ShenZhen Properties & Resources Development (Group) Ltd. Third Quarterly Report 2023
Stock Code: 000011, 200011 Stock Name: PRD, PRD-B Announcement No. 2023-23
SHENZHEN PROPERTIES & RESOURCES DEVELOPMENT
(GROUP) LTD.
THIRD QUARTERLY REPORT 2023
ShenZhen Properties & Resources Development (Group) Ltd. (hereinafter referred to as the
“Company”) and all the members of the Company’s Board of Directors hereby guarantee
that the contents of this Report are true, accurate and complete and free of any
misrepresentations, misleading statements or material omissions.
Important Notes:
1. The Board of Directors, the Supervisory Committee as well as the directors, supervisors and senior management of the Company
hereby guarantee that the contents of this Report are true, accurate and complete and free of any misrepresentations, misleading
statements or material omissions, and collectively and individually accept legal responsibility for such contents.
2. The Company’s legal representative, head of financial affairs, and head of the financial department (equivalent to financial
manager) hereby guarantee that the financial statements carried in this Report are true, accurate and complete.
3. Indicate whether the financial statements in this Report have been audited by an independent auditor.
□Yes No
I Key Financial Information
(I) Key Accounting Data and Financial Indicators
Indicate whether there is any retrospectively restated datum in the table below.
□Yes No
Q3 2023 YoY change (%) Q1-Q3 2023 YoY change (%)
Operating revenue (RMB) 521,861,580.85 -54.70% 2,427,326,213.70 -22.70%
Net profit attributable to the
listed company’s 10,448,055.65 -94.90% 231,351,500.28 -49.24%
shareholders (RMB)
Net profit attributable to the
listed company’s
shareholders before 11,244,393.64 -93.93% 232,089,104.78 -47.47%
exceptional gains and losses
(RMB)
Net cash generated
from/used in operating — — -939,639,052.92 -2,237.74%
activities (RMB)
Basic earnings per share
0.0175 -94.90% 0.3882 -49.23%
(RMB/share)
Diluted earnings per share
0.0175 -94.90% 0.3882 -49.23%
(RMB/share)
1
ShenZhen Properties & Resources Development (Group) Ltd. Third Quarterly Report 2023
Weighted average return on
0.24% -4.59% 5.22% -5.13%
equity (%)
30 September 2023 31 December 2022 YoY change (%)
Total assets (RMB) 15,583,445,761.13 15,800,287,610.40 -1.37%
Equity attributable to the
listed company’s 4,428,522,622.23 4,412,555,547.97 0.36%
shareholders (RMB)
(II) Exceptional Gains and Losses
Applicable □ Not applicable
Unit: RMB
Item Q3 2023 Q1-Q3 2023 Note
Gain or loss on disposal of Gain or loss on disposal
non-current assets (inclusive
618,765.19 793,144.88 generated from early
of impairment allowance
write-offs) termination of leased assets
Government grants through
profit or loss (exclusive of
government grants
continuously given in the
Company’s ordinary course of 124,720.00 626,378.00 One-time bounty received
business at fixed quotas or
amounts as per the
government’s policies and
standards)
Reversal of non-operating
income pre-recognized and
Non-operating income and
-2,121,078.39 -2,683,694.81 forfeited lease security due to
expense other than the above
early termination of leased
assets
Less: Income tax effects -320,194.33 -288,524.32
Non-controlling
-261,060.88 -238,043.11
interests effects (net of tax)
Total -796,337.99 -737,604.50 --
Other items that meet the definition of exceptional gain/loss:
□Applicable Not applicable
No such cases in the Reporting Period.
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the Explanatory Announcement
No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gain/Loss Items:
□Applicable Not applicable
No such cases in the Reporting Period.
(III) Changes in Key Financial Statement Line Items and Explanation of why
Applicable □ Not applicable
Balance sheet line items 30 September 2023 1 January 2023 Change (%) Main reasons for the change
Prepayment for land was transferred to
Prepayments 14,737,756.37 100,341,806.56 -85.31%
development costs
Contract assets 110,333,894.82 1,094,632.90 9979.53% Operating revenue was recognized
Increased debit balance of reclassified tax
Other current assets 91,791,361.00 65,655,266.27 39.81%
payable
Long-term receivables 0.00 22,651,454.07 -100.00% Early termination of finance leases
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ShenZhen Properties & Resources Development (Group) Ltd. Third Quarterly Report 2023
Investments in other equity Changes in the fair value of investments in
601,665.25 887,838.64 -32.23%
instruments other equity instruments
Right-of-use assets 24,940,810.92 70,168,415.65 -64.46% Early termination of lease assets
Increased prepayments for the construction
Other non-current assets 6,328,448.11 2,750,873.08 130.05%
and acquisition of fixed assets
Short-term borrowings 90,000,000.00 0.00 100.00% Additional short-term borrowings
Accounts payable 414,725,550.43 608,283,388.52 -31.82% Decreased payables for engineering
Advances from customers 559,960.43 2,260,847.31 -75.23% Decreased rental advances received
Contract liabilities 280,893,889.54 920,828,040.81 -69.50% Operating revenue was recognized
Operating revenue was recognized, resulting
Other current liabilities 18,580,606.80 83,991,786.83 -77.88%
in decreased output-tax-to-be
Lease liabilities 14,934,418.01 77,963,283.55 -80.84% Early termination of lease assets
Provisions 0.00 766,612.52 -100.00% Lawsuit-related payments
Income statemnet line items Q1~Q3 2023 Q1~Q3 2022 Change (%) Main reasons for the change
Higher provisions for land value added tax
Taxes and levies 87,090,867.91 686,903,783.64 -87.32%
in the same period of last year
Decreased monetary assets in the current
Interest income 11,814,704.84 17,085,421.82 -30.85%
period
Gain on changes in fair Purchase of held-for-trading financial assets
- 117,082.19 -100.00%
value in the same period of last year
Increased return on joint venture
Return on investment 2,711,324.32 613,652.55 341.83%
investments in the current period
Reversal of previously recognized non-
Non-operating income 907,106.27 6,728,363.44 -86.52%
operating income in the current period
Lease deposits forfeited on early termination
Non-operating expense 3,590,801.08 2,262,117.07 58.74%
of lease assets in the current period
Income tax expense 85,692,317.44 165,259,517.59 -48.15% Decreased gross profit in the current period
Other comprehensive
income - Changes in the fair Changes in the fair value of investments in
-309,668.96 -108,308.41 -185.91%
value of investments in other other equity instruments
equity instruments
Other comprehensive
income - Differences arising
from the translation of
1,890,614.71 -810,990.20 333.12% Exchange rate fluctuations
foreign currency-
denominated financial
statements
Cash flow statement line
Q1~Q3 2023 Q1~Q3 2022 Change (%) Main reasons for the change
items
Net cash generated
from/used in operating -939,639,052.92 -40,194,271.40 -2237.74% Decreased cash inflows in the current period
activities
Net cash generated
Payment for acquisition of equity interests
from/used in investing -5,760,386.52 -282,571,107.19 97.96%
in the same period of last year
activities
Net cash generated
from/used in financing 431,226,026.33 -273,052,032.11 257.93% Additional bank loan in the current period
activities
3
ShenZhen Properties & Resources Development (Group) Ltd. Third Quarterly Report 2023
II Shareholder Information
(I) Numbers of Ordinary Shareholders and Preference Shareholders with Resumed Voting Rights as well
as Holdings of Top 10 Shareholders
Unit: share
Number of ordinary shareholders at the Number of preferred shareholders with resumed
42,169 0
period-end voting rights at the period-end (if any)
Top 10 shareholders
Shareholdi Restricted Shares in pledge, marked or frozen
Nature of Total shares
Name of shareholder ng shares
shareholder held Status Shares
percentage held
Shenzhen Investment State-owned
50.57% 301,414,637 3,326
Holdings Corporation corporation
Domestic
Shenzhen State-Owned
non-state-
Equity Operation and 6.38% 38,037,890 0
owned legal
Management Co., Ltd.
person
China Orient Asset State-owned
2.77% 16,491,402 0
Management Co., Ltd. legal person
Hong Kong Securities Foreign legal
0.33% 1,982,701 0
Clearing Company Ltd. person
Industrial and Commercial
Bank of China Limited －
Southern China Securities
Other 0.30% 1,794,934 0
Full Index Real Estate
Trading Open-ended Index
Securities Investment Fund
Domestic
Duan Shaoteng 0.29% 1,760,565 0
natural person
Domestic
Shenzhen Duty-Free
non-state-
Commodity Enterprises 0.29% 1,730,300 1,730,300
owned legal
Co., Ltd.
person
Domestic
Yang Yaochu 0.28% 1,690,984 0
natural person
CITIC Securities Company State-owned
0.25% 1,516,338 0
Limited corporation
Domestic
Li Xinyi 0.25% 1,500,000 0
natural person
Top 10 unrestricted shareholders
Shares by class and number
Name of shareholder Unrestricted shares held
Class Shares
RMB-
Shenzhen Investment Holdings Corporation 301,411,311 denominated 301,411,311
ordinary stock
RMB-
Shenzhen State-Owned Equity Operation and
38,037,890 denominated 38,037,890
Management Co., Ltd.
ordinary stock
RMB-
China Orient Asset Management Co., Ltd. 16,491,402 denominated 16,491,402
ordinary stock
RMB-
Hong Kong Securities Clearing Company
1,982,701 denominated 1,982,701
Ltd.
ordinary stock
Industrial and Commercial Bank of China 1,794,934 RMB- 1,794,934
4
ShenZhen Properties & Resources Development (Group) Ltd. Third Quarterly Report 2023
Limited － Southern China Securities Full denominated
Index Real Estate Trading Open-ended Index ordinary stock
Securities Investment Fund
RMB-
Duan Shaoteng 1,760,565 denominated 1,760,565
ordinary stock
Domestically
Yang Yaochu 1,690,984 listed foreign 1,690,984
stock
RMB-
CITIC Securities Company Limited 1,516,338 denominated 1,516,338
ordinary stock
RMB-
Li Xinyi 1,500,000 denominated 1,500,000
ordinary stock
Domestically
Mai Furong 1,244,596 listed foreign 1,244,596
stock
The first largest shareholder, Shenzhen Investment Holding
Corporation, is the actual controlling shareholder of the Company
Related or acting-in-concert parties among the shareholders and Shenzhen State-Owned Equity Operation and Management
above Co., Ltd. And the Company does not know whether there are
related parties or acting-in-concert parties among the other 8
shareholders.
Top 10 ordinary shareholders involved in securities margin
N/A
trading (if any)
(II) Number of Preference Shareholders and Shareholdings of Top 10 of Them
□Applicable Not applicable
III Other Significant Events
□Applicable Not applicable
IV Quarterly Financial Statements
(I) Financial Statements
1. Consolidated Balance Sheet
Prepared by ShenZhen Properties & Resources Development (Group) Ltd.
Unit: RMB
Item 30 September 2023 1 January 2023
Current assets:
Monetary assets 1,208,459,708.44 1,517,528,893.83
Settlement reserve
Loans to other banks and financial
institutions
Held-for-trading financial assets
Derivative financial assets
Notes receivable
Accounts receivable 432,960,686.69 419,933,915.30
Receivables financing
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ShenZhen Properties & Resources Development (Group) Ltd. Third Quarterly Report 2023
Prepayments 14,737,756.37 100,341,806.56
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract reserve
Other receivables 619,208,624.39 639,903,523.33
Including: Interest receivable 0.00 0.00
Dividends receivable 0.00 0.00
Financial assets purchased under resale
agreements
Inventories 11,139,345,094.64 10,975,334,223.37
Contract assets 110,333,894.82 1,094,632.90
Assets held for sale
Current portion of non-current assets
Other current assets 91,791,361.00 65,655,266.27
Total current assets 13,616,837,126.35 13,719,792,261.56
Non-current assets:
Loans and advances to customers
Debt investments
Other debt investments
Long-term receivables 0.00 22,651,454.07
Long-term equity investments 82,429,641.63 79,781,437.31
Investments in other equity
601,665.25 887,838.64
instruments
Other non-current financial assets
Investment property 396,403,320.16 405,762,739.18
Fixed assets 69,709,976.69 82,745,172.12
Construction in progress
Productive living assets
Oil and gas assets
Right-of-use assets 24,940,810.92 70,168,415.65
Intangible assets 917,941.72 1,269,382.91
Development costs
Goodwill 9,446,847.38 9,446,847.38
Long-term prepaid expense 18,100,297.95 21,980,602.46
Deferred income tax assets 1,357,729,684.97 1,383,050,586.04
Other non-current assets 6,328,448.11 2,750,873.08
Total non-current assets 1,966,608,634.78 2,080,495,348.84
Total assets 15,583,445,761.13 15,800,287,610.40
Current liabilities:
Short-term borrowings 90,000,000.00 0.00
Borrowings from the central bank
Loans from other banks and financial
institutions
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 414,725,550.43 608,283,388.52
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ShenZhen Properties & Resources Development (Group) Ltd. Third Quarterly Report 2023
Advances from customers 559,960.43 2,260,847.31
Contract liabilities 280,893,889.54 920,828,040.81
Financial assets sold under repurchase
agreements
Customer deposits and deposits from
other banks and financial institutions
Payables for acting trading of securities
Payables for underwriting of securities
Employee benefits payable 191,921,069.09 239,126,392.02
Taxes and levies payable 3,939,529,509.90 3,917,278,346.81
Other payables 1,473,500,394.31 1,515,085,832.45
Including: Interest payable 0.00 0.00
Dividends payable 12,202,676.04 12,202,676.04
Fees and commissions payable
Reinsurance payables
Liabilities directly associated with
assets held for sale
Current portion of non-current liabilities 218,229,185.39 218,858,766.82
Other current liabilities 18,580,606.80 83,991,786.83
Total current liabilities 6,627,940,165.89 7,505,713,401.57
Non-current liabilities:
Insurance contract reserve
Long-term borrowings 4,331,879,457.18 3,618,782,344.00
Bonds payable
Including: Preference shares
Perpetual bonds
Lease liabilities 14,934,418.01 77,963,283.55
Long-term payables
Long-term employee benefits payable
Provisions 0.00 766,612.52
Deferred income
Deferred income tax liabilities 174,168.87 241,978.54
Other non-current liabilities 128,226,648.86 128,008,919.79
Total non-current liabilities 4,475,214,692.92 3,825,763,138.40
Total liabilities 11,103,154,858.81 11,331,476,539.97
Owners’ equity:
Share capital 595,979,092.00 595,979,092.00
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserves 80,488,045.38 80,488,045.38
Less: Treasury stock
Other comprehensive income -2,273,432.20 -3,854,377.95
Specific reserve
Surplus reserves 48,886,605.81 48,886,605.81
General reserve
Retained earnings 3,705,442,311.24 3,691,056,182.73
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ShenZhen Properties & Resources Development (Group) Ltd. Third Quarterly Report 2023
Total equity attributable to owners of the
4,428,522,622.23 4,412,555,547.97
Company as the parent
Non-controlling interests 51,768,280.09 56,255,522.46
Total owners’ equity 4,480,290,902.32 4,468,811,070.43
Total liabilities and owners’ equity 15,583,445,761.13 15,800,287,610.40
Legal representative: Liu Shengxiang H ead of financial affairs: Cai Lili
Head of the financial department: Liu Qiang
2. Consolidated Income Statement for Q1~Q3
Unit: RMB
Item Q1~Q3 2023 Q1~Q3 2022
1. Revenues 2,427,326,213.70 3,140,295,994.52
Including: Operating revenue 2,427,326,213.70 3,140,295,994.52
Interest income
Insurance premium income
Fee and commission
income
2. Costs and expenses 2,110,887,625.76 2,533,140,929.95
Including: Cost of sales 1,747,100,763.88 1,571,679,030.25
Interest expense
Fee and commission
expense
Surrenders
Net insurance claims paid
Net amount provided as
insurance contract reserve
Expenditure on policy
dividends
Reinsurance premium
expense
Taxes and levies 87,090,867.91 686,903,783.64
Selling expense 25,371,890.23 22,161,928.56
Administrative expense 211,898,457.07 210,271,281.59
Development costs 3,407,038.92 4,159,726.32
Finance costs 36,018,607.75 37,965,179.59
Including: Interest
45,973,455.32 54,523,243.45
expense
Interest income 11,814,704.84 17,085,421.82
Add: Other income 9,328,789.60 11,919,911.57
Return on investment (“-” for loss) 2,711,324.32 613,652.55
Including: Share of profit or
2,711,324.32 621,145.49
loss of joint ventures and associates
Income from the derecognition
of financial assets at amortized cost (“-”
for loss)
Exchange gain (“-” for loss)
Net gain on exposure hedges (“-”
for loss)
Gain on changes in fair value (“-”
0.00 117,082.19
for loss)
Credit impairment loss (“-” for
-13,788,622.51 -14,254,357.26
loss)
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ShenZhen Properties & Resources Development (Group) Ltd. Third Quarterly Report 2023
Asset impairment loss (“-” for
2,045.93 -753,565.10
loss)
Asset disposal income (“-” for
793,144.88 -40,143.31
loss)
3. Operating profit (“-” for loss) 315,485,270.16 604,757,645.21
Add: Non-operating income 907,106.27 6,728,363.44
Less: Non-operating expense 3,590,801.08 2,262,117.07
4. Gross profit (“-” for loss) 312,801,575.35 609,223,891.58
Less: Income tax expense 85,692,317.44 165,259,517.59
5. Net profit (“-” for net loss) 227,109,257.91 443,964,373.99
5.1 By operating continuity
5.1.1 Net profit from continuing
227,047,902.08 443,964,373.99
operations (“-” for net loss)
5.1.2 Net profit from discontinued
61,355.83 0.00
operations (“-” for net loss)
5.2 By ownership
5.2.1 Net profit attributable to
shareholders of the Company as the 231,351,500.28 455,745,222.66
parent (“-” for net loss)
5.2.2 Net profit attributable to non-
-4,242,242.37 -11,780,848.67
controlling interests (“-” for net loss)
6. Other comprehensive income, net of
1,580,945.75 -919,298.61
tax
Attributable to owners of the
1,580,945.75 -919,298.61
Company as the parent
6.1 Items that will not be
-309,668.96 -108,308.41
reclassified to profit or loss
6.1.1 Changes caused by
remeasurements on defined benefit
schemes
6.1.2 Other comprehensive
income that will not be reclassified to
profit or loss under the equity method
6.1.3 Changes in the fair value of
-309,668.96 -108,308.41
investments in other equity instruments
6.1.4 Changes in the fair value
arising from changes in own credit risk
6.1.5 Other
6.2 Items that will be reclassified to
1,890,614.71 -810,990.20
profit or loss
6.2.1 Other comprehensive
income that will be reclassified to profit
or loss under the equity method
6.2.2 Changes in the fair value of
other debt investments
6.2.3 Other comprehensive
income arising from the reclassification
of financial assets
6.2.4 Credit impairment
allowance for other debt investments
6.2.5 Reserve for cash flow
hedges
6.2.6 Differences arising from the
translation of foreign currency- 1,890,614.71 -810,990.20
denominated financial statements
6.2.7 Other
Attributable to non-controlling
0.00 0.00
interests
7. Total comprehensive income 228,690,203.66 443,045,075.38
7.1 Attributable to owners of the
232,932,446.03 454,825,924.05
Company as the parent
7.2 Attributable to non-controlling -4,242,242.37 -11,780,848.67
9
ShenZhen Properties & Resources Development (Group) Ltd. Third Quarterly Report 2023
interests
8. Earnings per share
8.1 Basic earnings per share 0.3882 0.7647
8.2 Diluted earnings per share 0.3882 0.7647
Where business combinations under common control occurred in the current period, the net profit achieved by the acquirees before
the combinations was RMB , with the amount for the same period of last year being RMB .
Legal representative: Liu Shengxiang Head of financial affairs: Cai Lili
Head of the financial department: Liu Qiang
3. Consolidated Cash Flow Statement for Q1~Q3
Unit: RMB
Item Q1~Q3 2023 Q1~Q3 2022
1. Cash flows from operating activities:
Proceeds from sale of commodities
1,722,297,276.09 2,452,112,485.68
and rendering of services
Net increase in customer deposits and
deposits from other banks and financial
institutions
Net increase in borrowings from the
central bank
Net increase in loans from other
financial institutions
Premiums received on original
insurance contracts
Net proceeds from reinsurance
Net increase in deposits and
investments of policy holders
Interest, fees and commissions received
Net increase in loans from other banks
and financial institutions
Net increase in proceeds from
repurchase transactions
Net proceeds from acting trading of
securities
Tax and levy rebates 14,416,704.33 10,245,107.61
Cash generated from other operating
240,994,365.07 1,003,380,006.44
activities
Subtotal of cash generated from
1,977,708,345.49 3,465,737,599.73
operating activities
Payments for commodities and services 1,746,506,968.56 2,080,004,618.42
Net increase in loans and advances to
customers
Net increase in deposits in the central
bank and other banks and financial
institutions
Payments for claims on original
insurance contracts
Net increase in loans to other banks and
financial institutions
Interest, fees and commissions paid
Policy dividends paid
Cash paid to and for employees 723,393,519.67 723,775,712.61
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ShenZhen Properties & Resources Development (Group) Ltd. Third Quarterly Report 2023
Taxes and levies paid 224,226,839.66 481,776,111.23
Cash used in other operating activities 223,220,070.52 220,375,428.87
Subtotal of cash used in operating
2,917,347,398.41 3,505,931,871.13
activities
Net cash generated from/used in
-939,639,052.92 -40,194,271.40
operating activities
2. Cash flows from investing activities:
Proceeds from disinvestment
Return on investment 63,120.00
Net proceeds from the disposal of fixed
assets, intangible assets and other long- 78,255.52 34,519.84
lived assets
Net proceeds from the disposal of
subsidiaries and other business units
Cash generated from other investing
activities
Subtotal of cash generated from
141,375.52 34,519.84
investing activities
Payments for the acquisition of fixed
assets, intangible assets and other long- 4,084,842.48 11,116,125.41
lived assets
Payments for investments 1,816,919.56 271,489,501.62
Net increase in pledged loans granted
Net payments for the acquisition of
subsidiaries and other business units
Cash used in other investing activities
Subtotal of cash used in investing
5,901,762.04 282,605,627.03
activities
Net cash generated from/used in
-5,760,386.52 -282,571,107.19
investing activities
3. Cash flows from financing activities:
Capital contributions received 0.00 19,760,000.00
Including: Capital contributions by
0.00 19,760,000.00
non-controlling interests to subsidiaries
Borrowings received 841,843,775.18 286,832,330.00
Cash generated from other financing
activities
Subtotal of cash generated from
841,843,775.18 306,592,330.00
financing activities
Repayment of borrowings 32,326,662.00 30,900,000.00
Interest and dividends paid 357,864,492.62 547,401,912.61
Including: Dividends paid by
subsidiaries to non-controlling interests
Cash used in other financing activities 20,426,594.23 1,342,449.50
Subtotal of cash used in financing
410,617,748.85 579,644,362.11
activities
Net cash generated from/used in
431,226,026.33 -273,052,032.11
financing activities
4. Effect of foreign exchange rates
1,642,658.54 5,698,247.23
changes on cash and cash equivalents
5. Net increase in cash and cash
-512,530,754.57 -590,119,163.47
equivalents
Add: Cash and cash equivalents,
1,509,693,857.48 1,963,988,756.69
beginning of the period
6. Cash and cash equivalents, end of the
997,163,102.91 1,373,869,593.22
period
11
ShenZhen Properties & Resources Development (Group) Ltd. Third Quarterly Report 2023
(II) Adjustments to Financial Statement Items at the Beginning of the Year of the First Implementation
of the New Accounting Standards Implemented since 2023
□ Applicable Not applicable
(III) Independent Auditor’s Report
Indicate by tick mark whether the financial statements above have been audited by an independent auditor.
□Yes No
These financial statements have not been audited by such an auditor.
The Board of Directors
Shenzhen Properties & Resources Development (Group) Ltd.
30 October 2023
12
