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深物业B:2015年半年度报告(英文版)2015-08-15  

						       2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.




SHENZHEN PROPERTIES & RESOURCES
    DEVELOPMENT (GROUP) LTD.

      2015 Semi-annual Report
                       2015-19




                 August 2015




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                                 2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.




         Section I. Important Reminders, Contents & Explanation

The Board of Directors, the Supervisory Committee as well as all directors, supervisors and senior
management staff of Shenzhen Properties & Resources Development (Group) Ltd. (hereinafter
referred to as “the Company”) warrant that this report is factual, accurate and complete without any
false record, misleading statement or material omission. And they shall be jointly and severally
liable for that.
All directors attended the board session for reviewing this report.
The Company plans not to distribute cash dividends or bonus shares or turn capital reserve into
share capital.
Mr. Chen Yugang, company principal, Mr. Wang Hangjun, chief of the accounting work, and Ms.
Shen Xueying, chief of the accounting organ (chief of accounting), hereby confirm that the
Financial Report enclosed in this report is factual, accurate and complete.
This report is prepared in both Chinese and English. Should there be any discrepancy between the
two versions, the Chinese version shall prevail.




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                                             2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.




                                                           Contents




2015 Semi-annual Report ..................................................................................................................1

Section I. Important Reminders, Contents & Explanation............................................................2

Section II. Company Profile..............................................................................................................5

Section III. Highlights of Accounting Data & Financial Indicators ..............................................7

Section IV. Report of the Board of Directors...................................................................................9

Section V. Significant Events...........................................................................................................17

Section VI. Change in Shares & Shareholders ..............................................................................25

Section VII. Preferred Shares .........................................................................................................29

Section VIII. Directors, Supervisors & Senior Management Staff..............................................30

Section IX. Financial Report...........................................................................................................31

Section X. Documents Available for Reference ...........................................................................162




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                        2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.




                                     Explanation


                              Refers
                 Term                                                 Contents
                                to

                              Refers
Company, the Company                   Shenzhen Properties & Resources Development (Group) Ltd.
                                to

                              Refers Shenzhen     Municipal    People’s   Government   State-owned   Assets
Shenzhen SASAC
                                to     Supervision and Administration Commission

                              Refers
SIHC                                   Shenzhen Investment Holdings Co., Ltd.
                                to

                              Refers
SCIHC                                  Shenzhen Construction Investment Holdings Corporation
                                to

                              Refers
SIM                                    Shenzhen Investment Management Co., Ltd.
                                to




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                                          2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.




                                        Section II. Company Profile

I. Basic information of the Company

Stock abbreviation              SWYA, SWYB                               Stock code                  000011, 200011

Stock exchange listed with      Shenzhen Stock Exchange

Chinese name of the Company 深圳市物业发展(集团)股份有限公司

Abbr. of the Chinese name of
                                深物业集团
the Company (if any)

English name of the Company
                                ShenZhen Properties & Resources Development(Group) Ltd.
(if any)

Abbr. of the English name of
                                SZPRD
the Company (if any)

Legal representative of the
                                Mr. Chen Yugang
Company


II. Contact information

                                                        Company Secretary                    Securities Affairs Representative

Name                                         Fan Weiping
                                                                                        Qian Zhong, Huang Fengchun

                                             42/F, International Trade Center, Renmin   42/F, International Trade Center, Renmin
Contact address                              South Road, Shenzhen, Guangdong            South Road, Shenzhen, Guangdong
                                             Province, P.R.China                        Province, P.R.China

Tel.                                         0755-82211020                              0755-82211020

Fax                                          0755-82210610    82212043                  0755-82210610     82212043

E-mail                                       000011touzizhe@szwuye.com.cn               000011touzizhe@szwuye.com.cn


III. Other information

1. Ways to contact the Company

Did any change occur to the registered address, office address and their postal codes, website address and email address of the
Company during the reporting period?
□ Applicable √ Inapplicable
The registered address, office address and their postal codes, website address and email address of the Company did not change
during the reporting period. The said information can be found in the 2014 Annual Report.




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                                           2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


2. About information disclosure and where this report is placed

Did any change occur to information disclosure media and where this report is placed during the reporting period?
□ Applicable √ Inapplicable
The newspapers designated by the Company for information disclosure, the website designated by CSRC for disclosing this report
and the location where this report is placed did not change during the reporting period. The said information can be found in the 2014
Annual Report.


3. Change of the registered information

Did any change occur to the registered information during the reporting period?
□ Applicable √ Inapplicable
The registration date and place of the Company, its business license No., taxation registration No. and organizational code did not
change during the reporting period. The said information can be found in the 2014 Annual Report.




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                                             2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.




     Section III. Highlights of Accounting Data & Financial Indicators

I. Major accounting data and financial indicators

Does the Company adjust retrospectively or restate accounting data of previous years due to change of any accounting policy or
correction of any accounting error?
□ Yes √ No

                                                   Reporting period         Same period of last year          YoY +/- (%)

Operating revenues (RMB Yuan)                             338,761,310.39               501,367,559.78                     -32.43%

Net profit attributable to shareholders of
                                                           31,162,831.74               112,074,537.49                     -72.19%
the Company (RMB Yuan)
Net profit attributable to shareholders of
the Company after extraordinary gains and                  26,946,876.19               103,434,750.14                     -73.95%
losses (RMB Yuan)
Net cash flows from operating activities
                                                         -221,909,180.93              -189,887,490.37                       16.86%
(RMB Yuan)

Basic EPS (RMB Yuan/share)                                         0.0523                       0.1881                    -72.20%

Diluted EPS (RMB Yuan/share)                                       0.0523                       0.1881                    -72.20%

Weighted average ROE (%)                                            1.52%                        6.19%                      -4.67%

                                                  As at the end of the
                                                                            As at the end of last year          +/- (%)
                                                    reporting period

Total assets (RMB Yuan)                                 3,756,568,697.53             3,883,288,145.46                       -3.26%

Net assets attributable to shareholders of
                                                        1,971,339,192.41             2,074,242,662.07                       -4.96%
the Company (RMB Yuan)


II. Differences between accounting data under domestic and overseas accounting standards

1. Differences of net profit and net assets disclosed in financial reports prepared under international and
Chinese accounting standards

□ Applicable □ Inapplicable
No difference for the reporting period.


2. Differences of net profit and net assets disclosed in financial reports prepared under overseas and
Chinese accounting standards

□ Applicable □ Inapplicable
No difference for the reporting period.




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                                              2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


III. Items and amounts of extraordinary gains and losses

√Applicable □ Inapplicable
                                                                                                                       Unit: RMB Yuan

                                Item                                          Amount                          Explanation

Gains/losses on the disposal of non-current assets (including the
                                                                                     -426,921.60
offset part of asset impairment provisions)

Gains and losses on change in fair value from tradable financial
assets and tradable financial liabilities, as well as investment
income from disposal of tradable financial assets and tradable                                     Gain on sale of shares of Huasu
                                                                                    6,101,133.09
financial liabilities and financial assets available for sales except                              Holdings
for effective hedging related with normal businesses of the
Company

Other non-operating income and expenses other than the above                         -109,877.17

Less: Income tax effects                                                            1,348,378.77

Total                                                                               4,215,955.55                  --

Explain the reasons if the Company classifies an item as an extraordinary gain/loss according to the definition in the Explanatory
Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Extraordinary Gains and
Losses, or classifies any extraordinary gain/loss item mentioned in the said explanatory announcement as a recurrent gain/loss item
□ Applicable √ Inapplicable
No such cases during the reporting period.




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                                           2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.




                        Section IV. Report of the Board of Directors

I. Overview

If 2014 marked the beginning of the “new normal state” of the real estate sector, the market trends in the first half
of 2015 have proven quite so. As the macro-economy stepped into a “new normal state”, the adjustment trend in
the real estate market continued from last year to the beginning of the first half of 2015. In order to ensure the
steady development of the real estate sector, the central and local governments unveiled a series of favorable
policies to promote destocking and investment, including the central bank’s successive reductions of the required
reserve rate and the loan interest rate, credit easing, the adjustment to the business tax exemption period for
transfer of individuals’ houses, more support for housing accumulation fund loans, etc. In the meantime, the
governments also proactively pushed forward long-term mechanisms. As a result, the main indicators of house
trading in China finally showed by this June a trend of gradual recovery by the positive year-on-year growth both
in the sold area and the sales income, the decreasing area of commodity houses in stock, etc. Despite a pickup of
the general indicators, the national real estate sector saw, however, some clear differentiations in the first half of
the year, four first-tier cities even in a peak, major second-tier cities in gradual pickup and third and fourth-tier
cities still struggling for destocking. Such differentiations among cities and regions have become an important
factor for real estate developers to consider when they try to avoid investment risks. Looking into the second half
of the year, we still hold a firm belief that the real estate sector is substantially important to the macro-economy,
that the urbanization drive will promote development in the sector, and that the market will rise to further stability
from the bottom in the first half of the year and keep to the path of the so-called “Silver Age” for the coming
future.
Considering the market situation and our business performance, we accelerated the construction progress of our
ongoing real estate projects, proactively sought for effective marketing measures and swiftly implemented them,
and seized opportunities arising from favorable policies for the market so as to maintain a stable operating
performance. For the first half of 2015, we achieved operating revenues of RMB 338.761 million and net profits
of RMB 31.217 million.



II. Main business analysis

YoY change of major financial data:
                                                                                                                Unit: RMB Yuan

                              Reporting period         Same period of last year    YoY +/-%           Main reasons for change

                                                                                                      Projects settled and sales
Operating revenues                    338,761,310.39            501,367,559.78              -32.43%
                                                                                                      realized decreased.

                                                                                                      The income from settled
Operating costs                       199,054,160.59            230,835,231.01              -13.77%
                                                                                                      projects decreased.

                                                                                                      Marketing was enhanced
Selling expenses                       12,658,266.69              5,167,082.37              144.98%
                                                                                                      and    the    advertising



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                                            2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


                                                                                                           expenses increased.

Administrative expenses                48,330,181.70               50,185,597.53                  -3.70%

                                                                                                           The    interest        income
Financial expenses                      -4,714,375.50              -6,325,233.01                 -25.47%
                                                                                                           decreased.

                                                                                                           The    profits      achieved
Income tax expenses                    11,362,044.97               35,738,015.00                 -68.21%
                                                                                                           decreased.

                                                                                                           The capital inflows from
Net cash flows from
                                     -221,909,180.93             -189,887,490.37                  16.86% sale          of       projects
operating activities
                                                                                                           decreased.

                                                                                                           The    taxi      subsidiary’s
Net cash flows from
                                        -7,669,730.46              -2,452,735.80                 212.70% expenses on the renewal
investing activities
                                                                                                           of their vehicles

                                                                                                           Net     cash        outflows
Net cash flows from                                                                                        decreased              mainly
                                      -96,151,660.47             -217,614,297.27                 -55.82%
financing activities                                                                                       because of the decreased
                                                                                                           borrowing repayments.

                                                                                                           The capital inflows from
Net increase in cash and
                                     -325,965,954.84             -409,900,929.50                 -20.48% sale          of       projects
cash equivalents
                                                                                                           decreased.

                                                                                                           The real estate income
                                                                                                           decreased        and      the
Business tax and surtaxes              46,781,146.09               82,288,326.22                 -43.15%
                                                                                                           business tax, VAT, etc.
                                                                                                           decreased accordingly.

Net profit attributable to                                                                                 The real estate income
                                       31,162,831.74              112,074,537.49                 -72.19%
owners of the Company                                                                                      decreased.

Major changes to the profit structure or sources of the Company during the reporting period:
□ Applicable √ Inapplicable
No major changes occurred to the profit structure or sources of the Company during the reporting period.
Reporting period progress of the future development planning in the disclosed documents of the Company such as share-soliciting
prospectuses, offering prospectuses, asset reorganization reports, etc.:
□ Applicable √ Inapplicable
There was no progress of the future development planning in the disclosed documents of the Company such as share-soliciting
prospectuses, offering prospectuses, asset reorganization reports during reporting period.
Overview of the reporting period progress of the business plans disclosed in previous periods:
The Company’s business operated orderly as planed, which can finish the year budget.


III. Breakdown of main business

                                                                                                                       Unit: RMB Yuan

                        Operating        Operating cost     Gross profit rate Increase/decrease Increase/decrease Increase/decrease


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                                            2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


                           revenue                             (%)           of operating     of operating cost   of gross profit
                                                                           revenue over last over last year (%) rate over last year
                                                                               year (%)                                 (%)

Classified by industry:

Real estate
                          86,897,639.00    18,449,140.36          78.77%            -66.87%            -68.33%                0.98%
development

House leasing
                        185,142,262.85    144,581,216.66          21.91%              9.56%              6.26%                2.43%
and management

Transportation            29,724,103.57    13,396,208.12          54.93%              0.88%              2.59%             -0.75%

Catering service          11,634,507.50     9,541,886.80          17.99%              9.79%              4.93%                3.80%

Others                     4,502,655.10     5,121,939.55         -13.75%             -2.02%             15.57%            -17.32%

Classified by product:

Real estate
                          86,897,639.00    18,449,140.36          78.77%            -66.87%            -68.33%                0.98%
development

House leasing
                        185,142,262.85    144,581,216.66          21.91%              9.56%              6.26%                2.43%
and management

Transportation            29,724,103.57    13,396,208.12          54.93%              0.88%              2.59%             -0.75%

Catering service          11,634,507.50     9,541,886.80          17.99%              9.79%              4.93%                3.80%

Others                     4,502,655.10     5,121,939.55         -13.75%             -2.02%             15.57%            -17.32%

Classified by region:

Shenzhen                251,581,852.90    124,815,624.29          50.39%            -41.11%            -26.39%             -9.92%

Other                     87,179,457.52    74,238,536.30          14.84%             17.51%             21.17%             -2.57%


IV. Core competitiveness analysis

So far, there are five projects in construction for sale in the Company, respectively located in
Shenzhen, Xuzhou, Yangzhou and Dongguan, of which, SZPRD-Banshan Yujing (Xuzhou),
SZPRD-Hupan Yujing (Yangzhou) and SZPRD-Songhu Langyuan (Dongguan) are projects on sale,
Yangzhou project is located in Shouxi Lake District, Yangzhou, the phase I project had deliver the
house to the buyers. Dongguan project is located in Songshan Lake District; principal part of the
project has been capped, the Company’s on-sale projects are conducted the sale in line with the
arrangements steadily. SZPRD-Qianhai Harbor project located in Shenzhen Qianhai District, is on
the construction of main structure engineering; SZPRD-Golden Collar Holiday project located in
Shenzhen Huanggang Port is in the construction of pile foundation engineering, the project is
successfully progressing, the two projects in Shenzhen are in premium locations, and the cost of the
land is low; as the speedy development of property market of Shenzhen in the first half, the
economic effectiveness of the project is further enhanced.

Each project of the Company is under processing successfully, which achieves good performance
for the company to lay a solid foundation. Firmly gripping property main business simultaneously,

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                                         2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


keeps the healthy development of house lease, property management, car passenger and other
supplementary industry. The income increased compare to that in same period of last year, the
Company will continue to seek broaden project actively, expands the profits of supplementary
industry, comprehensively promote the competitiveness of the company

V. Investment analysis

1. Investments in equities of external parties

(1) Investments in external parties

□ Applicable √ Inapplicable
No such cases in the reporting period.


(2) Equity-holdings in financial enterprises


□ Applicable √ Inapplicable
No such cases in the reporting period.


(3) Securities investments

□ Applicable √ Inapplicable
No such cases in the reporting period.


(4) Shareholdings in other listed companies

√ Applicable □ Inapplicable

2. Wealth management entrustment, derivative investments and entrustment loans

(1) Wealth management entrustment
□ Applicable √ Inapplicable
No such cases in the reporting period.


(2) Derivative investments

□ Applicable √ Inapplicable
No such cases in the reporting period.


(3) Entrustment loans

□ Applicable √ Inapplicable
No such cases in the reporting period.




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3. Use of raised funds

□ Applicable √ Inapplicable
No such cases in the reporting period.

4. Analysis to main subsidiaries and stock-participating companies
√ Applicable □ Inapplicable

Main subsidiaries and stock-participating companies:
                                                                                                                                     Unit: RMB Yuan

                                                      Main
    Company        Company                                         Registered                                 Operating Operating
                                      Industry   products/ser                     Total assets Net assets                                 Net profit
     name            variety                                            capital                                revenues    profit
                                                      vices

Shenzhen                                         Sale         of
Huangchen                                        houses        &
                                                                   30,000,000. 1,911,410,7 787,488,27 94,663,887. 19,251,22 14,500,504.8
g         Real Subsidiary         Real estate Property
                                                                   00                   44.21        3.76             06         0.28                  9
Estate Co.,                                      managemen
Ltd.                                             t

Shenzhen
Guomao                            Property       Property
                                                                   20,000,000. 236,307,51 80,840,003. 157,617,12 13,774,73 10,170,336.0
Property       Subsidiary         managemen managemen
                                                                   00                    6.99          06           1.57         3.06                  8
Managemen                         t              t
t Co., Ltd.

Shenzhen                                         Sale         of
Guomao                            motor          houses and
                                                                   29,850,000. 479,320,03 222,695,28 37,367,616. 10,720,33
Vehicle        Subsidiary         transportati motor                                                                                     8,219,922.86
                                                                   00                    5.23        8.96             43         4.16
Industry                          on             transportati
Co., Ltd.                                        on

5. Significant projects invested with non-raised funds
√ Applicable □ Inapplicable
                                                                                                                  Unit: RMB Ten Thousand Yuan

                                                               Cumulative
                     Total planned        Input for this      actual input as       Project         Project        Disclosure date       Disclosure
    Project name                                                                                                      (if any)          index (if any)
                       investment            period                at the           progress        earnings
                                                               period-end

SZPRD-Bansh
anyujing (first
                                84,000               1,817               56,163
and         second
phases)

SZPRD-Songh
                               100,555               8,213               51,233
ulangyuan



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                                                 2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


SZPRD-Hupan
yujing       (first
                              120,000             1,814           78,317
and       second
phases)

SZPRD-Qianha
                               84,232             6,674           39,294
i Bay

SZPRD-Golde
n           Collar            150,000             2,042           13,528
Holiday

Total                         538,787            20,560          238,535          --           --              --              --


VI. Predict the operating results of Jan.-Mar. 2015
Warning of possible loss or considerable YoY change of the accumulated net profit made during the period-begin to the end of the
next reporting period according to prediction, as well as explanations on the reasons:
√ Applicable □ Inapplicable
Prediction: Considerable decrease at the same direction
Type of the predicted data: exact data

                                              Jan.-Sept. 2015            Jan.-Sept.2014                   +/- (%)

Predicted     accumulative      net
                                                                 4,000          32,313      Down                               -87.62%
profit (RMB Ten thousand)

Basic EPS (RMB Yuan/share)                                      0.0671          0.5422      Down                               -87.62%

                                      Reason for the considerable fluctuation of the business results: The project sales and the area
                                      available for settlement in Jan.-Sept. 2015decreased considerably on the year-on-year basis. The
Explanation           about     the aforesaid estimate is just preliminary measurement given by the Company according to the current
predictions                           sales situation of real estate projects. Investors are kindly reminded to be noted that the actual
                                      earnings of the Company for Jan.-Sept. 2015 shall be subject to data disclosed in the Company’s
                                      report for the third quarter of 2015.



VII. Explanation of the Board of Directors and the Supervisory Committee on the
    “Non-standard Audit Report” issued by the CPAs firm for the reporting period

□Applicable √Inapplicable


VIII. Explanation of the Board of Directors on the issues mentioned in the “Non-standard
Audit Report” issued by the CPAs firm for last year

□Applicable √Inapplicable




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                                             2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.



IX. Implementation of profit allocation during the reporting period

Profit allocation plan implemented during the reporting period, especially execution and adjustment of the cash dividend plan and the

plan for turning capital reserve into share capital:

√ Applicable □ Inapplicable
The for the specific Allocation Plan, please refer to sees Implementation Announcement on Dividend Allocation Annual Plan of
2015-14-2014 in Securities Times, Ta Kung Pao and http//www.cninfo.com.cn.

                                            Special statement about the cash dividend policy

In compliance with the Company’s Articles of Association and
                                                                    Yes
the resolution of the general meeting

Specific and clear dividend standard and ratio                      Yes

Complete decision-making procedure and mechanism                    Yes

Independent directors fulfilled their responsibilities and played
                                                                    Yes
their due role.

Minority shareholders have the chance to fully express their
opinion and desire and their legal rights and interests were fully Yes
protected.

In adjustment or alteration of the cash dividend policy, the
conditions and procedure were in compliance with regulations Yes
and transparent.



X. Pre-plan for profit allocation and turning capital reserve into share capital for the
reporting period

□ Applicable √ Inapplicable
The Company planed not to distribute cash dividends or bonus shares or turn capital reserve into share capital for
the reporting period.

XI. Particulars about researches, visits and interviews received in this reporting period

√ Applicable □ Inapplicable
                                                                                                           Main discussion and
        Time                    Place        Way of reception       Visitor type           Visitor       materials provided by the
                                                                                                                 Company

                      Office       of   the Telephone                                                  Whether had new houses in
9 Apr. 2015                                                     Individual          Investor
                      Company               communication                                              Second quarter

                      Office       of   the Telephone                                                  Any action of State-owned
14 May 2015                                                     Individual          Investor
                      Company               communication                                              enterprise reform

30 Jun. 2015          Office       of   the Telephone           Individual          Investor           Whether          considering


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           2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


Company   communication                                           suspension measures or not




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                                         Section V. Significant Events


I. Corporate governance

There is not discrepancy between the corporate governance and Company Law, relevant regulations of CSRC.
II. Lawsuits or arbitrations
Significant lawsuits or arbitrations
□ Applicable √ Inapplicable

No such cases in the reporting period.
Other lawsuits or arbitrations
□ Applicable √ Inapplicable


III. Media’s queries

□ Applicable √ Inapplicable

No such cases in the reporting period.


IV. Bankruptcy and reorganization

□ Applicable √ Inapplicable
Bankruptcy and reorganization did not occur to the Company in the reporting period.


V. Asset transactions

1. Purchase of assets

□ Applicable √ Inapplicable

No such cases in the reporting period.


2. Sale of assets

□ Applicable √ Inapplicable

No such cases in the reporting period.


3. Business combination

□ Applicable √ Inapplicable

No such cases in the reporting period.



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                                               2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


VI. Implementation of equity incentive and its influence

□ Applicable √ Inapplicable
The Company did not make or carry out any equity incentive plan during the reporting period.


VII. Significant related-party transactions

1. Related-party transactions concerning routine operation

□ Applicable √ Inapplicable

No such cases in the reporting period.


2. Related-party transactions arising from asset acquisition or sale

□ Applicable √ Inapplicable

No such cases in the reporting period.


3. Significant related-party transactions arising from joint investment in external parties

□ Applicable √ Inapplicable

No such cases in the reporting period.


4. Credits and liabilities with related parties

√ Applicable □ Inapplicable

Was there any credit or liability with any related party for non-operating purpose?
√ Yes □ No
The credits and liabilities with related parties’ receivable:

                                                                        Newly
                                                                                    Amount
                                                                       increase                           Interest in
                                            Non-operati     Opening                received in                           Closing
                                                                       amount in                           reporting
   Related                                   ng capital     balance                reporting                             balance
               Relationship     Reason                                 reporting                 Rate       period
    party                                   occupation    (RMB Ten                   period                             (RMB Ten
                                                                        period                            (RMB Ten
                                              or not?      thousand)               (RMB Ten                             thousand)
                                                                       (RMB Ten                           thousand)
                                                                                   thousand)
                                                                       thousand)

                              Creditor’s
Anhui          The            rights
Nanpeng        Company        receivable Working
                                                                 733                                                          732
Papermakin held a 30% from              the funds
g Co., Ltd     stake in it.   related
                              party

Shenzhen       The            Creditor’s Working                235                                                          235


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Guomao          Company         rights             funds
Industry        held           a receivable
Developmen 38.33%               from         the
t Co., Ltd.     stake in it.    related
                                party

Shenzhen                        Creditor’s
Wufang          The             rights
Pottery       & Company         receivable Working
                                                                             175                                                     175
Porcelain       held a 26% from              the funds
Industrial      stake in it.    related
Co., Ltd                        party

                Under      the Creditor’s
                same control rights
Shenzhen
                of the parent receivable Intra-Group
Guest House                                                                   91                                                         91
                company of from              the funds
Co., Ltd.
                the             related
                Company         party

                Under      the Creditor’s
Shenzhen
                same control rights
Investment
                of the parent receivable Intra-Group
Property                                                                      13                                                         13
                company of from              the funds
Developmen
                the             related
t Co., Ltd.
                Company         party

Influence of the credits
and liabilities with related
                                All under the risk control of the Company and will not affect the Company’s operating results and
parties on the Company’s
                                financial situation
operating       results   and
financial situation

The credits and liabilities with related parties’ payable:

                                                                             Newly
                                                                                       Amount
                                                                         increase
                                                           Opening                    returned in              Interest in     Closing
                                                                        amount in
                                                            balance                   reporting                reporting       balance
Related party Relationship              Reason                           reporting                  Rate
                                                       (RMB Ten                         period               period (RMB      (RMB Ten
                                                                             period
                                                           thousand)                  (RMB Ten               Ten thousand)    thousand)
                                                                        (RMB Ten
                                                                                      thousand)
                                                                        thousand)

SZPRD         Jifa Joint venture
                                     Intra-Group
Warehouse         of           the                    2,630                                                                  2,630
                                     funds
Co., Ltd          Company

Shenzhen          Joint venture
                                     Intra-Group
Tian’an          of           the                    411              110                                                   521
                                     funds
International Company


                                                                                                                                          19
                                                2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


Building
Property
Management
Co., Ltd

Influence of the credits and
liabilities with related parties
                                   All under the risk control of the Company and will not affect the Company’s operating results and
on the Company’s operating
                                   financial situation
results     and       financial
situation


5. Other significant related-party transactions


□ Applicable √ Inapplicable

No other significant related-party transactions occurred to the Company during the reporting period.


VIII. Particulars about the non-operating occupation of funds by the controlling shareholder
and other related parties of the Company

□ Applicable √ Inapplicable
The Company was not involved in the non-operating occupation of funds by the controlling shareholder and other related parties
during the reporting period.


IX. Particulars about significant contracts and their fulfillment

1. Particulars about trusteeship, contract and lease

(1) Trusteeship

□ Applicable √ Inapplicable
There was no any trusteeship of the Company in the reporting period.


(2) Contract

□ Applicable √ Inapplicable
There was no any contract of the Company in the reporting period.


(3) Lease

□ Applicable √ Inapplicable
There was no any lease of the Company in the reporting period.




                                                                                                                                   20
                                             2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


2. Guarantees provided by the Company

√ Applicable □ Inapplicable
                                                                                                        Unit: RMB Ten Thousand Yuan

                       Guarantees provided by the Company for external parties (excluding those for subsidiaries)

                       Disclosure                                                                                              Guarante
                                                     Actual
                         date of                                       Actual                                                   e for a
                                     Amount for occurrence date                        Type of          Period of   Executed
 Guaranteed party        relevant                                    guarantee                                                  related
                                     guarantee       (date of                         guarantee         guarantee    or not
                       announcem                                      amount                                                   party or
                                                   agreement)
                           ent                                                                                                   not

Total external guarantee line                                     Total actual occurred amount
approved during the reporting                                    0 of external guarantee during                                           0
period (A1)                                                       the reporting period (A2)

Total external guarantee line                                     Total actual external guarantee
that has been approved at the                                    0 balance at the end of the                                              0
end of the reporting period (A3)                                  reporting period (A4)

                                        Guarantees provided by the Company for its subsidiaries

                       Disclosure                                                                                              Guarante
                                                     Actual
                         date of                                       Actual                                                   e for a
                                     Amount for occurrence date                        Type of          Period of   Executed
 Guaranteed party        relevant                                    guarantee                                                  related
                                     guarantee       (date of                         guarantee         guarantee    or not
                       announcem                                      amount                                                   party or
                                                  agreement))
                           ent                                                                                                   not

Dongguan
Guomao
Changsheng     Real
                       1 Apr. 2015        1,000 16 Apr. 2015                1,000 Pledge              1 year        No         Yes
Estate
Development Co.,
Ltd.

Shenzhen Guomao
                                                                                    Joint-liability
Vehicle     Industry 1 Apr. 2015          5,000 17 Apr. 2015                5,000                     1 year        No         Yes
                                                                                    guarantee
Co., Ltd.

Shenzhen Guomao                                                                     Joint-liability
                       21 Apr.
Vehicle     Industry                     44,000 11 Jan. 2013               16,924 guarantee;          3 years       No         Yes
                       2012
Co., Ltd.                                                                           pledge

Dongguan
Guomao
Changsheng     Real 24 Apr.                                                         Joint-liability
                                         45,000 20 Jun. 2014                7,467                     3 years       No         Yes
Estate                 2013                                                         guarantee
Development Co.,
Ltd.

Total guarantee line approved                             15,000 Total actual occurred amount                                    12,630


                                                                                                                                          21
                                               2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


for the subsidiaries during the                                       of      guarantee      for       the
reporting period (B1)                                                 subsidiaries        during       the
                                                                      reporting period (B2)

Total guarantee line that has
                                                                      Total actual guarantee balance
been      approved      for      the
                                                           209,000 for the subsidiaries at the end                                      30,391
subsidiaries at the end of the
                                                                      of the reporting period (B4)
reporting period (B3)

                                          Guarantees provided by the Company for its subsidiaries

                       Disclosure                                                                                                     Guarante
                                                       Actual
                         date of                                             Actual                                                    e for a
                                       Amount for occurrence date                            Type of           Period of   Executed
 Guaranteed party       relevant                                           guarantee                                                   related
                                       guarantee      (date of                              guarantee          guarantee    or not
                       announcem                                            amount                                                    party or
                                                   agreement))
                           ent                                                                                                          not

Shenzhen Guomao                                                                           Joint-liability
                       23 Apr.
Car    Rental   Co.,                        4,000 25 Jul. 2014                    2,000 guarantee;           1 year        No         Yes
                       2014
Ltd.                                                                                      pledge

Shenzhen Guomao
Vehicle     Industry 1 Apr. 2015            5,000 17 Apr. 2015                    5,000 Pledge               1 year        No         Yes
Co., Ltd.

                                                                      The total amount of actual
The total amount of guarantee
                                                                      occurrence of guarantee for
limits for subsidiaries approved                                  0                                                                              0
                                                                      subsidiaries in the reporting
in the reporting period (C1)
                                                                      period (C2)

                                                                      The total balance of actual
The total amount of guarantee
                                                                      guarantee for subsidiaries up
for subsidiaries approved up to                                   0                                                                         2,000
                                                                      to the end of reporting period
the end of reporting period (C3)
                                                                      (C4)

The total amount of guarantee by the Company (the total amount of the first three items)

The total amount of guarantee                                         The total amount of actual
limits approved in the reporting                            15,000 occurrence of guarantee in the                                       12,630
period (A1+B1+C1)                                                     reporting period (A2+B2+C2)

The total amount of guarantee                                         The total balance of actual
approved up to the end of                                  209,000 guarantee up to the end of                                           32,391
reporting period (A3+B3+C3)                                           reporting period (A4+B4+C4)

Proportion of total amount of actual guarantee (A4+B4+C4) in
                                                                                                                                        16.43%
the net assets of the Company

Among which:

Amount of guarantees provided for shareholders, actual
                                                                                                                                                 0
controller and other related parties (D)

Amount of debt guarantees provided directly or indirectly for                                                                           16,924


                                                                                                                                                 22
                                           2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


parties with asset-liability ratio exceeding 70% (E)

Proportion of total guarantee amount exceeding 50% of the
                                                                                                                                   0
Company’s net assets (F)

Total amount of the above three guarantees (D+E+F)                                                                            24,924

                                                                   The Company provided a total guarantee amount of RMB 323.91
                                                                   million to external parties, including a guarantee amount of RMB
                                                                   229.24 million provided by the Company for its subsidiaries and a
                                                                   guarantee amount of RMB 94.67million provided by subsidiaries to
Explanation on possibility of taking several and joint liability
                                                                   subsidiaries or the Company. Neither the Company nor its
involving immature guarantees (if any)
                                                                   subsidiaries provided guarantees for any company not in the
                                                                   consolidation scope. Up to the end of the reporting period,
                                                                   subsidiaries were in normal operation and the loans were also in a
                                                                   normal status, with the risk being controllable.

Explanation on external guarantees provided by violating
                                                                   Naught
regulated procedures (if any)

Particulars about guarantees provided in a compound way


(1) Illegal provision of guarantees for external parties

□ Applicable √ Inapplicable

No such cases in the reporting period.


3. Other significant contracts

□ Applicable √ Inapplicable

No such cases in the reporting period.


4. Other significant transactions

□ Applicable √ Inapplicable

No such cases in the reporting period.


X. Commitments made by the Company or any shareholder holding over 5% of the
Company’s shares in the reporting period or such commitments carried down into the
reporting period

□ Applicable √ Inapplicable
No such commitments in the reporting period.


XI. Engagement and disengagement of the CPAs firm

Has the semi-annual financial report been audited?

                                                                                                                                   23
                                            2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


□ Yes √ No
The semi-annual financial report had not been audited.


XII. Punishments and rectifications

□ Applicable √ Inapplicable
No punishments or rectifications in the reporting period.


XIII. Delisting risk due to violation of any law or regulation

□ Applicable √ Inapplicable
No such risk in the reporting period.


XIV. Other significant events

□ Applicable √ Inapplicable
No other significant event in the reporting period that needs to be explained.




                                                                                                                            24
                                             2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.




                        Section VI. Change in Shares & Shareholders

I. Change in shares

                                                                                                                                   Unit: Share

                                Before the change                       Increase/decrease (+, -)                           After the change

                                                                               Capitalizat
                                                       Issuance                  ion of
                                                                     Bonus                                                         Proportio
                                Amount Proportion of new                         public        Others       Subtotal      Amount
                                                                     shares                                                            n
                                                         shares                  reserve
                                                                                  fund

Reasons for changes in shares
□ Applicable √ Inapplicable
Approval of share changes
□ Applicable √ Inapplicable
Transfer of share ownership
□ Applicable √ Inapplicable
Effects of changes in shares on the basic EPS, diluted EPS, net assets per share attributable to common shareholders of the Company
and other financial indexes over the last year and the last reporting period
□ Applicable √ Inapplicable
Other contents that the Company considers necessary or is required by the securities regulatory authorities to disclose
□ Applicable √ Inapplicable
Change of the total shares, shareholder structure, asset structure and liability structure
□ Applicable √ Inapplicable



II. Total number of shareholders and their shareholdings
                                                                                                                                   Unit: Share

                                                                     Total number of preferred share
Total number of common                                               holders who had resumed their
shareholders at the end of the                                35,206 voting right at the end of the                                           0
reporting period                                                     reporting period (if any) (see
                                                                     note 8)

                Shareholdings of common shareholders holding more than 5% shares or top 10 common shareholders

                                                      Number Increase/de Number                                Pledged or frozen shares
                                       Shareholdin                                           Number of
                                                         of        crease of       of
    Name of            Nature of             g                                               non-restrict
                                                      common        shares     restricted                     Status of
  shareholder         shareholder       percentage                                           ed common                      Number of shares
                                                       shares     during the   common                          shares
                                            (%)                                              shares held
                                                     held at the reporting       shares



                                                                                                                                              25
                                   2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


                                            end of the    period     held
                                            reporting
                                             period

SHENZHEN
CONSTRUCTI
ON
                 State-owned                323,796,3              293,997,3
INVESTMENT                         54.33%                                        29,798,954
                 corporation                       24                       70
HOLDINGS
CORPORATIO
N

SHENZHEN
INVESTMENT
MANAGEME         State-owned                56,582,57              56,582,57
                                   9.49%
NT               corporation                          3                      3
CORPORATIO
N

CITIC
                 State-owned
SECURITIES                         0.54% 3,194,200
                 corporation
CO., LTD.

CHINA
FOREIGN
ECONOMY
AND     TRADE State-owned
                                   0.35% 2,060,063
TRUST       CO., corporation
LTD.-NEW
STOCK+ARBI
TRAGE

SHENZHEN
DUTY-FREE
                 State-owned
COMMODITY                          0.29% 1,730,300                 1,730,300
                 corporation
ENTERPRISES
CO., LTD.

ZHANG            Domestic
                                   0.22% 1,322,900
HONGFENG         individual

CHINA
RESOURCES
SZITIC TRUST
                 Domestic
CO.,
                 non-state-owned   0.21% 1,230,400
LTD.-RUNJIN
                 corporation
NO. 168
ASSEMBLED
FUNDS


                                                                                                                   26
                                            2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


TRUST
SCHEME

                Domestic
CHEN LIYING                                  0.18% 1,076,051
                individual

DBS
VICKERS(HO
NG              Foreign individual           0.17% 1,000,000
KONG)LTD
A/C CLIENTS

ZHONGLIAN       Domestic
ENTERPRISE non-state-owned                   0.16%     980,000
CO., LTD.       corporation

Explanation      on      associated The first and second principal shareholders of the Company are managed by Shenzhen
relationship or/and persons acting in Investment Holding Corporation, the actual controlling shareholder of the Company. Other
concert among the above-mentioned than that, it is unknown whether the remaining 9 shareholders are related parties or
shareholders:                          acting-in-concert parties.

                         Shareholdings of the top ten common shareholders holding non-restricted shares

                                        Number of non-restricted common shares held at the               Type of shares
       Name of shareholder
                                                              period-end                              Type           Number

SHENZHEN        CONSTRUCTION
                                                                                              RMB       ordinary
INVESTMENT              HOLDINGS                                                29,798,954                                29,798,954
                                                                                              share
CORPORATION

                                                                                              RMB       ordinary
CITIC SECURITIES CO., LTD.                                                        3,194,200                                3,194,200
                                                                                              share

CHINA     FOREIGN       ECONOMY
                                                                                              RMB       ordinary
AND     TRADE         TRUST     CO.,                                              2,060,063                                2,060,063
                                                                                              share
LTD.-NEW STOCK+ARBITRAGE

                                                                                              RMB       ordinary
ZHANG HONGFENG                                                                    1,322,900                                1,322,900
                                                                                              share

CHINA       RESOURCES         SZITIC
TRUST CO., LTD.-RUNJIN NO.                                                                    RMB       ordinary
                                                                                  1,230,400                                1,230,400
168 ASSEMBLED FUNDS TRUST                                                                     share
SCHEME

                                                                                              Domestically
CHEN LIYING                                                                       1,076,051 listed       foreign           1,076,051
                                                                                              share

                                                                                              Domestically
DBS VICKERS (HONG KONG)
                                                                                  1,000,000 listed       foreign           1,000,000
LTD A/C CLIENTS
                                                                                              share

ZHONGLIAN ENTERPRISE CO.,                                                          980,000 RMB          ordinary            980,000


                                                                                                                                  27
                                                 2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


LTD.                                                                                             share

SHENZHEN                          SENRUI
INVESTEMNT            MANAGEMENT
                                                                                                 RMB     ordinary
CO.,    LTD.     –   SENRUI            DULI                                           800,000                             800,000
                                                                                                 share
JINGQI        NO.     3     SECURITIES
INVESTMENT FUNDS

BEIJING                          FENGDAN                                                         RMB     ordinary
                                                                                       720,000                             720,000
INVESTMENT CO., LTD.                                                                             share

Explanation           on         associated
relationship or/and persons acting in
concert       among        the    top    ten The first and second principal shareholders of the Company are managed by Shenzhen
non-restricted common shareholders Investment Holding Corporation, the actual controlling shareholder of the Company. Other
and       between         the     top    ten than that, it is unknown whether the remaining 9 shareholders are related parties or
non-restricted common shareholders acting-in-concert parties.
and     the     top        ten     common
shareholders

Did any of the top 10 common shareholders or the top 10 non-restricted common shareholders of the Company conduct any
promissory repo during the reporting period?
□ Yea √ No
No such cases in the reporting period.


III. Change of the controlling shareholder or the actual controller


Change of the controlling shareholder in the reporting period
□ Applicable √ Inapplicable
The controlling shareholder of the Company did not change in the reporting period.
Change of the actual controller in the reporting period
□ Applicable √ Inapplicable

The actual controller of the Company did not change in the reporting period.


IV. Any shareholding increase plan proposed or implemented by any shareholder or its act-in-concert party during the
reporting period


□ Applicable √ Inapplicable
To the best knowledge of the Company, no shareholder or its act-in-concert party proposed or implemented any shareholding increase
plan during the reporting period.




                                                                                                                                 28
                                           2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.




                                      Section VII. Preference Shares

□ Applicable √ Inapplicable
No preference shares in the reporting period.




                                                                                                                           29
                                           2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.




      Section VIII. Directors, Supervisors & Senior Management Staff

I. Change of shareholdings of directors, supervisors and senior management staff

□ Applicable √ Inapplicable
There was no change in the shareholdings of directors, supervisors and senior management staff in the reporting period. For details,
please refer to the 2014 Annual Report.


II. Change of directors, supervisors and senior management staff

□ Applicable √ Inapplicable
There was no change of the directors, supervisors and senior management staff. For details, please refer to the 2014 Annual Report.




                                                                                                                                  30
                                            2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.




                                       Section IX. Financial Report

I. Audit report

Has this semi-annual report been audited?
□ Yes √ No
The semi-annual financial report has not been audited.


II. Financial statements

Currency unit for the statements in the notes to these financial statements: RMB Yuan


1. Consolidated balance sheet

Prepared by Shenzhen Properties & Resources Development (Group) Ltd.
                                                            30 June 2015
                                                                                                               Unit: RMB Yuan

                  Item                                   Closing balance                         Opening balance

Current assets:

   Monetary funds                                                     482,997,421.84                           808,963,376.68

   Settlement reserves

   Intra-group lendings

   Financial assets measured at fair
value of which changes are recorded in
current profits and losses

   Derivative financial assets

   Notes receivable

   Accounts receivable                                                     40,331,332.76                        26,585,132.12

   Accounts paid in advance                                                33,968,177.26                        25,989,832.24

   Premiums receivable

   Reinsurance premiums receivable

   Receivable     reinsurance    contract
reserves

   Interest receivable

   Dividend receivable

   Other accounts receivable                                                8,474,056.83                           6,638,425.25

   Financial assets purchased under


                                                                                                                             31
                                           2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


agreements to resell

  Inventories                                                     2,493,227,840.13                          2,323,472,671.20

  Assets held for sale

  Non-current assets due within 1 year

  Other current assets

Total current assets                                              3,058,998,828.82                          3,191,649,437.49

Non-current assets:

  Loans by mandate and advances
granted

  Available-for-sale financial assets                                14,500,000.00                             18,493,000.00

  Held-to-maturity investments

  Long-term accounts receivable

  Long-term equity investment                                        33,555,348.58                             32,888,939.41

  Investing real estate                                             247,718,707.95                            250,014,034.94

  Fixed assets                                                       71,103,117.82                             64,069,233.96

  Construction in progress

  Engineering materials

  Disposal of fixed assets

  Production biological assets

  Oil-gas assets

  Intangible assets                                                  96,216,335.51                             99,792,587.03

  R&D expense

  Goodwill

  Long-term deferred expenses                                         2,288,887.55                              2,553,053.03

  Deferred income tax assets                                        224,912,402.30                            216,552,790.60

  Other non-current assets                                            7,275,069.00                              7,275,069.00

Total of non-current assets                                         697,569,868.71                            691,638,707.97

Total assets                                                      3,756,568,697.53                          3,883,288,145.46

Current liabilities:

  Short-term borrowings                                              88,000,000.00                            100,000,000.00

  Borrowings from the Central Bank

  Customer bank deposits and due to
banks and other financial institutions

  Intra-group borrowings

  Financial liabilities measured at fair


                                                                                                                           32
                                             2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


value of which changes are recorded in
current profits and losses

  Derivative financial liabilities

  Notes payable

  Accounts payable                                                    140,537,143.91                            175,347,021.19

  Accounts received in advance                                        121,945,329.53                             28,756,337.08

  Financial assets sold and repurchased

  Handling charges and commissions
payable

  Payroll payable                                                      43,049,064.32                             57,777,210.65

  Tax payable                                                         892,499,824.67                          1,015,363,636.69

  Interest payable                                                        572,570.12                                562,879.72

  Dividend payable

  Other accounts payable                                              126,670,935.97                            111,032,824.55

  Reinsurance premiums payable

  Insurance contract reserves

  Payables     for   acting   trading   of
securities

  Payables for acting underwriting of
securities

  Liabilities held for sale

  Non-current liabilities due within 1
                                                                      161,243,352.00                              5,000,000.00
year

  Other current liabilities

Total current liabilities                                           1,574,518,220.52                          1,493,839,909.88

Non-current liabilities:

  Long-term borrowings                                                 74,673,000.00                            177,613,352.00

  Bonds payable

       Of which: preference shares

                 Perpetual bonds

  Long-term payables

  Long-term payroll payables

  Specific payables

  Estimated liabilities

  Deferred income                                                      20,419,239.87                             21,765,846.69




                                                                                                                             33
                                         2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


  Deferred income tax liabilities                                        29,156.31                                257,625.00

  Other non-current liabilities                                   114,727,801.36                             114,706,662.76

Total non-current liabilities                                     209,849,197.54                             314,343,486.45

Total liabilities                                               1,784,367,418.06                            1,808,183,396.33

Owners’ equity:

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

  Other equity instruments

     Of which: preference shares

                    Perpetual bonds

  Capital reserves                                                119,951,533.93                             119,951,533.93

  Less: Treasury stock

  Other comprehensive income                                          -6,957,042.69                             -4,006,141.53

  Specific reserves

  Surplus reserves                                                136,591,232.84                             136,591,232.84

  Provisions for general risks

  Retained profits                                              1,125,774,376.33                            1,225,726,944.83

Total equity attributable to owners of
                                                                1,971,339,192.41                            2,074,242,662.07
the Company

  Minority interests                                                    862,087.06                                862,087.06

Total owners’ equity                                           1,972,201,279.47                            2,075,104,749.13

Total liabilities and owners’ equity                           3,756,568,697.53                            3,883,288,145.46


Legal representative: Chen Yugang                   Person-in-charge of the accounting work: Wang Hangjun


Chief of the accounting division: Shen Xueying


2. Balance sheet of the Company

                                                                                                             Unit: RMB Yuan

                     Item                           Closing balance                           Opening balance

Current assets:

  Monetary funds                                                  133,112,789.35                             338,036,109.52

  Financial assets measured at fair
value of which changes are recorded in
current profits and losses

  Derivative financial assets

  Notes receivable


                                                                                                                           34
                                           2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


  Accounts receivable                                                 1,697,688.47                              1,029,211.52

  Accounts paid in advance

  Interest receivable

  Dividend receivable

  Other accounts receivable                                       1,812,002,045.51                          1,758,238,266.73

  Inventories                                                       446,171,517.97                            385,762,064.03

  Assets held for sale

  Non-current assets due within 1 year

  Other current assets

Total current assets                                              2,392,984,041.30                          2,483,065,651.80

Non-current assets:

  Available-for-sale financial assets                                   230,500.00                              4,223,500.00

  Held-to-maturity investments

  Long-term accounts receivable

  Long-term equity investment                                       280,112,609.56                            279,446,200.39

  Investing real estate                                             162,905,795.42                            162,666,161.07

  Fixed assets                                                       10,461,635.34                             11,701,031.08

  Construction in progress

  Engineering materials

  Disposal of fixed assets

  Production biological assets

  Oil-gas assets

  Intangible assets

  R&D expense

  Goodwill

  Long-term deferred expenses                                         1,383,809.55                              1,470,297.69

  Deferred income tax assets

  Other non-current assets

Total of non-current assets                                         455,094,349.87                            459,507,190.23

Total assets                                                      2,848,078,391.17                          2,942,572,842.03

Current liabilities:

  Short-term borrowings

  Financial liabilities measured at fair
value of which changes are recorded in
current profits and losses


                                                                                                                           35
                                         2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


  Derivative financial liabilities

  Notes payable

  Accounts payable                                                 27,410,489.41                             27,475,005.86

  Accounts received in advance                                         93,778.50                                556,723.50

  Payroll payable                                                   9,012,913.60                              9,765,464.25

  Tax payable                                                       5,079,502.18                             44,829,812.84

  Interest payable                                                    670,734.38                                621,676.25

  Dividend payable

  Other accounts payable                                        1,379,904,079.20                          1,362,785,410.73

  Liabilities held for sale

  Non-current liabilities due within 1
                                                                  260,000,000.00
year

  Other current liabilities

Total current liabilities                                       1,682,171,497.27                          1,446,034,093.43

Non-current liabilities:

  Long-term borrowings                                             74,673,000.00                            276,370,000.00

  Bonds payable

       Of which: preference shares

                    Perpetual bonds

  Long-term payables

  Long-term payroll payables

  Specific payables

  Estimated liabilities

  Deferred income

  Deferred income tax liabilities                                                                               257,625.00

  Other non-current liabilities

Total non-current liabilities                                      74,673,000.00                            276,627,625.00

Total liabilities                                               1,756,844,497.27                          1,722,661,718.43

Owners’ equity:

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

  Other equity instruments

       Of which: preference shares

                    Perpetual bonds

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




                                                                                                                         36
                                           2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


  Less: Treasury stock

  Other comprehensive income                                                                                      2,933,175.45

  Specific reserves

  Surplus reserves                                                  135,934,422.40                             135,934,422.40

  Retained profits                                                  265,262,519.82                             391,006,574.07

Total owners’ equity                                             1,091,233,893.90                           1,219,911,123.60

Total liabilities and owners’ equity                             2,848,078,391.17                           2,942,572,842.03


3. Consolidated income statement

                                                                                                               Unit: RMB Yuan

                      Item                             Reporting period                      Same period of last year

I. Operating revenues                                               338,761,310.39                             501,367,559.78

Including: Sales income                                             338,761,310.39                             501,367,559.78

         Interest income

         Premium income

         Handling charge and commission
income

II. Operating costs                                                 302,467,177.17                             363,599,623.62

Including: Cost of sales                                            199,054,160.59                             230,835,231.01

         Interest expenses

         Handling charge and commission
expenses

         Surrenders

         Net claims paid

         Net amount withdrawn for the
insurance contract reserve

         Expenditure on policy dividends

         Reinsurance premium

         Taxes and associate charges                                  46,781,146.09                             82,288,326.22

       Selling and distribution expenses                              12,658,266.69                               5,167,082.37

       Administrative expenses                                        48,330,181.70                             50,185,597.53

       Financial expenses                                             -4,714,375.50                              -6,325,233.01

       Asset impairment loss                                              357,797.60                              1,448,619.50

Add: Gain/(loss) from change in fair
value (“-” means loss)


                                                                                                                            37
                                                   2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


        Gain/(loss) from investment (“-”
                                                                              6,767,542.26                              6,261,748.54
means loss)

        Including:    share   of    profits   in
                                                                                666,409.17                             -1,283,506.52
associates and joint ventures

        Foreign exchange gains (“-” means
loss)

III. Business profit (“-” means loss)                                      43,061,675.48                            144,029,684.70

        Add: non-operating income                                               561,079.38                              4,163,164.65

          Including: Gains on disposal of
                                                                                                                        1,892,678.92
non-current assets

        Less: non-operating expense                                           1,097,878.15                                380,296.86

          Including: Losses on disposal of
                                                                                426,921.60                                 54,757.13
non-current assets

IV. Total profit (“-” means loss)                                          42,524,876.71                            147,812,552.49

        Less: Income tax expense                                             11,362,044.97                             35,738,015.00

V. Net profit (“-” means loss)                                             31,162,831.74                            112,074,537.49

        Net profit attributable to owners of
                                                                             31,162,831.74                            112,074,537.49
the Company

        Minority shareholders’ income

VI. After-tax net amount of other
                                                                              -2,950,901.16                               447,993.19
comprehensive incomes

        After-tax    net   amount     of   other
comprehensive incomes attributable to                                         -2,950,901.16                               447,993.19
owners of the Company

          (I) Other comprehensive incomes
that will not be reclassified into gains and
losses

            1. Changes in net liabilities or
assets with a defined benefit plan upon
re-measurement

            2. Enjoyable shares in other
comprehensive incomes in investees that
cannot be reclassified into gains and
losses under the equity method

          (II) Other comprehensive incomes
that will be reclassified into gains and                                      -2,950,901.16                               447,993.19
losses

            1. Enjoyable shares in other
comprehensive incomes in investees that

                                                                                                                                   38
                                                        2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


will be reclassified into gains and losses
under the equity method

           2. Gains and losses on fair
value    changes      of       available-for-sale                                     -2,933,175.45
financial assets

           3.    Gains         and     losses     on
reclassifying                   held-to-maturity
investments        into        available-for-sale
financial assets

           4. Effective hedging gains and
losses on cash flows

           5. Foreign-currency financial
                                                                                         -17,725.71                             447,993.19
statement translation difference

           6. Other

     After-tax     net        amount    of      other
comprehensive incomes attributable to
minority shareholders

VII. Total comprehensive incomes                                                      28,211,930.58                        112,522,530.68

     Attributable        to    owners     of      the
                                                                                      28,211,930.58                        112,522,530.68
Company

     Attributable              to        minority
shareholders

VIII. Earnings per share

     (I) Basic earnings per share                                                           0.0523                                  0.1881

     (II) Diluted earnings per share                                                        0.0523                                  0.1881

Where business mergers under the same control occurred in this reporting period, the net profit achieved by the merged parties before
the business mergers was RMB 0.00, with the corresponding amount for the last period being RMB 0.00.


Legal representative: Chen Yugang                                  Person-in-charge of the accounting work: Wang Hangjun


Chief of the accounting division: Shen Xueying


4. Income statement of the Company

                                                                                                                           Unit: RMB Yuan

                    Item                                           Reporting period                      Same period of last year

I. Total sales                                                                    29,852,953.97                              32,117,214.00

  Less: cost of sales                                                                 8,215,152.66                           13,005,498.88

     Business taxes and surcharges                                                    4,150,101.48                            3,371,843.66




                                                                                                                                         39
                                                 2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


     Distribution expenses

     Administrative expenses                                               19,815,940.03                             18,969,355.25

     Financial costs                                                       -2,306,571.44                             -2,780,553.56

     Impairment loss                                                         -616,823.91                               -272,589.07

  Add: gain/(loss) from change in fair
value (“-” means loss)

     Gain/(loss) from investment (“-”
                                                                            6,600,847.72                              2,094,893.48
means loss)

     Including: income form investment
                                                                              666,409.17                             -1,283,506.52
on associates and joint ventures

II. Business profit (“-” means loss)                                      7,196,002.87                              1,918,552.32

  Add: non-operating income                                                    15,814.45                              1,746,513.69

     Including: Gains on disposal of
                                                                                                                        431,742.33
non-current assets

  Less: non-operating expense                                                 466,563.12

     Including: Losses on disposal of
                                                                               82,007.63
non-current assets

III. Total profit (“-” means loss)                                        6,745,254.20                              3,665,066.01

  Less: Income tax expense                                                  1,373,908.21

IV. Net profit (“-” means loss)                                           5,371,345.99                              3,665,066.01

V. After-tax net amount of other
                                                                           -2,933,175.45
comprehensive incomes

  (I) Other comprehensive incomes that
will not be reclassified into gains and
losses

     1. Changes in net liabilities or
assets with a defined benefit plan upon
re-measurement

     2.   Enjoyable     shares      in   other
comprehensive incomes in investees
that cannot be reclassified into gains
and losses under the equity method

  (II) Other comprehensive incomes
that will be reclassified into gains and                                   -2,933,175.45
losses

     1.   Enjoyable     shares      in   other
comprehensive incomes in investees
that will be reclassified into gains and



                                                                                                                                 40
                                                       2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


losses under the equity method

       2. Gains and losses on fair value
changes of available-for-sale financial                                              -2,933,175.45
assets

       3.    Gains        and         losses     on
reclassifying                   held-to-maturity
investments        into        available-for-sale
financial assets

       4. Effective hedging gains and
losses on cash flows

       5.    Foreign-currency            financial
statement translation difference

       6. Other

VI. Total comprehensive incomes                                                      2,438,170.54                            3,665,066.01

VII. Earnings per share

   (I) Basic earnings per share                                                            0.0090                                  0.0061

   (II) Diluted earnings per share                                                         0.0090                                  0.0061


5. Consolidated cash flow statement

                                                                                                                          Unit: RMB Yuan

                       Item                                       Reporting period                      Same period of last year

I. Cash flows from operating activities:

  Cash        received         from      sale     of
                                                                                460,272,796.97                            486,571,481.51
commodities and rendering of service

  Net       increase      of    deposits        from
customers and dues from banks

  Net increase of loans from the central
bank

  Net increase of funds borrowed from
other financial institutions

  Cash received from premium of
original insurance contracts

  Net cash received from reinsurance
business

  Net increase of deposits of policy
holders and investment fund

  Net increase of disposal of financial
assets measured at fair value of which


                                                                                                                                        41
                                                2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


changes are recorded into current gains
and losses

  Cash received from interest, handling
charges and commissions

  Net        increase     of    intra-group
borrowings

  Net increase of funds in repurchase
business

  Tax refunds received

  Other cash received relating to
                                                                           8,644,723.51                              8,771,553.27
operating activities

Subtotal of cash inflows from operating
                                                                         468,917,520.48                            495,343,034.78
activities

  Cash paid for goods and services                                       279,997,430.62                            290,827,700.91

  Net increase of customer lendings
and advances

  Net increase of funds deposited in the
central bank and amount due from
banks

  Cash for paying claims of the original
insurance contracts

  Cash for paying interest, handling
charges and commissions

  Cash for paying policy dividends

  Cash paid to and for employees                                         160,964,525.60                            140,770,571.32

  Various taxes paid                                                     205,830,929.07                            208,267,051.06

  Other cash payment relating to
                                                                          44,033,816.12                             45,365,201.86
operating activities

Subtotal     of   cash    outflows       from
                                                                         690,826,701.41                            685,230,525.15
operating activities

Net cash flows from operating activities                                -221,909,180.93                           -189,887,490.37

II. Cash flows from investing activities:

  Cash received from withdrawal of
                                                                           6,511,297.75
investments

  Cash       received    from   return    on
                                                                             580,374.89
investments

  Net cash received from disposal of
                                                                             605,705.00                              1,273,115.00
fixed assets, intangible assets and other


                                                                                                                                42
                                                    2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


long-term assets

   Net cash received from disposal of
subsidiaries or other business units

   Other cash received relating to
investing activities

Subtotal of cash inflows from investing
                                                                               7,697,377.64                              1,273,115.00
activities

   Cash paid to acquire fixed assets,
intangible assets and other long-term                                         15,367,108.10                              3,725,850.80
assets

   Cash paid for investment

   Net increase of pledged loans

   Net cash paid to acquire subsidiaries
and other business units

   Other cash payments relating to
investing activities

Subtotal        of     cash   outflows     from
                                                                              15,367,108.10                              3,725,850.80
investing activities

Net cash flows from investing activities                                      -7,669,730.46                             -2,452,735.80

III.     Cash        Flows    from    Financing
Activities:

       Cash      received      from       capital
contributions

       Including:      Cash    received    from
minority shareholder investments by
subsidiaries

       Cash received from borrowings                                         126,303,000.00                            251,370,000.00

       Cash received from issuance of
bonds

       Other cash received relating to
financing activities

Subtotal of cash inflows from financing
                                                                             126,303,000.00                            251,370,000.00
activities

       Repayment of borrowings                                                85,000,000.00                            308,916,666.64

       Cash paid for interest expenses and
                                                                             137,350,160.47                            159,779,630.63
distribution of dividends or profit

        Including: dividends or profit paid
by subsidiaries to minority shareholders



                                                                                                                                    43
                                                  2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


     Other cash payments relating to
                                                                                 104,500.00                               288,000.00
financing activities

Sub-total     of   cash     outflows       from
                                                                           222,454,660.47                            468,984,297.27
financing activities

Net cash flows from financing activities                                   -96,151,660.47                            -217,614,297.27

IV. Effect of foreign exchange rate
                                                                                -235,382.98                                   53,593.94
changes on cash and cash equivalents

V. Net increase in cash and cash
                                                                          -325,965,954.84                            -409,900,929.50
equivalents

     Add: Opening balance of cash and
                                                                           808,963,376.68                            977,171,814.20
cash equivalents

VI. Closing balance of cash and cash
                                                                           482,997,421.84                            567,270,884.70
equivalents


6. Cash flow statement of the Company

                                                                                                                     Unit: RMB Yuan

                    Item                                     Reporting period                      Same period of last year

I. Cash flows from operating activities:

  Cash       received      from    sale      of
                                                                            28,663,455.97                              27,194,186.50
commodities and rendering of service

  Tax refunds received

  Other cash received relating to
                                                                           224,852,837.51                            327,703,905.77
operating activities

Subtotal of cash inflows from operating
                                                                           253,516,293.48                            354,898,092.27
activities

  Cash paid for goods and services                                          54,228,447.00                              40,238,144.48

  Cash paid to and for employees                                            10,672,508.89                              11,337,003.08

  Various taxes paid                                                        49,447,323.75                               3,867,339.21

  Other cash payment relating to
                                                                           269,534,102.88                            790,100,547.89
operating activities

Subtotal     of    cash    outflows        from
                                                                           383,882,382.52                            845,543,034.66
operating activities

Net cash flows from operating activities                                  -130,366,089.04                            -490,644,942.39

II. Cash flows from investing activities:

  Cash received from withdrawal of
                                                                                6,511,297.75                         280,000,000.00
investments

  Cash       received     from    return    on                                   580,374.89                             4,009,800.00


                                                                                                                                     44
                                                    2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


investments

   Net cash received from disposal of
fixed assets, intangible assets and other                                            260.00
long-term assets

   Net cash received from disposal of
subsidiaries or other business units

   Other cash received relating to
investing activities

Subtotal of cash inflows from investing
                                                                               7,091,932.64                            284,009,800.00
activities

   Cash paid to acquire fixed assets,
intangible assets and other long-term                                             31,074.00                                648,059.00
assets

   Cash paid for investment

   Net cash paid to acquire subsidiaries
and other business units

   Other cash payments relating to
investing activities

Subtotal        of     cash   outflows     from
                                                                                  31,074.00                                648,059.00
investing activities

Net cash flows from investing activities                                       7,060,858.64                            283,361,741.00

III.     Cash        Flows    from    Financing
Activities:

       Cash      received      from       capital
contributions

       Cash received from borrowings                                          58,303,000.00                            271,370,000.00

       Cash received from issuance of
bonds

       Other cash received relating to
financing activities

Subtotal of cash inflows from financing
                                                                              58,303,000.00                            271,370,000.00
activities

       Repayment of borrowings                                                                                         240,000,000.00

       Cash paid for interest expenses and
                                                                             139,703,417.96                            156,942,914.41
distribution of dividends or profit

        Other cash payments relating to
                                                                                                                           208,000.00
financing activities

Sub-total       of     cash    outflows    from                              139,703,417.96                            397,150,914.41



                                                                                                                                    45
                                                     2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


financing activities

Net cash flows from financing activities                                             -81,400,417.96                                  -125,780,914.41

IV. Effect of foreign exchange rate
                                                                                        -217,671.81                                        -393,186.04
changes on cash and cash equivalents

V. Net increase in cash and cash
                                                                                    -204,923,320.17                                  -333,457,301.84
equivalents

       Add: Opening balance of cash and
                                                                                    338,036,109.52                                    420,568,966.65
cash equivalents

VI. Closing balance of cash and cash
                                                                                    133,112,789.35                                     87,111,664.81
equivalents


7. Consolidated Statement of Changes in Owners’ Equity

Reporting period
                                                                                                                                      Unit: RMB Yuan

                                                                                  Reporting period

                                                     Equity attributable to owners of the Company

                                        Other equity
                                                                                    Other                                            Minorit      Total
         Item                            instruments                    Less:                                   General
                           Share                             Capital               compre Specific Surplus                Retaine      y         owners’
                                     Prefer Perpet                     treasury                                  risk
                           capital                           reserve               hensive reserve reserve                d profit interests equity
                                     ence    ual     Other              stock                                   reserve
                                                                                  incomes
                                     shares bonds

I. Balance at the 595,97                                                                                                  1,225,7                2,075,1
                                                             119,951              -4,006,1            136,591                        862,087
end        of        the 9,092.                                                                                           26,944.                04,749.
                                                             ,533.93                 41.53            ,232.84                              .06
previous year                  00                                                                                              83                     13

   Add: change of
accounting policy

       Correction of
errors in previous
periods

       Business
mergers under the
same control

       Other

II. Balance at the 595,97                                                                                                 1,225,7                2,075,1
                                                             119,951              -4,006,1            136,591                        862,087
beginning of the 9,092.                                                                                                   26,944.                04,749.
                                                             ,533.93                 41.53            ,232.84                              .06
year                           00                                                                                              83                     13

III.        Increase/                                                             -2,950,9                                -99,952,               -102,90
decrease        in   the                                                             01.16                                 568.50                3,469.6



                                                                                                                                                          46
                            2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


period (“-” means                                                                                         6
decrease)

  (I)              Total
                                                   -2,950,9                           31,162,         28,211,
comprehensive
                                                     01.16                            831.74           930.58
incomes

  (II)         Capital
increased            and
reduced by owners

        1. Common
shares increased
by shareholders

        2. Capital
increased by
holders of other
equity instruments

        3. Amounts
of share-based
payments
recognized in
owners’ equity

        4. Other

                                                                                     -131,11          -131,11
  (III)            Profit
                                                                                      5,400.2         5,400.2
distribution
                                                                                           4                4

        1.
Appropriations to
surplus reserves

        2.
Appropriations to
general              risk
provisions

        3.
                                                                                     -131,11          -131,11
Appropriations to
                                                                                      5,400.2         5,400.2
owners               (or
                                                                                           4                4
shareholders)

        4. Other

  (IV)        Internal
carry-forward         of
owners’ equity

        1.          New



                                                                                                            47
                                                       2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


increase of capital
(or share capital)
from capital public
reserves

       2.            New
increase of capital
(or share capital)
from               surplus
reserves

       3.         Surplus
reserves               for
making up losses

       4. Other

(V)               Specific
reserve

       1. Withdrawn
for the period

       2. Used in the
period

(VI) Other

                             595,97                                                                                     1,125,7                 1,972,2
IV.               Closing                                      119,951              -6,957,0        136,591                        862,087
                             9,092.                                                                                     74,376.                 01,279.
balance                                                        ,533.93                42.69         ,232.84                               .06
                                 00                                                                                          33                      47

Same period of last year
                                                                                                                                    Unit: RMB Yuan

                                                                             Same period of last year

                                                       Equity attributable to owners of the Company

                                          Other equity                                                                             Minorit
                                                                                     Other                                                       Total
            Item                           instruments                                                                                y
                                                                          Less:                               General
                             Share                             Capital              compre Specific Surplus             Retaine                 owners’
                                                                         treasury                              risk                interest
                                       Prefer Perpet                                                                                            equity
                             capital                           reserve              hensive reserve reserve             d profit
                                                                          stock                               reserve                 s
                                       ence    ual     Other
                                                                                    incomes
                                       shares bonds

I. Balance at the 595,97                                                                                                                        1,803,6
                                                               120,086              -7,098,7        121,542             972,271 862,087
end          of        the 9,092.                                                                                                               43,379.
                                                               ,646.43                16.51         ,385.81             ,884.95           .06
previous year                    00                                                                                                                  74

  Add: change of
accounting policy

       Correction of
errors in previous



                                                                                                                                                         48
                                      2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


periods

           Business
mergers under the
same control

           Other

II. Balance at the 595,97                                                                                         1,803,6
                                            120,086          -7,098,7         121,542          972,271 862,087
beginning of the 9,092.                                                                                           43,379.
                                             ,646.43           16.51           ,385.81          ,884.95     .06
year                             00                                                                                    74

III.              Increase/
decrease           in     the                -135,11         447,993                           -36,920,           -36,607,
period (“-” means                             2.50              .19                           235.51             354.82
decrease)

     (I)                Total
                                                             447,993                           112,074            112,522
comprehensive
                                                                  .19                           ,537.49           ,530.68
incomes

     (II)           Capital
increased                 and
reduced by owners

           1.     Common
shares            increased
by shareholders

           2.       Capital
increased                  by
holders of other
equity instruments

           3.     Amounts
of              share-based
payments
recognized                 in
owners’ equity

           4. Other

                                                                                               -148,99            -148,99
     (III)              Profit
                                                                                                4,773.0           4,773.0
distribution
                                                                                                     0                  0

           1.
Appropriations to
surplus reserves

           2.
Appropriations to
general                   risk



                                                                                                                        49
                                      2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


provisions

       3.
                                                                                               -148,99            -148,99
Appropriations to
                                                                                                4,773.0           4,773.0
owners                 (or
                                                                                                     0                 0
shareholders)

       4. Other

  (IV)         Internal
carry-forward          of
owners’ equity

       1.            New
increase of capital
(or share capital)
from capital public
reserves

       2.            New
increase of capital
(or share capital)
from               surplus
reserves

       3.      Surplus
reserves               for
making up losses

       4. Other

(V)            Specific
reserve

       1. Withdrawn
for the period

       2. Used in the
period

                                             -135,11                                                              -135,11
(VI) Other
                                                2.50                                                                 2.50

                             595,97                                                                               1,767,0
IV.            Closing                      119,951          -6,650,7          121,542         935,351 862,087
                             9,092.                                                                               36,024.
balance                                      ,533.93           23.32           ,385.81          ,649.44     .06
                                00                                                                                    92


8. Statement of changes in owners’ equity of the Company

Reporting period
                                                                                                          Unit: RMB Yuan

            Item                                            Reporting period



                                                                                                                       50
                                                         2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


                                            Other equity instruments                             Other
                                                                                      Less:                                                  Total
                                  Share     Prefere                       Capital               comprehe Specific     Surplus    Retaine
                                                      Perpetu                        treasury                                               owners’
                                 capital     nce                 Other    reserve                nsive      reserve    reserve   d profit
                                                      al bonds                        stock                                                  equity
                                            shares                                              incomes

I. Balance at the
                                 595,979,                                94,057,85              2,933,175             135,934,4 391,006 1,219,911
end of the previous
                                  092.00                                      9.68                    .45                 22.40 ,574.07      ,123.60
year

     Add: change of
accounting policy

           Correction of
errors in previous
periods

           Other

II. Balance at the
                                 595,979,                                94,057,85              2,933,175             135,934,4 391,006 1,219,911
beginning of the
                                  092.00                                      9.68                    .45                 22.40 ,574.07      ,123.60
year

III.              Increase/
                                                                                                                                 -125,74
decrease           in     the                                                                   -2,933,17                                   -128,677,
                                                                                                                                 4,054.2
period (“-” means                                                                                  5.45                                     229.70
                                                                                                                                        5
decrease)

     (I)                Total
                                                                                                -2,933,17                        5,371,3 2,438,170
comprehensive
                                                                                                     5.45                          45.99          .54
incomes

     (II)           Capital
increased                 and
reduced by owners

           1.     Common
shares            increased
by shareholders

           2.       Capital
increased                  by
holders of other
equity instruments

           3.     Amounts
of              share-based
payments
recognized                 in
owners’ equity

           4. Other

     (III)              Profit                                                                                                   -131,11 -131,115,


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                                      2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


distribution                                                                                          5,400.2     400.24
                                                                                                            4

       1.
Appropriations to
surplus reserves

       2.
                                                                                                      -131,11
Appropriations to                                                                                               -131,115,
                                                                                                      5,400.2
owners                 (or                                                                                        400.24
                                                                                                            4
shareholders)

       3. Other

  (IV)         Internal
carry-forward          of
owners’ equity

       1.            New
increase of capital
(or share capital)
from capital public
reserves

       2.            New
increase of capital
(or share capital)
from               surplus
reserves

       3.      Surplus
reserves               for
making up losses

       4. Other

(V)            Specific
reserve

       1. Withdrawn
for the period

       2. Used in the
period

(VI) Other

IV.            Closing 595,979,                    94,057,85                                135,934,4 265,262 1,091,233
balance                      092.00                     9.68                                    22.40 ,519.82    ,893.90

Same period of last year
                                                                                                         Unit: RMB Yuan

            Item                                         Same period of last year



                                                                                                                       52
                                                         2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


                                            Other equity instruments                             Other
                                                                                      Less:                                                Total
                                  Share     Prefere                       Capital               comprehe Specific   Surplus    Retaine
                                                      Perpetu                        treasury                                             owners’
                                 capital     nce                 Other    reserve                nsive    reserve    reserve   d profit
                                                      al bonds                        stock                                                equity
                                            shares                                              incomes

I. Balance at the
                                 595,979,                                94,057,85                                  120,885,5 404,561 1,215,484
end of the previous
                                  092.00                                      9.68                                      75.37 ,723.77      ,250.82
year

     Add: change of
accounting policy

           Correction of
errors in previous
periods

           Other

II. Balance at the
                                 595,979,                                94,057,85                                  120,885,5 404,561 1,215,484
beginning of the
                                  092.00                                      9.68                                      75.37 ,723.77      ,250.82
year

III.              Increase/
                                                                                                                               -145,32
decrease           in     the                                                                                                             -145,329,
                                                                                                                               9,706.9
period (“-” means                                                                                                                         706.99
                                                                                                                                      9
decrease)

     (I)                Total
                                                                                                                               3,665,0 3,665,066
comprehensive
                                                                                                                                 66.01          .01
incomes

     (II)           Capital
increased                 and
reduced by owners

           1.     Common
shares            increased
by shareholders

           2.       Capital
increased                  by
holders of other
equity instruments

           3.     Amounts
of              share-based
payments
recognized                 in
owners’ equity

           4. Other

     (III)              Profit                                                                                                 -148,99 -148,994,


                                                                                                                                                    53
                                  2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.


distribution                                                                                      4,773.0     773.00
                                                                                                        0

       1.
Appropriations to
surplus reserves

       2.
                                                                                                  -148,99
Appropriations to                                                                                           -148,994,
                                                                                                  4,773.0
owners             (or                                                                                        773.00
                                                                                                        0
shareholders)

       3. Other

  (IV)       Internal
carry-forward       of
owners’ equity

       1.         New
increase of capital
(or share capital)
from capital public
reserves

       2.         New
increase of capital
(or share capital)
from           surplus
reserves

       3.      Surplus
reserves           for
making up losses

       4. Other

(V)          Specific
reserve

       1. Withdrawn
for the period

       2. Used in the
period

(VI) Other

IV.          Closing 595,979,                  94,057,85                                120,885,5 259,232 1,070,154
balance                  092.00                     9.68                                    75.37 ,016.78    ,543.83




                                                                                                                   54
                              2015 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.




               Section X. Documents Available For Reference

I. Accounting statements with the signatures and seals of the Legal Representative, the Chief
Financial Officer and the person in charge of the accounting work;
II. Texts of all the Company’s documents ever disclosed on Securities Times and Hong Kong
Ta Kung Pao in the reporting period, and the originals of the public notices.




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