Semi-Annual Report 2013
Announcement No.:【CMPD】2013-041
Chapter 1. Important Notice, Content & Definitions
Important Notice
Board of Directors, Supervisory Committee of China Merchants Property Development Co., Ltd.
(hereinafter referred as to the Company) and its directors, supervisors and senior executives hereby
gurantee the authenticity, accuracy and integrality of the content of this report, confirm that there are no
any important omissions, fictitious statements or serious misleading information carried in this report,
and shall take all responsibilities, individual and/ or joint.
All directors in the Company attend the board meeting for reviewing this report.
The Semi-annual Financial Report of the Company is not audited.
Lin Shaobin-Legal Representative, Wu Zhenqin-Chief Financial Officer, and Xu Yixia-Manager of
Accounting Department hereby confirm that the Financial Report enclosed in the Semi-annual Report is
true and complete.
The company plans not to distribute cash bonus, not to send bonus shares and not to turn
accumulation fund to increase subscribed.
This report has been prepared in Chinese and English version respectively. In the occurance of
differences due to interpretations of both versions, the Chinese report shall prevail.
Content
Chapter 2. Company Profile ................................................................................................................. 3
Chapter 3. Financial Summary ............................................................................................................. 5
Chapter 4. Report of the Board of Directors ......................................................................................... 7
Chapter 5. Significant Events ............................................................................................................. 21
Chapter 6. Changes in Share Capital and Particulars about Shareholders .......................................... 26
Chapter 7. Particulars about Directors, Supervisors and Senior Executives ....................................... 29
Chapter 8. Financial Report ................................................................................................................ 30
Chapter 9. Documents Available for Reference ................................................................................. 172
1
Paraphrases
Unless specified in the report, the following abbreviations possess the meanings as follows:
Paraphrase item Refers to Paraphrase content
CSRC Refers to China Securities Regulatory Commission
Shenzhen Securities Regulatory
China Securities Regulatory Commission Shenzhen Regulatory Bureau
Bureau Refers to
SZSE Refers to Shenzhen Stock Exchange
The Company Refers to China Merchants Property Development Co., Ltd.
China Merchants Group Refers to China Merchants Group Ltd.
Top Chief Refers to Top Chief Co., Ltd.
Shekou Industrial Zone Refers to China Merchants Shekou Industrial Zone Co., Ltd.
Shenzhen CMRE Refers to Shenzhen China Merchants Real Estate Co., Ltd.
China Merchants Properties and
Shenzhen China Merchants Properties and Investment Co., Ltd.
Investment Refers to
CMPS Refers to Shenzhen China Merchants Power Supply Co., Ltd.
China Merchants Property
China Merchants Property Management Co., Ltd.
Management Refers to
Tonic Industries Refers to Tonic Industries Holdings Ltd.
Hong Kong Ruijia Refers to Ruijia Investment Industrial Co., Ltd.
Full Space Investment Refers to Full Space Investment Ltd.
2
Chapter 2. Company Profile
I. Legal Name of the Company:
In Chinese: 招商局地产控股股份有限公司
Abbr:招商地产
In English: CHINA MERCHANTS PROPERTY DEVELOPMENT CO., LTD.
Abbr: CMPD
II. Legal Representative: Lin Shaobin
III. Secretary of the Board: Liu Ning
Securities Affair Representative: Zeng Fanyue
Address: No.3 Building, Nanhai E Cool Park, No.6 Xinghua Road, Shekou Industrial Zone, Nanshan District,
Shenzhen
Post Code: 518067
Tel: (0755) 26819600
Fax: (0755) 26818666
Email: cmpdir@cmhk.com
IV. Registered Address: No.3 Building, Nanhai E Cool Park, No.6 Xinghua Road, Shekou Industrial Zone, Nanshan
District, Shenzhen
Office Address: No.3 Building, Nanhai E Cool Park, No.6 Xinghua Road, Shekou Industrial Zone, Nanshan District,
Shenzhen
Postal Code: 518067
Company Website: http://www.cmpd.cn
E-mail: investor@cmpd.cn
V. Newspapers selected for disclosing the information of the Company: China Securities Journal, Securities Times,
Shanghai Securities News, Securities Daily and Hong Kong Commercial Daily
Official Website for releasingAnnual Report authorized by CSRC: http://www.cninfo.com.cn
Annual Report is prepared and placed: Secretariat of the Board of Directors
VI. Stock Exchange where the company‘s shares are listed in: Shenzhen Stock Exchange
Secondary Stock Exchange listed in: Singapore Stock Exchange
Short Form of the Stock: CMPD, CMPD-B
Stock Code: 000024, 200024
VII. Registry Changes of the Company within the Report Period
1. Initial registration date: September 19th, 1990
2. Initial registration place: Shenzhen
3. Business License No. of the Enterprise Legal Person: 440301503287841
4. Tax Registration No.: Shen di shui zi 440300618845136
5. Organization Certificate Code: 61884513-6
6. Main business operation changes and all previous controlling shareholders changes of the Company since the
listing
3
The company‘s predecessor is Merchants Shekou Port Service Co., Ltd.‘ and has operated port business as its core
business. On June 7th, 1993, the Company started trading both A and B shares on Shenzhen Stock Exchange Market.
During1998 and 1999, the Company had transferred the port related property to Shenzhen Industrial Zone in
exchange of the stock of Shenzhen CMRE and CMPS. As a result, the Company was holding accumulative 70% of
both companies‘ stock rights.
On July 21st, 2000, the Company renamed as "China Merchants Shekou holding Co., Ltd.‖.
On July 13th, 2001, the remaining assets of Shekou Port held by the Company were exchanged with 25% of stock
rights of Shenzhen CMRE, CMPS and other companies held by Shekou Industrial Zone.
On June 24th, 2004, the Company renamed as ‖China Merchants Property Development Co., Ltd.‖ and became a
public-traded company operating real estate development and management as core business.
There is no change to controlling shareholders since the Company went public. VIII. The independent Certified
Public Accountants (CPA) hired by the Company: Shinewing Certified Public Accountants Ltd.;
Office Address: 8F, Block A, Fuhua Mansion, 8 North Street of Chaoyangmen, Dongcheng District, Beijing
Signature certified public accountants: Guo Jinlong, Wang Yaming
4
Chapter 3. Financial Summary
I Main accounting data and financial index
The Company does not make retroactive adjustment or restatement for the previous year accounting
data due to accounting policy alternatives, corrections of accounting error, etc.
(Unit: RMB)
The same period of
Main accounting data This report period Increase/decrease
last year
Operating income 60.05%
16,133,568,321.26 10,080,507,691.00
Net profit attributable to shareholders of the 2,550,631,034.51 1,220,525,897.00 108.98%
listed company 16,133,568,321.26
Net profit attributable to shareholders of the
listed company after deducting non-recurring 2,217,672,984.41 1,222,467,475.00 81.40%
gains and losses
Net cash flow from operating activities -1,275,505,230.57 2,420,308,063.00 -152.70%
Basic earnings per share (RMB/share) 1.49 0.71 109.86%
Diluted earnings per share (RMB/share) 1.49 0.71 109.86%
UP by 4.56
Weighted return on equity (%) 10.38% 5.82%
percentage points
End of the report period End of last year Increase/decrease
Total assets 117,495,958,302.94 109,197,242,683.06 7.62%
Net asset value attributable to shareholders of 25,664,393,512.84 23,393,515,534.13 9.71%
the listed company
II. Influence of IAS Adjustment on Net Profit and Net Asset (unaudited) (Unit: RMB)
Net profit attributable to the shareholders of the Net assets attributable to the shareholders of the
listed company listed company
The same period of End of the report
This report period End of last year
last year period
By IAS 2,550,631,034.51 1,220,525,897.00 27,004,222,741.84 24,733,344,763.13
By Chinese Accounting 2,550,631,034.51 1,220,525,897.00 25,664,393,512.84 23,393,515,534.13
Standard
Difference between
- - 1,339,829,229.00 1,339,829,229.00
home& abroad
Of which: Adjustment
- - 1,339,829,229.00 1,339,829,229.00
of goodwill
For the current year, the net profit attributable to the shareholders of listed company is the same
under both Chinese Accounting Standard and International Accounting Standard. The main reason
of the adjustment on the net asset attributable to shareholders of listed company according to
Notes International Accounting Standard was that according to the Chinese Accounting Standard and
relative regulations, the differences generated by consolidation of entities under same control shall
be adjusted into capital reserves, whereas the goodwill generated by consolidation shall be
recorded individually as assets according to the IAS.
III. Non-recurring gain and loss items and amount (Unit: RMB)
Non-recurring gain and loss items Amount
Gains/losses from the disposal of non-current assets -440,707.52
Government subsidies 2,198,400.00
5
Other non-operating income/expenditure net amount -5,370,543.81
Influences on minority shareholders‘ gains/losses -2,336,444.77
Impact on income tax -971,153.80
Disposal of subsidiary investment returns 339,878,500.00
Total 332,958,050.10
6
Chapter 4 Report of the Board of Directors
I. Overview
1. Analysis on the market situation
In the first half of the year, even under of the slow down of the economic growth and sluggish
industry, the property industry still welcomed the warm spring. Because of loosen of real estate
policies, sales price of real estate increase dramatically which allows compressed demand to be
released. Under these circumstances, the national sales area and sales volume both increased.
The market continued to warm up, and compared to the same period of the previous year, the
sales t of property enterprises in the first half-year rose greatly. Benefited from the acceleration of
sales, the capital reserves of the property enterprises turned good. Most of them had an optimistic
attitude towards the trend of the market, and thus start more intensified investment respectively.
From January to June, the property development investment in China was RMB 3680 billion,
increasing 20.3% compared to the same period of the previous year. The new construction area was
0.959 billion square meters, increasing 3.8% over the same period of the previous year, maintaining
the trend of small positive increase. Transactions in the land market were active, the average price
increased 20% over the same period of the previous year, and competition of the high-quality land of
first-line and second-line cities was fierce.
At the same time, the determination of the government on property regulation and control was
never changed. The releasing of the ―national five articles‖ reemphasized that restraining the
investment speculative demand is a long-term policy. The policy of ―purchase limit‖, ―loan limit‖
and ―price limit‖ was still strict. However, the focus of regulation of the central government has
already changed silently. Regulation and control of the real estate market showed de-administration
sign. It is changed to control the pricing through perfecting the long-term mechanism of regulation
and control; promoting guarantee housing policy and enlargement of the trial scope of property tax
etc.. It is promoting the long-term healthy development of the property market.
2. Operation and management condition of the Company
In 2013, based on the new starting point, the Company repositioned its own strategic
positioning and operation system., Created a plan and realize the plan of overall working tasks from
the objective and dialectic angle. Carefully studied the marco-environment. Emphasized on ―wolf‘s
nature‖ as company culture. The operation and management mode was increasingly mature.
In the recent years, the Company vigorously developed organization structure enhancement and
process reconstruction, and made phase achievement. In the first half-year, the headquarter
comprehensively strengthened project management, monitoring and supervision; promoted
management standardization and ERP standard application. These summed up a series of internal
management system templates, and assisted the city companies to establish and optimize the internal
management platform. The headquarter also advocated supporting well the first line and servicing
well the first line practically, bindingpart of the annual assessment indexes with the related
functional departments, and enhancing the team efficiency. At the same time, it developed
nationwide preaching of company culture and strategy breakdown, and strengthened communication
and coordination between the functional departments and the city companies.
In order to match with the scale development of the Company, the application and promotion of
product standardization was developed in an accelerated way. During the report period, the product
management center continued to deepen the research and development of all kinds of standardization
product lines, and added new technologies and contents on the established achievement frame. On
the other hand, the research and development of standardization center was landed, and the
construction of specific projects of individual cities took the lead to start. Broad application of
7
product standardization will help shortening the project overall development period, lowering the
cost and further enhancing the turnover rate.
During the report period, the Company fully utilized the window period of abundant market
capital, and made the prospective financing arrangement in advance. It insisted on simultaneous
promotion of capital operation and capital accumulation, strengthened cooperation between the
banks and the company, enhanced the bank line of credit, strictly controlled the comprehensive cost
of liabilities, well realized the capital dynamic management and optimization of liability structure,
and provided solid capital guarantee for the operation and development of the Company.
Continuing with the active and progressive development strategy of the previous year, at the
beginning of the period, the Company adopted the guideline of ―three fast‖—‖fast construction, fast
sales and fast market entry‖, firmly grasped the market warming up period, and flexibly adjusted the
sales promotion rhythm. During the report period, the Company had 71 buildings in 19 cities in
China on sale, realizing sales area of 1.3605 million square meters, and the contract-signed sales
amount was RMB 19.966 billion. Looking in the whole, the achievement was great in terms of
inventories sales, and the sales also kept stable increase. Because the proportion of high and
medium-end projects was big, the unit price of sales increased slightly compared to the same period
of the previous year.
Facing the current situation of continuous temperature risng of the land market, the expansion
steps of the Company were comparatively stable and careful. In the first half-year, the Company got
six land at reasonable price, the newly added land was 1.3324 million square meters, and equity area
was 1.0859 million square meters. Besides continuing to deepen plough the core cities, the Company
accelerated regional expansion, purchased land in Kunming, Dalian and Ningbo in the year, and
nationwide layout was further rationalized. During the report period, the Company started 26
projects, the new construction area was 2.32 million square meters, projects under construction at the
end of the report period were 76, and area under construction was 6.25 million square meters.
3. Forecast of the Company on the operation environment in the second half-year and
operation path of the Company
Under the comprehensive impact of the macro-economic situation and release of demand in
advance, it is estimated that the temperature of the property market in the second half-year will be
adjusted down. Because the recent land prices hit new high records frequently, the capital fluidity is
expected to be tight, and the uncertainty and risks of the industry will increase along with it. In the
second half-year, the Company will closely pay attention to the trend of the industry, respond to the
policy, adapt to the market, grasp the external advantageous factors, bring its own competition
advantages into play, and stand out in the times of the warlords fighting for the throne.
Grasping marketing will be the priority among priorities in the second half-year. The city
companies will keep high marketing rhythm, continue to strengthen client excavation, channel input
and sales motivation, and accurately grasp the sales window so as to ensure the effective sales of
inventories. To save strength for sustainable development, the Company will intensify land
investment; develop multiple ways for land acquisitions ways; depending on the Group resources,
actively seek the opportunities of merger and acquisition or strategic cooperation; insist in not taking
the ―land king‖, and strive to select the projects with outstanding values at reasonable prices. In the
short period, the rigid demand is still the main lead, and it is supported by the policy. The Company
will further optimize product structure, develop more rigid demand projects, accelerate new building
market entry of rigid demands, work hard to grasp the opportunities brought by the construction of
guarantee housing and reconstruction of shanty town. In the second half year, the bank loan input
will be more and more careful, and the capital risks will rise somewhat. The Company will continue
to keep good capital control and internal management and control system, ensure financial safety
and operate stably.
II. Analysis of the main businesses
8
1. Overview
In the first half of 2013, the Company realized a sum of operating income of RMB 16.134
billion, net profit belonging to the shareholders of the listed companies was RMB 2.551 billion,
increasing 108.98% compared to the same period of the previous year. In the operating income, the
income from the sales of commercial housing was RMB 14.977 billion, and the settlement area was
0.9638 billion square meters. Income from the rental of investment property was RMB 0.371 billion,
and accumulative rental area was 4.4094 million square meters. The income from the sales of power
supply of the park was RMB 0.286 billion, and sales of power was 35,047 kilowatt-hours.
Unit: RMB 0,000
Increase and Increase and Increase and
decrease of decrease of decrease
operating operating percentage
Gross income cost of the gross
Operating Operating interest rate
By industry interest compared to compared to compared to
income cost
rate the same the same the same
period of the period of the period of the
previous previous previous
year year year
Property
development and 1,497,686 784,066 31% 66% 83% -2
sales
Operation of rental
property
37,106 16,958 48% 3% 2% -
Power supply in the
park
28,629 21,034 26% 1% 7% -4
Property
management
37,923 33,641 6% 15% 16% -1
Property
intermediary
3,581 2,816 16% 91% 36% 32
Others 8,431 10,736 -37% 12% 14% 2
Changes of the main financial data compared to the same period of the previous year
Unit:RMB 0,000
Increase and
decrease
Same period in the compared to the
This report period Reason for the change
previous year same period of
the previous
year
Increase of carry-over amount
Operating income
1,613,357 1,008,051 60% of property sales
Increase of carry-over amount
Operating cost
869,251 504,532 72% of property sales
Sales expense Expansion of business scale
27,202 23,146 18%
Management expense Expansion of business scale
23,271 17,474 33%
Influenced by great increase
Financial expense
7,335 16,767 -56% of exchange profit
Income tax expense Increase of total profit
147,659 79,240 86%
Acceleration of research and
Research and development input development of product
477 144 231% standardization
Net amount of cash flow Increase of operating
generated by the operation
activities -127,551 242,031 -152% accounts paid
Net amount of cash flow generated by -30,079 -22,591 -33% Increase of investment
9
the investment activities accounts paid
Net amount of cash flow generated by
the financing activities Increase of loan scale
675,744 142,155 374%
Net increase amount of cash and
Increase of loan scale
cash equivalent 516,327 362,545 42%
III. Composition of the main businesses by area
Unit: RMB 0,000
Increase and Increase and Increase and
decrease of decrease of decrease of gross
Gross
Operating operating income operating cost interest rate
Area Operating cost interest rate
income compared to the compared to the compared to the
(%)
same period of the same period of the same period of the
previous year (%) previous year (%) previous year (%)
Circum-Bohai
371,357 151,288 38% 110% 94%
Sea Region 1
Yangtze River
238,422 185,631 14% 18% 70%
Delta Region -17
Pearl River Delta
876,661 440,955 32% 45% 46%
Region 1
Other areas 126,917 91,377 21% 389% 505% -15
IV. Analysis on the core competitiveness
Vivid enterprise culture, string capital strength and unique operation mode are the core
competitiveness of the Company.
In the beginning of the period in 2013, on the foundation of inheriting the cultural connotation
and essence of China Merchants Group, The Company sublimed and abstracted Version 3.0
enterprise cultural concept system combining its own realities. Through various measures such as
explaining and publicizing V3.0 enterprise culture system etc., the Company vigorously promoted
the culture construction and implementation, integrated the cultural concepts of the enterprise ―into
the strategy, into the management and into the posts‖. The cultural concepts were solidified in the
strategy planning, operation management and human resources etc. of the Company, and the
guidance role of culture on management was manifested.
In the first half year, the sales achievement of the Company increased continuously, and cash
flow was further improved. At the same time, asset to liability ratio and comprehensive capital cost
were continued at a low level, and the advantage of stable financing will help the company coping
with the uncertainty of the industry flexibly and realizing stable increase.
After exploration and practice of many years, the Company successfully built three unique
operation modes: simultaneously developing residential and commercial buildings‘ green property‘
and comprehensive development of the Community‘, which brought good branding benefit and
great market prospect for the Company, greatly enhancing its core competitiveness.
V. Analysis on the investment condition
1. External equity investment condition
（1）External investment condition
There was no condition of holding the shares of other listed companies.
10
（2）Condition of holding the equity of financial enterprises
Not applicable
（3）Condition of securities investment
Not applicable
2. Conditions of entrusted financial service, derivative investment and entrusted loan
（1）Condition of entrusted financial service
Not applicable
（2）Derivative investment condition
Not applicable
（3）Entrusted loan condition
No external entrusted loan transaction
3． Use condition of the raised capital
（1）Overall use condition of the raised capital
Net amount of the capital raised by issuing shares publicly by the Company in 2008 was RMB
5,777.22 million, and it was all used up by June 30, 2013.
（2）Condition of the projects committed by the raised capital
Unit: RMB 0,000
Was Investme Was
the nt the
project Amou Accumula progress projec
Committed Date when Profit
Committed investment chang Investment nt tive input up till the Did it t
investment the project realized
project and input direction ed sum after input amount end of reach the feasibi
sum of reaches the in this
of (inclu adjustment in this up till the the estimated lity
raised estimated report
Super-raised capital ding (1) report end of the period profit greatl
capital usable status period
partial period period (2) (%) y
chang (3)＝ chang
e) (2)/(1) ed
Shenzhen Garden City
No 22,722 22,722 - 22,722 100% 2009.11 625 Yes No
Digital Mansion
Shenzhen CM Garden
No 22,000 22,000 - 22,000 100% 2010.12 - Yes No
City Phase 5
Science and
Technology Building No 16,000 16,000 - 16,000 100% 2010.03 695 Yes No
Phase 2
Not
China Merchants
No 44,000 44,000 - 44,000 100% 2012.11 - applica No
Square
ble
Shenzhen Woods
No 34,000 34,000 - 34,000 100% 2012.12 - Yes Not
Apartment
Shenzhen
No 130,000 130,000 - 134,762 104% 2012.08 14,410 Yes No
Yongjingwan
China Merchants
No 40,000 40,000 - 40,000 100% 2012.06 12,258 Yes No
Guanyuan
Shenzhen China
No 70,000 70,000 - 70,000 100% 2010.06 - Not No
Merchants Lanyuan
Tianjin Star City No 60,000 60,000 - 60,000 100% 2014.09 11,932 Yes No
Chongqing CM
No 40,000 40,000 - 40,000 100% 2012.12 14,396 Yes No
Jiangwancheng
Suzhou Evian Shui‘an
No 26,000 26,000 - 21,238 82% 2012.12 - Not No
Phase 3
11
Shanghai CM
No 35,000 35,000 - 35,000 100% 2010.04 - Yes No
Nanqiao Yayuan
Shanghai CM
No 38,000 38,000 - 38,000 100% 2010.06 - Yes No
Yonghuayuan
Total 577,722 577,722 577,722
1.China Merchants Square was not completed, so it had no profit and loss in this period.
2.China Merchants Lanyuan was all sold out, profit of RMB 331.85 million was realized accumulatively,
Condition and reason
slightly lower than the estimated profit.
for not reaching the
estimated profit 3. Sales area of 100% of Suzhou Evian Shui‘an Phase 3 was carried over accumulatively, realizing net
profit of RMB 76.1 million. The project was opened for sale in August 2008, because the local economic
situation in 2008 was contrary to the estimation, the actual profit did not reach the estimated profit.
Change condition of
the projects invested No
with raised capital
4. Analysis on the main subsidiary companies and share participating companies
Unit: RMB 0,000
Main
Registered Gross Operating Operating
Name of the company Industry product or Net assets Net profit
capital capital income profit
service
Shenzhen CM Property Cp., Property Commercial
300,000
Ltd. industry housing 1,781,589 706,741 83,461 80,108 71,524
Shenzhen CM Shangzhi Property Commercial
20,000
Investment Co., Ltd. industry housing 547,938 275,178 34,276 17,631 13,347
Power
Shenzhen CM Power Supply
Public utility supply in the 5,700
Co., Ltd.
park 562,584 127,082 28,629 9,801 6,957
Shenzhen Vanke Binhai Property Commercial
100,000
Property Co., Ltd. industry housing 405,472 97,079 - -1,397 -1,392
Shenzhen Meiyue Property Property Commercial
100
Consultant Co., Ltd. industry housing 139,365 48,615 224,988 69,191 50,523
China Merchants Property Property Commercial
3,000
Development (Beijing) Co., Ltd. industry housing 333,226 80,038 252,900 103,589 77,405
China Merchants Jiaming
Property Commercial
(Beijing) Property Development industry 35,000 555,620 132,111 41,221 15,377 11,655
housing
Co., Ltd.
Tianjin Zhaosheng Property Property Commercial
3,000
Co., Ltd. industry housing 285,550 16,075 47,157 15,269 11,575
Chongqing CM Property Property Commercial
$53,400 USD
Development Co., Ltd. industry housing 535,579 352,935 - -1,052 1,210
Guangzhou CM Property Co., Property Commercial
5,000
Ltd. industry housing 552,579 175,600 66,146 31,243 23,444
Foshan Xincheng Property Co., Property Commercial
$12,700 USD
Ltd. industry housing 332,678 211,377 248,944 101,135 75,850
Foshan Xinjie Property Co., Property Commercial
$21,980 USD
Ltd. industry housing 228,742 165,453 88,450 24,017 18,040
Zhenjiang Yingsheng Property Property Commercial
$11,800 USD
Development Co., Ltd. industry housing 331,535 77,591 49,724 5,168 4,471
5. Conditions of the major projects invested with non-raised capital
(1). In the report period, the Company had 6 new property project companies, new investment amount was
RMB 104.4 million, and the investment condition was as follows: Unit: RMB 0,000
Equity Actual
Registered
Name of the company proportion of the investment Scope of business
capital
Company amount
12
Zhenjiang Nanshan Creative Industrial Park Co., Ltd. 5,000 60% 3,000 Property development
Shenzhen CM Shekou Construction Co., Ltd. 1,000 51% 510 Property development
Dalian Zhaoyu Property Co., Ltd. 3,000 51% 1,530 Property development
Shenzhen Pingshan CM Property Co., Ltd. 1,400 100% 1,400 Property development
Suzhou CM YIshanjun Property Co., Ltd. 3,000 100% 3,000 Property development
Foshan Shunde Evian Desheng Property Co., Ltd. 1,000 100% 1,000 Property development
1. On January 23, 2013, the Company and Zhenjiang Communications Investment and Construction Development
Company jointly contributed capital to establish Zhenjiang Nanshan Creative Industrial Park Co., Ltd., holding 60%
and 40% shares respectively. The company will develop and operate Zhenjiang Guantangqiao Road East No.1 and 2
Block Project.
2. On January 25, 2013, the wholly owned subsidiary company of the Company Shenzhen CM Property Co., Ltd. and
Shenzhen Zhongrunda Property Development Co., Ltd. jointly contributed capital to establish Shenzhen CM Shekou
Construction Co., Ltd., holding 51% and 49% shares respectively. The company will develop and operate Shekou
Yuercun Project.
3. On February 27, 2013, the wholly owned company of the Company Tianjin zhaosheng Property Co., and Dalian
Haoyu Investment Co., Ltd. jointly contributed capital to establish Dalian Zhaoyu Property Co., Ltd., holding 51%
shares and 49 shares respectively. The company will develop and operate Dalian Hi-Tech Zone Dagao (2012) No.22
and No.23 Block Project.
4. On March 15, 2013, the Company established Shenzhen Pingshan CM Property Co., Ltd. with its sole capital, and
the company will develop and operate Shenzhen Pingshan New Zone G12201-0299 Block Project.
5. On April 15, 2013, the wholly owned subsidiary company of the Company China Merchants Property
Development (Suzhou) Co., Ltd. established Suzhou CM Yishanjun Property Co., Ltd. with its sole capital, and the
company will develop and operate Suzhou Hi-Tech zone Fengqiao (2013) G14 Block Project.
6. On May 27, 2013, the wholly owned subsidiary company of the Company Guangzhou CM Property Co., Ltd.
established Foshan Shunde Evian Desheng Property Co., Ltd. with its sole capital, and the company will develop
Foshan Shunde New City Desheng Business Area No.C02-2 Block Project.
（2）. In the report period, the accumulative investment amount of the main investment projects was RMB
17,257.05.
Unit: RMB 0,000
Plot ratio Investment Accumulative
Name of the project Location Area counted building amount in this investment Project progress
area period amount
Shenzhen Jingshan Shekou,
5.44 10.65 11,755 59,291 Main body construction
Jinhai Shenzhen
Shenzhen CM Bao‘an,
4.00 18.16 20,657 68,217 Completed and in partnership
Guoling Garden Shenzhen
Yantian,
Shenzhen Yihai City 13.73 34.53 14,412 35,015 Main body construction
Shenzhen
13
Guangzhou Jinshan Panyu, Phase 3 completed, phase 8 in
83.55 105.15 8,286 142,407
Valley Guangzhou main body construction
Shunde,
Foshan Evian Shui‘an 26.64 45.94 4,138 150,287 Completed and in partnership
Foshan
Wuzhong, Phase 5 in partnership, phase 6
Suzhou Xiaoshicheng 66.37 92.18 27,796 312,258
Suzhou completed
Zhenjiang CM Jingkou,
31.95 55.00 17,715 255,286 Main body construction
Beiguwan Zhenjiang
Chaoyang, Phase 6# and 7# in partnership,
Beijing Park 1872 10.42 30.34 22,270 224,588
Beijing 1# capped
Beijing Xicheng
Changping, Phase 1 in partnership, phase 2
Homestead and 26.80 52.33 32,814 192,618
Beijing in main body construction
Longyuan
Chongqing CM Jiangbei,
13.49 44.91 8,420 173,166 Phase 5 completed
Jiangwancheng Chongqing
Chongqing Nan‘an,
33.66 150.00 12,646 41,455 Phase 1 in construction
Changjiahui Chongqing
Hanyang, Block A in main body
Wuhan CM Park 1872 51.97 109.27 14,742 21,044
Wuhan construction
Zhangzhou Phase 1 in partnership, and
Zhangzhou Kadakaisi Development 38.99 67.80 13,515 50,073 phase 2 in main body
Zone construction
Note: The above investment amounts do not include land price payment.。
VI. Estimation on the operation achievements from January to September 2013
Not applicable
VII. Explanations of the Board of Directors and Board of Supervisors on the
‘Non-standard Audit Report’ of this report period of the accounting firm
Not applicable
VIII. Explanations of the Board of Directors on the Conditions Related to the
‘Non-standard Audit Report’ of the previous year
Not applicable
IX. Implementation of profit distribution in 2012 of the Company
The proposal of profit distribution in 2012 was approved at the 2012 Annual Shareholders‘
Meeting held on April 10, 2013.
10% of the net profit of the parent company RMB 597,522,289, statutory surplus capital reserve
RMB 59,752,229 was withdrew; Taking the total capital shares 1,717,300,503 shares as of year-end
as the radix, cash dividend RMB 3.00 (tax included) would be distributed for each 10 shares, that
was to say, RMB 515,190,151 RMB cash dividend in total would be sent. The residual undistributed
profit RMB 4,480,545,804 RMB was retained to the next report year. The Company did not conduct
converting capital reserve into share capital this year.
The Company issued the Announcement on the Implementation of 2012 Annual Dividend and
14
Interest Distribution Scheme on China Securities Journal, Securities Times, Shanghai Securities
News, Securities Daily, Hong Kong Commercial Daily and http://www.cninfo.com.cn on May 21st ,
2013. A share equity registration day would be May 21, 2013, and the ex-interest day would be May
22nd , 2013 (Final transaction day of B shares would be May 21st , 2013, ex-interest day would be
May 22nd , 2013 and B share equity registration day would be May 24th , 2013). Up till the disclosure
date of this report, implementation of the above-mentioned dividend and interest distribution scheme
has been completed except for cash dividend payable to the big shareholder Shekou Industrial Zone.
X. Pre-plan of profit distribution and capital reserve converted to capital stock in
the report period
The Company does not conduct profit distribution and did not conduct converting capital reserve
into share capital in the middle of 2013.
XI. Table about investigations, communications and interviews received by the
Company during the report period
Content discussed
Reception date Receptio Reception Received object Received object and information
n place way type provided
Telephone Institutional
January 7, 2013 Shenzhen communic investor Dongxing Securities ① Introducing
ation operation of the
Telephone Institutional Company ②
January 8, 2013 Shenzhen communic investor Credit Suisse Founder Discussing the
ation industry
Telephone development;
Individual
January 8, 2013 Shenzhen communic
investor
individual investor ③ Providing the
ation information
Field announced and
January 9, 2013 Shenzhen investigati Institutional China Jianyin Investment Securities,
investor Central Assets brochure for
on projects of the
Hong Interecom Institutional Company.
January 11, 2013 Kong munions investor JP Morgan Asset Mgt，RCM Cap Mgt ④ Visiting the
Field Company on-sale
Institutional buildings, and
January 11, 2013 Shenzhen investigati investor Citic Securities
on providing building
Telephone sales brochure
Institutional
January 12, 2013 Shenzhen communic investor Heqi Invenstment
ation
Telephone Institutional
January 15, 2013 Shenzhen communic investor Full Vision Capital
ation
Field
January 15, 2013 Shenzhen investigati Institutional Changsheng Fund, CICC Securities
on investor
Field
January 17, 2013 Shenzhen investigati Institutional China Securities
on investor
Field
January 17, 2013 Shenzhen investigati Institutional Huatai Securities, Long Fund
on investor ① Introducing
Telephone operation of the
January 17, 2013 Shenzhen communic
Institutional
Templeton Company ②
investor Discussing the
ation
Field industry
Institutional development;
January 18, 2013 Shenzhen investigati New China Fund
on
investor ③ Providing the
information
Field Institutional announced and
January 21, 2013 Shenzhen investigati investor Xingcheng Fund, Guotai Junan Securities brochure for
on projects of the
January 22, 2013 Shenzhen Field Institutional Jefferies, Pictet Asset Management, Zeal Company.
15
investigati investor Asset Management, Calyon, Full vision ④ Visiting the
on Capital Company on-sale
Strategic Institutional Strategic seminar of Guotai Junan buildings, and
January 22, 2013 Shenzhen seminar investor Securities providing building
Telephone sales brochure
January 23, 2013 Shenzhen communic Institutional Orient Securities
ation investor
Telephone
January 23, 2013 Shenzhen communic Institutional Credit Suisse Founder
ation investor
Field Institutional
January 23, 2013 Shenzhen investigati investor Bank of Communications Schroder
on
Field Institutional Chang Qingteng Asset Management, First
January 23, 2013 Shenzhen investigati investor Shanghai Securities
on
Interecom Institutional Guosen Securities, GF Securities, First
January 24, 2013 Shenzhen munions investor Capital Securities, Rongtong Fund, Bank
Of China life insurance, etc
Telephone
January 25, 2013 Shenzhen communic Institutional Shenyin Wanguo Securities
ation investor
Citic Securities, Cape Asset Management,
January 25, 2013 Shenzhen Interecom Institutional Libang investment adviser, United
munions investor Securities Investment Trust
Field
January 29, 2013 Shenzhen investigati Institutional China Asset Management
on investor
① Introducing
January 31, 2013 Shenzhen Strategic Institutional Strategic seminar of Guosen Securities operation of the
seminar investor Company ②
February 1, 2013 Hong Interecom Institutional Barclay Discussing the
Kong munions investor industry
Hong Field Institutional development;
February 5, 2013 Kong investigati investor Pinpoint Asset Mgt ③ Providing the
on information
Field announced and
February 7, 2013 Shenzhen investigati Institutional Nomura international, UBS, AMP Capital
investor brochure for
on projects of the
Field Company.
February 26, 2013 Suzhou investigati Institutional Huatai united
investor ④ Visiting the
on Company on-sale
Field buildings, and
February 27, 2013 Zhenjian investigati Institutional China International Capital Corporation
g investor limited providing building
on sales brochure
Telephone Individual
March 21, 2013 Shenzhen communic investor Bank of China International
ation
Telephone Institutional
March 22, 2013 Shenzhen communic investor Orient Securities
ation
Telephone Institutional
March 27, 2013 Shenzhen communic investor Goldman Sachs Gao Hua
ation
Telephone
April 1, 2013 Shenzhen communic Institutional China Jianyin Investment Securities
ation investor
Telephone
April 2, 2013 Shenzhen communic Institutional Sealand Securities
ation investor
Field
April 7, 2013 Guangzh investigati Institutional Shanghai Jin Li Investment
ou on investor
Field Institutional
April 8, 2013 Shenzhen investigati investor First State Asset Management
on
Field Institutional
April 8, 2013 Foshan investigati investor Shanghai Jin Li Investment
on
Field Institutional China International Capital Corporation
April 9, 2013 Foshan investigati investor limited
on
Field
April 10, 2013 Shenzhen investigati Institutional Guotai Junan Securities, China Securities,
on investor China Asset Management
Field
April 11, 2013 Shenzhen investigati Institutional Everbright Securities
on investor
16
Field Institutional
April 12, 2013 Shenzhen investigati investor China Jianyin Investment Securities
on
Field
April 18, 2013 Shenzhen investigati Institutional China Merchants Securities
on investor
Telephone
April 24, 2013 Shenzhen communic Institutional Shenyin Wanguo Securities
ation investor
Telephone
April 24, 2013 Shenzhen communic Institutional Bank of China International
ation investor
Telephone Institutional China International Capital Corporation
April 24, 2013 Shenzhen communic investor limited
ation
Telephone Institutional
April 24, 2013 Shenzhen communic investor Jefferies
ation
Telephone Institutional
April 24, 2013 Shenzhen communic investor Sealand Securities
ation
Telephone
April 24, 2013 Shenzhen communic Institutional ICBC Credit Suisse
ation investor
Telephone
April 24, 2013 Shenzhen communic Institutional Essence Securities
ation investor
Telephone
April 24, 2013 Shenzhen communic Institutional China Jianyin Investment Securities
ation investor
Field Institutional
April 25, 2013 Wuhan investigati investor China Securities
on
Telephone Institutional Guotai Junan Securities, Citic Securities,
April 26, 2013 Shenzhen communic investor China International Capital Corporation
ation limited, Harvest Fund
Telephone Institutional
April 29, 2013 Shenzhen communic investor Fidelity Fund
ation
Telephone
May 2, 2013 Shenzhen communic Institutional Agricultural bank life insurance
ation investor
Telephone
May 2, 2013 Shenzhen communic Institutional Everbright Securities
ation investor
Telephone
May 2, 2013 Shenzhen communic Institutional Guosen Securities
ation investor
Telephone Institutional
May 3, 2013 Shenzhen communic investor China Jianyin Investment Securities
ation
Field Institutional
May 7, 2013 Shenzhen investigati investor Goldman Sachs Gao Hua
on
Field Institutional
May 7, 2013 Shenzhen investigati investor China Securities
on
Hong Strategic Institutional
May 9, 2013 Kong seminar investor Macquarie
Field
May 10, 2013 Shenzhen investigati Institutional First Shanghai
on investor
Field
May 15, 2013 Wuhan investigati Institutional Guosen Securities
on investor
Field Institutional
May 17, 2013 Shenzhen investigati investor Citibank , Everest Capital
on
Field Institutional
May 17, 2013 Beijing investigati investor Fullgoal Fund
on
Field Institutional
May 21, 2013 Shenzhen investigati investor GF Securities
on
Strategic Institutional
May 23, 2013 Shanghai seminar investor Orient Securities
May 30, 2013 Tianjin Field Institutional JP Morgan Asset Mgt
17
investigati investor
on
Field
June 1, 2013 Beijing investigati Institutional UBS Securities
on investor
Field
June 3, 2013 Shenzhen investigati Institutional Penghua Fund
on investor
Field
June 4, 2013 Suzhou investigati Institutional China Securities
on investor
June 4, 2013 Beijing Strategic Institutional Guosen Securities
seminar investor
Field Institutional
June 9, 2013 Shenzhen investigati investor Hillhouse Capital Management
on
Field Institutional
June 14, 2013 Shenzhen investigati investor Jefferies
on
Field
June 17, 2013 Nanjing investigati Institutional Invesco Hong Kong Limited
on investor
Field
June 18, 2013 guangzho investigati Institutional Morgan Stanley
u on investor
Strategic Institutional
June 19, 2013 Shenzhen seminar investor China Merchants Securities
Field Institutional China International Capital Corporation
June 19, 2013 Shenzhen investigati investor limited
on
Field Institutional
June 21, 2013 Shenzhen investigati investor Galaxy Securities, Sheng tai investment
on
Field Institutional
June 26, 2013 Beijing investigati investor Citibank
on
Hong Strategic Institutional
June 27, 2013 Kong seminar investor Citibank
Strategic Institutional
June 28, 2013 Xiamen seminar investor Citic Securities
18
Chapter 5 Significant Events
I. Corporate governance
The company established sound operation of company governance, general meeting of
shareholders, Board of Directors and Supervisory Committee. The company truthfully, accurately,
completely, timely and fairly discloses information as required by information disclosure principles;
as of 2012, the company has won excellent unit for SSE information disclosure evaluation for nine
consecutive years (A-level).
In order to improve the level of regulated operation, the company strictly complies with Code of
Corporate Governance for Listed Companies and the provisions of relevant laws and regulations,
and adheres to continuous improvement in governance. In the report period, according to the
requirement and guidance of Workshop on Prevention and Control of Inside Information
Transaction for Listed Companies‘ held by Shenzhen Securities Regulatory Bureau, combined with
actual conditions, the company implemented training on prevention and control of insider
information leaking against directors, supervisors, and senior managers again, to raise awareness of
prevention and control of insider information transaction and sound the alarm of prevention and
control of insider information transaction at all times, so that "everyone is familiar with the insider
information transaction regulations, in order to eliminate the insider information transaction".
To further regulate the company investor relation management and information disclosure, fully
protect the investor‘s rights to get access to information fairly, according to the SSE Information
Disclosure Business Memorandum No.41 ---Investor Relation Management and Information
Disclosure, investor reception conditions will be disclosed monthly on a regular basis, instead of
quarterly on a regular basis.
II. Significant lawsuits and arbitration
No significant lawsuits and arbitration in the report period.
III. Media questioning
None
IV. Matters related to bankruptcy and reform
Not applicable
V Assets transaction
1. Purchasing assets
Not applicable
2. Assets disposal
Not applicable
3. Mergers
Not applicable
VI Implementation of stock option incentive plan and its impact
Not applicable
VII Major related transactions
1. Operational transaction
⑴ Shenzhen China Merchants Power Supply Co., Ltd. supplies power to its controlling shareholder
Shekou Industrial Zone and its subsidiaries. Utility bills calculated and charged according to the
regulations of Bureau of Commodity Price. Because of the power bills of related transaction were
calculated and billed by other property management companies, the related power transaction is
untraceable.
19
⑵ China Merchants Group, Shekou Industrial Zone and other associated parties of China
Merchants Group rent commercial office buildings, in the report period, the rental amounts to RMB
11.39 million.
(3) The facilities, equipments, and office locations of supplying electricity and water of the Company
were located in Shekou. Most of the leasing properties in real estate business were built in Shekou.
Therefore, the Company and the subsidiaries engaging in aforementioned business have rented land
of Shekou Industrial Zone since they were founded. In the report period, land expenses of the
Company and controlling subsidiaries paid to Shekou Industrial Zone totaled to RMB 4.36 million.
Total rent payable to Shekou Industrial Zone for Nanhai Ecool is amount to RMB13.32million.
2. Transactions related to purchasing assets and assets disposal
In the report period, no transactions related to purchasing assets and assets disposal.
3. Major related transactions on common external investment
In the report period, no transactions related to invest in a 3 rd party with related parties.
4. Main claims and debts for associated parties
20
Unit: RMB 0, 000 Yuan
Non-bus
iness
Claim and resource
Openning Occurred Closing
Name Relationship debt type Reason expropri
balance current balance
ation term
exists or
not
Beijing Guangying Real Estate Joint venture Other sharehold No
Development Co., Ltd receivables er loan 124,373.36 -36,562.96 87,810.40
TCL Optical- Electronics Other sharehold No
Joint venture 22,709.53 -22,709.53 -
(Shenzhen) Technologies Ltd. receivables er loan
Foshan China Merchants Other sharehold No
Longyuan Property Co., Ltd. Joint venture receivables er loan 67,308.41 14.27 67,322.68
Shanghai New Nanshan Real Associated Other sharehold No
Estate Development Co., Ltd company receivables er loan 14,365.49 3,778.31 18,143.80
Associated Other Shift in No
Jones Tech Limited company receivables investmen
t 6,445.42 -118.44 6,326.97
Associated Other Shift in No
Holly Profit Limited company receivables investmen
t 7,395.85 -135.91 7,259.94
Long-term No
Huizhou Taitong Property Associated account sharehold
Investment Co., Ltd. company receivable er loan 4,972.13 -4,972.13 -
land No
China Merchants Shekou Controlling Account acquisitio
Industrial Zone Co., Ltd. Shareholder payable n payment 90,000.00 -90,000.00 -
Other No
China Merchants Guangming Joint venture account Current
Science Park Co., Ltd receivable fund 1,028.97 13.21 1,042.18
Tianjin Xinhai Real Estate Associated Other Current No
Development Co., Ltd. company account fund
receivable 10,608.14 - 10,608.14
Shanghai Ledu Properties Associated Other Current No
Limited company account fund
receivable 14,435.68 6,666.00 21,101.68
Shanghai New Nanshan Real Associated Other Current No
Estate Development Co., Ltd company account fund
receivable - 3,160.00 3,160.00
Other No
TCL Optical- Electronics Joint venture account Current
(Shenzhen) Technologies Ltd. receivable fund - 3,090.31 3,090.31
Same Other No
Shenzhen China Merchants ultimate account Current
Financing Service Co., Ltd. holder receivable fund 75,353.99 8,955.53 84,309.52
Same Other No
CM Zhangzhou Development ultimate account Current
Zone Ltd. holder receivable fund 26,700.00 - 26,700.00
Same Other Current No
Top Chief Co., Ltd ultimate account fund
holder receivable 8,319.65 -143.83 8,175.82
5. Other major related transactions
In the report period, other associated party transactions are as shown in the notes to financial
statements.
VIII Material contracts fulfillment
1. Trusts, contracts, and lease events
In the report period, there were no other significant trusts, contracts or lease events.
2. Guarantee
Unit: RMB 0, 000 Yuan
Company‘s guarantee (excluding subsidiary guarantees)
21
Com Guar
plete antee
Actual date d for
Related Actual d or asso
Guarantee (Date of Guarantee Guarantee not
Name announcement guarantee ciate
amount agreement type term d
disclosure date amount
signing) party
or
not
Two years No Yes
China Merchants November 3, 2011 14,700.00 March 15, 2012 1,062.22 since the next
With day of
Guangming
responsibility expiration of
Science Park Co., loan term No Yes
guarantee
Ltd. March 20, 2012 19,110.00 May 18, 2012 4,141.02 under the loan
agreement
Subsidiary guarantees
Com Guara
Actual date plete nteed
Related Actual d or for
Guarantee (Date of Guarante
Name announcement guarantee Guarantee term not associ
amount agreement e type
disclosure date amount ated
signing) party
or not
USD 200 No Yes
USD 194
million
million
Eureka (converted From December 29,
December 11, (converted into
Investment Co., into RMB January 5, 2010 2009 to December
2009 RMB 11.
Ltd 12. 3574 29, 2013
986678 billion
billion
yuan)
yuan)
USD 30 No Yes
million USD 30 30 days since the
(converted million expiration of debt
March 19, 2013 into RMB June 11, 2013 (converted into fulfillment term
Shenzhen China 185. 361 RMB 185. 361 under the loan
million million yuan) agreement
Merchants Power
yuan)
Supply Co., Ltd
February 5, Two years since the No Yes
January 30, 2013
2013 35,000.00 35,000.00 expiration of
fulfillment term of all No Yes
March 19, 2013 March 12, 2012 guaranteed debts
85,000.00 85,000.00
With Two years since the No Yes
responsibil
Shenzhen China ity next day of
Merchants Real March 20, 2012 May 11, 2012 guarantee expiration of loan
30,000.00 20,000.00
Estate Co., Ltd term under the loan
agreement
Two years since the No Yes
Shenzhen CM expiration of debt
Commerce June 4, 2013 April 25, 2013 fulfillment term
7,140.00 7,140.00
Development Ltd under the loan
agreement
Shanghai No Yes
Jingyuan
Property March 29, 2011 March 29, 2011
18,700.00 18,370.00 Two years since the
Development
Co., Ltd. next day of
expiration of loan
Beijing Conrad August 11, term under the loan No Yes
May 15, 2012
Co., Ltd 2012 30,000.00 15,867.01 agreement
Guangzhou November 24, No Yes
Wanshang December 3, 2012
2012 13,600.00 1,700.00
Property
22
Development
Co., Ltd.
Total guarantee (totals of the previous two items)326,683.13
Up till June 30, 2013, the Company continued to provide interim joint mortage guarantee for purchasers of
commercial properties, totaled to RMB 385.2831 million, within the date of the bank offering the loan to the date of
the bank finalizing the Property Ownership Certificate. If the purchaser doesn‘t fulfill the responsibility to the debtor
in the aforesaid period, the Company is entitled to take back the sold properties, so the guarantee would not cause
actual loss of the Company.
3. Other major contracts
In the report period, the company has successively signed loan contract with the Bank of China, Agricultural Bank of
China, China Construction Bank, Bank of Communications, and China Merchants Bank and other financial
institutions; Up till the end of the report period, the total contracted credit amount is RMB 44.3 billion.
4. Other major transactions
IX More than 5% shareholder made commitments in reported period or in
previous period entity
Commitmen
Commitments Content Date Deadline Fulfillment
t party
Shekou After the implementation of the reform of stock allocation,
Share reform December
Industrial we will continue to introduce high quality assets such as
commitment land to support the company's development. 9, 2005
Zone
Expiration upon In the report
Not directly or indirectly engaged in or develop the two years from period, the
Other business or projects same or similar with the company the date of no commitment
commitments to Shekou business scope, and not to assist any enterprise in compete longer holding has been
with the company directly or indirectly; do not use March 19, the stock of the strictly
minority Industrial
information obtained from the company to get engaged in, 2008 company honored.
shareholders of Zone directly or indirectly participate in competition with the
the company company, not to conduct any other competitive behaviors
that damage or may damage the interests of the company.
X Appointment or dismissal of CPAs
The semi-annual financial report has not yet been audited.
On April 10, 2013, the company's 2012 annual general meeting of shareholders approved to
rehire ShineWing Certified Public Accountants Ltd as external auditing institution in 2013.
XI Punishment and rectification
Not applicable
XII Notes to other major events
At the end of this reporting period, the company has changed accounting estimate method, the
reason and its influence are:
The company originally had problems in bad debt estimates. These problems are single amount
materiality level too high and aging method too complicated. In order to have more appropriate bad
debt accrual method, the 7th temporary meeting of Board of Directors in 2013 approved this change
in accounting method, and it also had approval from the company‘s 8th meeting of the 7th
Supervisory committee.
The Board of Director of the company agreed that this change in accounting estimate method
would be better match with related rules and regulation and more applicable to company‘s actual
needs. This change would also let the bad debt accrual method more reasonable which is in a lieu
with company‘s general conservative principal and provide more neutral Account Receivable
amount.
The change in bad debt estimate would result in an additional 2.41million bad debt expense.
23
Chapter 6. Changes in Share Capital and Particulars about Shareholders
I. Change in Share Capital
The shares of the Company have no change in this report period. (Unit: share)
Before the change Increase / Decrease this time (+, -) After the change
Share
transfer
of Proport
Amount Proportion bonus Others Subtotal Amount
accumul ion
ation
fund
I. Shares with conditional 891,641,608 51.92% 891,641,608 51.92%
1. State-owned shares
2. State-owned legal person‘ s
693,419,317 40.38% 693,419,317 40.38%
shares
3. Other domestic shares
Including: domestic
non-state-owned legal
person‘s shares
Domestic natural person‘ s
shares
4. Foreign shares 197,709,440 11.51% 197,709,440 11.51%
Including: Foreign legal
197,709,440 11.51% 197,709,440 11.51%
person‘ s shares
Foreign natural person‘ s
shares
5. Senior executives‘ shares 512,851 0.03% 512,851 0.03%
II. Shares with unconditional
825,658,895 48.08% 825,658,895 48.08%
subscription
1. RMB common shares 684,267,595 39.85% 684,267,595 39.85%
2. Domestically listed foreign
141,391,300 8.23% 141,391,300 8.23%
shares
3. Overseas listed foreign
shares
4. Others
III. Total shares 1,717,300,503 100% 1,717,300,503 100%
II. Company shareholder number and share holding conditions (Unit: share)
Total number of
shareholders at the
49,147 (including 40,873 A-share holders and 8,274 B-share holders)
end of the report
period
Shareholding of top 10 shareholders
Amount of Pledged or luck-up
Share holding shares Year-on-yea shares
Class of Restricted Unrestricted
Name of shareholder proporti at the end of r
shareholder shares shares Amou
on (%) the report Change Share state
period nt
China Merchants Shekou State-owned legal 40.38 693,419,317 No 693,419,317 No No No
Industrial Zone Co., Ltd. person
Full Space Investment Overseas legal 5.48 94,144,050 No 94,144,050 No No No
Limited person
China Merchants Overseas legal 2.91 49,948,012 213,106 49,242,245 705,767 No No
Securities Hong Kong Ltd. person
24
FOXTROT Overseas legal
INTERNATIONAL person 1.61 27,720,000 No 27,720,000 No No No
LIMITED
ORIENTURE Overseas legal 1.55 26,603,145 No 26,603,145 No No No
INVESTMENT LTD person
Communications Bank Domestic none
Schroder Growth Stock state-owned legal 0.82 14,099,837 -2,800,163 14,099,837 No No
Securities Investment person
Fund
New China life insurance Domestic none
co., Ltd - Dividends - state-owned legal 0.80 No No
Personal Dividends - 018 l 13,779,599 13,779,599 13,779,599
- FH002 Shen person
GF Gathered Rich Open Domestic none
Securities Investment state-owned legal 0.73 12,599,984 12,599,984 12,599,984 No No
Fund person
GOLDEN CHINA Overseas legal 0.73 No No
MASTER FUND person 12,458,713 -28,047 12,458,713
GF Small-capitalization Domestic none
Growth Equity Securities state-owned legal 0.61 10,436,450 -563,550 10,436,450 No No
Investment Fund person
Top 10 holders of unrestricted shares
Name of shareholder Unrestricted shares Class of Shares
Communications Bank Schroder Growth Stock Securities Investment 14,099,837
Fund A-shares
New China life insurance co., Ltd - Dividends - Personal Dividends - 13,779,599
018 l - FH002 Shen A-shares
GF Gathered Rich Open Securities Investment Fund 12,599,984 A-shares
GOLDEN CHINA MASTER FUND 12,458,713 B-shares
GF Small-capitalization Growth Equity Securities Investment Fund 10,436,450 A-shares
China Life Insurance Co. , Ltd. - Dividends - Personal Dividends
-005L-FH002 Shen 10,309,584 A-shares
Full Goal Tianfu Innovative Theme Equity Securities Investment
Fund 10,011,118 A-shares
Yin Hua SZSE 100 Index Classification Securities Investment Fund 9,798,419 A-shares
BOCI SECURITIES LIMITED 9,737,700 B-shares
Communications Bank Schroder Blue-chip Stock Securities 9,356,000
Investment Fund A-shares
1. Among the shares held by China Merchants Securities Hong Kong Ltd., 49,242,245 shares were purchased-in entrusted
by Top Chief Co., Ltd.
2. Shekou Industrial Zone and its subsidiary companies including Top Chief Co., Ltd., Full Space Investment Ltd., FOXTROT
INTERNATIONAL LIMITED and ORIENTURE INVESTMENT LTD are concerted actors.
3. GF Gathered Rich Open Securities Investment Fund and GF Small-capitalization Growth Equity Securities Investment Fund belong
to the same fund management company.
4. Communications Bank Schroder Growth Stock Securities Investment Fund and Communications Bank Schroder Blue-chip Stock
Securities Investment Fund belong to the same fund management company.
III Introduction to the Controlling Shareholder and Changes of Substantial
Controller
In this report period, the controlling shareholder and the substantial controller have no change.
The following chart shows the equity and the control relationship between the Company and the
Actual Controller:
25
State-owned Assets Supervision and Administration Commission
Supervision and Administration Commission of the State Council
100%
China Merchants Group Co., Ltd.
100%
40.38%
China Merchants Shekou Industrial Zone Co., Ltd.
100%
2.87%
Top Chief Co., Ltd.
100%
Orienture Holdings Co. Ltd
China Merchants Property
Development Co., Ltd. 5.48% 100%
Full Space Investment Limited
1.61% 100%
Foxtrot International Limited
1.55% 100%
Orienture Investment Limited
26
Chapter 7. Particulars about Directors, Supervisors and Senior Executives
I. Change of the shareholding of Directors, Supervisors and Senior Executives
In this report period, the shareholding of Directors, Supervisors and Senior Executives has no
change.
II. Change of Directors, Supervisors and Senior Executives
On July 24, 2013, Due to job rotation, Wu Zhenqin resigned her position as Chairman of the
Supervisory Board, Member of the Supervisory Board, and Huang Peikun resigned his position as
Director, CFO of the company.
On July 26, 2013, the 4th Temporary Meeting in 2013 of the 7th Board of Directors of the company
decided to hire Liu Wei as the deputy general manager of the company and Wu Zhenqin as the CFO
of the company.
27
Chapter 8. Financial Report
I. Audit report
The Semi-Annual Financial Report of the Company is not audited.
In the financial notes, the units of the report forms are RMB.
II． Financial Statements
Consolidated Balance Sheet
June 30th , 2013
Compiling unit: China Merchants Property Unit: RMB Yuan
Development Co., Ltd.
Item Annotat Closing balance Opening balance
ion
Current asset:
Cash V.1 23,458,572,602.52 18,239,272,247.93
Notes Receivable V.2 2,947,367.39 5,748,800.00
Account Receivable V.3 68,072,310.52 162,099,162.73
Prepaid Expenses V.4 8,161,580.60 8,287,184.01
Interest Receivable 228,492.37 269,583.30
Dividend Receivable 15,517,078.84
Other Accounts Receivable V.5 11,732,669,325.84 8,183,491,572.92
Inventories V.6 72,091,942,280.16 73,637,940,073.11
Non-Current Asset due in 1 year 1,970,595.79 16,756,858.87
Other Current Asset V.7 2,937,652,051.28 2,818,269,943.98
Total Current Assets 110,317,733,685.31 103,072,135,426.85
Non-current assets:
Long-term Receivable V.8 49,721,270.00
Long-term share Equity Investment V.9 1,519,198,350.32 1,083,249,770.92
Investment in real estates V.10 3,021,055,151.20 3,117,335,984.24
Fixed assets V.11 1,449,031,890.39 435,194,977.76
Construction in process V.12 98,240,393.27 88,458,273.58
Goodwill V.13 159,560,861.23 159,560,861.23
Amortization Expenses V.14 237,618,947.45 249,438,693.12
Deferred income tax asset V.15 713,360,172.75 942,147,425.36
Total Non-Current Assets 7,198,065,766.61 6,125,107,256.21
Total Assets 117,515,799,451.92 109,197,242,683.06
The note is a single component of the financial statement, and this financial statement is signed
28
by the following responsible persons
Legal representative: Lin Shaobin
Responsible person competent for the accounting work: Wu Zhenqin
Responsible person of the accounting institution: Xu Yixia
Balance Sheet of Parent Company (Continued)
June 30th , 2013
Compiling unit: China Merchants Property Development Co., Ltd. Unit: RMB Yuan
Annotati
Item Closing amount Opening amount
on
Current liabilities:
Short-Term Loans V.17 5,620,000,000.00 2,105,000,000.00
Notes Payable V.18 57,684,515.33 47,610,662.59
Accounts Payable V.19 8,679,956,190.36 11,796,898,896.95
Accounts Collected In Advance V.20 30,862,520,673.59 28,463,966,430.34
Employees‘ Wage Payable V.21 168,198,915.28 334,040,494.12
Tax Payable V.22 1,029,682,569.46 1,951,582,353.18
Interests Payable V.23 68,152,422.02 119,767,822.92
Dividend Payable V.24 218,003,724.42 290,165,059.98
Other Accounts Payable V.25 8,762,199,717.37 8,502,352,593.09
Non-Current Liability Due In 1 Year V.26 9,032,245,473.94 7,380,992,296.97
Other Current Liability V.27 3,801,581,625.04 4,256,735,641.00
Total Current Liability 68,300,225,826.81 65,249,112,251.14
Non-Current Liabilities:
Long-Term Loan V.28 16,908,624,119.41 14,378,013,872.78
Long-Term Payable V.29 101,218,943.36 100,207,107.75
Estimated Liabilities V.30 13,480,870.63 14,017,011.26
Deferred Income Tax Liabilities V.15 93,712,503.50
Other Non-Current Liabilities V.31 16,727,439.31 16,613,440.00
Total Non-Current Liabilities 17,133,763,876.11 14,508,851,431.79
Total Liability 85,433,875,703.71 79,757,963,682.93
Shareholders’ Equity:
Share Capital V.32 1,717,300,503.00 1,717,300,503.00
Capital Reserves V.33 8,622,363,393.22 8,386,926,298.12
Surplus Reserves V.34 1,027,780,997.90 1,027,780,997.90
Retained Earnings V.35 14,208,541,440.34 12,173,100,556.73
Different of Foreign Currency Translation 88,407,178.38 88,407,178.38
Total Shareholders’ Equity Attributable to The
25,664,393,512.84 23,393,515,534.13
Parent Company
Minority Shareholders‘ Equity V.36 6,417,530,235.37 6,045,763,466.00
29
Total Shareholders’ Equity 32,081,923,748.21 29,439,279,000.13
Total Shareholders’ Equity and Liabilities 117,515,799,451.92 109,197,242,683.06
Balance Sheet of Parent Company
June 30th , 2013
Compiling Unit: China Merchants Property Development Co., Ltd. Unit: RMB Yuan
Annotati
Item Closing Amount Opening Amount
on
Current Assets:
Cash 6,397,093,488.91 5,277,807,877.29
Prepaid Expenses 921,251.48
Dividend Receivable 466,921,794.83 2,877,702,095.70
Other Accounts Receivable XIII.1 27,121,848,729.33 29,644,653,819.13
Inventories 1,224,000,000.00 1,224,000,000.00
Non-Current Assets Due in 1 Year 15,300,000.00
Total of Current Asset 35,210,785,264.55 39,039,463,792.12
Non-Current Assets:
Long-Term Share Equity Investment XIII.2 8,410,589,827.90 5,657,339,312.90
Fixed Assets 1,707,593.97 345,629.58
TotalNon-Current Assets 8,412,297,421.87 5,657,684,942.48
Total Assets 43,623,082,686.42 44,697,148,734.60
Balance Sheet of Parent Company (Continued)
June 30th , 2013
Compiling Unit: China Merchants Property Development Co., Ltd. Unit: RMB Yuan
Item Annotati Closing Amount Opening Amount
on
Current Liabilities:
Short-Term Loans 3,420,000,000.00 1,905,000,000.00
Employees‘ Wage Payable 611,047.49 7,927,525.00
Tax Payable 22,557,548.75 466,320.21
Interests Payable 38,798,180.60 111,221,455.00
Dividend Payable 208,025,795.10
Other Account Payable 10,233,554,434.63 13,556,711,178.36
Non-Current Liability Due In 1 Year 5,453,784,630.00 3,894,234,275.00
Other Current Liabilities
Total Current Liabilities 19,377,331,636.57 19,475,560,753.57
Non-Current Liabilities:
Long-Term Loan 8,357,858,015.00 8,604,667,725.00
30
Total Non-Current Liabilities 8,357,858,015.00 8,604,667,725.00
Total Liabilities 27,735,189,651.57 28,080,228,478.57
Shareholders’ Equity:
Share Capital 1,717,300,503.00 1,717,300,503.00
Capital Reserves 8,927,054,193.00 8,927,054,193.00
Surplus Reserves 976,829,604.90 976,829,604.90
Retained Earnings 4,266,708,733.95 4,995,735,955.13
Total Shareholders’ Equity 15,887,893,034.85 16,616,920,256.03
Total Shareholders’ Equity and Liabilities 43,623,082,686.42 44,697,148,734.60
Consolidated Income Sheet
January-June, 2013
Compiling Unit: China Merchants Property Development Co., Ltd. Unit: RMB Yuan
Amount Of The
Annota Amount Of The
Item Same Period Of Last
tion Current Term
Year
I. Total Revenue 16,133,568,321.26 10,080,507,691.00
Operating Income V.37 16,133,568,321.26 10,080,507,691.00
II. Total Operating Cost 11,677,655,973.79 7,602,729,071.00
Operating Cost V.37 8,692,511,279.89 5,045,322,607.00
Business Tax and Additions V.38 2,579,430,723.77 1,776,684,070.00
Sales Expenses V.39 272,019,791.76 231,459,127.00
Administrative Expenses V.40 232,711,486.01 174,735,165.00
Financial Expenses V.41 73,348,971.39 167,666,874.00
Losses on Asset Impairment V.42 -172,366,279.03 206,861,228.00
Plus: Profits and Losses on The Changes of Fair Value
V.43 1,584,406.00
(―-” Is stand for Losses)
Investment Income (―-” Isstand for Losses) V.44 282,179,758.93 24,881,684.00
Incl. Investment Gains from Affiliates 336,191,940.58 3,847,470.00
III. Operating Profit (“-” Is Filled In For Losses) 4,738,092,106.40 2,504,244,710.00
Plus: Non-Operating Income V.45 11,774,703.28 6,454,536.00
Less: Non-Operating Expenses V.46 15,387,554.61 10,072,004.00
Incl. Loss from Disposal of Non-Current Assets 910,283.52 350,941.00
IV. Gross Profit (―-” Is stand for Gross Loss) 4,734,479,255.07 2,500,627,242.00
Less: Income Tax Expenses V.47 1,476,586,830.38 792,399,255.00
31
V. Net Profit (“-” Is Filled In For Net Loss) 3,257,892,424.69 1,708,227,987.00
Net Profit Attributable To The Shareholders Of The
2,550,631,034.51 1,220,525,897.00
Parent Company
Minority Interests 707,261,390.18 487,702,090.00
VI. Earnings Per Share:
(I) Basic Earnings Per Share V.48 1.49 0.71
(II) Diluted Earnings Per Share V.48 1.49 0.71
VII. Other Integrated Incomes V.49 974,901
VIII. Total Of Integrated Incomes 32,57,892,424.69 1,709,202,888.00
Total Integrated Income Attributable to The Parent
2,550,631,034.51 1,221,500,798.00
Company
Total Integrated Income Attributable to The Minority
707,261,390.18 487,702,090.00
Shareholders
Income Sheet of Parent Company
January-June, 2013
Compiling Unit: China Merchants Property Development Co., Ltd. Unit: RMB Yuan
Amount Of The
Annotati Amount Of The
Item Same Period Of Last
on Current Term
Year
I. Operating Income XIII.3 11,080,000.00
Less: Operating Expenses XIII.3 1,016,316.92
Business Tax And Additions 621,588.00
Sales Expenses
Administrative Expense 14,632,307.21 13,105,388.00
Financial Expenses 198,192,218.64 138,967,534.00
Losses on Asset Impairment
Plus: Profits and Losses on the Changes of Fair Value (―-”
Is Filled In For Losses)
Investment Income (―-” Is Filled In For Losses) XIII.4 -1,290,760.00 -999,780.00
Investment Gains From Affiliates -1,290,760.00 -1,670,150.00
II. Operating Profit (―-” Is Filled In For Losses) -204,673,190.77 -153,072,702.00
Plus: Non-Operating Income 10,322.00
Less: Non-Operating Expenses 9,163,879.51
Loss From Disposal Of Non-Current Assets
32
III. Gross Profit (―-” Is Filled In For Gross Loss) -213,837,070.28 -153,062,380.00
Less: Income Tax Expenses
IV. Net Profit (―-” Is Filled In For Net Loss) -213,837,070.28 -153,062,380.00
V. Earnings Per Share:
(I) Basic Earnings Per Share
(II) Diluted Earnings Per Share
VI. Other Integrated Income
VII. Total of Integrated Income -213,837,070.28 -153,062,380.00
Consolidated Cash Flow Statement
January-June, 2013
Compiling Unit: China Merchants Property Development Co., Ltd. Unit: RMB Yuan
Amount Of The
Amount Of The
Item Annotation Same Period Of
Current Term
Last Year
I. Cash Flow from Operating Activities:
Cash Received from Sales of Products or
18,624,153,525.45 14,808,712,660.00
Rendering of Services
Tax Refund 15,808,867.22 334,434.00
Other Cash Received Relating to Operating
V.50 （1） 2,864,443,964.78 1,382,261,388.00
Activities
Sub-Total of Cash Inflow from Operating
21,504,406,357.45 16,191,308,482.00
Activities
Cash Paid for Merchandise and Services 10,622,047,633.80 7,664,076,750.00
Cash Paid to employees 674,059,496.16 557,955,747.00
Taxes Paid 4,126,788,176.01 2,674,247,425.00
Other Cash Paid Relating to Operating Activities V.50 （2） 7,357,016,282.05 2,874,720,497.00
Sub-Total of Cash Outflow from Operating
22,779,911,588.02 13,771,000,419.00
Activities
Cash Flow Generated by Business Operation, net -1,275,505,230.57 2,420,308,063.00
II. Cash Flow Used in Investment Activities:
Cash Received from Investment Retrieving 80,123.00
Cash Received as Investment Gains 311,302,240.31
Net Cash Retrieved From Disposal of Fixed
Assets, Intangible Assets, and Other Long-Term 65,240.00 32,130.00
Assets
Net Cash Received from Disposal of Subsidiaries
or Other Operational Units
Other Investment-Related Cash Received
Sub-Total of Cash Inflow Due to Investment
311,447,603.31 32,130.00
Activities
Cash Paid For Construction of Fixed Assets,
27,118,359.78 8,458,757.00
Intangible Assets and other Long-Term Assets
33
Cash Paid for Investment 23,898,000.00 86,556,612.00
Net Cash Received from Subsidiaries and Other
122,221,009.00
Operational Units
Other Cash Paid for Investment Activities 561,222,801.84 8,707,949.00
Sub-Total Of Cash Outflow Due To Investment
612,239,161.62 225,944,327.00
Activities
Net Cash Flow used in Investment Activities -300,791,558.31 -225,912,197.00
III. Cash Flow Generated from Financing
Activities:
Cash Received from Investment 116,206,306.58 238,000,000.00
Cash Received as Investment from Minor
116,206,306.58 238,000,000.00
Shareholders
Cash Received as Loan 12,961,884,236.52 5,292,641,763.00
Other Cash Received Relating to Financing
Activities
Subtotal of Cash Inflow from Financing Activities 13,078,090,543.10 5,530,641,763.00
Cash to Repay Debts 5,256,388,021.57 3,194,990,109.00
Cash Paid as Dividend, Profit, or Interests 1,064,263,544.64 914,106,042.00
Dividend and Profit Paid by Subsidiaries to Minor
1,659,103.20 244,690,629.00
Shareholders
Other Cash Paid Relating to Financing Activities
Subtotal Of Cash Outflow Due to Financing
6,320,651,566.21 4,109,096,151.00
Activities
Net Cash Flow Generated from Financing
6,757,438,976.89 1,421,545,612.00
Activities:
IV. Effect Of Foreign Exchange Rate
-17,869,715.20 9,511,613.00
Alternation on Cash and Cash Equivalents
V. Net Increase inCash and Cash Equivalents 5,163,272,472.81 3,625,453,091.00
Plus: Balance of Cash and Cash Equivalents At
V.49 （4） 18,218,506,517.70 13,659,974,240.00
The Beginning of Term
VI. Balance of Cash and Cash Equivalents at The
V.49 （4） 23,381,778,990.51 17,285,427,331.00
End of Term
Cash Flow Statement of Parent Company
January-June, 2013
Compiling Unit: China Merchants Property Development Co., Ltd Unit: RMB Yuan
Amount of the
Annit Amount of the
Item Same Period of
ation Current Term
Last Year
I. Cash Flow from Operating Activities:
Cash Received from Sales of Products or Rendering of
11,080,000.00
Services
Tax Refund
Other Cash Received Relating to Operating Activities 6,592,768,196.65 1,851,001,239.00
Sub-Total of Cash Inflow from Operating Activities 6,603,848,196.65 1,851,001,239.00
Cash Paid for Purchasing of Merchandise and Services
Cash Paid to Staffs or Paid for Staffs 9,943,104.23 6,825,217.00
Taxes Paid 11,310,020.65 8,363,541.00
34
Other Cash Paid Relating to Operating Activities 7,223,132,053.83 1,186,520,853.00
Sub-Total of Cash Outflow from Operating Activities 7,244,385,178.71 1,201,709,611.00
Cash Flow Generated from Business Operation, Net -640,536,982.06 649,291,628.00
II. Cash Flow Used in Investing Activities:
Cash Received from Investment Retrieving
Cash Received as Investment Gain 2,410,780,300.87 59,407,480.00
Net Cash Retrieved from Disposal of Fixed Assets,
Intangible Assets, and Other Long-Term Assets
Net Cash Received from Disposal of Subsidiaries or
Other Operational Units
Other Investment-Related Cash Received
Sub-Total of Cash Inflow Due To Investment Activities 2,410,780,300.87 59,407,480.00
Cash Paid for Construction of Fixed Assets, Intangible
1,344,750.00
Assets and Other Long-Term Assets
Cash Paid as Investment 2,754,541,275.00 1,472,477,629.00
Net Cash Received from Subsidiaries and Other
Operational Units
Other Cash Paid for Investment Activities
Sub-Total of Cash Outflow Due To Investment Activities 2,755,886,025.00 1,472,477,629.00
Net Cash Flow used in Investment Activities -345,105,724.13 -1,413,070,149.00
III. Cash Flow Generated by Financing Activities:
Cash Received as Investment
Cash Received as Loan 5,452,029,750.00 4,198,249,000.00
Other Cash Received Relating to Financing Activities
Subtotal of Cash Inflow From Financing Activities 5,452,029,750.00 4,198,249,000.00
Cash to Repay Debts 2,616,571,500.00 2,541,549,000.00
Cash Paid as Dividend, Profit, or Interests 730,221,765.98 604,471,292.00
Other Cash Paid Relating to Financing Activities
Subtotal of Cash Outflow Due to Financing Activities 3,346,793,265.98 3,146,020,292.00
Net Cash Flow Generated by Financing Activities 2,105,236,484.02 1,052,228,708.00
IV. Effect of Foreign Exchange Rate Alternation on
-308,166.21 6,937,813.00
Cash and Cash Equivalents
V. Net Increase of Cash and Cash Equivalents 1,119,285,611.62 295,388,000.00
Plus: Balance of Cash and Cash Equivalents at the
5,277,807,877.29 5,036,890,168.00
Beginning of Term
VI. Balance of Cash and Cash Equivalents at the End of
6,397,093,488.91 5,332,278,168.00
Term
35
Consolidated Statement Of Change In Shareholders’ Equity
Compiling Unit: China Merchants Property Development Co., Ltd. Unit: RMB Yuan
January-June, 2013
Item Shareholders‘ Equity Attributable To The Parent Company Minor Total Of
Shareholders‘ Shareholders‘
Share Capital Capital Reserves Surplus Reserves Retained Profit Others Equity Equity
I. Balance At The End Of Last Year 1,717,300,503.00 8,386,926,298.12 1,027,780,997.90 12,173,100,556.73 88,407,178.38 6,045,763,466.00 29,439,279,000.13
Plus: Change Of Accounting Policy
Correcting Of Previous Errors
Others
II. Balance At The Beginning Of Current Year 1,717,300,503.00 8,386,926,298.12 1,027,780,997.90 12,173,100,556.73 88,407,178.38 6,045,763,466.00 29,439,279,000.13
III. Changed In Current Term (“-” Is Filled In For
235,437,095.10 2,035,440,883.61 371,766,769.37 2,642,644,748.08
Decrease)
(I) Net Profit 2,550,631,034.51 707,261,390.18 3,257,892,424.69
(II) Other Integrated Income
Subtotal Of (I) And (II) 2,550,631,034.51 707,261,390.18 3,257,892,424.69
(III) Shareholder Input And Withdraw Of Share Capital 235,437,095.10 116,047,455.56 351,484,550.66
1. Capital Input By Shareholders 116,047,455.56 116,047,455.56
2. Share Payment Accounted Into Shareholders‘ Equity
3. Others 235,437,095.10 235,437,095.10
(IV) Profit Distribution -515,190,150.90 -451,542,076.37 -966,732,227.27
1. Providing Of Surplus Reserves
2. Common Risk Provision
3. Dividend To Shareholders -515,190,150.90 -1,659,103.20 -516,849,254.10
4. Others -449,882,973.17 -449,882,973.17
(V) Internal Settlement Of Shareholders‘ Equity
1. Capital Reserves Transferred To Share Capital
2. Surplus Reserves Transferred To Share Capital
3. Making Up Losses By Surplus Reserves
4. Others
IV. Balance At The End Of This Term 1,717,300,503.00 8,622,363,393.22 1,027,780,997.90 14,208,541,440.34 88,407,178.38 6,417,530,235.37 32,081,923,748.21
36
Consolidated Statement Of Change In Shareholders’ Equity（Continued）
Compiling Unit: China Merchants Property Development Co., Ltd. Unit: RMB Yuan
Amount Of The Previous Year
Item Shareholders‘ Equity Attributable To The Parent Company Minor Total Of
Shareholders‘ Shareholders‘
Share Capital Capital Reserves Surplus Reserves Retained Profit Others Equity Equity
I. Balance At The End Of Last Year 1,717,300,503.00 8,387,070,659.00 968,028,769.00 9,258,046,011.00 87,768,855.00 3,858,778,902.00 24,276,993,699.00
Plus: Change Of Accounting Policy
Correcting Of Previous Errors
其他
II. Balance At The Beginning Of Current Year 1,717,300,503.00 8,387,070,659.00 968,028,769.00 9,258,046,011.00 87,768,855.00 3,858,778,902.00 24,276,993,699.00
III. Changed In Current Term (“-” Is Filled In For
-144,360.88 59,752,228.90 2,915,054,545.73 638,323.38 2,186,984,564.00 5,162,285,301.13
Decrease)
(I) Net Profit 3,318,266,875.59 959,252,227.90 4,277,519,103.49
(II) Other Integrated Income 638,323.38 638,323.38
Subtotal Of (I) And (II) 3,318,266,875.59 638,323.38 959,252,227.90 4,278,157,426.87
(III) Shareholder Input And Withdraw Of Share Capital -144,360.88 1,907,655,151.55 1,907,510,790.67
1. Capital Input By Shareholders 1,907,655,151.55 1,907,655,151.55
2. Share Payment Accounted Into Shareholders‘ Equity
3. Others -144,360.88 -144,360.88
(IV) Profit Distribution 59,752,228.90 -403,212,329.86 -679,922,815.45 -1,023,382,916.41
1. Providing Of Surplus Reserves 59,752,228.90 -59,752,228.90
2. Common Risk Provision
3. Dividend To Shareholders -343,460,100.96 -679,922,815.45 -1,023,382,916.41
4. Others
(V) Internal Settlement Of Shareholders‘ Equity
1. Capital Reserves Transferred To Share Capital
2. Surplus Reserves Transferred To Share Capital
3. Making Up Losses By Surplus Reserves
4. Others
IV. Balance At The End Of This Term 1,717,300,503.00 8,386,926,298.12 1,027,780,997.90 12,173,100,556.73 88,407,178.38 6,045,763,466.00 29,439,279,000.13
37
Statement Of Change In Shareholders’ Equity Of The Parent Company
Compiling Unit: China Merchants Property Development Co., Ltd. Unit: RMB Yuan
January-June, 2013
Item Total Of Shareholders‘
Share Capital Capital Reserves Surplus Reserves Retained Profit
Equity
I. Balance At The End Of Last Year 1,717,300,503.00 8,927,054,193.00 976,829,604.90 4,995,735,955.13 16,616,920,256.03
Plus: Change Of Accounting Policy
Correcting Of Previous Errors
Others
II. Balance At The Beginning Of Current Year 1,717,300,503.00 8,927,054,193.00 976,829,604.90 4,995,735,955.13 16,616,920,256.03
III. Changed In Current Term (“-” Is Filled In For Decrease) -729,027,221.18 -729,027,221.18
(I) Net Profit -213,837,070.28 -213,837,070.28
(II) Other Integrated Income
Subtotal Of (I) And (II) -213,837,070.28 -213,837,070.28
(III) Shareholder Input And Withdraw Of Share Capital
1. Capital Input By Shareholders
2. Share Payment Accounted Into Shareholders‘ Equity
3. Others
(IV) Profit Distribution -515,190,150.90 -515,190,150.90
1. Providing Of Surplus Reserves
2. Common Risk Provision
3. Dividend To Shareholders -515,190,150.90 -515,190,150.90
4. Others
(V) Internal Settlement Of Shareholders‘ Equity
1. Capital Reserves Transferred To Share Capital
2. Surplus Reserves Transferred To Share Capital
3. Making Up Losses By Surplus Reserves
4. Others
IV. Balance At The End Of This Term 1,717,300,503.00 8,927,054,193.00 976,829,604.90 4,266,708,733.95 15,887,893,034.85
38
Statement Of Change In Shareholders’ Equity Of The Parent Company (Continued)
Compiling Unit: China Merchants Property Development Co., Ltd. Unit: RMB Yuan
Amount Of The Previous Year
Item Total Of Shareholders‘
Share Capital Capital Reserves Surplus Reserves Retained Profit
Equity
I. Balance At The End Of Last Year 1,717,300,503.00 8,927,054,193.00 917,077,376.00 4,801,425,996.00 16,362,858,068.00
Plus: Change Of Accounting Policy
Correcting Of Previous Errors
Others
II. Balance At The Beginning Of Current Year 1,717,300,503.00 8,927,054,193.00 917,077,376.00 4,801,425,996.00 16,362,858,068.00
III. Changed In Current Term (“-” Is Filled In For Decrease) 59,752,228.90 194,309,959.13 254,062,188.03
(I) Net Profit 597,522,288.99 597,522,288.99
(II) Other Integrated Income
Subtotal Of (I) And (II) 597,522,288.99 597,522,288.99
(III) Shareholder Input And Withdraw Of Share Capital
1. Capital Input By Shareholders
2. Share Payment Accounted Into Shareholders‘ Equity
3. Others
(IV) Profit Distribution 59,752,228.90 -403,212,329.86 -343,460,100.96
1. Providing Of Surplus Reserves 59,752,228.90 -59,752,228.90
2. Common Risk Provision
3. Dividend To Shareholders -343,460,100.96 -343,460,100.96
4. Others
(V) Internal Settlement Of Shareholders‘ Equity
1. Capital Reserves Transferred To Share Capital
2. Surplus Reserves Transferred To Share Capital
3. Making Up Losses By Surplus Reserves
4. Others
IV. Balance At The End Of This Term 1,717,300,503.00 8,927,054,193.00 976,829,604.90 4,995,735,955.13 16,616,920,256.03
39
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
I. General Information
China Merchants Property Development Co., Ltd. (hereinafter referred to as the Company
or the Group when the subsidiaries are included), originally China Merchants Shekou
Shareholding Co., Ltd., is a sino-foreign joint venture established on the base of Shekou China
Merchants Port Service Co., Ltd. by China Merchants Shekou Industrial Zone Co., Ltd. (Shekou
Industrial Zone). The Company was incorporated in Shenzhen China in September 1990.
On February 23rd, 1993, the Company raised finance by issuing 27,000,000 A shares to the
domestic investors, and 50,000,000 B shares to foreign investors which increased the
Company‘s capital shares u to 210,000,000. The A shares and B shares were listed at Shenzhen
Stock Exchange in June 1993.
In July 1995, part of B shares was listed in Singapore Stock Exchange by means of SDR
(Singapore Depository Receipts, ―新加坡托管收据‖ in Chinese).
In June 2004, the Company changed its name to ―China Merchants Property Development
Co., Ltd.‖ After dividend distributions and rights issues implemented during 1994-2004, the
Company‘s total number of shares had increased to 618,822,672 by December 31, 2004.
On January 18th, 2006, as approved by the shareholders‘ meeting, the A share reallocation
plan was implemented. That is the holders of current A shares received 2 A shares and
RMB3.14 upon each 10 current A shares from the holders of non-current A shares. The total
number of capital shares remains unchanged after completion of the reallocation.
As approved by Document [2006]67 issued by China Securities Regulatory Commission,
the Company has made full right issue of 15,100,000 convertible corporation bonds to original
A shareholders on August 30, 2006, the part of right waived by the original A shareholders
would be placed to institution investors. The bonds are issued with face value of RMB100 each.
The convertible part became negotiable in Shenzhen Stock Exchange since September 11, 2006
with ID of ―CM Convertible Bond‖ and the convertible date was March 1, 2007.
On May 25, 2007, CM Convertible Bond was terminated from trading and converting. All
remaining in converted bonds were repurchased by the Company. Till then, there were totally
15,093,841 bonds (with total face value of RMB1,509,384,100) converted into 115,307,691
shares. The remained 6,159 convertible bonds (with face value of RMB615,900) were
repurchased by the Company. Thus the capital shares of the Company had increased to
734,130,363 shares.
40
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
As approved by document Zhen-Jian-Fa-Xing-Zi [2007]299 issued by China Securities
Regulatory Commission, the company has placed 110,736,639 shares privately to China
Merchants Shekou Industrial Zone Co., Ltd. on September 19, 2007. The Company‘s capital
shares haveincreased up to 844,867,002 shares since then.
On March 17, 2008, the plan for profit distribution and capitalizing of common reserves for
year 2007 was passed by the Shareholders‘ General Meeting 2007, which was, basdon the total
capital share of 844,867,002 at December 31, 2007, 3 bonus shares were distributed to each 10
shares, meanwhile 2 new shares were converted to each 10 shares from the common reserves.
Since then, the total capital shares of the Company would be increased to 1,267,300,503 shares.
Under ―Approval for issuing of new shares by China Merchants Property Development Co.,
Ltd.‖, (Zheng-Jian-Xu-Ke[2008]989) issued by China Securities Regulatory Commission, the
Company issued 450,000,000 shares to existing A-share holders on November 26, 2008, among
which 279,349,288 shares were subscribed by China Merchants Shekou Industrial Zone Co.,
Ltd. major shareholder of the Company. The total capital shares of the Company have increased
up to 1,717,300,503 shares since then.
As of December 31, 2012, the total of capital shares of the Company was 1,717,300,503,
including 891,641,608 shares under restriction for sale, accounted for 51.92% of the total shares;
and 825,658,895 non-restricted shares, accounted for 48.08%.
The Company is in the property development industry. All of the subsidiaries and the
Company (referred to as the ―Group‖) are mainly engaged in property development, public
services (power supply) and property management.
China Merchants Shekou Industrial Zone Co., Ltd. is the parent company of the Company,
and China Merchants Group Ltd. is the ultimate holding shareholder, and China Merchants
Group Co., Ltd. is the actual controller. Shareholders‘ Meeting is the top authority of the
Company with the power of decision-making on (but not limited to) business strategies,
financing, investment, and profit distribution. The Board of Directors reports to the
Shareholders‘ Meeting, and exercise the power of operational decisions. The management is
responsible for implementing of decisions made by the Shareholders‘ Meeting and the Board, as
well as conducting of business operations.
41
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
II. Important accounting policies, accounting estimations and method for compiling the
consolidated financial statements
1. Basis of the Financial Statements
The Financial Statements of the Group are based on the assumption of continuous
operation, and are composed under the Enterprise Accounting Standard. This ―Main Accounting
Policies, Estimations and Retrospection of Previous Accounting Errors‖ is providing the
detailed rules and grounds for preparing of the Financial Reports.
2. Statement of compliance to the Enterprise Accounting Standard
The financial statements prepared by the Group are complied with the requirement of
Enterprise Accounting Standards, and are truly and completely reflecting the financial positions,
operation results and cash flow of the Group.
3. Fiscal period
The fiscal year of the Group follows calendar year that is from January 1 to December 31.
4. Standard currency for bookkeeping
RMB is the primary currency in China, thus the Company and its domestic subsidiaries
adopt RMB as the standard currency for bookkeeping. The business subsidiaries of the Group in
Hong Kong, Singapore shall be accounted in Hong Kong Dollar, such as Tonic Industrial
Corporation. Standard currency used in this financial statement is RMB.
5. Basis of Presentation and Principle of Pricing
The accounting basis of the Group is the accrual system. Except for transactional financial
assets and tradable financial assets are accounted according to fair value, the financial
statements take the historical cost as the accounting basis.
6. Merger of companies
Merger of companies refers to merger two or more entities into one reporting entity. Assets
and liabilities of the new entity will be recognized on the date of the merger or purchasing,
which is the date of acquiring control power.
For the merger entities under common control of our company, assets and liabilities
acquired through merger are calculated at the book value of the merged party at the date of
merger. The difference between the book value of net asset and the offer price is adjusted to
42
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
share capital premium in the capital reserves. If the share capital premium is not enough to be
adjusted, the retained earnings shall be adjusted.
For the merger entities not under common control of our company, merger cost refers to
the fair value of assets paid, liabilities undertaken, and rights instruments issued by the buyer
for purchasing the target entity. When the merger cost is greater than the share of fair value of
recognizable net asset of the bought enterprise, the balance is recognized as goodwill. When
the merger cost is lower than the share of fair value of recognizable net asset of the bought
enterprise, the balance will be accounted into current gain/loss account.
7. Preparation of Consolidated Financial Statements
(1) Principle in recognizing of consolidation range
All of the subsidiaries and special-purpose entities under actual control of the Company are
included in the consolidated financial report of the Group.
(2) Accounting methods adopted in preparing consolidated financial statements
Consolidated financial statements are prepared according to ―Enterprise Accounting
Standard No.33 – consolidated financial statements‖. Major internal trades and transactions are
neutralized when consolidated. Part of shareholders‘ equity not attributable to the Company is
presented separately as minority shareholders‘ equity under shareholders‘ equity item in the
consolidated financial statement.
When the accounting policies and periods of the subsidiaries are not complying with the
Group, they shall be adjusted according to the Company‘s accounting policy and accounting
period.
The non-controllable Subsidiaries added as in the Group‘s consolidation reports, the
individual statement shall be adjusted basing on the recognizable net asset fair value at the day
of purchasing. For subsidiaries added as merger of enterprise under common control, it will be
regarded as occurred at the beginning of current term, and their assets, liabilities, business
performance, and cash flow shall be included in the consolidated financial statements.
8. Cash and cash equivalents
Cash are referring to in-stock cash and bank savings which are available for payment
whenever needed. Cash equivalent refers to the investment held by the Company with mature
date less than three months, strong liquidity and low risk of value fluctuation that is easy to be
converted into cash of known amount.
43
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
9. Translation of businesses and accounts in foreign currency
(1) Business in foreign currency
Foreign currency transactions at initial confirmation shall be translated with the
approximate exchange rate on the exchange date which is determined according to the spot
exchange rate of the current month of the transaction.
At the balance sheet day, foreign currencies are translated to RMB at the instant exchange
rate of that day, the difference caused by difference of the instant rate at that day and the spot
rate adopted are accounted into current gain/loss account, except for: (1) The exchange
difference of special foreign currency borrowing satisfying the conditions of capitalization,
which is capitalized and accounted into cost of related asset; (2) Exchange difference of hedge
instruments for purpose of avoiding exchange risks is treated by the way of accounting on hedge
instruments;(3) Exchange differences caused by sellable non-monetary items (such as, shares),
and exchange differences caused by fluctuation of book values of non-monetary items that are
accounted into equity, shall be accounted into current income account.
Non-monetary items in foreign currency and measured at historical costs are measured at
RMB with exchange rate of transaction date. Non-monetary foreign currency items in fair value
are translated at the rate when the fair value is determined. Differences between the RMB and
foreign currency are recorded as fair value impairment and accounted under current gain/loss
account or other integrated income under capital reserves.
(2) Translation of foreign currency accounts
Foreign currency financial statements prepared for the Company‘s overseas businesses are
translated by the following methods: All asset and liability items on the balance sheet are
translated at the exchange rate at the balance sheet date; shareholders‘ equity items except for
―undistributed profit‖ are translated at the exchange rate on the transaction date; all items in the
income statement and items reflecting the amount of profit distribution are translated at the
similar exchange rate of the date when the trade took place; undistributed profit at the beginning
of year is the undistributed profit translated at the end of previous year; undistributed profit at
the end of year are demonstrated according to the calculation of profit distribution items after
translated; the differences between the translated asset items and liability items and total amount
of shareholders‘ equity items are demonstrated separately as difference of foreign currency
statement translation under shareholders‘ equity items on the balance sheet.
44
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Foreign currency cash flow and overseas subsidiaries‘ cash flow are translated on the
exchange rate of the day when the cash flow happened. Influences of exchange rate movement
on cash and cash equivalents are regarded as adjustment items and demonstrated under
―influence of exchange rates on cash and cash equivalents‖ in the cash flow statement.
The amount at the beginning of year is presented according to the translated amount of the
financial statements of last year.
When the control power is lost because of disposal of partial equity or other reasons, the
fair value of retained shares shall be premeasured at the date of the ownership change happened.
The sum of consideration of equity disposal and the fair value of retained equity, less the share
of net asset in the original subsidiary shall be accounted into current investment gains. Other
gains related to share investment in original subsidiary shall be transferred into investment gains
of current term.
When the control is not lost at disposal of partial share equity or other reasons, the
difference related to the foreign currency account shall be accounted into minority shareholders‘
equity, instead of current gain/loss account. When equity disposed was part of affiliates or joint
ventures in overseas area, the differences related to the overseas business shall be transferred
into current gain/loss at portion of share.
10. Financial assets and liabilities
（1） Financial assets
1） Categories of financial assets
Financial assets are categorized as: financial assets accounted at fair value with fluctuation
carried into current gain/loss account, investment hold to maturity, loans, and sellable financial
assets.
Financial assets accounted at fair value with fluctuation carried into current gain/loss
account are those held-for-sale items which are listed under transactional financial assets on the
Balance Sheet.
Held-to-maturity items refer to those non-derivate financial assets which have fixed
expiration date, retrievable amount, and the Company has definite intention and ability to hold
these investments until mature date.
Loans and receivable accounts are those non-derivate financial assets without quotation
price in the active market, but with fixed retrievable amount. Financial assets categorized under
45
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
loans and receivables include notes receivable, account receivable, interest receivable, dividend
receivable and other receivable.
Sellable financial assets are those non-derivate financial assets recognized as sellable items
at initial recognition, and financial assets could not be put under any other categories.
2）Recognition and measuring of financial assets
Financial assets or liabilities are recognized when the Group becomes a party of the
contract of financial instrument. Financial assets and liabilities are measured at fair value
initially. For financial assets and liabilities accounted at fair value with fluctuation accounted
into current gain/loss account, the transaction expenses shall be accounted into gain/loss account
directly. Whereas the expenses of financial assets and liabilities fall into other categories shall
be accounted at initial amount recognized.
Fair value basis is adopted in successive measurement of financial assets measured at fair
value and with variations accounted into current gain/loss account. Loans, other receivable
accounts, and investment held to maturity are recorded at cost.
Financial assets measured by fair value are accounted to gain/loss of fair value. Interests
or dividends gained during the period of holding are recognized as investment gains. The
difference between the fair value and the initial book value is recognized to investment gain/loss,
and the fair value gain/loss shall be adjusted accordingly.
Except for the impairment loss and exchange loss caused by foreign currency financial
assets, the variation of fair value of financial assets are accounted into shareholders‘ equity, and
the accumulation of variation of fair value shall be carried over to gain/loss until disposal of
financial asset. Interests announced or received during the holding of investment instruments are
accounted into current gain/loss account.
3）Financial asset impairment
Except for financial assets accounted at fair value and variation accounted into current
gain/loss account, the Company undertakes revaluation on the book value of other financial
assets at balance sheet day, whenever practical evidence showing that impairment occurred,
impairment shall be made. Evidence for impairment on financial instrustments is referring to
those events having influences on the expected cash flow, and which can be reliably measured.
Practical evidences on impairment of financial assets are the followings:
(1) The issuer or the debtor is in serious financial difficulty;
(2) The debtor has broken the conditions of contract, for instance default or
overdue of payment for interest or principal;
(3) With consideration of economic or legal factors, the Company decided to
give way to the debtor who is in financial difficulty;
46
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
(4) There is great possibility that the debtor will bankrupt or use other debt
reorganizing process;
(5) Financial asset is not able to be traded in the active market because the issuer
is in significant financial difficulty; (6) It is hard to tell whether the cash flow of a
particular asset in a portfolio has been declining, whereas upon overall evaluation, the
Company discovered that the predicted cash flow of the portfolio has practically
decreased since the initial recognition, and the decrease is quantifiable, including:
- The debtor of the portfolio is becoming worse in ability of making payments;
- Particular situation happened with the country or area where the debtor is
located, which may cause obstructions for payment of the financial asset;(7) Major
negative change occurred with the technical, market, economical, or legal environment
of the debtors‘ business territory, which may cause obstructions for the investor to
retrieve the investment;
(8) The fair value of equity investment instrument is significantly decreasing or
non-contemporarily decreasing;
(9) Other practical evidence showing that impairment has happened with the
financial asset.
Financial assets measured at cost after amortizations are written down to the current value
of predicted future cash flow, the reduced amount is recognized as impairment loss and
provision shall be provided upon it. If practical evidence showing that a particular financial
asset has recovered in value, and practically related to the issues occurred after recognition of
the loss, the recognized impairment loss is restored, and accounted to current gain/loss.
When impairment occurred with a sellable financial asset, the accumulated losses caused
by decreasing of fair value categorized into owners‘ equity shall be carried over to current
gain/loss account. If evidence is showing that the value of a particular financial asset has
recovered in value after an impairment loss has been recognized, the impairment loss
recognized shall be restored and accounted into current gain/loss. Impairment loss of sellable
equity investment instrument will be restored to owners‘ equity when the fair value has
increased afterward.
4） Transferring of financial assets
Recognition of an asset will be terminated when a financial asset satisfies one of the
following conditions:(1) The rights set out by the contract by which the t cash flow of the
financial asset is collected have been terminated;(2) The financial asset has been transferred to
other parties along with all of the risks and rewards attached to the financial asset;(3) The
financial asset has been transferred to other parties, although rights of risks and rewards
remained, the Company gave away its control over it.
47
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
If the firm did not transfer the risks and rewards attached to the financial asset, and did not
give away the control over the financial asset, then the relative financial asset or liability is
recognized to the extent of continuous involving in the financial asset. Continuous involving
means the company still bear the risks of value fluctuations.
When the overall transferring of particular financial asset has satisfied the conditions of
termination, the difference between ―the book value and offer in transferring‖ and
―accumulation of fair value fluctuation which has been accounted into miscellaneous income‖
shall be accounted into current income account.
When partially transferring of particular financial asset has satisfied conditions of
termination, the book value of transferred financial asset shall be amortized between the
terminated part and un-terminated part according their corresponding fair value, and the
difference between ―the total of the consideration received in transferring and the accumulative
of fair value fluctuation originally accounted into other misc. income amortizable to termination
part‖ and ―amortizable aforesaid book value‖ shall be accounted into current income account.
（2） Financial liabilities
At initial recognition, financial liabilities are classified into financial liabilities measured at
fair value with changes accounted into current income account or other financial liabilities.
Financial liabilities accounted at fair value and fluctuation accounted into current gain/loss
account are categorized as transactional financial liabilities and those which assigned to be
financial liabilities accounted at fair value and fluctuation are categorized into current gain/loss
account. Successive measurement of financial liabilities measured at fair value and fluctuation
accounted into current gain/loss account shall be valued on fair value basis. Gains or losses from
fluctuation of fair value or dividend and interests related to the financial liabilities shall be
accounted into current gain/loss account.
Accounting of other financial liabilities is on actual interest basis; successive
measurements are on amortized cost basis.
When the current liabilities of particular financial liability have been wholly or partially
relieved, recognition of the financial asset correspondingly can be terminated. The difference
between the recognized book value of the terminated part and the consideration is accounted
into current gain/loss.
（3） Derivative financial instruments and embedded derivative instruments
48
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Derivative instruments are initially measured on fair value basis on the day when the
contracts are signed, and successive measurements are on fair value as well. Change of fair
value of derivative instruments are accounted into current income account.
For combined instruments with embedded derivative instruments, when they are not
assigned as financial assets or liabilities on fair value basis and changes accounted into current
income account, there is no close relationship between the embedded derivative instruments and
the main contract regarding financial and risk characteristics, and the individual instrument is
satisfying the definition of derivative instrument, the embedded derivative instrument shall be
separated from the combined instrument and treated as if it is an individual derivative
instrument. In case individual measurement is not able to be carried out on the embedded
instrument at acquisition day or successive period, then the combined instrument is assigned to
financial asset or liability accounted on fair value basis with changes accounted into current
income account.
（4） Recognition of fair value of financial assets and liabilities
1） If there is an active market for the financial instrument, its fair value is defined as the
quotation in the active market.
Financial assets or liabilities held by the Group or about to be held by the Group are
recognized at their fair value upon the current quotation in the active market.
If there is not such current quotation or inquiry price for the financial assets or
liabilities, however there has been no significant change to the economical environment
after the latest transaction, the market price of the latest transaction shall be used to
recognize the fair value of the financial asset or liability. If there is significant change
afterwards, the fair value shall be adjusted to the latest transaction price with reference to
the current prices or interest rates of similar financial assets or liabilities. When the Group
has obtained sufficient evidence showing that the price of latest transaction is not valued at
the fair value, it could be adjusted appropriately and recognized as the fair value of the
financial asset or liability.
2） When there is no any active market for a financial instrument, its fair value shall be
measured by using of evaluating technique, which includes the prices decided by
voluntary parties, current fair value of other substantial equivalent financial assets,
cash flow discount method, or the pricing model of equity option.
11. Bad debt preparation on receivable accounts
49
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
The Group uses the following situations as standards for recognition of bad debt of accounts
receivable: wound-up, bankruptcy, receivership, serious shortage of cash, or serious natural
disaster happened to the debtor, and the liabilities are not possible to be recovered in an
expectable time; the liability has not been recovered for over three years; or there is definite
evidence showing the liability is not possible to be recovered or retrieved.
Allowance method is adopted in accounted for bad debts. Impairment tests are performed
individually and in groups at end of period. Bad debt provisions are provided and accounted to
current gain/loss. Those accounts receivable with definite evidence showing that they are
impossible to be retrieved, they will be classified as bad debt loss upon the statutory process of
the Group, and shall be offset from the bad debt provisions.
（1） Recognition and providing of bad debt provision on individual receivable account
with large amount
Judgment basis or amount The receivable accounts with single item amount exceeding RMB 5
standard for significant single million are regarded as significant receivable accounts
item amount
Counting and drawing The Group performs impairment test separately on individual
method of significant single financial assets with large amounts; those financial assets tested
item amount and single item separately with no impairment found shall be tested again along with
counted and drawn bad debt the group of financial assets with similar risk characteristics.
preparation Financial assets confirmed for impairment shall not be tested along
with the group of financial assets with similar risk characteristics.
（2） Receivable accounts with insignificant single item amount but with bad debt preparation
Reason for single counted The Company performs impairment test separately on individual
and bad debt preparation financial assets with small amounts but with evidence showing that
the contract cash flow may not be recovered; those financial assets
tested separately with no impairment found shall be tested again
along with the group of financial assets with similar risk
characteristics. Financial assets confirmed for impairment shall not
be tested along with the group of financial assets with similar risk
characteristics.
（3） Receivable accounts with counted and drawn bad debt preparation according to
portfolio
Basis for determining the portfolio
Portfolio I The portfolio is divided according to the credit risk
characteristics of the debt unit, and it is mainly the receivable
50
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
accounts without impairment after single test (including
receivable accounts from the related parties of the Group,
government departments and cooperation parties, petty cash
and deposit etc. with significant or insignificant single item
amount), and the possibility for this kind of accounts to have
bad debt is very low.
This portfolio covers the accounts receivable other than those
from the related parties, government departments, and
Portfolio II co-operators. Bad debt provisions are decided by the Group
with reference to its historical experiences and on age analysis
basis.
Method of counting and drawing bad debt preparation according to portfolio
Portfolio I Does not count and draw bad debt preparation
Portfolio II Age analysis method
（4）The counting and drawing proportions of bad debt preparation of receivable accounts
adopting age analysis method are as follows:
Age Rate for receivables (%) Rate for other receivables (%)
Within 6 months 2 2
(including 6 months)
6-12 months 5 5
1-2 years 20 20
2-3 years 50 50
Over 3 years 100 100
12. Inventories
Inventories are divided into real estate development products, raw materials, finished
products and stocks, low-value and consumable products and others.
The real estate development products include: real estate development products under
construction, development products which have been completed, land to be developed, etc. The
actual costs of real estate development products include the price of land, infrastructure
expenses, expenditures on construction and installation, the borrowing costs before the
completion of the development projects and other related costs. When the inventories are
delivered, it should be valued at the actual cost using individual valuation method.
51
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Construction contracts are measured at actual costs, including related direct and indirect
expenses occurred from signing to completion of the contract. Accumulated actual costs and
accumulated recognized gross profit (loss) and settled prices are demonstrated at net value in the
balance sheet after neutralization. The balance of ―total of accumulated actual cost and
accumulated recognized gross profit (loss)‖ over the ―settled price‖ is demonstrated as inventory.
The balance of ―settled price‖ over ―total of accumulated actual cost and accumulated
recognized gross profit (loss)‖ is demonstrated as account received in advance.
Expenses such as travelling expenses and bidding expenses related to construction contract
are accounted into contract cost when they can be distinguished and measured reliably, and the
contract is engaged. Otherwise are accounted into current income account.
Inventory system is using perpetual inventory system.
Low-value consumables are amortized on ―one-off basis‖.
On the balance sheet day, inventories are measured on whichever is lower between the cost
and the net realizable value. When its net realizable value is lower than the cost, inventories
shall be impaired. Realizable net value is the amount of predicted sales price less predicted cost
at completion of construction, less predicted sales expense and tax. Recognition of realizable net
value of inventory shall consider the post balance sheet issues and be recognized when
confirmed evidence is obtained and it is for the purpose to hold the inventory.
Provisions for impairment of inventories shall be accounted to the difference between the
cost of individual inventory items and the net realizable value.
After providing inventory impairment provision, if the impacting factors that caused
impairment of inventory were eliminated, and the realizable value of the inventory become
higher than the book value, the inventory impairment provision formerly provided shall be
restored into current income account.
13. Long-term share equity investment
Long-term equity investments are those share equities of the entities on which the Group is
holding substantial control, common control, or major influences, and those equity investments
without substantial control, common control or major influence, without quotations in an active
market, and no reliable measurement on their fair value.
Control power refers to the power on an enterprise regarding its financial and business
decisions, and benefits can be acquired from the business operation of the enterprise.
52
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Common control means the Group has the power of control along with other parties as set
out by contract. When none of single partner can dominate the business operation of a joint
enterprise, and the decision-making process has to be consent to all of the parties, it is
recognized as common control.
Major influence means the Group has the power to participate in financial issues and
decision-making process, but still has no control over the entity individually or jointly with
other parties. Major influence is recognized when the Group is holding over 20% (included) but
lower than 50% shares ownership, directly or indirectly. No major influence is recognized if
there is definite evidence showing that the Group is not able to participate in any of the
decision-making process of the invested entity.
Long-term equity investment acquired through merger of entities under common control is
recognized as book value of owners‘ equities at the date of merger. Long-term equity
investment acquired through merger of entities under different control are valued at the
combination of the fair values of the assets paid , liabilities undertaken, and equity securities
issued.
Except for the long-term equity investments acquired through merger of entities, the
long-term equity investments acquired by cash consideration are recognized at their costs
according to the considerations paid. Long-term equity investments acquired through issuing of
equity securities are recognized at their costs according to the fair value of the equity securities
issued. Long-term share equity investment input by the investors is recognized at the price as set
out by the investment contracts or agreements. Long-term equity investments acquired through
trading of non-monetary assets are recognized according to the relative accounting standards.
Investments of the Group on subsidiaries are valued on cost basis, and adjusted on equity
basis when preparing consolidated financial statements; investments on joint ventures are
valued on equity basis. Long-term equity investment without control power, common control or
major influences, and there is no quotation in an active market, the fair value is not able to be
measured reliably are on cost basis; long-term equity investment without control power,
common control, or major influence, but there is quotation in an active market, and the fair
value can be measured reliably, could be accounted as sellable financial assets. When cost
basis is adopted, long-term equity investments are accounted at initial investment costs. The
costs are adjusted when additional investments were made or investment retrieved. When equity
basis is adopted, the gain/loss of the investment shall be recognized as net gain/loss of the
invested entity in current year. At recognition of the net gain/loss of the invested entity,
recognition shall be upon adjustment of the net profit basing on the fair value of the
recognizable assets, according to the accounting policies and fiscal period of the Group. For
those long-term equity investments in joint-ventures held prior to the initiative execution, if it is
53
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
debit balance of equity investment related to the investment, the investment gain/loss shall be
recognized after deducting debit differences and shall be amortized over periods.
Those long-term equity investments without common control or major influence due to
reduce of investment input, and if there is no quotation in an active market, nor their fair value
are not able to be measured reliably, shall be changed to value on cost basis. Investments with
control power due to increase of investment input, shall be changed to be valued on cost basis
too. Investments with common control or major influence but no control power due to
additional investment, or long-term investment without control or common control or major
influence due to disposal of investment equity, shall be changed to be valued on equity basis.
At disposal of long-term equity investment, the difference between the book value and the
actual consideration acquired is accounted into current investment gains. Long-term equity
investment shall be valued on equity basis, if it is accounted into owners‘ equity due to other
changes in owners‘ equity of the invested entities, the part of investment originally accounted to
owners‘ equity shall be transferred to current investment gains at disposal.
14. Investment property
Investment property is including the rented land use rights and the land use rights which
are held and prepared for transfer after appreciation, and the rented buildings.
Investment properties are booked at their actual costs, Purchased properties consist of
purchase price, taxes, and other expenses directly related to the asset. Self-built property
consists of construction costs and necessary expenses to make the asset available for use.
The Group adopts the cost model for remeasurements of the investment real estate, and
depreciation or amortization according to the policies that are in consistent with the land use
rights. The expected useful life, net retained value rate, and annual depreciation (amortizing)
are:
Category Depreciation age (years) Estimated net salvage Annual
value rate (%) depreciation rate
(%)
Land using right Remaining service life of land 0 -
using right
Houses and buildings 20 years 10% 4.5%
When the purpose of the investment property is changed to self-use, from the day of change, the
investment property is changed to fixed asset. When the usage of a self-use property was changed to
54
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
for rental or value adding purposes, it will be transferred from fixed assets to investment property.
The book value before will be used as the book value after.
At disposal of investment properties permanently and no further financial benefit is expected to
obtain from the property, recognition of the investment property will be eliminated. Balance of income
from disposal, transferring, discarding, or clearing of investment properties less the book value and
related taxes is accounted into current gain/loss account.
15. Fixed assets
Fixed assets are defined as the tangible assets which are held for the purpose of producing
goods, providing services, lease or operation & management, and have more than one year of
useful life.
The fixed assets include houses and buildings, machine equipment, transportation
equipment, office equipment and others, which are booked as the cost of obtaining. Fixed assets
purchased from abroad are booked as the price plus tariff and all necessary expenses to make
the asset available for use. Cost of fixed assets which are built by the Group itself consists of the
necessary costs of building and expenses before the asset become usable. Fixed assets input by
investors are booked at the prices setup in the investment contract, however if the contract price
is not a fair value, the fair value basis shall be adopted. Fixed assets obtained in term of finance
lease, shall be booked at the lower of the fair value of the leased asset and the least rental
payment.
For the subsequent expenditures related to the fixed assets, including the repair
expenditures and reconstruction expenditures, shall be accounted into cost of fixed assets when
they are satisfying the conditions of recognition. The replaced part of the assets shall be added
to book value; if the recognition condition is not satisfied, shall be accounted into current
gain/loss account at occurring.
Except the fixed assets fully depreciated but still in use and land which is booked at its
price individually, the Group provides depreciation table on all fixed assets. Straight-line basis
is adopted in depreciation, and is accounted into costs of related assets or current expenses. The
depreciation age, expected ratio of retained value, and annual depreciation ratio are as the
following:
Depreciation age Estimated salvage Annual depreciation
Category
No. (yrs) value rate (%) ratio (%)
1 Houses & buildings 10–50 years 5%-10% 1.8%-9.5%
55
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Depreciation age Estimated salvage Annual depreciation
Category
No. (yrs) value rate (%) ratio (%)
2 Equipment & machinery 10–20 years 5%-10% 4.5%-9.5%
3 Transportation equipment 5–10 years 5% 9.5%-19%
4 Electronics, furniture, appliances 5–10 years 5% 9.5%-19%
The Group revises at the end of year, the estimated useful life, estimated salvage value, and
depreciation policies of the fixed assets. If any change happened, it will be treated as changing
of accounting estimates.
When fixed asset is disposed, or making no financial benefit by using or disposing it,
recognition is terminated. Income from disposal, transferring, discarding of fixed assets, less its
book value and taxes, is accounted into current income account.
16. Construction in process
Constructions in progress are measured on actual costs. Construction projects by the Group
itself are measured upon direct materials, wages, and construction fee; outsourced projects are
measured upon project consideration; equipment installation is measured upon the value of
equipment, installation fee, and test expenses. Cost of construction in progress includes
borrowing expenses and exchange gain/loss to be capitalized.
When a construction in progress became usable, it will be transferred to fixed assets
according to its estimated value or its actual cost, and depreciation shall be provided starting the
very next month. The difference of original value of the fixed asset shall be adjusted upon
completion of acceptance procedures..
17. Borrowing expenses
Borrowing expenses include borrowing interests, amortization of discount or premium,
auxiliary expenses, and exchange balances due to borrowings in foreign currencies. Borrowing
expenses attributed for purchasing or construction of assets are complying with capitalizing
conditions and starting to be capitalized when the payment of asset and borrowing expenses
have already occurred, and the purchasing or production activities in purpose of make the asset
usable or sellable have started. Capitalization will be terminated as soon as the asset that
complying with capitalizing conditions has reached its usable or saleable status. The other
borrowing expenses are recognized as expenses when occurred.
Interest expenses occurred for a special borrowing is capitalized after deducting the bank
saving interest of unused borrowed fund or provisional investment gains. Capitalization
56
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
amounts of common borrowings are measured by the weighted average of exceeding part of
accumulated asset expenses over the special borrowing assets multiply the capitalizing rate of
common borrowings adopted. Capitalization rates are measured by the weighted average
interest rates of common borrowings.
Assets satisfying conditions of capitalization include fixed assets, investment property and
inventory which need a long period of time (usually over one year) to be made usable or
sellable.
If purchasing, construction, or manufacturing process of an asset satisfying the conditions
of capitalization is suspended for over 3 months, capitalizing of borrowing expenses shall be
suspended until the purchasing, construction, or manufacturing process is resumed.
18. Intangible assets
Intangible assets include land-using rights, patented technologies, non-patented
technologies, etc. and are measured at their initial costs when obtained. Intangible assets
purchased are booked at the actual cost to purchase and relative expenses. Intangible assets
transferred in by investors are booked at the contract or agreement price, but if the contract or
agreement price is not fairly acceptable, it will be booked at fair value.
Land using rights are amortized straightly to its usable years since the date of acquiring;
patented technologies, non-patented technologies and other intangible assets are amortized
straightly to the shortest of anticipated useful life, beneficiary years stipulated by contracts, and
legal effective years. The amortized amounts shall be accounted into cost of related assets and
current gain/loss according to the beneficiary objects.
As for those intangible assets with limited useful life, their anticipated useful life and
amortizing basis shall be revalued at end of each fiscal year. Changes shall be treated as change
of accounting estimation if any. The anticipated useful age of intangible asset with uncertain
useful life shall be revised in each fiscal term. If there is evidence showing that the useful life is
limited, then it will be estimated and amortized over periods.
19. Impairment of non-financial long-term assets
The Group performs verifications on subjects such as long-term equity investments, fixed
assets, constructions in progress, and intangible assets with limited usable life. Whenever one or
more of the following evidences indicating that impairment has obtained, the impairment test
shall be performed. Impairment tests will be undertaken upon goodwill and intangible assets
with uncertain usable life, whether or not there is evidence of impairment. If it is hard to
measure the retrievable amount of a single asset, it shall be tested along with a portfolio of
assets.
57
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
If the book value of an asset is greater than its residual amount, the difference shall be
recognized as impairment loss. Once the impairment losses have been recognized with the
above said assets, they will not be reversed in successive fiscal periods. Residual amount of
asset is the higher of the net amount of fair value minus disposal expense and the current value
of anticipated future cash flow of the asset.
Evidences of impairments:
(1) When the market price of an asset has declined significantly, and the scale of decline is
obviously greater than the anticipated scale of decline upon time or normal use;
(2) When there is major change with the economical, technical or legislative environment
and in the market of the asset in current time or a close future, negative influence could be made
on the enterprise;
(3) Market interest or other rates of return on investment has increased, therefore
influences the discount rate of current value of anticipated future cash flow, which may cause
major decrease of residual amount of the asset;
(4) There is evidence showing that the asset is out of date or has been damaged;
(5) The asset has already been or will be put into idle, suspended, or disposed of in
advance;
(6) If there is any internal report showing that the economical performance has been or will
be lower than it was expected, e.g. the net cash flow or operational profit (or loss) the asset
contributed is far lower (or higher) than it was expected;
(7) Other evidence showing that impairment could have occurred.
20. Goodwill
Goodwill is the difference of the investment cost or cost of merger under different control
over the share of recognizable net asset and its fair value at the date of acquisition of the
acquired entity.
Goodwill related to subsidiaries are presented individually in consolidated financial
statements, goodwill related to affiliates are included in the book value of long-term equity
investment.
21. Long-term amortizable expenses
Long-term amortizable expenses are expenses that are already occurred and amortizable to
the current term and successive terms for over one year. Long-term amortizable expenses are
evenly amortized to the benefit periods. In case the long-term amortizable expense item is not
58
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
benefiting the successive periods, the retained value shall be transferred to current gain/loss
account in whole.
22. Employees’ remunerations
Employees‘ wages payable are recognized as liabilities in the fiscal period when the
employees are providing services to the Group. It will be accounted into cost and expenses of
related assets according to the beneficiary which is served by particular employee.
Compensations for dismissing service contract with employees shall be accounted into current
gain/loss.
Employees‘ wages are including the expenses that related to the service of the employees,
such as salaries, bonus, allowances, welfare, social security, housing fund, trade union
allowance, and training fee.
If the service of an employee is dismissed before expiration of the service contract, or
voluntary resign of employee and if the Group has already produced plan to dismiss their
service or proposed compensation scheme, and will be put into operation, or the Group is not
able to dismiss the service contract or lay-off proposal, the anticipated liability shall be
recognized as compensations to the employees to be dismissed, and shall be accounted into
current gain/loss.
23. Equity instrument
Equity instrument refers to the contract of which the Group is holding the retained equity
of an asset after deducting all liabilities. Transaction expenses occurred in issuing of equity
instruments by the merger parties shall be reduced from the premium of equity instruments. If it
is not sufficient to be reduced, the retained gains shall be reduced. For the other equity
instruments, the consideration received shall be added to shareholders‘ equity after deducting
transaction expenses. Consideration and transaction expense at repurchasing of equity
instruments are reduced from shareholders‘ equity. No gains or losses are recognized at issuing,
repurchasing, disposing, or cancelling of equity instruments.
Allocations made by the Group of equity instruments (exclude share dividends), is reduced
from the shareholders‘ equity. The Group doesn‘t recognize the fluctuate amount of fair value
of equity instruments.
24. Anticipated liabilities
Liabilities are recognized when all of the following conditions are satisfied by business
operation regarding contingent issues such as external guarantee, discounting of commercial
drafts, unsettled lawsuit or arbitrations, and quality warrant: a contemporary obligation the
59
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Group undertakes; executing of the obligation may cause benefit outflow; the amount of the
obligation can be measured reliably.
Expected liabilities are initially measured at the best estimation on expenses to exercise the
current responsibility, and with considerations to the relative risks, uncertainty, and periodic
value of currency. When the periodic value of currency is subject to great change, then the best
estimation will be determined at the discount of future cash outflow. The book value of
expected liability is revised at balance sheet day, and adjustment will be made to reflect current
best estimation.
25. Revenue Recognition
(1) Principles of Revenue Recognition: business revenues of the Group are mainly sales of
property products, rental, property management fee, and construction contracts. Revenue is
recognized when:
1） Property product revenue is recognized when the following conditions are
satisfied:
A. The sales contract is filed by the authority of land administration;
B. Completion and reception of the property;
C. All of the payments or rights on the payment from buyers of property have been
obtained by the company (e.g. the bank has issued written approval to accept the mortgage);
D. Handover procedures have been completed, or it may be regarded as accepted by the
buyer according to the property trade contract.
2） Rental income: rental incomes from investment property are recognized on
straight basis to the periods of rental as set by the contract.
3） Property management fee: recognized when service has been delivered, the
related monetary benefit can inflow to the company, and both of the income and
cost can be measured reliably.
26. Construction contracts
Construction contract income and costs are recognized on percentage basis at balance
sheet day when the income could be measured reliably. Monetary benefit may inflow to the
Group. Actual costs could be divided and measured significantly. The completed costs and
expected successive costs could be determined reliably. When percentage basis is adopted, the
percentage of progress is determined by the ratio of cost already occurred on expected total cost
/ completed workload on planned total workload, or actual measured progress cost.
60
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
If the results of construction contract are not able to be reliably estimated, and the costs
can be recovered, income shall be recognized at the cost actually recovered. Contract costs are
recognized as contract expenses at current term. If the costs are not recoverable, they are
recognized as contract cost rather than contract income.
Construction contracts are verified at end of each term. Loss provisions are provided
whenever the anticipated total cost of a construction contract will be greater than the anticipated
total income. The predicted loss is recognized as current gain/loss.
27. Government subsidy
Government subsidies are recognized as soon as all of the supplementary conditions
attached are satisfied: when it is received; when the government subsidy is a monetary capital, it
is measured as the actual amount, while if it is a fixed amount allowance, it is measured as the
receivable amount; if the government subsidy is a non-monetary asset, it is measured at fair
value, if no fair value could be obtained, it will be measured by nominal value (RMB).
Asset-related government subsidies are recognized as deferred income, and accounted on
average basis to current gain/loss for the useful life of the asset. Income-related government
subsidies are recognized as deferred income when they are used to compensate expenses or
losses in future period, and accounted to gain/loss account of the related period; whereas
accounted to current gain/loss when they are used to compensate expenses or losses already
occurred.
28. Deferred income tax asset and deferred income tax liability
Income tax expenditures include current income tax and differed income tax.
At the balance sheet date, the income tax liabilities (or assets) created at current period or
previous periods are measured by the predicted income tax payable according to the tax law.
The temporary differences between the book values and taxable basis of certain assets are
recognized as deferred income tax asset and deferred income tax liabilities on liability basis of
the balance sheet.
Generally, all of the temporary differences are recognized for related deferred income tax.
For the temporary deductible differences, the Group may possibly recognize deferred income
tax asset to the limit of taxable income could be used. Those taxable temporary differences,
which are related to initial recognition of goodwill, and are neither were generated under
enterprise merger, nor initial recognition of assets or liabilities generated by trades make no
61
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
influence on the accounting profit and taxable income (or deductible losses), are not recognized
as relative deferred income tax liabilities.
Deductible losses and tax deduction which could be transferred to successive years are
recognized as deferred income tax assets to the limit of future taxable income which could be
used to utilize deductible losses and tax deduction.
Meanwhile, those taxable temporary differences related to investments in subsidiaries, joint
businesses, and cooperative businesses, and if the Company is able to control the utilize time of
the temporary differences, and these temporary differences are neither be written back in an
expectable future, shall not be recognized as relative differed income tax liabilities. Deductible
temporary differences related to investment in subsidiaries, affiliates, and joint ventures, are
recognized as deferred income tax asset only when the temporary differences could be written
back in predicable future, and the taxable income amount could be obtained to deduct the
deductible provisional differences.
At the balance sheet day, those differed income tax assets and income tax liabilities,
according to the tax law, calculation will be on tax rate applicable to retrieving period of assets
or clearing of liabilities.
Except for those current income taxes and differed income taxes related to trades which are
directly accounted into shareholders‘ equity are accounted into other incomes, and differed
income tax generated by merger of businesses are adjusted in the book value of goodwill, all
current income taxes and differed income taxes expenditures or incomes are accounted into
current gain/loss account.
At the balance sheet day, verification will be performed on the book value of differed
income tax assets. If it is not possible to obtain enough taxable income to neutralize the benefit
of differed income tax assets, then the book value of the differed income tax assets shall be
reduced. Whenever obtaining of taxable income became possible, the reduced amount shall be
restored.
When accounting with net amount is a stipulated rights, and tending to account with net
amount or acquire of asset and clearing of debts are performed simultaneously, the income tax
asset and liabilities of the current term are accounted at net amount after neutralization.
When accounting of income tax asset and liabilities of current term with net amount is the
stipulated rights, and the income tax asset and liabilities are related to the same subject
recognized by the same taxation authority, or to the different subjects but within each period of
writing back the differed income tax asset and liabilities with great importance, and tending to
62
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
account with net amount or acquire of asset and clearing of debts are performed simultaneously,
the income tax asset and liabilities of the current term are accounted at net amount after
neutralization.
29. Leases
The Group categorizes the leasing businesses to finance leasing and operational leasing at
the date of occurring.
Finance leasing refers to those leased assets with all of risks and rewards attached to them
being practically transferred. When the Group is the leasee, the book value of the leased asset
will be the lower one of fair value and the current value of lowest rental payment; while the
lowest rental payment will be booked as long-term payable account; the difference between the
above two will be recorded as un-recognized financial expenses.
Operational leasing refers to leased assets other than finance leasing. When the Group is
the leasee, the rental shall be accounted into asset cost or current gain/loss on straight basis;
while the Group is the leaser, the rental shall be accounted as revenue on straight basis to the
rental period.
30. Accounting of income tax
Liability method is adopted in accounting of income tax in the balance sheet. Income tax
expense consists of current year income tax and deferred income tax. Except for the current year
income tax which is accounted into shareholders‘ equity, and the deferred tax into shareholders‘
equity, and the deferred income tax due to merger of entities used to adjust the book value of
goodwill, other current year income tax and deferred income tax are accounted into current
gain/loss.
Current year income tax refers to the amount of tax payable to the tax bureau upon the
trade and transactions occurred in current year, i.e. tax payable. Deferred tax refers to the
difference between the deferred income tax asset recognized on the basis of balance sheet
liability basis and the payable amount of deferred income tax liability at the end of year.
31. Segment information
Business segments are decided according to the organization structure, management
requirement and internal reporting system. Reporting segments are decided according to
business segments. Business segments refer to the components within the group satisfying the
following conditions: the component is able to contribute income in daily operation and costs as
well; it is possible for the management to evaluate the business results, so that it could be
63
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
decided to allocate resources; financial position, business performance and cash flow
information may be acquired by the company.
Transactions among segments are decided upon market prices, common expenses are
allocated on rational portions, except for those could not be allocated.
32. Remarks on main accounting estimations
The Group adopts a number of estimations and assumptions when preparing financial
statements, these estimations and assumptions could make influences on the application of
accounting policies and amounts of assets, liabilities, revenue, and expenses. Actual situation
may be different with these estimations. Management will perform continuous evaluation on the
judgment of key assumptions and uncertain factors. Change in accounting estimations will be
recognized in the current term or the future term.
The following estimations and assumptions could cause major risks on impairment of the
book value of assets and liabilities in future periods.
(1) Impairment of account receivable
The Group measures account receivable and the amount of impairment upon the retained
costs at balance sheet day to evaluate whether impairment has occurred. Objective evidences
of impairment include observable data which indicates great decrease of future cash flow with
individual or portfolio of accounts receivable, or data shows significant negative situation of the
debtor. Whenever there is evidence showing that the value of particular receivable account has
recovered, the impairment loss recognized originally shall be restored.
(2) Inventory impairment provision
The Group evaluates the realizable net value of inventories on a regular base, and the
difference of inventory cost over the realizable value will be recognized as inventory
impairment loss. When the Group is estimating the realizable net value of an inventory, it is
measured upon the amount of anticipated sales price minus costs to completion, sales expenses
and taxes. If the actual selling price or cost is different to the estimated amounts, the
management shall adjust the realizable net value accordingly. Therefore, the estimated results
based on current circumstances may be different with those of in the future, which may cause
adjustment on the book values of balance sheet. Thus the amount of inventory impairment
provision could change along with the aforesaid situation. Adjustment on inventory impairment
provision will therefore impact the current gain/loss.
(3) Accounting estimation of goodwill impairment provision
64
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
The Group performs impairment test on goodwill items. Accounting estimations are used
to determine the current value of future cash flow, which is the residual amount of the group of
assets.
If the management is adjusting the gross interest rate adopted in accounting of future cash
flow of an asset group or portfolio of groups, additional impairment provision shall be provided
on goodwill if the revised gross interest rate is lower than the current one.
If the management is adjusting the discount rate before tax which is applying to the cash
flow, additional impairment provision shall be provided on goodwill if the revised discount rate
before tax is higher than the current one.
If the actual gross interest rate or discount rate before tax is higher or lower than the
estimation of management, the Group doesn‘t write back the impairment loss of goodwill which
has been provided previously.
(4) Accounting estimation of fixed asset impairment provision
Impairment test is done upon fixed assets such as houses and plants, and equipment, which
are showing evidence of impairment. Residual amount of fixed asset is the higher of current
value of anticipated cash flow and fair value of the asset after deducting of disposal expenses.
Accounting estimation is adopted in accounting of this subject.
If the management is adjusting the gross interest rate adopted in accounting of future cash
flow of an asset group or portfolio of groups, additional impairment provision shall be provided
on the fixed asset if the revised gross interest rate is lower than the current one.
If the management is adjusting the discount rate before tax which is applying on the cash
flow, additional impairment provision shall be provided on the fixed asset if the revised discount
rate before tax is higher than the current one.
If the actual gross interest rate or discount rate before tax is higher or lower than the
estimation of management, the Group doesn‘t write back the impairment loss of fixed asset
which has been provided previously.
(5) Accounting estimation of recognition of deferred income tax assets
Estimation of deferred income tax asset is based on the estimation of tax payable and
applicable tax rate of each year, actualizing of the deferred income tax asset is dependent on
whether the Group could obtain sufficient taxable income. Change of future tax rate and writing
back of temporary difference could influence the income tax expense (income) and balance of
deferred income tax. These changes in estimation could cause major adjustment on deferred
income tax.
65
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
(5) Useful life of fixed assets and intangible assets The Group revalues the anticipated
useful life of fixed assets and intangible assets as least once at end of each year. Useful life is
decided by the management basing on historical experiences of similar assets, and with
reference to the estimation wildly adopted in the industry as well as expected technical
upgrading. Depreciation expenses and amortization expenses of future periods are adjusted as
soon as major changes happened to previous estimations.
III. Taxation
Class of tax Tax base Tax rate
Corporate income tax Amount of income taxable Note 1
Business tax Income from sales or leasing of property 5%
Income from sales of goods (Note 2) 17%
VAT
Income from power supply (Note 2) 17%
On Excess Ratio Progressive
Income from property sales – amount of
Land VAT of Tax Rate
deducted items
of 30%-60%
Amount received for land using rights and
Contract tax 3%
estates
70% of the original value of estates or rental
Property tax 1.2%或12%
(Note 3)
City maintenance and
Operational tax (or VAT paid) 1%-7%
construction tax
3%
Education surtax Operational tax (or VAT paid)
Local education fee and surtax Operational tax (or VAT paid) 2%
Note 1: According to Tax Regulations of Hong Kong, the income tax rate on the
subsidiaries of the Company located in Hong Kong is 16.5%, while the income tax rate for other
subsidiaries is 25%.
Note 2: VAT amount is the balance of output tax less deductible input tax. Output tax is
calculated basing on the sales income and related tax rates provided by tax law.
Note 3: Property taxes are paid upon statutory tax rate times 70% of the fixed property and
rental property, or rental income.
66
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
IV. Merger of enterprises and consolidated financial statements
(I) Subsidiary companies
Actual Minor Amount of minor
capital Share shareholders’ shareholders’
Area Name of the Company Grade Reg.Add. Business Registered capital BusinessScope input as of proportion Voting power Consolidated? equity atthe equity used to offset
property （RMB0,000） end of term (%) (%) end of the the gain/lossof
(RMB term minor
0,000) shareholders
Subsidiariesgotthrough enterprise mergerundercommon control
Shenzhen Property
Property
ChinaMerchants Grade1 Shenzhen 300,000 developmentand 375,747.00 100.00 100.00 Yes Notapplicable Notapplicable
development sales
PropertyCo., Ltd.
Shenzhen CM
Powersupplyand
PowerSupplyCo., Grade1 Shenzhen Powersupply 5,700 power sales 59,297.80 100.00 100.00 Yes Notapplicable Notapplicable
Ltd.
Special
Shenzhen measurement
ChinaMerchants technologies
Measuremen authorized by
ElectricPower Grade2 Shenzhen 150 Shenzhen Quality 150.00 100.00 100.00 Yes Notapplicable Notapplicable
t
MeasurementCo., andTechnical
Ltd. Supervisory
Shenzhen Bureau
Property
management,
China decoration,
MerchantsProperty Property consultancy,
Grade1 Shenzhen 2,500 propertyfacility 16,920.00 100.00 100.00 Yes Notapplicable Notapplicable
ManagementCo., management sales,
Ltd. maintenance,
propertyleasing
and agency
Shenzhen Property Property
ChinaMerchants Grade2 Shenzhen 1,120 management, 1,120.00 100.00 100.00 Yes Notapplicable Notapplicable
management decoration,
Property
67
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Actual Minor Amount of minor
capital Share shareholders’ shareholders’
Area Name of the Company Grade Reg.Add. Business Registered capital BusinessScope input as of proportion Voting power Consolidated? equity atthe equity used to offset
property （RMB0,000） end of term (%) (%) end of the the gain/lossof
(RMB term minor
0,000) shareholders
ManagementCo., consultancy,
Ltd. propertyfacility
sales,
maintenance,
propertyleasing
and agency
Shenzhen CM Managingof
Property
QileProperty Grade3 Shenzhen 200 propertiesunder 120.00 60.00 60.00 Yes -1,891,470.52 84,837.13
management possession
Management Ltd.
Property
management and
matching
services,purchase
Shenzhen and salesof
XingzhaoProperty Property construction
Grade3 Shenzhen 150 materials, 150.00 100.00 100.00 Yes Notapplicable Notapplicable
ManagementCo., management decoration
Ltd. materials, sanitary
ware,
environmental
protection articles
and office articles
Shenzhen CM Property
Shekou Property development,
Grade3 Shenzhen 1,000 operation, 1,000.00 51 51 Yes 4,907,132.59 Notapplicable
Construction Co., development propertyagency
Ltd. (Note1) etc.
Operatingand
developingof
Shekou landT105-0114
Property
XinghuaIndustrial Grade2 Shenzhen HKD4,742 located in Shekou, 3,806.50 65.07 65.07 Yes 44,159,340.56 Notapplicable
development rentingand
HoldingsCo., Ltd.
managingofown
properties
68
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Actual Minor Amount of minor
capital Share shareholders’ shareholders’
Area Name of the Company Grade Reg.Add. Business Registered capital BusinessScope input as of proportion Voting power Consolidated? equity atthe equity used to offset
property （RMB0,000） end of term (%) (%) end of the the gain/lossof
(RMB term minor
0,000) shareholders
Developingof
land SKN401
Shekou Zhaofa Property located in Shekou,
Grade2 Shenzhen 3,600 constructionof 3,600.00 100.00 100.00 Yes Notapplicable Notapplicable
PropertyCo., Ltd. management commerce
buildings and
facilities
Zhangzhou Property
Property 295,102,022.3
ChinaMerchants Grade1 Zhangzhou 45,000 developmentand 22,950.00 51.00 51.00 Yes 686,038.60
development sales 1
PropertiesCo., Ltd.
Property
management,
decoration,
Zhangzhou consultancy,
Property
Zhangzhou CMProperty Grade2 Zhangzhou 50 propertyfacility 50.00 100.00 100.00 Yes Notapplicable Notapplicable
management sales,
Management Ltd.
maintenance,
propertyleasing
and agency
Zhangzhou Property
Property
CM Honglong Grade2 Zhangzhou 4,000 developmentand 3,844.80 100.00 100.00 Yes Notapplicable Notapplicabl
development sales
PropertyLtd.
Operateand
manage the
chargedparking
lotofOnward
Beijing CM Science&Trade
Property Property Centre,property
North ChinaArea Grade2 Beijing 500 management, 400 80.00 80.00 Yes 4,210,715.84 Notapplicable
ManagementCo., management
Ltd. decoration,
consultation,sales
and repairof
property
equipment
69
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Actual Minor Amount of minor
capital Share shareholders’ shareholders’
Area Name of the Company Grade Reg.Add. Business Registered capital BusinessScope input as of proportion Voting power Consolidated? equity atthe equity used to offset
property （RMB0,000） end of term (%) (%) end of the the gain/lossof
(RMB term minor
0,000) shareholders
Property
management,
Shanghai CM decoration,
Property consultation,sales
Grade2 Shanghai Property USD62 and repairof 512.92 100.00 100.00 Yes Notapplicable Notapplicable
ManagementCo., property
Ltd. equipment,rental
and salesof
property
Property
Shanghai CM Property development,
EastChinaArea Grade2 Shanghai 3,000 sales and related 3,000.00 100.00 100.00 Yes Notapplicable Notapplicable
PropertyCo., Ltd. development
after service
Property
management,
NanjingCM decoration,
Property Property consultation,sales
Grade2 Nanjing 500 and repairof 500.00 100.00 100.00 Yes Notapplicable Notapplicable
ManagementCo., management property
Ltd. equipment,rental
and salesof
property
Property
management,
Wuhan CM decoration,
Central China Property Property consultation,sales
Grade2 Wuhan 500 and repairof 500.00 100.00 100.00 Yes Notapplicable Notapplicable
Area ManagementCo., management property
Ltd. equipment,rental
and salesof
property
Eureka
Hong
Overseas Investment Grade1 Investment HKD160,000 Investment 130，132.45 100.00 100.00 Yes Notapplicable Notapplicable
Kong
company
Subsidiariesgotthrough enterprise mergerunderdifferentcontrol
70
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Actual Minor Amount of minor
capital Share shareholders’ shareholders’
Area Name of the Company Grade Reg.Add. Business Registered capital BusinessScope input as of proportion Voting power Consolidated? equity atthe equity used to offset
property （RMB0,000） end of term (%) (%) end of the the gain/lossof
(RMB term minor
0,000) shareholders
Hotelconsultation
service,trainingof
allkindsof
personnelofthe
hotelindustry,
Shenzhen operatingof
Haitao HotelCo., Grade2 Shenzhen Hotelservice 600 guestroom, 510.00 85.00 85.00 Yes 1,853,252.24 Notapplicable
Ltd. Chinese and
western
restaurant,
laundry,
entertainmentand
canteen
Property
Shenzhen Shenzhen developmentand
Property 490,459,843.8
VankeBinhai Grade2 Shenzhen 100,000 operation on the 50,000.00 50.00 50.00 Yes 6,958,840.69
development blockswith legal 6
PropertyCo., Ltd.
landusingright
Shenzhen Property
Property consultancy,
MeiyueProperties Grade2 Shenzhen 100 planningand 100.00 100.00 100.00 Yes Notapplicable Notapplicable
development
ConsultantsCo., Ltd. brokerage
Property
Shenzhen CM developmentand
Property operation, 150,192,782.8
RundePropertyCo., Grade2 Shenzhen 1000 propertyagency, 11,755.00 51.00 51.00 Yes -304,328.36
development 2
Ltd. runningof
industries
Electronic
productssuch as
Guanhuagang TV audio,settop
box and DVD
Shenzhen Trading (Shenzhen) Grade6 Shenzhen Trade 100 player etc., 70.18 70.18 100.00 Yes Notapplicable Notapplicable
Ltd. electrical
materials,pipe
materials,
71
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Actual Minor Amount of minor
capital Share shareholders’ shareholders’
Area Name of the Company Grade Reg.Add. Business Registered capital BusinessScope input as of proportion Voting power Consolidated? equity atthe equity used to offset
property （RMB0,000） end of term (%) (%) end of the the gain/lossof
(RMB term minor
0,000) shareholders
construction
materials
Tianjin CM Investingin
Property property
TaidaInvestment Grade2 Tianjin 30,000 developmentby 18,000.00 60.00 60.00 Yes 114,940,867.72 2,274,991.69
development
Co., Ltd. itsown capital
Investmenton
property, hi-tech
Tianjin industry,
Tianjin construction
Property
Zhaojiang Grade2 Tianjin 3,000 industry, garden 2,310.00 77.00 77.00 Yes 3,038,267.13 676,431.41
development greeningindustry
InvestmentCo., Ltd.
etc.with
self-possessed
fund
Qingdao Property
Property 162,984,315.3
Qingdao ZhongrundeAuto Grade1 Qingdao 2,640 developmentand 1,346.40 51.00 51.00 Yes 4,254,191.80
development sales 0
Trade Co., Ltd.
Property
Shanghai CM development,
Property internaldecoration
FengruiProperty Grade2 Shanghai 1,000 service,tradeof 1,000.00 100.00 100.00 Yes Notapplicable Notapplicable
development
Ltd. construction
Shanghai materials
Shanghai
FengyangProperty Property Property 295,080,729.4
Grade2 Shanghai 3,000 developmentand 1,800.00 60.00 60.00 Yes Notapplicable
Development Co., development sales 1
Ltd.
Property
Yunnan CM development,
Property sales,rent,
Yunnan ChengtouProperty Grade2 Kunming 1,000 decoration, 600.00 60.00 60.00 Yes 3,610,385.96 388,821.48
development
Co., Ltd. agency, property
management
72
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Actual Minor Amount of minor
capital Share shareholders’ shareholders’
Area Name of the Company Grade Reg.Add. Business Registered capital BusinessScope input as of proportion Voting power Consolidated? equity atthe equity used to offset
property （RMB0,000） end of term (%) (%) end of the the gain/lossof
(RMB term minor
0,000) shareholders
Property
development,
property
Haerbin CM management,
Jiatian Property Property housing agency,
Haerbin Grade1 Haerbin 5,000 indoordecoration, 2,500.00 50.00 50.00 Yes 67,325,205.25 2,552,122.04
Development Co., development investmenton
Ltd. commerce and
theeducation
industry,housing
rental
Investmentand
shareholding;the
affiliated
companyis
engagedin
DongliIndustry Cayman manufacturing, HKD
Grade3 Investment HKD30,000 processing, 70.18 70.18 Yes -8,152,765.91 7,573,674.08
Holding Co., Ltd. Islands 749.86
Hong Kong buying and selling
ofconsumption
electronic
productsand
relatedparts
Huaxian Co., Hong
Grade4 Investment HKD1 Investment 0.81 100.00 100.00 Yes Notapplicable Notapplicable
Ltd. Kong
ChuangjinliCo., Hong
Hong Kong Grade4 Investment HKD1 Investment 0.81 100.00 100.00 Yes Notapplicable Notapplicable
Ltd. Kong
Subsidiariesgotthrough establishingorinvestment etc.
Property
Shenzhen development,
ChinaMerchants Property property
South China Grade1 Shenzhen 20,000 management, 20,000.00 100.00 100.00 Yes Notapplicable Notapplicable
Shangzhi development
InvestmentCo., Ltd. project
investment,
73
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Actual Minor Amount of minor
capital Share shareholders’ shareholders’
Area Name of the Company Grade Reg.Add. Business Registered capital BusinessScope input as of proportion Voting power Consolidated? equity atthe equity used to offset
property （RMB0,000） end of term (%) (%) end of the the gain/lossof
(RMB term minor
0,000) shareholders
propertyagency
Shenzhen
ChinaMerchants Property Leasingof
Grade1 Shenzhen 2,500 self-owned 2,500.00 100.00 100.00 Yes Notapplicable Notapplicable
Xin‘an Properties development properties
Co., Ltd.
Shenzhen
Meilun Hotel
ManagementCo., Runningof
Ltd. (former industries,
Grade2 Shenzhen Investment 1,000 domestic 1,000.00 100.00 100.00 Yes Notapplicable Notapplicable
Shenzhen City
Home Court commerce
InvestmentCo.,
Ltd.)
Shenzhen CM Property Real-estate
operation,
Property Grade2 Shenzhen agency 200 information & 200.00 100.00 100.00 Yes Notapplicable Notapplicable
ConsultancyLtd. service consulting
Indoorgolfcourt,
ShenzhenTaige Propertyrental,
Apartment restaurant,
Grade2 Shenzhen Hotelservice 100 shopping mall, 100.00 100.00 100.00 Yes Notapplicable Notapplicable
ManagementCo.,
Ltd. salesofwater
supplyfacilities
Shenzhen CM Industrial
Anye Investment investment,
Grade2 Shenzhen Investment 1,000 domestic 510.00 51.00 51.00 Yes -3,675,674.18 1,956,598.86
Development Co.,
Ltd. commerce
Construction
Shenzhen CM engineering,
Property
Construction Co., Grade2 Shenzhen 15,000 decoration, 15,000.00 100.00 100.00 Yes Notapplicable Notapplicable
development elevator, air
Ltd.
conditioner
74
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Actual Minor Amount of minor
capital Share shareholders’ shareholders’
Area Name of the Company Grade Reg.Add. Business Registered capital BusinessScope input as of proportion Voting power Consolidated? equity atthe equity used to offset
property （RMB0,000） end of term (%) (%) end of the the gain/lossof
(RMB term minor
0,000) shareholders
maintaining,sales
ofconstruction
materials
Developingof
commercial
Shenzhen CM property,
Property operation,
Commerce Grade2 Shenzhen 18,000 management, 9,180.00 51.00 51.00 Yes 72,526,869.69 2,599,711.91
development
Development Ltd. leasing,
investmentin
industry
Shenzhen Hotel
Shekou SeaWorld Hotel management,
Grade2 Shenzhen 3,000 exportofgoods 1,530.00 51.00 51.00 Yes 13,485,457.44 619,815.83
HotelManagement management
Co., Ltd. and technologies
Property
developmentand
operation,
propertyagency,
Shenzhen Jinyu property
RongtaiInvestment Property management,
Grade2 Shenzhen 3,000 design and 1,500.00 50.00 50.00 Yes 15,025,299.11 Notapplicable
Development Co., development
Ltd. constructionof
indoorand
outdoor
decoration
engineering
Property
Shenzhen
developmentand
Merchant Property
Grade2 Shenzhen 1,000 operation, 1,000.00 51.00 51.00 Yes NotApplicable
Construction Co., development
propertyagency,
Ltd
etc.
Shenzhen Grade2 Shenzhen 1,400 Property 1,400.00 100.00 100.00 Yes Notapplicable Notapplicable
Property
Pingshan CM development,
75
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Actual Minor Amount of minor
capital Share shareholders’ shareholders’
Area Name of the Company Grade Reg.Add. Business Registered capital BusinessScope input as of proportion Voting power Consolidated? equity atthe equity used to offset
property （RMB0,000） end of term (%) (%) end of the the gain/lossof
(RMB term minor
0,000) shareholders
PropertyCo., development sales,and services
Ltd.(Note4)
Guangzhou
Property
WanshangProperty Property
Grade2 Guangzhou 10,000 developmentand 3,400.00 34.00 51.00 Yes 61,052,266.77 641,658.91
Development Co., development
sales
Ltd.
Specialized
Guangzhou
Property property
ChinaMerchants Grade2 Guangzhou 20,000.00 20,000.00 100.00 100.00 Yes Notapplicable Notapplicable
development development,
Real-estate Co., Ltd.
leasingand sales
Development,
construction,
rentaland salesof
blocksof
Property 368,009,452.9
Jiulongcang Grade2 Foshan
development
USD9,990 ―yangfanggang‖, 4,995.00 50.00 50.00 Yes
5
1,180,939.41
PropertyCo., Ltd. Nongchan
Village
Committee,
ShishanTown
Office, Nanhai
District,Foshan
Foshan CM Property
Property
XinchengHi-Tech Grade2 Foshan 1000 development, 1,000.00 100.00 100.00 Yes Notapplicable Notapplicable
development
Co., Ltd. sales,and services
Foshan Property USD
Property 1,056,884,939.
XinchengProperty Grade3 Foshan USD12,700 development, 50.00 50.00 Yes Notapplicable
development 6,350 23
Co., Ltd. sales,and services
76
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Actual Minor Amount of minor
capital Share shareholders’ shareholders’
Area Name of the Company Grade Reg.Add. Business Registered capital BusinessScope input as of proportion Voting power Consolidated? equity atthe equity used to offset
property （RMB0,000） end of term (%) (%) end of the the gain/lossof
(RMB term minor
0,000) shareholders
Property USD
FoshanXinjie Property
Grade3 Foshan USD21,980 development, 100.00 100.00 Yes Notapplicable Notapplicable
PropertyCo., Ltd. development 21,980
sales,and services
Property
FoshanSunde
development,
Evian Desheng Property
Grade4 Foshan 1,000 operation and 1,000.00 100.00 100.00 Yes Notapplicable Notapplicable
PropertyCo., development
propertyagency
Ltd.(Note3)
etc.
Property
FoshanYiyun
development,
Property Property
Grade3 Foshan 3,000 construction,sales, 1,500.00 50.00 50.00 Yes 8,683,062.11 1,873,854.17
Development Co., development
rent,and property
Ltd.
management
Zhuhai CM
Property
Property Property
Grade2 Zhuhai 800 developmentand 800.00 100.00 100.00 Yes Notapplicable Notapplicable
Development Co., development
sales
Ltd.
Zhuhai Property
Property
YuanfengProperty Grade2 Zhuhai 800 developmentand 408.00 51.00 51.00 Yes 81,686,639.65 Notapplicable
South China development
Co., Ltd. sales
Developmentof
Hainan CM
tourismprojects,
Ocean Property 800,109,601.7
Grade1 Qionghai 200,000 commercial 200,000.00 60.00 60.00 Yes 7,496.30
Development Co., development 4
projects,hotel
Ltd.
management
CMProperty Property
Property
North China Development Grade1 Beijing 3000.00 developmentand 3000.00 100.00 100.00 Yes Notapplicable Notapplicable
development
(Beijing)Ltd. sales
77
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Actual Minor Amount of minor
capital Share shareholders’ shareholders’
Area Name of the Company Grade Reg.Add. Business Registered capital BusinessScope input as of proportion Voting power Consolidated? equity atthe equity used to offset
property （RMB0,000） end of term (%) (%) end of the the gain/lossof
(RMB term minor
0,000) shareholders
Property
development,
China
interior
MerchantsJiaming
Property decoration,sales 660,554,389.1
(Beijing)Property Grade2 Beijing 35,000 17,500.00 50.00 50.00 Yes Notapplicable
development ofconstruction 2
Development Co.,
material,import
Ltd.
and exportof
technologies
Property
development,
Beijing salesofits
KangladeProperty Property products,hotel
Grade2 Beijing 38,000 22,800.00 60.00 60.00 Yes 112,241,192.90 21,895,914.13
Development Co., development development,
Ltd. import& export
ofgoodsand
technologies
Tianjing Property
Property
ZhaoshengProperty Grade1 Tianjin 3,000 development, 3,000.00 100.00 100.00 Yes Notapplicable Notapplicable
development
Co., Ltd. sales,and services
Tianjin China Property
Property
Merchants Grade2 Tianjin 4,000 development, 3,000.00 75.00 75.00 Yes 14,505,307.05 12,596.84
development
PropertiesCo., Ltd. sales,and services
Property
Tianjin development,
GangweiProperty Property sales,leasing,
Grade3 Tianjin 3,000 3,000.00 100.00 100.00 Yes Notapplicable Notapplicable
Development Co., development management and
Ltd. information
service
North China Qingdao Grade2 Qingdao Property 1,000 Property 1,000.00 100.00 100.00 Yes Notapplicable Notapplicable
78
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Actual Minor Amount of minor
capital Share shareholders’ shareholders’
Area Name of the Company Grade Reg.Add. Business Registered capital BusinessScope input as of proportion Voting power Consolidated? equity atthe equity used to offset
property （RMB0,000） end of term (%) (%) end of the the gain/lossof
(RMB term minor
0,000) shareholders
Zhongrunde development developmentand
PropertyCo., Ltd. operation
management,
property
management,
construction
installation and
construction
decoration
Developmentof
（G-2012-030）
propertyproject
on theblockeast
ofNo.48 line,
southof
Tongshun Road,
west ofHexin
Qingdao Haide Road, and north
Property Property ofHaiyueRoad USD
Grade4 Qingdao USD4,000 100.00 100.00 Yes Notapplicable Notapplicable
Development Co., development underplanning, 2,700
Ltd. sales and rentalof
commercial
housing,property
services,design
and construction
ofindoorand
outdoor
decoration
engineering
EastChina Shanghai China Grade2 Shanghai 3,000 Property 3,000.00 100.00 100.00 Yes Notapplicable Notapplicable
Property
Merchants developmentand
79
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Actual Minor Amount of minor
capital Share shareholders’ shareholders’
Area Name of the Company Grade Reg.Add. Business Registered capital BusinessScope input as of proportion Voting power Consolidated? equity atthe equity used to offset
property （RMB0,000） end of term (%) (%) end of the the gain/lossof
(RMB term minor
0,000) shareholders
PropertiesCo., Ltd. development salesof
construction
materials
Property
management,
decoration,
Shanghai CM
consultancy,
Property Property
Grade2 Shanghai USD62 propertyfacility USD 62 100.00 100.00 Yes Notapplicable Notapplicable
ManagementCo., management
sales,
Ltd.
maintenance,
propertyleasing
and agency
Property
development,
Shanghai CM interior
Property
MinshengProperty Grade2 Shanghai 3,000 decoration, 3,000.00 100.00 100.00 Yes Notapplicable Notapplicable
development
Ltd. trade of
construction
materials
Property
development,
Shanghai CM interior
Property
FengshengProperty Grade2 Shanghai 3,000 decoration, 3,000.00 100.00 100.00 Yes Notapplicable Notapplicable
development
Ltd. trade of
construction
materials
Shanghai China Property
Property
Merchants Grade2 Shanghai 3,000 development, 3,000.00 100.00 100.00 Yes Notapplicable Notapplicable
development
Real-estatesCo., Ltd. sales,and services
80
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Actual Minor Amount of minor
capital Share shareholders’ shareholders’
Area Name of the Company Grade Reg.Add. Business Registered capital BusinessScope input as of proportion Voting power Consolidated? equity atthe equity used to offset
property （RMB0,000） end of term (%) (%) end of the the gain/lossof
(RMB term minor
0,000) shareholders
Property
Shanghai development,rent
Jingyuan Property Property ofproperties, 147,637,025.
Grade3 Shanghai 55,500 30,525.00 55.00 55.00 Yes 340,767.84
Development Co., development property 16
Ltd. management,
interiordecoration
Property
developmentand
operation,
property
management,
rentalof
self-possessed
Shanghai CM housing,indoor
Property
HongfaProperty Grade3 Shanghai 3,000 and outdoor 3,000.00 100.00 100.00 Yes Notapplicable Notapplicable
development
Co., Ltd. decoration and
design service,
commercial
information
consultation,
parkinglot
management
service
CMProperty Property
Property
Development Grade2 Nanjing 3,000 development, 3,000.00 100.00 100.00 Yes Notapplicable Notapplicable
development
(Nanjing)Ltd. sales,and services
NanjingCM Property
Property Property management,
Grade2 Nanjing 500 500.00 100.00 100.00 Yes Notapplicable Notapplicable
ManagementCo., management decoration,
Ltd. consultancy,
81
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Actual Minor Amount of minor
capital Share shareholders’ shareholders’
Area Name of the Company Grade Reg.Add. Business Registered capital BusinessScope input as of proportion Voting power Consolidated? equity atthe equity used to offset
property （RMB0,000） end of term (%) (%) end of the the gain/lossof
(RMB term minor
0,000) shareholders
propertyfacility
sales,
maintenance,
propertyleasing
and agency
Property
development,
NanjingChina
property
Merchants Property
Grade3 Nanjing 3,000 management, 3,000.00 100.00 100.00 Yes Notapplicable Notapplicable
RuishengProperty development
project
Co., Ltd.
investment,
propertyagency
Property
development,
China
property
MerchantsProperty Property
Grade1 Zhenjiang 5,000 management, 5,000.00 100.00 100.00 Yes Notapplicable Notapplicable
Development development
project
(Zhenjiang)Co., Ltd.
investment,
propertyagency
Property
development,
Zhenjiang
property USD
YingshengProperty Property
Grade3 Zhenjiang USD11,800 management, 100.00 100.00 Yes Notapplicable Notapplicable
Development Co., development 11,800
project
Ltd.
investment,
propertyagency
Zhenjiang Development and
Nanshan Innovation Property constructionofthe
Grade2 Zhenjiang 5,000 3,000.00 60.00 60.00 Yes Notapplicable Notapplicable
IndustrialPark development industrialpark,
Development Co., sales and rentalof
82
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Actual Minor Amount of minor
capital Share shareholders’ shareholders’
Area Name of the Company Grade Reg.Add. Business Registered capital BusinessScope input as of proportion Voting power Consolidated? equity atthe equity used to offset
property （RMB0,000） end of term (%) (%) end of the the gain/lossof
(RMB term minor
0,000) shareholders
Ltd. (Note5) housing
China Property
MerchantsProperty Property development,
Grade1 Suzhou 3,000 3,000.00 100.00 100.00 Yes Notapplicable Notapplicable
Development development operation and
(Suzhou)Co., Ltd. sales
Suzhou CM Property
Property 157,461,506.7
Nanshan Property Grade1 Suzhou 10,000 development, 6,000.00 60.00 60.00 Yes Notapplicable
development 2
Co., Ltd. sales,and services
Property
developmentand
operation,
property
information
Suzhou CM
Property consultation,
YonghuafuProperty Grade2 Suzhou 3,000 3,000.00 100.00 100.00 Yes Notapplicable Notapplicable
EastChina development housingrental,
Co., Ltd.
indoordecoration,
property
management
parkinglot
management.
Property
Suzhou developing, sales, USD
Property 920,447,403.0
Shuanghu Property Grade2 Suzhou USD24,400 and after-sale 50.00 50.00 Yes Notapplicable
development 24,400 0
Co., Ltd. serviceswithin the
authorized land
Suzhou CM Property
Property development,
Yishanjun Property Grade2 Suzhou 3,000.00 3,000.00 100.00 100.00 Yes Notapplicable Notapplicable
development sales,and related
Co., Ltd. (Note6)
after servicein the
83
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Actual Minor Amount of minor
capital Share shareholders’ shareholders’
Area Name of the Company Grade Reg.Add. Business Registered capital BusinessScope input as of proportion Voting power Consolidated? equity atthe equity used to offset
property （RMB0,000） end of term (%) (%) end of the the gain/lossof
(RMB term minor
0,000) shareholders
authorized block
Property
developmentand
operation,
property
management,
rentalof
China self-possessed
MerchantsProperty housing,indoor
Property
Development Grade1 Changzhou 3,000 and outdoor 3,000.00 100.00 100.00 Yes Notapplicable Notapplicable
development
(Changzhou)Co., decoration and
Ltd. design service,
commercial
information
consultation,
parkinglot
management
service
Dalian Zhaoyu Property
Property
Northeast PropertyCo., Ltd. Grade3 Dalian 3,000 development, 1,530.00 51.00 51.00 Yes 14,270,864.22 429,135.87
development
(Note2) sales and services
Property
development,
Chengdu China project
Property
MerchantsBeihu Grade1 Chengdu 5,000 investment, 5,000.00 100.00 100.00 Yes Notapplicable Notapplicable
development
Southwest PropertyCo., Ltd. propertyagency,
and management
service
Grade1 Chengdu 1,000 Property 1,000.00 100.00 100.00 Yes Notapplicable Notapplicable
Chengdu CM Property
development,
84
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Actual Minor Amount of minor
capital Share shareholders’ shareholders’
Area Name of the Company Grade Reg.Add. Business Registered capital BusinessScope input as of proportion Voting power Consolidated? equity atthe equity used to offset
property （RMB0,000） end of term (%) (%) end of the the gain/lossof
(RMB term minor
0,000) shareholders
PropertyCo., Ltd. development property
management,
project
investment,
propertyagency
Property
development,
Chengdu CM
project
BeichengProperty Property
Grade2 Chengdu 1,000 investment, 1,000.00 100.00 100.00 Yes Notapplicable Notapplicable
Development Co., development
propertyagency,
Ltd.
and management
service
Property
development,
CMProperty Property
Grade1 Chongqing 3,000 leasingof 3,000.00 100.00 100.00 Yes Notapplicable Notapplicable
(Chongqing)Ltd. development
self-owned
properties
Property
China
development,
MerchantsProperty
Property internaldecoration
Development Grade1 Chongqing 3,000 3,000.00 100.00 100.00 Yes Notapplicable Notapplicable
development service,tradeof
(Chongqing)garden
construction
CityCo., Ltd.
materials
Chongqing Developing,
ChinaMerchants Property leasing,salesand USD
Grade5 Chongqing USD53,400 100.00 100.00 Yes Notapplicable Notapplicable
Land Development development managementof 53,400
Co., Ltd. property
China Property Property
Southwest MerchantsProperty Grade1 Guizhou 3,000 investmentand 3,000.00 100.00 100.00 Yes Notapplicable Notapplicable
development
Development(Bijie sales,property
85
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Actual Minor Amount of minor
capital Share shareholders’ shareholders’
Area Name of the Company Grade Reg.Add. Business Registered capital BusinessScope input as of proportion Voting power Consolidated? equity atthe equity used to offset
property （RMB0,000） end of term (%) (%) end of the the gain/lossof
(RMB term minor
0,000) shareholders
Guizhou)Co., Ltd. agencyservice,
propertyservice,
design and
constructionof
indoorand
outdoor
decoration
engineering
Investmenton
property, housing
rental,property
service,design
and construction
China
ofindoorand
MerchantsShangzhi Property
Grade2 Guizhou 2,000 outdoor 2,000.00 100.00 100.00 Yes Notapplicable Notapplicable
(BijieGuizhou) development
decoration.The
InvestmentCo., Ltd.
main business
plateofthe
Companyis
investmenton
property.
Property
BijieCM
management,
Property Property
Grade2 Guizhou 300 salesofproperty 300.00 100.00 100.00 Yes Notapplicable Notapplicable
ManagementCo., management
equipment,
Ltd.
on-siterepair
Fujian Property
Xiamen and Zhongliansheng Property development,
Grade1 Xiamen 5,000 2,500.00 50.00 50.00 Yes 32,812,977.61 Notapplicable
Zhangzhou Property development propertyrentand
Development Co., sales,property
86
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Actual Minor Amount of minor
capital Share shareholders’ shareholders’
Area Name of the Company Grade Reg.Add. Business Registered capital BusinessScope input as of proportion Voting power Consolidated? equity atthe equity used to offset
property （RMB0,000） end of term (%) (%) end of the the gain/lossof
(RMB term minor
0,000) shareholders
Ltd. management,
construction
works,interior
decoration,rentof
construction
equipment
Property
development,
housingrental and
sales,property
China service,
MerchantsProperty Property constructionof
Grade1 Xiamen 5,000 5,000.00 100.00 100.00 Yes Notapplicable Notapplicable
Development development construction
(Xiamen)Co., Ltd. engineering,
indoordecoration
service, salesof
construction
materials
Property
development,
China
property
MerchantsProperty Property
Grade1 Wuhan 3,000 management, 3,000.00 100.00 100.00 Yes Notapplicable Notapplicable
Development development
project
(Wuhan)Co., Ltd.
investment,
Central China propertyagency
Wuhan CM Property
Property Property management,
Grade2 Wuhan 500 decoration, 500.00 100.00 100.00 Yes Notapplicable Notapplicable
ManagementCo., management
Ltd. consultancy,
propertyfacility
87
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Actual Minor Amount of minor
capital Share shareholders’ shareholders’
Area Name of the Company Grade Reg.Add. Business Registered capital BusinessScope input as of proportion Voting power Consolidated? equity atthe equity used to offset
property （RMB0,000） end of term (%) (%) end of the the gain/lossof
(RMB term minor
0,000) shareholders
sales,
maintenance,
propertyleasing
and agency
Developmentof
propertyprojects,
sales and rentalof
commercial
WuhanXinde
housing,property USD
Property Property
Grade4 Wuhan USD9,800 service,design 100.00 100.00 Yes Notapplicable Notapplicable
Development Co., development 9,800
and construction
Ltd.
ofindoorand
outdoor
decoration
engineering
Developmentof
propertyprojects,
sales and rentalof
commercial
Wuhan
housing,property USD
AomingProperty Property
Grade4 Wuhan USD9,800 service,design 100.00 100.00 Yes Notapplicable Notapplicable
Development Co., development 9,800
and construction
Ltd.
ofindoorand
outdoor
decoration
engineering
Wuhan Mingjie Developmentof
Property Property propertyprojects, USD
Grade4 Wuhan USD7,906 100.00 100.00 Yes Notapplicable Notapplicable
Development Co., development sales and rentalof 7,906
Ltd. commercial
88
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Actual Minor Amount of minor
capital Share shareholders’ shareholders’
Area Name of the Company Grade Reg.Add. Business Registered capital BusinessScope input as of proportion Voting power Consolidated? equity atthe equity used to offset
property （RMB0,000） end of term (%) (%) end of the the gain/lossof
(RMB term minor
0,000) shareholders
housing,property
service,design
and construction
ofindoorand
outdoor
decoration
engineering
Property
BijieChina
management,
MerchantsProperty Property
Grade2 Guizhou 300 salesofproperty 300.00 100.00 100.00 Yes Notapplicable Notapplicable
ManagementCo., management
equipment,
Ltd.
on-siterepair
Huipeng
Property
Property Hong Property 121,580,370.1
Grade2 HKD1 development, HKD 0.5 50.00 50.00 Yes Notapplicable
Development Co., Kong development 9
sales,and services
Ltd.
Yingze
Hong
Development Co., Grade3 Investment HKD1 Investment HKD1 100.00 100.00 Yes Notapplicable Notapplicable
Kong
Ltd.
Leyi British
Overseas
ShareholdingCo., Grade2 Virgin Investment USD0.01 Investment USD0.01 100.00 100.00 Yes Notapplicable Notapplicable
Ltd. Islands
British
Yungao Co.,
Grade2 Virgin Investment USD0.01 Investment USD0.01 100.00 100.00 Yes Notapplicable Notapplicable
Ltd.
Islands
British
JumboPacificH USD
Grade2 Virgin Investment USD0.0001 Investment 100.00 100.00 Yes Notapplicable Notapplicable
oldingLimited 0.0001
Islands
89
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Actual Minor Amount of minor
capital Share shareholders’ shareholders’
Area Name of the Company Grade Reg.Add. Business Registered capital BusinessScope input as of proportion Voting power Consolidated? equity atthe equity used to offset
property （RMB0,000） end of term (%) (%) end of the the gain/lossof
(RMB term minor
0,000) shareholders
British
UnionBloomLi
Grade3 Virgin Investment USD0.01 Investment USD0.005 51.00 51.00 Yes 854,752.32 Notapplicable
mited
Islands
British
VastJointLimite
Grade3 Virgin Investment USD0.01 Investment USD0.005 51.00 51.00 Yes -13,743.07 3,189.36
d
Islands
Property
management,
decoration,
CMProperty consultancy,
Hong Property
Management(HK) Grade2 HKD1 propertyfacility HKD1 100.00 100.00 Yes Notapplicable Notapplicable
Kong management
Ltd. sales,
maintenance,
propertyleasing
and agency
Cleaningservice,
engineering
KollMerchants Hong Property
Grade3 HKD0.1 maintenance and HKD0.1 100.00 100.00 Yes Notapplicable Notapplicable
Limited Kong management
repairservice,
generaltrade
Property
CMKProperty management,
Overseas Hong Property
ManagementCo., Grade3 HKD10 salesofproperty HKD10 100.00 100.00 Yes Notapplicable Notapplicable
Kong management
Ltd. equipment,
on-siterepair
Aoming
Hong
Development Co., Grade3 Investment HKD0.01 Investment HKD0.01 100.00 100.00 Yes Notapplicable Notapplicable
Kong
Ltd.
Mingjie Grade3 Hong Investment HKD0.01 Investment HKD0.01 100.00 100.00 Yes Notapplicable Notapplicable
90
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Actual Minor Amount of minor
capital Share shareholders’ shareholders’
Area Name of the Company Grade Reg.Add. Business Registered capital BusinessScope input as of proportion Voting power Consolidated? equity atthe equity used to offset
property （RMB0,000） end of term (%) (%) end of the the gain/lossof
(RMB term minor
0,000) shareholders
Development Co., Kong
Ltd.
Xinde
Hong
Development Co., Grade3 Investment HKD0.01 Investment HKD0.01 100.00 100.00 Yes Notapplicable Notapplicable
Kong
Ltd.
British
Chenghui
Grade3 Virgin Investment USD0.01 Investment USD0.01 100.00 100.00 Yes Notapplicable Notapplicable
InvestmentCo., Ltd.
Islands
Jihong
Hong
InternationalCo., Grade3 Investment HKD1 Investment HKD1 100.00 100.00 Yes Notapplicable Notapplicable
Kong
Ltd.
Jianli
Hong
InternationalCo., Grade3 Investment HKD1 Investment HKD1 100.00 100.00 Yes Notapplicable Notapplicable
Kong
Ltd.
MaoshengCo., Hong
Grade3 Investment HKD0.01 Investment HKD0.01 100.00 100.00 Yes Notapplicable Notapplicable
Ltd. Kong
Hong
YuyueCo., Ltd. Grade4 Investment HKD0.0002 Investment 0.0002 100.00 100.00 Yes Notapplicable Notapplicable
Kong
British
Yinrong Co.,
Grade3 Virgin Investment USD0.01 Investment 0.068 50.00 50.00 Yes 110,554,073.48 Notapplicable
Ltd.
Island
Overseas Huiju British
USD
ShareholdingCo., Grade2 Virgin Investment USD0.0002 Investment 100.00 100.00 Yes Notapplicable Notapplicable
0.0002
Ltd. Island
Li Bang British
USD
ShareholdingCo., Grade2 Virgin Investment USD0.002 Investment 100.00 100.00 Yes Notapplicable Notapplicable
0.0002
Ltd. Island
91
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Actual Minor Amount of minor
capital Share shareholders’ shareholders’
Area Name of the Company Grade Reg.Add. Business Registered capital BusinessScope input as of proportion Voting power Consolidated? equity atthe equity used to offset
property （RMB0,000） end of term (%) (%) end of the the gain/lossof
(RMB term minor
0,000) shareholders
British
USD
Juyang Co., Ltd. Grade2 Virgin Investment USD0.0002 Investment 100.00 100.00 Yes Notapplicable Notapplicable
0.0002
Island
British
Huihao Co., USD
Grade2 Virgin Investment USD0.0002 Investment 100.00 100.00 Yes Notapplicable Notapplicable
Ltd. 0.0002
Island
British
USD
Huiyu Co., Ltd. Grade2 Virgin Investment USD0.0002 Investment 100.00 100.00 Yes Notapplicable Notapplicable
0.0002
Island
Zengtian British
USD
ShareholdingCo., Grade2 Virgin Investment USD0.0002 Investment 100.00 100.00 Yes Notapplicable Notapplicable
0.0002
Ltd. Island
92
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Note 1: In January 2013, the Company and Zhenjiang Communications Investment
Construction Development Company jointly contributed capital to establish Zhenjiang
Nanshan Creative Industrial Park Development Co., Ltd. The Company contributed
RMB 30 million, holding 60% equity capital. The Company consolidated this
company..
Note 2: In January 2013, the subsidiary company of the Company Shenzhen CM
Property Co., Ltd. And Shenzhen Zhongrun Tongda Property Development Co., Ltd.
jointly contributed capital to establish Shenzhen CM Shekou Construction Co., Ltd.
Shenzhen CM Property contributed RMB 5.1 million, holding 51% equity capital. The
Company consolidated this company. .
Note 3: In February 2013, the subsidiary company of the Company Tianjin
Zhaosheng Property Co., Ltd. and Dalian Haoyu Investment Co., Ltd. jointly
contributed capital to establish Dalian Zhaoyu Property Co., Ltd. Tianjin Zhaosheng
Contributed RMB 15.3 million, holding 51% equity capital of it. The Company
consolidated this company.
Note 4: In March 2013, the Company contributed RMB 14 million to establish
Shenzhen Pingshan CM Property Co., Ltd., holding 100% equity capital of it. The
Company consolidated this company. Note 5: In April 2013, the subsidiary company of
the Company China Merchants Property Development (Suzhou) Co., Ltd. contributed
RMB 30 million to establish Suzhou CM Yishanjun Co., Ltd., holding 100% equity
capital of it. The Company consolidated this company. Note 6: In May 2013, the
subsidiary company of the Company Guangzhou CM Property Co., Ltd. contributed
RMB 10 million to establish Foshan Shunde Evian Desheng Property Co., Ltd., holding
100% equity capital of it. The Company consolidated this company.
(II) Changes of the scope of consolidation if the consolidated financial statements of the
year
1. Companies brought into the scope of consolidation in the year
Reason for Sharehold
bringing into the ing
Net assets at the end Net profit of the
Name of the company scope of proportio
of the term year
consolidation n (%)
93
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Reason for Sharehold
bringing into the ing
Net assets at the end Net profit of the
Name of the company scope of proportio
of the term year
consolidation n (%)
Newshareholding
Dalian Zhaoyu PropertyCo., Ltd. 51.00 29,124,212.52 -875,787.48
subsidiary
Newshareholding
Shenzhen CM Shekou Construction Co., Ltd. 51.00 10,014,556.31 14,556.31
subsidiary
Foshan Shunde Evian Desheng Property Co., Newshareholding
100.00 9,998,842.10 -1,157.90
Ltd. subsidiary
Newshareholding
Suzhou CMYIshanjunPropertyCo., Ltd. 100.00 29,661,480.14 -338,519.86
subsidiary
Newshareholding
ShenzhenPingshan CM PropertyCo., Ltd. 100.00 13,926,868.50 -73,131.50
subsidiary
2. Companies not brought into the scope of consolidation in the year
Net profit
Reason for not from the
Shareholdi Net assets on
bringing into the beginning of
Name of the ng the disposal
scope of the period to
company proportion day
consolidation the disposal
(%)
day
Shenzhen CM Overseas
The control right has
Chinese City Investment 50.00 895,760,354.68 124,516,417.07
changed
Co., Ltd. (Note)
Note: Considering experiences of the other shareholder —Shenzhen CM Overseas
Chinese City Investment Co., Ltd., in operation and management of large
comprehensive community, after discussion of both shareholders, Overseas Chinese
City Property is now responsible for the operation, management and control of the
project thereafter. Because the control right has changed, since April 1st , 2013, the
company is in the scope of consolidation financial statements, and the company
becomes an associated of the Company.
(III) There was no enterprise merger in this period and in the previous year
(IV) Conversion of foreign currency statements
Currency Balance sheet Profit statement
94
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
HKD 0.7966 0.8044
V. Notes to the main items of the consolidated financial statements
For the data of the financial statements disclosed below, except those specially
notes, terms are by the meaning of ―beginning of the term‖ refers to January 1, 2013,
―end of the term‖ refers to June 30, 2013, ―this term‖ refers to January 1, 2013 to June
30, 2013, ―same period of last year‖ refers to January 1, 2012 to June 30 2012, and the
currency unit is RMB Yuan.
1. Monetary capital
Closingamount Openingamount
Conver Conver
Item sion sion
Originalcurrency ConvertedtoRMB Originalcurrency ConvertedtoRMB
exchan exchan
gerate gerate
Cashonhand 70,056.51 203,589.82
RMB 66,469.12 1.0000 66,469.12 194,214.86 1.0000 194,214.86
HKD 4,503.38 0.7966 3,587.39 11,561.18 0.8109 9,374.96
Bankdeposit 22,769,980,996.30 17,102,255,183.52
RMB 20,458,681,846.46 1.0000 20,444,647,980.53 16,101,503,948.61 1.0000 16,101,503,948.61
HKD 324,565,155.86 0.7966 258,548,603.16 358,806,381.23 0.8109 290,965,220.50
USD 332,230,169.24 6.1787 2,052,750,546.68 112,924,350.01 6.2855 709,786,014.41
Other
monetary 688,521,549.71 1,136,813,474.59
capital
RMB 688,521,549.71 1.0000 688,521,549.71 1,129,333,729.59 1.0000 1,129,333,729.59
USD 1,190,000.00 6.2855 7,479,745.00
Total 23,458,572,602.52 18,239,272,247.93
Note: In other monetary capital, the balance of the unearned sales is supervised
according to Regulations on the Supervision of Pre-Sale Capital, which is RMB
688,521,549.71; and the amount of the currency with limited purpose is RMB
76,793,612.00.
95
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
2．Notes receivable
（1） Categories of notes receivable
Categories Closing amount Opening amount
Bank acceptance 2,947,367.39 5,748,800.00
Trade acceptance
Total 2,947,367.39 5,748,800.00
（2） The closing notes receivable have no acceptance bill of pledge, discount and
endorsement.
3. Accounts receivable
（1） Categories if accounts receivable
Category Closingamount Openingamount
Book balance Baddebtpreparation Book balance Baddebtpreparation
Amount Proportion Amount Countin Amount Proporti Amount Countin
（%） gand on（%） gand
drawing drawing
proporti proporti
on(%) on(%)
Accounts
receivableof
significant
single-item
amountandwith 5,103,149.70 6.21 5,103,149.70 100.00
single-item
countedand
drawnbaddebt
preparaton
Accounts
receivableof
insignificant
single-item
amountbutwih 6,621,006.88 8.06 4,957,608.78 74.88
single-item
countedand
drawnbaddebt
preparaton
Accounts
receivablei
accordancewith
portfolocounted
anddrawnbad
debtpreparation
Portfolio1 23,547,038.83 28.67 0.00 0.00 94,344,063.99 53.75 9,479,852.52 10.05
Portfolio2 46,856,869.41 57.05 3,994,995.82 8.53 81,166,515.78 46.25 3,931,564.52 4.84
Subtotalof
70,403,908.24 85.72 3,994,995.82 5.67 175,510,579.77 100.00 13,411,417.04 7.64
portfolos
96
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Total 82,128,064.82 100 14,055,754.30 175,510,579.77 100 13,411,417.04
The Company changed the bad debt estimation accounting method since the ending of
the report period, and the change caused an increase of about RMB 870,000.00of
accounts receivable bad debt counted and drawn amount during the report period.
1）Overall ageing of the accounts receivable
Closing amount Opening amount
Book balance Book balance
Age Propor Bad debt Propor Bad debt
Amount tion preparation Amount tion preparation
(%) (%)
Within 1
66,834,422.44 1,841,570.75 156,087,371.13 88.93 2,558,411.64
81.38
year
1-2 years 3,385,954.02 2,058,124.39 8,307,742.64 4.73 1,818,101.90
4.12
2-3 years 3,739,196.30 3,650,965.20 4,281,696.90 2.44 3,870,306.00
4.55
Over 3
8,168,492.06 6,505,093.96 6,833,769.10 3.90 5,164,597.50
9.95
years
Total 82,128,064.82 100 14,055,754.30 175,510,579.77 100 13,411,417.04
2） In the portfolios, the accounts receivable and bad debt are prepared in
accordance with aging analysis method
Age Closing amount Opening amount
Book balance Book balance
Propor Bad debt Propor Bad debt
Amount tion preparation Amount tion preparation
(%) (%)
Within 1
42,605,998.61 90.93 1,160,185.75 80,099,727.25 98.69 3,227,989.09
year
1-2 years 1,659,787.04 3.54 331,957.41 145,812.44 0.18 14,581.24
2-3 years 176,462.20 0.38 88,231.10 213,435.20 0.26 64,030.56
Over 3
2,414,621.56 5.15 2,414,621.56 707,540.89 0.87 624,963.63
years
97
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Age Closing amount Opening amount
Book balance Book balance
Propor Bad debt Propor Bad debt
Amount tion preparation Amount tion preparation
(%) (%)
Total 46,856,869.41 100 3,994,995.82 81,166,515.78 100 3,931,564.52
(1) During the report period, due to the partial recovery of the accounts receivable
of bad debt estimates, the recovered bad debt is RMB 573,799.
(2) At the end of the period, there are no debts from shareholder holding over
(including) 5% voting power shares of the Company.
(3) Top five units with the largest amounts of accounts receivable
Age Proportion in Property
Relation
Creditor’ s Name of total of the
with the Amount
rights unit the unit receivables accounts
Company
(%)
CM Jiaming Within 1 Building
(Beijing) year 14.97 sales
Third
Property Client I 12,293,464.00 money
party
Development
Co., Ltd.
CM Property Within 1 Property
Third
Management Co., Client II 8,665,162.62 year 10.55 managem
party
Ltd. ent fee
Chengdu CM Within 1 Building
Third
Property Co., Ltd. Client III 6,711,647.39 year 8.17 sales
party
money
Shenzhen CM Within 1 Power fee
Third
Power Supply Client IV 5,103,149.70 year 6.21
party
Co., Ltd.
Tonic Industries Within 1 Trade
Holdings Limited Third year 5.73 income
Client V 4,701,863.08
party
Total 37,475,286.79 45.63
4. Prepaid accounts
（1） Age of prepaid accounts
Closing amount Opening amount
Item Amount Proportion Amount Proportion
（%） （%）
98
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Within 1 year 8,161,580.60 100.00 8,287,184.01 100.00
Total 8,161,580.60 100.00 8,287,184.01 100.00
（2） The closing prepaid accounts do not include any debt from the shareholder
who has over 5% (including 5%) voting power shares of the Company.
5. Other receivables
（1） Categories of other receivables
Closingamount Openingamount
Bookbalance Baddebtpreparation Bookbalance Baddebtpreparation
Category Counting
Counting
and
Proportion Proporti anddrawing
Amount Amount drawing Amount Amount
(%) on(%) proportion
proportion
(%)
(%)
Otherreceivablesof
significantsingle-iem
amountandwith
11,270,000.00 0.10 11,270,000.00 100.00
single-itemcountedand
drawnbaddebt
preparaton
Otherreceivablesof
insignificantsingle-item
amountbutwih
3,580,645.87 0.03 1,251,753.62 34.96
single-itemcountedand
drawnbaddebt
preparaton
Otherreceivablesi
accordancewith
portfolocountedand
drawnbaddebt
preparaton
Portfolio1 11,676,462,534.22 99.32 0.00 8,151,209,418.45 99.40 5,920,777.53 0.07
Portfolio1 65,459,185.47 0.56 11,581,286.10 17.69 45,145,079.06 0.60 6,942,147.06 15.38
Subtotalofportfolos 11,741,921,719.69 99.87 11,581,286.10 0.10 8,196,354,497.51 100 12,862,924.59 0.16
Total 11,756,772,365.56 100 24,103,039.72 8,196,354,497.51 100 12,862,924.59
The Company changed the bad debt estimation accounting method since the beginning
of the report period, and the change caused an increase of about RMB 1.54 million of
other receivables bad debt during the report period.1) In the portfolios, the accounts
receivable and bad debt are prepared in accordance with aging analysis method
99
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Closing amount Opening amount
Propor Propo
Age Bad debt Bad debt
Amount tion Amount rtion
preparation preparation
(%) (%)
Within 1
50,142,874.57 76.60 1,220,564.56 27,917,804.16 61.84 1,157,877.68
year
1-2 years 3,872,614.99 5.92 774,523.00 4,288,414.95 9.50 428,841.50
2-3 years 3,714,994.77 5.68 1,857,497.40 10,404,902.95 23.05 3,121,470.88
Over 3
7,728,701.14 11.81 7,728,701.14 2,533,957.00 5.61 2,233,957.00
years
Total 65,459,185.47 100.00 11,581,286.10 45,145,079.06 100 6,942,147.06
（1） During the report period, due to the recovery of the other receivables of bad
debt, the recovered bad debt is RMB 2,569,639.
（2） At the end of the period, there are no debts from shareholder holding over
(including) 5% voting power shares of the Company.
（3） Top five units with the most amounts of other receivables
Proportion in
total amount
Relation
Name of the of other Property or
with the Amount Age
unit receivables content
Company
(%)
Deposit land
Within
Client I Third party 1,855,231,000.00 auction earnest
half a year 15.78
money
Correspondence of
Within 2
Client II Third party 1,333,584,095.33 the cooperative
years 11.34
parties
Correspondence of
Within 2
Client III Third party 1,050,000,000.00 the cooperative
years 8.93
parties
Deposit land
Within half
Client IV Third party 1,000,000,000.00 auction earnest
a year 8.51
money
Correspondence of
Within half
Client V Third party 958,088,500.30 8.15 the cooperative
a year
parties
100
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Proportion in
total amount
Relation
Name of the of other Property or
with the Amount Age
unit receivables content
Company
(%)
Total 6,196,903,595.63 52.71
（4） Accounts of the associated parties receivable
Proportion
Relation with the accounting for in
Name of the unit Amount
Company the sum of other
receivables (%)
Beijing Guangying Property Cooperative
878,104,033.48
Development Co., Ltd. enterprise 7.47
Foshan CM Longyuan Property Co., Cooperative
673,226,819.21
Ltd. enterprise 5.73
Shanghai Xinnanshan Property Associated
181,438,008.42
Development Co., Ltd. enterprise 1.54
Shenzhen Nanshan Property Under the control of
107,938,507.84
Development Co., Ltd. the same Group 0.92
Associated
Jones Tech Limited 63,269,739.71
enterprise 0.54
Associated
Holly Profit Limited 72,599,422.24
enterprise 0.62
Total 1,976,576,530.90 16.82
6. Inventory
（1） Categories of inventory
Closingamount Openingamount
Item
Bookbalance Pricedroppreparation Bookvalue Bookbalance Pricedroppreparation Bookvalue
Property 64,454,154,172.93 72,000,000.00 62,489,673,827.72 62,910,239,897.15 368,210,000.00 62,542,029,897.15
development cost
Property
development 8,020,957,057.87 320,333,032.19 ,593,104,370.89 11,290,417,525.17 206,493,032.19 11,083,924,492.98
products
Raw materials 3,775,604.33 3,775,604.33 7,389,048.21 7,389,048.21
Low-value
5,551,458.88 162,981.66 5,388,477.22 4,759,616.43 162,981.66 4,596,634.77
consumables
Total 72,484,438,294.01 392,496,013.85 72,091,942,280.16 74,212,806,086.96 574,866,013.85 73,637,940,073.11
101
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
（2） Inventory composition
Increased this Decreased this
Item Opening figure Ending figure
year year
Property
62,910,239,897.15 8,861,849,904.44 9,210,415,973.87 62,561,673,827.72
development cost
Property
development 11,290,417,525.17 8,793,308,090.50 10,170,288,212.59 9,913,437,403.08
products
Raw materials 7,389,048.21 1,099,214.00 4,712,657.88 3,775,604.33
Low-value
4,759,616.43 3,913,591.31 3,121,748.86 5,551,458.88
consumables
Total 74,212,806,086.96 17,660,170,800.25 19,388,538,593.20 72,484,438,294.01
(3) Propertydevelopmentcost:
Project name Start time Planned Expected Opening Ending balance
completion total balance
time investment
RMB0’000
Development cost of
real estate under
construction:
Haerbin Notting Hill April2012 April2015 347,581 921,586,898.98 995,171,922.02
Beijing Park.1872 January2006 July2014 422,646 1,317,812,839.82 399,469,439.82
Beijing Conrad Hotel April2009 January2013 120,419 903,304,663.56 0.00
Beijing Xicheng January2008 June2015 408,328 1,070,885,449.18 1,295,075,449.18
Homestead and
Longyuan
Tianjin Beikenshan August2012 October2015 512,700 1,861,879,170.47 1,945,929,170.47
Project
Tianjin Yiyunjun May2011 February2015 133,329 321,105,199.71 375,116,099.71
Tianjin Star City January2007 July2014 356,494 759,295,816.69 861,395,816.69
Qingdao LAVIE April2012 July2014 67,665 637,113,174.68 723,922,574.68
Commune( former
Chengyang District
Project)
Shanghai Haide Garden May2006 February2014 183,812 1,081,736,114.89 1,194,687,414.89
Shanghai Hongyue December2012 August2014 144,300 895,913,993.26 1,041,554,900.00
Huating
Shanghai Sheshan October2010 December2014 303,342 1,417,579,036.86 1,553,681,736.86
Longyuan Project
Shanghai CM Bay May2011 June2014 139,059 1,011,213,032.27 783,133,232.27
Garden Phase 4-7
Nanjing December2012 May2015 315,026 1,979,792,978.04 2,099,094,578.04
Yonghuafu( former
Longyuan Project)
Nanjing Zijinshan No.1 December2011 August2013 234,919 758,574,389.01 894,101,589.01
Suzhou Yonghuafu March 2013 December2014 121,246 0.00 96,328,000.00
Phase 1
Suzhou CM Yishanjun June2013 June2015 170,000 0.00 319,363,000.00
102
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Changzhou Park 1872 February2013 May2015 0.00 0.00 121,961,079.69
Suzhou Yongjingwan March 2011 December2014 339,234 758,426,624.12 873,316,524.12
Suzhou Xiaoshicheng March 2010 November2015 485,432 1,903,656,583.88 1,433,987,883.88
Phase 1-10
Zhenjiang Beiguwan May2011 December2015 621,044 3,718,180,565.68 1,630,521,965.68
Phase 1 and 2
Foshan Evian February2011 October2013 188,732 816,889,187.63 0.00
Shangcheng Phase 2
and 3
Foshan Evian Tianhui February2011 July2014 238,612 1,853,826,581.22 2,045,507,481.22
Foshan Evian February2013 July2015 92,160 0.00 217,097,220.00
International
Foshan Evian Xicheng October2012 April2015 27,466 98,766,132.28 136,894,657.87
Phase 2
Foshan Evian Xicheng December2010 December2013 70,849 589,067,134.69 614,826,500.84
Phase 1
Guangzhou Donghui March 2012 December2013 81,541 501,633,643.90 571,393,643.90
City Block B Phase 1
Guangzhou Donghui September December2015 109,728 478,912,193.13 550,832,193.13
City Block B Phase 2
Guangzhou Donghui December2012 December2016 109,815 469,695,405.94 532,555,405.94
City Block B Phase 3
Guangzhou Jinshan July2009 November2019 670,181 994,924,450.50 1,046,991,850.50
Valley Phase 3 Bid 2 to
Phase 9
Shenzhen Chuanhou January2012 June2013 45,546 315,444,138.73 0.00
Square
Shenzhen Chuanwei January2012 June2013 44,355 310,827,137.81 0.00
Square
Shenzhen Sea World March 2011 June2013 39,056 300,721,937.21 0.00
Chuanqian Square
Shenzhen Sea World December2010 May2013 81,209 393,841,738.71 503,329,200.00
Hotel
Shenzhen Sea World May2013 May2015 113,969 0.00 13,866,500.00
Museum
Shenzhen Sea World Feburary2013 July2013 12,918 48,677,798.86 126,050,000.00
Center Square
Shenzhen Financial January2013 December2015 188,942 0.00 857,080,907.23
Center Phase 2
Shenzhen Pingshan April2013 November2015 322,408 0.00 24,282,100.00
Garden City
Shenzhen Jinxiu December2011 June2014 96,890 493,291,709.16 636,541,709.16
Guanyuan
Shenzhen CM Jinhai May2011 December2013 328,268 1,781,133,329.40 1,925,743,329.40
(former Jingshan Phase
9)
Shenzhen Woods May2010 June2013 75,530 600,483,590.84 695,100,000.00
Apartment
Shenzhen Xicheng February2010 June2013 117,267 417,107,883.37 0.00
Phase 5 (Note 1)
Shenzhen Yihai City November2011 January2014 735,678 3,391,412,164.87 3,553,362,400.00
Shenzhen CM Guoling May2010 June2013 143,588 1,011,457,417.66 0.00
Garden
103
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Shenzhen CM Square May2010 March 2013 142,073 979,241,139.72 1,047,956,639.72
Zhuhai CM Garden City December2009 August2013 151,667 1,048,047,147.34 1,100,898,647.34
Phase 2-3
Wuhan Yonghuafu July2011 September 99,183 747,642,304.26 797,024,000.00
Wuhan Moshui Lake March 2012 December2015 373,771 1,591,462,010.86 1,633,193,210.86
Block A
Xiamen Haide Park May2011 October2013 141,784 735,960,773.75 747,317,273.75
Phase 1
Xiamen Haide Park March 2013 June2015 91,572 0.00 486,021,280.09
Phase 2
Xiamen Sea May March 2011 June2014 256,949 1,135,901,179.42 1,261,453,479.42
Flower
Zhangzhou Kadakaisi May2010 December2020 332,501 996,617,103.26 1,058,805,503.26
Zhangzhou Kadakaisi July2011 June2013 16,852 146,068,168.67 0.00
Meilun Mountain Villa
and Apartment
Zhangzhou CM Garden July2008 April2013 65,806 188,111,987.35 196,684,987.35
City
Zhangzhou CM Holiday June2010 December2014 44,205 181,922,265.61 197,098,665.61
365
Guizhou Bijie CM April2012 December2014 30,000 274,214,602.24 366,283,500.00
Garden City
Guizhou Bijie CM April2012 October2014 90,972 186,568,666.02 237,893,800.00
Garden City Area AB
Yunnan Chengtou May2013 March 2015 301,881 0.00 514,800,483.00
Haigongguan Phase
1
Chongqing Changjiahui May2011 December2019 1,281,749 4,328,065,650.40 4,409,418,300.00
(former Danzishi
Project)
Chongqing Garden City August2011 June2015 425,195 1,474,108,871.21 1,661,061,971.21
(Phase 2, 3)
Chongqing Jiangwan January2009 February2013 46,653 466,523,600.00 0.00
City (Phase 4)
Chongqing Jiangwan January2009 October2013 43,261 181,512,344.39 243,637,044.39
City (Phase 5)
Chengdu CM May2011 July2015 390,465 1,428,532,996.87 1,616,386,896.87
Yonghuafu
Others 65,086,741.54 173,279,223.25
Subtotal 52,612,257,864.04 49,777,666,182.32
Property planned
development land:
Shenzhen Yuer Village 270,500,204.12 270,500,204.12
Shenzhen Sea World May2013 May2015 113,969 11,049,579.82 0.00
Museum
Shenzhen Sea World July2013 February2016 1,203,461 2,724,661,013.54 2,741,371,013.54
Residence
Shenzhen Financial January2013 December2015 188,942 961,880,807.23 0.00
Center Phase 2
Shenzhen Pingshan April2013 November2015 322,408 1,224,000,000.00 1,224,000,000.00
Garden
Foshan Evian February2013 July2015 92,160 198,405,020.00 0.00
International
104
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Foshan Evian Xicheng May2013 January2015 48,096 127,543,220.75 127,543,220.75
Phase 3
Foshan Evian Xicheng January2014 September2015 37,925 135,743,591.10 135,743,591.10
Phase 4
Foshan Evian Xicheng May2013 September2015 29,373 149,055,852.75 149,055,852.75
Phase 5
Foshan Shunde Evian July2013 December2015 290,593 0.00 1,320,672,092.00
Desheng
Hainan Boao Project December2013 Notdetermined 447,534 800,449,000.00 824,754,200.00
Dalian Qixianling July2013 June2016 135,000 0.00 518,128,000.00
Yunnan Haigongguan Notdetermined Notdetermined 301,881 0.00 678,415,935.51
Phase 2 and 3
Qingdao Haide Garden May2013 October2014 43,000 97,243,519.06 98,846,100.00
Changzhou Park 1872 February2013 May2015 67,308 553,128,937.55 457,966,989.70
Suzhou Yonghuafu March 2013 December2014 29,643 692,324,205.17 713,024,205.17
Phase 2
Zhenjiang Beiguwan Notdetermined Notdetermined 299,195 0.00 1,383,648,334.71
Phase 3-5
Xiamen Haide Park March 2013 June2015 91,572 485,897,280.09 0.00
Phase 2
Wuhan Moshui Lake July2014 April2016 226,219 919,503,851.95 922,529,251.95
Block B
Wuhan Moshui Lake July2015 December2018 323,490 1,217,096,154.10 1,217,808,654.10
Block C
Subtotal 10,568,482,237.23 12,784,007,645.40
Total 62,910,239,897.15 62,561,673,827.72
Note 1: Shenzhen Xicheng Project is the development project of the former subsidiary
company of the Company Shenzhen CM Overseas Chinese City Invetsment Co., Ltd., which
is not in the scope of consolidation as of April 1, 2013. Therefore, the closing development
cost balance does not include the project. For the details, see ―Annotation IV(II). Companies
not in the Scope of Consolidation in the Year‖.
Property development products
Completion Opening Borrowing party Lending party in
Project name Closing amount
date amount in this period this period
Beijing Park 1872 Phase
June 2011 57,021,852.39 1,054,700,000.00 867,271,040.99 244,450,811.40
1-2
Beijing Longyuan Phase 1 June 2012 345,113,564.37 56,440,000.00 147,270,000.00 254,283,564.37
Beijing Xicheng Homestead September 2010 118,817,095.64 40,170,000.00 17,400,000.00 141,587,095.64
Beijing Conrad Hotel January 2013 0.00 903,304,663.56 903,304,663.56 0.00
Tianjin Xikang Road No.36 November 2009 2,274,142.55 0.00 244,300.00 2,029,842.55
Tianjin Yonghuafu Project October 2012 339,366,166.54 8,003,300.00 113,291,100.00 234,078,366.54
Tianjin Diamond Hill Phase
August 2012 673,443,130.54 0.00 246,710,000.00 426,733,130.54
1
105
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Shanghai Haide Garden
December 2010 105,954,185.96 0.00 7,650,900.00 98,303,285.96
No.1 Section
Shanghai Sheshan
January 2012 1,025,001,421.53 0.00 105,663,200.00 919,338,221.53
Longyuan Project Phase 1
Shanghai CM bay Garden
June 2011 98,787,011.79 262,580,900.00 157,907,700.00 203,460,211.79
Phase 1-3
Shanghai CM Yonghuayuan
August 2011 15,679,168.00 0.00 0.00 15,679,168.00
Phase 1-3
Nanjing Evian Xigu October 2010 10,474,266.25 0.00 0.00 10,474,266.25
Nanjing Zijinshan No.1
November 2012 1,038,109,119.93 0.00 451,153,600.00 586,955,519.93
Phase 1
Zhenjiang Beibuwan Phase
March 2013 0.00 526,794,245.29 410,576,455.60 116,217,789.69
1
Suzhou Xiaoshicheng Phase
June 2012 27,506,878.65 880,056,200.00 721,791,900.00 185,771,178.65
4
Suzhou Xiaoshicheng Phase
December 2010 1,335,770.41 0.00 0.00 1,335,770.41
1-3
Suzhou Yongjingwan May 2012 526,338,585.89 5,994,200.00 104,850,900.00 427,481,885.89
Shenzhen CM Guanyuan January 2012 581,919,045.17 0.00 167,730,000.00 414,189,045.17
Shenzhen CM Guoling
June 2013 0.00 1,281,220,000.00 1,149,230,000.00 131,990,000.00
Garden
Shenzhen Haiyue Huating September 2009 6,388,730.11 0.00 0.00 6,388,730.11
Shenzhen Lanxi Valley
June 2007 11,885,082.62 0.00 0.00 11,885,082.62
Phase 2
Shenzhen Lanxi Valley
May 2011 6,158,353.51 6,210,000.00 9,890,000.00 2,478,353.51
Phase 3
Shenzhen Woods Apartment May 2010 695,100,00.00 695,100,000.00
Shenzhen Sea World
June 2013 0.00 346,730,138.73 0.00 346,730,138.73
Chuanhou Square
Shenzhen Sea World
June 2013 0.00 341,905,537.81 0.00 341,905,537.81
Chuanwei Square
Shenzhen Sear World
June 2013 0.00 362,676,500.00 0.00 362,676,500.00
Chuanqian Square
Shenzhen Xicheng Phase 6 September 2012 438,288,442.55 0.00 438,288,442.55 0.00
Shenzhen Xicheng Phase 4 June 2011 210,918,780.33 0.00 210,918,780.33 0.00
Shenzhen Xicheng Phase 5 May 2012 953,579,344.42 0.00 953,579,344.42 0.00
Shenzhen Yishanjun Phase
October 2009 13,440,925.00 0.00 0.00 13,440,925.00
2-3
Shenzhen Yongjingwan August 2012 244,957,912.30 0.00 146,990,000.00 97,967,912.30
Shenzhen CM Lanyuan October 2010 15,080,694.02 0.00 0.00 15,080,694.02
Foshan Evian Shangcheng
October 2012 872,838,690.48 959,345,900.00 754,092,300.00 1,078,092,290.48
Phase 2
Foshan Evian Shangcheng
August 2011 139,215,821.72 0.00 0.00 139,215,821.72
Phase 1
106
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Foshan Evian Shui‘an
September 2012 983,168,156.08 0.00 886,720,100.00 96,448,056.08
Phase 3
Foshan Evian Shui‘an
January 2012 254,604,072.91 0.00 79,010,000.00 175,594,072.91
Phase 4
Foshan Evian Shui‘an
April 2011 32,945,191.02 0.00 1,311,500.00 31,633,691.02
Phase 1-2
Guangzhou Jinshan Valley
January 2010 21,732,195.63 0.00 0.00 21,732,195.63
Phase 2
Guangzhou Jinshan Valley
May 2010 126,262,623.08 0.00 0.00 126,262,623.08
Phase 3 Bid 1
Guangzhou Jinshan Valley
July 2012 74,559,161.66 0.00 0.00 74,559,161.66
Phase 4
Guangzhou Jinshan Valley
June 2013 0.00 144,667,700.00 144,667,700.00 0.00
Phase 8
Zhuhai CM Garden City
March 2012 287,287,709.91 0.00 35,047,500.00 252,240,209.91
Phase 1
Zhuhai CM Garden City
January 2013 0.00 154,854,636.44 88,252,085.14 66,602,551.30
Phase 2 and 3
Xiamen haide Park Phase 1
December 2012 328,357,543.00 115,243,200.00 57,512,800.00 386,087,943.00
Villa
Xiamen may Flower Phase
December 2012 387,717,497.75 4,288,700.00 272,843,900.00 119,162,297.75
1 Block 3-4
Zhangzhou Kadakaisi
Meilun Valley and July 2011 0.00 146,068,168.67 0.00 146,068,168.67
Apartment
Zhangzhou CM Garden
December 2011 21,641,906.17 0.00 10,132,200.00 11,509,706.17
City
Zhangzhou CM Holiday
December 2011 43,854,213.96 0.00 16,907,900.00 26,946,313.96
365 Phase 1
Zhangzhou CM Kadakaisi
December 2011 50,779,715.18 0.00 17,554,800.00 33,224,915.18
Phase 1
Chengdu Dongcheng
September 2012 74,731,573.48 2,230,500.00 9,805,800.00 67,156,273.48
International
Chengdu Yonghuafu Phase
September 2012 119,683,400.37 0.00 44,898,700.00 74,784,700.37
1
Chongqing Garden City
December 2012 411,530,952.83 0.00 94,513,400.00 317,017,552.83
Phase 1
Chongqing Jiangwancheng
December 2010 15,845,295.90 0.00 0.00 15,845,295.90
Phase 2
Chongqing Jiangwancheng
September 2012 123,120,901.45 466,523,600.00 325,305,200.00 264,339,301.45
Phase 3-5
Chongqing Jiangwancheng
November 2009 46,938,981.09 0.00 0.00 46,938,981.09
Phase 1
Others 5,762,251.03 28,200,000.00 33,962,251.03
Total 11,290,417,525.17 8,793,308,090.50 10,170,288,212.59 9,913,437,403.08
(4) Inventory revaluation estimation
Item Opening amount Increased this year Decreased this year Closing amount
107
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Other
Transferred-ba
transferred
ck
-out
Property
368,210,000.00 -296,210,000.00 72,000,000.00
development cost
Property
development 206,493,032.19 296,210,000.00 182,370,000.00 392,333,032.19
products
Low-value
162,981.66 162,981.66
consumables
Total 574,866,013.85 182,370,000.00 392,496,013.85
Note 1: In 2008, according to the market condition at that time, the subsidiary
company of the Company, Foshan Xinjie Property Co., Ltd. revalued its
invenstory to RMB 182,370,000.00 for the Foshan Evian Shangcheng Project.
At the end of this report period, according to the current market price and actual
sales condition of Evian Shangcheng, the company determined that it is
unnecessary to write-off the inventory value after testing the realizable net value
of the project. Therefore, in this period, it is revalued in full amount. (5)
Inventory price drop preparation counting and drawing
Reason for Proportion of the amount
transferred- of the transferred-back in
Item Basis for counting and drawing back in this this year accounting for
year in the inventory closing
balance
Property The book amount is lower than the
None
development cost estimated recoverable amount
According to the market condition According to
Property
at that time, the book value is the market
development 14.98%
higher than the estimated price
products
recoverable amount condition
Low-value The book amount is lower than the
None
consumables estimated recoverable amount
(6)In the property development cost, the interest expenditure of accumulative
capitalization is RMB 1,484,036,284.95, and the interest expenditure accounted
into the property development cost in the year is RMB 415,466,833.7.(7) The
inventories used for mortgage are as follows:
A． The subsidiary company of the Company CM Jiaming (Beijing) Property
Development Co., Ltd. signed mortgage contract with the bank, mortgaged to the bank
with the land using right of part of the project (Block CY-09, Dongxiaokou Town,
Changping District) of Beijing Xicheng Homestead occupying an area of 106,700
square meters and got a loan of RMB 300,000,000.00.
108
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
B．The Subsidiary company of the Company Qingdao Zhongrunde Auto Trade
Co., Ltd. got a loan of RMB 199,000,000.00 with the land of CMZhongrunde Airport
Business Garden Phase 1 (the corresponding land using right certificate is QFDQSZ
No.20081844) and construction in process (the corresponding right certificate is
QFDJSZ No. 201274753).
C. The subsidiary company of the Company Fengyang Property development Co.,
Ltd. got a loan credit limit of RMB 222,000,000 from the bank with the land using right
of an area of 202,760 square meters in block 4/19, Street 9, Yanghang Town, Baoshan
District, Shanghai and the construction in process with a building area of 52,249 square
meters on the block as the mortgage, and it has extracted a loan amount of RMB
58,400,000 now.
D. The subsidiary company of the Company Tianjin CM Taida Investment Co., Ltd.
mortgaged to the bank with the land using right certificate of FDZJZ No.114051200156,
got a loan limit of RMB 250,000,000, and it has extracted RMB 57,215,946.75 now.
Up till June 30, 2013, except the above-mentioned mortgage maters, the property
inventory of the Company has no other mortgage guarantee and has no construction
stop and uncompleted project.(8) Up till June 30, 2013, the land reserve area of the
Company is 8.6738 million square meters, and the land cost amount is RMB
13,083,505,869.22.
7. Other current assets
Item Closing amount Opening amount Property
Operation tax and
1,565,209,370.71 1,628,732,751.40 Prepaid tax
surcharges prepaid
Prepaid income tax 400,233,902.17 650,461,689.23 Prepaid tax
Prepaid landVAT(Note) 945,428,987.12 526,737,961.72 Prepaid tax
Others 26,779,791.28 12,337,541.63 Prepaid other taxes
Total 2,937,652,051.28 2,818,269,943.98
Note: For the property sales income collected prior to finishing of construction, the
Company pays Land VAT at legal portion and accounts them into other current asset.
Upon finishing of the construction, the actual Land VAT is calculated upon the income
from sales of property less the legal deductive items, and is accounted into other current
liabilities after deducting of prepaid amount.
109
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
8. Long-term receivables
Item Closing amount Opening amount
Entrusted loan - 49,721,270.00
Total - 49,721,270.00
Note: The long-term receivable is the entrusted loan provided by the subsidiary
company of the Company Shenzhen CM Property Co., Ltd. to the associated company
Huizhou Taitong Property Investment Co., Ltd. through Shenzhen Shekou Branch of
Bank of China according to RMB Entrusted Loan Contract. Up till June 30, 2013,
Huizhou Taitong Property Investment Co., Ltd. had repaid the entrusted loan in full
amount.
9、Long-term equity investment
（1） Classification of long-term equity investment
Item Closing amount Opening amount
Long-term equity investment
calculated according to cost method
Long-term equity investment
calculated according to equity method 1,519,198,350.32 1,083,249,770.92
Total of long-term equity investment 1,519,198,350.32 1,083,249,770.92
Less: Long-term equity investment
impairment preparation
Value of long-term equity
investment 1,519,198,350.32 1,083,249,770.92
（2） Long-term equity investment calculated according to equity method
Name of the Shareholding Voting power Investmentcost Openingamount Increase Decrease Closingamount Cash
invested unit proportion (%) proportion (%) dividend
Calculated
according to
equitymethod
Shanghai 20.00 20.00 60,000,000.00 98,000,000.00 38,000,000.00 60,000,000.00
Xinnanshan
Property
Development
Co., Ltd.
CM Guangming 49.00 49.00 196,000,000.00 168,472,474.97 1,290,760.00 167,181,714.97
Science and
Technology Park
110
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Co., Ltd.
Beijing 34.00 34.00 5,000,000.00 4,736,375.82 1,258,825.00 2,044,883.47 3,950,317.35
Guangying
Property
Development
Co., Ltd.
Beijing CM 49.00 49.00 490,000.00 2,440,567.51 30,278.76 - 2,470,846.27
Tianping Property
Management
Co., Ltd.
Shenzhen CM 50.00 50.00 2,500,000.00 3,445,566.66 62,212.24 680,271.71 2,827,507.19
Overseas Chinese
City Property
Management
Co., Ltd.
Tianjin Xinghai 45.00 45.00 6,750,000.00 97,270,125.58 - - 97,270,125.58
Property
Development
Co., Ltd.
Shenzhen TCL 40.00 40.00 42,010,652.00 191,473,257.88 12,617,820.16 204,091,078.04
Optical-Electronic
s Technologies
Ltd.
Huizhou Taitong 49.00 49.00 25,484,900.00 20,076,394.26 - 20,076,394.26
Property
Investment Co.,
Ltd. (Note1)
Shenzhen Dehan 70.00 50.00 14,000,000.00 13,550,204.74 140,203.81 13,410,000.93
Investment
Development
Co., Ltd.
Guangzhou 51.00 50.00 350,000,000.00 315,280,885.53 1,889,728.08 - 317,170,613.61
Panyu Innovation
Science and
technology Park
Co., Ltd.
Shanghai Ledu 33.33 33.33 66,660,000.00 168,489,639.40 5,185,519.88 173,675,159.28
PropertyCo.,Ltd.
JonesTechLimite 49.00 49.00 309.92 6,689.11 - - 6,689.11
d
HollyProfitLimite 49.00 49.00 309.92 7,589.46 - - 7,589.46
d
Shenzhen CM 50.00 50.00 50,000,000.00 787,758,677.14 310,621,968.38 477,136,708.52 310,621,96
Overseas Chinese 8.60
City Property
Development
Co.,Ltd. (Note2)
Foshan CM 50.00 50.00 50,000,000.00
Longyuan
PropertyCo.,Ltd.
Total 906,896,171.84 1,083,249,770.92 808,803,061.03 372,854,481.63 1,519,198,350.32 310,621,96
8.60
Note 1：In November 2009, the subsidiary company of the Company Shenzhen CM
111
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Property Co., Ltd. and Shenzhen TCL Property Co., Ltd. jointly contributed capital to
establish Huizhou Taitong Property Investment Co., Ltd. (referred to as ―Taitong
Property‖ in brief).Shenzhen CM Property holds a proportion of 49% of the shares and
developed Huizhou Jiangbei Project. In the project report for approval process, as the
Huizhou Municipal Commission of Housing and Urban Rural Development and Land
and Resources Bureau had disagreement on the function of Taitong property
development block, Huizhou Land Reserve Center take back the land. Taitong Property
did not recover the interest of the capital occupied by the project, causing the
corresponding loss exceeding the book net assets, and the long-term equity investment
of the Company on Taitong Property was reduced to zero.
Note 2: See Annotation IV (II), 2
（3） Basic financial information of cooperative enterprises and associated enterprises
Share Votin
holdi g Closing liability Closing net Sum of operating Net profit in the
Name of the ng power Closing assets sum
sum assets sum income in the year year
invested unit propo propo
rtion rtion
(%) (%)
Cooperative
enterprises
Shenzhen Dehan
Investment
70.00 50.00 19,359,230.08 202,085.88 19,157,144.20 -200,291.15
Development
Co., Ltd.
Foshan CM
Longyuan
50.00 50.00 774,082,104.60 672,924,222.36 101,157,882.24 757,270.62
Property Co.,
Ltd.
Beijing
Guangying
Property 34.00 34.00 2,528,718,003.55 2,482,460,455.10 46,257,548.45 - -6,012,371.86
Development
Co., Ltd.
Shenzhen CM
Overseas
Chinese City
50.00 50.00 12,835,528.49 7,398,630.61 5,436,897.88 11,899,075.68 124,424.49
Property
Management
Co., Ltd.
Associated
enterprises
Guangzhou
Panyu
Innovation
51.00 51.00 639,732,420.65 66,503,349.52 573,229,071.13 28,400,546.67 3,718,985.46
Science and
Technology Park
Co., Ltd.
112
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Share Votin
holdi g Closing liability Closing net Sum of operating Net profit in the
Name of the ng power Closing assets sum
sum assets sum income in the year year
invested unit propo propo
rtion rtion
(%) (%)
Huizhou Taitong
Property
49.00 49.00 150,231,930.48 111,118,285.63 39,113,644.85 -57,083,808.35
Investment Co.,
Ltd.
Shanghai
Xinnanshan
Property 20.00 20.00 1,260,452,768.90 968,554,602.46 291,898,166.44 -6,166,595.87
Development
Co., Ltd.
CM Guangming
Science and
49.00 49.00 647,689,045.42 306,502,027.23 341,187,018.19 12,742,062.00 -2,634,359.33
Technology Park
Co., Ltd.
Beijing CM
Tianping
Property 49.00 49.00 5,284,636.76 303,768.70 4,980,868.06 4,461,106.50 61,793.38
Management
Co., Ltd.
Tianjin Xinghai
Property
45.00 45.00 256,947,558.05 25,232,859.77 231,714,698.28 -
Development
Co., Ltd.
Shanghai Ledu
Property Co., 33.33 33.33 1,484,144,249.76 965,845,169.39 518,299,080.37 225,359,075.00 22,859,522.91
Ltd.
JonesTechLimite
49.00 49.00 61,820,834.30 61,807,494.58 13,339.72 -20,496.11
d
HollyProfitLimit
49.00 49.00 68,000,984.70 67,985,849.30 15,135.40 -22,545.72
ed
Shenzhen TCL
Optical-Electroni
40.00 40.00 1,045,869,864.68 349,947,698.13 695,922,166.55 95,738,450.30 31,544,550.40
cs Technologies
Ltd.
Shenzhen CM
Overseas
Chinese City
50.00 50.00 3,019,886,259.13 2,592,272,766.45 427,613,492.68 1,054,991,542.87 277,613,492.67
Property
Development
Co., Ltd.
10. Investment property
(1) Investment property measured according to cost
Increased this Decreased Closing amount
Item Opening amount year this year
Original price 4,347,138,687.70 869,122.00 11,547,157.75 4,336,460,651.95
Houses and buildings 3,025,915,189.70 11,547,157.75 3,014,368,031.95
113
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Increased this Decreased Closing amount
Item Opening amount year this year
Land using right 1,321,223,498.00 869,122.00 1,322,092,620.00
Accumulative
depreciation and
1,229,802,703.46 86,753,150.88 1,150,353.59 1,315,405,500.75
accumulative
amortization
Houses and buildings 1,041,996,453.70 57,989,550.96 1,150,353.59 1,098,835,651.07
Land using right 187,806,249.76 28,763,599.92 216,569,849.68
Book net value 3,117,335,984.24 3,021,055,151.20
Houses and buildings 1,983,918,736.00 1,915,532,380.88
Land using right 1,133,417,248.24 1,105,522,770.32
Impairment
preparation
Houses and buildings
Land using right
Book value 3,117,335,984.24 3,021,055,151.20
Houses and buildings 1,983,918,736.00 1,915,532,380.88
Land using right 1,133,417,248.24 1,105,522,770.32
Note 1: Accumulative depreciation and accumulative amortization are increasing in
the year, and accrued amount is RMB 86,753,150.88 this year.
Note 2: Up till June 30, 2013, the Group had investment property with a net value
of RMB 478,651,470.87 that had no property right certificate, mainly including
Zhangzhou Ziweiyuan Phase 1, Jinshan Valley Phase 2 Business, Meilun Apartment and
北科创业大厦 etc., and the property right certificates are in the process of obtaining.
Note 3: Up till June 30, 2013, there was no investment property used for mortgage.
11. Fixed assets
（1） Details table of fixed assets
114
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Item Opening amount Increased this year Decreased this Closing amount
year
Original price 1,182,036,756.81
769,068,044.59 1,791,908,017.51
159,196,783.89
Houses and 1,171,099,019.15
379,918,768.98 135,643,450.17 1,415,374,337.96
buildings
Machine 1,413,141.00
227,304,296.17 8,297,581.55 220,419,855.62
equipment
Transportatio 6,159,345.47
77,504,791.68 4,278,128.64 79,386,008.51
n equipment
Office 3,365,251.19
84,340,187.76 10,977,623.53 76,727,815.42
equipment
Accumulative 40,984,586.80
333,873,066.83 31,981,526.31 342,876,127.12
depreciation
Houses and 27,468,018.08
88,538,442.71 17,079,794.05 98,926,666.74
buildings
Machine 5,598,759.84
149,448,071.21 6,519,402.83 148,527,428.42
equipment
Transportatio 3,506,372.54
44,727,402.63 3,601,970.78 44,631,804.39
n equipment
Office 4,411,436.14
51,159,150.28 4,780,358.65 50,790,227.77
equipment
Book net
435,194,977.76 1,449,031,890.39
value
Houses and
291,380,326.27 1,316,447,671.22
buildings
Machine
77,856,224.96 71,892,427.40
equipment
115
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Transportatio
32,777,389.05 34,754,204.12
n equipment
Office
33,181,037.48 25,937,587.65
equipment
Impairment
preparation
Houses and
buildings
Machine
equipment
Transportatio
n equipment
Office
equipment
Book value 435,194,977.76 1,449,031,890.39
Houses and
291,380,326.27 1,316,447,671.22
buildings
Machine
77,856,224.96 71,892,427.40
equipment
Transportatio
32,777,389.05 34,754,204.12
n equipment
Office
33,181,037.48 25,937,587.65
equipment
（2）In January 2013, Beijing Conrad Hotel Co., Ltd. turned the completed Conrad
Hotel from property inventory to fixed asset, the amount of the fixed asset is RMB
1,161,293,186.62, and from February to June, the accumulative accrued depreciation
was RMB 21,774,247.25.
116
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
（3）Up till June 30, 2013, the Group still have property right certificates for the houses
and buildings with an original value of RMB 83,816,637.06 in the process of obtaining.
12. Construction in process
（1） Details table of construction in process
Closing amount Opening amount
Impai Impair
Item rment ment
Book balance Book value Book balance Book value
prepa prepar
ration ation
Substation
95,304,349.88 95,304,349.88 85,522,230.19 85,522,230.19
Project
Construction
2,936,043.39 2,936,043.39 2,936,043.39 2,936,043.39
Project
Total 98,240,393.27 98,240,393.27 88,458,273.58 88,458,273.58
（2） Changes of major construction projects in process
Decreased this year
Opening Increased this Closing
Project name Transferred to Other
amount year amount
fixed assets decreases
Substation Project 85,522,230.19 9,782,119.69 95,304,349.88
Construction
2,936,043.39 2,936,043.39
Project
Total 88,458,273.58 9,782,119.69 98,240,393.27
Accumul
Proportion
ative In it: the Capitalizati
of project
amount amount of on rate of Capital
input
Project name Budget figure of interest interest in source
accounting
interest capitalizatio the year
for in the
capitaliza n in the year (%)
budget (%)
tion
Substation 200,360,000.0 Self-rais
51.44
Project 0 ed
Construction 660,035,400.0 Self-rais
0.44
Project 0 ed
860,395,400.0
Total 51.88
0
117
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
13. Goodwill
Closing
Name of the Opening Increased Decreased Closing
this year impairment
invested unit amount this year amount
peparation
Tonic Industries 159,560,861.23 159,560,861.23
Holdings Limited
Total 159,560,861.23 159,560,861.23
14. Long-term deferred expenses
Other Reaso
decrea n for
Opening Increased this Amortization ses in Closing the
Item year the amount other
amount in the year year decre
ases
Expenditure
of operating
and leasing 210,543,536.60 550，000.00 14,808,011.21 196,285,525.39
fixed assets
improvement
Others 38,895,156.52 6,823,542.82 4,385,277.28 41,333,422.06
Total 249,438,693.12 7,373,542.82 19,193,288.49 237,618,947.45
15. Deferred income tax assets and deferred income tax liabilities
（1） Confirmed deferred income tax assets and deferred income tax liabilities
Item Closing amount Opening amount
Deferred income tax assets
Accrued land VAT 688,025,584.85 914,031,960.23
Accrued expenses 16,473,903.53 20,589,965.05
Estimated liabilities 3,504,252.82 3,504,252.82
Bad debt preparation of other
receivables 3,517,361.24 1,592,806.37
Other long-term assets amortization 1,218,876.73
Bad debt preparation of accounts
receivable 1,839,070.31 1,209,564.16
Subtotal 713,360,172.75 942,147,425.36
Deferred income tax liabilities
118
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Item Closing amount Opening amount
Accrued dividend enterprise income
tax (Note) 93,712,503.50
Total 93,712,503.50 1,884,294,850.72
Note: The overseas subsidiary companies of the Company Accrued total of dividend
corporate income tax of RMB 93,712,503.50.
（2） Details of unconfirmed deferred income tax assets
Item Closing amount Opening amount
Deductible temporary difference 225,352,620.54 504,593,980.48
Deductible loss 1,554,574,973.92 1,103,153,022.92
Total 1,779,927,594.46 1,607,747,003.40
（3） The deductible loss of unconfirmed deferred income tax assets will be due in
the next year
Item Closing amount Opening amount Remark
2013 7,913,547.81 7,913,547.81
2014 8,713,793.65 9,070,705.50
2015 71,028,862.57 74,476,260.35
2016 190,762,894.27 200,825,226.11
2017 824,733,924.52 810,867,283.15
2018 451,421,951.00
Total 1,544,574,973.92 1,103,153,022.92
（4） Details of taxable difference and deductible difference items
Item Amount
Deductible difference item
Accrued land VAT 2,752,102,339.40
Accrued expenses 65,895,614.12
Estimated liabilities 14,017,011.28
Bad debt preparation of other receivables 14,069,444.96
Bad debt preparation of accounts receivable 7,356,281.32
119
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Item Amount
Deductible loss
Subtotal 2,853,440,691.00
Taxable difference item
Accrued dividend corporate income tax 374,850,014.00
Subtotal 374,850,014.00
16. Details table of assets impairment
Closing
Decreased this year
amount
Opening Increased this
Item Other
amount year
Transfer-back transfe
r-out
Bad debt 26,274,341.63 15,027,890.39 3,143,438.00 38,158,794.02
Inventory 392,496,013.85
revaluation
impairment 574,866,013.85 182,370,000.00
Total 601,140,355.48 15,027,890.39 185,513,438.00 430,654,807.87
17. Short-term loan
（1） Categories of short-term loan
Loan category Closing amount Opening amount
Pledge loan
Mortgage loan
Guaranteed loan (Note 1) 1,200,000,000.00 850,000,000.00
Credit loan 4,420,000,000.00 1,255,000,000.00
Total 5,620,000,000.00 2,105,000,000.00
Note 1: The subsidiary company of the Company Shenzhen CM Power Supply Co.,
Ltd. borrowed RMB 1,200,000,000.00 from the bank, and the Company provided the
guarantee.
18. Payable notes
Note category Closing amount Opening amount
Bank acceptance 7,831,556.50 19,151,995.76
120
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Note category Closing amount Opening amount
Trade acceptance 49,852,958.83 28,458,666.83
Total 57,684,515.33 47,610,662.59
19. Accounts payable
（1） Details of accounts payable
Item Closing amount Opening amount
Project engineering payable 4,563,180,000.90 6,317,238,323.45
5,360,808,997.86 3,832,498,664.86 5,360,808,997.86
Equity purchase money (Note) 135,650,000.00 70,650,000.00
Others 148,627,524.60 48,201,575.64
Total 8,679,956,190.36 11,796,898,896.95
In it: Over 1 year 849,812,543.11 1,856,114,489.14
Note: The closing unpaid equity acquisition payable does not reach the payment
condition stipulated in the related equity transfer agreement, and the payable includes:
equity acquisition payable of RMB 70.65 million payable to Shanghai Meiyang
Property Co., Ltd. for purchasing Shanghai Fengyang Property Development Co., Ltd.;
equity acquisition payable of RMB 65 million payable to Shenzhen Weihui Investment
Co., for purchasing Shenzhen CM Runde Property Co., Ltd.
（2） Large accounts payable with the age exceeding 1 year are as follows:
Repayment
amount
Name of the unit Closing figure Age Reason fornon-payment
afterthe
period
Did not reach the
Haerbin Municipal Land and
230,109,586.89 1-2 years time stipulated in the
Resources Bureau
contract
Project money for Foshan Evian
21,155,160.68 2-3 years Project in progress
Shui'an Phase 1
Project money for Foshan Evian
53,064,892.58 1-2 years Project in progress
Shui'an Phase 2
Pre-drawn project cost of
36,786,307.31 1-2 years Project in progress
Shanghai Yonghuayuan
Pre-drawn project cost of Foshan
35,419,143.12 1-2 years Project in progress
Ebian Shangcheng
Project payable of Shenzhen
22,554,808.22 1-2 years Project in progress
Lanyuan
Final payment of Shenzhen 18,447,703.44 2-3 years Project in progress
121
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Repayment
amount
Name of the unit Closing figure Age Reason fornon-payment
afterthe
period
Yishanjun Phase 3
Project money of Tianjin Diamond
21,947,794.77 1-2 years Project in progress
Hill Phase 1
Project money of Nanjing Evian
17,650,023.84 1-2 years Project in progress
Xigu
Did not fulfill the
Land price payable by Shanghai
72,450,956.40 2-3 years stipulated payment
Fengyang
condition
Zhangzhou Holiday 365 Phase 1
15,742,514.80 1-2 years Project in progress
indoor exquisite decoration
Did not fulfill the
Shanghai Meiyang Property Co.,
70,650,000.00 2-3 years stipulated payment
Ltd.
condition
Did not fulfill the
Tianjin Songjiangtuanpo
12,325,332.00 1-2 years stipulated payment
Investment development Co., Ltd.
condition
Zhongjian 3rd Bureau of
11,062,640.50 1-2 years Project in progress
Construction Co., Ltd.
Total 639,366,864.55
（3） Money payable to the shareholder units holding over (including) 5% voting
power shares of the Company in the closing accounts payable.
Name of the unit Closing amount Opening amount
CM Shekou Industrial Zone Co., Ltd. 3,219,616.80 900,000,000.00
Total 3,219,616.80 900,000,000.00
20. Money collected in advance
（1） Money collected in advance
Item Closing amount Opening amount
Pre-received building sales money 30,796,381,384.42 28,399,846,062.60
Other pre-received money 66,139,289.17 64,120,367.74
Total 30,862,520,673.59 28,463,966,430.34
of which: Over 1 year 2,263,104,885.94 2,962,002,551.39
Note: The unearned receivable is mainly unearnedsales money, and the unearned
receivable does not carried over with an age exceeding 1 year of uncompleted buildings.
122
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
（2） The unearned receivable does not include the unearned receivable from the
shareholder with more than (including) 5% voting power shares of the Company.
（3） The details of the unearned property sales receivable in the unearned
receivable are as follows:
Estimate
Pre-sale
d
Name of the item Closing figure Opening figure proportion
completio
(%)
n time
Beijing Park1872 1,558,094,876.56 3,154,064,691.00 2013 79.42
Beijing Xicheng Homestead and
3,265,178,307.00 2,901,459,060.00 2013 100.00
Longyuan
Chengdu Dongcheng International 49,151,498.00 26,330,800.00 Completed 89.34
Chengdu Yonghuafu 987,209,050.20 357,313,345.00 2013 66.65
Foshan Evian Tianhui Phase 1 1,215,036,666.00 6,439,167,896.00 2013 74.22
Foshan Evian Shangcheng Phase 1 14,088,514.74 12,407,243.00 Completed 99.66
Foshan Evian Shangcheng Phase 2 20,658,730.00 841,604,878.00 Completed 98.50
Foshan Evian Shangcheng Phase 3 439,578,170.00 228,738,382.00 2013 44.56
Foshan Evian Shui‘an Phase 1 31,767,357.36 32,607,264.22 Completed 99.85
Foshan Evian Shui‘an Phase 2 35,033,302.00 34,973,024.96 Completed 100.00
Foshan Evian Shui‘an Phase 3 140,960,284.17 1,850,890,613.50 Completed 96.35
Foshan Evian Shui‘an Phase 4 57,648,622.00 188,418,622.00 Completed 65.39
Foshan Evian Xicheng Phase 1 633,340,165.00 415,276,326.00 2013 66.03
Guangzhou Donghui City Block B
759,500,341.00 391,754,210.00 2013 98.25
Phase 1
Guangzhou Jinshan Valley Project 349,167,611.73 679,472,966.00 Completed 60.35
Bijie Garden City Phase 1 Zone D 208,684,140.00 14,786,944.00 2014 47.95
Bijie CM Garden City Convention
83,700,991.00 2014 50.15
Center 41,834,702.00
Haerbin Notting Hill Phase 1 246,905,985.94 134,345,182.98 2013 53.18
Nanjing Evian Xigu 13,374,774.92 15,363,662.92 Completed 100.00
Nanjing Zijinshan No.1 (former
451,250,634.56 356,405,403.70 Completed 73.16
Nanjing G67 Project)
Nanjing Yonghuafu 200,916,474.71 2015 22.46
Qingdao （LAVIE Commune） 206,204,351.00 43,515,038.00 2013 26.77
Shanghai Haide Garden Phase 1
650,000.00 0 Completed 100.00
Business
Shanghai Haide Garden No.2 Block
437,348,288.00 79,038,219.00 2013 100.00
Phase 1
Shanghai haide Garden Phase 3 21,352,170.00 23,605,652.00 Completed 92.71
Shanghai Haiting Project 229,717,534.00 271,212,217.00 Completed 44.07
Shanghai Sheshan Longyuan Phase 1 26,765,023.00 10,293,698.00 Completed 14.41
Shanghai CM Yonghuayuan Phase 1 27,866,500.00 Completed 100.00
Shanghai CM Yonghuayuan Phase 2 5,135,000.00 Completed 100.00
Shanghai CM Yonghuayuan Phase 3 11,563,700.00 Completed 100.00
Shenzhen Guoling Garden 227,502,917.00 2,358,203,307.90 2013 98.59
123
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Estimate
Pre-sale
d
Name of the item Closing figure Opening figure proportion
completio
(%)
n time
Shenzhen Lanxi Valley Phase 2 20,927,053.00 23,839,614.00 Completed 100.00
Shenzhen Woods Apartment 1,089,411,987.00 400,973,143.00 2013 77.69
Shenzhen Jinshan Phase 9 1,045,731,702.00 2014 37.86
Shenzhen Yongjingwan 47,466,061.00 337,120,918.00 Completed 98.78
Shenzhen CM Guanyuan 235,637,538.00 203,949,030.00 Completed 85.73
Shenzhen Yihai City 2,601,469,133.00 1,457,269,767.00 2014 63.57
Shenzhen Xi City 461,482,004 .00 completed 64.02
Suzhou Xiaoshicheng Phase 2-3 2,030,888.00 1,650,772.00 Completed 100.00
Suzhou Xiaoshicheng Phase 4 13,450,663.88 14,453,160.88 Completed 100.00
Suzhou Xiaoshicheng Phase 5 52,076,694.26 644,188,471.00 2013 93.89
Suzhou Xiaoshicheng Phase 6 745,238,721.00 740,216,242.00 2014 99.24
Suzhou Xiaoshicheng Phase 7 494,634,348.00 2014 57.40
Suzhou Yongjingwan Phase 1 32,007,564.00 62,107,900.00 Completed 56.91
Suzhou Yongjingwan Phase 2 223,446,291.00 128,388,995.00 2014 79.48
Suzhou Yongjingwan Phase 3 537,088,560.00 2014 16.89
Suzhou Yonghuafu Phase 1 137,057,240.00 2015 14.38
Tianjin Beikenshan Phase 1 Villa A 254,153,226.00 30,096,975.00 2014 20.45
Tianjin Yiyunjun Phase 1 376,957,561.00 272,839,291.00 2013 77.18
Tianjin Yonghuafu 44,127,043.00 118,291,105.00 Completed 98.74
Tianjin Star City 1,406,798,237.13 1,507,911,417.10 2013 81.44
Wuhan Yonghuafu 786,423,193.00 248,993,182.00 2013 79.03
Xiamen Haide Garden 1,035,134,685.00 582,760,542.00 2014 71.78
Xiamen Sea May Flower 1,859,551,866.57 1,486,326,635.30 2015 70.40
Zhangzhou Garden City Phase 1 1,222,963.20 7,534,141.20 Completed 100.00
Zhangzhou Garden City Phase 2 259,278,916.00 197,846,955.00 2013 99.74
Zhangzhou Holiday 365 Phase 1 48,121,585.00 42,521,192.00 Completed 99.08
Zhangzhou Holiday 365 Phase 2 199,297,476.24 49,559,295.40 2014 90.71
Zhangzhou Kadakaisi Phase 1 99,897,569.07 110,756,087.60 Completed 89.98
Zhangzhou Kadakaisi Phase 2 657,705,560.45 96,640,549.83 2013 91.00
Zhangzhou Kadakaisi Demonstration
163,240.00 53,138,184.68 2013 94.16
Area Apartment
Zhenjiang Beiguwan Phase 1 655,010,037.28 805,304,558.90 2013 80.14
Zhenjiang Beiguwan Phase 2 87,660,227.00 2014 9.30
Chongqing Changjiahui Phase 1 939,341,368.01 645,325,350.80 2014 49.21
Chongqing CM Garden City 613,416,282.63 415,620,937.00 2013 33.29
Chongqing CM Jiangwancheng 614,948,328.81 971,786,616.00 2013 91.82
Zhuhai CM Garden City Phase 1 61,722,309.00 79,768,525.00 Completed 76.00
Zhuhai CM Garden City Phase 2 and
980,029,523.00 Completed 90.35
3 1,543,635,119.00
Changzhou Garden City Phase 1 16,045,137.00 2015 8.56
Others 44,609,319.00 23,053,805.73
Total 30,796,381,384.42 28,402,749,707.60
124
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
21．Wage payable to the employees
Opening amount Increased this year Decreased this year Closing amount
I. Salary, bonus, subsidies 301,198,403.13 455,884,535.16 618,742,783.51 138,340,154.78
II. Employee welfare fee 22,883,728.74 22,883,728.74
III. Social insurance fee 1,299,788.72 63,749,622.32 63,167,416.29 1,881,994.75
In it: 1.Medical insurance fee 193,510.37 13,848,664.81 13,892,264.26 149,910.92
2.Basic endowment insurance
fee 376,137.36 35,196,863.49 34,930,303.94 642,696.91
3. Annual fee payment
(supplementing to the
endowment insurance) 444,010.83 9,718,167.80 9,376,029.84 786,148.79
4. Unemployment insurance fee 116,895.38 2,411,242.04 2,398,003.22 130,134.20
5.Industrial injury insurance fee 85,571.77 1,256,192.34 1,257,392.96 84,371.15
6.Birth insurance fee 83,663.01 1,306,289.34 1,303,240.32 86,712.03
IV. Housing public
accumulation fund 1,232,929.00 18,335,789.00 19,285,748.71 282,969.29
V. Trade union fund and
employee education fund 23,424,349.03 10,316,439.00 11,422,927.19 22,317,860.84
VI. Non-monetary welfare 340,531.00 340,531.00
VII. Dismissal welfare and
early retirement compensation 1,280,000.00 964,608.00 964,608.00 1,280,000.00
In it: compensation offered due
to terminate labor relation 1,280,000.00 952,008.00 2,232,008.00
VIII. Others 5,605,024.24 2,233,165.11 3,742,253.73 4,095,935.62
In it: dividend payment settled
in cash
Total 334,040,494.12 574,708,418.33 740,549,997.17 168,198,915.28
22. Taxes payable
Item Closing amount Opening amount
Enterprise income tax 785,631,591.30 1,456,225,181.67
Land VAT 98,281,496.91 228,643,835.33
Operating tax 69,569,538.94 213,733,667.61
Personal income tax 46,345,319.51 9,960,146.29
VAT 2,328,726.49 -2,768,550.18
City maintenance and 5,751,246.47 15,374,675.69
construction tax
Land use tax 3,269,435.53 7,173,790.53
Others 18,505,214.31 23,239,606.24
1,029,682,569.46 1,951,582,353.18
Total
125
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
23. Interest payable
Item Closing amount Opening amount
Long-term loan interest of installment
interest payment and due principal 65,805,599.88 116,181,985.15
repayment
Payable interest of short-term loan 2,346,822.14 3,585,837.77
Total 68,152,422.02 119,767,822.92
24. Dividend Payable
Name of the unit Closing Opening Reason for
amount amount non-payment exceeding
1 year
CM Shekou Industrial Zone Co., Ltd. 208,025,795.10
Shenzhen CM Overseas Chinese City
215,517,078.84
Property Co., Ltd.
Shenzhen Nanshan Property
64,670,051.82
Development Co., Ltd.
Tianjin Senmiao Investment Group Discusswith thecooperativeparty
9,692,329.22 9,692,329.00
Co., Ltd. to suspend payment
Shenzhen Huayuan Seafood & Game Pending canceling
285,600.10 285,600.00
Restaurant
Total 218,003,724.42 290,165,059.98
25. Other payables
（1） Details of other payables are as follows
Item Closing figure Opening figure
Correspondence with the cooperative
6,452,825,140.55 5,512,860,268.43
companies
Correspondence with the associated
1,269,585,346.21 1,232,898,435.23
companies
Earnest money 166,168,890.93 304,845,498.21
Agency collected and temporarily
359,434,105.52 1,319,445,449.77
collected money
Others 514,072,234.85 132,302,941.45
Total 8,762,085,718.06 8,502,352,593.09
（2） Aging of other account payable is as follows
126
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Item Closing amount Opening amount
Total 8,762,199,717.37 8,502,352,593.09
of which: Over 1 year 2,903,445,453.11 2,355,234,416.27
Note: For the large-amount other payables with age exceeding 1 year was mainly
the minority shareholders‘ loan.
（3） Payable to the shareholder units holding over (including) 5% voting power
shares of the Company
Name of the unit Closing amount Opening amount
CM Shekou Industrial Zone Co., Ltd. 2,097,500.00
Total 2,097,500.00
（4） Large-amount other payables with age exceeding 1 year
Item Amount Age Property or
content
Huidefeng Property Co., Ltd. 215,768,840.24 1-2 years Minority
shareholders make
advance
Tianjin Taida development Co., Ltd. 125,200,000.00 1-2 years Minority
shareholders make
advance
Shenzhen CM Financial Service Co., 101,172,000.00 1-2 years Minority
Ltd. shareholders make
advance
Huidefeng Property Co., Ltd. 491,069,770.95 Over 3 years Minority
shareholders make
advance
Zhuhai City Construction Co., Ltd. 101,021,474.96 Over 3 years The project is not
settled
Total 1,034,232,086.15
26. Non-current liabilities due in one year
（1） Non-current liabilities due in one year
Item Closing amount Opening amount
Long-term loan due in one year 9,032,245,473.94 7,380,992,296.97
Total 9,032,245,473.94 7,380,992,296.97
（2） Categories of non-current liabilities due in one year
127
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Loan category Closing amount Opening amount
Mortgage loan (Note 1) 300,600,000.00 123,110,000.00
Guarantee loan (Note 2) 2,854,734,743.94 3,363,648,021.97
Credit loan 5,876,910,730.00 3,894,234,275.00
Total 9,032,245,473.94 7,380,992,296.97
Note 1: For the details, see ― Annotation V. 6 Inventory (6)‖.
Note 2: For the details, see ―Annotation V. 27 Long-term loan Note 1‖.
（3） Top 5 units with the most closing amount of non-current liabilities due in
one year
Loan
Loan
starting Closing amount
ending day
day
Curre Interest
Loan unit Amount of
ncy rate Amount of
domestic
foreign
currency
currency
Financial 1,460,000,000.00
July8,2011 July8,2013 RMB Floating
institution 1
Financial December 23, 803,231,000.00
January5, 2010 USD Floating 130,000,000.00
institution 2 2013
Financial 500,000,000.00
August9,2011 August9,2013 RMB Floating
institution 3
Financial 500,000,000.00
July15,2011 July14,2013 RMB Floating
institution 4
Financial November 16, November 15, 448,000,000.00
RMB Fixed
institution 5 2011 2013
Total 3,711,231,000.00
27. Other current liabilities
Item Closing amount Opening amount
Accrued land VAT (Note 1) 3,763,717,684.55 4,205,770,576.95
Cleaning and safeguarding outsourcing fee 18,673,195.50 17,330,139.00
Expenses of the intermediary institutions 135,000.00 2,617,000.00
Clothing fee 4,322,709.00 2,586,575.00
Water and power fee 2,040,197.65
128
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Item Closing amount Opening amount
Expenses to perfect the intelligent system 191,630.15
Deferred income 4,710,020.00
Others 12,501,208.19 23,721,330.05
Total 3,801,581,625.04 4,256,735,641.00
Note 1: The Group accrued land VAT according to GSF[2006] No.187 ―Notice on
the Issues Related to Settlement Management of Land VAT of Property Development
Enterprises of State Administration of Taxation” issued by State Administration of
Taxation and other related provisions, and accounted into the current profit and loss. At
the same time, when calculating the income tax expenses of the year, the Group
conducted adjustment on the income amount of payable according to the related
provisions of the subsidiary companies‘ located area.
28. Long-term loan
（1） Categories of long-term loans
Loan category Closing amount Opening amount
Pledge loan
Mortgage loan 314,015,946.75 596,350,000.00
Guarantee loan (Note 1) 11,109,227,900.20 7,334,235,222.21
Credit loan 4,655,100,272.46 5,810,018,350.57
Entrusted loan (Note 2) 830,280,000.00 637,410,300.00
Total 16,908,624,119.41 14,378,013,872.78
Note 1: The details of guarantee loan are as follows:
Borrowing unit Closing amount Guarantor
Amount of foreign Amount of domestic
Currency currency currency
China Merchants 2,000,000,000.00 China Merchants Group Co., Ltd.
Property Development
Co., Ltd. RMB
China Merchants 888,500,000.00 CM Shekou Industrial Zone Co.,
Property Development Ltd.
Co., Ltd. RMB
China Merchants 920,000,000.00 Shenzhen CM Property Co., Ltd.
Property Development
Co., Ltd. RMB
Shenzhen CM 585,500,000.00 China Merchants Property
Property Co., Ltd. RMB Development Co., Ltd.
Shenzhen CM 200,000,000.00 Shenzhen CM Property Co., Ltd.,
Property Co., Ltd. RMB Shekou Industrial Zone Co., Ltd.
129
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Beijing Conrad 264,450,244.18 Shenzhen CM Property Co., Ltd.,
Property Development Shekou Industrial Zone Co., Ltd.
Co., Ltd. RMB
Shanghai Jingyuan 334,000,000.00 Shenzhen CM Property Co., Ltd.,
Property Development Shanghai Vanke Property Co., Ltd.
Co., Ltd. RMB
Shanghai Jingyuan 448,000,000.00 Shanghai Vanke Property Co., Ltd.
Property Development
Co., Ltd. RMB
1,100,000,000.00 Guangzhou CM Property Co., Ltd.,
Foshan Evian Property Jiulongcang Group Co., Ltd.
Co., Ltd. RMB
Eureka Investment 4,868,815,600.00 China Merchants (Hongkong)
Co., Ltd. USD 788,000,000.00 Group Co., Ltd.
Eureka Investment 780,668,000.00 China Merchants (Hongkong)
Co., Ltd. HKD 980,000,000.00 Group Co., Ltd.
Eureka Investment 1,198,667,800.00 China Merchants (Hongkong)
Co., Ltd. USD 194,000,000.00 Group Co., Ltd.
Shenzhen CM Power 185,361,000.00 China Merchants Group Property
Supply Co., Ltd. USD 30,000,000.00 Development Co., Ltd.
Shenzhen CM 140,000,000.00 Shenzhen CM Shangzhi Investment
Business Development Co., Ltd., Shenzhen Sea Industries
Co., Ltd. RMB Development Co., Ltd.
50,000,000.00 Shenzhen CM Property Co., Ltd.,
Guangzhou Vanke Property Co.,
Guangzhou Wanshang Ltd., Shanghai Laiyuan Property
Property Co., Ltd. RMB Development Co., Ltd.
Total 13,963,962,644.18
Of which: current 2,854,734,743.98
liabilities due within
one year
In the guarantee loan, RMB 2,854,734,743.98 will be due in one year
Note 2: According to the Entrusted Loan Contract signed by the subsidiary
company,Guangzhou Wanshang Property Co., Ltd. With Hangzhou Hanglong Property
Management Co., and Guangzhou Vanke Property Co., Ltd. Hangzhou Hanglong
Property Management Co., Ltd. And Guangzhou Vanke Property Co., Ltd. Agreed to
entrust the bank to provide entrusted loan of RMB 415,140,000.00 respectively, totaling
RMB 830,280,000.00.
（2） Top five with long-term loan in the ending amount
Closingamount
Loan Loanending Interestrate
Loanstartingday Currency Amountofdomestic
Unit day (%)
Amountofforeigncurrency
currency
According
Financial
April20,2010 April19,2017 RMB toannual 2,000,000,000.00
institution1
floating
Financial
April11,2013- June15,2015 USD Floating 180,000,000.00 1,112,166,000.00
institution2
130
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Financial
March29,2013 March28,2015 RMB Fixed 1,100,000,000.00
institution3
Financial September26,
October17,2011 USD Floating 100,000,000.00 617,870,000.00
institution4 2014
Financial
April 29,2013 April 25,2016 USD Floating 100,000,000.00 617,870,000.00
institution5
29. Long-term payables
Interest Interest
Opening Closing Loan
Borrowing unit Period rate that shall
amount amount condition
(%) be counted
Total 83,565,123.00 101,218,943.36
In it:
Main partofbuilding repair
83,365,123.00 101,218,943.36
fund
Shenzhen CM Chuangye
1,200,000.00
Ltd.,Co.
30. Estimated liabilities
Item Opening amount Increased in this Carried over Closing amount
period in this period
Unsettled lawsuit 14,017,011.26 536,140.63 13,480,870.63
Total 14,017,011.26 536,140.63 13,480,870.63
The estimated liabilities are caused by the property development projects of the
subsidiary companies being sued by some owners due to building sales disputes. The
Company accrued estimated liabilities according to the compensation amount of the
unsettled lawsuit.
31. Other non-current liabilities
Item Closing amount Opening amount
Hotel project special support fund 14,130,060.00 14,130,060.00
Culture undertaking development special
1,500,000.00 1,500,000.00
fund
Deferred rent income 983,380.00 983,380.00
Total 16,613,440.00 16,613,440.00
32. Capital stock
131
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Opening amount Change increase and decrease in the year (+, -) Closing amount
Proport Public
Item ion (%) Issue accumula Propo
Give Other
Amount new ted fund Subtotal Amount rtion
shares s
shares turned to (%)
shares
I. Shares
with sales
limiting
condition
1. Shares
held by
the state
2. Shares
held by
the
693,419,317.00 40.38 693,419,317.00 40.38
state-own
ed legal
person
3. Shares
held by
other
domestic
capital
In it:
shares
held by
domestic
non-state
owned
legal
person
Shares
held by
domestic
natural
person
4. Shares
held by
197,709,440.00 11.51 197,709,440.00 11.51
foreign
capital
In it:
shares
held by
197,709,440.00 11.51 197,709,440.00 11.51
foreign
legal
person
Shares
held by
the
foreign
natural
person
5. Shares
held by
the senior 512,851.00 0.03 512,851.00 0.03
managem
ent
Total of 891,641,608.00 51.92 891,641,608.00 51.92
132
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
shares
with sales
limiting
condition
II. Shares
without
sales
limiting
condition
1. RMB
common 684,267,595.00 39.85 684,267,595.00 39.85
shares
2. Foreign
capital
shares
141,391,300.00 8.23 141,391,300.00 8.23
listed
domestica
lly
3. Foreign
capital
shares
listed in
foreign
countries
4. Others
Total of
shares
without
825,694,895.00 48.08 825,694,895.00 48.08
sales
limiting
condition
Total of 1,717,300,503.0 1,717,300,503.0
100．00 100.00
shares 0 0
133
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
33. Capital reserve accumulation
Decreased
Item Opening amount Increased this year Closing amount
this year
Capital stock
8,272,422,487.12 8,272,422,487.12
premium
Original system
capital public
104,411,758.00 104,411,758.00
accumulation
transferred in
Other capital public
accumulation (Note 10,092,053.00 235,437,095.10 245,529,148.10
1)
Total 8,386,926,298.12 235,437,095.10 0.00 8,622,363,393.22
Note 1: Other capital reserve accumulation increased RMB 235,437,095.10 in this
year, including :
1. Dispose equity investment difference of RMB 55,703,911.65 of the subsidiary
companies under common control; The long-term investment cost of the Company of
the subsidiary companies under common control is larger than the net book assets of
the invested unit that shall be offset with the other capital public accumulation.
Because such category of companies have been disposed, according to the related
provisions of Enterprise Accounting Standard, while the above difference is accounted
into the investment income, other capital public accumulation is increased.
2. The investment difference of RMB 179,733,183.45 generated by purchasing the
equity of minority shareholders. When the Company purchased the equity of minority
shareholders of Shenzhen Meiyue Property Investment Co., Ltd. In the previous year,
capital reserve accumulation of RMB 179,733,183.45 was offsetted. During the period
of reporting period, The CM Guoling Project developed by the company was
completed and transferred, according to the related provisions of explanation No.2 of
Enterprise Accounting Standard, while the above difference is accounted into the
operating cost of this period, the other capital reserve accumulation is increased.
34. Retained Earnings
Item Opening amount Increased this Decreased Closing amount
year this year
Legal retained earnings 887,660,959.90 887,660,959.90
Free retained earnings 140,120,038.00 140,120,038.00
Total 1,027,780,997.90 1,027,780,997.90
134
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
35. Undistributed profit
Extraction or
Item Amount distribution proportion
(%)
Amount at the end of the previous year 12,173,100,556.73
Plus: opening retaining profit adjustment figure
Opening amount of the year 12,173,100,556.73
Plus: Net profit belonging to the shareholders of 2,550,631,034.51
the parent company of the year
Less: Extracted legal surplus public accumulation
Less: Payable common share dividend 515,190,150.90
Amount at the end of the year 14,208,541,440.34
36. Equity of the minority shareholders
Minority
Name of the subsidiary company equity ratio Closing amount Opening amount
(%)
Suzhou Shuanghu Property Co., Ltd. 50 920,447,403.00 892,061,967.18
Hainan CM Ocean Development Co., Ltd. 40 800,109,601.74 800,117,098.04
Foshan Xincheng Property Co. Ltd. 50 1,056,884,939.23 677,634,227.69
CM Jiaming (Beijing) Property
50 660,554,389.12 602,280,853.72
Development Co., Ltd.
Shenzhen Vanke Binhai Property Co., Ltd. 50 490,459,843.86 497,418,684.54
Shenzhen CM Overseas Chinese City
50 387,624,764.63
Investment Co., Ltd.
Foshan CM Jiulongcang Property Co., Ltd. 50 368,009,452.95 338,234,084.86
Zhangzhou CM Property Development
49 295,102,022.31 295,788,060.93
Co., Ltd.
Shanghai Fengyang Property Development
40 295,080,729.41 291,648,802.00
Co., Ltd.
Qingdao Zhongrunde Auto Trade Co., Ltd. 49 162,984,315.30 167,238,507.10
Shenzhen CM Runde Property Co., Ltd. 49 150,192,782.82 148,047,111.18
Shanghai Jingyuan Property Development
45 147,637,025.16 147,977,793.00
Co., Ltd.
Beijing Conrad Property Development Co.,
40 112,241,192.90 134,137,107.03
Ltd.
Tianjin CM Taida Investment Co., Ltd. 40 114,940,867.72 117,215,859.41
Suzhou CM Nanshan Property Co., Ltd. 40 157,461,506.72 94,231,312.80
YInrong Co., Ltd. 50 110,554,073.48 75,989,098.44
Zhuhai Yuanfeng Property Co., Ltd. 49 81,686,639.65 81,074,734.77
Haerbin CM Jiatian Property Development
50 67,325,205.25 69,877,327.28
Co., Ltd.
Guangzhou Wanshang Property Co., Ltd. 66 61,052,266.77 61,693,925.68
Shekou Xinghua Industries Co., Ltd. 34.93 44,159,339.76 43,400,003.39
Shenzhen CM Business Development Co., 49 72,526,869.69 35,926,581.60
135
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Ltd.
Huipeng Property Development Co., Ltd. 50 121,580,370.19 19,159,894.86
Tianjin CM Property Co., Ltd. 25 14,505,307.05 14,517,903.88
Shenzhen Jinyu Rongtai Investment
50 15,025,299.11 15,009,274.13
Development Co., Ltd.
Shenzhen Shekou Sea World Hotel
49 13,485,457.44 14,105,273.27
Management Co., Ltd.
Foshan Evian Property Co., Ltd. 50 8,683,062.11 10,556,916.28
Beijing CM Property Management Co.,
20 4,210,715.84 5,207,373.24
Ltd.
Yunnan CM Chengtou Property Co., Ltd. 40 3,610,385.96 3,999,207.44
Tianjin Zhaojiang Investment Co., Ltd. 23 3,038,267.13 3,714,698.54
Fujian Zhongliansheng Property
50 32,812,977.61 2,729,318.77
Development Co., Ltd.
Shenzhen Haitao Hotel Co., Ltd. 15 1,853,252.24 1,833,766.31
UnionBloomLimited 49 64,228.91 -572,711.84
VastJointLimited 49 -13,743.07 -10,553.71
Shenzhen CM Anye Investment
49 -3,675,674.18 -1,719,075.32
Development Co., Ltd.
Tonic Industries Holdings Limited 29.82 -8,152,765.91 -579,091.83
Shenzhen CM Qile Property Management
40 -1,891,470.52 -1,806,633.29
Co., Ltd.
Shenzhen CM Shekou Construction Co.,
49 4,907,132.59
Ltd.
Dalian Zhaoyu Property Co., Ltd. 49 14,270,864.22
Foshan CM Xincheng Hi-Tech Co., Ltd. 40 3,964,952.83
Zhenjiang Communication investment
40 19,841,148.98
construction development Co., Ltd.
Total 6,417,530,235.37 6,045,763,466.00
37. Operating income and operating cost
Item Amount in this period Amount in the same period of the
previous year
Income from Main businesses 16,133,568,321.26 10,080,507,691.00
Cost of main businesses 8,692,511,279.89 5,045,322,607.00
（1） Main businesses—categories by industry
Name of Amount in this year Amount in the previous year
the
industry Operating income Operating cost Operating income Operating cost
Property
15,383,731,797.53 8,038,397,888.80 9,456,757,691.00 4,549,582,607.00
industry
Public
286,293,107.78 210,341,111.20 295,050,000.00 205,910,000.00
utility
Property
managem 379,233,415.95 336,412,279.89 328,700,000.00 289,830,000.00
ent
136
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Trade
84,310,000.00 107,360,000.00
business
Total 16,133,568,321.26 8,692,511,279.89 10,080,507,691.00 5,045,322,607.00
（2） Operating income of top five clients
Proportion accounting for in all the
Name of the client Operating income
operating income (%)
Client 1 23,355,770 0.14%
Client 2 23,000,359 0.14%
Client 3 22,612,243 0.14%
Client 4 22,191,907 0.14%
Client 5 22,159,334 0.14%
Total 113,319,613.00 0.70%
38. Business taxes and addition taxes
Item Amount in this period Amount in the same Calculated payment
period of the previous standard
year
Land VAT 1,682,436,591.33 1,230,612,924.00
Operating tax 791,426,399.15 502,342,782.00
City maintenance
52,105,782.75 22,047,102.00
and construction tax
Education fee
38,222,483.89 14,286,626.00
addition
Others 15,239,466.65 7,394,636.00
Total 2,579,430,723.77 1,776,684,070.00
39. Sales expenses
Item Amount in this period Amount in the same period
of the previous year
Advertisement promotion expense 159,820,963.51 129,396,538.97
Expenses and commission of sales
36,772,751.27 29,772,481.90
institutions
Others 75,426,076.98 72,290,106.13
Total 272,019,791.76 231,459,127.00
40. Management expenses
Item Amount in this period Amount in the same period
of the previous year
Human resources expenses 126,352,153.75 103,341,626.94
Office and administrative expenses 9,529,807.14 9,983,352.37
Expenses of the intermediary institution 29,643,111.36 10,455,817.01
137
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Assets amortization 2,421,823.75 2,319,581.55
Taxes and levies 13,977,283.57 9,003,418.53
Others 50,787,306.44 39,631,368.60
Total 232,711,486.01 174,735,165.00
41. Financial expenses
Item Amount in this period Amount in the same period
of the previous year
Interest expenditure 703,636,382.20 622,475,795.00
Less: Capitalized interest expenditure 415,466,833.70 394,739,403.00
Less: Interest income 110,091,552.79 91,377,849.00
Plus: Exchange loss -137,306,098.33 24,539,671.00
Less: Capitalized exchange difference -16,408,450.00 3,058,265.00
Plus: Other expenditures 16,168,624.01 9,826,925.00
Total 73,348,971.39 167,666,874.00
42. Assets impairment loss
Item Amount in this period Amount in the same period
of the previous year
Bad debt loss 10,003,720.97 363,374.00
Inventory price impairment -182,370,000.00 206,497,854.00
Total -172,366,279.03 206,861,228.00
43. Profit/loss of changes of fair value
Item Amount in this period Amount in the same
period of the
previous year
Transactional financial assets 1,584,406.00
of what: Fair value change profit generated by the
1,584,406.00
derivative financial toll
Transactional financial liabilities
Total 1,584,406.00
44. Investment earnings
（1） Source of investment earnings
Item Amount in this Amount in the same
period period of the previous
year
138
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Long-term equity investment profit calculated
336,191,940.58 3,847,469.00
according to equity method
Investment profit got by disposing transactional
-8,674,906.00
financial assets
Long-term equity investment disposal profit and loss -55,703,911.65
Others 1,691,730.00 29,709,121.00
Total 282,179,758.93 24,881,684.00
（2）Long-term equity investment profit calculated according to equity method
Amount in this Amount in the Reason for increase and
Item period same period of decrease changes of this year
the previous year compared to the previous year
Total 336,191,940.58 3,847,469.84
In it: Shenzhen TCL 12,617,820.16 9,116,862.84 Profit increase of the invested
Optical- Electronics company in this year
Technologies Ltd.
Shanghai Ledu Property Co., 5,185,519.88 -1,273,999.23 Profit increase of the invested
Ltd. company in this year
CM Guangming Science and -1,290,760.00 -1,670,150.43 Loss decrease of the invested
technology Park Co., Ltd. company in this year
Guangzhou Panyu 1,889,728.08 -2,465,616.70 Profit increase of the invested
Innovation Science and company in this year
Technology Park Co., Ltd.
-19,996,271.26 -5,383.28 Loss of the invested company in
Huizhou Taitong Property
this year
Shenzhen Dehan Investment -140,203.81 -126,173.45
339,878,500.00 Profit generated by long-term
Shenzhen CM Overseas
equity without control right
Chinese City
measured according to fair value
Beijing Tianping Property 30,278.76 59,682.65
Shenzhen Zhaohua Property 62,212.24 212,247.44
Beijing Guangying Property -2,044,883.47
Development Co., Ltd.
Note: 1. As stated in Annotation IV (II), the Company did not implement control in
production and operation of Shenzhen CM Overseas Chinese City since April 1st , 2013.
According to No.4 explanation announcement of Enterprise Accounting Standard, the
remaining equity is measured according to the fair value on the day when the control is
lost, and the difference between the fair value and the original book value is counted
into the current profit and loss.
Note 2: The long-term equity disposal profit is the investment difference of the
Company for the disposed subsidiary companies of RMB 55,703,911.65. See
139
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Annotation V. 32
45． Non-operating income
（1） Details of non-operating income
Amount in the
Amount in this same period of Amount of non-recurring profit
Item
period the previous and loss counted into the year
year
Profit from disposal of
469,576.00 390,404.00 469,576.00
non-current assets
In it: Profit from disposal of
469,576.00 390,404.00 469,576.00
fixed assets
Government subsidy 2,198,400.00 2,727,811.00 2,198,400.00
Penalty income 5,828,374.85 1,260,251.00 5,828,374.85
Others 3,278,352.43 2,076,070.00 3,278,352.43
Estimated debt transfer-back
Total 11,774,703.28 6,454,536.00 11,774,703.28
（2） Details of government subsidies
Amount in
Amount in this
Item the previous Source and basis
year
year
Reward from the People‘s
Financial subsidy from the Government of
Government of Nanqiao 567,000.00
Nanqiao Town, Shanghai
Town, Shanghai
Minute of the meeting of the Management
Subsidy from the pavilion 130,000.00 Committee of Zhangzhou Development
Zone, China Merchants Group
Tax return 567,228
Reward notice for the big taxpayers of the
Reward for big taxpayers 200,000.00 1,787,900 Bureau of Finance of Nankai District,
Tianjin
Reward notice for the big taxpayers of
Suzhou Wuzhong Development Zone,
Reward for big taxpayers 1,301,400.00 372,683.00
document of reward of vehicles for the big
tax payers
Total 2,198,400.00 2,727,811.00
46. Non-operating expenditures
Item Amount in this Amount in the same Amount counted into the
period period of the non-recurring profit and
previous year loss of the year
Non-current assets disposal 910,283.52 350,941.00 910,283.52
140
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
loss
In it: Fixed assets disposal 910,283.52 350,941.00 910,283.52
loss
External donations
Inventory losses
Estimated liability
expenditure
Reproductive energy power 2,530,195.00
price additional fee
Major water conservancy 4,579,668.16 2,587,320.00 4,579,668.16
construction fund
Others 9,897,602.93 4,603,548.00 9,897,602.93
Total 15,387,554.61 10,072,004.00 15,387,554.61
Note: It is mainly the transfer port assets taxed paid by the Company for the
previous years, which is amounted to 9.47 million.
47. Income tax expenses
（1） Income tax expenses
Item Amount in this period Amount in the same period of
the previous year
Income tax expense of the year 1,432,015,820.32 673,044,852.00
Deferred income tax expense 44,571,010.06 119,354,403.00
Total 1,476,586,830.38 792,399,255.00
（2） Income tax of the year
Item Amount
Consolidated profit of the year 4,734,479,255.07
Plus: Tax payment increase adjustment 59,399,975.82
Less: Tax payment decrease adjustment 278,518,661.52
Plus: Overseas taxable income deductible for the domestic
loss
Less: Loss carryover of the previous years 8,481,246.07
Plus: Loss amount of the subsidiary company of the
451,421,951.00
year
Payable tax income amount of the year 4,958,301,274.30
Legal income tax rate 16.5%、25%
Payable income tax amount of the year 1,337,333,447.79
Less: Exempted income tax amount
Less: Income tax credit amount
Payable tax amount of the year 1,337,333,447.79
Plus: Overseas income tax payable 93,712,503.50
Less: Overseas income tax credit
Plus: Other adjustment factors 969,869.53
Income tax of the year 1,432,015,820.82
141
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
48. Process of calculating the basic earnings per share and diluted earnings per
share
Item Amount in this Amount in the
No.
year previous year
Net profit belonging to the
shareholders of the parent 1 2,550,631,034.51 1,220,525,897.00
company
Non—recurring profit and loss
belonging to the parent 2 322,958,050.10 -1,941,578.00
company
Net profit with non-recurring
profit and loss deducted
3=1-2 2,217,672,984.41 1,222,467,475.00
belonging to the shareholders
of the parent company
Total number of opening
1,717,300,503.00 1,717,300,503.00
shares 4
Number of increased shares
such as share capital increase
from accumulation fund or 5
share dividend distribution etc.
（Ⅰ）
Number of increased shares
such as issuing new shares or 6
debts turned to shares（Ⅱ）
Number of accumulated
months of the increased shares
7
（Ⅱ） from the next month to
the end of the year
Number of decreased shares
8
due to purchase back etc.
Number of accumulative
months of the decreased
9
shares from the next month to
the end of the year
Number of decreased shares of
10
drawn back shares
Number of months in the
11 6 6
report period
Weighted average number of 12=4+5+6×7÷11
common shares issued 1,717,300,503.00 1,717,300,503.00
externally -8×9÷11-10
Basic earnings per share
1.4853 0.7107
（Ⅰ） 13=1÷12
Basic earnings per share
1.2914 0.7123
（Ⅱ） 14=3÷12
Interest of diluted potential
common shares already 15
confirmed as expense
Conversion expense 16
Income tax rate 17
142
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Weighted average number of
increased common shares such 18
as convertible bonds
Diluted earnings per share 19=[1+(15-16)×(
1.4853 0.7107
（Ⅰ） 1-17)]÷(12+18)
Diluted earnings per share 19=[3+(15-16)×(
1.2914 0.7123
（Ⅱ） 1-17)]÷(12+18)
49. Other comprehensive profit
Item Amount in Amount in the
this period same period of
the previous
year
1．Profit (loss) amount generated by available-for-sale financial assets
Less: Income tax impact generated by the available-for sale
financial assets
Net amount counted into the other comprehensive profit in
the previous period and transferred into the profit and loss in the
current period
Subtotal
2． Shares in the other comprehensive profit of the invested unit
calculated according to equity method
Less: Income tax impact generated by the shares enjoyed in the other
comprehensive profit of the invested unit calculated according to
equity method
Net amount accounted into the other comprehensive profit in
the previous period and transferred into the profit and loss in the
current period
Subtotal
3．Profit (loss) amount generated by the cash flow hedging
Less: Income tax impact generated by the cash flow hedging
Net amount accounted into the other comprehensive profit in
the previous period and transferred into the profit and loss in the
current period
Adjustment amount converted to initially confirmed amount
of the hedged projects
Subtotal
4．Conversion difference of the foreign currency financial statements 974,901
Less: Net amount of disposing overseas operation and transferred
into profit and loss in the current period
Subtotal 974,901
5．Others
Less: Income tax impact generated by the others counted into the
comprehensive profit
Net amount counted into the other comprehensive profit in the
previous period and transferred into the profit and loss in the current
period
Subtotal
143
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Item Amount in Amount in the
this period same period of
the previous
year
Total 974,901
50. Items of cash flow statements
（1）Other cash received related to the operation activities
Item Amount in this period Amount in the same
period of the previous
year
Recurring accounts received 1,634,630,535.40 452,960,060.99
Project down payment received 795,186,343.74 672,981,748.00
Interest received 152,523,953.36 114,055,741.01
Operating temporary receipts 259,616,832.28 132,170,938.00
Others 22,486,300.00 10,092,900.00
Total 2,864,443,964.78 1,382,261,388.00
（2） Other related cash paid related to the operation activities
Item Amount in this period Amount in the same
period of the previous
year
Paid operating accounts
5,993,728,552.37 1,885,764,667.64
Returned project earnest money
727,274,929.01 627,663,785.00
Paid cash for sales expenses
155,449,999.67 116,814,064.00
Paid cash for management expenses
101,932,622.91 99,206,751.00
Others
378,630,178.09 145,271,229.36
Total 7,357,016,282.05 2,874,720,497.00
Supplementing data for the consolidated cash flow statements
Amount in the same
Amount in this
Item period of the
period
previous year
144
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Amount in the same
Amount in this
Item period of the
period
previous year
1. Adjust the net profit to the cash flow of operating
activities:
Net profit 3,257,892,424.69 1,708,227,987.22
Plus: Assets impairment preparation -172,366,279.03 206,861,228.00
Fixed assets depreciation, oil and gas assets damage
95,283,893.33 97,849,406.00
loss, depreciation of productive biological assets
Amortization of intangible assets and investment
property
Amortization of long-term deferred expenses 11,819,745.67 16,958,479.00
Loss of disposing fixed assets, intangible assets and
910,283.52 -32,627.74
other long-term assets (fill with ―-‖ for profit)
Loss of fixed assets abandonment (fill in with ―-‖ for
-469,576.00
the profit)
Fair value change profit and loss (fill in with ―-‖ for
-1,584,406.00
profit)
Financial expenses (fill in with ―-‖ for profit) 288,169,548.50 227,175,857.35
Investment loss (fill in with ―-‖ for profit) -282,179,758.93 -24,881,684.00
Decrease of deferred income tax assets (fill in with ―-‖
228,787,252.61 119,354,403.00
for increase)
Increase of deferred income tax liabilities (fill in with
93,712,503.50
―-‖ for decrease)
Decrease if inventory (fill in with ―-‖ for increase) 1,521,324,142.08 -1,249,074,868.00
Decrease of operating receivable items (fill in with ―-‖
-4,782,180,561.63 -2,309,014,330.22
for increase)
Increase of operating payable items (fill in with ―-‖ for
-1,536,208,848.88 3,628,468,618.39
decrease)
Others
Net amount of cash flow generated by operation
-1,269,539,096.60 2,420,308,063.00
activities
2. Significant investment and financing activities
145
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Amount in the same
Amount in this
Item period of the
period
previous year
not involving cash income and expenditure:
Debts turned to assets
Convertible company binds due in one year
Financing rented in fixed assets
3. Net change of cash and cash equivalent:
Closing balance of cash 23,367,745,124.48 17,285,427,331.00
Less: Opening balance of the cash 18,218,506,517.70 13,659,974,240.00
Plus: Closing balance of the cash equivalent
Less: Opening balance of the cash equivalent
Net increase amount of cash and cash equivalent 5,149,238,606.78 3,625,453,091.00
（1） Cash and cash equivalent
Item Amount in this period Amount in the same
period of the previous
year
Cash 23,367,745,124.48 17,285,427,331.00
of which: cash on hand 70,955.00 156,921.00
Bank deposit that is immediately for payment 23,367,674,169.48 17,285,270,410.00
Other monetary capital that hat is immediately for
payment
Central bank deposit that can be used for payment
Deposit from other banks
Money of calling loans to banks
Cash equivalent
In it: Bond investment due in three months
Closing cash and balance of cash equivalent 23,367,745,124.48 17,285,427,331.00
of which: Limited cash and cash equivalent used by 76,793,612.01 659,588,333.00
146
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Item Amount in this period Amount in the same
period of the previous
year
the parent company or the subsidiary companies in
the Group
VI. Associated parties and associated transactions
(I) Relations with the associated parties
1. Shareholding shareholders and the final controlling party
（1） Shareholding shareholders and the final controlling party
Name of the shareholding Enterprise Registratio Business property Legal Code of the
shareholders and the final controlling type n place representativ organization
party e
最终控制方名称
Limited Establish and
Sun
CM Shekou IndustrialZoneCo., Ltd. Liability Shenzhen manage allkindsof 100011460
Chengming
Corportation enterprises etc.
Limited Establish and
Hong
ChinaMerchants Group Co., Ltd. Liability manage allkindsof Fu Yuning 100005220
Kong
Corportation enterprises etc.
（2） Registration capital of shareholders and its changes
Opening amount Increased Decreased Closing amount
this year this year
Shareholding shareholders
CM Shekou IndustrialZoneCo., Ltd. 2,236,000,000.00 2,236,000,000.00
（3） Shares held or equity of shareholders and their changes
Shareholding amount Shareholding proportion
Shareholding shareholders
(%)
147
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Closing amount Opening amount Closing Opening
proportion proportion
CM Shekou industrialZoneCo., Ltd. 693,419,317.00 693,419,317.00 40.38 40.38
Note: The amount of the shares of the Company held by Shekou industrial Zone and its subsidiary companies does not include the amount of the
shared held by its shareholding subsidiary companies of RMB 197,709,440.. The amount of the shares held by Shekou Industrial Zone and its
subsidiarycompaniestotalsRMB891,128,757, and the shareholdingproportion is51.89%.
2. Subsidiary companies
For the details, see Annotation IV、(1).
3. Cooperative enterprises and associated enterprises
For the details, see Annotation V. 10（3）.
4. Other associated parties
Type of the association Name of the associated party Main transaction
relation content
Other enterprises controlled by
the common shareholding
shareholders and the final
controlling party
China Merchants Group 9Hong Kong) Co., Ltd. Guarantee
Shenzhen Ocean Shipping Agency Co., Ltd. Contracting of
construction projects
Shenzhen CM Front Bay Property Co., Ltd. Contracting of
construction projects
Shenzhen CM International Ship Agency Co., Ltd. Rental
Shenzhen CM Network Co., Ltd. Rental
CM International Information Technology Co., Ltd. Rental
China Merchants Asia Pacific Communications Rental
Infrastructure Construction Management
(Shenzhen) Co., Ltd.
CM Bank Co., Ltd. Deposit and loan
CM Property Investment Co., Ltd. Associated
correspondence
CM International Information Technology Co., Ltd. Associated
correspondence
Shenzhen CM Venture Co., Ltd. Associated
correspondence
II. Related- Party transactions
（二）
148
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
1. In this reporting period there is no material purchasing goods or services
inter-company transactions.
2. Sale of commodities and labor services
Type and name of the associated This period Same period in the previous
party year
Amount Proportion Amount Proportion
accounting accounting
for in the for in the
amount of amount of
similar similar
transaction transactions
s (%) (%)
Shareholding shareholders and the
final controlling party
Qianhai Bank Co., Ltd. (Note 1) 8,262,080.00 2.2 26,686,946.00 7.45
China Shenzhen Qailun Agency Co., 11,336,029.02 3.04 17,591,613.10 4.88
Ltd. (Note 2)
China Merchant Group Co., Ltd.(note 2,597,971.51 0.68 2,746,031.08 0.83
3)
Total 22,196,080.53 5.92 47,0247,590.18 13.16
（1）This transaction is the company‘s subsidiary Shenzhen CM Construction Co., Ltd.
had entered contract with Shenzhen CM Qianhaiwan Zhiye Co., Ltd. for the
Qianhaiwan Garden Project phrase one to four, main construction income.
（2）This transaction is the company‘s subsidiary Shenzhen CM Construction Co., Ltd.
had entered contract with China Shenzhen Zhongwaiyun Co., Ltd. for the Qianhai
Warehouse Phrase 2 main construction income.
(3) This transaction is CM Wuye Management Co., Ltd. providing services to CM
Group.
3. Rentals
Rental Rental
starting day ending day Rental
Category Rental profit
Name of the profit
Name of the leasee of rental determined
lessor pricing
assets in the year
basis
Office Executed
Shenzhen CM CM Shekou Industrial Zone January 1, December 31,
building/vil according 6,543,283.90
Shangzhi Co., Ltd. 2013 2013
la to the
Investment Co.,
agreement
149
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Ltd. CM International (China) Office price
January 1, December 31,
Investment Co., Ltd. building 2013 2013 2,720,908.53
China Merchants Workshop/
International Information office March 1, February 28,
technology Co., Ltd. building 2011 2014 1,027,008.00
China merchants Group
Shenzhen Significant Office
Projects Coordination building March 1, December 31,
Office 2011 2013 262,650.00
Shenzhen CM International Office January 1, December 31,
Ship Agency Co., Ltd. building 2013 2013 259,970.00
China Merchants Asia and
Pacific Communications
Office
Infrastructure Construction
building
Management (Shenzhen) January 1, December 31,
Co., Ltd. 2013 2013 201,342.00
Shenzhen CM Network Co., Office January 1, December 31,
Ltd. building 2013 2013 111,540.00
Shenzhen CM Venture Co., Office January 1, December 31,
Ltd. building 2013 2013 146,466.00
Shenzhen CM
China Merchants Group
Shangzhi Office
Post Doctorate Research
Investment Co., building January 1, December 31,
Work Station
Ltd. 2013 2013 112,260.72
4. Leasing
Rental Rental ending
Rental
starting day day Rental fee
Category of the fee
Name of the lessor Name of the leasee determined in the
rental assets pricing
year
basis
Agreem
Shenzhen CM Property September August 31,
Naihai Ecool ent 13,318,029.05
Investment Co., Ltd. 1, 2010 2023
price
Agreem
CM Shekou Industrial Shenzhen CM Power Supply January 1, December 31,
Land using right ent 1,142,942.82
Zone Co., Ltd. Co., Ltd. 1982 2026
price
Agreem
Shenzhen CM Property
Land using right January 1, December 31, ent 3,219,616.80
Investment Co., Ltd.
2013 2015 price
No.9, Des Agreem
China merchants CM Property Management January 1, December 31,
Voeux Road ent 105,140.64
Property Co., Ltd. Co., Ltd. 2013 2013
West price
5. Associated guarantee condition
Is the
guarantee
Guarantee Starting implement
Name of the guarantor Name of the secured party Due day
amount day ed or not
150
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Eureka Investment Industries November January 19,
308,935,000.00 Not
Co., Ltd. 20, 2007 2014
Eureka Investment Industries April 29, April 25,
617,870,000.00 Not
Co., Ltd. 2013 2016
Eureka Investment Industries December December
103,558,000.00 Not
Co., Ltd. 24, 2010 24, 2013
Eureka Investment Industries December December
290,398,900.00 Not
Co., Ltd. 24, 2010 24, 2013
Eureka Investment Industries October 17, September
617,870,000.00 Not
Co., Ltd. 2011 26, 2014
Eureka Investment Industries October 14, September
308,935,000.00 Not
Co., Ltd. 2011 26, 2014
Eureka Investment Industries October 21, October 13,
398,300,000.00 Not
Co., Ltd. 2011 2014
Eureka Investment Industries October 31, October 31,
123,574,000.00 Not
China Merchants Group (Hong Co., Ltd. 2011 2013
Kong) Co., Ltd. Eureka Investment Industries November November
278,810,000.00 Not
Co., Ltd. 25, 2011 25, 2014
Eureka Investment Industries December December
129,752,700.00 Not
Co., Ltd. 28, 2011 27, 2014
Eureka Investment Industries October 18, June 28,
308,935,000.00 Not
Co., Ltd. 2012 2015
Eureka Investment Industries October 14,
432,509,000.00 July 18, 2014 Not
Co., Ltd. 2012
Eureka Investment Industries July 22,
185,361,000.00 July 18, 2014 Not
Co., Ltd. 2011
Eureka Investment Industries March 26, June 15,
123,574,000.00 Not
Co., Ltd. 2013 2015
Eureka Investment Industries April 11, June 15,
1,112,166,000.00 Not
Co., Ltd. 2013 2015
Eureka Investment Industries March 1, March 1,
308,935,000.00 Not
Co., Ltd. 2013 2016
Shenzhen CM Property Co., September September
158,000,000.00 Not
Ltd. 18, 2012 18, 2014
Shenzhen CM Property Co., September September
88,000,000.00 Not
Ltd. 19, 2012 19, 2014
Shenzhen CM Property Co., November November
30,000,000.00 Not
Ltd. 30, 2012 30, 2014
Shenzhen CM Property Co., December December
190,000,000.00 Not
Ltd. 24, 2012 24, 2014
Shenzhen CM Property Co., January 29, January 29,
119,500,000.00 Not
CM Shekou Industrial Zone Ltd. 2013 2015
Co., Ltd. December December
The Company 199,000,000.00 Not
19, 2012 19, 2015
December December
The Company 109,000,000.00 Not
24, 2012 24, 2015
January 29, January 29,
The Company 80,500,000.00 Not
2013 2016
March 29, March 29,
The Company 500,000,000.00 Not
2013 2015
Beijing Conrad Property May 15, May 15,
105,780,097.67 Not
Development Co., Ltd. 2012 2017
China Merchants Group Co., April 20, April 19,
The Company 2,000,000,000.00 Not
Ltd. 2010 2017
6. Related parties saving and loan situation
Related Parties Ending Balance Beginning Balance
Companies that under the same final parent controlled
Of which: CM bank (Saving) 5,948,430,133.94 6,168,810,000.00
CM bank (Loan) 1,412,863,524.08 967,500,000.00
151
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Same period of last
This Period
year
Of which：Bank loan interest payable to
36,695,081.54 41,673,023.40
CM bank
Bank fee for CM Bank 1,648,842.97 2,305,107.68
Interests from bank account in
20,607,088.46 31,380,367.21
CM bank
7. Capital loan at call of the associated parties
Borrow/lend Amount of loan at
Name of the associated party Starting day Due day Remark
call
Beijing Guangying Property September December Shareholder loan
Lend 878,104,033.47
Development Co., Ltd. 2012 2013
Shenzhen TCL Optical- Electronics December
Lend 36,054,549.30 January 2009 Shareholder loan
Technologies Ltd. 2013
Foshan CM Longyuan Property Co., December
Lend 673,226,819.21 January 2011 Shareholder loan
Ltd. 2015
Jones Tech Limited Converted to 63,269,739.71 December December Investment
investment 2012 2013
money
Holly Profit Limited Converted to 72,599,422.24 December December Investment
investment 2012 2013
money
Shanghai Nanshan Property September
Lend 181,438,008.42 April 2013 Shareholder loan
development Co., Ltd. 2011
(III) Correspondence balance of the associated parties
1. Other receivables of the associated parties
Associated party (Item) Closing amount Opening amount
Book balance Bad debt
Bad debt
preparati
Book balance preparation
on
Cooperative and associated
enterprises
Beijing Guangying Property 1,243,733,636.26
878,104,033.48
development Co., Ltd.
Foshan CM Longyuan Property 673,084,122.36
673,226,819.21
Co., Ltd.
Shenzhen TCL Optical- Electronics 227,095,300.70
Technologies Ltd.
Shanghai Xinnanshan Property 143,654,905.22
181,438,008.42
Development Co., Ltd.
Jones Tech Limited 63,269,739.71 64,454,177.05
Holly Profit Limited 72,599,422.24 73,958,515.34
152
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Huizhong Taitong Property 11,270,000.00 11,270,000.00
Investment Co., Ltd.
Other enterprises controlled by the
common shareholding shareholders
and the final controlling party
In it: Shenzhen Nanshan Property
Development Co., Ltd. 107,938,507.84
Total 1,976,576,530.90 2,425,980,656.93
2. Long –term receivables of the associated parties
Asociated party (Item) Closing amount Opening amount
Coopeartive and associated enterprises
Of which: Huizhou Taitong Property Investment Co., 49,721,270.00
Ltd.
Total 49,721,270.00
3. Accounts payable of the associated parties
Associated party (Item) Closing amount Opening amount
Shareholding shareholders and the final controlling party
Of which: CM Shekou Industrial Zone Co., Ltd. 900,000,000.00
Total 900,000,000.00
4. Other payables of the associated parties
Associated party (Item) Closing amount Opening amount
hareholding shareholders and the final
controlling party
In it: CM Shekou Industrial Co., Ltd. 2,097,500.00 2,097,500.03
Cooperative and associated enterprises
CM Guangming Science and Technology
10,421,830.00 10,289,739.09
Park Co., Ltd.
Tianjin Xinghai Property Development Co.,
106,081,398.67 106,081,398.67
Ltd.
Shanghai Ledu Property Co., Ltd. 211,016,803.57 144,356,803.60
Shanghai Xinnanshan Property Development
31,600,000.00
Co., Ltd.
Shenzhen TCL Optical- Electronics
30,903,097.30
Technologies Ltd.
153
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Other enterprises controlled by the common
shareholding shareholders and the final
controlling party
In it: Shenzhen CM Financial Service Co.,
843,095,172.30 753,539,867.35
Ltd.
Zhangzhou Development Zone Co., Ltd. 267,000,000.00 267,000,000.00
Top Chief Co., Ltd. 81,758,236.97 83,196,508.79
Shenzhen CM Venture Co., Ltd. 1,200,000.00 4,303.31
China Merchants Hanghua Technologies and
528,151.21
Trade Center Co., Ltd.
China Merchants International (China)
274,482.56
Investment Co., Ltd.
China Merchants Property Investment Co.,
74,448.00
Ltd.
Total 1,585,174,038.81 1,367,443,202.61
5. Long-term payables of the associated parties
Associated party (Item) Closing amount Opening amount
Other enterprises controlled by the common shareholding
shareholders and the final controlling party
Of which: Shenzhen CM Venture Co., Ltd. 1,200,000.00
Total 1,200,000.00
VII. Contingencies
1. Up till June 30, the Company continued to provide phased guarantee for the
purchaser of commercial housing, and the guarantee amount is RMB 385.28million.
The guarantee period is from the date when the mortgage bank makes the loan till the
day when the housing purchaser completes handling of the Property Certificate. If the
housing purchaser does not implement the responsibilities of the debtor during the
guarantee period, the Company has the right to collect back the sold building. Therefore,
the guarantee will not generate actual loss for the company.
2. The Company shares joint liability guarantee for the capital borrowed by CM
Guangming Science and Technology Park Co., Ltd. in 2013 in proportion of ownership,
and the actual guarantee limit is RMB 52.03 million. The guarantee period is two years
from the date of due date, and the matter does not have significant impact on the
financial condition of the Group in this year and afterall the balance sheet day.
154
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
VIII. Commitment matters
1. Significant commitment matters
1） The signed loan contracts under implementation or to be implemented and
their financial impact.
On June 30th , 2013 (T), the accounts that the irrevocable rental signed by the
Group are as follows:
Period Operation and rental
T+1 years 32,042,816.24
T+2 years 32,560,484.09
T+3 years 54,033,770.71
After T+3 years 269,849,313.27
Total 388,486,384.31
2） Other significant financial commitment
Capital commitment Closing figure Opening figure
Signed but not confirmed in the financial
statements
-Commitment of purchasing and constructing
11,250.00
long-term assets
-Large amount contracting contracts
-Property development project 4,813,126,044.12 7,416,297,922.05
-External investment commitment 1,258,825.00
Total 4,813,126,044.12 7,417,567,997.05
2. Up till June 30, 2013, the Group did not have other significant commitment
matters.
IX. Matters after the balance sheet day
None
155
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
X. Segment information
1． Segment in the report of the first half year in 2013
Property
Item Property industry Public utility industry management Trade segment Retaining segment Offsetting Total
industry
Operatingincome 15,773,132,476.84 286,293,107.78 379,233,415.95 54,369,931.66 11,080,000.00 -370,540,610.97 16,133,568,321.26
In it:externaltransaction income 15,503,273,113.82 284,499,279.88 291,425,995.90 54,369,931.66 16,133,568,321.26
Transaction income between thesegments 280,939,263.02 1,793,827.90 87,807,420.05 -370,540,510.97
Operatingexpenses 11,234,716,016.46 188,285,550.36 369,792,174.99 52,379,651.83 197,653,112.75 -365,170,532.60 11,677,655,973.79
Operatingprofit(loss) 4,848,926,119.20 98,007,557.42 9,533,731.96 -25,141,351.76 -187,863,872.75 -5,370,078.37 4,738,092,106.40
TotalAssets 123,130,540,426.78 5,625,843,949.89 595,628,537.89 16,057,687.29 53,698,748,235.87 -65,551,019,385.80 117,515,799,451.92
Total Liabilities 89,659,479,513.80 4,355,020,213.67 494,732,160.77 41,275,027.89 36,231,858,771.28 -45,348,489,983.70 85,433,875,703.71
Supplementinginformation
Depreciation and amortization expenses 100,257,323.17 5,794,448.40 1,051,867.43 107,103,639.00
Capital expenditure 7,012,110.54 18,219,813.24 541,686.00 1,344,750.00 27,118,359.78
Non-cash expenses beyond depreciation and
amortization
156
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
2． Segment of the report of the first half year in 2012
Property
Item Property industry Public utility industry management Retaining segment Offsetting Total
industry
9,813,288,524.00 282,702,739.00 328,696,771.00 -344,180,343.00 10,080,507,691.00
Operatingincome
9,469,108,181.00 282,702,739.00 328,696,771.00 10,080,507,691.00
In it:externaltransaction income
344,180,343 -344,180,343.00
Transaction income between thesegments
4,896,044,274.00 194,735,037.00 289,830,149.00 -335,286,853.00 5,045,322,607.00
Operatingexpenses
4,917,244,250.00 87,967,702.00 38,866,622.00 -8,893,490.00 5,035,185,084.00
Operatingprofit(loss)
126,078,822,716.00 4,871,746,128.00 613,799,767.00 10,726,395,031.00 -54,628,994,809.00 87,661,768,833.00
TotalAssets
89,335,011,512.00 3,754,066,810.00 509,927,227.00 8,869,367,961.00 -40,704,650,108.00 61,763,723,402.00
Totalliabilities
Supplementinginformation
15,579,179.00 4,731,195.00 1,215,461.00 21,525,835.00
Depreciation and amortization expenses
10,778,277.00 3,705,553.00 234,149.00 14,717,979.00
Capital expenditure
Non-cash expensesbeyond depreciation and amortization
157
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
XI. Financial Instruments and Risk Management
Financial instruments adopted by the Group are loans, account receivable, account payable,
transactional financial assets and transactional financial liabilities. Details of these financial
instruments are available in respective notes herein. Risks attached to these financial
instruments and the risk management policies adopted by the Group are illustrated hereafter.
The executive team of the Company have been monitoring and controlling over the risk
exposures to constrain them in a limited extent.
1. Objective and policies of risk management
The objective of the Company’s risk management is to achieve a balance between the risk and
gains. Constrain the negative influence on business operation to the lowest limit, and maximum
the interests of shareholders and other equity holders. With regard to this target, the basic
policies of the Company are; locate and analyse the risks, set appropriate bottom line for risks,
and manage and monitor on each risk and constrain them in a certain extent.
(1) Market risks
1) Foreign currency risks
Foreign currency risks are those generated by vibration of exchange rates. Foreign
currency risks of the Company are mainly involved with Hong Kong Dollar, and US Dollar.
Except for the overseas subsidiaries of the Company incorporated in Hong Kong Special
Executive Zone and other countries, which are doing their businesses in local currencies, all
other main business operations of the Company are in Renminbi. As of December 31 st , 2012,
except for the following assets which are demonstrated in Hong Kong Dollar, and US Dollar, all
of the other assets and liabilities of the Company are demonstrated in RMB. Foreign currency
risks brought by these assets and liabilities in USD and HKD may influence the Company‘s
business performance.
Item June 30, 2013 December 31, 2012
Monetary capital-HKD 324,565,155.86 358,817,942.41
Monetary capital-USD 332,230,169.24 114,114,350.01
Transactional financial assets-USD
Pre-paid accounts-HKD 9,133.02 8,309.00
Interest receivable-HKD
158
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Item June 30, 2013 December 31, 2012
Other receivables-HKD 1,061,602.02 1,255,539.57
Other receivables-USD 21,989,976.74 21,989,976.74
Financial loan-HKD 980,000,000.00 980,000,000.00
Financial loan-USD 1,136,250,000.00 886,000,000.00
Interest payable-HKD 1,826,221.58 2,424,950.94
Interest payable-USD 1,691,528.96
471,767.40
Other payables-HKD 473,342.00 32，201,019.90
Other payables-USD 397,533,215.85 394,617,215.85
The Company pays close attention on the influences of exchange rate vibration.
2) Interest rate risks
Interest risks are mostly the influences of interest fluctuation on the borrowing expenses.
Financial liabilities with fluctuating interests confront the Group with cash flow interest risks,
whereas the financial liabilities with fixed interests confront the Group with fair value interest
risks. The Group decides the proportion of contracts with fixed and fluctuate interest rates
according to the market environment. On June 30, 2013, the liabilities with interest of the
Group were mainly floating interest rate loan contracts priced in RMB, USD and HKD, with an
amount totaling RMB 22,852.8696 million (on December 31, 2012: RMB 20,004.006 million),
and fixed interest rate contracts priced in RMB, with an amount of RMB 8,708 million (on
December 31, 2012: RMB 3,860 million).
3）Price risks
The Group sells independently developed buildings at market prices, so it is influenced by
the fluctuation of prices in the property market.
(2) Credit risks
As at December 31, 2012, the Group’s maximum exposure to credit risk which will cause
a financial loss to the Group due to failure to discharge an obligation by the counter parties or
debtors is arising from:
Book value of financial asset recognized in consolidated balance sheet; as for financial
instruments measured at fair value, the book value is reflecting the exposure to risks but not
159
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
actually the greatest exposure. The greatest exposure to risks fluctuates along with the future
fair value.
In order to minimize the credit risk, the management of the Group has delegated a team
responsible for determination of credit limits, credit approvals and other monitoring procedures
to ensure that follow-up action is taken to recover overdue debts. In addition, the Group
reviews the recoverable amount of each individual trade debt at each balance sheet date to
ensure that adequate impairment losses are made for irrecoverable amounts. In this regard, the
directors of the Company consider that the Group’s credit risk is significantly reduced.
The credit risk on liquid funds is limited because the counter-parties are banks with high
credit ratings assigned by international credit-rating agencies.
The Company adopted necessary policies to make sure that all clients and customers are
attributed with merit credit records. There are no other major clustered risks other than the top 5
receivable accounts.
Total of top five accounts receivable: RMB 37,475,286.79.
(3) Liquidity risks
Liquidity risks refer to the possibility that the Group could not exercise its financial
liabilities when mature. In the management of the liquidity risk, the Company monitors and
maintains a level of cash and cash equivalents deemed adequate by the management to finance
the Company’s operations and mitigate the effects of fluctuations in cash flows. The
management monitors the utilization of bank borrowings and ensures the loan contracts are
properly exercised. Negotiation was done with financial institutions to maintain a certain level
of credit aiming to reduce liquidity risk.
The Group has bank loan as one of the capital source. On June 30, 2013, the bank loan
limit not used by the Group was RMB 11,254.1055 million (on December 31, 2012: RMB
7,896.7645 million), in it, the short-term bank loan limit not used by the Group at the end of this
period was RMB 1,756.4980 million (none on December 31, 2012).
The due dates of financial liabilities held by the Group on retained contract liabilities
without discounted to cash is as the followings:
Over 5
Item Within 1 year 1-2 years 2-5 years Total
years
Financial
assets
Monetary 23,458,572,602.52 23,458,572,602.52
160
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Over 5
Item Within 1 year 1-2 years 2-5 years Total
years
capital
Notes
2,947,367.39 2,947,367.39
receivable
Accounts
68,072,310.52 68,072,310.52
receivable
Pre-paid
8,161,580.60 8,161,580.60
accounts
Other
11,732,669,325.84 11,732,669,325.84
receivables
Interest
228,492.37 228,492.37
receivable
Long-term
receivables
Financial
liabilities
Short-term
5,620,000,000.00 5,620,000,000.00
loan
Notes
57,684,515.33 57,684,515.33
payable
Accounts
8,679,956,190.36 8,679,956,190.36
payable
Pre-receive
30,862,520,673.59 30,862,520,673.59
d accounts
Other
8,762,199,717.37 8,762,199,717.37
payables
Dividend
218,003,724.42 218,003,724.42
payable
Interest
68,152,422.02 68,152,422.02
payable
Employees‘
remuneratio 168,198,915.28 168,198,915.28
n payable
Non-current
liabilities
9,032,245,473.94 9,032,245,473.94
due in one
year
Long-term
9,331,912,200.00 9.588.735.200.00 80,000,0000 18,920,647,400.00
loan
Long-term
103,702,323.36 103,702,323.36
payables
Estimated
13,480,870.63 13,480,870.63
liabilities
Other
non-current 16,613,440.00 16,613,440.00
liabilities
2. Fair value
1) Financial instruments without being measured by fair value
The financial assets and liabilities not measured with fair value mainly include: accounts
161
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
receivable, short-term loan, accounts payable, long-term loan, bonds payable and long-term
payables.
The difference between the book value and fair value of the financial assets and liabilities
not measured with fair value of the Company is very small.
Fair values of long-term loans, long-term payables, and bond payable are decided by the
current value after discount against the interest rate of similar cash flow in the same condition
with comparable credit level in the market as stipulated by the contract.
2) Financial instruments measuring with fair value
In this period, the Company did not have financial assets and liabilities measured with fair
value.
3. Sensitivity analysis
The Group evaluates the possible influences the reasonable variations may cause to the current
gain/loss account or owners’ equity; by adopting of sensitivity analyze technologies. For few
risk variations change individually, however the relevance of the variations may cause major
influence on the amounts. Therefore the followings are basing the assumption that every factor
occurred in an isolated way.
(1) Foreign currency risks
Foreign currency risks are mainly the influences of exchange rate fluctuation on monetary
assets and liabilities of the Company in foreign currency. Most of the Company’s foreign
currency loans are USD. The Company adopted future foreign currency contract to lock up the
exchange rate to avoid risks. On the other hand, for other monetary assets and liabilities in
foreign currencies, the Group capitalized most of the exchange gain/loss occurred into inventory
costs. Foreign currency sensibility analysis is based on the assumption that all of the operational
investment hedging and cash flow hedging are highly effective.
(2) Interest rate risks
Interest risks are mostly influenced by interest fluctuation on the borrowing expenses. Most
of the borrowing expenses have been capitalized and accounted into inventory cost, therefore
fluctuation of interest rate is not having major influence on the gain/loss of current term or
shareholders‘ equity at end of report term.
162
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
XII. Notes to the main items in the financial statements of the parent company
1. Other receivables
（1） Categories of the other receivables
Closingamount Openingamount
Bookbalance Baddebtpreparation Bookbalance Baddebtpreparation
Category
Amoun Proportio Proporti Amoun Proportio
Amount Proportion(%) Amount
t n(%) on(%) t n(%)
Otherreceivablesof
significantsingle-iem
amountandwith
single-itemcountedand
drawnbaddebt
preparaton
Otherreceivablesof
insignificantsingle-item
amountbutwih
single-itemcountedand
drawnbaddebt
preparaton
Otherreceivablesi
accordancewith
portfolocountedand
drawnbaddebt
preparaton
Portfolio1 27,121,848,729.33 100.00 29,644,653,819.13
Portfolio2
Subtotalofportfolos 27,121,848,729.33 100.00 29,644,653,819.13
Total 27,121,848,729.33 100.00 29,644,653,819.13
1) The ages of other receivables are as follows
Closing amount Opening amount
Book balance Bad Book balance Bad
Age debt debt
Proporti Proporti
Amount prepara Amount prepa
on (%) on (%)
tion ration
Within 1
27,121,334,229.33 100.00 29,444,653,819.13 99.33
year
1-2 years 514,500.00 0.00 200,000,000.00 0.67
163
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Closing amount Opening amount
Book balance Bad Book balance Bad
Age debt debt
Proporti Proporti
Amount prepara Amount prepa
on (%) on (%)
tion ration
2-3 years
Over 3 years
Total 27,121,848,729.33 100.00 29,644,653,819.13 100.00
2) Top five units with the most other receivables
Proportion
accounting
Relation for in the
Property or
Name of the unit with the Amount Age sum of other
content
Company receivables
(%)
Shenzhen CM
Subsidiary Within 1
Power Supply Co., 3,928,212,582.00 14.63 Operation capital
company year
Ltd.
Property
Shenzhen CM Subsidiary Within 1
3,493,354,757.00 13.01 development
Property Co., Ltd. company year
capital
Shenzhen CM
Shangzhi Subsidiary Within 1
1,849,902,443.00 6.89 Operation capital
Investment Co., company year
Ltd.
China Merchants
Property
Property
Development Subsidiary Within 1
1,569,375,233.00 5.85 development
(Chongqing) company year
capital
Garden City Co.,
Ltd.
Shanghai CM Property
Subsidiary Within 1
Hongfa Property 972,869,920.60 3.62 development
company year
Co., Ltd. capital
Total 11,813,714,935.60 44.00
（2） Accounts receivable from the associated parties
Proportion
Relation
accounting for in
Name of the unit with the Amount
the sum of other
Company
receivables (%)
164
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Proportion
Relation
accounting for in
Name of the unit with the Amount
the sum of other
Company
receivables (%)
Subsidiary
Shenzhen CM Power Supply Co., Ltd. 3,928,212,582.00
company 14.48
Subsidiary
Shenzhen CM property Co., Ltd. 3,493,354,757.00
company 12.88
Subsidiary
Shenzhen CM Shangzhi Investment Co., Ltd. 1,849,902,443.00
company 6.82
China Merchants Property Development Subsidiary
1,569,385,233.00
(Chongqing) Garden City Co., Ltd. company 5.79
Subsidiary
Shanghai CM Hongfa Property Co., Ltd. 972,869,920.60
company 3.59
Shanghai Jingyuan Property Development Subsidiary
972,114,000.51
Co., Ltd. company 3.58
Zhenjiang Yingsheng Property Development Subsidiary
937,342,693.00
Co., Ltd. company 3.46
China Merchants Property Development Subsidiary
936,863,000.00
(Xiamen) Co., Ltd. company 3.45
Subsidiary
Zhuhai CM Property Co., Ltd. 880,246,479.00
company 3.25
Subsidiary
Chengdu CM Beicheng Property Co., Ltd. 875,184,329.30
company 3.23
Subsidiary
Tianjin CM Taida Investment Co., Ltd. 838,452,219.30
company 3.09
Beijing Guangying Property Development Associated
820,607,760.00
Co., Ltd. company 3.03
Subsidiary
Shanghai CM Fengrui Property Co., Ltd. 728,320,200.00
company 2.69
Subsidiary
Suzhou CM Yonghuafu Property Co., Ltd. 656,643,700.00
company 2.42
Subsidiary
Tianjin Zhaosheng Property Co., Ltd. 600,081,254.10
company 2.21
China Merchants Property (Zhenjiang) Co., Subsidiary
508,082,600.00
Ltd. company 1.87
Shenzhen Jinyu Rongtai Investment Subsidiary
476,790,000.00
Development Co., Ltd. company 1.76
Subsidiary
Chengdu CM Beihu Property Co., Ltd. 436,833,472.00
company 1.61
China Merchants Property Development Subsidiary
410,005,000.00
(Wuhan) Co., Ltd. company 1.51
Subsidiary
Suzhou CM Yishanjun Property Co., Ltd. 319,108,321.00
company 1.18
China Merchants Property Development Subsidiary
299,464,050.00
(Changzhou) Co., Ltd. company 1.10
Subsidiary
Zhangzhou CM Property Co., Ltd. 267,050,000.00
company 0.98
Wuhan Aoming Property Development Co., Subsidiary
240,711,469.20
Ltd. company 0.89
Haerbin CM Jiatian Property Development Subsidiary
222,320,000.00
Co., Ltd. company 0.82
Shenzhen Shekou Sea World Hotel Subsidiary
218,004,139.50
Management Co., Ltd. company 0.80
165
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Proportion
Relation
accounting for in
Name of the unit with the Amount
the sum of other
Company
receivables (%)
Beijing Conrad Property Development Co., Subsidiary
209,325,158.30
Ltd. company 0.77
Subsidiary
Shenzhen Vanke Binhai Property Co., Ltd. 197,256,750.00
company 0.73
Subsidiary
Yunnan CM Chengtou Property Co., Ltd. 191,821,920.00
company 0.71
China Merchants Porperty Development Subsidiary
173,754,900.00
(Guizhou Bijie) Co., Ltd. company 0.64
Shanghai Xinnanshan Property Development Associated
170,042,600.00
Co., Ltd. company 0.63
China Merchants Shangzhi (Guizhou Bijie) Subsidiary
151,505,000.00
Co., Ltd. company 0.56
Subsidiary
Foshan CM Xincheng Hi-Tech Co., Ltd. 118,395,612.00
company 0.44
China Merchants Property Management Co., Subsidiary
101,620,122.20
Ltd. company 0.37
Shanghai Fengyang Property Development Subsidiary
100,643,595.50
Co., Ltd. company 0.37
Subsidiary
Eureka Investment Industries Co., Ltd. 79,254,314.37
company 0.29
Subsidiary
Zhuhai Yuanfeng Property Co., Ltd. 57,015,000.00
company 0.21
Wuhan Xinde Property Development Co., Subsidiary
51,630,500.00
Ltd. company 0.19
China Merchants Property Development Subsidiary
49,437,244.93
(Suzhou) Co., Ltd. company 0.18
Wuhan Mingjie Property Development Co., Subsidiary
39,302,850.00
Ltd. company 0.14
Shenzhen CM Business Development Co., Subsidiary
15,620,000.00
Ltd. company 0.06
Subsidiary
Shenzhen Pingshan CM Property Co., Ltd. 414,685.51
company 0.00
Shenzhen Meiyue Property Consultant Co., Subsidiary
85,210.00
Ltd. company 0.00
Subsidiary
Shenzhen CM Property Consultant Co., Ltd. 24,000.00
company 0.00
Cooperative
Foshan CM Longyuan Property Co., Ltd. 12,000.00
company 0.00
Subsidiary
Hainan CM Ocean Development Co., Ltd. 10,000.00
company 0.00
Shenzhen Dehan Investment Development Cooperative
10,000.00
Co., Ltd. company 0.00
Subsidiary
Shenzhen Haitao Hotel Co., Ltd. 10,000.00
company 0.00
China Merchants Property Development Subsidiary
10,000.00
(Chongqing) Co., Ltd. company 0.00
Shenzhen CM Anye Invetsment Development Subsidiary
10,000.00
Co., Ltd. company 0.00
Guangzhou Qidi Science and Technology Subsidiary
10,000.00
Park Investment Co., Ltd. company 0.00
166
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Proportion
Relation
accounting for in
Name of the unit with the Amount
the sum of other
Company
receivables (%)
Subsidiary
Shenzhen CM Runde Property Co., Ltd. 5,000.00
company 0.00
Subsidiary
Zhangzhou CM Honglong Property Co., Ltd. 5,000.00
company 0.00
Shenzhen Meilun Hotel Management Co., Subsidiary
5,000.00
Ltd. company 0.00
Total
25,165,186,085.32
92.79
2. Long-term equity investment
（1）Categories of long-term equity investment
Item Closing amount Opening amount
Long-term equity investment calculated
8,243,408,112.93 5,488,866,837.93
according to cost method
Long-term equity investment calculated
167,181,714.97 168,472,474.97
according to equity method
Total of long-term equity investment 8,410,589,827.90 5,657,339,312.90
Less: Long-term equity investment
impairment preparation
Value of long-term equity investment 8,410,589,827.90 5,657,339,312.90
167
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
（2）Long-term equity investment calculated according to cost method and equity method
Shareholding Voting power Cash dividend this
Name of the investedunit Investment cost Opening amount Increased thisyear Decreased thisyear Closing amount
proportion (%) proportion (%) year
Calculated according to cost method
Shenzhen CM Property Co., Ltd. 100 100 3,000,000,000.00 851,473,965.31 2,700,000,000.00 3,551,473,965.31
Shenzhen CM Power Supply Co., Ltd. 95 95 57,000,000.00 119,791,232.79 119,791,232.79
Shenzhen CM Property Co., Ltd. 90 90 22,500,000.00 36,460,596.83 36,460,596.83
Shenzhen CM Xinan Property Co., Ltd. 60 60 25,000,000.00 20,822,211.48 20,822,211.48
Eureka Investment Industries Co., Ltd. 99 99 19,919,300.00 1,301,324,500.00 1,301,324,500.00
China Merchants Property Development
90 90 27,000,000.00 18,000,000.00 9,000,000.00 27,000,000.00
(Beijing) Co., Ltd.
China Merchants Property Development
90 90 27,000,000.00 27,000,000.00 27,000,000.00
(Suzhou) Co., Ltd.
China Merchants Property Development
90 90 27,000,000.00 27,000,000.00 27,000,000.00
(Chongqing) Co., Ltd.
China Merchants Property Development
49 49 14,700,000.00 14,700,000.00 14,700,000.00
(Nanjing) Co., Ltd.
Tianjin Zhaosheng Property Co., Ltd. 60 60 18,000,000.00 18,000,000.00 18,000,000.00
Suzhou CM Nanshan Property Co., Ltd. 60 60 120,000,000.00 120,000,000.00 120,000,000.00
Zhangzhou CM Property Development
51 51 127,500,000.00 229,500,000.00 229,500,000.00
Co., Ltd.
CM Property Development (Chongqing)
100 100 30,000,000.00 30,000,000.00 30,000,000.00
garden City Co., Ltd.
Chengdu CM Beihu Property Co., Ltd. 100 100 50,000,000.00 50,000,000.00 50,000,000.00
168
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Shareholding Voting power Cash dividend this
Name of the investedunit Investment cost Opening amount Increased thisyear Decreased thisyear Closing amount
proportion (%) proportion (%) year
Chengdu CM Property Co., Ltd. 100 100 10,000,000.00 10,000,000.00 10,000,000.00
China Merchants Property Development
100 100 50,000,000.00 50,000,000.00 50,000,000.00
(Xiamen) Co., Ltd.
Fujian Zhongliansheng Property
50 50 25,000,000.00 25,000,000.00 25,000,000.00
Development Co., Ltd.
China Merchants Property Development
100 100 30,000,000.00 30,000,000.00 30,000,000.00
(Wuhan) Co., Ltd.
China Merchants Property Development
100 100 50,000,000.00 50,000,000.00 50,000,000.00
(Zhenjiang) Co., Ltd.
Zhenjiang Yingsheng Property
100 100 7,586,275.00 6,045,000.00 1,541,275.00 7,586,275.00
Development Co., Ltd.
Qingdao Zhongrunde Auto Trade Co.,
51 51 183,731,836.00 183,731,836.00 183,731,836.00
Ltd.
China Merchants Property Development
100 100 30,000,000.00 30,000,000.00 30,000,000.00
(Guizhou Bijie) Co., Ltd.
Shenzhen CM Shangzhi Investment Co.,
100 100 1,883,367,495.52 1,883,367,495.52 1,883,367,495.52
Ltd.
Haerbin CM Jiatian Property
50 50 80,250,000.00 80,250,000.00 80,250,000.00
Development Co., Ltd.
China Merchants Property Development
100 100 30,000,000.00 30,000,000.00 30,000,000.00
(Changzhou) Co., Ltd.
Hainan CM Ocean Development Co.,
60 60 240,000,000.00 240,000,000.00 240,000,000.00
Ltd.
Zhenjiang Nanshan Creative Industrial
60 60 30,000,000.00 30,000,000.00 30,000,000.00
Park development Co., Ltd.
Shenzhen Pingshan CM Property Co.,
100 100 14,000,000.00 14,000,000.00 14,000,000.00
Ltd.
Shenzhen CM Property Consultant Co., 20 20 400,000.00 400,000.00 400,000.00
169
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Shareholding Voting power Cash dividend this
Name of the investedunit Investment cost Opening amount Increased thisyear Decreased thisyear Closing amount
proportion (%) proportion (%) year
Ltd.
Shanghai CM Property Co., Ltd. 10 10 3,000,000.00 3,000,000.00 3,000,000.00
Shanghai CM Property Co., Ltd. 10 10 3,000,000.00 3,000,000.00 3,000,000.00
Subtotal 6,235,954,906.52 5,488,866,837.93 2,754,541,275.00 0.00 8,243,408,112.93
Calculated accordingto equitymethod
ChinaMerchants GuangmingScience and technology
49 49 196,000,000.00 168,472,474.97 1,290,760.00 167,181,714.97
ParkCo., Ltd.
Subtotal 196,000,000.00 168,472,474.97 1,290,760.00 167,181,714.97
Total 6,431,954,906.52 5,657,339,312.90 2,754,541,275.00 1,290,760.00 8,410,589,827.90
170
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
（3）Investment on cooperative and associated enterprises
Assets Sum of Sum of net Sum of
Shareholding Voting
Name of sum at liabilities at assets at the operating
proportion power Net profit in
the invested the end of the end of the end of the income in
(%) proport this year
unit the year year year this year
ion (%)
Associated
enterprise
China
Merchants
Guangming
647,689,0
Science and 49.00 49.00 306,502,027.23 341,187,018.19 12,742,062.00 -2,634,359.33
45.42
Technology
Park Co.,
Ltd.
647,689,0
Total 306,502,027.23 341,187,018.19 12,742,062.00 -2,634,359.33
45.42
3. Operating income, operating cost
Item Amount in this period Amount in the same
period of the previous
year
Income from main businesses 11,080,000.00
Total 11,080,000.00
Cost of main businesses 1,016,316.92
Total 1,016,316.92
（1） Main businesses-categorized by industry
Amount in the same period of
Amount in this period
the previous year
Name of the industry
Operating Operating
Operating income Operating cost
income cost
Property industry 11,080,000.00 1,016,316.92
Total 11,080,000.00 1,016,316.92
（2） Operating income of top five clients
Name of the client Operating income Proportion accounting for in all the
operating income (%)
Income from construction of guarantee 11,080,000.00 100
171
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Name of the client Operating income Proportion accounting for in all the
operating income (%)
removal settlement housing by Guangming
Total 11,080,000.00 100
4. Investment profit
（1） Sources of investment profit
Item Amount in this period Amount in the same
period of the previous
year
Long-term equity investment profit calculated according to
cost method
Long-term equity investment profit calculated according to
-1,290,760.00 -1,670,150.00
equity method
Others (Note) 670,370.00
Total -1,290,760.00 -999,780.00
Note: It is the profit of entrusted loan interest income collected from Nanjing Fucheng
Property Development Co., Ltd. with taxes deducted of RMB 670,000.
（2） Long-term equity investment profit calculated according to equity method
Reason for the
increase and
Amount in the same
decrease changes
Item Amount in this period period of the previous
in this year
year
compared to the
previous year
Total -1,290,760.00 -1,670,150.00
In it: China Merchants Loss decrease of t
Guangming Science and -1,290,760.00 -1,670,150.00 he invested compa
Technology Park Co., Ltd. ny in this year
5. Supplementing data for the cash flow statement of the parent company
172
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Item Amount in the same
Amount in this period period of the previous
year
1. Adjust the net profit to cash flow of operating
activities:
Net profit -213,837,070.28 -153,061,962.67
Plus: Assets impairment preparation
Depreciation of fixed assets, damage loss of oil and
gas assets, depreciation of productive biological 19,994.78 30,822.36
assets
Amortization of intangible assets
Amortization of long-term deferred assets 30,672,836.13
Loss of disposing fixed assets, intangible assets and
other long-term assets (fill in with ―_‖ for the profit)
Loss of fixed assets abandonment (fill in with ―_‖ for
the profit)
Fair value change profit and loss (fill in with ―_‖ for
the profit)
Financial expenses (fill in with ―_‖ for the profit) 147,466,099.33 138,967,533.73
Investment loss (fill in with ―_‖ for the profit) 1,290,760.00 999,780.38
Decrease of deferred income tax assets (fill in with
―_‖ for the increase)
Increase of deferred income tax liabilities (fill in with
―_‖ for the decrease)
Decrease of inventory (fill in with ―_‖ for the
increase)
Decrease of operating receivable items (fill in with
2,158,023,802.16 1,939,067,624.08
―-‖ for the increase)
Increase of operating payable items (fill in with ―-‖
-2,733,500,568.05 -1,307,385,006.01
for the decrease)
Others
Net amount of cash flow generated from operating
-640,536,982.06 649,291,628.00
activities
173
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Item Amount in the same
Amount in this period period of the previous
year
2. Significant investing and financing activities not
involving cash income and expenditures:
Liabilities converted to assets
Convertible company binds due in one year
Financing rent-in fixed assets
3.Net change condition of cash and cash
equivalent:
Closing balance of cash 6,397,093,488.91 5,332,278,168.56
Less: Opening balance of cash 5,277,807,877.29 5,036,889,750.95
Plus: closing balance of cash equivalent
Less: Opening balance of cash equivalent
1,119,285,611.62 295,388,417.61
Net increase amount of cash and cash equivalent
XIV. Approval of the financial report
This financial report has been approved after the examination of the Board of Directors of
the Company on August 20, 2013.
174
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Supplementing Data for the Financial Statements
1. Non-recurring profit and loss table of this year
According to the provisions of Explanatory Announcement on the Information Disclosure
of the Companies Issuing Securities Publicly No.1-Non-Recurring Profit and Loss (2008)
released by China Securities Regulatory Commission, the non-recurring profit and loss of the
Group in the first half of 2013 are as follows:
Amount in the same
Amount in this Explana
Item period of the
period tion
previous year
Non-current assets disposal profit and loss -440,707.52 39,463.00
Tax return and exemption that has authority exceeding
examination and approval, has no formal approval document or is
occasional
Government subsidy counted into the current profit and loss 2,198,400.00 2,727,811.00
Capital occupying fee collected from the non-financial enterprises
and counted into the current profit and loss
When the investment cost of the enterprise getting the subsidiary
company, associated enterprise and cooperative enterprise is
a=smaller than the investment obtained, the profit generated by the
recognizable net assets fair value of the invested unit that shall be
enjoyed
Non-monetary assets exchange profit and loss
Profit and loss of entrusting others to invest or manage assets
All the assets impairment preparations counted and drawn due to
不可抗力 such as natural disasters
Liability restructuring profit and loss
Enterprise restructuring expenses
Profit and loss exceeding the fair value generated by the
transactions with the transaction prices obviously unfair
Current profit and loss of the subsidiary company from the
beginning of the period to the consolidation day generated by the
enterprise merger under the common control
Profit and loss generated by the contingencies irrelevant to the
normal operating businesses of the Company
Except the valid hedging business related to the normal operating
businesses of the Company, fair value change profit and loss
generated by holding transactional financial assets, financial
liabilities, and investment profit obtained for disposing
transactional financial assets, transactional financial liabilities and
available-for-sale financial assets
Accounts receivable impairment preparation transfer-back of
impairment test conducted singly
Profit and loss obtained by external entrusted loan
175
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Amount in the same
Amount in this Explana
Item period of the
period tion
previous year
Profit and loss generated by the fair value changes of investment
property with subsequent measurement conducted adopting fair
value mode
Impact on current profit and los by conducting one-time
adjustment on the current profit and loss according to the
requirements of tax and accounting laws and regulations
Trust fee income obtained by entrusted operation
Other non-operating income and expenditure except the
-5,370,543.81 -6,384,742.00
above-mentioned items
Other profit and loss items complying with the definition of
339,878,500.00
non-recurring profit and loss
Subtotal 336,265,648.57 -3,617,468.00
Income tax influence amount --971,153.80 904,367.00
Influence amount of the equity of minority shareholders (after-tax) --2,336,444.77 771,523.00
Total 332,958,050.10 -1,941,578.00
2. Net assets profit rate and earnings per share
According to the provisions of Information Disclosure, Compilation and Report Rules
for Companies Issuing Securities Publicly No.9—Calculation and Disclosure of Profit Rate of
Net Assets and Earnings Per Share (Revised in 2010) issued by China Securities Regulatory
Commission, the weighted average net assets profit rate, basic earnings per share and diluted
earnings per share of the Group in 2012 are as follows:
Weighted average net assets Earnings per share
Profit of the report period profit rate (%) Basic earnings per Diluted earnings
share per share
Net profit belonging to the
shareholders of the parent 10.38% 1.49 1.49
company
Net profit belonging to the parent
company after deduction of the 9.02% 1.29 1.29
non-recurring profit and loss
3. Explanations on the extraordinary conditions and changes of the items of the main
financial statements
1）Items with big changes from the closing consolidated balance sheet to the opening
consolidated balance sheet:
176
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Item Closing amount Opening amount Amplitude of Reason for the difference
change
Notes receivable 2,947,367.39 5,748,800.00 -48.73% Caused by the acceptance bill
being due
Accounts receivable 68,072,310.52 162,099,162.73 -58.00% Collection of the accounts
receivable was strengthened
Non-current assets 1,970,595.79 16,756,858.87 -88.23% Credit loan is returned
due in one year
Long-term 49,721,270.00 -100.00% Entrusted loan was recovered
receivables
Long-term equity 1,519,198,350.32 1,083,249,770.92 140.24% New subsidiary companies
investment
Construction in 98,240,393.27 88,458,273.58 11.05% Increase of power supply
process projects
Deferred income tax 713,312,609.85 942,147,425.36 -24.28% Caused by the transfer-back of
assets deferred income tax assets
Notes payable 57,684,515.33 47,610,662.59 21.15% Increase of bank acceptable bill
Accounts payable 8,679,956,190.36 11,796,898,896.95 -26.42% Decrease of land and project
payable
Accounts collected 30,862,520,673.59 28,463,966,430.34 8.42% Increase of unearned building
in advance sales receivable
Tax payable 1,029,682,569.46 1,951,582,353.18 -47.23% Corporate income tax annual
filling
Dividend payable 218,003,724.42 290,165,059.98 -24.86% Dividend payable to the
minority shareholders by the
subsidiary companies
Non-current 7,793,444,930.39 7,380,992,296.97 5.58% Increase of long-term loan due
liabilities due in one in one year
year
Other current 3,801,581,625.04 4,256,735,641.00 -10.69% Payable of final filing of land
liabilities VAT
2）Items with big change amplitude of the consolidated profit statement of this year from
those in the previous year are as follows:
Amount in the same
Amplitude of
Item Amount in this period period of the previous Reason for the difference
change
year
Total operating
16,133,568,321.26 10,080,507,691.00 Increase of revenue recognition
income 60.05%
Caused by increase of property
Operating cost 11,677,655,973.79 7,602,729,071.00
53.60% sales and revenue recognition
Increase of operating tax
Business tax and
2,579,430,723.77 1,776,684,070.00 caused by increase of property
addition
45.18% sales
Sales expense 272,019,791.76 231,459,128.00 17.52% Increase of marketing scale
Decrease of expenditure of
Financial expenses 73,348,971.39 167,666,874.00
-56.25% bank loan interest
Assets impairment derecognition of accrued
-172,366,279.03 206,861,228.00
loss -183.32% inventory revaluation
No new contract was signed
Fair value change 1,584,407
-100.00% after the NDF contract of the
177
招商局地产控股股份有限公司财务报表附注
2013 年 1 月 1 日至 2013 年 06 月 30 日
（本财务报表附注除特别注明外，均以人民币元列示）
Amount in the same
Amplitude of
Item Amount in this period period of the previous Reason for the difference
change
year
profit year was settled and delivered
Caused by the confirmation of
Investment profit 282,179,758.93 24,881,684 the investment profit of
1034.09% Overseas Chinese City
Non-operating Increase of government
11,774,703.28 6,454,536.00
income 82.43% subsidy received
Non-operating Caused by tax fine and late
15,387,554.61 10,072,004
expenditure 52.78% penalty from previous years
Caused by the increase of
Income tax expense 1,476,586,830.88 792,399,255.00
86.34% payable tax income amount
Chapter 9 Contents of the Documents for Reference
(I) Financial statements are signed and sealed by the legal representative, responsible person
in charge of the accounting work and responsible person of the accounting institution;
(II) Originals of all the Company documents and originals of the announcements publicly
disclosed on the newspapers specified by the China Securities Regulatory Commission in 2013;
(III) English version of the Semi-Annual Report 2013.
China Merchants Property Development Co., Ltd.
August 22nd, 2013
178