis
Total 98246909.94 98246909.94 98246909.94 98246909.94
Provision for bad debts on a portfolio basis: 11134017.20
Unit: RMB
Ending balance
Name
Book balance Provision for bad debts Provision ratio
Credit risk characteristic
111877321.8511134017.20
combination
Government funding
12125777.13
combination
Total 124003098.98 11134017.20
Explanation on the basis for determining the combination:
If the provision for bad debts of accounts receivable is made in accordance with the general model of expected credit losses:
□ Applicable □Not applicable
(3) Provision for bad debts accrued recovered or reversed for the current period
Provision for bad debts for the current period:
Unit: RMB
Changes in the current period
Beginning
Type
balance Recovery or
Ending balance
Provision Write-off Others
reversal
Provision for
bad debts on an 98246909.94 98246909.94
individual basis
Provision for
bad debts made 3445301.16 7688716.04 11134017.20
by portfolio
Total 101692211.10 7688716.04 109380927.14
Significant amounts of recovered or reversed provision for bad debts for the current period:
Unit: RMB
Basis for determining
Recovered or reversed the ratio of provision
Entity name Reason for reversal Recovery method
amount for bad debts and its
rationality
(4).Actual write-off of accounts receivable for the current period
Unit: RMB
Item Amount of write-off
Including write-off of important accounts receivable:
Unit: RMB
Whether the fund
Write-off
Nature of accounts Amount of write- Reasons for write- is generated by
Entity name procedures
receivable off off related party
performed
transactions
Explanation on write-off of accounts receivable:
2662024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
(5) Top five accounts receivable by the debtor in terms of the ending balance and contract assets
Unit: RMB
Ending balance of
Ratio to the total
provision for bad
Ending balances of amount of ending
Ending balance of Ending debts of accounts
accounts balance of
Entity name accounts balance of receivable and
receivable and accounts
receivable contract assets provision for
contract assets receivable and
impairment of
contract assets (%)
contract assets
Shenzhen Futian Talent
109392112.37109392112.3749.22%10939211.24
Housing Co. Ltd.Shenzhen Jiyong
Property Development 93811328.05 93811328.05 42.21% 93811328.05
Co. Ltd.Shenzhen Futian
District Government
12125777.1312125777.135.46%
Property Management
Center
Shenzhen Tewei
2836561.002836561.001.28%2836561.00
Industrial Co. Ltd.Shenzhen Feihuang
769919.05769919.050.35%769919.05
Industrial Co. Ltd.Total 218935697.60 218935697.60 98.52% 108357019.34
2. Other receivables
Unit: RMB
Item Ending balance Beginning balance
Other receivables 4279938165.85 4489713785.01
Total 4279938165.85 4489713785.01
(1) Interest receivable
1) Classification of interest receivable
Unit: RMB
Item Ending balance Beginning balance
2) Significant overdue interest
Unit: RMB
Whether impairment
Borrower Ending balance Overdue time Reason for overdue occurs and the basis for
judgment
Other explanations:
3) Disclosure by provision method for bad debts
□Applicable □Not applicable
2672024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
4) Provision for bad debts accrued recovered or reversed for the current period
Unit: RMB
Changes in the current period
Beginning
Type Recovery or Resale or write- Ending balancebalance Provision Other changes
reversal off
Significant amounts of recovered or reversed provision for bad debts for the current period:
Unit: RMB
Basis for determining
Recovered or reversed the ratio of provision
Entity name Reason for reversal Recovery method
amount for bad debts and its
rationality
Other explanations:
5) Actual write-off of interest receivable for the current period
Unit: RMB
Item Amount of write-off
Including write-off of important interest receivable
Unit: RMB
Whether the fund
Write-off
Amount of write- Reasons for write- is generated by
Entity name Nature of payment procedures
off off related party
performed
transactions
Explanation on write-off:
Other explanations:
(2) Dividends receivable
1) Classification of dividends receivable
Unit: RMB
Project (or investees) Ending balance Beginning balance
2) Significant dividends receivable with aging over 1 year
Unit: RMB
Whether impairment
Reason for not
Project (or investees) Ending balance Aging occurs and the basis for
withdrawing
judgment
3) Disclosure by provision method for bad debts
□Applicable □Not applicable
2682024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
4) Provision for bad debts accrued recovered or reversed for the current period
Unit: RMB
Changes in the current period
Beginning
Type Ending balance
balance Recovery or Resale or write-Provision Other changes
reversal off
Significant amounts of recovered or reversed provision for bad debts for the current period:
Unit: RMB
Basis for determining
Recovered or reversed the ratio of provision
Entity name Reason for reversal Recovery method
amount for bad debts and its
rationality
Other explanations:
5) Actual write-off of dividends receivable in the current period
Unit: RMB
Item Amount of write-off
Write-off of important dividends receivable
Unit: RMB
Whether the fund
Write-off
Amount of write- Reasons for write- is generated by
Entity name Nature of payment procedures
off off related party
performed
transactions
Explanation on write-off:
Other explanations:
(3) Other receivables
1) Classification of other receivables by nature of payment
Unit: RMB
Nature of payment Ending book balance Beginning book balance
Guaranteed deposit 2225127.00 2555194.00
Withholding payments 24068.13 39020.00
External transactions 136954520.92 134608516.50
Transactions with subsidiaries 4169668944.36 4383952304.98
Total 4308872660.41 4521155035.48
2) Disclosure by aging
Unit: RMB
Aging Ending book balance Beginning book balance
Within 1 year (including 1 year) 4169820435.08 4378155691.40
1-2 years 97134.37 336882.00
2 to 3 years 35449.05
2692024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Over 3 years 138955090.96 142627013.03
3 - 4 years 35449.05 69600.00
4 to 5 years 69600.00
Over 5 years 138850041.91 142557413.03
Total 4308872660.41 4521155035.48
3) Disclosure by provision method for bad debts
Unit: RMB
Ending balance Beginning balance
Provision for bad Provision for bad
Book balance Book balance
Type debts Book debts Book
Provisio value Provisio value
Amount Ratio Amount Amount Ratio Amount
n ratio n ratio
Provisio
n for bad
debts
129990199874110003127631224855105146
accrued 3.02% 15.38% 2.82% 17.62%
664.2154.18210.03562.6136.08026.53
on an
individu
al basis
Includ
ing:
Provisio
n for bad
417888894704416993439352895571438456
debts 96.98% 0.21% 97.18% 0.20%
1996.200.384955.823472.874.397758.48
made by
portfolio
Includ
ing:
430887289344427993452115314412448971
Total 100.00% 0.67% 100.00% 0.70%
2660.4194.568165.855035.4850.473785.01
Provision for bad debts on an individual basis: 19987454.18
Unit: RMB
Beginning balance Ending balance
Name Provision for Provision for Provisio Reasons for
Book balance Book balance
bad debts bad debts n ratio provision
Failed to
Shum Yip Properties
111203099.25 6057072.72 113562200.85 3558990.82 3.13% recover for a
Development Limited
long time
Failed to
Dameisha Tourism
2576445.69 2576445.69 2576445.69 2576445.69 100.00% recover for a
Center
long time
Hong Kong Hengyue
Failed to
Development Company
3271837.78 3271837.78 3271837.78 3271837.78 100.00% recover for a
Limited (Wuyao
long time
Company)
Failed to
Elevated Train Project 2542332.43 2542332.43 2542332.43 2542332.43 100.00% recover for a
long time
Shanghai Yutong Real 5676000.00 5676000.00 5676000.00 5676000.00 100.00% Failed to
2702024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Estate Co. Ltd. recover for a
long time
Accounts receivable
with insignificant single Failed to
amount but subject to 2361847.46 2361847.46 2361847.46 2361847.46 100.00% recover for a
provision for bad debts long time
on an individual basis
Total 127631562.61 22485536.08 129990664.21 19987454.18
Provision for bad debts on a portfolio basis: 8947040.38
Unit: RMB
Ending balance
Name
Book balance Provision for bad debts Provision ratio
Within 1 year (including 1
151490.724544.713.00%
year)
1-2 years (including 2 years) 97134.37 9713.44 10.00%
2-3 years (including 3 years)
3-4 years (including 4 years) 35449.05 17724.53 50.00%
4-5 years (including 5 years) 69600.00 55680.00 80.00%
Over 5 years 8859377.70 8859377.70 100.00%
Total 9213051.84 8947040.38
Explanation on the basis for determining the combination:
The provision for bad debts made according to the general model of expected credit losses
Unit: RMB
Phase I Phase II Phase III
Provision for bad debts Expected credit losses Expected credit loss Expected credit loss Total
over the next 12 throughout the duration throughout the duration
months (without credit loss) (with credit loss)
Balance as of January
9001751.0822439499.3931441250.47
12024
Balance as at January
1 2024 forwarded to
the current period
Provision for the
-10767.96-10767.96
current period
Reversal in this period -43942.74 -2567058.54 -2611001.28
Other changes 115013.33 115013.33
Balance as of
8947040.3819987454.1828934494.56
December 31 2024
Basis for division of each stage and ratio of provision for bad debts
Changes in the book balance of provision for loss with significant changes in the current period
□ Applicable □Not applicable
4) Provision for bad debts accrued recovered or reversed in the current period
Provision for bad debts for the current period:
Unit: RMB
Type Beginning Changes in the current period Ending balance
2712024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
balance Recovery or Resale or write-
Provision Others
reversal off
Other
31441250.47-2506755.9128934494.56
receivables
Total 31441250.47 -2506755.91 28934494.56
Reversal or recovery of significant amount of provision for bad debts in the current period:
Unit: RMB
Basis for determining
Recovered or reversed the ratio of provision
Entity name Reason for reversal Recovery method
amount for bad debts and its
rationality
5) Other receivables actually write-off in the current period
Unit: RMB
Item Amount of write-off
Important other receivables write-off:
Unit: RMB
Whether the fund
Write-off
Nature of other Amount of write- Reasons for write- is generated by
Entity name procedures
receivables off off related party
performed
transactions
Explanations on write-off of other receivables:
6) Other receivables of the top five ending balances collected by debtor
Unit: RMB
Balance of
Ratio to the total
provision for bad
Entity name Nature of amount Ending balance Aging ending balance of
debts as at the end
other receivables
of the period
Dongguan Wuhe Real Internal
2113760170.00 Within 1 year 49.05%
Estate Co. Ltd. transactions
Shenzhen Guangming
Internal
Wuhe Real Estate Co. 1214000000.00 Within 1 year 28.17%
transactions
Ltd.Yangzhou Wuhe Real Internal
737560098.36 Within 1 year 17.12%
Estate Co. Ltd. transactions
SZPRD Xuzhou
Internal
Dapeng Real Estate 41740134.29 Within 1 year 0.97%
transactions
Development Co. Ltd.Shum Yip Properties Internal
113562200.85 Over 5 years 2.64% 3558990.82
Development Limited transactions
Total 4220622603.50 97.95% 3558990.82
2722024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
7) Reported as other receivables due to centralized fund management
Unit: RMB
Other explanations:
3. Long-term equity investments
Unit: RMB
Ending balance Beginning balance
Item Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
Investment in 1356325401. 1290491401. 1356325401. 1290491401.
65834000.0065834000.00
subsidiaries 10 10 10 10
Investments in
associates and 287171419.66 18983614.14 268187805.52 103041364.69 18983614.14 84057750.55
joint ventures
1643496820.1558679206.1459366765.1374549151.
Total 84817614.14 84817614.14
76627965
(1) Investment in subsidiaries
Unit: RMB
Increase/decrease in this period Balance of
Beginning provision
Beginning Ending
balance of for
balance balance
Investees provision ProvisionAdditional Reduced impairment(book
for for Others
(book
value) investment investment
as at the
value)
impairment impairment end of the
period
Shenzhen
Huangchen
35552671.35552671.
g Real
9393
Estate Co.Ltd.Shenzhen
Wuhe
Industry
44950000.44950000.
Investment
0000
and
Developme
nt Co. Ltd.SZPRD
Yangzhou
50000000.50000000.
Real Estate
0000
Developme
nt Co. Ltd.Dongguan
ITC
Changshen
20000000.20000000.
g Real
0000
Estate
Developme
nt Co. Ltd.
2732024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Shenzhen
Internation
al Trade
1953378519533785
Center
1.231.23
Property
Manageme
nt Co. Ltd.Shenzhen
Property
Engineerin
g and 3000000.0 3000000.0
Constructio 0 0
n
Supervisio
n Co. Ltd.Shenzhen
Property
63509120.63509120.
Commercia
3232
l Operation
Co. Ltd.Zhanjiang
Shenzhen
Property
Developme
nt Co. Ltd.Shum Yip
Properties 15834000. 15834000.Developme 00 00
nt Limited
SZPRD
Xuzhou
Dapeng 50000000. 50000000.Real Estate 00 00
Developme
nt Co. Ltd.Shenzhen
Rongyao
5080000050800000
Real Estate
0.000.00
Developme
nt Co. Ltd.Dongguan
Wuhe Real 50000000. 50000000.Estate Co. 00 00
Ltd.Shenzhen
Guangming
50000000.50000000.
Wuhe Real
0000
Estate Co.Ltd.Shenzhen
Wuhe
2366417523664175
Urban
7.627.62
Renewal
Co. Ltd.Yangzhou
33500000.33500000.
Wuhe Real
0000
Estate Co.
2742024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Ltd.
1290491465834000.1290491465834000.
Total
01.100001.1000
(2) Investments in associates and joint ventures
Unit: RMB
Increase/decrease in this period
Invest Balanc
Beginn ment Adjust e of
Beginn ing profit ment Cash provisiEnding
ing balanc or loss of divide on for
Investe balanc e of Additi Reduc Other Provisi
balanc
recogn other nds or impair
es e provisi onal ed change on for
e
ized compr profits Others ment
(book on for invest invest s in impair
(book
under ehensi declare as at
value) impair ment ment equity ment
value)
the ve d to be the end
ment equity incom paid of the
metho e period
d
I. Joint ventures
Shenz
hen
Proper
480651842923235
ty Jifa
818.50782.6600.
Wareh
14798
ousing
Co.Ltd.Shenz
hen
Tian'a
n
Interna
tional
-
Buildi 7050 5739
1311
ng 937.33 071.22
866.11
Proper
ty
Manag
ement
Co.Ltd.
551161829723809
Sub-
755.88916.5672.
total
43620
II. Associates
Shenz
hen
Wufan
g 18983 18983
Ceram 614.1 614.1
ic 4 4
Industr
y Co.Ltd.
2752024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
China
Constr
uction
Engine
ering
Corpor
ation 28940 30092
124493455
Group 994.7 133.3
593.63.02
Smart 1 2
Parkin
g
Techn
ology
Co.Ltd.
28940189833009218983
Sub- 1244 93455
994.7614.1133.3614.1
total 593.63 .02
1424
8405718983184222681818983
93455
Total 750.5 614.1 3509. 7805. 614.1.02
5499524
The recoverable amount is determined at the net amount of the fair value minus the disposal expenses
□ Applicable □Not applicable
The recoverable amount is determined based on the present value of the estimated future cash flows
□ Applicable □Not applicable
Reasons for the obvious inconsistency between the above information and the information used in previous impairment test or
external information
Reasons for the difference between the information used in the impairment test of the Company in previous years and the actual
situation of the current year
(3) Other notes
4. Operating revenue and operating costs
Unit: RMB
Amount in the current period Amount in the previous period
Item
Revenue Cost Revenue Cost
Primary business 46400327.60 47304177.17 1036514608.68 790579825.41
Other business 17813588.70 17294746.27
Total 64213916.30 47304177.17 1053809354.95 790579825.41
Breakdown of operating revenue and operating costs:
Unit: RMB
Contract Division 1 Division 2 Total
classificati Operating Operating Operating Operating Operating Operating Operating Operating
on revenue costs revenue costs revenue costs revenue costs
Business 64213916. 47304177.type 30 17
Including:
House 64213916. 47304177.
2762024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
leasing 30 17
business
Classificati
on by
business
area
Including:
64213916.47304177.
Shenzhen
3017
Market or
customer
type
Including:
Contract
type
Including:
Classificati
on by time
of
commodity
transfer
Including:
Classificati
on by
contract
period
Including:
Classificati
on by sales
channel
Including:
64213916.47304177.
Total
3017
Information related to performance obligations:
Types of
Amounts
Nature of the quality
Whether it is assumed by the
Time to fulfill goods the assurance
Important the main Company that
Item performance Company provided by the
payment terms responsible are expected to
obligations undertakes to Company and
person be refunded to
transfer related
customers
obligations
Other explanations
2772024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Information related to the transaction prices allocated to the remaining performance obligations:
The amount of revenue corresponding to the performance obligations of contracts that have been signed but not performed or not
fully performed yet at the end of the reporting period is RMB 0.00 of which RMB_ is expected to be recognized as revenue in _
RMB_ is expected to be recognized in_ and RMB_ is expected to be recognized in _.Major contract change or major transaction prices adjustment of parent company
Unit: RMB
Item Accounting treatments Amount of impact on revenue
Other explanations:
5. Investment income
Unit: RMB
Item Amount in the current period Amount in the previous period
Long-term equity investment income
184223509.994339433.24
calculated under the equity method
Investment income from disposal of
757435475.21
long-term equity investments
Total 184223509.99 761774908.45
6. Others
XX. Supplementary information
1. Breakdown of current non-recurring profit or loss
□Applicable □ Not applicable
Unit: RMB
Item Amount Notes
Mainly due to the receipt of
Profit or loss from disposal of non-current assets 44657387.86 compensation for the investment
properties
Government grants included in the current profit or loss (except
for those that are closely related to the Company's normal
business operations comply with national policies and 1099426.89
regulations are enjoyed according to determined standards and
have a sustained impact on the Company's profit or loss)
Profit or loss from debt restructuring -54026.93
Non-operating revenue and expenses other than the above-
-7288158.92
mentioned items
Mainly the income from investments in
Other items of profit or loss subject to the definition of non-
184906343.25 joint ventures determined according to
recurring profit or loss
the income method
Less: income tax effects 9424345.24
Affected amount of minority interests (after tax) 137565.58
Total 213759061.33 --
2782024 Annual Report of Shenzhen Properties & Resources Development (Group) Ltd.
Specific circumstances of other profit or loss items that meet the definition of non-recurring profit or loss:
□Applicable □ Not applicable
Mainly the compensation received by the joint ventures for the expropriation of houses and the investment income is recognized
according to the income method. This compensation payment is not sustainable.Notes on the definition of the non-recurring profit or loss items listed in the "Interpretive Announcement No. 1 on Information
Disclosure of Companies Issuing Securities to the Public - Non-recurring Profit or Loss" as recurring profit or loss items
□ Applicable □Not applicable
2. Return on net assets and earnings per share
Earnings per share
Weighted average rate of
Profit in the reporting period
return on net assets Basic earnings per share Diluted earnings per share
(RMB/share) (RMB/share)
Net profit attributable to ordinary
-28.00%-1.8705-1.8705
shareholders of the COOEC
Net profit attributable to ordinary
shareholders of the Company
-33.37%-2.2291-2.2291
after deducting non-recurring
profit or loss
3. Differences between accounting data under domestic and foreign accounting standards
(1) Differences in net profits and net assets between the financial reports disclosed in accordance with the
International Financial Reporting Standards (IFRS) and the PRC Generally Accepted Accounting
Principles (GAAP)
□Applicable □Not applicable
(2) Differences in net profits and net assets between the financial reports disclosed in accordance with the
overseas financial reporting standards and the PRC GAAP
□Applicable □Not applicable
(3) Explanations of the reasons for differences between accounting data under domestic and foreign
accounting standards. If adjustments have been made to the differences in data audited by an overseas
auditing firm the name of the said overseas institution shall be specified.
4. Others
Not applicable
279
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