ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
SHENZHEN PROPERTIES & RESOURCES DEVELOPMENT (GROUP) LTD.SEMIANNUAL FINANCIAL REPORT 2023
August 2023
1ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
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 2023
Unit: RMB
Item 30 June 2023 1 January 2023
Current assets:
Monetary assets 1392204627.76 1517528893.83
Settlement reserve
Interbank loans granted
Held-for-trading financial assets
Derivative financial assets
Notes receivable 0.00 0.00
Accounts receivable 416925839.15 419933915.30
Accounts receivable financing
Prepayments 10207824.31 100341806.56
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract reserve
Other receivables 624876343.49 639903523.33
Including: Interest receivable 0.00 0.00
Dividends receivable 0.00 0.00
Financial assets purchased under resale
agreements
Inventories 10848296900.64 10975334223.37
Contract assets 110384064.37 1094632.90
Assets held for sale
Current portion of non-current assets
Other current assets 70987410.26 65655266.27
Total current assets 13473883009.98 13719792261.56
Non-current assets:
Loans and advances to customers
Investments in debt obligations
Investments in other debt obligations
Long-term receivables 21920095.92 22651454.07
Long-term equity investments 81575705.63 79781437.31
Investments in other equity
635355.65887838.64
instruments
Other non-current financial assets
2ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Investment property 405664937.06 405762739.18
Fixed assets 72977952.16 82745172.12
Construction in progress
Productive living assets
Oil and gas assets
Right-of-use assets 55776458.18 70168415.65
Intangible assets 946082.32 1269382.91
Development costs
Goodwill 9446847.38 9446847.38
Long-term prepaid expense 19591506.08 21980602.46
Deferred income tax assets 1353192386.31 1383050586.04
Other non-current assets 3926873.08 2750873.08
Total non-current assets 2025654199.77 2080495348.84
Total assets 15499537209.75 15800287610.40
Current liabilities:
Short-term borrowings
Borrowings from the central bank
Interbank loans obtained
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 497515760.20 608283388.52
Advances from customers 1209185.48 2260847.31
Contract liabilities 119759723.57 920828040.81
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 193072434.89 239126392.02
Taxes payable 3925399672.99 3917278346.81
Other payables 1704126936.52 1515085832.45
Including: Interest payable 0.00 0.00
Dividends payable 227351128.25 12202676.04
Handling charges and commissions
payable
Reinsurance payables
Liabilities directly associated with
assets held for sale
Current portion of non-current liabilities 222669043.37 218858766.82
Other current liabilities 3392989.52 83991786.83
Total current liabilities 6667145746.54 7505713401.57
Non-current liabilities:
Insurance contract reserve
Long-term borrowings 4172450268.17 3618782344.00
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities 62925499.87 77963283.55
Long-term payables 0.00 0.00
Long-term employee benefits payable 0.00 0.00
Provisions 766612.52 766612.52
Deferred income 0.00 0.00
Deferred income tax liabilities 174168.87 241978.54
Other non-current liabilities 128251841.93 128008919.79
Total non-current liabilities 4364568391.36 3825763138.40
Total liabilities 11031714137.90 11331476539.97
3ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
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 0.00 0.00
Other comprehensive income -2450357.68 -3854377.95
Specific reserve
Surplus reserves 48886605.81 48886605.81
General reserve
Retained earnings 3695166352.46 3691056182.73
Total equity attributable to owners of the
4418069737.974412555547.97
Company as the parent
Non-controlling interests 49753333.88 56255522.46
Total owners’ equity 4467823071.85 4468811070.43
Total liabilities and owners’ equity 15499537209.75 15800287610.40
Legal representative: Liu Shengxiang Head of financial affairs: Cai Lili
Head of the financial department: Liu Qiang
2. Balance Sheet of the Company as the Parent
Unit: RMB
Item 30 June 2023 1 January 2023
Current assets:
Monetary assets 732674528.27 532263736.63
Held-for-trading financial assets
Derivative financial assets
Notes receivable
Accounts receivable 2719055.69 5137042.71
Accounts receivable financing
Prepayments
Other receivables 4596372355.43 5162396869.45
Including: Interest receivable
Dividends receivable 151433108.41 151433108.41
Inventories 93126982.22 793075051.53
Contract assets 109392112.37
Assets held for sale
Current portion of non-current assets
Other current assets 1025446.90 18130015.97
Total current assets 5535310480.88 6511002716.29
Non-current assets:
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments 1449541586.02 1447747317.70
Investments in other equity
865855.651118338.64
instruments
Other non-current financial assets
Investment property 264768426.75 260599477.89
Fixed assets 26787980.94 31577309.67
Construction in progress
4ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Productive living assets
Oil and gas assets
Right-of-use assets 3413718.30 3238351.85
Intangible assets
Development costs
Goodwill
Long-term prepaid expense 580220.67 860115.06
Deferred income tax assets 90295008.03 152942094.59
Other non-current assets 2511552650.86 2362376650.86
Total non-current assets 4347805447.22 4260459656.26
Total assets 9883115928.10 10771462372.55
Current liabilities:
Short-term borrowings
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 54032590.97 41228778.20
Advances from customers 0.00 952186.65
Contract liabilities 0.00 840878470.63
Employee benefits payable 50427323.40 56425731.67
Taxes payable 4149081.01 1783757.84
Other payables 7341237233.98 7258663180.38
Including: Interest payable
Dividends payable 215178094.61 29642.40
Liabilities directly associated with
assets held for sale
Current portion of non-current
190309485.27190431469.82
liabilities
Other current liabilities 0.00 75679062.35
Total current liabilities 7640155714.63 8466042637.54
Non-current liabilities:
Long-term borrowings 431200000.00 462000000.00
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities 2481170.16 1947178.87
Long-term payables
Long-term employee benefits payable
Provisions
Deferred income
Deferred income tax liabilities
Other non-current liabilities 40000000.00 40000000.00
Total non-current liabilities 473681170.16 503947178.87
Total liabilities 8113836884.79 8969989816.41
Owners’ equity:
Share capital 595979092.00 595979092.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves 53876380.11 53876380.11
Less: Treasury stock
Other comprehensive income -3018820.21 -2742841.65
5ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Specific reserve
Surplus reserves 48886605.81 48886605.81
Retained earnings 1073555785.60 1105473319.87
Total owners’ equity 1769279043.31 1801472556.14
Total liabilities and owners’ equity 9883115928.10 10771462372.55
3. Consolidated Income Statement
Unit: RMB
Item H1 2023 H1 2022
1. Revenue 1905464632.85 1988299840.24
Including: Operating revenue 1905464632.85 1988299840.24
Interest income
Insurance premium income
Handling charge and
commission income
2. Costs and expenses 1605529607.89 1648725222.85
Including: Cost of sales 1372159884.25 1068652583.32
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 45190786.03 394230719.81
Selling expense 13087297.05 11358858.51
Administrative expense 149188184.18 143701058.05
R&D expense 1711051.44 2689725.40
Finance costs 24192404.94 28092277.76
Including: Interest
31827441.3236281087.17
expense
Interest income 7930755.87 9179453.97
Add: Other income 5670088.91 6806445.99
Return on investment (“-” for loss) 1857388.32 946914.05
Including: Share of profit or loss
1857388.32859534.38
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
-13610779.58-14462076.54
loss)
6ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Asset impairment loss (“-” for
2045.933302.47
loss)
Asset disposal income (“-” for
174379.69-41452.49
loss)
3. Operating profit (“-” for loss) 294028148.23 332827750.87
Add: Non-operating income -204898.03 2546068.46
Less: Non-operating expense 357718.39 1417586.84
4. Profit before tax (“-” for loss) 293465531.81 333956232.49
Less: Income tax expense 78819275.76 92655204.26
5. Net profit (“-” for net loss) 214646256.05 241301028.23
5.1 By operating continuity
5.1.1 Net profit from continuing
214584900.22241301028.23
operations (“-” for net loss)
5.1.2 Net profit from discontinued
61355.830.00
operations (“-” for net loss)
5.2 By ownership
5.2.1 Net profit attributable to
shareholders of the Company as the 220903444.63 250802157.71
parent (“-” for net loss)
5.2.2 Net profit attributable to non-
-6257188.58-9501129.48
controlling interests (“-” for net loss)
6. Other comprehensive income net of
1404020.272063279.42
tax
Attributable to owners of the
1404020.272063279.42
Company as the parent
6.1 Items that will not be
-275978.56-118365.58
reclassified to profit or loss
6.1.1 Changes caused by
remeasurements on defined benefit 0.00 0.00
schemes
6.1.2 Other comprehensive
income that will not be reclassified to 0.00 0.00
profit or loss under the equity method
6.1.3 Changes in the fair value of
-275978.56-118365.58
investments in other equity instruments
6.1.4 Changes in the fair value
0.000.00
arising from changes in own credit risk
6.1.5 Other 0.00 0.00
6.2 Items that will be reclassified to
1679998.832181645.00
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- 1679998.83 2181645.00
denominated financial statements
6.2.7 Other
Attributable to non-controlling
0.000.00
interests
7. Total comprehensive income 216050276.32 243364307.65
7ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Attributable to owners of the
222307464.90252865437.13
Company as the parent
Attributable to non-controlling
-6257188.58-9501129.48
interests
8. Earnings per share
8.1 Basic earnings per share 0.3707 0.4208
8.2 Diluted earnings per share 0.3707 0.4208
Where business combinations under common control occurred in the Current Period the net profit achieved by the acquirees
before the combinations was RMB0 with the amount for the same period of last year being RMB0.Legal representative: Liu Shengxiang Head of financial affairs: Cai Lili
Head of the financial department: Liu Qiang.
4. Income Statement of the Company as the Parent
Unit: RMB
Item H1 2023 H1 2022
1. Operating revenue 1003621923.84 31589670.59
Less: Cost of sales 698031149.77 17210314.74
Taxes and surcharges 8373564.71 3188103.66
Selling expense 406096.84 189424.71
Administrative expense 47358840.75 45512068.89
R&D expense 0.00 0.00
Finance costs 6675706.20 4842416.19
Including: Interest expense 13125188.51 13164271.45
Interest income 3531500.73 5221428.26
Add: Other income 252975.99 182349.33
Return on investment (“-” for loss) 1857388.32 77583669.56
Including: Share of profit or loss
1857388.32859534.38
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
482276.3047995.81
loss)
Asset impairment loss (“-” for
loss)
Asset disposal income (“-” for
111000.730.00
loss)
2. Operating profit (“-” for loss) 245480206.91 38461357.10
Add: Non-operating income 413371.19 0.00
Less: Non-operating expense 15573.60 23576.47
3. Profit before tax (“-” for loss) 245878004.50 38437780.63
Less: Income tax expense 62647086.56 8672460.66
8ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
4. Net profit (“-” for net loss) 183230917.94 29765319.97
4.1 Net profit from continuing
183230917.9429765319.97
operations (“-” for net loss)
4.2 Net profit from discontinued
operations (“-” for net loss)
5. Other comprehensive income net of
-275978.56-118365.58
tax
5.1 Items that will not be reclassified
-275978.56-118365.58
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
-275978.56-118365.58
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
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 182954939.38 29646954.39
7. Earnings per share
7.1 Basic earnings per share 0.3074 0.0499
7.2 Diluted earnings per share 0.3074 0.0499
5. Consolidated Cash Flow Statement
Unit: RMB
Item H1 2023 H1 2022
1. Cash flows from operating activities:
Proceeds from sale of commodities
1134538536.261508257820.26
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
9ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
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 15030885.06 9187939.90
Cash generated from other operating
126769873.68461787150.96
activities
Subtotal of cash generated from
1276339295.001979232911.12
operating activities
Payments for commodities and services 1075770309.73 1486656535.01
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 495986685.15 503751276.86
Taxes paid 157276244.25 278354981.59
Cash used in other operating activities 127327714.02 106464348.75
Subtotal of cash used in operating
1856360953.152375227142.21
activities
Net cash generated from/used in
-580021658.15-395994231.09
operating activities
2. Cash flows from investing activities:
Proceeds from disinvestment
Return on investment 63120.00 0.00
Net proceeds from the disposal of fixed
assets intangible assets and other long- 73664.52 33054.00
lived assets
Net proceeds from the disposal of
subsidiaries and other business units
Cash generated from other investing
activities
Subtotal of cash generated from
136784.5233054.00
investing activities
Payments for the acquisition of fixed
assets intangible assets and other long- 2589103.59 8208285.38
lived assets
Payments for investments 1644822.69 240634030.00
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 4233926.28 248842315.38
10ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
activities
Net cash generated from/used in
-4097141.76-248809261.38
investing activities
3. Cash flows from financing activities:
Capital contributions received 0.00 1260000.00
Including: Capital contributions by
0.001260000.00
non-controlling interests to subsidiaries
Borrowings raised 590984586.17 286832330.00
Cash generated from other financing
activities
Subtotal of cash generated from
590984586.17288092330.00
financing activities
Repayment of borrowings 32316662.00 30900000.00
Interest and dividends paid 94407905.77 93476441.56
Including: Dividends paid by
245000.00
subsidiaries to non-controlling interests
Cash used in other financing activities 15224062.82 12142998.09
Subtotal of cash used in financing
141948630.59136519439.65
activities
Net cash generated from/used in
449035955.58151572890.35
financing activities
4. Effect of foreign exchange rates
2054469.552438091.50
changes on cash and cash equivalents
5. Net increase in cash and cash
-133028374.78-490792510.62
equivalents
Add: Cash and cash equivalents
1509693857.481963988756.69
beginning of the period
6. Cash and cash equivalents end of the
1376665482.701473196246.07
period
6. Cash Flow Statement of the Company as the Parent
Unit: RMB
Item H1 2023 H1 2022
1. Cash flows from operating activities:
Proceeds from sale of commodities
65620304.1025384592.62
and rendering of services
Tax rebates 0.00 0.00
Cash generated from other operating
720171786.001332729141.98
activities
Subtotal of cash generated from
785792090.101358113734.60
operating activities
Payments for commodities and services 30896291.92 31342993.24
Cash paid to and for employees 31086528.03 35011651.40
Taxes paid 39797238.94 25455041.33
Cash used in other operating activities 294025250.18 1183602910.44
Subtotal of cash used in operating
395805309.071275412596.41
activities
Net cash generated from/used in
389986781.0382701138.19
operating activities
2. Cash flows from investing activities:
11ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Proceeds from disinvestment 0.00 0.00
Return on investment 63120.00 0.00
Net proceeds from the disposal of fixed
assets intangible assets and other long- 0.00 209.00
lived assets
Net proceeds from the disposal of
0.000.00
subsidiaries and other business units
Cash generated from other investing
0.000.00
activities
Subtotal of cash generated from
63120.00209.00
investing activities
Payments for the acquisition of fixed
assets intangible assets and other long- 152169.34 390961.75
lived assets
Payments for investments 148000000.00 389000000.00
Net payments for the acquisition of
0.000.00
subsidiaries and other business units
Cash used in other investing activities 0.00 0.00
Subtotal of cash used in investing
148152169.34389390961.75
activities
Net cash generated from/used in
-148089049.34-389390752.75
investing activities
3. Cash flows from financing activities:
Capital contributions received
Borrowings raised 0.00 125000000.00
Cash generated from other financing
activities
Subtotal of cash generated from
0.00125000000.00
financing activities
Repayment of borrowings 30800000.00 30800000.00
Interest and dividends paid 13132759.86 13015483.64
Cash used in other financing activities 0.00 1227250.00
Subtotal of cash used in financing
43932759.8645042733.64
activities
Net cash generated from/used in
-43932759.8679957266.36
financing activities
4. Effect of foreign exchange rates
38215.7320809.20
changes on cash and cash equivalents
5. Net increase in cash and cash
198003187.56-226711539.00
equivalents
Add: Cash and cash equivalents
528268054.39808411401.68
beginning of the period
6. Cash and cash equivalents end of the
726271241.95581699862.68
period
7. Consolidated Statements of Changes in Owners’ Equity
H1 2023
Unit: RMB
H1 2023
Equity attributable to owners of the Company as the parent Non Tota
Item Shar Other equity Capi Less Oth Spe Surp Gen Reta - l
Oth Subt
e instruments tal : er cific lus eral ined cont own
er otal
capi Pref Perp Oth rese Trea com rese rese rese earn rolli ers’
12ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
tal erre etua er rves sury preh rve rves rve ings ng equi
d l stoc ensi inter ty
shar bon k ve ests
es ds inco
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
Adjustment
for business
combination
under
common
control
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 (“- 0.00 0.00 402 0.00 0.00 0.00 016 419” 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 164 164 164
0.000.000.000.000.000.00
and reduced 482 482 482
by owners 2.69 2.69 2.69
3.2.1
Ordinary
shares 0.00 0.00
increased by
owners
3.2.2
Capital
increased by
0.000.00
holders of
other equity
instruments
3.2.3
Share-based
payments 0.00 0.00
included in
owners’
13ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
equity
---
3.2.4164164164
Other 482 482 482
2.692.692.69
---
-
215215215
3.3 Profit 245
148148393
distribution 000.
452.452.452.
00
212121
3.3.1
Appropriatio
0.000.00
n to surplus
reserves
3.3.2
Appropriatio
0.000.00
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
212121
3.3.4
0.000.00
Other
3.4
Transfers
within 0.00 0.00
owners’
equity
3.4.1
Increase in
capital (or
0.000.00
share capital)
from capital
reserves
3.4.2
Increase in
capital (or
0.000.00
share capital)
from surplus
reserves
3.4.3 Loss
offset by
0.000.00
surplus
reserves
3.4.4
Changes in
defined
benefit
0.000.00
schemes
transferred to
retained
earnings
3.4.5
Other
comprehensi
ve income 0.00 0.00
transferred to
retained
earnings
3.4.6
0.000.00
Other
3.50.000.00
14ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Specific
reserve
3.5.1
Increase in 0.00 0.00
the period
3.5.2 Used
0.000.00
in the period
3.6 Other 0.00 0.00
595804-488369441497446
4. Balance as
979880245866516806533782
at the end of 0.00 0.00 0.00 0.00 0.00 0.00
the period 092. 45.3 035 05.8 635 973 33.8 307
0087.6812.467.9781.85
H1 2022
Unit: RMB
H1 2022
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 595 146 - 475 380 458 468 463
the 979 986 817 749 090 326 196 008
0.000.000.000.000.000.00
Reporting 092. 167. 465 40.1 141 695 13.1 657
Period of the 00 70 3.66 8 3.35 9.57 9 2.76
prior year
Add:
Adjustment
for change in
accounting
policy
Adjustment
for
correction of
previous
error
Adjustment
for business
combination
under
common
control
Other
adjustments
2. Balance as
at the 595 146 - 475 380 458 468 463
beginning of
979986817749090326196008
the 0.00 0.00 0.00 0.00 0.00 0.00
Reporting 092. 167. 465 40.1 141 695 13.1 657
Period of the 00 70 3.66 8 3.35 9.57 9 2.76
year
3. Increase/ - - - - --
decrease in 664 206 179 362 445 453
824the period (“- 981 0.00 327 0.00 373 0.00 926 298 540” for 11222.3 9.42 91.7 701. 936. 065.decrease) 9.48
21895098
3.1 Total
206250252-243
comprehensi
ve income 327 802 865 950 364
15ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
9.42157.437.112307.
71139.4865
-----
3.2 Capital
664179208292126291
increased
9810.000.000.003730.00463898000638
and reduced
by owners 22.3 91.7 077. 591. 0.00 591.
21040707
3.2.1
Ordinary 126 126
shares 0.00 000 000
increased by 0.00 0.00
owners
3.2.2
Capital
increased by
0.000.00
holders of
other equity
instruments
3.2.3
Share-based
payments
0.000.00
included in
owners’
equity
-----
664179208292292
3.2.4
981373463898898
Other
22.391.7077.591.591.
21040707
---
405405405
3.3 Profit
265265265
distribution
782.782.782.
565656
3.3.1
Appropriatio
0.000.00
n to surplus
reserves
3.3.2
Appropriatio
0.000.00
n to general
reserve
3.3.3---
Appropriatio 405 405 405
n to owners 265 265 265
(or 782. 782. 782.shareholders)
565656
3.3.4
0.000.00
Other
3.4
Transfers
within 0.00 0.00
owners’
equity
3.4.1
Increase in
capital (or
0.000.00
share capital)
from capital
reserves
3.4.2
Increase in 0.00 0.00
capital (or
16ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
share capital)
from surplus
reserves
3.4.3 Loss
offset by
0.000.00
surplus
reserves
3.4.4
Changes in
defined
benefit
0.000.00
schemes
transferred to
retained
earnings
3.4.5
Other
comprehensi
ve income 0.00 0.00
transferred to
retained
earnings
3.4.6
0.000.00
Other
3.5
Specific 0.00 0.00
reserve
3.5.1
Increase in 0.00 0.00
the period
3.5.2 Used
0.000.00
in the period
3.6 Other 0.00 0.00
595804-296343413385417
4. Balance as
979880611375797796784654
at the end of 0.00 0.00 0.00 0.00 0.00 0.00
the period 092. 45.3 137 48.4 471 802 83.7 650
0084.2471.463.0716.78
8. Statements of Changes in Owners’ Equity of the Company as the Parent
H1 2023
Unit: RMB
H1 2023
Other equity instruments Other
Capita Less: compr Specif Surplu Retain Total
Item Share Prefer Perpet l Treasu ehensi ic s ed owner
Other
capital red ual Other reserv ry 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
17ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
previous
error
Other
adjustments
2. Balance as
at the
-
beginning of 5959 5387 4888 1105 1801
2742
the 7909 6380. 6605. 4733 4725
Reporting 841.62.00 11 81 19.87 56.14
Period of the 5
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
18ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
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
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
H1 2022
Unit: RMB
H1 2022
Other equity instruments Other
Capita Less: compr Specif Surplu Retain Total
Item Share Prefer Perpet l Treasu ehensi ic s ed owner
Other
capital red ual Other reserv ry ve reserv reserv earnin s’
shares bonds es stock incom e es gs equity
e
1. Balance as
at the end of -
59595387296313372014
the 2574
79096380.7548.49754164
Reporting 121.5
Period of the 2.00 11 47 86.41 85.45 4
prior year
Add:
Adjustment
for change in
accounting
policy
19ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Adjustment
for
correction of
previous
error
Other
adjustments
2. Balance as
at the -
beginning of 5959 5387 2963 1337 2014
2574
the 7909 6380. 7548. 4975 4164
Reporting 121.52.00 11 47 86.41 85.45
Period of the 4
year
3. Increase/ - -
decrease in -
37553756the period (“- 1183” for 0046 188265.58
decrease) 2.59 8.17
3.1 Total - 2976 2964
comprehensi 1183 5319. 6954.ve income 65.58 97 39
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 4052 4052
distribution 6578 6578
2.562.56
3.3.1
Appropriatio
n to surplus
reserves
3.3.2--
Appropriatio
40524052
n to owners
(or 6578 6578
shareholders) 2.56 2.56
3.3.3
Other
3.4
Transfers
within
owners’
equity
20ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
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
3.5.1
Increase in
the period
3.5.2 Used
in the period
3.6 Other
-
4. Balance as 5959 5387 2963 9619 1638
2692
at the end of 7909 6380. 7548. 9712 7976
the period 487.12.00 11 47 3.82 57.28
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 capita l 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
21ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
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 19th Meeting of the 10th Board of Directors of the Company
on 25 August 2023.The consolidation scope of the Company’s consolidated financial statements was determined based on the control. There were 62
subsidiaries including Shenzhen Huangcheng Real Estate Co. Ltd. Dongguan Guomao Changsheng Real Estate Development Co.Ltd. Shenzhen International Trade Center Property Management Co. Ltd. included in the consolidation financial statements in this
report. Please refer to the Note VIII and Note IX 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:
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
22ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
development project and classified by the assets and liabilities liquidity.
4. Standard Currency of Accounts
The Company adopts Renminbi as a standard currency of accounts.
5. 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 nomina l 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 identif iable 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 account ing 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.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.
23ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
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 betwee n 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 subs idiary 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 ne t
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 f inancial
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.
6. Methods for Preparing Consolidated Financial Statements
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.
7. 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 followin g
characteristics: (1) Each participant is bound by the arrangement; (2) two or more parties of the joint arrangement exercise joint
24ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
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.
8. 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 con vertible into
known amount of cash and whose risks in change of value are minimal.
9. 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 wh ich 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 inc luded 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 shee t 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 recogn ized as
comprehensive income.
25ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
10. 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 pract ices 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.
(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 cos t: 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
26ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
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
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 liabilit ies (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
27ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
(1) Impairment measurement and accounting handling of financial instrument
Based on expected credit loss the Company conducts impairment handling and confirms loss reserve for financia l 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 condit ion 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 simplifie d
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 increase d
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
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 a nd measures expected credit
loss. When based on financial instrument portfolio the Company takes common risk characteristics as the basis and divides f inancial
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 related party group
Other receivables-credit risk characteristics Aging group Consulting historical experience in credit losses
28ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
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-other intercourse funds Account nature Consulting historical experience in credit losses
among 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
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 financ ial assets it
will be treated respectively according to the following circumstances: If the control over the financial assets is waived re levant
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.
11. Notes Receivable
Refer to Note V 10 Financial Instruments of the financial statements for details.
12. Accounts Receivable
Refer to Note V 10 Financial Instruments of the financial statements for details.
29ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
13. Accounts Receivable Financing
Not applicable.
14. Other Receivables
Recognition and accounting treatment methods regarding expected credit losses of other receivables
Refer to Note V 10 Financial Instruments of the financial statements for details.
15. Inventory
(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
16. 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
30ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
commodities transferred or services provided to customers (except for accounts receivable) are presented as contract assets.For contract assets that do not contain significant financing components the Company uses the simplified model of expected credit
loss measuring the loss provision according to an amount that is equivalent to the amount of expected credit loss of the ent ire
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 sele cted
the simplified model of expected credit loss measuring the loss provision according to an amount that is equivalent 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.
17. 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:
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.This cost has increased the Company’s sources that are used to fulfill its contract performance obligations in the future.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:
Residual consideration expected to be gained from transferring commodities and services related to this asset;
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 shou ld not
exceed its carrying value on the reversal date under the assumption of no withdrawal of impairment provision.
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 pa rties
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 approve d 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
provisions for impairment of assets available for sale shall be made. For the amount of impairment loss of disposal group ava ilable
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 Standard.
31ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
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 prof its 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 Standard 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 Standard. 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-10. 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.When a long-term equity investment is formed from the business combination under common control through the Company’s
multiple transactions step by step the treatment shall be carried out based on whether the transactions constitute the “package deal”.If they do the accounting treatment shall be carried out on the basis of assuming all transactions as one transaction with the
acquisition of control. If they do not the initial investment cost shall be the portion of the carrying value of acquiree’s net assets
entitled in the consolidated financial statements of the final controller after the consolidation. The difference between the initial
investment cost of the long-term equity investment on the combination date and the carrying value of the investment before the
combination plus the carrying value of the newly-paid consideration for the acquisition of the shares on the consolidation date shall
be adjusted to capital reserve; if the capital reserve is insufficient for the adjustment retained earnings should be adjusted accordingly.
32ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
2) For those formed from the business combination under different control the initial investment cost is the fair value of the
combination consideration paid on the acquisition date.When a long-term equity investment is formed from the business combination under different control through the Company’s
multiple transactions step by step the accounting treatment shall be carried out based on whether the financial statements a re
individual or consolidated:
* In individual financial statements the initial investment cost accounted in cost method is the sum of the carrying value of the
equity investment originally held and the cost of new investment.* In consolidate financial statements judge whether the transactions constitute the “package deal”. If they do the accounting
treatment shall be carried out on the basis of assuming all transactions as one transaction with the acquisition of control. If they do
not for the acquiree’s equity held before the acquisition date re-measurement shall be carried out according to the fair value of the
equity on the acquisition date and the difference between the fair value and the carrying value shall be recorded into current
investment income; if the acquiree’s equity held before the acquisition date involves other comprehensive income accounted in
equity method other comprehensive income related to it shall be transferred into the income for the period in which the acquisition
date falls with the exception of the other comprehensive incomes occurred because of the changes of net liabilities or net a ssets of
the defined benefit pension plans be re-measured for setting by the investees.* For those formed other than from business combination: If they are acquired in cash payment the initial investment cost is the
purchase price actually paid; if they are acquired in the issue of equity securities the initial investment cost is the fair value of the
issued equity securities; if they are acquired in debt restructuring the initial investment cost shall be recognized according to the
Accounting Standards for Enterprises No. 12 - Debt Restructuring; if they are acquired in the exchange of non-monetary assets the
initial investment shall be recognized according to the Accounting Standards for Enterprises No. 7 - Exchange of Non-Monetary
Assets.
(3) Method of subsequent measurement and recognition of profits and losses
Long-term equity investment with control over investees shall be accounted in cost method; long-term equity investment on
associated enterprises and joint ventures shall be accounted in equity method.
(4) Method of treating the disposal of the investment in a subsidiary stem by step through multiple trans actions until the loss
of the controlling right
1) Individual financial statements
For the disposed equity the difference between its fair value and the actually obtained price shall be recorded into current profits or
losses. For the residual equity the part that still has significant effects on investees or with common control jointly with other parties
shall be accounted in equity method; the part that has no more control common control or significant effects on investees shall be
accounted in accordance with the relevant regulation of the Accounting Standards for Enterprises No. 22 - Recognition and
Measurement of Financial Instruments.
2) Consolidated financial statements
* For the disposal of the investment in subsidiaries step by step until the loss of the controlling right through multiple transactions
which do not constitute the “package deal”
Before the loss of the controlling right for the balance between the disposal remuneration and the shares of net assets in the
subsidiaries that have been calculated since the acquisition date or combination date corresponding to the disposal of long-term
equity investment capital reserve (capital premium) shall be adjusted and if the capital premium is not sufficient for the write-down
the retained earnings shall be written down.At the loss of the controlling right over the original subsidiaries the residual equity shall be re-measured at its fair value on the date
of losing the controlling right. The difference between the consideration obtained in the equity disposal plus the fair value of the
remaining equities less the Company’s share of net assets enjoyed of the former subsidiary that has been calculated since the
acquisition date or combination date according to the former shareholding ratio shall be recorded into the investment gains for the
period when the control ceases; meanwhile goodwill shall be written down. Other comprehensive income related to former
33ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
subsidiary's equity investment shall be transferred into current investment income when the control ceases.* For the disposal of the investment in subsidiaries step by step until the loss of the controlling right through multiple transactions
which constitute the “package deal”
The accounting treatment shall be carried out on the basis of considering each transaction as a transaction of disposing the subsidiary
and losing control. However before losing control the difference between each disposal price before losing the control and the
corresponding net assets share enjoyed of subsidiary when disposing long-term equity investment shall be recognized as other
comprehensive income in the consolidated financial statements and when the control ceases transferred into current profits or losses
of the period of losing control.
(5) Impairment test method and impairment provision method
When there is objective evidence indicating impairment of the investment in subsidiaries joint ventures and cooperative ente rprises
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 depreciat ion
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. No fixed asset may be recognized unless it simultaneously meets the conditions as follows: (1) The economic benefits are
likely to flow into the enterprise; (2) The cost of the fixed asset can be measured reliably.
(2) Depreciation Method
Expected net salvage
Category Depreciation method Useful life (year) Annual deprecation
value
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
5020
assets depreciation
34ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
(3) Recognition Basis Pricing and Depreciation Method of Fixed Assets by Finance Lease
Not applicable.
25. Construction in Progress
1. No construction in progress may be recognized unless it simultaneously meets the conditions as follows: (1) The economic
benefits are likely to flow into the enterprise; (2) The cost of the fixed asset can be measured reliably. Construction in progress shall
be measured according to the occurred actual costs before the assets available for the intended use.
2. When the construction in progress is available for the intended use it shall be transferred to fixed assets according to the actual
cost of the project. For construction in progress available for the intended use but not dealing with final accounts of completed
project it shall be transferred to fixed assets according to the estimated value first and then adjust original temporarily estimated
value based on the actual costs after the final accounts of completed project but not adjust the depreciation that was already
calculated.
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 product ion 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.
27. Biological Assets
Not applicable.
35ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
28. Oil and Gas Assets
Not applicable.
29. Right-of-use Assets
On the start date of the lease term the Group deems the right-of-use assets and lease obligations except for the simplified short-term
lease and low-value leases.The Group initially measures right-of-use assets at cost. The cost includes:
1. The initial measurement amount of the lease obligation.
2. If a lease incentive exists for lease payments made on or before the commencement date of the lease term the amount rela ted to
the lease incentive already taken is deducted.
3. Initial direct costs incurred.
4. Costs expected to be incurred by the Group for dismantling and removing the leased asset(s) restoring the premises where the
leased asset(s) is/are located or restoring the leased asset(s) to the status agreed in the leasing clauses. If the aforementioned costs are
incurred for inventory production relevant provisions of Accounting Standard for Business Enterprises No.1 - Inventory is applicable.The Group recognizes and measures the costs described in Item 4 above in accordance with relevant provisions of the Accounting
Standards for Business Enterprises No. 13 - Contingencies. The initial direct costs incurred refer to the incremental costs incurred to
achieve the lease. Incremental costs are costs that would not have been incurred had the business not acquired the lease.The Group depreciates the right-of-use assets in accordance with relevant depreciation provisions of the Accounting Standards for
Business Enterprises No. 4 - Fixed Assets. If it is reasonably certain that the ownership of the leasehold property will be obtained at
the end of the lease term the Group will depreciate the leasehold property over its 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 Group will depreciate the leased
asset(s) over the lease term or the remaining service life whichever is shorter.The Group determines the impairment of the right-of-use assets and conducts accounting treatment of the impairment losses already
identified in accordance with relevant provisions of the Accounting Standards for Business Enterprises No. 8 - Asset Impairment.
30. Intangible Assets
(1) Pricing Method Useful Life and Impairment Test
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 t he expected
implementation reliably it shall be amortized by straight-line method. The specific useful lives are as follows:
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 in tangible
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.
36ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
(2) Accounting Policies of Internal R&D Expenses
Not applicable.
31. Impairment of Long-term Assets
For long-term assets such as long-term equity investment investment property measured by cost model fixed assets construction in
progress and intangible assets with limited service life the Company shall estimate the recoverable amount if there are signs of
impairment on balance sheet date. For intangible assets with uncertain goodwill or service life formed by enterprise combination
whether or not there is sign of impairment impairment test shall be conducted every year. Goodwill combination and its related
assets group or combination of assets group shall be conducted the impairment test.If the recoverable amount of the above-mentioned long-term assets is lower than its carrying value it shall make the preparation for
assets impairment based on its balance and be recorded into current profits and losses.
32. Long-term Prepaid Expenses
Long-term deferred expenses refer to general expenses with the amortized period over one year (one year excluded) that have
occurred. 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.
33. 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.
34. 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
37ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
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 demissio n
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.
35. Lease Liabilities
On the start date of the lease term the Group deems the right-of-use assets and lease obligations except for the simplified short-term
lease and low-value leases.The Group initially measures the lease obligation at the present value of the lease payments outstanding at the commencement date of
the lease term.The term "lease payments" refers to the payments made by the Group to the lessor in terms of the use of the leased asset(s) within the
lease term including:
(1) fixed lease payments and substantial fixed lease payments (if a lease incentive exists deduct the amount related to the lease
incentive);
(2) the variable lease payments that depend on indexation or ratio which are determined according to the indexation or ratio on the
commencement date of the lease term in the initial measurement;
(3) the exercise price of the purchase option when applicable if the Group is reasonably certain that the option will be exercised;
(4) payments required to be made for exercising the option to terminate the lease if the lease term reflects that the Group w ill exercise
such an option;
(5) estimated amount payable based on the residual value of the guarantee provided by the Group.
When calculating the present value of lease payments the Group uses the interest rate implicit in lease as the rate of discount. If the
interest rate implicit in lease cannot be determined the Group’s incremental lending rate is used as the rate of discount.
36. 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 performin g the
related current obligation and recheck the carrying value of accrued liabilities on balance sheet date.
37. Share-based Payment
Not applicable.
38. Other Financial Instruments such as Preference Shares and Perpetual Bonds
Not applicable.
38ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
39. Revenue
The Accounting Policy Adopted for Recognition and Measurement of Revenue
1. Recognition of revenue
The Company gains revenue mainly from property sales property management sales of software and property leasing (refer to 42.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 te rms 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 collec t
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
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.
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 comple ted and
accepted the sales contract has been signed and the obligations stipulated in the contract have been fulfilled the main ris ks 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
39ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
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; All housing payment should be paid in case of refusal to adopt automatic payment
for bank mortgage loan). The earlier one of house delivery time designated in the House Delivery Notice delivered (the delive ry will
be deemed completed if the owners fail to conduct pertinent procedures for their personal reasons within a designated period) and
time when the owners complete the procedures of delivery in effect should be determined as the time when the revenue is recognised.
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 c arried
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.
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 re levant
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 obligatio ns
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 pe riod
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 ac cepts
the product.
40ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
* 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
According to the stipulations of relevant contracts and agreements when the economic benefits related to the transaction can flow
into the enterprise and the costs related to the income can be reliably measured the realization of other business income shall be
confirmed.
3. 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
revenue that will probably not have any significant reversal when related uncertainties are eliminated. When assessing whethe r 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 transactio n
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. Whe n
the Company’s consideration payable to a customer exceeds the fair value of the commodity that can be obviously distinguishe d 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
41ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
consideration payable to the customer.Differences in accounting policies for the recognition of revenue caused by different business models for the same type of business
Not applicable.
40. 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 pr ofits 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 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.
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.
41. 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 pr ofit will
be available.
42ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
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
in owner’ equity.
42. Lease
(1) Accounting Treatment of Operating Lease
1. Lessee
The Group shall when as the lessee on the commencement date of the lease term recognize the right-of-use assets and lease
obligations for the lease unless it is a simplified short-term lease or low-value asset lease.After the commencement date of the lease term the Group uses the cost model for subsequent measurement of right-of-use assets.The Group depreciates the right-of-use assets in accordance with relevant depreciation provisions of the Accounting Standards for
Business Enterprises No. 4 - Fixed Assets. If the lessee can reasonably ascertain that the ownership of the leasehold property will be
obtained at the end of the lease term it shall depreciate the leasehold property over its 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 it shall depreciate the leased asset(s)
over the lease term or the remaining service life whichever is shorter. The Group will determine the impairment of the right-of-use
assets and conduct accounting treatment of the impairment losses already identified in accordance with relevant provisions of the
Accounting Standards for Business Enterprises No. 8 - Asset Impairment.The Group calculates the interest expenses of the lease obligations during each period of the lease term at a fixed periodic interest
rate and includes them in profit or loss for the current period. Where the Accounting Standards for Business Enterprises No. 17 -
Borrowing Costs and other standards provide that such interest expenses shall be included in the cost of related assets such
provisions shall be observed.The Group does not recognize the right-of-use assets and lease liabilities for short-term leases and low-value asset leases. In each
period within the lease term the relevant lease payments for short-term leases and low-value asset leases are included in cost of the
related assets or profit or loss for the current period on a straight-line basis.
2. Lessor
In the case of the Group is the lessor it recognizes the receipts of the operating lease incurred during each period of the lease term as
rentals by the straight-line method. The Group capitalizes the initial direct costs related to the operating lease upon incurrence thereof
and within the lease term apportions and includes such costs in the current profit or loss on the basis same as the recognition of
rentals.For the fixed assets in the assets under operating lease the Group shall adopt the depreciation policy of similar assets to calculate and
distill depreciation. For other assets under operating lease the Group shall amortize them in a systematic and reasonable manner in
accordance with the accounting standards for enterprises applicable to the assets. The Group will determine the impairment of assets
under operating lease and conduct accounting treatment in accordance with relevant provisions of the Accounting Standards for
Business Enterprises No. 8 - Asset Impairment.
(2) Accounting Treatments of Financial Lease
The Group shall when as the lessor on the commencement date of the lease term recognize the finance lease receivables for the
finance lease and derecognize the leased asset(s) of the finance lease. The Group shall also calculate and confirm the interest income
at a fixed periodic interest rate in each period in the lease term.
43ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
43. Other Important Accounting Policies and Accounting Es timations
1. 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 operat ion
area.
3) The component is a subsidiary which is obtained for resale specially.
44. 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 2023
□Applicable □ Not applicable
45. Other
In the Note of the financial statements the data of the period-beginning refers to the financial statement data on 1 January 2023;
the data of the period-end refers to the financial statement data on 30 June 2023; the Reporting Period refers to the H1 2023; the
same period of last year refers to the H1 2022. 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 lands and
VAT of land 30%-60%
property right of above-ground buildings
and other attachments
Levied according to price: paid according
Real estate tax to 1.2% of the residual value of the real 1.2% 12%
estate’s original value after deducted
44ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
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 Guomao Catering Co. Ltd. 20%
Shenzhen Property Engineering and Construction Supervision
20%
Co. Ltd.Shenzhen Julian Human Resources Development Co. Ltd. 20%
Shenzhen Huazhengpeng Property Management Development
20%
Co. 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 Yanzihu Development Co. Ltd. 20%
Shenzhen SZPRD Fuyuantai Development Co. Ltd. 20%
Shenzhen Social Welfare General Company 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 Tianque Elevator Technology 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 International Trade Industry Space Service 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%
45ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Shenzhen Shenfang Property Cleaning Co. Ltd. 20%
Shandong International Trade Center Hotel Management Co.
20%
Ltd.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
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.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 2023.As per the "Announcement on Income Tax Preferential Policies for Small and Micro Enterprises and Individual Industrial and
Commercial Taxpayers" (Announcement No. 6 of 2023 of the Ministry of Finance and the State Taxation Administration) and the
"Announcement of the State Taxation Administration on Matters Related to Collection and Administration of Income Tax
Preferential Policies for Small Enterprises with Low Profits" (Announcement No. 6 of 2023 of the State Taxation Administration)
for small and micro-profit enterprises if their annual taxable income does not exceed RMB1 million from 1 January 2023 to 31
December 2024 the taxable income will be reduced by 12.5% and the enterprise income tax rate will be 20%. Furthermore as per
the "Announcement on Further Implementing the Preferential Income Tax Policy for Small and Micro Enterprises"
(Announcement No. 13 of 2022 of the Ministry of Finance and the State Taxation Administration) for small and micro-profit
enterprises if their annual taxable income exceeds RMB1 million but does not exceed RMB3 million from 1 January 2022 to 31
December 2024 the taxable income will be reduced by 25% and the enterprise income tax rate will be 20%. This policy applies to
30 subsidiaries including Shenzhen Guomao Catering Co. Ltd. (Guomao Catering) and Shenzhen Property Engineering and
Construction Supervision 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%
46ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
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 42693.32 43833.00
Bank deposits 1385485202.97 1512202363.19
Other monetary funds 6676731.47 5282697.64
Total 1392204627.76 1517528893.83
Of which: total amount deposited
63964312.7166436595.66
overseas
Total amount of restriction in use by
15539145.067835036.35
guaranteed pledged or frozen
Other notes:
Among other monetary assets the funds with limited use rights mainly include the margin and interest of RMB3332452.99; the
funds with limited use rights in bank deposits mainly include the bank frozen funds of RMB6476231.24 and the interest on time
deposits of RMB5270833.33 plus the balance of the bank margin account of RMB459627.50. The above amount is not regarded as
cash and cash equivalents due to restrictions on use.
2. Trading Financial Assets
Unit: RMB
Item Ending balance Beginning balance
Of which:
Of which:
Other notes:
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
Total 0.00 0.00
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:
Please refer to the relevant information of disclosure of bad debt provision of other accounts receivable if adopting the general mode
of expected credit loss to withdraw bad debt provision of notes receivable.□Applicable □Not applicable
47ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
(2) 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
(3) Notes Receivable Pledged by the Company at the Period-end
Unit: RMB
Item Ending pledged amount
(4) 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
(5) Notes Transferred to Accounts Receivable because Drawer of the Notes Failed to Execute the Contract
or Agreement
Unit: RMB
Amount of the notes transferred to accounts receivable at the
Item
period-end
Other notes:
(6) Notes Receivable with Actual Verification for the Current Period
Unit: RMB
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) Listed by Category
Unit: RMB
Ending balance Beginning balance
Carrying amount Bad debt provision Carrying amount Bad debt provision
Category
Withdrawal Carrying value Withdrawal Carrying value
Amount Proportion Amount Amount Proportion Amount
proportion proportion
Accounts
receivable
withdrawal
of bad debt 131145425.55 23.32% 110207671.91 84.03% 20937753.64 111808371.14 20.01% 109689294.54 98.10% 2119076.60
provision
separately
accrued
Of which:
Accounts
receivable
withdrawal
of bad debt 431328190.78 76.68% 35340105.27 8.19% 395988085.51 447078385.18 79.99% 29263546.48 6.55% 417814838.70
provision
of by
group
Of which:
48ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Total 562473616.33 100.00% 145547777.18 25.88% 416925839.15 558886756.32 100.00% 138952841.02 24.86% 419933915.30
Bad debt provision separately accrued: 110207671.91
Unit: RMB
Ending balance
Name
Withdrawal
Carrying amount Bad debt provision Reason for withdraw
proportion
Shenzhen Jiyong Properties
Involved in lawsuit and
& Resources Development 93811328.05 93811328.05 100.00%
unrecoverable
Company
Shenzhen Tewei Industry Expected to be
2836561.002836561.00100.00%
Co. Ltd. unrecoverable
Expected to be
Lunan Industry Corporation 2818284.84 2818284.84 100.00%
unrecoverable
Shenzhen Hampoo Science Expected to be
1436020.291433070.2999.79%
& Technology Co. Ltd. unrecoverable
Those with insignificant
single amount for which bad Uncollectible for a long
30243231.379308427.7330.78%
debt provision separately period
accrued
Total 131145425.55 110207671.91
Withdrawal of bad debt provision by group: 35340105.27
Unit: RMB
Ending balance
Name
Carrying amount Bad debt provision Withdrawal proportion
Portfolio of credit risk features 253508004.18 25162778.29 9.93%
Portfolio of transactions with
177820186.6010177326.985.72%
other related parties
Total 431328190.78 35340105.27
Notes to the determination basis for the group:
Please refer to the relevant information of disclosure of bad debt provision of other accounts receivable if adopting the general mode
of expected credit loss to withdraw bad debt provision of accounts receivable.□Applicable □Not applicable
Disclosure by aging
Unit: RMB
Aging Ending balance
Within one year (including 1 year) 312921794.00
One to two years 88024382.29
Two to three years 15229615.66
More than three years 146297824.38
Three to four years 5415310.89
Four to five years 2471780.12
Over 5 years 138410733.37
Total 562473616.33
(2) Bad Debt Provision Withdrawal Reversed or Recovered in the Current Period
Withdrawal of bad debt provision:
Unit: RMB
Beginning
Category Changes in the current period Ending balance
balance
49ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Reversed or
Withdrawal Verification Others
recovered
Bad debt
provision 109689294.54 518377.37 110207671.91
accrued by item
Withdrawal of
bad debt
29263546.486076558.7935340105.27
provision by
group
Total 138952841.02 6594936.16 145547777.18
Of which significant amount of recovered or transferred-back bad debt provision for the current period:
Unit: RMB
Name of the entity Amount reversed or recovered Way of recovery
(3) 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:
(4) Top 5 of the Ending Balance of the Accounts Receivable Collected according to Arrears Party
Unit: RMB
Proportion to total
Ending balance of bad
Name of the entity Ending balance ending balance of
debt provision
accounts receivable
Shenzhen Bay Technology Development Co. Ltd. 107824285.09 19.17% 6743517.22
Shenzhen Jiyong Properties & Resources Development
93811328.0516.68%93811328.05
Company
Hebei Shenbao Investment Development Co. Ltd. 29580856.88 5.26% 887425.71
ShenZhen Special Economic Zone Real Estate &
10072563.131.79%1252620.81
Properties (Group) Co. Ltd.Shenzhen Shenfubao (Group) Co. Ltd. 4153519.42 0.74% 159605.58
Total 245442552.57 43.64%
(5) Accounts Receivable Derecognized due to the Transfer of Financial Assets
(6) The Amount of the Assets and Liabilities Formed due to the Transfer and the Continued Involvement of
Accounts Receivable
6. Accounts Receivable Financing
Unit: RMB
Item Ending balance Beginning balance
The changes of accounts receivable financing in the Current Period and the changes in fair value
□Applicable □Not applicable
Please refer to the relevant information of disclosure of bad debt provision of other accounts receivable if adopting the general mode
of expected credit loss to withdraw bad debt provision of accounts receivable financing.
50ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
□Applicable □Not applicable
Other notes:
7. Prepayment
(1) Prepayment Listed by Aging Analysis
Unit: RMB
Ending balance Beginning balance
Aging
Amount Proportion Amount Proportion
Within 1 year 7015536.66 68.73% 98477532.46 98.14%
One to two years 1807120.94 17.70% 1652279.14 1.65%
Two to three years 1173932.28 11.50% 1438.19 0.00%
More than three years 211234.43 2.07% 210556.77 0.21%
Total 10207824.31 100341806.56
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
As % of the total ending balance
Name of the entity (fill in the full name) Carrying amount
of the prepayments (%)
Beijing Jingdong Century Information Technology
1260657.7612.35%
Co. Ltd.China State Construction & Engineering 4th Bureau
614940.376.02%
5th Corp Limited
Huaxia International Communications Engineering
510389.005.00%
Supervision Co. Ltd.Jinan Electric Power Company of State Grid
435734.434.27%
Shandong Electric Power Company
Foshan Diousdragon Furniture Co. Ltd. 289230.00 2.83%
Total 3110951.56 30.48%
Other notes:
8. Other Receivables
Unit: RMB
Item Ending balance Beginning balance
Interests receivable 0.00 0.00
Dividends receivable 0.00 0.00
Other receivables 624876343.49 639903523.33
Total 624876343.49 639903523.33
(1) Interest Receivable
1) Category of Interest Receivable
Unit: RMB
Item Ending balance Beginning balance
Total 0.00 0.00
51ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
2) Significant Overdue Interest
Unit: RMB
Whether occurred
Entity Ending balance Overdue time Overdue reason impairment and its
judgment basis
Other notes:
3) Withdrawal of Bad Debt Provision
□Applicable □Not applicable
(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) Withdrawal of Bad Debt Provision
□Applicable □Not applicable
Other notes:
(3) Other Receivables
1) Category of Other Receivables by Account Nature
Unit: RMB
Nature Ending carrying amount Beginning carrying amount
Security deposit 10178809.17 14333480.59
Margin 34107085.10 33052554.40
Reserve fund 669713.78 315131.82
Payment on behalf 4524986.31 7861406.33
External intercourse funds 647238111.03 645712452.33
Others 22522486.45 26868828.99
Total 719241191.84 728143854.46
2) Withdrawal of Bad Debt Provision
Unit: RMB
First stage Second stage Third stage
Expected loss in the
Bad debt provision Expected loss in the Expected credit loss in Total duration (credit
duration (credit
the next 12 months impairment not
impairment occurred)
occurred)
Balance as at 1 January
58445816.2029794514.9388240331.13
2023
Balance as at 1 January
2023 in the current
period
Amount accrued for the
6103555.4320961.796124517.22
current period
Balance as at 30 June 64549371.63 29815476.72 94364848.35
52ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
2023
Changes of carrying amount with significant amount changed of loss provision in the current period
□Applicable □ Not applicable
Disclosure by aging
Unit: RMB
Aging Ending balance Carrying amount
Within one year (including 1 year) 37662808.00 45898989.35
One to two years 49059147.91 582305977.29
Two to three years 547938076.57 32848373.42
More than three years 84581159.36 67090514.40
Three to four years 32976097.34 1460635.19
Four to five years 1176811.01 1563169.64
Over 5 years 50428251.01 64066709.57
Total 719241191.84 728143854.46
3) 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
Withdrawal Verification Others
recovered
Bad debt provision
29794514.9320961.7929815476.72
accrued by item
Withdrawal of bad
debt provision by 58445816.20 6103555.43 64549371.63
group
Total 88240331.13 6124517.22 94364848.35
Of which the bad debt provision recovered or transferred-back with significant amount during the current period:
Unit: RMB
Name of the entity Amount reversed or recovered Way of recovery
4) 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:
5) 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
Within 1 year one
Holding Co. Ltd. Intercourse funds 576568974.73 80.16% 17297069.25
to five years
and the related
53ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
party Shenzhen
Xinhai Rongyao
Real Estate
Development Co.Ltd.Shenzhen Bangling
Security deposit
Stock Cooperative 30000000.00 Three to four years 4.17% 15000000.00
and margin
Company
Shenzhen Bay
Technology Performance risk
16342327.84 Within 1 year 2.27% 490269.84
Development Co. fund margin
Ltd.Shenzhen Qianhai
Advanced Within 1 year one
Intercourse funds 10720575.27 1.49% 321617.26
Information to two years
Service Co. Ltd.Shenzhen Tianjun
Intercourse funds 10000000.00 Two to three years 1.39% 0.00
Industrial Co. Ltd.Total 643631877.84 89.48% 33108956.35
6) Accounts Receivable Involving Government Subsidies
Unit: RMB
Project of government Estimated recovering
Name of the entity Ending balance Ending aging
subsidies time amount and basis
7) Derecognition of Other Receivables due to the Transfer of Financial Assets
8) The Amount of the Assets and Liabilities Formed due to the Transfer and the Continued Involvement of
Other Receivables
Other notes:
9. 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
10608749592.616648404.1310602101188.4810778950699.236648404.1310772302295.10
expenses
Developing
242794704.84242794704.84199674693.59199674693.59
properties
Contract
1975995.101975995.101965933.851965933.85
performance
54ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
costs
Raw
1509262.79818559.41690703.381891354.811040612.30850742.51
materials
Inventory
2557484.482094300.39463184.092536973.192094300.39442672.80
goods
Low-value
271124.75271124.7597885.5297885.52
consumables
Total 10857858164.57 9561263.93 10848296900.64 10985117540.19 9783316.82 10975334223.37
Disclose main items of “R&D expenses” and interest capitalization in the following format:
Unit: RMB
Transferred Other
Increase Of which:
to decreas Accumulate
Estimate (R&D amount of
Time for developing ed d amount of Capital
Project d date of Estimated total Beginning expenses) capitalized
commencem properties amount Ending balance interest resourc
name completi investment balance for the interests for
ent for the for the capitalizatio es
on current the current
current current n
period period
period period
10
Lanhu Era 7 January 8400000000. 4686202152. 166311560. 4852513713. 298611761. 60308251. Bank
Septemb
project 2021 00 53 57 10 36 38 loans
er 2026
SZPRD-
Fuchang
27
Garden 15 May 747287571.December 911330000.00 747287571.94 0.00 Others
Phase II 2023 94
2018
(Fuhui
Huayuan)
Humen Sea 22 March 30 April 3217590000. 2361567910. 129568909. 2491136820. 2782538.7 Bank
2782538.76
Bay project 2022 2024 00 93 22 15 6 loans
Guangming
21
Yutang 7 March 2658680000. 1792278782. 46065390.7 1838344173. Bank
October 583458.34 583458.34
Shangfu 2022 00 42 9 21 loans
2024
project
Yupinluans
han
(commercia
l and
residential 236433505.64 412752.52 236846258.16 Others
construction
project of
No. A117-
12 land)
Land of
Hongqi
6648404.13 6648404.13 Others
Town
Haikou
Shenhui
37256048.16 31716.38 37287764.54 Others
Garden
Fuyuantai
12754337.65 1468717.00 14223054.65 Others
project
Yangzhou
Shouxihu
31
Ecological 6 March 3774790000. 231250626. 1095216931.August 863966304.45 Others
Health 2023 00 85 30
2026
Valley
project
Others 34555681.38 1976791.99 36532473.37 Others
55ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
1896239000010778950699747287571.577086465.10608749592301977758.63674248.
Total 0.00.00.239432.614648
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 December
Langqiao 3447316.75 3447316.75 83077702.96
2012
International
SZPRD-Hupan
1 June 2015 56815090.28 90123.14 56724967.14
Yujing Phase I
SZPRD-
12 January
Banshan 3607397.06 64327.91 47625.68 3624099.29 10446911.43
2022
Yujing Phase II
SZPRD-
Songhu 1 July 2017 24200327.47 271385.28 23928942.19 27205315.95
Langyuan
SZPRD-Hupan 1 November
30517813.23135678.1630382135.0730539392.65
Yujing Phase II 2017
SZPRD-
2 December
Golden 72260564.44 4270881.01 8633730.49 67897714.96
2019
Collar’s Resort
International
1 December
Trade Center 4839083.10 4839083.10 26385636.29
1995
Plaza
Huangyuyuan
1 June 2001 790140.58 790140.58
A Area
Podium
Building of 1 November
645532.65645532.65
Fuchang 1999
Building
Other items 2551428.03 2551428.03
SZPRD-
Fuchang
Garden Phase 15 May 2023 747287571.94 699324226.86 47963345.08
II (Fuhui
Huayuan)
Total 199674693.59 751622780.86 708502769.61 242794704.84 177654959.28
Classification of “Developing properties with the collection of payments in installments” “Renting developing properties” and
“Temporary Housing”:
Unit: RMB
Increase for the current Decrease for the current
Project name Beginning balance Ending balance
period period
(2) 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 Decreased amount for the
current period current period
Beginning Ending
Item
balance Transferred-
Notes
balance
Withdrawal Others back or Others
charged-off
56ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
R&D
6648404.136648404.13
expenses
Raw
1040612.30222052.89818559.41
materials
Inventory
2094300.392094300.39
goods
Total 9783316.82 222052.89 9561263.93
Classification by nature:
Unit: RMB
Increased amount of the Decreased amount for the
current period current period
Beginning Ending
Project name
balance Transferred-
Notes
balance
Withdrawal Others back or Others
charged-off
Land of
Qiongshan 6648404.13 6648404.13
Hainan
Total 6648404.13 6648404.13
(3) 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
341681.06-31076.48310604.58
Collar’s Resort
Lanhushidai
238303509.9860308251.38-298611761.36
Project
SZPRD-
Langqiao 2971986.54 - - 2971986.54
International
SZPRD-Hupan
1249515.42-7148.321242367.10
Yujing Phase I
Humen Sea Bay
-2782538.76-2782538.76
project
Guangming
Yutang Shangfu - 583458.34 - 583458.34
project
Total 242866693.00 63674248.48 38224.80 306502716.68
(4) Inventory Restrictions
Disclosing restricted inventory by project:
Unit: RMB
Project name Beginning balance Ending balance Reason for restriction
10. Contract Assets
Unit: RMB
Ending balance Beginning balance
Item
Impairment Carrying Impairment
Carrying amount Carrying value Carrying value
provision amount provision
SZPRD-Fuchang
Garden Phase II 109392112.37 109392112.37
(Fuhui Huayuan)
Municipal
engineering 991952.00 991952.00 1094632.90 1094632.90
retention money
57ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Total 110384064.37 110384064.37 1094632.90 1094632.90
Amount of significant changes in carrying value of contract assets in the Current Period and reasons thereof:
Unit: RMB
Item Change in amount Reason(s)
If the impairment provision for contract assets in accordance with the general model of expected credit losses the information related
to the impairment provision shall be disclosed by reference to the disclosure method of other receivables:
□Applicable □Not applicable
Withdrawal of impairment provision for contract assets in the Current Period:
Unit: RMB
Amount transferred-
Withdrawal of the Write-off/verified for
Item back for the current Reason
current period the current period
period
Other notes:
11. Held-for-sale Assets
Unit: RMB
Estimated
Ending carrying Impairment Ending carrying Estimated
Item Fair value disposal
amount provision amount disposal time
expense
Other notes:
12. Current Portion of Non-current Assets
Unit: RMB
Item Ending balance Beginning balance
Significant investments in debt obligations/other investments in debt obligations
Unit: RMB
Ending balance Beginning balance
Item Coupon Actual Maturity Coupon Actual Maturity
Par value Par value
rate interest rate date rate interest rate date
Other notes:
13. Other Current Assets
Unit: RMB
Item Ending balance Beginning balance
Prepaid VAT 12232463.61 16846758.27
Deducted input tax 58657816.56 28950002.85
Prepaid income tax 33200.38 1436395.15
Prepaid land VAT 0.00 16438505.72
Prepaid urban construction tax 37292.33 1156118.20
Prepaid education surcharge 26637.38 825798.74
Immediate rebate of receivable software
0.001687.34
sales VAT
Total 70987410.26 65655266.27
Other notes:
14. Investments in Debt Obligations
Unit: RMB
58ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Ending balance Beginning balance
Item Carrying Impairment Carrying Impairment
Carrying value Carrying value
amount provision amount provision
Significant investments in debt obligations
Unit: RMB
Ending balance Beginning balance
Item Coupon Actual Maturity Coupon Actual Maturity
Par value Par value
rate interest rate date rate interest rate date
Status of accrued depreciation reserves
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
2023 in the current
period
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
Unit: RMB
Accumulated
Change in provision for
fair value Accumulated losses
Beginning Accrued Ending
Item in the Cost changes in recognized in Notes
balance interest balance
reporting fair value other
period comprehensive
income
Significant other investments in debt obligations
Unit: RMB
Ending balance Beginning balance
Item Coupon Actual Maturity Coupon Actual Maturity
Par value Par value
rate interest rate date rate interest rate date
Status of accrued depreciation reserves
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
2023 in the current
period
Changes of carrying amount with significant amount changed of loss provision in the current period
□Applicable □Not applicable
Other notes:
16. Long-term Receivables
(1) List of Long-term Receivables
Unit: RMB
Item Ending balance Beginning balance Interval of
59ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Bad debt Carrying Bad debt discount rate
Carrying amount Carrying value Carrying value
provision amount provision
Financing
21920095.9221920095.9222651454.0722651454.070.14
lease accounts
Of which:
unrealized
11607188.3811607188.3813169492.6513169492.65
financing
income
Total 21920095.92 21920095.92 22651454.07 22651454.07
Impairment of bad debt provision
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
2023 in the current
period
Changes of carrying amount with significant amount changed of loss provision in the current period
□Applicable □Not applicable
(2) Derecognition of Long-term Receivables due to the Transfer of Financial Assets
(3) The Amount of the Assets and Liabilities Formed due to the Transfer and the Continued Involvement of
Long-term Receivables
Other notes:
17. Long-term Equity Investment
Unit: RMB
Increase/decrease for the current period
Beginning Gains and Cash Withdra Ending Ending
balance Addition losses Adjustment Chang bonus or
Investee Reduced wal of
balance balance of
(carrying al recognize of other es of profits Otheinvestm impairme (Carrying depreciatio
value) investm d under comprehens other announc rs ent nt Value) n reserve
ent the equity ive income equity ed to
provision
method issue
I. Joint ventures
Shenzhen Real
Estate Jifa 44730585. 1722873. 46453459.Warehousing 29 98 27
Co. Ltd.Tian’an
International
Building
7037952.37120847.6
Property 82895.33
Management 1 4
Company of
Shenzhen
51768537.1805769.53574306.
Subtotal
603191
II. Associated enterprises
Shenzhen
18983614.18983614.18983614
Wufang
1414.14
Ceramics
60ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Industrial Co.Ltd.Shenzhen
Kangfu Health
165000.00165000.00165000.00
Products Co.Ltd.Shenzhen
Xinghao
Imitation 756670.68 756670.68 756670.68
Porcelain Co.Ltd.Shenzhen
Social Welfare
Company Fuda 326693.24 326693.24 326693.24
Electronics
Factory
Shenzhen
Fulong
1684350.01684350.01684350.
Industry
0000
Development
Co. Ltd.Haonianhua 2733570.0 2733570.0 2733570.Hotel 5 5 05
Shenzhen
Education
500000.00500000.00500000.00
Fund Longhua
Investment
Shenzhen
Kangle Sports
540060.00540060.00540060.00
Club Huangfa
Branch
Dankeng
Village Plants
1168973.21168973.21168973.
of Fumin in
0020
Guanlan Town
Shenzhen City
Shenzhen Bull
Entertainment 500000.00 500000.00 500000.00
Co. Ltd.Shenzhen
Lianhua
Caitian 1475465.9 1475465.9 1475465.Property 1 1 91
Management
Co. Ltd.Shenzhen
Yangyuan 1030000.0 1030000.0 1030000.Industrial Co. 0 0 00
Ltd.Jiakaifeng Co.Ltd. Bao’an 600000.00 600000.00 600000.00
Company
Guiyuan
350000.00350000.00350000.00
Garage
Shenzhen
Wuweiben
500000.00500000.00500000.00
Roof Greening
Co. Ltd.ShenzhenYuan
ping Plastic 240000.00 240000.00 240000.00
Steel Doors
61ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Co. Ltd.ShenzhenYoufa
ng Printing 100000.00 100000.00 100000.00
Co. Ltd.Shenzhen
Lusheng
Industrial 100000.00 100000.00 100000.00
Development
Co. Ltd.CSCEC
Intelligent
28012899.63120.028001398.
Parking 51619.01
Technology 71 0 72
Co. Ltd.
59767296.63120.059755795.31754397
Subtotal 51619.01
93094.22
1115358341857388.63120.011333010231754397
Total.53320.85.22
Other notes:
18. Other Equity Instrument Investment
Unit: RMB
Item Ending balance Beginning balance
Gintian Industry (Group) Co. Ltd. 635355.65 887838.64
Total 635355.65 887838.64
Non-trading equity instrument investment in the Current Period disclosed by items
Unit: RMB
Reason for
Amount of Reason for
assigning to
other other
measure in fair
Dividend comprehensive comprehensive
Accumulative Accumulative value of which
Project name income income income
gains losses changes
recognized transferred to transferred to
included other
retained retained
comprehensive
earnings earnings
income
Gintian Industry Not for business
(Group) Co. 2955000.66 transaction
Ltd. purposes
Other notes:
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
Construction in
Item Houses and buildings Land use right Total
progress
I. Original carrying
value
1. Beginning balance 861702509.37 14495902.20 37192716.83 913391128.40
62ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
2. Increased amount for
20847883.840.000.0020847883.84
the current period
(1) Outsourcing
(2)Transfer from
inventory/fixed
20847883.840.000.0020847883.84
assets/construction in
progress
(3) Business
combination increase
3. Decreased amount
-393459.160.000.00-393459.16
for the current period
(1) Disposal
(2) Other transfer
(3) Exchange
-393459.160.000.00-393459.16
adjustment
4. Ending balance 882943852.37 14495902.20 37192716.83 934632471.40
II. Accumulative
depreciation and
accumulative
amortization
1. Beginning balance 472271039.79 13360585.89 21996763.54 507628389.22
2. Increased amount for
17963132.970.003002225.9420965358.91
the current period
(1) Withdrawal or
17963132.970.003002225.9420965358.91
amortization
3. Decreased amount
-373786.210.000.00-373786.21
for the current period
(1) Disposal
(2) Other transfer
(3) Exchange
-373786.210.000.00-373786.21
adjustment
4. Ending balance 490607958.97 13360585.89 24998989.48 528967534.34
III. Depreciation
reserves
1. Beginning balance
2. Increased amount for
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
392335893.401135316.3112193727.35405664937.06
value
2. Beginning carrying
389431469.581135316.3115195953.29405762739.18
value
63ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
(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
Project Time of Floor area Beginning Closing fair
Location during this fair value changes
name completion (m2) 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) 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 third
507 Unit Block No. 6 Maguling 23334.11 party a property management company
now has been recovered but hasn’t
handled the warrant yet.Obtained after the success in the last
Meilin land instance in 2017 relevant certifications of
property are in the procedure
Total 23334.11
Other notes:
Note: As at 30 June 2023 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 72977952.16 82745172.12
Total 72977952.16 82745172.12
(1) List of Fixed Assets
Unit: RMB
Houses and Machinery Transportation Decoration of
Item Other machinery Total
buildings equipment vehicle the fixed assets
I. Original
carrying value:
1. Beginning
129859285.296457738.9219461561.9737715645.8857075135.08250569367.14
balance
2. Increased
amount for the 100458.85 405630.12 1921221.97 2427310.94
current period
(1) Purchase 100458.85 405630.12 1921221.97 2427310.94
(2) Transfer from
construction in
progress
(3) Business
combination
increase
64ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
3. Decreased
amount for the 5482998.10 15950.00 304900.00 933964.58 6737812.68
current period
(1) Disposal or
15950.00304900.00933964.581254814.58
scrap
(2) Others 5482998.10 5482998.10
4. Ending
124376287.196542247.7719562292.0937715645.8858062392.47246258865.40
balance
II. Accumulative
depreciation
1. Beginning
95882680.452648956.9413790571.1718649255.8236777013.48167748477.86
balance
2. Increased
amount for the 1073376.55 368465.41 899185.22 3739759.14 3329303.47 9410089.79
current period
(1) Withdrawal 1073376.55 368465.41 899185.22 3739759.14 3329303.47 9410089.79
3. Decreased
amount for the 2751867.91 15950.00 265516.90 844319.60 3877654.41
current period
(1) Disposal or
15950.00265516.90844319.601125786.50
scrap
(2) Others 2751867.91 2751867.91
4. Ending
94204189.093001472.3514424239.4922389014.9639261997.35173280913.24
balance
III. Depreciation
reserves
1. Beginning
75717.1675717.16
balance
2. Increased
amount for the
current period
(1) Withdrawal
3. Decreased
amount for the 75717.16 75717.16
current period
(1) Disposal or
75717.1675717.16
scrap
4. Ending
balance
IV. Carrying
value
1. Ending
30172098.103540775.425138052.6015326630.9218800395.1272977952.16
carrying value
2. Beginning
33900887.683808781.985670990.8019066390.0620298121.6082745172.12
carrying value
(2) List of Temporarily Idle Fixed Assets
Unit: RMB
Original carrying Accumulated Impairment
Item Carrying value Notes
value depreciation provision
65ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
(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
Room 406 2 units Hulunbuir Guangxia Property rights disputes before now have won a lawsuit with
2274041.26
Digital Building certification of the property being processed.The office building will be removed due to the project
adjustment and a high-rise office building will be established
Room 401 402 Sanxiang Business
614187.20 nearby the present address. The existing property shall be
Building Office Building
replaced after the completion of the new office building. Thus
the certification of the property is failed to transact.Total 2888228.46
Other notes:
(5) 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 Carrying Impairment Carrying Impairment
Carrying value Carrying value
amount provision amount provision
(2) Changes in Significant Construction in Progress during the Current Period
Unit: RMB
Of which:
Other Proportion of Capitalization
Accumulated amount of
Increased decreased accumulated rate of
Beginning Transferred in Ending amount of capitalized Capital
Project name Budget amount of the amount for investment in Job schedule interests for
balance fixed assets balance interest interests for resources
current period the current constructions the current
capitalization the current
period to budget period
period
(3) List of the Withdrawal of the Depreciation Reserves for Construction in Progress
Unit: RMB
Item Amount withdrawn Reason for withdrawal
Other notes:
(4) Engineering Materials
Unit: RMB
Ending balance Beginning balance
Item Carrying Impairment Carrying Impairment
Carrying value Carrying value
amount provision amount provision
Other notes:
23. Productive Living Assets
(1) Productive Living Assets Adopting Cost Measurement Mode
□Applicable □Not applicable
66ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
(2) Productive Living Assets Adopting Fair Value Measurement Mode
□Applicable □Not applicable
24. Oil and Gas Assets
□Applicable □Not applicable
25. Right-of-use Assets
Unit: RMB
Item Houses and buildings Total
I. Original carrying value
1. Beginning balance 96978273.81 96978273.81
2. Increased amount for the current period 10643690.71 10643690.71
(1) New Leases 10643690.71 10643690.71
3. Decreased amount for the current
17761164.6817761164.68
period
(1) Expiration of lease contract 1297675.17 1297675.17
(2) Lease termination 10175574.13 10175574.13
(3) Others 6287915.38 6287915.38
4. Ending balance 89860799.84 89860799.84
II. Accumulative depreciation
1. Beginning balance 26809858.16 26809858.16
2. Increased amount for the current period 10342761.89 10342761.89
(1) Withdrawal 10342761.89 10342761.89
3. Decreased amount for the current
3068278.393068278.39
period
(1) Disposal
Lease termination 3068278.39 3068278.39
4. Ending balance 34084341.66 34084341.66
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 55776458.18 55776458.18
2. Beginning carrying value 70168415.65 70168415.65
Other notes:
26. 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
67ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
1. Beginning balance 3060312.13 3060312.13
2. Increased amount for the
current period
(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 balance 1790929.22 1790929.22
2. Increased amount for the
323300.59323300.59
current period
(1) Withdrawal 323300.59 323300.59
3. Decreased amount for the
current period
(1) Disposal
4. Ending balance 2114229.81 2114229.81
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 946082.32 946082.32
2. Beginning carrying value 1269382.91 1269382.91
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) Land Use Right Failed to Accomplish Certification of Property
Unit: RMB
Item Carrying value Reason
Other notes:
27. Development Costs
Unit: RMB
Item Beginning Increased amount of the current period Decreased amount for the current period Ending
68ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
balance Transferred balance
Recognized
Internal into the
as
development Others current
intangible
costs profit or
assets
loss
Total
Other notes:
28. 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
events Formed by Ending balance
balance
generating 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
events Ending balance
balance
generating Withdrawal Disposal
goodwill
Total
Information on the Assets Groups or Combination of Assets Groups which Goodwill Belongs to
Carrying Assets group or combination of assets groups
value of
goodwill Main composition Carrying value Recognition method Changes in current
period
9446847.38 Shenzhen Facility 21490611.97 Assets group or combination of assets No
Management groups capable of generating cash flows
Community independently in consideration of benefits
Technology Co. Ltd. from synergies of business combination and
the management’s administration and
monitoring of production and operating
activities.Notes of the testing process of goodwill impairment parameters (such as growth rate of the forecast period growth rate of stable
period rate of profit discount rate forecast period and so on for prediction of future present value of cash flows) and the recognition
method of goodwill impairment losses:
Influence of goodwill impairment testing
Other notes:
29. Long-term Prepaid Expense
Unit: RMB
Increased amount Amortization
Other decreased
Item Beginning balance of the current amount of the Ending balance
amount
period current period
69ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Decoration fee 21980602.46 1990869.21 4357979.80 21985.79 19591506.08
Total 21980602.46 1990869.21 4357979.80 21985.79 19591506.08
Other notes:
30. 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
91518925.2419529639.1972321489.0915066804.41
impairment of assets
Internal unrealized
438745107.84109686276.96439263809.16109815952.29
profit
Deductible losses 930939553.18 232593025.59 1159867308.26 288683459.58
Accrued land VAT 3865285968.24 966321492.06 3838271429.24 959567857.31
Estimated profit
calculated at pre-sale
94559293.4023639823.3535766814.248941703.56
revenue of property
enterprises
Other accrued expenses 6301806.64 1422129.16 4512525.55 974808.89
Total 5427350654.54 1353192386.31 5550003375.54 1383050586.04
(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 696675.48 174168.87 967914.16 241978.54
than the tax basis
Total 696675.48 174168.87 967914.16 241978.54
(3) Deferred Income Tax Assets or Liabilities Had Been Off-set Listed in Net Amount
Unit: RMB
Beginning off-set
Ending off-set amount Ending balance of Beginning balance of
amount of deferred
Item of 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
1353192386.311383050586.04
assets
Deferred income tax
174168.87241978.54
liabilities
(4) List of Unrecognized Deferred Income Tax Assets
Unit: RMB
Item Ending balance Beginning balance
Deductible temporary differences 48268108.72 52448071.36
Deductible losses 515895750.67 508734563.66
Total 564163859.39 561182635.02
(5) Deductible Losses of Unrecognized Deferred Income Tax Assets will Due in the Following Years
Unit: RMB
70ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Year Ending amount Beginning amount Notes
2023 265603820.64 265603820.64 The deductible losses of 2018
2024 124895242.05 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 7161187.01 The deductible losses of 2023
Total 515895750.67 508734563.66
Other notes:
31. Other Non-current Assets
Unit: RMB
Ending balance Beginning balance
Item Carrying Impairment Carrying Impairment
Carrying value Carrying value
amount provision amount provision
Prepayment for
purchase of
fixed assets
1291779.311291779.31115779.31115779.31
investment
properties and
intangible assets
Others 2635093.77 2635093.77 2635093.77 2635093.77
Total 3926873.08 3926873.08 2750873.08 2750873.08
Other notes:
32. Short-term Borrowings
(1) Category of Short-term Borrowings
Unit: RMB
Item Ending balance Beginning balance
Notes of the category for short-term loans:
(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 RMBXXX 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:
33. Trading Financial Liabilities
Unit: RMB
Item Ending balance Beginning balance
Of which:
Of which:
Other notes:
34. Derivative Financial Liabilities
Unit: RMB
Item Ending balance Beginning balance
71ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Other notes:
35. Notes Payable
Unit: RMB
Category Ending balance Beginning balance
The total amount of notes payable due but unpaid was RMBXXX.
36. Accounts Payable
(1) List of Accounts Payable
Unit: RMB
Item Ending balance Beginning balance
Engineering construction expense payable 353407806.68 484123042.01
Estimated payables 2712921.63 32863907.25
Others 141395031.89 91296439.26
Total 497515760.20 608283388.52
(2) Significant Accounts Payable Aged over 1 Year
Unit: RMB
Item Ending balance Unpaid/Un-carry-over reason
Shenzhen Municipal Bureau of Planning
25000000.00 Historical problems
and Land
China Construction Fourth Engineering
12017672.83 Unsettled
Division Corp. Ltd.Shanghai Mingpeng Construction Group
5976705.79 Unsettled
Co. Ltd.Shenzhen Ruihe Construction Decoration
2753369.98 Unsettled
Co. Ltd.Shenzhen HONGTAO Group Co. Ltd. 2569572.34 Unsettled
Total 48317320.94
Other notes:
37. Advances from Customers
(1) List of Advances from Customers
Unit: RMB
Item Ending balance Beginning balance
Rental 1209185.48 2260847.31
Total 1209185.48 2260847.31
(2) Significant Advances from Customers Aged over 1 Year
Unit: RMB
Item Ending balance Unpaid/Un-carry-over reason
Other notes:
38. Contract Liabilities
Unit: RMB
Item Ending balance Beginning balance
House payment in advance 47733616.21 857317217.99
Property fee in advance 33209460.24 15740950.87
Other payments in advance 38816647.12 47769871.95
Total 119759723.57 920828040.81
Significant changes in the amount of carrying value and the reason in the Reporting Period
Unit: RMB
72ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Item Change in amount Reason(s)
SZPRD-Fuchang Garden The carried down qualified for revenue carried forward was carried
-840878470.63
Phase II (Fuhui Huayuan) forward to income from principal businesses.SZPRD-Golden Collar’s
28343180.03 Sales payment collection from the project in the current period
Resort
Total -812535290.60
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. Project name Beginning balance Ending balance
completion proportion
SZPRD-Golden
1 15574706.92 43917886.95 25 December 2019 96.00%
Collar’s Resort
Guangming Yutang
2 0.00 2986620.19 1 December 2024 1.70%
Shangfu project
SZPRD-Hupan
3 716422.02 707247.71 30 November 2017 96.00%
Yujing Phase II
SZPRD-Banshan
4 110921.17 74430.17 12 January 2022 100.00%
Yujing Phase II
SZPRD-Hupan
5 36697.25 36697.25 1 June 2015 88.24%
Yujing Phase I
39. 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 234726107.97 423623999.36 467829214.52 190520892.81
II. Post-employment
benefit-defined 1650684.05 35124716.34 34223858.31 2551542.08
contribution plans
III. Termination
2749600.002749600.00
benefits
Total 239126392.02 458748715.70 504802672.83 193072434.89
(2) List of Short-term Salary
Unit: RMB
Increase for the current Decrease for the
Item Beginning balance Ending balance
period current period
1. Salary bonus allowance
216273079.86371317457.31413685247.77173905289.40
subsidy
2. Employee welfare 1408479.54 530327.31 809484.30 1129322.55
3. Social insurance 71070.35 15509848.67 15281606.04 299312.98
Of which: Medical insurance
60059.5413198732.1012994566.26264225.38
premiums
Work-related injury insurance
1263.70643673.04626227.5618709.18
premiums
Maternity insurance 2154.62 786269.22 779285.91 9137.93
Other commercial insurances 7592.49 881174.31 881526.31 7240.49
4. Housing fund 1279643.31 13741572.37 13742470.35 1278745.33
5. Labor union budget and
11352966.608376367.188179570.5411549763.24
employee education budget
73ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
8. Non-monetary benefits 4340868.31 14148426.52 16130835.52 2358459.31
Total 234726107.97 423623999.36 467829214.52 190520892.81
(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
145676.7529593189.6729245239.63493626.79
insurance
2. Unemployment
4125.03711810.87700545.8915390.01
insurance premiums
3. Supplementary
1500882.274797985.484256342.472042525.28
pension payment
Others 21730.32 21730.32
Total 1650684.05 35124716.34 34223858.31 2551542.08
Other notes:
40. Taxes Payable
Unit: RMB
Item Ending balance Beginning balance
VAT 14088568.40 15392042.91
Consumption tax 0.00 0.00
Enterprise income tax 32630161.71 57096046.69
Personal income tax 4576871.47 3141049.35
Urban maintenance and construction tax 1132969.70 1464551.01
Land appreciation tax 3865285968.16 3838271429.24
Land use tax 941954.40 153626.98
Property tax 5712733.63 600966.66
Educational surcharge 464449.41 707668.15
Local educational fee 432570.90 383745.82
Others 133425.21 67220.00
Total 3925399672.99 3917278346.81
Other notes:
41. Other Payables
Unit: RMB
Item Ending balance Beginning balance
Interest payable 0.00 0.00
Dividends payable 227351128.25 12202676.04
Other payables 1476775808.27 1502883156.41
Total 1704126936.52 1515085832.45
(1) Interest Payable
Unit: RMB
Item Ending balance Beginning balance
Total 0.00 0.00
List of the significant overdue unpaid interest:
Unit: RMB
74ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Entity Overdue amount Overdue reason
Other notes:
(2) Dividends Payable
Unit: RMB
Item Ending balance Beginning balance
Ordinary stock dividends 227351128.25 12202676.04
Total 227351128.25 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
(3) Other Payables
1) Other Payables Listed by Nature of Account
Unit: RMB
Item Ending balance Beginning balance
Security deposit 339025828.61 316108932.91
Margin 19211060.35 13585641.99
Collection on behalf 4350525.30 3596458.33
Intercourse funds 814319067.66 855267729.70
Accrued expenses 237339978.52 224646116.70
Payment on behalf 14727817.67 19052869.33
Others 47801530.16 70625407.45
Total 1476775808.27 1502883156.41
2) Significant Other Accounts Payable Aging over One Year
Unit: RMB
Item Ending balance Unpaid/Un-carry-over reason
Shenzhen Pason Aluminum Technology Did not submit the payment application
196416155.45
Co. Ltd. for historical reasons
Shenzhen Hengyu (Group) Co. Ltd. 162000000.00 Unsettled
Shenzhen Bay Technology Development
154415543.77 Unsettled
Co. Ltd.Shenzhen Real Estate Jifa Warehousing Intercourse fund without specific payment
42296665.14
Co. Ltd. term
Shenzhen Toutiao Technology Co. Ltd. 12424072.07 Lease term not expired
Total 567552436.43
Other notes:
42. Held-for-sale Liabilities
Unit: RMB
Item Ending balance Beginning balance
Other notes:
75ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
43. Current Portion of Non-current Liabilities
Unit: RMB
Item Ending balance Beginning balance
Current portion of long-term borrowings 201663040.96 196645408.45
Lease obligation matured within 1 Year 21006002.41 22213358.37
Total 222669043.37 218858766.82
Other notes:
44. Other Current Liabilities
Unit: RMB
Item Ending balance Beginning balance
Tax to be charged off 3392989.52 83991786.83
Total 3392989.52 83991786.83
Increase/decrease of the short-term bonds payable:
Unit: RMB
Amortization
Issued in Interest Repaid in
Bond Issue Beginning of premium Ending
Name Par value Issue date the current accrued at the current
duration amount balance and balance
period par value period
depreciation
Total
Other notes:
45. Long-term Borrowings
(1) Category of Long-term Borrowings
Unit: RMB
Item Ending balance Beginning balance
Pledged loans 3187796390.00 3156782344.00
Mortgage loans 553453878.17
Credit loan 431200000.00 462000000.00
Total 4172450268.17 3618782344.00
Note to the category of long-term borrowings:
The pledged borrowings at the period-end [1] were used to develop the Lanhushidai 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 29
November 2019 to 20 November 2024. And 69% equity of Rongyao Real Estate held by the Company was ple dged and the
guarantee mode was the joint liability guaranty.The pledge borrowings at the period-end [2] 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
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 pledged loans [3] at the period-end were used to develop the Humen Sea Bay Garden project of Dongguan Wuhe Real Estate Co.Ltd. a subsidiary of the Company with the duration from 30 March 2023 to 5 August 2027. All accounts receivable of Dongguan
Wuhe Real Estate Co. Ltd. in next five years was pledged.The mortgage loans [1] at the period-end were used to develop the Humen Sea Bay Garden project of Dongguan Wuhe Real Estate
Co. Ltd. a subsidiary of the Company with the duration from 30 March 2023 to 5 August 2027. The land use right of Humen Sea
Bay Garden project held by Dongguan Wuhe Real Estate Co. Ltd. was pledged.The mortgage loans [2] at the period-end were used to develop the Guangming Yutang Shangfu project of Shenzhen Guangming
Wuhe Real Estate Co. Ltd. a subsidiary of the Company with the duration from 24 May 2023 to 25 April 2028. The land use right
of Guangming Yutang Shangfu project held by Shenzhen Guangming Wuhe Real Estate Co. Ltd. was pledged.The mortgage loans [3] at the period-end were used to develop the Lanhushidai 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..
76ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
The credit borrowings at the period-end were used for the transaction payment of equity of Shenzhen Toukong Property Management
Co. Ltd. with the duration from 18 May 2020 to 10 May 2025.Other notes including interest rate range:
46. 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
Amortization
Issued in Interest Repaid in
Bond Issue Beginning of premium Ending
Name Par value Issue date the current accrued at the current
duration amount balance and balance
period par value period
depreciation
Total —
(3) Convertible Conditions and Time for 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
Decrease for the current
Outstanding Period-beginning Increase for the current period Period-end period
financial
instruments Carrying Carrying Carrying Carrying Number Number Number Number
value value value value
Notes to basis for the classification of other financial instruments as financial liabilities
Other notes:
47. Lease Liabilities
Unit: RMB
Item Ending balance Beginning balance
Lease payments 99694102.14 119208080.55
Less: Unrecognized financing expense -15762599.86 -19031438.63
Less: Lease liabilities due within 1 year
-21006002.41-22213358.37
(filled in with negative number)
Total 62925499.87 77963283.55
Other notes:
48. Long-term Payables
Unit: RMB
Item Ending balance Beginning balance
Total 0.00 0.00
(1) Long-term Payables Listed by Nature
Unit: RMB
Item Ending balance Beginning balance
Total 0.00 0.00
Other notes:
(2) Specific Payables
Unit: RMB
Item Beginning balance Increase for the Decrease for the Ending balance Reason for
77ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
current period current period formation
Other notes:
49. Long-term Payroll 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
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:
50. Provisions
Unit: RMB
Item Ending balance Beginning balance Reason for formation
Xuansheng property
Pending litigation 766612.52 766612.52
management fee lawsuit
Total 766612.52 766612.52
Other notes including notes to related significant assumptions and evaluation of significant provisions:
Refer to Note XIV-2 for details.
51. Deferred Income
Unit: RMB
Increase for the Decrease for the Reason for
Item Beginning balance Ending balance
current period current period formation
Total 0.00 0.00
Item involving government grants:
Unit: RMB
Amount
Amount
Amount of recorded Amount
recorded
newly into non- offset cost Related to
Beginning into other Other Ending
Item subsidy for operating in the assets/related
balance income in changes balance
the current income in current income
the current
period the current period
period
period
Other notes:
52. Other Non-current Liabilities
Unit: RMB
Item Ending balance Beginning balance
78ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Utility specific fund 636774.81 634414.79
Housing principle fund 16201175.98 15105690.42
House warming deposit 6466131.01 7058030.03
Electric Equipment Maintenance fund 4019415.44 4019415.44
Deputed maintenance fund 53418040.46 53798172.96
Follow-up investment of employees for
40000000.0040000000.00
Lanhushidai project
Others 7510304.23 7393196.15
Total 128251841.93 128008919.79
Other notes:
53. 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:
54. 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
instruments Carrying Carrying Carrying Carrying 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:
55. Capital Reserve
Unit: RMB
Increase for the Decrease for the current
Item Beginning balance Ending balance
current 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:
56. Treasury Shares
Unit: RMB
Increase for the current Decrease for the current
Item Beginning balance Ending balance
period period
Total 0.00 0.00
Other notes including a description of the increase or decrease for the current period and the reasons for the change:
79ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
57. Other Comprehensive Income
Unit: RMB
Amount for the current period
Less: recorded Less: recorded
in other in other
comprehensive comprehensive
Amount before Attributable
Item Beginning balance income in income in Attributable to the deducting income Less: Income minority Ending balance
prior period prior period Company as the parent
tax for the current tax expense shareholders
and transferred and transferred after tax
period after tax
in profit or in retained
loss in the earnings in the
current period current period
I. Other
comprehensive
income that may
not be -2742841.65 -275978.56 -275978.56 -3018820.21
reclassified to
profit or loss
Changes in fair
value of other
equity -2742841.65 -275978.56 -275978.56 -3018820.21
instrument
investment\
II. Other
comprehensive
income that may
subsequently be -1111536.30 1679998.83 1679998.83 568462.53
reclassified to
profit or loss
Differences
arising from
translation of
foreign
currency- -1111536.30 1679998.83 1679998.83 568462.53
denominated
financial
statements
Total of other
comprehensive -3854377.95 1404020.27 1404020.27 -2450357.68
income
Other notes including the adjustment of the effective gain/loss on cash flow hedges to the initial recognized amount:
58. 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:
59. Surplus Reserves
Unit: RMB
Increase for the current Decrease for the current
Item Beginning balance Ending balance
period period
Statutory surplus
48521202.6848521202.68
reserves
Discretional surplus
365403.13365403.13
reserves
Total 48886605.81 48886605.81
Notes including changes and reason of change:
60. Retained Earnings
Unit: RMB
Item Current period Previous period
Beginning balance of retained profits
3691056182.733800901413.35
before adjustments
Beginning balance of retained profits after 3691056182.73 3800901413.35
80ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
adjustments
Add: Net profit attributable to owners of
220903444.63250802157.71
the Company as the parent
Dividends of common shares payable 215148452.21
Others -1644822.69 -208463077.04
Ending retained profits 3695166352.46 3437974711.46
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.
61. 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 1838535192.23 1348203616.26 1972677481.97 1067980872.62
Others 66929440.62 23956267.99 15622358.27 671710.70
Total 1905464632.85 1372159884.25 1988299840.24 1068652583.32
Relevant information of revenue:
Unit: RMB
Category of contracts Segment 1 Segment 2 Total
Product categories 1905464632.85 1905464632.85
Of which:
Real estate 1053881874.68 1053881874.68
Property management 773181325.02 773181325.02
Leasing business 78401433.15 78401433.15
Classification by
1905464632.851905464632.85
operating region
Of which:
Shenzhen 1736158823.32 1736158823.32
Other regions 169305809.53 169305809.53
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
81ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Of which:
Total
Information about performance obligations:
On 30 June 2023 the transaction price assigned to unfulfilled (or partially fulfilled) performance obligations was estimated to be
RMB120 million which is mainly expected future revenue of transaction prices that have not met the delivery conditions stipu lated
in sales contracts of real estate. The Company is expected to achieve the planned sales revenue within one or two years when the
house property is completed and passes the acceptance which meets the delivery conditions stipulated in sales contracts and when
the customers acquire the control rights of relevant goods or services on a pilot basis.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 RMB119759723.56 at the period-end among which RMB62270248.99 was expected to be recognized in 2023
RMB12104375.25 was expected to be recognized in 2024 and RMB45385099.32 was expected to be recognized in 2025.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. Project name Income balance
1 Fuchang Garden Phase II 965944812.30
2 Golden Collar’s Resort 66354012.36
3 Songhu Langyuan 781769.51
4 Hupan Yujing Phase II 250872.47
5 Banshan Yujing Phase II 57027.52
62. Taxes and Surtaxes
Unit: RMB
Item Amount for the current period Amount for the previous period
Urban maintenance and construction tax 5234580.49 6451246.20
Educational surcharge 2245496.54 2793502.94
Property tax 5879679.55 2296167.11
Land use tax 1017014.81
Vehicle and vessel usage tax 18361.26 14176.80
Stamp duty 531098.01 1998247.74
Land appreciation tax 28694726.98 378694384.75
Local educational fee 1500541.14 1827584.76
Other taxes 69287.25 155409.51
Total 45190786.03 394230719.81
Other notes:
63. Selling Expense
Unit: RMB
Item Amount for the current period Amount for the previous period
Agency fee 26078.00 989571.51
Consultancy and sales service charges 2385496.26 2384890.28
Advertising expenses 3855726.14 954193.61
Employee remuneration 4649571.85 3422942.15
82ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Others 2170424.80 3607260.96
Total 13087297.05 11358858.51
Other notes:
64. Administrative Expense
Unit: RMB
Item Amount for the current period Amount for the previous period
Employee remuneration 109945612.07 107934307.26
Administrative office cost 14020387.30 13369249.80
Assets amortization and depreciation
13134121.0012231294.86
expense
Litigation costs 5611455.50 1823824.81
Others 6476608.31 8342381.32
Total 149188184.18 143701058.05
Other notes:
65. Development Expense
Unit: RMB
Item Amount for the current period Amount for the previous period
Employee remuneration 1466686.36 2511310.90
Office cost 47920.50 3395.00
R&D material expense 1592.92 25050.00
Others 194851.66 149969.50
Total 1711051.44 2689725.40
Other notes:
66. Finance Costs
Unit: RMB
Item Amount for the current period Amount for the previous period
Finance costs 31827441.32 36281087.17
Less: Interest income (filled in with
-7930755.87-9179453.97
negative number)
Foreign exchange gains or losses -523791.38 -1610359.72
Others 819510.87 2601004.28
Total 24192404.94 28092277.76
Other notes:
67. Other Income
Unit: RMB
Sources Amount for the current period Amount for the previous period
Government grants related to income 950093.18 3006828.76
Return of auxiliary expense for individual
390379.71240710.82
income tax withheld
Additional deduction of VAT 2741411.22 3186192.45
Rebate of VAT 738782.96 372713.96
Tax and fee relief 812133.08
83ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Others 37288.76
Total 5670088.91 6806445.99
68. Investment Income
Unit: RMB
Item Amount for the current period Amount for the previous period
Long-term equity investment income
1857388.32859534.38
accounted by equity method
Interest income earned on other
investment in debt obligations during the 87379.67
holding period
Total 1857388.32 946914.05
Other notes:
69. Net Gain on Exposure Hedges
Unit: RMB
Item Amount for the current period Amount for the previous period
Other notes:
70. Gain on Changes in Fair Value
Unit: RMB
Sources Amount for the current period Amount for the previous period
Other notes:
71. Credit Impairment Loss
Unit: RMB
Item Amount for the current period Amount for the previous period
Bad debt loss -13610779.58 -14462076.54
Total -13610779.58 -14462076.54
Other notes:
72. Asset Impairment Loss
Unit: RMB
Item Amount for the current period Amount for the previous period
II. Inventory falling price loss and impairment
2045.933302.47
provision for contract performance costs
Total 2045.93 3302.47
Other notes:
73. Asset Disposal Income
Unit: RMB
Sources Amount for the current period Amount for the previous period
Gains on disposal of fixed assets 115810.85 -41452.49
Gains on disposal of other assets 58568.84
74. Non-operating Income
Unit: RMB
84ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Amount recorded in the
Amount for the previous
Item Amount for the current period current non-recurring profit or
period
loss
Government grants 17500.00
Gains on damage and scrap of
5568.235568.23
non-current assets
Confiscated income 652311.27 916961.90 652311.27
Payments unable to clear 56282.77 874963.88 56282.77
Others -919060.30 736642.68 -919060.30
Total -204898.03 2546068.46 -204898.08
Government grants recorded into current profit or loss
Unit: RMB
Whether
influence the Special Related to
Distribution Distribution Amount for the
Item Nature profits or losses subsidy or Previous period assets/related
entity reason current period
of the year or not income
not
Subsidies obtained from the
state by undertaking the
sustainability of public utilities Related to
Others Subsidies No No 17500.00
the supply of socially necessary revenue
products or the function of
price control
Other notes:
75. Non-operating Expense
Unit: RMB
Amount recorded in the
Amount for the previous
Item Amount for the current period current non-recurring profit or
period
loss
Donation 19300.00
Losses from damage and scrap
17136.15101068.8517136.15
of non-current assets
Penalty and fine for delaying
78886.531050960.6478886.53
payment
Others 261695.71 246257.35 261695.71
Total 357718.39 1417586.84 357718.39
Other notes:
76. 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 48971626.96 173064812.19
Deferred income tax expense 29847648.80 -80409607.93
Total 78819275.76 92655204.26
(2) Adjustment Process of Accounting Profit and Income Tax Expense
Unit: RMB
Item Amount for the current period
Total profit 293465531.81
Current income tax expense accounted at statutory/applicable tax rate 73366382.95
85ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Influence of applying different tax rates by subsidiaries -2534219.08
Influence of income tax before adjustment 5804661.91
Influence of non-deductible costs expenses and losses 392153.23
Effect of deductible temporary differences or deductible losses on deferred income
1790296.75
tax assets not recognized in the current period
Income tax expense 78819275.76
Other notes:
77. Other Comprehensive Income
Refer to Note for details.
78. Cash Flow Statement
(1) Cash Generated from Other Operating Activities
Unit: RMB
Item Amount for the current period Amount for the previous period
Large intercourse funds received 49072300.25 376141428.59
Interest income 7930755.87 8168660.77
Net margins security deposit and various
45287205.3947722607.40
special funds received
Other small receivables 24479612.17 29754454.20
Total 126769873.68 461787150.96
Notes:
(2) Cash Used in Other Operating Activities
Unit: RMB
Item Amount for the current period Amount for the previous period
Paying administrative expense in cash 30693136.34 24801083.99
Paying selling expense in cash 8054091.33 9594684.62
Payment of utility expense and various
49083846.8070071543.78
collecting payments on behalf of others
Other small payments 34041223.54 1997036.36
Amount of newly limited funds 5455416.01
Total 127327714.02 106464348.75
Notes:
(3) Cash Generated from Other Investing Activities
Unit: RMB
Item Amount for the current period Amount for the previous period
Notes:
(4) Cash Used in Other Investing Activities
Unit: RMB
Item Amount for the current period Amount for the previous period
Notes:
(5) Cash Generated from Other Financing Activities
Unit: RMB
86ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Item Amount for the current period Amount for the previous period
Notes:
(6) Cash Used in Other Financing Activities
Unit: RMB
Item Amount for the current period Amount for the previous period
Payment for lease liabilities 15224062.82 12142998.09
Total 15224062.82 12142998.09
Notes:
79. Supplemental Information for Cash Flow Statement
(1) Supplemental Information for Cash Flow Statement
Unit: RMB
Amount during the current
Supplemental information Previous period
period
1. Reconciliation of net profit to net cash flows generated from operating
activities:
Net profit 214646256.05 241301028.23
Add: Provision for impairment of assets 13608733.65 14458774.07
Depreciation of fixed assets oil-gas assets and productive biological
30375573.6146813436.13
assets
Depreciation of right-of-use assets 10342761.89 11367505.45
Amortization of intangible assets 323300.59 390983.97
Amortization of long-term prepaid expenses 4357979.80 3085317.14
Losses from disposal of fixed assets intangible assets and other long-
-174379.6941452.49lived assets (gains represented by “-")Losses from scrap of fixed assets (gains represented by “-") 17136.15 101068.85Losses from changes in fair value (gains represented by “-")Finance costs (gains represented by “-") 24192404.94 28092277.76Investment loss (gains represented by “-") -5385588.91 -6806445.99Decrease in deferred income tax assets (gains represented by “-") 29858199.73 -80319053.48Increase in deferred income tax liabilities (decrease represented by “-") -67809.67 -68469.92Decrease in inventory (gains represented by “-") 127259375.62 -761934290.05Decrease in accounts receivable generated from operating activities
-13839646.61-44432489.46(gains represented by “-")Increase in accounts payable used in operating activities (decrease
-1015535955.30151914673.72represented by “-")Others
Net cash flows from operating activities -580021658.15 -395994231.09
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 1376665482.70 1473196246.07
Less: Opening balance of cash 1509693857.48 1963988756.69
Add: Closing balance of cash equivalents
87ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Less: Opening balance of cash equivalents
Net increase in cash and cash equivalents -133028374.78 -490792510.62
(2) Net Cash Paid for Acquisition of Subsidiaries
Unit: RMB
Amount
Of which:
Of which:
Add: Cash or cash equivalents paid in the current period for
1644822.69
business combinations incurred in prior periods
Of which:
Shenzhen Property Management Co. Ltd. 1644822.69
Net cash paid for acquisition of subsidiaries 1644822.69
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 1376665482.70 1509693857.48
Of which: Cash on hand 42693.32 43833.00
Bank deposits on demand 1373278510.90 1506148081.54
Other monetary assets on demand 3344278.48 3501942.94
III. Ending balance of cash and cash
1376665482.701509693857.48
equivalents
Other notes:
80. Notes to Items of the Statements of Changes in Owners' Equity
Notes to the name of "Other" of closing balance of the same period of last year adjusted and the amount adjusted:
Not applicable.
81. Assets with Restricted Ownership or Right of Use
Unit: RMB
Item Ending carrying amount Reason for restriction
Monetary capital 15539145.06 Note 1 - Note 9
Land use right of Fumin New Village
542507314.43 Note 10
Futian District
Total 558046459.49
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.
88ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
[Note 2]: In terms of monetary assets with restricted right to use at the period-end there was an advance payment guarantee of
RMB459627.50 issued by the subsidiary company Shenzhen Facility Management Community Technology Co. Ltd. in December
2021 for the upgrading and reconstruction of the smart park of Shenzhen Bay Eco-Technology Park and the software platform
development contract.[Note 3]: 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 4]: In terms of monetary assets with restricted right to use at the period-end there was a loan deposit of RMB1132452.99
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 5]: In terms of monetary assets with restricted right to use at the period-end there was RMB5270833.33 of interest on
unexpired term deposits accrued at the period-end.[Note 6]: In terms of monetary assets with restricted right to use at the period-end there was RMB90000.00 of blocked fund in a
dispute over a house purchase and sales contract for Shenzhen Property Group Xuzhou Dapeng Real Estate Development Co. Ltd. a
subsidiary of the Company.[Note 7]: In terms of monetary assets with restricted right to use at the period-end there was RMB129315.23 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 8]: In terms of monetary assets with restricted right to use at the period-end there was an deposit for POS of RMB1500.00 in
the Shandong Shenguomao Real Estate Management Co. Ltd.[Note 9]: In terms of monetary assets with restricted right to use at the period-end there was RMB3255416.01 of regulated pre-sale
proceeds for the real estate projects of Shenzhen Guangming Wuhe Real Estate Co. Ltd. a subsidiary of the Company.[Note 10]: Due to the needs of daily business activities the Company applied for a loan from Bank of Communications Co. Ltd.Shenzhen Branch and mortgaged the land use right of Fumin New Village Futian District. The loan has a duration from 27
November 2020 to 27 November 2023 and applies floating interest rates.
82. 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 65099169.94
Of which: USD 120000.00 7.2208 866496.00
EUR
HKD 62829561.91 0.9218 57916290.17
VND 20574539964.00 0.000307 6316383.77
Accounts prepaid 9221.19 8500.09
Of which: HKD 9221.19 0.9218 8500.09
Other payables 3506725.97 3232500.00
Of which: HKD 3506725.97 0.9218 3232500.00
Accounts receivable
Of which: USD
EUR
HKD
Long-term borrowings
Of which: USD
EUR
HKD
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
89ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Standard
Main operating
Item currency for Basis for choosing
place
accounting
Shum Yip Properties Development Co.Hong Kong HKD Located in HK settled by HKD
Ltd. and its subsidiary
Vietnam Shenguomao Property
Vietnam VND Located in Vietnam settled by VND
Management Co. Ltd.
83. Arbitrage
Qualitative and quantitative information of relevant arbitrage instruments hedged risk in line with the type of arbitrage to disclose:
84. Government Grants
(1) Basic Information on Government Grants
Unit: RMB
Amount recorded in the
Category Amount Listed items
current profit or loss
Financial assistance for high-
120000.00 Other income 120000.00
tech enterprise training
Waste classification subsidy 156000.00 Other income 156000.00
Employment subsidy 99950.19 Other income 99950.19
The subsidy for stabilizing
34254.40 Other income 34254.40
employment
Other subsidies 89888.59 Other income 89888.59
Bonus for "Beautiful Home" 450000.00 Other income 450000.00
Total 950093.18 950093.18
(2) Return of Government Grants
□Applicable □Not applicable
Other notes:
85. Other
VIII. 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
Income of Net profits of
Time and
Cost of Recognition acquiree from acquiree from
Name of place of Proportion of Way to gain
gaining the Purchase date basis of the purchase the purchase
acquiree gaining equity equity
equity purchase date date to date to
equity
period-end period-end
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
90ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
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
Note to determination method of the fair value of the combination cost consideration and changes:
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 or 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
Net profits from
Recognition Income from the Income of the Net profits of the
the period-begin
Combined Proportion of Combination basis of period-begin to the acquiree during acquiree during
Basis to the
party the equity date combination combination date of the period of the period of
combination date
date the acquiree comparison comparison
of the acquiree
Other notes:
91ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
(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 adjus ted rights
and interests in accordance with the equity transaction process:
4. Disposal of Subsidiary
Whether there was a single disposal of an investment in a subsidiary that resulted in a loss of control
□Yes □No
Whether there was a step-by-step disposal of investment in a subsidiary through multiple transactions and loss of contro l during the
current period
□Yes □No
92ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
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:
Zhanjiang Branch of Shenzhen Properties & Resources Development (Group) Ltd. was deregistered in the current period.
6. Other
IX. Equity in Other Entities
1. Equity in Subsidiaries
(1) Compositions of the Group
Main Shareholding percentage
Place of Way of
Name of subsidiaries operating Business nature (%)
registration gaining
place Directly Indirectly
Shenzhen Huangcheng Real Estate Co. Ltd. Shenzhen Shenzhen Real estate 100.00% Set-up
Shenzhen Wuhe Industry Investment
Shenzhen Shenzhen Real estate 100.00% Set-up
Development Co. Ltd.Software and Business
Shenzhen Facility Management Community information combination
Shenzhen Shenzhen 35.00%
Technology Co. Ltd. technology not under the
services same control
Software and Business
information combination
Beijing Facility Home Technology Co. Ltd. Beijing Beijing 17.85%
technology not under the
services same control
SZPRD Xuzhou Dapeng Real Estate
Xuzhou Xuzhou Real estate 100.00% Set-up
Development Co. Ltd.Dongguan ITC Changsheng Real Estate
Dongguan Dongguan Real estate 100.00% Set-up
Development Co. Ltd.SZPRD Yangzhou Real Estate Development
Yangzhou Yangzhou Real estate 100.00% Set-up
Co. Ltd.Shenzhen International Trade Center Property
Shenzhen Shenzhen Real estate 100.00% Set-up
Management Co. Ltd.Shenzhen Guomaomei Life Service Co. Ltd. Shenzhen Shenzhen Real estate 100.00% Set-up
Shandong Shenguomao Real Estate
Jinan Jinan Real estate 100.00% Set-up
Management Co. Ltd.Chongqing Shenguomao Real Estate
Chongqing Chongqing Real estate 100.00% Set-up
Management Co. Ltd.Chongqing Aobo Elevator Co. Ltd. Chongqing Chongqing Service industry 100.00% Set-up
Chongqing Tianque Elevator Technology
Shenzhen Shenzhen Service industry 100.00% Set-up
Co. Ltd.Shenzhen Guoguan Electromechanical
Shenzhen Shenzhen Service industry 100.00% Set-up
Device Co. Ltd.Accommodation
Shenzhen Guomao Catering Co. Ltd. Shenzhen Shenzhen 100.00% Set-up
and catering
Shenzhen Property Engineering and
Shenzhen Shenzhen Service industry 100.00% Set-up
Construction Supervision Co. Ltd.SZPRD Commercial Operation Co. Ltd. Shenzhen Shenzhen Service industry 100.00% Set-up
Hong Hong
Shum Yip Properties Development Co. Ltd. Real estate 100.00% Set-up
Kong Kong
Hong Hong
Wayhang Development Co. Ltd. Real estate 100.00% Set-up
Kong Kong
Chief Link Properties Co. Ltd. Hong Hong Real estate 70.00% Set-up
93ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Kong Kong
Business
Hong Hong combination
Syndis Investment Co. Ltd. Real estate 70.00%
Kong Kong not under the
same control
Yangzhou Shouxihu Jingyue Property
Yangzhou Yangzhou Real estate 51.00% Set-up
Development Co. Ltd.Shandong International Trade Center Hotel
Jinan Jinan Real estate 100.00% Set-up
Management Co. Ltd.Shenzhen Shenshan Special Cooperation
Zone Guomao Property Development Co. Shenzhen Shenzhen Real estate 65.00% Set-up
Ltd.Shenzhen Guomao Tongle Property
Shenzhen Shenzhen Real estate 51.00% Set-up
Management Co. Ltd.Business
Shenzhen Rongyao Real Estate Development combination
Shenzhen Shenzhen Real estate 69.00%
Co. Ltd. not under the
same control
Business
Shenzhen ITC Technology Park Service Co. combination
Shenzhen Shenzhen Real estate 100.00%
Ltd. under the
same control
Business
Shenzhen Julian Human Resources combination
Shenzhen Shenzhen Service industry 100.00%
Development Co. Ltd. under the
same control
Business
Shenzhen Huazhengpeng Property combination
Shenzhen Shenzhen Real estate 100.00%
Management Development Co. Ltd. under the
same control
Business
Shenzhen Jinghengtai Real Estate combination
Shenzhen Shenzhen Real estate 100.00%
Development Co. Ltd. under the
same control
Business
Shenzhen Penghongyuan Industrial Accommodation combination
Shenzhen Shenzhen 100.00%
Development Co. Ltd. and catering under the
same control
Business
Shenzhen Jinhailian Property Management combination
Shenzhen Shenzhen Real estate 100.00%
Co. Ltd. under the
same control
Business
Sanitation and combination
Shenzhen Social Welfare Co. Ltd. Shenzhen Shenzhen 100.00%
social work under the
same control
Business
Shenzhen Fuyuanmin Property Management combination
Shenzhen Shenzhen Real estate 100.00%
Limited Liability Company under the
same control
Business
Shenzhen Meilong Industrial Development combination
Shenzhen Shenzhen Service industry 100.00%
Co. Ltd. under the
same control
Business
Public facilities
combination
Shenzhen Guomao Shenlv Garden Co. Ltd. Shenzhen Shenzhen management 90.00%
under the
services
same control
Shenzhen Jiayuan Property Management Co. Shenzhen Shenzhen Real estate 54.00% Business
94ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Ltd. combination
under the
same control
Business
Shenzhen Helinhua Construction combination
Shenzhen Shenzhen Real estate 90.00%
Management Co. Ltd. under the
same control
Business
Shenzhen Zhongtongda House Xiushan Construction combination
Shenzhen Shenzhen 90.00%
Service Co. Ltd. industry under the
same control
Business
combination
Shenzhen Kangping Industrial Co. Ltd. Shenzhen Shenzhen Retail trade 90.00%
under the
same control
Business
Manufacturing combination
Shenzhen Sports Service Co. Ltd. Shenzhen Shenzhen 100.00%
industry under the
same control
Business
combination
Shenzhen Teacher’s Home Training Co. Ltd. Shenzhen Shenzhen Retail trade 100.00%
under the
same control
Business
combination
Shenzhen Education Industrial Co. Ltd. Shenzhen Shenzhen Service industry 100.00%
under the
same control
Business
combination
Shenzhen Yufa Industrial Co. Ltd. Shenzhen Shenzhen Retail trade 80.95%
under the
same control
SZPRD Fuyuantai Development Co. Ltd. Shenzhen Shenzhen Real estate 100.00% Set-up
Xiamen Shenguomao Industrial City Smart
Xiamen Xiamen Service industry 51.00% Set-up
Service Co. Ltd.Vietnam Shenguomao Property Management
Shenzhen Shenzhen Service industry 100.00% Set-up
Co. Ltd.Shenzhen SZPRD Yanzihu Development Co.Shenzhen Shenzhen Real estate 100.00% Set-up
Ltd.Shenzhen Guangming Wuhe Real Estate Co.Shenzhen Shenzhen Real estate 100.00% Set-up
Ltd.Dongguan Wuhe Real Estate Co. Ltd. Dongguan Dongguan Real estate 100.00% Set-up
Business
combination
Shenzhen Property Management Co. Ltd. Shenzhen Shenzhen Real estate 100.00%
under the
same control
Business
combination
Shenzhen Shenwu Elevator Co. Ltd. Shenzhen Shenzhen Real estate 100.00%
under the
same control
Business
Shenzhen Shenfang Property Cleaning Co. combination
Shenzhen Shenzhen Real estate 100.00%
Ltd. under the
same control
Business
Shenzhen Foreign Trade Property combination
Shenzhen Shenzhen Real estate 100.00%
Management Co. Ltd. under the
same control
Shenzhen Shenfubao Property Development Shenzhen Shenzhen Real estate 100.00% Business
95ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Co. Ltd. combination
under the
same control
Business
Shenzhen Fubao Urban Resources combination
Shenzhen Shenzhen Real estate 60.00%
Management Co. Ltd. under the
same control
Business
Shenzhen Shenfubao Hydropower Municipal combination
Shenzhen Shenzhen Real estate 100.00%
Service Co. Ltd. under the
same control
Business
Shenzhen Free Trade Zone Security Service combination
Shenzhen Shenzhen Real estate 100.00%
Co. Ltd. under the
same control
Shenzhen Wuhe Urban Renewal Co. Ltd. Shenzhen Shenzhen Real estate 100.00% Set-up
Yangzhou Wuhe Real Estate Co. Ltd. Yangzhou Yangzhou Real estate 67.00% Set-up
Shenzhen Tonglu Wuhe Investment
Shenzhen Shenzhen Real estate 100.00% Set-up
Development Co. Ltd.Shenzhen International Trade Industry Space
Shenzhen Shenzhen Real estate 55.00% Set-up
Service Co. Ltd.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 theagreement 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:
Basis of controlling significant structural entities incorporated in the scope of combination:
Basis of determining whether the Company is the agent or the mandatory:
Other notes:
(2) Significant Non-wholly-owned Subsidiary
Unit: RMB
The profit or loss Declaring dividends
Balance of non-
Shareholding attributable to the distributed to non-
controlling
Name of subsidiaries proportion of non- non-controlling controlling interests
interests at the
controlling interests interests for the for the current
period-end
current period period
Shenzhen Rongyao Real Estate
31.00%-6632248.29-2083026.51
Development Co. Ltd.Yangzhou Wuhe Real Estate Co. Ltd. 33.00% -658432.42 14920336.76
Yangzhou Shouxihu Jingyue Property
49.00%670563.207168978.90
Development Co. Ltd.Shenzhen Guomao Shenlv Garden
10.00%274411.753911252.10
Co. Ltd.Holding proportion of non-controlling interests in subsidiary different from voting proportion:
Other notes:
96ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
(3) The Main Financial Information of Significant Not Wholly-owned Subsidiary
Unit: RMB
Ending balance Beginning balance
Name of
subsidiaries Non-current Current Non-current Non-current Current Non-current
Current assets Total assets Total liabilities Current assets Total assets Total liabilities
assets liabilities liabilities assets liabilities liabilities
Shenzhen
Rongyao
Real Estate 5745977117.37 155181308.75 5901158426.12 237999312.86 5567005771.06 5805005083.92 5566299658.85 148957829.54 5715257488.39 237683829.61 5360025967.25 5597709796.86
Development
Co. Ltd.Yangzhou
Wuhe Real
1099431037.381648461.141101079498.521055866356.821055866356.821003117568.27923562.281004041130.55956832739.09956832739.09
Estate Co.Ltd.Yangzhou
Shouxihu
Jingyue
20731894.92924279.0621656173.986847326.21178278.597025604.8020620873.64957140.5321578014.178192080.81123860.508315941.31
Property
Development
Co. Ltd.Shenzhen
Guomao
Shenlv 38909502.76 667055.47 39576558.23 29390561.94 213213.97 29603775.91 37872874.87 687238.86 38560113.73 31146187.72 185261.19 31331448.91
Garden Co.Ltd.Unit: RMB
Amount for the current period Amount for the previous period
Name of Total Total
subsidiaries Cash flows from Cash flows from
Operating Revenue Net profit comprehensive Operating Revenue Net profit comprehensive
operating activities operating activities
income income
Shenzhen Rongyao
Real Estate
-21394349.33-21394349.33-132065318.90-23400642.21-23400642.21-33317053.14
Development Co.Ltd.Yangzhou Wuhe
Real Estate Co. -1995249.76 -1995249.76 -48773537.38 -473135.33 -473135.33 97048.38
Ltd.Yangzhou
Shouxihu Jingyue
Property 20845157.30 1368496.32 1368496.32 -186738.66 18564214.66 497456.52 497456.52 -2196922.04
Development Co.Ltd.Shenzhen Guomao
Shenlv Garden 10211925.25 2744117.50 2744117.50 2459431.35 7774594.39 -54237.49 -54237.49 -676213.24
Co. 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:
97ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
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
(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
Place of investment to
Name operating Business nature
registration joint venture or
place Directly Indirectly associated
enterprise
Shenzhen Real Estate Jifa Warehousing Warehouse
Shenzhen Shenzhen 25.00% 25.00% Equity method
Co. Ltd. service
Tian’an International Building Property Property
Shenzhen Shenzhen 50.00% Equity method
Management Company of Shenzhen management
CSCEC Intelligent Parking Technology Commercial
Shenzhen Shenzhen 10.00% Equity method
Co. Ltd. services
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
Current assets 10055352.57 59891252.36 6110801.95 58848700.91
Of which: Cash and
9263658.1538883807.334923260.3237841255.88
cash equivalents
Non-current assets 85788615.62 42049.96 86342531.70 46757.57
Total assets 95843968.19 59933302.32 92453333.65 58895458.48
Current liabilities 2937049.65 29200886.66 2992163.07 28404537.12
98ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Non-current liabilities 16490720.38 16415016.74
Total liabilities 2937049.65 45691607.04 2992163.07 44819553.86
Equity of non-
controlling interests
Equity attributable to
shareholders of the 92906918.54 14241695.28 89461170.58 14075904.62
Company as the parent
Net assets shares
calculated at the 46453459.27 7120847.64 44730585.29 7037952.31
shareholding proportion
Adjusted items
- Goodwill
--Unrealized profit of
intra-company
transaction
--Other
Carrying value of
equity investment to 46453459.27 7120847.64 44730585.29 7037952.31
joint ventures
Fair values of equity
investments of joint
ventures with quoted
prices
Operating Revenue 6690430.68 8731790.54 4516455.33 8483323.41
Financial expenses -7666.55 43267.67 -5293.01 41255.86
Income tax expense 1154005.86 55263.55 523182.56 54163.40
Net profit 3445747.96 165790.66 1569547.71 149521.04
Net profit from
discontinued operations
Other comprehensive
income
Total comprehensive
3445747.96165790.661569547.71149521.04
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 267993271.29 235089462.02
Non-current assets 6672968.51 3014735.77
Total assets 274666239.80 238104197.79
Current liabilities 112739886.93 77303723.18
Non-current liabilities 34777.90 24777.90
Total liabilities 112774664.83 77333501.08
Equity of non-controlling interests
Equity attributable to shareholders of the 161891574.97 160770696.71
99ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Company as the parent
Net assets shares calculated at the
16189157.5016077069.67
shareholding proportion
Adjusted items
- Goodwill
--Unrealized profit of intra-company
transaction
--Other
Carrying value of investment to
16189157.5016077069.67
associated enterprises
Fair value of equity investments in
associated enterprises with publicly
quoted prices
Operating Revenue 48983120.89
Net profit 516190.10
Net profit from discontinued operations
Other comprehensive income
Total comprehensive income 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
(6) The Excess Loss of Joint Ventures or Associated Enterprises
Unit: RMB
The cumulative recognized The derecognized losses (or The accumulative
Name losses in previous the share of net profit) in unrecognized losses in current
accumulatively derecognized current period 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
Name Main operating Place of Business nature Proportion/Share portion
100ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
place registration 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. Others
X. Risks Associated with 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. Classification of financial instruments
1. The carrying value of financial assets on the balance sheet date
(1) 30 June 2023
Financial assets Financial assets at fair value Financial assets measured at
Financial asset project measured at the through profit or loss for the fair value through other Total
amortized cost current period comprehensive income
Monetary assets 1392204627.76 1392204627.76
Notes receivable
Accounts receivable 416925839.15 416925839.15
Other receivables 624876343.49 624876343.49
Long-term receivables 21920095.92 21920095.92
Other equity investments 635355.65 635355.65
(2) 31 December 2022
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 1517528893.83 1517528893.83
Notes receivable
Accounts receivable 419933915.30 419933915.30
101ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 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
Other receivables 639903523.33 639903523.33
Long-term receivables 22651454.07 22651454.07
Other equity instrument
887838.64887838.64
investments
2. The carrying value of financial liabilities on the balance sheet date
(1) 30 June 2023
Financial liabilities at fair Other financial
Item Total
value through profit or loss liabilities
497515760.20497515760.20
Accounts payable
1704126936.521704126936.52
Other payables
201663040.96201663040.96
Current portion of non-current liabilities
4172450268.174172450268.17
Long-term borrowings
(2) 31 December 2022
Financial liabilities at fair Other financial
Item Total
value through profit or loss liabilities
Accounts payable 608283388.52 608283388.52
Other payables 1515085832.45 1515085832.45
Current portion of non-current liabilities 196645408.45 196645408.45
Long-term borrowings 3618782344.00 3618782344.00
ii. 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 financ ial
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.
102ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
(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 ha ving
defaulted and its criteria are consistent with the definition of having incurred credit impairment:
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-i VII-v VII-viii 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 at 30 June 2023 there were certain credit concentration risks in the
Company and 43.64% of the accounts receivable of the Company (54.09% on 31 December 2022) 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.iii. 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 comprehens ively 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.Financial liabilities classified by remaining maturity
Amount at the end of this current period
Item Undiscounted More than three
Carrying value Within 1 year 1-3 years
contract amount years
Banking borrowings 4172450268.17 4537732044.74 200674442.04 3641854238.12 695203364.58
Accounts payable 497515760.20 497515760.20 497515760.20
Other payables 1704126936.52 1704126936.52 1691924260.48 12202676.04
Other non-current
liabilities due within 201663040.96 201663040.96 201663040.96
1 year
Total 6575756005.85 6941037782.42 2591777503.68 3641854238.12 707406040.62
(Continued)
Opening balance
Item
Undiscounted More than three
Carrying value Within 1 year 1-3 years
contract amount years
Banking borrowings 3618782344.00 3998835011.38 190669039.72 3648297102.30 159868869.36
103ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Accounts payable 608283388.52 608283388.52 608283388.52
Other payables 1515085832.45 1515085832.45 1502883156.41 12202676.04
Current portion of
other non-current 196645408.45 196645408.45 196645408.45
liabilities
Total 5938796973.42 6318849640.80 2498480993.10 3648297102.30 172071545.40
iv. 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 at 30 June 2023 under the assumption of other fixed variables with 50 basis points changed in interest rate the bank loan of
RMB4368583592.17 (RMB3809915668.00 on 31 December 2022) 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.XI. 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 instrument
635355.65635355.65
investment
The total amount of assets
consistently measured at fair 635355.65 635355.65
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 shares of listed companies whose fair value was
determined based on the closing price on the stock exchange as of 30 June 2023.
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
104ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
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
XII. Related Party and Related-party Transactions
1. Information Related to the Company as the Parent of the Company
Proportion of
Proportion of share
voting rights
Name of the held by the
Place of owned by the
Company as the Business nature Registered capital Company as the
registration Company as the
parent parent against the
parent against the
Company (%)
Company (%)
Shenzhen Limited liability
RMB31859
Investment Shenzhen company (solely- 56.96% 56.96%
million
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) During the Reporting Period 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 Sta te-
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.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
Refer to Note IX-1.
3. Information on the Joint Ventures and Associated Enterprises of the Company
Refer to Note IX-3.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
Name of other related party Relationship with the Company
The Company as the parent of Xinhai Rongyao of subsidiary
Shenzhen Xinhai Holding Co. Ltd.Rongyao Real Estate by non-controlling interests
Shenzhen Xinhai Rongyao Real Estate Development Co. Ltd. Subsidiary Rongyao Real Estate by non-controlling interests
105ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Yangzhou Lvfa Real Estate Co. Ltd. Subsidiary Yangzhou Wuhe by non-controlling interests
Shenzhen Wufang Ceramics Industrial Co. Ltd. Associated enterprise of the Company
Shenzhen Real Estate Jifa Warehousing Co. Ltd. Joint venture of the Company
Tian’an International Building Property Management Company
Joint venture of the Company
of Shenzhen
Wholly-owned subsidiary of the Company as the parent of the
Shenzhen Shenfubao (Group) Co. Ltd.Company
Shenzhen Xiangmihu International Exchange Center Wholly-owned subsidiary of the Company as the parent of the
Development Co. Ltd. Company
Shenzhen Bay Area Urban Construction and Development Co. Wholly-owned subsidiary of the Company as the parent of the
Ltd. Company
Shenzhen Environmental Protection Technology Group Co. Ltd. Subsidiary of the Company as the parent of the Company
Shenzhen Shenzhen Hong Kong Science and Technology
Subsidiary of the Company as the parent of the Company
Innovation Cooperation Zone Development Co. Ltd.Wholly-owned subsidiary of the Company as the parent of the
Shenzhen Bay Technology Development Co. Ltd.Company
Shenzhen Guarantee Group Co. Ltd. Subsidiary of the Company as the parent of the Company
Shenzhen Infinova Limited Subsidiary of the Company as the parent of the Company
Shenzhen Convention & Exhibition Center Management Co. Wholly-owned subsidiary of the Company as the parent of the
Ltd. Company
Wholly-owned subsidiary of the Company as the parent of the
Shenzhen Sports Center Operation Management Co. Ltd.Company
Wholly-owned subsidiary of the Company as the parent of the
China Shenzhen Foreign Trade (Group) Corp. Ltd.Company
Shenzhen Special Economic Zone Real Estate & Properties
(Group) Co. Ltd. and its consolidated subsidiaries except where Subsidiary of the Company as the parent of the Company
the context otherwise requires
GUOREN PROPERTY AND CASUALTY INSURANCE CO.Subsidiary of the Company as the parent of the Company
LTD.Shenzhen Branch of GUOREN PROPERTY AND CASUALTY
Parent company’s sub-subsidiary
INSURANCE CO. LTD.Wholly-owned subsidiary of the Company as the parent of the
Shenzhen Shentou Property Development Co. Ltd.Company
Shenzhen General Institute of Architectural Design and Research Wholly-owned subsidiary of the Company as the parent of the
Co. Ltd. Company
Shenzhen Water Planning and Design Institute Co. Ltd. Subsidiary of the Company as the parent of the Company
Shenzhen Large Industrial Zone (Shenzhen Export Processing Wholly-owned sub-subsidiary of the Company as the parent of
Zone) Development Management Group Co. Ltd. the Company
Wholly-owned sub-subsidiary of the Company as the parent of
Shenzhen Fubao Industrial Park Operation Co. Ltd.the Company
Wholly-owned sub-subsidiary of the Company as the parent of
Shenzhen Shenfubao Eastern Investment Development Co. Ltd.the Company
Shenzhen Shenfubao (Group) Tianjin Industrial Development Wholly-owned sub-subsidiary of the Company as the parent of
Co. Ltd. the Company
Wholly-owned sub-subsidiary of the Company as the parent of
Shenzhen Bay Area International Hotel Co. Ltd.the Company
Wholly-owned sub-subsidiary of the Company as the parent of
Shenzhen SME Venture Capital Co. Ltd.the Company
Wholly-owned sub-subsidiary of the Company as the parent of
Shenzhen Hi-tech Zone Development Construction Co. Ltd.the Company
Wholly-owned sub-subsidiary of the Company as the parent of
Shenzhen Bay (Baoding) Innovation Development Co. Ltd.the Company
Shenyue United Investment Co. Ltd. Wholly-owned sub-subsidiary of the Company as the parent of
106ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
the Company
Shenzhen Shenfubao (Group) Tianjin Investment Development Wholly-owned sub-subsidiary of the Company as the parent of
Co. Ltd. the Company
Shenzhen Shantou Special Cooperation Zone Branch of Shenzhen Wholly-owned sub-subsidiary of the Company as the parent of
Water Planning and Design Institute Co. Ltd. the Company
Wholly-owned sub-subsidiary of the Company as the parent of
Shenzhen Infinova Smart Park Technology Co. Ltd.the Company
Wholly-owned sub-subsidiary of the Company as the parent of
Shenzhen Meibainian Garment Co. Ltd.the Company
Shenzhen Tianjun Industrial Co. Ltd. Parent company’s grandson company
Shenzhen Shendan Credit Enhancement Financing Guarantee
Parent company’s grandson company
Co. Ltd.Wholly-owned sub-subsidiary of the Company as the parent of
Shenzhen Foreign Service Group Co. Ltd.the Company
Shenzhen Free Trade Zone Life Service Co. Ltd. Parent company’s grandson company
Hebei Shenbao Investment Development Co. Ltd. Parent company’s grandson company
Shenzhen Bay Wanli Hotel Branch of Shenzhen Wuzhou Hotel Wholly-owned sub-subsidiary of the Company as the parent of
Management Co. Ltd. the Company
Shenzhen Bay Wanyi Hotel Branch of Shenzhen Wuzhou Hotel Wholly-owned sub-subsidiary of the Company as the parent of
Management Co. Ltd. the Company
Wholly-owned sub-subsidiary of the Company as the parent of
Shenzhen Infinova Renyong Information Co. Ltd.the Company
Shenzhen Total Logistics Service Co. Ltd. Parent company’s grandson company
Shenzhen SDG Service Co. Ltd. Parent company’s grandson company
Research Institute of Tsinghua University in Shenzhen Parent company’s subsidiary
Wholly-owned sub-subsidiary of the Company as the parent of
Shenzhen Talent Recruitment International Co. Ltd.the Company
Wholly-owned subsidiary of the Company as the parent of the
Shenzhen People's Congress Cadre Training Center
Company
Wholly-owned sub-subsidiary of the Company as the parent of
Shenzhen Rule of Law Training Center
the Company
Shenzhen South Certification Co. Ltd. Parent company's sub-subsidiary
Shenzhen Properties Group (SPG) Longgang Development Co.Parent company's sub-subsidiary
Ltd.Shenzhen Eternal Asia Deep Supply Chain Management Co. Ltd. Parent company's sub-subsidiary
Shenzhen Petrel Hotel Co. Ltd. Parent company's sub-subsidiary
Wholly-owned sub-subsidiary of the Company as the parent of
Shenzhen Cultural Business Development Co. Ltd.the Company
Shenzhen Construction Development (Group) Company Subsidiary of the Company as the parent of the Company
China Kunpeng Industry Source Innovation Center (Shenzhen) Wholly-owned sub-subsidiary of the Company as the parent of
Co. Ltd. the Company
Wholly-owned sub-subsidiary of the Company as the parent of
Shenzhen Special Zone Literature Magazine Co. Ltd.the Company
Shenzhen Investment Holdings Development Co. Ltd. Parent company's sub-subsidiary
Wholly-owned sub-subsidiary of the Company as the parent of
Shenzhen Transportation Station Development Co. Ltd.the Company
Shenzhen High-tech Invest and Venture Capital Co. Ltd. Parent company's sub-subsidiary
Shenzhen Xingye Logistics Co. Ltd. Parent company's sub-subsidiary
Wholly-owned sub-subsidiary of the Company as the parent of
Shenzhen Investment Building Hotel Co. Ltd.the Company
Shantou Huafeng Real Estate Development Co. Ltd. Parent company's sub-subsidiary
Shantou Hualin Real Estate Development Co. Ltd. Parent company's sub-subsidiary
107ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Shantou Branch of Shenzhen Special Economic Zone Real Estate
Parent company's sub-subsidiary
& Properties (Group) Co. Ltd.Guangdong Jianbang Group (Huiyang) Industrial Co. Ltd. Parent company's sub-subsidiary
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
Unit: RMB
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
Shenzhen Bay
Technology Management
37673707.61 81600000.00 No 43219580.55
Development Co. service fee
Ltd.Shenzhen General
Institute of Project
Architectural Design architectural 2809568.52
and Research Co. design service
Ltd.Shenzhen Branch of
GUOREN
PROPERTY AND
Insurance 1647215.68 2582000.00 No 909945.52
CASUALTY
INSURANCE CO.LTD.Shenzhen Shendan
Credit Enhancement
Guarantee fee 1061950.00
Financing Guarantee
Co. Ltd.Shenzhen Guarantee
Guarantee fee 13656.60
Group Co. Ltd.Shenzhen Shenfubao
Catering service 71780.00 26911.00
(Group) Co. Ltd.Shenzhen Special
Economic Zone
Management
Real Estate & 1262625.00
service fee
Properties (Group)
Co. Ltd.Shenzhen Foreign
Outsourcing
Service Group Co. -521707.00 2650014.74
service charges
Ltd.Shenzhen
Apparel
Meibainian Garment 2241.00
procurement
Co. Ltd.Shenzhen Water
Consultant service
Planning and Design 53320.00
expense
Institute Co. Ltd.Shenzhen SDG Property service
107804.2629165.85
Service Co. Ltd. fee
Shenzhen Talent
Recruitment Recruitment
51686.00
International Co. service fee
Ltd.Shenzhen People's Training service
1780.00378811.00
Congress Cadre fee
108ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Training Center
Shenzhen Rule of Training service
2070.00
Law Training Center fee
Shenzhen South
Consultant service
Certification Co. 24528.30
expense
Ltd.Shenzhen Properties
Group (SPG)
Management
Longgang 1088750.00 1033370.00
service fee
Development Co.Ltd.Shenzhen Eternal
Asia Deep Supply Beverage
41916.0029940.00
Chain Management procurement
Co. Ltd.Shenzhen Infinova
Intelligent
Renyong
engineering 358900.00
Information Co.expense
Ltd.Information of sales of goods and provision of labor service
Unit: RMB
Content of the
Amount for the previous
Related parties related-party Amount for the current period
period
transaction
Shenzhen Branch of GUOREN PROPERTY Property service
170719.10
AND CASUALTY INSURANCE CO. LTD. fee
Project payment
Hebei Shenbao Investment Development
for water and 23027002.91 6583247.61
Co. Ltd.electricity
Hebei Shenbao Investment Development Property service
7099846.484607506.85
Co. Ltd. fee
Property service
Shenyue United Investment Co. Ltd. 406380.98 241740.58
fee
Property service
Shenzhen Guarantee Group Co. Ltd. 2084729.13
fee
Shenzhen Hi-tech Zone Development Property service
1404545.54875587.86
Construction Co. Ltd. fee
Shenzhen Convention & Exhibition Center Property service
2753262.171884845.11
Management Co. Ltd. fee
ShenZhen Special Economic Zone Real
Estate & Properties (Group) Co. Ltd. and its Property service
16981.151326301.15
consolidated subsidiaries except where the fee
context otherwise requires
Property service
Shenzhen Total Logistics Service Co. Ltd. 2986212.81 1530379.26
fee
Shenzhen Shenzhen Hong Kong Science and
Property service
Technology Innovation Cooperation Zone 531066.72 516023.58
fee
Development Co. Ltd.Shenzhen Large Industrial Zone (Shenzhen Project payment
Export Processing Zone) Development for water and 232110.15 1359633.03
Management Group Co. Ltd. electricity
Shenzhen Large Industrial Zone (Shenzhen
Property service
Export Processing Zone) Development 37938.18 36227.22
fee
Management Group Co. Ltd.Project payment
Shenzhen Fubao Industrial Park Operation
for water and 4954.72 87654.97
Co. Ltd.electricity
109ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Shenzhen Fubao Industrial Park Operation Property service
36566.0041148.39
Co. Ltd. fee
Project payment
Shenzhen Environmental Protection
for water and 90016.79 41030.00
Technology Group Co. Ltd.electricity
Shenzhen Environmental Protection Property service
3031960.522642172.56
Technology Group Co. Ltd. fee
Project payment
Shenzhen Shenfubao (Group) Tianjin
for water and 46550.75
Industrial Development Co. Ltd.electricity
Shenzhen Shenfubao (Group) Tianjin Property service
800000.003529946.35
Investment Development Co. Ltd. fee
Project payment
Shenzhen Shenfubao (Group) Co. Ltd. for water and 2538287.16 1064220.19
electricity
Property service
Shenzhen Shenfubao (Group) Co. Ltd. 1626536.11 2957378.73
fee
Project payment
Shenzhen Shenfubao Eastern Investment
for water and 53761.47
Development Co. Ltd.electricity
Shenzhen Shenfubao Eastern Investment Property service
78872.9538550.76
Development Co. Ltd. fee
Shenzhen Shantou Special Cooperation Zone
Property service
Branch of Shenzhen Water Planning and 11025.00 11025.00
fee
Design Institute Co. Ltd.Shenzhen Sports Center Operation Property service
2224191.34
Management Co. Ltd. fee
Project payment
Shenzhen Investment Holdings Co. Ltd. for water and 352220.28
electricity
Property service
Shenzhen Investment Holdings Co. Ltd. 3160290.91 7169148.87
fee
Shenzhen Bay Area International Hotel Co. Property service
5408353.5614100000.00
Ltd. fee
Shenzhen Bay Wanli Hotel Branch of
Property service
Shenzhen Wuzhou Hotel Management Co. 184818.24
fee
Ltd.Shenzhen Bay Wanyi Hotel Branch of
Property service
Shenzhen Wuzhou Hotel Management Co. 117789.97
fee
Ltd.Property service
Shenzhen SME Venture Capital Co. Ltd. 654516.23
fee
Shenzhen Bay (Baoding) Innovation Property service
284223.66163100.40
Development Co. Ltd. fee
Shenzhen Bay Technology Development Co. Property service
33767155.6919066931.69
Ltd. fee
Shenzhen Bay Area Urban Construction and Property service
1113311.431323523.65
Development Co. Ltd. fee
Shenzhen Xiangmihu International Exchange
Project payment 699857.70
Center Development Co. Ltd.Project payment
Shenzhen Xiangmihu International Exchange
for water and 3355528.67 1211630.16
Center Development Co. Ltd.electricity
Property service
Shenzhen Infinova Limited 207342.68 117241.67
fee
Shenzhen Infinova Smart Park Technology Software service
143838.00
Co. Ltd. expense
110ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
China Shenzhen Foreign Trade (Group) Property service
1337989.45
Corp. Ltd. fee
China Shenzhen Foreign Trade (Group) Supervision
332075.47
Corp. Ltd. service fee
Shenzhen Tsinghua University Research Property service
497261.99508363.77
Institute fee
Property service
Shenzhen Xingye Logistics Co. Ltd. 5504.59
fee
Shenzhen Investment Building Hotel Co. Supervision
35377.36
Ltd. service fee
China Kunpeng Industry Source Innovation Property service
687677.12209433.96
Center (Shenzhen) Co. Ltd. fee
Shenzhen Special Zone Literature Magazine Property service
25692.4824826.42
Co. Ltd. fee
Shenzhen Investment Holdings Development Property service
56628.6146157.46
Co. Ltd. fee
Shenzhen Cultural Business Development Property service
187580.44215394.13
Co. Ltd. fee
Shenzhen Talent Recruitment International Property service
186707.86167823.58
Co. Ltd. fee
Shenzhen Construction Development Property service
85617.9285786.57
(Group) Company fee
Property service
Shenzhen South Certification Co. Ltd. 30931.60 30875.00
fee
Shenzhen High-tech Invest and Venture Property service
279021.13
Capital Co. Ltd. fee
Shantou Huafeng Real Estate Development Property service
1167500.691200494.18
Co. Ltd. fee
Shantou Hualin Real Estate Development Property service
1761.75
Co. Ltd. fee
Shantou Branch of Shenzhen Special
Property service
Economic Zone Real Estate & Properties 219.45
fee
(Group) Co. Ltd.Property service
Shenzhen Petrel Hotel Co. Ltd. 150943.40 169811.35
fee
Guangdong Jianbang Group (Huiyang) Property service
102532.66
Industrial Co. Ltd. fee
Notes to acquisition of goods and reception of labor service
(2) Information on Related-party Trusteeship/Contract
Lists of trusteeship/contract of the Company:
Unit: RMB
Income
Name of the
Name of the Pricing recognized in
entrustee/ Type Start date Due date
entruster/contractee basis this current
contractor
period
ShenZhen
Shenzhen Shentou
Properties &
Property Investment Market
Resources 6 November 2019 5 November 2025 30678719.66
Development Co. properties pricing
Development
Ltd.(Group) Ltd.Shenzhen
Shenzhen Shenfubao
Market
Shenfubao (Group) Hydropower Property 1 January 2023 31 December 2023 1191399.36
pricing
Co. Ltd. Municipal
Service Co. Ltd.Notes:
111ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
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 confirmed The lease income confirmed
Name of lessee Category of leased assets
in the current period in the previous period
Shenzhen Bay Wanli Hotel
Branch of Shenzhen Wuzhou Investment properties 906136.48 957280.87
Hotel Management Co. Ltd.Shenzhen Bay Wanyi Hotel
Branch of Shenzhen Wuzhou Investment properties 656167.79 693203.39
Hotel Management Co. Ltd.The Company was lessee:
Unit: RMB
Variable lease
Rental expense of payments that are
simplified short-term not covered in the Interest expense on Added right-of-use
Rent payable
leases and low-value asset measurement of the lease liabilities borne assets
Category of leases (if applicable) lease liabilities (if
Name of lessor leased applicable)
assets
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 previous the current the previous
current previous current previous current previous
period period period period
period period period period period period
Shenzhen
Shentou
Investment
Property 341790.05 132734.00 32655.78 57353.26
properties
Development
Co. Ltd.Shenzhen Hi-
tech Zone
Investment
Development 54243.00 4765.04
properties
Construction
Co. Ltd.Shenzhen
Large
Industrial Zone
(Shenzhen
Export
Investment
Processing 7381.56
properties
Zone)
Development
Management
Group Co.Ltd.ShenZhen
Special
Economic
Zone Real
Estate &
Properties Investment
104000.00435714.27330000.0044091.30
(Group) Co. properties
Ltd. and its
consolidated
subsidiaries
except where
the context
112ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
otherwise
requires
Shenzhen
Investment
Petrel Hotel 24048.77 14898.50
property
Co. Ltd.Notes:
(4) Information on Related-party Guarantee
The Company was guarantor:
Unit: RMB
Execution
Secured party Amount of guarantee Start date End date
accomplished or not
The Company was secured party
Unit: RMB
Execution
Guarantor: Amount of guarantee Start date End date
accomplished or not
Guoren P&C 82093413.89 26 June 2022 30 April 2024 Not
Shenzhen Shendan
Zengxin Financing 16750000.00 29 March 2022 28 March 2025 Not
Guarantee Co. Ltd.Shenzhen Shendan
Zengxin Financing 36850000.00 29 March 2022 28 March 2026 Not
Guarantee Co. Ltd.Shenzhen Shendan
Zengxin Financing 13400000.00 29 March 2022 28 March 2027 Not
Guarantee Co. Ltd.Shenzhen Credit
Guarantee Group Co. 2895117.51 1 May 2022 1 May 2023 Yes
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- Amount for the current Amount for the previous
Related parties
party transaction period period
(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
5467228.365059171.07
personnel
(8) Other Related-party Transactions
6. Accounts Receivable and Payable of Related Party
(1) Accounts Receivable
Unit: RMB
113ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Ending balance Beginning balance
Project name Related parties
Carrying amount Bad debt provision Carrying amount Bad debt provision
Accounts Hebei Shenbao Investment
29580856.88887425.7115856697.13475700.91
receivable Development Co. Ltd.Shenyue United
1880281.6989321.491545493.8346364.81
Investment Co. Ltd.Shenzhen Guarantee
69764.972092.95
Group Co. Ltd.Shenzhen Hi-tech Zone
Development Construction 2955686.43 255635.55 3292961.84 177657.15
Co. Ltd.Shenzhen Convention &
Exhibition Center 311415.85 23213.48 1379512.79 55256.38
Management Co. Ltd.ShenZhen Special
Economic Zone Real
Estate & Properties
(Group) Co. Ltd. and its 10072563.13 1252620.81 10072563.13 674112.86
consolidated subsidiaries
except where the context
otherwise requires
Shenzhen Total Logistics
842576.5225277.30779745.4623392.36
Service Co. Ltd.Shenzhen Shenzhen Hong
Kong Science and
Technology Innovation 114435.00 3433.05
Cooperation Zone
Development Co. Ltd.Shenzhen Large Industrial
Zone (Shenzhen Export
Processing Zone) 1063169.24 82335.08 1811138.85 104774.17
Development Management
Group Co. Ltd.Shenzhen Fubao Industrial
306960.049208.80307714.399231.43
Park Operation Co. Ltd.Shenzhen Environmental
Protection Technology 2325047.53 69751.43 1331881.42 39956.44
Group Co. Ltd.Shenzhen Shenfubao
(Group) Tianjin Industrial 917263.67 66998.66 917263.67 66998.66
Development Co. Ltd.Shenzhen Shenfubao
(Group) Tianjin Investment 3254324.58 112615.34 2454324.58 88615.34
Development Co. Ltd.Shenzhen Shenfubao
4153519.42159605.583699118.44145973.55
(Group) Co. Ltd.Shenzhen Shenfubao
Eastern Investment 13983.54 419.51 55.70 1.67
Development Co. Ltd.Shenzhen Shentou
Property Development Co. 3607013.37 108210.40 1500297.75 45008.93
Ltd.Shenzhen Investment
3991522.56139974.086623892.25218945.16
Holdings Co. Ltd.Shenzhen Bay Area
International Hotel Co. 51312666.65 1539380.00
Ltd.
114ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Shenzhen Bay (Baoding)
Innovation Development 156427.62 4692.83 116061.39 3481.84
Co. Ltd.Shenzhen Bay Technology
107824285.096746937.22131203332.933936099.99
Development Co. Ltd.Shenzhen Bay Area Urban
Construction and 220039.50 6601.19
Development Co. Ltd.Shenzhen Xiangmihu
International Exchange
1743182.2352295.47811111.7024333.35
Center Development Co.Ltd.Shenzhen Infinova Smart
140000.009600.00320000.009600.00
Park Technology Co. Ltd.Shenzhen Tsinghua
University Research 84632.14 3393.22 113107.19 3393.22
Institute
China Shenzhen Foreign
607166.5018215.00
Trade (Group) Corp. Ltd.China Kunpeng Industry
Source Innovation Center 366352.02 10990.56 226669.33 6800.08
(Shenzhen) Co. Ltd.Shenzhen Special Zone
Literature Magazine Co. 27234.00 817.02
Ltd.Shenzhen Investment
Holdings Development 9675.93 217.56 7251.89 217.56
Co. Ltd.Shenzhen Bay Wanli Hotel
Branch of Shenzhen
846991.6925409.75
Wuzhou Hotel
Management Co. Ltd.Shenzhen Bay Wanyi
Hotel Branch of Shenzhen
452061.0213561.83
Wuzhou Hotel
Management Co. Ltd.Shenzhen Infinova Limited 11792.64 353.78
Shenzhen Talent
Recruitment International 41516.85 1245.51
Co. Ltd.Shenzhen South
7986.28239.59
Certification Co. Ltd.Shenzhen Transportation
Station Development Co. 4608.64 138.26
Ltd.Shenzhen High-tech Invest
and Venture Capital Co. 50.00 5.00 50.00 1.50
Ltd.Total 177820186.60 10177326.98 235867112.28 7700823.36
Contract Hebei Shenbao Investment
298930.06373225.04
assets Development Co. Ltd.Shenzhen Large Industrial
Zone (Shenzhen Export
Processing Zone) 337422.67 337422.67
Development Management
Group Co. Ltd.
115ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Shenzhen Fubao Industrial
26457.1526457.15
Park Operation Co. Ltd.Shenzhen Environmental
Protection Technology 28385.93
Group Co. Ltd.Shenzhen Shenfubao
43500.0043500.00
(Group) Co. Ltd.Shenzhen Shenfubao
Eastern Investment 14649.15 14649.15
Development Co. Ltd.Shenzhen Investment
139004.56139004.56
Holdings Co. Ltd.Shenzhen Bay Area Urban
Construction and 50169.55 50169.55
Development Co. Ltd.Shenzhen Xiangmihu
International Exchange
46418.8646418.86
Center Development Co.Ltd.Total 956552.00 1059232.91
Shenzhen Hi-tech Zone
Other
Development Construction 199678.53 10458.60 121714.92 5080.85
receivables
Co. Ltd.ShenZhen Special
Economic Zone Real
Estate & Properties
(Group) Co. Ltd. and its 100000.00 10000.00 100000.00 10000.00
consolidated subsidiaries
except where the context
otherwise requires
Shenzhen Large Industrial
Zone (Shenzhen Export
Processing Zone) 102583.54 3077.51 2583.54 77.51
Development Management
Group Co. Ltd.Shenzhen Qianhai
Advanced Information 10720575.27 321617.26 10720575.27 321617.26
Service Co. Ltd.1
Shenzhen Shenfubao
Eastern Investment 350000.00 10500.00
Development Co. Ltd.Shenzhen Shentou
Property Development Co. 81233.00 81233.00 81233.00 81233.00
Ltd.Shenzhen Investment
685740.90157127.32685740.90112893.70
Holdings Co. Ltd.Shenzhen Xinhai Holding
201499990.186044999.71201499990.186044999.71
Co. Ltd.Shenzhen Xinhai Rongyao
Real Estate Development 375068984.55 11252069.54 375068984.55 11252069.54
Co. Ltd.Shenzhen Tianjun
10000000.0010000000.00
Industrial Co. Ltd.Shenzhen Bay Technology
16342327.84490269.844159687.50124790.63
Development Co. Ltd.Shenzhen Wufang
Ceramics Industrial Co. 1747264.25 1747264.25 1747264.25 1747264.25
Ltd.
116ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
China Shenzhen Foreign
3734.83373.48
Trade (Group) Corp. Ltd.Shenzhen Convention &
Exhibition Center 1000.00 30.00
Management Co. Ltd.Total 616899378.06 20128647.03 604191508.94 19700399.93
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 Lanhushidai 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.
(2) Accounts Payable
Unit: RMB
Project
Related parties Ending carrying amount Beginning carrying amount
name
Accounts
Shenzhen Shentou Property Development Co. Ltd. 891120.88 787002.77
payable
Shenzhen Infinova Renyong Information Co. Ltd. 25203.84 25203.84
Shenzhen General Institute of Architectural Design
527200.001199653.20
and Research Co. Ltd.Shenzhen SDG Service Co. Ltd. 282144.00 282144.00
Total 1725668.72 2294003.81
Other
Shenzhen Guarantee Group Co. Ltd. 1494841.29 1494841.29
payables
Shenzhen Free Trade Zone Life Service Co. Ltd. 4850.00 4850.00
Shenzhen Fubao Industrial Park Operation Co. Ltd. 6951.26 11579.00
Shenzhen Shenfubao (Group) Co. Ltd. 2835952.63 2503870.62
Shenzhen Shentou Property Development Co. Ltd. 8793493.79 10126517.16
Shenzhen Bay Wanli Hotel Branch of Shenzhen
687525.00687525.00
Wuzhou Hotel Management Co. Ltd.Shenzhen Bay Wanyi Hotel Branch of Shenzhen
562521.00562521.00
Wuzhou Hotel Management Co. Ltd.Shenzhen SME Venture Capital Co. Ltd. 339760.59
Shenzhen Bay Technology Development Co. Ltd. 154415543.77 179966045.36
Shenzhen Bay Area Urban Construction and
360752.18360752.18
Development Co. Ltd.Shenzhen Infinova Limited 144219.02 144219.02
China Shenzhen Foreign Trade (Group) Corp. Ltd. 132509.60 265018.43
Shenzhen Real Estate Jifa Warehousing Co. Ltd. 42296665.14 42296665.14
Tian’an International Building Property
5214345.905214345.90
Management Company of Shenzhen
Shenzhen Investment Holdings Co. Ltd. 868934.14
Shenzhen Foreign Service Group Co. Ltd. 1101949.83
Yangzhou Lvfa Real Estate Co. Ltd. 345072717.79 313705372.89
Shenzhen Cultural Business Development Co. Ltd. 773680.00 773680.00
Shenzhen Construction Development (Group)
152227.00152227.00
Company
117ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Shenzhen Talent Recruitment International Co. Ltd. 147132.37 147132.37
Shenzhen South Certification Co. Ltd. 34002.15 34002.15
Shenzhen Shenfubao Eastern Investment
225912.89
Development Co. Ltd.Total 563355842.78 560761809.07
7. Commitments of Related Party
8. Other
XIII. Stock 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. Modification and Termination of Share-based Payments
5. Others
XIV. 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 large
2132088014.661034954205.35
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 amounting to RMB93.81 million from
Jiyong Company in full in past years for the transfer of Jiabin Building. On 31 October 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 29 April 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") and its High-tech Zone Branch (Respondent 2) for Software Park I
In February and March 2021 High-tech Zone Branch of ITC Technology Park Company and Shenzhen ITC Technology Park
Service Co. Ltd. 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: 1. Respondent 1 shall return RMB9893677.82 and fund occupation fee of RMB3272665.99 (temporarily
calculated from 1 July 2012 to 31 January 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 1 July 2020 to 31 January 2021) totaling RMB31712947.03; Respondent 2 shall bear the attorney's fee of RMB300000.00.The total amount of the above is RMB45209290.84.On 21 August 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 5 September 2022 Jun & Partners responded to the Special Audit Report of Case No. 54 1 and
Case No. 1063. The arbitration awards on two cases were given on 23 and 24 March 2023 respectively. According to the conclusion
of arbitration awards the High-tech Zone Branch of Shenzhen ITC Technology Park Service Co. Ltd. should return approximately
118ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
RMB540000 of public revenue to the Owners' Committee of Shenzhen Nanshan District Software Park (in spite of RMB32 million
requested by the Owners' Committee) and bear a part of arbitration fee; 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). The Owners' Committee which is
carrying out election of new members cannot provide any receipt account. Therefore the respondents are communicating with the
applicant's attorney on details of execution.
(3) Litigation case about Shenzhen Basepoint Intelligent Co. Ltd.
On 20 August 2017 Shenzhen Facility Management Community Technology Co. Ltd. signed Software Service Contract on China
Merchants Property Intelligent Facility Management Platform with China Merchants. Meanwhile the company procured a RMB3
million facility management system (consisting of 31 items) from Basepoint for the project. 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 refused to accept the first instance judgment and inst ituted an appeal for second instance
in 2022. The second instance is expected to start on 11 August 2023.
(4) Property management fee litigation case regarding Shenzhen Xuansheng Industrial Development Co. Ltd.
Haiwai Lianyi Building No. 12 Yingchun Road Luohu District Shenzhen City is partly owned by the United Front Work
Department of the Shenzhen Municipal Committee and Shenzhen Jinhailian Property Management Co. Ltd. is authorized by the
United Front Work Department of the Shenzhen Municipal Committee to manage the property. On 31 December 2006 Jinhailianand Shenzhen Xuansheng Industrial Development Co. Ltd. signed the Property Management Agreement of “Haiwai LianyiBuilding” which agreed that Xuansheng would provide property management services to Jinhailian and Jinhailian would pay the
corresponding property management fees to Xuansheng.On 7 January 2020 Xuansheng signed the Agreement with Jinhailian and the outsider Shenzhen Shengxin Hotel Management Co.Ltd. and agreed that the three parties reached an agreement on the management fee principal maintenance fee and electricity fee
owed to Xuansheng from 1 July 2017 to 31 December 2019 on the 5th-8th floor of Haiwai Lianyi Building by Jinhailian as follows:
1) The management fee principal The amount of maintenance fee and electricity fee is RMB696033.73; 2) Jinhailian will return the
above arrears repayment date before 22 January 2020; 3) Out of friendly relationship if Jinhailian cannot return the above a rrears
before 22 January 2020 then Shengxin Hotel is willing to advance from the rent payable to Jinhailian; 4) If due to objective reasons
Shengxin Hotel cannot complete the lease surrender Xuansheng will refund this advance in total and Jinhailian will still re turn the
outstanding amount. However both Jinhailian and Shengxin Hotel failed to fulfill their payment obligations as agreed in the said
agreement. In this regard Xuansheng issued a Notice of Demand for Payment of Arrears on 13 January 2022 and an Attorney’s
Letter to Jinhailian on 15 August 2022 demanding to fulfill its obligation to pay a property management fee principal maintenance
fee and electricity fee totaling RMB696033.73. On 1 September 2022 Xuansheng appealed to the Shenzhen Luohu District
People’s Court.As of 31 December 2022 Jinhailian expects to pay RMB766612.52 (including: property management fee principal maintenance fee
and electricity fee totaling RMB696033.73 and overdue interest of RMB70578.79).On 12 January 2023 the People’s Court of Luohu District Shenzhen issued a judgment of first instance which ruled that Shenzhen
Jinhailian Property Management Co. Ltd. shall pay Shenzhen Xuansheng Industrial Development Co. Ltd. a total of
RMB696033.73 for a property management fee principal maintenance fee and electricity fee for the period from 1 July 2017 to 31
December 2019 and interest for late payment. Jinhailian appealed against the result of the first trial. During the second tr ial
conducted on line Shenzhen Intermediate People’s Court rejected all requests appealed by Jinhailian and upheld the judgment of the
first trial.
(5) Others
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 2023 the balance of the deposit not discharged
with guarantee was RMB63292452.99 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
XV. 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
influence number
operating results
2. Distribution of Profit
3. Sales Return
119ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
4. Notes to Other Events after Balance Sheet Date
XVI. Other Significant Events
1. The Accounting Errors Correction in Previous Period
(1) Retrospective Restatement
Unit: RMB
Name of the influenced report
Content Processing program items during comparison Accumulative impact
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
Zhanjiang
Branch of
Shenzhen
Properties &
0.00-5073.0661355.830.0061355.8361355.83
Resources
Development
(Group) Ltd.deregistered
Other notes:
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 catering 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
Offset
Item Real estate Property management Leasing business among Total
segment
Operating Revenue 1053881874.68 773181325.02 78401433.15 1905464632.85
120ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Operating cost 695191661.52 635461652.02 41506570.71 1372159884.25
Total assets 13299291495.21 1710738121.43 489507593.11 15499537209.75
Total liabilities 10449500028.22 511639802.46 70574307.22 11031714137.90
(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
XVII. Notes of Main Items in the Financial Statements of the Company as the Parent
1. Accounts Receivable
(1) Listed by Category
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
Accounts
receivable
withdrawal
of Bad
96702269.4096.80%96702269.40100.00%96702269.4094.67%96702269.40100.00%
debt
provision
separately
accrued
Of which:
Accounts
receivable
withdrawal
of bad debt 3201456.76 3.20% 482401.07 15.07% 2719055.69 5447776.99 5.33% 310734.28 5.70% 5137042.71
provision
of by
group
Of which:
Total 99903726.16 100.00% 97184670.47 97.28% 2719055.69 102150046.39 100.00% 97013003.68 94.97% 5137042.71
Bad debt provision separately accrued: RMB96702269.40
Unit: RMB
Ending balance
Name Withdrawal
Carrying amount Bad debt provision Reason for withdraw
proportion
Shenzhen Jiyong Properties &
Involved in lawsuit and
Resources Development 93811328.05 93811328.05 100.00%
unrecoverable
Company
Shenzhen Tewei Industry Co. Long aging and expected
2836561.002836561.00100.00%
Ltd. unrecoverable
Luohu District Economic Long aging and expected
54380.3554380.35100.00%
Development Company unrecoverable
Total 96702269.40 96702269.40
Withdrawal of bad debt provision by group: 482401.07
Unit: RMB
121ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Ending balance
Name
Carrying amount Bad debt provision Withdrawal proportion
Portfolio of credit risk features 3201456.76 482401.07 15.00%
Portfolio of transactions with
other related parties
Total 3201456.76 482401.07
Notes to the determination basis for the group:
Withdrawal of bad debt provision by group: RMB482401.07
Unit: RMB
Ending balance
Name
Carrying amount Bad debt provision Withdrawal proportion
Within 1 year 1413114.27 42393.43 3.00%
1-2 years 604586.55 60458.66 10.00%
2-3 years 1061644.99 318493.50 30.00%
3-4 years 122110.95 61055.48 50.00%
Total 3201456.76 482401.07
Notes to the determination basis for the group:
Please refer to the relevant information of disclosure of bad debt provision of other accounts receivable if adopting the general mode
of expected credit loss to withdraw bad debt provision of accounts receivable.□Applicable □Not applicable
Disclosure by aging
Unit: RMB
Aging Ending balance
Within one year (including 1 year) 1413114.27
One to two years 604586.55
Two to three years 1061644.99
More than three years 96824380.35
Three to four years 122110.95
Over 5 years 96702269.40
Total 99903726.16
(2) 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
balance Reversed or
Ending balance
Withdrawal Verification Others
recovered
Bad debt
provision 96702269.40 96702269.40
accrued by item
Withdrawal of
bad debt
310734.28171666.79482401.07
provision by
group
Total 97013003.68 171666.79 97184670.47
Of which significant amount of recovered or transferred-back bad debt provision for the current period:
Unit: RMB
Name of the entity Amount reversed or recovered Way of recovery
122ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
(3) 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:
(4) Top 5 of the Ending Balance of the Accounts Receivable Collected according to Arrears Party
Unit: RMB
Proportion to total ending balance of Ending balance of bad
Name of the entity Ending balance
accounts receivable debt provision
Shenzhen Jiyong Properties &
Resources Development 93811328.05 93.90% 93811328.05
Company
Shenzhen Tewei Industry Co.
2836561.002.84%2836561.00
Ltd.Shenzhen Feihuang Industrial
769919.050.77%230975.72
Co. Ltd.Shenzhen Meige Xiazi Catering
542366.400.54%162709.92
Management Co. Ltd.Shenzhen Pengxin Property
255875.000.26%7676.25
Management Co. Ltd.Total 98216049.50 98.31%
(5) Accounts receivable derecognized due to the transfer of financial assets
(6) The Amount of the Assets and Liabilities Formed due to the Transfer and the Continued Involvement of
Accounts Receivable
Other notes:
2. Other Receivables
Unit: RMB
Item Ending balance Beginning balance
Dividend receivable 151433108.41 151433108.41
Other receivables 4444939247.02 5010963761.04
Total 4596372355.43 5162396869.45
(1) Interest Receivable
1) Category of Interest Receivable
Unit: RMB
Item Ending balance Beginning balance
2) Significant Overdue Interest
Unit: RMB
Whether occurred
Entity Ending balance Overdue time Overdue reason impairment and its
judgment basis
Other notes:
123ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
3) Withdrawal of Bad Debt Provision
□Applicable □Not applicable
(2) Dividend Receivable
1) Category of Dividend Receivable
Unit: RMB
Project (or investee) Ending balance Beginning balance
Shenzhen Jinghengtai Real Estate
151433108.41151433108.41
Development Co. Ltd.Total 151433108.41 151433108.41
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) Withdrawal of Bad Debt Provision
□Applicable □Not applicable
Other notes:
(3) Other Receivables
1) Category of Other Receivables by Account Nature
Unit: RMB
Nature Ending carrying amount Beginning carrying amount
Guaranteed deposit 2240927.00 2537789.00
Payment on behalf
External intercourse funds 23202397.67 23374171.34
Intercourse funds to subsidiary 4451506190.80 5017542623.59
Total 4476949515.47 5043454583.93
2) Withdrawal of Bad Debt Provision
Unit: RMB
First stage Second stage Third stage
Expected loss in the Expected loss in the
Bad debt provision Expected credit loss duration (credit duration (credit Total
in the next 12
impairment not impairment
months
occurred) occurred)
Balance of 1 January 2023 8997495.81 23493327.08 32490822.89
Balance of 1 January 2023 in the
current period
Withdrawal of the current period 31429.94 -511984.38 -480554.44
Balance as at 30 June 2023 9028925.75 22981342.70 32010268.45
Changes of carrying amount with significant amount changed of loss provision in the current period
□Applicable □Not applicable
Disclosure by aging
Unit: RMB
Aging Ending balance
Within one year (including 1 year) 4444878230.56
One to two years 11200.00
Two to three years 40849.05
More than three years 32019235.86
Three to four years 69600.00
Over 5 years 31949635.86
Total 4476949515.47
124ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
3) 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 Withdrawal Verification Others
recovered
Other
32490822.89-480554.4432010268.45
receivables
Total 32490822.89 -480554.44 32010268.45
Of which the bad debt provision recovered or transferred-back with significant amount during the current period:
Unit: RMB
Name of the entity Amount reversed or recovered Way of recovery
4) 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:
5) Top 5 of the Ending Balance of Other Receivables Collected according to the Arrears Party
Unit: RMB
Proportion to
Ending
total ending
balance of
Name of the entity Nature Ending balance Aging balance of
bad debt
other
provision
receivables %
Dongguan Wuhe Real Estate Co. Intercourse funds to Within 1
2113760170.0047.21%
Ltd. subsidiary year
Shenzhen Guangming Wuhe Real Intercourse funds to Within 1
1471000000.0032.86%
Estate Co. Ltd. subsidiary year
Yangzhou Wuhe Real Estate Co. Intercourse funds to Within 1
700614325.7215.65%
Ltd. subsidiary year
SZPRD Xuzhou Dapeng Real Estate Intercourse funds to Within 1
40568374.850.91%
Development Co. Ltd. subsidiary year
Shum Yip Properties Development Intercourse funds to Over 5
106409390.562.38%6652394.80
Co. Ltd. subsidiary years
Total 4432352261.13 99.01% 6652394.80
6) Accounts Receivable Involving Government Subsidies
Unit: RMB
Project of government Estimated recovering
Name of the entity Ending balance Ending aging
subsidies time amount and basis
7) Derecognition of Other Receivables due to the Transfer of Financial Assets
8) The Amount of the Assets and Liabilities Formed due to the Transfer and the Continued Involvement of Other Receivables
Other notes:
125ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
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 1433799880.39 65834000.00 1367965880.39 1436329880.39 68364000.00 1367965880.39
subsidiaries
Investment
to joint
ventures
100559319.7718983614.1481575705.6398765051.4518983614.1479781437.31
and
associated
enterprises
Total 1534359200.16 84817614.14 1449541586.02 1535094931.84 87347614.14 1447747317.70
(1) Investment to Subsidiaries
Unit: RMB
Increase/decrease for the current period
Beginning Withdrawal Ending balance of Ending balance
Investee balance (carrying Additional Reduced of depreciation
Others (Carrying value) value) investment investment impairment reserve
provision
Shenzhen Huangcheng Real
35552671.9335552671.93
Estate Co. Ltd.Shenzhen Wuhe Industry
Investment Development 44950000.00 44950000.00
Co. Ltd.SZPRD Yangzhou Real
Estate Development Co. 50000000.00 50000000.00
Ltd.Dongguan ITC Changsheng
Real Estate Development 20000000.00 20000000.00
Co. Ltd.Shenzhen International
Trade Center Property 195337851.23 195337851.23
Management Co. Ltd.Shenzhen Property
Engineering and
3000000.003000000.00
Construction Supervision
Co. Ltd.SZPRD Commercial
63509120.3263509120.32
Operation Co. Ltd.Shum Yip Properties
15834000.00
Development Co. Ltd.SZPRD Xuzhou Dapeng
Real Estate Development 50000000.00
Co. Ltd.Shenzhen Rongyao Real
Estate Development Co. 508000000.00 508000000.00
Ltd.Shenzhen ITC Technology
Park Service Co. Ltd.SZPRD Urban Renewal Co.
77474479.2977474479.29
Ltd.Dongguan Wuhe Real Estate
50000000.0050000000.00
Co. Ltd.
126ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Shenzhen Guangming Wuhe
50000000.0050000000.00
Real Estate Co. Ltd.Shenzhen Wuhe Urban
236641757.62236641757.62
Renewal Co. Ltd.Yangzhou Wuhe Real Estate
33500000.0033500000.00
Co. Ltd.Total 1367965880.39 1367965880.39 65834000.00
(2) Investment to Joint Ventures and Associated Enterprises
Unit: RMB
Increase/decrease for the current period
Beginning Gains and Cash Withdraw Ending Ending
balance Addition losses Adjustment Chang bonus or Reduced al of balance balance of Investee
(carrying al recognized of other es of profits Otherinvestme impairme (Carrying depreciation
value) investme under the comprehensi other announc s nt nt value) reserve
nt equity ve income equity ed to
provision
method issue
I. Joint ventures
Shenzhen
Real Estate
Jifa 44730585. 1722873. 46453459.Warehousi 29 98 27
ng Co.Ltd.Tian’an
Internation
al Building
Property
7037952.37120847.6
Manageme 82895.33
nt 1 4
Company
of
Shenzhen
51768537.1805769.53574306.
Subtotal
603191
II. Associated enterprises
Shenzhen
Wufang
18983614.
Ceramics
Industrial 14
Co. Ltd.CSCEC
Intelligent
28012899.63120.028001398.
Parking 51619.01
Technolog 71 0 72
y Co. Ltd.
28012899.63120.028001398.18983614.
Subtotal 51619.01
7107214
79781437.1857388.63120.081575705.18983614.
Total
313206314
(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 995033423.48 697320050.39 23251320.73 16550326.74
Others 8588500.36 711099.38 8338349.86 659988.00
127ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
Total 1003621923.84 698031149.77 31589670.59 17210314.74
Relevant information of revenue:
Unit: RMB
Category of contracts Segment 1 Segment 2 Total
Product categories
Of which:
Real estate business 974533312.66 974533312.66
House leasing business 29088611.18 29088611.18
Classification by
operating region
Of which:
Shenzhen 1003621923.84 1003621923.84
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 1003621923.84 1003621923.84
Information about performance obligations:
The income of the parent company in current period was income from the business of real estate and lease.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 __.Other notes:
5. Investment Income
Unit: RMB
Item Amount for the current period Amount for the previous period
Long-term equity investment income
1857388.32859534.38
accounted by equity method
Entrusted loans interest 76724135.18
Total 1857388.32 77583669.56
6. Other
128ShenZhen Properties & Resources Development (Group) Ltd. Semiannual financial Report 2023
XVIII. Supplementary Materials
1. Items and Amounts of Non-recurring Profit or Loss
□Applicable □Not applicable
Unit: RMB
Item Amount Note
Gains/losses from the disposal of non-
current assets (inclusive of provision for 174379.69
impairment of assets write-offs)
Government grants recorded in the current
profit or loss (except for those acquired in
the ordinary course of company’s
business in line with national policies and 501658.00
regulations or granted continuously
according to certain standard quotas or
amounts)
Other non-operating income and expense
-562616.42
other than the above
Less: Income tax effects 31670.01
Non-controlling interests effects 23017.77
Total 58733.49 --
Details of other profit and loss items in line with the definition of non-recurring gains and losses:
□Applicable □Not applicable
There are no other profit and loss items in line with the definition of non-recurring gains and losses in the Company.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
Weighted average ROE
Profit as of reporting period
(%)
EPS-basic EPS-diluted
Net profit attributable to ordinary
4.92%0.37070.3707
shareholders of the Company
Net profit attributable to ordinary
shareholders of the Company after
4.92%0.37060.3706
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
129
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