深物业B：2019年半年度报告（英文版）.PDF

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1、ShenZhen Properties in 1985, the building was formally put into service and then became the trend-leading center in Shenzhen and even in China for a decade, occupying the position of “the tallest building in the country”. In 1988, it was reorganized into Shenzhen Municipal Property Management Corpor

2、ation and in 1990, it was restructured as the second batch of limited liability company. In January 1992, Comrade Deng Xiaoping paid the second visit to the international trade building and delivered his world-renowned “South Inspection Speech” in the revolving restaurant at the 53rd floor. On March

3、 30, SZPRD (A+B) was officially listed in Shenzhen Stock Exchange. Since its establishment 37 years ago, the Company has developed into a large-scale comprehensive group company from a simple project company at that time by focusing on the traditional real estate business and implementing the plural

4、istic development strategy, taking Luohu as its base area and radiating all over the country. After the new session of leading body assumed the office at the end of 2017, the Company boldly made innovations, thoroughly drafted the groups 13th five-year plan and medium and long-term strategic plan, a

5、nd officially put forward the development vision of “Chinas First Smart Technology Park Ecological Chain Comprehensive Operator Toping the World”. Accordingly, the modern industry-city complex transformation mode has made the substantial achievement. However, the Company will regard the technical in

6、novation as the first driving force, give the role of capital fund a full play, and construct the portal-type intelligent management service platform. Moreover, the Company will also attach great importance to the layout of hi-tech industrial park, regard Shenzhen as the base area and the Guangdong-

7、Hong Kong-Macao metropolitan region and the surrounding suburbs the expansion area to enlarge the development domain. Besides, it will highlight the layout of radiated circles and layers and gradually realize the groups future vision. The Company currently has 10 functioning secondary subsidiaries i

8、n total, including 5 property development subsidiaries (Shenzhen Huangcheng Real Estate Co., Ltd., Dongguan ITC Changsheng Real Estate Development Co., Ltd., SZPRD Xuzhou Dapeng Real Estate Development Co., Ltd., SZPRD Yangzhou Real Estate Development Co., Ltd. and Shenzhen Rongyao Real Estate Devel

9、opment Co., Ltd.), 1 property management subsidiary (Shenzhen International Trade Center Property Management Co., Ltd.), 2 joint ventures (SZPRD Jifa Warehouse Co., Ltd. and Shenzhen Tianan International Building Property Management Co., Ltd., with the Company holding a 50% stake in both), 1 caterin

10、g subsidiary (Shenzhen International Trade Center Catering Co., Ltd.) and 1 housing assets operation subsidiary. 1. Real Estate Business In terms of the main real estate business, the Company is specialized in developing the residence, the hi-end apartment and the office building. Currently, the Com

11、pany has established five major subsidiaries including Shenzhen Huangcheng Real Estate Co., Ltd., Dongguan ITC Changsheng Real Estate Development Co., Ltd., SZPRD Xuzhou Dapeng Real Estate Development Co., Ltd., SZPRD Yangzhou Real Estate Development Co., Ltd., and Shenzhen Rongyao Real Estate Devel

12、opment Co., Ltd., and successively developed a batch of medium and hi-end residence communities including Huangyuyuan, Junfeng Lishe Garden, Fengherili Complex, Property Times New Residence, NCC, Shengang No.1, Langqiao International, Caitianyise, Qianhai Gangwan Garden, Golden ShenZhen Properties f

13、rom the demand side, its required to strengthen the market supervision, and restrain the house speculation with a firm hand; from the supply side, great effort will be made to adjust the house supply structure, vigorously develop the house rental market, the common property right house and various s

14、ecurity houses, increase the effective supply ratio and promote the real estate industrys healthy and stable development. In addition, the real estate trust and the debt financing overseas have successively revealed the trend of tightening, and it will not be easy for various real estate enterprises

15、 to finance. On the whole, the real estate market in the first half of 2019 showed the following features: (1) the real estate development investment increase speed continued to fall, and the land market still showed a downturn. According to the data from the State Statistics Bureau, from January to

16、 June in 2019, the nationwide real estate development investment reached RMB 6160.9 Billion Yuan with a year-on-year growth of 10.9% while the increase speed fell 0.3 percentage point when compared to that from January to May. Such fall in the development investment is mainly caused by the relativel

17、y weak land investment because the land market was not active at all on the whole since the 4th quarter in 2018. From January to June, the real estate development enterprises land acquisitions reached 80.35 million square meters with a year-on-year decrease of 27.5%; the land transaction volume achi

18、eved RMB 381.1 Billion Yuan with a year-on-year decrease of 27.6%. In addition, the land market structure was divided with the popularity of the land market in tier-1 and tier-2 cities higher than that in tier-3 and tier-4 cities. (2) The real estate sales will continuously decline. From January to

19、June in 2019, the sold commercial houses achieved 758 million square meters, declining 1.8% on a year-on-year basis; besides, the sales volume reached RMB 7069.8 Billion Yuan with a year-on-year increase of 5.6%, but the increase speed declined 0.5 percentage point. Nevertheless, the sales volume of

20、 residential houses increased 8.4%. The sales in the real estate market are structured, and the tenacity of sales in tier-1 and tier-2 cities is still superior to that in tier-3 and tier-4 cities. (3) In the respect of financing, the recent real estate financing become relatively difficult. Based on

21、 the document issued on May 23, the CBRC and the CIRC has continuously strengthened their supervision on the financing of banks and trust institutions. However, this policy will exert insignificant impact on various enterprises featuring moderate financial situation and high level of credibility, an

22、d the industrial financing side may be further split. (I) Operation Features of the Companys Main Business Firstly, the real estate business has made outstanding achievements and over-fulfilled the sales target. For example, Shenzhen Huangcheng Real Estate Co., Ltd. created a new high in the sales v

23、olume in the first half of the year and over-fulfilled the semi-annual sales target. The total sales revenue achieved by the Golden Collars Resort Project was about RMB 2.4 Billion Yuan in the first half of the year. Qianhai Gangwan Garden Project and Dongguan Songhu Langyuan Project also completed

24、their objectives in the first half of the year and over-fulfilled the annual work task in advance. Nowadays, the Company is accelerating the collection of payment for the above three projects. Yangzhou Branch promoted the sales of remaining building of Hupan Yujing Project and the implementation of

25、Shouxihu Scientific and Technological Innovation Ecological Park as planned; Xuzhou Branch also focused on the fulfillment of the objective of selling the remaining building of Xuzhou Banshan Yujing Phase I and initiating the pre-sales of Phase II Project. Secondly, the property management segment i

26、s quickly expanding to provide a strong support for the nationwide expansion strategy. In the first half of the year, the international trade building property management company independently expanded 11 ShenZhen Properties Jifa Warehousing Company achieved the operating revenue of RMB 3.13 Million

27、 Yuan and Tianan Company RMB 10.12 Million Yuan. (II) Progress of Major Projects under Construction 1. SZPRD-Qianhai Gangwan Project (Shenzhen): This project was successfully completed with home owners moving in in December 2016. 2. SZPRD-Hupan Yujing Project Phase I (Yangzhou): This project was com

28、pleted and owners moved in it in June 2014. 3. SZPRD-Hupan Yujing Project Phase II (Yangzhou): This projects completion filing was completed in early November 2017, and owners moved in it at the beginning of 2018. 4. SZPRD-Banshan Yujing Project Phase I (Xuzhou): Owners successfully moved into the p

29、roject in the first half of 2017, and houses are available for sale now. 5. SZPRD-Banshan Yujing Project Phase II (Xuzhou): The foundation is being built and the superstructure construction has started for some buildings. 6. SZPRD-Songhu Langyuan Project (Dongguan): This project was successfully com

30、pleted with home owners moving in in July 2017. 7. SZPRD-Golden Collars Resort Project (Shenzhen): Fine decoration of Building B is currently in progress, which is expected to be completed and ready for moving in within this year. 8. SZPRD-Fuhui Huayuan Project (Shenzhen): Foundation pit supporting

31、and pile footing is currently in progress. 9. Guanlan Bangling Project (Shenzhen): This project is currently having its planning draft publicized. More details are given as follows: Project Location Site areaFloor areaSellable Opening Space sold Space Status quo of Time of The ShenZhen Properties fr

32、om the perspective of supply, the real estate financing from various channels was relatively difficult and the sales payment returned continuously dropped. It is estimated that the pressure on the fund end would continue to increase. The Company has made great effort to probe deeply into various opp

33、ortunities and challenges posed by the macro-economic trend and policies, positively realize a strategic breakthrough and put forward the development vision of “Chinas First Smart Technology Park Ecological Chain Comprehensive Operator Toping the World” in order to follow the significant trend of th

34、e real estate market evolving from the age of increment to the age of stock and firmly hang on to the core link of stock assets value management and industrial ecological operation service. In addition, while strengthening the traditional mainstream business, the Company will also expand its propert

35、y business and accelerate the layout of house renting business so as to gain various opportunities for its future sustainable development. 2. Land Reserve Risk As a matter of fact, the Company still lacks enough land reserves and development power at later stages. In recent years, the supply of resi

36、dential land on Shenzhen Market has continuously declined. As the price of each single plot increases year after year, various large-scale real estate enterprises have enlarged their market shares and accelerated their M property management; buildings and the building devices maintenance, garden aff

37、orest and cleaning service; property leasing; supervise and management of the engineering; retails of the Chinese food, Western-style food and wines, and etc. The parent company of the Company is Shenzhen Investment Holdings Co., Ltd., a solely state-funded limited company. As a government departmen

38、t, Shenzhen State-owned Assets Supervision and Administration Bureau manages Shenzhen Investment Holdings Co., Ltd. on behalf of Peoples Government of Shenzhen Municipality. Thus, the final controller of the Company is Shenzhen State-owned Assets Supervision and Administration Committee of Shenzhen

39、Government. The financial report was approved to disclose by the 7th Meeting of the 9th Board of Directors on 19 August 2019. There were 24 subsidiaries included in the consolidation financial statements in 2019, and for details, please refer to Note IX “Equities among Other Entities” herein. There

40、was 2 increased subsidiary in the consolidation scope as compared with last year, and please refer to Notes VIII. “Changes in Consolidation Scope” for details. ShenZhen Properties as for the operating liabilities projects during the normal operation period even be liquidated over 1 year after the ba

41、lance sheet date, should be divided into the circulation liabilities. Besides, the normal operating period of other business of the Group is shorter than 1 year. As for the normal operating period shorten than 1 year and the assets discounted since the balance sheet date or the liabilities should be

42、 liquidated due within 1 year since the balance sheet date, should be classified as the current assets or liabilities. 4. Recording Currency Renminbi (RMB) is regarded as the prevailing currency used in the main economic circumstances of the Company and its domestic subsidiaries. The Company and its

43、 domestic subsidiaries adopt RMB as the recording currency. The Hong Kong subsidiary of the Company confirms the Hong Kong dollar as its recording currency according to the major economic environment of the currency of its office place. When compiling the financial statements, the currency the Compa

44、ny adopted was the Renminbi. 5. Accounting Treatment for Business Combinations under the Common Control and Not under the Common Control Business combinations, it is refer to two or more separate enterprises merge to form a reporting entity transactions or events. Business combination is divided int

45、o under the same control and those non under the same control. (1) Business combinations under the same control A business combination under the same control is a business combination in which all of the combining enterprises are ultimately controlled by the same party or the same parties both befor

46、e and after the business combination and on which the control is not temporary. In a business combination under the same control, the party which obtains control of other combining enterprise(s) on the combining date is the combining party, the other combining enterprise(s) is (are) the combined par

47、ty. The “combining date” refers to the date on which the combining party actually obtains control on the combined party. The assets and liabilities that the combining party obtains in a business combination shall be measured on the basis of their carrying amount in the combined party on the combinin

48、g date. As for the balance between the carrying amount of the net assets obtained by the combining party and the carrying amount of the consideration paid by it (or the total par value of the shares issued), the additional paid-in capital (share premium) shall be adjusted. If the additional paid-in

49、capital (share premium) is not sufficient to be offset, the retained earnings shall be adjusted. The direct cost for the business combination of the combining party shall be recorded into the profits and losses at the current period. (2) Business combinations not under the same control A business combination not under the same control is a business combination in which the combining enterprises are not ultimately controlled by the same party or the same parties both before and after the business combination. In a business combination not under the same cont