ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
SHENZHEN PROPERTIES & RESOURCES DEVELOPMENT (GROUP) LTD.SEMIANNUAL FINANCIAL REPORT 2024
【August 2024】
1ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Financial Statements
I. Auditor’s Report
Are these interim financial statements audited by an independent auditor
□ Yes □ No
These interim financial statements have not been audited by an independent auditor.II Financial Statements
Currency unit for the financial statements and the notes thereto: RMB
1. Consolidated Balance Sheet
Prepared by Shenzhen Properties & Resources Development (Group) Ltd.
30 June 2024
Unit: RMB
Item 30 June 2024 1 January 2024
Current assets:
Monetary assets 1885846531.69 2748798476.72
Settlement reserve
Interbank loans granted
Held-for-trading financial assets
Derivative financial assets
Notes receivable
Accounts receivable 525349243.53 502806453.88
Accounts receivable financing
Prepayments 12652784.00 11983086.35
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract reserve
Other receivables 606627612.52 624394372.82
Including: Interest receivable 0.00 0.00
Dividends receivable 0.00 0.00
Financial assets purchased under resale
agreements
Inventories 11584703198.76 11098209095.74
Including: Data resource
Contract assets 724882.35 844485.57
Assets held for sale
Current portion of non-current assets
Other current assets 172158013.65 127774825.51
Total current assets 14788062266.50 15114810796.59
Non-current assets:
Loans and advances to customers
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments 84470493.08 84057750.55
Investments in other equity 437618.97 636926.20
2ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
instruments
Other non-current financial assets
Investment property 369472806.82 386810800.47
Fixed assets 58895644.84 66436408.90
Construction in progress
Productive living assets
Oil and gas assets
Right-of-use assets 20632466.91 23516796.22
Intangible assets 746256.59 889801.14
Including: Data resource
Development costs
Including: Data resource
Goodwill 9446847.38 9446847.38
Long-term prepaid expense 22825786.74 21510397.88
Deferred income tax assets 1298889053.69 1276440386.83
Other non-current assets 4783032.03 3505155.93
Total non-current assets 1870600007.05 1873251271.50
Total assets 16658662273.55 16988062068.09
Current liabilities:
Short-term borrowings 50036250.00 230915000.00
Borrowings from the central bank
Interbank loans obtained
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 497647577.28 662869059.59
Advances from customers 811650.90 2265223.56
Contract liabilities 846699653.68 820424953.42
Financial assets sold under repurchase
agreements
Customer deposits and interbank
deposits
Payables for acting trading of securities
Payables for underwriting of securities
Employee benefits payable 174093714.50 218786111.78
Taxes payable 3949179575.54 4026957347.94
Other payables 1156391495.32 1217303294.25
Including: Interest payable 0.00 0.00
Dividends payable 12202676.04 12202676.04
Handling charges and commissions
payable
Reinsurance payables
Liabilities directly associated with
assets held for sale
Current portion of non-current
3457663129.193092324853.07
liabilities
Other current liabilities 71429755.09 68373661.13
Total current liabilities 10203952801.50 10340219504.74
Non-current liabilities:
Insurance contract reserve
Long-term borrowings 1387120583.02 1399889274.47
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities 12635031.03 10571092.27
Long-term payables 399899850.00 400105655.56
Long-term employee benefits payable
3ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Provisions 650000.00 650000.00
Deferred income
Deferred income tax liabilities 4615283.49 5862279.70
Other non-current liabilities 130742839.33 127039225.54
Total non-current liabilities 1935663586.87 1944117527.54
Total liabilities 12139616388.37 12284337032.28
Owners’ equity:
Share capital 595979092.00 595979092.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves 80488045.38 80488045.38
Less: Treasury stock
Other comprehensive income -3162651.27 -3352337.88
Specific reserve
Surplus reserves 116108727.08 116108727.08
General reserve
Retained earnings 3695853783.28 3872586802.17
Total equity attributable to owners of the
4485266996.474661810328.75
Company as the parent
Non-controlling interests 33778888.71 41914707.06
Total owners’ equity 4519045885.18 4703725035.81
Total liabilities and owners’ equity 16658662273.55 16988062068.09
Legal representative: Liu Shengxiang Head of financial affairs: Cai Lili
Head of the financial department: Cai Kelin
2. Balance Sheet of the Company as the Parent
Unit: RMB
Item 30 June 2024 1 January 2024
Current assets:
Monetary assets 794064392.46 1477419010.01
Held-for-trading financial assets
Derivative financial assets
Notes receivable
Accounts receivable 114596179.95 120029158.78
Accounts receivable financing
Prepayments
Other receivables 4564271534.77 4489713785.01
Including: Interest receivable 0.00 0.00
Dividends receivable 0.00 0.00
Inventories 50786204.09 50777366.97
Including: Data resource
Contract assets
Assets held for sale
Current portion of non-current assets
Other current assets 9882008.43 2617751.73
Total current assets 5533600319.70 6140557072.50
Non-current assets:
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments 1374961894.18 1374549151.65
Investments in other equity
668118.97867426.20
instruments
4ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Other non-current financial assets
Investment property 242197878.52 253100089.70
Fixed assets 17458095.16 22373578.76
Construction in progress
Productive living assets
Oil and gas assets
Right-of-use assets 1989665.00 2700397.70
Intangible assets 3723999.98 3887333.33
Including: Data resource
Development costs
Including: Data resource
Goodwill
Long-term prepaid expense 190246.64 380493.32
Deferred income tax assets 11687262.00 1961067.37
Other non-current assets 2931926650.86 2853376650.86
Total non-current assets 4584803811.31 4513196188.89
Total assets 10118404131.01 10653753261.39
Current liabilities:
Short-term borrowings
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 59354150.33 77667521.25
Advances from customers 227.00
Contract liabilities
Employee benefits payable 42666605.46 57605546.32
Taxes payable 3912105.08 75570618.96
Other payables 7093447672.64 7278131009.11
Including: Interest payable 0.00 0.00
Dividends payable 29642.40 29642.40
Liabilities directly associated with
assets held for sale
Current portion of non-current
433056613.1163605554.05
liabilities
Other current liabilities
Total current liabilities 7632437146.62 7552580476.69
Non-current liabilities:
Long-term borrowings 0.00 400400000.00
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities 1523304.91 1708456.34
Long-term payables 399899850.00 400105655.56
Long-term employee benefits payable
Provisions
Deferred income
Deferred income tax liabilities 497416.25 675099.43
Other non-current liabilities 40000000.00 40000000.00
Total non-current liabilities 441920571.16 842889211.33
Total liabilities 8074357717.78 8395469688.02
Owners’ equity:
Share capital 595979092.00 595979092.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves 53876380.11 53876380.11
5ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Less: Treasury stock
Other comprehensive income -3207936.35 -3004584.80
Specific reserve
Surplus reserves 116108727.08 116108727.08
Retained earnings 1281290150.39 1495323958.98
Total owners’ equity 2044046413.23 2258283573.37
Total liabilities and owners’ equity 10118404131.01 10653753261.39
3. Consolidated Income Statement
Unit: RMB
Item H1 2024 H1 2023
1. Revenue 856028445.25 1905464632.85
Including: Operating revenue 856028445.25 1905464632.85
Interest income
Insurance premium income
Handling charge and
commission income
2. Costs and expenses 834353547.22 1605529607.89
Including: Cost of sales 669091472.18 1372159884.25
Interest expense
Handling charge and
commission expense
Surrenders
Net insurance claims paid
Net amount provided as
insurance contract reserve
Expenditure on policy
dividends
Reinsurance premium
expense
Taxes and surcharges 10447340.39 45190786.03
Selling expense 9106255.87 13087297.05
Administrative expense 127378140.36 149188184.18
R&D expense 2243317.44 1711051.44
Finance costs 16087020.98 24192404.94
Including: Interest
35164356.9731827441.32
expense
Interest income 21522831.25 7930755.87
Add: Other income 2428205.18 5670088.91
Return on investment (“-” for loss) 412742.53 1857388.32
Including: Share of profit or loss
412742.531857388.32
of joint ventures and associates
Income from the derecognition
of financial assets at amortized cost (“-”
for loss)
Exchange gain (“-” for loss)
Net gain on exposure hedges (“-”
for loss)
Gain on changes in fair value (“-”
for loss)
Credit impairment loss (“-” for
-18396918.74-13610779.58
loss)
Asset impairment loss (“-” for
-5858.652045.93
loss)
Asset disposal income (“-” for
26055.97174379.69
loss)
3. Operating profit (“-” for loss) 6139124.32 294028148.23
Add: Non-operating income 479063.20 -204898.03
Less: Non-operating expense 436385.09 357718.39
6ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
4. Profit before tax (“-” for loss) 6181802.43 293465531.81
Less: Income tax expense 4860162.97 78819275.76
5. Net profit (“-” for net loss) 1321639.46 214646256.05
5.1 By operating continuity
5.1.1 Net profit from continuing
1321639.46214584900.22
operations (“-” for net loss)
5.1.2 Net profit from discontinued
0.0061355.83
operations (“-” for net loss)
5.2 By ownership
5.2.1 Net profit attributable to
shareholders of the Company as the 9212457.81 220903444.63
parent (“-” for net loss)
5.2.2 Net profit attributable to non-
-7890818.35-6257188.58
controlling interests (“-” for net loss)
6. Other comprehensive income net of
189686.611404020.27
tax
Attributable to owners of the
189686.611404020.27
Company as the parent
6.1 Items that will not be
-203351.55-275978.56
reclassified to profit or loss
6.1.1 Changes caused by
remeasurements on defined benefit
schemes
6.1.2 Other comprehensive
income that will not be reclassified to
profit or loss under the equity method
6.1.3 Changes in the fair value of
-203351.55-275978.56
investments in other equity instruments
6.1.4 Changes in the fair value
arising from changes in own credit risk
6.1.5 Other
6.2 Items that will be reclassified to
393038.161679998.83
profit or loss
6.2.1 Other comprehensive
income that will be reclassified to profit
or loss under the equity method
6.2.2 Changes in the fair value of
investments in other debt obligations
6.2.3 Other comprehensive
income arising from the reclassification
of financial assets
6.2.4 Credit impairment
allowance for investments in other debt
obligations
6.2.5 Reserve for cash flow
hedges
6.2.6 Differences arising from the
translation of foreign currency- 393038.16 1679998.83
denominated financial statements
6.2.7 Other
Attributable to non-controlling
0.000.00
interests
7. Total comprehensive income 1511326.07 216050276.32
Attributable to owners of the
9402144.42222307464.90
Company as the parent
Attributable to non-controlling
-7890818.35-6257188.58
interests
8. Earnings per share
8.1 Basic earnings per share 0.0155 0.3707
8.2 Diluted earnings per share 0.0155 0.3707
Where business combinations under common control occurred in the Current Period the net profit achieved by the acquirees
before the combinations was RMB0.00 with the amount for the same period of last year being RMB0.00.Legal representative: Liu Shengxiang Head of financial affairs: Cai Lili
7ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Head of the financial department: Cai Kelin
4. Income Statement of the Company as the Parent
Unit: RMB
Item H1 2024 H1 2023
1. Operating revenue 32037213.48 1003621923.84
Less: Cost of sales 24213582.29 698031149.77
Taxes and surcharges 2975547.74 8373564.71
Selling expense 399234.24 406096.84
Administrative expense 32750591.60 47358840.75
R&D expense
Finance costs 3676713.49 6675706.20
Including: Interest expense 17711062.01 13125188.51
Interest income 14208379.57 3531500.73
Add: Other income 176813.10 252975.99
Return on investment (“-” for loss) 412742.53 1857388.32
Including: Share of profit or loss
412742.531857388.32
of joint ventures and associates
Income from the derecognition
of financial assets at amortized cost (“-”
for loss)
Net gain on exposure hedges (“-”
for loss)
Gain on changes in fair value (“-”
for loss)
Credit impairment loss (“-” for
-6611482.03482276.30
loss)
Asset impairment loss (“-” for
loss)
Asset disposal income (“-” for
111000.73
loss)
2. Operating profit (“-” for loss) -38000382.28 245480206.91
Add: Non-operating income 20972.63 413371.19
Less: Non-operating expense 12800.05 15573.60
3. Profit before tax (“-” for loss) -37992209.70 245878004.50
Less: Income tax expense -9903877.81 62647086.56
4. Net profit (“-” for net loss) -28088331.89 183230917.94
4.1 Net profit from continuing
-28088331.89183230917.94
operations (“-” for net loss)
4.2 Net profit from discontinued
operations (“-” for net loss)
5. Other comprehensive income net of
-203351.55-275978.56
tax
5.1 Items that will not be reclassified
-203351.55-275978.56
to profit or loss
5.1.1 Changes caused by
remeasurements on defined benefit
schemes
5.1.2 Other comprehensive income
that will not be reclassified to profit or
loss under the equity method
5.1.3 Changes in the fair value of
-203351.55-275978.56
investments in other equity instruments
5.1.4 Changes in the fair value
arising from changes in own credit risk
5.1.5 Other
5.2 Items that will be reclassified to
profit or loss
5.2.1 Other comprehensive income
that will be reclassified to profit or loss
8ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
under the equity method
5.2.2 Changes in the fair value of
investments in other debt obligations
5.2.3 Other comprehensive income
arising from the reclassification of
financial assets
5.2.4 Credit impairment allowance
for investments in other debt obligations
5.2.5 Reserve for cash flow hedges
5.2.6 Differences arising from the
translation of foreign currency-
denominated financial statements
5.2.7 Other
6. Total comprehensive income -28291683.44 182954939.38
7. Earnings per share
7.1 Basic earnings per share
7.2 Diluted earnings per share
5. Consolidated Cash Flow Statement
Unit: RMB
Item H1 2024 H1 2023
1. Cash flows from operating activities:
Proceeds from sale of commodities
1009820783.161134538536.26
and rendering of services
Net increase in customer deposits and
interbank deposits
Net increase in borrowings from the
central bank
Net increase in loans from other
financial institutions
Premiums received on original
insurance contracts
Net proceeds from reinsurance
Net increase in deposits and
investments of policy holders
Interest handling charges and
commissions received
Net increase in interbank loans obtained
Net increase in proceeds from
repurchase transactions
Net proceeds from acting trading of
securities
Tax rebates 3135070.67 15030885.06
Cash generated from other operating
139985597.08126769873.68
activities
Subtotal of cash generated from
1152941450.911276339295.00
operating activities
Payments for commodities and services 1081063241.76 1075770309.73
Net increase in loans and advances to
customers
Net increase in deposits in the central
bank and in interbank loans granted
Payments for claims on original
insurance contracts
Net increase in interbank loans granted
Interest handling charges and
commissions paid
Policy dividends paid
Cash paid to and for employees 494492566.11 495986685.15
Taxes paid 171598817.27 157276244.25
Cash used in other operating activities 142613927.21 127327714.02
9ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Subtotal of cash used in operating
1889768552.351856360953.15
activities
Net cash generated from/used in
-736827101.44-580021658.15
operating activities
2. Cash flows from investing activities:
Proceeds from disinvestment
Return on investment 0.00 63120.00
Net proceeds from the disposal of fixed
assets intangible assets and other long- 30742.92 73664.52
lived assets
Net proceeds from the disposal of
subsidiaries and other business units
Cash generated from other investing
activities
Subtotal of cash generated from
30742.92136784.52
investing activities
Payments for the acquisition of fixed
assets intangible assets and other long- 2871482.27 2589103.59
lived assets
Payments for investments 0.00 1644822.69
Net increase in pledged loans granted
Net payments for the acquisition of
subsidiaries and other business units
Cash used in other investing activities
Subtotal of cash used in investing
2871482.274233926.28
activities
Net cash generated from/used in
-2840739.35-4097141.76
investing activities
3. Cash flows from financing activities:
Capital contributions received
Including: Capital contributions by
non-controlling interests to subsidiaries
Borrowings raised 394087970.55 590984586.17
Cash generated from other financing
activities
Subtotal of cash generated from
394087970.55590984586.17
financing activities
Repayment of borrowings 217573410.08 32316662.00
Interest and dividends paid 284193955.86 94407905.77
Including: Dividends paid by
245000.00245000.00
subsidiaries to non-controlling interests
Cash used in other financing activities 18445740.54 15224062.82
Subtotal of cash used in financing
520213106.48141948630.59
activities
Net cash generated from/used in
-126125135.93449035955.58
financing activities
4. Effect of foreign exchange rates
134202.792054469.55
changes on cash and cash equivalents
5. Net increase in cash and cash
-865658773.93-133028374.78
equivalents
Add: Cash and cash equivalents
2733139135.121509693857.48
beginning of the period
6. Cash and cash equivalents end of the
1867480361.191376665482.70
period
6. Cash Flow Statement of the Company as the Parent
Unit: RMB
Item H1 2024 H1 2023
1. Cash flows from operating activities:
Proceeds from sale of commodities
22258298.2265620304.10
and rendering of services
10ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Tax rebates
Cash generated from other operating
91297606.44720171786.00
activities
Subtotal of cash generated from
113555904.66785792090.10
operating activities
Payments for commodities and services 35001840.90 30896291.92
Cash paid to and for employees 31155015.18 31086528.03
Taxes paid 83540868.15 39797238.94
Cash used in other operating activities 336495545.91 294025250.18
Subtotal of cash used in operating
486193270.14395805309.07
activities
Net cash generated from/used in
-372637365.48389986781.03
operating activities
2. Cash flows from investing activities:
Proceeds from disinvestment
Return on investment 0.00 63120.00
Net proceeds from the disposal of fixed
assets intangible assets and other long-
lived assets
Net proceeds from the disposal of
subsidiaries and other business units
Cash generated from other investing
activities
Subtotal of cash generated from
0.0063120.00
investing activities
Payments for the acquisition of fixed
assets intangible assets and other long- 604967.86 152169.34
lived assets
Payments for investments 78000000.00 148000000.00
Net payments for the acquisition of
subsidiaries and other business units
Cash used in other investing activities
Subtotal of cash used in investing
78604967.86148152169.34
activities
Net cash generated from/used in
-78604967.86-148089049.34
investing activities
3. Cash flows from financing activities:
Capital contributions received
Borrowings raised
Cash generated from other financing
activities
Subtotal of cash generated from
financing activities
Repayment of borrowings 30800000.00 30800000.00
Interest and dividends paid 195041338.96 13132759.86
Cash used in other financing activities 9616850.00 0.00
Subtotal of cash used in financing
235458188.9643932759.86
activities
Net cash generated from/used in
-235458188.96-43932759.86
financing activities
4. Effect of foreign exchange rates
9238.0938215.73
changes on cash and cash equivalents
5. Net increase in cash and cash
-686691284.21198003187.56
equivalents
Add: Cash and cash equivalents
1467636856.69528268054.39
beginning of the period
6. Cash and cash equivalents end of the
780945572.48726271241.95
period
7. Consolidated Statements of Changes in Owners’ Equity
H1 2024
11ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Unit: RMB
H1 2024
Equity attributable to owners of the Company as the parent
Other equity Oth Non
Tota
instruments Less er -
l
Shar Capi : com Spe Surp Gen Reta contItem Pref Perp own
e tal Trea preh cific lus eral ined Oth Subt rolli
erre etua ers’
capi Oth rese sury ensi rese rese rese earn er otal ng
d l equi
tal er rves stoc ve rve rves rve ings inter
shar bon ty
k inco ests
es ds
me
1. Balance as
at the end of 595 804 - 116 387 466 419 470
the 979 880 335 108 258 181 147 372
Reporting 092. 45.3 233 727. 680 032 07.0 503
Period of the 00 8 7.88 08 2.17 8.75 6 5.81
prior year
Add:
Adjustment
for change in
accounting
policy
Adjustment
for
correction of
previous
error
Other
adjustments
2. Balance as
at the 595 804 - 116 387 466 419 470
beginning of
979880335108258181147372
the
Reporting 092. 45.3 233 727. 680 032 07.0 503
Period of the 00 8 7.88 08 2.17 8.75 6 5.81
year
3. Increase/ - - --
decrease in 189 176 176 184
813the period (“- 686. 733 543 679” for 58161 018. 332. 150.decrease) 8.35 89 28 63
-
3.1 Total 189 921 940 151
789
comprehensi 686. 245 214 132
ve income 08161 7.81 4.42 6.07
8.35
3.2 Capital
increased
and reduced
by owners
3.2.1
Ordinary
shares
increased by
owners
3.2.2
Capital
increased by
holders of
other equity
instruments
3.2.3
Share-based
payments
included in
12ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
owners’
equity
3.2.4
Other
---
-
185185186
3.3 Profit 245
945945190
distribution 000.
476.476.476.
00
707070
3.3.1
Appropriatio
n to surplus
reserves
3.3.2
Appropriatio
n to general
reserve
3.3.3----
Appropriatio 185 185 186
245
n to owners 945 945 190
(or 000.476. 476. 476.shareholders) 00 70 70 70
3.3.4
Other
3.4
Transfers
within
owners’
equity
3.4.1
Increase in
capital (or
share capital)
from capital
reserves
3.4.2
Increase in
capital (or
share capital)
from surplus
reserves
3.4.3 Loss
offset by
surplus
reserves
3.4.4
Changes in
defined
benefit
schemes
transferred to
retained
earnings
3.4.5
Other
comprehensi
ve income
transferred to
retained
earnings
3.4.6
Other
3.5
Specific
reserve
13ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
3.5.1
Increase in
the period
3.5.2 Used
in the period
3.6 Other
595804-116369448337451
4. Balance as
979880316108585526788904
at the end of
the period 092. 45.3 265 727. 378 699 88.7 588
0081.27083.286.4715.18
H1 2023
Unit: RMB
H1 2023
Equity attributable to owners of the Company as the parent
Other equity Oth Non
Tota
instruments Less er -
l
Item Shar Capi : com Spe Surp Gen Reta
cont
Pref Perp own
e tal Trea preh cific lus eral ined Oth Subt rolli
erre etua ers’
capi Oth rese sury ensi rese rese rese earn er otal ng
d l equi
tal er rves stoc ve rve rves rve ings inter
shar bon ty
k inco ests
es ds
me
1. Balance as
at the end of 595 804 - 488 369 441 562 446
the 979 880 385 866 105 255 555 881
Reporting 092. 45.3 437 05.8 618 554 22.4 107
Period of the 00 8 7.95 1 2.73 7.97 6 0.43
prior year
Add:
Adjustment
for change in
accounting
policy
Adjustment
for
correction of
previous
error
Other
adjustments
2. Balance as
at the 595 804 - 488 369 441 562 446
beginning of
979880385866105255555881
the
Reporting 092. 45.3 437 05.8 618 554 22.4 107
Period of the 00 8 7.95 1 2.73 7.97 6 0.43
year
3. Increase/ - -
decrease in 140 411 551
650987the period (“- 402 016 419” for 218 998.0.27 9.73 0.00
decrease) 8.58 58
3.1 Total 140
903307625050
comprehensi 402
ve income 444. 464. 718 276.0.27
63908.5832
3.2 Capital
increased
and reduced
by owners
3.2.1
Ordinary
shares
14ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
increased by
owners
3.2.2
Capital
increased by
holders of
other equity
instruments
3.2.3
Share-based
payments
included in
owners’
equity
3.2.4
Other
---
-
215215215
3.3 Profit 245
148148393
distribution 000.
452.452.452.
00
212121
3.3.1
Appropriatio
n to surplus
reserves
3.3.2
Appropriatio
n to general
reserve
3.3.3----
Appropriatio 215 215 215
245
n to owners 148 148 393
(or 000.452. 452. 452.shareholders) 00 21 21 21
3.3.4
Other
3.4
Transfers
within
owners’
equity
3.4.1
Increase in
capital (or
share capital)
from capital
reserves
3.4.2
Increase in
capital (or
share capital)
from surplus
reserves
3.4.3 Loss
offset by
surplus
reserves
3.4.4
Changes in
defined
benefit
schemes
transferred to
retained
earnings
15ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
3.4.5
Other
comprehensi
ve income
transferred to
retained
earnings
3.4.6
Other
3.5
Specific
reserve
3.5.1
Increase in
the period
3.5.2 Used
in the period
---
164164164
3.6 Other
482482482
2.692.692.69
595804-488369441497446
4. Balance as
979880245866516806533782
at the end of
the period 092. 45.3 035 05.8 635 973 33.8 307
0087.6812.467.9781.85
8. Statements of Changes in Owners’ Equity of the Company as the Parent
H1 2024
Unit: RMB
H1 2024
Other equity instruments Other
Capita Less: compr Specif Surplu Retain Total
Item Share Prefer Perpet l Treas ehensi ic s ed owner
Other
capital red ual Other reserv ury ve reserv reserv earnin s’
shares bonds es stock incom e es gs equity
e
1. Balance as
at the end of -
59595387116114952258
the 3004
79096380.087232392835
Reporting 584.8
Period of the 2.00 11 7.08 58.98 73.37 0
prior year
Add:
Adjustment
for change in
accounting
policy
Adjustment
for
correction of
previous
error
Other
adjustments
2. Balance as
at the -
beginning of 5959 5387 1161 1495 2258
3004
the 7909 6380. 0872 3239 2835
Reporting 584.82.00 11 7.08 58.98 73.37
Period of the 0
year
16ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
3. Increase/ - -
decrease in -
21402142the period (“- 2033” for 3380 371651.55
decrease) 8.59 0.14
--
3.1 Total -
28082829
comprehensi 2033
ve income 8331. 1683.51.55
8944
3.2 Capital
increased
and reduced
by owners
3.2.1
Ordinary
shares
increased by
owners
3.2.2
Capital
increased by
holders of
other equity
instruments
3.2.3
Share-based
payments
included in
owners’
equity
3.2.4
Other
--
3.3 Profit 1859 1859
distribution 4547 4547
6.706.70
3.3.1
Appropriatio
n to surplus
reserves
3.3.2--
Appropriatio
18591859
n to owners
(or 4547 4547
shareholders) 6.70 6.70
3.3.3
Other
3.4
Transfers
within
owners’
equity
3.4.1
Increase in
capital (or
share capital)
from capital
reserves
3.4.2
Increase in
capital (or
share capital)
from surplus
reserves
3.4.3 Loss
17ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
offset by
surplus
reserves
3.4.4
Changes in
defined
benefit
schemes
transferred to
retained
earnings
3.4.5
Other
comprehensi
ve income
transferred to
retained
earnings
3.4.6
Other
3.5
Specific
reserve
3.5.1
Increase in
the period
3.5.2 Used
in the period
3.6 Other
-
4. Balance as 5959 5387 1161 1281 2044
3207
at the end of 7909 6380. 0872 2901 0464
the period 936.32.00 11 7.08 50.39 13.23
5
H1 2023
Unit: RMB
H1 2023
Other equity instruments Other
Capita Less: compr Specif Surplu Retain Total
Item Share Prefer Perpet l Treas ehensi ic s ed owner
Other
capital red ual Other reserv ury ve reserv reserv earnin s’
shares bonds es stock incom e es gs equity
e
1. Balance as
at the end of -
59595387488811051801
the 2742
79096380.6605.47334725
Reporting 841.6
Period of the 2.00 11 81 19.87 56.14 5
prior year
Add:
Adjustment
for change in
accounting
policy
Adjustment
for
correction of
previous
error
Other
adjustments
2. Balance as 5959 5387 - 4888 1105 1801
at the
79096380.27426605.47334725
beginning of
the 2.00 11 841.6 81 19.87 56.14
18ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Reporting 5
Period of the
year
3. Increase/ - -
decrease in -
31913219the period (“- 2759” for 7534. 3512.78.56
decrease) 27 83
3.1 Total - 1832 1829
comprehensi 2759 3091 5493
ve income 78.56 7.94 9.38
3.2 Capital
increased
and reduced
by owners
3.2.1
Ordinary
shares
increased by
owners
3.2.2
Capital
increased by
holders of
other equity
instruments
3.2.3
Share-based
payments
included in
owners’
equity
3.2.4
Other
--
3.3 Profit 2151 2151
distribution 4845 4845
2.212.21
3.3.1
Appropriatio
n to surplus
reserves
3.3.2--
Appropriatio
21512151
n to owners
(or 4845 4845
shareholders) 2.21 2.21
3.3.3
Other
3.4
Transfers
within
owners’
equity
3.4.1
Increase in
capital (or
share capital)
from capital
reserves
3.4.2
Increase in
capital (or
share capital)
from surplus
19ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
reserves
3.4.3 Loss
offset by
surplus
reserves
3.4.4
Changes in
defined
benefit
schemes
transferred to
retained
earnings
3.4.5
Other
comprehensi
ve income
transferred to
retained
earnings
3.4.6
Other
3.5
Specific
reserve
3.5.1
Increase in
the period
3.5.2 Used
in the period
3.6 Other
-
4. Balance as 5959 5387 4888 1073 1769
3018
at the end of 7909 6380. 6605. 5557 2790
the period 820.22.00 11 81 85.60 43.31
1
III Company Profile
Shenzhen Properties & Resources Development (Group) Ltd. (hereinafter referred to as “the Company” or “Company”) was
incorporated based on the reconstruction of Shenzhen Properties & Resources Development Co. Ltd. after obtaining approval of
ZFBF [1991] No. 831 from People’s Government of Shenzhen Municipality. It was registered with Shenzhen Industrial and
Commercial Administration Bureau on 17 January 1983 with Shenzhen as its headquarters. Now the Company holds the business
license for legal person with the registration number/unified social credit code of 91440300192174135N. The registered capital was
RMB595979092 with the total shares of 595979092 (RMB1 face value per share) among which restricted public shares:
1898306 A shares and 0 B shares; unrestricted public shares: 526475543 A shares and 67605243 B shares. The stock of the
Company has been listed on the Shenzhen Stock Exchange on 30 March 1992.The Company is in the real estate sector. Its main business includes development of real estate and sale of commercial housing
construction and management of buildings house rent supervision of construction domestic trading and materials supply and
marketing (excluding exclusive dealing and monopoly sold products and commodities under special control to purchase). Main
products or services rendered mainly include the development and sales of commercial residential housing; property management;
buildings and the building devices maintenance garden afforest and cleaning service; property leasing; supervise and management of
the engineering; retails of the Chinese food Western-style food and wines and etc.The financial statements were approved and authorized for issue by the 28th Meeting of the 10th Board of Directors of the Company
on 27 August 2024.The consolidation scope of the Company’s consolidated financial statements was determined based on the control which included the
20ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
financial statements of the Company and all its subsidiaries. A subsidiary refers to an enterprise or entity controlled by the Company.There were 60 subsidiaries included in the consolidation financial statements in this report. Please refer to the Note IX and Note X of
the financial report for details.IV Basis for Preparation of Financial Statements
1. Preparation Basis
Based on the continuing operation the financial statements of the Company are prepared in accordance with the actual
transactions governing provisions of the Accounting Standards for Business Enterprises and the following major accounting
policies and estimates.
2. Continuation
There was no such case where the sustainable operation ability within 12 months since the end of the Reporting Period was highly
doubted.V. Important Accounting Policies and Estimations
Indication of specific accounting policies and estimations:
The Company has formulated specific accounting policies and accounting estimates for transactions and events such as the
recognition of incomes based on the actual production and operation characteristics and in accordance with the provisions of the
relevant accounting standards for business enterprises. Please refer to "Financial Instruments" "Inventory" and "Revenue" in this
section for details.
1. Statement for Complying with the Accounting Standard for Business Enterprise
The financial statement prepared by the Company complies with the requirements of the latest accounting standards for business
enterprises as well as the application guidelines interpretations and other relevant regulations (hereinafter referred to as the
“accounting standards for business enterprises”) issued by the Ministry of Finance. It reflects the Company’s financial conditions
operating results cash flow and other related information in a truthful and complete manner.In addition in the preparation of the financial report reference was made to the presentation and disclosure requirements of the Rule
for Information Disclosure by Companies Offering Securities to the Public No. 15 - General Provisions on Financial Reports (2014
Revision) and the Notice on Related Matters of the Implementation of New Accounting Standards for Business Enterprises by Listed
Companies (KJBH [2018] No. 453).
2. Fiscal Period
The fiscal year of the Company is a solar calendar year which is from 1 January to 31 December.
3. Operating Cycle
Except for the real estate industry other businesses run by the Company have relatively short operating cycles according to the
classification standard of 12-month’s liquidity of assets and liabilities. The operating cycle of the real estate industry shall be
generally more than 12 months from real estate development to cash the sales. The specific cycle shall be determined by the
development project.
21ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
4. Standard Currency of Accounts
The Company adopts Renminbi as a standard currency of accounts.
5. Methods for Determining Materiality Standards and Selection Criteria
□Applicable □ Not applicable
Item Materiality criteria
Account receivable with bad debt provision by major single
Accounts receivable amounting to RMB5 million or more
item
Non-wholly-owned subsidiaries with revenue exceeding 10%
Significant non-wholly-owned subsidiaries of the consolidated operating revenue or total assets exceeding
5% of the consolidated total assets.
6. Accounting Process of Business Combinations under the Same Control and not under the Same Control
1. Accounting Process of Business Combinations under the Same Control
For business combination under the same control achieved through one transaction or step by step through multiple transactions by
the Company the assets and liabilities acquired in a business combination are measured at the carrying value of the acquiree in the
consolidated financial statements of the ultimate controlling party at the date of combination. The difference between the carrying
value of net assets acquired by the Company and the carrying value of the combination consideration paid (or the total nominal value
of shares issued) is referred to for adjusting capital reserve; if capital reserve is not sufficient to offset the difference then retained
earnings are adjusted.
2. Accounting Process of Business Combinations not under the Same Control
The Group shall recognize the positive balance between the combination costs and the fair value of the identifiable net assets
obtained from the acquiree on purchase date as goodwill. If the combination costs are less than the fair value of the identifiable net
assets obtained from the acquire the Company shall recheck the various identifiable assets and liabilities obtained from the acquire
fair value with liabilities and measurement of combination costs. If the combination costs are less than the fair value of the
identifiable net assets obtained from the acquire after recheck the Company shall the record the balance into the profit and loss of the
current period.Business combinations not under the same control achieved step by step through multiple transactions should be treated in the
following order:
(1) Adjusting the initial investment cost of long-term equity investment If the equity held prior to the date of purchase is accounted
under the equity method the equity is remeasured at the fair value on the purchase date and the difference between the fair value and
its carrying value is included in the investment income of the current period; if the equity in the acquiree held prior to the purchase
date involves other comprehensive income or changes in other owners' equity under the equity method of accounting it is converted
into income for the current period on the purchase date except for other comprehensive income arising from the re-measurement of
the investee's net liabilities of the defined benefit pension plan or changes in net assets of the defined benefit plan and changes in the
fair value of investments in other equity instruments held.
(2) Determining the goodwill (or the amount included in the profit or loss for the current period) When comparing the initial
investment cost of long-term equity investments adjusted in the first step with the share of the fair value of the identifiable net assets
of the subsidiary on the purchase date if the former is more than the latter the difference between the former and the latter is
recognized as goodwill; if the former is less than the latter the difference is included in profit or loss for the current period.
22ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Step-by-step disposal of equity through multiple transactions that results in loss of control over the subsidiary
(1) Principles for determining whether transactions in the process of step-by-step disposal of equity that results in the loss of control
over a subsidiary constitute a "package deal"
The multiple transactions are generally regarded as a "package deal" in accounting treatment if the clauses conditions and economic
impacts of various transactions fall under one or more of the following circumstances:
1) These transactions are reached concurrently or after the impact thereof on each other is taken into consideration.
2) These transactions may achieve a complete business result only as a whole.
3) The occurrence of a transaction depends on the occurrence of at a minimum one another transaction.
4) A transaction is considered uneconomical separately but is considered economical when other transactions are also taken into
consideration.
(2) Accounting treatment when transactions in the process of step-by-step disposal of equity that results in the loss of control over a
subsidiary constitute a "package deal"
If the transactions in the disposal of equity of a subsidiary that results in the loss of control constitute a package deal each transaction
should be accounted for as a transaction that disposes of and loses control over a subsidiary; however the difference between the
disposal price and the share of the net assets of the subsidiary corresponding to the disposal of the investment for each disposal prior
to the loss of control should be recognized as other comprehensive earnings in the consolidated financial statements and transferred
to profit or loss for the current period when the Company lost the control.In the consolidated financial statements the remaining equity should be remeasured at fair value on the date of loss of control. The
sum of the consideration obtained from the disposition of equity and the fair value of the residual equity minus the Company's
portion of net assets in the former subsidiary calculated from the date of combination on an ongoing basis at the original shareholding
ratio is included in the return on investment for the current period when the Company lost the control. Other comprehensive income
related to the equity investments in the former subsidiary should be included in the return on investment or retained earnings for the
current period when the Company lost the control.
(3) Accounting treatment when transactions in the process of step-by-step disposal of equity that results in the loss of control over a
subsidiary do not constitute a "package deal"
If the Company disposes of investments made in its subsidiary without losing control over the subsidiary in the consolidated
financial statements the difference between the payment for equity disposed of and the Company's corresponding portion of net
assets in the subsidiary is included in the capital reserve. If the capital reserve is insufficient for offset the retained earnings should
be adjusted.If the disposal of investments made in its subsidiary results in a loss of control over the subsidiary in the consolidated financial
statements the remaining equity should be remeasured at the fair value on the date of loss of control. The sum of the consideration
obtained from the disposition of equity and the fair value of the residual equity minus the Company's portion of net assets in the
former subsidiary calculated from the date of combination on an ongoing basis at the original shareholding ratio is included in the
return on investment for the current period when the Company lost the control. Other comprehensive income related to the equity
investments in the former subsidiary should be included in the return on investment or retained earnings for the current period when
the Company lost the control.
7. Criteria for Judging Control and Methods for Preparing Consolidated Financial Statements
The scope of the Company's consolidated financial statements is determined based on control.
23ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Control means that the Company has power over the investee enjoys variable returns through its involvement in the investee's
related activities and has the ability to use the power to influence the amount of returns. Relevant activities refer to activities which
have significant impact on the returns of the investee. The activities of the investee shall be assessed based on specific circumstances
typically including sales and purchases of goods or services management of financial assets acquisition and disposal of assets
research and development activities and financing activities.The Company will judge whether these entities have been controlled by the investee based on its comprehensive consideration of
relevant facts and circumstances. Where changes in relevant facts and circumstances result in changes of relevant elements involved
in the above definition of control the Company shall conduct reassessment.Based on the financial statements of the Company as the parent and its subsidiaries and other related materials the consolidated
financial statements were prepared by the Group as the parent according to Accounting Standards for Enterprises No. 33 –
Consolidated Financial Statements.
8. Classification of Joint arrangements and Accounting Treatment of Joint Operations
1. Identification and classification of joint arrangements
A joint arrangement is an arrangement over which two or more parties have joint control. A joint arrangement has the following
characteristics: (1) Each participant is bound by the arrangement; (2) two or more parties of the joint arrangement exercise joint
control over the arrangement. No one party can control the arrangement alone and any party with joint control over the arrangement
can prevent the other party or combination of parties from controlling the arrangement alone.Joint control refers to the common control over a particular arrangement according to relevant agreement and that the decisions on
relevant activities under such arrangement are subject to unanimous consent from the parties sharing the joint control.Joint arrangements are divided into joint operations and joint ventures. A joint operation is a joint arrangement whereby the party to
joint arrangement has rights to the assets and obligations for the liabilities related to the arrangement. A joint venture is a joint
arrangement whereby the party to joint arrangement has rights to the net assets of the arrangement.
2. Accounting treatment of joint arrangements
A party to a joint operation shall recognize the following items related to its share of interest in the joint operation and conduct
accounting treatment for them in accordance with the relevant provisions of the Accounting Standard for Business Enterprises: (1)
Recognition of assets held separately and of assets held jointly in proportion to its share; (2) recognition of liabilities incurred
separately and of liabilities incurred jointly in proportion to its share; (3) recognition of revenue from the sale of its share of the
output of the joint operation; (4) recognition of revenue from the sale of output of the joint operation in proportion to its share; (5)
recognition of expenses incurred separately and of expenses incurred in the joint operation in proportion to its share.The party to a joint venture should conduct accounting treatment in accordance with relevant provisions of the Accounting Standards
for Business Enterprises No. 2 - Long-term Equity Investment.
9. Recognition Standard for Cash and Cash Equivalents
In the Company’s understanding cash and cash equivalents include cash on hand any deposit that can be used for cover and short-
term (usually due within 3 months since the day of purchase) and high circulating investments which are easily convertible into
known amount of cash and whose risks in change of value are minimal.
24ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
10. Foreign Currency Businesses and Translation of Foreign Currency Financial Statements
(1) Accounting treatments for translation of foreign currency business
As for a foreign currency transaction in its initial recognition the amount in the foreign currency shall be translated into the amount
in the Renminbi at the spot exchange rate of the transaction date. On balance sheet date the foreign currency monetary items shall be
translated as the spot exchange rate on the balance sheet date the balance occurred thereof shall be recorded into the profits and
losses at the current period except that the balance of exchange arising from the principal and interests of foreign currency
borrowings for the purchase and construction or production of assets eligible for capitalization. The foreign currency non-monetary
items measured at the historical cost shall still be translated at the spot exchange rate on the transaction date of which the amount of
functional currency shall not be changed. The foreign currency non-monetary items measured at the fair value shall be translated at
the spot exchange rate on the confirming date of fair value of which the balance of exchange shall be included into the profit and
loss of the current period or other comprehensive income.
(2) Translation of foreign currency financial statements
The asset and liability items in the balance sheets shall be translated at a spot exchange rate on the balance sheet date. Among the
owner’s equity items except for the items as “retained earnings” other items shall be translated at the spot exchange rate at the time
when they are incurred. The income and expense items in the income statements shall be translated at the spot exchange rate at the
time when they are incurred. The difference from translation of foreign currency financial statements thereof shall be recognized as
comprehensive income.
11. Financial Instruments
1. Recognition and derecognition of financial instruments
When the Group becomes a party to a financial instrument contract it recognizes relevant financial assets or financial liabilities.All regular acquisition or sales of financial assets are recognized and derecognized on a trading day basis. Regular acquisition or
sales of financial assets means delivering financial assets within the time limit of laws regulations and usual market practices and in
line with contract terms. The trading day refers to the date when the Group promises to acquire or sell financial assets.Financial assets (or part of financial assets or part of a set of similar financial assets) are derecognized i.e. written off from its
account and balance sheet if the following conditions are met:
(1) The right to receive cash flows from financial assets has expired;
(2) The right to receive cash flows from the financial assets is transferred or the obligation to pay the full amount of cash flows
received to a third party in a timely manner is assumed under a "pass-through agreement"; and (a) substantially almost all the risks
and rewards of its ownership of the financial assets are transferred or (b) control over the financial asset is relinquished although
substantially all the risks and rewards of its ownership of the financial assets are neither transferred nor retained.
2. Classification and measurement of financial assets
At initial recognition according to the business model of managing financial assets and the contractual cash flow characteristics of
financial assets financial assets of the Group are classified into the following categories: Financial assets measured at the amortized
cost financial assets measured at fair value through other comprehensive income of the current period and financial assets measured
at fair value through profit and loss for the current period. The subsequent measurement of financial assets depended on their
categories.The Group's classification of financial assets is based on the Group's business model for managing financial assets and the cash flow
characteristics of the financial assets.
25ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
(1) Financial assets measured at amortized cost
Financial assets that meet both of the following conditions shall be classified as financial assets measured at amortized cost: The
Group's business model of managing the financial assets aims at obtaining contractual cash flows; and as stipulated by contract
clauses of the financial assets the cash flows generated on a specific date are merely for the payment of principal or interest from the
unpaid principal. Such financial assets are subsequently measured at amortized cost using the effective interest method. Gain or loss
arising from derecognition or amortization using the effective interest method is included in profit and loss for the current period.
(2) Debt instrument investment measured at fair value through other comprehensive income
Financial assets that meet all the following conditions shall be classified as financial assets measured at fair value through other
comprehensive income: The Group's business model of managing the financial assets aims at obtaining contractual cash flows as well
as selling financial assets; and as stipulated by contract clauses of the financial assets the cash flows generated on a specific date are
merely for the payment of principal or interest from the unpaid principal. Such financial assets shall be subsequently measured at fair
value. The discount or premium is amortized using the effective interest method and recognized as interest income or expense.Except for impairment losses or gains and exchange differences that are recognized as profit and loss for the current period changes
in the fair value of such financial assets shall be recognized as other comprehensive income until the financial assets are
derecognized when accumulative gains or losses shall be transferred to profit and loss for the current period. Interest income related
to such financial assets is included in profit or loss for the current period.
(3) Equity instrument investment measured at fair value through other comprehensive income
For financial assets measured at fair value through other comprehensive income that are irrevocably chosen and designated by the
Group from some non-trading equity instruments the relevant dividend income shall be included in profit and loss for the current
period and changes in the fair value shall be recognized as other comprehensive income until the financial assets are derecognized
when accumulative gains or losses shall be transferred to retained earnings.
(4) Financial assets measured at fair value through profit and loss for the current period
The aforementioned financial assets measured at amortized cost and financial assets other than those measured at fair value through
other comprehensive income are classified as financial assets measured at fair value through profit and loss for the current period. At
initial recognition in order to eliminate or significantly reduce accounting mismatch financial assets can be designated as financial
assets measured at fair value through profit or loss for the current period. Such financial assets shall be measured at fair value and all
changes in fair value are included in the profit and loss for the current period.When and only when the Group changes its business model of managing financial assets all relevant financial assets affected will be
re-classified.For financial assets measured at fair value through profit and loss for the current period transaction costs are directly included in
profit and loss for the current period. For other types of financial assets related transaction costs are included in their initial
recognized amounts.
3. Classification and measurement of financial liabilities
At initial recognition the financial liabilities of the Group are classified into the following categories: Financial liabilities measured
at the amortized cost and financial liabilities measured at fair value through profit and loss for the current period.Financial liabilities can be designated as financial liabilities measured at fair value through profit or loss for the current period at
initial measurement if one of the following conditions is met: (1) The designation can eliminate or significantly reduce accounting
mismatch; (2) the management and performance evaluation of a portfolio of financial liabilities or a portfolio of financial assets and
financial liabilities are based on fair value in accordance with the Group's risk management or investment strategy as set out in a
formal written document and are reported to key management personnel on this basis within the Group; (3) The financial liabilities
26ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
contain embedded derivatives require splitting.The Group determines the classification of financial liabilities at initial recognition. For financial liabilities measured at fair value
through profit and loss for the current period transaction costs are directly included in profit and loss for the current period. For other
types of financial liabilities related transaction costs are included in their initial recognized amounts.The subsequent measurement of financial liabilities depended on their categories:
(1) Financial liabilities measured at amortized cost
Such financial liabilities shall be subsequently measured at amortized cost using the effective interest method.
(2) Financial liabilities measured at fair value through profit and loss for the current period
Financial liabilities measured at fair value through profit or loss for the current period include trading financial liabilities (including
derivatives that are financial liabilities) and financial liabilities designated as at fair value through profit or loss at initial recognition.
4. Financial instrument offset
The net amount after financial assets and financial liabilities offset each other is reported in the balance sheet if both of the following
conditions are met: The Group had a currently enforceable legal right to offset the recognized amounts; the Group planned to settle
them on a net basis or to realize the financial assets and pay off the financial liabilities simultaneously.
5. Impairment of financial instrument
(1) Impairment measurement and accounting handling of financial instrument
Based on expected credit loss the Company conducts impairment handling and confirms loss reserve for financial assets which is
measured by amortized cost debt instrument investment which is measured by fair value and whose change is calculated into other
comprehensive profits accounts receivable of rental loan commitment which is beyond financial debt classified as the one which is
measured by fair value and whose change is calculated into current profits and losses financial debt which does not belong to the one
which is measured by fair value and whose change is calculated into current profits or losses or financial guarantee contract of
financial debt which is formed when it does not belong to financial asset transfer and doesn’t conform to confirmation condition of
termination or keeps on being involved in transferred financial asset.Expected credit loss refers to weighted average of credit loss of financial instrument which takes the risk of contract breach
occurrence as the weight. Credit loss refers to the difference between all contract cash flow which is converted into cash according to
actual interest rate and receivable according to contract and all cash flow which to be charged as expected i.e. current value of all
cash shortage. Among it as for financial asset purchased or original which has had credit impairment it should be converted into
cash according actual interest rate of this financial asset after credit adjustment.As for financial asset purchased or original which has had credit impairment the Company only confirms cumulative change of
expected credit loss within the whole duration after initial confirmation on the balance sheet date as loss reserve.As for accounts receivable which don’t include major financing contents or the Company does not consider financing contents in
contract which is less than one year the Company applies simplified measurement method and measures loss reserve according to
amount of expected credit loss within the whole duration.As for account receivable of rental and accounts receivable including major financing contents the Company applies simplified
measurement method and measure loss reserve according to amount of expected credit loss within the whole duration.As for financial asset beyond above mentioned measurement methods the Company evaluates whether its credit risk has increased
obviously since the initial confirmation on each balance sheet date. In case credit risk has increased obviously the Company
measures the loss reserve according to amount of expected credit loss within the whole duration; in case the credit risk does not
increase obviously the Company measures loss reserve according to the amount of expected credit loss in next 12 months.By utilizing obtainable rational and well grounded information including forward-looking information comparing the risk of
contract breach on balance sheet date and risk of contract breach on initial confirmation date the Company confirms whether the
27ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
credit risk of financial instrument has increased obviously from initial confirmation.On balance sheet date in case the Company judges that the financial instrument just has relatively low credit risk then it will be
assumed that credit risk of the financial instrument has not increased obviously.Based on single financial instrument or financial portfolio the Company evaluates expected credit risk and measures expected credit
loss. When based on financial instrument portfolio the Company takes common risk characteristics as the basis and divides financial
instruments into different portfolios.The Company measures expected credit loss again on each balance sheet date the increase of loss reserve or amount which is
transfer back generated by it is calculated into current profits and losses as impairment profits or losses. As for financial asset which
is measured by amortized cost loss reserve offsets the carrying value of the financial asset listed in the balance sheet; as for debt
investment which is measured by fair value and whose change is calculated into other comprehensive profits the Company confirms
its loss reserve in other comprehensive profits and does not offset the carrying value of the financial asset.
(2) Financial instruments assessing expected credit risk by groups and measuring expected credit losses
Item Recognition basis Method of measuring expected credit losses
Other receivables-intercourse funds among Accounts nature Consulting historical experience in credit losses
related party group within the consolidation combining actual situation and prediction for future
scope economic situation the group’s expected credit loss
Other receivables-interest receivable group rate shall be accounted through exposure at default
and the expected credit loss rate within the next 12
Other receivables-other intercourse funds months or the entire life
among other related party group
Other receivables-credit risk characteristics Aging group Consulting historical experience in credit losses
group combining actual situation and prediction for future
economic situation the group’s expected credit loss
rate shall be accounted through exposure at default
and the expected credit loss rate within the next 12
months or the entire life
(3) Accounts receivable with expected credit losses measured by groups
* Specific groups and method of measuring expected credit loss
Item Recognition basis Method of measuring expected credit losses
Bank’s acceptance bills receivable Bill type Consulting historical experience in credit losses
combining actual situation and prediction for future
Trade acceptance bills receivable economic situation the group’s expected credit loss
rate shall be accounted through exposure at default
and the expected credit loss rate within the entire life
Accounts receivable-Government portfolios Account nature No provision for bad debts is made during the credit
period unless there is conclusive evidence of
impairment and the risk of default is low.Accounts receivable-other intercourse funds Account nature Consulting historical experience in credit losses
among other related party group combining actual situation and prediction for future
economic situation the group’s expected credit loss
rate shall be accounted through exposure at default
and the expected credit loss rate within the entire life
Accounts receivable-credit risk characteristics Aging group Prepare the comparative list between aging of
group accounts receivable and expected credit loss rate
over the entire life by consulting historical
experience in credit losses combining actual
situation and prediction for future economic
situation
* Accounts receivable-the comparative list between aging of common customer group and expected credit loss rate over the entire
life
Aging Expected credit loss rate of accounts receivable (%)
Within 1 year (inclusive the same below) 3.00
1 to 2 years 10.00
2 to 3 years 30.00
3 to 4 years 50.00
28ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
4 to 5 years 80.00
Over 5 years 100.00
6. Financial asset transfer
Financial assets are derecognized if the Group has transferred almost all the risks and rewards of its ownership transferred to the
transferor; financial assets are not derecognized if the Group has retained almost all the risks and rewards of its ownership.If the Group has neither transferred nor retained almost all the risks and rewards of its ownership of the transferred financial assets it
will be treated respectively according to the following circumstances: If the control over the financial assets is waived relevant
financial assets shall be derecognized and the assets and liabilities arising from them shall be recognized; if the control over the
financial assets is not waived relevant financial assets shall be recognized based on the extent of continuing involvement with
transferred financial assets and related liabilities shall be recognized accordingly.If continuing involvement is provided by way of financial guarantee for the transferred financial assets the assets resulting from the
continuing involvement are recognized at the lower of the carrying value of the financial assets and the financial guarantee amount.The financial guarantee amount refers to the maximum amount of the consideration received that will be required to be repaid.
12. Notes Receivable
Refer to Note V 11 Financial Instruments of the financial statements for details.
13. Accounts Receivable
Refer to Note V 11 Financial Instruments of the financial statements for details.
14. Accounts Receivable Financing
Refer to Note V 11 Financial Instruments of the financial statements for details.
15. Other Receivables
Recognition method and accounting treatment for expected credit losses of other receivables
Refer to Note V 11 Financial Instruments of the financial statements for details.
16. Contract Assets
1. Methods and criteria for recognizing contract assets
The Company presents contract assets or contract liabilities on the balance sheet according to the relationship between the fulfillment
of its contract performance obligations and its customers’ payment. Considerations that the Company has the right to collect for
commodities transferred or services provided to customers (except for accounts receivable) are presented as contract assets.
2. Method of determining and accounting for expected credit losses on contract assets
The Company applies a simplified model for expected credit losses to contract assets as prescribed by Accounting Standard for
Business Enterprises No. 14 – Revenues excluding significant financing components (including cases where financing components
within contracts not exceeding one year are disregarded under the standard) measuring the loss provision according to the amount of
expected credit loss of the entire duration. The increased loss provision or reversed amount thereof shall be recorded into the current
profit or loss as impairment losses or gains.For contract assets that contain significant financing components the Company has made the accounting policy choice and selected
the simplified model of expected credit loss measuring the loss provision according to the amount of expected credit loss of the
entire duration.
17. Inventory
29ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
(1) Inventories Classification
Inventories include development land held for sale or consumption in the process of development and operation development
products temporarily leased development products which intended for sale relocation housing stock materials inventory equipment
and low-value consumables etc. as well as development costs in the process of development.
(2) Cost Flow Assumption
1) Send-out materials shall adopt the moving weighted average method.
2) During the development of the project the development land shall be included in the development cost of the project by the floor
area apportion of the developed products.
3) Send-out developed products shall be accounted by specific identification method.
4) The temporarily leased development products which intended for sale and relocation housing shall be amortized averagely by
stages according to the expected useful life of the same kind of fixed assets of the Company.
5) If the public supporting facilities are completed earlier than the relevant development products after the final account of the public
supporting facilities， it shall be account into the development cost of the relevant development projects according to the buildingarea; If the public supporting facilities are completed later than the relevant development products the relevant development products
shall withhold the public supporting facilities fees and adjust the relevant development product costs according to the difference
between the actual occurrence and the withhold amount after the completed public supporting facilities' final accounts.
(3) Recognition basis of Net Realizable Value of Inventory
On the balance sheet date inventory shall be measured at the lower of cost or net realizable value and provision shall be made for
falling price of inventories on the ground of the difference between the cost of each item of inventories and the net realizable value.Inventories directly for sale under normal producing process to the amount after deducting the estimated sale expense and relevant
taxes from the estimated sell price of the inventory the net realizable value has been recognized; inventories which need to be
processed under normal producing process to the amount after deducting the estimated cost of completion estimated sale expense
and relevant taxes from the estimated sale price of produced finished goods the net realizable value has been recognized; on the
balance sheet date in the same item of inventories if some have contractual price agreement while others do not the net realizable
value shall be recognized respectively and compared with their cost and the amount of provision withdrawal or reversal for falling
price of inventories shall be recognized respectively.
(4) Inventory System for Inventories
Inventory system: Perpetual inventory system
(5) Amortization Method of the Low-value Consumption Goods and Packing Articles
1) Low-value Consumption Goods
One-off amortization method
2) Packing Articles
One-off amortization method
18. Assets Held for Sale
The Company divides its components (or non-current assets) meeting the following conditions into available for sale assets: (1)
Assets can be sold immediately under the current conditions according to the practice of selling such assets or disposal groups in
similar transactions; (2) The sale is likely to occur and a resolution has been made on a sale plan and a firm purchase commitment is
obtained (a firm purchase commitment refers to a legally binding purchase agreement signed between an enterprise and other parties
which contains important terms such as transaction price time and severe penalty for breach of contract to minimize the possibility
of major adjustment or cancellation of the agreement. The sale is expected to be completed within a year. It has been approved by
relevant authorities or regulatory authorities according to relevant regulations.The Company adjusts the estimated net residual value of available for sale assets to the net amount of its fair value minus the selling
expenses (which shall not exceed the original book value of the assets available for sale). The difference between the original book
value and the adjusted estimated net residual value shall be included in the current profit and loss as the loss of asset impairment and
30ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
provisions for impairment of assets available for sale shall be made. For the amount of impairment loss of disposal group available
for sale recognized the book value of goodwill of the disposal group shall be offset first and then the book value of disposal group
shall be offset in proportion according to the share of the book value of non-current assets in the disposal group measured according
to relevant standards.When the net amount of fair value of non-current assets available for sale minus the selling expenses increases on the subsequent
balance sheet date the amount previously written down shall be restored and reversed within the amount of asset impairment loss
recognized after being classified as available for sale assets and the reversed amount shall be included in the current profits and
losses. The impairment loss of assets recognized before being classified as available for sale assets shall not be reversed. When the
net amount of fair value of disposal group available for sale minus the selling expenses increases on the subsequent balance sheet
date the amount previously written down shall be restored and reversed within the amount of asset impairment loss recognized as
non-current assets in the disposal group measured according to this Standard after being classified into the categories available for
sale assets and the reversed amount shall be included in the current profits and losses. The book value of goodwill that has been
offset and the impairment loss of non-current assets measured according to relevant standards shall not be reversed before they are
classified as available for sale assets. The subsequent reversal amount of asset impairment loss recognized as disposal group
available for sale shall be increased in proportion to the share of the book value of non-current assets in the disposal group except
goodwill which are measured according to relevant standards.In case that an enterprise loses its control over a subsidiary due to sale of its investment in the subsidiary the investment in the
subsidiary to be sold shall be divided into the available for sale category in individual financial statement of the parent company
when the proposed investment in the subsidiary meets the conditions for classification of available for sale category and all assets
and liabilities of the subsidiary shall be classified into available for sale category in the consolidated financial statements no matter
whether the enterprise retains part of equity investment after the sale.
19. Investments in Debt Obligations
Not applicable.
20. Investments in other Debt Obligations
Not applicable.
21. Long-term Receivable
Refer to Note V-11. Financial Instrument for details.
22. Long-term Equity Investments
(1) Judgment of Joint Control and Significant Influences
The term "joint control" refers to the joint control over an arrangement in accordance with the related agreements which does not
exist unless the participants sharing the control power agree with each other about the related arranged activity. The term "significant
influences" refers to the power to participate in making decisions on the financial and operating policies of an enterprise but not to
control or do joint control together with other parties over the formulation of these policies.
(2) Recognition of Investment Cost
1) If the business combination is under the common control and the acquirer obtains long-term equity investment in the consideration
of cash non-monetary asset exchange bearing acquiree’s liabilities or the issuance of equity securities the initial cost is the carrying
amount of the proportion of the acquiree’s owner’s equity at the acquisition date. The difference between the initial cost of the long-
term equity investment and the carrying amount of the paid combination or the total amount of the issued shares should be adjusted
to capital surplus. If the capital surplus is not sufficient for adjustment retained earnings are adjusted respectively.In cases of step-by-step implementation of business combinations under common control the initial investment cost of the
31ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
investment shall be the share of the acquired entity's equity attributable to the acquiring entity on the acquisition date calculated
based on the ownership percentage. The difference between the initial investment cost and the sum of the carrying value of the
original long-term Equity Investments and the carrying value of any additional consideration paid for further shares acquired on the
acquisition date is adjusted to share premium (capital surplus or share premium). If the share premium is insufficient it is offset
against retained earnings.
2) For business combinations not under the same control the fair value of the combination consideration paid by it on the acquisition
date shall be its initial investment cost.
3) Except for business combination: If it is acquired by paying cash the actual acquisition price shall be taken as its initial investment
cost; if it is acquired by issuing equity securities the fair value of the issued equity securities shall be taken as its initial investment
cost; if it is acquired by the investment of the investors the value agreed in the investment contract or agreement shall be taken as its
initial investment cost (except when the agreed value is considered unfair).
(3) Method of subsequent measurement and recognition of profit or loss
For long-term equity investments in investees over which the Company has control the cost method is used in the Company's
individual financial statements; for long-term equity investments with joint control or significant influence the equity method is
applied.Under the cost method long-term equity investments are valued at the initial investment cost. Except for the price actually paid at the
acquisition of investment or the declared but undistributed cash dividends or profits included in the consideration the Company
recognized the return on investment of the current period in accordance with the cash dividends or profits declared and distributed by
the investee with consideration given to the impairment of long-term investments based on applicable impairment policies.For long-term equity investment accounted for using the equity method if the initial cost of long-term equity investment is greater
than the fair value of identifiable net assets of the invested company gained from the investment the excess shall be included in the
initial investment cost of the long-term equity investment. If the initial investment cost is smaller than the fair value of identifiable
net assets of the invested company gained from the investment the difference shall be included in the profit and loss for the current
period and the cost of long-term equity investments shall be adjusted.Under the equity method after acquiring long-term equity investments the investment gains or losses are realized based on the share
of net profit or loss that the investee entity shall be entitled to or share. The long-term equity investment's carrying value is adjusted
accordingly. When the share of the net profits and losses of the investee is recognized the fair value of the investee's identifiable
assets at the time of obtaining the investment shall be used as the basis. This is done in accordance with the Company's accounting
policies and accounting period and internal transaction gains and losses with joint ventures and associates are offset based on the
ownership proportion attributable to the investing company (except when internal transaction losses are related to asset impairment
losses in which case they shall be fully recognized). Subsequent to adjusting the net profits of the invested institution after
recognition. The investor reduces the carrying value of long-term equity investments correspondingly when calculating the portion to
be received based on the cash dividends or profits declared to be distributed by the invested company. The Company shall recognize
the net losses of the invested company until the carrying value of the long-term equity investment and other long-term rights and
interests which substantially form the net investment made to the invested company are reduced to zero unless the Company has the
obligation to undertake extra losses. As for other changes in owners' equity except for the net profit and loss of the invested company
the Company shall adjust the carrying value of the long-term equity investment and include it in the owners' equity.
(4) Determining the basis of common control and significant influence on the investee
The investor controls the investee means that the investor has power over the investee enjoys variable returns by participating in the
relevant activities of the investee and has the ability to use the power over the investee to affect the amount of returns. Significant
influence means that the investor has the rights to participate in the decision-making of the financial and operating policies of the
32ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
investee but cannot control or jointly control the formulation of these policies with other parties.
(5) Disposal of long-term equity investments
1) Partial disposal of long-term equity investments in a subsidiary without losing control
In the case of a partial disposal of long-term equity investments in a subsidiary without losing control the variance between the
disposal proceeds and the corresponding carrying value of the disposed investment is recognized as current investment income.
2) Partial disposal of equity investments or other reasons for losing control of a subsidiary
In cases where control over a subsidiary is lost due to the disposal of equity investments or other reasons the carrying value of long-
term equity investments corresponding to the disposed equity shall be transferred. The difference between the proceeds from the sale
and the carrying value of the disposed long-term equity investment shall be recognized as investment income (loss). At the same time
the remaining equity shall be recognized at its carrying value as long-term equity investments or other related financial assets. If the
remaining equity after the disposal can exercise joint control or significant influence over the subsidiary accounting treatment shall
be conducted in accordance with relevant regulations on the conversion from the cost method to the equity method.
(6) Impairment test method and impairment provision method
When there is objective evidence indicating impairment of the investment in subsidiaries joint ventures and cooperative
enterprises on the balance sheet date corresponding provision for impairment shall be made according to the difference between
the book value and recoverable amount.
23. Investment Property
Measurement mode of investment real estates
Measurement of cost method
Depreciation or amortization method
1. The term "investment real estate" includes the right to use any land which has already been rented the right to use any land which
is held and prepared for transfer after appreciation and the right to use any building which has already been rented.
2. The Company initially measures the investment property according to the costs and adopts the cost method in the subsequent
measurement of investment property and adopts the same methods with fixed assets and intangible assets to withdraw depreciation
or amortization. When there is any indication of impairment of investment property on the balance sheet date corresponding
provision for impairment shall be made according to the difference between the book value and recoverable amount.
24. Fixed Assets
(1) Recognized Standard of Fixed Assets
The term "fixed assets" refers to the tangible assets that simultaneously possess the features as follows: they are held for the sake
of producing commodities rendering labor service renting or business management; and their useful life is in excess of one fiscal
year. Fixed assets are recorded at actual cost at the time of acquisition and depreciated using the straight-line method from the
second month after they reach their intended serviceable condition.
(2) Depreciation Method
Expected net salvage
Category Depreciation method Useful life (year) Annual deprecation
value
33ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Straight-line
Houses and buildings 20-25 5-10 3.6-4.75
depreciation
Straight-line
Transportation 5 5 19
depreciation
Straight-line
Other equipment 5 5 19
depreciation
Straight-line
Machinery equipment 5 5 19
depreciation
Decoration of fixed Straight-line
assets depreciation
25. Construction in Progress
26. Borrowing Costs
1. Recognition Principle of Capitalization of Borrowing Costs
Where the borrowing costs incurred to the Company can be directly attributable to the acquisition and construction or production of
assets eligible for capitalization it shall be capitalized and recorded into the costs of relevant assets. Other borrowing costs shall be
recognized as expenses when it occurred and shall be recorded into the current profits and losses.
2. Capitalization Period of Borrowings Costs
(1) The borrowing costs shall not be capitalized unless they simultaneously meet the following requirements: 1) The asset
disbursements have already incurred; 2) The borrowing costs have already incurred; 3) The acquisition and construction or
production activities which are necessary to prepare the asset for its intended use or sale have already started.
(2) Where the acquisition and construction or production of a qualified asset is interrupted abnormally and the interruption period
lasts for more than 3 months the capitalization of the borrowing costs shall be suspended. The borrowing costs incurred during such
period shall be recognized as expenses and shall be recorded into the profits and losses of the current period till the acquisition and
construction or production of the asset restarts.
(3) When the acquisition and construction or production of a qualified asset eligible for capitalization are available for its intended
use or sale the capitalization of borrowing costs shall be stopped.
3. Capitalized rate and amount of borrowing costs
To the extent that funds are borrowed specifically for the purpose of acquiring or constructing a qualifying asset the amount of
borrowing costs eligible for capitalization on that asset is determined as the actual interest costs (including amortization of discount
and premium confirmed according to effective interest method) incurred on that borrowing during the period less any investment
income on the temporary investment of the borrowing. To the extent that funds are borrowed generally and used for the purpose of
acquiring or constructing a qualifying asset the amount of borrowing costs eligible for capitalization shall be determined by applying
a capitalization rate to the weighted average of excess of accumulated expenditures on qualifying asset over that on specific purpose
borrowing. The capitalization rate is determined by calculating the weighted average interest rate on general borrowings.
27. Intangible Assets
(1) Useful life and the basis for its determination estimation amortization methodology or review procedures
1. Intangible assets include right to use land sites use right of software etc. and conduct the initial measurement according to the
costs.
2. With regard to intangible assets with limited service life it shall be amortized systematically and reasonably within their service
life according to the expected implementation of economic interests related to the intangible assets. If it can’t recognize the expected
implementation reliably it shall be amortized by straight-line method. The specific useful lives are as follows:
Items Useful life for amortization (years)
34ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Items Useful life for amortization (years)
Use right of lands Statutory life of land use right
Use right of software 5
The intangible assets with uncertain service life shall not be amortized and the Company rechecks the service life of the intangible
assets in every accounting period. For intangible assets with uncertain service the recognition basis is without certain service life and
expected benefit life.
3. For intangible assets with definite service life when there is any indication of impairment on the balance sheet date corresponding
provision for impairment shall be made according to the difference between the book value and recoverable amount; for intangible
assets with uncertain service life and those not ready for service impairment test shall be conducted every year no matter whether
there is any indication of impairment.
(2) The scope of R&D expenditure collection and the related accounting treatment
1. The scope of R&D expenditure
The Company classifies all expenses linked to R&D activities as R&D expenditures covering R&D employee remuneration
material input costs depreciation charges and amortization expenses.
2. The related accounting treatment of R&D expenditure
The expenditures in the research stage are included in the current profits and losses when incurred. An intangible asset arising from
the development phase of an internal project is recognized if the Company can demonstrate all of the following: (1) the technical
feasibility of completing the intangible asset so that it will be available for use or sale; (2) its intention to complete the intangible
asset and use or sell it; (3) how the intangible asset will generate probable future economic benefits among other things the
Company can demonstrate the existence of a market for the output of the intangible asset or the intangible asset itself or if it is to be
used internally the usefulness of the intangible asset; (4) the availability of adequate technical financial and other resources to
complete the development and to use or sell the intangible asset; and (5) its ability to measure the expenditure attributable to the
intangible asset reliably during its development.
28. Impairment of Long-term Assets
For long-term assets such as long-term equity investments investment property at cost model fixed assets construction in progress
and intangible assets with finite useful lives the assessment of potential indications of asset impairment is conducted on the balance
sheet date. For goodwill recognized in a business combination and intangible assets with indefinite useful lives no matter whether
there is an indication of impairment an impairment test is performed annually. An impairment test on goodwill is performed on a
related asset group or asset group portfolio.The existence of the following signs indicates that the assets may be impaired:
(1) The market price of the assets has significantly dropped in the current period with a decline much higher than expected due to the
passage of time or normal usage; (2) The economic technological or legal environment in which the business operates as well as the
market in which the assets are located is undergoing or expected to undergo significant changes in the current period or in the near
future adversely affecting the business; (3) Market interest rates or other market investment returns have increased in the current
period impacting the discount rate used by the business to calculate the present value of expected future cash flows from the assets
resulting in a significant decrease in the recoverable amount of the assets; (4) There is evidence indicating that the assets are obsolete
or their physical condition has deteriorated; (5) The assets have been or will be idle discontinued or planned for early disposal; (6)
Internal reports within the business show that the economic performance of the assets is or will be lower than expected such as the
net cash flows generated by the assets or the operating profit (or loss) achieved being significantly lower than (or higher than) the
estimated amount; (7) Other indicators suggesting that the assets may have been impaired.If there is any sign of impairment of the assets their recoverable amount shall be estimated. The measurement result of the
35ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
recoverable amount shows that if the recoverable amount of the assets is lower than their book value the book value of the assets
shall be written down to the recoverable amount and the written-down amount shall be recognized as asset impairment losses which
shall be included in the profit and loss for the current period and the corresponding asset impairment provision shall be accrued at
the same time.
29. Long-term Prepaid Expenses
Long-term prepaid expense refers to various expenses that the company has incurred but shall be borne by the current and
subsequent periods for a period of more than one year (excluding one year). Long-term prepaid expense shall be recorded into the
account according to the actual accrual. Long-term prepaid expense shall be amortized averagely within benefit period or specified
period. In case of no benefit in the future accounting period the amortized value of such project that fails to be amortized shall be
transferred into the profits and losses of the current period.
30. Contract Liabilities
The Company presents contract assets or contract liabilities on the balance sheet according to the relationship between the fulfillment
of its contract performance obligations and its customers’ payment. Obligations to be fulfilled by the Company of transferring
commodities or providing services to customers as the Company has received or should receive customers’ considerations are
presented as contract liabilities.
31. Payroll
(1) Accounting Treatment of Short-term Compensation
During the accounting period when the employees providing the service for the Company the actual short-term compensation shall
be recognized as liabilities and be recorded into the current profits and losses or related assets costs.
(2) Accounting Treatment of the Welfare after Demission
The Company's welfare after demission plans is divided into defined contribution plans and defined benefit plans (1) During the
accounting period when the employee providing service for the Company the amount paid in line with the setting drawing plan will
be recognized as liabilities and recorded into current profits or losses or cost of relevant assets.
(2) The accounting treatment of defined benefit plans usually consists of the following steps:
1) According to the expected cumulative welfare unit method adopt unbiased and mutually consistent actuarial assumptions to
evaluate related demographic variables and financial variables measure the obligations generated from defined benefit plans and
recognize the period in respect of related obligations. Meanwhile discount the obligations generated from defined benefit plans to
recognize their present value and the current service costs;
2) If there are any assets in a defined benefit plan the deficit or surplus formed from the present value of the defined benefit plan
obligations less the fair value of the defined benefit plan assets shall be recognized as net liabilities or net assets of a defined benefit
plan. If there is any surplus in a defined benefit plan the net assets of the plan shall be measured at the lower of the surplus or the
upper asset limit;
3) At the end of the period the staff remuneration costs generated from a defined benefit plan shall be recognized as services costs
net interests of the net liabilities or net assets of the plan and changes from the re-measurement of the net liabilities or net assets of
the plan. Service costs and net interests of the net liabilities or net assets of the plan shall be recorded into the current profits or losses
or related asset costs while changes from the re-measurement of the net liabilities or net assets of the plan shall be recorded into
other comprehensive income and shall not be transferred back to profits or losses in subsequent accounting periods. But the amounts
recognized in other comprehensive income may be transferred within the equity scope.
(3) Accounting Treatment of Demission Welfare
When the Company is unable to unilaterally withdraw the plan on the cancellation of labor relationship or the layoff proposal or
when recognizing the costs or expenses (the earlier one between the two) related to the reorganization of paying the demission
36ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
welfare should recognize the payroll liabilities from the demission welfare and include in the current gains and losses.
(4) Accounting Treatment of Other Welfare of the Long-term Employees
The Company provides the other long-term employee benefits for the employees and for those met with the defined contribution
plans accounting treatment should be conducted according to the related regulations of the defined contribution plans; the for the
others long-term employee benefits except for the former accounting treatment should be conducted according to the related
regulations of the defined benefit plans. In order to simplify the related accounting treatment the payrolls shall be recognized as
service costs the net amount of interest of net liabilities and net assets of other welfare of the long-term employees. The total net
amounts made up from the changes of measuring the net liabilities and net assets of other welfare of the long-term employees again
shall be recorded into the current profits and losses or related assets costs.
32. Provisions
1. The obligation such as external guaranty litigation or arbitration product quality assurance loss contract pertinent to a
contingencies shall be recognized as the provisions when the following conditions are satisfied simultaneously: * That obligation is
a current obligation of the enterprise; * It is likely to cause any economic benefit to flow out of the enterprise as a result of
performance of the obligation; and * The amount of the obligation can be measured in a reliable way.
2. The Company shall conduct the initial measurement to provisions according to the best estimate number needed for performing the
related current obligation and recheck the carrying value of accrued liabilities on balance sheet date.
33. Share-based Payment
Not applicable.
34. Other Financial Instruments such as Preference Shares and Perpetual Bonds
Not applicable.
35. Revenue
The Accounting Policy Adopted for Recognition and Measurement of Revenue Disclosed by Type of Business
1. Recognition of revenue
The Company gains revenue mainly from property sales property management sales of software and property leasing (refer to 39.Leasing for more detail).The Company recognizes revenue when it has fulfilled the obligation of contract performance namely when it has acquired the
control of the related commodity. The acquisition of control over a commodity refers to the capacity to control the use of the
commodity and to gain almost all economic interests thereof.
2. The Company judges whether a contract performance obligation is “a contract performance obligation fulfilled in a timeperiod” or “a contract performance obligation fulfilled at a time point” according to the terms in revenue standards and
recognizes revenue according to the following principles.
(1) When the Company meets one of the following conditions the obligation should be classified as a contract performance
obligation fulfilled in a specific time period:
1) The customer gains and consumes the economic interests brought by the Company’s contract performance when the Company
performs the contract.
2) The customer is able to control the assets in progress during the Company’s contract performance.
3) The assets produced during the Company’s contract performance have irreplaceable use and the Company has the right to collect
payment in respect of its completed contract performance accumulated as of now throughout the entire contract period.For a contract performance obligation fulfilled in a time period the Company recognizes revenue according to the progress towards
contract completion in that period but excluding the case when such progress cannot be reasonably determined. The Company uses
the output or input method to determine the right progress towards contract completion by considering the nature of the commodity.
4) For one that is classified as a contract performance obligation fulfilled at a time point instead of in a time period the Company
37ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
recognizes revenue when the customer acquires the control over the related commodity.In judging whether the customer has acquired the control over a commodity the Company considers the following signs:
1) The Company is entitled to the current right of payment collection in respect of the commodity. In other words the customer has
the current obligation to pay for the commodity.
2) The Company has transferred the legal ownership of the commodity to the customer. In other words the customer has owned the
legal ownership of the commodity.
3) The Company has transferred the physical commodity to the customer. In other words the customer has taken physical possession
of the commodity.
4) The Company has transferred the major risks and remunerations in respect of the ownership of the commodity. In other words the
customer has acquired the major risks and remunerations in respect of the ownership of the commodity.
5) The customer has accepted the commodity.
6) Other signs indicating that the customer has acquired control over the commodity.
3. Specific policies of the Company for recognizing revenue:
1) Real Estate Sales Contracts
The realization of sales revenue shall be recognized under the following conditions: the developed products have 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 products have been transferred to the buyer at the same time the Company shall no longer
retain the continuous management rights normally associated with ownership and effectively control the sold developed products the
revenue amount can be measured reliably the related economic benefits are likely to flow in and the related costs that have occurred
or will occur can be measured reliably. For the sale of self-occupied housing the realization of sales income shall be recognized
under the following conditions: the main risks and rewards of ownership of self-occupied houses are transferred to the buyer the
Company will no longer retain the continuous management rights normally associated with ownership and effectively control the
sold development products the amount of income can be measured reliably relevant economic benefits are likely to flow in the
relevant costs that have occurred or will occur can be measured reliably. Only recognizing the sales income realization under the
following conditions: acquired the real estate completed and accepted as qualified (the completion and acceptance reports) signed an
irreversible sales contract obtained the buyer's payment certificate (for those who chose bank mortgage the first installment and the
full amount of bank mortgage must be required; If a bank mortgage is not selected for self-payment the full amount of the property
is received) and the revenue is recognized as the earliest of the point in time when the notice of repossession is issued (which is
deemed to be the same as repossession if the owner fails to complete the formalities within the stipulated period due to the owner's
failure to do so in a timely manner) and the point in time when the owner actually repossesses the property.
2) Providing Labor Services
If the provision of labor services can be reliably estimated (all the following conditions are met: * The amount of income can be
measured reliably; * The relevant economic benefits are likely to inflow to the Company; * The progress of the transaction can be
reliably determined; * The cost incurred and to be incurred in the transaction can be measured reliably) it shall recognize the
revenue from providing services employing the percentage-of-completion method and confirm the completion of labor service
according to the costs incurred as a percentage of the total estimated costs. If the Company can’t on the date of the balance sheet
reliably estimate the outcome of a transaction concerning the labor services it provides it shall be handled under the following
conditions: If the cost of labor services incurred is expected to be compensated the revenue from the providing of labor services shall
be recognized in accordance with the amount of the cost of labor services incurred and the cost of labor services shall be carried
forward at the same amount; If the cost of labor services incurred is not expected to compensate the cost incurred should be included
in the current profits and losses and no revenue from the providing of labor services may be recognized.Property management revenue shall be recognized when property management services have been provided economic benefits
related to property management services can flow into the enterprise and costs related to property management can be reliably
measured.
38ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
3) Transferring the Right to Use Assets
The revenue of transferring the right to use assets may not be recognized unless the following conditions are both met: the relevant
economic benefits are likely to inflow to the Company; and the revenue can be reliably measured. The interest income shall be
recognized according to the time and actual interest rate in which other people use the Company’s monetary funds. Royalty revenue
shall be recognized according to the chargeable time and method stipulated in related contracts and agreements.According to the lease date and lease amount agreed in the lease contract and agreement the realization of rental property income
shall be recognized when relevant economic benefits are likely to flow in.
4) Software sales revenue
* Revenue recognition and measurement methods for sales of custom software and independent software products
Custom software refers to the special software designed and developed after the full on-site investigation of the user's business
according to the software development contract signed with the customer based on the actual needs of the user and the resulting
developed software is not universal. Revenue is recognized over time based on the progress of completed performance obligations
over the contract period only if the goods produced by the Company in the course of performance have an irreplaceable use and the
Company is entitled to receive payment for the cumulative portion of performance completed to date throughout the contract period
with the progress of completed performance obligations determined by the proportion of the contract costs actually incurred to
complete the performance obligations to the total estimated contract costs. Otherwise the revenue is recognized at a certain point in
time.For sales contracts of independent software products signed with the customer the customer directly purchases the standard version
of the software i.e. the real estate and facilities management platform and the corresponding modules are deployed by
implementation personnel according to the customer's requirements. In this case the performance obligations are to be performed at
a certain point in time. The revenue is recognized after the Company delivers the product to the customer and the customer accepts
the product.* Revenue recognition and measurement methods for systems integration contracts
System integration includes the sale and installation of purchased merchandise and software products. The revenue is recognized
when the Company has transferred the primary risks and rewards of the ownership of the purchased merchandise to the purchaser;
the Company neither retained the continued management rights usually associated with the ownership nor effectively controlled the
sold goods; the installation and commissioning of the system have been completed and the system has been put into trial operation
or the initial inspection report of the purchaser is obtained; the economic benefits relevant to the transaction are likely to flow into the
Company the relevant costs can be reliably measured.* Revenue recognition and measurement methods for technical service revenue
Technical service revenue mainly refers to the business of providing consulting implementation and after-sales services of products
to customers as required by contracts. If a service period is agreed upon in a contract it is considered as a performance obligation to
be performed within a certain period of time and revenue is recognized for services settled with the customer in accordance with the
contracted service period during the service provision period.
5) Other Business Income
(5) Other operating income is recognized when the customer obtains control of the relevant goods as stipulated in the relevant
contracts or agreements upon the fulfillment of contractual obligations.
4. Measurement of Revenue
The Company should measure revenue according to the transaction prices apportioned to each of the individual contract performance
obligations. In determining a transaction price the Company considers the impact of a number of factors including variable
consideration significant financing components in contracts non-cash consideration and consideration payable to customers.
(1) Variable consideration
The Company determines the best estimate of variable consideration according to the expected value or the amount most likely to
occur. But a transaction price containing variable consideration should not exceed the amount from the accumulated recognized
39ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
revenue that will probably not have any significant reversal when related uncertainties are eliminated. When assessing whether the
significant reversal of accumulated recognized revenue is almost impossible or not a company should concurrently consider the
possibility and weight of the revenue reversal.
(2) Significant financing component
When a contract contains any financing component the Company should determine the transaction price according to the amount
payable that is assumed to be paid in cash by the customer when it acquires control over the commodity. The difference between the
transaction price and the contract consideration should be amortized in the effective interest method during the contract period.
(3) Non-cash consideration
When a customer pays non-cash consideration the Company should determine the transaction price according to the fair value of the
non-cash consideration. When such fair value cannot be reasonably estimated the Company will indirectly determine the transaction
price by reference to the individual price committed by the Company for transferring the commodity to the customer.
(4) Consideration payable to a customer
For consideration payable to a customer the Company should deduct the transaction price from the consideration payable and
deduct the revenue for the current period at either the recognition of related revenue or the payment (or committed payment) of the
consideration to the customer whichever is earlier but excluding the case in which the consideration payable to the customer is for
the purpose of acquiring from the customer other commodities that can be obviously distinguished.If the Company’s consideration payable to a customer is for the purpose of acquiring from the customer other commodities that can
be obviously distinguished the Company should confirm the commodity purchased in the same way as in its other purchases. When
the Company’s consideration payable to a customer exceeds the fair value of the commodity that can be obviously distinguished the
exceeded amount should be used to deduct the transaction price. If the fair value of the commodity acquired from the customer that
can be obviously distinguished cannot be reasonably estimated the Company should deduct the transaction price from the
consideration payable to the customer.Differences in methods for the recognition and measurement of revenue caused by different business models for the same type of
business
Not applicable.
36. Contract Costs
Contract costs comprise contract performance cost and contract acquisition cost.The cost incurred by the Company from performing a contract is recognized into an asset as contract performance cost when it meets
the following conditions:
(1) This cost directly relates to an existing contract or a contract expected to be acquired. It consists of direct labor direct materials
manufacture costs (or similar costs) costs specified to be borne by the customer and other costs incurred from this contract solely.
(2) This cost has increased the Company’s sources that are used to fulfill its contract performance obligations in the future.
(3) This cost is expected to be recovered.
An incremental cost that is incurred by the Company for acquiring a contract and expected to be recovered is recognized into an asset
as contract acquisition cost. However for such asset with an amortization period of less than one year the Company recognizes them
into current profit/loss at their occurrence.Assets related to contract costs are amortized on the same basis for recognizing the revenue from commodities or services related to
such assets.When the carrying value of an asset related to contract costs is higher than the difference between the following two items the
Company will withdraw impairment provision for the exceeded part and recognize it as asset impairment loss:
(1) Residual consideration expected to be gained from transferring commodities and services related to this asset;
(2) Costs expected to be incurred from transferring such commodities or services.
When the aforementioned asset impairment provision is reversed later the carrying value of the asset after the reversal should not
40ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
exceed its carrying value on the reversal date under the assumption of no withdrawal of impairment provision.
37. Government Grants
1. If the government subsidies meet with the following conditions at the same it should be recognized: (1) The entity will
comply with the condition attaching to them; (2) The grants will be received from government. If a government subsidy is a
monetary asset it shall be measured according to the amount received or receivable. If a government subsidy is a non-monetary asset
it shall be measured at its fair value and shall be measured at a nominal amount when the fair value cannot be obtained reliably.
2. Judgment basis and accounting methods of government subsidies related to assets
The government subsidies that are acquired for construction or form long-term assets in other ways according to government
documents shall be defined as asset-related government subsidies. For those not specified in government documents the judgment
shall be made based on the compulsory fundamental conditions for acquiring the subsidies. If the subsidies are acquired with
construction or the formation of long-term assets in other ways as fundamental conditions they shall be recognized as asset-related
government subsidies. For asset-related government subsidies the carrying value of related assets shall be written down or
recognized as deferred income. If asset-related government subsidies are recognized as deferred income it shall be recorded into
profits or losses by period in a reasonable and systemic manner within the life of related assets. Government subsidies measured at
the nominal amount shall be directly recorded into current profits or losses. If related assets are sold transferred disposed of or
destroyed before the end of their life the undistributed balance of related deferred income shall be transferred into the profits or
losses for the period of the asset disposal.
3. Judgment basis and accounting treatment of profits-related government subsidies
Government subsidies other than asset-related government subsidies shall be defined as profits-related government subsidies. For
government subsidies consisting of both asset-related parts and profits-related parts which are difficult to judge whether they are
related to assets or profits the entirety shall be classified as profits-related government subsidies. Profits-related government
subsidies that are used to compensate the related future expenses or losses shall be recognized as deferred income and shall be
included into the current profit/losses or offset relevant costs during the period when the relevant expenses or losses are recognized;
those subsidies used to compensate the related expenses or losses incurred shall be directly included into the current profits/losses or
offset relevant costs.
4. Government subsidies related to the Company’s routine operating activities shall be included into other income or write down
related costs according to the economic business nature. Government subsidies not related to the Company’s routine activities shall
be included into non-operating income and expenditure.
38. Deferred Income Tax Assets/Deferred Income Tax Liabilities
1. In accordance with the balance (the item not recognized as assets and liabilities can confirm their tax bases according to the tax law
the balance between the tax bases and its carrying amount) between the carrying amount of assets or liabilities and their tax bases
deferred tax assets and deferred tax liabilities should be recognized at the tax rates that are expected to apply to the period when the
asset is realized or the liability is settled.
2. A deferred tax asset shall be recognized within the limit of taxable income that is likely to be obtained to offset the deductible
temporary differences. At the balance sheet date where there is strong evidence showing that sufficient taxable profit will be
available against which the deductible temporary difference can be utilized the deferred tax asset unrecognized in prior period shall
be recognized.
3. The Company assesses the carrying amount of deferred tax asset at the balance sheet date. If it’s probable that sufficient taxable
profit will not be available against which the deductible temporary difference can be utilized the Company shall write down the
carrying amount of deferred tax asset or reverse the amount written down later when it’s probable that sufficient taxable profit will
be available.
4. The current income tax and deferred income tax of the Company are recorded into the current gains and losses as income tax
expenses or revenue except in the following circumstances: (1) Business combination; (2) The transaction or event directly included
41ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
in owner’ equity.
39. Lease
(1) Accounting treatment for leases as the lessee
On the beginning date of the lease term the Company will recognize the lease with a lease term not exceeding 12 months and
exclude the purchase option as a short-term lease. Leases with lower value when a single leased asset is a brand-new asset are
identified as low-value asset leases. If the Company sublets or expects to sublet the leased assets the original lease shall not be
deemed as a low-value asset lease.The Company records the payments of short-term and low-value asset leases incurred during each period of the lease term in the
relevant asset costs or the profit or loss for the current period by the units-of-consumption method.The Company will recognize right-of-use assets and lease liabilities on the inception date of the lease term excluding the above
short-term and low-value asset leases.
1) Right-of-use assets
The right-of-use asset is measured at cost and the cost shall comprise: 1) the amount of the initial measurement of the lease liabilities;
2) any lease payments made at or before the commencement date less any lease incentives received; 3) any initial direct costs
incurred by the lessee; and 4) an estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset
restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the
lease.The Company depreciates the right-of-use asset using the straight-line method. If it is reasonably certain that ownership of the leased
asset(s) will be obtained at the end of the lease term the Company depreciates the leased asset(s) over its/their remaining service life.If it is not reasonably certain that the ownership of the leasehold property will be obtained at the end of the lease term the Company
will depreciate the leased asset(s) over the lease term or the remaining service life whichever is shorter.
2) Lease liabilities
At the commencement date the Company measures the lease liabilities at the present value of the lease payments that are not paid at
that date The Company uses the interest rate implicit in lease as the rate of discount when calculating the present value of the lease
payments. The incremental interest rate on borrowing of the lessee will be used as the rate of discount if the interest rate implicit in
lease cannot be determined. The difference between the lease payment and its present value is regarded as an unrecognized financing
expense. Interest expense is recognized at the discount rate of the present value of the recognized lease payment during each period
of the lease term and is recorded in the profit and loss for the current period. Variable lease payments that are not covered in the
measurement of the lease liabilities are included in current profit or loss when actually incurred.After the commencement date if there is a change in the following items: (a) actual fixed payments; (b) amounts expected to be
payable under residual value guarantees; (c) an index or a rate used to determine lease payments; (d) assessment result or exercise of
purchase option extension option or termination option. the Company remeasures the lease liabilities based on the present value of
lease payments after changes and adjusts the carrying amount of the right-of-use asset accordingly. If the carrying amount of the
right-of-use asset is reduced to zero but there shall be a further reduction in the lease liabilities the remaining amount shall be
recognized into profit or loss.
(2) Accounting treatment of leases as the lessor
On the start date of the lease term the Company divides the lease that substantially transfers almost all risks and rewards related to
the ownership of the leased assets into finance leases except for operating leases.
1) Operating lease
The Company recognizes the lease payments receivable as rental earnings in each period within the lease term on a straight-line basis.The initial direct costs related to the operating lease are capitalized amortized within the lease term on the same basis as the
recognition of rental earnings and included in the profit or loss for the current period. Variable lease payments obtained by the
Company in relation to operating leases that are not included in the lease receivable are included in the profit or loss for the current
42ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
period when they are actually incurred.
2) Financial lease
At the commencement date the Company recognizes the finance lease payment receivable based on the net investment in the lease
(sum of the present value of unguaranteed residual value and lease receipts that are not received at the commencement date
discounted by the interest rate implicit in the lease) and derecognizes assets held under the finance lease. The Company calculates
and recognizes interest income using the interest rate implicit in the lease over the lease term.Variable lease payments not included in the measurement of the net investment in the lease are charged as profit or loss in the periods
in which they are incurred.
3) Underlease
The Company as the underlease lessor applied accounting treatment to the head lease agreement and the sublease agreement in
accordance with the accounting requirements of both the lessee and lessor. If a head lease is a short-term lease and simplified
accounting treatment was applied then it classifies the sub-lease as an operating lease.
(3) Sale and leaseback
1. The Company as the lessee
The Company assesses whether the asset transfer in a sale and leaseback transaction is a sale in accordance with relevant provisions
of the Accounting Standards for Business Enterprises No. 14 - Income.If the asset transfer in a sale and leaseback transaction is a sale the Company measures the right-of-use assets formed by the sale and
leaseback based on the portion of the original asset's carrying value that is related to the use right acquired by the leaseback and
recognizes related gains or losses only for the right transferred to the lessor.If the asset transfer in a sale and leaseback transaction is not a sale the Company continues to recognize the transferred asset and at
the same time recognizes a financial liability equivalent to the transfer income and conducts corresponding accounting treatment for
the financial liability in accordance with the Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement
of Financial Instruments.
2. The Company as lessor
The Company assesses whether the asset transfer in a sale and leaseback transaction is a sale in accordance with relevant provisions
of the Accounting Standards for Business Enterprises No. 14 - Income.If the asset transfer in a sale and leaseback transaction is a sale the Company applies other accounting standards for business
enterprises to the accounting treatment for asset purchase and conducts corresponding accounting treatment for asset lease in
accordance with the Accounting Standard for Business Enterprises No. 21 - Leases.If the asset transfer in a sale and leaseback transaction is not a sale the Company does not recognize the transferred asset but
recognizes a financial asset equivalent to the transfer income and conducts corresponding accounting treatment for the financial asset
in accordance with the Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial
Instruments.
40. Other Important Accounting Policies and Accounting Estimations
Confirmation standard and accounting handling method for operation termination
Components which meet one of the following conditions have been disposed or divided as held for sale category and can be
distinguished separately are confirmed as operation termination.
1) The component represents one important independent main business or one single main operation area.
2) The component is one part of a related plan which plans to dispose one independent main business or one single main operation
area.
43ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
41. Changes in Main Accounting Policies and Estimates
(1) Change of Accounting Policies
□Applicable □ Not applicable
(2) Changes in Accounting Estimates
□Applicable □ Not applicable
(3) Adjustments to Financial Statement Items at the Beginning of the Year of the First Implementation of the New
Accounting Standards Implemented since 2024
□Applicable □ Not applicable
42. Other
In the Note of the financial statements the data of the period-beginning refers to the financial statement data on 1 January 2024;
the data of the period-end refers to the financial statement data on 30 June 2024; the Reporting Period refers to the H1 2024; the
same period of last year refers to the H1 2023. The same to the Company as the parent.VI Taxes
1. Main Taxes and Tax Rates
Category of taxes Tax basis Tax rate
Sales of goods or provision of taxable
VAT Note 1
services
Applied to 7% 5% 1% separately
Urban maintenance and construction tax Turnover tax payable
according to the regional level
Enterprise income tax Taxable income 25%、20%、15%、16.5%
Added value generated from paid
transfer of the use right of state-owned
VAT of land 30%-60%
lands and property right of above-ground
buildings and other attachments
Levied according to price: paid
according to 1.2% of the residual value
of the real estate’s original value after
Real estate tax 1.2%、12%
deducted 30% at once; levied according
to lease: paid according to 12% of the
rental income
Education surcharge Turnover tax payable 3%
Local education surcharge Turnover tax payable 2%
Notes of the disclosure situation of the taxpaying bodies with different enterprises income tax rate
Name Income tax rate
Chongqing Shenzhen International Trade Center Property
15%
Management Co. Ltd.Shenzhen International Trade Center Property Management
15%
Co. Ltd. Chongqing Branch
Shenzhen Facility Management Community Co. Ltd 15%
Shenzhen Property Engineering and Construction Supervision
20%
Co. Ltd.
44ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Shenzhen Guomao Chuntian Commercial Management Co.
20%
Ltd.Shenzhen Jinhailian Property Management Co.Ltd. 20%
Shenzhen Zhongtongda House Xiushan Service Co.Ltd. 20%
Shenzhen Kangping Industry Co.Ltd. 20%
Shenzhen Teacher Family Training Co. Ltd. 20%
Shenzhen Education Industry Co. Ltd. 20%
Shenzhen Yufa Industry 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 Guoguan Electromechanical Device Co. Ltd. 20%
Shenzhen Shenshan Special Cooperation Zone Guomao
20%
Property Development Co. Ltd.Shenzhen Helinhua Construction Management Co. Ltd. 20%
Shenzhen Guomao 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 International Trade Center Hotel Management Co.
20%
Ltd.Shenzhen Shenfubao Hydropower Municipal Service Co. Ltd. 20%
Shenzhen Jiayuan Property Management Co. Ltd. 20%
Shenzhen Guomao Shenlv Gardening Co.， Ltd. 20%Beijing Facility Home Technology Co. Ltd. 20%
Subsidiaries registered in Hong Kong area 16.50%
Subsidiaries registered in Vietnam area 20%
Other taxpaying bodies within the consolidated scope 25%
2. Tax Preference
1. According to the regulations of No. 2 Property Service of No. 37 Commercial Service among the encouraging category of the
Guidance Catalogue of Industry Structure Adjustment (Y2011) the western industry met with the conditions should be collected
the corporate income tax according to 15% of the tax rate. The subsidiaries of the Group Chongqing Shenzhen International Trade
Center Property Management Co. Ltd. and Shenzhen International Trade Center Property Management Co. Ltd. Chongqing
Branch applied to above policy.
2. On 19 December 2022 Shenzhen Facility Management Community Technology Co. Ltd. successfully passed the re-evaluation
for its High-tech Enterprise Certificate. The company has been assigned certificate number GR202244204675 and the certificate
is valid for three years. As per the tax laws and regulations the company will be eligible for a preferential enterprise income tax
rate of 15% for the year 2024.
3. According to the Announcement of the State Taxation Administration and the Ministry of Finance on the Implementation of
Preferential Income Tax Policies for Small and Micro Enterprises and Individual Industrial and Commercial Entities
(Announcement No. 6 of 2023 of the Ministry of Finance and the State Taxation Administration) and the Announcement of the
State Taxation Administration and the Ministry of Finance on Further Supporting Small and Micro Enterprises and Individual
Industrial and Commercial Businesses through Relevant Tax and Fee Policies (Announcement No. 12 of 2023 of the Ministry of
45ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Finance and the State Taxation Administration) for small and micro enterprises the taxable income shall be calculated at a rate of
25% and the enterprise income tax shall be paid at a rate of 20%; Tax on natural resources (excluding tax on water resources)
urban maintenance and construction tax real estate tax urban land use tax stamp tax (excluding stamp tax on securities
transactions) agriculture land tax educational surcharge and local education surcharge on small-scale VAT taxpayers small-sized
low-profit enterprises and individual industrial and commercial households are deducted by half from 1 January 2023 to 31
December 2027. This policy applies to 27 subsidiaries including Shenzhen Property Engineering and Construction Supervision
Co. Ltd. and Shenzhen Guomao Chuntian Commercial Management Co. Ltd.
3. Other
[Note 1]: Taxable items and tax rate of the VAT of the Company and its subsidiaries are as follows:
Type of the revenue General rate Percentage charges of
Sales of house property 9% 5%
Rent of real estate 9% 5%
Property service 6% 3%
Catering service 6% 3%
Others 13% --
VII. Notes to Main Items of Consolidated Financial Statements
1. Monetary Assets
Unit: RMB
Item Ending balance Beginning balance
Cash on hand 55534.25 75265.01
Bank deposits 1879237005.06 2742094318.81
Other monetary funds 6553992.38 6628892.90
Total 1885846531.69 2748798476.72
Of which: total amount deposited overseas 63351184.07 62161463.84
Other notes:
At the end of the period the amount of restriction in use by guaranteed pledged or frozen is RMB18366170.50 mainly including
the margin and interest of RMB3337257.40; the funds with limited use rights in bank deposits mainly include the bank frozen funds
of RMB3147574.47 and the interest on time deposits of RMB11881338.63. The above amount is not regarded as cash and cash
equivalents due to restrictions on use.The funds deposited overseas are mainly the balance of monetary assets of the overseas subsidiaries Shum Yip Properties
Development Limited and Vietnam Shenguomao Property Management Co. Ltd.
2. Trading Financial Assets
Unit: RMB
Item Ending balance Beginning balance
Of which:
Of which:
Other notes
46ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
3. Derivative Financial Assets
Unit: RMB
Item Ending balance Beginning balance
Other notes:
4. Notes Receivable
(1) Notes Receivable Listed by Category
Unit: RMB
Item Ending balance Beginning balance
(2) Disclosure by Withdrawal Methods for Bad Debts
Unit: RMB
Ending balance Beginning balance
Carrying amount Bad debt provision Carrying amount Bad debt provision
Category Carrying Carrying
Withdrawal Withdrawal
Amount Proportion Amount value Amount Proportion Amount value
proportion proportion
Of
which:
Of
which:
If adopting the general mode of expected credit loss to withdraw bad debt provision of notes receivable:
□Applicable □Not applicable
(3) Bad Debt Provision Withdrawal Reversed or Recovered in the Current Period
Withdrawal of bad debt provision:
Unit: RMB
Changes in the current period
Beginning
Category Reversed or Ending balance
balance Withdrawal Verification Others
recovered
Of which significant amount of recovered or transferred-back bad debt provision for the current period:
□Applicable □Not applicable
(4) Notes Receivable Pledged by the Company at the Period-end
Unit: RMB
Item Ending pledged amount
(5) Notes Receivable Which Had Endorsed by the Company or had Discounted and had not Due on the
Balance Sheet Date at the Period-end
Unit: RMB
Amount of recognition termination at the Amount of not terminated recognition at
Item
period-end the period-end
(6) Notes Receivable Written-off in Current Period
Unit: RMB
47ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Item Written-off amount
Of which verification of significant notes receivable:
Unit: RMB
Verification Whether occurred
Reason for
Name of the entity Nature Written-off amount procedures because of related-
verification
performed party transactions
Notes of the verification of notes receivable
5. Accounts Receivable
(1) Disclosure by Aging
Unit: RMB
Aging Ending carrying amount Beginning carrying amount
Within one year (including 1 year) 362644889.80 425235829.74
One to two years 177295682.88 83584196.31
Two to three years 14631387.34 19037312.67
More than three years 133139168.37 127356876.62
Three to four years 10907385.79 10334088.28
Four to five years 8002297.72 4135080.24
Over 5 years 114229484.86 112887708.10
Total 687711128.39 655214215.34
(2) Disclosure by Withdrawal Methods for Bad Debts
Unit: RMB
Ending balance Beginning balance
Category Carrying amount Bad debt provision Carrying amount Bad debt provision
Withdrawal Carrying value Withdrawal Carrying value
Amount Proportion Amount Amount Proportion Amount
proportion proportion
Accounts
receivable
withdrawal
of Bad
debt 116440359.76 16.93% 112831779.74 96.90% 3608580.02 115895721.46 17.69% 113235195.18 97.70% 2660526.28
provision
separately
accrued
Of which:
Accounts
receivable
withdrawal
of bad debt 571270768.63 83.07% 49530105.12 8.67% 521740663.51 539318493.88 82.31% 39172566.28 7.26% 500145927.60
provision
of by
group
Of which:
Total 687711128.39 100.00% 162361884.86 23.61% 525349243.53 655214215.34 100.00% 152407761.46 23.26% 502806453.88
The category name of bad debt provision separately accrued: Accounts receivable with bad debt provision separately accrued
Unit: RMB
Beginning balance Ending balance
Name
Carrying Bad debt Carrying Bad debt Withdrawal Reason for
amount provision amount provision proportion withdraw
48ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Shenzhen Jiyong Involved in
Properties & Resources 93811328.05 93811328.05 93811328.05 93811328.05 100.00% lawsuit and
Development Company unrecoverable
Shenzhen Tewei Industry Expected to be
2836561.002836561.002836561.002836561.00100.00%
Co. Ltd. unrecoverable
Lunan Industry Expected to be
2818284.842818284.842818284.842818284.84100.00%
Corporation unrecoverable
Shenzhen Hampoo Science Expected to be
1436020.291433070.291436020.291433070.2999.79%
& Technology Co. Ltd. unrecoverable
Those with insignificant
single amount for which Uncollectible for a
14993527.2812335951.0015538165.5811932535.5676.80%
bad debt provision long period
separately accrued
Total 115895721.46 113235195.18 116440359.76 112831779.74
Category name of withdrawal of bad debt provision by group: Accounts receivable with bad debt provision withdrawn by the
portfolio of credit risk features
Unit: RMB
Ending balance
Name
Carrying amount Bad debt provision Withdrawal proportion
Portfolio of credit risk features 390268293.71 41251764.89 10.57%
Portfolio of transactions with
159623594.648278340.235.19%
other related parties
Government portfolio 21378880.28 0.00%
Total 571270768.63 49530105.12
Notes to the determination basis for the group:
If adopting the general mode of expected credit loss to withdraw bad debt provision of accounts receivable:
□Applicable □Not applicable
(3) Bad Debt Provision Withdrawal Reversed or Recovered in the Current Period
Withdrawal of bad debt provision in the Current Period:
Unit: RMB
Changes in the current period
Beginning
Category Ending balance
balance Reversed or
Withdrawal Verification Others
recovered
Bad debt
provision
113235195.1813627.18417042.62112831779.74
separately
accrued
Withdrawal of
bad debt
39172566.2810357538.8449530105.12
provision by
group
Total 152407761.46 10371166.02 417042.62 162361884.86
Of which significant amount of recovered or transferred-back bad debt provision for the current period:
Unit: RMB
Basis and rationality of
Amount reversed or
Name of the entity Reason for reversal Way of recovery determining the original
recovered
withdrawal proportion of
49ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
bad debt provision
(4) Accounts Receivable Written-off in Current Period
Unit: RMB
Item Written-off amount
Of which the verification of significant accounts receivable:
Unit: RMB
Verification Whether occurred
Reason for
Name of the entity Nature Written-off amount procedures because of related-
verification
performed party transactions
Notes to verification of accounts receivable:
(5) Top 5 of the Ending Balance of the Accounts Receivable and the Contract Assets Collected according to
Arrears Party
Unit: RMB
Ending balance of
bad debt provision
Proportion to total
Ending balance of of accounts
Ending balance of Ending balance of ending balance of
Name of the entity accounts receivable receivable and
accounts receivable contract assets accounts receivable
and contract assets impairment
and contract assets
provision for
contract assets
Shenzhen Futian
Talent Anju Co. 109392112.37 109392112.37 15.89% 10939211.24
Ltd.Shenzhen Jiyong
Properties &
Resources 93811328.05 93811328.05 13.63% 93811328.05
Development
Company
Shenzhen Bay
Technology
77173432.4377173432.4311.21%7568725.60
Development Co.Ltd.Hebei Shenbao
Investment
26922560.60396484.7527319045.353.97%807676.81
Development Co.Ltd.Shenzhen Futian
District Government
21378880.2821378880.283.11%
Property
Management Centre
Total 328678313.73 396484.75 329074798.48 47.81% 113126941.70
6. Contract Assets
(1) List of Contract Assets
Unit: RMB
Ending balance Beginning balance
Item Bad debt Bad debt
Carrying amount Carrying value Carrying amount Carrying value
provision provision
Municipal
engineering 724882.35 724882.35 844485.57 844485.57
retention money
50ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Total 724882.35 724882.35 844485.57 844485.57
(2) Significant changes in the amount of carrying value and the reason in the Reporting Period
Unit: RMB
Item Change in amount Reason(s)
(3) Disclosure by Withdrawal Methods for Bad Debts
Unit: RMB
Ending balance Beginning balance
Carrying amount Bad debt provision Carrying amount Bad debt provision
Category Carrying Carrying
Withdrawal Withdrawal
Amount Proportion Amount value Amount Proportion Amount value
proportion proportion
Of which:
Of which:
Withdrawal of bad debt provision by adopting the general mode of expected credit loss
□Applicable □Not applicable
(4) Bad Debt Provision Withdrawal Reversed or Recovered in the Current Period
Unit: RMB
Withdrawal of the Reversal or recovery in Write-off/verified for the
Item Reason
current period the Reporting Period current period
Of which significant amount of recovered or transferred-back bad debt provision for the current period:
Unit: RMB
Basis and rationality of
Amount reversed or determining the original
Name of the entity Reason for reversal Way of recovery
recovered withdrawal proportion of
bad debt provision
Other notes:
(5) Contract Assets Written-off in Current Period
Unit: RMB
Item Written-off amount
Of which the verification of significant contract assets
Unit: RMB
Verification Whether occurred
Reason for
Name of the entity Nature Written-off amount procedures because of related-
verification
performed party transactions
Notes to verification of contract assets:
Other notes:
7. Accounts Receivable Financing
(1) Accounts Receivable Financing Listed by Category
Unit: RMB
51ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Item Ending balance Beginning balance
(2) Disclosure by Withdrawal Methods for Bad Debts
Unit: RMB
Ending balance Beginning balance
Carrying amount Bad debt provision Carrying amount Bad debt provision
Category Carrying Carrying
Withdrawal Withdrawal
Amount Proportion Amount value Amount Proportion Amount value
proportion proportion
Of which:
Of which:
Withdrawal of bad debt provision by adopting the general mode of expected credit loss
Unit: RMB
First stage Second stage Third stage
Expected loss in the
Expected loss in the
Bad debt provision Expected credit loss in duration (credit Total
duration (credit
the next 12 months impairment not
impairment occurred)
occurred)
Balance of 1 January
2024 in the current
period
The basis for the division of each stage and the withdrawal proportion of bad debt provision
Notes to significant changes in the carrying amount of accounts receivable financing with amount changed of loss provision in the
current period:
(3) Bad Debt Provision Withdrawal Reversed or Recovered in the Current Period
Unit: RMB
Changes in the current period
Beginning
Category Reversed or Charged- Ending balance
balance Withdrawal Other changes
recovered off/Written-off
Of which significant amount of recovered or transferred-back bad debt provision for the current period:
Unit: RMB
Basis and rationality of
Amount reversed or determining the original
Name of the entity Reason for reversal Way of recovery
recovered withdrawal proportion of
bad debt provision
Other notes:
(4) Accounts Receivable Financing Pledged by the Company at the Period-end
Unit: RMB
Item Ending pledged amount
(5) Accounts Receivable Financing Which Had Endorsed by the Company or had Discounted and had not
Due on the Balance Sheet Date at the Period-end
Unit: RMB
Amount of recognition termination at the Amount of not terminated recognition at
Item
period-end the period-end
52ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
(6) Accounts Receivable Financing with Actual Verification for the Current Period
Unit: RMB
Item Written-off amount
Of which the verification of significant accounts receivable financing
Unit: RMB
Verification Whether occurred
Reason for
Name of the entity Nature Written-off amount procedures because of related-
verification
performed party transactions
Notes to verification:
(7) The changes of accounts receivable financing in the Current Period and the changes in fair value
(8) Other Notes
8. Other Receivables
Unit: RMB
Item Ending balance Beginning balance
Interest receivable 0.00 0.00
Dividend receivable 0.00 0.00
Other receivables 606627612.52 624394372.82
Total 606627612.52 624394372.82
(1) Interest Receivable
1) Category of Interest Receivable
Unit: RMB
Item Ending balance Beginning balance
Total 0.00 0.00
2) Significant Overdue Interest
Unit: RMB
Whether occurred
Entity Ending balance Overdue time Overdue reason impairment and its
judgment basis
Other notes:
3) Disclosure by Withdrawal Methods for Bad Debts
□Applicable □Not applicable
4) Bad Debt Provision Withdrawal Reversed or Recovered in the Current Period
Unit: RMB
Changes in the current period
Beginning
Category Reversed or Charged- Ending balance
balance Withdrawal Other changes
recovered off/Written-off
53ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Of which significant amount of recovered or transferred-back bad debt provision for the current period:
Unit: RMB
Basis and rationality of
Amount reversed or determining the original
Name of the entity Reason for reversal Way of recovery
recovered withdrawal proportion of
bad debt provision
Other notes:
5) Interest Receivable Written-off in Current Period
Unit: RMB
Item Written-off amount
Of which the verification of significant interest receivable:
Unit: RMB
Verification Whether occurred
Reason for
Name of the entity Nature Written-off amount procedures because of related-
verification
performed party transactions
Notes to verification:
Other notes:
(2) Dividend Receivable
1) Category of Dividend Receivable
Unit: RMB
Project (or investee) Ending balance Beginning balance
Total 0.00 0.00
2) Significant Dividends Receivable Aging over 1 Year
Unit: RMB
Whether occurred
Project (or investee) Ending balance Aging Reason impairment and its
judgment basis
3) Disclosure by Withdrawal Methods for Bad Debts
□Applicable □Not applicable
4) Bad Debt Provision Withdrawal Reversed or Recovered in the Current Period
Unit: RMB
Changes in the current period
Beginning
Category Reversed or Charged- Ending balance
balance Withdrawal Other changes
recovered off/Written-off
Of which significant amount of recovered or transferred-back bad debt provision for the current period:
Unit: RMB
Basis and rationality of
Amount reversed or determining the original
Name of the entity Reason for reversal Way of recovery
recovered withdrawal proportion of
bad debt provision
Other notes:
54ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
5) Dividends Receivable Written-off in Current Period
Unit: RMB
Item Written-off amount
Of which the verification of significant dividends receivable:
Unit: RMB
Verification Whether occurred
Reason for
Name of the entity Nature Written-off amount procedures because of related-
verification
performed party transactions
Notes to verification:
Other notes:
(3) Other Receivables
1) Category of Other Receivables by Account Nature
Unit: RMB
Nature Ending carrying amount Beginning carrying amount
Security deposit 4721408.62 9813980.43
Margin 40036255.10 45417519.59
Reserve fund 577754.36 63090.95
Payment on behalf 3188563.34 2826478.51
Intercourse funds 600560898.20 597882606.95
Others 60615891.80 63021059.95
Total 709700771.42 719024736.38
2) Disclosure by Aging
Unit: RMB
Aging Ending carrying amount Beginning carrying amount
Within one year (including 1 year) 7607457.17 39565801.00
One to two years 26259438.44 11760542.45
Two to three years 47399167.36 571247946.92
More than three years 628434708.45 96450446.01
Three to four years 534058256.56 31254533.77
Four to five years 31301783.20 1068702.68
Over 5 years 63074668.69 64127209.56
Total 709700771.42 719024736.38
3) Disclosure by Withdrawal Methods for Bad Debts
□Applicable □Not applicable
Unit: RMB
Ending balance Beginning balance
Category Carrying amount Bad debt provision Carrying amount Bad debt provision
Withdrawal Carrying value Withdrawal Carrying value
Amount Proportion Amount Amount Proportion Amount
proportion proportion
Bad debt
provision
separately 627911249.06 88.48% 47446603.24 7.56% 580464645.82 627054431.42 87.21% 47169474.26 7.52% 579884957.16
accrued
Of which:
Withdrawal 81789522.36 11.52% 55626555.66 68.01% 26162966.70 91970304.96 12.79% 47460889.30 51.60% 44509415.66
55ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
of bad debt
provision
by group
Of which:
Total 709700771.42 100.00% 103073158.90 14.52% 606627612.52 719024736.38 100.00% 94630363.56 13.16% 624394372.82
Category name of bad debt provision separately accrued: Other receivables of bad debt provision separately accrued
Unit: RMB
Beginning balance Ending balance
Name Bad debt Bad debt Withdrawal Reason for
Carrying amount Carrying amount
provision provision proportion withdraw
Shenzhen Xinhai
Holding Co. Ltd.and the related
party Shenzhen
Xinhai Rongyao
Real Estate Prudent
Development 587289550.00 17618686.51 587289550.00 17618686.51 3.00% judgment of
Co. Ltd. recovery risk
Shenzhen
Qianhai
Advanced
Information
Service Co. Ltd.Shenzhen
Tianjun
10000000.0010000000.00
Industrial Co.Ltd.Shanghai Yutong
Uncollectible for
Real Estate Co. 5676000.00 5676000.00 5676000.00 5676000.00 0.00%
a long period
Ltd.Hong Kong Yue
Heng Uncollectible for
3271837.783271837.783271837.783271837.78100.00%
Development a long period
Co. Ltd.Dameisha Uncollectible for
2576445.692576445.692576445.692576445.69100.00%
Tourism Centre a long period
Elevated train Uncollectible for
2542332.432542332.432542332.432542332.43100.00%
project a long period
Those with
insignificant
single amount for
Uncollectible for
which bad debt 15698265.52 15484171.85 16555083.16 15761300.83 95.21%
a long period
provision
separately
accrued
Total 627054431.42 47169474.26 627911249.06 47446603.24
Category name of withdrawal of bad debt provision by group: Other receivables with withdrawal of bad debt provision by the
portfolio of credit risk features
Unit: RMB
Ending balance
Name
Carrying amount Bad debt provision Withdrawal proportion
Within one year 12623222.01 378696.66 3.00%
1-2 years 3930313.63 393031.36 10.00%
2-3 years 4423707.41 1327112.22 30.00%
3-4 years 2078438.67 1039219.34 50.00%
4-5 years 31226722.79 24981378.23 80.00%
Over 5 years 27507117.85 27507117.85 100.00%
56ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Total 81789522.36 55626555.66
Notes to the determination basis for the group:
Withdrawal of bad debt provision by adopting the general mode of expected credit loss:
Unit: RMB
First stage Second stage Third stage
Expected loss in the
Bad debt provision Expected loss in the Expected credit loss in duration (credit Total
duration (credit
the next 12 months impairment not
impairment occurred)
occurred)
Balance of 1 January
47460889.3017297069.2429872405.0294630363.56
2024
Balance of 1 January
2024 in the current
period
Withdrawal of the
8169009.71277128.988446138.69
current period
Amount transferred-
back for the current 3343.35 3343.35
period
Balance of 30 June
55626555.6617297069.2430149534.00103073158.90
2024
The basis for the division of each stage and the withdrawal proportion of bad debt provision
Changes of carrying amount with significant amount changed of loss provision in the current period
□Applicable □Not applicable
4) Bad Debt Provision Withdrawn Reversed or Recovered in the Current Period
Withdrawal of bad debt provision:
Unit: RMB
Changes in the current period
Beginning
Category Reversed or Charged- Ending balance
balance Withdrawal Others
recovered off/Written-off
Bad debt
provision
47169474.26277128.9847446603.24
separately
accrued
Withdrawal of
bad debt
47460889.308169009.713343.3555626555.66
provision by
group
Total 94630363.56 8446138.69 3343.35 103073158.90
Of which the bad debt provision recovered or transferred-back with significant amount during the current period:
Unit: RMB
Basis and rationality of
Amount reversed or determining the original
Name of the entity Reason for reversal Way of recovery
recovered withdrawal proportion of
bad debt provision
5) Particulars of the Actual Verification of Other Receivables during the Current Period
Unit: RMB
Item Written-off amount
57ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Of which the verification of significant other receivables:
Unit: RMB
Verification Whether occurred
Reason for
Name of the entity Nature Written-off amount procedures because of related-
verification
performed party transactions
Notes to the verification of other receivables:
6) Top 5 of the Ending Balance of Other Receivables Collected according to the Arrears Party
Unit: RMB
Proportion to total
Ending balance of
Name of the entity Nature Ending balance Aging ending balance of
bad debt provision
other receivables %
Shenzhen Xinhai
Holding Co. Ltd.and the related party
Between two year
Shenzhen Xinhai Intercourse funds 576568974.73 81.24% 17297069.25
and five years
Rongyao Real Estate
Development Co.Ltd.Shenzhen Bangling
Between four year
Stock Cooperative Intercourse funds 30000000.00 4.23% 24000000.00
and five years
Company
Shenzhen Qianhai
Advanced Between two year
Intercourse funds 10720575.27 1.51% 321617.26
Information Service and three years
Co. Ltd.Chongqing Yudi
Between two year
Asset Management Deposits 2173485.00 0.31% 217348.50
and three years
Co. Ltd.Total 619463035.00 87.29% 41836035.01
7) Presentation in Other Receivables due to the Centralized Management of Funds
Unit: RMB
Other notes:
9. Prepayment
(1) Prepayment Listed by Aging Analysis
Unit: RMB
Ending balance Beginning balance
Aging
Amount Proportion Amount Proportion
Within 1 year 12178056.95 96.25% 11077693.87 92.44%
One to two years 48650.94 0.38% 388465.12 3.24%
Two to three years 32305.74 0.26% 304932.40 2.54%
More than three years 393770.37 3.11% 211994.96 1.77%
Total 12652784.00 11983086.35
Notes of the reasons of the prepayment aging over 1 year with significant amount but failed settled in time:
(2) Top 5 Prepayment in Ending Balance Collected according to the Prepayment Target
Carrying Proportion to total ending balance of
Name of the entity
balance prepayments (%)
Yangzhou Broadcasting Television Network Co. Ltd. 2324249.50 18.37%
58ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Carrying Proportion to total ending balance of
Name of the entity
balance prepayments (%)
Chongqing Yudi Assets Management Co. Ltd. 1897674.49 15.00%
China Construction No.3 Bureau No.2 Construction
1240151.469.80%
Engineering Co. Ltd.Baoding Boyuan Electric Manufacturing Co. Ltd. 1228578.21 9.71%
Beijing Jingdong Century Information Technology Co. Ltd. 582931.40 4.61%
Total 7273585.06 57.49%
-
Other notes:
10. Inventories
Whether the Company needs to comply with the disclosure requirements for the real estate industry
Yes
(1) Category of Inventory
The Company shall comply with the disclosure requirements for the “real estate industry” in the Self-regulatory Guidelines No. 3 for
Companies Listed on Shenzhen Stock Exchange - Industry Information Disclosure.Classification by nature:
Unit: RMB
Ending balance Beginning balance
Depreciation Depreciation
reserves of reserves of
inventories or inventories or
Item
impairment impairment
Carrying amount Carrying value Carrying amount Carrying value
provision for provision for
contract contract
performance performance
costs costs
R&D
11661449735.78218824035.9711442625699.8111174583667.43218824035.9710955759631.46
expenses
Developing
140690499.71140690499.71141176477.91141176477.91
properties
Raw
1462839.25921081.69541757.561533601.80915223.04618378.76
materials
Inventory
2558198.252094300.39463897.862564024.462094300.39469724.07
goods
Low-value
381343.82381343.82184883.54184883.54
consumables
Total 11806542616.81 221839418.05 11584703198.76 11320042655.14 221833559.40 11098209095.74
Disclose main items of “R&D expenses” and interest capitalization in the following format:
Unit: RMB
Transferred
Other Of which:
to
decreased Increase (R&D Accumulated amount of
Estimated developing
Project Time for Estimated total Beginning amount expenses) for amount of capitalized Capital
date of properties Ending balance
name commencement investment balance for the the current interest interests for resources
completion for the
current period capitalization the current
current
period period
period
Lanhu 30
15 October Bank
Shidai November
2020 8400000000.00 5222124208.85 352077026.96 5574201235.81 416738599.23 59248896.84 loans
project 2026
Humen Sea 22 March 2022 31 3217590000.00 2559648387.51 18426349.42 2578074736.93 16916872.65 7315887.35 Bank
59ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Bay project December loans
2025
Guangming
Yutang 21 October Bank
7 March 2022
Shangfu 2024 2658680000.00 1995222707.56 57972664.55 2053195372.11 7621637.67 3811491.26 loans
project
Land of
Hongqi
Town 6648404.13 6648404.13
Others
Haikou
Shenhui
Garden 37287764.54 8837.12 37296601.66
Others
Fuyuantai
project 16102390.14 1651028.57 17753418.71
Others
Shenyang
Digital 30 April Bank
6 March 2023
Town 2027 2529110000.00 1295653963.00 54787780.33 1350441743.33 3964642.78 3503687.78 loans
project
Others 41895841.70 1942381.40 43838223.10 Others
Total -- -- 16805380000.00 11174583667.43 486866068.35 11661449735.78 445241752.33 73879963.23 --
Disclose main items of “Developing properties” in the following format:
Unit: RMB
Of which:
Accumulated amount of
Time of Beginning Increase for the Decrease for the amount of capitalized
Project name Ending balance
completion balance current period current period interest interests for
capitalization the current
period
SZPRD- 1
Langqiao December 3447316.75 3447316.75 83077702.96
International 2012
SZPRD-Hupan 1 June
30141708.9291874.9430049833.98
Yujing Phase I 2015
SZPRD-
12 January
Banshan Yujing 3536989.41 57501.95 3479487.46 10446911.43
2022
Phase II
SZPRD-
Songhu 1 July 2017 23046940.03 305308.44 22741631.59 27205315.95
Langyuan
1
SZPRD-Hupan
November 30279330.78 31292.87 30248037.91 30539392.65
Yujing Phase II
2017
1
SZPRD-Golden
December 36946480.83 36946480.83
Collar’s Resort
2019
SZPRD-
Fuchang
15 May
Garden Phase 4951526.83 4951526.83
2023
II (Fuhui
Huayuan)
International 1
Trade Center December 4839083.10 4839083.10 26385636.29
Plaza 1995
Huangyuyuan 1 June
790140.58790140.58
A Area 2001
Podium
1
Building of
November 645532.65 645532.65
Fuchang
1999
Building
Other items 2551428.03 2551428.03
Total 141176477.91 485978.20 140690499.71 177654959.28
Classification of “Developing properties with the collection of payments in installments” “Renting developing properties” and
“Temporary Housing”:
Unit: RMB
60ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Increase for the current Decrease for the current
Project name Beginning balance Ending balance
period period
(2) Data Resources Recognized as Inventory
Unit: RMB
Data resources
Purchased data Self-processed data
Item acquired by other Total
resources resources
means
(3) Falling Price Reserves of Inventory and Impairment Reserves for Contract Performance Costs
Disclosure of falling provision withdrawal of inventory in the following format:
Classification by nature:
Unit: RMB
Increased amount of the current Decreased amount for the
period current period
Beginning
Item Transferred- Ending balance Notes
balance
Withdrawal Others back or Others
charged-off
R&D expenses 218824035.97 218824035.97
Raw materials 915223.04 5858.65 921081.69
Inventory
2094300.392094300.39
goods
Total 221833559.40 5858.65 221839418.05
Classification by nature:
Unit: RMB
Increased amount of the current Decreased amount for the
period current period
Beginning
Project name Transferred- Ending balance Notes
balance
Withdrawal Others back or Others
charged-off
Land of
Hongqi Town 6648404.13 6648404.13
Haikou
Humen Sea
187141155.12187141155.12
Bay project
Shenyang
Digital Town 25034476.72 25034476.72
project
Total 218824035.97 218824035.97
(4) Notes to the Ending Balance of Inventories Including Capitalized Borrowing Expense
Carry-over in
Project name Period-begin Current period Period-end
current period
SZPRD-Golden Collar’s Resort 264266.89 264266.89
Lanhu Shidai project 357489702.39 59248896.84 416738599.23
SZPRD-Langqiao International 2971986.54 2971986.54
SZPRD-Hupan Yujing Phase I 1249515.42 10968.29 1238547.13
Humen Sea Bay project 9600985.30 7315887.35 16916872.65
61ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Guangming Yutang Shangfu
3810146.413811491.267621637.67
project
Shenyang Digital Town project 460955.00 3503687.78 3964642.78
Total 375847557.95 73879963.23 10968.29 449716552.89
(5) Inventory Restrictions
Disclosing restricted inventory by project:
Unit: RMB
Project name Beginning balance Ending balance Reason for restriction
11. Held-for-sale Assets
Unit: RMB
Ending carrying Impairment Ending carrying Estimated Estimated
Item Fair value
amount provision amount disposal expense disposal time
Other notes:
12. Current Portion of Non-current Assets
Unit: RMB
Item Ending balance Beginning balance
(1) Investments in Debt Obligations Due within One Year
□Applicable □Not applicable
(2) Other Investments in Debt Obligations Due within One Year
□Applicable □Not applicable
13. Other Current Assets
Unit: RMB
Item Ending balance Beginning balance
Prepaid VAT 28437951.59 22096062.08
Deducted input tax 129794168.60 97304885.00
Prepaid income tax 9151196.72 4608593.92
Prepaid land VAT 1267494.29 862126.84
Prepaid urban construction tax 2251854.27 1692524.35
Prepaid education surcharge 1253660.84 1208945.98
Immediate rebate of receivable software
1687.341687.34
sales VAT
Total 172158013.65 127774825.51
Other notes:
62ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
14. Investments in Debt Obligations
(1) List of Investments in Debt Obligations
Unit: RMB
Ending balance Beginning balance
Item Impairment Impairment
Carrying amount Carrying value Carrying amount Carrying value
provision provision
Changes in the impairment provision for investments in debt obligations during the current period
Unit: RMB
Increase for the current Decrease for the current
Item Beginning balance Ending balance
period period
(2) Significant Investments in Debt Obligations at the Period-end
Significant Investments in Debt Obligations
Unit: RMB
Ending balance Beginning balance
Actual Actual
Item Coupon Maturity Overdue Coupon Maturity Overdue
Par value interest Par value interest
rate date principal rate date principal
rate rate
(3) Status of Accrued Depreciation Reserves
Unit: RMB
First stage Second stage Third stage
Expected loss in the
Expected loss in the
Bad debt provision Expected credit loss in duration (credit Total
duration (credit
the next 12 months impairment not
impairment occurred)
occurred)
Balance of 1 January
2024 in the current
period
The basis for the division of each stage and the withdrawal proportion of bad debt provision
(4) Status of Investments in Debt Obligations Written-off in Current Period
Unit: RMB
Item Written-off amount
Of which the verification of significant investments in debt obligations
Notes to verification of investments in debt obligations:
Changes of carrying amount with significant amount changed of loss provision in the current period
□Applicable □Not applicable
Other notes:
15. Other Investments in Debt Obligations
(1) List of Other Investments in Debt Obligations
Unit: RMB
63ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Accumulated
Change in impairment
fair value Accumulated provision
Beginning Accrued Interest Ending
Item in the Cost changes in recognized in Notes
balance interest adjustment balance
reporting fair value other
period comprehensive
income
Changes in the impairment provision for other investments in debt obligations during the current period
Unit: RMB
Increase for the current Decrease for the current
Item Beginning balance Ending balance
period period
(2) Significant Other Investments in Debt Obligations at the Period-end
Unit: RMB
Ending balance Beginning balance
Actual Actual
Item Coupon Maturity Overdue Coupon Maturity Overdue
Par value interest Par value interest
rate date principal rate date principal
rate rate
(3) Status of Accrued Depreciation Reserves
Unit: RMB
First stage Second stage Third stage
Expected loss in the
Expected loss in the
Bad debt provision Expected credit loss in duration (credit Total
duration (credit
the next 12 months impairment not
impairment occurred)
occurred)
Balance of 1 January
2024 in the current
period
The basis for the division of each stage and the withdrawal proportion of bad debt provision
(4) Status of Other Investments in Debt Obligations Written-off in Current Period
Unit: RMB
Item Written-off amount
Of which the verification of significant other investments in debt obligations
Notes to verification of other investments in debt obligations:
Changes of carrying amount with significant amount changed of loss provision in the current period
□Applicable □Not applicable
Other notes:
16. Other Equity Instrument Investment
Unit: RMB
Gains Losses Accumulative Accumulative Dividend Reason for
Project Beginning recorded in recorded in gains recorded losses income Ending assigning to
name balance other other in other recorded in recognized balance measure in fair
comprehensive comprehensive comprehensive other in current value of which
64ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
income in the income in the income in the comprehensive year changes
current period current period current period income in the included other
current period comprehensive
income
Gintian
Industry
636926.20203351.553039220.03437618.97
(Group)
Co. Ltd.Total 636926.20 203351.55 3039220.03 437618.97
There is derecognition in the current period
Unit: RMB
Accumulative gains transferred Accumulative losses transferred
Project name Reason for derecognition
in retained earnings in retained earnings
Non-trading equity instrument investment in the Current Period disclosed by items
Unit: RMB
Reason for
assigning to
Amount of other Reason for other
measure in fair
comprehensive comprehensive
Dividend income Accumulative Accumulative value of which
Project name income income
recognized gains losses changes included
transferred to transferred to
other
retained earnings retained earnings
comprehensive
income
Gintian Industry
3152737.34
(Group) Co. Ltd.Other notes:
17. Long-term Receivables
(1) List of Long-term Receivables
Unit: RMB
Ending balance Beginning balance
Interval of
Item Carrying Bad debt Carrying Bad debt
Carrying value Carrying value discount rate
amount provision amount provision
(2) Disclosure by Withdrawal Methods for Bad Debts
Unit: RMB
Ending balance Beginning balance
Carrying amount Bad debt provision Carrying amount Bad debt provision
Category Carrying Carrying
Withdrawal Withdrawal
Amount Proportion Amount value Amount Proportion Amount value
proportion proportion
Of which:
Of which:
Withdrawal of bad debt provision by adopting the general mode of expected credit loss
Unit: RMB
First stage Second stage Third stage
Expected loss in the
Expected loss in the
Bad debt provision Expected credit loss in duration (credit Total
duration (credit
the next 12 months impairment not
impairment occurred)
occurred)
Balance of 1 January
2024 in the current
period
65ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
The basis for the division of each stage and the withdrawal proportion of bad debt provision
(3) Bad Debt Provision Withdrawal Reversed or Recovered in the Current Period
Unit: RMB
Changes in the current period
Beginning
Category Reversed or Charged- Ending balance
balance Withdrawal Others
recovered off/Written-off
Of which the bad debt provision recovered or transferred-back with significant amount during the current period:
Unit: RMB
Basis and rationality of
Amount reversed or determining the original
Name of the entity Reason for reversal Way of recovery
recovered withdrawal proportion of
bad debt provision
Other notes:
(4) Status of Long-term Receivables Written-off in Current Period
Unit: RMB
Item Written-off amount
Of which the verification of significant long-term receivables:
Unit: RMB
Verification Whether occurred
Reason for
Name of the entity Nature Written-off amount procedures because of related-
verification
performed party transactions
Notes to the verification of long-term receivables:
18. Long-term Equity Investment
Unit: RMB
Increase/decrease for the current period
Beginning Beginning Gains and Cash Ending
losses Adjustment of Withdrawal Ending balance balance balance of balance of
Investee Changes bonus or (Carrying
(carrying depreciation Additional Reduced recognized other of of other profits Others depreciation value)
value) reserve investment investment under the comprehensive impairment equity announced reserve
equity income provision
to issue
method
I. Joint ventures
Shenzhen Real
Estate Jifa
Warehousing Co. 48065818.50 933160.15 48998978.65
Ltd.Tian’an
International
Building Property -
Management 7050937.34 6444694.55
606242.79
Company of
Shenzhen
Subtotal 55116755.84 326917.36 55443673.20
II. Associated enterprises
Shenzhen Wufang
Ceramics 18983614.14 18983614.14 18983614.14
Industrial Co. Ltd.Shenzhen Kangfu
Health Products 165000.00 165000.00 165000.00
Co. Ltd.
66ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Shenzhen Xinghao
Imitation Porcelain 756670.68 756670.68 756670.68
Co. Ltd.Shenzhen Social
Welfare Company
326693.24326693.24326693.24
Fuda Electronics
Factory
Shenzhen Fulong
Industry
1684350.001684350.001684350.00
Development Co.Ltd.Haonianhua Hotel 2733570.05 2733570.05 2733570.05
Shenzhen
Education Fund
500000.00500000.00500000.00
Longhua
Investment
Shenzhen Kangle
Sports Club 540060.00 540060.00 540060.00
Huangfa Branch
Dankeng Village
Plants of Fumin in
1168973.201168973.201168973.20
Guanlan Town
Shenzhen City
Shenzhen Bull
Entertainment Co. 500000.00 500000.00 500000.00
Ltd.Shenzhen Lianhua
Caitian Property
1475465.911475465.911475465.91
Management Co.Ltd.Shenzhen
Yangyuan 1030000.00 1030000.00 1030000.00
Industrial Co. Ltd.Jiakaifeng Co.Ltd. Bao’an 600000.00 600000.00 600000.00
Company
Guiyuan Garage 350000.00 350000.00 350000.00
Shenzhen
Wuweiben Roof 500000.00 500000.00 500000.00
Greening Co. Ltd.ShenzhenYuanping
Plastic Steel Doors 240000.00 240000.00 240000.00
Co. Ltd.ShenzhenYoufang
100000.00100000.00100000.00
Printing Co. Ltd.Shenzhen Lusheng
Industrial
100000.00100000.00100000.00
Development Co.Ltd.CSCEC Intelligent
Parking
Technology Co. 28940994.71 85825.17 29026819.88
Ltd.Subtotal 60695391.93 85825.17 60781217.10 31754397.22
Total 115812147.77 412742.53 116224890.30 31754397.22
The recoverable amount is determined based on the net amount of the fair value minus disposal costs
□Applicable □Not applicable
The recoverable amount is determined by the present value of the forecasted future cash flow.□Applicable □Not applicable
The reason for the discrepancy between the foregoing information and the information used in the impairment tests in prior years or
external information
The reason for the discrepancy between the information used in the Company's impairment tests in prior years and the actual
situation of those years
Other notes:
67ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
19. Other Non-current Financial Assets
Unit: RMB
Item Ending balance Beginning balance
Other notes:
20. Investment Property
(1) Investment Property Adopting the Cost Measurement Mode
□Applicable □Not applicable
Unit: RMB
Item Houses and buildings Land use right Construction in progress Total
I. Original carrying value
1. Beginning balance 882419576.87 14495902.20 37192716.83 934108195.90
2. Increased amount for
5245987.275245987.27
the current period
(1) Outsourcing
(2) Transfer from
inventory/fixed
5245987.275245987.27
assets/construction in
progress
(3) Business
combination increase
3. Decreased amount for
-127364.77-127364.77
the current period
(1) Disposal
(2) Other transfer
(3) Exchange adjustment -127364.77 -127364.77
4. Ending balance 887792928.91 14495902.20 37192716.83 939481547.94
II. Accumulative
depreciation and
accumulative
amortization
1. Beginning balance 503887262.40 13360585.89 30049547.14 547297395.43
2. Increased amount for
19829178.062761171.1022590349.16
the current period
(1) Withdrawal or
14845490.202761171.1017606661.30
amortization
(2) Others 4983687.86 4983687.86
3. Decreased amount for
-120996.53-120996.53
the current period
(1) Disposal
(2) Other transfer
(3) Exchange adjustment -120996.53 -120996.53
4. Ending balance 523837436.99 13360585.89 32810718.24 570008741.12
III. Depreciation
reserves
1. Beginning balance
2. Increased amount for
68ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
the current period
(1) Withdrawal
3. Decreased amount for
the current period
(1) Disposal
(2) Other transfer
4. Ending balance
IV. Carrying value
1. Ending carrying value 363955491.92 1135316.31 4381998.59 369472806.82
2. Beginning carrying
378532314.471135316.317143169.69386810800.47
value
The recoverable amount is determined based on the net amount of the fair value minus disposal costs
□Applicable □Not applicable
The recoverable amount is determined by the present value of the forecasted future cash flow.□Applicable □Not applicable
The reason for the discrepancy between the foregoing information and the information used in the impairment tests in prior years or
external information
The reason for the discrepancy between the information used in the Company's impairment tests in prior years and the actual
situation of those years
Other notes:
(2) Investment Property Adopting the Fair Value Measurement Mode
□Applicable □Not applicable
The Company shall comply with the disclosure requirements for the “real estate industry” in the Self-regulatory Guidelines No. 3
for Companies Listed on Shenzhen Stock Exchange - Industry Information Disclosure
Investment properties measured in fair value by project disclosure:
Unit: RMB
Lease Reason for
income Range of fair value
Time of Constructio Beginning Ending fair
Item Location during this fair value changes
completion n area (㎡) fair value value
Reporting changes and report
Period index
Whether the Company has new investment properties in construction period measured in fair value
□Yes □No
Whether the Company has new investment properties measured in fair value
□Yes □No
(3) Projects Converted to Investment Properties and Measured at Fair Value
Unit: RMB
69ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Accounting item Impact on other
Reason for Approval Impact on gain
Item before Amount comprehensive
conversion procedures and loss
conversion income
(4) Investment Property Failed to Accomplish Certification of Property
Unit: RMB
Item Carrying value Reason
The house is used for property management once occupied by the
507 Unit Block No. 6 Maguling 22024.31 third party a property management company now has been
recovered but hasn’t handled the warrant yet.Obtained after the success in the last instance in 2017 relevant
Meilin land [Note 1]
certifications of property are in the procedure
Total 22024.31
Other notes:
[Note 1]: As at 30 June 2024 the original carrying value of Meilin land was RMB3885469.40 the accumulated
accrued depreciation was RMB3885469.40 and the carrying value was RMB0.
21. Fixed Assets
Unit: RMB
Item Ending balance Beginning balance
Fixed assets 58895644.84 66436408.90
Total 58895644.84 66436408.90
(1) List of Fixed Assets
Unit: RMB
Houses and Machinery Transportation Decoration of the
Item Other equipment Total
buildings equipment equipment fixed assets
I. Original
carrying value:
1. Beginning
124427233.566309068.9219351344.1437737995.8858465847.17246291489.67
balance
2. Increased
amount for the 192521.86 371478.52 1328605.31 1892605.69
current period
(1) Purchase 192521.86 371478.52 1328605.31 1892605.69
(2) Transfer from
construction in
progress
(3) Business
combination
increase
3. Decreased
amount for the 5242087.27 892338.43 1062773.29 7197198.99
current period
(1) Disposal or
892338.431062773.291955111.72
scrap
(2) Exchange
-3900.00-3900.00
adjustment
Others 5245987.27 5245987.27
4. Ending
119185146.296501590.7818830484.2337737995.8858731679.19240986896.37
balance
II. Accumulative
depreciation
1. Beginning
95205368.962973487.6014751415.5226131133.3840717958.15179779363.61
balance
70ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
2. Increased
amount for the 1014787.25 350993.62 756945.44 3743298.06 3197543.77 9063568.14
current period
(1) Withdrawal 1014787.25 350993.62 756945.44 3743298.06 3197543.77 9063568.14
3. Decreased
amount for the 4981094.36 850842.65 995460.37 6827397.38
current period
(1) Disposal or
850842.65995460.371846303.02
scrap
(2) Exchange
-2593.50-2593.50
adjustment
Others 4983687.86 4983687.86
4. Ending
91239061.853324481.2214657518.3129874431.4442920041.55182015534.37
balance
III. Depreciation
reserves
1. Beginning
75717.1675717.16
balance
2. Increased
amount for the
current period
(1) Withdrawal
3. Decreased
amount for the
current period
(1) Disposal or
scrap
4. Ending
75717.1675717.16
balance
IV. Carrying
value
1. Ending
27946084.443177109.564172965.927863564.4415735920.4858895644.84
carrying value
2. Beginning
29221864.603335581.324599928.6211606862.5017672171.8666436408.90
carrying value
(2) List of Temporarily Idle Fixed Assets
Unit: RMB
Original carrying Accumulated Impairment
Item Carrying value Notes
value depreciation provision
(3) Fixed Assets Leased out by Operation Lease
Unit: RMB
Item Ending carrying amount
(4) Fixed Assets Failed to Accomplish Certification of Property
Unit: RMB
Item Carrying value Reason
The office building will be removed due to the project adjustment
and a high-rise office building will be established nearby the
Room 401 402 Sanxiang Business
537118.28 present address. The existing property shall be replaced after the
Building Office Building
completion of the new office building. Thus the certification of
the property is failed to transact.Other notes:
71ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
(5) Impairment Test of Fixed Assets
□Applicable □Not applicable
(6) Proceeds from Disposal of Fixed Assets
Unit: RMB
Item Ending balance Beginning balance
Other notes:
22. Construction in Progress
Unit: RMB
Item Ending balance Beginning balance
(1) List of Construction in Progress
Unit: RMB
Ending balance Beginning balance
Item Impairment Impairment
Carrying amount Carrying value Carrying amount Carrying value
provision provision
(2) Changes in Significant Construction in Progress during the Current Period
Unit: RMB
Proportion Of which:
Other
Increased of amount of Capitalization
decreased Accumulated
amount Transferred accumulated capitalized rate of
Project Beginning amount Ending Job amount of Capital
Budget of the in fixed investment interests interests for
name balance for the balance schedule interest resources
current assets in for the the current
current capitalization
period constructions current period
period
to budget period
(3) List of the Withdrawal of the Depreciation Reserves for Construction in Progress
Unit: RMB
Increase for the Decrease for the Reason for
Item Beginning balance Ending balance
current period current period withdrawal
Other notes:
(4) Impairment Test of Construction in Progress
□Applicable □Not applicable
(5) Engineering Materials
Unit: RMB
Ending balance Beginning balance
Item Impairment Impairment
Carrying amount Carrying value Carrying amount Carrying value
provision provision
Other notes:
23. Right-of-use Assets
(1) List of Right-of-use Assets
Unit: RMB
Item Houses and buildings Total
72ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
I. Original carrying value
1. Beginning balance 56060905.86 56060905.86
2. Increased amount for the current period 2421042.42 2421042.42
(1) New Leases 2421042.42 2421042.42
3. Decreased amount for the current
759438.42759438.42
period
(1) Terminated Leases 759438.42 759438.42
4. Ending balance 57722509.86 57722509.86
II. Accumulative depreciation
1. Beginning balance 32544109.64 32544109.64
2. Increased amount for the current period 5989672.69 5989672.68
(1) Withdrawal 5989672.69 5989672.68
3. Decreased amount for the current
1443739.381443739.38
period
(1) Disposal
(2) Terminated Leases 1443739.38 1443739.38
4. Ending balance 37090042.95 37090042.94
III. Depreciation reserves
1. Beginning balance
2. Increased amount for the current period
(1) Withdrawal
3. Decreased amount for the current
period
(1) Disposal
4. Ending balance
IV. Carrying value
1. Ending carrying value 20632466.91 20632466.91
2. Beginning carrying value 23516796.22 23516796.22
(2) Impairment Test of Right-of-use Assets
□Applicable ?Not applicable
Other notes:
24. Intangible Assets
(1) List of Intangible Assets
Unit: RMB
Non-patent
Item Land use right Patent right Software use rights Total
technologies
I. Original carrying
value
1. Beginning
3060312.133060312.13
balance
2. Increased amount
for the current
period
73ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
(1) Purchase
(2) Internal R&D
(3) Business
combination
increase
3. Decreased
amount for the
current period
(1) Disposal
4. Ending balance 3060312.13 3060312.13
II. Accumulated
amortization
1. Beginning
2170510.992170510.99
balance
2. Increased amount
for the current 143544.55 143544.55
period
(1) Withdrawal 143544.55 143544.55
3. Decreased
amount for the
current period
(1) Disposal
4. Ending balance 2314055.54 2314055.54
III. Depreciation
reserves
1. Beginning
balance
2. Increased amount
for the current
period
(1) Withdrawal
3. Decreased
amount for the
current period
(1) Disposal
4. Ending balance
IV. Carrying value
1. Ending carrying
746256.59746256.59
value
2. Beginning
889801.14889801.14
carrying value
The proportion of intangible assets formed from the internal R&D of the Company at the Period-end to the ending balance of
intangible assets
(2) Data Resources Recognized as Intangible Assets
Unit: RMB
Data resources
Purchased data Self-processed data
Item acquired by other Total
resources resources
means
74ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
(3) Land Use Right Failed to Accomplish Certification of Property
Unit: RMB
Item Carrying value Reason
Other notes:
(4) Impairment Test of Intangible Assets
□Applicable □Not applicable
25. Goodwill
(1) Original Carrying Value of Goodwill
Unit: RMB
Name of the Increase for the current period Decrease for the current period
invested units or Beginning Formed by
Ending balance
events generating balance business Disposal
goodwill combination
Shenzhen
Facility
Management
9446847.389446847.38
Community
Technology Co.Ltd.Total 9446847.38 9446847.38
(2) Depreciation Reserves of Goodwill
Unit: RMB
Name of the Increase for the current period Decrease for the current period
invested units or Beginning
Ending balance
events generating balance Withdrawal Disposal
goodwill
Total
(3) Information on the Assets Groups or Combination of Assets Groups which Goodwill Belongs to
Composition and basis of the
Operating segment to which it Whether it is consistent with
Name asset group or combination of
belongs and basis that of the prior years
asset groups to which it belongs
Groups or combinations of
groups of assets that are
capable of generating cash
flows independently taking into
Shenzhen Facility Management account the ability to benefit
Property management
Community Technology Co. from the synergies of the Yes
Ltd. supporting services business combination and the
way in which management
manages or monitors the
production and operating
activities.Changes in the assets group or combination of assets groups
Objective facts leading to the
Name Composition before the change Composition after the change
change and their basis
Other notes:
75ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
(4) Specific Method of Determining the Recoverable Amount
The recoverable amount is determined based on the net amount of the fair value minus disposal costs
□Applicable □Not applicable
The recoverable amount is determined by the present value of the forecasted future cash flow.□Applicable □Not applicable
Unit: RMB
Basis of
Number
Key Key determining
of years
Recoverable Impairment parameters of parameters of the key
Item Carrying value of the
amount amount the forecast the stable parameters of
forecast
period period the stable
period
period
Shenzhen
Revenue
Facility
growth rate Determined
Management
61791091.57 62840960.59 5 of 1%-8% No growth based on
Community
discount rate prudence
Technology Co.of 12.53%
Ltd.Total 61791091.57 62840960.59
The reason for the discrepancy between the foregoing information and the information used in the impairment tests in prior years or
external information
The reason for the discrepancy between the information used in the Company's impairment tests in prior years and the actual
situation of those years
(5) Completion of Commitments to Results and Corresponding Goodwill Impairment
When goodwill is formed there is a commitment to the results and the reporting period or the period preceding the reporting period
is within the commitment period
□Applicable □Not applicable
Unit: RMB
Amount of goodwill
Completion of the commitment to results
impairment
Item Current period Previous period
Current Previous
Committed Actual Completion Committed Actual Completion
period period
results results rate results results rate
Other notes:
In May 2021 Shenzhen Wuhe Industry Investment Development Co. Ltd. (hereinafter referred to as “Wuhe Company”) a
subsidiary of the Company acquired 35% of the equity of Shenzhen Facility Management Community Technology Co. Ltd.(hereinafter referred to as “FMC”) through acquisition of equity and directional capital increase. Pursuant to the equity acquisition
cooperation framework agreement entered into between Wuhe Company and the original shareholders FMC and its original
shareholders undertook that the FMC's operating revenue growth ratio or net profit for the years from 2021 to 2023 would reach
the target value agreed upon in the agreement and that Wuhe Company would conduct an assessment of its operating performance
for a period of three years. As at the Reporting Date the performance assessment has not yet been completed and therefore it is
not possible to assess its fulfillment for the time being.
26. Long-term Prepaid Expense
Unit: RMB
76ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Amortization
Increased amount of Other decreased
Item Beginning balance amount of the Ending balance
the current period amount
current period
Decoration fee 21510397.88 5192601.06 3877212.20 22825786.74
Total 21510397.88 5192601.06 3877212.20 22825786.74
Other notes:
27. Deferred Income Tax Assets/Deferred Income Tax Liabilities
(1) Deferred Income Tax Assets Had Not Been Off-set
Unit: RMB
Ending balance Beginning balance
Item Deductible temporary Deferred income tax Deductible temporary Deferred income tax
differences assets differences assets
Provision for impairment
112902599.6125176999.1595315243.8621090356.76
of assets
Internal unrealized profit 437189845.32 109297461.33 437266319.66 109316579.92
Deductible losses 687671283.11 171384897.38 607016948.61 151737271.44
Accrued land VAT 3910861453.17 977715363.30 3911198870.69 977799717.67
Estimated profit
calculated at pre-sale
30828336.537707084.1332620985.748155246.44
revenue of property
enterprises
Other accrued expenses 7740277.84 1935069.46 7694020.20 1923505.05
Lease Liabilities 23554354.22 5672178.94 26502156.29 6417709.55
Total 5210748149.80 1298889053.69 5117614545.05 1276440386.83
(2) Deferred Income Tax Liabilities Had Not Been Off-set
Unit: RMB
Ending balance Beginning balance
Item Taxable temporary Deferred income tax Taxable temporary Deferred income tax
difference liabilities difference liabilities
The carrying value of
fixed assets was larger 572662.68 143165.67 704413.18 176103.29
than the tax basis
Right-of-use Assets 20632466.91 4472117.82 23516796.22 5686176.41
Total 21205129.59 4615283.49 24221209.40 5862279.70
(3) Deferred Income Tax Assets or Liabilities Had Been Off-set Listed in Net Amount
Unit: RMB
Beginning off-set
Ending off-set amount of Ending balance of Beginning balance of
amount of deferred
Item deferred income tax deferred income tax deferred income tax
income tax assets and
assets and liabilities assets and liabilities assets and liabilities
liabilities
Deferred income tax
1298889053.691276440386.83
assets
Deferred income tax
4615283.495862279.70
liabilities
(4) List of Unrecognized Deferred Income Tax Assets
Unit: RMB
Item Ending balance Beginning balance
77ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Deductible temporary differences 262075625.99 261260204.35
Deductible losses 134570273.53 254378951.24
Total 396645899.52 515639155.59
(5) Deductible Losses of Unrecognized Deferred Income Tax Assets will Due in the Following Years
Unit: RMB
Year Ending amount Beginning amount Notes
2024 124895242.05 The deductible losses of 2019
2025 22711013.85 22711013.85 The deductible losses of 2020
2026 14238807.00 14238807.00 The deductible losses of 2021
2027 81285680.12 81285680.12 The deductible losses of 2022
2028 11248208.22 11248208.22 The deductible losses of 2023
2029 5086564.34 The deductible losses of 2024
Total 134570273.53 254378951.24
Other notes:
28. Other Non-current Assets
Unit: RMB
Ending balance Beginning balance
Item Impairment Impairment
Carrying amount Carrying value Carrying amount Carrying value
provision provision
Prepayment for
purchase of fixed
assets
2147938.262147938.26870062.16870062.16
investment
properties and
intangible assets
Others [note 1] 2635093.77 2635093.77 2635093.77 2635093.77
Total 4783032.03 4783032.03 3505155.93 3505155.93
Other notes:
[Note 1]: The amount is mainly the registered asset of investment property as the assets relate to the subsequent
pending transfer of relocated properties for the shanty town renovation of Chuanbujie and the term exceeds one
year.
29. Assets with Restricted Ownership or Right of Use
Unit: RMB
Period-end Period-beginning
Item Carrying Type of Status of Carrying Type of Status of
Carrying value Carrying value
amount restriction restriction amount restriction restriction
Margin
security
deposit
interest on
Monetary Note 1 - time
18366170.50 18366170.50 Frozen 15659341.60 15659341.60 Frozen
capital Note 8 deposit
and
judicially
frozen
funds
78ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Land use
right of
phase II
plot for 245938885.00 245938885.00 Mortgaged Note 9 381246103.00 381246103.00 Mortgaged Note 9
Lanhu
Shidai
project
Land use
right of D
plot for
Shenyang
258390000.00 258390000.00 Mortgaged Note 10
Digital
Town
project in
Yangzhou
Total 522695055.50 522695055.50 396905444.60 396905444.60
Other notes:
[Note 1]: In terms of monetary assets with restricted right to use at the period-end there was RMB2200000.00 as the banker's letter
of margin for Shenzhen Shenfubao Property Development Co. Ltd. a subsidiary of the Company.[Note 2]: In terms of monetary assets with restricted right to use at the period-end there was RMB3000000.00 in the subsidiary
company Shenzhen Facility Management Community Technology Co. Ltd. blocked by the court due to pre-litigation preservation
for contract disputes.[Note 3]: In terms of monetary assets with restricted right to use at the period-end there was a loan deposit of RMB1134757.40
provided as mortgage loan guarantees for commercial housing purchasers and paid by the Company as a real estate developer
according to real estate business practices.[Note 4]: In terms of monetary assets with restricted right to use at the period-end there was RMB11881338.63 of interest on time
deposit accrued at the period-end.[Note 5]: In terms of monetary assets with restricted right to use at the period-end there was RMB129003.62 in the account of the
subsidiary company Shenzhen Property Engineering and Construction Supervision Co. Ltd. The account was in a receiving-only
status because the legal person change formalities had not been completed by the period-end.[Note 6]: In terms of monetary assets with restricted right to use at the period-end there was a deposit for POS of RMB1500.00 in
the Shandong Shenguomao Real Estate Management Co. Ltd.[Note 7]: In terms of monetary assets with restricted right to use at the period-end there was a deposit for POS of RMB1000.00 in
the Shenzhen Shenfubao Property Development Co. Ltd a subsidiary of the Company
[Note 8]: In terms of monetary assets with restricted right to use at the period-end there was RMB18570.85 of blocked fund in a
labour disputes arbitration case for Shenzhen Free Trade Zone Security Service Co. Ltd. a subsidiary of the Company.[Note 9]: With the needs of routine business operations the Company applied for a loan from Shenzhen Branch of Industrial Bank
using the land use right of the Phase II plot for Lanhu Shidai project as a pledge. The loan term is from 17 March 2023 to 17 March
2026 with a floating interest rate.
[Note 10]: With the needs of routine business operations the Company applied for a loan from Yangzhou Branch of Agricultural
Bank of China using the land use right of D plot for D plot for Shenyang Digital Town project in Yangzhou as a pledge. The loan
term is from 19 January 2024 to 18 January 2029 with a floating interest rate.
30. Short-term Borrowings
(1) Category of Short-term Borrowings
Unit: RMB
Item Ending balance Beginning balance
Credit loan 50036250.00 230915000.00
Total 50036250.00 230915000.00
Notes of the category for short-term loans:
The credit borrowings at the period-end were used for the daily operation of Shenzhen ITC Technology Park Service Co. Ltd. a
subsidiary of the Company with the duration from 1 December 2023 to 29 November 2024.
79ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
(2) List of the Short-term Borrowings Overdue but not Returned
The amount of the overdue unpaid short-term borrowings at the period-end was RMB0.00 of which the significant overdue unpaid
short-term borrowings are as follows:
Unit: RMB
Entity Ending balance Interest rate Overdue time Overdue charge rate
Other notes:
31. Trading Financial Liabilities
Unit: RMB
Item Ending balance Beginning balance
Of which:
Of which:
Other notes:
32. Derivative Financial Liabilities
Unit: RMB
Item Ending balance Beginning balance
Other notes:
33. Notes Payable
Unit: RMB
Category Ending balance Beginning balance
The total amount of notes payable that are due but unpaid amounted to RMBXXX at the end of the current period. And the reasons
why they are due but not paid are XXX
34. Accounts Payable
(1) List of Accounts Payable
Unit: RMB
Item Ending balance Beginning balance
Engineering construction expense payable 369851850.02 540851975.20
Estimated payables 45475294.04 40980345.76
Others 82320433.22 81036738.63
Total 497647577.28 662869059.59
(2) Significant Accounts Payable Aging over One Year or Overdue
Unit: RMB
Item Ending balance Unpaid/Un-carry-over reason
Shenzhen Municipal Bureau of Planning
25000000.00 Historical problems
and Land
China Construction No.3 Bureau No.2 19160962.25 Failure to reach the payment deadline for
80ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Construction Engineering Co. Ltd. project funds
China Construction Fourth Engineering
12017672.93 Unsettled
Division Corp. Ltd.Shenzhen Qianhai Advanced Information
7126060.00 Unsettled
Service Co. Ltd.Total 63304695.18
Other notes:
35. Other Payables
Unit: RMB
Item Ending balance Beginning balance
Interest payable 0.00 0.00
Dividends payable 12202676.04 12202676.04
Other payables 1144188819.28 1205100618.21
Total 1156391495.32 1217303294.25
(1) Interest Payable
Unit: RMB
Item Ending balance Beginning balance
Total 0.00 0.00
List of the significant overdue unpaid interest:
Unit: RMB
Entity Overdue amount Overdue reason
Other notes:
(2) Dividends Payable
Unit: RMB
Item Ending balance Beginning balance
Ordinary stock dividends 12202676.04 12202676.04
Total 12202676.04 12202676.04
Other notes: including significant dividends payable unpaid for over one year the unpaid reason shall be disclosed:
Item Amount unpaid Reason
Company restructured without clearing
Shenzhen Greening Department 10869036.68
payment object
Company restructured without clearing
Labor Union of Shenzhen Greening Department 1300000.00
payment object
Without access to its account and the final
Others 33639.36
payment is unpaid
Total 12202676.04
81ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
(3) Other Payables
1) Other Payables Listed by Nature of Account
Unit: RMB
Item Ending balance Beginning balance
Security deposit 315989217.03 290979176.07
Margin 3299152.00 11806030.93
Collection on behalf 3736374.71 4832329.12
Intercourse funds 479488991.56 611443690.41
Accrued expenses 180970246.34 200129074.12
Payment on behalf 16559540.87 17030579.72
Others 144145296.77 68879737.84
Total 1144188819.28 1205100618.21
2) Significant Other Accounts Payable Aging over One Year or Overdue
Unit: RMB
Item Ending balance Unpaid/Un-carry-over reason
Intercourse funds with related parties
Yangzhou Lvfa Real Estate Co. Ltd. 345072717.79
outside the combination
Shenzhen Real Estate Jifa Warehousing Intercourse fund without specific payment
42296665.14
Co. Ltd. term
Shenzhen Bay Technology Development
33244913.78 Unsettled
Co. Ltd.Shenzhen Toutiao Technology Co. Ltd. 12340689.03 Lease term not expired
Shenzhen Qianhai Micro Public Bank Co.
6692021.24 Lease term not expired
Ltd.Total 439647006.98
Other notes:
36. Advances from Customers
(1) List of Advances from Customers
Unit: RMB
Item Ending balance Beginning balance
Rental 811650.90 2265223.56
Total 811650.90 2265223.56
(2) Significant Advances from Customers Aging over One Year or Overdue
Unit: RMB
Item Ending balance Unpaid/Un-carry-over reason
Unit: RMB
Item Change in amount Reason(s)
Other notes:
37. Contract Liabilities
Unit: RMB
82ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Item Ending balance Beginning balance
House payment in advance 787875832.38 747372309.30
Property fee in advance 19104390.99 30554843.87
Other payments in advance 39719430.31 42497800.25
Total 846699653.68 820424953.42
Significant contract liabilities aging over one year
Unit: RMB
Item Ending balance Unpaid/Un-carry-over reason
Significant changes in the amount of carrying value and the reason in the Reporting Period
Unit: RMB
Item Change in amount Reason(s)
The Company shall comply with the disclosure requirements for the "real estate industry" in the Self-regulatory Guidelines No. 3
for Companies Listed on Shenzhen Stock Exchange - Industry Information Disclosure.The proceeds information of top five advance sale amount:
Unit: RMB
Estimated date of Advance sale
No. Item Beginning balance Ending balance
completion proportion
Guangming Yutang
1 736148224.77 776497316.51 21 October 2024 39.01%
Shangfu project
SZPRD-Golden Collar’s
2 10551555.51 10790525.04 25 December 2019 97.41%
Resort
SZPRD-Hupan Yujing
3 560458.72 514587.16 November 30 2017 96.00%
Phase II
SZPRD-Banshan Yujing
4 75373.05 55055.05 12 January 2022 100.00%
Phase II
SZPRD-Hupan Yujing
5 36697.25 18348.62 1 June 2015 92.47%
Phase I
38. Payroll Payable
(1) List of Payroll Payable
Unit: RMB
Increase for the current Decrease for the current
Item Beginning balance Ending balance
period period
I. Short-term salary 217869071.67 419362370.20 464096024.36 173135417.51
II. Post-employment
benefit-defined 738881.08 40678690.53 40503045.65 914525.96
contribution plans
III. Termination benefits 178159.03 1450306.04 1584694.04 43771.03
Total 218786111.78 461491366.77 506183764.05 174093714.50
(2) List of Short-term Salary
Unit: RMB
Increase for the current Decrease for the current
Item Beginning balance Ending balance
period period
1. Salary bonus
203201469.12371375580.14412134743.00162442306.26
allowance subsidy
83ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
2. Employee welfare 1049437.80 990576.11 1186953.36 853060.55
3. Social insurance 16164.82 13736141.80 13717238.75 35067.87
Of which: Medical
13883.7711798779.7511783442.6929220.83
insurance premiums
Work-related injury
15.96710822.72710210.27628.41
insurance premiums
Maternity insurance 2265.09 1112466.34 1109512.80 5218.63
Other commercial
114072.99114072.99
insurances
4. Housing fund 1165851.88 14158924.87 14245696.14 1079080.61
5. Labor union budget
and employee education 8492080.90 6097893.34 6054276.57 8535697.67
budget
8. Non-monetary
3944067.1513003253.9416757116.54190204.55
benefits
Total 217869071.67 419362370.20 464096024.36 173135417.51
(3) List of Defined Contribution Plans
Unit: RMB
Increase for the current Decrease for the current
Item Beginning balance Ending balance
period period
1. Basic pension
21042.0633893015.3833743608.30170449.14
insurance
2. Unemployment
2716.401860916.141858184.865447.68
insurance premiums
3. Supplementary
715122.624924759.014901252.49738629.14
pension payment
Total 738881.08 40678690.53 40503045.65 914525.96
Other notes:
39. Taxes Payable
Unit: RMB
Item Ending balance Beginning balance
VAT 11636359.37 17768402.21
Enterprise income tax 15919074.19 91035828.65
Personal income tax 2555202.73 3681965.62
Urban maintenance and construction tax 677172.31 981394.80
Land appreciation tax 3910861453.17 3911198870.69
Land use tax 913024.20 180900.74
Property tax 5638687.72 539730.69
Educational surcharge 622439.54 644625.80
Local educational fee 127882.10 322573.66
Others 228280.21 603055.08
Total 3949179575.54 4026957347.94
Other notes:
40. Held-for-sale Liabilities
Unit: RMB
84ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Item Ending balance Beginning balance
Other notes:
41. Current Portion of Non-current Liabilities
Unit: RMB
Item Ending balance Beginning balance
Current portion of long-term borrowings 3446343806.00 3075993789.05
Current portion of long-term payables 400000.00 400000.00
Current portion of lease liabilities 10919323.19 15931064.02
Total 3457663129.19 3092324853.07
Other notes:
42. Other Current Liabilities
Unit: RMB
Item Ending balance Beginning balance
Tax to be charged off 71429755.09 68373661.13
Total 71429755.09 68373661.13
Increase/decrease of the short-term bonds payable:
Unit: RMB
Issued Interest Amortization Repaid
Par Coupon Issue Bond Issue Beginning in the accrued of premium in the Ending Default
Name
value rate date duration amount balance current at par and current balance or not
period value depreciation period
Total
Other notes:
43. Long-term Borrowings
(1) Category of Long-term Borrowings
Unit: RMB
Item Ending balance Beginning balance
Pledged loans 153332358.00 373646731.07
Mortgage loans 1233788225.02 625842543.40
Credit loan 400400000.00
Total 1387120583.02 1399889274.47
Note to the category of long-term borrowings:
The pledge borrowings at the period-end were used to acquire 100% of five property management enterprises. They are Shenzhen
Property Management Co. Ltd. Shenzhen Foreign Trade Property Management Co. Ltd. Shenzhen Shenfubao Property
Development Co. Ltd. Shenzhen Shenfubao Hydropower Municipal Service Co. Ltd. and Shenzhen Free Trade Zone Security
85ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Service Co. Ltd. by the Company's subsidiary Shenzhen International Trade Center Property Management Co. Ltd. with the
duration from 18 May 2022 to 26 April 2027. And the 100% equity of these five enterprises held by Shenzhen International Trade
Center Property Management Co. Ltd.The mortgage loans (1) at the period-end were used to develop the Guangming Yutang Shangfu project of Shenzhen Guangming
Wuhe Real Estate Co. Ltd. (hereinafter referred to as "Guangming Wuhe") a subsidiary of the Company with the duration from 27
July 2023 to 24 May 2028. The land use right of Guangming Yutang Shangfu project held by Guangming Wuhe was pledged.The mortgage loans (2) at the period-end were used to develop the Humen Sea Bay Garden project of Dongguan Wuhe Real Estate
Co. Ltd. (hereinafter referred to as "Dongguan Wuhe") a subsidiary of the Company with the duration from 5 August 2022 to 5
August 2027. The land use right of Humen Sea Bay Garden project held by Dongguan Wuhe was pledged.The mortgage loans (3) at the period-end were used to develop the Lanhu Shidai project of Shenzhen Rongyao Real Estate
Development Co. Ltd. a subsidiary of the Company (hereinafter referred to as "Rongyao Real Estate") with the duration from 30
March 2023 to 30 March 2026.The land use right of Lanhushidai project held by Rongyao Real Estate was pledged and the Company
provided joint and several liability guarantee.The mortgage loans (4) at the period-end were used to develop the Shenyang Digital Town project of Yangzhou Wuhe Real Estate
Co. Ltd. (hereinafter referred to as "Yangzhou Wuhe") a subsidiary of the Company with the duration from 19 January 2024 to 19
January 2029. The land use right of D plot for Shenyang Digital Town project held by Yangzhou Wuhe was pledged.Other notes including interest rate range:
44. Bonds Payable
(1) Bonds Payable
Unit: RMB
Item Ending balance Beginning balance
(2) Changes of Bonds Payable (Excluding Other Financial Instruments Divided as Financial Liabilities such
as Preferred Shares and Perpetual Bonds)
Unit: RMB
Issued Interest Amortization Repaid
Par Coupon Issue Bond Issue Beginning in the accrued of premium in the Ending Default
Name
value rate date duration amount balance current at par and current balance or not
period value depreciation period
Total
(3) Notes to Convertible Corporate Bonds
(4) Notes to Other Financial Instruments Classified as Financial Liabilities
Basic information about other outstanding financial instruments such as preferred shares and perpetual bonds at the period-end
Changes of outstanding financial instruments such as preferred shares and perpetual bonds at the period-end
Unit: RMB
Increase for the current Decrease for the current
Outstanding Period-beginning Period-end
period period
financial
Carrying Carrying Carrying Carrying
instruments Number Number Number Number
value value value value
Notes to basis for the classification of other financial instruments as financial liabilities
Other notes:
45. Lease Liabilities
Unit: RMB
86ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Item Ending balance Beginning balance
Lease payments 30653828.66 34767450.58
Less: Unrecognized financing expense -7099474.44 -8265294.29
Less: Lease obligation matured within 1
-10919323.19-15931064.02
Year
Total 12635031.03 10571092.27
Other notes:
46. Long-term Payables
Unit: RMB
Item Ending balance Beginning balance
Long-term accounts payable 399899850.00 400105655.56
Total 399899850.00 400105655.56
(1) Long-term Payables Listed by Nature
Unit: RMB
Item Ending balance Beginning balance
Sale and leaseback financing 399899850.00 400105655.56
Other notes:
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 22 December 2023 to 22 December 2027.
(2) Specific Payables
Unit: RMB
Increase for the Decrease for the Reason for
Item Beginning balance Ending balance
current period current period formation
Other notes:
47. Long-term Employee Benefits Payable
(1) List of Long-term Payroll Payable
Unit: RMB
Item Ending balance Beginning balance
(2) Changes in Defined Benefit Plans
Obligation present value of defined benefit plans:
Unit: RMB
Item Amount for the current period Amount for the previous period
Plan assets:
Unit: RMB
87ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Item Amount for the current period Amount for the previous period
Net liabilities (net assets) of defined benefit plans:
Unit: RMB
Item Amount for the current period Amount for the previous period
Notes of influence of content of defined benefit plans and its relevant risks to the future cash flow time and uncertainty of the
Company:
Notes to the results of significant actuarial assumptions and sensitivity analysis of defined benefit plans:
Other notes:
48. Projected Liabilities
Provisions
Unit: RMB
Item Ending balance Beginning balance Reason for formation
Lawsuit between FMC and
Pending litigation 650000.00 650000.00
Basepoint
Total 650000.00 650000.00
Other notes including notes to related significant assumptions and evaluation of significant provisions:
Refer to Note XVI-2 for details.
49. Deferred Income
Unit: RMB
Increase for the Decrease for the Reason for
Item Beginning balance Ending balance
current period current period formation
Other notes:
50. Other Non-current Liabilities
Unit: RMB
Item Ending balance Beginning balance
Utility specific fund 1457233.41 549961.59
Housing principle fund 16426195.25 15997716.45
House warming deposit 6732958.43 6335914.04
Electric Equipment Maintenance fund 4019415.44 4019415.44
Deputed maintenance fund 54301138.83 52002751.04
Follow-up investment of employees for
40000000.0040000000.00
Lanhu Shidai project
Others 7805897.97 8133466.98
Total 130742839.33 127039225.54
Other notes:
88ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
51. Share Capital
Unit: RMB
Increase/decrease (+/-)
Beginning
New shares Bonus issue Ending balance
balance Bonus shares Others Subtotal
issued from profit
Total shares 595979092.00 595979092.00
Other notes:
52. Other Equity Instruments
(1) Basic Information about Other Outstanding Financial Instruments such as Preferred Shares and Perpetual Bonds at the
Period-end
(2) Changes of Outstanding Financial Instruments such as Preferred Shares and Perpetual Bonds at the Period-end
Unit: RMB
Increase for the current Decrease for the current
Outstanding Period-beginning Period-end
period period
financial
Carrying Carrying Carrying Carrying
instruments Number Number Number Number
value value value value
Changes of other equity instruments in the Current Period reasons thereof and basis of related accounting treatment:
Other notes:
53. Capital Reserve
Unit: RMB
Increase for the current Decrease for the current
Item Beginning balance Ending balance
period period
Other capital reserves 80488045.38 80488045.38
Total 80488045.38 80488045.38
Other notes including a description of the increase or decrease for the current period and the reasons for the change:
54. Treasury Shares
Unit: RMB
Increase for the current Decrease for the current
Item Beginning balance Ending balance
period period
Other notes including a description of the increase or decrease for the current period and the reasons for the change:
55. Other Comprehensive Income
Unit: RMB
Amount for the current period
Beginning Ending
Item Amount Less: recorded Less: recorded Less: Attributable Attributable
balance balance
before in other in other Income tax to the minority
89ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
deducting comprehensive comprehensive expense Company as shareholders
income tax income in income in the parent after tax
for the prior period prior period after tax
current and transferred and transferred
period in profit or in retained
loss in the earnings in the
current period current period
I. Other
comprehensive
income that - - -
-203351.55
may not be 3004584.80 203351.55 3207936.35
reclassified to
profit or loss
Changes in
fair value of
---
other equity -203351.55
instrument 3004584.80 203351.55 3207936.35
investment\
II. Other
comprehensive
income that
may
-347753.08393038.16393038.1645285.08
subsequently
be reclassified
to profit or
loss
Differences
arising from
translation of
foreign
-347753.08393038.16393038.1645285.08
currency-
denominated
financial
statements
Total of other
--
comprehensive 189686.61 189686.61
income 3352337.88 3162651.27
Other notes including the adjustment of the effective gain/loss on cash flow hedges to the initial recognized amount:
56. Specific Reserve
Unit: RMB
Increase for the current Decrease for the current
Item Beginning balance Ending balance
period period
Other notes including a description of the increase or decrease for the current period and the reasons for the change:
57. Surplus Reserves
Unit: RMB
Increase for the current Decrease for the current
Item Beginning balance Ending balance
period period
Statutory surplus
115743323.95115743323.95
reserves
Discretional surplus
365403.13365403.13
reserves
Total 116108727.08 116108727.08
Notes including changes and reason of change:
90ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
58. Undistributed profits
Unit: RMB
Item Current period Previous period
Beginning balance of retained profits
3872586802.173691056182.73
before adjustments
Beginning balance of retained profits after
3872586802.173691056182.73
adjustments
Add: Net profit attributable to owners of
9212457.81220903444.63
the Company as the parent
Dividends of common shares payable 185945476.70 215148452.21
Others 1644822.69
Ending retained profits 3695853783.28 3695166352.46
List of adjustment of beginning retained profits:
1) RMBXXX beginning retained earnings was affected by retrospective adjustment conducted according to the Accounting Standards
for Business Enterprises and relevant new regulations.
2) RMBXXX beginning retained earnings was affected by changes in accounting policies.
3) RMBXXX beginning retained earnings was affected by correction of significant accounting errors.
4) RMB beginning retained profits was affected by changes in combination scope arising from same control.
5) RMBXXX beginning retained earnings was affected totally by other adjustments.
59. Operating Revenue and Cost of Sales
Unit: RMB
Amount for the current period Amount for the previous period
Item
Revenue Cost Revenue Cost
Principal business 847182289.87 669091472.18 1896876132.49 1372159884.25
Others 8846155.38 8588500.36
Total 856028445.25 669091472.18 1905464632.85 1372159884.25
Unit: RMB
Breakdown information of operating income and operating cost:
Unit: RMB
Segment 1 Segment 2 Total
Category of
Operating Operating Operating Operating Operating Operating
contracts Operating cost Operating cost
Revenue Revenue cost Revenue cost Revenue
Business
856028445.25669091472.18856028445.25669091472.18
Type
Of which:
Real estate
13841686.404621045.9713841686.404621045.97
business
Property
771525962.31621695503.76771525962.31621695503.76
management
Leasing
70660796.5442774922.4570660796.5442774922.45
business
Classification
by operating 856028445.25 669091472.18 856028445.25 669091472.18
region
Of which:
Shenzhen 673395027.18 501175078.63 673395027.18 501175078.63
Other regions 182633418.07 167916393.55 182633418.07 167916393.55
Market or
customer
type
91ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Of which:
Contract type
Of which:
Classification
by time of
commodity
transfer
Of which:
Classification
by contract
term
Of which:
Classification
by sales
channel
Of which:
Total 856028445.25 669091472.18 856028445.25 669091472.18
Information about performance obligations:
Funds Type of quality
Nature of goods
Timing of Whether or not undertaken by assurance
that the
fulfilment of Important the person the Company provided by the
Item Company is
performance payment terms primarily expected to be Company and
committed to
obligations responsible returned to related
transfer
customers obligations
Other notes:
Information in relation to the transaction price apportioned to the residual contract performance obligation:
The amount of revenue corresponding to performance obligations of contracts signed but not performed or not fully performed yet
was RMB846699653.68 at the period-end among which RMB842180769.63 was expected to be recognized in 2024
RMB3227444.50 was expected to be recognized in 2025 and RMB1291439.55 was expected to be recognized in 2026 and
subsequent years.Information related to variable consideration in contracts:
Significant contract changes or significant transaction price adjustments
Item Accounting treatment methods Amount of impact on revenue
Other notes：
The Company shall comply with the disclosure requirements for the “real estate industry” in the Self-regulatory Guidelines No. 3 for
Companies Listed on Shenzhen Stock Exchange - Industry Information Disclosure
The top 5 accounts received with confirmed amount in the Reporting Period:
Unit: RMB
No. Name of project Amount of revenue
1 SZPRD-Songhu Langyuan 872027.60
2 SZPRD-Hupan Yujing Phase I 114678.90
3 SZPRD-Banshan Yujing Phase II 93032.11
4 SZPRD-Hupan Yujing Phase II 63192.66
92ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
60. Taxes and Surtaxes
Unit: RMB
Item Amount for the current period Amount for the previous period
Urban maintenance and construction tax 1651950.78 5234580.49
Educational surcharge 713648.69 2245496.54
Property tax 5322524.16 5879679.55
Land use tax 1090405.70 1017014.81
Vehicle and vessel use tax 2895.00 18361.26
Stamp duty 780146.57 531098.01
Land appreciation tax 56622.55 28694726.98
Local education surcharge 472553.30 1500541.14
Other taxes 356593.64 69287.25
Total 10447340.39 45190786.03
Other notes:
61. Administrative Expense
Unit: RMB
Item Amount for the current period Amount for the previous period
Employee remuneration 99092492.51 109945612.07
Administrative office cost 9498006.57 14020387.30
Assets amortization and depreciation
14031069.2913134121.00
expense
Litigation costs 409965.82 5611455.50
Others 4346606.17 6476608.31
Total 127378140.36 149188184.18
Other notes:
62. Selling Expense
Unit: RMB
Item Amount for the current period Amount for the previous period
Agency fee 316112.28 26078.00
Consultancy and sales service charges 1707775.05 2385496.26
Advertising expenses 1236734.70 3855726.14
Employee remuneration 4409450.29 4649571.85
Others 1436183.55 2170424.80
Total 9106255.87 13087297.05
Other notes:
93ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
63. Development Expense
Unit: RMB
Item Amount for the current period Amount for the previous period
Employee remuneration 1979647.19 1466686.36
Depreciation and amortization expense 15029.13 50096.06
Others 248641.12 194269.02
Total 2243317.44 1711051.44
Other notes:
64. Finance Costs
Unit: RMB
Item Amount for the current period Amount for the previous period
Finance costs 34706249.66 31827441.32
Less: Interest income -21522831.25 -7930755.87
Foreign exchange gains or losses 1172780.02 -523791.38
Others 1730822.55 819510.87
Total 16087020.98 24192404.94
Other notes:
65. Other Income
Unit: RMB
Sources Amount for the current period Amount for the previous period
Government grants related to income 448581.63 950093.18
Return of auxiliary expense for individual
292836.52390379.71
income tax withheld
Additional deduction of VAT -853475.03 2741411.22
Rebate of VAT 2288567.68 738782.96
Others 251694.38 849421.84
Total 2428205.18 5670088.91
66. Gain on Changes in Fair Value
Unit: RMB
Sources Amount for the current period Amount for the previous period
Other notes:
67. Investment Income
Unit: RMB
Item Amount for the current period Amount for the previous period
94ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Long-term equity investment income
412742.531857388.32
accounted by equity method
Total 412742.53 1857388.32
Other notes:
68. Credit Impairment Loss
Unit: RMB
Item Amount for the current period Amount for the previous period
Bad debt loss of accounts receivable -9954123.40 -7643172.27
Bad debt loss of other receivables -8442795.34 -5967607.31
Total -18396918.74 -13610779.58
Other notes:
69. Asset Impairment Loss
Unit: RMB
Item Amount for the current period Amount for the previous period
I. Inventory falling price loss and
impairment provision for contract -5858.65 2045.93
performance costs
Total -5858.65 2045.93
Other notes:
70. Asset Disposal Income
Unit: RMB
Sources Amount for the current period Amount for the previous period
Gains on disposal of fixed assets -5004.74 115810.85
Gain on disposal of right-of-use assets 31060.71
Gain on disposal of other assets 58568.84
Total 26055.97 174379.69
71. Non-operating Income
Unit: RMB
Amount recorded in the current
Item Amount for the current period Amount for the previous period
non-recurring profit or loss
Gains on damage and scrap of
2763.355568.232763.35
non-current assets
Confiscated income 236526.20 652311.27 236526.20
Payments unable to clear 56282.77
Others 239773.65 -919060.30 239773.65
Total 479063.20 -204898.03 479063.20
Other notes:
95ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
72. Non-operating Expense
Unit: RMB
Amount recorded in the current
Item Amount for the current period Amount for the previous period
non-recurring profit or loss
Donation 8000.00 8000.00
Losses from damage and scrap
66426.6517136.1566426.65
of non-current assets
Penalty and fine for delaying
payment 8569.51 78886.53 8569.51
Others 353388.93 261695.71 353388.93
Total 436385.09 357718.39 436385.09
Other notes:
73. Income Tax Expense
(1) List of Income Tax Expense
Unit: RMB
Item Amount for the current period Amount for the previous period
Current income tax expense 28351519.77 48971626.96
Deferred income tax expense -23491356.80 29847648.80
Total 4860162.97 78819275.76
(2) Adjustment Process of Accounting Profit and Income Tax Expense
Unit: RMB
Item Amount for the current period
Total profit 6181802.43
Current income tax expense accounted at statutory/applicable tax rate 1545450.61
Influence of applying different tax rates by subsidiaries -2123154.60
Influence of income tax before adjustment 5510313.46
Influence of non-deductible costs expenses and losses 2894662.25
Effects of the utilization of deductible losses on which deferred income tax
-4442605.24
assets were unrecognized in the prior period
Effect of deductible temporary differences or deductible losses on deferred
1475496.49
income tax assets not recognized in the current period
Income tax expense 4860162.97
Other notes:
74. Other Comprehensive Income
Refer to Note VII-55 for details.
96ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
75. Cash Flow Statement
(1) Cash Related to Operating Activities
Cash Generated from Other Operating Activities
Unit: RMB
Item Amount for the current period Amount for the previous period
Large intercourse funds received 40771856.66 49072300.25
Interest income 15961648.51 7930755.87
Net margins security deposit and various
40622124.0945287205.39
special funds received
Government grants received 204133.63
Other small receivables 41894355.90 24479612.17
Decreased limited amount for the current
531478.29
period
Total 139985597.08 126769873.68
Notes:
Cash Used in Other Operating Activities
Unit: RMB
Item Amount for the current period Amount for the previous period
Paying administrative expense in cash 17943244.74 30693136.34
Paying selling expense in cash 6849111.58 8054091.33
Large intercourse funds paid 31911322.77
Utility expense and various collecting
46949786.8749083846.80
payments on behalf of others
Other small payments 38960461.25 34041223.54
Amount of newly limited funds 5455416.01
Total 142613927.21 127327714.02
Notes:
(2) Cash Related to Investing Activities
Cash Generated from Other Investing Activities
Unit: RMB
Item Amount for the current period Amount for the previous period
Significant cash received related to investing activities
Unit: RMB
Item Amount for the current period Amount for the previous period
Notes:
97ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Cash Used in Other Investing Activities
Unit: RMB
Item Amount for the current period Amount for the previous period
Significant cash paid related to investing activities
Unit: RMB
Item Amount for the current period Amount for the previous period
Notes:
(3) Cash Related to Financing Activities
Cash Generated from Other Financing Activities
Unit: RMB
Item Amount for the current period Amount for the previous period
Notes:
Cash Used in Other Financing Activities
Unit: RMB
Item Amount for the current period Amount for the previous period
Payment for lease liabilities 8054827.72 15224062.82
Payment related to sale and leaseback 9348850.00
Other small payments 1042062.82
Total 18445740.54 15224062.82
Notes:
Changes in liabilities arising from financing activities
□Applicable □Not applicable
(4) Description of Cash Flows Presented on a Net Basis
Item Relevant factual information Basis for using net presentation Financial impact
(5) Significant Activities and Financial Impact that Do Not Involve Current Cash Receipts and
Disbursements but Affect the Company's Financial Position or May Affect the Company's Cash Flows in
the Future
76. Supplemental Information for Cash Flow Statement
(1) Supplemental Information for Cash Flow Statement
Unit: RMB
Supplemental information Amount during the current period Previous period
1. Reconciliation of net profit to net cash
98ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
flows generated from operating activities:
Net profit 1321639.46 214646256.05
Add: Provision for impairment of assets 18374204.33 13608733.65
Depreciation of fixed assets oil-gas assets
26670229.4430375573.61
and productive biological assets
Depreciation of right-of-use assets 5989672.69 10342761.89
Amortization of intangible assets 143544.55 323300.59
Amortization of long-term prepaid
3877212.204357979.80
expenses
Losses from disposal of fixed assets
intangible assets and other long-lived -26055.97 -174379.69assets (gains represented by “-")Losses from scrap of fixed assets (gains
66426.6517136.15represented by “-")Losses from changes in fair value (gainsrepresented by “-")Finance costs (gains represented by “-") 35137104.55 24192404.94Investment loss (gains represented by “-") -412742.53 -5385588.91Decrease in deferred income tax assets
-22448666.8629858199.73(gains represented by “-")Increase in deferred income tax liabilities
-1246996.21-67809.67(decrease represented by “-")Decrease in inventory (gains represented
-412619998.44127259375.62by “-")Decrease in accounts receivable generated
from operating activities (gains represented -72062362.60 -13839646.61by “-")Increase in accounts payable used in
operating activities (decrease represented -319590312.70 -1015535955.30by “-")Others
Net cash flows from operating activities -736827101.44 -580021658.15
2. Significant investing and financing
activities without involvement of cash
receipts and payments:
Conversion of debt to capital
Convertible corporate bonds matured
within one year
Fixed asset under finance lease
3. Net increase/decrease of cash and cash
equivalent:
Closing balance of cash 1867480361.19 1376665482.70
Less: Opening balance of cash 2733139135.12 1509693857.48
Add: Closing balance of cash equivalents
Less: Opening balance of cash equivalents
Net increase in cash and cash equivalents -865658773.93 -133028374.78
(2) Net Cash Paid for Acquisition of Subsidiaries
Unit: RMB
Amount
Of which:
Of which:
Of which:
99ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Other notes:
(3) Net Cash Received from Disposal of the Subsidiaries
Unit: RMB
Amount
Of which:
Of which:
Of which:
Other notes:
(4) Cash and Cash Equivalents
Unit: RMB
Item Ending balance Beginning balance
I. Cash 1867480361.19 2733139135.12
Of which: Cash on hand 55534.25 75265.01
Bank deposits on demand 1864334595.58 2729897603.00
Other monetary assets on demand 3090231.36 3166267.11
III. Ending balance of cash and cash
1867480361.192733139135.12
equivalents
(5) Presentation of Cash and Cash Equivalents that Are Subject to Certain Restrictions on Their Usage
Unit: RMB
Amount during the Reason for classifying the item as cash and cash
Item Previous period
current period equivalents
These are funds within the presale supervision
quota of the project which we can apply for in
Pre-sale funds for Guangming accordance with the relevant regulations on the
517510022.98640559629.03
Yutang Shangfu Project supervision of presale funds to pay for the
construction expenditures of the project and the
relevant statutory taxes and fees.Total 517510022.98 640559629.03
(6) Monetary Assets Not Classified as Cash and Cash Equivalents
Unit: RMB
Reason for not classifying the
Amount during the current
Item Previous period item as cash and cash
period
equivalents
Other notes:
(7) Notes on Other Significant Activities
77. Notes to Items of the Statements of Changes in Owners' Equity
Notes to the name of “Other” of closing balance at the end of the previous year adjusted and the amount adjusted:
100ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
78. Foreign Currency Monetary Items
(1) Foreign Currency Monetary Items
Unit: RMB
Closing foreign currency Ending balance converted to
Item Exchange rate
balance RMB
Monetary capital 64642781.10
Of which: USD 120000.00 7.1268 855216.00
EUR
HKD 62980559.53 0.9127 57482356.68
VND 22123538314.00 0.000285 6305208.42
Accounts receivable 5800051.80
Of which: USD
EUR
HKD
VND 20351058959.00 0.000285 5800051.80
Long-term borrowings
Of which: USD
EUR
HKD
Accounts prepaid 53293.47
Of which: HKD
VND 186994643.00 0.000285 53293.47
Other receivables 278490.88
Of which: HKD 66215.94 0.9127 60435.29
VND 765107320.00 0.000285 218055.59
Accounts payable 699152.47
Of which: HKD 56000.00 0.9127 51111.20
VND 2273829000.00 0.000285 648041.27
Other payables 2043064.96
Of which: HKD 400603.25 0.9127 365630.59
VND 5885734627.00 0.000285 1677434.37
Other notes:
(2) Notes to Overseas Entities Including: for Significant Oversea Entities Main Operating Place Recording
Currency and Selection Basis Shall Be Disclosed; if there Are Changes in Recording Currency Relevant
Reasons Shall Be Disclosed.□Applicable □Not applicable
Standard
Main operating
Item currency for Basis for choosing
place
accounting
Shum Yip Properties Development Limited
Hong Kong HKD Located in HK settled by HKD
and its subsidiaries
101ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Standard
Main operating
Item currency for Basis for choosing
place
accounting
Vietnam Shenguomao Property
Vietnam VND Located in Vietnam settled by VND
Management Co. Ltd.
79. Lease
(1) The Company Was Lessee:
□Applicable □Not applicable
Variable lease payments that are not covered in the measurement of the lease liabilities
□Applicable □Not applicable
Simplified short-term lease or lease expense for low-value assets
□Applicable □Not applicable
Amount recognized in profit or loss
Currency: RMB
Category Amount for the year
Depreciation expense on right-of-use assets (Note 1) 5989672.68
Interest expense on lease liabilities (Note 2) 709478.21
Expense relating to short-term leases 3455815.90
Lease expense for low-value assets
Variable lease payments that are not covered in the measurement of the lease
liabilities (Note 3)
Income from underlease of right-of-use assets
Total cash outflows related to leases 13748209.40
Note 1: There was no depreciation expense on capitalized right-of-use assets in the first half of 2024.Note 2: There was no interest expense on capitalized lease liabilities in the first half of 2024.Note 3: There were no variable lease payments not included in the measurement of lease liabilities in the first half of 2024.Circumstances involving sale and leaseback transactions
In December 2023 the Company entered into a sale and leaseback contract with MAXWEALTH Financial Leasing Co. Ltd. for the
transfer of certain office equipment with a leaseback period of 48 months. Since the fixed assets were not transferred to the purchaser
from the beginning to the end it was judged not to be a sale and the amount received was accounted for as a liability.
(2) The Company Was Lessor:
Operating leases with the Company as lessor
□Applicable □Not applicable
Unit: RMB
Of which: income related to variable lease
Item Rental income
payments not included in lease receipts
Lease items 70660796.54
102ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Total 70660796.54
Finance leases with the Company as lessor
□Applicable □Not applicable
Undiscounted lease receipts for each of the next five years
□Applicable □Not applicable
Undiscounted lease receipts per year
Item
Ending amount Beginning amount
The 1st year 122306687.48 124863019.23
The 2nd year 72100063.44 70271138.44
The 3rd year 48038467.51 42292889.70
The 4th year 32148758.64 32718754.54
The 5th year 19140598.97 24297422.32
Total undiscounted lease receipts after
17130742.1614891056.43
five years
Unit: RMB
Reconciliation of undiscounted lease receipts to net investment in leases
Not applicable
(3) Recognition of Gain or Loss on Sales under Finance Leases with the Company as a Manufacturer or
Distributor
□Applicable □Not applicable
80. Data Resources
81. Others
VIII. Research and Development Expenditure
Unit: RMB
Item Amount for the current period Amount for the previous period
Staff costs 1979647.19 1466686.36
Depreciation and amortization expense 15029.13 50096.06
Other 248641.12 194269.02
Total 2243317.44 1711051.44
Of which: Expensed research and
2243317.441711051.44
development expenditure
1. R&D Projects Eligible for Capitalization
Unit: RMB
Increased amount of the current period Decreased amount for the current period
Transferred
Beginning Internal Recognized Ending
Item into the
balance development Others as intangible balance
current profit
costs assets
or loss
103ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Total
Significant capitalized R&D projects
Expected manner of Time of Specific basis for
Estimated
Item R&D progress generation of commencement of commencement of
completion date
economic benefits capitalization capitalization
Provision for impairment of development expenditure
Unit: RMB
Increase for the Decrease for the
Item Beginning balance Ending balance Impairment testing
current period current period
2. Significant Outsourced Research and Development Projects in Progress
Manner in which the economic benefits are Judgment criteria and specific basis for
Project name
expected to be generated capitalization or expensing
Other notes:
IX. Change of Consolidation Scope
1. Business Combination Not under the Same Control
(1) Business Combination Not under the Same Control during the Current Period
Unit: RMB
Cash flows
Income of Net profits of the
Time and Recognition acquiree of acquiree acquiree
Cost of
Name of place of Proportion Way to Purchase basis of from the from the from the
gaining the
acquiree gaining of equity gain equity date purchase purchase purchase purchase
equity
equity date date to date to date to the
period-end period-end end of the
period
Other notes:
(2) Combination Cost and Goodwill
Unit: RMB
Combination cost
-Cash
-Fair value of non-cash assets
-Fair value of debt issued or assumed
-Fair value of equity securities issued
-Fair value of contingent consideration
-Fair value of equity interests held before the purchase date
--Other
Total combination costs
Less: share in the fair value of identifiable net assets acquired
The amount of goodwill/combination cost less than the share in
the fair value of identifiable net assets acquired
Method of determining the fair value of the cost of consolidation:
104ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Notes to contingent consideration and changes therein
The main formation reason for the large goodwill:
Other notes:
(3) The Identifiable Assets and Liabilities of Acquiree on Purchase Date
Unit: RMB
Fair value on purchase date Carrying value on purchase date
Assets:
Monetary capital
Accounts receivable
Inventories
Fixed assets
Intangible assets
Liabilities:
Borrowings
Accounts payable
Deferred income tax liabilities
Net assets
Less: non-controlling interests
Net assets acquired
The determination method of the fair value of identifiable assets and liabilities:
Contingent liability of acquiree undertaken in the business combination:
Other notes:
(4) Gains and Losses from Re-measurement of Equity Held before the Purchase Date at Fair Value
Whether there is a transaction that through multiple transaction step by step to realize business combination and gaining the control
during the Reporting Period
□Yes □No
(5) Notes to Reasonable Consideration or Fair Value of Identifiable Assets and Liabilities of the Acquiree that Cannot Be
Determined on the Acquisition Date or during the Period-end of the Merger
(6) Other Notes
2. Business Combination under the Same Control
(1) Business Combination under the Same Control during the Current Period
Unit: RMB
105ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Net profits
Income from Net profits
from the Income of
Recognition the period- of the
period-begin the acquiree
Combined Proportion of Combination basis of begin to the acquiree
Basis to the during the
party the equity date combination combination during the
combination period of
date date of the period of
date of the comparison
acquiree comparison
acquiree
Other notes:
(2) Combination Cost
Unit: RMB
Combination cost
-Cash
--Carrying value of non-cash assets
--Carrying value of debt issued or assumed
--Denomination value of equity securities issued
--Contingent consideration
Contingent liabilities and changes thereof:
Other notes:
(3) The Carrying Value of Assets and Liabilities of the Combined Party on the Combination Date
Unit: RMB
Combination date End of the previous period
Assets:
Monetary capital
Accounts receivable
Inventories
Fixed assets
Intangible assets
Liabilities:
Borrowings
Accounts payable
Net assets
Less: non-controlling interests
Net assets acquired
Contingent liabilities of the combined party undertaken in the business combination:
Other notes:
3. Counter Purchase
Basic information of trading the basis of transactions constitute counter purchase the retain assets liabilities of the listed companies
whether constituted a business and its basis the determination of the combination costs the amount and calculation of adjusted rights
and interests in accordance with the equity transaction process:
106ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
4. Disposal of Subsidiary
Whether there were any transactions or events during the period in which control of the subsidiary was lost
□Yes ? No
Whether there was a step-by-step disposal of investment in a subsidiary through multiple transactions and loss of control during the
current period
□Yes □No
5. Changes in Combination Scope for Other Reasons
Notes of other changes in the combination scope (e.g. new subsidiaries liquidation of subsidiaries etc.) and relevant situations:
6. Other
X. Equity in Other Entities
1. Equity in Subsidiaries
(1) Compositions of the Group
Unit: RMB
Main Shareholding percentage (%)
Name of Registered Place of Way of
operating Business nature
subsidiaries capital registration Directly Indirectly gaining
place
Shenzhen
Huangcheng Real 30000000.00 Shenzhen Shenzhen Real estate 100.00% Set-up
Estate Co. Ltd.Shenzhen Wuhe
Industry
Investment 100000000.00 Shenzhen Shenzhen Real estate 100.00% Set-up
Development Co.Ltd.Shenzhen Facility
Software and Business
Management
information combination
Community 15453000.00 Shenzhen Shenzhen 35.00%
technology not under the
Technology Co.services same control
Ltd.Software and Business
Beijing Facility
information combination
Home Technology 5000000.00 Beijing Beijing 17.85%
technology not under the
Co. Ltd.services same control
SZPRD Xuzhou
Dapeng Real
Estate 50000000.00 Xuzhou Xuzhou Real estate 100.00% Set-up
Development Co.Ltd.Dongguan ITC
Changsheng Real
Estate 20000000.00 Dongguan Dongguan Real estate 100.00% Set-up
Development Co.Ltd.SZPRD Yangzhou
Real Estate
50000000.00 Yangzhou Yangzhou Real estate 100.00% Set-up
Development Co.Ltd.Shenzhen
20000000.00 Shenzhen Shenzhen Service industry 100.00% Set-up
International
107ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Trade Center
Property
Management Co.Ltd.Shenzhen
Guomaomei Life 5000000.00 Shenzhen Shenzhen Service industry 100.00% Set-up
Service Co. Ltd.Shandong
Shenguomao Real
Estate 5000000.00 Jinan Jinan Service industry 100.00% Set-up
Management Co.Ltd.Chongqing
Shenguomao Real
Estate 5000000.00 Chongqing Chongqing Service industry 100.00% Set-up
Management Co.Ltd.Chongqing Aobo
5000000.00 Chongqing Chongqing Service industry 100.00% Set-up
Elevator Co. Ltd.Chongqing
Tianque Elevator
5000000.00 Shenzhen Shenzhen Service industry 100.00% Set-up
Technology Co.Ltd.Shenzhen
Guoguan
1200000.00 Shenzhen Shenzhen Service industry 100.00% Set-up
Electromechanical
Device Co. Ltd.Shenzhen
Accommodation
Guomao Catering 2000000.00 Shenzhen Shenzhen 100.00% Set-up
and catering
Co. Ltd.Shenzhen
Property
Engineering and
3000000.00 Shenzhen Shenzhen Service industry 100.00% Set-up
Construction
Supervision Co.Ltd.SZPRD
Commercial
40000000.00 Shenzhen Shenzhen Service industry 100.00% Set-up
Operation Co.Ltd.Shum Yip
Properties
20000000.001 Hong Kong Hong Kong Real estate 100.00% Set-up
Development
Limited
Wayhang
Development Co. 2.002 Hong Kong Hong Kong Real estate 100.00% Set-up
Ltd.Chief Link
Properties Co. 100.003 Hong Kong Hong Kong Real estate 70.00% Set-up
Ltd.Business
Syndis Investment
4.004
combination
Hong Kong Hong Kong Real estate 70.00%
Co. Ltd. not under the
same control
Yangzhou
Shouxihu Jingyue
Property 10000000.00 Yangzhou Yangzhou Service industry 51.00% Set-up
Development Co.Ltd.Shandong
International
Trade Center Accommodation
3000000.00 Jinan Jinan 100.00% Set-up
Hotel and catering
Management Co.Ltd.Shenzhen
5000000.00 Shenzhen Shenzhen Service industry 65.00% Set-up
Shenshan Special
108ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Cooperation Zone
Guomao Property
Development Co.Ltd.Shenzhen
Guomao Tongle
Property 2000000.00 Shenzhen Shenzhen Service industry 51.00% Set-up
Management Co.Ltd.Shenzhen
Business
Rongyao Real
combination
Estate 10000000.00 Shenzhen Shenzhen Real estate 69.00%
not under the
Development Co.same control
Ltd.Business
Shenzhen ITC
combination
Technology Park 30000000.00 Shenzhen Shenzhen Service industry 100.00%
under the
Service Co. Ltd.same control
Shenzhen
Business
Guomao Chuntian
combination
Commercial 20000000.00 Shenzhen Shenzhen Service industry 100.00%
under the
Management Co.same control
Ltd.Shenzhen
Business
Penghongyuan
combination
Industrial 8000000.00 Shenzhen Shenzhen Service industry 100.00%
under the
Development Co.same control
Ltd.Shenzhen
Business
Jinhailian
combination
Property 3000000.00 Shenzhen Shenzhen Service industry 100.00%
under the
Management Co.same control
Ltd.Business
Shenzhen Social combination
35000000.00 Shenzhen Shenzhen Service industry 100.00%
Welfare Co. Ltd. under the
same control
Shenzhen
Fuyuanmin Business
Property combination
10000000.00 Shenzhen Shenzhen Service industry 100.00%
Management under the
Limited Liability same control
Company
Shenzhen
Business
Meilong
combination
Industrial 5000000.00 Shenzhen Shenzhen Service industry 100.00%
under the
Development Co.same control
Ltd.Business
Shenzhen Public facilities
combination
Guomao Shenlv 10600000.00 Shenzhen Shenzhen management 90.00%
under the
Garden Co. Ltd. services
same control
Shenzhen Jiayuan Business
Property combination
1000000.00 Shenzhen Shenzhen Service industry 54.00%
Management Co. under the
Ltd. same control
Shenzhen
Business
Helinhua
combination
Construction 3000000.00 Shenzhen Shenzhen Real estate 90.00%
under the
Management Co.same control
Ltd.Shenzhen Business
Zhongtongda Construction combination
2500000.00 Shenzhen Shenzhen 90.00%
House Xiushan industry under the
Service Co. Ltd. same control
Shenzhen Business
1000000.00 Shenzhen Shenzhen Service industry 90.00%
Kangping combination
109ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Industrial Co. under the
Ltd. same control
Business
Shenzhen Sports combination
3300000.00 Shenzhen Shenzhen Service industry 100.00%
Service Co. Ltd. under the
same control
Business
Shenzhen
combination
Teacher’s Home 1660000.00 Shenzhen Shenzhen Service industry 100.00%
under the
Training Co. Ltd.same control
Shenzhen Business
Education combination
4985610.00 Shenzhen Shenzhen Service industry 100.00%
Industrial Co. under the
Ltd. same control
Business
Shenzhen Yufa
combination
Industrial Co. 1050000.00 Shenzhen Shenzhen Service industry 80.95%
under the
Ltd.same control
SZPRD Fuyuantai
Development Co. 10000000.00 Shenzhen Shenzhen Real estate 100.00% Set-up
Ltd.Xiamen
Shenguomao
Industrial City 5000000.00 Xiamen Xiamen Service industry 51.00% Set-up
Smart Service
Co. Ltd.Vietnam
Shenguomao
Property 200000.005 Vietnam Vietnam Service industry 100.00% Set-up
Management Co.Ltd.Shenzhen SZPRD
Yanzihu
10000000.00 Shenzhen Shenzhen Real estate 100.00% Set-up
Development Co.Ltd.Shenzhen
Guangming Wuhe
50000000.00 Shenzhen Shenzhen Real estate 100.00% Set-up
Real Estate Co.Ltd.Dongguan Wuhe
Real Estate Co. 50000000.00 Dongguan Dongguan Real estate 100.00% Set-up
Ltd.Shenzhen Business
Property combination
7250000.00 Shenzhen Shenzhen Service industry 100.00%
Management Co. under the
Ltd. same control
Business
Shenzhen Shenwu combination
3500000.00 Shenzhen Shenzhen Service industry 100.00%
Elevator Co. Ltd. under the
same control
Shenzhen Business
Shenfang combination
1000000.00 Shenzhen Shenzhen Service industry 100.00%
Property Cleaning under the
Co. Ltd. same control
Shenzhen Foreign Business
Trade Property combination
5000000.00 Shenzhen Shenzhen Service industry 100.00%
Management Co. under the
Ltd. same control
Shenzhen
Business
Shenfubao
combination
Property 15000000.00 Shenzhen Shenzhen Service industry 100.00%
under the
Development Co.same control
Ltd.Shenzhen Fubao Business
Urban Resources combination
5000000.00 Shenzhen Shenzhen Service industry 60.00%
Management Co. under the
Ltd. same control
110ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Shenzhen
Business
Shenfubao
combination
Hydropower 10000000.00 Shenzhen Shenzhen Service industry 100.00%
under the
Municipal Service
same control
Co. Ltd.Shenzhen Free Business
Trade Zone combination
2000000.00 Shenzhen Shenzhen Service industry 100.00%
Security Service under the
Co. Ltd. same control
Shenzhen Wuhe
Urban Renewal 195000000.00 Shenzhen Shenzhen Real estate 100.00% Set-up
Co. Ltd.Yangzhou Wuhe
Real Estate Co. 50000000.00 Yangzhou Yangzhou Real estate 67.00% Set-up
Ltd.Shenzhen Tonglu
Wuhe Investment
10000000.00 Shenzhen Shenzhen Real estate 100.00% Set-up
Development Co.Ltd.Shenzhen
International
Trade Industry 2800000.00 Shenzhen Shenzhen Service industry 55.00% Set-up
Space Service
Co. Ltd.Note: 1 HKD
2 HKD
3 HKD
4 HKD
5 USD
Notes of shareholding percentage in subsidiaries different from voting percentage:
In May 2021 Shenzhen Wuhe Industry Investment Development Co. Ltd. (hereinafter referred to as "Wuhe Company") a
subsidiary of the Company acquired 35% of the equity of Shenzhen Facility Management Community Technology Co. Ltd.(hereinafter referred to as "FMC") through acquisition of equity and directional capital increase. Meanwhile according to the
agreement of the cooperation framework on equity acquisition signed by Wuhe Company and the original shareholders 16% of the
voting rights that the original shareholders hold or actually control in the equity of FMC shall be unconditionally granted to Wuhe
Company to exercise after the transaction date. There are no prerequisites for the granting of voting rights and the term of the voting
rights is not stipulated in the contract.Basis of holding half or less voting rights but still controlling the investee and holding more than half of the voting rights but not
controlling the investee:
Not applicable
Basis of controlling significant structural entities incorporated in the scope of combination:
Not applicable
Basis of determining whether the Company is the agent or the mandatory:
Not applicable
Other notes:
(2) Significant Non-wholly-owned Subsidiary
Unit: RMB
The profit or loss Declaring dividends
Shareholding proportion Balance of non-
attributable to the non- distributed to non-
Name of subsidiaries of non-controlling controlling interests at
controlling interests for controlling interests for
interests the period-end
the current period the current period
Shenzhen Rongyao Real 31.00% -5688655.14 -12855429.40
111ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Estate Development Co.Ltd.Yangzhou Wuhe Real
33.00%-931650.874179629.23
Estate Co. Ltd.Holding proportion of non-controlling interests in subsidiary different from voting proportion:
Other notes:
(3) The Main Financial Information of Significant Not Wholly-owned Subsidiary
Unit: RMB
Ending balance Beginning balance
Name of Non- Non- Non- Non-
subsidiaries Current Total Current Total Current Total Current Total current current current current
assets assets liabilities liabilities assets assets liabilities liabilities
assets liabilities assets liabilities
Shenzhen 6
Rongyao Real 6 3 3 6 3217436304 167370 610483 161894 626672 307234 628984
Estate 530412 258387 313494 571881 95278.Development 2241. 479.65 1530.55 251.74 5782.29 9130.56 4408.94
720.84824.38023.55847.9338
Co. Ltd. 19
1
Yangzhou 1 1 1 1 1 12789
Wuhe Real 35416 40030 190000 30865 127895
Estate Co. 358170 155504 345504 291359 294446 57679. 7206. 91.45 000.00 83.61 7679.33
Ltd. 298.30 755.15 755.15 823.31 406.92 33
85
Unit: RMB
Amount for the current period Amount for the previous period
Name of Total Cash flows from Total Cash flows from
subsidiaries Operating Operating Net profit comprehensive operating Net profit comprehensive operating
Revenue Revenue
income activities income activities
Shenzhen
Rongyao Real
------
Estate
Development 18350500.44 18350500.44 199490054.24 21394349.33 21394349.33 132065318.90
Co. Ltd.Yangzhou
Wuhe Real -
Estate Co. -2823184.44 -2823184.44 -1995249.76 -1995249.76 -48773537.38 190340468.10
Ltd.Other notes:
(4) Significant restrictions on leveraging the assets and liquidating the liabilities of the business consortium
(5) Financial support or other support provided to structural entities incorporated into the scope of consolidated financial
statements
Other notes:
2. The Transaction of the Company with Its Owner's Equity Share Changing but the Company Still
Controls the Subsidiary
(1) Note to the Owner's Equity Share Changed in Subsidiary
112ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
(2) The Transaction’s Influence on the Equity of Non-controlling Interests and the Owner's Equity Attributable to the
Company as the Parent
Unit: RMB
Purchase cost/disposal consideration
-Cash
-Fair value of non-cash assets
Total purchase cost/disposal consideration
Less: Share of net assets of subsidiaries based on percentage of
equity acquired/disposed of
Difference
Of which: Adjusting capital reserve
Adjusting surplus reserve
Adjusting retained profits
Other notes:
3. Equity in Joint Ventures or Associated Enterprises
(1) Significant Joint Ventures or Associated Enterprises
Shareholding percentage (%) Accounting
treatment of the
Main operating Place of investment to
Name Business nature
place registration Directly Indirectly joint venture or
associated
enterprise
Shenzhen Real
Estate Jifa Warehouse
Shenzhen Shenzhen 25.00% 25.00% Equity method
Warehousing service
Co. Ltd.Tian’an
International
Building
Property
Property Shenzhen Shenzhen 50.00% Equity method
management
Management
Company of
Shenzhen
CSCEC
Intelligent
Commercial
Parking Shenzhen Shenzhen 10.00% Equity method
services
Technology Co.Ltd.Notes to holding proportion of joint venture or associated enterprise different from voting proportion:
Basis of holding less than 20% of the voting rights but has a significant impact or holding 20% or more voting rights but does not
have a significant impact:
(2) Main Financial Information of Significant Joint Ventures
Unit: RMB
Closing balance/amount of the current period Opening balance/amount of the previous period
Tian’an International Tian’an International
Shenzhen Jifa Building Property Shenzhen Jifa Building Property
Warehouse Co. Ltd. Management Company Warehouse Co. Ltd. Management Company
of Shenzhen of Shenzhen
113ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Current assets 315415169.63 58245686.18 13949127.78 59553501.09
Of which: Cash and cash
313087656.6537193001.1511574044.5238464410.56
equivalents
Non-current assets 84989541.46 41783.03 85381409.08 42101.51
Total assets 400404711.09 58287469.21 99330536.86 59595602.60
Current liabilities 2406753.79 28759114.40 3198899.85 28927454.58
Non-current liabilities 300000000.00 16638965.73 16566273.37
Total liabilities 302406753.79 45398080.13 3198899.85 45493727.95
Equity of non-
controlling interests
Equity attributable to
shareholders of the 97997957.30 12889389.08 96131637.01 14101874.65
Company as the parent
Net assets shares
calculated at the 48998978.66 6444694.54 48065818.51 7050937.33
shareholding proportion
Adjusted items
- Goodwill
--Unrealized profit of
intra-company
transaction
--Other
Carrying value of equity
investment to joint 48998978.66 6444694.54 48065818.51 7050937.33
ventures
Fair values of equity
investments of joint
ventures with quoted
prices
Operating Revenue 4526369.65 5386799.84 6690430.68 8731790.54
Financial expenses -10820.99 2636.50 -7666.55 43267.67
Income tax expense 622106.77 0.00 1154005.86 55263.55
Net profit 1866320.29 -1212485.57 3445747.96 165790.66
Net profit from
discontinued operations
Other comprehensive
income
Total comprehensive
1866320.29-1212485.573445747.96165790.66
income
Dividends received from
the joint venture in the
current period
Other notes:
(3) Main Financial Information of Significant Associated Enterprises
Unit: RMB
Closing balance/amount of the current Opening balance/amount of the previous
period period
CSCEC CSCEC
Current assets 273413892.78 256074109.31
Non-current assets 28479236.46 11617792.09
114ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Total assets 301893129.24 267691901.40
Current liabilities 126518370.21 95957288.78
Non-current liabilities 3268460.57 486565.88
Total liabilities 129786830.78 96443854.66
Equity of non-controlling interests
Equity attributable to shareholders of the
172106298.46171248046.74
Company as the parent
Net assets shares calculated at the
17210629.8517124804.67
shareholding proportion
Adjusted items
- Goodwill
--Unrealized profit of intra-company
transaction
--Other
Carrying value of investment to associated
29026819.8828940994.71
enterprises
Fair value of equity investments in
associated enterprises with publicly quoted
prices
Operating Revenue 79970090.76 48983120.89
Net profit 858251.72 516190.10
Net profit from discontinued operations
Other comprehensive income
Total comprehensive income 858251.72 516190.10
Dividends received from the associates in
63120.00
the current period
Other notes:
(4) Summary Financial Information of Insignificant Joint Ventures or Associated Enterprises
Unit: RMB
Closing balance/amount of the current Opening balance/amount of the previous
period period
Joint venture:
Sum calculated by shareholding ratio of
each item
Associated enterprises:
Sum calculated by shareholding ratio of
each item
Other notes:
(5) Note to the Significant Restrictions on the Ability of Joint Ventures or Associated Enterprises to
Transfer Funds to the Company
115ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
(6) The Excess Loss of Joint Ventures or Associated Enterprises
Unit: RMB
The cumulative recognized The derecognized losses (or the
The accumulative unrecognized
Name losses in previous share of net profit) in current
losses in current period
accumulatively derecognized period
Other notes:
(7) The Unrecognized Commitment Related to Investment to Joint Ventures
(8) Contingent Liabilities Related to Investment to Joint Ventures or Associated Enterprises
4. Significant Common Operation
Main operating Proportion/Share portion
Name Place of registration Business nature
place Directly Indirectly
Notes to holding proportion or share portion in common operation different from voting proportion:
For common operation as a single entity basis of classifying as common operation
Other notes:
5. Equity in the Structured Entity Excluded in the Scope of Consolidated Financial Statements
Notes to the structured entity excluded in the scope of consolidated financial statements:
6. Other
XI. Government Grants
1. Government Grants Recognized at the End of the Reporting Period at the Amount Receivable
□Applicable □Not applicable
Reasons for failing to receive government grants in the estimated amount at the estimated point in time
□Applicable □Not applicable
2. Liability Items Involving Government Grants
□Applicable □Not applicable
3. Government Grants Recognized as Current Profit or Loss
□Applicable □Not applicable
Unit: RMB
Accounting items Amount for the current period Amount for the previous period
116ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Other income 448581.63 950093.18
Other notes:
XII. Risks Associated with Financial Instruments
1. Various Types of Risks Arising from Financial Instruments
The Company is engaged in risk management to achieve balance between risks and returns minimizing the negative effects of risks
on its operation performance and maximizing the interests of its shareholders and other equity investors. Based on that risk
management goal the fundamental strategy of its risk management is to identify and analyze various risks facing the Company
establish an appropriate risk bottom line carry out risk management and monitor various risks in a timely and reliable manner to
control them within a restricted scope.The Company faces various risks related to financial instruments in its routine activities mainly including credit risk liquidity risk
market risk. The management has reviewed and approved the policies of managing those risks which are summarized as follows:
i. Risks from Financial Instruments
1. Classification of Financial Instruments
(1) The Carrying Value of Financial Assets on the Balance Sheet Date
* 30 June 2024
Financial assets Financial assets at fair value
Financial assets at fair value
Item measured at and changes included in other Total
through profit or loss
amortized cost comprehensive income
Monetary capital 1885846531.69 1885846531.69
Accounts receivable 525349243.53 525349243.53
Other receivables 606627612.52 606627612.52
Other equity
instrument 437618.97 437618.97
investments
* 31 December 2023
Financial assets Financial assets at fair value
Financial assets at fair value
Item measured at and changes included in other Total
through profit or loss
amortized cost comprehensive income
Monetary capital 2748798476.72 2748798476.72
Accounts receivable 502806453.88 502806453.88
Other receivables 624394372.82 624394372.82
Other equity
instrument 636926.20 636926.20
investments
2. The Carrying Value of Financial Liabilities on the Balance Sheet Date
* 30 June 2024
Financial liabilities at fair
Item Other financial liabilities Total
value through profit or loss
Short-term loan 50036250.00 50036250.00
Accounts payable 497647577.28 497647577.28
117ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Financial liabilities at fair
Item Other financial liabilities Total
value through profit or loss
Other payables 1156391495.32 1156391495.32
Current portion of non-current
3457663129.193457663129.19
liabilities
Long-term borrowings 1387120583.02 1387120583.02
Lease liabilities 12635031.03 12635031.03
Long-term accounts payable 399899850.00 399899850.00
* 31 December 2023
Financial liabilities at fair
Item Other financial liabilities Total
value through profit or loss
Short-term loan 230915000.00 230915000.00
Accounts payable 662869059.59 662869059.59
Other payables 1217303294.25 1217303294.25
Current portion of non-
3092324853.073092324853.07
current liabilities
Long-term borrowings 1399889274.47 1399889274.47
Lease liabilities 10571092.27 10571092.27
Long-term payables 400105655.56 400105655.56
2. Credit Risk
Credit risk means the risk of financial losses incurred to the other party when one party of a financial instrument is unable to fulfill its
obligations.
1. Credit Risk Management Practice
(1) Credit Risk Evaluation Method
On each balance sheet date the Company shall evaluate whether the credit risk of relevant financial instruments has increased
significantly since the initial recognition. After determining whether the credit risk has increased significantly since the initial
recognition the Company shall consider obtaining reasonable and reliable information without paying unnecessary extra costs or
efforts including qualitative and quantitative analysis based on historical data external credit risk rating and forward-looking
information. On the basis of the single financial instrument or combination of financial instruments with similar credit risk
characteristics the Company compares the risk of default of financial instruments on the balance sheet date with the risk of default
on the initial recognition date to determine the change of default risk of financial instruments during their expected duration.When one or more of the following quantitative and qualitative criteria prevails the Company shall believe the credit risk of financial
instruments has increased significantly:
1) For the quantitative standard it can be mainly analyzed from the probability of default for the remaining duration on the balance
sheet date rises by more than a certain proportion compared with the initial confirmation.
2) For the qualitative standard it can be mainly analyzed from the major adverse changes in the debtor's operation or financial
situation changes in existing or expected technology market economy or legal environment which shall have major adverse impacts
on the debtor’s repayment ability of the Company etc.
3) The upper limit is that the debtor’s contract payment (including principal and interest) is overdue for more than 90 days.
(2) Definition of Default and Credit Impairment-Assets
When a financial instrument meets one or more of the following conditions the Company shall define the financial asset as having
defaulted and its criteria are consistent with the definition of having incurred credit impairment:
118ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
1) Quantitative Standard
The debtor fails to make the payment after the contract payment date for more than 90 days;
2) Qualitative Criteria
a. The debtor has major financial difficulties;
b. The debtor violates the binding provisions on the debtor in the contract;
c. The debtor is likely to go bankrupt or carry out other financial restructurings;
d. The creditor shall give the debtor concessions that will not be made in any other circumstances due to the economic or contractual
considerations related to the debtor’s financial difficulties.
2. Measurement of Expected Credit Loss
The key parameters for measuring expected credit loss included default probability loss given default and exposure at default. The
Company considers the quantitative analysis and forward-looking information of historical statistical data (such as counterparty
rating guarantee method collateral type repayment method etc.) to establish exposure models of default probability loss given
default and default risk.
3. Refer to Note VII-1 VII-5 VII-8 for Details of the Reconciliation Statements of Beginning Balance and Ending Balance of
Financial Instrument Loss Provision.
4. Credit Risk Exposure and Credit Risk Concentration
The Company's credit risk mainly comes from monetary assets and accounts receivable. To control the aforementioned relevant risks
the Company has adopted the following measures.
(1) Monetary Assets
The Company places its monetary assets with financial institutions of high credit ratings. Thus its credit risk is low.
(2)Accounts Receivable
The Company conducts credit assessments on the customers trading in the mode of credit on a regular basis. Based on the credit
assessment result the Company chooses to trade with recognized customers with good credit and monitor the balance of the accounts
receivable from them to ensure that the Company will not face any significant bad debt risk.Due to the Company merely trades with the authorized third party with good credit the guarantee is not required. Credit risk
concentration is managed in accordance with the customers. As of 30 June 2024 there were certain credit concentration risks in the
Company and 47.79% of the accounts receivable of the Company (59.45% on 31 December 2023) came from the top 5 customers by
balance. The Company hasn’t held any guarantee or other credit enhancement for balance of accounts receivable.The maximum credit risk exposure the Company undertook shall be the carrying value of each financial asset on balance sheet.
3. Liquidity Risk
Liquidity risk refers to the risk of fund shortage occurring when the Company fulfills the settlement obligation in the mode of cash
delivery or other financial assets. Liquidity risk may originate from the failure to sell financial assets at fair value as soon as possible;
or from the other party’s failure to pay off its contractual debts; or from the earlier maturity of debts; or from the failure to generate
the expected cash flow.To control the risk the Company comprehensively adopts bank loans as financing approach appropriately combines long-term and
short-term financing modes and optimizes the financing structure to maintain the balance between financing sustainability and
flexibility. The Company has obtained the line of credit from a number of commercial banks to satisfy its operation fund needs and
capital expenditure.The analysis of the financial liabilities based on the maturity period of the undiscounted cash flow is as follows:
Ending balance
Item
Undiscounted contract
Carrying value Within 1 year 1-3 years More than 3 years
amount
Banking borrowings 1437156833.02 1629373675.15 177297011.16 720304261.97 731772402.03
Accounts payable 497647577.28 497647577.28 497647577.28
Other payables 1156391495.32 1156391495.32 1144188819.28 12202676.04
119ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Ending balance
Item
Undiscounted contract
Carrying value Within 1 year 1-3 years More than 3 years
amount
Current portion of
other non-current 3457663129.19 3478696930.26 3478696930.26
liabilities
Lease liabilities 12635031.03 16443332.42 9658459.68 6784872.74
Long-term accounts
399899850.00471251983.3318234037.5043275144.45409742801.38
payable
Total 6961393915.84 7249804993.76 5316064375.48 773237866.10 1160502752.19
Continued:
Beginning balance
Item
Undiscounted More than 3
Carrying value Within 1 year 1-3 years
contract amount years
Banking borrowings 1630804274.47 1886101350.83 379121985.22 709659943.62 797319421.99
Accounts payable 662869059.59 662869059.59 662869059.59
Other payables 1217303294.25 1217303294.25 1205100618.21 12202676.04
Current portion of
other non-current 3092324853.07 3111187663.28 3111187663.28
liabilities
Lease liabilities 10571092.27 15904640.37 7730396.15 8174244.22
Long-term accounts
400105655.56480600833.3018293137.5041277444.45421030251.35
payable
Total 7013978229.21 7373966841.62 5376572463.80 758667784.22 1238726593.60
4. Market Risk
Market risk refers to the risk of fluctuations in the fair value or future cash flows of financial instruments arising from changes in
market prices. Market risk mainly includes interest rate risk and foreign exchange risk.
(1) 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-bearing financial instruments with fixed interest rates may bring the fair value interest rate risk to the
Company while those with floating interest rate may bring the cash flow interest rate risk to the Company. The Company will
determine the proportion between the financial instruments with fixed interest rate and those with floating interest rate in
combination with market environment and maintain an appropriate portfolio of financial instruments through regular review and
monitoring. The interest rate risk of cash flows facing the Company is mainly related to the bank loans calculated by floating interest
rate of the Company.As of 30 June 2024 under the assumption of other fixed variables with 50 basis points changed in interest rate the bank loan of
RMB4878133890.22 (RMB4470302598.47 on 31 December 2023) calculated at floating rate would not result in significant
influence on total profit and shareholders’ equity of the Company.
2. Foreign Exchange Risk
Foreign exchange risk refers to the risk that may lead to the changes of fair value of financial instruments or future cash flows due to
fluctuation in exchange rate. The risk of changes of exchange rate facing the Company is mainly related to foreign currency
monetary assets and liabilities of the Company. The Company operates in mainland China and the main activities are recorded by
RMB. Thus the foreign exchange market risk undertaken is insignificant for the Company.For details of the Company's foreign currency monetary assets and liabilities at the end of the Current Period please refer to Note
VII-78 in the Current Report.
120ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
2. Hedge
(1) The Company Carries out Hedging Business for Risk Management
□Applicable □Not applicable
(2) The Company Conducts Eligible Hedging Operations and Applies Hedge Accounting
Unit: RMB
Cumulative fair value
Impact of hedge
Carrying value related to hedge adjustment of the Hedge effectiveness and
accounting on the
Item hedged items and hedged item included in hedge ineffectiveness
Company's financial
hedging instruments the recognized carrying partial sources
statements
value of the hedged item
Types of hedge risk
Types of hedge
Other notes:
(3) The Company Conducts Hedging Operations for Risk Management Expects to Achieve Its Risk Management Objectives
but Does Not Apply Hedge Accounting
□Applicable □Not applicable
3. Financial Assets
(1) Classification of Transfer Methods
□Applicable □Not applicable
(2) Financial Assets Derecognized due to Transfer
□Applicable □Not applicable
(3) Continued Involvement in the Transfer of Assets Financial Assets
□Applicable □Not applicable
Other notes:
XIII. The Disclosure of Fair Value
1. Ending Fair Value of Assets and Liabilities at Fair Value
Unit: RMB
Closing fair value
Item Fair value measurement Fair value measurement Fair value measurement
Total
items at level 1 items at level 2 items at level 3
I. Consistent Fair Value
--------
Measurement
(III) Other equity
437618.97437618.97
instrument investment
The total amount of
assets consistently 437618.97 437618.97
measured at fair value
II. Inconsistent Fair
--------
Value Measurement
2. Basis for Determining the Market Price of Continuous and Non-continuous Level 1 Fair Value
Measurement Items
The other equity instrument held by the Company was domestic and foreign stocks obtained in Jintian’s debt restructuring in which
the market price was determined based on the stock price of the same asset in the active market as available at the balance sheet date.
121ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
3. Continuous and Non-continuous Level 2 Fair Value Measurement Items Valuation Techniques Used
and The Qualitative and Quantitative Information of Important Parameters
4. Continuous and Non-continuous Level 3 Fair Value Measurement Items Valuation Techniques Used and
The Qualitative and Quantitative Information of Important Parameters
5. Continuous and Non-continuous Level 3 Fair Value Measurement Items Information On The
Adjustment Between The Opening and Closing Carrying Value and Sensitivity Analysis of Unobservable
Parameters
6. Explain the Reason for Conversion and the Governing Policy when the Conversion Happens if
Conversion Happens among Consistent Fair Value Measurement Items at Different Levels
7. Changes in the Valuation Technique in the Current Period and the Reason for Such Changes
8. The Fair Value of Financial Assets and Financial Liabilities not Measured at Fair Value
9. Others
XIV. Related Party and Related-party Transactions
1. Information Related to the Company as the Parent of the Company
Proportion of share Proportion of voting
Name of the held by the rights owned by the
Company as the Place of registration Business nature Registered capital Company as the Company as the
parent parent against the parent against the
Company (%) Company (%)
Shenzhen Limited liability
Investment Shenzhen company (solely- 32686000000.00 57.25% 57.25%
Holdings Co. Ltd. owned by the state)
Notes: Information on the Company as the parent
(1) The parent company of the Company is Shenzhen Investment Holdings Co. Ltd. (hereinafter referred to as “SIHC”) a newly-
established and organized state-owned capital investment company based on the original three state-owned assets management
companies in October 2004 and its main function is to manage the partial municipal state-owned companies according to the
authorization of Municipal SASAC. As a government department Shenzhen State-owned Assets Supervision and Administration
Bureau manages Shenzhen Investment Holdings Co. Ltd. on behalf of People’s Government of Shenzhen Municipality.
(2) In 2021 SIHC the controlling shareholder of the Company transferred 38037890 ordinary shares of the Company in unlimited
circulation (representing 6.382% of the total share capital of the Company) held by SIHC to Shenzhen State-owned Equity
Management Co. Ltd. for free to replenish the social security funds. Shenzhen State-owned Equity Management Co. Ltd. is a newly
established wholly-owned subsidiary of SIHC to manage the transferred state-owned equity in a special account. After the
registration of the free transfer SIHC held 301414637 shares of the Company accounting for 50.575% of the total share capital of
the Company and Shenzhen State-owned Equity Management Co. Ltd. held 38037890 shares of the Company accounting for
6.382% of the total share capital of the Company.
(3) During the Reporting Period the Company's shareholder Shenzhen Duty-Free Commodity Enterprise Co. Ltd. transferred
1730300 restricted shares it held in the Company (representing 0.29% of the Company's total share capital) to the controlling
shareholder SIHC for free. After the completion of this transfer the number of shares held by SIHC and its concerted parties
increased from 339452527 shares (representing 56.957% of the Company's total share capital) to 341182827 shares (representing
57.247% of the Company's total share capital).
122ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
The final controller of the Company is Shenzhen State-owned Assets Supervision and Administration Committee of Shenzhen
Government.Other notes:
2. Subsidiaries of the Company
Please refer to Note X-1 for details on the Company’s subsidiaries.
3. Information on the Joint Ventures and Associated Enterprises of the Company
Please refer to Note X-3 for details on the Company’s joint ventures and associated enterprises.Information on other joint venture or associated enterprise of occurring related-party transactions with the Company in Current
Period or forming balance due to related-party transactions made in previous period:
Name Relationship with the Company
Other notes:
4. Information on Other Related Parties
Other notes:
Name of other related party Relationship with the Company
Related party of subsidiary Rongyao Real Estate by non-
Shenzhen Qianhai Advanced Information Service Co. Ltd.controlling interests
The Company as the parent of Xinhai Rongyao of
Shenzhen Xinhai Holding Co. Ltd. subsidiary Rongyao Real Estate by non-controlling
interests
Subsidiary Rongyao Real Estate by non-controlling
Shenzhen Xinhai Rongyao Real Estate Development Co. Ltd.interests
Shenzhen Wufang Ceramics Industrial Co. Ltd. Associated enterprise of the Company
Tian’an International Building Property Management Company of
Joint venture of the Company
Shenzhen
Shenzhen Real Estate Jifa Warehousing Co. Ltd. Joint venture of the Company
Yangzhou Lvfa Real Estate Co. Ltd. Subsidiary Yangzhou Wuhe by non-controlling interests
Guoren P&C Subsidiary of the Company as the parent of the Company
Shenzhen Guarantee Group Co. Ltd. Subsidiary of the Company as the parent of the Company
Shenzhen Special Economic Zone Real Estate & Properties (Group)
Subsidiary of the Company as the parent of the Company
Co. Ltd.Wholly-owned subsidiary of the Company as the parent of
Shenzhen People's Congress Cadre Training Center
the Company
Shenzhen General Institute of Architectural Design and Research Co. Wholly-owned subsidiary of the Company as the parent of
Ltd. the Company
Wholly-owned subsidiary of the Company as the parent of
Shenzhen Bay Technology Development Co. Ltd.the Company
Wholly-owned subsidiary of the Company as the parent of
Shenzhen Convention & Exhibition Center Management Co. Ltd.the Company
Shenzhen Tsinghua University Research Institute Subsidiary of the Company as the parent of the Company
Shenzhen Shenzhen Hong Kong Science and Technology Innovation
Subsidiary of the Company as the parent of the Company Cooperation Zone Development Co. Ltd.Shenzhen Shenzhen Shantou Special Cooperation Zone Investment Wholly-owned subsidiary of the Company as the parent of
Development Co. Ltd. the Company
Shenzhen Construction Development (Group) Company Subsidiary of the Company as the parent of the Company
Shenzhen Hi-tech Zone Investment Development Group Co. Ltd. Subsidiary of the Company as the parent of the Company
Shenzhen Environmental Protection Technology Group Co. Ltd. Subsidiary of the Company as the parent of the Company
Shenzhen Shenfubao (Group) Co. Ltd. Wholly-owned subsidiary of the Company as the parent of
123ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
the Company
Wholly-owned subsidiary of the Company as the parent of
Shenzhen Sports Industry Group Co. Ltd.the Company
Wholly-owned subsidiary of the Company as the parent of
Shenzhen Sports Center Operation Management Co. Ltd.the Company
Wholly-owned subsidiary of the Company as the parent of
Shenzhen Bay Area Urban Construction and Development Co. Ltd.the Company
Shenzhen Xiangmihu International Exchange Center Development Co. Wholly-owned subsidiary of the Company as the parent of
Ltd. the Company
Shenzhen Infinova Limited Subsidiary of the Company as the parent of the Company
Wholly-owned subsidiary of the Company as the parent of
China Shenzhen Foreign Trade (Group) Corp. Ltd.the Company
Wholly-owned subsidiary of the Company as the parent of
Shenzhen Shenfubao (Group) Co. Ltd.the Company
Wholly-owned subsidiary of the Company as the parent of
Shenzhen Shentou Property Development Co. Ltd.the Company
Wholly-owned sub-subsidiary of the Company as the
Shen ZHEN Light Industrial Products IMP.& EXP. Co. Ltd.parent of the Company
Wholly-owned sub-subsidiary of the Company as the
Shenzhen Foreign Service Group Co. Ltd.parent of the Company
Sub-subsidiary of the Company as the parent of the
Shenzhen Properties Group (SPG) Longgang Development Co. Ltd.Company
Wholly-owned sub-subsidiary of the Company as the
Business Apartment of Shenzhen Shenfubao (Group) Co. Ltd.parent of the Company
Sub-subsidiary of the Company as the parent of the
Shenzhen SDG Service Co. Ltd.Company
Wholly-owned sub-subsidiary of the Company as the
Shenzhen Cultural Business Development Co. Ltd.parent of the Company
Shenzhen Yitong Digital Technology Innovation Development Co. Ltd. Parent company's sub-subsidiary
Shenzhen Eternal Asia Deep Supply Chain Management Co. Ltd. Parent company's sub-subsidiary
Shenzhen Tianjun Industrial Co. Ltd. Parent company's sub-subsidiary
Chengdu Zunxi Real Estate Co. Ltd. Parent company's sub-subsidiary
Dongguan Shenzhen Investment Holdings Investment Development
Parent company's sub-subsidiary
Co. Ltd.Guangdong Jianbang Group (Huiyang) Industrial Co. Ltd. Parent company's sub-subsidiary
China Kunpeng Industry Source Innovation Center (Shenzhen) Co. Wholly-owned sub-subsidiary of the Company as the
Ltd. parent of the Company
Wholly-owned sub-subsidiary of the Company as the
Shenyue United Investment Co. Ltd.parent of the Company
Shenzhen Chuangke Development Co. Ltd. Parent company's sub-subsidiary
Wholly-owned sub-subsidiary of the Company as the
Shenzhen Hi-tech Zone Development Construction Co. Ltd.parent of the Company
Shenzhen Petrel Hotel Co. Ltd. Parent company's sub-subsidiary
Shantou Branch of Shenzhen Special Economic Zone Real Estate &
Parent company's sub-subsidiary
Properties (Group) Co. Ltd.Wholly-owned sub-subsidiary of the Company as the
Shenzhen Talent Recruitment International Co. Ltd.parent of the Company
Shenzhen Shenzhen Hong Kong Science and Technology Innovation
Parent company's sub-subsidiary
Park Operation Development Co. Ltd.Shenzhen Chenglong Real Estate Development Co. Ltd. Parent company's sub-subsidiary
Shenzhen Large Industrial Zone (Shenzhen Export Processing Zone) Wholly-owned sub-subsidiary of the Company as the
Development Management Group Co. Ltd. parent of the Company
Wholly-owned sub-subsidiary of the Company as the
Shenzhen Fubao Industrial Park Operation Co. Ltd.parent of the Company
Shenzhen Shenfang Chuanqi Real Estate Development Co. Ltd. Parent company's sub-subsidiary
124ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Wholly-owned sub-subsidiary of the Company as the
Shenzhen Shenfubao (Group) Tianjin Industrial Development Co. Ltd.parent of the Company
Shenzhen Shenfubao (Group) Tianjin Investment Development Co. Wholly-owned sub-subsidiary of the Company as the
Ltd. parent of the Company
Wholly-owned sub-subsidiary of the Company as the
Shenzhen Shenfubao Eastern Investment Development Co. Ltd.parent of the Company
Shenzhen Shantou Special Cooperation Zone Branch of Shenzhen Wholly-owned sub-subsidiary of the Company as the
Water Planning and Design Institute Co. Ltd. parent of the Company
Wholly-owned sub-subsidiary of the Company as the
Shenzhen Special Zone Literature Magazine Co. Ltd.parent of the Company
Shenzhen Investment Holdings Development Co. Ltd. Parent company's sub-subsidiary
Wholly-owned sub-subsidiary of the Company as the
Shenzhen Investment Building Hotel Co. Ltd.parent of the Company
Wholly-owned sub-subsidiary of the Company as the
Shenzhen Bay Area International Hotel Co. Ltd.parent of the Company
Shenzhen Wancheng Logistics Co. Ltd. Parent company's sub-subsidiary
Wholly-owned sub-subsidiary of the Company as the
Shenzhen Bay (Baoding) Innovation Development Co. Ltd.parent of the Company
Shenzhen Infinova Smart Park Technology Co. Ltd. Parent company's sub-subsidiary
Shenzhen Binjiang Industrial Co. Ltd.Parent company's sub-subsidiary
Parent company's sub-subsidiary
司 Shenzhen Free Trade Zone Life Service Co. Ltd.Wholly-owned sub-subsidiary of the Company as the
Shenzhen Rule of Law Training Center
parent of the Company
Shenzhen South Certification Co. Ltd. Parent company's sub-subsidiary
Wholly-owned sub-subsidiary of the Company as the
Shenzhen Infinova Renyong Information Co. Ltd.parent of the Company
Hebei Shenbao Investment Development Co. Ltd. Parent company's sub-subsidiary
Shantou Economic Special Zone Songshan Real Estate Development
Parent company's sub-subsidiary
Co. Ltd.Shantou Hualin Real Estate Development Co. Ltd. Parent company's sub-subsidiary
Shenzhen Bay Wanli Hotel Branch of Shenzhen Wuzhou Hotel Wholly-owned sub-subsidiary of the Company as the
Management Co. Ltd. parent of the Company
Shenzhen Bay Wanyi Hotel Branch of Shenzhen Wuzhou Hotel Wholly-owned sub-subsidiary of the Company as the
Management Co. Ltd. parent of the Company
Shenzhen Xingye Logistics Co. Ltd. Parent company's sub-subsidiary
Shenzhen Representative Office of Hong Kong Haipeng Development
Parent company's sub-subsidiary
Co. Ltd.Shenzhen Tianjun Biotechnology Development Co. Ltd. Parent company's sub-subsidiary
Shantou Huafeng Real Estate Development Co. Ltd. Parent company's sub-subsidiary
Shenzhen Total Logistics Service Co. Ltd. Parent company's sub-subsidiary
Shenzhen Chengjian Mingyuan Industrial Co. Ltd. Parent company's sub-subsidiary
Shenzhen Shendan Zengxin Financing Guarantee Co. Ltd. Parent company's sub-subsidiary
Shenzhen City Construction Industrial Park Development Co. Ltd Parent company's sub-subsidiary
Wholly-owned sub-subsidiary of the Company as the
Shenzhen Transportation Station Development Co. Ltd.parent of the Company
Other notes:
5. List of Related-party Transactions
(1) Information on Acquisition of Goods and Reception of Labor Service
Information on acquisition of goods and reception of labor service
125ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Content of the
Amount for the The approval trade Whether exceed Amount for the
Related parties related-party
current period credit trade credit or not previous period
transaction
Guoren P&C Insurance 2275307.59 1647215.68
Shenzhen Guarantee
Guarantee fee 51416.55
Group Co. Ltd.ShenZhen Special
Economic Zone
Real Estate &
Properties (Group)
Management service
Co. Ltd. and its 1196570.00 1262625.00
fee
consolidated
subsidiaries except
where the context
otherwise requires
Shen ZHEN Light
Industrial Products
Food procurement 12484.07
IMP.& EXP. Co.Ltd.Shenzhen People's
Congress Cadre Training service fee 1780.00
Training Center
Shenzhen Foreign
Outsourcing service
Service Group Co. -521707.00
charges
Ltd.Shenzhen Rule of
Training service fee 5362.00 2070.00
Law Training Center
Shenzhen General
Institute of
Project architectural
Architectural Design 1613278.40 10712800.00 No 2809568.52
design service
and Research Co.Ltd.Shenzhen South
Consultant service
Certification Co. 24528.30
fees
Ltd.Shenzhen Properties
Group (SPG)
Management service
Longgang 1082900.00 1088750.00
fee
Development Co.Ltd.Business Apartment
of Shenzhen
Catering service 150971.00 71780.00
Shenfubao (Group)
Co. Ltd.Shenzhen SDG
Property service fee 157600.22 107804.26
Service Co. Ltd.Shenzhen Tianjun
Biotechnology Plant maintenance
36394.12
Development Co. services
Ltd.Shenzhen Cultural
Business Procurement of
39055.94
Development Co. office supplies
Ltd.Shenzhen Yitong
Digital Technology
Innovation Food procurement 10598.23
Development Co.Ltd.Shenzhen Eternal
Asia Deep Supply
Chain Management Food procurement 41916.00
Co. Ltd.Shenzhen Tianjun Plant maintenance 38784.00
126ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Industrial Co. Ltd. services
Shenzhen Bay
Technology Management service
33571556.31 72761800.00 No 37673707.61
Development Co. fee
Ltd.Shenzhen Infinova
Renyong Intelligent
358900.00
Information Co. engineering expense
Ltd.Shenzhen Shendan
Credit Enhancement
Guarantee fee 268000.00 268000.00
Financing Guarantee
Co. Ltd.Information of sales of goods and provision of labor service
Unit: RMB
Content of the related- Amount for the previous
Related parties Amount for the current period
party transaction period
Chengdu Zunxi Real Estate Co. Ltd. Property service fee 2223338.17
Dongguan Shenzhen Investment
Property management
Holdings Investment Development 534653.46
fee
Co. Ltd.Guangdong Jianbang Group Property management
102532.66
(Huiyang) Industrial Co. Ltd. fee
GUOREN PROPERTY AND
Property management
CASUALTY INSURANCE CO. 146818.20 170719.10
fee
LTD.Hebei Shenbao Investment
Project payment 16525863.74 23027002.91
Development Co. Ltd.Hebei Shenbao Investment
Property service fee 5417208.86 7099846.48
Development Co. Ltd.China Kunpeng Industry Source
Innovation Center (Shenzhen) Co. Property service fee 1714806.48 687677.12
Ltd.Shantou Economic Special Zone
Songshan Real Estate Development Property service fee 275.48
Co. Ltd.Shantou Huafeng Real Estate
Property service fee 1091534.24 1167500.69
Development Co. Ltd.Shantou Hualin Real Estate
Property service fee 696.48 1761.75
Development Co. Ltd.Shenyue United Investment Co. Ltd. Property service fee 800554.13 406380.98
Shenzhen Chuangke Development
Property service fee 3092240.94
Co. Ltd.Shenzhen Guarantee Group Co. Ltd. Property service fee 2103449.60 2084729.13
Shenzhen Hi-tech Zone Development
Property service fee 1695109.40 1404545.54
Construction Co. Ltd.Shenzhen Petrel Hotel Co. Ltd. Property service fee 226415.10 150943.40
Shenzhen Convention &
Exhibition Center Management Property service fee 4778241.97 2887224.43
Co. Ltd.ShenZhen Special Economic Zone
Real Estate & Properties (Group) Property service fee 16981.15 16981.15
Co. Ltd.
127ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Shantou Branch of Shenzhen Special
Economic Zone Real Estate & Property service fee 36.65 219.45
Properties (Group) Co. Ltd.Shenzhen Talent Recruitment
Property service fee 222414.19 186707.86
International Co. Ltd.Shenzhen Tsinghua University
Property service fee 962608.12 497261.99
Research Institute
Shenzhen Total Logistics Service
Property service fee 243416.94 1469106.86
Co. Ltd.Shenzhen Shenzhen Hong Kong
Science and Technology Innovation
Property service fee 2471616.94
Park Operation Development Co.Ltd.Shenzhen Shenzhen Hong Kong
Science and Technology Innovation
Property service fee 1065752.34 531066.72
Cooperation Zone Development Co.Ltd.Shenzhen Shenzhen Shantou Special
Cooperation Zone Holdings Property service fee 762372.50
Investment Development Co. Ltd
Shenzhen Chenglong Real Estate
Property service fee 980136.02
Development Co. Ltd.Shenzhen Construction Development
Property service fee 171179.25 85617.92
(Group) Company
Shenzhen Large Industrial Zone
(Shenzhen Export Processing Zone)
Project payment -200350.40 232110.15
Development Management Group
Co. Ltd.Shenzhen Large Industrial Zone
(Shenzhen Export Processing Zone)
Property service fee 37938.18
Development Management Group
Co. Ltd.Shenzhen Fubao Industrial Park
Project payment 226360.71 4954.72
Operation Co. Ltd.Shenzhen Fubao Industrial Park
Property service fee 36566.00
Operation Co. Ltd.Shenzhen Hi-tech Zone Investment
Property service fee 42831.14
Development Group Co. Ltd.Shenzhen Environmental Protection
Supervision service fee 42452.83
Technology Group Co. Ltd.Shenzhen Environmental Protection
Project payment 2806796.62 90016.79
Technology Group Co. Ltd.Shenzhen Environmental Protection
Property service fee 23551.39 3031960.52
Technology Group Co. Ltd.Shenzhen South Certification Co.Property service fee 37106.60 30931.60
Ltd.Shenzhen Shenfang Chuanqi Real
Property service fee 121671.63
Estate Development Co. Ltd.Shenzhen Shenfubao (Group)
Tianjin Industrial Development Project payment 439593.56 46550.75
Co. Ltd.Shenzhen Shenfubao (Group) Tianjin
Property service fee 3570373.42 800000.00
Investment Development Co. Ltd.Shenzhen Shenfubao (Group) Co.Project payment -34053.53 2538287.16
Ltd.Shenzhen Shenfubao (Group) Co.Property service fee 2399905.59 1626536.11
Ltd.
128ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Shenzhen Shenfubao Eastern
Project payment -0.77
Investment Development Co. Ltd.Shenzhen Shenfubao Eastern
Property service fee 355483.29 78872.95
Investment Development Co. Ltd.Shenzhen Shantou Special
Cooperation Zone Branch of
Property service fee 8803.02 11025.00
Shenzhen Water Planning and Design
Institute Co. Ltd.Shenzhen Special Zone Literature
Property service fee 25692.48 25692.48
Magazine Co. Ltd.Shenzhen Sports Industry Group Co.Project payment 3696271.96
Ltd.Shenzhen Sports Center Operation
Property service fee 2911025.40 2224191.34
Management Co. Ltd.Shenzhen Investment Holdings
Property service fee 44752.26 56628.61
Development Co. Ltd.Shenzhen Investment Building Hotel
Property service fee 35377.36
Co. Ltd.Shenzhen Investment Holdings Co.Project payment 2610770.25 352220.28
Ltd.Shenzhen Investment Holdings Co.Property service fee 3297675.84 9312740.96
Ltd.Shenzhen Bay Area International
Property service fee 5408353.56
Hotel Co. Ltd.Shenzhen Wancheng Logistics Co.Project payment 93868.93
Ltd.Shenzhen Cultural Business
Property service fee 184485.66 187580.44
Development Co. Ltd.Shenzhen Bay Wanli Hotel Branch of
Shenzhen Wuzhou Hotel Property service fee 141509.43 184818.24
Management Co. Ltd.司
Shenzhen Bay Wanyi Hotel Branch
of Shenzhen Wuzhou Hotel Property service fee 94339.64 117789.97
Management Co. Ltd.Shenzhen Xingye Logistics Co. Ltd. Property service fee 22018.35 5504.59
Shenzhen Bay (Baoding) Innovation
Property service fee 275854.88 284223.66
Development Co. Ltd.Shenzhen Bay Technology
Property service fee 38213750.15 27614705.64
Development Co. Ltd.Shenzhen Bay Area Urban
Construction and Development Co. Property service fee 1012766.59 1113311.43
Ltd.Shenzhen Xiangmihu
International Exchange Center Project payment 699857.70
Development Co. Ltd.Shenzhen Xiangmihu International
Exchange Center Development Co. Property service fee 1189376.02 1468973.08
Ltd.Shenzhen Infinova Limited Property service fee 88556.50 207342.68
Shenzhen Infinova Smart Park
Property service fee 241101.89 143838.00
Technology Co. Ltd.China Shenzhen Foreign Trade
Property service fee 1793710.72 1337989.45
(Group) Corp. Ltd.China Shenzhen Foreign Trade
Property service fee 332075.47
(Group) Corp. Ltd.Subordinate enterprises of SZITC Catering services 32515.83
Notes to acquisition of goods and reception of labor service
129ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
In the first half of 2024 the catering service business with SIHC and a number of its subsidiaries was presented on a consolidated
basis under the caliber of " SIHC and its subsidiaries" due to the large number of parties involved and the small amount of
transactions with a single related party which did not meet the criteria for separate disclosure.
(2) Information on Related-party Trusteeship/Contract
Lists of trusteeship/contract of the Company:
Unit: RMB
Income recognized
Name of the Name of the entrustee/ Pricing
Type Start date Due date in this Current
entruster/contractee contractor basis
Period
ShenZhen Properties &
Shenzhen Shentou Property Investment 6 November 5 November Market
Resources Development 32454947.96
Development Co. Ltd. property 2019 2025 pricing
(Group) Ltd.Shenzhen Shenfubao 31
Shenzhen Shenfubao 1 January Market
Hydropower Municipal Property December 1276500.75
(Group) Co. Ltd. 2024 pricing
Service Co. Ltd. 2024
Notes:
Lists of entrust/contractee
Unit: RMB
Charge
Name of the
Name of the recognized in
entrustee/ Type Start date Due date Pricing basis
entruster/contractee this current
contractor
period
Notes:
(3) Information on Related-party Lease
The Company was lessor:
Unit: RMB
The lease income
The lease income confirmed in
Name of lessee Category of leased assets confirmed in the current
the previous period
period
Shenzhen Bay Wanyi Hotel
Branch of Shenzhen Wuzhou Investment property 656167.79
Hotel Management Co. Ltd.Shenzhen Bay Wanli Hotel
Branch of Shenzhen Wuzhou Investment property 906136.48
Hotel Management Co. Ltd.The Company was lessee:
Unit: RMB
Variable lease
Rental expense of payments that are not
simplified short-term covered in the Interest expense on
Rent payable Added right-of-use assets
leases and low-value measurement of the lease liabilities borne
Category of asset leases (if applicable) lease liabilities (if
Name of lessor
leased assets applicable)
Amount Amount Amount Amount Amount Amount
Amount for Amount for Amount for Amount for
for the for the for the for the for the for the
the current the current the current the previous
previous current previous previous current previous
period period period period
period period period period period period
Shenzhen
Shentou
Investment 341790.0
Property
property 422452.50 17628.97 32655.78
Development 5
Co. Ltd.Shenzhen Petrel Investment 20784.00 24048.77
130ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Hotel Co. Ltd. property
Shenzhen Hi-
tech Zone
Investment
Development
property 49392.00 494.86
Construction
Co. Ltd.Shenzhen Large
Industrial Zone
(Shenzhen
Export
Investment
Processing
property 7381.56
Zone)
Development
Management
Group Co. Ltd.ShenZhen
Special
Economic Zone
Real Estate &
Properties
(Group) Co.Investment 330000.0
Ltd. and its
property 111000.00 104000.00 330000.00 29737.26 44091.30
consolidated 0
subsidiaries
except where
the context
otherwise
requires
Shenzhen
Representative
Office of Hong Investment
Kong Haipeng property 48130.74
Development
Co. Ltd.Shenzhen
Shenfubao Investment
(Group) Co. property 231660.00 23658.06
Ltd.Shenzhen
Investment Investment 1494226. 1992302.Holdings Co. property 207897.68 366420.74 48728.57 85771.97 98 64
Ltd.Shenzhen
Binjiang Investment
140092.20
Industry Co. property
Ltd.Notes:
(4) Information on Related-party Guarantee
The Company was guarantor:
Unit: RMB
Execution accomplished
Secured party Amount of guarantee Start date End date
or not
The Company was secured party
Unit: RMB
Execution accomplished
Guarantor: Amount of guarantee Start date End date
or not
Shenzhen Shendan
Zengxin Financing 16750000.00 29 March 2022 28 March 2025 No
Guarantee Co. Ltd.Shenzhen Shendan
Zengxin Financing 36850000.00 29 March 2022 28 March 2026 No
Guarantee Co. Ltd.Shenzhen Shendan
13400000.00 29 March 2022 29 March 2027 No
Zengxin Financing
131ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Guarantee Co. Ltd.Shenzhen Guarantee
1684498.43 29 December 2023 29 December 2024 No
Group Co. Ltd.Shenzhen Guarantee
2732954.09 15 January 2024 15 January 2025 No
Group Co. Ltd.Shenzhen Guarantee
1478768.65 19 March 2024 19 March 2025 No
Group Co. Ltd.Shenzhen Guarantee
577739.49 6 June 2024 6 December 2024 No
Group Co. Ltd.Notes:
(5) Information on Inter-bank Lending of Capital of Related Parties
Unit: RMB
Related parties Amount Start date Maturity date Note
Borrowing
Lending
(6) Information on Assets Transfer and Debt Restructuring by Related Party
Unit: RMB
Content of the related-party
Related parties Amount for the current period Amount for the previous period
transaction
(7) Information on Remuneration for Key Management Personnel
Unit: RMB
Item Amount for the current period Amount for the previous period
Remuneration for key management
5156684.675467228.36
personnel
(8) Other Related-party Transactions
6. Accounts Receivable and Payable of Related Party
(1) Accounts Receivable
Unit: RMB
Ending balance Beginning balance
Project name Related parties Carrying Bad debt Carrying Bad debt
amount provision amount provision
Accounts Dongguan Shenzhen Investment Holdings
2324025.19115674.561784025.1988796.94
receivable Investment Development Co. Ltd.Hebei Shenbao Investment Development
27020636.86810619.0827085777.03812573.31
Co. Ltd.China Kunpeng Industry Source Innovation
121689.153650.67
Center (Shenzhen) Co. Ltd.Shantou Huafeng Real Estate Development Co.
181161.355434.84
Ltd.Shantou Hualin Real Estate Development Co.
135808.7213580.80135808.7213580.80
Ltd.Shenyue United Investment Co. Ltd. 2798407.18 83952.22 4407622.21 240783.73
Shenzhen Chuangke Development Co. Ltd. 2957960.55 88738.82 1607922.88 48237.69
Shenzhen Hi-tech Zone Development
3786443.33284287.202753626.63253302.70
Construction Co. Ltd.Shenzhen Convention & Exhibition Center
1876831.0070175.931918835.4071436.06
Management Co. Ltd.
132ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
ShenZhen Special Economic Zone Real Estate &
Properties (Group) Co. Ltd. and its consolidated
6672620.68947190.1212659861.032147549.43
subsidiaries except where the context otherwise
requires
Shenzhen Talent Recruitment International Co.
126622.673798.68
Ltd.Shenzhen Tsinghua University Research Institute 136129.80 4083.89 57574.31 1727.23
Shenzhen Total Logistics Service Co. Ltd. 298022.27 8940.67 371864.45 11155.93
Shenzhen Shenzhen Hong Kong Science and
Technology Innovation Park Operation 5281880.07 158456.40 3342750.39 100282.51
Development Co. Ltd.Shenzhen Shenzhen Hong Kong Science and
Technology Innovation Cooperation Zone 489253.03 14677.59 372253.03 11167.59
Development Co. Ltd.Shenzhen Shenzhen Shantou Special
Cooperation Zone SIHC Investment 508084.64 15242.54
Development Co. Ltd.Shenzhen City Construction Industrial Park
391346.4211740.39
Development Co.， Ltd.Shenzhen Chenglong Real Estate Development
147980.387369.42395685.7511870.57
Co Ltd.Shenzhen Construction Development (Group)
41171.221235.14
Company
Shenzhen Large Industrial Zone (Shenzhen
Export Processing Zone) Development 349746.22 52000.00 480229.65 64846.89
Management Group Co. Ltd.Shenzhen Fubao Industrial Park Operation Co.
42352.901270.595365.01160.95
Ltd.Shenzhen Environmental Protection Technology
2128762.8964980.121653450.9763121.44
Group Co. Ltd.Shenzhen Transportation Station Development
6451.19193.545.510.17
Co. Ltd.Shenzhen South Certification Co. Ltd. 15808.72 474.26
Shenzhen Shenfubao (Group) Tianjin Industrial
2043609.38134122.581604015.8266998.26
Development Co. Ltd.Shenzhen Shenfubao (Group) Tianjin Investment
4134849.16181847.073255544.36155467.93
Development Co. Ltd.Shenzhen Shenfubao (Group) Co. Ltd. 2215650.16 19924.14 2567475.48 77024.27
Shenzhen Shentou Property Development Co.
6129911.77183897.352378435.9871353.08
Ltd.Shenzhen Special Zone Literature Magazine Co.
22695.00680.85
Ltd.Shenzhen Sports Industry Group Co. Ltd. 1235721.50 37071.64
Shenzhen Investment Holdings Co. Ltd. 6979106.37 184380.20 4131697.18 144179.32
Shenzhen Cultural Business Development Co.
158059.974741.80935.0828.05
Ltd.Shenzhen Bay Wanyi Hotel Branch of Shenzhen
570316.8817109.51
Wuzhou Hotel Management Co. Ltd.Shenzhen Bay (Baoding) Innovation
104285.083128.55156427.624692.83
Development Co. Ltd.Shenzhen Bay Technology Development Co.
77173432.434714641.89137865750.977568725.60
Ltd.Shenzhen Bay Area Urban Construction and
201518.776045.56
Development Co. Ltd.Shenzhen Xiangmihu International Exchange
273960.816743.19992580.2029777.41
Center Development Co. Ltd.Shenzhen Infinova Limited 4030.40 120.91
Shenzhen Infinova Smart Park Technology Co.
1166730.0035001.901493000.0044790.00
Ltd.China Shenzhen Foreign Trade (Group) Corp.
269951.598098.5524500.006600.00
Ltd.Total 159623594.64 8278340.23 214402451.91 12137213.62
Contract Hebei Shenbao Investment Development Co. 396484.75 361513.73
133ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
assets Ltd.Shenzhen Large Industrial Zone (Shenzhen
Export Processing Zone) Development 118043.22 231455.46
Management Group Co. Ltd.Shenzhen Fubao Industrial Park Operation Co.
26457.15
Ltd.Shenzhen Shenfubao (Group) Co. Ltd. 43500.00 43500.00
Shenzhen Shenfubao Eastern Investment
14704.85
Development Co. Ltd.Shenzhen Investment Holdings Co. Ltd. 133597.44 133597.44
Shenzhen Xiangmihu International Exchange
14806.9414806.94
Center Development Co. Ltd.Shenzhen Urban Construction Mingyuan
18450.0018450.00
Industrial Co. Ltd.Total 724882.35 844485.57
Other Shenzhen Hi-tech Zone Development
53071.467105.54167086.4310525.99
receivables Construction Co. Ltd.Shenzhen Convention & Exhibition Center
1000.001000.00
Management Co. Ltd.ShenZhen Special Economic Zone Real Estate &
Properties (Group) Co. Ltd. and its consolidated
100000.0030000.00100000.0030000.00
subsidiaries except where the context otherwise
requires
Shenzhen Binjiang Industry Co. Ltd. 49397.40 548.79 10000.00 300.00
Shenzhen Large Industrial Zone (Shenzhen
Export Processing Zone) Development 102583.54 10258.35 102583.54 3258.35
Management Group Co. Ltd.Shenzhen Qianhai Advanced Information Service
10720575.27321617.2610720575.27321617.26
Co. Ltd.1
Shenzhen Shenfubao (Group) Co. Ltd. 81264.60 2437.94 81264.60 2437.94
Shenzhen Shenfubao Eastern Investment
350000.0035000.00350000.0010500.00
Development Co. Ltd.Shenzhen Shentou Property Development Co.
81233.0081233.0081233.0081233.00
Ltd.Shenzhen Investment Holdings Co. Ltd. 685740.90 278254.03 685740.90 157127.32
Shenzhen Xinhai Holding Co. Ltd. 201499990.18 6044999.71 201499990.18 6044999.71
Shenzhen Xinhai Rongyao Real Estate
375068984.5511252069.54375068984.5511252069.54
Development Co. Ltd.Shenzhen Tianjun Industrial Co. Ltd. 10000000.00 10000000.00
Shenzhen Bay Technology Development Co.
1765397.2652961.9210065313.75301959.41
Ltd.Shenzhen Wufang Ceramics Industrial Co. Ltd. 1747264.25 1747264.25 1747264.25 1747264.25
Shenzhen Representative Office of Hong Kong
24065.37264.72
Haipeng Development Co. Ltd.Total 602330567.78 19864015.05 610681036.47 19963292.77
(2) Accounts Payable
Unit: RMB
Project name Related parties Ending carrying amount Beginning carrying amount
Shenzhen General Institute of Architectural
Accounts payable 1545793.00 2102761.00
Design and Research Co. Ltd.Shenzhen Qianhai Advanced Information
1 7126060.00 8126060.00 Service Co. Ltd.
Shenzhen Shentou Property Development
872687.37889007.87
Co. Ltd.Shenzhen SDG Service Co. Ltd. 792860.00 564288.00
Total 10337400.37 11682116.87
Other payables Shenzhen Guarantee Group Co. Ltd. 1494841.29 1494841.29
134ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Shenzhen Talent Recruitment International
147132.37147132.37
Co. Ltd.Shenzhen Free Trade Zone Life Service Co.
4850.004850.00
Ltd.Shenzhen Construction Development
152227.00152227.00
(Group) Company
Shenzhen Large Industrial Zone (Shenzhen
Export Processing Zone) Development 63177.80 31218.60
Management Group Co. Ltd.Shenzhen South Certification Co. Ltd. 34002.15 34002.15
Shenzhen Shenfubao (Group) Co. Ltd. 3367322.90 2863523.56
Shenzhen Shenfubao Eastern Investment
158726.83117693.11
Development Co. Ltd.Shenzhen Shentou Property Development
8831047.618621679.48
Co. Ltd.Shenzhen Cultural Business Development
773680.00773680.00
Co. Ltd.Tian’an International Building Property
5214345.905214345.90
Management Company of Shenzhen
Shenzhen Bay Technology Development Co.
85222136.56143003641.12
Ltd.Shenzhen Bay Area Urban Construction and
360752.18360752.18
Development Co. Ltd.Shenzhen Real Estate Jifa Warehousing Co.
42296665.1442296665.14
Ltd.Shenzhen Infinova Limited 144219.02 144219.02
Yangzhou Lvfa Real Estate Co. Ltd. 355481082.79 369623672.79
China Shenzhen Foreign Trade (Group)
101850.10
Corp. Ltd.Total 503848059.64 574884143.71
Note 1: The other receivables of the Company to Shenzhen Qianhai Advanced Information Service Co. Ltd. (hereinafter referred to
as “Qianhai Advanced”) are advance money paid in advance due to the demolition of Guanlan Bangling Project. According to the
joint and several guarantee commitment letter signed by Shenzhen Xinhai Rongyao Real Estate Development Co. Ltd. Xinhai
Rongyao is jointly and severally liable for the tax and interest advanced by the Company. Out of prudence the Company's
transactions to Qianhai Advanced are disclosed.
7. Commitments of Related Party
8. Other
XV. Share-based Payment
1. The Overall Situation of Share-based Payments
□Applicable □Not applicable
2. Equity-settled Share-based Payments
□Applicable □Not applicable
3. Cash-settled Share-based Payments
□Applicable □Not applicable
4. Share-Based Payment Expenses for the Period
□Applicable □Not applicable
135ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
5. Modification and Termination of Share-based Payment
6. Other
XVI. Commitments and Contingency
1. Significant Commitments
Significant commitments on balance sheet date
Signed large amount contract under performing or to be performed
Item Amount of Current Period Same period of last year
Commitments signed but hasn’t been recognized in
3047663480.312132088014.66
large amount
2. Contingency
(1) Significant Contingency on Balance Sheet Date
(1) The action about transferring Jiabin Building contentious matter
In 1993 the Company signed Right of Development Transfer Contract of Jiabin Building with Shenzhen Jiyong Property
Development Co. Ltd. (hereinafter referred to as “Jiyong Company”). Since the contract was not effectively executed the Company
subsequently filed a series of lawsuits against the parties involved in the project but the outcome was not favorable to the Company.Therefore the Company calculated and withdrew bad-debt provisions for accounts receivable from Jiyong Company in full in past
years for the transfer of Jiabin Building. On October 31 2018 Shenzhen Intermediate People’s Court made a civil award and ruled
that the Company’s application for the bankruptcy of Jiyong Company would not be 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 maintain the
original ruling. As of the issuance date of the report there is no new progress in the case.
(2) The arbitration case of property contract dispute of Software Park Phase I between the Fourth Owners' Committee of Shenzhen
Nanshan District Software Park (Applicant) and Shenzhen ITC Technology Park Service Co. Ltd. (Respondent 1 hereinafter
referred to as the "ITC Technology Park Company") plus the High-tech Zone Branch of Shenzhen ITC Technology Park Service Co.Ltd. (Respondent 2 hereinafter referred to as the "High-tech Zone Branch")
In February and March 2021 the High-tech Zone Branch and the ITC Technology Park Company received arbitration notices
respectively of the case [2021] Shenguozhongshou No. 541 and [2021] Shenguozhongshou No. 1063. The Fourth Owners'
Committee of Shenzhen Nanshan District Software Park applied for the following award: Respondent 1 shall return
RMB9893677.82 and fund occupation fee of RMB3272665.99 (temporarily calculated from July 1 2012 to January 31 2021)
totaling RMB13166343.81; respondent 1 shall bear the attorney's fee of RMB30000.00; respondent 2 shall return
RMB31077017.59 and RMB635929.44 of fund occupation fee (temporarily calculated from July 1 2020 to January 31 2021)
totaling RMB31712947.03; respondent 2 shall bear the attorney's fee of RMB30000.00. The total amount of the above is
RMB45209290.84.On August 21 2022 the Arbitration Tribunal held the second hearing to inquire about the audit report issued by the third-party
auditor and the details of the case on September 5 2022 Jun & Partners responded to the Special Audit Report of Case No. 541 and
Case No. 1063. On 23 March and 24 March 2023 two arbitration awards were received respectively and according to the conclusion
of arbitration awards the High-tech Zone Branch should return approximately RMB540000 of public revenue to the Owners'
Committee of Shenzhen Nanshan District Software Park (in spite of RMB32 million requested by the Owners' Committee); in regard
to the arbitration case between the ITC Technology Park Company and the Owners' Committee of Shenzhen Nanshan District
Software Park all requests of the latter have been rejected by the arbitration tribunal (in spite of RMB13 million requested by the
Owners' Committee).
(3) Litigation case about Shenzhen Basepoint Intelligent Co. Ltd.
On 20 August 2017 Shenzhen Facility Management Community Technology Co. Ltd. signed a Software Service Contract with
China Merchants Property Intelligent Facility Management Platform. The company procured a RMB3 million facility management
system from Basepoint for the project (31 items). During delivery of the project only 11 items of the system delivered by Basepoint
passed the acceptance inspection leaving the full delivery unfinished. Therefore the Company failed to reach a consensus with
Basepoint on payment and the latter sued the Company in 2021 making RMB3 million of the Company's fund locked up. According
to the judgment of first instance on 10 August 2022 the Company should compensate RMB3 million to Basepoint. The Company
136ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
refused to accept the first instance judgment and instituted an appeal for second instance in 2022. The second instance was heard on
11 August 2023 and is awaiting judgment. The Shenzhen Intermediate People's Court ruled on April 19 2024 that the case should be
remanded to the Futian District People's Court for retrial and the retrial is now in progress.
(4) Arbitration case concerning civil loan dispute of Shenzhen Rongyao Real Estate Development Co. Ltd.
Due to Xinhai Rongyao and Xinhai Holding's failure to repay principal and interest to Rongyao Real Estate on schedule Rongyao
Real Estate has applied to the Shenzhen Court of International Arbitration for arbitration. The arbitral award orders Xinhai Rongyao
and Xinhai Holding to repay Rongyao Real Estate the full loan principal of RMB671913800 and corresponding interest (at an
annual interest rate of 11% calculated based on the principal amount of RMB671913800 yuan from 4 August 2022 until the full
repayment of the loan; provisionally amounting to RMB49068400). The award further decides that Xinhai Investment Urban
Construction Property Service Company Lianghong Industry and Tiancheng Investment shall bear joint and several liability for the
obligations and responsibilities of Xinhai Rongyao and Xinhai Holding under the first arbitration claim. It also decrees that all
respondents shall bear the attorney fees of RMB1.2 million paid by Rongyao Real Estate. Lastly the award requires all respondents
to cover the full arbitration costs and property preservation expenses of this case. The provisional total amount owed currently stands
at RMB722182200.The case has proceeded to the stage of appointment of arbitrators who will constitute the arbitration tribunal. Subsequently the
respondent initiated a proceeding at the Shenzhen Intermediate People's Court seeking confirmation of the validity of the arbitration
agreement resulting in the Arbitration Institute temporarily suspending its hearing of the case. On 27 December 2023 the Shenzhen
Intermediate People's Court conducted a hearing on the case of confirming the validity of the arbitration agreement. On 26 February
2024 the Shenzhen Intermediate People's Court made a ruling rejecting the application made by Xinhai Holding to confirm the
validity of the arbitration agreement. On 29 July 2024 Rongyao Real Estate received the Shenzhen Court of International
Arbitration's Notice of Resumption of Arbitration Procedure [(2023) Shenguozhongshou No. 2970-10] which showed that in view of
the fact that the Shenzhen Intermediate People's Court of Guangdong Province had made the Civil Ruling ([2023] Yue 03 Minte No.
1308) rejecting the respondent's application to confirm the invalidity of the arbitration agreement the court of arbitration believed
that the reason for suspending the arbitration procedure had disappeared and decided to resume the arbitration procedure in this case.
(5) Arbitration case concerning equity transfer dispute of ShenZhen Properties & Resources Development (Group) Ltd.
Due to the failure of Xinhai Rongyao to pay compensation for investment losses to Shenzhen Property Group as agreed Shenzhen
Property Group has applied to the Shenzhen Court of International Arbitration for arbitration. It was ruled that Xinhai Rongyao must
pay RMB170556833.33 to Shenzhen Property Group as compensation for investment loss; that Sichuan Trust does not legally
possess the 1% equity interest registered in its name in Shenzhen Rongyao Real Estate Development Co. Ltd. And that Xinhai
Rongyao is the actual owner of this 1% equity interest; that Xinhai Rongyao must pledge and register its actually-held 31% equity
interest in Shenzhen Rongyao Real Estate Development Co. Ltd. to Shenzhen Property Group; that Sichuan Trust must cooperate in
facilitating the registration procedures for the pledge of the aforementioned 1% equity interest in Shenzhen Rongyao Real Estate
Development Co. Ltd.; that both Xinhai Rongyao and Sichuan Trust must bear the legal fees of RMB780000 incurred by Shenzhen
Property Group; that Xinhai Rongyao and Sichuan Trust must cover all arbitration costs and property preservation expenses in this
case. The provisional total amount involved in these rulings amounts to RMB171336833.33.The case has proceeded to the stage of appointment of arbitrators who will constitute the arbitration tribunal. The respondent filed a
case to confirm the validity of the arbitration agreement with the Shenzhen Intermediate People's Court in August this year causing
the court of arbitration to temporarily suspend the trial of the case. The Shenzhen Intermediate People's Court has rejected the other
party's application and the case was heard at the Shenzhen Court of International Arbitration on 14 December 2023. On 12 April
2024 we received the arbitration award which ruled that Xinhai Rongyao should pay RMB50 million in investment loss
compensation to SZPRD; Xinhai Rongyao must pledge and register its 30% equity interest in Rongyao Real Estate to SZPRD;
Xinhai Rongyao compensates SZPRD for lawyer fees of RMB150000 preservation fees of RMB3000 preservation insurance fees
of RMB41120.84 and arbitration fee of RMB658188.60. The respondent failed to fulfill the award agreement on time and we have
applied for enforcement and have pledged 30% of the equity interest held by Xinhai Rongyao to Shenzhen Property Group.
(6) As a real estate developer the Company provides mortgage loan guarantees and pays loan deposits for commercial housing
purchasers according to the operation practice of the real estate industry. By 30 June 2024 the balance of the deposit not discharged
with guarantee was RMB1134757.40 which would be discharged when the mortgage loans are paid off.As a real estate developer the Company provides mortgage loan guarantees for commercial housing purchasers according to the
operation practice of the real estate industry. By 30 June 2024 the balance of the deposit not discharged with guarantee was
RMB335272511.16 which would be discharged when the mortgage loans are paid off.
(2) Explanation shall be given even if there is no significant contingency for the Company to disclose
There was no significant contingency in the Company to disclose.
3. Others
137ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
XVII. Events after Balance Sheet Date
1. Significant Non-adjustment Matters
Unit: RMB
Influence number to the
Reason of inability to estimate
Item Contents financial position and operating
influence number
results
2. Distribution of Profit
3. Sales Return
4. Notes to Other Events after Balance Sheet Date
XVIII. Other Significant Matters
1. The Accounting Errors Correction in Previous Period
(1) Retrospective Restatement
Unit: RMB
Name of the influenced report
Content Processing program Accumulative impact
items during comparison period
(2) Prospective Application
Reason for adopting prospective
Content Processing program
application
2. Debt Restructuring
3. Assets Replacement
(1) Non-monetary Assets Exchange
(2) Other Assets Replacement
4. Pension Plans
5. Discontinued Operations
Unit: RMB
Profit from
discontinued
operations
Income tax
Item Revenue Costs Total profit Net profit attributable to
expense
owners of the
Company as the
parent
Other notes:
138ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
6. Segment Information
(1) Determination Basis and Accounting Policies of Reportable Segment
In accordance with the internal organization structure management requirements and internal report system the
Company identifies the reportable segment based on the business segment and assesses the operational
performance of real estate sales property management and lease service. The assets and liabilities sharing with
other segments shall be proportionally distributed among segments by scales.
(2) The Financial Information of Reportable Segment
Unit: RMB
Property House leasing Offset among
Item Real estate business Total
management business segment
Operating Revenue 13841686.40 771525962.31 70660796.54 856028445.25
Operating cost 4621045.97 621695503.76 42774922.45 669091472.18
Total assets 14246551569.13 1823014009.48 589096694.94 16658662273.55
Total liabilities 10661488230.89 1361475949.99 116652207.49 12139616388.37
(3) If there Was no Reportable Segment or the Total Amount of Assets and Liabilities of Each Reportable
Segment Could not Be Reported Relevant Reasons Shall Be Clearly Stated
(4) Other notes
7. Other Significant Transactions and Events with Influence on Investors’ Decision-making
8. Other
XIX. Notes of Main Items in the Financial Statements of the Company as the Parent
1. Accounts Receivable
(1) Disclosure by Aging
Unit: RMB
Aging Ending carrying amount Beginning carrying amount
Within one year (including 1 year) 17709084.58 123156033.99
One to two years 109428686.37 1024931.55
Two to three years 28440.00 716023.90
More than three years 96923486.35 96824380.44
Three to four years 9756.00 9756.09
Four to five years 211460.95 112354.95
Over 5 years 96702269.40 96702269.40
Total 224089697.30 221721369.88
(2) Disclosure by Withdrawal Methods for Bad Debts
Unit: RMB
Ending balance Beginning balance
Category
Carrying amount Bad debt provision Carrying Carrying amount Bad debt provision Carrying
139ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Withdrawal value Withdrawal value
Amount Proportion Amount Amount Proportion Amount
proportion proportion
Accounts
receivable
withdrawal 9824690 9824690 98246909. 982469
of Bad debt 43.84% 100.00% 0.00 44.31% 100.00% 0.00
provision 9.94 9.94 94 09.94
separately
accrued
Of which:
Accounts
receivable
withdrawal 1258427 1124660 1145961 123474459 344530 120029
of bad debt 56.16% 8.94% 55.69% 2.79% 87.36 7.41 79.95 .94 1.16 158.78
provision of
by group
Of which:
224089610949351145961221721369101692120029
Total 100.00% 48.86% 100.00% 45.86%
97.3017.3579.95.88211.10158.78
Category name of bad debt provision separately accrued: Accounts receivable withdrawal of bad debt provision separately accrued
Unit: RMB
Beginning balance Ending balance
Name Bad debt Bad debt Withdrawal Reason for
Carrying amount Carrying amount
provision provision proportion withdraw
Shenzhen Jiyong
Properties & Involved in
Resources 93811328.05 93811328.05 93811328.05 93811328.05 100.00% lawsuit and
Development unrecoverable
Company
Luohu District
Long aging and
Economic
54380.35 54380.35 54380.35 54380.35 100.00% expected
Development
unrecoverable
Company
Shenzhen Tewei
Long aging and
Industry Co.
2836561.00 2836561.00 2836561.00 2836561.00 100.00% expected
Ltd. (Chenhui
unrecoverable
Building)
Individually
immaterial but Involved in
individually 1544640.54 1544640.54 1544640.54 1544640.54 100.00% lawsuit and
provided for bad unrecoverable
debts
Total 98246909.94 98246909.94 98246909.94 98246909.94
Category name of withdrawal of bad debt provision by group: Accounts receivable withdrawal of bad debt provision by the portfolio
of credit risk features
Unit: RMB
Ending balance
Name
Carrying amount Bad debt provision Withdrawal proportion
Portfolio of credit risk features 113717010.23 11246607.41 9.89%
Government portfolio 12125777.13
Total 125842787.36 11246607.41
Notes to the determination basis for the group:
If adopting the general mode of expected credit loss to withdraw bad debt provision of accounts receivable:
□Applicable □Not applicable
(3) Bad Debt Provision Withdrawal Reversed or Recovered in the Current Period
Withdrawal of bad debt provision:
140ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Unit: RMB
Changes in the current period
Beginning
Category Reversed or Ending balance
balance Withdrawal Verification Others
recovered
Bad debt
provision 98246909.94 98246909.94
accrued by item
Withdrawal of
bad debt
3445301.167801306.2411246607.41
provision by
group
Total 101692211.10 7801306.24 109493517.35
Of which significant amount of recovered or transferred-back bad debt provision for the current period:
Unit: RMB
Basis and rationality of
Amount reversed or determining the original
Name of the entity Reason for reversal Way of recovery
recovered withdrawal proportion of
bad debt provision
(4) Accounts Receivable Written-off in Current Period
Unit: RMB
Item Written-off amount
Of which the verification of significant accounts receivable:
Unit: RMB
Verification Whether occurred
Reason for
Name of the entity Nature Written-off amount procedures because of related-
verification
performed party transactions
Notes to verification of accounts receivable:
(5) Top 5 of the Ending Balance of the Accounts Receivable and the Contract Assets Collected according to
Arrears Party
Unit: RMB
Ending balance of
bad debt provision
Proportion to total
Ending balance of of accounts
Ending balance of Ending balance of ending balance of
Name of the entity accounts receivable receivable and
accounts receivable contract assets accounts receivable
and contract assets impairment
and contract assets
provision for
contract assets
Shenzhen Futian
109392112.37109392112.3748.82%10939211.24
Talent Anju Co. Ltd.Shenzhen Jiyong
Properties &
Resources 93811328.05 93811328.05 41.86% 93811328.05
Development
Company
Shenzhen Futian
District Government
12125777.1312125777.135.41%
Property
Management Centre
Shenzhen Tewei
2836561.002836561.001.27%2836561.00
Industry Co. Ltd.Shenzhen Feihuang 769919.05 769919.05 0.34% 769919.05
141ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Industrial Co. Ltd.Total 218935697.60 218935697.60 97.70% 108357019.34
2. Other Receivables
Unit: RMB
Item Ending balance Beginning balance
Interest receivable 0.00 0.00
Dividend receivable 0.00 0.00
Other receivables 4564271534.77 4489713785.01
Total 4564271534.77 4489713785.01
(1) Interest Receivable
1) Category of Interest Receivable
Unit: RMB
Item Ending balance Beginning balance
Total 0.00 0.00
2) Significant Overdue Interest
Unit: RMB
Whether occurred
Entity Ending balance Overdue time Overdue reason impairment and its
judgment basis
Other notes:
3) Disclosure by Withdrawal Methods for Bad Debts
□Applicable □Not applicable
4) Bad Debt Provision Withdrawal Reversed or Recovered in the Current Period
Unit: RMB
Changes in the current period
Beginning
Category Reversed or Charged- Ending balance
balance Withdrawal Other changes
recovered off/Written-off
Of which significant amount of recovered or transferred-back bad debt provision for the current period:
Unit: RMB
Basis and rationality of
Amount reversed or determining the original
Name of the entity Reason for reversal Way of recovery
recovered withdrawal proportion of
bad debt provision
Other notes:
5) Interest Receivable Written-off in Current Period
Unit: RMB
Item Written-off amount
Of which the verification of significant interest receivable:
Unit: RMB
Reason for Verification Whether occurred
Name of the entity Nature Written-off amount
verification procedures because of related-
142ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
performed party transactions
Notes to verification:
Other notes:
(2) Dividend Receivable
1) Category of Dividend Receivable
Unit: RMB
Project (or investee) Ending balance Beginning balance
Total 0.00 0.00
2) Significant Dividends Receivable Aging over 1 Year
Unit: RMB
Whether occurred
Project (or investee) Ending balance Aging Reason impairment and its
judgment basis
3) Disclosure by Withdrawal Methods for Bad Debts
□Applicable □Not applicable
4) Bad Debt Provision Withdrawal Reversed or Recovered in the Current Period
Unit: RMB
Changes in the current period
Beginning
Category Reversed or Charged- Ending balance
balance Withdrawal Other changes
recovered off/Written-off
Of which significant amount of recovered or transferred-back bad debt provision for the current period:
Unit: RMB
Basis and rationality of
Amount reversed or determining the original
Name of the entity Reason for reversal Way of recovery
recovered withdrawal proportion of
bad debt provision
Other notes:
5) Dividends Receivable Written-off in Current Period
Unit: RMB
Item Written-off amount
Of which the verification of significant dividends receivable:
Unit: RMB
Verification Whether occurred
Reason for
Name of the entity Nature Written-off amount procedures because of related-
verification
performed party transactions
Notes to verification:
Other notes:
143ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
(3) Other Receivables
1) Category of Other Receivables by Account Nature
Unit: RMB
Nature Ending carrying amount Beginning carrying amount
Guaranteed deposit 2235527.00 2555194.00
Payment on behalf 39020.00 39020.00
External intercourse funds 23346407.91 134608516.50
Intercourse funds to subsidiary 4568945452.34 4383952304.98
Total 4594566407.25 4521155035.48
2) Disclosure by Aging
Unit: RMB
Aging Ending carrying amount Beginning carrying amount
Within one year (including 1 year) 4564154757.63 4489358790.65
One to two years 97134.37 336882.00
Two to three years 1000.00 35449.05
More than three years 30313515.25 31423913.78
Three to four years 35449.05 69600.00
Four to five years 69600.00
Over 5 years 30208466.20 31354313.78
Total 4594566407.25 4521155035.48
3) Disclosure by Withdrawal Methods for Bad Debts
Unit: RMB
144ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Ending balance Beginning balance
Category Carrying amount Bad debt provision Carrying amount Bad debt provision
Withdrawal Carrying value Withdrawal Carrying value
Amount Proportion Amount Amount Proportion Amount
proportion proportion
Bad debt
provision
128406015.152.79%21339688.5016.62%107066326.65127631562.612.82%22485536.0817.62%105146026.53
separately
accrued
Of which:
Withdrawal
of bad debt
4466160392.1097.21%8955183.980.20%4457205208.124393523472.8797.18%8955714.390.20%4384567758.48
provision
by group
Of which:
Total 4594566407.25 100.00% 30294872.48 0.66% 4564271534.77 4521155035.48 100.00% 31441250.47 0.70% 4489713785.01
Category name of bad debt provision separately accrued: Other receivables of bad debt provision separately accrued
Unit: RMB
Beginning balance Ending balance
Name Bad debt Bad debt Withdrawal Reason for
Carrying amount Carrying amount
provision provision proportion withdraw
Shum Yip
Properties Long-term
111203099.256057072.72111977551.794911225.144.39%
Development uncollectible
Limited
Dameisha Long-term
2576445.692576445.692576445.692576445.69100.00%
Tourism Centre uncollectible
Hong Kong
Hang Yue
Development Long-term
3271837.783271837.783271837.783271837.78100.00%
Company uncollectible
Limited (Wuyao
Company)
Elevated train Long-term
2542332.432542332.432542332.432542332.43100.00%
project uncollectible
Shanghai Yutong
Long-term
Real Estate Co. 5676000.00 5676000.00 5676000.00 5676000.00 100.00%
uncollectible
Ltd.Individually
immaterial but
Long-term
individually 2361847.46 2361847.46 2361847.46 2361847.46 100.00%
uncollectible
provided for bad
debts
Total 127631562.61 22485536.08 128406015.15 21339688.50
Category name of withdrawal of bad debt provision by group: Other receivables with withdrawal of bad debt provision by the
portfolio of credit risk features
Unit: RMB
Ending balance
Name
Carrying amount Bad debt provision Withdrawal proportion
Within one year 99610.43 2988.32 3.00%
1-2 years 97134.37 9713.44 10.00%
2-3 years 1000.00 300.00 30.00%
3-4 years 35449.05 17724.53 50.00%
145ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
4-5 years 69600.00 55680.00 80.00%
Over 5 years 8868777.70 8868777.70 100.00%
Total 9171571.55 8955183.98
Notes to the determination basis for the group:
Withdrawal of bad debt provision by adopting the general mode of expected credit loss:
Unit: RMB
First stage Second stage Third stage
Expected loss in the
Bad debt provision Expected loss in the Expected credit loss in duration (credit Total
duration (credit
the next 12 months impairment not
impairment occurred)
occurred)
Balance of 1 January
9001751.0822439499.3931441250.47
2024
Balance of 1 January
2024 in the current
period
Withdrawal of the
-1146377.99-1146377.99
current period
Balance of 30 June 2024 9001751.08 21293121.40 30294872.48
The basis for the division of each stage and the withdrawal proportion of bad debt provision
Changes of carrying amount with significant amount changed of loss provision in the current period
□Applicable □Not applicable
4) Bad Debt Provision Withdrawn Reversed or Recovered in the Current Period
Withdrawal of bad debt provision:
Unit: RMB
Changes in the current period
Beginning
Category Ending balance
balance Reversed or Charged-
Withdrawal Others
recovered off/Written-off
Bad debt
provision
31441250.47-1146377.9930294872.48
withdrawn
separately
Total 31441250.47 -1146377.99 30294872.48
Of which the bad debt provision recovered or transferred-back with significant amount during the current period:
Unit: RMB
Basis and rationality of
Amount reversed or determining the original
Name of the entity Reason for reversal Way of recovery
recovered withdrawal proportion of
bad debt provision
146ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
5) Particulars of the Actual Verification of Other Receivables during the Current Period
Unit: RMB
Item Written-off amount
Of which the verification of significant other receivables:
Unit: RMB
Verification Whether occurred
Reason for
Name of the entity Nature Written-off amount procedures because of related-
verification
performed party transactions
Notes to the verification of other receivables:
6) Top 5 of the Ending Balance of Other Receivables Collected according to the Arrears Party
Unit: RMB
Proportion to total
Ending balance of
Name of the entity Nature Ending balance Aging ending balance of
bad debt provision
other receivables %
Dongguan Wuhe Current account
2113760170.00 Within 1 year 46.01%
Real Estate Co. Ltd. funds
Shenzhen
Current account
Guangming Wuhe 1471000000.00 Within 1 year 32.02%
funds
Real Estate Co. Ltd.Yangzhou Wuhe Current account
721751463.04 Within 1 year 15.71%
Real Estate Co. Ltd. funds
Shum Yip Properties
Current account
Development 111977551.79 Over 5 years 2.44% 4911225.14
funds
Company Limited.SZPRD Xuzhou
Dapeng Real Estate Current account
41502481.77 Within 1 year 0.90%
Development Co. funds
Ltd.Total 4459991666.60 97.08% 4911225.14
7) Presentation in Other Receivables due to the Centralized Management of Funds
Unit: RMB
Other notes:
3. Long-term Equity Investment
Unit: RMB
Ending balance Beginning balance
Item Impairment Impairment
Carrying amount Carrying value Carrying amount Carrying value
provision provision
Investment to
1356325401.1065834000.001290491401.101356325401.1065834000.001290491401.10
subsidiaries
Investment to
joint ventures
103454107.2218983614.1484470493.08103041364.6918983614.1484057750.55
and associated
enterprises
Total 1459779508.32 84817614.14 1374961894.18 1459366765.79 84817614.14 1374549151.65
147ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
(1) Investment to Subsidiaries
Unit: RMB
Increase/decrease for the current period
Beginning Ending
Beginning balance balance of Withdrawal Ending balance balance of
Investee
(carrying value) depreciation Additional Reduced of Others (Carrying value) depreciation
reserve investment investment impairment reserve
provision
Shenzhen
Huangcheng
35552671.9335552671.93
Real Estate
Co. Ltd.Shenzhen
Wuhe
Industry
44950000.0044950000.00
Investment
Development
Co. Ltd.SZPRD
Yangzhou
Real Estate 50000000.00 50000000.00
Development
Co. Ltd.Dongguan
ITC
Changsheng
20000000.0020000000.00
Real Estate
Development
Co. Ltd.Shenzhen
International
Trade Center
195337851.23195337851.23
Property
Management
Co. Ltd.Shenzhen
Property
Engineering
and 3000000.00 3000000.00
Construction
Supervision
Co. Ltd.SZPRD
Commercial
63509120.3263509120.32
Operation
Co. Ltd.Zhanjiang
Shenzhen
Real Estate 2530000.00 2530000.00
Development
Co. Ltd.Shum Yip
Properties
15834000.0015834000.00
Development
Limited
SZPRD
Xuzhou
Dapeng Real
50000000.0050000000.00
Estate
Development
Co. Ltd.Shenzhen
Rongyao
Real Estate 508000000.00 508000000.00
Development
Co. Ltd.SZPRD
Urban
77474479.2977474479.29
Renewal Co.Ltd.Dongguan
Wuhe Real
50000000.0050000000.00
Estate Co.Ltd.
148ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Shenzhen
Guangming
Wuhe Real 50000000.00 50000000.00
Estate Co.Ltd.Shenzhen
Wuhe Urban
236641757.62236641757.62
Renewal Co.Ltd.Yangzhou
Wuhe Real
33500000.0033500000.00
Estate Co.Ltd.Total 1290491401.10 65834000.00 80004479.29 1290491401.10 65834000.00
(2) Investment to Joint Ventures and Associated Enterprises
Unit: RMB
Increase/decrease for the current period
Beginning Beginning Gains and Cash Ending Ending
balance balance of losses Adjustment of Withdrawal balance balance of
Investee Changes bonus or
(carrying depreciation Additional Reduced recognized other of of other profits Others (Carrying depreciation
value) reserve investment investment under the comprehensive impairment equity announced value) reserve
equity income provision
to issue
method
I. Joint ventures
Shenzhen
Real Estate
Jifa 48065818.51 933160.15 48998978.66
Warehousing
Co. Ltd.Tian’an
International
Building
-
Property 7050937.33 6444694.54
Management 606242.79
Company of
Shenzhen
Subtotal 55116755.84 326917.36 55443673.20
II. Associated enterprises
Shenzhen
Wufang
Ceramics 18983614.14 18983614.14
Industrial
Co. Ltd.CSCEC
Intelligent
Parking 28940994.71 85825.17 29026819.88
Technology
Co. Ltd.Subtotal 28940994.71 18983614.14 85825.17 29026819.88 18983614.14
Total 84057750.55 18983614.14 412742.53 84470493.08 18983614.14
The recoverable amount is determined based on the net amount of the fair value minus disposal costs
□Applicable □
Not applicable
The recoverable amount is determined by the present value of the forecasted future cash flow.□Applicable □Not applicable
The reason for the discrepancy between the foregoing information and the information used in the impairment tests in prior years or
external information
The reason for the discrepancy between the information used in the Company's impairment tests in prior years and the actual
situation of those years
149ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
(3) Other Notes
4. Operating Revenue and Cost of Sales
Unit: RMB
Amount for the current period Amount for the previous period
Item
Revenue Cost Revenue Cost
Principal business 23191058.10 24213582.29 995033423.48 698031149.77
Others 8846155.38 8588500.36
Total 32037213.48 24213582.29 1003621923.84 698031149.77
Breakdown information of operating income and operating cost:
Unit: RMB
Segment 1 Segment 2 Total
Category of
Operating Operating Operating Operating Operating Operating
contracts Operating cost Operating cost
Revenue Revenue cost Revenue cost Revenue
Business
32037213.4824213582.2932037213.4824213582.29
Type
Of which:
Real estate
sales 8846155.38 8846155.38
business
House
leasing 23191058.10 24213582.29 23191058.10 24213582.29
business
Classification
by operating 32037213.48 24213582.29 32037213.48 24213582.29
region
Of which:
Shenzhen 32037213.48 24213582.29 32037213.48 24213582.29
Market or
customer
type
Of which:
Contract type
Of which:
Classification
by time of
commodity
transfer
Of which:
Classification
by contract
term
Of which:
Classification
by sales
channel
Of which:
Total 32037213.48 24213582.29 32037213.48 24213582.29
Information about performance obligations:
150ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Funds Type of quality
Nature of goods
Timing of Whether or not undertaken by assurance
that the
fulfilment of Important the person the Company provided by the
Item Company is
performance payment terms primarily expected to be Company and
committed to
obligations responsible returned to related
transfer
customers obligations
Other notes:
The income of the parent company in current period was income from the sale of real estate and the rental business.Information in relation to the transaction price apportioned to the residual contract performance obligation:
The amount of revenue corresponding to performance obligations of contracts signed but not performed or not fully performed yet
was RMB0.00 at the period-end among which RMB__ was expected to be recognized in __ RMB__ was expected to be recognized
in __ and RMB__ was expected to be recognized in __.Significant contract changes or significant transaction price adjustments
Unit: RMB
Item Accounting treatment Amount of impact on revenue
Other notes:
5. Investment Income
Unit: RMB
Item Amount for the current period Amount for the previous period
Long-term equity investment income
412742.531857388.32
accounted by equity method
Total 412742.53 1857388.32
6. Other
XX. Supplementary Materials
1. Items and Amounts of Non-recurring Profit or Loss
□Applicable □Not applicable
Unit: RMB
Item Amount Note
Gains and losses on disposal of non-
26055.97
current assets
Government grants recognized in profit or
loss for the current period (except for
government grants closely related to the
Company's normal operating business in
244448.00
compliance with national policies and in
accordance with defined criteria and
having a continuous impact on the
Company's profit or loss)
Other non-operating income and expense
42678.11
other than the above
Other items of profit or loss that meet the Mainly to adjust prior year's VAT credits
-853475.03
definition of non-recurring profit or loss and deductions
Less: Income tax effects -164486.90
Effects of the minority shareholders' equity
150764.11
(net of tax)
151ShenZhen Properties & Resources Development (Group) Ltd. Interim Report 2024
Total -526570.16 --
Details of other profit and loss items in line with the definition of non-recurring gains and losses:
□ Applicable □ Not applicable
This is mainly due to the fact that the VAT plus credit preferential policy is valid until 31 December 2023 and this gain does not have
a sustained impact on the Company's profit or loss. Therefore the adjustment for this item based on actual filings in 2024 is included
in non-recurring gains and losses.Note to defining the non-recurring profit and loss items listed in the Explanatory Notice of Information Disclosure by Companies
Offering Securities to the Public No. 1 - Non-recurring Profit and Loss Items as recurring profit and loss items
□Applicable □Not applicable
2. Return on Equity and Earnings Per Share
EPS
Profit as of reporting period Weighted average ROE (%)
EPS-basic EPS-diluted
Net profit attributable to
ordinary shareholders of the 0.20% 0.0155 0.0155
Company
Net profit attributable to
ordinary shareholders of the
0.21%0.01550.0155
Company after deduction of
non-recurring profit or loss
3. Accounting Data Differences under PRC GAAP and Those under IFRSs
(1) Differences between Disclosed Net Profits and Net Assets in Financial Report in accordance with
International Accounting Standards and Chinese Accounting Standards
□Applicable □Not applicable
(2) Differences between Disclosed Net Profits and Net Assets in Financial Report in accordance with
Domestic Accounting Standards and Chinese Accounting Standards
□Applicable □Not applicable
(3) Explain Reasons for the Differences between Accounting Data Under Domestic and Overseas
Accounting Standards; for Any Adjustment Made to the Difference Existing in the Data Audited by the
Foreign Auditing Agent Such Foreign Auditing Agent's Name Shall Be Clearly Stated.
4. Others
152
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