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深物业B:2018年第三季度报告全文(英文版)2018-10-31  

						ShenZhen Properties & Resources Development (Group) Ltd.           Third Quarter Report 2018




                SHENZHEN PROPERTIES & RESOURCES
                    DEVELOPMENT (GROUP) LTD.

                              THIRD QUARTER REPORT 2018

                                        Announcement No. 2018-36




                                                 October 2018




                                                                                               1
ShenZhen Properties & Resources Development (Group) Ltd.               Third Quarter Report 2018




                                        Part I Important Notes

The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors,
supervisors and senior management of ShenZhen Properties & Resources Development
(Group) Ltd. (together with its consolidated subsidiaries, the “Company”, except where the
context otherwise requires) hereby guarantee the factuality, accuracy and completeness of the
contents of this Report and its summary, and shall be jointly and severally liable for any
misrepresentations, misleading statements or material omissions therein.
All the Company’s directors have attended the Board meeting for the review of this Report
and its summary.
Liu Shengxiang, the Company’s legal representative, Cai Lili, the Company’s head of
financial affairs, and Shen Xueying, head of the Company’s financial department (equivalent
to financial manager) hereby guarantee that the financial statements carried in this Report
are factual, accurate and complete.
This Report and its summary have been prepared in both Chinese and English. Should there
be any discrepancies or misunderstandings between the two versions, the Chinese versions
shall prevail.




                                                                                                   2
ShenZhen Properties & Resources Development (Group) Ltd.                                                Third Quarter Report 2018




                                    Part II Key Corporate Information

I Key Consolidated Financial Information

Indicate by tick mark whether there is any retrospectively restated datum in the table below.

□ Yes √ No

                                           30 September 2018                 31 December 2017                    Change (%)

Total assets (RMB)                                   4,884,498,981.18               5,393,331,548.87                           -9.43%

Equity attributable to the listed
                                                     2,885,240,065.59               2,921,693,794.08                           -1.25%
company’s shareholders (RMB)

                                            Q3 2018              YoY change (%)            Q1-Q3 2018             YoY change (%)

Operating revenue (RMB)                      373,989,694.46                  -72.00%        1,199,003,679.43                  -54.80%

Net profit attributable to the listed
                                              61,216,163.81                  -71.10%            144,188,691.40                -74.97%
company’s shareholders (RMB)

Net profit attributable to the listed
company’s       shareholders   before        61,962,097.63                  -70.64%            143,925,231.95                -75.14%
exceptional items (RMB)

Net cash generated from/used in
                                                --                      --                       49,981,030.19                114.09%
operating activities (RMB)

Basic     earnings        per     share
                                                       0.1027                -71.10%                   0.2419                 -74.98%
(RMB/share)

Diluted        earnings   per     share
                                                       0.1027                -71.10%                   0.2419                 -74.98%
(RMB/share)

Weighted average return on equity
                                                       2.09%                  -5.94%                    4.92%                 -16.92%
(%)

Exceptional gains and losses:
√ Applicable □ Not applicable
                                                                                                                           Unit: RMB

                                  Item                                       Q1-Q3 2018                           Note

Gain or loss on disposal of non-current assets (inclusive of
                                                                                       551,874.00
impairment allowance write-offs)

Non-operating income and expense other than above                                      274,942.21

Less: Income tax effects                                                               563,356.76

Total                                                                                  263,459.45                   --

Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item defined or listed in the Explanatory


                                                                                                                                        3
ShenZhen Properties & Resources Development (Group) Ltd.                                                  Third Quarter Report 2018



Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gain/Loss

Items:

□ Applicable √ Not applicable

No such cases for the Reporting Period.


II Total Number of Shareholders and Holdings of Top 10 Shareholders at 30 September 2018

1. Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting Rights as well as
Holdings of Top 10 Shareholders

                                                                                                                             Unit: share

                                                                     Number         of        preferred
Number of ordinary shareholders                               44,868 shareholders    with     resumed                                 0
                                                                     voting rights (if any)

                                                         Top 10 shareholders

       Name of            Nature of       Shareholding                                                Shares in pledge or frozen
                                                          Number of shares Restricted shares
   shareholder           shareholder       percentage                                                     Status          Shares

Shenzhen
Construction
                     State-owned legal
Investment                                       54.33%        323,796,324       293,997,370
                     person
Holdings
Corporation

Shenzhen
Investment           State-owned legal
                                                  9.49%         56,582,573          56,582,573
Management           person
Corporation

                     Domestic natural
Du Xinye                                          0.65%          3,880,800
                     person

                     Domestic natural
Zhou Qun                                          0.52%          3,115,450
                     person

                     Domestic natural
Du Yunfeng                                        0.39%          2,323,000
                     person

Shenzhen
Duty-Free            Domestic
Commodity            non-state-owned              0.29%          1,730,300           1,730,300
Enterprises      Co., legal person
Ltd.

                     Domestic natural
Gao Wenren                                        0.25%          1,506,000
                     person



                                                                                                                                          4
ShenZhen Properties & Resources Development (Group) Ltd.                                                    Third Quarter Report 2018


                    Domestic natural
Yang Yaochu                                         0.24%           1,410,620
                    person

                    Domestic natural
Li Jing                                             0.20%           1,176,740
                    person

                    Domestic natural
Su Zhifen                                           0.19%           1,150,000
                    person

                                                    Top 10 unrestricted shareholders

                                                                                                                Shares by type
           Name of shareholder                              Unrestricted shares
                                                                                                            Type            Shares

Shenzhen Construction Investment                                                                    RMB-denominate
                                                                                       29,798,954                                29,798,954
Holdings Corporation                                                                                d ordinary stock

                                                                                                    RMB-denominate
Du Xinye                                                                                3,880,800                                 3,880,800
                                                                                                    d ordinary stock

                                                                                                    RMB-denominate
Zhou Qun                                                                                3,115,450                                 3,115,450
                                                                                                    d ordinary stock

                                                                                                    RMB-denominate
Du Yunfeng                                                                              2,323,000                                 2,323,000
                                                                                                    d ordinary stock

                                                                                                    RMB-denominate
Gao Wenren                                                                              1,506,000                                 1,506,000
                                                                                                    d ordinary stock

                                                                                                    Domestically
Yang Yaochu                                                                             1,410,620 listed        foreign           1,410,620
                                                                                                    stock

                                                                                                    Domestically
Li Jing                                                                                 1,176,740 listed        foreign           1,176,740
                                                                                                    stock

                                                                                                    RMB-denominate
Su Zhifen                                                                               1,150,000                                 1,150,000
                                                                                                    d ordinary stock

                                                                                                    Domestically
Mai Furong                                                                              1,130,500 listed        foreign           1,130,500
                                                                                                    stock

Wuhan Xingkaiyuan Electric Power                                                                    RMB-denominate
                                                                                        1,100,000                                 1,100,000
Engineering Co., Ltd                                                                                d ordinary stock

                                         The first and second principal shareholders of the Company are managed by Shenzhen
Related or acting-in-concert parties Investment Holding Corporation, the actual controlling shareholder of the Company. And the
among shareholders above                 Company does not know whether there are any connected parties or acting-in-concert parties
                                         among the other 8 shareholders.

Top       10   ordinary   shareholders
involved in securities margin trading N/A
(if any)


                                                                                                                                              5
ShenZhen Properties & Resources Development (Group) Ltd.                                       Third Quarter Report 2018



Indicate by tick mark whether any of the top 10 ordinary shareholders or the top 10 unrestricted ordinary shareholders of the

Company conducted any promissory repo during the Reporting Period.

□ Yea √ No

No such cases in the Reporting Period.


2. Number of Preferred Shareholders and Shareholdings of Top 10 of Them

□ Applicable √ Not applicable




                                                                                                                           6
ShenZhen Properties & Resources Development (Group) Ltd.                               Third Quarter Report 2018




                                     Part III Significant Events

I Changes in Key Consolidated Financial Statement Line Items and Explanation of why

√ Applicable □ Not applicable

1. Accounts receivable rose 90.37% from the amount as at 31 December 2017 to RMB88,089,246.66 as at 30
September 2018, primarily driven by larger amounts due from homeowners to property management subsidiaries.
2. Prepayments rose 51.16% from the amount as at 31 December 2017 to RMB42,552,532.47 as at 30 September
2018, primarily driven by the increase in prepaid taxes.
3. Other receivables declined 79.28% from the amount as at 31 December 2017 to RMB18,925,116.21 as at 30
September 2018, primarily driven by the collection of the final payment from the share transfer of two taxi service
subsidiaries.
4. Inventories declined 24.18% from the amount as at 31 December 2017 to RMB1,403,219,359.96 as at 30
September 2018, primarily driven by the sale and settlement of properties.
5. Long-term prepaid expense rose 151.77% from the amount as at 31 December 2017 to RMB2,395,293.07 as at
30 September 2018, primarily driven by higher prepaid decoration expenses.
6. Taxes payable declined 35.99% from the amount as at 31 December 2017 to RMB763,324,955.45 as at 30
September 2018, primarily driven by the payment of land value added tax, corporate income tax and the like.
7. Other comprehensive income declined 44.96% from the amount as at 31 December 2017 to RMB-5,960,279.43
as at 30 September 2018, primarily driven by lower income from translation of foreign currency-denominated
financial statements caused by exchange rate fluctuations.
8. The year-on-year decreases of 72.00% and 54.80% in operating revenue to RMB373,989,694.46 and
RMB1,199,003,679.43 during Q3 2018 and Q1~Q3 2018, respectively, primarily resulted from lower property
sales revenue caused by a significantly smaller floor area sold and settled.
9. The year-on-year decreases of 72.00% and 54.80% in operating costs and expenses to RMB220,059,287.49 and
RMB909,246,628.59 during Q3 2018 and Q1~Q3 2018, respectively, primarily resulted from lower costs and
expenses in the property sales business caused by a significantly smaller floor area sold and settled.
10. The year-on-year decreases of 45.70% and 86.31% in taxes and surcharges to RMB55,644,770.75 and
RMB62,944,209.41 during Q3 2018 and Q1~Q3 2018, respectively, primarily resulted from lower land value
added tax and the like due to lower property sales revenue.
11. The year-on-year decreases of 38.54% and 25.30% in selling expense to RMB5,511,547.16 and
RMB14,808,076.92 during Q3 2018 and Q1~Q3 2018, respectively, primarily resulted from the decrease in sales
agent fees and service charges.
12. The year-on-year increases of 168.00% and 76.34% in finance costs (negative figures represent income) to
RMB-10,838,996.25 and RMB-38,456,220.90 during Q3 2018 and Q1~Q3 2018, respectively, primarily resulted
from higher interest income.
13. Asset impairment loss stood at RMB-4,797,271.69 during Q1~Q3 2018 with reversal down 91.36%
year-on-year, primarily resulted from the fact that certain previous valuation allowances on the Banshan Yujing
(Xuzhou) project and the Hupan Yujing (Yangzhou) project had been reversed in the same period of last year due
to rising prices, while the current period saw less such reversal.


                                                                                                                   7
ShenZhen Properties & Resources Development (Group) Ltd.                                            Third Quarter Report 2018


14. Investment income stood at RMB1,348,773.97 during Q3 2018, up 181.29% year-on-year, and was
RMB1,398,021.17 during Q1~Q3 2018, down 26.13% year-on-year, primarily resulted from changes in
contributions from joint ventures.
15. The net amount of non-operating income and expense stood at RMB206,685.38 during Q1~Q3 2018 with such
net expense down 104.39% year-on-year, primarily resulted from higher confiscated income and fewer payments
for legal matters.
16. The year-on-year decreases of 72.95% and 73.79% in income tax expense to RMB18,351,487.77 and
RMB44,938,831.33 during Q3 2018 and Q1~Q3 2018, respectively, primarily resulted from a lower profit.
17. Operating profit, profit before tax and net profit (attributable to the Company as the parent) stood at
RMB80,582,782.78, RMB79,567,651.58 and RMB61,216,163.81 during Q3 2018, down 71.13%, 71.55% and
71.10% respectively year-on-year, and was RMB188,920,837.35, RMB189,127,522.73 and RMB144,188,691.40
during Q1~Q3 2018, down 74.89%, 74.70% and 74.97% respectively year-on-year, primarily resulted from less
property sales revenue and a lower gross profit margin of sold and settled floor areas.
18. The year-on-year decreases of 304.04% and 312.41% in other comprehensive income, net of tax to
RMB-2,264,052.37 and RMB-1,848,692.29 during Q3 2018 and Q1~Q3 2018, respectively, primarily resulted
from changes in income from translation of foreign currency-denominated financial statements caused by
exchange rate fluctuations.
19. The year-on-year increase of 114.09% in net cash generated from/used in operating activities to
RMB49,981,030.19 during Q1~Q3 2018 primarily resulted from more payments collected from homebuyers and
the decrease in taxes paid during the current period.
20. The year-on-year decrease of 19.86% in net cash generated from/used in investing activities to
RMB76,167,830.64 during Q1~Q3 2018 primarily resulted from a lower payment received in the current period
for the share transfer of two taxi service subsidiaries.
21. Net cash generated from/used in financing activities stood at RMB-177,787,631.06 during Q1~Q3 2018, with
such net cash used up 65.77% from the same period of last year, primarily resulted from the increase in dividends
paid during the current period.
22. Net increase in cash and cash equivalents stood at RMB-48,981,405.13 during Q1~Q3 2018, with such net
decrease down 86.75% from the same period of last year, primarily resulted from more payments collected from
homebuyers and the decrease in taxes paid during the current period.



II Progress, Influence and Solutions Associated with Significant Events

√ Applicable □ Not applicable
In order to continuously optimize the Company's industrial layout and asset structure, actively respond to the call for the resource
integration of municipal state-owned taxi enterprises and for strengthening strategic synergetic development of state-owned
enterprises and follow the trend of the industrial reform, the Company intended to transfer the whole shares in its subsidiaries
Shenzhen International Trade Center Car Industry Co., Ltd. and Shenzhen Shenxin Taxi Co., Ltd. to Shenzhen Bus Group Co., Ltd.
(hereinafter referred to as “Shenzhen Bus”) with price not less than the asset evaluation result of RMB189.533 million. This share
transfer was approved by the 17th Meeting of the 8th Board of Directors held on 30 June 2017 and the 1 st Extraordinary General
Meeting of 2017 held on 17 July 2017 with independent and professional opinions from independent directors. In addition, the share
transfer was also approved by the Shenzhen State-owned Assets Supervision and Administration Commission (hereinafter referred to
as “Shenzhen SASAC”), and the evaluation report of the target company regarding this equity transfer has completed the filing


                                                                                                                                  8
ShenZhen Properties & Resources Development (Group) Ltd.                                            Third Quarter Report 2018


procedure of Shenzhen SASAC. Under the share transfer agreement, the Company received the basic transfer price of the share
transfer from Shenzhen Bus respectively on 30 August 2017 and 29 March 2018. During the Reporting Period, the Company
obtained the profit or loss of relevant period paid by Shenzhen Bus. So far, the rights and obligations involved in the
above-mentioned transaction have been totally performed, and this share transfer deal was closed.
Under the general deployment by the government in Shenzhen for the adjustment of state-owned assets management system,
Shenzhen SASAC issued SZSASAC [2004] No. 223 on 29 September 2004 in which it decided to set up Shenzhen Investment
Holdings Co., Ltd (hereinafter referred to as “SZIH”) taking the form of merger by new establishment. The merged parties involved
in are Shenzhen Investment Management Co., Ltd. (hereinafter referred to as “SIM”), Shenzhen Construction Investment Holdings
Corporation (hereinafter referred to as “SCIHC”) and Shenzhen Business Investment Holdings Corporation (hereinafter referred to as
“SBIHC”). SCIHC held 323,796,324 shares of SZPRD and SIM held 56,582,573 shares of SZPRD, which totally accounted for
63.82% of the total shares of SZPRD. After the issuing of the decision by Shenzhen SASAC on setting up SZIH taking the form of
merger by new establishment, the Company keeps introducing this situation under the item of Shareholders’ Profile in annual reports
since 2004 (including 2004) and showed investors that the Company’s actual controlling shareholder is SZIH and that the Company’s
actual controller is Shenzhen SASAC. SZIH received the Reply on the Consent for the Exemption of Shenzhen Investment Holdings
Co., Ltd. from the Tender Offer of Shenzhen Properties & Resources Development (Group) Ltd. (ZJXK <2018>No. 1408) issued by
China Securities Regulatory Commission on 5 September 2018. For more details, please refer to the Company’s relevant
announcements.

 Announcement of significant
                                      Disclosure date                               Disclosure website
            event

                                                         No. 2017-28 Announcement on Resolution of the 17th Meeting of the 8th
                                  1 July 2017
                                                         Board Directors on www.cninfo.com.cn

                                                         No. 2017-30 Announcement on Transfer of Total Shares in Two Taxi
                                  1 July 2017            Companies under the Control of the Company to Shenzhen Bus Group
                                                         Co., Ltd. on www.cninfo.com.cn
The total share transfer of two
                                                         No. 2017-32 Announcement on Resolution of the 1st Extraordinary
taxi   companies    under   the 18 July 2017
                                                         General Meeting of 2017 on www.cninfo.com.cn
control of the Company
                                                         No. 2017-47 Announcement on the Progress of the Transfer of Total
                                  8 December 2017        Shares in Two Taxi Companies under the Control of the Company to
                                                         Shenzhen Bus Group Co., Ltd. on www.cninfo.com.cn

                                                         No. 2018-26 Announcement on the Progress of the Transfer of Total
                                  27 July 2018           Shares in Two Taxi Companies under the Control of the Company to
                                                         Shenzhen Bus Group Co., Ltd. on www.cninfo.com.cn

                                                         No. 2004-15 Indicative Announcement on the Company’s State-owned
                                  4 November 2004
                                                         Equity Management on www.cninfo.com.cn

                                                         No. 2016-20 Announcement on the Progress of the Company’s
                                  15 October 2016
Management of state-owned                                State-owned Equity Management on www.cninfo.com.cn
shares held by the Company                               No. 2018-32 Announcement on Reception of Reply on Consent for the
                                                         Exemption of Shenzhen Investment Holdings Co., Ltd. from the Tender
                                  5 September 2018
                                                         Offer Obligation Issued by China Securities Regulatory Commission on
                                                         www.cninfo.com.cn




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ShenZhen Properties & Resources Development (Group) Ltd.                                               Third Quarter Report 2018


III Commitments that the Company’s Actual Controller, Shareholders, Related Parties and
Acquirers, as well as the Company Itself and Other Parties, Failed to Fulfill on Time during
Reporting Period

□ Applicable √ Not applicable
No such cases in the Reporting Period.


IV 2018 Annual Operating Performance Forecast


Warning of a forecast loss on or a forecast significant year-on-year change in net profit for year 2018, as well as explanation of why:
□ Applicable √ Not applicable


V Securities Investments

√ Applicable □ Not applicable
                                                                                                                                 Unit: RMB
                                                     Gain/Lo
                                                                      Accumu
                                                       ss on
                                                                        lated
                                                     fair-valu                  Purchas         Gain/los
                            Initial         Beginni                   fair-valu         Sold in
Security Security Security          Measure               e                       ed in           s in   Ending Account Funding
                                               ng                          e            Reporti
                           investm ment              changes                    Reporti         Reporti carrying
  type    code     name                     carrying                  changes             ng
                                    method               in                        ng              ng    amount ing title source
                           ent cost         amount                    charged           Period
                                                      Reporti                    Period          Period
                                                                          to
                                                         ng
                                                                       equity
                                                      Period
                                                                                                                                  Obtaine
Domesti                                                                                                               Availabl
                     Gintian                                                                                                      d        in
cally/Ov 400016                             Fair                                                                      e-for-sal
                     A,           3,565,8            3,591,2                                                3,598,7               Gintian’
erseas    、                                value                                                                     e
                     Gintian       56.06              09.20                                                  65.93                s      debt
listed    420016                            method                                                                    financia
                     B                                                                                                            restructu
stock                                                                                                                 l assets
                                                                                                                                  ring

                                  3,565,8            3,591,2                                                3,598,7
Total                                          --              0.00      0.00     0.00     0.00      0.00                 --          --
                                   56.06              09.20                                                  65.93

Disclosure         date     of
announcement on Board’s
consent      for     securities
investments

Disclosure         date     of
announcement on general
meeting’s     consent     for
securities investments (if
any)




                                                                                                                                           10
ShenZhen Properties & Resources Development (Group) Ltd.                                    Third Quarter Report 2018


VI Wealth Management Entrustment

□ Applicable √ Not applicable
No such cases in the Reporting Period.


VII Investments in Derivative Financial Instruments

□ Applicable √ Not applicable
No such cases in the Reporting Period.


VIII Visits Paid to the Company for Purposes of Research, Communication, Interview, etc.
during Reporting Period

√ Applicable □ Not applicable

         Date of visit                   Way of visit          Type of visitor                           About

                                                                                 Inquired of the progress of Golden
2 July 2018                       SZSE EasyIR           Individual
                                                                                 Collar’s Resort Project

                                                                                 Inquired of situations of shareholders of
3 July 2018                       SZSE EasyIR           Individual
                                                                                 the Company

                                                                                 Inquired of the following operation of
17 July 2018                      SZSE EasyIR           Individual
                                                                                 Golden Collar’s Resort Project

                                                                                 Inquired of the profile of Golden
20 July 2018                      SZSE EasyIR           Individual
                                                                                 Collar’s Resort Project

                                                                                 Inquired of the presale of Golden
20 July 2018                      SZSE EasyIR           Individual
                                                                                 Collar’s Resort Project

                                                                                 Inquired   of the situation           of pilot
14 August 2018                    SZSE EasyIR           Individual
                                                                                 State-owned enterprises in Shenzhen

                                                                                 Inquired of the disclosure of the Interim
21 August 2018                    SZSE EasyIR           Individual
                                                                                 Report

                                                                                 Inquired of the cooperation with foreign
4 September 2018                  SZSE EasyIR           Individual
                                                                                 counterparts

                                                                                 Inquired      of        the     key   corporate
4 September 2018                  SZSE EasyIR           Individual
                                                                                 information

                                                                                 Inquired of the performance of the
4 September 2018                  SZSE EasyIR           Individual               Company            in         Guangdong-Hong
                                                                                 Kong-Macao Bay Area

                                                                                 Inquired of the Company’s leasing
4 September 2018                  SZSE EasyIR           Individual
                                                                                 business

                                                                                 Inquired of situations of shareholders of
8 September 2018                  SZSE EasyIR           Individual
                                                                                 the Company



                                                                                                                               11
ShenZhen Properties & Resources Development (Group) Ltd.              Third Quarter Report 2018


IX Irregularities in Provision of Guarantees for External Parties

□ Applicable √ Not applicable
No such cases in the Reporting Period.


X Occupation of the Company’s Capital by Controlling Shareholder or Its Related Parties for
Non-Operating Purposes

□ Applicable √ Not applicable
No such cases in the Reporting Period.




                                                                                                  12
ShenZhen Properties & Resources Development (Group) Ltd.                                Third Quarter Report 2018




                                        Part IV Financial Statements

I Financial Statements

1. Consolidated Balance Sheet

Prepared by Shenzhen Properties & Resources Development (Group) Ltd.
                                                    30 September 2018
                                                                                                           Unit: RMB

                       Item                          30 September 2018                  31 December 2017

Current assets:

  Monetary capital                                                 2,428,047,410.08                 2,477,028,815.21

  Settlement reserve

  Interbank loans granted

  Financial assets at fair value through
profit or loss

  Derivative financial assets

  Notes and accounts receivable                                         88,089,246.66                  46,272,600.86

     Including: Notes receivable

                  Accounts receivable                                   88,089,246.66                  46,272,600.86

  Prepayments                                                           42,552,532.47                  28,149,956.60

  Premiums receivable

  Reinsurance receivables

  Receivable reinsurance contract reserve

  Other receivables                                                     18,925,116.21                  91,345,782.84

  Financial assets purchased under resale
agreements

  Inventories                                                      1,403,219,359.96                 1,850,672,044.36

  Assets classified as held for sale

  Current portion of non-current assets

  Other current assets                                                  10,623,577.72                  12,370,820.97

Total current assets                                               3,991,457,243.10                 4,505,840,020.84

Non-current assets:

  Loans and advances to customers

  Available-for-sale financial assets                                    3,598,765.93                   3,591,209.20


                                                                                                                    13
ShenZhen Properties & Resources Development (Group) Ltd.                      Third Quarter Report 2018


  Held-to-maturity investments

  Long-term receivables

  Long-term equity investments                               39,508,283.30                   38,730,392.96

  Investment property                                       410,323,327.36                 426,849,558.05

  Fixed assets                                               30,435,985.04                   29,346,901.33

  Construction in progress

  Productive living assets

  Oil and gas assets

  Intangible assets

  R&D expense

  Goodwill

  Long-term prepaid expense                                   2,395,293.07                     951,368.85

  Deferred income tax assets                                406,780,083.38                 388,022,097.64

  Other non-current assets

Total non-current assets                                    893,041,738.08                 887,491,528.03

Total assets                                               4,884,498,981.18               5,393,331,548.87

Current liabilities:

  Short-term borrowings

  Borrowings from central bank

  Customer       deposits    and     interbank
deposits

  Interbank loans obtained

  Financial liabilities at fair value through
profit or loss

  Derivative financial liabilities

  Notes and accounts payable                                430,496,683.12                 491,963,303.62

  Advances from customers                                   524,845,793.05                  516,984,711.11

  Financial assets sold under repurchase
agreements
  Handling charges and          commissions
payable

  Payroll payable                                            94,037,599.86                   92,066,474.54

  Taxes payable                                             763,324,955.45                1,192,587,256.66

  Other payables                                            126,654,539.93                 122,622,000.38

  Reinsurance payables

  Insurance contract reserve


                                                                                                          14
ShenZhen Properties & Resources Development (Group) Ltd.                      Third Quarter Report 2018


  Payables for acting trading of securities

  Payables for underwriting of securities

  Liabilities directly associated with assets
classified as held for sale

  Current portion of non-current liabilities

  Other current liabilities

Total current liabilities                                  1,939,359,571.41               2,416,223,746.31

Non-current liabilities:

  Long-term borrowings                                        1,000,000.00

  Bonds payable

     Including: Preferred shares

                    Perpetual bonds

  Long-term payables

  Long-term payroll payable

  Provisions

  Deferred income

  Deferred income tax liabilities                                 5,995.66                        8,668.15

  Other non-current liabilities                              58,031,261.46                   54,543,253.27

Total non-current liabilities                                59,037,257.12                   54,551,921.42

Total liabilities                                          1,998,396,828.53               2,470,775,667.73

Owners’ equity:

  Share capital                                             595,979,092.00                 595,979,092.00

  Other equity instruments

     Including: Preferred shares

                    Perpetual bonds

  Capital reserves                                          118,938,132.89                  118,938,132.89

  Less: Treasury stock

  Other comprehensive income                                  -5,960,279.43                  -4,111,587.14

  Specific reserve

  Surplus reserves                                          299,569,569.96                 299,569,569.96

  General reserve

  Retained earnings                                        1,876,713,550.17               1,911,318,586.37

Total equity attributable to owners of the
                                                           2,885,240,065.59               2,921,693,794.08
Company as the parent

Non-controlling interests                                       862,087.06                     862,087.06



                                                                                                          15
ShenZhen Properties & Resources Development (Group) Ltd.                                         Third Quarter Report 2018


Total owners’ equity                                                  2,886,102,152.65                      2,922,555,881.14

Total liabilities and owners’ equity                                  4,884,498,981.18                      5,393,331,548.87


Legal representative: Liu Shengxiang       Head of financial affairs: Cai Lili    Head of financial department: Shen Xueying


2. Balance Sheet of the Company as the Parent

                                                                                                                    Unit: RMB

                       Item                             30 September 2018                        31 December 2017

Current assets:

  Monetary capital                                                     1,727,788,187.09                      1,754,272,751.45

  Financial assets at fair value through
profit or loss

  Derivative financial assets

  Notes and accounts receivable                                             3,240,329.54                           479,462.50

     Including: Notes receivable

                  Accounts receivable                                       3,240,329.54                           479,462.50

  Prepayments                                                               8,657,789.41                           496,729.09

  Other receivables                                                    1,092,996,638.89                      1,128,977,669.02

  Inventories                                                            301,175,480.71                        303,797,408.60

  Assets classified as held for sale

  Current portion of non-current assets

  Other current assets                                                      6,491,867.11                            85,558.19

Total current assets                                                   3,140,350,292.75                      3,188,109,578.85

Non-current assets:

  Available-for-sale financial assets                                       3,829,265.93                         3,821,709.20

  Held-to-maturity investments

  Long-term receivables

  Long-term equity investments                                           290,742,348.29                        250,613,065.89

  Investment property                                                    323,224,696.55                        336,964,573.31

  Fixed assets                                                              7,731,774.87                         8,163,838.55

  Construction in progress

  Productive living assets

  Oil and gas assets

  Intangible assets

  R&D expense


                                                                                                                               16
ShenZhen Properties & Resources Development (Group) Ltd.                      Third Quarter Report 2018


  Goodwill

  Long-term prepaid expense                                     821,636.64                      951,368.85

  Deferred income tax assets                                208,207,062.37                 191,632,218.83

  Other non-current assets

Total non-current assets                                    834,556,784.65                 792,146,774.63

Total assets                                               3,974,907,077.40               3,980,256,353.48

Current liabilities:

  Short-term borrowings

  Financial liabilities at fair value through
profit or loss

  Derivative financial liabilities

  Notes and accounts payable                                115,481,336.78                  119,489,366.28

  Advances from customers                                   311,759,480.00                    5,127,871.19

  Payroll payable                                            30,953,753.28                   34,296,032.66

  Taxes payable                                             677,425,495.17                 704,897,740.79

  Other payables                                             72,712,827.77                 206,906,599.52

  Liabilities directly associated with assets
classified as held for sale

  Current portion of non-current liabilities

  Other current liabilities

Total current liabilities                                  1,208,332,893.00               1,070,717,610.44

Non-current liabilities:

  Long-term borrowings

  Bonds payable

     Including: Preferred shares

                    Perpetual bonds

  Long-term payables

  Long-term payroll payable

  Provisions

  Deferred income

  Deferred income tax liabilities

  Other non-current liabilities

Total non-current liabilities

Total liabilities                                          1,208,332,893.00               1,070,717,610.44

Owners’ equity:



                                                                                                          17
ShenZhen Properties & Resources Development (Group) Ltd.                             Third Quarter Report 2018


  Share capital                                                     595,979,092.00                 595,979,092.00

  Other equity instruments

     Including: Preferred shares

                  Perpetual bonds

  Capital reserves                                                   94,057,859.68                  94,057,859.68

  Less: Treasury stock

  Other comprehensive income

  Specific reserve

  Surplus reserves                                                  298,912,759.52                 298,912,759.52

  Retained earnings                                               1,777,624,473.20                1,920,589,031.84

Total owners’ equity                                             2,766,574,184.40                2,909,538,743.04

Total liabilities and owners’ equity                             3,974,907,077.40                3,980,256,353.48


3. Consolidated Income Statement for Q3

                                                                                                        Unit: RMB

                   Item                               Q3 2018                           Q3 2017

1. Revenue                                                      373,989,694.46                    1,335,581,077.17

  Including: Operating revenue                                  373,989,694.46                    1,335,581,077.17

              Interest income

              Premium income

              Handling       charge     and
commission income

2. Operating costs and expenses                                 294,755,685.65                    1,056,984,447.26

  Including: Cost of sales                                      220,059,287.49                     921,480,304.17

              Interest expense

              Handling       charge     and
commission expense

              Surrenders

              Net claims paid

              Net amount provided as
insurance contract reserve
              Expenditure      on     policy
dividends
              Reinsurance           premium
expense

              Taxes and surcharges                               55,644,770.75                     102,469,953.31



                                                                                                                 18
ShenZhen Properties & Resources Development (Group) Ltd.                    Third Quarter Report 2018


                    Selling expense                         5,511,547.16                    8,967,303.36

                    Administrative expense                 24,418,997.27                   28,008,041.78

                    R&D expense

                    Finance costs                          -10,838,996.25                  -4,044,473.36

                      Including:         Interest
expense

                                         Interest
                                                           -10,947,746.57                  -4,183,271.61
income

                    Asset impairment loss                      -39,920.77                    103,318.00

Add: Other income

         Investment income (“-” for loss)                 1,348,773.97                     479,674.64

              Including: Share of profit or
                                                              728,643.14                     479,674.64
loss of joint ventures and associates

         Gain on changes in fair value (“-”
for loss)

         Foreign exchange gain (“-” for
loss)
         Asset disposal income (“-” for
loss)

3. Operating profit (“-” for loss)                       80,582,782.78                 279,076,304.55

Add: Non-operating income                                   1,525,042.96                     668,130.40

Less: Non-operating expense                                 2,540,174.16                       83,355.58

4. Profit before tax (“-” for loss)                      79,567,651.58                 279,661,079.37

Less: Income tax expense                                   18,351,487.77                   67,850,203.05

5. Net profit (“-” for net loss)                         61,216,163.81                  211,810,876.32

  5.1         Net   profit    from continuing
                                                           61,216,163.81                  211,372,603.08
operations (“-” for net loss)

  5.2 Net profit from discontinued
                                                                                             438,273.24
operations (“-” for net loss)

  Net profit attributable to owners of
                                                           61,216,163.81                  211,810,876.32
the Company as the parent
  Net           profit        attributable     to
non-controlling interests
6. Other comprehensive income, net of
                                                            -2,264,052.37                   1,109,596.95
tax
  Attributable           to   owners     of   the
                                                            -2,264,052.37                   1,109,596.95
Company as the parent
        6.1     Items     that   will   not   be
reclassified to profit or loss


                                                                                                        19
ShenZhen Properties & Resources Development (Group) Ltd.                                                           Third Quarter Report 2018


         6.1.1 Changes in net liabilities
or assets caused by remeasurements on
defined benefit pension schemes
         6.1.2      Share              of        other
comprehensive income of investees that
will not be reclassified to profit or loss
under equity method
     6.2 Items that may subsequently be
                                                                                    -2,264,052.37                                  1,109,596.95
reclassified to profit or loss
         6.2.1      Share              of        other
comprehensive income of investees that
will be reclassified to profit or loss
under equity method
         6.2.2 Gain/Loss on changes in
fair value of available-for-sale financial
assets
         6.2.3 Gain/Loss arising from
reclassification        of         held-to-maturity
investments        to             available-for-sale
financial assets
         6.2.4 Effective gain/loss on cash
flow hedges
         6.2.5 Differences arising from
translation                  of              foreign
                                                                                    -2,264,052.37                                  1,109,596.95
currency-denominated                        financial
statements

         6.2.6 Other

  Attributable          to         non-controlling
interests

7. Total comprehensive income                                                       58,952,111.44                                212,920,473.27

  Attributable      to        owners        of     the
                                                                                    58,952,111.44                                212,920,473.27
Company as the parent
  Attributable          to         non-controlling
interests

8. Earnings per share

  8.1 Basic earnings per share                                                                 0.1027                                    0.3554

  8.2 Diluted earnings per share                                                               0.1027                                    0.3554

Where business combinations under common control occurred in the current period, the net profit achieved by the acquirees before
the combinations was RMB0.00, with the amount for the same period of last year being RMB0.00.


Legal representative: Liu Shengxiang                     Head of financial affairs: Cai Lili        Head of financial department: Shen Xueying




                                                                                                                                                 20
ShenZhen Properties & Resources Development (Group) Ltd.                        Third Quarter Report 2018


4. Income Statement of the Company as the Parent for Q3

                                                                                                   Unit: RMB

                     Item                             Q3 2018                      Q3 2017

1. Operating revenue                                            35,290,132.14                  17,291,326.51

Less: Cost of sales                                              9,681,055.22                   6,097,177.33

        Taxes and surcharges                                     8,310,210.12                   1,135,062.22

        Selling expense                                          1,287,861.40                    259,359.00

        Administrative expense                                   8,738,044.03                   9,209,839.24

        R&D expense

        Finance costs                                           -9,607,684.41                  -2,437,908.35

          Including: Interest expense

                        Interest income                         -9,614,088.74                  -2,440,106.09

        Asset impairment loss                                      -40,000.00

Add: Other income

         Investment income (“-” for loss)                      1,294,275.43                    479,674.64

            Including: Share of profit or
                                                                  728,643.14                     479,674.64
loss of joint ventures and associates

         Gain on changes in fair value (“-”
for loss)

         Asset disposal income (“-” for
loss)

2. Operating profit (“-” for loss)                            18,214,921.21                   3,507,471.71

Add: Non-operating income                                          54,791.03                       85,064.00

Less: Non-operating expense                                       701,868.96                       37,705.54

3. Profit before tax (“-” for loss)                           17,567,843.28                   3,554,830.17

Less: Income tax expense                                         4,236,800.97                    840,255.24

4. Net profit (“-” for net loss)                              13,331,042.31                   2,714,574.93

  4.1      Net   profit    from continuing
                                                                13,331,042.31                   2,714,574.93
operations (“-” for net loss)

  4.2 Net profit from discontinued
operations (“-” for net loss)

5. Other comprehensive income, net of
tax
  5.1 Items that will not be reclassified
to profit or loss
        5.1.1 Changes in net liabilities or
assets caused by remeasurements on


                                                                                                            21
ShenZhen Properties & Resources Development (Group) Ltd.                              Third Quarter Report 2018


defined benefit pension schemes
     5.1.2         Share              of        other
comprehensive income of investees that
will not be reclassified to profit or loss
under equity method
  5.2 Items that may subsequently be
reclassified to profit or loss
     5.2.1         Share              of        other
comprehensive income of investees that
will be reclassified to profit or loss
under equity method
     5.2.2 Gain/Loss on changes in fair
value of available-for-sale financial
assets
     5.2.3    Gain/Loss              arising     from
reclassification        of         held-to-maturity
investments        to             available-for-sale
financial assets
     5.2.4 Effective gain/loss on cash
flow hedges
     5.2.5 Differences arising from
translation                  of                foreign
currency-denominated                       financial
statements

     5.2.6 Other

6. Total comprehensive income                                         13,331,042.31                   2,714,574.93

7. Earnings per share

    7.1 Basic earnings per share                                            0.0224                          0.0046

    7.2 Diluted earnings per share                                          0.0224                          0.0046


5. Consolidated Income Statement for Q1~Q3

                                                                                                         Unit: RMB

                    Item                                 Q1~Q3 2018                    Q1~Q3 2017

1. Revenue                                                       1,199,003,679.43                 2,652,727,809.60

  Including: Operating revenue                                   1,199,003,679.43                 2,652,727,809.60

               Interest income

               Premium income

               Handling              charge       and
commission income

2. Operating costs and expenses                                  1,011,480,863.25                 1,902,269,315.24


                                                                                                                  22
ShenZhen Properties & Resources Development (Group) Ltd.                    Third Quarter Report 2018


  Including: Cost of sales                                 909,246,628.59               1,420,061,473.10

                Interest expense

                Handling       charge       and
commission expense

                Surrenders

                Net claims paid

                Net amount provided as
insurance contract reserve
                Expenditure      on      policy
dividends
                Reinsurance           premium
expense

                Taxes and surcharges                        62,944,209.41                459,639,976.26

                Selling expense                             14,808,076.92                  19,823,652.31

                Administrative expense                      67,735,440.92                  80,080,322.63

                R&D expense

                Finance costs                              -38,456,220.90                 -21,808,246.88

                  Including:            Interest
expense

                                        Interest
                                                           -39,320,642.15                 -22,576,622.69
income

                Asset impairment loss                       -4,797,271.69                 -55,527,862.18

Add: Other income

        Investment income (“-” for loss)                   1,398,021.17                   1,892,487.55
            Including: Share of profit or
                                                              777,890.34                    1,892,487.55
loss of joint ventures and associates

        Gain on changes in fair value (“-”
for loss)

        Foreign exchange gain (“-” for
loss)
        Asset disposal income (“-” for
loss)

3. Operating profit (“-” for loss)                       188,920,837.35                752,350,981.91

Add: Non-operating income                                    3,058,534.39                   1,276,286.37

Less: Non-operating expense                                  2,851,849.01                   5,987,104.80

4. Profit before tax (“-” for loss)                      189,127,522.73                747,640,163.48

Less: Income tax expense                                    44,938,831.33                171,473,516.73

5. Net profit (“-” for net loss)                         144,188,691.40                576,166,646.75



                                                                                                        23
ShenZhen Properties & Resources Development (Group) Ltd.                     Third Quarter Report 2018


  5.1       Net   profit         from continuing
                                                            144,188,691.40                573,653,357.03
operations (“-” for net loss)

  5.2 Net profit from discontinued
                                                                                             2,513,289.72
operations (“-” for net loss)

  Net profit attributable to owners of
                                                            144,188,691.40                576,166,646.75
the Company as the parent
  Net         profit             attributable          to
non-controlling interests
6. Other comprehensive income, net of
                                                             -1,848,692.29                    -448,261.61
tax
  Attributable         to        owners        of     the
                                                             -1,848,692.29                    -448,261.61
Company as the parent
      6.1     Items        that        will    not    be
reclassified to profit or loss
         6.1.1 Changes in net liabilities
or assets caused by remeasurements on
defined benefit pension schemes
         6.1.2         Share              of        other
comprehensive income of investees that
will not be reclassified to profit or loss
under equity method
      6.2 Items that may subsequently be
                                                             -1,848,692.29                    -448,261.61
reclassified to profit or loss
         6.2.1         Share              of        other
comprehensive income of investees that
will be reclassified to profit or loss
under equity method
         6.2.2 Gain/Loss on changes in
fair value of available-for-sale financial
assets
         6.2.3 Gain/Loss arising from
reclassification           of         held-to-maturity
investments           to             available-for-sale
financial assets
         6.2.4 Effective gain/loss on cash
flow hedges
         6.2.5 Differences arising from
translation                     of              foreign
                                                             -1,848,692.29                    -448,261.61
currency-denominated                           financial
statements

         6.2.6 Other

  Attributable             to         non-controlling
interests


                                                                                                         24
ShenZhen Properties & Resources Development (Group) Ltd.                                         Third Quarter Report 2018


7. Total comprehensive income                                       142,339,999.11                             575,718,385.14

  Attributable      to       owners     of   the
                                                                    142,339,999.11                             575,718,385.14
Company as the parent
  Attributable          to     non-controlling
interests

8. Earnings per share

  8.1 Basic earnings per share                                              0.2419                                      0.9668

  8.2 Diluted earnings per share                                            0.2419                                      0.9668

Where business combinations under common control occurred in the current period, the net profit achieved by the acquirees before
the combinations was RMB0.00, with the amount for the same period of last year being RMB0.00.


6. Income Statement of the Company as the Parent for Q1~Q3

                                                                                                                     Unit: RMB

                     Item                              Q1~Q3 2018                                 Q1~Q3 2017

1. Operating revenue                                                 68,745,923.98                             958,287,224.60

Less: Cost of sales                                                  21,473,707.25                             184,949,760.26

        Taxes and surcharges                                         10,347,227.32                             354,526,244.41

        Selling expense                                               2,200,695.62                                2,270,308.91

        Administrative expense                                       23,762,826.83                               28,040,113.83

        R&D expense

        Finance costs                                               -36,100,159.33                              -12,207,197.73

          Including: Interest expense

                        Interest income                             -35,840,623.26                              -15,340,929.95

        Asset impairment loss                                        -2,286,956.93                                 -654,008.70

Add: Other income

         Investment income (“-” for loss)                           1,343,522.63                             450,267,789.82

            Including: Share of profit or
                                                                        777,890.34                                1,892,487.55
loss of joint ventures and associates

         Gain on changes in fair value (“-”
for loss)

         Asset disposal income (“-” for
loss)

2. Operating profit (“-” for loss)                                 50,692,105.85                             851,629,793.44

Add: Non-operating income                                               172,307.70                                 222,418.81

Less: Non-operating expense                                             711,102.23                                5,567,710.31

3. Profit before tax (“-” for loss)                                50,153,311.32                             846,284,501.94



                                                                                                                             25
ShenZhen Properties & Resources Development (Group) Ltd.                   Third Quarter Report 2018


Less: Income tax expense                                   14,324,142.36                  99,002,966.40

4. Net profit (“-” for net loss)                         35,829,168.96                747,281,535.54

  4.1     Net    profit         from continuing
                                                           35,829,168.96                732,203,569.62
operations (“-” for net loss)

  4.2 Net profit from discontinued
                                                                                          15,077,965.92
operations (“-” for net loss)

5. Other comprehensive income, net of
tax
  5.1 Items that will not be reclassified
to profit or loss
       5.1.1 Changes in net liabilities or
assets caused by remeasurements on
defined benefit pension schemes
       5.1.2        Share               of        other
comprehensive income of investees that
will not be reclassified to profit or loss
under equity method
  5.2 Items that may subsequently be
reclassified to profit or loss
       5.2.1        Share               of        other
comprehensive income of investees that
will be reclassified to profit or loss
under equity method
       5.2.2 Gain/Loss on changes in fair
value of available-for-sale financial
assets
       5.2.3    Gain/Loss              arising     from
reclassification          of         held-to-maturity
investments          to             available-for-sale
financial assets
       5.2.4 Effective gain/loss on cash
flow hedges
       5.2.5 Differences arising from
translation                    of                foreign
currency-denominated                         financial
statements

       5.2.6 Other

6. Total comprehensive income                              35,829,168.96                747,281,535.54

7. Earnings per share

      7.1 Basic earnings per share                               0.0601                          1.2539

      7.2 Diluted earnings per share                             0.0601                          1.2539



                                                                                                       26
ShenZhen Properties & Resources Development (Group) Ltd.                          Third Quarter Report 2018


7. Consolidated Cash Flow Statement for Q1~Q3

                                                                                                     Unit: RMB

                        Item                        Q1~Q3 2018                     Q1~Q3 2017

1. Cash flows from operating activities:

  Proceeds from sale of commodities
                                                            1,295,693,553.75                  1,035,129,398.47
and rendering of services
  Net increase in customer deposits and
interbank deposits
  Net increase in borrowings from
central bank
  Net increase in loans from other
financial institutions
  Premiums          received       on   original
insurance contracts

  Net proceeds from reinsurance

  Net        increase      in     deposits    and
investments of policy holders
  Net      increase       in    proceeds     from
disposal of financial assets at fair value
through profit or loss
  Interest,        handling       charges     and
commissions received
  Net increase in interbank loans
obtained
  Net      increase       in    proceeds     from
repurchase transactions

  Tax rebates

  Cash generated from other operating
                                                                  54,362,412.15                  27,585,392.87
activities
Subtotal      of    cash        generated    from
                                                            1,350,055,965.90                  1,062,714,791.34
operating activities
  Payments          for    commodities        and
                                                                 346,412,905.78                 385,275,049.38
services
  Net increase in loans and advances to
customers
  Net increase in deposits in central
bank and in interbank loans granted
  Payments for claims on original
insurance contracts
  Interest,        handling       charges     and
commissions paid



                                                                                                              27
ShenZhen Properties & Resources Development (Group) Ltd.                      Third Quarter Report 2018


  Policy dividends paid

  Cash paid to and for employees                            257,504,612.76                 247,670,285.31

  Taxes paid                                                635,718,764.52                 725,099,736.70

  Cash       used       in     other    operating
                                                             60,438,652.65                   59,452,567.32
activities
Subtotal of cash used in operating
                                                           1,300,074,935.71               1,417,497,638.71
activities
Net     cash        generated       from/used   in
                                                             49,981,030.19                 -354,782,847.37
operating activities

2. Cash flows from investing activities:

  Proceeds from disinvestment

  Investment income

  Net proceeds from disposal of fixed
assets, intangible assets and other                              86,935.08                        3,198.63
long-lived assets
  Net      proceeds          from    disposal   of
                                                             79,901,686.57                   96,661,830.00
subsidiaries or other business units
  Cash generated from other investing
activities
Subtotal       of     cash      generated   from
                                                             79,988,621.65                   96,665,028.63
investing activities
  Payments for acquisition of fixed
assets, intangible assets and other                           3,820,791.01                    1,617,463.02
long-lived assets

  Payments for investments

  Net increase in pledged loans granted

  Net payments for acquisition of
subsidiaries and other business units
  Cash       used       in      other   investing
activities
Subtotal of cash used in investing
                                                              3,820,791.01                    1,617,463.02
activities
Net     cash        generated       from/used   in
                                                             76,167,830.64                   95,047,565.61
investing activities

3. Cash flows from financing activities:

  Capital contributions received

      Including: Capital contributions by
non-controlling interests to subsidiaries

  Increase in borrowings obtained                             1,000,000.00

  Net proceeds from issuance of bonds



                                                                                                          28
ShenZhen Properties & Resources Development (Group) Ltd.                               Third Quarter Report 2018


  Cash generated from other financing
activities
Subtotal       of     cash       generated        from
                                                                        1,000,000.00
financing activities

  Repayment of borrowings

  Payments for interest and dividends                                 178,787,631.06                 107,246,594.16

       Including:       Dividends          paid    by
subsidiaries to non-controlling interests
  Cash       used          in    other     financing
activities
Subtotal of cash used in financing
                                                                      178,787,631.06                 107,246,594.16
activities
Net     cash        generated       from/used       in
                                                                  -177,787,631.06                   -107,246,594.16
financing activities
4. Effect of foreign exchange rate
                                                                        2,657,365.10                  -2,708,821.96
changes on cash and cash equivalents
5. Net increase in cash and cash
                                                                      -48,981,405.13                -369,690,697.88
equivalents
Add:     Cash        and        cash     equivalents,
                                                                 2,464,626,655.21                  2,857,353,056.85
beginning of the period
6. Cash and cash equivalents, end of the
                                                                 2,415,645,250.08                  2,487,662,358.97
period


8. Cash Flow Statement of the Company as the Parent for Q1~Q3

                                                                                                          Unit: RMB

                        Item                             Q1~Q3 2018                     Q1~Q3 2017

1. Cash flows from operating activities:

  Proceeds from sale of commodities
                                                                      375,845,935.24                  47,725,759.96
and rendering of services

  Tax rebates

  Cash generated from other operating
                                                                      189,133,015.29                 851,270,259.53
activities
Subtotal       of     cash       generated        from
                                                                      564,978,950.53                 898,996,019.49
operating activities
  Payments           for        commodities        and
                                                                        6,799,103.87                  43,280,298.00
services

  Cash paid to and for employees                                       16,595,230.41                  14,505,987.13

  Taxes paid                                                           89,575,754.41                 336,350,943.00

  Cash       used          in    other     operating
                                                                      332,877,876.21               1,042,608,255.74
activities



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ShenZhen Properties & Resources Development (Group) Ltd.                    Third Quarter Report 2018


Subtotal of cash used in operating
                                                           445,847,964.90               1,436,745,483.87
activities
Net     cash        generated       from/used   in
                                                           119,130,985.63                -537,749,464.38
operating activities

2. Cash flows from investing activities:

  Proceeds from disinvestment

  Investment income                                                                      798,375,302.27

  Net proceeds from disposal of fixed
assets, intangible assets and other                             12,657.70                       1,320.00
long-lived assets
  Net      proceeds          from    disposal   of
                                                            73,001,849.11                  88,010,664.30
subsidiaries or other business units
  Cash generated from other investing
activities
Subtotal       of     cash      generated   from
                                                            73,014,506.81                886,387,286.57
investing activities
  Payments for acquisition of fixed
assets, intangible assets and other                           503,316.94                     166,352.55
long-lived assets

  Payments for investments                                  39,351,392.06                   1,000,000.00

  Net payments for acquisition of
subsidiaries and other business units
  Cash       used       in      other   investing
activities
Subtotal of cash used in investing
                                                            39,854,709.00                   1,166,352.55
activities
Net     cash        generated       from/used   in
                                                            33,159,797.81                885,220,934.02
investing activities

3. Cash flows from financing activities:

  Capital contributions received

  Increase in borrowings obtained

  Net proceeds from issuance of bonds

  Cash generated from other financing
activities
Subtotal       of     cash      generated   from
financing activities

  Repayment of borrowings

  Payments for interest and dividends                      178,778,071.68                107,246,594.16

  Cash       used       in     other    financing
activities

Sub-total of cash used in financing                        178,778,071.68                107,246,594.16


                                                                                                        30
ShenZhen Properties & Resources Development (Group) Ltd.                                            Third Quarter Report 2018


activities
Net    cash     generated   from/used   in
                                                                       -178,778,071.68                           -107,246,594.16
financing activities
4. Effect of foreign exchange rate
                                                                              2,723.88                                 -4,238.11
changes on cash and cash equivalents
5. Net increase in cash and cash
                                                                         -26,484,564.36                          240,220,637.37
equivalents
Add:     Cash    and   cash   equivalents,
                                                                       1,754,272,751.45                         1,566,655,340.88
beginning of the period
6. Cash and cash equivalents, end of the
                                                                       1,727,788,187.09                         1,806,875,978.25
period


II Independent Auditor’s Report


Indicate by tick mark whether the financial statements above have been audited by an independent auditor.

□Yes √ No
These financial statements have not been audited by such an auditor.




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