意见反馈 手机随时随地看行情

公司公告

深深房B:2018年半年度报告摘要(英文版)2018-08-29  

						ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd.                               Interim Report 2018 (Summary)




Stock Code: 000029, 200029                       Stock Name: SPG, SPG-B                              Announcement No. :2018-065


      SHENZHEN SPECIAL ECONOMIC ZONE REAL ESTATE &
                                  PROPERTIES (GROUP) CO., LTD.
                             INTERIM REPORT 2018 (SUMMARY)

Part I Important Notes

This Summary is based on the full text of the 2018 Interim Report of ShenZhen Special Economic Zone Real Estate & Properties

(Group) Co., Ltd. (together with its consolidated subsidiaries, the “Company”, except where the context otherwise requires). In order

for a full understanding of the Company’s operating results, financial condition and future development plans, investors should

carefully read the aforesaid full text, which has been disclosed together with this Summary on the media designated by the China

Securities Regulatory Commission (the “CSRC”).

Objections raised by any of the directors, supervisors or senior management against any contents in this Report or its summary:
                 Name                                      Office title                     Objection and explanation of why

Statement of objection:

Except for the following directors, all the other directors attended in person the Board meeting for the review of this Report and its

summary.
                                                                          Reason for not attending
             Name                           Office title                                                          Proxy
                                                                             meeting in person

Independent auditor’s modified opinion:

□ Applicable √ Not applicable

Board-approved interim cash and/or stock dividend plan for ordinary shareholders:

□ Applicable √ Not applicable

The Company has no interim dividend plan, either in the form of cash or stock.

Board-approved interim cash and/or stock dividend plan for preferred shareholders:

□ Applicable √ Not applicable

This Report and its summary have been prepared in both Chinese and English. Should there be any discrepancies or

misunderstandings between the two versions, the Chinese versions shall prevail.




                                                                                                                                     1
ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd.                               Interim Report 2018 (Summary)



Part II Key Corporate Information

1. Stock Profile

Stock name                               SPG, SPG-B                      Stock code                     000029, 200029
Stock exchange for stock listing         Shenzhen Stock Exchange
          Contact information                           Board Secretary                          Securities Representative
Name                                     Tang Xiaoping                                  Luo Yi
                                         47/F, SPG Plaza, Renmin South Road, 47/F, SPG Plaza, Renmin South Road,
Office address
                                         Shenzhen, Guangdong, P.R.China      Shenzhen, Guangdong, P.R.China
Tel.                                     (86 755)82293000-4638                        (86 755)82293000-4715
E-mail address                           tangxiaoping0086@126.com                       spg@163.net


2. Key Financial Information


Indicate by tick mark whether there is any retrospectively restated datum in the table below.
□ Yes √ No
                                                        H1 2018                       H1 2017                    Change (%)
Operating revenue (RMB)                                  1,317,541,631.35               731,306,982.03                        80.16%
Net profit attributable to the         listed
                                                           329,066,084.53               137,226,601.84                       139.80%
company’s shareholders (RMB)
Net profit attributable to the listed
company’s shareholders before exceptional                 329,143,873.10               137,080,046.11                       140.11%
items (RMB)
Net cash generated from/used in operating
                                                           594,728,129.67                -97,700,697.19                      708.72%
activities (RMB)
Basic earnings per share (RMB/share)                                 0.3253                      0.1356                      139.90%
Diluted earnings per share (RMB/share)                               0.3253                      0.1356                      139.90%
Weighted average return on equity (%)                                11.00%                      5.06%                          5.94%
                                                      30 June 2018               31 December 2017                Change (%)
Total assets (RMB)                                       4,516,278,981.14             3,989,263,981.96                        13.21%
Equity attributable to the listed company’s
                                                         3,156,821,917.54             2,828,242,120.98                         11.62%
shareholders (RMB)


3. Shareholders and Their Holdings at Period-End

                                                                                                                             Unit: share
                                                                     Number         of      preferred
Number of ordinary shareholders                               76,443 shareholders with resumed                                        0
                                                                     voting rights (if any)
                                                         Top 10 shareholders
                                         Nature of      Shareholding                  Restricted           Pledged or frozen shares
        Name of shareholder                                          Number of shares
                                        shareholder      percentage                    shares               Status         Shares
Shenzhen Investment Holdings Co., State-owned
                                                             63.55%           642,884,262
Ltd                               legal person
Shandong Gold Financial Holding       Domestic
Capital Management Co., Ltd. -       non-state-own
                                                              1.02%            10,300,000
Shandong Gold Financial Holding       ed        legal
Sustaining Fund 1                     person
Lu Zhigao                             Domestic                0.32%             3,246,949




                                                                                                                                          2
ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd.                             Interim Report 2018 (Summary)



                                      natural person
                                      Domestic
Tan Shiqing                                                    0.13%            1,286,701
                                      natural person
                                      Domestic
Yang Shuilian                                                  0.13%            1,273,700
                                      natural person
                                      Domestic
Yang Jianxiong                                                 0.12%            1,255,750
                                      natural person
Central Huijin Asset Management State-owned
                                                               0.12%            1,165,500
Co., Ltd.                       legal person
                                      Domestic
Peng Wei                                                       0.11%            1,129,082
                                      natural person
                                      Foreign
Wu Haoyuan                                                     0.11%            1,109,300
                                      natural person
Guotai Junan Securities (Hong         Foreign legal
                                                               0.10%            1,015,683
Kong) Limited                         person
                                                       The Company has found no related parties or acting-in-concert parties as
Related or acting-in-concert        parties   among
                                                       defined in the Administrative Measures for Shareholding Changes in Listed
shareholders above
                                                       Companies among the shareholders above.
                                                       The fourth shareholder holds all his shares in the Company in his accounts of
Shareholders conducting margin trading (if any)        collateral securities for margin trading. And the third shareholder holds some
                                                       of his shares in the Company in such accounts.


4. Change of Controlling Shareholder or Actual Controller in Reporting Period

Change of the controlling shareholder in the Reporting Period:
□ Applicable √ Not applicable
The controlling shareholder remained the same in the Reporting Period.
Change of the actual controller in the Reporting Period:
□ Applicable √ Not applicable
The actual controller remained the same in the Reporting Period.


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

□ Applicable √ Not applicable
No preferred shareholders in the Reporting Period.


6. Corporate bonds

Does the Company have any corporate bonds publicly offered on the stock exchange, which were undue before the date of this
Report’s approval or were due but could not be redeemed in full?
No.


Part III Operating Performance Discussion and Analysis

1. Business Overview of Reporting Period


Is the Company subject to any disclosure requirements for special industries?

No.




                                                                                                                                        3
ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd.                       Interim Report 2018 (Summary)



(1) Operating Results of Reporting Period

2018 marks the first year for the nationwide practice of the Spirit of the 19th National Congress of
the Communist Party of China, an important year for the Company’s 13th five-year plan for
development, as well as a key year for the Company’s major assets restructuring programme. The
focus of China’s economic growth is shifting from high speed to high quality. In the first half of the
year, great international economic uncertainty, stricter financial regulation and continued domestic
government controls weighed on the real estate sector. Under such circumstances, in addition to
carrying forward its major assets restructuring programme, the Company adhered to the thinking of
“Carefully Draw up Development Strategies, Particularly Focus on Core Business, Strictly Control
Costs and Continuously Improve Management Capability” and put greater efforts into promoting
project construction and marketing, so as to achieve stable development.
In the Reporting Period, the Company made a concerted effort to overcome difficulties and steadily
promote project construction. As a result, for this period, the Company achieved operating revenue
of RMB1,318 million, up 80.16% compared to the same period of last year; profit before taxation of
RMB440 million, representing a year-on-year growth of 138.76%; and net profit attributable to the
listed company’s shareholders of RMB329 million, increasing 139.80% from a year earlier. As at 30
June 2018, net assets attributable to the listed company’s shareholders were equal to RMB3,157
million, an 11.62% rise compared to the end of last year.
A. Focused on residential property development, the Company has been building a professional and
high-quality development team, as well as improving the management mechanism and processes for
project development. As a result, the operational capability in the core business of real estate keeps
increasing, along with the core competitiveness. During the Reporting Period, the key projects of
the Company were mostly located in Shenzhen and Shantou. The Company paid close attention to
product quality and progress, and adjusted marketing strategies in a timely manner. As a result,
project development and sales progress basically met expectations, and the core business was in
good order and health.
B. The Company’s main real estate projects under construction and available for sale during the
Reporting Period included the Shenzhen-based Cuilinyuan, Chuanqi Jingyuan, and Chuanqi
Donghu Mingyuan projects, as well as the Shantou-located Tianyuewan project, etc., with details as
follows:
                                               The               Floor area Completed Expected total Accumulated
                   Locati                             Site area
    Project               Usage     Status Company                with plot  floor area  investment   investment
                    on                                 (㎡)
                                            ’s stake           ratio (㎡)   (㎡)   (RMB’0,000) (RMB’0,000)
Cuilinyuan        Shenzh Residen Available     100% 16,424.29       60,450        60,450          57,000          47,777
                  en     tial    for sale
Chuanqi           Shenzh Rental Under           49% 4,243.34        42,412        42,412          24,865          17,904
Jingyuan          en            construct
                                ion
Tianyuewan        Shanto Residen Available     100% 31,167.50   153,578.51     153,578.51         79,801          81,047
Phase I           u      tial    for sale
Chuanqi           Shenzh Residen Under         100%   5,889.7    34,072.60               0        51,000          22,621
Donghu            en     tial    construct
Mingyuan                         ion

C. Land bank for future development by the end of the Reporting Period:
             Project              Location            Land area(㎡)                 Floor area with plot ratio (㎡)
Tianyuewan Phase II           Shantou                                        33,362                              127,661
Xinfeng Building              Shantou                                         5,920                               26,640
Total                                                                        39,282                              154,301




                                                                                                                           4
ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd.                             Interim Report 2018 (Summary)



Note: The Company's real estate projects do not involve primary land development.

(2) Operation Review for H1 2018
A. The Company’s fundamentals remain positive with a reasonable debt structure and a healthy
financial condition. During the Reporting Period, macro-economy was facing downward pressure,
and real estate control continued. The Company's real estate development and sales mainly
concentrate in Shenzhen and Shantou. The sales revenue and profits in the region of Shenzhen,
where overall sales are good, accounted for more than 90%. Thus, the future destocking pressure
mainly lies in the Shantou region.
B. The major property developments proceed smoothly. The Company has further improved the
development and management system, attached importance to construction safety and tightened
cost control. During the Reporting Period, the overall progress of the Company’s property
developments was in line with the schedule.
a. The Chuanqi Shanglin project was sold out, and the Cuilinyuan project has finished filing of
completion and acceptance, as well as move-in formalities.
b. The Chuanqi Jingyuan project (formerly known as the “Tianju Jingtian Apartment Block” project)
has finished filing of completion, is currently being fully furbished and is expected to be ready for
sale by the end of this year.
c. The Chuanqi Donghu Mingyuan project has the main frame of its Tower A completed to the 27th
floor and Tower B roofed. The project is expected to be ready for sale by the end of this year.
d. The Shantou-based Tianyuewan Phase I project has finished filing of completion, with
homebuyers moving in and the road to the north of the project expected to be completed by the
local government at the end of this year.
C. Real estate sales basically met expectations. The Company kept an eye on policy and market
dynamics, and adjusted marketing strategies based on regulatory policies and market changes.
Project sales basically met the expectations. The Chuanqishan project has been almost sold out; the
Chuanqi Shanglin project has been sold out; approximately 70% of the Cuilinyuan project has been
sold; and the Tianyuewan Phase I project has sold about 20% of its residential units.
a. Sales of major real estate projects carried forward to the Reporting Period:
                                                                                                                    Unit: RMB’0,000
                                           Operating                                                        Gross profit margin
                        Location                              Cost of sales         Gross profit margin
                                            revenue                                                                (%)
   Cuilinyuan           Shenzhen                102,558                 28,856                     73,702                  71.86
Tianyuewan Phase        Shenzhen                  1,224                       978                    246                   20.10
       I
Yuejing Dongfang          Shantou                      465                    288                    177                   38.06
    Jinyedao              Shantou                      381                    212                    169                   44.36
                Total                           104,628                 30,334                     74,294                  71.01


b. Real Estate sales during the Reporting Period:
                                                                                                                  Unit: square meters
                                                                            Floor area
                                                    The                                    Area actually
                                                                           available for                   Settled area in
   No.          Project         Open time        Company’s      Location                 sold in Current
                                                                              sale at                      Current Period
                                                   stake                                       Period
                                                                          year-beginning
    1     Cuilinyuan                June 2017          100%      Shenzhen          37,148           21,113           30,475
    2     Tianyuewan           October 2016            100%       Shantou             137,508             9,779            2,232
          Phase I
    3     Yuejing             December 2013            100%       Shantou                 980               51               621
          Dongfang



                                                                                                                                   5
ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd.                           Interim Report 2018 (Summary)



    4      Jinyedao                July 1996       100%         Shantou               2,794             26                427
                                    Total                                           178,430         30,969             33,755


D. Real estate rental of the Company is stable with steadily rising rental prices as well as good
occupancy rates and rent collection rates. The major properties for rental are as follows:
                                                                                                               Unit: square meters
                                                                Occupan                  Land
Location Name of building Rentable area Rented area                        Usage                      The Company’s stake
                                                                 cy rate               ownership
Shenzhen Real          Estate           3,413.88     3,413.88      100% Commerci The Company                            100%
         Mansion                                                           al
Shenzhen North Block          of        4,819.71     4819.71       100% Commerci The Company                            100%
         Guoshang                                                          al
         Mansion
Shenzhen    Petrel Building            22,475.47    22,475.47      100% Commerci The Company                            100%
                                                                           al
Shenzhen SPG Plaza                     61,005.94    52348.14      89.3%    Office     The Company                       100%

           SPG          Plaza          19,913.30    19913.30       100% Commerci The Company                            100%
           Podium                                                          al
Shenzhen Wenjin Garden                  3,531.60     3,531.60      100% Commerci The Company                            100%
                                                                           al
            Total                    115,159.90    106,502.10

E. The assets restructuring programme has been carried forward.
The Company’s major assets restructuring plan is subject to further communications and
improvements with the regulators. Due diligence material update, additional audit and assessment,
etc. are underway.
F. The talent team has been enhanced.
With great importance attached to building a professional team, the Company has promoted certain
young talent as middle management and brought in a group of professionals and university
graduates. These moves have ensured a stable talent team during the assets restructuring.

(3) Risks Facing the Company and Countermeasures
A. Risks Facing the Company:
a. Risks from macroeconomic environment. Since this year, Chinese government has been adhering
to the general principle of seeking progress while maintaining stability, implementing new
development concepts, practicing the requirement of high-quality development and focusing on the
supply-side structural reform. Against this background, the economy in the first half of the year
maintained an overall stable trend with good momentum. However, given that the Sino-US trading
dispute is still going on, and that the global economic situation remains complicated and severe, the
downward pressure on the economy is difficult to relieve in a short term.
b. Risks from policy on real estate industry. Against the convening of the 19th National Congress of
the Communist Party of China, the Chinese government shows a clear attitude that “Houses are for
living in, not for speculating on”. The continuous implementation of real estate macro-control
policy curbs people’s investment demands at a large degree, and potential customers are
increasingly taking a wait-and-see attitude, which generates a certain impact on the development
and sales of main business of the Company.
c. Risks from development and operation of main business. At present the Company holds limited
land reserve for not increasing its land reserve for a long time, which is influenced by the major
assets restructuring. Moreover, there is a lag in the sales progress of Shantou Tianyuewan Phase I.
d. Potential risks from assets restructuring. The major assets restructuring of the Company is a
significant and unprecedented event with complex trading structure for involved in the Shenzhen


                                                                                                                                6
ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd.      Interim Report 2018 (Summary)



State-owned Enterprise Reform and with large-scale assets since the underlying assets it plans to
purchase are industrial leading assets. Thus, the trading of its shares has been suspended for almost
two years since its start of trading on 14 September 2016. At present, matters such as the renewal of
diligence materials in restructuring and supplementary audit as well as evaluation are carried out
simultaneously. For the uncertainty of related events, investors are reminded of the investment
risks.
B. Countermeasures
Firstly, the Company will unremittingly pay attention to international and domestic macroeconomic
situation and the industrial trend, and then formulate flexible coping strategies.
Secondly, the Company will further strengthen its ability to develop main business, raise its
management level and make efforts to reinforce the marketing so as to stabilize the fundamental of
the Company.
Thirdly, the Company will increase its land reserve timely and in an appropriate way to maintain
the sustainable development of the Company in the future.
Fourthly, the Company will enhance the communication with regulators together with parties
involved in the restructuring and make full efforts to promote the process of major assets
restructuring.


2. Matters Related to Financial Reporting


(1) Changes in Accounting Policies, Accounting Estimates or Measurement Methods Compared to Last
Accounting Period


□ Applicable    √ Not applicable

No such changes.


(2) Retrospective Restatements due to Correction of Material Accounting Errors in Reporting Period


□ Applicable    √ Not applicable

No such cases.


(3) Changes in Scope of Consolidated Financial Statements Compared to Last Accounting Period


□ Applicable    √ Not applicable

No such changes.




                                                                                                          7