招商局地产控股股份有限公司2014年半年度报告(英文版)

1 


Semi-Annual Report 2014 
Announcement No.:【CMPD】2014-046 
Important Notice 
Board of Directors, Supervisory Committee of China Merchants Property Development Co., Ltd. 
(hereinafter referred to as the Company) and its directors, supervisors and senior executives hereby gurantee 
the authenticity, accuracy and integrality of the content of this report, confirm that there are no any important 
omissions, fictitious statements or serious misleading information carried in this report, and shall take all 
responsibilities, individual and/ or joint. 
All directors in the Company attend the board meeting for reviewing this report. 
The Semi-annual Financial Report of the Company is not audited. 
Sun Chengming-Legal Representative, Wu Zhenqin-Chief Financial Officer, and Li Shifang-Manager of 
Accounting Department hereby confirm that the Financial Report enclosed in the Semi-annual Report is true 
and complete. 
The company plans not to distribute cash bonus, not send bonus shares and not turn accumulation fund to 
increase subscribed in this report period. 
This report has been prepared in Chinese and English version respectively. In the occurance of 
differences due to interpretations of both versions, the Chinese report shall prevail. 
This report can not be regarded as commitment with respect to future plans and forwarding-looking 
statements, investors please be aware of the investment risk. 


Content 
Chapter 1. Important Notice, Content & Definitions . 1 
    Chapter 2. Company Profile . 3 
    Chapter 3. Financial Summary . 5 
    Chapter 4. Report of the Board of Directors . 7 
    Chapter 5. Significant Events . 24 
    Chapter 6. Changes in Share Capital and Particulars about Shareholders . 35 
    Chapter 7. Particulars about Directors, Supervisors and Senior Executives. 39 
    Chapter 8. Financial Report . 42 
    Chapter 9. Directory of the Documents Available for Inspection . 211
    Paraphrases 
Unless specified in the report, the following abbreviations possess the meanings as follows: 
Paraphrase item Refers to Paraphrase content 
SASAC Refers to State-owned Assets Supervision and Administration Commission of the State Council 
CSRC Refers to China Securities Regulatory Commission 
SZSE Refers to Shenzhen Stock Exchange 
The Company Refers to China Merchants Property Development Co., Ltd. 
China Merchants Group Refers to China Merchants Group Ltd. 
Shekou Industrial Zone Refers to China Merchants Shekou Industrial Zone Co., Ltd. 
Top Chief Refers to Top Chief Co., Ltd. 
Full Space Investment Refers to Full Space Investment Ltd. 
Zhangzhou Development Zone Refers to China Merchants Zhangzhou Development Zone Co., Ltd.  
CMPS Refers to Shenzhen China Merchants Power Supply Co., Ltd. 
Zhuhai CMRE Refers to China Merchants (zhuhai) Real Estate Co., Ltd 
Wuhan CMRE Refers to China Merchants (Wuhan) Real Estate Co., Ltd 
Shenzhen CMRE Refers to Shenzhen China Merchants Real Estate Co., Ltd. 
Beijing CMRE Refers to China Merchants (Beijing) Real Estate Co., Ltd. 
Nanjing CMRE Refers to China Merchants (Nanjing) Real Estate Co., Ltd. 
Zhangzhou CMRE Refers to China Merchants (Zhangzhou) Real Estate Co., Ltd. 
Suzhou CMRE Refers to China Merchants (Suzhou) Real Estate Co., Ltd. 
Xiamen CMRE Refers to China Merchants (Xiamen) Real Estate Co., Ltd. 
Guangzhou CMRE Refers to China Merchants (Guangzhou) Real Estate Co., Ltd. 
China Merchants Jia Ming Refers to China merchants Jia Ming (Beijing) Real Estate Development Co., Ltd. 
Shanghai Fengyang Refers to Shanghai Fengyang Real Estate Co., Ltd. 
Suzhou Shuanghu Refers to Suzhou Shuanghu Real Estate Co., Ltd. 
Chongqing Merchants Land Refers to Chongqing Merchants Land Ltd. 
China Merchants Overseas Chinese 
Town 
Refers to China Merchants Overseas Chinese Town Investment Co., Ltd. 
Shenzhen Vanke Binhai Refers to Shenzhen Vanke Binhai Real Estate Co., Ltd. 
Zhenjiang Yingsheng Refers to Zhenjiang Yingsheng Real Estate Development Co., Ltd. 
Foshan Xinjie Refers to Foshan Xinjie Real Estate Co., Ltd. 
Foshan Yiyun Refers to Foshan Yiyun Real Estate Co., Ltd. 
Foshan Xincheng Refers to Foshan Xincheng Real Estate Co., Ltd. 
China Merchants Properties and 
Investment 
Refers to Shenzhen China Merchants Properties and Investment Co., Ltd. 
China Merchants Land Refers to China Merchants Land Ltd. 
Hong Kong Ruijia Refers to Ruijia Investment Industrial Co., Ltd.Chapter 2. Company Profile 
    (I) Profile 
Legal Name of the Company:  
In Chinese:招商局地产控股股份有限公司(Abbr:招商地产) 
In English: CHINA MERCHANTS PROPERTY DEVELOPMENT CO., LTD.(Abbr: CMPD)\ 
Legal Representative: Sun Chengming 
Stock listed in: Shenzhen Stock Exchange Also listed with: Singapore Stock Exchange 
Short Form of the Stock: CMPD, CMPD-B 
Stock Code: 024, 200024 

II. Contact and Contact way 
Secretary of the Board: Liu Ning 
Address: No.3 Building, Nanhai E Cool Park, No.6 Xinghua Road, Shekou Industrial Zone, Nanshan District, 
Shenzhen 
Post Code: 518067 
Tel: 0755-26819600 
Fax: 0755-26818666 
E-mail: cmpdir@cmhk.com 

III. Other Conditions
    1. Company contact way 
    Registered Address: No.3 Building, Nanhai E Cool Park, No.6 Xinghua Road, Shekou Industrial Zone, Nanshan 
District, Shenzhen 
Office Address: No.3 Building, Nanhai E Cool Park, No.6 Xinghua Road, Shekou Industrial Zone, Nanshan 
District, Shenzhen 
Post Code: 518067 
Company Web site: http://www.cmpd.cn 
E-mail: cmpdir@cmhk.com 
Official Micro-blog:                            Official Wechat:
    2. Information disclosure and storage locations 
    Newspapers selected for Disclosing the Information of the Company: China Securities Journal, Securities Times, 
Shanghai Securities News and Hong Kong Commercial Daily 
Official Website for Publishing Annual Report authorized by CSRC: http://www.cninfo.com.cn 
Place Where the Semi-Annual Report is Prepared and Placed: Secretariat of the Board of Directors
    3. Registry change 
    Initial registration date: September 19th, 1990 
Initial registration place: Shenzhen 
Registration code for corporate business code: 440301503287841 
Tax Registration No.: National Tax-Shen Zi 440300618845136 
Code of Organization: 61884513-6 
Main business change and all previous controlling shareholder change of the Company since the listing: 
The Company is a listed company taking real estate development and management as main business from 2004. 
    Since listing, controlling shareholders have no change.
    4. Other relates information 
    The certified public accountants hired by the Company 
Name: Shinewing Certified Public Accountants Ltd.;  
Office Address: 8F, Block A, Fuhua Mansion, 8 North Street of Chaoyangmen, Dongcheng District, Beijing 
Signature certified public accountants: Guo Jinlong, Wang YamingChapter 3. Financial Summary 
    I Main accounting data and financial index 
The Company does not make retroactive adjustment or restatement for the previous year accounting data due to 
accounting policy alternative, correction of accounting error, etc. 
Unit: RMB 
Main accounting data This report period 
The same period of 
last year 
Increase/decrease 
Operating income 16,047,155,730.99 16,133,568,321.26 -0.54% 
    Net profit attributable to shareholders of the listed 
company 1,785,434,748.85 2,550,631,034.51 -30.00% 
    Net profit attributable to shareholders of the listed 
company after deducting non-recurring gains and 
losses 
1,842,876,971.45 2,217,672,984.41 -16.90% 
    Net cash flow from operating activities -7,332,324,397.12 -1,275,505,230.57 -474.86% 
    Basic earnings per share (RMB/share) 0.69 0.99 -30.30% 
    Diluted earnings per share (RMB/share) 0.69 0.99 -30.30% 
    Weighted return on equity (%) 6.53% 10.38% Decreased by 3.85%  
    End of the report 
period 
End of last year Increase/decrease 
Total assets 140,954,002,966.06 134,040,446,989.65 5.16% 
    Net asset value attributable to shareholders of the 
listed company 
27,712,076,248.81 26,725,501,967.24 3.69% 
    Note:In the report period, The company implemented the project to transfer capital reserve to capital stock. According 
to The 21th Memo of Information Disclosure –Related terms of Regular Report Disclosure from Shenzhen Stock 
Exchange, The company have adjusted the EPS last year in the same period, based on the adjusted capital stock.  
II. Influence of IAS Adjustment on Net Profit and Net Asset 
Unit: RMB 

Net profit attributable to the shareholders of 
the listed company 
Net assets attributable to the shareholders of 
the listed company 
 This report period 
The same period of 
last year 
The end of the report 
period 
The end of last year 
By IAS 1,785,434,748.85  2,550,631,034.51  29,051,905,477.81  28,065,331,196.24  
    By Chinese Accounting 
Standard 
1,785,434,748.85  2,550,631,034.51  27,712,076,248.81 26,725,501,967.24 
    Difference between 
home& abroad -- 
1,339,829,229.00 1,339,829,229.00 
    Of which: Adjustment of 
goodwill -- 
1,339,829,229.00 1,339,829,229.00
    Notes 
For the current year, the net profit attributable to the shareholders of listed company is the same 
under both Chinese Accounting Standard and International Accounting Standard. The main reason of 
the adjustment on the net asset attributable to shareholders of listed company according to 
International Accounting Standard was that according to the Chinese Accounting Standard and 
relative regulations, the differences generated by consolidation of entities under same control shall 
be adjusted into capital reserves, whereas the goodwill generated by consolidation shall be recorded 
individually as assets according to the IAS. 

III. Non-recurring gain and loss items and amount 
Unit: RMB 
Non-recurring gain and loss items 
Amount from beginning of the year 
to the end of the report 
Gains/losses from the disposal of non-current assets -160,878.35 
    Government subsidies 25,262,476.52 
    Other non-operating income and expenses after deducting the above items -11,330,134.03 
    Other gain and loss items in accordance with the definition of non-recurring 
gain and loss -63,138,644.29 
    Amount of influence of minority stockholder's interest -2,141,420.73 
    Impact on income tax -5,933,621.72 
    Total -57,442,222.60 
    Note: The Company adopts fair value measurement for long-term equity investment after right of control of China Merchants 
Overseas Chinese Town Investment Co., Ltd. is changed. The stock right fair value is mainly inventory assessment appreciation, and 
the long-term equity investment added value RMB 63,138,644.29 yuan determined by assessment appreciation is correspondingly 
    resold according to the ratio of inventory area actually carried forward by the Company to the inventory available area to be carried 
forward when the right of control is changed from January to June in 2014.
    Chapter 4 Report of the Board of Directors  
I. Overview  
Analysis on the market situation 
China’s economic growth in the first half of the year dropped compared to the same period of last year. 
However, it remained stable generally. The overall performance of the property industry was flat which was 
affected by demand overdrawing of the last year and tight credit within the year. Both the amount and price of 
commercial housing over the country decreased. The property market still focused on inventory in the first half of 
the year and the property enterprises had weak willingness to increase the investment. The development 
investment of property around the country from January to June was RMB 4.2019 trillion, increasing 14.1% over 
    the same period of the previous year. Growth continued to decline and the new construction area of the housing 
was 801.26 million square meters, decreasing 16.4%. 
    The tightening of credit policy and the rising of financing costs is one of the crucial factors which caused the 
sluggish property market in the first half of the year. The risk preference of the bank has been transferred since the 
fourth quarter of last year, plus returned payments of sales being hindered, causing industrial funds tight as a 
whole. The growth of capital which was in place for the property enterprises had been declining in the first half of 
the year. 
The differentiation trend in the industry and region is obvious when the market adjusts the price. Property 
enterprises cope with the industrial changes from transformation of modes, diversification, being related to 
finance by marriage, advancing oversea and Internet thinking. In the face of environmental change, the Company 
observes calmly and resolves problems positively. While maintaining financial stability and abundance of capital 
and meeting market challenges, it also explores actively new development opportunities. 

Operation and management condition of the Company 
In the face of the environmental changes, the Company focuses on marketing breakthrough by means of 
measures such as strengthening analysis and judgment, guidance mechanism, process optimization and standard 
construction. Taking the thirty anniversary of the establishment as an opportunity, the Company launched the 
marketing policy of “double-digit blowouts”, namely “Storm in May” and “Plant feet firmly upon the ground at 
thirty and thank you” to reinforce brand publicity and speed up sales accounting for the overall amount of the 
project. In the report period, the Company accumulatively achieved the contracted sales area of 1.2182 million 
    square meets, down 10.47% compared with the same period of the previous year; the contracted sales amount was 
    RMB 17.9 billion, down 10.35% compared with the same period of the previous year; completing 90% of the 
    corporate sale objective of RMB 20 billion in the first half of the year. 
In the report period, the Company adhered to prudent attitude and decided investment by sales. In the first 
half of the year, newly added projects were 15 and additional project resources were 3.7021 million square meters, 
    of which the interest area was 3.4168 million square meters. With the landing of Xi’an project, the Company 
    achieved the strategic entry into the northwest region and the urban layout became more perfect. In the first half of 
the year, the new construction area was 4.19 million square meters with 0.98 million square meters of the 
    completed area. The overall building area under construction was 10.77 million square meters as of the end of 
    June.Under the severe market environment, the Company made full use of the advantage of overseas financing 
platform, vigorously developed new financing platform, strengthened cooperation with insurance and funds 
institutions, raised funds through multiple channels and met the demand of business development. In the report 
period, the Company fully tapped the financing potential of commercial property sector and revitalized existing 
mature property to prepare for further capital operation in the future. The Company strictly controlled financial 
costs and continued to optimize the debt structure. The lending rate maintained the lower level in the industry 
under the condition of satisfying the demand. The synthetic fund cost of the Company in the first half of the year 
was 5.00%. Newly added borrowing costs in the first half of the year slightly rose. 
    In the first half of the year, the Company accelerated the standardization of landing work, fully carried out 
application and promotion of standardized results of the house type, refined decoration and the displaying area 
and intensified the implementation of strategic purchasing through establishment of the supplier management 
system and the ERP business system. Application and promotion of standardization and strategic purchasing not 
only quickened the project turnover, but also effectively controlled the costs. In the first half of the year, the cost 
of construction and installation per square meter decreased by RMB 65/square meter. 
In the report period, the Company launched the draft of stock option incentives, steadily promoted long-term 
incentives, tightly linked the benefit of staff, shareholders and the Company together, further improved the return 
of shareholders and supported the steady development of the Company. 
In the report period, the Company vigorously promoted the collaborative development in the merchant 
industry and boosted the integration of industry and finance. Currently, the Company has conducted strategic 
corporation with China Merchants Bank in the areas of marketing channel and community finance and achieved 
share of partial channels, resources and clients with China Merchants Bank. 
Based on the principle of growth with quality, the Company gave priority to major research, built a new 
strategy of transformation and upgrading and formed the resultant force of the staff by system security to achieve 
strategic landing. In the report period, the Company organized strategic development department, enhanced 
medium- and long-term industrial trend study, systematically cleaned investment strategy and gain and loss of 
obtaining the land, and rationally allocated corporate resources by matrix analysis of urban sustainable 
development to improve the benefit of investment decision of the Company. The Company further proposed an 
overall framework of business transformation and upgrade of “One foundation, two new roads and three fertile 
lands”. One foundation means that the Company sticks to selection of cities and product upgrade of residential 
property. The selection of cities is based on the developing potential of the city and the comprehensive ability of 
urban companies; two new roads mean overseas expansion and cross-border innovation of the new economy; 
three fertile lands refer to business of the property for healthy aged living, the characteristic industrial zone and 
the cruise mother port city. The company specially set up corresponding topic research teams who have completed 
a series of research results and persisted in the integration of theoretical research and pilot project which already 
has preliminary effects. 
In the report period, the Company was on the list of “2014 Comprehensive Strength TOP 10 of Shanghai and 
Shenzhen Listed Property Companies”,“Financial Stability TOP 10”,“Wealth Creation Capacity TOP 10” and 
“Investment Value TOP 10” jointly evaluated by State Council Development Research Center Enterprise Institute, 
Institute of Property of Tsinghua University and China Index Research Institute; obtained titles of “2013 
Comprehensive Annual Award of China Best Corporate Citizen” jointly selected by 21st Century Business Review 
and 21st Century Business Herald,“2013 Best Main Board of Blue-chip Company” selected by Sina Finance and 
“Chinese Blue Chip Property Enterprise” selected by Economic Observer. The performance of operation and 
management of the Company gained full affirmation from the outside world.Forecast of the Company on the operation environment in the second half of the year and operation 
thinking of the Company 
The property market continued cooling down in the first half of the year. However, the market turnover in the 
second half of the year is expected to rebound with the introduction and implementation of a series of relaxing 
policy. Overall, adjustment of this time, slightly different from the previous two times, is mainly caused by 
internal market factors such as the imbalance between supply and demand. Recovery of the market needs the 
effective release of the demand. Therefore, the recovery which determines the market is slow. However, the 
possibility of overall decline is also not high. Industry differentiation in the second half of the year will still 
continue. The market in the short-term will find the landing point in the downstream and structural development 
opportunities will still be brought in the medium- and long-term. The Company will closely focus on industrial 
change, seize the period of sales window, with production decided by sales and controlling the rhythm. Meanwhile, 
it will continue to quicken the adjustment of product structure, stick to financial stability, improve financing 
ability and advance the transforming development. 
Grasping marketing will be the priority among priorities in the second half of the year. The Company will 
further boost innovative cooperation and strengthen rapid share and promotion around the country of innovative 
marketing results from various regions. Projects will flexibly adjust marketing strategies according to the market 
situation, accurately grasp the project sales window, actively innovate front line marketing measures, make good 
use of data and the Internet platform and ensure the effective sales accounting for the overall amount of the 
project.  
In the second half of the year, the Company will fully consider the uncertainty of the market adjustment and 
the long-term development strategy and conduct resource development combining factors of basic urban aspects, 
team capability and project reserve status. In addition, the Company will also continue to exploit its advantage of 
financing and fully protect the demand of the funds. Step up the research of the refinancing program which is fit to 
the financing environment of the existing capital market, strive to improve the capital composition of the 
Company soon and intensity the financing capacity of the Company.  
In the second half of the year, the Company will further accelerate to promote the pilot and landing of the 
project, cultivate capabilities and conduct fine arrangement to lay a good foundation for the transformation 
development of the Company, based on the overall framework of business transformation and upgrade of “One 
foundation, two new roads and three fertile lands”. 
II. Analysis of the main business
    1. Overview  
    In the first half of 2014, the Company realized a sum of operating income of RMB 16.047 billion, the net 
    profit belonging to the shareholders of the listed companies was RMB 1.785 billion. In the operating income, the 
    income from the sales of commercial housing was RMB 14.669 billion, and the settlement area was 1.0815 
    million square meters. Since the distribution of completion is not even for real estate projects, the completion area 
which was finished by the Company from January to June was 0.98 million square meters, only accounting for
    33.3% of the planned completion area of 2.94 million square meters for the whole year. It is expected that the 
    number of projects which will be completed and settled in the second half of the year will be high. The income 
from the rental of investment property was RMB 0.455 billion, and accumulative rental area was 5.1655 million 
    square meters; the income from the sales of power supply of the park was RMB 0.297 billion, and sales of power 
    was 362.29 million kilowatt-hours.
    2. Composition of the main business
    Composition of the main business by industries 
                                                                             Unit: RMB 
10,000 
By industry 
Operating 
income 
Operating cost 
Gross 
interest 
rate 
Increase and 
decrease of 
operating 
income 
compared to 
the same 
period of the 
previous year  
Increase 
and 
decrease of 
operating 
cost 
compared 
to the 
same 
period of 
the 
previous 
year 
Increase 
and 
decrease 
percentage 
of the 
gross 
interest 
rate 
compared 
to the 
same 
period of 
the 
previous 
year 
Property development 
and sales  
1,466,854 927,861 26%-2% 18%-5 
Operation of rental 
property  
45,480 22,900 41% 23% 35%-7 
Power supply in the 
park 
29,676 23,249 21% 4% 11%-5 
Property management 
46,365 41,795 4% 22% 24%-1 
Hotel management 
12,600 18,133 -45% 568% 209% 172 
Property intermediary 
2,331 3,133 -65%-35% 11%-81 
Others 
1,410 2,036 -36%-78%-58%-57 
Note: The gross interest rate in the above table was calculated by amount of operating income minus operating cost and operating 
tax and additions.
    1. The regional sales and composition of products of the Company have been changing year after year with promotion of the 
    regional development strategy. The proportion of urban projects in second-, third- or fourth-tier city has slightly improved. The 
proportion of carried-forward income in the regions where the gross interest rate of the products was relatively low increased 
significantly over the same period of the previous year, leading to the decrease on the gross interest rate of the property 
development business of the Company.
    2. The Company added new investment property of 0.1 million square meters in the first half of the year, which is still in an infant 
    stage. The letting rate and rental income need to be improved. However, amortization of costs was inflexible. Therefore, the 
gross interest rate reduced over the same period of the previous year.
    3. In the first half of the year of 2014, the procurement cost of the power supply in the park increased over the same period of the 
    previous year. Therefore, the gross interest rate reduced by 5%.
    4. The hotel business was primarily the operating income from three hotels, namely Hilton South Sea Hotel, Beijing Conrad Hotel 
    and Zhangzhou Meilun Mountain Villa. The above three hotels have not commenced business for a long time and the 
occupancy rate needs to be improved. Since the costs in the early stage of the operation were relatively high, the gross interest 
rate was negative. But it has greatly changed over the same period of the previous year. 

Composition of the main business by area 
Unit: RMB 10,000Area 
Operating 
income 
Operating cost 
Gross interest 
rate (%) 
Increase and 
decrease of 
operating 
income 
compared to the 
same period of 
the previous 
year (%) 
Increase and 
decrease of 
operating cost 
compared to the 
same period of 
the previous 
year (%) 
Increase and 
decrease of gross 
interest rate 
compared to the 
same period of 
the previous 
year (%) 
Circum-Bohai 
Sea Region 
94,399 41,609 44%-75%-72% 6 
Yangtze River 
Delta Region 
234,511 186,488 11%-2% 0%-3 
Pearl River Delta 
Region 
883,157 524,772 30% 1% 19%-2 
Other areas 392,649 286,238 18% 209% 213%-3 
Note: The gross interest rate in the above table was calculated by amount of operating income minus operating cost and operating 
tax and additions. 
Changes of the main financial data compared to the same period of the previous year           
Items of assets and liabilities June 30, 2014 December 31, 2013 
Increase and 
decrease 
(±%) 
Main reason for the change 
Account receivable 12,620 7,686 64 
Receivable payments for housing 
sales increased 
Prepayment 491,021 281,597 74 Prepaid land payment increased 
Deferred income tax asset 104,329 77,026 35 
CM Shangzhi established new 
company with the investment of 
office buildings, resulting in the 
increase of deferred income tax 
Employees’ wage payable 16,122 38,589 -58 
Outstanding employees’ wage 
payable paid 
Dividend payable 81,696 12,093 576 
Mainly consisting of holding 
stockholder dividend payable and 
dividend payable to the minority 
shareholders by the subsidiaries   
Non-current liability due in 1 year 933,213 633,101 47 
Long term bank loans due in 1 
year increased 
Estimated liabilities 0 1,047 -100 
The pending litigation cases were 
settled and returned back to 
estimated liabilitiesOther current liability 233,835 356,049 -34 Withholding land VAT paid 
Share capital 
257,595 171,730 50 
Capital surplus converted to  
capital share 
profit and loss items 
January to JuneJanuary to JuneIncrease and 
decrease 
(±%) 
Main reason for the change 
Operating tax and addition 
161,402 257,943 -37 
The gross interest rate of carry- 
forward items of this period was 
relatively low affected by the 
carry-forward products and 
regional structures and land VAT 
reduced accordingly 
Financial expenses 32,610 7,335 345 
Interest expenses and foreign 
exchange losses in this period 
increased over the same period of 
the previous year 
Assets impairment loss 
89 -17,237 -101 
Falling price reserves of the 
inventory in the same period of 
last year released 
Investment income 
14,332 28,218 -49 
Transfer of control rights of the 
subsidiaries in the same period of 
last year brought profit 
Non-operating income 3,550 1,177 201 Government subsidies increased 
Non-operating expenses 
2,173 1,539 41 
Increase of expenses of water 
funds in the power supply service 
Income tax expense 
96,450 147,659 -35 
Income tax expense decreases 
with respect to the decrease of 
total profit 
Items of cash flow 
January to June 
 of 2014  
Increase and 
decrease 
(±%) 
Main reason for the change 
Net amount of cash flow 
generated by operation activities 
-733,232 -127,551 475 
Increase of land payment and 
infrastructure construction 
payment paid in this period over 
the same period of the previous 
year led to the growth rate with 
cash outflow of the operation 
activities more than cash inflow 
of the operation activities 
Net amount of cash flow 
generated by the investment 
-6,568 -30,079 -78 
Decreased cash dividend from 
the associated company andactivities increased investment expenses 
Net amount of cash flow 
generated by the financing 
activities 173,756 675,744 -74 
The decreased amount of loan 
over the same period of the 
previous year and the increased 
amount of repayment over the 
same period of the previous year 
III. Analysis on the core competitiveness 
Large merchant, big coordination 
China Merchants Group consists of a batch of excellent companies, such as China Merchants International, 
China Merchants Shipping, China Merchants Roads, China Merchants Bank, China Merchants Securities, Shekou 
Industrial Zone and Direct Investment Fund Management Platform. CM Property is the flagship enterprise and the 
only listed company in the property sector of China Merchants Group. China Merchants Group, which is across 
two major areas of industry and finance, has been vigorously promoting the combination of industry and finance 
over the past years. It plays synergy effects and achieves leaping development by means of effective interaction 
between capital and industry. As for the application of the combination of industry and finance, the Company with 
related parties has conducted active exploration and the progress is smooth. Share of internally divided resources 
in the merchant system has been achieved now. In addition, China Merchants Group which has strong 
comprehensive strength has great influence and power around the country and the world. Its’ external cooperation 
resources will also bring huge business opportunities for the Company. 

Abundant capital, financial stability 
The Company follows China Merchants’s operating style of financial stability and puts the financial risk 
control at the first place. The comprehensive capital cost of the Company maintains the lower level in the industry 
through highly effective funds management operation for years, providing sufficient lever space for expanding the 
scale of the Company in the future. Besides, the Company adheres to the diversification of financing and strives to 
optimize the capital structure, laying a strong capital base for the expansion.  

Developing and investing at the same time, sales and operation regarded as equally 
While pursuing appropriate growth of the sales scale, the Company carefully arranges precipitation of 
high-quality assets and continues to accumulate wealth to ensure the sustainable development. At present, the 
commercial property retained by the Company covers various types, such as office buildings, shops, apartments 
and plants which can not only bring steady cash outflow, but also enjoy the appreciation in asset value with the 
development of cities. In the past years, the Company has been enhancing the industrial and urban research and 
given priority to research, focusing on three major business aspects which are the property for healthy aged living, 
the characteristic industrial zone and the cruise mother port city, to facilitate transformation and development of 
the Company. 
IV. Analysis on the investment condition
    1. External equity investment condition
    (1) External investment condition 
    The Company held the circulation stock of 3,646,889,329 stocks from the shareholding subsidiary China 
Merchants Property (0978.HK). Apart from this, it did not hold shares from other listed companies.
    (2)Condition of holding the equity of financial enterprises 
    Not Applicable
    (3)Condition of securities investment  
    Not Applicable
    2. Conditions of entrusted financial service, derivative investment and entrusted loan
    (1)Condition of entrusted financial service  
    Not Applicable
    (2)Derivative investment condition  
    Not Applicable
    (3)Entrusted loan condition  
    The Company did not have external entrusted loan. 
3. Use condition of the raised capital 
As for past 5 years up till June 30, 2014, the Company have not issued shares publicly.
    4. Analysis on the main subsidiaries and share participating companies  
    Unit: RMB 10,000 
Name of the company 

Corporate type Industry 
Main 
product or 
service 
Registered 
capital 
Gross 
capital 
Net assets 
Operating 
income 
Operating 
profit 
Net profit 
Shenzhen Vanke Binhai 
Subsidiary Property 
industry 
Commercial 
housing 
100,000 410,661 104,790 211,208 77,308 58,043 
Zhuhai CMRE 
Subsidiary Property 
industry 
Commercial 
housing 
800 83,023 52,169 132,448 48,582 36,342 
Xiamen CMRE 

Subsidiary Public utility 
Power 
supply in the 
park 
5,000 143,244 18,608 123,266 29,133 21,852 
Foshan Xinjie 
Subsidiary Property 
industry 
Commercial 
housing 
$21,980 USD 
194,384 177,349 113,763 9,585 7,198 
Wuhan CMRE 
Subsidiary Property 
industry 
Commercial 
housing 
3,000 25,423 11,427 103,359 16,388 12,291 
Foshan Yiyun  
Subsidiary Property 
industry 
Commercial 
housing 
3,000 336,821 9,015 103,157 18,426 13,829 
Shenzhen CMRE 
Subsidiary Property 
industry 
Commercial 
housing 
300,000 2,495,204 911,000 81,862 108,894 101,568 
Zhenjiang Yingsheng Subsidiary Property Commercial $11,800 285,444 78,274 81,849 15,318 13,062industry housing USD 
Shanghai Fengyang 
Subsidiary Property 
industry 
Commercial 
housing 
3,000 153,349 27,927 64,683 20,982 15,739 
China Merchants Jia Ming 
Subsidiary Property 
industry 
Commercial 
housing 
35,000 287,870 238,737 54,591 30,048 21,998 
Shuzhou Double-lake 
Subsidiary Property 
industry 
Commercial 
housing 
$24,400 USD 
326,715 183,633 50,636 -2,200 -2,178 
Foshan Xincheng 
Subsidiary Property 
industry 
Commercial 
housing 
$12,700 USD 
294,304 118,756 42,229 19,988 15,074 
China Merchants Properties and 
Investment 
Subsidiary Property 
industry 
Commercial 
housing 
20,000 592,972 243,810 32,444 10,940 -38,235 
CMPS 

Subsidiary Public utility 
Power 
supply in the 
park 
5,700 360,747 139,213 29,676 6,766 4,701 
China Merchants Overseas 
Chinese Town 
Share 
participating 
company 
Property 
industry 
Commercial 
housing 
100,000 173,980 51,716 126,307 48,954 36,716
    5. Conditions of the major projects invested with non-raised capital 
    (1) Share equity investment 
In the report period, the Company had 11 new property project companies. The new investment 
amount was RMB 1,563.91 million and the investment condition is as follows:   
    Unit: RMB 10,000 
Name of the company 
Registered 
capital 
Equity 
proportion of 
the Company 
Actual 
investment 
amount 
Development project 
Wuhan CM Property Gutian Property Co., Ltd. 3,000 100% 3,000 Wuhan Jiangwan International 
Xiamen CM Yonghuafu Property Co., Ltd 2,000 100% 2,000 Xiamen Yonghuafu 
Foshan Yiyun Xiaode Property Co., Ltd.$8,700 USD 100% 53,575 Foshan Yiyun Zhenyuan 
Yantai China Merchants Property Co., Ltd. 3,000 100% 3,000 
Eastern bank of Yantai China
 Merchants 
Changshu CM Xicheng Property Co., Ltd. 3,000 100% 16,800 Changshu CM Xicheng 
Guangzhou Yiyun Property Co., Ltd.  1,000 100% 1,000 Guangzhou Wanbo 
Zhuhai Yiyun Property Co., Ltd.  3,000 100% 3,000 Waterfront of Zhuhai Yiyun 
Nanjing CM Ningsheng Property Co., Ltd.  3,000 100% 3,000 Nanjing Hyde Mansion 
Nanjing CM Xingsheng Property Co., Ltd.  3,000 70% 2,100 Nanjing CM Yiyun CountyZhenjiang Torch Property Development Co., Ltd.$2,990 USD 100% 10,470 
Jurong CM International E City 
Xi’an Mao’an Property Co., Ltd.$9,500 USD 100% 58,446 Xi’an Yiyun Qujiang
    1.
    (2)In the report period, the accumulative investment amount of the main projects was RMB 4,392.70 
    million. The condition of the investment is as follows: 
Name of the 
project 
Total planned 
investment 
Invested 
amount in this 
period 
Accumulative 
amount of actual 
investment as of 
the end of the 
report period 
Project progress Profit of the project  
Suzhou Little 
Rock City  
485,432 39,019 371,747 
Phase 1 to 6 completed, phase 7 to 9 in the main body 
construction 
The gross profit realized in 
this period was RMB 21.05 
    million. 
Shenzhen Yihai 
City  
735,678 24,964 404,782 Zone 2 and 5 completed 
The gross profit realized in 
this period was RMB
    788.39 million. 
    Shenzhen 
Pingshan 
Garden City  
322,408 24,722 166,136 Main body construction It had not been carried over. 
Guangzhou 
Jinshan Valley 
670,181 23,232 303,548 
Phase 5 and 7 in the main body 
construction  
The gross profit realized in 
this period was RMB
    127.47 million. 
    Beijing Park448,505 22,047 371,603 
Phase 1 and 2 completed, phase 3 in the main body construction 
The gross profit realized in 
this period was RMB
    106.91 million. 
    Chongqing 
Garden City 
425,195 18,839 260,957 
Phase 1 completed, phase 2 
and 3 in the main body construction 
The gross profit realized in 
this period was RMB 23.15 
    million. 
Tianjin 
Diamond Hill  
359,494 18,304 320,220 
Phase 1 to 3 completed, phase 
4 and 5 in the main body 
construction 
The gross profit realized in 
this period was RMB 40.41 
    million. 
Changzhou Park300,031 18,029 127,773 Main body construction It had not been carried over. 
Zhenjiang 
Beiguwan 
621,044 17,871 482,341 
Phase 1 completed, phase 2 
and 3 in the main body 
construction 
The gross profit realized in 
this period was RMB
    158.03 million. 
    Xiamen Sea 
May Flower 
256,949 16,980 196,173 
Phase 1 completed, phase 2 
and 3 in the main body 
The gross profit realized in 
this period was RMBconstruction 135.04 million. 
    Chengdu 
Yonghuafu 
275,371 16,930 290,214 
Phase 1 to 3 completed, phase 4 and 5 in the main body construction 
It had not been carried over. 
Shanghai Haide 
Garden 
187,254 16,182 102,854 
Phase 1 completed, phase 2 in 
the main body construction 
The gross profit realized in 
this period was RMB
    122.50 million. 
    Tianjin 
Beikenshan  
512,700 16,085 238,201 Main body construction It had not been carried over. 
Guangzhou 
Donghui City 
289,176 14,397 193,117 Main body construction 
The gross profit realized in 
this period was RMB 42.99 
    million. 
Nanjing 
Yonghuafu 
335,945 13,719 283,783 Main body construction It had not been carried over. 
Xiamen Haide 
Garden  
233,354 13,305 198,992 
Phase 1 completed, phase 2 in 
the main body construction 
It had not been carried over. 
Wuhan Moshui 
Lake 
923,480 13,007 578,706 
Block A in the main body 
construction 
It had not been carried over. 
Beijing Xicheng 
Homestead and 
Longyuan 
507,456 12,081 427,154 
Phase 1 and 2 completed, 
phase 3 and 4 in the main body 
construction 
The gross profit realized in 
this period was RMB
    292.13 million. 
    Chongqing 
Changjiahui 
1,281,749 11,081 471,952 
Phase 1 and 2 in the main body 
construction 
The gross profit realized in 
this period was RMB 44.80 
    million. 
Zhangzhou 
Kadakaisi 
349,353 10,685 155,483 
Phase 1 completed, phase 2 
and 3 in the main body 
construction 
The gross profit realized in 
this period was RMB 3.05 
    million. 
Yunnan 
Haigongguan 
320,099 9,984 53,189 Main body construction It had not been carried over. 
Shenzhen 
Jingshan Jinhai 
292,370 9,873 210,358 Main body construction It had not been carried over. 
Haerbin Notting 
Hill 
406,376 8,683 115,611 Main body construction 
The gross profit realized in 
this period was RMB 1.38 
    million. 
Qingdao LAVIE 
Commune 
140,367 8,087 92,860 
Phase 1 completed, phase 2 in 
the main body construction 
It had not been carried over. 
Shanghai 
Sheshan 
Longyuan 
303,342 7,478 260,658 
Phase 1 completed, phase 2 
and 3 in the main body 
construction 
The gross profit realized in 
this period was RMB -6.35 
    million.Suzhou 
Yongjingwan 
215,000 7,025 188,912 Completed 
The gross profit realized in 
this period was RMB -51.44 
    million. 
Foshan Evian 
Xicheng 
146,411 6,928 134,017 
Phase 2 capped, phase 3 in the 
main body construction 
The gross profit realized in 
this period was RMB 15.38 
    million. 
Nanjing Garden 
City Center 
104,931 5,419 98,445 Completed 
The gross profit realized in 
this period was RMB 6.95 
    million. 
Wuhan 
Yonghuafu 
99,183 4,929 93,393 Main body construction 
The gross profit realized in 
this period was RMB
    169.37 million. 
    Chongqing 
Jiangwan City 
192,308 4,060 180,660 Completed 
The gross profit realized in 
this period was RMB 15.04 
    million. 
Foshan Evian 
Shangcheng 
188,732 3,194 189,870 Completed 
The gross profit realized in 
this period was RMB 94.45 
    million. 
Foshan Evian 
Tianhui 
238,612 2,131 217,947 
Phase 1 completed, phase 2 in 
the main body construction 
The gross profit realized in 
this period was RMB
    182.60 million. 
    V. Estimation on the operation achievements from January to September 2014 
Not Applicable 
VI. Explanations of the Board of Directors and Board of Supervisors on the ‘Non-standard 
Audit Report’ of this report period of the accounting firm 
Not Applicable 
VII. Explanations of the Board of Directors on the conditions related to the ‘Non-standard 
Audit Report’ of the previous year 
Not Applicable 
VIII. Implementation condition of profit distribution in the report period of the Company 
The proposal of profit distribution in 2013 was approved at the 2013 Annual Shareholders’ Meeting held on 
April 14, 2014: 
According to 10% of the net profit of the parent company RMB 1,057,343,950.92, statutory surplus capital 
    reserve RMB 105,734,395.09 was withdrew;
    Taking the total capital shares 1,717,300,503 shares as of year-end as the radix, cash RMB 4.80 (tax included) 
    would be sent for each 10 shares, that was to say, RMB 824,304,241.44 cash dividend would be sent; 
    The residual undistributed profit RMB 4,607,851,118.62 was retained to the next report year; 
    Taking the total capital shares 1,717,300,503 shares as of year-end as the radix, 5 shares would be converted 
by means of capital reserve for each 10 shares, with total amount of converted capital shares of RMB 858,650,251. 
    The total capital shares increased to 2,575,950,754 shares after the conversion and the capital reserve balance was 
RMB 8,068,403,942. 
    For details, see Announcement on the Implementation of 2013 Annual Profit Distribution and Capital Reserve 
Converted to Capital share Scheme issued by the Company on China Securities Journal, Securities Times, 
Shanghai Securities News, Securities Daily, Hong Kong Commercial Daily and http://www.cninfo.com.cn on May 
30, 2014. Up till the disclosure date of this report, implementation of the above-mentioned dividend and interest 
    distribution scheme has been completed except the cash dividend payable to the big shareholder Shekou Industrial 
Zone.  

IX. Pre-plan of profit distribution and capital reserve converted to capital share in the report 
period 
The Company did not conduct profit distribution and did not conduct converting capital reserve into share 
capital in the middle of 2014. 
    X. Table about investigations, communications and interviews received by the Company 
during the report period 
Reception date Reception place Reception way 
Received 
object type 
Received object 
Content discussed and 
information provided 
January 4, 2014 Shenzhen 
Telephone 
communication 
Institutional 
investor 
China Securities ①Introducing operation of 
the Company; 
②Discussing the industry 
development; 
③Introducing related matters 
about stock ownership 
incentive of the Company; 
④Providing the information 
announced and brochure for 
January 7, 2014 Shenzhen 
Telephone 
communication 
Institutional 
investor 
Orient Securities 
January 8, 2014 Shenzhen 
Telephone 
communication 
Individual 
investor 
Individual Investor 
January 8, 2014 Shenzhen 
Telephone 
communication 
Individual 
investor 
Individual Investor 
January 8, 2014 Shanghai Field Institutional Everbright Securitiesinvestigation investor projects of the Company; 
⑤Visiting the Company 
on-sale buildings, and 
providing building sales 
brochure. 
January 9, 2014 Shenzhen 
Field 
investigation 
Institutional 
investor 
Runhui Investment 
January 14, 2014 
Suzhou, 
Shanghai 
Field 
investigation 
Institutional 
investor 
Runhui Investment 
January 15, 2014 
Nanjing, 
Suzhou 
Field 
investigation 
Institutional 
investor 
William Blair, CICC 
January 16, 2014 Shenzhen 
Telephone 
communication 
Individual 
investor 
Individual Investor 
January 17, 2014 Shenzhen 
Field 
investigation 
Institutional 
investor 
Harvest Fund 
January 24, 2014 Shenzhen 
Field 
investigation 
Institutional 
investor 
China Asset 
Management, Haitong 
Securities 
January 29, 2014 Shenzhen 
Telephone 
communication 
Institutional 
investor 
Hill House Capital 
February 8, 2014 Shenzhen 
Field 
investigation 
Institutional 
investor 
Fullgoal Fund 
February 10, 2014 Shenzhen 
Telephone 
communication 
Institutional 
investor 
Ping An Securities, GF 
Securities, BOCOM 
Schroeder Fund 
February 12, 2014 Shenzhen 
Field 
investigation 
Institutional 
investor 
GF Securities, China 
Asset Management, 
Yinhua Fund, Penghua 
Fund, etc. 
February 12, 2014 Shenzhen 
Telephone 
communication 
Individual 
investor 
Individual Investor 
February 12, 2014 Shenzhen 
Telephone 
communication 
Institutional 
investor 
CICC                                                                                                                       
February 12, 2014 Shenzhen 
Telephone 
communication 
Individual 
investor 
Individual Investor 
February 14, 2014 Shenzhen 
Telephone 
communication 
Individual 
investor 
Individual Investor 
February 17, 2014 Shenzhen 
Telephone 
communication 
Institutional 
investor 
Huatai Securities 
February 20, 2014 Shenzhen 
Telephone 
communication 
Individual 
investor 
Individual Investor 
February 27, 2014 Shenzhen 
Telephone 
communication 
Individual 
investor 
Individual InvestorMarch 5, 2014 Shenzhen 
Telephone 
communication 
Individual 
investor 
Individual Investor 
March 13, 2014 Shenzhen 
Telephone 
communication 
Individual 
investor 
Individual Investor 
March 17, 2014 Shenzhen 
Field 
investigation 
Institutional 
investor 
Forty institutions such 
as Guotai Junan 
Securities, Citic 
Securities, China 
Jianyin Investment 
Securities, Fullgoal 
Fund, Citic-prudential 
Fund, Penghua Fund, 
etc.  
March 24, 2014 Hong Kong Strategic seminar 
Institutional 
investor 
Baring Asset 
Management, Norges 
Bank, Capital Research 
Global Investors, 
Manulife, Morgan 
Stanley Investment 
Management Company, 
Three Corner 
March 31, 2014 Shenzhen 
Telephone 
communication 
Institutional 
investor 
GF Securities 
March 31, 2014 Shenzhen 
Telephone 
communication 
Institutional 
investor 
China Securities 
March 31, 2014 Shenzhen 
Telephone 
communication 
Institutional 
investor 
Runhui Investment 
April 8, 2014 Shenzhen 
Telephone 
communication 
Institutional 
investor 
Orient Securities 
April 10, 2014 Shenzhen 
Telephone 
communication 
Institutional 
investor 
Shanxi Securities, Value 
Partners 
April 15, 2014 Shenzhen 
Telephone 
communication 
Institutional 
investor 
Value Partners 
April 15, 2014 Shenzhen 
Telephone 
communication 
Individual 
investor 
Individual Investor 
April 16, 2014 Dongguan Strategic seminar 
Institutional 
investor 
Guotai Junan Securities, 
China Southern Fund 
Management, China 
Shipping Fund, First 
Capital Securities, 
Zhongrong Trust, etc.April 18, 2014 Shenzhen 
Telephone 
communication 
Individual 
investor 
Individual Investor 
April 21, 2014 Shenzhen 
Field 
investigation 
Institutional 
investor 
Fullgoal Fund 
April 21, 2014 Shenzhen 
Telephone 
communication 
Institutional 
investor 
Greenwoods Asset 
Management 
April 22, 2014 Xiamen 
Field 
investigation 
Institutional 
investor 
Fullgoal Fund 
April 21, 2014 Shenzhen 
Telephone 
communication 
Individual 
investor 
Individual Investor 
April 25, 2014 Shenzhen Strategic seminar 
Institutional 
investor 
Dongxing Securities, 
Lion Fund 
April 29, 2014 Shenzhen 
Telephone 
communication 
Institutional 
investor 
CICC Organization 
May 12, 2014 Shenzhen 
Telephone 
communication 
Institutional 
investor 
GF Securities 
May 13, 2014 Hangzhou Strategic seminar 
Institutional 
investor 
Haitong Securities 
May 14, 2014 Shanghai Strategic seminar 
Institutional 
investor 
Orient Securities 
May 16, 2014 Shenzhen 
Field 
investigation 
Institutional 
investor 
China Securities 
Organization 
May 18, 2014 Zhenjiang 
Field 
investigation 
Institutional 
investor 
CICC 
May 20, 2014 Shenzhen 
Telephone 
communication 
Institutional 
investor 
Everbright Securities 
May 20, 2014 Shenzhen 
Telephone 
communication 
Institutional 
investor 
Ping An Securities 
May 21, 2014 Shenzhen 
Telephone 
communication 
Institutional 
investor 
GF Securities, China 
Asset Management, etc. 
May 21, 2014 Shenzhen 
Telephone 
communication 
Institutional 
investor 
Fullgoal Fund, 
Greenwoods Asset 
Management, Value 
Partners 
May 23, 2014 Xiamen Strategic seminar 
Institutional 
investor 
Shenyin & Wanguo 
Securities, ICBC Credit 
Suisse, Guangzhou 
Securities 
May 26, 2014 Shenzhen Field Institutional Citic Securitiesinvestigation investor Organization 
May 26, 2014 Shenzhen 
Telephone 
communication 
Institutional 
investor 
Orient Securities 
June 3, 2014 Shenzhen 
Field 
investigation 
Institutional 
investor 
BNP 
June 3, 2014 Shenzhen 
Telephone 
communication 
Institutional 
investor 
Runhui Investment 
June 5, 2014 Chengdu Strategic seminar 
Institutional 
investor 
Citic Securities 
June 6, 2014 Shenzhen 
Telephone 
communication 
Individual 
investor 
Individual Investor 
June 10, 2014 Shenzhen 
Field 
investigation 
Institutional 
investor 
Bosera Asset 
Management 
June 10, 2014 Shenzhen 
Telephone 
communication 
Institutional 
investor 
GF Securities 
June 10, 2014 Shenzhen 
Telephone 
communication 
Individual 
investor 
Individual Investor 
June 11, 2014 Shenzhen 
Telephone 
communication 
Institutional 
investor 
Fullgoal Fund 
June 12, 2014 Shenzhen 
Field 
investigation 
Institutional 
investor 
Essence Securities, 
Minsheng Royal Fund 
Management 
June 18, 2014 Shanghai Strategic seminar 
Institutional 
investor 
Guosen Securities, 
PICC, CPIC, Runhui 
Investment, etc. 
June 19, 2014 Shenzhen Strategic seminar 
Institutional 
investor 
China Merchants 
Securities 
June 25, 2014 Shenzhen 
Telephone 
communication 
Institutional 
investor 
Orient Securities, 
Everbright Securities, 
Guotai Junan SecuritiesChapter 5   Significant Events 

I.  Corporate governance 
In accordance with requirements of the Company Law, the Securities Law and other security regulations, the 
Company has been perfecting corporate governance structure, establishing a sound internal control system, 
continuing to further carry out management activities and improving corporate administrative level. The Company 
and the majority of the investors have established a trusting and win-win relationship based on the good corporate 
governance. 
In the report period, holding stockholders and actual controllers of the Company supported the Company to 
perfect the governance structure and improve the corporate administrative level. The holding stockholders and 
actual controllers of the Company always fulfill the commitments and support the healthy development of the 
Company. 
The Company features the sound governance structure and regulated operation of general meeting of 
shareholders, Board of Directors and Supervisory Committee, fulfilling its authority in accordance with provisions 
in laws, regulations and articles of association. 
The Company truthfully, accurately, completely, timely and fairly discloses information as required by 
information disclosure principles. On May 26, 2014, the Company has won the excellent unit for SSE information 
disclosure evaluation (A-level). In addition, the Company added the contents of voluntary information disclosure 
and disclosed sale conditions monthly on a regular basis, instead of quarterly in the report period. Meanwhile, the 
Company achieved the linkage of information disclosure with China Merchants Property (0978.HK) to ensure the 
    timeliness and consistency of the information acquisition for investors in Shenzhen and Hongkong market. 

II. Significant lawsuits and arbitration 
None 

III. Media questioning 
None 

IV. Matters related to bankruptcy and reform 
Not Applicable 
V. Capital Transactions
    1. Assets Acquisitions 
    For details, see the related transactions relating to assets acquisition and sales.
    2. Assets sales 
    Not Applicable
    3. Enterprise mergers 
    Not ApplicableVI. Implementation and its impact of stock option incentive of the Company  
On May 20, 2014, Stock Options First-time Granted Plan (Draft) and its abstract were discussed and passed 
by the thirteenth meeting of the seventh Broad of Directors of the Company. The Company intended to grant the 
total of 16.3353 million stock options to the incentive objects, accounting for 0.951% of the total capital shares 
    issued in the period. The incentive objects (not including Independent Director) of this time were directors, senior 
executives, medium-level executives and key technical personnel, totaling 149 people. The term of validity of the 
granted stock options was 7 years. Starting from the granted day and after three years of the restricted period of 
exercising, 1/3 exercising of the overall stock options would be granted to each period with 3 in total according to 
the plan when the conditions of exercising were met. The exercise price was RMB 17.34. From the granted day of 
    stock options, it is necessary to adjust the stock option and exercising price if the Company experienced the 
matters of capital reserve conversion, distribution of stock dividends, stock split, stock drawing back, rationed 
stocks or increased issues before exercising. The incentive plan for the share equity of the Company still needs to 
be examined and approved by State-owned Assets Supervision and Administration Commission of the State 
Council and China Securities Regulatory Commission. It could then only come into force after being submitted to 
the general meeting of shareholders for examination and approval. 
For details, see Stock Options First-time Granted Plan (Draft) issued by the Company on China Securities 
Journal, Securities Times, Shanghai Securities News, Securities Daily, Hong Kong Commercial Daily and 
http://www.cninfo.com.cn on May 21, 2014.  
    VII. Major affiliated transactions
    1. Affiliated transactions related to daily operation 
    In the report period, the Company and Shekou Industrial Zone and its affiliated parties had the following 
rental transactions: 
The Company and part of the subsidiaries in Shenzhen rented the land-use right of business premises to the 
Shekou Industrial Zone. The overall rental fee in the report period was RMB 7.23 million; China Merchants 
    Shangzhi, the wholly owned subsidiary of the Company, rented the land-use right and the buildings on the land 
where the building 1, 3, 5 and the property company of the building 2 and 6 were, located in the Shenzhen Shekou 
Huajian Block owned by Shekou Industrial Zone. The overall rental fee of the period was RMB10.65 million; the 
    affiliated companies, such as Shekou Industrial Zone, rented letting property of the New Era Square, the Merchant 
Building, etc. The overall rental fee of the report period was RMB 11.95 million. 
    The above transactions belonged to daily operational activities of the Company. The Company had informed 
the independent directors before the occurrence of the transactions. After examination and approval, the 
independent directors considered that the pricing standard of the transaction matched the marketing price, with 
reasonable fairness for the transaction and satisfying the benefits of the Company and all shareholders.
    2. Affiliated transactions related to purchasing assets and assets disposal 
    In 2013, the second provisional general meeting of shareholders of the Company passed relevant bills of 
the About Affiliated Transaction of Purchasing Assets by Issuance of Shares and Raise Matching Funds. The 
Company planned to use additional released shares of A share to purchase houses at Sea World in the Shekou 
Industrial Zone and the land-use right of the Culture and Art Center. The total price of the land-use right was RMB
    4.853 billion in accordance with the Asset Purchase Agreement which was signed by the Company and the 
    Shekou Industrial Zone and the completion status (whether the issuance is successful or not) of additional released 
shares for raising funds will not affect the implementation of the transaction behavior for purchasing assets. 
In 2014, the fourth provisional meeting of the Board of Directors of the Company decided to terminate theadditional release of this time. The Company would pay the price of the land-use right to the Shekou Industrial 
Zone by cash, among which RMB 1.4 billion was paid by the Company in June 2014.
    3. Major affiliated transactions on common external investment 
    In the report period, the Company and the Shekou Industrial Zone jointly contributed to establish Station 
Fortune Ltd. and Chief Master Ltd., holding 49% and 51% of the equity respectively, used as obtaining 
development projects in the park in Qingdao. Station Fortune Ltd. set up Powerwise International Ltd. with the 
total asset. The registration capital was $ 149 million. The Company and Shekou Industrial Zone invested in 
Powerwise International Ltd. according to the shareholding proportion to Station Fortune Ltd. The investment 
from the Company to Powerwise International Ltd. was $ 73.01 million. 
    Chief Master Ltd set up Blue Cove International Ltd. with the total asset. The registration capital was $ 75 
million. The Company and the Shekou Industrial Zone invested in Blue Cove International Ltd. according to the 
shareholding proportion to Chief Master Ltd. The investment from the Company to Blue Cove International Ltd. 
was $ 36.75 million. The above overall investment from the Company was $ 109,760,098. 
    The company has disclosed the transaction in the huge tide network on March 12, 2014.
    4. Dealing of the creditor’s rights and debts of the related parties 
    As of June 30, 2014, the dealing money of the Company with the related parties mainly includes: 
(Unit: RMB 10,000) 
Related party 
Association 
relation 
Type of 
creditor’ s 
right and 
debt 
Cause 
If there is 
non-operating 
capital 
occupation or 
not  
Balance at 
the 
beginning of 
the period 
Amount in 
this period 
Amount at 
the end of 
the period 
Beijing Guangying 
Property Development 
Co., Ltd. 
Joint 
venture 
Other 
receivables 
Advance of 
the 
shareholder 
No 91,232.10 -8,902.45 82,329.65 
    Ningbo Jiangwan 
Property Development 
Co., Ltd. 
Joint 
venture 
Other 
receivables 
Advance of 
the 
shareholder 
No 135,081.59 -21,525.98 113,555.61 
    Foshan China Merchants 
Longyuan Property Co., 
Ltd. 
Joint 
venture 
Other 
receivables 
Advance of 
the 
shareholder 
No 67,344.99 24.31 67,369.30 
    Shanghai New Nanshan 
Property Development 
Co., Ltd. 
Associated 
company 
Other 
receivables 
Advance of 
the 
shareholder 
No 14,934.37 -6,432.24 8,502.13 
    Jones Tech Limited 
Associated 
enterprise 
Other 
receivables 
Investment 
pending 
transfer 
No 6,243.21 -6,243.21 - 
    Powerwise International 
Ltd 
Same final 
controller 
Other 
receivables 
Investment 
pending 
transfer 
No 8,902.69 -8,902.69 - 
    Holly Profit Limited 
Associated 
enterprise 
Other Investment No 9,255.06 -9,255.06 -
    receivables pending 
transfer 
Blue Cove International 
Ltd 
Same final 
controller 
Other 
receivables 
Investment 
pending 
transfer 
No 4,481.22 -4,481.22 - 
    Shekou Industrial Zone Shareholder 
Other 
receivables 
Dealing 
money 
No 4,002.48 -4,002.48 - 
    Shekou Industrial Zone  Shareholder 
Accounts 
payable 
Dealing 
money 
No - 345,290.00 345,290.00 
    Shekou Industrial Zone  Shareholder 
Other 
receivables 
Dealing 
money 
No 7,948.89 -7,948.89 - 
    China Merchants Group 
(Hong Kong) Co., Ltd. 
Final 
controller 
Other 
receivables 
Dealing 
money 
No - 85.72 85.72 
    China Merchants 
Guangming Science and 
Technology Park Co., 
Ltd. 
Joint 
venture 
Other 
receivables 
Dealing 
money 
No 147.67 -146.95 0.72 
    Shanghai Ledu Property 
Co., Ltd. 
Associated 
company 
Other 
receivables 
Dealing 
money 
No - 25,101.28 25,101.28 
    Shanghai New Nanshan 
Property Development 
Co., Ltd. 
Associated 
company 
Other 
receivables 
Dealing 
money 
No 3,160.00 3,286.87 6,446.87 
    China Merchants 
Overseas Chinese City  
Associated 
company 
Other 
receivables 
Dealing 
money 
No 67,473.33 -59,506.29 7,967.04 
    Tianjin Xinghai Property 
Development Co., Ltd. 
Associated 
company 
Other 
receivables 
Dealing 
money 
No 10,608.14 - 10,608.14 
    Tianjin Mu Nan Qiu Shi 
Industrial Co. Ltd. 
Associated 
company 
Other 
receivables 
Dealing 
money 
No - 1,700.00 1,700.00 
    Shenzhen China 
Merchants Financing 
Service Co., Ltd. 
Same final 
controller 
Other 
receivables 
Dealing 
money 
No 71,458.14 6,003.16 77,461.30 
    Zhangzhou 
Development Zone  
Same final 
controller 
Other 
receivables 
Dealing 
money 
No 20,000.00 - 20,000.00 
    Top Chief. 
Same final 
controller 
Other 
receivables 
Dealing 
money 
No - 13,272.02 13,272.02 
    Shekou Industrial Zone  
Same final 
controller 
Dividends 
payable 
Dealing 
money 
No - 33,284.13 33,284.13
    5. Other major related transactions 
    For the other related transactions of the Company within the report period, see the financial report annotation.VIII Non-operating Cash Occupied by Controlling Shareholders and Their Related Parties of 
Public Companies 
Unit: RMB 10,000 
Shareholder or 
related party 
Occupancy 
Time 
Cause 
Period-beginning 
amount 
Additional 
occupied 
amount of 
reporting 
period 

Total 
repayment 
of this 
reporting 
period 
Period-end 
amount 
Anticipated 
repayment 
approach 
Anticipated 
repayment 
amount 
Due Date 
(Month) 
Jones Tech 
Limited 
December, 
2012-January,Shift in 
investment 
6,243 - 6,243 - 
Shift in 
investment 
  
Not 
Applicable 
Holly Profit 
Limited 
December, 
2012-January,Shift in 
investment 
9,255 - 9,255 - 
Shift in 
investment 
  
Not 
Applicable 
Blue Cove   
International 
Ltd 
December, 
2012-January,Shift in 
investment 
4,481 - 4,481 - 
Shift in 
investment 
  
Not 
Applicable 
Powerwise 
International 
Ltd 
December, 
2012-January,Shift in 
investment 
8,903 - 8,903 - 
Shift in 
investment 
  
Not 
Applicable 
Total 28,882 - 28,882 -     
IX. Major Contracts and Their Performance
    1. Hosting, Contracting and Leasing Items 
    The Company has no major events hosting, contracting or leasing assets of other companies within the 
reporting period.
    2. Guarantee 
    Unit: RMB 10, 000  
Company’s guarantee (excluding subsidiary guarantees) 
Name 
Related 
announcement 
disclosure date 
for guarantee 
amount  
Guarantee 
amount 
Actual date  
(Date of 
agreement 
signing) 
Actual 
guarantee 
amount 
Guarantee 
type 
Guarantee 
term 
Completed 
or not 
Guaranteed 
for 
associated 
party or 
not  
The owner who 
purchases a 
house on 
mortgage 
No 200,242.16 
    From the day 
when the 
mortgage bank 
makes the loan 
200,242.16 
    Phased 
successive 
guarantee  
From the day 
when the 
mortgage 
bank makes 
the loan to the 
day when the 
mortgage 
bank 
No Nocompletes 
handling of 
the Property 
Certificate for 
the housing 
purchaser 
China 
Merchants 
Guangming 
Science Park 
Co., Ltd. 
November 3, 
2014,700.00 
    March 15,1,336.62 
    Successive 
guarantee 
Two years 
since the next 
day of 
expiration of 
loan term 
under the loan 
contract 
No Yes 
March 20,19,110.00 
    May 18, 2012 
                        
6,575.31  
    Two years 
since the next 
day of 
expiration of 
loan term 
under the loan 
contract 
No Yes 
March 18,4,900.00  
    June 12, 2014
    343.00 
    Two years 
since the next 
day of 
expiration of 
loan term 
under the loan 
contract 
No Yes 
Beijing  
Kanglade 
Property 
Development 
Co., Ltd. 
May 15, 2012 
                          
30,000.00   
    May 15, 2012,386.00   
    Successive 
guarantee 
Two years 
since the next 
day of 
expiration of 
loan term 
under the loan 
contract 
No YesShenzhen 
Shekou Sea 
World Hotel 
Management 
Co., Ltd. 
December 26,25,500.00 
    October 22,24,990.00 
    Successive 
guarantee 
 No Yes 
Shenzhen CM 
Business 
Development 
Co., Ltd. 
June 4, 2013 
                          
7,140.00   
    April 25, 2013 
                        
6,630.00 
    Successive 
guarantee 
Two years 
since the day 
of expiration 
of the 
execution 
term of 
liabilities 
under the loan 
contract 

No Yes 
Shenzhen 
Vanke Binhai 
Property Co., 
Ltd. 
December 26,40,000.00  
    December 6,15,000.00 
    Successive 
guarantee 
Two years 
since the 
effective day 
of the 
guarantee 
contract to the 
day of 
expiration of 
the execution 
term of 
liabilities 
under the 
main contract  
No Yes 
Foshan Evian 
Property Co., 
Ltd. 
March 5, 2014 
                          
55,000.00 
    May 29, 2013 
                        
55,000.00 
    Successive 
guarantee 
Plus another 
two years 
after from the 
effective day 
of the 
guarantee 
contract to the 
expiration of 
the main 
creditor’s 
No Yesrights term 
China 
Merchants 
Property 
Development 
(Nanjing) Co., 
Ltd. 
March 5, 2014 
                          
60,000.00   
    August 26,60,000.00   
    Successive 
guarantee 
Two years 
since the 
effective day 
of the 
guarantee 
contract to the 
day of 
expiration of 
the execution 
term of all 
guaranteed 
liabilities 
No Yes 
Nanjing CM 
Ruisheng 
Property Co., 
Ltd. 
March 5, 2014 
                          
17,000.00   
    January 27,16,900.00   
    Successive 
guarantee 
Two years 
since the 
effective day 
of the 
guarantee 
contract to the 
day of 
expiration of 
the execution 
term of all 
guaranteed 
liabilities 
No Yes 
Nanjing CM 
Ruisheng 
Property Co., 
Ltd. 
March 5, 2014 58,000.00 
    January 27,57,900.00   
    Successive 
guarantee 
Two years 
since the day 
of expiration 
of the 
execution 
term of 
liabilities 
under the loan 
contract 
No Yes 
Guangzhou 
CM Property 
Co., Ltd. 
June 25, 2014 
                          
40,000.00   
    April 23, 2014 
                        
39,600.00  
    Successive 
guarantee 
Plus another 
two years 
after from the 
effective day 
of the 
guarantee 
contract to the 
day of the 
expiration of 
No Yesthe execution 
term of loan, 
advance and 
other 
liabilities 
Foshan CM 
Xincheng 
Hi-Tech Co., 
Ltd. 
June 25, 2014 
                          
12,000.00   
    April 30, 2014 
                        
12,000.00  
    Successive 
guarantee 
Plus another 
two years 
after from the 
effective day 
of the 
guarantee 
contract to the 
day of 
expiration of 
each loan 
under the 
Credit 
Agreement 
No Yes 
Shenzhen Jinyu 
Rongtai 
Investment 
Development 
Co., Ltd. 
June 25, 2014 
                          
25,000.00    
    June 27, 2014 
                        
7,500.00  
    Successive 
guarantee 
Two years 
since the next 
day of 
expiration of 
loan term 
under the loan 
contract 
No Yes 
Guarantees to subsidiary from the Company 
Name 
Related 
announcement 
disclosure date 
for guarantee 
amount  
Guarantee 
amount 
Actual date  
(Date of 
agreement 
signing) 
Actual 
guarantee 
amount 
Guarantee 
type 
Guarantee 
term 
Completed 
or not 
Guaranteed 
for 
associated 
party or 
not  
Shenzhen 
China 
Merchants Real 
Estate Co., Ltd. 
March 20,30,000.00   
    May 11, 2012 
                          
24,990.00   
    Successive 
guarantee 
Thirty days 
since the day 
of expiration 
of the 
execution 
term of 
liabilities 
under the loan 
contract 
No Yes 
Shenzhen 
China 
March 19,$ 3000 
(amounted 
June 11, 2013 
 $ 3000 
(amounted to 
Successive 
guarantee 
Two years 
since the next 
No YesMerchants 
Power Supply 
Co., Ltd. 
to RMB
    184.58 
    million)                             
RMB 184.58 
    million)                         
day of 
expiration of 
loan term 
under the loan 
contract 
Qingdao Haide 
Property 
Development 
Co., Ltd. 
March 18,5,100.00   
    April 29, 2014 
                        
1,530.00 
    Successive 
guarantee 
Two years 
since the 
signing day of 
the loan 
contract to the 
day of 
expiration of 
the execution 
term of 
liabilities by 
the debtor 
under the loan 
contract 
No Yes 
Shenzhen CM 
Construction 
Co., Ltd. 
July 1, 2014 60,000.00 June 5, 2014 
    60,000.00   
    Successive 
guarantee 
Two years 
since the day 
of expiration 
of the 
execution 
term of 
liabilities 
agreed by the 
main contract 
No Yes 
Total guarantee of the Company was RMB 6,313.81 million. 
    The Company did not have illegal guarantee.
    3. Other major contracts  
    In the report period, the Company has successively signed the loan contract with Bank of China, Agricultural 
Bank of China, China Construction Bank, Bank of Communications, and China Merchants Bank and other 
financial institutions; Up till the end of the report period, the total credit limit of the contracts amounted to RMB
    60.2 billion.
    4. Other major transactions  
    Not ApplicableX. Committed items of the Company or shareholders with over 5% of shares in the period or 
as to the period arising in the previous period 
Committed 
Item 
Commitment party 
Commitment content 
Commitment 
time 
Commitment term 
Performance 
Stock 
ownership 
reform 
commitment 
Shekou 
Industrial 
Zone 
Premium assets including land will be injected to support 
the development of the Company after the stock ownership 
splitting reform. 
December 9, 
2005 Two years 
after the date 
that any 
shareholder 
does not 
hold all the 
shares of the 
Company 
any more 

The 
commitment 
is strictly 
performed 
within the 
reporting 
period 
Other 
commitments to small 
and 
middle-sized 
shareholders 
Shall not, directly or indirectly, engage in or develop any 
business or project the same or similar with those in the 
operation scope of the Company; nor develop, establish, 
develop, participate in, or assist with any enterprises to 
compete with the Company for Shekou Industrial Zone and 
its related parties or on the behalf of any third parties; nor 
make use of the information obtained from the Company to, 
directly or indirectly, engage in or participate in any 
competitive activities with the Company, nor conduct any 
other competitive actions that may cause damages to the 
interests of the Company. 
March 19, 2008 

XI. Employment or dismissal of the accounting firm 
The Semi-annual Financial Report of the Company is not audited. 
On April 14, 2014, the Company has approved to employ the Shinewing Certified Public Accountants as the 
external auditor of 2014 at the 2013 annual general meeting of shareholders. 
XII. Condition of punishment and rectification 
Not Applicable. 
XIII. Explanations on the other major matters 
Not Applicable.Chapter 6. Changes in Share Capital and Particulars about the Shareholders 
    I. Change in Share Capital 
Unit: shares 

Before the change Increase / Decrease this time (+,-) After the change 
Amount 
Proportion 
(%) 
New 
shares 
issued 
Bonus 
Share transfer of 
accumulation 
fund 
Others Subtotal Amount 
Proportion 
(%) 
I. Shares with 
conditional 
subscription 
891,504,855 51.91%   445,809,961 130,743 445,940,704 1,337,445,559 51.92%
    1. State-owned shares
    2. State-owned legal 
    person’s shares 
693,419,317 40.38%   346,709,658   346,709,658 1,040,128,975 40.38%
    3. Other domestic 
    shares 
               
Including: domestic 
non-state-owned legal 
person’s shares 
               
Domestic natural 
person’s shares
    4. Foreign shares 197,709,440 11.51%   98,854,720   98,854,720 296,564,160 11.51% 
    Including: Foreign 
legal person’s shares 
197,709,440 11.51%   98,854,720   98,854,720 296,564,160 11.51% 
    Foreign natural 
person’s shares
    5. Senior management’ 
    s shares 
376,098 0.02%   245,583 130,743 376,326 752,424 0.03% 
    II. Shares with 
unconditional 
subscription 
825,795,648 48.09%   412,840,290 -130,743 412,709,547 1,238,505,195 48.08%
    1. RMB common 
    shares 
684,248,848 39.85%   342,104,515 -54,818 342,049,697 1,026,298,545 39.84%
    2. Domestically listed 
    foreign shares 
141,546,800 8.24%   70,735,775 -75,925 70,659,850 212,206,650 8.24%
    3. Overseas listed 
    foreign sharesIn the report period, the Company implements the 2013 annual bonus scheme. Furthermore, some senior management of the 
Company resigned and some senior management added holding the shares of the Company through the secondary market, so that the 
limited shares and unlimited shares of the Company are changed. 
II. Information of Company shareholders and actual controller 
Unit: shares 
Total number of shareholders at the 
end of the report period 
70,477 (including 60,151 A share holders and 10,326 B share holders) 
Shareholding of top 10 shareholders 
Name of shareholder 
Class of 
shareholder 
Share 
proportion 
Amount of 
holding shares at 
the end of the 
report period 
Year-on-year 
Change 
Restricted 
shares 
Unrestricted 
shares 
Pledged or 
luck-up 
shares 
Share 
state 
Amount 
Shekou Industrial Zone 
State-owned legal 
person
    40.38% 1,040,128,975  346,709,658 1,040,128,975 No No No 
    Full Space Investment 
Overseas 
legal 
person
    5.48% 141,216,075  47,072,025 141,216,075 No No No 
    China Merchants Securities Hong 
Kong Co., Ltd. 
Overseas 
legal 
person
    2.91% 74,836,941  24,949,657 73,863,367 973,574 No No 
    FOXTROT INTERNATIONAL 
LIMITED 
Overseas 
legal 
person
    1.61% 41,580,000  13,860,000 41,580,000  No No No 
    ORIENTURE INVESTMENT LTD  
Overseas 
legal 
person
    1.55% 39,904,717  13,301,572 39,904,717 No No No 
    Full Goal Tianbo Innovative 
Theme Equity Securities 
Investment Fund 
Domestic 
none 
state-owned legal 
person
    1.17% 30,014,614  12,014,614 No 30,014,614  No No 
    GOLDEN CHINA MASTER FUND 
Overseas 
Institution
    0.77% 19,808,497  6,935,306 No 19,808,497  No No 
    National Social Insurance Fund Domestic 0.73% 18,819,317  15,519,623 No 18,819,317  No No
    4. Others                
    III. Total shares 1,717,300,503 100%   858,650,251    858,650,251 2,575,950,754 100.00%
    102 Combination none 
state-owned legal 
person 
China Pacific Life Insurance Co., 
Ltd.-Traditional- General 
Insurance Product 
Domestic 
none 
state-owned legal 
person
    0.69% 17,776,370  12,409,697 No 17,776,370  No No 
    New China Life Insurance Co., 
Ltd - Dividends - Personal 
Dividends - 018 L- FH002 Shen 
Domestic 
none 
state-owned legal 
person
    0.69% 17,775,000  3,909,408 No 17,775,000  No No 
    Top 10 holders of unrestricted shares 
Name of shareholder Unrestricted shares at the end of report Class of Share 
Full Goal Tianbo Innovative Theme Equity 
Securities Investment Fund 
30,014,614 A share 
GOLDEN CHINA MASTER FUND 19,808,497 B share 
National Social Insurance Fund 102 
Combination 
18,819,317 A share 
China Pacific Life Insurance Co., Ltd. 17,776,370 A share 
New China Life Insurance Co., Ltd. 17,775,000 A share 
GF Small-capitalization Growth Equity 
Securities Investment Fund 
16,452,124 A share 
VALUE PARTNERS CLASSIC FUND 14,691,105 B share 
Huaxin Trust Co., Ltd. 14,651,478 A share 
Dacheng Innovation Grow Hybrid Securities 
Investment Funds (LOF) 
12,894,156 A share 
Yinhua Shenzhen 100 Index Securities 
Investment Fund  
 12,358,040  A share 
In the report period, the Company takes general capital 1,717,300,503 shares at the end of year as the base, and for each 10 shares, the 
capital reserve is transferred into 5 common shares. Shekou Industrial Zone and its subsidiary companies Full Space Investment, Top 
Chief International, FOXTROT INTERNATIONAL LIMITED and ORIENTURE INVESTMENT LTD are persons acting in concert. The 
shares held by China Merchants Securities Hong Kong Co., Ltd., 49,242,245 shares were bought in by Top Chief in the previous year through 
entrustment. After accumulation fund turning to increase subscribed capital is implemented, Top Chief International holds the shares of 
73,863,367.
    Introduction to the Controlling Shareholder and Changes of Substantial Controller 
In this report period, the controlling shareholder and the substantial controller have no change. 
The following chart shows the equity and the control relationship between the Company and the Actual 
Controller: 



















China Merchants Group Co., Ltd. 
China Merchants Shekou Industrial Zone Co., Ltd. 
Top Chief Co., Ltd. 
100% 
Orienture Holdings Co. Ltd 
100% 
Full Space Investment Limited 
Foxtrot International Limited 
 Orienture Investment 
Limited 

100%
    2.87%
    5.48%
    1.61%
    1.55% 
    100% 
100%
    40.38% 
    100% 
State-owned Assets Supervision and Administration Commission  
Supervision and Administration Commission of the State Council 
100% 
China Merchants Property 
Development Co., Ltd. 
招商局地产控股股份有限公司 2014年半年度报告全文Chapter 7. Particulars about Directors, Supervisors and Senior 
    Executives 
I. Change of the shareholding of Directors, Supervisors and Senior Executives 
Name Position Position 
state 
Sex Age Start 
date 
End date Shareholding at the 
beginning of 
year(shares) 
Shareholding at the 
current period (shares) 
Shares held at the end of 
year(shares) 
A share B share A share B share A share B share 
Sun 
Chengming 
Chairman On-the-job 
M 55 2014.04 2014.12       
    Fu 
Gangfeng 
Deputy 
Chairman 
On-the-job 
M 47 2014.04 2014.12       
    Yang 
Tianping 
Deputy 
Chairman 
On-the-job 
M 54 2011.12 2014.12        
    He Jianya Managing 
Director 
On-the-job 
M
    48 2011.12 2014.12 112,170  75,136  187,306  
    Hu Yong Director On-the-job 
M
    47 2011.12 2014.12       
    Wu 
Zhenqin 
Director 
and Chief 
Financial 
Officer 
On-the-job 
F
    55 2013.11 2014.12    7,500  7,500 
    Chen Gang Director On-the-job 
M
    55 2013.11 2014.12       
    Chai 
Qiang 
Independent Director 
On-the-job 
M
    52 2011.12 2014.12       
    Liu 
Hongyu 
Independent Director 
On-the-job 
M 51 2011.12 2014.12       
    Lu 
Weixiong 
Independent Director 
On-the-job 
M 53 2011.12 2014.12       
    Zhang Wei Independent Director 
On-the-job 
M 43 2011.12 2014.12       
    Hua Li Chairman 
of the 
Supervisory 
Committee 
On-the-job 
M 43 2013.11 2014.12       
    Liu 
Qingliang 
Supervisor On-the-job 
M 54 2013.11 2014.12       
    Huang 
Junlong 
Supervisor On-the-job 
M 49 2011.12 2014.12       
    Chen Yan Employee 
Supervisor 
On-the-job 
F 36 2011.12 2014.12       
    Chen Qing Employee 
Supervisor 
On-the-job 
F 31 2011.12 2014.12       
    Liu Wei Deputy 
General 
Manager 
On-the-job 
M
    50 2013.07 2014.12   9,900  9,900  
    Yang Deputy On-the M 51 2011.12 2014.12 56,295 33,000 43,897 16,500 100,192 49,500 
    招商局地产控股股份有限公司 2014年半年度报告全文Zhiguang General 
Manager 
-job 
Hu Jianxin Chief 
Green 
Low-carbon Officer 
& Chief 
Engineer 
On-the-job 
M
    55 2014.02 2014.12 15,400  23,200   38,600  
    Zhu 
Wenkai 
Deputy 
General 
Manager 
On-the-job 
M
    46 2011.12 2014.12 17,000  24,500   41,500  
    Meng Cai Deputy 
General 
Manager 
On-the-job 
M
    56 2011.12 2014.12 61,882  46,641   108,523  
    Zhang Lin Deputy 
General 
Manager 
On-the-job 
M
    51 2011.12 2014.12 2,200 10,900 16,100 6,350 18,300 17,250  
    Wang  
Zhengde 
Chief 
economist 
On-the-job 
M
    51 2011.12 2014.12  10,000  20,000  30,000  
    He Fei Deputy 
General 
Manager 
On-the-job 
M
    42 2014.02 2014.12 2,000  1,000  3,000  
    Wang Xi Deputy 
General 
Manager 
On-the-job 
M
    43 2014.02 2014.12       
    Liu Ning Secretary 
of the 
Board 
On-the-job 
F
    45 2011.12 2014.12  13,500  6,751  20,251 
    Lin 
Shaobin 
Former 
Chairman 
Leaving 
office 
M 53 2011.12 2014.04 59,670 100,500 44,835 50,250 104,505  150,750 
    Wang 
Hong 
Former 
Director 
Leaving 
office 
M 51 2011.12 2014.04       
    Wang Li 
Former 
Deputy 
General 
Manager 
Leaving 
office 
M 58 2011.12 2014.02 44,087  42,043  86,130  
    Total 370,704 167,900 327,252 107,351 697,956 275,251 
In the report period, some of the Senior Executives of the Company increase the company stock by secondary market. 
Furthermore, the Company implements accumulation fund turning to increase subscribed capital in the report period, 
so that the shares of the Senior Executives are correspondingly changed. 

II. Change of Directors, Supervisors and Senior Executives 
On February 24, 2014, the first temporary meeting in 2014 of the 7th Board of Directors 
approved that Hu Jianxin is appointed to Green Low-carbon Officer and Chief Engineer of the 
Company, and He Fei and Wang Xi are appointed to Deputy General Manager of the Company. 
On April 14, 2014, Sun Chengming and Fu Gangfeng were elected as Directors of the 7th 
Board of Directors in 2013 annual general meeting of shareholders of the Company; Sun Chengming 
was elected as Chairman of the Company and Fu Gangfeng was elected as Deputy Chairman of the 
Company in the 12th meeting of the 7th Board of Directors. 
招商局地产控股股份有限公司 2014年半年度报告全文Due to work change, Lin Shaobin resigned from the positions of Director and Chairman of the 
7th Board of Directors of the Company; Wang Hong resigned from the position of Director of the 
7th Board of Directors of the Company; Hu Jianxin resigned from the position of Deputy General 
Manager of the Company. 
Due to age reason, Wang Li resigned from the position of Deputy General Manager of the 
Company and holds the post of Senior Consultant of the Company at present. 




Section VIII Financial Reports  

The Semi-Annual Financial Report of the Company has not been audited.  
The unit in the notes of the Financial Statements is RMB Yuan  
招商局地产控股股份有限公司 2014年半年度报告全文Financial Statements 
Consolidated Balance Sheet 
June 30, 2014  
Compiling unit: China Merchants Property 
Development Co., Ltd.  
  Unit: RMB Yuan  
Items Notes 
Amount at the end of 
the period 
Amount at the 
beginning of the 
period  
Current assets:       
    Monetary capital VI. 1 18,585,950,027.06 24,240,458,796.50 
    Transactional financial assets     
 Notes receivable VI. 2 7,680,171.60 4,000,000.00 
    Accounts receivable VI. 3 126,199,169.09 76,864,814.81 
    Accounts prepaid VI. 4 4,910,209,986.26 2,815,967,507.79 
    Interest receivable   110,667.39 100,000.00 
    Dividend receivable   -- 
    Other receivables VI. 5 10,621,087,872.17 13,683,883,876.17 
    Inventories VI. 6 91,239,014,743.84 78,476,507,470.78 
    Non-current assets falling due in a year  VI. 7 0.00 4,175,229.58 
    Other current assets  VI. 8 4,058,670,833.37 3,550,197,939.60 
    Total of current assets    129,548,923,470.78 122,852,155,635.23 
    Non-current assets:     
    Financial assets available for sale   -  
    Long-term receivables   -- 
    Long-term equity investment  VI. 9 1,778,740,853.66 1,653,194,214.56 
    Investment property  VI. 10 5,597,749,991.30 5,661,844,333.88 
    Fixed assets  VI. 11 1,940,036,373.45 2,038,420,991.55 
    Construction in progress VI. 12 106,849,800.03 104,895,578.36 
    Intangible assets VI. 13 534,797,564.08 542,448,651.42 
    Development expenditure       
    Goodwill VI. 14 159,560,861.23 159,560,861.23 
    Long-term deferred and prepaid expenses VI. 15 244,049,502.14 257,668,842.73 
    Deferred income tax assets VI. 16 1,043,294,549.39 770,257,880.69 
    Other non-current assets    -  
Total of non-current assets    11,405,079,495.28 11,188,291,354.42 
    Total of assets   140,954,002,966.06 134,040,446,989.65 
    The annotation is a component of the financial report, and the following responsible persons sign 
this financial report:
    Legal representative: Sun Chengming       
Accounting supervisor: Wu Zhenqin         
Manager of financial dept : Li Shifang招商局地产控股股份有限公司 2014年半年度报告全文Consolidated Balance Sheet (Continued)  
June 30, 2014 
Compiling unit: China Merchants Property 
Development Co., Ltd.  
  Unit: RMB Yuan 
Items Notes 
Amount at the end of 
the period 
Amount at the beginning 
of the period 
Current liabilities:       
    Short-term loans VI. 18 3,425,000,000.00  4,250,000,000.00  
    Notes payable VI. 19 35,295,656.09  27,267,637.07  
    Accounts payable VI. 20 13,416,765,194.17  12,010,832,454.50  
    Advances from customers VI. 21 39,791,073,409.80  37,517,671,641.79  
    Remuneration payable to the 
employees  
VI. 22 161,224,767.47  385,894,712.53  
    Taxes payable VI. 23 1,239,845,236.36  1,464,425,877.10  
    Interest payable  VI. 24 136,828,081.81  152,361,058.07  
    Dividend payable VI. 25 816,955,117.64  120,927,194.29  
    Other payables VI. 26 9,379,109,531.87  9,014,047,482.53  
    Non-current liabilities falling due in a  
year 
VI. 27 9,332,132,762.45  6,331,007,932.13  
    Other current liabilities VI. 28 2,338,349,360.00  3,560,491,070.18  
    Total current liabilities   80,072,579,117.66 74,834,927,060.19   
    Non-current liabilities:        
    Long-term loans VI. 29 18,090,343,461.61  17,051,917,894.42  
    Bonds payable  VI. 30 3,032,838,307.20  3,003,382,977.23  
    Long-term payables  VI. 31 105,023,177.74  102,745,035.90  
    Accrued liabilities VI. 32    10,473,360.10  
    Deferred income tax liabilities  VI. 16 93,864,160.28  108,596,697.05  
    Other non-current liabilities  VI. 33 11,236,760.00  11,236,760.00  
    Total non-current liabilities    21,333,305,866.83  20,288,352,724.70  
    Total liabilities   101,405,884,984.49 95,123,279,784.89   
    Equity of the shareholders:        
    Capital stock VI. 34 2,575,950,754.00  1,717,300,503.00  
    Capital surplus VI. 35 7,613,842,349.28  8,447,048,826.56  
    Surplus reserve VI. 36 1,133,515,392.99  1,133,515,392.99  
    Retained earnings VI. 37 16,309,866,399.02  15,348,735,891.17  
    Foreign currency statement’s conversion 
difference 
VI. 38 78,901,353.52  78,901,353.52  
    Total equity belonging to the 
shareholders of the parent company  
  27,712,076,248.81  26,725,501,967.24  
    Equity of the minority shareholders  VI. 39 11,836,041,732.76  12,191,665,237.52  
    Total shareholders’ equity    39,548,117,981.57  38,917,167,204.76  
    Total of the liabilities and the 
shareholders’ equity 
  140,954,002,966.06 134,040,446,989.65 
    招商局地产控股股份有限公司 2014年半年度报告全文Balance Sheet of the Parent Company  
June 30, 2014 
Compiling unit: China Merchants Property 
Development Co., Ltd.  
  Unit: RMB Yuan 
Items Notes 
Amount at the end of 
the period 
Amount at the 
beginning of the 
period 
Current assets       
    Monetary capital   5,153,888,767.59   6,296,121,745.68  
    Payment in advance     193,000.00  
    Interest receivable    11,825,326.67  11,814,660.00  
    Dividend receivable   1,021,707,095.72  1,186,411,976.56  
    Other receivables XIII. 1 28,927,303,913.13   28,619,556,967.65  
    Other current assets   3,268,037.26     -    
    Total of current assets    35,117,993,140.37   36,114,098,349.89  
    Non-current assets:       
    Long-term  equity investment XIII. 2 8,786,680,625.02  9,227,039,815.19  
    Fixed assets   1,255,576.27  1,548,967.06  
    Total of non-current assets    8,787,936,201.29  9,228,588,782.25  
    Total of assets   43,905,929,341.66  45,342,687,132.14  
    招商局地产控股股份有限公司 2014年半年度报告全文Balance Sheet of the Parent Company (Continued) 
June 30, 2014 
Compiling unit: China Merchants Property 
Development Co., Ltd.  
  Unit: RMB Yuan 
Items 
Notes 
Amount at the end of 
the period 
Amount at the 
beginning of the 
period 
Current liabilities:       
    Short-term loans    3,425,000,000.00  2,250,000,000.00  
    Account payable   191,878,894.81    -    
    Employee remuneration payable    1,696,369.50   9,010,550.63  
    Tax payable    33,404,294.44  4,569,810.63  
    Interest payable    34,315,450.25   90,378,579.30  
    Dividend payable    332,909,851.16    -    
    Other payables    13,375,992,157.06  15,791,231,019.71  
    Other non-current liabilities falling due in one 
year  
   3,042,298,120.00   2,404,241,120.00  
    Other current liabilities      357,710.82  
    Total of current liabilities    20,437,495,137.22  20,549,788,791.09  
    Non-current liabilities:        
    Long-term loan    7,185,897,640.00  7,633,824,285.00  
    Total of non-current liabilities    7,185,897,640.00   7,633,824,285.00  
    Total of liabilities    27,623,392,777.22  28,183,613,076.09  
    Shareholders’ equity:       
Capital stock   2,575,950,754.00  1,717,300,503.00  
    Capital reserve    8,068,403,942.00   8,927,054,193.00  
    Surplus reserves    1,082,563,999.99   1,082,563,999.99  
    Undistributed profit   4,555,617,868.45  5,432,155,360.06  
    Total of shareholders’ equity     16,282,536,564.44  17,159,074,056.05  
    Total of liabilities and shareholders’  equity   43,905,929,341.66  45,342,687,132.14  
    招商局地产控股股份有限公司 2014年半年度报告全文Consolidated Income Statement  
January-June 2014  
Compiling unit: China Merchants Property 
Development Co., Ltd. 
    Unit: RMB Yuan 
Items Notes Amount in this period  
Amount in the same 
period of the previous 
year  
I. Total operating income   16,047,155,730.99 16,133,568,321.26 
    In it: operating income  VI. 40 16,047,155,730.99 16,133,568,321.26 
    II. Total operating cost    12,845,676,701.45 11,677,655,973.79 
    In it: operating cost  VI. 40 10,391,068,273.47 8,692,511,279.89 
    Sales tax and addition VI. 41 1,614,019,700.29 2,579,430,723.77 
    Sales expense VI. 42 281,938,248.45 272,019,791.76 
    Management expense VI. 43 231,659,798.70 232,711,486.01 
    Financial expenses VI. 44 326,102,386.55 73,348,971.39 
    Asset impairment loss  VI. 45 888,293.99 -172,366,279.03 
    Plus: Fair value change income  (Fill in with “-” for the loss)     
         Investment income (Fill in with “-” for the loss) VI. 46 143,318,415.51 282,179,758.93 
    In it: Income from the investment on the associated 
enterprises and cooperative enterprises  
VI. 46 143,318,415.51 336,191,940.58 
    III. Operating profit (“-” for loss)   3,344,797,445.05 4,738,092,106.40 
    Plus: Non-operating income  VI. 47 35,496,879.63 11,774,703.28 
    Less: Non- operating expenditures  VI. 48 21,725,415.49 15,387,554.61 
    Incl.  Loss from disposal of non-current assets   175,062.57 910,283.52 
    IV. Total profit (“-“ for total loss)   3,358,568,909.19 4,734,479,255.07 
    Less: Income tax expenses VI. 49 964,496,768.41 1,476,586,830.38 
    V. Net profit (Fill in with “-” for net loss)   2,394,072,140.78 3,257,892,424.69 
    Net profit belonging to the shareholders of the parent company    1,785,434,748.85 2,550,631,034.51 
    Profit and loss of minority shareholders    608,637,391.93 707,261,390.18 
    VI. EPS:      
    (I) Basic EPS VI. 50 0.69 0.99 
    (II) Diluted EPS VI. 50 0.69 0.99 
    VII. Other comprehensive income     
VIII. Sum of the comprehensive income    2,394,072,140.78 3,257,892,424.69 
    Sum of comprehensive income belonging to the shareholders of 
the parent company  
  1,785,434,748.85 2,550,631,034.51 
    Sum of comprehensive income belonging to the minority 
shareholders  
  608,637,391.93 707,261,390.18 
    招商局地产控股股份有限公司 2014年半年度报告全文Income Statement of the Parent Company  
January-June 2014 
Compiling unit: China Merchants Property 
Development Co., Ltd. 
    Unit: RMB Yuan 
Items Notes Amount in this period 
Amount in the same 
period of the previous 
year 
I. Operating income XIII. 3 500,000.00 11,080,000.00 
    Less: operating cost  XIII. 3 1,057,252.16 1,016,316.92 
    Sales tax and addition    2,240,568.26 621,588.00 
    Sales expense    -   
        Management expense   20,151,253.94 14,632,307.21 
    Financial expenses XIII. 4 83,121,614.09 198,192,218.64 
    Asset impairment loss    -   
    Plus: fair value change income  (Fill in with “-” for the loss)-   
        Investment income (Fill in with “-” for the loss) XIII. 5 53,839,437.84 -1,290,760.00 
    In it: income from the investment on the associated 
enterprises and cooperative enterprises 
  -359,190.17 -1,290,760.00 
    II. Operating profit (Fill in with “-” for the loss)-52,231,250.61 -204,673,190.77 
    Plus: non-operating  income    -  
    Less: non-operating expenditure    2,000.00 9,163,879.51 
    In it: loss from the disposal of non-current assets    -   
III. Total profit (“-“ for total loss)-52,233,250.61 -213,837,070.28 
    Less: income tax expenses    -  
IV. Net profit  (“-“ for net loss)-52,233,250.61 -213,837,070.28 
    V. EPS:      
    (I)Basic EPS      
    (II)Diluted EPS      
VI. Other comprehensive income       
VII. Sum of comprehensive income    -52,233,250.61 -213,837,070.28
    Consolidated Cash Flow Statement  
January-June 2014 
Compiling unit: China Merchants Property 
Development Co., Ltd. 
    
Unit: RMB 
Yuan 
Items Notes 
Amount in this 
period 
Amount in the same 
period of the 
previous year 
I. Cash flow generated in the operation activities:        
      Cash received for selling commodities and 
providing labor  
  18,355,477,590.23 18,624,153,525.45 
    Tax return received      15,808,867.22 
    Other cash related to the operation activities 
received  
VI. 51 3,871,017,979.61 2,864,443,964.78 
    Subtotal of operation activity cash inflow    22,226,495,569.84 21,504,406,357.45 
    Cash paid for purchasing commodities and 
accepting labor 
  20,625,105,111.33 10,622,047,633.80 
    Cash paid to the employees and for the 
employees  
  854,694,963.32 674,059,496.16 
    All the taxes paid    5,455,155,348.46 4,126,788,176.01 
    Other cash related to the operation activities 
paid  
VI. 51 2,623,864,543.85 7,357,016,282.05 
    Subtotal of operation activity cash outflow    29,558,819,966.96 22,779,911,588.02 
    Net amount of the cash flow generated in the 
operation activities  
  -7,332,324,397.12 -1,275,505,230.57 
    II. Cash flow generated in the investment activities        
      Cash received for recovering the investment      80,123.00 
    Cash received for getting the investment income    20,548,073.61 311,302,240.31 
    Net cash received from the disposal of fixed 
assets, intangible assets and other long-term assets  
  46,854.00 65,240.00 
    Net cash received from disposing the subsidiary 
companies and other operation units  
      
      Other cash related to the investment activities 
received  
      
Subtotal of the investment activity cash inflow    20,594,927.61 311,447,603.31 
    Cash paid for constructing the fixed assets, 
intangible assets and other long-term assets  
  27,602,326.34 27,118,359.78 
    Cash paid for investment    58,671,105.19 23,898,000.00 
    Net amount of the cash paid for getting the 
subsidiary companies and other operation units  
      
      Other cash related to the investment activities 
paid 
VI. 51   561,222,801.84 
    Subtotal of investment activity cash outflow    86,273,431.53 612,239,161.62 
    Net cash flow generated in the investment activities    -65,678,503.92 -300,791,558.31 
    III. Cash flow generated  by financing:       
      Cash received for absorbing the investment    52,690,666.19 116,206,306.58 
    In it: cash received by the subsidiary 
companies absorbing the investment of the minority 
shareholders 
  52,690,666.19 116,206,306.58 
    Cash received  as borrowings   9,924,282,155.82 12,961,884,236.52 
    In it: net amount of the cash received for 
issuing bonds  
      
      Other cash related to financing activitiesreceived  
Subtotal of financing activity cash inflow    9,976,972,822.01 13,078,090,543.10 
    Cash paid for repaying the debts    6,715,774,121.48 5,256,388,021.57 
    Cash paid for dividend,, profit or interst   1,522,713,038.14 1,064,263,544.64 
    In it: dividend and profit paid by the 
subsidiary companies to the minority shareholders  
  232,862,000.00 1,659,103.20 
    Other cash paid for financing activities    922,920.00   
    Subtotal of financing activities cash outflow    8,239,410,079.62 6,320,651,566.21 
    Net cash flow generated by financing    1,737,562,742.39 6,757,438,976.89 
    IV. Influence of exchange rate alternation on cash 
and cash equivalents 
  10,709,264.21 -17,869,715.20 
    V. Net increase amount of cash and cash equivalents   -5,649,730,894.44 5,163,272,472.81 
    Plus: balance of the cash and cash equivalents at the 
beginning of the period  
VI. 51 24,235,680,921.50 18,218,506,517.70 
    VI. Balance of cash and cash equivalents at the end 
of the period  
VI. 51 18,585,950,027.06 23,381,778,990.51 
    Cash Flow Statement of the Parent Company  
January-June 2014 
Compiling unit: China Merchants Property 
Development Co., Ltd. 
    Unit: RMB Yuan 
Items Notes 
Amount in this 
period 
Amount in the same 
period of the previous 
year 
I. Cash flow generated in the operation activities:       
      Cash received for selling commodities and providing 
labor 
  500,000.00 11,080,000.00 
    Tax return received   -   
      Other cash related to the operation activities received   5,154,554,447.21 6,592,768,196.65 
    Subtotal of operation activity cash inflow   5,155,054,447.21 6,603,848,196.65 
    Cash paid for purchasing commodities and accepting 
labor 
  -   
      Cash paid to the employees and for the employees   36,214,887.14 9,943,104.23 
    All the taxes paid   4,271,957.18 11,310,020.65 
    Other cash related to the operation activities paid   7,456,488,650.15 7,223,132,053.83 
    Subtotal of operation activity cash outflow   7,496,975,494.47 7,244,385,178.71 
    Net amount of the cash flow generated in the 
operation activities 
  -2,341,921,047.26 -640,536,982.06 
    II. Cash flow generated in the investment activities       
     Cash received for recovering the investment   -   
      Cash received for getting the investment income   216,213,570.06 2,410,780,300.87 
    Net cash received from the disposal of fixed assets, 
intangible assets and other long-term assets 
  -   
      Net cash received from disposing the subsidiary 
companies and other operation units 
      
      Other cash related to the investment activities 
received 
  -   
Subtotal of the investment activity cash inflow   216,213,570.06 2,410,780,300.87 
    Cash paid for constructing the fixed assets, 
intangible assets and other long-term assets 
  20,880.00 1,344,750.00 
    Cash paid for investment   88,671,105.19 2,754,541,275.00
    Net amount of the cash paid for getting the 
subsidiary companies and other operation units 
  -   
     Other cash paid for financing activities   -   
Subtotal of investment activity cash outflow   88,691,985.19 2,755,886,025.00 
    Net cash flow generated in the investment 
activities 
  127,521,584.87 -345,105,724.13 
    III. Cash flow generated by financing:       
      Cash received for absorbing the investment   -   
     Cash received as borrowings   4,917,261,400.00 5,452,029,750.00 
    Other cash related to the financing activities received   -   
Subtotal of financing activity cash inflow   4,917,261,400.00 5,452,029,750.00 
    Cash paid for repaying the debts   3,158,976,000.00 2,616,571,500.00 
    Cash paid for dividend,, profit or interst   674,974,230.45 730,221,765.98 
    Other cash related to financing activities paid   -   
Subtotal of financing activities cash outflow   3,833,950,230.45 3,346,793,265.98 
    Net amount of the cash flow generated by 
financing 
  1,083,311,169.55 2,105,236,484.02 
    IV. Influence of exchange rate alternation on cash and 
cash equivalents 
  -11,144,685.25 -308,166.21 
    V. Net increase amount of cash and cash equivalents   -1,142,232,978.09 1,119,285,611.62 
    Plus: balance of the cash and cash equivalents at the 
beginning of the period 
XIII. 6 6,296,121,745.68 5,277,807,877.29 
    VI. Balance of cash and cash equivalents at the end of 
the period 
XIII. 6 5,153,888,767.59 6,397,093,488.91
    Consolidated Statement of Changes in Stockholders' Equity Accounts 
Compiling unit: China Merchants Property Development Co., Ltd.                                                                                               Unit: RMB Yuan   
Item 
January-June 2014  
Equity belonging to the shareholders of the parent company  
Equity of the 
minority 
shareholders  
Total of 
shareholders’ 
equity  
Capital stock Capital reserve 
Less: 
treasury 
stock 
Surplus 
reserves 
Undistributed 
profit 
Others 
I. Balance at the end of the period of the 
previous year  
1,717,300,503.00 8,447,048,826.56 - 1,133,515,392.99 15,348,735,891.17 78,901,353.52 12,191,665,237.52 38,917,167,204.76 
    Plus: changes of accounting policies        - 
        Error correction in the early stage         - 
        Others        - 
II. Balance at the beginning of this period  1,717,300,503.00 8,447,048,826.56 - 1,133,515,392.99 15,348,735,891.17 78,901,353.52 12,191,665,237.52 38,917,167,204.76 
    III. Increase and decrease amount in this 
period (Fill in with “-“ for the decrease)  
858,650,251.00 -833,206,477.28 -  961,130,507.85  -355,623,504.76 630,950,776.81 
    (I)Net profit     1,785,434,748.85  608,637,391.93 2,394,072,140.78 
    (II)Other comprehensive income         
   Subtotal of the above-mentioned (I) and (II)---- 1,785,434,748.85  608,637,391.93 2,394,072,140.78 
    (III)Capital input and reduced by the 
shareholders   
- 25,443,773.72 --- 27,246,892.46 52,690,666.18
    1. Capital input by the shareholders        52,690,666.18 52,690,666.18
    2. Amount paid by the shareholders and 
    counted into the shareholders’ equity 
       -
    3. Others  25,443,773.72     -25,443,773.72  
    (IV)Profit distribution ----824,304,241.00 --991,507,789.15 -1,815,812,030.15
    1. Drawn surplus reserves         -
    2. Drawn generic risk reserve        -
    3. Distributed to the shareholders      -824,304,241.00  -991,507,789.15 -1,815,812,030.15
    4. Others        -
    (V)Internal carry-over of the shareholders’ 
equity 
858,650,251.00--858,650,251.00 ------
    1. Capital reserve transferred into the 
    capital stock 
858,650,251.00 -858,650,251.00      -
    2. Surplus reserves transferred into the 
    capital stock  
       -
    3. Surplus reserves making up for the 
    losses  
       -
    4. Others        - 
    (VI)Special reserve  --
    1. Drawn in this period         -
    2. Used in this period         - 
    (VII)Others         
IV. Balance at the end of this period  2,575,950,754.00 7,613,842,349.28 - 1,133,515,392.99 16,309,866,399.02 78,901,353.52 11,836,041,732.76 
    11,836,041,732.76 
    39,548,117,981.57 
    Consolidated Statement of Changes in Stockholders' Equity Accounts (Continued) 
Compiling unit: China Merchants Property Development Co., Ltd.                                                                                                   Unit: RMB Yuan 
Item 
Amount in the previous year  
Equity belonging to the shareholders of the parent company Equity of the 
minority 
shareholders 
Total of the 
shareholders’ equity  Capital stock  Capital reserve 
Less: treasury 
stock 
Surplus reserves Undistributed profit Others 
I. Balance at the end of the period of the 
previous year 
1,717,300,503.00 8,386,926,298.12 - 1,027,780,997.90 12,173,100,556.73 88,407,178.38 6,045,763,466.00 29,439,279,000.13 
    Plus: changes of the accounting policies        - 
        Error correction in the early stage        - 
        Others        - 
II. Balance at the beginning of the period of this 
year  
1,717,300,503.00 8,386,926,298.12 - 1,027,780,997.90 12,173,100,556.73 88,407,178.38 6,045,763,466.00 29,439,279,000.13 
    III. Increase and decrease amount in this 
year(Fill in with “-“ for the decrease) 
- 60,122,528.44 - 105,734,395.09 3,175,635,334.44 -9,505,824.86 6,145,901,771.52 9,477,888,204.63
    (I) Net profit     4,202,152,074.18  1,306,162,091.88 5,508,314,166.06 
    (II)Other comprehensive income       -9,505,824.86 9,239,670.53 -266,154.33 
    Subtotal of  the above-mentioned (I) and (II)---- 4,202,152,074.18 -9,505,824.86 1,315,401,762.41 5,508,048,011.73 
    (III)Capital input and reduced by the 
shareholders 
- 60,122,528.44 ---405,592,193.75 - 5,541,001,830.59 5,195,532,165.28
    1. Capital input by the shareholders       5,161,250,375.40 5,161,250,375.40
    2. Amount paid by the shareholders and 
    counted into the shareholders’ equity 
       -
    3. Others  60,122,528.44   -405,592,193.75  379,751,455.19 34,281,789.88 
    (IV)Profit distribution --- 105,734,395.09 -620,924,545.99 --260,618,848.32 -775,808,999.22
    1. Drawn surplus reserves    105,734,395.09 -105,734,395.09   -
    2. Drawn generic risk reserve        -
    3. Distributed to the shareholders     -515,190,150.90  -260,618,848.32 -775,808,999.22
    4. Others        - 
    (V)Internal carry-over of the shareholders’ 
equity 
--------
    1. Capital reserve transferred into the capital 
    stock 
       -
    2. Surplus reserves transferred into the capital 
    stock 
       -
    3. Surplus reserves making up for the losses        -
    4. Others        - 
    (VI)Special reserve --
    1. Drawn in this year        -
    2. Used in this year        - 
    (VII)Others       -449,882,973.16 -449,882,973.16 
    IV. Balance at the end of the period of this year 1,717,300,503.00 8,447,048,826.56 - 1,133,515,392.99 15,348,735,891.17 78,901,353.52 12,191,665,237.52 38,917,167,204.76 
    Statement of Changes in Stockholders' Equity Accounts of the Parent Company 
Compiling unit: China Merchants Property Development Co., Ltd.                                                                                                  Unit: RMB Yuan    
Item 
January-June 2014 
Capital stock Capital reserve Less: treasury 
stock  
Surplus reserves  Generic risk reserve Undistributed profit Total of the 
shareholders’ equity I. Balance at the end of the period of the previous year   1,717,300,503.00   8,927,054,193.00             -     1,082,563,999.99             -     5,432,155,360.06   17,159,074,056.05  
    Plus: changes of the accounting policies                             -    
        Error correction in the early stage                            -    
        Others                            -    
II. Balance at the beginning of this period   1,717,300,503.00   8,927,054,193.00             -     1,082,563,999.99             -     5,432,155,360.06   17,159,074,056.05  
    III. Increase and decrease amount in this period (Fill in 
with “-“ for the decrease) 
858,650,251.00 -858,650,251.00            -                  -     -876,537,491.61   -876,537,491.61
    (I)Net profit            -52,233,250.61  -52,233,250.61 
    (II)Other comprehensive income               
   Subtotal of the above-mentioned (I) and (II)               -                  -               -                  -               -    -52,233,250.61 -52,233,250.61 
    (III)Capital input and reduced by the shareholders               -                  -               -                  -               -                  -                  -
    1. Capital input by the shareholders                            -
    2. Amount paid by the shareholders and counted into 
    the shareholders’ equity 
                           -
    3. Others                            -    
    (IV)Profit distribution               -                  -               -                -       -824,304,241.00    -824,304,241.00
    1. Drawn surplus reserves
    2. Drawn generic risk reserve
    3. Distributed to the shareholders            -824,304,241.00  -824,304,241.00
    4. Others               
    (V)Internal carry-over of the shareholders’ equity 858,650,251.00 -858,650,251.00            -                  -               -                  -                   -
    1. Capital reserve transferred into the capital stock 858,650,251.00 -858,650,251.00                        -
    2. Surplus reserves transferred into the capital stock                            -
    3. Surplus reserves making up for the losses                            -
    4. Others                            -    
    (VI)Special reserve               -                  -               -                  -               -                  -                   -
    1. Drawn in this period                            -
    2. Used in this period                            -    
    (VII)Others                            -    
IV. Balance at the end of this period  2,575,950,754.00   8,068,403,942.00              -     1,082,563,999.99             -     4,555,617,868.45 16,282,536,564.44  
    Statement of Changes in Stockholders' Equity Accounts of the Parent Company (Continued) 
Compiling unit: China Merchants Property Development Co., Ltd.                                                                                    Unit: RMB Yuan     
Item 
Amount in the previous year 
Capital stock Capital reserve Less: treasury stock Surplus reserves Generic risk reserve Undistributed profit 
Total of the shareholders’ 
equity 
I. Balance at the end of the period of the 
previous year  
 1,717,300,503.00   8,927,054,193.00             -       976,829,604.90             -     4,995,735,955.13   16,616,920,256.03  
    Plus: changes of the accounting policies                             -    
        Error correction in the early 
stage
        Others                            -    
II. Balance at the beginning of the period 
in this year  
 1,717,300,503.00   8,927,054,193.00             -       976,829,604.90             -     4,995,735,955.13   16,616,920,256.03  
    III. Increase and decrease amount 
in this year(Fill in with “-“ for the 
decrease) 
              -                  -               -       105,734,395.09             -       436,419,404.93      542,153,800.02  
    (I) Net profit            1,057,343,950.92    1,057,343,950.92  
    (II)Other comprehensive income                            -    
   Subtotal of the above-mentioned (I) and 
(II)  
              -                  -               -                  -               -     1,057,343,950.92    1,057,343,950.92  
    (III)Capital input and reduced by 
the shareholders 
              -                  -               -                  -               -                  -                   -
    1. Capital input by the shareholders                            -
    2. Amount paid by the 
    shareholders and counted into the 
shareholders’ equity 
                           -
    3. Others                            -    
    (IV)Profit distribution                -                  -               -       105,734,395.09             -      -620,924,545.99     -515,190,150.90
    1. Drawn surplus reserves          105,734,395.09      -105,734,395.09                 -
    2. Drawn generic risk reserve                            -
    3. Distributed to the shareholders             -515,190,150.90     -515,190,150.90
    4. Others                            -    
    (V)Internal carry-over of the 
shareholders’ equity 
              -                  -               -                  -               -                  -                   -
    1. Capital reserve transferred into 
    the capital stock 
                           -
    2. Surplus reserves transferred into 
    the capital stock 
                           -
    3. Surplus reserves making up for 
    the losses 
                           -
    4. Others                            -    
    IV. Balance at the end of the period of 
this year 
 1,717,300,503.00   8,927,054,193.00             -     1,082,563,999.99             -     5,432,155,360.06   17,159,074,056.05I. Basic condition of the Company  
China Merchants Property Development Co., Ltd.(the “Company”, or the “Group” when refers to the 
Company together with its subsidiaries), originally China Merchants Shekou Shareholding Co., Ltd., is a 
sino-foreign joint venture Co., Ltd. established by China Merchants Shekou Industrial Zone Co., Ltd. on the 
foundation of former Shekou China Merchants Port Service Co., Ltd., and it was established in Shenzhen, 
China in September 1990.  
    In February 1993, after the approval of Shen Fu Ban Fu (1993) No.358 document of Shenzhen People’s 
Government, the Company publicly issued 27,000,000 A shares to domestic investors in the mode of 
incorporation by stock floatation, and publicly issued 50,000,000 B shares to foreign investors, which 
increased the Company’s capital shares up to 210,000,000. The A shares and B shares issued by the 
    Company were listed in Shenzhen Stock Exchange, China in June 1993.  
    In July 1995, some B shares of the Company were listed in Singapore Stock Exchange in the form of 
SDR (Singapore Depository Receipts).  
In June 2004, the name of the Company was changed to “China Merchants Property Development Co., 
Ltd.”. After the previous dividend distribution and rights issues implemented from 1994 to 2004, up till 
December 31, 2004, the total number of shares of the Company had increased to 618,822,672. 
    On January 18, 2006, the related Shareholders’ Meeting of the Company examined and approved the A 
Share equity division Reform Scheme, i.e. for each 10 A tradable shares held by the holders of the tradable A 
shares of the Company, the holders of the tradable A shares got 2 A shares paid by the holders of the 
non-tradable shares and consideration of RMB 3.14 Yuan. After the Equity Division Reform Scheme was 
    implemented, the total number of shares of the Company remained unchanged.  
After the approval of Zheng Jian Fa Zi [2006] No.67 document of China Securities Regulatory 
Commission, the Company publicly issued 15,100,000 convertible company bonds adopting the mode of 
full-amount priority placement to the original A share holders and the original A share holders giving up 
some priced issuance to the institutional investors offline on August 30, 2006, and the face value of each 
convertible company bond is RMB 100 Yuan. This part of convertible company bonds were listed and traded 
in Shenzhen Stock Exchange since September 11, 2006, which was called “China Merchants convertible 
bonds” in brief, and the share transfer day is March 1, 2007.  
    On May 25, 2007, China Merchants convertible bonds stopped transaction and share transfer, and all the 
China Merchants convertible bonds not converted yet were redeemed by the Company. Up till then, 
altogether 15,093,841 convertible bonds of the Company (the face value of the bond was RMB1,509,384,100 Yuan) were applied for share transfer, and altogether 115,307,691 shares increased by 
transferring. The remaining 6,159 convertible bonds (the face value of the bond was RMB 615,900 Yuan) 
were redeemed by the Company. Up till then, the number of shares of the Company increased to 
734,130,363.  
    After the approval of Zheng Jian Fa Xing Zi [2007] No.299 document of China Securities Regulatory 
Commission, the Company non-publicly issued 110,736,639 shares to the shareholder of the Company China 
Merchants Shekou Industrial Zone Co., Ltd. on September 19, 2007. After this issuance, the total number of 
    shares of the Company increased to 844,867,002. 
    On March 17, 2008, the Shareholders’ Meeting 2007 of the Company approved the Profit Distribution 
and Capital Reserve Transferred to Paid-in Capital Scheme 2007, with total 844,867,002 shares on December 
31, 2007 as the base number, gave 3 bonus shares for each 10 shares, and at the same time, for each 10 
shares, transferred 2 shares with capital reserve. After giving shares and the transfer, the total number of 
shares of the Company increased to 1,267,300,503. 
    After the approval of Zheng Jian Xu Ke [2008] No.989 document of China Securities Regulatory 
Commission, the Company publicly issued 450,000,000 shares to the original A share holders on November 
26, 2008. Among them, the shareholder of the Company China Merchants Shekou Industrial Zone Co., Ltd. 
    subscribed 279,349,288 shares. After this issuance, the total number of shares of the Company increased to 
1,717,300,503. 
    On April 14, 2014, the Shareholders’ Meeting 2013 of the Company approved the Profit Distribution 
and Capital Reserve Transferred to Paid-in Capital Scheme 2013, with the total equity of 1,717,300,503 
shares at the end of 2013 as the base number, for each 10 shares, transferred 5 common shares with capital 
reserve. Altogether 858,650,251 shares were transferred, and after the transfer, the total equity increased to 
2,575,950,754 shares.  
Up till June 30, 2014, the total equity of the Company was 2,575,950,754 shares. Among them, 
1,337,445,559 shares are under restriction for sale, accounting for 51.92% of the total equity, and 
    1,238,505,195 non-restricted shares, accounting for 48.08% of the total equity. 
    The Company is in the property development industry, and the Group mainly engages in property 
development and operation, public utility (power supply) and property management.  
The shareholder of the Company is China Merchants Shekou Industrial Zone Co., Ltd., and the final 
controller is China Merchants Group Co., Ltd. The Shareholders’ Meeting is the top authority of the 
Company, which legally exercises the resolution power for the major matters of the Company such as 
operation guideline, financing, investment and profit distribution etc. The Board of Directors is responsiblefor the Shareholders’ Meeting, and legally exercises the operation decision-making power of the Company. 
The manager level is responsible for implementing the resolutions of the Shareholders’ Meeting and the 
Board of Directors, and hosts the production operation management work of the enterprise.  
II. Main Accounting Policies, Estimations and Basis Preparation of the Consolidated Financial 
Statements
    1. Foundation of compiling the financial statements  
    The financial statements of the Group are compiled with the continuous operation as the foundation, in 
accordance with the actually taking place transactions and matters, pursuant to the Accounting Standards for 
Business Enterprises released by the Ministry of Finance and the related provisions, and based on the accounting 
policies and accounting estimations stated by this Annotation “Method of Compiling the Major Accounting 
Policies, Accounting Estimations and Consolidated Financial Statements”.
    2. Statement of compliance to the Enterprise Accouting Standard 
    The financial statements compiled by the Group meet the requirements of the Accounting Standards for 
Business Enterprises, it truly and completely reflects the related information of the Group such as the financial 
condition, operation achievements and cash flow etc.
    3. Accounting period 
    The accounting period of the Group is January 1 to December 31 Gregorian calendar.
    4. Recording currency  
    The recording currency of the Group is RMB.
    5. Accrual basis and pricing principle 
    The financial accounting of the Group has accrual system as the accrual basis, and except the transactional 
financial assets and financial assets available for sale etc. are measured with fair value, the historic cost is used as 
the pricing principle.
    6. Enterprise merger 
    Enterprise merger refers to the transaction or matter of merging two or over two single enterprises into 
one reporting entity. The Group confirms the assets and liabilities obtained due to enterprise merger on the 
merger day or the purchase day, and the merger day or purchase day is the day when actually obtaining the 
control power over the merged party or the purchased party.For the enterprise merger under the same control, the assets and liabilities obtained by the merging 
party in the enterprise merger are measured by the book value at the merged party on the merger day. For the 
difference between the net assets book value obtained and the merger consideration book value paid, adjust 
the capital reserve. If the capital reserve is not sufficient to offset, adjust the retained income. 

For the enterprise merger under the non-same control, the merger cost is the fair value of the assets paid 
by the Group on the purchase day in order to get the control power over the purchased party, taking place or 
born liabilities and the issued equity securities. The difference between the merger cost and the fair value 
share of the identifiable net assets of the purchased party obtained in the merger (the former is bigger than 
the latter) is confirmed as goodwill. The difference between the merger cost and the fair value share of the 
identifiable net assets of the purchased party obtained in the merger (the former is smaller than the latter) is 
counted into the current profit and loss after review and confirmation.
    7. Method of compiling the consolidated financial statements
    (1) Principle of determining the consolidation scope  
    The Group brings the subsidiary companies owning the actual control power and the special purpose 
entity into the scope of consolidated financial statements.
    (2) Accounting method adopted by the consolidated financial statements  
    The consolidated financial statements of the Group are compiled according to the  Accounting 
Standards for Business Enterprises No.33-Consolidated Financial Statements and the related provisions, 
and during the consolidation, all the major internal transactions and correspondences within the 
consolidation scope have been offset. The part not owned by the parent company in the shareholders’ equity 
of the subsidiary companies is singly listed under the shareholders’ equity item in the consolidated financial 
statements as the minority shareholders’ equity.  
The accounting policy or accounting period adopted by the subsidiary companies and that adopted by 
the Company are inconsistent. When compiling the consolidated financial statements, conduct necessary 
adjustment on the financial statements of the subsidiary companies according to the accounting policy or 
accounting period of the Company.  
For the subsidiary companies obtained through enterprise merger under the non-same control, when 
compiling the consolidated financial statements, the individual financial statements are adjusted with the fair 
value of the identifiable net assets on the purchase day as the foundation. For the subsidiary companies 
obtained through enterprise merger under the same control, it is regarded as the enterprise already existed at 
the beginning of the year of the merger, and its assets, liabilities, operation achievement and cash flow arebrought into the consolidated financial statements by their original book value from the beginning of the year 
of the merger.
    8. Cash and cash equivalents 
    The cash in the cash flow statement of the Group refers to the cash on hand and the deposit that can be 
used for payment at any time. The cash equivalents in the cash flow statement refer to the investment that has 
a holding period not exceeding three months, has strong liquidity, is easy to be exchanged to the cash of the 
known amount and has very small value change risk.
    9. Foreign currency business  
    The foreign currency transaction is the conversion adopting the exchange rate similar to the spot 
exchange rate on the transaction taking place day during initial recognition, and the exchange rate similar to 
the spot exchange rate on the transaction taking place day is calculated and determined by the spot exchange 
rate at the beginning of the transaction taking place month.  
On the balance sheet day, the foreign currency monetary items are converted into RMB adopting the 
spot exchange rate of the balance sheet day. The balance of exchange generated from the difference between 
the spot exchange rate of the day and the spot exchange rate during the initial recognition or of the previous 
balance sheet day is counted into the current profit and loss except: the balance of exchange of the foreign 
currency special loan meeting the capitalization conditions is capitalized and counted into the cost of the 
related assets during the capitalization;(2) In order to avoid the foreign exchange risks, the balance of 
exchange of the hedging tool for hedging is processed according to the hedging accounting method.(3) The 
balance of exchange generated from the foreign currency nonmonetary items available for sale (such as stock) 
and the balance of exchange generated from the other book balance excluding the amortized cost of the 
monetary items available for sale are confirmed as other comprehensive income and counted into the capital 
reserve.  
The foreign currency nonmonetary items measured with historic cost are still measured with the 
recording currency amount converted with the spot exchange rate of the transaction taking place day. The 
foreign currency nonmonetary items measured with fair value are converted adopting the spot exchange rate 
of the fair value determination day. The difference between the recording currency amount after the 
conversion and the original recording currency amount is processed as fair value change (including the 
exchange rate change) and counted into the current profit and loss or confirmed as other comprehensive 
income and counted into the capital reserve.
    10. Financial assets and financial liabilities
    (1) Financial assets  
    1) Classification of financial assets  
According to the investment purpose and the economic nature, the Group classifies the financial assets 
owned into four categories: financial assets measured with fair value and the changes of which are counted 
into the current profit and loss, held-to-maturity investment, loan and receivables, and financial assets 
available for sale.  
The financial assets measured with fair value and the changes of which are counted into the current 
profit and loss refer to the financial assets of which the main purpose is sale in a short period of time, which 
are listed as transactional financial assets in the balance sheet.  
Held-to-maturity investment refers to the non-derivative financial assets with fixed due date, fixed or 
fixable recovery amount and for which the management has the clear intention and ability to hold till 
maturity. 
Loan and receivables refer to the non-derivative financial assets that have no quote in the active market 
and have fixed or fixable recovery amount, including notes receivable, accounts receivable, interest 
receivable, dividend receivable and other receivables etc.  
The financial assets available for sale include the non-derivative financial assets and the financial assets 
not divided into the other categories that are appointed as available for sale during the initial recognition.  
2) Confirmation and measurement of financial assets  
The financial assets are confirmed in the balance sheet by the fair value when the Group becomes a 
party of the financial tool contract. The related transactional expenses of the financial assets measured by the 
fair value and with their changes counted into the current profit and loss taking place when getting them are 
counted into the current profit and loss, and the related transactional expenses of the other financial assets are 
counted into the initial recognition amount.   
The financial assets measured by their fair value and with their changes counted into the current profit 
and loss and the financial assets available for sale are subsequently measured. The effective interest method 
is adopted for the loan and receivables and held-to-maturity investment, and they are listed by amortized 
cost. 
The fair value changes of the financial assets measured by fair value and with their changes countedinto the current profit and loss are counted into the fair value flexible loss and profit. The interests or cash 
dividends got during the assets holding period are confirmed as investment income. When handling, the 
difference between the fair value and the initial account-entering amount is confirmed as investment profit 
and loss, and at the same time, the fair value flexible loss and profit is adjusted.  
Except the impairment loss and the profit or loss on exchange formed by the foreign currency monetary 
financial assets, the fair value changes of the financial assets available for sale are directly counted into the 
shareholders’ equity. When the confirmation is terminated for the financial assets, the accumulative amount 
of the fair value changes originally directly counted into the equity is transferred into the current profit and 
loss. The interest calculated by the effective interest method during the holding period of the 
available-for-sale liability tool investment, as well as the cash dividend announced to be distributed by the 
invested unit and related to the available-for-sale equity tool investment are counted into the current profit 
and loss as the investment income. 
3) Impairment of the financial assets  
Except the financial assets measured by the fair value and with their changes counted into the current 
profit and loss, the Group examines the book value of the other financial assets on the balance sheet day. If 
there are objective evidences showing that certain financial assets have impairment, count and draw the 
provision for impairment. 
The objective evidences for the impairment of the financial assets include the following matters that can be 
observed:  
① The issuer or the debtor has serious financial difficulties.  
② The debtor violates the contract articles, such as breach of contract or being overdue etc. for repaying 
the interest or the principal.  
③ The Group makes concession for the debtor with financial difficulties with the consideration of the 
economic or legal factors.  
④ The debtor will very possibly collapse or conduct other financial restructuring.  
⑤ The financial assets cannot be traded on in the active market because the issuing party has significant 
financial difficulties.  
⑥ It is impossible to identify if the cash flow of an asset in a group of financial assets has decreased, 
however, after conducting overall evaluation on it according to the publicized data, the estimated future cash 
flow of the group of financial assets has really decreased and can be measured after the initial recognition, 
including: 1) The payment capability of the debtor of the group of financial assets has gradually deteriorated. 
2) The condition that may cause it impossible to pay for the group of financial assets arises in the economy 
of the country or area where the debtor is located.⑦ The technology, market, economy or legal environment etc. of the operation of the equity instrument 
issuing party have significant adverse changes, making it impossible for the equity instrument investor to 
recover the investment cost.  
⑧ The fair value of equity instrument investment has serious or other-than-temporary fall.  
⑨ Other objective evidences showing that the financial assets have impairment. 
When the financial assets measured with amortized cost have the provision for impairment counted and 
drawn by the difference between the estimated future cash flow (not including the not-yet-taking place future 
credit loss) and the book value (the former is lower than the latter). If there are objective evidences showing 
that the value of the financial assets is already recovered and is related to the matters arising after the loss is 
confirmed objectively, the confirmed impairment loss is transferred back and counted into the current profit 
and loss. 
When the financial assets available for sale have impairment, the accumulative loss originally directly 
counted into the shareholders’ equity and formed due to the fall of the fair value is transferred out and 
counted into the impairment loss. For the available-for-sale debt instrument investment with the impairment 
loss confirmed, if the fair value rises and is objectively related to the matters arising after the original 
impairment loss confirmed after the period, the originally confirmed impairment loss is transferred back and 
counted into the current profit and loss. For the available-for-sale equity instrument investment with the 
impairment loss confirmed, the fair value rises and is directly counted into the shareholders’ equity after the 
period.  
Transfer of the financial assets  
If the financial assets meet one of the following conditions, they are derecognized:① The right of the 
contract collecting the cash flow of the financial assets is terminated.② The financial assets are already 
transferred, and the Group transfers almost all the risks and remuneration on the ownership of the financial 
assets to the transfer-in party.③ The financial assets were already transferred, although the Group did not 
transfer and did not reserve almost all the risks and remuneration on the ownership of the financial assets, it 
gives up the control on the financial assets.  
If the enterprise did not transfer, did not reserve almost all the risks and remuneration on the ownership 
of the financial assets, and did not give up the control on the financial assets, the related financial assets are 
confirmed according to the degree of it continuing to get involved with the transferred financial assets, and 
the related liabilities are confirmed correspondingly. The degree of continuing to get involved with the 
transferred financial assets refers to the level of risks that the enterprise faces due to the value changes of the 
financial assets.  
If the overall transfer of the financial assets meets the derecognition conditions, the difference between 
the book value of the transferred financial assets and the sum of the consideration received due to the transferand the accumulative amount of the fair value changes originally counted into the other comprehensive 
income is counted into the current profit and loss. 
If partial transfer of the financial assets meets the derecognition conditions, share the overall book value 
of the transferred financial assets between the derecognized part and the part not derecognized according to 
their respective comparative fair value, and count the difference between the sum of the consideration 
received due to the transfer and the accumulative amount of the fair value changes that shall be apportioned 
till the derecognized part and originally counted into the other comprehensive income and the 
aforementioned book amount apportioned into the current profit and loss.
    (2) Financial liabilities  
    The financial liabilities of the Group are classified into the financial liabilities measured by the fair 
value and of which the changes are counted into the current profit and loss during the initial recognition and 
other financial liabilities.  
The financial liabilities measured by the fair value and of which the changes are counted into the current 
profit and loss include the transactional financial liabilities and the financial liabilities appointed to be 
measured by the fair value and of which the changes are counted into the current profit and loss during the 
initial recognition, and subsequent measurement is conducted by the fair value. The profit or loss formed by 
the fair value changes and the dividend and interest expenditures related to the financial liabilities are 
counted into the current profit and loss. 
Effective interest method is adopted for the other financial liabilities, and subsequent measurement is 
conducted by the amortized cost. 
When all or part of the current obligations of the financial liabilities is already discharged, derecognize 
the discharged part of the financial liabilities or obligations. The difference between the book value of the 
derecognized part and the paid consideration is counted into the current profit and loss.
    (3) Method of determining the fair value of the financial assets and financial liabilities  
    1)  If there is an active market for the financial instrument, its fair value is defined as the quotation in 
the active market. Financial assets or liabilities held by the Group or about to be held by the Group are 
recognized for their fair value upon the current quotation in the active market. If there is not such current 
quotation or inquiry price for the financial assets or liabilities, however there has been not significant change 
to the economical environment after the latest transaction, the market price of the latest transaction shall be 
used to recognize the fair value of the financial asset or liability. If there is significant changeafter the latest 
transaction day, the fair value shall be decided by adjusting of the latest transaction price with reference to 
the current prices or interest rates of similar financial assets or liabilities. When the Group has obtainedsufficient evidence showing that the price of latest transaction is not the fair value, it could be adjusted 
appropriately and recognized as the fair value of the financial asset or liability. 
2)  When there is not any active market for a financial instrument, its fair value shall be decided by using 
of evaluating technique, which includes the prices decided by voluntary parties, current fair value of other 
substantial equivalent financial assets, cash flow discount method, or the pricing model of equity option.
    11. Bad debt reserves for the receivables 
    The Group has the following conditions as the standards to determine the bad debt loss of the 
receivables: The debtor unit’s production is stopped and it is unable to relay the debt within the foreseeable 
time due to backout, bankruptcy, insolvency, serious shortage of cash flow, and serious natural disasters etc. 
The debtor unit is overdue for implementing the debt repayment obligation for over 3 years. There are other 
unambiguous evidences showing that recovery is impossible or the possibility is small.  
Adopt the allowance method to check the bad debt loss that may arise, conduct impairment test singly 
or by portfolio at the end of the period, count and draw the bad debt provision and count into the current 
profit and loss. The receivables that the unambiguous evidences show that it is really impossible to recover 
are regarded as bad debt loss after the approval of the Group according to the prescribed procedures and 
offset the drawn bad debt provision.
    (1)Receivables with significant single amount and with single counted and drawn bad debt 
    provision  
Judgement basis or amount standard for 
significant single amount  
The receivables with single amount exceeding RMB 5 million Yuan is 
regarded as significant receivables  
The counting and drawing method for 
significant single amount and single 
counted and drawn bad debt provision  
The Group singly conducts impairment test on the receivables with significant single 
amount, and singly tests the receivables without impairment, including conducting 
impairment test in the receivable portfolio with similar credit risk characteristics. The 
receivables with impairment loss confirmed in the single test no longer include 
conducting impairment test in the receivable portfolio with similar credit risk 
characteristics.
    (2)Receivables with single amount not significant but with single counted and drawn bad debt 
    provision 
Cause for single counted and drawn bad 
debt provision 
The Group singly conducts impairment test on the receivables with 
single amount not significant but with evidences showing that the 
contract cash flow may not be recovered, and singly tests the receivableswithout impairment, including conducting impairment test on the 
receivable portfolio with similar credit risk characteristics. The 
receivables with impairment loss confirmed in the single test no longer 
include conducting impairment test in the receivable portfolio with 
similar credit risk characteristics.
    (3)Receivables with counted and drawn bad debt provision by portfolio 
    Basis for determining the portfolio 
Portfolio 1 
This portfolio is divided according to the credit risk characteristics of the 
debtor unit, which is mainly the receivables without impairment after single 
test (including the receivables with single amount significant from the related 
party of the Group, government departments and the cooperative party, petty 
cash and deposit etc.), and the possibility for this category of money to have 
bad debt loss is very small.  
Portfolio 2 
This portfolio is the receivables except portfolio 1 and the receivables with 
single counted and drawn bad debt provision, and the Group counted and 
drawn bad debt provision for the receivables of this portfolio by aging of 
accounts combining the historic experiences.  
Counting and drawing method of counted and drawn bad debt provision by portfolio 
Portfolio 1 Bad debt provision not counted and drawn  
Portfolio 2 Aging of accounts
    (4) The counted and drawn proportions of bad debt provision of the receivables adopting aging of 
    accounts are as follows  
Aging Counted and drawn proportion of the 
accounts receivable (%) 
Counted and drawn proportion of 
other receivables (%) 
Within 6 months (including 6 
months) 6-12 months  5 5 
1-2 years  20 20 
2-3 years  50 50 
Over 3 years  100 100
    12. Inventories  
    The inventories of the Group mainly include property development products, raw materials, commodity 
stocks, low-value consumption goods and others.  
Property development products are mainly property in progress development products (including the 
land planned to develop), completed development products (including the rented property for sale), etc. The 
actual cost of the property development products includes land-transferring fees, infrastructure supporting 
expenditure, construction and installation work expenditure, loan expenses arising before the development 
project is completed and other related expenses in the development process. When the property development 
products are sent out, individual pricing is adopted to determine their actual cost.  
Construction contracts are measured at actual costs, including related direct and indirect expenses 
occurred from signing to completion of the contract. The accumulative cost that has arisen, accumulative 
confirmed gross profit (loss) and the settled money of the contract for the construction in process are listed as 
the net amount after the offset in the balance sheet. The sum of the accumulative cost that has arisen and the 
accumulative confirmed gross profit (loss) and the part exceeding the settled money of the contract for the 
construction in process are listed as inventories. The sum of the part of the settled money exceeding the 
accumulative cost that has arisen and the accumulative confirmed gross profit (loss) of the contract for the 
construction in process is listed as the account collected in advance.  
The travelling expense and tender submission fee etc. arising in order to enter into the construction 
contract are counted into the contract cost when getting the contract if they can be singly distinguished, 
measured reliably and it is very possible to enter into the contract. If the above-mentioned conditions are not 
met, they are counted into the current profit and loss.  
The low-value consumption goods and other inventories are amortized adopting one-time resale 
method. 
The inventories at the end of the period are accounted depending on which is lower between the cost 
and the net realizable value.. When the net realizable value of the property development product is lower 
than the cost, the inventory price fall provision shall be counted and drawn. net realizable value refers to the 
amount of the estimated sales price less thee estimated completion cost, the estimated sales expenses and the 
tax in the normal production and operation process. When determining the net realizable value of the 
inventories, the unambiguous evidences obtained are used as the foundation, and at the same time, the 
purpose of holding the inventories and the impact of the matters after the balance sheet day are considered.  
After counting and drawing the inventory price fall provision, if the previous influencing factors writing 
down the inventory value have disappeared, the written down amount shall be recovered and transferredback within the amount of the originally counted and drawn inventory price fall provision. The amount 
transferred back is counted into the current profit and loss.
    13.  Long-term equity investment  
    Long-term equity investments are those share equities of the entities on which the Group is holding 
substantial control power, common control, or major influences. 
Control refers to the investor owns right to investee, can acquire variable returns through participating 
in investee’s related activities and has power to use the right in order to impact on its return. 
Joint control refers to the common control on certain economic activity according to the contract 
stipulations. The basis for determining the joint control is: any one cooperative party cannot singly control 
the production and operation activities of the cooperative enterprise, and the decisions involving the basic 
operation activities of the cooperative enterprise need the unanimous consent of all the cooperative parties 
etc.  
Significant impact refers to having the power to participate in the decision-making of the financial and 
operation policies of the invested unit, but cannot control or jointly control with the other parties the making 
of these policies. The basis for determining the significant impact is mainly the Group owning over 20% 
(including 20%) but lower than 50% voting shares of the invested unit directly or indirectly through the 
subsidiary companies. If there are clear evidences showing that it cannot participate in the decision-making 
of the production and operation of the invested unit under such condition, significant impact cannot be 
formed.  
For the long-term equity investment obtained through the enterprise merger under the same control, the 
share of the book value of the owner of the merged party obtained on the merger day is used as the 
investment cost of the long-term equity investment. For the long-term equity investment obtained through 
the enterprise merger under the non-same control, the assets paid out, liabilities that have arisen or been born 
and the fair value of the issued equity securities for getting the control power on the merged (purchased) 
party on the merger (purchase) day are used as the merger cost.  
Besides the long-term equity investment obtained through enterprise merger, for the long-term equity 
investment obtained through paying cash, the purchase price actually paid is used as the investment cost. For 
the long-term equity investment obtained through issuing equity securities, the fair value of the equity 
securities issued is used as the investment cost. For the long-term equity investment input by the investors, 
the value in accordance with the investment contract or the agreement stipulations is used as the investment 
cost. For the long-term equity investment obtained through debt restructuring and exchange of nonmonetary 
assets etc., the investment cost is determined according to the provisions of the related accounting standards.The Group adopts the cost method to check for the investment on the subsidiary companies, and 
conducts adjustment by the equity method when compiling the consolidated financial statements. The Group 
adopts equity method to check for the investment on the cooperative enterprise and associated enterprise.  
When adopting the cost method to check, the long-term equity investment is priced by the initial 
investment cost, and the cost of the long-term equity investment is adjusted when adding or recovering the 
investment. When adopting the equity method to check, the current investment profit and loss is the share of 
the net profit and loss realized by the invested unit in the year that shall be enjoyed or shall be shared. When 
confirming the share of the net profit and loss of the invested unit that shall be enjoyed, the part belonging to 
the investing enterprise is calculated according to the shareholding proportion with the fair value of all the 
identifiable assets etc. of the invested unit when getting the investment as the foundation, in accordance with 
the accounting policies and accounting period of the Group, and with the internal transaction profit and loss 
arising between the Group and the associated enterprise and the cooperative enterprise offset, and 
confirmation is conducted after adjusting the net profit of the invested unit. For the long-term equity 
investment on the associated enterprise and cooperative enterprise already held before the first 
implementation day, if there is debit difference of equity investment related to the investment, the investment 
gain/loss shall be recognized after deducting of debit differences of the equity investment amortized to the 
retained period straightly.   
The Group changes to adopt the cost method to check for the long-term equity investment that no longer 
has joint control or significant impact on the invested unit due to investment reduction etc., has no quote in 
the active market, and the fair value of which cannot be measured reliably. The Group also changes to adopt 
the cost method to check for the long-term equity investment that can implement control on the invested unit 
due to adding investment etc. The Group changes to adopt the equity method to check for the long-term 
equity investment that can implement joint control or significant impact on the invested unit but does not 
constitute control due to adding investment etc. or no longer has control but can implement joint control or 
significant impact on the invested unit due to dispose investment etc.  
When handling the long-term equity investment, the difference between the book value and the money 
actually obtained is counted into the current investment income. For the long-term equity investment 
checked adopting the equity method, if the other changes of the owner’s equity except the net profit and loss 
of the invested unit are counted into the owner’s equity, when handling the investment, the part originally 
counted into the owner’s equity is transferred into the current investment income according to the 
corresponding proportion.
    14. Investment property  
    The investment property of the Group includes the rented land use right, the land use right held and 
planned to transfer after value adding, rented buildings, and the buildings held and planned to be rented inthe future.  
For the investment property of the Group, the cost is used as the account entering value. The cost of the 
outsourcing investment property includes the purchase price, the related taxes, and other expenditures 
directly belonging to the asset. The cost of self-built investment property consists of the necessary 
expenditures arising before the asset reaches the estimated usable status.  
The Group adopt cost mode to conduct subsequent measurement on the investment property, and adopt 
composite life method to count and draw depreciation or amortization according to its estimated service life 
and net ratio of remaining value. The estimated service life, net ratio of remaining value and annual 
depreciation (amortization) rate of the investment property are as follows:  
Asset category  Asset category subdivision Depreciation life Net salvage Yearly depreciation (%) 
Rental land and land use 
right  
—— Remaining service life 0% 
Calculated and 
determined 
according to the 
depreciation life 
Housing and buildings  
Steel structure 
30 years or the use right 
term, whichever is lower 5% 
≥3.17 
    Reinforced 
concrete structure 
25 years or the use right 
term, whichever is lower 5% 
≥3.8 
    Masonry-concrete 
structure 
20 years or the use right 
term, whichever is lower 5% 
≥4.75 
    When the purpose of the investment property is changed to self-use, since the day of the change, the 
investment property is changed to fixed asset or intangible asset. When the purpose of the self-use property is 
changed to earning rent or capital value adding, since the day of the change, the fixed asset or intangible 
asset is changed to investment property. During the change, the book value before the change is used as the 
account entering value after the change.  
When the investment property is disposed, or permanently exits use and it is estimated that it is 
impossible to get economic interest from the disposal, derecognize the investment property. The amount of 
the disposal income of selling, transferring, scrapping or breaking the investment property after deducting its 
book value and the related taxes is counted into the current profit and loss.
    15. Fixed assets  
    The fixed assets of the Group refer to the tangible assets that have the following characteristics at the 
same time: produce commodities, provide labor, held for rental or operation management, the service lifeexceed one year.  
The fixed assets include housing and buildings, machinery equipment, transportation equipment, office 
equipment and others, and the cost when getting them is used as the value of account entry. The cost of the 
outsourced fixed assets includes the purchase price and related taxes such as the import duty etc., as well as 
the other expenditures directly belonging to the assets before making the fixed assets reach thee estimated 
usable status.  The cost of the self-built fixed assets consists of the necessary expenditures before the assets 
reach the estimated usable status. For the fixed assets input by the investors, the value stipulated by the 
investment contract or agreement is used as the account entry value. However, if the value stipulated by the 
contract or agreement is not fair, the fair value is used to enter the account. For fixed assets obtained in term 
of finance lease, shall be booked at the lower one of the fair value of the leased asset at the day of leasing 
and the lowest rental payment.  
The subsequent expenditures related to the fixed assets include repair expenditures and update reconstruction 
expenditures etc. Those meeting the fixed assets confirmation conditions are counted into the cost of the 
fixed assets. For the replaced part, derecognize its book value. Those not meeting the fixed assets 
confirmation conditions are counted into the current profit and loss when arising.  
Except the fixed assets already fully depreciated and used on, the Group counts and draws the 
depreciation for all the fixed assets. When counting and drawing depreciation, composite life method is 
adopted, and they are counted into the cost of current expenses of the related assets respectively according to 
their purposes. The classified depreciation life, estimated net ratio of remaining value and depreciation rate 
of the fixed assets of the Group are as follows:  
Asset category  Asset category subdivision Depreciation life Net salvage 
Yearly 
depreciation (%) 
Workshop 
Steel structure 
30 years or the use right term, 
whichever is lower 5% 
≥3.17 
    Reinforced concrete 
structure 
25 years or the use right term, 
whichever is lower 5% 
≥3.8 
    Masonry-concrete 
structure 
20 years or the use right term, 
whichever is lower 5% 
≥4.75 
    Business and 
residence 
housing  
Steel structure 
30 years or the use right term, 
whichever is lower 5% 
≥3.17 
    Reinforced concrete 
structure 
25 years or the use right term, 
whichever is lower 5% 
≥3.8 
    Masonry-concrete 
structure  
20 years or the use right term, 
whichever is lower 
5% 
≥4.75 
    Machinery —— 5-20 years 5% 4.75-19
    equipment 
Vehicles 
Passenger car 5 years 5% 19 
Production vehicle 5-8 years 5% 11.88-19 
    Vehicle accessory 
equipment 5 years 5%Instrument —— 5 years 5% 19 
Office supplies —— 5 years 5% 19 
Informatization 
equipment 
Optical cable 20 years 5% 4.75 
    Computer equipment 3-5 years 5% 19-31.67 
    Network equipment 5-10 years 5% 9.5-19 
    Safety equipment 3 years 5% 31.67 
    Terminal equipment 3 years 5% 31.67 
    Storage equipment 5 years 5% 19 
Input and output 
equipment 3 years 5%
    31.67 
    Computer room 
auxiliary equipment 5-8 years 5%
    11.88-19 
    Video conference 
system equipment  
3 years 5%
    31.67 
    Others 3-5 years 5% 19-31.67 
    Furniture and 
household 
appliances 
—— 5 years 5%Others —— 5-10 years 5% 9.5-19 
    The Group rechecks the estimated service life, estimated net salvage and depreciation method of 
the fixed assets at the end of each year, and if changes arise, they will be treated as accounting 
estimation changes and handled.  
When disposing the fixed assets cannot generate economic interest or it is estimated that 
economic interest cannot be generated through using or disposing the fixed assets, derecognize the 
fixed assets. The amount of the disposal income of selling, transferring, scrapping or breaking the 
fixed assets after deducting their book value and the related taxes is counted into the current profit 
and loss.
    16. Construction in progress 
    The construction in progress is measured by the actually taking place cost. The self-run construction 
project is measured by the direct materials, direct salary and direct construction fee etc. The out-contracted 
construction project is measured by the payable project cost etc. The engineering cost of equipment 
installation project is determined by the value of the installed equipment, installation expenses and 
expenditures that have arisen for the project test run etc. The cost of construction in progress also includes 
the capitalized borrowing costs and profit or loss on exchange. 
For the construction in progress, after the day when reaching the predetermined usable status, according 
to the construction budget, construction cost or project actual cost etc., the fixed assets or other long-term 
assets are carried over by the estimated value. Depreciation shall begin in the very next month. After 
handling the completion final settlement procedures, adjust the original value difference of the fixed assets.
    17. Borrowing costs 
    The borrowing costs include the interest on borrowings, amortization of discount or premium, auxiliary 
expenses and balance of exchange arising due to foreign currency loans etc. The assets directly belonging to 
those meeting the capitalization conditions or the borrowing costs for production start to be capitalized when 
the assets expenditure has arisen, the borrowing costs have arisen and construction or production activities 
necessary for making the assets reaching the usable or sellable status have started. When the construction or 
the assets with the production meet the capitalization conditions reaches the estimated usable or sellable 
status, stop capitalization. The remaining borrowing costs are confirmed as expenses during the period when 
they arise.  
The assets meeting the capitalization conditions refer to the assets such as fixed assets, investment 
property and inventories etc. that can only reach the estimated usable or sellable status after the construction 
or production activities of a long period of time (usually refers to over 1 year).  
In the property development projects, the construction or production activities necessary for making the 
assets reach the usable or sellable status refer to getting the land use right of property development, and 
starting the project construction engineering (such as the pile foundation engineering or other material 
construction activities). The assets reaching the estimated usable or sellable status refer to the property 
projects getting the project completion inspection and acceptance record keeping receipt.  
The amount of the interest expenses that actually arises in the current period of the special borrowing is 
capitalized after deducting the interest income got through depositing the unused loan into the bank or the 
investment income got through temporary investment. For the general loan, the capitalization amount is 
determined by the assets expenditure weighted average of the part of the accumulative assets expenditureexceeding the special loan multiplied by the capitalization rate of the occupied general loan. The 
capitalization rate is calculated and determined according to the weighted average interest rate of general 
loan. 
If the assets meeting the capitalization conditions have abnormal interruption in the construction or 
production process and the interruption time continuously exceed three months, suspend the capitalization of 
the borrowing costs, till the construction or production activities of the assets start again.
    18. Intangible assets  
    The intangible assets of the Group include the land use right and software etc. got for constructing the 
self-use property. The land use right got for daily operation activities is checked as inventory. The intangible 
assets are measured by the actual cost when getting them. For the purchased intangible assets, the actually 
paid price and the related other expenditures are used as the actual cost. For the intangible assets input by the 
investors, the actual cost is determined by the value stipulated by the investment contract or agreement. 
However, if the value stipulated by the contract or agreement is not fair, the actual cost is determined by the 
fair value.  
From the transfer start day, the land use right is amortized in average according to its transfer term. The 
software and other intangible assets are amortized in average by phase according to the estimated service life, 
income life prescribed by the contract, or the effective life prescribed by the law, whichever is the shortest. 
The amortization amount is counted into the related assets cost and current profit and loss by its benefit 
object.  
The estimated service life and amortization method of the intangible assets with limited service life are 
reviewed at the end of each year. If changes arise, they are handled as accounting estimation changes. In each 
accounting period, review the estimated service life of the intangible assets with their service life uncertain. 
If there are evidences showing that the service life of the intangible assets is limited, estimate its service life 
and amortize within its estimated service life.
    19. Impairment of non-financial long-term assets  
    The Group examines the long-term equity investment, fixed assets, construction in progress and the 
intangible assets with limited service life etc. on each balance sheet day. When there are the following signs, 
it shows that the assets may have impairment, and the Group will conduct impairment test. For the intangible 
assets with their goodwill and service life uncertain, no matter there are impairment signs or not, conduct 
impairment test at the end of each year. If it is difficult to test the recoverable amount of the single assets, test 
with the asset group or asset group portfolio of the assets as the foundation.After the impairment test, if the book value of the assets exceeds its recoverable amount, the difference 
is confirmed as impairment loss. Once the impairment loss of the above-mentioned assets is determined, it 
can not be transferred back during the later accounting period. The recoverable amount of the assets refers to 
the net amount of the fair value less the disposal expense or the present value of the estimated future cash 
flow of the assets, whichever is higher.  
The signs of impairment are as follows:
    (1)The market price of the assets falls greatly in the current period, and the range is obviously higher 
    than the estimated fall due to time lapse or normal use.
    (2)The economic, technical or legal environment etc. of the enterprise operation and the market of the 
    assets have significant changes in the current period or in the recent period, thus generating adverse impact 
on the enterprise.
    (3)The market interest rate or the investment rate of return of the other markets has risen in the 
    current period, thus influencing the enterprise calculating the discount rate of the present value of the 
estimated future cash flow of the assets, causing great fall of the recoverable amount of the assets.
    (4)There are evidences showing that the assets are already old and out of date or its entity is already 
    damaged.
    (5)The assets are already or will be idle, terminate use or plan to dispose in advance.
    (6)The evidences of the enterprise internal report show that the economic performance of the assets is 
    already lower or will be lower than the expectation, for example, the net cash flow created by the assets or 
the operating profit (or loss) realized is far lower (or higher) than the estimated amount etc.
    (7)There are other signs showing that the assets may already have impairment.
    20. Goodwill  
    Goodwill is the difference between the equity investment cost or the enterprise merger cost under the 
non-same control and the share of the fair value of the identifiable net assets of the invested unit or 
purchased party on the getting day or purchase day that shall be enjoyed or got in the enterprise merger (the 
former is bigger than the latter).  
The goodwill related to the subsidiary company is singly listed on the consolidated financial statement, 
and the goodwill related to the associated enterprise and cooperative enterprise is included in the book value 
of long-term equity investment.
    21. Long-term deferred and prepaid expenses 
    The long-term deferred and prepaid expenses of the Group refer to the expenses with the amortization 
duration over one year (not including one year) that has been listed but shall be born in the current period 
and in the later periods, and such expenses are amortized in average within the period of benefit. If the items 
of the long-term deferred and prepaid expenses cannot make the later accounting period benefited, all the 
amortization value of the items not amortized is transferred into the current profit and loss.
    22. Remuneration of the employees  
    The Group confirms the payable remuneration of the employees as liabilities during the accounting 
period when the employees provide service, and count it into the related assets cost and expenses by the 
benefit object of the employees providing service. The compensation offered due to terminating the labor 
relationship with the employees is counted into the current profit and loss.  
The remuneration of the employees mainly includes the expenditures related to the service provided by 
the employees such as salary, bonus, subsidy, employee welfare expenses, social insurance expenses, housing 
fund, labor union expenses and employee education expenses etc.  
If it is decided to terminate the labor relationship with the employees before the employee labor contract 
is due, or the suggestion of offering compensation is brought forward in order to encourage the employees to 
voluntarily accept the reduction, the Group has made formal the labor relationship termination plan or 
brought forward the voluntary reduction suggestion and will implement, and at the same time, the Group 
cannot unilaterally withdraw the termination of the labor relationship plan or reduction suggestion, the 
estimated liabilities generated due to terminating the labor relationship with the employees and offering 
compensation are counted into the current profit and loss.
    23. Equity instrument 
    Equity instrument refers to the contract that can prove owning the remaining equity in the assets of the 
Group after deducting all the liabilities. The transaction expenses that have arisen in the merging party 
issuing the equity instrument in the enterprise merger offset the premium income of the equity instrument. If 
they are insufficient to offset, written down the retained income. For the remaining equity instrument, for the 
consideration received during then issuance, after deducting the transaction expenses, add the shareholders’ 
equity. The consideration paid for buying back the self-equity instrument and the transaction expenses reduce 
the shareholders’ equity. When issuing, buying back, selling or canceling the equity instrument, the profit and 
loss are not confirmed.  
All kinds of distributions of the Group for the holding party of the equity instrument (not including thestock dividend) reduce the shareholders’ equity. The Group does not confirm the change amount of the fair 
value of the equity instrument.
    24. Estimated liabilities  
    When the businesses related to the contingencies such as external guarantee, trade acceptance discount, 
pending action or arbitration etc. meet the following conditions at the same time, the Group confirm them as 
liabilities: The obligation is the current obligation born by the Group. The implementation of the obligation 
may very possibly cause the economic interest flowing out of the enterprise. The amount of the obligation 
can be measured reliably.  
Initial measurement is conducted for the estimated liabilities according to the best estimate of the 
expenditures needed for implementing the related current obligations, and the factors such as risks, 
uncertainties and currency time value etc. related to the contingencies are considered comprehensively. If the 
impact of the currency time value is significant, the best estimate is determined after discounting the related 
future cash outflow. On each balance sheet day, the book value of the estimated liabilities is reviewed, and if 
there are changes, adjust the book value to reflect the current best estimate.
    25. Revenue recognition principle
    (1)Revenue recognition principles: business revenues of the Group mainly includes property 
    development product sales revenue, rental income, property management fee income, public utility (power 
supply) income and construction contract income, and the revenue recognition principles are as follows: 
1) The revenue is recognized when the property development products meet the following conditions:  
A.The buying party and the selling party sign contract and have record kept at the land ministry. 
B.The property development products are completed and accepted qualified.  
C.The Company receives all the housing purchase money of the client or get the right to collect all the 
housing purchase money (such as the written commitment letter of the bank agreeing to distribute the 
mortgage money). 
D.When the housing delivering procedures are handled or it is regarded as the client accepts according to 
the conditions stipulated in the housing purchase contract.  
2) Rental income: For the rental income of investment property, the rent stipulated in the contract or 
agreement in the periods of the lease term is confirmed as rental income by the straight-line method.3) Public utility income: When the power supply service is already provided, the economic interest 
related to the power supply service can flow into the enterprise, and the related income and cost can be 
measured reliably, realization of the public utility income is confirmed.  
4) Property management fee income: When the property management service is already provided, the 
economic interest related to the property management service can flow into the enterprise, and the related 
income and cost can be measured reliably, realization of the property management income is confirmed.
    26. Construction contract 
    When the contract total income can be measured reliably, the economic interest related to the contract 
may very possibly flow into the Group, the actually arising contract cost can be clearly distinguished and 
reliably measured, and the contract completion progress and the cost that needs to arise for completing the 
contract can be reliably determined, the Group confirms the contract income and contract expenses by the 
completion percentage method on the balance sheet day. When adopting the completion percentage method, 
the contract completion progress is determined according to the proportion of the contract cost that has 
actually arisen accounting for in the contract estimated total cost.  
When the result of the construction contract cannot be reliably estimated, if the contract cost can be 
recovered, the contract income is confirmed according to the actual contract cost that can be recovered, and 
the contract cost is confirmed as expense in the period when it arises. If the contract cost cannot be recovered, 
it shall be immediately confirmed as expense when arising, and the income is not confirmed.  
The Group examines the construction contract at the end of the period, if the estimated total cost of the 
construction contract exceeds the estimated total income of the contract, draws loss provision, and confirm 
the estimated loss as the current expense.
    27. Government subsidy  
    Government subsidy refers to the Group getting monetary assets or nonmonetary assets from the 
government for free.  
The government subsidy is confirmed when the Group can meet the attached conditions and can 
receive.  
If the government subsidy is monetary assets, measure by the actually received amount. For the subsidy 
allocated according to fixed quota standard, or when there are unambiguous evidences at the end of the 
period showing that it meets the related conditions prescribed by the financial support policies and it is 
estimated that the financial support capital can be received, measure by the amount that shall be received. Ifthe government subsidy is nonmonetary assets, measure by the fair value. If the fair value cannot be obtained 
reliably, measure by the notional amount (RMB 1 Yuan).  
The government subsidy of the Group is divided into government subsidy related to the assets and 
government subsidy related to the income. The government subsidy related to the assets refers to the 
government subsidy got by the Group and used for constructing or forming in other modes the long-term 
assets. The government subsidy related to income refers to the government subsidy except the government 
subsidy related to the assets. If the subsidy object is not clearly prescribed in the government documents, the 
Group judges according to the above-mentioned principle.  
The government subsidy related to the assets is confirmed as deferred income and averagely distributed 
and counted into the current profit and loss within the service life of the related assets. The government 
subsidy related to income and used for compensating the related expenses or losses during the later periods is 
confirmed as deferred income and counted into current profit and loss in the period when confirming the 
related expenses. The government subsidy used for compensating the related expenses or losses that have 
arisen is directly counted into current profit and loss.
    28. Deferred income tax assets and deferred income tax liabilities  
    The deferred income tax assets and deferred income tax liabilities of the Group are calculated and 
confirmed according to the difference (temporary difference) between the tax base of the assets and liabilities 
and their book value. For the deductible loss and tax reduction that can reduce the taxable income in the later 
years according to the provisions of the tax law, the Group does not confirm the corresponding deferred 
income tax assets. For the temporary difference generated due to prepaid tax, the Group does not confirm the 
corresponding deferred income tax liabilities uniformly. On the balance sheet day, the deferred income tax 
assets and deferred income tax liabilities are measured by the applicable tax rate when taking back the assets 
or paying off the liabilities.  
The Group confirms the deferred income tax assets generated from the deductible temporary difference 
with the taxable income that may very possibly be got and used to deduct the deductible temporary 
difference as the limit. For the confirmed deferred income tax assets, when it is estimated that it is very 
possible that sufficient taxable income cannot be got to deduct the deferred income tax assets in the future 
period, the book value of the deferred income tax assets shall be written down. When it is very possible to 
get sufficient taxable income, the written-down amount is transferred back.
    29. Lease  
    The Group divides rental into financing lease and operating lease on the rental start day.Financing lease refers to the lease substantially transferring all the risks and remuneration related to the 
ownership of the assets. When the Group is the lessee, on the lease start day, the Group takes the fair value of 
the leased assets and the present value of the lowest rental payment amount on the lease start day, whichever 
is lower, as the account entering value of the financing rent-in fixed assets, takes the lowest rental payment 
amount as the account entering value of the long-term account payable, and records the difference between 
the two as unconfirmed financing expense. 
Operatinglease refers to the other leases except the financing lease. The rent of the Group as the leasee 
is counted into the related assets cost or current profit and loss in the periods in the lease term by the 
straight-line method, and the rent of the Group as the lessor is confirmed as income in the periods in the lease 
term by the straight-line method.
    30. Financial accounting of the income tax  
    Debt method based on balance sheet is adopted for the financial accounting of the income tax. The 
income tax expense includes the income tax of the year and deferred income tax. Besides counting the 
income tax of the year and deferred income tax related to the transactions and matters directly counted into 
the shareholders’ equity into the shareholders’ equity, as well as the book value of the adjustment goodwill of 
the deferred income tax generated in the enterprise merger, the remaining income tax of the year and 
deferred income tax expense or income is counted into the current profit and loss.  
income tax of the year refers to the amount calculated and determined according to tax provisions that 
the enterprise shall pay to the tax department for the transactions and matters arising in the year, i.e. the 
income tax payable. Deferred income tax refers to the difference between the amount that shall be available 
at the end of the year of the deferred income tax assets and deferred income tax liabilities that shall be 
confirmed according to the debt method based on balance sheet and the originally confirmed amount.
    31. Division information 
    The Group determines the operation divisions with the internal organization structure, management 
requirements and internal report system as the basis, and determines the report divisions with the operation 
divisions as the foundation. The operation division refers to the component that meets the following 
conditions at the same time: The component can generate income and expenditure incurred in the daily 
activities. The Company management can periodically evaluate the operation achievement of the 
components, so as to decide to allocate resources to it and evaluate its achievements. The Company can get 
the related accounting information such as the financial condition, operation achievements and cash flow etc. 
of the components. 
The transfer price between the divisions is determined with reference to the market price, and the jointexpenses are allocated between the different divisions according to the income proportions except the part 
that cannot be reasonably allocated.
    32. Accounting arrangement method of financial assets transfer and non-financial assets securitization 
    businesses  
If there is transfer of financial assets, judge according to the transfer condition of almost all the risks 
and remuneration on the related financial assets ownership. If they are all transferred, derecognize the 
corresponding financial assets. If there is no transfer and almost all the risks and remuneration on the related 
financial assets ownership are reserved, do not derecognize. If there is no transfer and almost all the risks and 
remuneration on the related financial assets ownership are not reserved, decide if derecognizing according to 
the degree of involving the control over the financial assets. If the control over the financial assets is given 
up, derecognize the financial assets. If the control over the financial assets is not given up, confirm the 
related financial assets according to the degree of continuing to get involved with the financial assets and 
confirm the related liabilities correspondingly. If the financial assets meet the overall derecognition, transfer 
the difference between the consideration received and the corresponding book value and count it into the 
current profit and loss. The accumulative change amount of the fair value of the related financial assets 
originally directly counted into the owner's equity is also transferred into the current profit and loss. If it 
meets partial transfer derecognition conditions, apportion the book value involving the overall of the 
transferred financial assets according to their respective comparative fair values between the derecgnized 
part and the underecognized part. With the book value after the apportionment as the foundation, handle the 
part of the overall transfer to the partial transfer. If it does not meet the derecognition conditions, confirm the 
consideration received as a financial liability.
    33. Explanations on the important accounting estimation  
    When compiling the financial statements, the management of the Group needs to utilize estimations and 
assumptions, which will generate impact on the application of the accounting policies and the amounts of 
assets, liabilities, income and expenses. The actual conditions may be different from these estimations. The 
management of the Group conducts continuous evaluation on the judgment on the key assumptions and 
uncertain factors that the estimations involve. The impact of the changes of the accounting estimations is 
confirmed in the period of change and future period.  
There are important risks that will cause significant adjustment of the book value of the assets and 
liabilities in the future period in the following accounting estimations and key assumptions.
    (1)Impairment of receivables 
    The Group measures the receivables by the amortized cost on the balance sheet day, so as to evaluate ifthere is impairment condition, and evaluates the specific amount of the impairment loss when there is the 
impairment condition. The objective evidences of impairment include the interpretable data showing grate 
fall in the estimated future cash flow of the individual or portfolio receivables, and the interpretable data 
showing significant negatives in the financial condition of the debtor in the individual or portfolio 
receivables. If there are evidences showing that the value of the receivable price is already recovered, and it 
is related to the matters arising after confirming the loss objectively, transfer back the originally confirmed 
impairment loss.
    (2)Inventory impairment provision 
    The Group periodically estimates the net realizable value of the inventories, and confirms inventory 
price fall loss for the difference between the inventory cost and the net realizable value (the former is higher 
than the latter). When evaluating the net realizable value of the inventories, the Group confirms with the 
amount of the estimated sales price with the estimated completion cost, the estimated sales expense and the 
taxes. When the actual sales price or cost expense is different from the previous estimation, the management 
will conduct corresponding adjustment on the net realizable value. Therefore, the result of estimating 
according to the existing experiences may be different from the later actual result, and the adjustment on the 
book value of the inventories in the balance sheet may be caused. Therefore, the amount of inventory price 
fall preparation may change along with the above-mentioned cause. The adjustment on the inventory price 
fall preparation will influence the profit and loss of the estimated change period.
    (3)Accounting estimation of goodwill impairment preparation  
    The Group conducts impairment test on the goodwill each year. The recoverable amount of the asset 
group and asset group portfolio containing goodwill is the present value of the estimated future cash flow, 
and its calculation needs to adopt accounting estimation.  
If the management revises the gross profit rate adopted in the calculation of the future cash flow of the 
asset group and asset group portfolio, and the gross profit rate after the revision is lower than the gross profit 
rate adopted at [resent, the Group needs to add counted and drawn impairment provision for the goodwill.  
If the management revises the pre-tax discount rate applied for the cash flow discount again, and the 
pre-tax discount rate after the revision is higher than the discount rate adopted at present, the Group needs to 
add counted and drawn impairment provision for the goodwill.  
If the actual gross profit rate or pre-tax discount rate is higher or lower than the estimation of the 
management, the Group cannot transfer back the originally counted and drawn goodwill impairment loss.
    (4)Accounting estimation of fixed assets impairment provision
    The Group conducts impairment test on the fixed assets such as housing and buildings and machinery 
equipment etc. with impairment signs on the balance sheet day. The recoverable amount of the fixed assets is 
the present value of the estimated future cash flow or the fair value of the assets less the disposal expenses, 
whichever is higher, and its calculation needs to adopt accounting estimation.  
If the management revises the gross profit rate adopted in the calculation of the future cash flow of the 
asset group and asset group portfolio, and the gross profit rate after the revision is lower than the gross profit 
rate adopted at present, the Group needs to add counted and drawn impairment provision for the fixed assets.  
If the management revises the pre-tax discount rate applied for the cash flow discount again, and the 
pre-tax discount rate after the revision is higher than the discount rate adopted at present, the Group needs to 
add counted and drawn impairment provision for the fixed assets.  
If the actual gross profit rate or pre-tax discount rate is higher or lower than the estimation of the 
management, the Group cannot transfer back the originally counted and drawn fixed assets impairment 
provision.
    (5)Accounting estimation for the confirmation of the deferred income tax assets  
    Estimation of the deferred income tax assets needs estimating the taxable income and the applicable tax 
rate in the future years, and the realization of the deferred income tax assets is determined by if the Group 
may very possibly get sufficient taxable income. The changes of the future tax rate and the transfer-back time 
of the temporary difference also may influence the income tax expense (income) and the balance of the 
deferred income tax. The changes of the above-mentioned estimation may cause the important adjustment on 
the deferred income tax.
    (6)Service life of the fixed assets and intangible assets  
    The Group reviews the estimated service life of the fixed assets and intangible assets at least at the end 
of each year. The estimated service life is determined by the management based on the historic experiences 
of the similar assets, with reference to the estimations commonly applied in the industry and combining the 
estimated technologies. When the previous estimation has significant changes, the depreciation expense and 
amortization expense in the future period are adjusted correspondingly.  
III. Changes of the accounting policies and the accounting estimations
    1. In this report period, the Group did not have the changes of the accounting policies.
    2. In this report period, changes of the accounting estimations and their impact in this report period
    In the implementation of the accounting estimations of the depreciation and amortization of the original 
fixed assets and investment property, the Company had the conditions of too broad selection of the 
depreciation life and estimated ratio of remaining value of the same category of assets caused by too 
extensive division of the assets categories, and the accounting estimations not conforming to the actual 
condition caused by big difference between the depreciation life and ratio of remaining value of the same 
categories of assets confirmed by the companies. In order to make the assets depreciation disposal nearer to 
the actual assets use condition, the accounting estimation on changing the depreciation of fixed assets and 
amortization of investment property was approved on the 11th Meeting of the 7th Board of Directors of the 
Company on March 14, 2014 and was approved by the resolution of the 15th Meeting of the 7th Board of 
Supervisors of the Company.  
Condition of the change of the accounting estimation on the depreciation and amortization of the fixed 
assets and investment property this time:
    1. Accounting estimation for the fixed assets 
    Asset category  Asset category subdivision 
After the change Before the change 
Depreciation life Net salvage Depreciation life Net salvage 
Workshop 
Steel structure 
30 years or the use right term, 
whichever is lower 5% 10-50 years 5%-10% 
Reinforced concrete 
structure  
25 years or the use right term, 
whichever is lower 5% 10-50 years 5%-10% 
Masonry-concrete 
structure  
 20 years or the use right term, 
whichever is lower 5% 10-50 years 5%-10% 
Business and 
residence 
housing 
Steel structure 
30 years or the use right term, 
whichever is lower 5% 10-50 years 5%-10% 
Reinforced concrete 
structure  
25 years or the use right term, 
whichever is lower 5% 10-50 years 5%-10% 
Masonry-concrete 
structure  
 20 years or the use right term, 
whichever is lower 
5% 10-50 years 5%-10% 
Machinery 
equipment  
—— 5-20 years 5% 10- 20 years 5%-10% 
Vehicles 
Passenger car 5 years 5% 5-10 years 5% 
Production vehicle 5-8 years 5% 5-10 years 5% 
Vehicle accessory 
equipment 5 years 5% 5-10 years 5% 
Instruments —— 5 years 5% 5-10 years 5% 
Office supplies —— 5 years 5% 5-10 years 5%Informatization 
equipment  
Optical cable 20 years 5% 5-10 years 5% 
Computer equipment  3-5 years 5% 5-10 years 5% 
Network equipment  5-10 years 5% 5-10 years 5% 
Safety equipment  3 years 5% 5-10 years 5% 
Terminal equipment  3 years 5% 5-10 years 5% 
Storage equipment  5 years 5% 5-10 years 5% 
Input and output 
equipment  3 years 5% 5-10 years 5% 
Computer room 
auxiliary equipment 5-8 years 5% 5-10 years 5% 
Video conference 
system equipment  
3 years 5% 5-10 years 5% 
Others 3-5 years 5% 5-10 years 5% 
Furniture and 
household 
appliances 
—— 5 years 5% 5-10 years 5% 
Others —— 5-10 years 5% 5-10 years 5%
    2. Accounting estimation for the investment property  
    Asset 
category  
Asset category subdivision 
After the change Before the change 
Depreciation life Net salvage Depreciation life Net salvage 
Rental land 
and land 
use right  
—— Remaining service life 0% 
Remaining service 
life 
0% 
Housing 
and 
buildings 
Steel structure 
30 years or the use right term, 
whichever is lower 5%  20 years 10% 
Reinforced concrete 
structure  
25 years or the use right term, 
whichever is lower 5%  20 years 10% 
Masonry-concrete 
structure  
 20 years or the use right term, 
whichever is lower 5%  20 years 10%This change of the accounting estimation on the depreciation and amortization of the fixed assets and 
investment property is implemented as of the day when the Board of Directors approves, causing an 
increase of RMB 3.28 million Yuan of the depreciation and amortization counted and drawn in this 
    report period compared to before the change. 
IV. Tax 
Tax category Taxation basis Tax rate 
Corporate income tax Taxable income Note 1 
Business tax 
Property sales income, property rental 
income etc.  
5% 
VAT 
Commodity sales incomeNote 2
 17% 
Commodity sales income, power supply 
incomeNote 2

17% 
Land VAT 
Property sales income-with project 
amount deducted 
By ultra progressive tax rate 
30%-60% 
Deed tax 
Acceptance amount of the land use 
right and the housing  
3% 
Property tax 
70% of the original value of the housing 
or the rent incomeNote 3
    1.2% or 12% 
    City maintenance and 
construction tax  
Business tax (or paid VAT) 1%-7% 
Education fee addition  Business tax (or paid VAT) 3% 

Note 1: According to the Tax Regulations of Hong Kong, the income tax rate for the Hong Kong 
subsidiary companies of the Company is 16.5%, and the income tax rate applicable to the Company and the 
    other subsidiary companies is 25%. 
Note 2: The VAT amount is the balance of the substituted money on VAT with the deductible input tax 
deducted, and the substituted money on VAT is calculated by the sales income amount and corresponding tax 
rate prescribed by the related tax laws.  
Note 3: For the fixed assets housing and rental property of the Group, the property tax is paid by 70% 
original value of the book assets or the rental income multiplied by the prescribed tax rate. For the newly 
built housing, after record keeping in the tax authority, property tax is exempted within three years.V. Enterprise merger and consolidated financial statements  
(I) Subsidiary companies  
Company name Company type 
Registration place 
Business 
nature 
Registered 
capital 
(RMB 0,000 
Yuan)  

Scope of business Actual capital 
contribution 
amount at the 
end of the 
period (RMB 
0,000 Yuan) 
Other item 
balance 
substantially 
constitutes the 
net investment 
on the 
subsidiary 
company  
Share 
holding 
proportion (%) 

Voting 
power 
proportion (%) 
Consolidated  
statement 
or not 
Equity  of the minority 
shareholders at the end 
of the period 
Amount used for 
offsetting the profit 
and loss of the 
minority shareholders 
in the equity of the 
minority shareholders  
Subsidiary companies got through enterprise merger under the same control 
Ruijia Investment Industrial 
Co., Ltd. 
Limited 
liability 
company 
Hong 
Kong 
Investment HKD 
160,000 
Investment 130,132.45  100.00 100.00 Yes Not applicable Not applicable 
    China Merchants Property 
(Zhangzhou) Co., Ltd.  
Limited 
liability 
company 
Zhangzhou 
Property RMB 45,000 Property development and commercial housing 
sales  
22,950.00  51.00 60.00 Yes 320,149,190.88   
    Zhangzhou China 
Merchants Property 
Management Co., Ltd.  
Limited 
liability 
company 
Zhangzhou 
Property 
management 
RMB 50 Property management, decoration, consultation, 
property equipment sales, repair, property rental 
and commission sale
    50.00  100.00 100.00 Yes Not applicable Not applicable 
    Zhangzhou China 
Merchants Honglong 
Property Co., Ltd.  
Limited 
liability 
company 
Zhangzhou 
Property RMB 4,000 Property development and commercial housing 
sales  
4,132.72  100.00 100.00 Yes Not applicable Not applicable 
    China Merchants Property 
(Shenzhen) Co., Ltd.  
Limited 
liability 
company 
Shenzhen Property RMB 
300,000 
Property development and commercial housing 
sales  
355,147.40  100.00 100.00 Yes Not applicable Not applicable
    Company name Company type 
Registration place 
Business 
nature 
Registered 
capital 
(RMB 0,000 
Yuan)  

Scope of business Actual capital 
contribution 
amount at the 
end of the 
period (RMB 
0,000 Yuan) 
Other item 
balance 
substantially 
constitutes the 
net investment 
on the 
subsidiary 
company  
Share 
holding 
proportion (%) 

Voting 
power 
proportion (%) 
Consolidated  
statement 
or not 
Equity  of the minority 
shareholders at the end 
of the period 
Amount used for 
offsetting the profit 
and loss of the 
minority shareholders 
in the equity of the 
minority shareholders  
Shekou Xinghua Industrial 
Co., Ltd.  
Limited 
liability 
company 
Shenzhen Property HKD 4,742 Engage in the development and operation of 
Shekou T105-0114 section, rental and 
management of own property
    3384.98  65.07 55.56 Yes 42,770,405.86  
    Shenzhen China Merchants 
Power Supply Co., Ltd.  
Limited 
liability 
company 
Shenzhen Power supply RMB 5,700 Power supply and power sales 11,979.12  100.00 100.00 Yes Not applicable Not applicable 
    Shenzhen China Merchants 
Electric Energy Metrological 
Verification Co., Ltd. 
Limited 
liability 
company 
Shenzhen Metrological 
verification 
RMB 150 Special metrological verification items 
developed after the authorization of Shenzhen 
Quality and Technical Supervision (can only 
operate after getting the authorization of the 
technical supervision department)
    150.00  100.00 100.00 Yes Not applicable Not applicable
    China Merchants Property 
Management Co., Ltd.  
Limited 
liability 
company 
Shenzhen Property 
management 
RMB 2,500 Property management, decoration, consultation, 
property equipment sales, repair, property rental 
and commission sale 
3,646.06  100.00 100.00 Yes Not applicable Not applicable 
    Shenzhen China Merchants 
Property Management Co., 
Ltd.  
Limited 
liability 
company 
Shenzhen Property 
management 
RMB 1,120 Property management, decoration, consultation, 
property equipment sales, repair, property rental 
and commission sale 
1,765.96  100.00 100.00 Yes Not applicable Not applicable 
    Shekou Zhaofa Property Co., 
Ltd.  
Limited 
liability 
company 
Shenzhen Property 
management 
RMB 3,600 Engage in the development of Shekou SKN401 
section, build the business residence and the 
ancillary facility 
3,600.00  100.00 100.00 Yes Not applicable Not applicable 
    Shenzhen China Merchants 
Qile Property Management 
Co., Ltd.  
Limited 
liability 
company 
Shenzhen Property 
management 
RMB 200 Own property management 120.00  60.00 66.67 Yes -1,791,110.23 3,537,807.32 
    Subsidiary companies got through enterprise merger under the non same control  
China Merchants Land Co., 
Ltd. 
Limited 
liability 
company 
Cayman 
Islands 
Investment HKD 30,000 Investment holding 486,999.35  74.35 54.55 Yes 2,078,785,979.45  
    Huaxian Co., Ltd. Limited 
liability 
company 
Hong 
Kong 
Investment HKD 1 Investment 0.81  100.00 100.00 Yes Not applicable Not applicable 
    Chuangjinli Co., Ltd. Limited 
liability 
company 
Hong 
Kong 
Investment HKD 1 Investment 0.81  100.00 100.00 Yes Not applicable Not applicable 
    Tianjin Guojun Investment 
Co., Ltd.  
Limited 
liability 
company 
Tianjin Property RMB 10,000 Property development 30,055.00  100.00 100.00 Yes Not applicable Not applicable 
    Tianjin China Merchants 
Taida Investment Co., Ltd.  
Limited 
liability 
Tianjin Property RMB 30,000 Invest on the property industry with own funds 18,000.00  60.00 60.00 Yes 81,777,806.16 38,222,193.83
    company 
Tianjin Zhaojiang Investment 
Co., Ltd.  
Limited 
liability 
company 
Tianjin Property RMB 3,000 Invest on the property, hi-tech, construction, and 
garden greening industries with own funds 
2,303.38  77.00 80.00 Yes 6,738,385.48 161,614.53 
    Harbin China Merchants 
Jiatian Property 
Development Co., Ltd.Note 1

Limited 
liability 
company 
Harbin Property RMB 5,000 
Property development, property management,housing agent, indoor decoration, invest on  
business and the education industry, housing 
rental  
8,025.00  50.00 50.00 Yes 8,741,752.72 26,629,407.30 
    Harbin Yinkai Property 
Development Co., Ltd.  
Limited 
liability 
company 
Harbin Property RMB 2,000 Property development 1,700.00  85.00 60.00 Yes 40,169,934.95 275,258.34 
    Qingdao Zhongrunde 
Automobile Trade Co., Ltd.  
Limited 
liability 
company 
Qingdao Property RMB 2,640 Property development and commercial housing 
sales  
18,373.18  51.00 60.000 Yes 150,247,144.08 31,740,185.52 
    Shanghai China Merchants 
Fengrui Property Co., Ltd.  
Limited 
liability 
company 
Shanghai Property RMB 1,000 Property development, indoor decoration 
service, sales of building materials  
1,000.00  100.00 100.00 Yes Not applicable Not applicable 
    Shanghai Fengyang Property 
Development Co., Ltd.  
Limited 
liability 
company 
Shanghai Property RMB 3,000 Property development and commercial housing 
sales  
35,325.00  60.00 60.00 Yes 225,474,257.83  
    Yunnan China Merchants 
Chengtou Property Co., Ltd.  
Limited 
liability 
company 
Kunming Property RMB 1,000 Property development and operation, sales of 
commercial housing, housing rental, decoration 
and repair, property broker–agent, property 
management
    600.00  60.00 60.00 Yes -12,974,019.99 16,974,019.99 
    Foshan Kaidacheng 
Investment Development 
Co., Ltd.  
Limited 
liability 
company 
Foshan Property RMB 1,000 Property development 10,510.00  51.00 60.00 Yes 88,026,068.28 13,123,658.13
    Shenzhen Haitao Hotel Co., 
Ltd.  
Limited 
liability 
company 
Shenzhen Hotel service RMB 600 Engage in the hotel consultation service and train 
all kinds of hotel employees, operate the guest 
room, Chinese and western restaurants, laundry, 
entertainment and retail section 
1,228.68  100.00 100.00 Yes Not applicable Not applicable 
    Shenzhen Vanke Binhai 
Property Co., Ltd.Note 1

Limited 
liability 
company 
Shenzhen Property 
RMB 
100,000 
Engage in property development and operation 
on the block with legal land use right 
50,050.00  50.00 60.00 Yes 525,075,226.67  
    Shenzhen Meiyue Property 
Consulting Co., Ltd.  
Limited 
liability 
company 
Shenzhen Property RMB 100 Property development 11,992.62  100.00 100.00 Yes Not applicable Not applicable 
    Shenzhen China Merchants 
Runde Property Co., Ltd.  
Limited 
liability 
company 
Shenzhen Property RMB 1000 Property development and operation, property 
broker, set up industry 
11,755.00  51.00 60.00 Yes 130,903,395.64 2,889,688.85 
    Guanhuagang Trade 
(Shenzhen) Co., Ltd.  
Limited 
liability 
company 
Shenzhen Trade RMB 100 Electronic products such as TV, sound 
equipment, set top box and DVD player etc., 
electric materials and tube stock
    100.00  100.00 100.00 Yes Not applicable Not applicable 
    Subsidiary companies got through other modes  
Trinity Limited Limited 
liability 
company 
British 
Virgin 
Islands 
Investment USD 0.0002 Investment 0.001  100.00 100.00 Yes Not applicable Not applicable 
    Juyang Co., Ltd. Limited 
liability 
company 
British 
Virgin 
Islands 
Investment USD 0.0002 Investment 0.001  100.00 100.00 Yes Not applicable Not applicable 
    Huihao Co., Ltd. Limited 
liability 
company 
British 
Virgin 
Islands 
Investment USD 0.0002 Investment 0.001  100.00 100.00 Yes Not applicable Not applicable
    Huiyu Co., Ltd. Limited 
liability 
company 
British 
Virgin 
Islands 
Investment USD 0.0002 Investment 0.001  100.00 100.00 Yes Not applicable Not applicable 
    Zengtian Co., Ltd. Limited 
liability 
company 
British 
Virgin 
Islands 
Investment USD 0.0002 Investment 0.001  100.00 100.00 Yes Not applicable Not applicable 
    Yinrong Co., Ltd.Note 1

Limited 
liability 
company 
British 
Virgin 
Islands 
Investment USD 0.01 Investment 256,159.46  50.00 60.00 Yes 2,575,182,370.16 2,003,239.17 
    Huiju Co., Ltd. Limited 
liability 
company 
British 
Virgin 
Islands 
Investment USD 0.0002 Investment 126,767.90  100.00 100.00 Yes Not applicable Not applicable 
    Jingji Co., Ltd. Limited 
liability 
company 
British 
Virgin 
Islands 
Investment USD 0.01 Investment 0.06  100.00 100.00 Yes Not applicable Not applicable 
    Chaocheng International Co., 
Ltd. 
Limited 
liability 
company 
British 
Virgin 
Islands 
Investment USD 0.01 Investment 0.06  100.00 100.00 Yes Not applicable Not applicable 
    Guangyu  Co. Ltd. Limited 
liability 
company 
British 
Virgin 
Islands 
Investment 
USD 5 Investment 0.06
    100.00 100.00 Yes 
    Not applicable Not applicable 
Weirong Co., Ltd.Note 2

Limited 
liability 
company 
British 
Virgin 
Islands 
Holding 
company 
service 
USD 5 Holding company service 0.06
    100.00 100.00 Yes 
    Not applicable Not applicable 
Jiali Co., Ltd.Note 2

Limited 
liability 
company 
British 
Virgin 
Islands 
Holding 
company 
service 
USD 5 Holding company service 0.06
    100.00 100.00 Yes 
    Not applicable Not applicableBiyuan Co., Ltd.Note 2

Limited 
liability 
company 
British 
Virgin 
Islands 
Holding 
company 
service 
USD 5 Holding company service 0.06
    100.00 100.00 Yes 
    Not applicable Not applicable 
Yingze Development Co., 
Ltd. 
Limited 
liability 
company 
Hong 
Kong 
Investment HKD 1 Investment 0.85  100.00 100.00 Yes Not applicable Not applicable 
    Leyi Co., Ltd. Limited 
liability 
company 
Hong 
Kong 
Investment USD 0.01 Investment 0.06  100.00 100.00 Yes Not applicable Not applicable 
    Yungao Co., Ltd. Limited 
liability 
company 
Hong 
Kong 
Investment USD 0.01 Investment 0.06  100.00 100.00 Yes Not applicable Not applicable 
    Jumbo Pacific Holding 
Limited 
Limited 
liability 
company 
Hong 
Kong 
Investment USD 0.0001 Investment 0.0006  100.00 100.00 Yes Not applicable Not applicable 
    Union Bloom Limited Limited 
liability 
company 
Hong 
Kong 
Investment USD 0.01 Investment 0.03  51.00 50.00 Yes -5,158,155.65 6,692.69 
    Vast Joint Limited Limited 
liability 
company 
Hong 
Kong 
Investment USD 0.01 Investment 0.03  51.00 50.00 Yes -21,226.52 6,706.02 
    China Merchants Property 
Management (Hong Kong) 
Co., Ltd.  
Limited 
liability 
company 
Hong 
Kong 
Property 
management 
HKD 1 Property management, decoration, consultation, 
property equipment sales, repair, property rental 
and commission sale
    1.10  100.00 100.00 Yes Not applicable Not applicable 
    Koll Merchants Limited Limited 
liability 
company 
Hong 
Kong 
Property 
management 
HKD 0.1 Cleaning service, engineering maintenance and 
    repair service, general trade
    0.08  100.00 100.00 Yes Not applicable Not applicable
    CMK Property 
Management Co., Ltd.  
Limited 
liability 
company 
Hong 
Kong 
Property 
management 
HKD 10 Property management, sales of property 
equipment, on-site repair
    8.11  100.00 100.00 Yes Not applicable Not applicable 
    Aoming Development Co., 
Ltd. 
Limited 
liability 
company 
Hong 
Kong 
Investment HKD 0.01 Investment 0.01  100.00 100.00 Yes Not applicable Not applicable 
    Mingjie Development Co., 
Ltd. 
Limited 
liability 
company 
Hong 
Kong 
Investment HKD 0.01 Investment 0.01  100.00 100.00 Yes Not applicable Not applicable 
    Xinde Development Co., 
Ltd. 
Limited 
liability 
company 
Hong 
Kong 
Investment HKD 0.01 Investment 0.01  100.00 100.00 Yes Not applicable Not applicable 
    Chenghui Investment Co., 
Ltd. 
Limited 
liability 
company 
Hong 
Kong 
Investment USD 0.01 Investment 0.06  100.00 100.00 Yes Not applicable Not applicable 
    Jihong International Co., Ltd. Limited 
liability 
company 
Hong 
Kong 
Investment HKD 1 Investment 0.82  100.00 100.00 Yes Not applicable Not applicable 
    Jianli International Co., Ltd. Limited 
liability 
company 
Hong 
Kong 
Investment HKD 1 Investment 0.82  100.00 100.00 Yes Not applicable Not applicable 
    Maosheng Co., Ltd. Limited 
liability 
company 
Hong 
Kong 
Investment HKD 0.01 Investment 0.01  100.00 100.00 Yes Not applicable Not applicable 
    Yuyue  Co., Ltd. Limited 
liability 
company 
Hong 
Kong 
Investment HKD 0.002 Investment 511,923.2  100.00 100.00 Yes Not applicable Not applicable
    Huipeng Property 
Development Co., Ltd.Note 1

Limited 
liability 
company 
Hong 
Kong 
Property HKD 1 
Property development, sales, and provide the 
related after-sale service  
100,874.8  50.00 75.00 Yes 991,799,886.38  
    Huamin Investment Co., Ltd. Limited 
liability 
company 
Hong 
Kong 
Investment HKD   0.01 Investment 66,301.18  100.00 100.00 Yes Not applicable Not applicable 
    Lefu Investment Co., Ltd. Limited 
liability 
company 
Hong 
Kong 
Investment HKD   0.01 Investment 4,762.20  100.00 100.00 Yes Not applicable Not applicable 
    Huitai Investment Co., Ltd. Limited 
liability 
company 
Hong 
Kong 
Investment HKD 1.00 Investment 0.79  100.00 100.00 Yes Not applicable Not applicable 
    Yiba Investment Co., Ltd. Limited 
liability 
company 
Hong 
Kong 
Investment HKD 0.01 Investment 0.008  100.00 100.00 Yes Not applicable Not applicable 
    Hanyi Development Co., 
Ltd. 
Limited 
liability 
company 
Hong 
Kong 
Investment HKD 0.01 Investment 0.008  100.00 100.00 Yes Not applicable Not applicable 
    Shengjin Development Co., 
Ltd. 
Limited 
liability 
company 
Hong 
Kong 
Investment HKD 0.01 Investment 0.008  100.00 100.00 Yes Not applicable Not applicable 
    Huoju Investment Co., 
Ltd.Note 3

Limited 
liability 
company 
Hong 
Kong 
Holding 
company 
service 
HKD 1 Holding company service 0.55  70.00 60.00 Yes -102,993.29 2,035.87 
    Minghui Investment Co., 
Ltd.Note 2

Limited 
liability 
company 
Hong 
Kong 
Holding 
company 
service 
 HKD 1 Holding company service 0.01  100.00 100.00 Yes Not applicable Not applicable
    Guanghong Investment Co., 
Ltd.Note 2

Limited 
liability 
company 
Hong 
Kong 
Holding 
company 
service 
HKD 1 Holding company service 0.01  100.00 100.00 Yes Not applicable Not applicable 
    Junying Development Co., 
Ltd.Note 2

Limited 
liability 
company 
Hong 
Kong 
Holding 
company 
service 
HKD 1 Holding company service 0.01  100.00 100.00 Yes Not applicable Not applicable 
    Mao’ an Investment Co. Ltd. Limited 
liability 
company 
Hong 
Kong 
Investment HKD 1 Investment 0.01  100.00 100.00 Yes Not applicable Not applicable 
    China Merchants Property 
(Beijing) Co., Ltd.  
Limited 
liability 
company 
Beijing Property RMB 3,000 Property development and commercial housing 
sales  
3,000.00  100.00 100.00 Yes Not applicable Not applicable 
    Beijing China Merchants 
Property Management Co., 
Ltd.  
Limited 
liability 
company 
Beijing Property 
management 
RMB 500 Operate and manage the pay parking of Onward 
Science & Trade Centre, property 
management, decoration, consultation, property 
equipment sales, repair
    718.53  80.00 80.00 Yes 6,350,745.38  
    China Merchants Jiaming 
(Beijing) Property 
Development Co., Ltd.Note 1

Limited 
liability 
company 
Beijing Property RMB 35,000 
Property development, indoor decoration 
service, sales of building materials, technology 
import and export  
17,500.00  50.00 60.00 Yes 1,193,684,560.53  
    Beijing Conrad Property 
Development Co., Ltd.  
Limited 
liability 
company 
Beijing Property RMB 38,000 Property development, sales of the commercial 
housing after self development, development 
and construction of hotel, goods import and 
export, technology import and export  
22,800.00  60.00 60.00 Yes 67,134,699.43 84,865,300.57 
    Beijing China Merchants 
Mingjia Property 
Development Co., Ltd.  
Limited 
liability 
company 
Beijing Property RMB 1,000 Property development 700.00  70.00 57.14 Yes 2,970,820.14 29,179.86 
    Tianjin Zhaosheng Property Limited Tianjin Property RMB 3,000 Property development, sales, and provide the 3,000.00  100.00 100.00 Yes Not applicable Not applicable
    Co., Ltd.  liability 
company 
related after-sale service 
China Merchants Property 
(Tianjin) Co., Ltd.  
Limited 
liability 
company 
Tianjin Property RMB 4,000 Property development, sales, and provide the 
related after-sale service  
3,000.00  75.00 66.67 Yes 11,014,130.07 2,504,575.88 
    Tianjin Gangwei Property 
Development Co., Ltd. 
Limited 
liability 
company 
Tianjin Property RMB 3,000 
Property development, sales of commercial 
housing, housing rental, property service, 
property information consultation  
3,000.00  100.00 100.00 Yes Not applicable Not applicable 
    Tianjin Yongjingwan 
Property Development Co., 
Ltd. 
Limited 
liability 
company 
Tianjin Property RMB 60,000 Property development 60,000.00  100.00 100.00 Yes Not applicable Not applicable 
    Dalian Zhaoyu Property Co., 
Ltd.  
Limited 
liability 
company 
Dalian Property RMB 3,000 Property development 1,530.00  51.00 60.00 Yes -1,052,050.06 15,752,050.06 
    Qingdao Zhongrunde 
Property Co., Ltd.  
Limited 
liability 
company 
Qingdao Property RMB 1,000 Property development and operation 
management, property management, 
construction installation and construction 
decoration  
1,000.00  100.00 100.00 Yes Not applicable Not applicable 
    Qingdao Hyde Property 
Development Co., Ltd.  
Limited 
liability 
company 
Qingdao Property USD 4,000 Development of the property projects on the 
block (G-2012-030) east of No.48 line, south of 
Tongshun Road, west of Hexin Road, and north 
of Haiyue Road in the planning, sales and rental 
of commercial housing, property service, indoor 
and outdoor engineering design and construction  
27,406.10  100.00 100.00 Yes Not applicable Not applicable 
    China Merchants Property 
(Rizhao) Co., Ltd.  
Limited 
liability 
company 
Rizhao Property RMB 3,000 Property development 3,000.00  100.00 100.00 Yes Not applicable Not applicable 
    China Merchants Property Limited Yantai Property USD 9,995 Property development 60,810.20  100.00 100.00 Yes Not applicable Not applicable
    (Yantai) Co., Ltd.  liability 
company 
Yantai China Merchants 
Property Co., Ltd.Note 4

Limited 
liability 
company 
Yantai Property 
development 
RMB 3,000 Property development and operation, indoor and 
outdoor building decoration design and 
construction  
3,000.00  100.00 100.00 Yes Not applicable Not applicable 
    Hangzhou Zhujia Property 
Development Co., Ltd.  
Limited 
liability 
company 
Hangzhou 
Property RMB 10,000 Property development 10,000.00  100.00 100.00 Yes Not applicable Not applicable 
    China Merchants Property 
(Hangzhou) Co., Ltd.  
Limited 
liability 
company 
Hangzhou 
Property RMB 3,000 Property development 3,000.00  100.00 100.00 Yes Not applicable Not applicable 
    Nanjing China Merchants 
Property Management Co., 
Ltd.  
Limited 
liability 
company 
Nanjing Property 
management 
RMB 500 Property management, decoration, consultation, 
property equipment sales, repair, property rental 
and commission sale
    500.00  100.00 100.00 Yes Not applicable Not applicable 
    China Merchants Property 
(Nanjing) Co., Ltd.  
Limited 
liability 
company 
Nanjing Property RMB 3,000 Property development, sales, and provide the 
related after-sale service  
12,787.78  100.00 100.00 Yes Not applicable Not applicable 
    Nanjing China Merchants 
Ruisheng Property Co., Ltd.  
Limited 
liability 
company 
Nanjing Property RMB 3,000 Property development, property management 
service, project investment,property broker 
123,000.00  100.00 100.00 Yes Not applicable Not applicable 
    Nanjing China Merchants 
Ningsheng Property Co., 
Ltd.Note 5

Limited 
liability 
company 
Nanjing Property 
development 
RMB 3,000 Property development and operation, property 
broker, indoor and outdoor building decoration 
design and construction, garden engineering 
design and construction, sales of building 
materials  
3,000.00  100.00 100.00 Yes Not applicable Not applicable 
    Nanjing China Merchants 
Xingsheng Property Co., 
Limited 
liability 
company 
Nanjing Property 
development 
RMB 3,000 Property development and operation, property 
broker, indoor and outdoor building decoration 
design and construction, garden engineering 
21,100.00  70.00 60.00 Yes 9,001,560.32
    Ltd.Note 6

design and construction, sales of building 
materials  
Shanghai China Merchants 
Property Co., Ltd.  
Limited 
liability 
company 
Shanghai Property RMB 3,000 Property development and sales of building 
materials  
3,000.00  100.00 100.00 Yes Not applicable Not applicable 
    Shanghai China Merchants 
Property Management Co., 
Ltd.  
Limited 
liability 
company 
Shanghai Property USD 62 Property management, decoration, consultation, 
property equipment sales, repair, property rental 
and commission sale
    784.86  100.00 100.00 Yes Not applicable Not applicable 
    Shanghai China Merchants 
Minsheng Property Co., Ltd.  
Limited 
liability 
company 
Shanghai Property RMB 3,000 Property development and operation, indoor 
decoration service, sales of building materials  
3,000.00  100.00 100.00 Yes Not applicable Not applicable
    Shanghai China Merchants 
Fengsheng Property Co., Ltd.  
Limited 
liability 
company 
Shanghai Property RMB 3,000 Property development and operation, indoor 
decoration service, sales of building materials 
3,000.00  100.00 100.00 Yes Not applicable Not applicable 
    China Merchants Property 
(Shanghai) Co., Ltd.  
Limited 
liability 
company 
Shanghai Property RMB 3,000 Property development, sales, and provide the 
related after-sale service  
3,000.00  100.00 100.00 Yes Not applicable Not applicable 
    Shanghai Jingyuan Property 
Development Co., Ltd.  
Limited 
liability 
company 
Shanghai Property RMB 55,500 Property development and operation, rental of 
own housing, property management, indoor 
decoration service  
30,525.00  55.00 60.00 Yes 132,238,457.81 117,511,542.19 
    Shanghai China Merchants 
Hongfa Property Co., Ltd.  
Limited 
liability 
company 
Shanghai Property RMB 3,000 Property development and operation, property 
management, rental of own housing, indoor and 
outdoor decoration and design service, 
information consultation, parking lot 
management service 
3,000.00  100.00 100.00 Yes Not applicable Not applicable 
    China Merchants Property 
Development (Suzhou) Co., 
Ltd.  
Limited 
liability 
company 
Suzhou Property RMB 3,000 Property development, operation, rental and sales  3,000.00  100.00 100.00 Yes Not applicable Not applicable 
    Suzhou China Merchants 
Nanshan Property Co., Ltd.  
Limited 
liability 
company 
Suzhou Property RMB 10,000 Property development, sales, and provide the 
related after-sale service  
6,000.00  60.00 60.00 Yes 110,148,502.76  
    Suzhou China Merchants 
Yonghuafu Property Co., 
Ltd.  
Limited 
liability 
company 
Suzhou Property RMB 3,000 Property development and operation, property 
information consultation, housing rental, indoor 
decoration, property management, operation and 
management of parking lot  
3,000.00  100.00 100.00 Yes Not applicable Not applicable 
    Suzhou Shuanghu Property 
Co., Ltd.Note 1

Limited 
liability 
company 
Suzhou Property USD 24,400 
Engage in property development and sales in the 
block accepted after approval, and provide the 
related after-sale service  
83,380.14  50.00 60.00 Yes 946,118,886.87  
    Suzhou China Merchants Limited Suzhou Property RMB 3,000 Property development 3,000.00  100.00 100.00 Yes Not applicable Not applicable
    Yishanjun Property Co., Ltd.  liability 
company 
Zhenjiang Nanshan Creative 
Industrial Park Development 
Co., Ltd.  
Limited 
liability 
company 
Zhenjiang Property RMB 5,000 Property development 3,000.00  60.00 60.00 Yes 19,694,085.29 305,914.72 
    Zhenjiang Yingsheng 
Property Development Co., 
Ltd.  
Limited 
liability 
company 
Zhenjiang Property USD 11,800 Property development, property management 
service, project investment, property broker 
75,477.90  100.00 100.00 Yes Not applicable Not applicable 
    Zhenjiang Huoju Land 
Development Co., Ltd.Note 7

Limited 
liability 
company 
Zhenjiang Property 
development 
USD    
2,990 
Property development and operation 10,470.10  100.00 100.00 Yes Not applicable Not applicable 
    China Merchants Property 
Development (Changzhou) 
Co., Ltd.  
Limited 
liability 
company 
Changzhou 
Property RMB 3,000 Property development and operation, property 
management, rental of own housing, indoor and 
outdoor decoration and design service, business 
information consultation, parking lot 
management service  
3,000.00  100.00 100.00 Yes Not applicable Not applicable 
    Changshu China Merchants 
Xicheng Property Co., 
Ltd.Note 8

Limited 
liability 
company 
Changshu Property 
development 
RMB 3,000 Property development and operation, property 
information consultation, indoor decoration  
16,800.00  100.00 100.00 Yes Not applicable Not applicable 
    China Merchants Property 
Development (Wuhan) Co., 
Ltd.  
Limited 
liability 
company 
Wuhan Property RMB 3,000 Property development, property management 
service, project investment, property broker 
3,000.00  100.00 100.00 Yes Not applicable Not applicable 
    Wuhan China Merchants 
Property Management Co., 
Ltd.  
Limited 
liability 
company 
Wuhan Property 
management 
RMB 500 Property management, decoration, consultation, 
property equipment sales, repair, property rental 
and commission sale
    500.00  100.00 100.00 Yes Not applicable Not applicable 
    Wuhan Xinde Property 
Development Co., Ltd.  
Limited 
liability 
Wuhan Property USD 9,800 Property project development, sales and rental of 
commercial housing, property service, indoor 
90,576.48  100.00 100.00 Yes Not applicable Not applicable
    company and outdoor decoration engineering design and 
construction  
Wuhan Aoming Property 
Development Co., Ltd.  
Limited 
liability 
company 
Wuhan Property USD 9,800 Property project development, sales and rental of 
commercial housing, property service, indoor 
and outdoor decoration engineering design and 
construction  
136,980.39  100.00 100.00 Yes Not applicable Not applicable 
    Wuhan Mingjie Property 
Development Co., Ltd.  
Limited 
liability 
company 
Wuhan Property USD 7,906 Property project development, sales and rental of 
commercial housing, property service, indoor 
and outdoor decoration engineering design and 
construction  
88,414.76  100.00 100.00 Yes Not applicable Not applicable 
    Wuhan China Merchants 
Property Gutian Property Co., 
Ltd.Note 9

Limited 
liability 
company 
Wuhan Property 
development 
RMB 3,000 Property development and operation, sales and 
rental of commercial housing, indoor and 
outdoor building decoration design and 
construction  
3,000.00  100.00 100.00 Yes Not applicable Not applicable 
    Xi’an Mao’an Property Co., 
Ltd.Note 10

Limited 
liability 
company 
Xi’an Property 
development 
USD    
9,500 
Property development and operation 58,446.19  100.00 100.00 Yes Not applicable Not applicable 
    Chengdu China Merchants 
Beihu Property Co., Ltd.  
Limited 
liability 
company 
Chengdu Property RMB 5,000 Property development, project investment, 
property broker, property management service 
5,000.00  100.00 100.00 Yes Not applicable Not applicable 
    China Merchants Property 
(Chengdu) Co., Ltd.  
Limited 
liability 
company 
Chengdu Property RMB 1,000 Property development, property management 
service, project investment, property broker 
1,000.00  100.00 100.00 Yes Not applicable Not applicable 
    Chengdu China Merchants 
Beicheng Property 
Development Co., Ltd.  
Limited 
liability 
company 
Chengdu Property RMB 1,000 Property development, project investment, 
property broker, property management service 
1,000.00  100.00 100.00 Yes Not applicable Not applicable 
    Chengdu China Merchants 
Longcheng Property 
Limited 
liability 
Chengdu Property RMB 1,000 Property development 1,000.00  100.00 100.00 Yes Not applicable Not applicable
    Development Co., Ltd.  company 
China Merchants Property 
Development (Guizhou 
Bijie) Co., Ltd.  
Limited 
liability 
company 
Guizhou Property RMB 3,000 Property investment and sales, property broker 
service, property service, indoor and outdoor 
decoration engineering design and construction  
3,000.00  100.00 100.00 Yes Not applicable Not applicable 
    China Merchants Properties 
and Investment(Guizhou 
Bijie)Investment Co., Ltd. 
Limited 
liability 
company 
Guizhou Property RMB 2,000 Property investment, housing rental, property 
service, indoor and outdoor decoration 
engineering design and construction 
2,000.00  100.00 100.00 Yes Not applicable Not applicable 
    Bijie China Merchants 
Property Management Co., 
Ltd.  
Limited 
liability 
company 
Guizhou Property 
management 
RMB 300 Property management, sales of property 
equipment, on-site repair
    300.00  100.00 100.00 Yes Not applicable Not applicable 
    China Merchants Property 
Development (Chongqing) 
Co., Ltd.  
Limited 
liability 
company 
Chongqing 
Property RMB 3,000 Property development, rental of own housing 3,000.00  100.00 100.00 Yes Not applicable Not applicable 
    China Merchants Property 
Development (Chongqing) 
Garden City Co., Ltd.  
Limited 
liability 
company 
Chongqing 
Property RMB 3,000 Property development, indoor decoration 
service, sales of building materials  
3,000.00  100.00 100.00 Yes Not applicable Not applicable 
    Chongqing China Merchants 
Land Development Co., Ltd. 
Limited 
liability 
company 
Chongqing 
Property USD 53,400 
Property development and rental, sales and 
management  
355,690.25  100.00 100.00 Yes Not applicable Not applicable 
    Chongqing China Merchants 
Evian Property Co., Ltd.  
Limited 
liability 
company 
Chongqing 
Property RMB 2,000 Property development 2,000.00  100.00 100.00 Yes Not applicable Not applicable 
    Chongqing Yizhi China 
Merchants Property 
Development Co., Ltd.  
Limited 
liability 
company 
Chongqing 
Property HKD 23,200 Property development 182,950.56  100.00 100.00 Yes Not applicable Not applicable 
    Fujian Zhongliansheng 
Property Development Co., 
Limited 
liability 
Xiamen Property RMB 5,000 
Property development, housing rental and sales, 
property management, building engineering 
construction, indoor decoration service, 
2,500.00  50.00 60.00 Yes 91,197,812.33
    Ltd.Note 1

company construction equipment rental  
China Merchants Property 
Development (Xiamen) Co., 
Ltd.  
Limited 
liability 
company 
Xiamen Property RMB 5,000 Property development, housing rental and sales, 
property service, building engineering 
construction, indoor decoration service, sales of 
building materials  
5,000.00  100.00 100.00 Yes Not applicable Not applicable 
    Xiamen China Merchants 
Yonghuafu Property Co., 
Ltd.Note 11

Limited 
liability 
company 
Xiamen Property 
development 
RMB 2,000 Property development and operation, business 
information and enterprise management 
consultation  
 2,000.00  100.00 100.00 Yes Not applicable Not applicable 
    Foshan China Merchants 
Xincheng Hi-Tech Co., Ltd.  
Limited 
liability 
company 
Foshan Property RMB 1000 Property development, sales, and provide the 
related after-sale service
    600.00  60.00 60.00 Yes 3,447,887.38 552,112.63 
    Foshan Xincheng Property 
Co., Ltd.Note 1

Limited 
liability 
company 
Foshan Property USD 12,700 
Property development, sales, and provide the 
related after-sale service  
47,869.00  50.00 60.00 Yes 592,401,099.96  
    Foshan Xinjie Property Co., 
Ltd. 
Limited 
liability 
company 
Foshan Property USD 21,980 
Property development, sales, and provide the 
related after-sale service  
162,681.08  100.00 100.00 Yes Not applicable Not applicable 
    Foshan Evian Property Co., 
Ltd.Note 1

Limited 
liability 
company 
Foshan Property RMB 3,000 
Property development, construction, sales, rental 
of own property, property management 
1,500.00  50.00 60.00 Yes 34,366,606.67  
    Foshan China Merchants 
Jiulongcang Property Co., 
Ltd.Note 1

Limited 
liability 
company 
Foshan Property 
USD 
10,989.80 
    Develop and construct on the “Yangfanggang” 
    Nongchan Village Committee, Shishan Town 
Office, Nanhai District, Foshan, rental and sales  
33,859.57  50.00 60.00 Yes 432,150,274.28  
    Foshan Shunde Evian 
Desheng Property Co., Ltd.  
Limited 
liability 
Foshan Property RMB 1,000 Property development 1,000.00  100.00 100.00 Yes N130.ot applicable Not applicable
    company 
Foshan Evian Zhenyuan Co., 
Ltd.  
Limited 
liability 
company 
Foshan Property RMB 550 Property development 550.00  55.00 60.00 Yes 2,983,469.15 2,647,275.17 
    Foshan Evian Shangyuan 
Property Co., Ltd.  
Limited 
liability 
company 
Foshan Property RMB 1,050 Property development 1,050.00  100.00 100.00 Yes Not applicable Not applicable 
    Foshan Evian Xiaode 
Property Co., Ltd. 
Limited 
liability 
company 
Foshan Property 
development 
USD    
8,700 
Property development and operation, sales and 
rental of commercial housing  
 8,700.00  100.00 100.00 Yes Not applicable Not applicable 
    Guangzhou Wanshang 
Property Development Co., 
Ltd.  
Limited 
liability 
company 
Guangzhou 
Property RMB 10,000 Property development and commercial housing 
sales  
3,400.00  34.00 51.00 Yes 71,774,616.33   
    China Merchants Property 
(Guangzhou) Co., Ltd.  
Limited 
liability 
company 
Guangzhou 
Property RMB 20,000 Property operation, rental and sales in the specific 
blocks  
44,373.75  100.00 100.00 Yes Not applicable Not applicable 
    Guangzhou Evian Property 
Co., Ltd.Note 12

Limited 
liability 
company 
Guangzhou 
Property 
development 
RMB 1,000 Property development and operation 1,000.00  100.00 100.00 Yes Not applicable Not applicable 
    China Merchants Property 
(Zhuhai) Co., Ltd.  
Limited 
liability 
company 
Zhuhai Property RMB 800 Property development and commercial housing 
sales
    800.00  100.00 100.00 Yes Not applicable Not applicable 
    Zhuhai Yuanfeng Property 
Co., Ltd.  
Limited 
liability 
company 
Zhuhai Property RMB 800 Property development and commercial housing 
sales
    408.00  51.00 60.00 Yes 13,971,317.43  
    Zhuhai Evian Property Co., Limited 
liability 
Zhuhai Property 
development 
RMB 3,000 Property development and operation 3,000.00  100.00 100.00 Yes Not applicable Not applicable
    Ltd.Note 13

company 
Nanning China Merchants 
Haotian Property Co., 
Ltd.Note 14

Limited 
liability 
company 
Nanning Property RMB 10,000 Property development 1400.00  70.00 60.00 Yes 3,657,909.54 3,760,463.55 
    Hainan China Merchants 
Ocean Development Co., 
Ltd.  
Limited 
liability 
company 
Qionghai Property RMB 
200,000 
Development of tourist projects, business 
projects, hotel, hotel management  
24,000.00  60.00 60.00 Yes 799,378,666.05 621,333.95 
    China Merchants Property 
(Sanya) Co., Ltd.  
Limited 
liability 
company 
Sanya Property RMB 10,000 Property development 10,000.00  100.00 100.00 Yes Not applicable Not applicable 
    Shenzhen China Merchants 
Properties and Investment 
Co., Ltd. 
Limited 
liability 
company 
Shenzhen Property RMB 20,000 
Property development, property management 
service, project investment, property broker 
188,336.75  100.00 100.00 Yes Not applicable Not applicable 
    Shenzhen China Merchants 
Xin’an Property Co., Ltd.  
Limited 
liability 
company 
Shenzhen Property RMB 2,500 Rental of own property 2,412.29  100.00 100.00 Yes Not applicable Not applicable 
    Shenzhen Pingshan China 
Merchants Property Co., 
Ltd.Note 15

Limited 
liability 
company 
Shenzhen Property RMB 2000 Property development 1,400.00  70.00 71.43 Yes 6,374,447.44 8,862,042.55 
    Shenzhen Meilun Hotel 
Management Co., Ltd.  
Limited 
liability 
company 
Shenzhen Investment RMB 1,000 Set up industry, domestic business 1,000.00  100.00 100.00 Yes Not applicable Not applicable 
    Shenzhen China Merchants 
Property Consulting Co., Ltd.  
Limited 
liability 
company 
Shenzhen 
Property 
agent 
RMB 200 Property operation, information consultation  200.00  100.00 100.00 Yes Not applicable Not applicable
    Shenzhen Taige Apartment 
Management Co., Ltd.  
Limited 
liability 
company 
Shenzhen Hotel service RMB 100 
Golf indoor course, property rental, Chinese and 
western food/shopping mall
    100.00  100.00 100.00 Yes Not applicable Not applicable 
    Shenzhen China Merchants 
Anye Investment 
Development Co., Ltd.  
Limited 
liability 
company 
Shenzhen Investment RMB 1,000 Invest to set up industry, domestic business 510.00  51.00 60.00 Yes -5,218,503.95 10,118,503.95 
    Shenzhen China Merchants 
Construction Co., Ltd.  
Limited 
liability 
company 
Shenzhen Property RMB 15,000 
Building engineering construction, decoration 
engineering design and construction, elevator, air 
conditioning engineering maintenance, sales of 
building materials  
15,000.00  100.00 100.00 Yes Not applicable Not applicable 
    Shenzhen China Merchants 
Business Development Co., 
Ltd.  
Limited 
liability 
company 
Shenzhen Property RMB 18,000 
Business property development and 
construction, management, rental, invest to set up 
industry 
9,180.00  51.00 60.00 Yes 55,237,901.37 32,962,098.63 
    Shenzhen Shekou Sea 
World Hotel Management 
Co., Ltd.  
Limited 
liability 
company 
Shenzhen 
Hotel 
management 
RMB 3,000 
Hotel management, engage in the export 
business of goods and technologies etc. 
1,531.40  51.00 60.00 Yes -16,888,311.52 31,588,311.52 
    Shenzhen Jinyu Rongtai 
Investment Development 
Co., Ltd.Note 1

Limited 
liability 
company 
Shenzhen Property RMB 3,000 
Engage in property development and operation, 
property broker, property management, indoor 
and outdoor decoration engineering design and 
construction  
1,500.00  50.00 60.00 Yes 3,393,374.73 11,606,625.27 
    Shenzhen China Merchants 
Shekou Construction Co., 
Ltd.  
Limited 
liability 
company 
Shenzhen Property RMB 1,000 Property development 510.00  51.00 60.00 Yes 4,714,468.17 185,531.84 
    Shenzhen Xingzhao 
Property Management Co., 
Ltd.  
Limited 
liability 
company 
Shenzhen 
Property 
management 
RMB 150 
Property management and its supporting 
services, purchase and sale of building materials, 
decoration materials, sanitary ware, 
environmental protection products and office 
supplies
    150.00  100.00 100.00 Yes Not applicable Not applicable
    Shenzhen Keda Phase 2 
Property Management Co., 
Ltd.Note 16

Limited 
liability 
company 
Shenzhen 
Business 
property 
operation and 
management 
RMB 200 Rental and management of own property 21,578.72
    100.00 100.00 Yes 
    Shenzhen Digital Building 
Property Management Co., 
Ltd.Note 16

Limited 
liability 
company 
Shenzhen 
Business 
property 
operation and 
management 
RMB 200 Rental and management of own property 20,222.18
    100.00 100.00 Yes 
    Shenzhen Keda Property 
Management Co., Ltd.Note 16

Limited 
liability 
company 
Shenzhen Business 
property 
operation and 
management 
RMB 200 Rental and management of own property 6,838.11  100.00 100.00 Yes   
    Shenzhen Garden City 
Property Management Co., 
Ltd.Note 16

Limited 
liability 
company 
Shenzhen Business 
property 
operation and 
management 
RMB 200 Rental and management of own property 30,843.64  100.00 100.00 Yes   
    Shenzhen Shekou New 
Times Property 
Management Co., Ltd.Note 16

Limited 
liability 
company 
Shenzhen Business 
property 
operation and 
management 
RMB 200 Rental and management of own property 69,874.45  100.00 100.00 Yes
    Note 1: The Company directly or indirectly holds 50% equity of such company. Because the Company 
has majority voting power in the Board of Directors of such company, the Company can implement 
control over its financial and operation decision-making, and the Company brings it into the 
consolidation scope of the consolidated financial statement.  
Note 2: In January 2014, the subsidiary company of the Company Huitai Investment Co., Ltd., Weirong 
Co., Ltd., Jiali Co., Ltd., Biyuan Co., Ltd., Mao' an Investment Co. Ltd. and the subsidiary company of 
the Company Huipeng Real Estate Development Co. Ltd respectively contributed to establish Foshan 
Yiyun Xiaode Real Estate Development Co. Ltd and hold 100% equity capital of such companies, and 
the Company brings such companies into the consolidation scope of the consolidated financial 
statements. Because Weirong Co., Ltd. holds 100% equity capital of Guanghong Investment Co., Ltd., 
Jiali Co., Ltd. holds 100% equity capital of Huihui Investment Co., Ltd., and Biyuan Co., Ltd. holds 
100% equity capital of Junying Development Co., Ltd., the Company brings such companies into the 
consolidation scope of the consolidated financial statements.  
Note 3: In March 2014, the subsidiary company of the Company Guangyu Co., Ltd. contributed 7,000 
HKD to establish Huoju Investment Co., Ltd., and holds 70% equity capital of it, the Company brings 
such company into the consolidation scope of the consolidated financial statements.  
Note 4: In March 2014, the Company contributed RMB 30 million Yuan to establish Yantai China 
Merchants Property Co., Ltd., holds 100% equity capital of it, and the Company brings such company 
into the consolidation scope of the consolidated financial statements.  
Note 5: In April 2014, the subsidiary company of the Company China Merchants Property 
Development (Nanjing) Co., Ltd. contributed RMB 30 million Yuan to establish Nanjing China 
Merchants Ningsheng Property Co., Ltd., holds 100% equity capital of it, and the Company brings such 
company into the consolidation scope of the consolidated financial statements.  
Note 6: In May 2014, the subsidiary company of the Company China Merchants Property Development 
(Nanjing) Co., Ltd. contributed RMB 21 million Yuan to establish Nanjing China Merchants 
Xingsheng Property Co., Ltd., holds 70% equity capital of it, and the Company brings such companyinto the consolidation scope of the consolidated statements.  
Note 7: In April 2014, the subsidiary company of the Company Huoju Investment Co., Ltd. contributed 
$29.9 million USD to establish Zhenjiang Huoju Proeprty Development Co., Ltd., holds 100% equity 
    capital of it, and the Company brings such company into the consolidation scope of the consolidated 
statements.  
Note 8: In March 2014, the subsidiary company of the Company China Merchants Property 
Development (Suzhou) Co., Ltd. contributed RMB 30 million Yuan to establish Changshu China 
Merchants Xicheng Property Co., Ltd., holds 100% equity capital of it, and the Company brings such 
company into the consolidation scope of the consolidated financial statements.  
Note 9: In January 2014, the subsidiary company of the Company China Merchants Property 
Development (Wuhan) Co., Ltd. contributed RMB 30 million Yuan to establish Wuhan China 
Merchants Property Gutian Property Co., Ltd., holds 100% equity capital of it, and the Company brings 
such company into the consolidation scope of the consolidated statements.  
Note 10: In April 2014, the subsidiary company of the Company Mao’an Investment Co., Ltd. 
contributed $95 million USD to establish Xi’an Mao’an Property Co., Ltd., holds 100% equity 
capitalof it, and the Company brings such company into the consolidation scope of the consolidated 
financial statements.  
Note 11: In April 2014, the subsidiary company of the Company China Merchants Property 
(Zhangzhou) Co., Ltd. contributed RMB 20 million Yuan to establish Xiamen China Merchants 
Yonghuafu Property Co., Ltd., holds 100% equity capital of it, and the Company brings such company 
into the consolidation scope of the consolidated statements.  
Note 12: In February 2014, the subsidiary company of the Company China Merchants Property 
(Guangzhou) Co., Ltd. contributed RMB 10 million Yuan to establish Guangzhou Evian Property Co., 
Ltd., holds 100% equity capital of it, and the Company brings such company into the consolidation 
scope of the consolidated statements.Note 13: IN April 2014, the subsidiary company of the Company China Merchants Property (Shenzhen) 
Co., Ltd. contributed RMB 30 million Yuan to establish Zhuhai Evian Property Co., Ltd., holds 100% 
equity capitalof it, and the Company brings such company into the consolidation scope of the 
consolidated financial statements.  
Note 14: The Company originally held 51% equity of Nanning China Merchants Haotian Property Co., 
Ltd. In March 2014, the Company signed equity transfer agreement with Guangxi Haotian Property Co., 
Ltd., and received 19% equity of Nanning China Merchants Haotian Property Co., Ltd. held by it. After 
the equity transfer, the Company holds 70% equity capital of Nanning China Merchants Haotian 
Property Co., Ltd., the control power on such company by the Company did not change, and brings such 
company into the consolidation scope of the consolidated financial statements.  
Note 15: The Company originally held 100% equity of Shenzhen Pingshan China Merchants Property 
Co., Ltd. In March 2014, the Company signed capital increase and share expansion agreement with 
Shenzhen TCL Property Co., Ltd. After the capital increase and share expansion was finished, the 
Company actually contributes RMB 14 million Yuan, and holds 70% equity of Shenzhen Pingshan 
China Merchants Property Co., Ltd. The control power on such company by the Company did not 
change, and the Company brings such company into the consolidation scope of the consolidated 
statements.  
Note 16: In April 2014, the subsidiary company of the Company Shenzhen China Merchants Properties 
and Investment Co., Ltd. respectively contributed RMB 2 million Yuan and the fair value determined by 
assets appraisal on June 30, 2013 by relevant property to establish Shenzhen Keda Phase 2 Property 
Management Co., Ltd., Shenzhen Digital Building Property Management Co., Ltd., Shenzhen Keda 
Property Management Co., Ltd., Shenzhen Garden City Property Management Co., Ltd. and Shenzhen 
Shekou New Times Property Management Co., Ltd., holds 100% equity capital of such companies, and 
the Company brings such companies into the consolidation scope of the consolidated statements.  
(II) Changes of the consolidation scope of the consolidated statements in this period
    1. Condition of the companies newly brought into the consolidation scope in this period
    Company name 
Cause for being newly 
brought into the  
consolidation scope 
Shareholding 
proportion 
(%) 

Net assets at the end of the 
period  
Net profit in this period  
Yantai China Merchants Property Co., Ltd.  Newly established 100.00 
    29,839,383.67 -160,616.33 
    Nanjing China Merchants Ningsheng 
Property Co., Ltd.  
Newly established 100.00 
    29,986,997.99 
    -13,002.01 
    Nanjing China Merchants Xingsheng 
Property Co., Ltd.  
Newly established 70.00 
    30,005,201.05 
    5,201.05 
    Zhenjiang Huoju Land Development Co., 
Ltd.  
Newly established 100.00 
    104,349,795.78 
    -351,241.98 
    Changshu China Merchants Xicheng 
Property Co., Ltd.  
Newly established 100.00 
    167,362,341.36 
    -637,658.64 
    Wuhan China Merchants Property Gutian 
Property Co., Ltd.  
Newly established 100.00 
    30,005,788.96 
    5,788.96 
    Xi’an Mao’an Property Co., Ltd.  Newly established 100.00 
    587,493,424.21 
    3,031,524.21 
    Xiamen China Merchants Yonghuafu 
Property Co., Ltd.  
Newly established 100.00 
    15,489,553.95 
    -4,510,446.05 
    Shenzhen Keda Phase 2 Property 
Management Co., Ltd.  
Newly established 100.00 
    423,722,663.93 
    2,863,666.96 
    Shenzhen Digital Building Property 
Management Co., Ltd.  
Newly established 100.00 
    423,961,579.06 
    2,834,199.94 
    Shenzhen Keda Property Management Co., 
Ltd.  
Newly established 100.00 
    415,312,593.60 
    1,945,353.43 
    Shenzhen Garden City Property 
Management Co., Ltd.  
Newly established 100.00 
    1,013,003,093.63 
    4,559,744.37 
    Shenzhen Shekou New Times Property 
Management Co., Ltd.  
Newly established 100.00 1,105,143,501.38 7,056,655.51 
    Guangzhou Evian Property Co., Ltd.  Newly established 100.00 9,999,791.26 -208.74 
    Foshan Evian Xiaode Property Co., Ltd.  Newly established 100.00 537,476,139.38 1,730,139.38 
    Zhuhai Evian Property Co., Ltd.  Newly established 100.00 29,942,294.23 -57,705.77 
    Huoju Investment Co., Ltd.  Newly established 70.00 
    -6,707.61 1,198,092.51 
    Minghui Investment Co., Ltd.  Newly established 100.00 
    -5,394.29 -6,786.49
    Company name 
Cause for being newly 
brought into the  
consolidation scope 
Shareholding 
proportion 
(%) 

Net assets at the end of the 
period  
Net profit in this period  
Guanghong Investment Co., Ltd.  Newly established 100.00 
    -6,707.61 -17,747.30 
    Junying Development Co., Ltd.  Newly established 100.00 
    -5,393.86 -6,945.68 
    Weirong Co., Ltd.  Newly established 100.00 
    1,205,980.51 -16,259.15 
    Jiali Co., Ltd.  Newly established 100.00 
    -15,647.01 -6,006.43 
    Biyuan Co., Ltd.  Newly established 100.00 
    -17,668.42 -6,009.07 
    Mao’ an Investment Co. Ltd. Newly established 100.00 
    -68,910.75 -68,989.37
    2. Condition of the companies not brought into the consolidation scope in this period  
    None 
(III) Enterprise merger taking place in this period  
NoneVI. Notes on the main items of the consolidated financial statements
    1. Monetary capital 
    Item 
Amount at the end of the period Amount at the beginning of the period 
Original currency 
Conversion 
exchange rate 
Converted to RMB Original currency 
Conversion 
exchange 
rate 
Converted to RMB 
Cash on hand     250,111.99     277,828.02 
    RMB 249,264.54 1.0 249,264.54 276,988.69 1.0 276,988.69 
    HKD 1,067.58 0.7938 847.45 1,067.58 0.7862 839.33 
    Bank deposit     16,229,601,295.27     21,969,131,604.53 
    RMB 13,825,744,242.99 1.0 13,825,744,242.99 17,767,740,456.75 1.0 17,767,740,456.75 
    HKD 300,219,842.32 0.7938 238,314,510.83 528,893,956.92 0.7862 415,816,428.93 
    USD 351,960,496.27 6.1528 2,165,542,541.45 620,901,559.62 6.0969 3,785,574,718.85 
    Other 
monetary 
capital 
    2,356,098,619.80     2,271,049,363.95 
    RMB 2,356,098,619.80 1.0 2,356,098,619.80 2,271,049,363.95 1.0 2,271,049,363.95 
    Total     18,585,950,027.06     24,240,458,796.50 
    Note: The balance of the building sales money received in advance supervised by the Advance Funding 
Regulations in the other monetary capital is RMB 2,356,098,619.80 Yuan.
    2. Notes receivable
    (1) Categories of notes receivable  
    Category of the note Amount at the end of the period Amount at the beginning of the 
period 
Bank acceptance      7,680,171.60        4,000,000.00  
    Total     7,680,171.60        4,000,000.00
    3. Accounts receivable
    (1)  Classification of accounts receivable  
    Category 
Amount at the end of the period 
Book balance  Bad debt provision 
Amount 
Proportion 
(%) 
Amount 
Proportion 
(%) 
Accounts receivable with significant single amount and single counted and drawn 
bad debt provision 
6,028,220.80 4.23 6,028,220.80 100.00 
    Accounts receivable with single amount not significant but with single counted and 
drawn bad debt provision 
7,370,364.80 5.18 5,706,966.70 77.43 
    Accounts receivable with counted and drawn bad debt provision by portfolio          
Portfolio 1 77,594,654.21 54.50     
    Portfolio 2 51,376,655.20 36.09 4,435,538.42 8.63 
    Portfolio subtotal 128,971,309.41 90.59 4,435,538.42 3.44 
    Total 142,369,895.01 100.00 16,170,725.92  
    Continued: 
Category 
Amount at the beginning of the period 
Book balance Bad debt provision 
Amount 
Proportion 
(%) 
Amount 
Proportion 
(%) 
Accounts receivable with significant single amount and single counted and drawn 
bad debt provision 
6,028,220.80 6.52 6,028,220.80 100.00 
    Accounts receivable with single amount not significant but with single counted and 
drawn bad debt provision  
7,553,893.68 8.17 5,890,495.58 77.98 
    Accounts receivable with counted and drawn bad debt provision by portfolio     
Portfolio 1 48,400,728.29 52.36   
    Portfolio 2 30,463,772.65 32.95 3,663,084.23 12.02 
    Portfolio subtotal 78,864,500.94 85.31 3,663,084.23 4.64 
    Total 92,446,615.42 100.00 15,581,800.617 
    1) Accounts receivable with significant single amount and single counted and drawn bad debt 
provision at the end of the period 
Unit name Book balance Bad debt amount 
Counted and drawn 
proportion (%) 
Cause for counting 
and drawing 
Client 1 6,028,220.80 6,028,220.80 100.00 Cannot recover 
    Total 6,028,220.80 6,028,220.80 100.00  
    2) Accounts receivable with single amount not significant but with single counted and drawn bad debt 
provision at the end of the period  
Unit name Book balance 
Bad debt 
amount 
Counted and 
drawn 
proportion 
(%) 
Cause for the 
counting and 
drawing 
Client 1 4,013,716.80 4,013,716.80 100.00 Cannot recover 
    Client 2 2,376,283.00 712,884.90 30.00 
    Part cannot be 
recovered 
Client 3 868,867.30 868,867.30 100.00 Cannot recover 
    Client 4 87,997.20 87,997.20 100.00 Cannot recover 
    Client 5 etc. 23,500.50 23,500.50 100.00 Cannot recover 
    Total 7,370,364.80 5,706,966.70     
    3) Accounts receivable with counted and drawn bad debt provision by the aging of accounts in the 
portfolio 
Aging 
Amount at the end of the period Amount at the beginning of the period 
Book balance 
Bad debt 
provision 
Book balance 
Bad debt 
provision Amount 
Proportion 
(%) 
Amount 
Proportion 
(%) 
Within 1 
year 
46,864,162.65 91.22 1,238,242.85 26,350,713.60 86.5 601,707.02 
    1-2 years 1,231,878.36 2.40 246,375.67 987,689.67 3.24 208,552.11 
    2-3 years 659,388.59 1.28 329,694.30 545,088.56 1.79 272,544.28 
    Over 3 
years 
2,621,225.60 5.10 2,621,225.60 2,580,280.82 8.47 2,580,280.82
    Aging 
Amount at the end of the period Amount at the beginning of the period 
Book balance 
Bad debt 
provision 
Book balance 
Bad debt 
provision Amount 
Proportion 
(%) 
Amount 
Proportion 
(%) 
Total 51,376,655.20 100.00 4,435,538.42 30,463,772.65 100.00 3,663,084.23
    (2) The receivables at the end of the period do not include the debts of the shareholder units holding 
    over 5%(including 5%) voting power shares of the Group.
    (3) Overall aging of the accounts receivable 
    Aging 
Amount at the end of the period  Amount at the beginning of the period 
Book balance 
Bad debt 
provision 
Book balance 
Bad debt 
provision Amount 
Proportion (%) 
Amount 
Proportion (%) 
Within 1 year 113,279,689.80 79.57 1,945,899.35 64,241,914.34 69.49 2,128,963.02 
    1-2 years 15,061,180.01 10.58 2,038,893.77 14,878,368.52 16.09 2,062,447.41 
    2-3 years 2,185,474.99 1.54 2,005,780.70 2,469,486.24 2.67 2,196,941.96 
    Over 3 years 11,843,550.21 8.32 10,180,152.10 10,856,846.32 11.75 9,193,448.22 
    Total 142,369,895.01 100.00 16,170,725.92 92,446,615.42 100.00 15,581,800.61
    (4) Condition of the top 5 units of the amount of the accounts receivable 
    Creditor unit Unit name 
Relationship 
with the 
Company  

Amount Aging 
Proportion 
accounting in 
the sum of the 
accounts 
receivable (%) 
China Merchants Property 
Management Co., Ltd.  
Client 1 Third party 18,740,782.28 
    Within 1 
year
    13.16 
    China Merchants Jiaming 
(Beijing) Property 
Development Co., Ltd.  
Client 2 Third party 12,036,783.55 1-2 years 8.45 
    Shenzhen Vanke Binhai 
Property Co., Ltd.  
Client 3 Third party 9,250,000.00 
    Within 1 
year
    6.50 
    Shenzhen Vanke Binhai 
Property Co., Ltd. 
Client 4 Third party 7,800,000.00 
    Within 1 
year
    5.48
    Creditor unit Unit name 
Relationship 
with the 
Company  

Amount Aging 
Proportion 
accounting in 
the sum of the 
accounts 
receivable (%) 
Shenzhen China Merchants 
Power Supply Co., Ltd.  
Client 5 Third party 6,028,220.80 Over 3 years 4.23 
    Total     53,855,786.63   37.83
    4. Advance payment
    (1) Aging of the advance payment 
    Item 
Amount at the end of the period Amount at the beginning of the period 
Amount Proportion (%) Amount Proportion (%) 
Within 1 year 4,909,314,396.07 99.98 2,815,020,465.70 99.97 
    1-2 years 401,180.00 0.01 947,042.09 0.03 
    2-3 years 494,410.19 0.01   
    Total 4,910,209,986.26 100.00 2,815,967,507.79 100.00
    (2) Condition of the top 5 of advance payment: 
    Unit name 
Relationship 
with the 
Company 
Amount Aging Money nature 
Supplier 1 Third party 1,800,000,000.00 
    Within 1 
year 
Advance land 
payment  
Supplier 2 Third party 1,210,210,000.00 
    Within 1 
year 
Advance land 
payment  
Supplier 3 Third party 927,616,000.00 
    Within 1 
year 
Advance land 
payment  
Supplier 4 Third party 487,500,000.00 
    Within 1 
year 
Advance land 
payment  
Supplier 5 Third party 237,990,304.00 
    Within 1 
year 
Advance land 
payment  
Total  4,663,316,304.00
    (3) The advance payment at the end of the period does not include the debts of the shareholder units 
    holding over 5%(including 5%) voting power shares of the Group.
    5. Other receivables
    (1) Classification of the other receivables  
    Category 
Amount at the end of the period 
Book balance Bad debt provision 
Amount 
Proportion 
(%) 
Amount 
Proportion 
(%) 
Other receivables with significant single amount and single 
counted and drawn bad debt provision  
11,270,000.00 0.1,270,000.00 100 
    Other receivables with single amount not significant but with 
single counted and drawn bad debt provision  
13,313.37 0.00 3,994.01 30 
    Other receivables with counted and drawn bad debt provision 
by portfolio 
    
Portfolio 1 10,588,847,517.41 99.45     
    Portfolio 2 46,790,866.42 0.44 14,559,831.02 31.12 
    Portfolio subtotal 10,635,638,383.83 99.89 14,559,831.02 0.13 
    Total 10,646,921,697.20 100.00 25,833,825.03   
    Continued: 
Category 
Amount at the beginning of the period 
Book balance Bad debt provision 
Amount 
Proportion 
(%) 
Amount 
Proportion 
(%) 
Other receivables with significant single amount and single counted and drawn bad 
debt provision 
11,270,000.00 0.08 11,270,000.00 100.00 
    Other receivables with single amount not significant but with single counted and drawn 
bad debt provision 
13,313.37 0.00 3,994.01 30.00 
    Other receivables with counted and drawn bad debt provision by portfolio       
Portfolio 1 13,657,904,323.94 99.63     
    Portfolio 2 40,250,394.52 0.29 14,280,161.65 35.48
    Category 
Amount at the beginning of the period 
Book balance Bad debt provision 
Amount 
Proportion 
(%) 
Amount 
Proportion 
(%) 
Portfolio subtotal 13,698,154,718.46 99.92 14,280,161.65 0.10 
    Total 13,709,438,031.83 100.00 25,554,155.66  
    1) Other receivables with significant single amount and single counted and drawn bad debt 
provision at the end of the period  
Unit name Book balance 
Bad debt 
mount 
Counted and 
drawn 
proportion (%) 
Cause for the 
counting and 
drawing 
Huizhou Taitong Property Investment Co., 
Ltd.  
11,270,000.00 11,270,000.00 100.00 
    It is estimated 
that recovery is
 impossible 
Total 11,270,000.00 11,270,000.00   
    2) Other receivables with counted and drawn bad debt provision by the aging of accounts in the 
Portfolio 
Aging 
Amount at the end of the period  Amount at the beginning of the period 
Book balance 
Bad debt 
provision 
Book balance 
Bad debt 
provision Amount 
Proportion 
(%) 
Amount 
Proportion 
(%) 
Within 1 year 27,173,883.54 58.08 700,996.61 20,748,666.96 51.55 507,476.25 
    1-2 years 4,650,416.05 9.94 930,083.21 4,905,850.56 12.19 981,170.12 
    2-3 years 4,075,631.28 8.71 2,037,815.65 3,608,723.45 8.96 1,804,361.73 
    Over 3 years 10,890,935.55 23.27 10,890,935.55 10,987,153.55 27.30 10,987,153.55 
    Total 46,790,866.42 100.00 14,559,831.02 40,250,394.52 100.00 14,280,161.65
    (2) The other receivables at the end of the period do not include the debts of the shareholder units 
    holding over 5%(including 5%) voting power shares of the Company.
    (3) Condition of the top 5 units of the amount of the other receivables
    Unit name 
Relationship 
with the 
Company 
Amount Aging 
Proportion 
accounting for 
in the sum of 
the other 
receivables 
(%) 
Nature 
or 
content 
Client 1 Third party 1,282,584,095.33 
    Within 
3 years
    12.05 Accounts 
    Client 2 Third party 1,200,000,000.00 
    Within 
3 years
    11.27 Accounts 
    Ningbo Jiangwan Property 
Development Co., Ltd. 
Cooperative 
enterprise 
1,135,556,115.92 
    Within 
1 year
    10.67 Accounts 
    Beijing Guangying Property 
Development Co., Ltd.  
Cooperative 
enterprise 
823,296,461.50 
    Within 
1 year
    7.73 Accounts 
    Client 3 Third party 679,614,004.29 
    Within 
2 years
    6.38 Accounts 
    Total  5,121,050,677.04   48.10
    (4) Receivables from the related party 
    Unit name 
Relationship with the 
company 
Amount 
Proportion accounting 
for in the sum of the 
other receivables (%) 
Ningbo Jiangwan Property Development 
Co., Ltd.  
Cooperative 
enterprise 
1,135,556,115.92 10.67 
    Beijing Guangying Property 
Development Co., Ltd.  
Cooperative 
enterprise 
823,296,461.50 7.73 
    Foshan China Merchants Longyuan 
Property Co., Ltd.  
Cooperative 
enterprise 
673,692,974.37 6.33 
    Shanghai Xinnanshan Property 
Development Co., Ltd.  
Associated 
enterprise 
85,021,300.00 0.80 
    Huizhou Taitong Property Investment Co., Ltd.  
Associated 
enterprise 
11,270,000.00 0.11 
    Total   2,728,836,851.79    25.64
    6. Inventories
    (1) Classification of the inventories
    Item 
Amount at the end of the period Amount at the beginning of the period 
Book balance 
Price fall 
preparation 
Book value Book balance Price fall preparation Book value 
Property 
development cost 
83,974,102,131.38   83,974,102,131.38 70,028,577,041.98   70,028,577,041.98 
    Property 
development 
products 
7,417,708,700.65 168,720,862.38 7,248,987,838.27 8,609,017,171.77 185,161,833.73 8,423,855,338.04 
    Raw materials 7,927,904.51   7,927,904.51 7,513,712.18   7,513,712.18 
    Low-value 
consumption 
goods 
8,159,851.34 162,981.66 7,996,869.68 16,724,360.24 162,981.66 16,561,378.58 
    Total 91,407,898,587.88 168,883,844.04 91,239,014,743.84 78,661,832,286.17 185,324,815.39 78,476,507,470.78
    (2) Inventory composition 
    Item 
Number at the 
beginning of the 
period 
Increase amount in 
this period  
Decrease amount in 
this period  
Number at the end 
of the period 
Property 
development cost 
70,028,577,041.98 22,059,227,207.73 8,085,502,118.33 84,002,302,131.38 
    Property 
development 
products 
8,609,017,171.77 8,085,502,118.33 9,305,010,589.45 7,389,508,700.65 
    Raw materials 7,513,712.18 21,836,006.56 21,421,814.23 7,927,904.51 
    Low-value 
consumption 
goods 
16,724,360.24 1,976,263.48 10,540,772.38 8,159,851.34 
    Total 78,661,832,286.17 30,168,541,596.10 17,422,475,294.39 91,407,898,587.88 
    A. The property development cost is as listed below:  
Project name 
Construction 
start time 
Estimated 
completion 
Estimated 
total 
Balance at the 
beginning of the period 
Amount at the end of 
the periodtime investment 
(RMB 0,000 
Yuan) 
Property in process 
development cost:  
          
Beijing Xicheng Homestead and 
Longyuan 
NovemberMay 2017  507,456 259,174,212.36 27,767,082.11 
    Beijing Park 1872 
DecemberDecember 
20148,505 501,183,199.19 695,720,007.86 
    Tianjin Yongjingwan Phase 1 May 2014 
September515,859   2,739,570,711.10 
    Tianjin Yiyunjun Phase 2 May 2011 
February42,487 158,906,079.57 228,422,266.76 
    Tianjin Star City Phase 4 and 5 January 2007 July 2014 359,494 517,394,155.19 653,163,813.48 
    Tianjin Beiken Hill August 2012 October 2015 672,668 2,111,257,001.68 2,411,698,968.08 
    Dalian Lanxi Valley 
DecemberDecember130,925 540,833,533.26 589,451,862.15 
    Qingdao Hyde Garden Phase 1 May 2013 October 2014 45,593 203,325,256.40 247,288,411.72 
    Qingdao LAVIE Commune April 2012 July 2014 140,367 933,152,636.23 189,338,685.07 
    Shandong Rizhao Layton Town 
Phase 1 
June 2014 March 2016 178,287   740,506,347.31 
    Yantai China Merchants 
Marbella 
March 2014 
September308,068   1,273,803,882.13 
    Harbin Notting Hill Phase 2 April 2013 August 2014 20,941 148,301,132.07 379,167,726.75 
    Zhenjiang Beiguwan May 2011 
December621,044 2,981,543,426.67 2,435,476,269.43 
    Nanjing Yonghuafu 
DecemberDecember335,945 2,193,241,119.30 2,335,983,095.53 
    Changzhou Park 1872 
FebruarySeptember300,031 775,718,949.71 952,405,102.53 
    Suzhou Evian Huafu March 2014 
December163,971   929,738,487.41 
    Suzhou Yongjingwan Phase 2 B March 2011 
December89,050     579,401,636.17  661,234,844.04 
    Suzhou Yongjingwan Phase 2  March 2012 March 2014 45,234     388,413,553.83   
    Suzhou Yonghuafu March 2013 
December152,557 994,018,019.59 1,149,267,563.56 
    Suzhou Yishanjun Phase 1 June 2013 April 2015 87,076 458,605,748.21 525,183,355.05
    Suzhou Yishanjun Phase 2 March 2014 April 2016 86,950   381,093,971.55 
    Suzhou Xiaoshi City Phase 4 toMarch 2010 
November184,214 1,104,701,524.85 1,340,351,358.07 
    Shanghai China Merchants Bay 
Garden Phase 4 to 7 
May 2011 June 2015 101,979 438,413,354.96 251,152,989.69 
    Shanghai Sheshan Longyuan 
Phase 2 and 3 
October 2010 
December303,342 1,619,057,055.04 1,650,255,702.88 
    Shanghai Hongyue Huating 
DecemberOctober 2014 146,328 1,178,422,820.66 1,261,223,141.48 
    Shanghai Hyde Park Phase 1 May 2006 
December187,254 1,410,089,918.17 832,283,455.48 
    Hangzhou Yonghuafu May 2014 
September139,119   919,686,612.67 
    Hangzhou Yongjingwan May 2014 April 2016 261,706   1,830,881,021.25 
    Xiamen Yonghuafu 
FebruaryJanuary 2016 100,507   720,902,687.26 
    Zhangzhou China Merchants 
Holiday 365 
June 2010 
December 
2014,205 97,506,634.50 118,564,403.64 
    Zhangzhou Cadaques May 2010 
December332,501 1,078,851,560.65 1,195,739,893.41 
    Xiamen Sea May Flower PhaseMarch 2011 July 2015 102,873 630,252,483.86 727,701,937.29 
    Xiamen Sea May Flower PhaseAugust 2013 June 2016 49,041 151,347,356.23 180,076,456.25 
    Xiamen Sea May Flower PhaseMarch 2011 June 2014 116,476 299,438,877.21   
    Xiamen Hyde Park Phase 1 May 2011 March 2014 141,783 837,957,021.38   
    Xiamen Hyde Park Phase 2 March 2013 August 2015 91,571 657,446,722.92 735,024,616.19 
    Wuhan Yonghuafu July 2011 April 2014 99,183 861,018,328.37   
    Wuhan Park 1872 (Block A) March 2012 
December373,771 1,857,220,454.61 2,045,427,118.80 
    Wuhan Jiangwan International April 2014 August 2016 346,296   6,952,167.16 
    Chongqing Evian Jiangwan 
Phase 1 
May 2014 October 2015 113,128   573,190,322.43 
    Chongqing Evian Jiangwan 
Phase 2 and 3 
NovemberApril 2017 201,482 262,616.00 565,042,290.10 
    Chongqing Changhjiahui May 2011 
December1,281,749 3,426,326,531.72 3,323,166,612.83
    Chongqing Garden City Phase 2 
and 3 
August 2011 June 2015 425,195 1,845,235,291.40 1,508,671,199.13 
    Yunnan Haigongguan Phase 1 
and 2 
January 2013 
December230,070 929,185,752.65 1,103,227,857.64 
    Bijie China Merchants Garden 
City Phase 1 AB 
October 2012 August 2016 90,972 205,316,405.59 183,462,918.68 
    Bijie China Merchants Garden 
City Phase 1 CDE 
July 2012 June 2016 209,175 576,351,888.05 769,910,637.39 
    Chengdu China Merchants 
Yonghuafu Phase 2 to 5 
April 2012 January 2015 275,371 1,904,618,663.66 2,087,267,736.00 
    Chengdu Evian Shangcheng 
Phase 1 
FebruaryOctober 2016 121,826   321,105,716.25 
    Zhuhai China Merchants Garden 
City Phase 2 to 3 
DecemberJanuary 2014 151,667 795,320,613.02   
    Guangzhou Donghui City Block 
B Phase 3 
DecemberMay 2016 104,739 616,713,478.66 672,452,763.06 
    Guangzhou Donghui City Block 
B Phase 2 
SeptemberDecember103,052 701,264,446.80 763,504,165.78 
    Guangzhou Donghui City Block 
B Phase 1 
March 2012 
November81,385 645,448,074.30 555,753,503.77 
    Foshan Evian International 
FebruaryJuly 2015 99,920 276,038,549.14 324,659,065.99 
    Sanya Haitangwan Qingtian 
Customs Town 
January 2013 January 2016 208,088 51,583,724.98 83,749,556.43 
    Guangzhou Jinshan Valley 
Phase 5, 6, 7 and 9, Creative 
Park Phase 1, 2 and 3 
July 2009 April 2017 670,181 996,703,463.16 1,260,212,714.06 
    Foshan Evian Gongguan Phase 1 
FebruaryMay 2016 54,633   436,922,265.90 
    Foshan Evian Huafu Phase 1 April 2014 
November90,010   409,769,642.66 
    Foshan Evian Yongjingwan 
Tender Section 1 
March 2014 March 2016 132,229   646,009,010.01 
    Foshan Evian Yongjingwan 
Tender Section 2 
June 2014 March 2017 87,571   342,211,793.81 
    Foshan Evian Land Center October 2013 April 2016 210,869 878,602,934.91 857,747,411.28 
    Foshan Evian Xicheng Phase 4 April 2014 January 2016 433,870   162,577,962.62 
    Foshan Evian Xicheng Phase 3 September August 2015 508,410 139,621,217.13 177,315,358.50Foshan Evian Xicheng Phase 2 
DecemberSeptember300,168 194,687,704.32 198,358,621.15 
    Foshan Evian Tianhui Phase 2 August 2011 
September146,022 1,343,002,124.56 1,393,482,150.47 
    Foshan Yiyunjun Garden 
SeptemberSeptember260,631 1,401,881,905.84 1,540,074,676.87 
    Shenzhen Center Square 
FebruaryAugust 2014 6,918 53,526,164.81 55,025,244.02 
    Shenzhen Jingshan Jinhai May 2011 August 2014 292,370 2,012,634,209.09 2,133,771,545.70 
    Shenzhen Yu’er Village Phase 1 
FebruaryJanuary 2018 69,754 269,113,953.75 269,652,499.75 
    Shenzhen Yihai City 
NovemberDecember735,678 3,917,668,541.84 2,921,707,922.03 
    Shenzhen Xiyong Sanlian Old 
City Reconstruction 
SeptemberJuly 2016 169,415 37,556,658.80 66,887,731.18 
    Shenzhen Pingshan Garden City April 2013 
November322,408 1,575,860,527.71 1,847,026,487.20 
    Shenzhen Financial Center 
Phase 2 
June 2013 March 2016 211,045 1,067,217,206.78 1,109,672,551.44 
    Shenzhen Sea World Municipal 
Support 
FebruaryAugust 2016 20,117   158,022,256.42 
    Shenzhen Sea World Residence July 2013 
February1,203,461 2,834,590,034.27 7,174,015,664.93 
    Shenzhen nanhai Yiku Busines 
Reconstruction 
March 2013 March 2014 600 5,742,046.60   
    Shenzhen Jinxiu Guanyuan 
DecemberJuly 2014 94,264 759,733,888.03 793,271,331.56 
    Sea World Musium May 2013 May 2015 113,969 15,922,583.76 261,817,591.34 
    Others       11,162,125.15 11,162,125.15 
    Subtotal:       55,455,087,099.32 70,424,384,918.67 
    Property planned development 
land: 
          
Harbin Yintai Block August 2014 October 2021 923,625 2,659,778,476.22 2,693,572,102.10 
    Harbin Notting Hill Block 3-7 May 2015 October 2018 347,581 556,342,750.32 448,127,795.98 
    Changshu Xicheng 
Taigongwang Garden 
July 2014 August 2015 141,881   722,588,041.45 
    Guangzhou Panyu Wanbo Block July 2014 October 2016 223,211   1,504,814,630.43
    Hangzhou Yonghuafu January 2014 October 2016 139,119 880,000,000.00  
    Hangzhou Yongjingwan 
FebruaryMarch 2017 261,706 1,763,690,803.37   
    Najing Hyde Gongguan October 2014 June 2016 84,465   315,378,997.60 
    Nanjing China Merchants 
Yiyunjun 
August 2014 
December107,665   596,364,002.30 
    Qingdao Hyde Garden Phase 2 
SeptemberSeptember143,158   101,293,687.52 
    Shandong Rizhao Layton Town July 2015 January 2019 180,884  420,484,100.00 
    Suzhou Evian Huafu 
FebruaryNovember163,971 870,387,261.21  
    Suzhou Yishanjun Phase 2 March 2014 April 2016 86,950 341,150,180.95  
    Xi’an Evian Qujiang 
SeptemberOctober 2016 161,755  489,495,227.00 
    Yantai China Merchant East 
Bank 
April 2015 June 2019 297,514  3,282,244.72 
    Zhenniang IBM International E 
City 
July 2014 
September165,979  104,447,487.00 
    Zhenjiang Creative Industrial 
Park 
May 2015 
September
     48,497  49,562,123.13 55,935,092.93 
    Xiamen Yonghuafu 
FebruaryJanuary 2016 100,507 690,774,166.67  
    Wuhan Moshui Lake Block C July 2014 
September354,945 1,217,517,401.97 1,219,907,081.23 
    Wuhan Moshui Lake Block B July 2014 April 2016 227,465 922,306,172.00 923,892,189.42 
    Chengdu Evian Shangcheng 
Phase 2 to 4 
January 2015 
September315,324 769,788,038.50 514,484,160.70 
    Foshan Evian Huafu Phase 2  
FebruaryNovember72,493   375,833,944.64 
    Foshan Evian Huafu Phase 3  
NovemberSeptember72,966   322,113,380.82 
    Yunna Haigongguan Phase 3  March 2015 March 2017 90,029 341,064,823.18 341,059,365.18 
    Chongqing Central Park  July 2014 
December1,008,855   18,379,346.64 
    Yantai China Merchants 
Marbella 
March 2014 
September308,068 1,253,365,941.20  
    Zhuhai Evian Shui’an Garden  July 2014 March 2017 207,916   613,717,637.80 
    Foshan Evian Gongguan Phase 2 December December 141,523 368,300,700.00 10,722,000.00
    and 3 2014 2017 
Foshan Evian Xicheng Phase 4  April 2014 July 2016 43,387 135,743,591.10  
    Foshan Evian Xicheng Phase 5  
DecemberJuly 2016 32,758 149,055,852.75 149,055,852.75 
    Hainan Bo’ao Dalinghu  July 2014 July 2022 447,534 829,914,940.82 845,967,051.02 
    Nanning Yongjingwan  July 2014 
December290,000 774,746,719.27 787,001,793.48 
    Subtotal       14,573,489,942.66 13,577,917,212.71 
    Total       70,028,577,041.98 84,002,302,131.38 
    B. The property development products are as listed below 
Project name 
Completion 
date 
Amount at the 
beginning of the period 
Borrowing party in 
this period 
Lending party in this 
period 
Amount at the end of the 
period  
Beijing Xicheng 
Homestead  
March 2010 91,987,334.55 48,107,194.04 2,810,792.10 137,283,736.49 
    Beijing Longyuan 
Phase 1 
November137,479,076.86 110,657,792.16 111,979,223.74 136,157,645.28 
    Beijing Longyuan 
Phase 2  
August 2013 100,448,188.61 76,180,983.97 100,447,881.63 76,181,290.95 
    Beijing Park 1872 
Phase 1 to 2  
June 2011 27,219,418.97     27,219,418.97 
    Beijing Park 1872 
Phase 3 
April 2013 64,447,223.17 20,000,000.00 59,332,229.34 25,114,993.83 
    Tianjin Star City 
Phase 1 to 3  
August 2012 146,820,760.37   51,829,812.98 94,990,947.39 
    Tianjin Yonghuafu  October 2012 169,749,194.87   2,822,910.34 166,926,284.53 
    Tianjin Yiyunjun 
Phase 1  
June 2013 14,459,901.01   3,077,254.05 11,382,646.96 
    Tianjin No.36, Xikang 
Road  
November1,907,351.03     1,907,351.03 
    Harbin Notting Hill 
Phase 1 
October 2013 149,427,578.53   27,076,885.72 122,350,692.81 
    Qingdao LAVIE 
Commune Phase 1 
June 2014 0 600,848,214.29 271,576,512.18 329,271,702.11 
    Zhenjiang Beiguwan March 2013 45,539,301.62 695,850,236.17 614,617,112.76 126,772,425.03
    Phase 1 (North) 
Nanjing Zijinshan 
No.1  
December1,120,333,242.89   134,866,894.44 985,466,348.45 
    Nanjing Evian Xigu  October 2010 6,380,500.81     6,380,500.81 
    Suzhou Yongjingwan  May 2012 371,540,730.88 385,945,153.87 514,937,635.15 242,548,249.60 
    Suzhou Evian Shui’an 
Business Street  
December9,701,439.23 2,395,668.49 2,395,668.49 9,701,439.23 
    Suzhou Xiaoshi City 
Phase 3  
November1,332,115.33 17,974.80 1,350,090.13   
    Suzhou Xiaoshi City 
Phase 4 
June 2012 1,702,085.31 615,366.79 613,372.06 1,704,080.04 
    Suzhou Xiaoshi City 
Phase 5 
May 2013 55,737,048.06   14,580,614.33 41,156,433.73 
    Suzhou Xiaoshi City 
Phase 6 
May 2013 924,237.55 1,124,766.64 1,122,797.98 926,206.21 
    Shanghai China 
Merchants Bay 
Garden Phase 1 to 5 
June 2011 439,566,442.73 235,872,193.16 93,229,084.28 582,209,551.61 
    Shanghai Sheshan 
Longyuan Phase 1  
January 2012 907,904,549.76   72,794,282.64 835,110,267.12 
    Shanghai Hyde 
Garden Section 1 
Phase 2 to 3 
December36,353,144.39 329,685,278.61 336,569,398.68 29,469,024.32 
    Zhangzhou China 
Merchants Cadaques 
Phase 1 
December27,751,486.20     27,751,486.20 
    Zhangzhou China 
Merchants Cadaques 
Apartment 
June 2013 77,627,006.75   15,431,197.68 62,195,809.07 
    Zhangzhou China 
Merchants Holiday 
365 Phase 1  
December8,779,485.23   3,560,879.01 5,218,606.22 
    Zhangzhou China 
Merchants Garden 
City Phase 1  
December7,416,942.42     7,416,942.42 
    Zhangzhou Garden 
City Phase 2  
June 2013 47,233,773.83   6,922,604.59 40,311,169.24 
    Zhangzhou Sunshine 
Garden Phase 1  
June 2006 2,656,378.89     2,656,378.89
    Zhangzhou Golden 
Triangle Business 
Apartment 
December1,439,657.00     1,439,657.00 
    Zhangzhou Holiday 
365 Phase 2 
November65,873,559.18   13,989,663.49 51,883,895.69 
    Xiamen May Flower 
Phase 1 Block 3-6 
June 2014 127,018,694.10 308,375,663.96 167,327,061.26 268,067,296.80 
    Xiamen Hyde Park 
Phase 1 Villa 
December154,964,402.02 837,957,021.38 805,964,634.76 186,956,788.64 
    Wuhan Yonghuafu April 2014 0 910,313,509.12 793,014,715.26 117,298,793.86 
    Chongqing China 
Merchants Garden 
City 
December171,699,732.21 540,192,598.50 382,478,746.95 329,413,583.76 
    Chongqing Jiangwan 
City Phase 1  
November81,463,579.24     81,463,579.24 
    Chongqing Jiangwan 
City Phase 3-5  
September83,898,484.18 2,675,982.86 26,772,993.12 59,801,473.92 
    Chongqing Jiangwan 
City Phase 2  
December7,596,679.02   1,881,275.16 5,715,403.86 
    Chongqing 
Changjiahui Phase 1  
April 2014 - 296,138,704.84 296,138,704.84   
    Chengdu China 
Merchants Yonghuafu 
Phase 1  
September69,466,590.37     69,466,590.37 
    Chengdu Dongcheng 
International  
November23,093,954.26     23,093,954.26 
    Bijie China Merchants 
Garden City Phase 1 
Section A  
June 2013 74,584,020.48 44,030,751.72 3,929,094.85 114,685,677.35 
    Zhuhai Garden City 
Phase 1 
March 2012 283,791,082.74 21,571,078.63 31,662,727.71 273,699,433.66 
    Zhuhai Garden City 
Phase 2-3 
January 2014   900,145,423.41 668,517,286.66 231,628,136.75 
    Guangzhou Jinshan 
Valley Phase 8 
June 2013 73,218,513.77     73,218,513.77 
    Guangzhou Jinshan 
Valley Phase 4 
July 2012 31,015,918.92   5,507,931.10 25,507,987.82 
    Guangzhou Jinshan 
Valley Phase 3 Tender 
June 2012 287,097,817.69   74,534,995.57 212,562,822.12
    Section 2  
Guangzhou Jinshan 
Valley Phase 3 Tender 
Section 1 
May 2010 12,752,916.61     12,752,916.61 
    Guangzhou Jinshan 
Valley Phase 2 
January 2010 15,965,500.83   60,256.86 15,905,243.97 
    Guangzhou Donghui 
City Phase 1  
June 2014 0 161,195,257.72 156,454,244.75 4,741,012.97 
    Foshan Evian Tianhui 
Phase 1  
September903,252,545.76   761,695,106.56 141,557,439.20 
    Foshan Evian Shui’an 
Phase 1 to 2  
April 2011 31,762,681.09   266,503.81 31,496,177.28 
    Foshan Evian Shui’an 
Phase 4  
January 2012 134,281,275.62   102,678,730.48 31,602,545.14 
    Foshan Evian Shui’an 
Phase 3  
September45,066,560.38   8,694,495.23 36,372,065.15 
    Foshan Evian 
Shangcheng Phase 1  
August 2011 128,155,225.06   37,073,583.22 91,081,641.84 
    Foshan Evian 
Shangcheng Phase 2 
October 2012 78,676,109.74   77,646,838.88 1,029,270.86 
    Foshan Evian 
Shangcheng Phase 3 
June 2013 959,345,916.00   848,773,875.21 110,572,040.79 
    Foshan Evian Xicheng 
Phase 1  
November219,160,941.21   47,032,042.76 172,128,898.45 
    Shenzhen China 
Merchants Lanyuan  
October 2010 1,063,834.85     1,063,834.85 
    Shenzhen China 
Merchants Guoling 
Garden  
June 2013 20,277,468.26     20,277,468.26 
    Shenzhen Nanhai 
Yiku Business 
Reconstruction  
June 2014 0 5,742,046.60 5,742,046.60   
    Shenzhen China 
Merchants Guanyuan  
January 2012 280,919,862.26   173,294,471.17 107,625,391.09 
    Shenzhen 
Yongjingwan  
August 2012 53,870,232.20   51,360,550.24 2,509,681.96 
    Shenzhen Yishanjun 
Phase 2-3  
October 2009 13,440,925.00   13,440,925.00   
    Shenzhen Woods June 2013   80,726,859.07   80,726,859.07
    Apartment  
Shenzhen Lanxi 
Valley Phase 3  
May 2011 2,478,894.64   2,478,894.64   
    Shenzhen Huanchuan 
Square  
September98,363,670.23 3,212,747.24   101,576,417.47 
    Shenzhen Yihai City 
Zone 1  
January 2014 0 1,465,923,650.29 1,302,653,059.01 163,270,591.28 
    Others   1,533,987.00     1,533,987.00 
    Total   8,609,017,171.77 8,085,502,118.33 9,305,010,589.45 7,389,508,700.65
    (3) Inventory price fall preparation  
    Item 
Amount at the 
beginning of the 
period  
Increase in this 
period 
Decrease in this period 
Amount at the end 
of the period  Transfer back 
Other 
transfer-out 
Property 
development cost  
          
Property 
development 
products  
185,161,833.73     16,440,971.35 168,720,862.38  
    Low-value 
consumption goods 
162,981.66       162,981.66  
    Total 185,324,815.39     16,440,971.35 168,883,844.04 
    Note 1: According to the market condition of the previous years, the subsidiary company of the Company 
Shanghai Jingyuan Property Development Co., Ltd. counted and drew survival price fall provision of RMB 
207,957,544.04 Yuan for the Shanghai Sheshan Longyuan Project developed by it. The accumulative amount 
    of the impairment loss counted and drawn due to carry-over sales matching resale in the previous year is RMB 
22,795,710.31 Yuan. In this period, the impairment loss counted and drawn due to carry-over sales proportion 
    resale is RMB 16,440,971.35 Yuan. 
    (4) The accumulative capitalized interest expenditure in the property development cost is RMB 
2,271,026,762.57 yuan, and the interest expenditure counted into the property development cost in 
    this period is RMB 382,434,129.99 Yuan.
    (5) The inventories used for mortgage are as follows:  
A. The subsidiary company of the Company Qingdao Zhongrunde Automobile Trade Co., Ltd. got a 
loan of RMB 166,500,000.00 Yuan with the land of China Merchants Zhongrunde Business Garden 
    Phase 1 (the corresponding land use right certificate is Qing Fang Di Quan Shi Zi No.20081844) and the 
construction in process (the corresponding ownership certificate No. is Qing Fang Di Jian Shi Zi 
No.201274753) as the mortgage, and RMB 54,900,000.00 will be due within one year, the company got 
    a loan of RMB 70,000,000.00 Yuan with the land of China Merchants Zhongrunde Airport Business 
    Garden Phase 2 (the corresponding ownership certificate No. is Qing Fang Di Quan Zi No.201448169) 
as the mortgage, and RMB 11,725,000.00 will be due within one year.  
    B. The subsidiary company of the Company Tianjin China Merchants Taida Investment Co., Ltd. got a 
loan of RMB 97,528,563.46 Yuan from the bank with the Land Certificate No. of Fang Di Zheng Jin Zi 
    No.114051200160 as the mortgage, and the loan will be due within one year.  
(6) Up till June 30, 2014, the land reserve area of the Group is 4.6679 million square meters, and the land 
    cost amount is RMB 13,577,917,212.71 Yuan.
    7. Non-current assets falling due in one year 
    Item Amount at the end of 
the period 
Amount at the 
beginning of the 
period 
Nature 
Long-term receivables falling 
due in one year  
 4,175,229.58 
    Entrusted loan 
Total  4,175,229.58
    8. Other current assets 
    Item 
Amount at the end of the 
period 
Amount at the beginning of 
the period 
Nature 
Tax paid in advance 4,031,956,604.01   3,547,427,010.52 Tax paid in advance 
    Others 26,714,229.36 2,770,929.08  
    Other taxes paid in 
advance 
Total 4,058,670,833.37 3,550,197,939.60
    9. Long-term equity investment  
    (1) Classification of long-term equity investment  
Item Amount at the end of the period Amount at the beginning of the 
period 
Long-term equity investment 
checked by the cost method  
  
Long-term equity investment 
checked by the equity method 
1,778,740,853.66 1,653,194,214.56 
    Total of long-term equity 
investment  
1,778,740,853.66 1,653,194,214.56 
    Less: Long-term equity investment 
impairment preparation  
  
Value of long-term equity 
investment  
1,778,740,853.66 1,653,194,214.56
    (2)Long-term equity investment checked by the equity method
    Invested unit 
Checking 
method 
Investment cost 
Balance at the beginning of the period  
Increase and decrease change 
Balance at the end 
of the period  
Shareholding 
proportion in 
the 
invested unit 
Voting
 power
 proportion in
 the invested 
unit  
Counted 
and 
drawn 
impairment 
provision in this 
period 
Cash dividend in this period  
Guangzhou Panyu Innovative 
Science and Technology Park 
Co., Ltd.  
Equity 
method 
350,000,000.00 313,093,571.68 1,790,223.60 314,883,795.28 51.00 50.00   
    Shanghai Ledu Property Co., 
Ltd.  
Equity 
method 
66,660,000.00 217,515,645.59 1,033,030.02 218,548,675.61 33.3.33   
    China Merchants Guangming 
Science Park Co., Ltd.  
Equity 
method 
196,000,000.00 163,856,555.45 519,909.20 164,376,464.65 49.00 49.00   
    Tianjin Xinghai Property 
Development Co., Ltd.  
Equity 
method 
6,750,000.00 104,079,030.05 0.00 104,079,030.05 45.00 45.00   
    TCL Optical- Electronics 
(Shenzhen) Technologies Ltd. 
Equity 
method 
42,010,652.00 93,775,993.21 21,431,084.01 115,207,077.22 40.00 40.00   
    Shanghai Xinnanshan 
Property Development Co., 
Ltd.  
Equity 
method 
60,000,000.00 56,329,128.55 -1,436,463.06 54,892,665.49 20.00 20.00   
    Ningbo Jiangwan Property 
Co., Ltd.  
Equity 
method 
30,000,000.00 29,025,146.81 -879,099.38 28,146,047.43 100.00 34.00   
    Shenzhen Dehan Investment 
Development Co., Ltd.  
Equity 
method 
14,000,000.00 13,439,089.52 -78,469.54 13,360,619.98 70.00 50.00   
    Shenzhen China Merchants 
Overseas Chinese City 
Equity 
method 
2,500,000.00 3,191,981.20 485,749.78 3,677,730.98 50.00 50.00
    Property Management Co., 
Ltd.  
Beijing China Merchants 
Tianping Property 
Management Co., Ltd.  
Equity 
method 
490,000.00 2,490,529.24 11,156.31 2,501,685.55 49.00 49.00   
    Shenzhen Yihaicheng 
Business Property 
Management Co., Ltd.  
Equity 
method 
500,000.00 500,000.00 0.00 500,000.00 50.00 50.00   
    Shenzhen China Merchants 
Overseas Chinese City 
Investment Co., Ltd.  
Equity 
method 
50,000,000.00 655,896,945.76 -200,106,779.04 455,790,166.72 50.00 50.00  320,548,073.61 
    Beijing Guangying Property 
Development Co., Ltd.  
Equity 
method 
6,258,825.01 0.00 0.00 0.00 34.00 34.00   
    Huizhou Taitong Property 
Investment Co., Ltd.  
Equity 
method 
25,484,900.00 0.00 0.00 0.00 49.00 49.00   
    Jones Tech Limited 
Equity 
method 
60,290,742.27   -    60,290,432.35  60,290,432.35
    49.00 49.00   
    Holly Profit Limited 
Equity 
method 
90,435,878.47   -    90,435,568.55  90,435,568.55
    49.00 49.00   
    Station Fortune Limited 
Equity 
method 
89,832,961.50  298.75  89,832,662.75  89,832,961.50
    49.00 49.00   
    Chief Master Limited 
Equity 
method 
45,217,932.30  298.75  45,217,633.55  45,217,932.30
    49.00 49.00   
    Foshan China Merchants 
Longyuan Property Co., Ltd.  
Equity 
method 
50,000,000.00  -    -
    50.00 50.00   
    Tianjin Munan Qiushi 
Industrial Co., Ltd.  
Equity 
method 
-    -    17,000,000.00  17,000,000.00
    34.00 34.00   
    Total  1,186,431,891.55 1,653,194,214.56 125,546,639.10 1,778,740,853.66    320,548,073.61
    (3)Investment on the associated enterprises and cooperative enterprises
    Unit: RMB Yuan 
Name of the invested unit  
Shareholding 
proportion of 
the 
enterprise 
Voting 
power 
proportion 
of the 
enterprise in 
the invested 
unit 
Total amount of the 
assets at the end of the 
period  
Total amount of 
liabilities at the end of 
the period  
Total amount of net 
assets at the end of the 
period  
Sum of operating 
income in this period  
Net profit of this 
period  
I. Cooperative enterprises 
Shenzhen Dehan Investment 
Development Co., Ltd.
    70.00 50.00 
    19,391,481.99          304,881.91       19,086,600.08                 -         -112,099.24  
    Shenzhen Yihaicheng Business 
Property Management Co., Ltd.
    50.00 50.00 
    5,062,866.04        6,769,945.70       -1,707,079.66                 -       -2,707,079.66  
    Foshan China Merchants Longyuan 
Property Co., Ltd.
    50.00 50.00 
    652,287,843.69      672,924,222.36      -20,764,180.67                 -           95,841.21  
    Beijing Guangying Property 
Development Co., Ltd.
    34.00 34.00 
    4,231,189,664.60    4,390,199,247.57     -159,009,582.97                 -      -10,345,024.36  
    Shenzhen China Merchants Overseas 
Chinese City Property Management 
Co., Ltd.
    50.00 50.00 
    17,908,463.17       10,771,117.72        7,137,345.45       12,596,913.32        971,499.56  
    Ningbo Jiangwan Property Co., Ltd.  100.00 34.00   2,405,146,847.10    2,380,599,648.79       24,547,198.31       -2,585,586.42  
    II. Associated enterprises 
Shenzhen China Merchants Overseas 
Chinese City Investment Co., Ltd.
    50.00 50.00 
    1,739,796,000.88    1,222,631,872.76      517,164,128.12    1,263,070,845.58    367,164,128.12  
    Guangzhou Panyu Innovative Science 
and Technology Park Co., Ltd.
    51.00 50.00 
    728,824,800.66      160,096,188.73      568,728,611.93       26,389,377.64      3,523,160.61  
    Huizhou Taitong Property Investment 49.00 49.00       6,293,884.50       25,590,515.03      -19,296,630.53                 -          -44,759.76
    Co., Ltd.  
Shanghai Xinnanshan Property 
Development Co., Ltd.
    20.00 20.00 
    1,820,504,455.78    1,563,615,876.54      256,888,579.24      -7,182,315.30  
    China Merchants Guangming Science 
Park Co., Ltd.
    49.00 49.00 
    660,268,974.78      324,806,801.99      335,462,172.79       18,749,757.87      1,061,039.19  
    Beijing China Merchants Tianping 
Property Management Co., Ltd.
    49.00 49.00 
    5,335,486.94          291,681.56        5,043,805.38        4,190,336.50         22,767.98  
    Tianjin Xinghai Property Development 
Co., Ltd.
    45.00 45.00 
    238,439,464.58        7,074,131.79      231,365,332.79                 -           78,599.34  
    Shanghai Ledu Property Co., Ltd.  33.3.33     807,001,148.14      144,319,005.68      662,682,142.46       18,643,738.50     3,100,000.00  
    Jones Tech Limited 49.00 49.00     123,157,319.18      123,107,497.81           49,821.37           56,742.04  
    Holly Profit Limited 49.00 49.00     184,706,839.19      184,629,018.93           77,820.26           82,567.47  
    Station Fortune Limited 49.00 49.00      92,354,665.87       92,288,755.49           65,910.38           70,835.06  
    Chief Master Limited 49.00 49.00     183,453,805.17      183,422,954.29           30,850.88           35,775.56  
    TCL Optical- Electronics (Shenzhen) 
Technologies Ltd.
    40.00 40.00 
    778,544,946.75      225,448,917.00      553,096,029.32      128,926,127.36     53,577,710.03  
    Tianjin Munan Qiushi Industrial Co., 
Ltd.
    34.00 34.00 
    51,007,553.70            8,000.00       50,999,553.70             -364.28  
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)
    10. Investment property  
    Investment property measured with cost  
Unit: RMB Yuan 
Item 
Book balance at the 
beginning of the 
period 
Increase in this 
period 
Decrease in this 
period 
Book balance at the 
end of the period  
Original price 7,081,694,024.82 99,761,921.84 51,593,155.79 7,129,862,790.87 
    Housing and 
buildings 
4,619,714,535.01 88,335,288.51 40,033,771.32 4,668,016,052.20 
    Land use right 2,461,979,489.81 11,426,633.33 11,559,384.47 2,461,846,738.67 
    Accumulative 
depreciation and 
accumulative 
amortization 
1,419,849,690.94 118,302,251.94 6,039,143.31 1,532,112,799.57 
    Housing and 
buildings 
1,171,893,770.58 87,450,019.00 5,805,147.67 1,253,538,641.91 
    Land use right 247,955,920.36 30,852,232.94 233,995.64 278,574,157.66 
    Book net value 5,661,844,333.88   5,597,749,991.30 
    Housing and 
buildings 
3,447,820,764.43 
    3,414,477,410.29 
    Land use right 2,214,023,569.45   2,183,272,581.01 
    Impairment 
preparation 
---- 
Housing and 
buildings 
---- 
Land use right ---- 
Book value 5,661,844,333.88   5,597,749,991.30 
    Housing and 
buildings 
3,447,820,764.43 
    3,414,477,410.29 
    Land use right 2,214,023,569.45   2,183,272,581.01 
    (1) In the investment property added in this period, the amount transferred in from 
inventories is RMB 26,400,589.46 Yuan, and the increase of accumulative depreciation and 
    accumulative amortization in this period is the counted and drawn amount in this period. 
(2) Up till June 30, 2014, there was no investment property used for mortgage.  
(3) Up till June 30, 2014, investment property with the net value of RMB 2,836,182,386.46 
    Yuan of the Group did not have the certificate of title, mainly including Zhangzhou 
Ziweiyuan Phase 1, Jingshan Villa Phase 8, Meilun Apartment, Chuanwei Square , 
Chuanhou Square andChina Merchants Sqare etc. For 10 assets with the net value of 
RMB 81,946,690.80 Yuan, partial data is lost due to long history, we are now 
    negotiating with the related departments to handle, and the other assets certificate of 
title are being handled. 


招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)
    141. Fixed assets
    (1)Condition of the fixed assets  
    Unit: RMB Yuan 
Item  
Amount at the 
beginning of the 
period 
Transfer-in in 
this period 
Increase in this 
period 
Decrease in 
this period 
Amount at the end of 
the period 
Original price 2,422,132,988.62 21,764,215.32 20,894,196.85 72,087,336.29 2,392,704,064.50 
    Housing  and 
buildings 
1,875,320,557.09 21,764,215.32  60,847,860.65 1,836,236,911.76 
    Machinery 
equipment 
315,079,590.79  13,740,626.17 460,514.77 328,359,702.19 
    Transportation 
equipment 
92,297,631.00  4,689,892.41 2,132,580.50 94,854,942.91 
    Office 
equipment 
139,435,209.74  2,463,678.27 8,646,380.37 133,252,507.64 
    Accumulative 
depreciation 

Added in this
 period 
Counted and  
drawn in this 
period 
  
383,711,997.07 764,338.51 82,124,734.55 13,933,379.08 452,667,691.05 
    Housing and 
buildings 
121,026,820.32 764,338.51 37,767,906.19 6,182,371.14 153,376,693.88 
    Machinery 
equipment 
155,336,824.02  28,986,761.15 363,261.26 183,960,323.91 
    Transportation 
equipment 
47,442,026.52    8,225,328.88 1,595,812.15 54,071,543.25 
    Office 
equipment 
59,906,326.21    7,144,738.33 5,791,934.53 61,259,130.01 
    Book net value 2,038,420,991.55   1,940,036,373.45 
    Housing and 
buildings 
1,754,293,736.77   1,682,860,217.88 
    Machinery 
equipment 
159,742,766.77   144,399,378.28 
    Transportation 
equipment 
44,855,604.48   40,783,399.66 
    Office 
equipment 
79,528,883.53   71,993,377.63 
    Impairment 
provision 
    
Housing and 
buildings 
    
Machinery 
equipment 
    
Transportation 
equipment 
    
Office 
equipment 
    
Book value 2,038,420,991.55   1,940,036,373.45 
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Housing and 
buildings 
1,754,293,736.77   1,682,860,217.88 
    Machinery 
equipment 
159,742,766.77   144,399,378.28 
    Transportation 
equipment 
44,855,604.48   40,783,399.66 
    Office 
equipment 
79,528,883.53   71,993,377.63
    (1)Among all the fixed assets added in this period, the amount transferred in from the 
    investment property is RMB 21,764,215.32.
    (2)Up till June 30, 2014, the Group had 12 housing and buildings with a net value of RMB 
    11,541,443.84 Yuan without certificate of title, and the certificate of title are being handled.
    12. Construction in process
    (1) Condition of the construction in process 
    Unit: RMB Yuan 
Item 
Balance at the end of the period Balance at the beginning of the period 
Book balance 
Impairment 
provision 
Book value Book balance 
Impairment 
provision 
Book value 
Transformer 
substation project 
99,326,975.54  99,326,975.54 97,696,226.79  97,696,226.79 
    Construction 
project 
2,936,043.39  2,936,043.39 2,936,043.39  2,936,043.39 
    Reconstruction of 
the training base 
4,586,781.10  4,586,781.10 4,263,308.18  4,263,308.18 
    Total 106,849,800.03  106,849,800.03 104,895,578.36  104,895,578.36
    (2)Change conditions of the major construction in process projects  
    Unit: RMB Yuan 
Project name Budget 
Balance at the 
beginning of the 
period 
Increase in 
this period 
Transferred 
into fixed 
assets 
Other 
decreases 
Balanceat the end of 
the period 
Transformer 
substation 
project 
214,000,000.00 
    97,696,226.79 1,630,749        99,326,975.54  
    Construction 
project 
1,587,565,000.00 
    2,936,043.39          2,936,043.39  
    Reconstruction of the 
training base 
7,363,308.18 
    4,263,308.18 323,473         4,586,781.10  
    Continued: 
Project name 
Proportion of the 
project input in the 
budget  
Project progress 
Accumulative 
amount of the 
interest 
capitalization 
incl.  the 
interest 
capitalization 
amount in this 
period  
Interest 
capitalization 
rate in this 
period 
Capital source 
招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Transformer 
substation 
project
    46.41  
    Completed and 
having the record 
kept 
     Self-raised 
Construction 
project
    0.18  
    Cost in the 
early stage 
     Self-raised 
Reconstruction 
of the training 
base
    62.29  
    Cost in the 
early stage 
     Self-raised
    13. Intangible assets  
    Unit: RMB Yuan 
Item 
Book balance at the 
beginning of the 
period 
Increase in this 
period 
Decrease in this 
period 
Book balance at the 
end of the period 
Original 
price 
566,949,237.65 12,233,384.47 10,436,783.66 568,745,838.46 
    Land use right 560,127,109.65 11,559,384.47 10,436,783.66 561,249,710.46 
    Software 6,822,128.00 674,000.00   7,496,128.00 
    Accumulative 
amortization 
24,500,586.23 9,447,688.15 0.00 33,948,274.38 
    Land use right 21,427,208.41 8,452,526.86   29,879,735.27 
    Software 3,073,377.82 995,161.29   4,068,539.11 
    Net Book 
value 
542,448,651.42   534,797,564.08 
    Land use right 538,699,901.24   531,369,975.19 
    Software 3,748,750.18   3,427,588.89 
    Impairment 
provision 
        
Land use right         
Software         
Book value 542,448,651.42   534,797,564.08 
    Land use right 538,699,901.24   531,369,975.19 
    Software 3,748,750.18   3,427,588.89 
    (1): In the intangible assets added in this period, the amount transferred in from the investment 
property is RMB 11,559,384.47. 
    (2) The decrease of the intangible assets this period is due to the transfer from land usage right 
of rental property to investment property.
    14. Goodwill 
    Unit: RMB Yuan 
Name of the invested unit  
Balance at the 
beginning of the 
period  
Increase in this 
period 
Decrease in this 
period 
Balance at the end 
of the period  
Impairment 
provision at the 
end of the 
period 
招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)China Merchants Land Co., Ltd.  159,560,861.23   159,560,861.23  
    The Group confirms the impairment loss of the goodwill asset group with the difference 
between the present value of the estimated future cash net flow of the goodwill asset group and 
the Book value of the asset group. After the impairment test, the goodwill did not have 
impairment.
    15. Long-term deferred and prepaid expenses 
    Unit: RMB Yuan 
Item 
Amount at the 
beginning of the 
period  
 Increase amount 
in this period  
Amortization 
amount in this 
period  
 Other 
decrease 
amounts  
 Amount at the 
end of the period  
Improvement expenditure for 
the operation and rental of the 
fixed assets  
198,031,614.61 3,197,612.06 10,313,425.85  190,915,800.82 
    Others 59,637,228.12 11,658,701.67 18,162,228.47  53,133,701.32 
    Total 257,668,842.73 14,856,313.73 28,475,654.32 - 244,049,502.14
    16. Deferred income tax assets and deferred income tax liabilities
    (1)Details of the confirmed deferred income tax assets and deferred income tax liabilities 
    Unit: RMB Yuan 
Item 
Balance at the end of the 
period  
 Balance at the beginning 
of the period  
deferred income tax assets:  
Land VAT drawn in advance 555,395,607.56         740,221,155.30  
    Subsidiary company evaluation value 
addingNote

464,699,868.61  -  
    Expense drawn in advance 2,222,872.21             195,213.25  
    Estimated liabilities  0.00           2,618,340.03  
    Bad debt provision of the accounts 
receivable 
964,760.31            444,284.36  
    Bad  debt  provision  of  the  other  
receivable 
4,244,618.01 4,617,710.75            
    Other long-term asset amortization 3,580,077.90           3,580,077.90  
    Drawn education fund and advertisement 
fee exceeding the tax law standard 
5,790,627.28           5,790,627.28  
    Others 6,396,117.51          12,790,471.82  
    Total 1,043,294,549.39      770,257,880.69  
    Deferred income tax liabilities:  
Dividend corporate income tax drawn in 
advanceNote

93,864,160.28         108,596,697.05  
    Total 93,864,160.28      108,596,697.05  
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)
    (2)Details of the unconfirmed deferred income tax assets 
    Unit: RMB Yuan 
Item Balance at the end of the period  
Balance at the beginning 
of the period  
Deductible temporary 
difference 237,183,089.90 
    620,494,424.87 
    Deductible loss 2,410,009,080.70 1,880,447,683.61 
    Total  2,647,192,170.60 2,500,942,108.48
    (3)The deductible losses of the unconfirmed deferred income tax assets will be due in the 
    following years 
Unit: RMB Yuan 
Year 
Number at the end of the 
period  
Number at the beginning of the 
period  Remark  
2014 9,070,705.50 9,070,705.50  
    2015 73,616,726.44 73,616,726.44  
    2016 181,139,035.93 187,868,641.92  
    2017 736,182,148.92 743,689,981.13  
    2018 866,196,217.64 866,201,628.62  
    2019 543,804,246.27 -  
    Total 2,410,009,080.70 1,880,447,683.61
    (4) Details of the taxable difference and the deductible difference items  
    Item 
Amount of temporary difference  
End of the period  Beginning of the period 
Taxable difference item 
Dividend corporate income 
tax drawn in advance 
1,192,026,119.49 1,,51,843,070.09 
    Subtotal 1,192,026,119.49 1,251,843,070.09 
    Deductible difference items 
Land VAT drawn in advance 2,221,582,430.24  2,960,884,621.18  
    Subsidiary investment 
property evaluation value 
addingNote

1,858,799,474.44  
    Advance drawing expense 8,891,488.84  780,853.00  
    Estimated liabilities -    10,473,360.10  
    Bad debt provision of the 
accounts receivable 
3,859,041.24 1,777,137.44 
    Bad debt provision of the 
other receivables 
16,978,472.04 18,470,842.98 
    Other long-term assets 
amortization 
14,320,311.60 14,320,311.60 
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Drawn education fund and 
advertisement fee exceeding 
the tax law standard 
23,162,509.11 23,162,509.11  
    Others 25,584,470.05 51,161,887.35  
    Subtotal 4,173,178,197.56 3,081,031,522.76 
    Note: As of V.(I) Subsidiary companies Note 16 says, the subsidiary of The Company, 
China Merchants Property Development set up subsidiaries by investment properties. 
Within The Company’s scope, the difference of investment cost and the asset’s book value 
can be deducted by the temporary difference between tax base and tax expense, thereby the 
difference is recognized as deferred tax asset.
    17. Details of the assets Impairment provision  
    Item 
Amount at the 
beginning of the 
period  
Increase in 
this period 
Decrease in this period Amount at the 
end of the 
period  
Transfer back 
Other 
Transfer-out 
Bad debt provision 41,135,956.27 1,429,149.73 540,855.74 19,699.31 42,004,550.95 
    Inventory price fall 
preparationNote

185,324,815.39     16,440,971.35 168,883,844.04 
    Total  226,460,771.66 1,429,149.73 540,855.74 16,460,670.66 210,888,394.99 
    Note: For the details of the other transfer-out in this period of the inventory price fall 
preparation, see VI. 6 (3) Details of the inventory price fall preparation.
    18. Short-term loan  
    Loan category Amount at the end of the period  Amount at the beginning of the 
period  
Guarantee loanNote
 600,000,000.00 1,200,000,000.00 
    Credit loan 2,825,000,000.00 3,050,000,000.00 
    Total  3,425,000,000.00 4,250,000,000.00 
    Note: The subsidiary company of the Company Shenzhen China Merchants Construction 
Co., Ltd. borrowed RMB 600,000,000.00 Yuan from the bank, and the Company provided the 
    guarantee.  
招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)
    19. Notes payable 
    Note category 
Balance at the end of the period  
Balance at the beginning of the 
period  
Bank acceptance                33,679,222.89  4,777,875.00 
    Trade acceptance                 1,616,433.20  22,489,762.07 
    Total                  35,295,656.09                27,267,637.07  
    All the notes payable will be due by December 31, 2014.
    20. Accounts payable
    (1) Accounts payable  
    Item  Balance at the end of the period  
Balance at the beginning of the 
period  
Project funds 
                   
6,319,825,047.37  6,498,504,292.06 
    Land price money 
                   
6,347,427,544.45  4,916,328,784.79 
    Payment for acquisition of equityNote

                      
327,528,894.81  135,650,000.00 
    Cash warranty 
                      
309,791,186.77  336,853,170.30 
    Others 
                      
112,192,520.77  123,496,207.35 
    Total 13,416,765,194.17 12,010,832,454.50 
    Among then: Over 1 year  
                   
1,159,131,244.94  937,403,243.07 
    Note: Payment for acquisition of equity is the equity transfer money of RMB 
191,878,894.81 Yuan that shall be paid to the original shareholder by the company for 
    purchasing Tianjin Guojun Investment Co.Ltd.,equity transfer money of RMB 70,650,000.00 
    Yuan that shall be paid to the original shareholder by the subsidiary company of the Company 
China Merchants Property (Shenzhen) Co., Ltd. for purchasing Shanghai Fengyang Property 
Development Co., Ltd., and equity transfer money of RMB 65,000,000.00 Yuan that shall be 
    paid by the subsidiary company of the Company China Merchants Property (Shenzhen) Co., Ltd. 
to the original shareholder for purchasing Shenzhen China Merchants Runde Proeprty Co., Ltd.
    (2) The large-amount accounts payable with the aging exceeding one year are as 
    follows:  
招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Unit name  
Amount at the end 
of the period  
Age 
Cause for 
non-payment  
Repayment 
amount 
after the 
period  
Final payment of Woods Apartment 181,243,826.62 1-2 years 
    The project is not 
settled  
Tianjin Songjiang Tuanbo Investment 
Development Co., Ltd.  
99,036,642.00 1-2 years 
    The project is not 
settled  
Project funds of Beijing Park 1872 
Project Phase 2 
90,326,471.87 1-2 years 
    The project is not 
settled  
CIMC Shenfa Construction Industrial 
Co., Ltd.   
70,650,000.00 Over 3 years 
    Not meeting the 
payment 
condition 

Shenzhen Weihui Investment Co., Ltd.  65,000,000.00 2-3 years 
    Not meeting the 
payment 
condition 

Project funds of Zhangzhou Meilun Villa 48,468,561.07 1-2 years 
    The project is not 
settled  
Payable phase 2 project funds of Foshan 
Xincheng 
47,277,863.80 1-2 years 
    The project is not 
settled  
Project funds of Guangzhou Jinshan 
Valley Garden Phase 4 
41,616,804.73 1-2 years 
    The project is not 
settled  
Bijie Land and Resources Bureau 39,300,000.00 1-2 years 
    Not meeting the 
payment 
condition 

Payable land money of Shanghai 
Fengyang 
33,122,150.40 Over 3 years 
    Not meeting the 
payment 
condition 

Project funds of Zhuhai Garden City 
Phase 1 
31,181,711.86 1-2 years 
    The project is not 
settled  
Completion pre-drawing cost of Foshan 
Xinjie Phase 1 
30,242,829.89 2-3 years 
    The project is not 
settled  
Completion pre-drawing cost of Foshan 
Xinjie Phase 2 
28,621,925.00 1-2 years 
    The project is not 
settled  
Payable phase 3 project funds of Foshan 
Xincheng 
25,516,828.37 1-2 years 
    The project is not 
settled  
Payable phase 1 project funds of Foshan 
Xincheng 
18,122,174.38 2-3 years 
    The project is not 
settled  
Project funds of Zhangzhou Holiday 365 
Phase 1 
17,353,157.47 1-2 years 
    The project is not 
settled  
Pre-drawing project cost of Shanghai 
Minsheng 
16,677,806.93 2-3 years 
    The project is not 
settled  
Project funds of Beijing Park 1872 
Project Phase 1 
15,007,514.80 1-2 years 
    The project is not 
settled  
Cash waranty of Shenzhen Lanyuan  14,501,632.33 Over 3 years 
    The project is not 
settled  
Cash waranty of Shenzhen Yishanjun 
Phase 3 
14,440,288.97 Over 3 years 
    The project is not 
settled  
Nantong Construction Engineering 
Contracting Co., Ltd.  
12,726,129.83 1-2 years 
    The project is not 
settled  
Pre-project funds of Zhangzhou 
Cadaques Phase 1 
12,408,865.23 1-2 years 
    The project is not 
settled  
Total  952,843,185.55       
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)
    (3) Payables to the shareholder units holding over 5%(including 5%) voting power 
    shares of the Group at the end of the period  
Unit name  Number at the end of the period  
Number at the beginning of the 
period  
Shekou Industrial Zone Co., Ltd.  3,452,900,000.00
    21. Accounts collected in advance 
    (1) Accounts collected in advance 
Item Amount at the end of the period 
Amount at the beginning of the 
period 
Total           39,791,073,409.80  37,517,671,641.79 
    Over 1 year 2,702,325,732.57 3,720,581,363.29 
    Note: The accounts collected in advance are mainly building sales money collected in 
advance, and the accounts collected in advance not carried over with the aging over one year is 
the advance building sales money of the buildings not completed and accepted.  
(2) The accounts collected in advance at the end of the period do not include the money 
of the shareholder units holding over 5%(including 5%) voting power shares of the 
Group.  
(3) Prepayment for properties:  
Project name 
Amount at the end of 
the period  
Amountat the 
beginning of the 
period  
Estimated 
completion 
time 
Advance sale 
proportion 
(%) 
Beijing Park·1872  2,694,278,272.00 2,513,448,128.72  2014  93.55  
    Beijing Longyuan  21,630,756.00 483,021,009.00  Completed  97.65  
    Tianjin Beiken Hill  932,499,817.00 612,503,010.00  2014  75.00  
    Tianjin Yiyunjun  216,869,219.00 4,041,470.00  2015  69.38  
    Tianjin Yonghuafu  4,512,334.00 8,167,103.00  Completed  99.62  
    Tianjin Diamond Hill 539,680,130.02 254,743,936.00  2014  87.92  
    Harbin Notting Hill  142,725,870.94 64,133,341.74  2014  59.64  
    Qingdao LAVIE 
Commune  52,745,507.00 336,531,075.00
    2015  43.25  
    Qingdao Hyde Garden  246,969,361.00 104,020,254.00  2014  71.00  
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Project name 
Amount at the end of 
the period  
Amountat the 
beginning of the 
period  
Estimated 
completion 
time 
Advance sale 
proportion 
(%) 
 Suzhou Xiaoshi City  1,621,686,568.32 1,068,144,545.32  2015  79.45  
    Suzhou Yishanjun  378,384,901.38 90,317,988.00  2015  23.85  
    Suzhou Yonghuafu  963,974,167.00 605,767,868.00  2014  58.06  
    Suzhou Yongjingwan  911,700,695.03 1,157,626,344.00  2014  99.19  
    Nanjing Evian Xigu  15,547,123.80 13,697,123.80  2015  100.00  
    Nanjing Yonghuafu  2,207,808,048.40 1,185,606,983.56  2015  74.43  
    Nanjing Zijinshan No.1  37,610,197.43 81,034,908.03  Completed  93.69  
    Zhenjiang North Solid Bay 369,176,343.09 1,009,300,474.03 2015 72.63  
    Shanghai Hyde Garden  1,020,550,130.00 1,025,262,637.00  2014       96.11  
    Shanghai Hongyue 
Huating  1,803,476,955.00 1,104,974,625.00
    2014       97.02  
    Shanghai Sheshan 
Longyuan  212,674,341.00 122,907,095.00
    2014       35.47  
    Shanghai China 
Merchants Haiting Phase 1  118,025,841.00 164,839,893.00 
    Completed       75.88  
    Changzhou China 
Merchants Garden City  199,849,453.00 130,421,353.00
    2017       42.26  
    Chengdu Dongcheng 
International  5,000,000.00 5,000,000.00 
    Completed       89.34  
    Chengdu Yonghuafu  2,071,314,160.71 1,450,106,403.20  2014       85.96  
    Wuhan Aoming Moshui 
Lake  1,148,010,767.00 718,119,183.00
    2014  82.28  
    Wuhan Yonghuafu  35,004,278.00 945,441,379.00  2014  93.25  
    Chongqing Garden City  729,485,319.21 772,714,786.31  2015  62.28  
    Chongqing Jiangwan City  95,072,150.00 79,310,504.00  Completed  93.01  
    Chongqing Changjiahui  582,022,745.00 703,275,279.23  2017  69.14  
    Guangzhou Donghui City  2,765,743,170.92 2,409,381,921.15  2016  66.94  
    Guangzhou Jinshan Valley  498,689,910.69 428,617,599.35  2014  73.99  
    Foshan Evian Shangcheng  66,677,729.56 996,710,467.73  Completed  94.19  
    Foshan Evian Shui’an  51,896,368.00 363,928,689.63  Completed  97.54  
    Foshan Evian Tianhui  1,270,851,514.00 1,815,818,056.00  2014  67.06  
    Foshan Evian Xicheng  422,814,774.00 297,758,971.00  2015  71.99  
    Zhuhai China Merchants 
Garden City  27,943,194.00 1,142,120,726.00 
    Completed  89.56  
    Bijie China Merchants 
Garden City  719,176,318.00 481,515,592.00
    2014  60.93  
    Xiamen Hyde Park  1,054,456,020.00 1,507,876,002.00  2014  87.05  
    Xiamen Sea May Flower  2,010,046,907.57 1,684,807,638.57  2015  75.68  
    Zhangzhou Garden City  34,892,902.20 35,159,236.20  Completed  99.43  
    Zhangzhou Holiday 366  276,773,959.26 225,182,206.24  2014  99.82  
    Zhangzhou Cadaques  1,397,631,521.30 1,109,021,632.16  Completed  89.20  
    Shenzhen Jingshan  5,228,078,643.00 3,890,394,171.00  2014  94.73  
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Project name 
Amount at the end of 
the period  
Amountat the 
beginning of the 
period  
Estimated 
completion 
time 
Advance sale 
proportion 
(%) 
 Shenzhen Lanxi Valley 
Apartment  6,756,284.00 23,097,053.00 
    Completed  100.00  
    Shenzhen Pingshan 
Garden City  1,233,158,194.00 356,504,453.00
    2015  70.69  
    Shenzhen Woods 
Apartment  1,090,000.00 41,930,540.00 
    Completed  91.98  
    Shenzhen Yihai City  2,087,621,992.00 3,365,465,960.00  2016  36.00  
    Shenzhen Yongjingwan  6,075,615.00 75,999,203.00  Completed  99.89  
    Shenzhen China 
Merchants Guanyuan  1,141,725,637.00 292,375,822.00 
    Completed  94.92  
    Shenzhen China 
Merchants Guoling Garden  916,294.00 916,294.00 
    Completed  99.30  
    Shenzhen Property 
Yishanjun   86,525,110.00 
    Completed  100.00  
    Others 4,002,246.21 12,000,463.24     
    Total 39,685,304,646.04 37,457,586,507.21
    22. Remuneration payable to the employees  
    Item Book balance at the 
beginning of the 
period 
Increase in this period 
Decrease in this 
period 
Book balance at the 
end of the period 
Salary, bonus and subsidy 353,649,099.38 578,963,944.89 807,983,712.66 124,629,331.61 
    Employee welfare fee    28,942,847.90 28,942,847.90 0.00 
    Social insurance fee  582,482.45 83,680,587.27 84,145,007.63 118,062.09 
    In it: Medical insurance fee  177,255.63 25,434,492.39 25,426,528.90 185,219.12 
    Basic old-age insurance premiums 502,294.03 41,160,072.58 41,448,456.58 213,910.03 
    Supplementing medical insurance        0.00 
    Annuity payment (supplementing 
old-age insurance) 
-425,715.96 10,781,732.16 10,890,008.58 -533,992.38 
    Unemployment insurance premium  149,519.01 2,986,830.10 3,067,902.85 68,446.26 
    Industrial injury insurance premium 91,825.09 1,653,899.06 1,646,513.04 99,211.11 
    Birth insurance premium 87,304.65 1,663,560.98 1,665,597.68 85,267.95 
    Housing fund 1,275,942.10 26,806,264.06 27,030,335.98 1,051,870.18 
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Item Book balance at the 
beginning of the 
period 
Increase in this period 
Decrease in this 
period 
Book balance at the 
end of the period 
Labor union fund and employeducation fund  
22,134,025.25 15,194,312.77 10,316,687.81 27,011,650.21 
    Dismissal welfare 1,280,000.00 1,102,616.91 1,088,284.65 1,294,332.26 
    Others 6,973,163.35 5,240,747.96 5,094,390.19 7,119,521.12 
    Total 385,894,712.53 739,931,321.76 964,601,266.82 161,224,767.47
    23. Taxes payable 
    Item Amount at the end of the 
period 
Amount at the beginning of 
the period 
Enterprise income tax  965,177,102.76 1,103,188,885.00 
    Land VAT  56,049,281.60 82,252,894.07 
    Business tax 20,125,383.14 173,015,455.00 
    Personal income tax  35,877,859.95 16,385,954.42 
    VAT 1,985,873.36 1,727,875.43 
    City maintenance and construction tax  1,433,812.78 10,905,212.85 
    Land use tax  3,017,946.48 6,202,187.15 
    Deed tax 119,406,833.40          59,104,080.00  
    Others 36,771,142.89 11,643,333.18 
    Total 1,239,845,236.36 1,464,425,877.10
    24. Interest payable 
    Item Amount at the end of the 
period 
Amount at the beginning of 
the period 
Interest of the long-term loans with installment 
interest payment and repayment of principal 
when it is due 
   128,602,732.24    141,592,356.43 
    Interest of the enterprise bonds  6,872,335.87      6,809,898.56  
    Interest payable of short-term loans  1,353,013.70      3,958,803.08  
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Item Amount at the end of the 
period 
Amount at the beginning of 
the period 
Total 136,828,081.81    152,361,058.07
    25. Dividend payable 
    Unit name 
Number at the 
end of the period 
Number at the 
beginning of the 
period 
Cause for non-payment 
over one year  
Jiasen International Co., Ltd.  450,964,624.39   
    Shekou Industrial Zone Co., Ltd.  332,841,272.16   
    Jiulongcang Property (Guangzhou) Co., 
Ltd.  
27,788,058.64   
    Tianjin Senmiao Investment Group Co., 
Ltd.  
4,692,329.22 9,692,329.22 
    Coordinate with the 
cooperative party and 
postpone payment  
Shekou Huayuan Restaurant  285,600.10 285,600.10 
    The other party has been 
closed down for many 
years  
Shenzhen Shekou Dongdi Industrial 
Development Co., Ltd.  
                                          140,218.27 
    Shenzhen Nanshan Property 
Development Co., Ltd.  
                                          110,809,046.70 
    Other small shareholders 383,233.13                                       
    Total 816,955,117.64 120,927,194.29
    26. Other payables
    (1) Other payables 
    Item Number at the end of the period 
Number at the beginning of the 
period 
Correspondence with the cooperative 
companies               5,873,903,107.86  5,606,100,060.64 
    Correspondence with the associated 
companies                1,432,253,109.41  2,059,548,538.01 
    Cash deposit                  768,864,838.35,633,651.06 
    Money collected on behalf and 
collected temporarily                   681,471,743.04  533,845,271.67 
    Others                  622,616,733.21  258,919,961.15 
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Item Number at the end of the period 
Number at the beginning of the 
period 
Total 9,379,109,531.87 9,014,047,482.53 
    Among them: Over 1 year 3,156,954,883.55 1,992,622,335.11 
    Note: The large-amount other payables with the aging over 1 year are mainly the money 
advanced of minority stockholders。
    (2) The other payables in this report period do not include the money of the shareholder 
    units holding over 5%(including 5%)  voting power shares of the Company
    (3) Large-amount other payables at the end of the period  
    Item Amount Aging Nature or content 
Suzhou Yaolong Investment Co., Ltd.  
   912,718,813.10  
    Within 1 
year 
Accounts with the shareholders of 
the subsidiary companies 
Shanghai langda Industrial Co., Ltd.  
   882,420,768.56  
    0-over 3 
years 
Accounts with the shareholders of 
the subsidiary companies 
Shenzhen China Merchants Financing Service 
Co., Ltd.     774,612,987.75  
    0-over 3 
years 
Accounts with the shareholders of 
the subsidiary companies 
Tianjin Taida Development Co., Ltd.  
    534,505,285.78  
    Within 2 
years 
Accounts with the shareholders of 
the subsidiary companies 
Yunnan Chengtou Property Co., Ltd.  
    522,997,394.88  
    Within 2 
years 
Accounts with the shareholders of 
the subsidiary companies 
Jiulongcang (Beijing) Enterprise Management 
Co., Ltd.      416,414,828.38  
    Within 1 
year 
Accounts with the shareholders of 
the subsidiary companies 
Harbin Hadian Proeprty Co., Ltd.  
    409,276,633.89  
    Within 1 
year 
Accounts with the shareholders of 
the subsidiary companies 
Rizhao City Investment Construction Consulting 
Co., Ltd.      352,750,000.00  
    Within 1 
year 
Accounts 
Shenzhen TCL Property Co., Ltd.  
    273,169,295.71  
    Within 1 
year 
Accounts with the shareholders of 
the subsidiary companies 
Guangdong Xinnanda Cable Industrial Co., Ltd.  
    261,401,273.12  
    Within 1 
year 
Accounts with the shareholders of 
the subsidiary companies 
Shanghai Ledu Property Co., Ltd.  
    251,012,803.57  
    Within 2 
years 
Accounts with the associated 
enterprise 
Dalian Haoyu Investment Co., Ltd.  
    245,570,000.00  
    Within 2 
years 
Accounts with the shareholders of 
the subsidiary companies 
Beijing Yintai Property Business 
Co., Ltd.      225,232,860.00  
    Within 1 
year 
Accounts with the shareholders of 
the subsidiary companies 
China Merchants Zhangzhou Development 
Zone Co., Ltd.      200,000,000.00  
    Within 1 
year 
Accounts with the shareholders of 
the subsidiary companies 
Foshan Henglun Property Investment Co., Ltd.  
    185,208,465.34  
    Within 1 
year 
Accounts with the shareholders of 
the subsidiary companies 
Nanjing Qianjia Investment Co., Ltd.  
    173,455,892.49  
    Within 1 
year 
Accounts with the shareholders of 
the subsidiary companies 
Huidefeng Property Co., Ltd.  
    160,048,546.22  
    Within 2 
years 
Accounts with the shareholders of 
the subsidiary companies 
招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Item Amount Aging Nature or content 
Zhenjiang Shuili Investment Co., Ltd.  
    138,242,326.60  
    Within 3 
years 
Accounts 
Dafeng International Co., Ltd.  
132,720,170.98 
    Within 2 
years 
Accounts with the shareholders of 
the subsidiary companies 
Foshan Xincheng Investment Development 
Co., Ltd.      106,410,408.00  
    Within 1 
year 
Accounts with the shareholders of 
the subsidiary companies 
Tianjin Xinghai Property Development Co., Ltd.  
    106,081,398.67  
    Within 2 
years 
Accounts with the associated 
companies 
Foshan Jincheng Quick-Frozen Food Co., Ltd.  
    104,560,814.05  
    Within 1 
year 
Accounts with the shareholders of 
the subsidiary companies 
 Total 7,368,810,967.09
    27. Non-current liabilities falling due in one year
    (1) Non-current liabilities falling due in one year 
    Item Amount at the end of the 
period 
Amount at the beginning 
of the period 
Long-term loans falling due in one year  9,332,132,762.45 6,331,007,932.13 
    Among them: Credit loan 1,549,040,398.99 2,087,591,745.57 
    Guarantee loan 7,618,938,800.00 3,931,709,451.27 
    Mortgage loan 164,153,563.46 300,800,000.00 
    Entrusted loan - 10,906,735.29 
    Total 9,332,132,762.45 6,331,007,932.13 
    For the details of the explanations on the long-term loans falling due in one year, see “this 
Annotation VI. 29 Long-term Loans”.
    (2)The top five non-current liabilities falling due in one year of the amount at the end of 
    the period  
Lending unit 
Loan start 
day 
Loan ending 
day  
Currency 
Interest rate 
(%) 
Amount at the end of the period 
Foreign 
currency 
amount 
Domestic currency 
amount 
Financial 
institution 1 
2013/03/26 2015/06/15 USD Floating 
200,000,000.00 1,230,560,000.00 
    Financial 2013/03/29 2015/03/29 RMB Fixed  1,100,000,000.00 
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)institution 2 
Financial 
institution 3 
2011/10/17 2014/09/26 USD Floating 
100,000,000.00 615,280,000.00 
    Financial 
institution 4 
2013/03/29 2015/03/29 RMB Fixed  500,000,000.00 
    Financial 
institution 5 
2012/09/25 2015/06/29 RMB Fixed  500,000,000.00
    28. Other current liabilities  
    Item Book balance at the end of 
the period 
Book balance at the 
beginning of the period 
Land VATNote 1
 drawn in advance 2,338,349,360.00 3,560,491,070.18 
    Total 2,338,349,360.00  3,560,491,070.18 
    Note 1: The Group counts and draws land VAT according to Guo Shui Fa [2006] No.187 
document Notice on the Problems Related to the Liquidation Management of the Land VAT of 
the Property Development Enterprises by the State Administration of Taxation of the State 
Administration of Taxation and the other related provisions, and counted into the related profit 
and loss during the period according to the matching principle. At the same time, when 
calculating the income tax expense, the Group conducts corresponding adjustment on the 
taxable income according to the related provisions of the areas of the subsidiary companies.
    29. Long-term loan
    (1) Classification of long-term loan  
    Loan category  Amount at the end of the period  Amount at the beginning of the 
period  
Mortgage loanNote 1
 169,875,000.00 277,128,563.46 
    Guarantee loanNote 2
 10,194,523,200.01 10,803,053,770.94 
    Credit loan 6,895,665,261.60 5,141,455,560.02 
    Entrusted loanNote 3
 830,280,000.00 830,280,000.00 
    Total 18,090,343,461.61 17,051,917,894.42 
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Note 1: For the details, see “This Annotation VI , 6. Inventories(5)”. 
    Note 2: The details of the guarantee loans are as shown in the Table below. 
借款主体 
Lending 
institution 
Loan amount 
Among them: 
amount of long-term 
loan falling due in 
one year 
Guarantee institution 
The Company 
Huatai Assets 
Management 
Co., Ltd.  
2,000,000,000.00  China Merchants Group Co., Ltd.  
    The Company Bank 1,531,500,000.00 514,000,000.00 
    China Merchants Shekou Industrial 
Zone Co., Ltd. 
The Company Bank 1,619,000,000.00 1,109,000,000.00 
    China Merchants Shekou Industrial 
Zone Co., Ltd. 
China Merchants Property 
(Shenzhen) Co., Ltd.  
Bank.  574,500,000.00 574,500,000.00 
    China Merchants Shekou Industrial 
Zone Co., Ltd. 
The Company Bank 249,900,000.00 249,900,000.00 
    China Merchants Property 
(Shenzhen) Co., Ltd. 
Shenzhen China Merchants Power 
Supply Co., Ltd. 
Bank 184,584,000.00  The  Company. 
    China Merchants Property 
(Shenzhen) Co., Ltd. 
Bank 249,900,000.00 249,900,000.00 The Company 
    Shenzhen China Merchants Power 
Supply Co., Ltd.  
Bank 184,584,000.00  The Company 
    Ruijia Investment Co., Ltd.  Bank 7,042,878,000.00 3,880,338,800.00 
    China Merchants Group (Hong 
Kong) Co., Ltd. 
Beijing Conrad Property 
Development Co., Ltd.  
Bank 373,100,000.01 109,200,000.00 
    China Merchants Property 
(Shenzhen) Co., Ltd. and China 
Merchants Shekou Industrial Zone 
Co., Ltd. provide guarantee 
according to their share holding 
proportions  
Shenzhen China Merchants 
Business Development Co., Ltd.  
Bank 130,000,000.00 40,000,000.00 
    Shenzhen China Merchants 
Properties and Investment Co., Ltd. 
and Shenzhen Sea World Industrial 
Development Co., Ltd. provide 
guarantee according to their share 
holding proportions  
Shenzhen Shekou Sea World Hotel 
Management Co., Ltd.  
Bank 490,000,000.00 20,000,000.00 
    Shenzhen China Merchants 
Properties and Investment Co., Ltd. 
and China Merchants Shekou 
Industrial Zone Co., Ltd. provide 
guarantee according to their share 
holding proportions 
Shenzhen Jinyu Rongtai 
Investment Development Co., Ltd.  
Bank 150,000,000.00 10,000,000.00 
    Shenzhen China Merchants 
Properties and Investment Co., Ltd. 
and China Merchants Shekou 
Industrial Zone Co., Ltd. provide 
guarantee according to their share 
holding proportions 
Wuhan Aoming Proeprty 
Development Co., Ltd.  
Bank 94,000,000.00  
    China Merchants Shekou Industrial 
Zone Co., Ltd. 
Shenzhen Vanke Binhai Proeprty 
Co., Ltd.  
Bank 300,000,000.00  
    China Merchants Property 
(Shenzhen) Co., Ltd. and Shenzhen 
Vanke Property Co., Ltd. provide 
guarantee according to their share 
holding proportions  
China Merchants Property 
Development (Nanjing) Co., Ltd.  
Bank 600,000,000.00  
    China Merchants Property 
(Guangzhou) Co., Ltd.  
Foshan Evian Property Co., Ltd.  Bank 1,100,000,000.00 1,100,000,000.00 China Merchants Property 
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Note 3: 
1) According to the Entrusted Loan Contract signed between the subsidiary 
company of the Company Guangzhou Wanshang Property Co., Ltd. and Guangzhou 
Vanke Property Co., Ltd., Guangzhou Vanke Property Co., Ltd. entrusted the bank 
to provide entrusted loan of RMB 415,140,000.00 Yuan to Guangzhou Wanshang 
    Property Co., Ltd. According to the Entrusted Loan Contract signed between the 
subsidiary company of the Company Guangzhou Wanshang Property Co., Ltd. and 
the bank and Hangzhou Hanglong Property Management Co., Ltd., Hangzhou 
Hanglong Property Management Co., Ltd. entrusted the bank to provide entrusted 
loan of RMB 415,140,000.00 Yuan to Guangzhou Wanshang Property Co., Ltd. 
    (1) Top 5 long-term loans of the amount at the end of the period 
Lending unit 
Loan start 
day 
Loan ending 
day 
Currency 
Interest rate 
(%) 
Amount at the end of the period 
Foreign 
currency 
amount 
Domestic 
currency 
amount 
Financial 
institution 1 
2010/04/20 2017/04/19 RMB 
Floating 
  2,000,000,000.00 
    Financial 
institution 2 
2014/06/04 2016/06/04 RMB Fixed   1,300,000,000.00 
    Financial 2013/12/23 2016/12/23 USD Floatin 194,000,000.00 1,193,643,200.00 
    (Guangzhou) Co., Ltd. and 
Jiulongcang Property (Guangzhou) 
Co., Ltd. provide guarantee 
according to their share holding 
proportions  
Qingdao China Merchants Hyde 
Property Development Co., Ltd.  
Bank 30,000,000.00  
    The Company and China 
Merchants Shekou Industrial Zone 
Co., Ltd. provide guarantee 
according to their share holding 
proportions 
Guangzhou China Merchants 
Property Co., Ltd.  
Bank 396,000,000.00 8,000,000.00 
    China Merchants Property 
(Shenzhen) Co., Ltd. and China 
Merchants Land Co., Ltd. provide 
guarantee according to their share 
holding proportions  
Foshan China Merchants Xincheng 
Hi-Tech Co., Ltd.  
Bank 200,000,000.00  
    China Merchants Property 
(Shenzhen) Co., Ltd. and Foshan 
Xincheng Development 
Construction Co., Ltd. provide 
guarantee according to their 
shareholding proportions  
Nanjing China Merchants Ruisheng 
Property Co., Ltd. 
Bank 748,000,000.00 4,000,000.00 
    China Merchants Property 
(Guangzhou) Co., Ltd.  
Total  17,813,462,000.01 7,618,938,800.00  
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Lending unit 
Loan start 
day 
Loan ending 
day 
Currency 
Interest rate 
(%) 
Amount at the end of the period 
Foreign 
currency 
amount 
Domestic 
currency 
amount 
institution 3 g 
Financial 
institution 4 
2013/12/18 2016/12/18 USD 
Floating 
100,000,000.00 615,280,000.00 
    Financial 
institution 5 
2013/04/29 2016/04/25 USD 
Floating 
100,000,000.00 615,280,000.00 
    Continued: 
Lending unit 
Loan start 
day 
Loan ending 
day 
Currency 
Interest rate 
(%) 
Amount at the beginning of the 
period  
Foreign 
currency 
amount 
Domestic 
currency 
amount 
Financial institution2010/04/20 2017/04/19 RMB 
Floating 
 2,000,000,000.00 
    Financial institution2013/12/23 2016/12/23 USD 
Floating 
194,000,000.00 1,182,798,600.00 
    Financial institution2013/03/29 2015/03/29 RMB Fixed  1,100,000,000.00 
    Financial institution2013/04/11 2015/06/15 USD 
Floating 
180,000,000.00 1,097,442,000.00 
    Financial institution2013/12/18 2016/12/18 USD 
Floating 
100,000,000.00 609,690,000.00
    30. Bonds payable  
    Bond category  Face value sum Issuance day Term  Issuance amount 
China Merchants Land credit 
enhancement bond  
3,048,450,000.00 2013/12/11 5 years 3,003,382,977.23 
    Total 3,048,450,000.00     3,003,382,977.23 
    Continued: 
招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Interest payable at 
the beginning of 
the period  
Accrued interest in 
this period  
Paid interest in this 
period  
Interest payable at 
the end of the 
period  
Amount at the end 
of the period 
6,809,898.56 61,607,584.1 61,545,146.79 6,872,335.87 3,032,838,307.20 
    Total 61,607,584.10 61,545,146.79 6,872,335.87 3,032,838,307.20 
    The subsidiary company of the Company China Merchants Land Co., Ltd. issued credit 
enhancement bonds on December 11, 2013, the issuance sum is $0.5 billion USD, the term is 5 
    years, the face value annual interest rate is 4.021%, which is fixed and unchanged during the 
    bond duration, simple interst is adopted and interest is paid by half a year, and compound 
interest is not counted. The bonds were listed at Hong Kong Stock Exchange since December 12, 
2013, and the capital raised by issuing the bonds is used for general enterprise purpose.
    31. Long-term payables  
    Borrowing unit Amount at the end of the 
period 
Amount at the beginning of 
the period 
Total: 105,023,177.74  102,745,035.90 
    Incl:   
Identity repair fund  103,823,177.74 101,545,035.90 
    Shenzhen China Merchants Venture Co., Ltd.              1,200,000.00  1,200,000.00
    32. Estimated liabilities  
    Item Amount at the 
beginning of the 
period  
Increase in this 
period 
Carry-over in 
this period 
Amount at the 
end of the period 
Pending actions 10,473,360.10  10,473,360.10  
    Total 10,473,360.10  10,473,360.10  
    The estimated liability is the subsidiary company of the Company Zhuhai Yuanfeng 
Property Co., Ltd. being sued by some owners due to building sales dispute. In this period, all 
the lawsuits were settled, and the estimated liability was transferred back.
    33. Other non-current liabilities 
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)(1) Details of other non-current liabilities  
Item Book balance at the end of 
the period 
Book balance at the 
beginning of the period  
Hotel project special support fund     9,420,040.00      9,420,040.00  
    Cultural undertaking development special fund     1,500,000.00      1,500,000.00  
    Deferred rent income       316,720.00        316,720.00  
    Total    11,236,760.00     11,236,760.00
    (2)Government subsidy 
    Government subsidy item 
Amount at the 
beginning of the 
period 
Subsidy 
amount added 
in this period 
Amount counted 
into non-operating 
income in this 
period 
Amount at the 
end of the period 
Relevant to the 
assets/related to 
the income 
Hotel project special support fund (Meilun 
Villa subsidy) 9,420,040.00   9,420,040.00 
    Relevant to 
the assets  
Cultural undertaking development special fund 1,500,000.00   1,500,000.00 
    Relevant to 
the assets 
Total 10,920,040.00   10,920,040.00  
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)
    34. Capital stock 
    Unit: RMB Yuan 
Name/category of the 
shareholder  
Amount at the beginning of the 
period 
Increase and decrease in this period (+,-)  Amount at the end of the period 
Amount 
Proportion 
(%) 
Issue 
new 
shares  
Give 
shares 
Accumulation 
fund 
transferred into 
shares 
Others Subtotal Amount 
Proportion 
(%) 
I. Shares with sales 
restriction condition
    1. Shares held by the state
    2. Shares held by the 
    state-owned legal person 
693,419,317.00 40.38   346,709,658.00  346,709,658.00 1,040,128,975.00 40.38
    3. Other domestic capital 
    share holding 
         
Incl: Shares held by the 
domestic legal person 
         
Shares held by the 
domestic natural person
    4. Shares held by the 
    foreign capital 
197,709,440.00 11.51   98,854,720.00  98,854,720.00 296,564,160.00 11.51 
    Incl: Shares held by the 
overseas legal person 
197,709,440.00 11.51   98,854,720.00  98,854,720.00 296,564,160.00 11.51 
    Shares held by the overseas 
natural person
    5. Shares held by the senior 
    executive 
376,098.00 0.02   245,583.00 130,743.00 376,326.00 752,424.00  0.03 
    Total of the shares with 
sales restriction 
condition  
891,504,855.00 51.91   445,809,961.00 130,743.00 445,940,704.00 1,337,445,559.00  51.92 
    II. Shares without sales          
招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)restriction condition
    1. RMB common shares  684,248,848.00 39.84   342,104,515.00 -54,818.00 342,049,697.00 1,026,298,545.00 39.84
    2. Domestic listed foreign 
    capital shares 
141,546,800.00 8.24   70,735,775.00 -75,925.00 70,659,850.00 212,206,650.00 8.24
    3. Overseas listed foreign 
    capital shares
    4. Others          
    Total of the shares 
without sales restriction 
condition 
825,795,648.00 48.09   412,840,290.00 -130,743.00 412,709,547.00 1,238,505,195.00  48.08 
    Total shares 1,717,300,503.00 100   858,650,251.00 - 858,650,251.00 2,575,950,754.00  100.00 
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Note: according to the Proposal of Profit Distribution and Capital Reserve Transferred into 
Equity 2013 approved by the Shareholders’ Meeting 2013 of the Company held on April 14, 
2014, capital reserve is transferred into equity. The total equity1,717,300,503 shares at the end 
of 2013 is the base number, and for each 10 shares, the capital reserve is transferred into 5 
common shares. Altogether 858,650,251 shares were transferred, and after the transfer, the total 
equity increased to 2,575,950,754 shares.
    35. Capital reserve 
    Unit: RMB Yuan 
Item 
Amount at the 
beginning of the 
period 
Increase in this 
period 
Decrease in this 
period 
Amount at the end of 
the period 
Capital stock premium 8,272,422,487.12   858,650,251.00 7,413,772,236.12 
    Original system capital 
reserve transfer in 
104,411,758.00 
    104,411,758.00 
    Other capital reserves 70,214,581.44 25,443,773.72   95,658,355.16 
    Total 8,447,048,826.56 25,443,773.72 858,650,251.00 7,613,842,349.28
    (1)Capital reserve addition is the premium caused by the capital increase and share expansion 
    of the minority shareholders of the subsidiary company of the Company Shenzhen Pingshan 
China Merchants Property.
    (2)The decrease number of capital reserve in this period is the number of capital stock 
    transferred in by implementing the Profit Distribution and Capital Reserve Transferred into 
Equity Scheme 2013.
    36. Surplus reserves 
    Unit: RMB Yuan 
Item 
Number at the 
beginning of the 
period 
Increase in this 
period 
Decrease in this 
period 
Number at the end of 
the period 
Legal surplus reserves 993,395,354.93,395,354.99 
    Discretionary surplus 
reserves 
140,120,038.00   
    140,120,038.00 
    Total 1,133,515,392.99     1,133,515,392.99
    37. Undistributed profit 
    Unit: RMB Yuan 
Item Amount 
Drawing or allocation 
proportion 
Amount at the end of the period of the 
previous year 
15,348,735,891.17   
    Plus: the adjustment number of the 
undistributed profit at the beginning of 
the period 
    
Amount at the beginning of this period 15,348,735,891.17   
    Plus: the net profit belonging to the 
shareholders of the parent company in 
1,785,434,748.85   
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)this period 
Less: the drawn legal surplus reserves    
Profit payable  824,304,241.00   
    Other decreases     
Amount at the end of this period  16,309,866,399.02   
    Note: According to the Profit Distribution and Capital Reserve Transferred into Equity Proposal 
2013 approved by the resolution of the Shareholders’ Meeting 2013 of the Company, with the 
total equity of 1,717,300,503 shares at the end of 2013 as the base number, for each 10 shares, 
send cash of RMB 4.80 Yuan (including the tax), altogether cash dividend of RMB 
    824,304,241.00 Yuan was sent.
    38. Conversion difference of the foreign currency statement  
    Item 
Number at the 
beginning of the 
period 
Increase in this 
period 
Decrease in this 
period 
Number at the end of 
the period 
Conversion difference 
of the foreign currency 
statement 
78,901,353.52   
    78,901,353.52 
    Total 78,901,353.52     78,901,353.52 
    A few overseas The Companysubsidiary companies of the Company originally has HKD as 
the recording current. Because their main businesses are in China, such subsidiary companies 
converted the recording currency to RMB, and all the statement items are converted by the 
exchange rate on the exchange day. The foreign currency statement conversion difference 
generated in the merger process caused by the exchange rate on the exchange day being 
inconsistent with the historic exchange rate is counted into the current profit and loss when 
disposing the overseas subsidiary companies.
    39. Equity of the minority shareholders  
    Name of the subsidiary company  
Minority equity 
ratio (%) 
Amount at the end of 
the period 
Amount at the 
beginning of the 
period 
Shenzhen China Merchants Qile Property 
Management Co., Ltd.
    40.00 -1,791,110.23 -1,936,145.96 
    Beijing China Merchants Property 
Management Co., Ltd.
    20.00 6,350,745.38 5,009,617.73 
    China Merchants Jiaming (Beijing) Property 
Development Co., Ltd.
    50.00 1,193,684,560.53 1,083,696,920.33 
    China Merchants Property (Zhangzhou) Co., 
Ltd.
    49.00 320,149,190.88 325,031,109.56 
    Shekou Xinghua Industrial Co., Ltd.  34.93 42,770,405.86 42,046,009.47 
    Union Bloom Limited 49.00 -5,158,155.65 -972,279.47 
    Vast Joint Limited 49.00 -21,226.52 -17,109.84 
    Suzhou China Merchants Nanshan Property 
Co., Ltd.
    40.00 110,148,502.76 106,543,429.10 
    China Merchants Property (Tianjin) Co., Ltd.  25.00 11,014,130.07 11,142,732.16 
    Beijing China Merchants Jiaming Property 
Development Co., Ltd.
    30.00 2,970,820.14 2,999,560.05 
    Suzhou Shuanghu Property Co., Ltd.  50.00 946,118,886.87 954,476,087.40 
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Shanghai Fengyang Property Development 
Co., Ltd.
    40.00 225,474,257.83 308,209,766.77 
    Shenzhen China Merchants Anye Investment 
Development Co., Ltd.
    49.00 -5,218,503.95 -4,761,084.37 
    Zhuhai Yuanfeng Property Co., Ltd.  49.00 13,971,317.43 103,602,153.72 
    Yunnan China Merchants Chengtou Property 
Co., Ltd.
    40.00 -12,974,019.99 -6,579,163.05 
    Shanghai Jingyuan Property Development 
Co., Ltd.
    45.00 132,238,457.81 136,718,744.67 
    Fujian Zhongliansheng Property 
Development Co., Ltd.
    50.00 91,197,812.33 97,663,599.52 
    Tianjin China Merchants Taida Investment 
Co., Ltd.
    40.00 81,777,806.16 88,026,633.60 
    Qingdao Zhongrunde Automobile Trade Co., 
Ltd.
    49.00 150,247,144.08 156,493,862.83 
    Guangzhou Wanshang Property Development 
Co., Ltd.
    66.00 71,774,616.33 52,780,108.29 
    Shenzhen China Merchants Runde Property 
Co., Ltd.
    49.00 130,903,395.64 130,941,276.11 
    Harbin China Merchants Jiatian Property 
Development Co., Ltd.
    50.00 8,741,752.72 12,568,221.14 
    Foshan China Merchants Xincheng Hi-Tech 
Co., Ltd.
    40.00 3,447,887.38 3,731,635.58 
    Dalian Zhaoyu Property Co., Ltd.  49.00 -1,052,050.06 710,994.12 
    Shenzhen China Merchants Shekou 
Construction Co., Ltd.
    49.00 4,714,468.17 4,911,176.40 
    Zhenjiang Nanshan Creative Industrial Park 
Development Co., Ltd.
    40.00 19,694,085.29 19,753,128.45 
    Tianjin Zhaojiang Investment Co., Ltd.  23.00 6,738,385.48 7,078,114.95 
    Nanning China Merchants Haotian Property 
Co., Ltd.
    30.00 3,657,909.54 9,104,123.63 
    Harbin Yinkai Property Development Co., 
Ltd.
    15.00 40,169,934.95 38,028,378.75 
    Shenzhen Pingshan China Merchants 
Property
    30.00 6,374,447.44  
    Beijing Conrad Property Development Co., 
Ltd.
    40.00 67,134,699.43 86,371,797.60 
    Shenzhen China Merchants Business 
Development Co., Ltd.
    49.00 55,237,901.37 60,503,665.67 
    Shenzhen Shekou Sea World Hotel 
Management Co., Ltd.
    49.00 -16,888,311.52 -1,152,081.66 
    Shenzhen Jinyu Rongtai Investment 
Development Co., Ltd.
    50.00 3,393,374.73 3,390,669.24 
    China Merchants Land Co., Ltd.  25.65 2,078,785,979.45 2,075,109,818.07 
    Foshan Kaida City Investment Development 
Co., Ltd.
    49.00 88,026,068.28 88,300,523.24 
    Foshan Xincheng Property Co., Ltd.  50.00 592,401,099.96 969,375,418.71 
    Foshan Evian Property Co., Ltd.  50.00 34,366,606.67 2,415,635.31 
    Foshan Evian Zhenyuan Property Co., Ltd.  45.00 2,983,469.15  
    Foshan China Merchants Jiulongcang 
Property Co., Ltd.
    50.00 432,150,274.28 427,534,853.66 
    Shenzhen Vanke Binhai Property Co., Ltd.  50.00 525,075,226.67 478,001,641.97 
    Hainan China Merchants Ocean Development 
Co., Ltd.
    40.00 799,378,666.05 799,931,781.17 
    Yinrong Co., Ltd.  50.00 2,575,182,370.16 2,559,077,859.18 
    Huipeng Property Development Co., Ltd.  50.00 991,799,886.38 955,802,053.72 
    Huoju Investment Co., Ltd.  30.00 -102,993.29  
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Nanjing China Merchants Property Co., Ltd.  30.00 9,001,560.32  
    Total  11,836,041,732.76 12,191,665,237.52
    40. Operating income and operating cost  
    Items Amount in this perid 
Amount in the the same period of last 
year 
 Operating income Operating cost Operating income Operating cost 
Total 16,047,155,730.99 10,391,068,273.47 16,133,568,321.26 8,692,511,279.89
    (1) Main businesses—classified by the industry  
    Industry name 
Amount in this period 
Amount in the the same period of last 
year 
Operating income Operating cost Operating income Operating cost 
Property industry 15,286,741,029.90 9,740,634,674.02 15,468,041,797.53 8,145,757,888.80 
    Public utility 296,760,432.45 232,485,479.31 286,293,107.78 210,341,111.20 
    Property management 463,654,268.64 417,948,120.14 379,233,415.95 336,412,279.89 
    Total 16,047,155,730.99 10,391,068,273.47  16,133,568,321.26    8,692,511,279.89
    (2) Operating income condition of the top 5 clients 
    Name of the client Operating income 
Proportion accounting for in all 
the operating income (%) 
Client 1 75,000,000.00 0.47  
    Client 2 61,575,156.00 0.38  
    Client 3 51,145,150.00 0.32  
    Client 4 50,058,759.40 0.31  
    Client 5 44,000,000.00 0.27  
    Total 281,779,065.40 1.76  
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)
    41. Operating tax and addition 
    Item 
Amount in this period 
Amount in the the same 
period of last year 
Payment standard 
Land VAT 715,462,580.01 1,682,436,591.33 
    For the details, see this 
Annotation IV 
Business tax 795,233,571.24 791,426,399.15 
    For the details, see this 
Annotation IV 
City maintenance and 
construction tax  
52,643,579.68 52,105,782.75 
    For the details, see this 
Annotation IV 
Education fee addition  31,521,296.26 38,222,483.89 
    For the details, see this 
Annotation IV 
Others 19,158,673.10 15,239,466.65  
    Total 1,614,019,700.29 2,579,430,723.77
    42. Sales expenses  
    Item 
Amount in this period 
Amount in the the same 
period of last year 
Advertisement promotion expense  131,573,936.41 159,820,963.51 
    Sales institution expenses and commission 49,644,432.90 36,772,751.27 
    Others 100,719,879.14 75,426,076.98 
    Total 281,938,248.45 272,019,791.76
    43. Management expenses 
    Item 
Amount in this period 
Amount in the the same 
period of last year 
Man power expense 142,440,093.58 126,352,153.75 
    Office and administrative expense  43,358,242.39 48,812,337.37 
    Intermediary organ expense 10,039,265.18 29,643,111.36 
    Assets amortization  11,953,023.23 7,074,100.19 
    Taxes and levies 15,615,878.06 13,977,283.57 
    Others 8,253,296.26 6,852,499.77 
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Item 
Amount in this period 
Amount in the the same 
period of last year 
Total 231,659,798.70 232,711,486.01
    44. Financial expenses  
    Item 
Amount in this period 
Amount in the the same 
period of last year 
Interest expenditure  844,061,553.24 703,636,382.20 
    Less: capitalized interest expenditure  382,434,129.99 415,466,833.70 
    Less: interest income  221,966,151.28 110,091,552.79 
    Plus: exchange loss 51,270,119.88 -137,306,098.33 
    Less: capitalized exchange difference   -16,408,450.00 
    Plus: other expenditures  35,170,994.70 16,168,624.01 
    Total 326,102,386.55 73,348,971.39
    45. Asset impairment loss  
    Item 
Amount in this period 
Amount in the the same 
period of last year 
Bad debt loss  888,293.99 10,003,720.97 
    Inventory price fall loss    -182,370,000.00 
    Total 888,293.99 -172,366,279.03
    46. Investment income
    (1) Sources of investment income  
    Items 
Amount in this period 
Amount in the same 
period of last year 
Long-term equity investment income checked by 
the equity method 143,318,415.51 336,191,940.58 
    Investment income generated in disposing the 
long-term equity investment   -55,703,911.65 
    Others   1,691,730.00 
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Items 
Amount in this period 
Amount in the same 
period of last year 
Total 143,318,415.51 282,179,758.93
    (2) Long-term equity investment income checked by the equity method 
    Item 
Amount in this 
period 
Amount in the 
the same 
period of last 
year 
Cause of change over the previous period 
Shenzhen China Merchants Overseas 
Chinese City Investment Co., Ltd.  120,441,294.57 339,878,500.00 
    Check by the equity method from the 
cost method in the previous year 
Shanghai Ledu Property Co., Ltd.  
1,033,030.02 5,185,519.88 
    Decrease of the profit in this period of 
the invested unit 
TCL Optical- Electronics (Shenzhen) 
Technologies Ltd. 21,431,084.01 12,617,820.16 
    Increase of the profit in this period of 
the invested unit 
Shenzhen China Merchants Overseas 
Chinese City Property Management 
Co., Ltd.  485,749.78 62,212.24 
    Increase of the profit in this period of 
the invested unit 
Beijing China Merchants Property 
Management Co., Ltd.  11,156.31 30,278.76 
    Decrease of the profit in this period of 
the invested unit 
Shenzhen Dehan Investment 
Development Co., Ltd.-78,469.54 -140,203.81 
    Decrease of the loss in this period of 
the invested unit 
Ningbo Jiangwan Property Co., Ltd.-879,099.38 0.00 Associated company is added 
    Guangzhou Panyu Innovative Science 
and Technology Park Co., Ltd.  1,790,223.60 1,889,728.08 
    Decrease of the profit in this period of 
the invested unit 
Shanghai Xinnanshan Property 
Development Co., Ltd.-1,436,463.06 0.00 
    Associated company is added 
China Merchants Guangming Science 
Park Co., Ltd.  519,909.20 -1,290,760.00 
    From loss to profit in this period of 
the invested unit  
Beijing Guangying Property 
Development Co., Ltd.
    0.00 -2,044,883.47 
    Excess loss of the invested unit, and 
the long investment book value is 
reduced to zero  
Huizhou Taitong Property Investment 
Co., Ltd.
    0.00 -19,996,271.26 
    Excess loss of the invested unit, and 
the long investment book value is 
reduced to zero 
Total 143,318,415.51 336,191,940.58
    47. Non-operating income
    (1) Details of the non-operating income 
    Item 
Amount in this 
period 
Amount in the same 
period of last year 
Amount accounted into 
non-recurring gain/loss 
for current period 
Profit from the disposal of the 
14,184.22 469,576.00 14,184.22 
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Item 
Amount in this 
period 
Amount in the same 
period of last year 
Amount accounted into 
non-recurring gain/loss 
for current period 
non-current assets 
In it: the profit from disposal of 
fixed assets  
14,184.22 469,576.00 14,184.22 
    Government subsidy 25,262,476.52 2,198,400.00 25,262,476.52 
    Income from default fine  
4,879,293.44 5,828,374.85 4,879,293.44 
    Others (Note) 5,340,925.45 3,278,352.43 5,340,925.45 
    Total 35,496,879.63 11,774,703.28 35,496,879.63
    (2) Details of the government subsidy  
    Subsidy item 
Amount in this 
period 
Amount in the 
the same period 
of last year 
Asset-related or 
income-related 
If it is 
non-recurring 
profit and loss 
Special subsidy 22,412,476.52 697,000.00 Related to the income Yes 
    Reward for the big 
tax-payers 
2,850,000.00 1,501,400.00 Related to the income Yes 
    Total 25,262,476.52 2,198,400.00     
    Note: the special subsidy is mainly used for developing rewards for the green and 
energy-saving enterprises provided by the local governments.
    48. Non-operating expenditures 
    Item 
Amount in this 
period 
Amount in the 
the same period 
of last year 
Amount accounted into 
non-recurring gain/ loss for 
current period  

Loss from disposal of non-current 
assets 175,062.57 910,283.52 175,062.57 
    Incl.loss from  disposal of fixed 
assets  175,062.57 910,283.52 175,062.57 
    Donations 2,000.00   2,000.00 
    Inventory loss       
招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Item 
Amount in this 
period 
Amount in the 
the same period 
of last year 
Amount accounted into 
non-recurring gain/ loss for 
current period  

Estimated liability expenditure  -2,990,565.73   -2,990,565.73 
    Penalty paid       
Major water conservation 
construction fund 5,971,344.17 4,579,668.16 5,971,344.17 
    Others 18,567,574.48 9,897,602.93 18,567,574.48 
    Total 21,725,415.49 15,387,554.61 21,725,415.49
    49. Income tax expense
    (1)Income tax expense 
    Item Amount in this period 
Amount in the the same 
period of last year 
Income tax expense of current year 1,252,265,973.88 1,432,015,820.82 
    Deferred income tax expense  --287,769,205.47 44,571,010.06 
    Total 964,496,768.41 1,476,586,830.88
    (2)Income tax in the same year 
    Item Amount 
Total of consolidated profit in this period  3,358,568,909.19 
    Plus: Increased amount by tax adjustment  

2,274,065,861.12 
    Less:Decreased amount by tax adjustment  

1,154,415,347.35 
    Plus:  
taxable income from abroad business used to makeup domestic loss  

  
  Less: makeup of previous loss  
  
14,242,849.18 
    Plus: subsidies? loss of current year  

545,685,334.44 
    Amount of taxable income  in this period 5,009,661,908.22 
    Statutory income tax rate (Company tax of HK is 16.5%)  
    25% 
Income tax payable in this period 1,252,265,973.88 
    Less: exemption of income tax  

  
Less: amount of income tax neutralized  

  

招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)
    50. Process of calculating the basic EPS and diluted EPS 
    Item 
Number 
Amount in this period  Amount in the same 
period of the previous 
year 
Net profit belonging to the 
shareholders of the parent company  
1 1,785,434,748.85 2,550,631,034.51 
    Non-recurring profit and loss 
belonging to the parent company-57,442,222.60 
    332,958,050.10 
    Net profit with non-recurring profit 
and loss deducted belonging to the 
shareholders of the parent company  
3=1-2 1,842,876,971.45 2,217,672,984.41 
    Total number of shares at the 
beginning of the period  4 
1,717,300,503.00 1,717,300,503.00 
    Number of added shares such as 
accumulation fund transferred into 
the equity or stock dividend 
distribution etc.(Ⅰ) 
5 858,650,251.00 858,650,251.00 
    Number of added shares such as 
issuing new shares or debt 
transferred into the equity etc.(Ⅱ)Number of accumulative months 
from the next month to the end of 
the period of the added shares (Ⅱ)Number of reduced shares due to 
buy-back etc.Number of accumulative months 
from the next month to the end of 
the period of the reduced sharesNumber of reduced shares due to 
stock drawing backNumber of months in the report 
period  
11 6 6 
Common share weighted average 12=4+5+6× 2,575,950,754.00 2,575,950,754.00 
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Item 
Number 
Amount in this period  Amount in the same 
period of the previous 
year 
issued externally  7÷11 
-8×9÷11Basic EPS (Ⅰ) 13=1÷12 0.6931 0.9902 
    Basic EPS (Ⅱ) 14=3÷12 0.7154 0.8609 
    Interest of the diluted potential 
common shares confirmed as 
expenseExchange expense  16     
Income tax rate 17     
Common share weighted average 
added by warrants, option 
exercising and convertible bonds 
etc.Diluted EPS (Ⅰ) 
19=[1+(15-16)×(1-17)]÷(12+18)
    0.6931 0.9902 
    Diluted EPS (Ⅱ) 
19=[3+(15-16)×(1-17)]÷(12+18)
    0.7154 0.8609 
    Note:In the report period, The company implemented the project to transfer capital reserve to 
capital stock. According to The 21th Memo of Information Disclosure –Related terms of 
Regular Report Disclosure from Shenzhen Stock Exchange, The company have adjusted the 
EPS last year in the same period, based on the adjusted capital stock.
    51. Cash flow statement items
    (1) Other cash related to operation/investment/fund raising received/paid  
    1) Operating cash inflows 

招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Item Amount in this period Amount in the same period of last 
year 
Business accounts 
received 3,107,323,026.01 1,634,630,535.40 
    Project cash deposit 
received 351,203,069.17 795,186,343.74 
    Interest received  128,814,435.02 152,523,953.36 
    Business temporary 
receipts  283,677,449.41 259,616,832.28 
    Others   22,486,300.00 
    Total 3,871,017,979.61 2,864,443,964.78 
    2) Other cash related to the operation activities paid 
Item Amount in this period Amount in the previous period 
Business accounts paid 1,429,429,541.00 5,993,728,552.37 
    Project cash deposit 
returned 362,500,632.11 727,274,929.01 
    Cash paid for the sales 
expense  265,717,364.18 155,449,999.67 
    Cash paid for the 
management expense  162,536,815.33 101,932,622.91 
    Others 403,680,191.23 378,630,178.09 
    Total 2,623,864,543.85 7,357,016,282.05
    (2) Supplementing data for the consolidated cash flow statement 
    Item Amount in this period 
Amount in the 
previous period
    1. Adjust the net profit to the cash flow of operation 
    activities: 
  
Net profit 2,394,072,140.78 3,257,892,424.69 
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Item Amount in this period 
Amount in the 
previous period 
Plus: asset impairment provision  888,293.99 -172,366,279.03 
    Depreciation of fixed assets, depletion of oil and gas assets, depreciation of 
productive biological assets 82,124,734.55 95,283,893.33 
    Amortization of intangible assets and investment property  127,749,940.09   
    Amortization of long-term deferred and prepaid expenses 28,475,654.32 11,819,745.67 
    Loss from the disposal of fixed assets, intangible assets and other 
long-term assets (fill in with “-“ for the income)  160,278.35 910,283.52 
    Loss from the scrapping the fixed assets (fill in with “-“ for the 
income)-469,576.00 
    Fair value change profit and loss (fill in with “-“ for the 
income)      
Financial expenses (fill in with “-“ for the income)  461,627,423.25 288,169,548.50 
    Investment loss (fill in with “-“ for the income)-143,318,415.51 -282,179,758.93 
    Decrease of deferred income tax assets (fill in with “-“ for the 
increase)-354,049,275.48 228,787,252.61 
    Increase of deferred income tax assets (fill in with “-“ for the 
decrease)-14,732,536.77 93,712,503.50 
    Decrease of inventories (fill in with “-“ for the increase)-12,762,507,273.06 1,521,324,142.08 
    Decrease of business receivables (fill in with “-“ for the 
increase)-1,738,838,849.53 -4,782,180,561.63 
    Increase of business payables (fill in with “-“ for the 
decrease)  4,586,023,487.90 -1,536,208,848.88 
    Others     
    Cash flow net amount generated in the operation 
activities -7,332,324,397.12 -1,275,505,230.57
    2. Major investment and fund raising activities not 
    involving cash income and expenditure:     
    Debt converted to capital      
    Convertible company bonds falling due in one year      
    Financing rent-in fixed assets     
招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Item Amount in this period 
Amount in the 
previous period
    3. Change condition of cash and cash equivalents:     
    Balance at the end of the period of the cash  18,585,950,027.06 23,381,778,990.51 
    Less: Balance at the beginning of the period of the cash  24,235,680,921.50 18,218,506,517.70 
    Plus: Balance at the end of the period of the cash 
equivalents      
    Less: Balance at the beginning of the period of the cash 
equivalents      
Net increase amount of the cash and the cash equivalents  -5,649,730,894.44 5,163,272,472.81
    (3) Cash and cash equivalents 
    Item 
Number at the end of 
the period 
Number at the 
beginning of the 
period 
Cash 18,585,950,027.06 24,235,680,921.50 
    In it: cash on hand 250,111.99 277,828.02 
    Bank deposit that can be used for payment at any time  16,229,601,295.27 21,969,131,604.53 
    Other monetary capital that can be used for payment 
at any  
2,356,098,619.80 2,266,271,488.95 
    Money deposited in the central bank that can be used 
for payment at any time  
    
      Deposits in other banks     
      Loan at call in other banks      
Cash equivalents     
In it: Bond investment falling due in three months      
Balance of the cash and the cash equivalents at the end of the 
period  
18,585,950,027.06 24,235,680,921.50 
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)VII. Related party and related transaction
    1. Condition of the parent company of the enterprise  
    Name of 
the parent 
company 
Incidence 
relation 
Enterprise type 
Registration place  
Legal 
representative 
Business 
nature 
Registered 
capital 
Shareholding 
proportion 
of the 
parent 
company 
in the 
enterprise 
Voting 
power 
proportion 
held by the 
parent 
company in 
the 
enterprise  
Final 
controlling 
party of 
the 
enterprise  
Organization 
code 
China 
Merchants 
Shekou 
Industrial 
Zone Co., 
Ltd.  
Shareholder 
Limited 
liability 
company 
Shenzhen 
Sun 
Chengming 
Set up and 
manage 
all kinds 
of 
enterprises 
etc.  
2,236,000,000.00 40.38 40.38 
    China 
Merchants 
Group 
Co., Ltd.China Merchants Shekou Industrial Zone Co., Ltd. directly holds 1,040,128,975 shares of 
the Company, indirectly holds 296,564,160 shares of the Company through its subsidiary 
companies, and totally holds 1,336,693,135 shares of the Company, accounting for 51.89% of 
    the total shares of the Company.
    2. Condition of the subsidiary companies of the enterprise  
    For the details, see Annotation V.(I)。
    3. Condition of the cooperative and associated enterprises of the enterprise  
    For the details, see VI. 9 Long-term equity investment。
    4. Condition of the other related parties of the enterprise  
    Name of the other related party  Relationship with the Company Main transaction content 
China Merchants International (China) 
Investment Co., Ltd.  
Controlled by the same shareholder and 
the final controlling party 
Property management, rental 
Shenzhen China Merchants Qianhaiwan 
Property Co., Ltd.  
Controlled by the same shareholder and 
the final controlling party 
Contracting of construction 
project  
China Shenzhen Ocean Shipping 
Agency Co., Ltd.  
Controlled by the same shareholder and 
the final controlling party 
Contracting of construction 
project  
Shenzhen China Merchants Financing 
Service Co., Ltd.  
Controlled by the same shareholder and 
the final controlling party 
Related correspondence 
China Merchants Zhangzhou 
Development Zone Co., Ltd.  
Controlled by the same shareholder and 
the final controlling party 
Related correspondence 
Blue Cove International Limited Controlled by the same shareholder and 
the final controlling party 
Related correspondence 
Powerwise International Limited Controlled by the same shareholder and Related correspondence 
招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)the final controlling party 
Dafeng International Co., Ltd.  Controlled by the same shareholder and 
the final controlling party 
Related correspondence 
China Merchants Group (Hong Kong) 
Co., Ltd.  
Controlled by the same shareholder and 
the final controlling party 
Guarantee, property 
management  
China Merchants (Shanghai) 
Investment Co., Ltd.  
Controlled by the same shareholder and 
the final controlling party 
Management fee for 
construction on behalf 
China Merchants Bank Co., Ltd.  Controlled by the same shareholder and 
the final controlling party 
Deposit and loan 
Shenzhen China Merchants Venture 
Co., Ltd.  
Controlled by the same shareholder and 
the final controlling party 
Rental 
China Merchants International 
Information technology Co., Ltd.  
Controlled by the same shareholder and 
the final controlling party 
Rental 
Shanghai China Merchants Square 
Property Co., Ltd.  
Controlled by the same shareholder and 
the final controlling party 
Rental 
Shenzhen Shekou Industrial Zone 
Employee Residence Co., Ltd.  
Controlled by the same shareholder and 
the final controlling party 
Rental 
Shenzhen China Merchants 
International Ship Agency Co., Ltd.  
Controlled by the same shareholder and 
the final controlling party 
Rental 
Shenzhen China Merchants Network 
Co., Ltd.  
Controlled by the same shareholder and 
the final controlling party 
Rental 
China Merchants Asia Pacific 
Investment (Shenzhen) Co., Ltd.  
Controlled by the same shareholder and 
the final controlling party 
Rental
    5. Transactions of the related parties
    (1)Condition of purchasing commodities and accepting labor  
    Unit: RMB Yuan 
Related party 
Content of the 
related 
transaction  
Pricing mode 
and 
decision-making procedures of 
the related 
transaction  
Amount in this period 
Amount in the previous 
period 
Amount 
Proportion 
accounting 
for in the 
amount of 
the 
transactions of the 
same 
category  
Amount 
Proportion 
accounting 
for in the 
amount of 
the 
transactions of the 
same 
category 
Shareholder and the final controlling party  
In it: China Merchants Shekou 
Industrial Zone Co., Ltd.  
Purchase land  Market pricing 
4,852,900,000.00 46.16              
    Other enterprises controlled by the same shareholder and the final controlling party  
China Merchants Bank Co., Ltd. 
Interest 
expenditure 
Market pricing 
       
48,589,662.03
    5.76  
    27,253,397.65
    2.84  
    China Merchants Bank Co., Ltd. Handling fee Market pricing 
          
817,328.44
    2.32  
    1,791,836.45
    10.32  
    Shenzhen China Merchants Financing 
Service Co., Ltd. 
Capital occupying 
fee for the 
shareholders’ 
Loan interest 
rate of the bank 
in the same 
       
15,101,556.66
    0.16  
    14,065,305.0.18  
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)advance period  
Total              
4,917,408,547.13     
    43,110,539.10     
    -    
Note: The 2nd Temporary Shareholders’ Meeting 2013 of the Company examined and approved the proposals related 
to About Issuing Shares to Purchase Assets and Raise the Matching Funds & Related Transactions, and the Company 
planned to purchase the land use right of Shekou Industrial Zone Sea World Residence and the Culture and Art Center 
with the shares issued additionally. According to the Assets Purchase Agreement signed by the Company and Shekou 
Industrial Zone, the total price of the land use right is RMB 4.853 billion Yuan, and the completion condition (the 
    issuance is successful or not) of issuing shares to raise funds this time does not influence the implementation of the 
assets transaction behaviors.    
The 4th Temporary Meeting of the Board of Directors of the Company in 2014 decided to terminate this additional issuance. According to the above-mentioned Assets Purchase Agreement, the Company will pay the 
price for purchasing the land use right of Shekou Industrial Zone in cash. The Company paid part of it (RMB 1.4 billion Yuan) in June 2014.
    (2)Condition of selling commodities and providing labor  
    Unit: RMB Yuan 
Related party 
Content of the 
related 
transaction 
Pricing mode 
and 
decision-making 
procedures of 
the related 
transaction  
Amount in this period Amount in the previous period 
Amount 
Proportion 
accounting 
for in the 
amount of 
the 
transactions 
of the same 
category 
Amount 
Proportion 
accounting 
for in the 
amount of 
the 
transactions 
of the same 
category 
China Merchants Group (Hong 
Kong) Co., Ltd. 
Provide 
property 
management 
service 
Market 
agreement price 
3,766,820.00 0.81 
    2,597,971.51
    0.68  
    China Merchants International 
(China) Investment Co., Ltd. 
Provide 
property 
management 
service 
Market 
agreement price 
259,937.25 0.06            -           -    
    Shenzhen China Merchants 
Qianhaiwan Property Co., Ltd.  
Contracting of 
construction 
project  
Market 
agreement price 
193,107.30
    0.09 
    8,262,080.00 2.2 
    China Shenzhen Ocean Shipping 
Agency Co., Ltd.  
Contracting of 
construction 
project  
Market 
agreement price 
4,298,571.31
    2.10 
    11,336,029.02 3.04 
    China Merchants Bank Co., Ltd. Interest income 
Market 
agreement price 
34,075,975.05 15.35 
    26,865,605.01
    61.82  
    Total   42,594,410.91  49,061,685.54
    (3)Condition of the related rental  
    Company rental condition  
Unit: RMB Yuan 
Name of the 
lessor 
Name of the leasee 
Category 
of the 
rental 
asset  
Rental start 
day 
Rental 
ending day 
Pricing basis 
for the rental 
income 
Rental income 
confirmed in 
this report 
period  
招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Shenzhen China 
Merchants 
Properties and 
Investment Co., 
Ltd. 
China Merchants Group Co., Ltd. 
Workshop 
January 1, 20December 
31, 2014  
Implement 
according to the 
agreement price 
517,690.00 
    China Merchants Shekou Industrial 
Zone Co., Ltd. 
Office 
building 
January 1,April 14,Implement 
according to the 
agreement price 
4,009,910.24 
    Shenzhen China Merchants Venture 
Co., Ltd. 
Office 
building 
January 1,April 14,Implement 
according to the 
agreement price 
92,623.65 
    Shenzhen China Merchants Network 
Co., Ltd. 
Office 
building 
January 1,December 
31, 2014 
Implement 
according to the 
agreement price 
74,880.00 
    Shenzhen Shekou Industrial Zone 
Employee Residence Co., Ltd. 
Office 
building 
January 1,April 14,Implement 
according to the 
agreement price 
383,619.00 
    China Merchants Asia Pacific 
Investment (Shenzhen) Co., Ltd. 
Office 
building 
January 1,April 14,Implement 
according to the 
agreement price 
142,344.00 
    Shenzhen China Merchants 
International Ship Agency Co., Ltd. 
Office 
building 
January 1,April 14,Implement 
according to the 
agreement price 
240,474.00 
    China Merchants International (China) 
Investment Co., Ltd. 
Office 
building 
January 1,April 14,Implement 
according to the 
agreement price 
2,075,427.00 
    Shenzhen 
Shekou New 
Times Property 
Management 
Co., Ltd. 
China Merchants Shekou Industrial 
Zone Co., Ltd. 
Office 
building 
April 15, 2014 
December 
31, 2014 
Implement 
according to the 
agreement price 
     
2,952,318.50  
    Shenzhen China Merchants Venture 
Co., Ltd. 
Office 
building 
April 15, 2014 
December 
31, 2014 
Implement 
according to the 
agreement price 
        
212,095.00  
    Shenzhen Shekou Industrial Zone 
Employee Residence Co., Ltd. 
Office 
building 
April 15, 2014 
December 
31, 2014 
Implement 
according to the 
agreement price 
        
324,442.50  
    China Merchants Asia Pacific 
Investment (Shenzhen) Co., Ltd. 
Office 
building 
April 15, 2014 
December 
31, 2014 
Implement 
according to the 
agreement price 
          
88,965.00  
    Shenzhen China Merchants 
International Ship Agency Co., Ltd. 
Office 
building 
April 15, 2014 
December 
31, 2014 
Implement 
according to the 
agreement price 
          
29,295.00  
    China Merchants International (China) 
Investment Co., Ltd. 
Office 
building 
April 15, 2014 
December 
31, 2014 
Implement 
according to the 
agreement price 
        
806,933.50  
    Company rental condition 
Unit: RMB Yuan 
Name of the 
lessor 
Name of the leasee 
Category of 
the rental 
asset 
Rental 
start day 
Rental ending 
day 
Pricing basis for 
the rental income 
Rental income 
confirmed in 
this report 
period 
China 
Merchants 
Shekou 
Industrial Zone 
Co., Ltd. 
Shenzhen China Merchants 
Properties and Investment 
Co., Ltd. 
Land use right 
January 1,December 31,Implement 
according to the 
agreement price 
3,191,430.10 
    China Merchants Property 
(Shenzhen) Co., Ltd. 
Land use right 
January 1,August 31, 2023  
Implement 
according to the 
agreement price 
2,663,605.85 
    Shenzhen China Merchants 
Properties and Investment 
Co., Ltd. 
Workshop  
January 1,December 31,Implement 
according to the 
agreement price 
10,654,423.00 
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Shenzhen China Merchants 
Power Supply Co., Ltd. 
Land use right 
January 1,December 31,Implement 
according to the 
agreement price 
1,181,571.66 
    Shanghai China 
Merchants 
Square Property 
Co., Ltd.  
Shanghai Fengyang Property 
Development Co., Ltd.  
Office 
building 
January 1,December 31,Implement 
according to the 
agreement price 
424,622.40 
    Shanghai China Merchants 
Fengrui Property Co., Ltd.  
Office 
building 
JanuaryDecember 2015  
Implement 
according to the 
agreement price 
701,599.20 
    Shanghai Jingyuan Property 
Development Co., Ltd.  
Office 
building 
January 1,December 31,Implement 
according to the 
agreement price 
285,432.00 
    Shanghai China Merchants 
Hongfa Property Co., Ltd.  
Office 
building 
January 1,December 31,Implement 
according to the 
agreement price 
396,436.20 
    Shenzhen 
Shekou 
Industrial Zone 
Employee 
Residence Co., 
Ltd. 
Shenzhen China Merchants 
Property Management Co., 
Ltd.  
Dormitory  
January 1,December 31,Implement 
according to the 
agreement price 
2,339,280.00 
    Shenzhen China Merchants 
Property Management Co., 
Ltd. 
Land use right 
May 1,April 30, 2015
  
Implement 
according to the 
agreement price 
197,890.70
    (4)Related guarantee condition  
    Unit: RMB Yuan 
Name of the guarantor Name of thebenificiary  Amount guaranteed  Start date  Expired on 
If  
Completed 
or not  
China Merchants Group (Hong 
Kong) Co., Ltd. 
Ruijia Investment 
Industrial Co., Ltd. 
184,584,000.00 2011.07.22 2014.07.18 No 
    China Merchants Group (Hong 
Kong) Co., Ltd. 
Ruijia Investment 
Industrial Co., Ltd. 
307,640,000.00 2011.10.14 2014.07.18 No 
    China Merchants Group (Hong 
Kong) Co., Ltd. 
Ruijia Investment 
Industrial Co., Ltd. 
430,696,000.00 2011.10.14 2014.09.26 No 
    China Merchants Group (Hong 
Kong) Co., Ltd. 
Ruijia Investment 
Industrial Co., Ltd. 
615,280,000.00 2011.10.17 2014.09.26 No 
    China Merchants Group (Hong 
Kong) Co., Ltd. 
Ruijia Investment 
Industrial Co., Ltd. 
396,900,000.00 2011.10.21 2014.10.13 No 
    China Merchants Group (Hong 
Kong) Co., Ltd. 
Ruijia Investment 
Industrial Co., Ltd. 
277,830,000.00 2011.11.25 2014.11.25 No 
    China Merchants Group (Hong 
Kong) Co., Ltd. 
Ruijia Investment 
Industrial Co., Ltd. 
129,208,800.00 2011.12.28 2014.12.27 No 
    China Merchants Group (Hong 
Kong) Co., Ltd. 
Ruijia Investment 
Industrial Co., Ltd. 
307,640,000.00 2013.03.05 2016.03.01 No 
    China Merchants Group (Hong 
Kong) Co., Ltd. 
Ruijia Investment 
Industrial Co., Ltd. 
123,056,000.00 2013.03.26 2015.06.15 No 
    China Merchants Group (Hong 
Kong) Co., Ltd. 
Ruijia Investment 
Industrial Co., Ltd. 
1,107,504,000.00 2013.04.11 2015.06.15 No 
    China Merchants Group (Hong 
Kong) Co., Ltd. 
Ruijia Investment 
Industrial Co., Ltd. 
615,280,000.00 2013.04.29 2016.04.25 No 
    China Merchants Group (Hong 
Kong) Co., Ltd. 
Ruijia Investment 
Industrial Co., Ltd. 
307,640,000.00 2013.09.30 2016.09.30 No 
    China Merchants Group (Hong 
Kong) Co., Ltd. 
Ruijia Investment 
Industrial Co., Ltd. 
123,056,000.00 2013.10.31 2016.10.31 No 
    China Merchants Group (Hong 
Kong) Co., Ltd. 
Ruijia Investment 
Industrial Co., Ltd. 
307,640,000.00 2013.12.16 2015.06.28 No 
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Name of the guarantor Name of thebenificiary  Amount guaranteed  Start date  Expired on 
If  
Completed 
or not  
China Merchants Group (Hong 
Kong) Co., Ltd. 
Ruijia Investment 
Industrial Co., Ltd. 
615,280,000.00 2013.12.18 2016.12.18 No 
    China Merchants Group (Hong 
Kong) Co., Ltd. 
Ruijia Investment 
Industrial Co., Ltd. 
1,193,643,200.00 2013.12.23 2016.12.23 No 
    China Merchants Group Co., 
Ltd. 
The Company 2,000,000,000.00 2010.04.20 2017.04.19 No 
    China Merchants Shekou 
Industrial Zone Co., Ltd. 
The Company 500,000,000.00 2013.03.29 2015.03.29 No 
    China Merchants Shekou 
Industrial Zone Co., Ltd. 
The Company 197,000,000.00 2012.12.19 2015.12.19 No 
    China Merchants Shekou 
Industrial Zone Co., Ltd. 
The Company 107,000,000.00 2012.12.24 2015.12.24 No 
    China Merchants Shekou 
Industrial Zone Co., Ltd. 
The Company 78,500,000.00 2013.01.29 2016.01.29 No 
    China Merchants Shekou 
Industrial Zone Co., Ltd. 
The Company 49,000,000.00 2013.07.31 2016.07.31 No 
    China Merchants Shekou 
Industrial Zone Co., Ltd. 
The Company 300,000,000.00 2014.03.28 2017.03.28 No 
    China Merchants Shekou 
Industrial Zone Co., Ltd. 
The Company 300,000,000.00 2014.06.25 2017.06.25 No 
    China Merchants Shekou 
Industrial Zone Co., Ltd. 
China Merchants Property 
(Shenzhen) Co., Ltd. 
154,000,000.00 2012.09.18 2014.09.18 No 
    China Merchants Shekou 
Industrial Zone Co., Ltd. 
China Merchants Property 
(Shenzhen) Co., Ltd. 
88,500,000.00 2012.09.19 2014.09.19 No 
    China Merchants Shekou 
Industrial Zone Co., Ltd. 
China Merchants Property 
(Shenzhen) Co., Ltd. 
27,500,000.00 2012.11.30 2014.11.30 No 
    China Merchants Shekou 
Industrial Zone Co., Ltd. 
China Merchants Property 
(Shenzhen) Co., Ltd. 
187,000,000.00 2012.12.24 2014.12.24 No 
    China Merchants Shekou 
Industrial Zone Co., Ltd. 
China Merchants Property 
(Shenzhen) Co., Ltd. 
117,500,000.00 2013.01.29 2015.01.29 No 
    China Merchants Shekou 
Industrial Zone Co., Ltd. 
Wuhan Aoming Property 
Development Co., Ltd.  
94,000,000.00 2013.11.19 2016.11.19 No 
    China Merchants Shekou 
Industrial Zone Co., Ltd. 
Beijing Conrad Property 
Development Co., Ltd.  
149,240,000.00 2012.05.15 2017.05.15 No 
    China Merchants Shekou 
Industrial Zone Co., Ltd. 
Shenzhen Shekou Sea 
World Hotel Management 
Co., Ltd.  
240,100,000.00 2013.10.22 2018.10.20 No 
    China Merchants Shekou 
Industrial Zone Co., Ltd. 
Qingdao Merchants Hyde 
Property Development Co., 
Ltd.  
14,700,000.00 2014.04.29 2017.06.09 No 
    China Merchants Shekou 
Industrial Zone Co., Ltd. 
Shenzhen Jinyu Rongtai 
Investment Development 
Co., Ltd.  
75,000,000.00 2014.06.27 2019.06.27 No
    (5)Capital inter-bank lending of the related party  
    Unit: RMB Yuan 
Name of the related party  
Borrowing/lending  Inter-bank lending 
amount 
Start day Due day Remark 
招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Beijing Guangying Property 
Development Co., Ltd.  
Lending 823,296,461.50 2012.09 2014.09 
    Advance of 
the 
shareholder 
Ningbo Jiangwan Property 
Development Co., Ltd.  
Lending 
   
1,135,556,115.92
    2013.12 2014.12 
    Advance of 
the 
shareholder 
Foshan China Merchants 
Longyuan Property Co., Ltd.  
Lending 673,692,974.37 2011.01 2015.12 
    Advance of 
the 
shareholder 
Shanghai Xinnanshan Property 
Development Co., Ltd.  
Lending 85,021,300.00 2011.09 2014.04 
    Advance of 
the 
shareholder
    6. Receivables and payables of the related party  
    (1) Accounts receivable of the related party  
Accounts receivable of the related 
party 
Amount at the end of the 
period 
Amount at the beginning of the period 
Book 
balance 
Bad debt 
provision 
Book balance  Bad debt 
provision 
Other enterprises controlled by the same shareholder and the final controlling party 
Among them: China Merchants 
(Shanghai) Investment Co., Ltd.  
                                     
-    
  
5,088,000.00 
    Total                                
-    
  
5,088,000.00 
    (2) Other receivables of the related party  

Unit: RMB Yuan 
Other receivables of the related 
party  
Amount at the end of the period  Amount at the beginning of the period  
Book balance 
Bad Debt 
provision 
 Book balance 
 Bad Debt 
provision 
Cooperative and associated enterprises  
Beijing Guangying Property 
Development Co., Ltd.  
823,296,461.50  912,320,960.74  
    Ningbo Jiangwan Property 
Development Co., Ltd.  
1,135,556,115.92  
    1,350,815,887.80  
    Foshan China Merchants Longyuan 
Property Co., Ltd.  
673,692,974.37  673,449,850.06  
    Shanghai Xinnanshan Property 
Development Co., Ltd.  
85,021,300.00  149,343,672.94  
    Jones Tech Limited   62,432,109.67  
    Holly Profit Limited   92,550,643.25  
    Huizhou Taitong Property 
Investment Co., Ltd.  
11,270,000.00 11,270,000.00 11,270,000.00 11,270,000.00 
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Other enterprises controlled by the same shareholder and the final controlling party  
Powerwise International Limited -  89,026,933.80  
    Blue Cove International Limited -  44,812,215.00  
    Total 2,728,836,851.79 11,270,000.00 3,386,022,273.26 11,270,000.00 
    (3) Accounts payable of the related party  
Unit: RMB Yuan 
Accounts payable of the related party  
 Amount at the end of the 
period  
Amount at the 
beginning of the 
period 
Shareholder and the final controlling party 
Among them: China Merchants Shekou 
Industrial Zone Co., Ltd. 
      3,452,900,000.00  0.00 
    Total   3,452,900,000.00  0.00 
    (4) Other payables of the related party  
Other payables of the related party  
 Amount at the end of the 
period  
Amount at the 
beginning of the 
period 
Shareholder and the final controlling party 
In it: China Merchants Shekou 
Industrial Zone Co., Ltd. 
  
         
79,488,890.25  
    China Merchants Group (Hong 
Kong) Co., Ltd.  
            857,176.76    
    Cooperative and associated enterprises  
Among them: China Merchants 
Guangming Science Park Co., Ltd.  
7,168.75 1,476,670.59 
    Shanghai Ledu Property Co., Ltd.  251,012,803.57  
    Guangzhou Panyu Innovative 
Science and Technology Park Co., 
Ltd.  
- 220,820.00 
    Shanghai Xinnanshan Property 
Development Co., Ltd.  
64,468,699.88 31,600,000.00 
    Shenzhen China Merchants Overseas 
Chinese City Investment Co., Ltd.  
79,670,380.97 674,733,289.97 
    Tianjin Xinghai Property 
Development Co., Ltd.  
106,081,398.67 106,081,398.67 
    Tianjin Munan Qiushi Industrial Co., 
Ltd.  
17,000,000.00 - 
    Other enterprises controlled by the same shareholder and the final controlling party 
Among them: Shenzhen China 
Merchants Financing Service Co., 
Ltd. 
774,612,987.75 714,581,431.09 
    China Merchants Zhangzhou 
Development Zone Co., Ltd.  
200,000,000.00 200,000,000.00 
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Dafeng International Co., Ltd.  132,720,170.98  
    China Merchants International 
(China) Investment Co., Ltd. 
313,126.40 274,482.56 
    Total 1,626,743,913.73 1,808,456,983.13 
    (5) Long-term payables of the related party  
Related party (project) 
Amount at the end of the 
period 
Amount at the 
beginning of the 
period 
Other enterprises controlled by the same shareholder and the final controlling party 
Among them: Shenzhen China 
Merchants Venture Co., Ltd.  
1,200,000.00 1,200,000.00 
    Total 1,200,000.00 1,200,000.00 
    (6) Dividend payable of the related party  
Related party (project) 
 Amount at the end of the 
period  
Amount at the 
beginning of the 
period 
Shareholder and the final controlling party 
In it: China Merchants Shekou 
Industrial Zone Co., Ltd. 
        332,841,272.16    
    Total 332,841,272.16                  
    (7) Deposit and loan of the related party  
Related party (project) 
Amount at the end of the 
period 
Amount at the 
beginning of the 
period 
Other enterprises controlled by the same shareholder and the final controlling party  
In it: China Merchants Bank Co., Ltd. 
(deposit) 
5,803,321,381.84 7,154,357,534.12 
    China Merchants Bank Co., Ltd.(loan) 5,841,528,616.71 1,439,428,563.46 
    VIII. Contingencies
    1. The amount of the commercial housing mortgage loan guarantee provided to the bank by the 
    Group is RMB 2,002,421,598 Yuan, which has no significant impact on the financial condition 
in this period and after the balance sheet day of the Group.
    2. The Company bears joint liability guarantee for the capital borrowed by China Merchants 
    Guangming Science Park Co., Ltd. in 2014 according to its share holding proportion, the actual 
guarantee amount is RMB 82,549,320 Yuan, and the guarantee term is two years after the day 
when the loan term under the articles of the loan contract is due. This matter has no significant 
impact on the financial condition in this period and after the balance sheet day of the Group.  
招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)
    3. Except the above-mentioned contingencies, up till June 30, 2014, the Group did not have any 
    other significant contingencies. 
IX. Commitment matter
    1. Significant commitment matter  
    1) Rental contract signed or preparing to implement and the financial impact 
On June 30, 2014, the money that the irrevocable operation lease and financing lease 
signed by the Group need to bear in the following periods is as follows:  
Period Operation lease 
T+1 years 46,882,496.87 
    T+2 years 42,189,346.69 
    T+3 years 36,161,085.11 
    After T+3 years  264,367,128.53 
    Total 389,600,057.20 
    2) Other major financial commitments  
Capital commitment 
Number at the end of 
the period 
Number at the 
beginning of the period 
Contract signed but not confirmed in the financial statements    
- Commitment of constructing long-term assets  3,624,111,249.00 4,852,900,000.00 
    - Property development project  10,752,320,196.35 7,871,048,399.39 
    - External investment commitment     
Total 14,376,431,445.35 12,723,948,399.39
    2. Except the above-mentioned commitment matters, up till June 30, 2014, the Group did 
    not have other major commitment matters.  



招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)X. Division information
    1. Division of the report of the first half of 2014 
    Item Property industry 
Public undertaking 
industry 
Property management 
industry 
Undistributed division Offset Total 
Operating income 15,317,234,955.90 296,760,432.45 463,654,268.64   -30,493,926.00 16,047,155,730.99 
    In it: external transaction income  15,286,741,029.90 296,760,432.45 463,654,268.64     16,047,155,730.99 
    Income from the transactions 
between the divisions 
30,493,926.00       -30,493,926.00 0.00 
    Operating expense 12,081,834,751.24 229,097,640.57 458,311,189.19 106,570,688.45 -30,137,568.00 12,845,676,701.45 
    Operating profit (loss)  4,160,636,192.77 67,662,791.88 5,839,985.54 -52,231,250.61 -837,110,274.53 3,344,797,445.05 
    Total amount of assets  167,155,178,749.37 3,607,468,029.56 580,571,202.06 43,905,929,341.66 -74,295,144,356.59 140,954,002,966.06 
    Total amount of liabilities  123,689,764,944.78 2,215,336,851.57 462,313,040.21 27,623,392,777.22 -52,584,922,629.29 101,405,884,984.49 
    Supplementing information              
Depreciation and amortization 
expense  
213,448,246.39 10,687,114.12 2,985,568.72 343,673.29    227,464,602.52 
    Capital expenditure 29,598,456.23 1,693,006.61 627,231.15 50,282.50   31,968,976.49 
    Non-cash expenses except 
depreciation and amortization 
      
招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)
    2. Division of the report of the first half of 2013  
    Item Property industry 
Public undertaking 
industry 
Property 
management 
industry 
Trade division Undistributed division Offset Total 
Operating income 15,784,212,476.84 286,293,107.78 379,233,415.95 54,369,931.66  -370,540,610.97 16,133,568,321.26 
    In it: external transaction income 15,503,273,113.82 284,499,279.88 291,425,995.90 54,369,931.66     16,133,568,321.26 
    Income from the transactions between the divisions 280,939,263.02 1,793,827.90 87,807,420.05    -370,540,510.97   
    Operating expense 11,234,716,016.46 188,285,550.36 369,792,174.99 52,379,651.83 197,653,112.75 -365,170,532.60 11,677,655,973.79 
    Operating profit (loss)  4,848,926,119.20 98,007,557.42 9,533,731.96 -25,141,351.76 -187,863,872.75 -5,370,078.37 4,738,092,106.40 
    Total amount of assets 123,130,540,426.78 5,625,843,949.89 595,628,537.89 16,057,687.29 53,698,748,235.87 -65,551,019,385.80 117,515,799,451.92 
    Total amount of liabilities 89,659,479,513.80 4,355,020,213.67 494,732,160.77 41,275,027.89 36,231,858,771.28 -45,348,489,983.70 85,433,875,703.71 
    Supplementing information              
Depreciation and amortization expense  100,257,323.17 5,794,448.40 1,051,867.43     107,103,639.00 
    Capital expenditure 7,012,110.54 18,219,813.24 541,686.00  1,344,750.00   27,118,359.78 
    Non-cash expense except depreciation and amortization         


XI. Financial tools and risk management  
The main financial tools of the Group include loans, receivables, payables, transactional financial assets and transactional financial liabilities etc., and for 
the detailed conditions of the financial tools, see Annotation II. The risks related to these financial tools and the risk management policies adopted by the 
招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Group in order to lower these risks are as stated in the following. The management of the Group conducts management and monitoring on these risk exposures 
to control the above-mentioned risks within the limited scope.招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)
    1. Risk management objectives and policies  
    The objectives of the Group engaging in risk management are: Achieve appropriate balance 
between the risks and the income, lower the negative impact on the operation achievement of 
the Group by the risks to the lowest level, and maximize the interest of the shareholders and the 
other equity investors. Based on the risk management objectives, the basic strategies of risk 
management of the Group are: Determine and analyze all kinds of risks that the Group faces, 
establish proper risk baseline, conduct risk management, supervise all kinds of risks in time and 
reliably, and control the risks within the limited scope.  
(1) Market risks  
1) Foreign exchange risk  
The foreign exchange risk refers to the risk of loss caused by the changes of the exchange 
rate. The foreign exchange risk born by the Group is mainly related to the USD, HKD and Euro. 
Except several subsidiary companies of the Group conduct purchase and sales with USD< the 
other main business activities of the Group are prices and settled in RMB. On June 30, 2014, 
except the USD and HKD balance of the assets and liabilities stated in the Table below, the 
assets and liabilities of the Group were RMB balance. The foreign exchange risk generated by 
the assets and liabilities of the USD and HKD balance may generate impact on the operation 
achievement of the Group.  
Item June 30, 2014  December 31, 2013  
Monetary capital-HKD     300,220,909.90           528,895,024.50  
    Monetary capital-USD     351,960,496.27           620,901,559.62  
    Other receivables-HKD       1,331,264.36    
    Other receivables-USD      38,680,062.00            88,257,999.81  
    Financial loan-HKD     850,000,000.00           850,000,000.00  
    Financial loan-USD   1,262,950,000.00         1,237,450,000.00  
    Bonds payable-USD     500,000,000.00           492,713,633.98  
    Interest payable-HKD       1,804,035.38             2,415,293.55  
    Interest payable-USD       3,158,044.60             1,960,865.48  
    Other payables-HKD       8,884,335.28             8,100,183.56  
    Other payables-USD      28,473,381.97            23,496,795.19  
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)The Group pays close attention to the impact on the foreign exchange risk of the Group by 
the changes of the exchange rate.  
2) Interest rate risk  
The interest rate risk of the Group is generated in the debt with interest of the bank loan. 
The financial liabilities of the floating interest rate make the Group face the cash flow interest 
rate risk, and the financial liabilities of fixed interest rate make the Group face the fair value 
interest rate risk. The Group decides the comparative proportions of the fixed interest rate and 
floating interest rate contracts according to the market environment at that time. On June 30, 
2014, for the debt with interest of the Group, the amount of the floating interest rate loan 
contracts totaled RMB 17,468,576,200 Yuan (December 31, 2013: RMB 15,721,425,900 Yuan). 
In it, the total of RMB and HKD is RMB 10,105,520,400 Yuan, and the total of USD is RMB 
7,363,055,800 Yuan. The amount of the fixed interest rate contracts priced in RMB is RMB 
13,378,900,000 Yuan (December 31, 2013: RMB 9,963,500,000 Yuan).  
3)Price risk  
The Group sells steel material products at market price, so it is influenced by price 
fluctuation.  
(2) Credit risk  
On June 30, 2014, the biggest credit risk exposure that may arouse the financial loss of the 
Group mainly came from the other party of the contract not implementing its obligations and 
causing the loss of the financial assets of the Group and the financial guarantee born by the 
Group, including:  
Book amount of the financial assets confirmed in the consolidated balance sheet. For the 
financial tools measured with fair value, the book value reflects their risk exposures, but not the 
biggest risk exposure, and their biggest risk exposure will change along with the changes of the 
future fair value.  
In order to lower the credit risk, the Group established special department to determine the 
line of credit. Conduct credit examination and approval, and implement other monitoring 
procedures to ensure adopting necessary measures to recover the stale claim. In addition, the 
Group examines the recovery condition of each single item receivable on each balance sheet day, 
so as to ensure counting and drawing sufficient bad debt provision for the money that cannot be 
招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)recovered. Therefore, the management of the Group thinks that the credit risk born by the Group 
has been lowered greatly.  
The working capital of the Group is deposited in the banks with high credit ratings, so the 
credit risk of the working capital is low.  
The Group adopts necessary policies to ensure that all the sales clients have good credit 
record. Except the top 5 amounts of the accounts receivable, the Group does not have other 
significant credit concentrated risks.  
Total of the top 5 amounts of the accounts receivable: RMB 53,855,786.63 Yuan. 
    (3) Liquidity risk 
The liquidity risk is the risk of the Group being unable to implement its financial 
obligations on the due date. The method of the Group managing the liquidity risk is ensuring 
sufficient financial liquidity to implement the due liabilities, not causing unacceptable loss or 
causing harm to the fame of the enterprise. The Group periodically analyzes the structure and 
term of debt to ensure sufficient fund. The management of the Group monitors the use condition 
of the bank loan and ensure following the loan agreement. At the same time, it conducts 
financing negotiations with the financial institutions, so as to keep certain line of credit and 
reduce the liquidity risk.  
The Group takes the bank loan as one of the capital sources. On June 30, 2014, the bank 
loan limit not used by the Group is RMB 22,248,710,100 Yuan (December 31, 2013: RMB 
23,377,559,400 Yuan). The short-term bank loan limit not used by the Group on June 30, 2014 
is RMB 1,115,000,000 Yuan (December 31, 2013: None).  
The analysis on the financial assets and financial liabilities held by the Group according to 
the due term of the non-discounted remaining contract obligation is as follows:  
Item Within 1 year 1-2 years 2-5 years Over 5 years Total 
Financial assets           
Monetary capital    18,585,950,027.06        18,585,950,027.06 
    Notes receivable         7,680,171.60        7,680,171.60 
    Accounts receivable       126,199,169.09        126,199,169.09 
    Other receivables    10,621,087,872.17        10,621,087,872.17 
    Interest receivable           110,667.39        110,667.39 
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Item Within 1 year 1-2 years 2-5 years Over 5 years Total 
Financial liabilities           
Short-term loan     3,425,000,000.00        3,425,000,000.00 
    Notes payable        35,295,656.09        35,295,656.09 
    Accounts payable    13,416,765,194.17        13,416,765,194.17 
    Other payables    9,341,655,753.66          9,341,655,753.66 
    Bonds payable     3,032,838,307.20        3,032,838,307.20 
    Interest payable       136,828,081.81        136,828,081.81 
    Non-current liabilities falling due 
in one year 
    9,332,132,762.45        9,332,132,762.45 
    Long-term loan   8,379,084,541.59 9,711,258,920.02      18,090,343,461.61 
    Long-term payables 105,023,177.74       105,023,177.74
    2. Fair value  
    1)Financial instruments not measured with fair value  
The financial assets and liabilities not measured with fair value mainly include: receivables, 
short-term loan, payables, long-term loan, bond payable and long-term payables. 
The fair value of the long-term loan, long-term payables and bond payable is determined 
with the present value of the future cash flow after being discounted by the interest rate with 
comparable credit rating and providing almost the same cash flow.  
2)Financial instruments measured with fair value  
In this period, the Company did not have the financial assets and liabilities measured with fair 
value.  

XII. Other important matters  
There’s no other important notice up to 30 June, 2014.  
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)XIII. Notes on the main items of the financial statements of the parent company 
1.Other receivables 
Category 
Amount at the end of the period 
Book balance  
Amount  Amount  
Other receivables with significant 
single amount and with single counted 
and drawn bad debt provision         
Other receivables with single amount 
not significant but with single counted 
and drawn bad debt provision 
        
Other receivables with counted and 
drawn bad debt provision by portfolio 
        
Portfolio 1 28,927,303,913.13 100     
    Portfolio 2         
Portfolio subtotal 28,927,303,913.13 100     
    Total 28,927,303,913.13 100     
    Continued: 
Category 
Amount at the end of the period 
Book balance Bad debt provision  

Amount Ratio (%) Amount Ratio (%) 
Other receivables with significant 
single amount and with single counted 
and drawn bad debt provision         
Other receivables with single amount 
not significant but with single counted 
and drawn bad debt provision 
       
Other receivables with counted and 
drawn bad debt provision by portfolio 
        
Portfolio 1 28,619,556,967.65 100     
    Portfolio 2         
Portfolio subtotal 28,619,556,967.65 100     
    Total 28,619,556,967.65 100     
    Other receivables with significant 
single amount and with single counted 
and drawn bad debt provision 
    
1) The aging of other receivables is as follows 
Aging 
Amount at the end of the period Amount at the beginning of the period 
Book balance 
Bad debt 
provision 
Book balance 
Bad debt 
provision Amount 
Proportion 
(%) 
Amount 
Proportion 
(%) 
招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Within 1 year 28,727,303,913.13  99.31    28,419,556,967.65  99.30    
    1-2 years       
2-3 years           200,000,000.00  0.70    
    Over 3 years     200,000,000.00  0.69         
    Total 28,927,303,913.13 100.00   28,619,556,967.65     100.00    
    2) Condition of the top 5 units of the amount of other receivables  
Unit name 
Relationship 
with the 
Company 
Amount Aging 
Proportion 
accounting 
for in the 
sum of the 
other 
receivables 
Nature of 
content  
Shenzhen China 
Merchants Properties 
and Investment Co., 
Ltd.  
Subsidiary 
company 
1,850,022,373.97 
    Within 1 
year
    6.4 Operation capital 
    Shenzhen China 
Merchants Power 
Supply Co., Ltd.  
Subsidiary 
company 
1,748,280,637.20 
    Within 1 
year
    6.04 Operation capital 
    Zhenjiang Yingsheng 
Property 
Development Co., 
Ltd. 
Subsidiary 
company 
1,445,425,293.00 
    Within 1 
year 
5 Operation capital 
Wuhan China Merchants 
Property Gutian Property Co., 
Ltd. 
Subsidiary 
company 
1,437,800,000.00 
    Within 1 
year
    4.97 Operation capital 
    China Merchants Property 
Development (Chongqing) 
Garden City Co., Ltd. 
Subsidiary 
company 
1,406,655,133.35 
    Within 1 
year
    4.86 Operation capital 
    Total  7,888,183,437.52   27.27
    (1) Receivables from the related parties  
    Unit name 
Relationship 
with the 
Company 
Amount 
Proportion 
accounting 
for in the 
sum of the 
other 
receivables 
Shenzhen China Merchants Properties and 
Investment Co., Ltd. 
Subsidiary 
company 
    1,850,022,373.97        6.40  
    Shenzhen China Merchants Power Supply 
Co., Ltd. 
Subsidiary 
company 
    1,748,280,637.20        6.04  
    Zhenjiang Yingsheng Property 
Development Co., Ltd. 
Subsidiary 
company 
    1,445,425,293.00
    5.00  
    Wuhan China Merchants Property Gutian Property Co., Ltd. 
Subsidiary 
company 
    1,437,800,000.00        4.97  
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)China Merchants Property Development (Chongqing) 
Garden City Co., Ltd. 
Subsidiary 
company 
    1,406,655,133.35        4.86  
    Tianjin Guojun Investment Co., Ltd. 
Subsidiary 
company 
    1,269,984,540.00        4.39  
    China Merchants Property 
Development (Suzhou) Co., Ltd. 
Subsidiary 
company 
    1,175,069,660.85        4.06  
    Shanghai Jingyuan Property Development 
Co., Ltd.  
Subsidiary 
company 
    1,139,314,000.00        3.94  
    Ningbo Jiangwan Property Co., Ltd. 
Cooperative 
enterprise 
    1,135,556,115.92        3.93  
    China Merchants Property (Guangzhou) 
Co., Ltd.  
Subsidiary 
company 
      994,426,666.67        3.44  
    Shenzhen China Merchants Construction 
Co., Ltd. 
Subsidiary 
company 
      883,026,000.00        3.05  
    Chengdu China Merchants Longcheng 
Proeprty Development Co., Ltd.  
Subsidiary 
company 
      825,543,934.02        2.85  
    Hangzhou Zhujia Property Development 
Co., Ltd.  
Subsidiary 
company 
      820,910,023.54        2.84  
    Beijing Guangying Property Development 
Co., Ltd.  
Associated 
company 
      812,016,900.00        2.81  
    Tianjin China Merchants Taida Investment 
Co., Ltd.  
Subsidiary 
company 
      802,197,239.59        2.77  
    Shanghai China Merchants Fengrui 
Property Co., Ltd. 
Subsidiary 
company 
      728,320,200.00        2.52  
    China Merchants Proeprty Development 
(Changzhou) Co., Ltd.  
Subsidiary 
company 
      702,999,500.00        2.43  
    Changshu China Merchants Xicheng 
Property Co., Ltd. 
Subsidiary 
company 
      700,400,000.00        2.42  
    Shenzhen Pingshan China Merchants 
Property Co., Ltd.  
Subsidiary 
company 
      654,766,772.14        2.26  
    China Merchants Proeprty Development 
(Hangzhou) Co., Ltd. 
Subsidiary 
company 
      646,000,000.00        2.23  
    Suzhou China Merchants Yishanjun 
Property Co., Ltd.  
Subsidiary 
company 
      584,257,397.12        2.02  
    Shenzhen Jinyu Rongtai Investment 
Development Co., Ltd.  
Subsidiary 
company 
      501,770,000.00        1.73  
    Chengdu China Merchants Beihu Land Co., 
Ltd.  
Subsidiary 
company 
      473,367,569.26        1.64  
    Nanning China Merchants Haotian Property 
Co., Ltd.  
Subsidiary 
company 
      772,145,987.29        2.67  
    Harbin China Merchants Jiatian Proeprty 
Development Co., Ltd.  
Subsidiary 
company 
      380,890,200.00        1.32  
    Chengdu China Merchants Beicheng 
Property Co., Ltd.  
Subsidiary 
company 
      340,000,000.00        1.18  
    Wuhan Xinde Proeprty Development Co., 
Ltd.  
Subsidiary 
company 
      323,866,200.00        1.12  
    China Merchants Property Development 
(Rizhao) Co., Ltd.  
Subsidiary 
company 
      309,620,000.00        1.07  
    Yunnan China Merchants Chengtou 
Property Co., Ltd.  
Subsidiary 
company 
      267,210,000.00        0.92  
    Beijing Conrad Property Development Co., 
Ltd.  
Subsidiary 
company 
      225,225,471.43        0.78  
    China Merchants Property (Zhangzhou) Subsidiary       200,000,000.00        0.69  
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Co., Ltd.  company 
China Merchants Property Development 
(Guizhou Bijie) Co., Ltd.  
Subsidiary 
company 
      181,122,100.00        0.63  
    Suzhou China Merchants Yonghuafu 
Property Co., Ltd.  
Subsidiary 
company 
      138,643,700.00        0.48  
    Foshan China Merchants Xincheng Hi-Tech 
Co., Ltd.  
Subsidiary 
company 
      138,615,612.00        0.48  
    China Merchants Property (Shenzhen) Co., 
Ltd. 
Subsidiary 
company 
      129,748,178.15        0.45  
    Ruijia Investment Industrial Co., Ltd.  
Subsidiary 
company 
       99,354,353.01        0.34  
    Shanghai Xinnanshan Property 
Development Co., Ltd.  
Associated 
company 
       85,021,300.00        0.29  
    Shenzhen Shekou Sea World Hotel 
Management Co., Ltd.  
Subsidiary 
company 
       78,534,139.45        0.27  
    China Merchants Properties and Investment 
(Guizhou Bijie) Co., Ltd.  
Subsidiary 
company 
       68,500,000.00        0.24  
    Qingdao Zhongrunde Automobile Trade 
Co., Ltd.  
Subsidiary 
company 
       52,001,539.73        0.18  
    Wuhan Mingjie Property Development Co., 
Ltd.  
Subsidiary 
company 
       47,655,270.00        0.16  
    Dalian Zhaoyu Property Co., Ltd.  
Subsidiary 
company 
       49,179,741.00        0.17  
    Harbin China Merchants Jiatian Property 
Development Co., Ltd.  
Subsidiary 
company 
       28,485,900.00        0.10  
    Shenzhen China Merchants Business 
Development Co., Ltd.  
Subsidiary 
company 
       15,610,000.00        0.05  
    Shenzhen China Merchants Anye 
Investment Development Co., Ltd.  
Subsidiary 
company 
       12,750,000.00        0.04  
    China Merchants Property Development 
(Yantai) Co., Ltd.  
Subsidiary 
company 
       10,981,200.00        0.04  
    China Merchants Property (Zhuhai) Co., 
Ltd.  
Subsidiary 
company 
        4,967,899.00        0.02  
    China Merchants Property Management 
Co., Ltd.  
Subsidiary 
company 
          639,387.47    
    Shenzhen Meiyue Property Consulting Co., 
Ltd.  
Subsidiary 
company 
           95,210.00    
    Hainan China Merchants Ocean 
Development Co., Ltd.  
Subsidiary 
company 
           59,230.40    
    Shenzhen Jinyu Rongtai Investment 
Development Co., Ltd.  
Subsidiary 
company 
           15,000.00    
    Shenzhen China Merchants Xin’an Property 
Co., Ltd.  
Subsidiary 
company 
           10,808.00    
    Foshan China Merchants Longyuan 
Property Co., Ltd.  
Cooperative 
company 
           10,000.00    
    Total      26,699,068,383.56       92.29  
    2.Long-term equity investment
    (1) Classification of long-term equity investment 
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Item Amount at the end of 
the period 
Amount at the beginning 
of the period 
Long-term equity investment on cost basis  

8,594,158,112.93 9,034,158,112.93 
    Long-term equity investment on cost basis  

192,522,512.09 192,881,702.26 
    Total of long-term equity investment 8,786,680,625.02 9,227,039,815.19 
    Less: long-term equity investment impairment 
provision  
    
Net value of long-term equity investment  8,786,680,625.02 9,227,039,815.19 
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)
    (2) Long-term equity investment on cost basis and equity basis  
    Invested companies 
Shareholding 
proportion 
(%) 
Voting 
power 
proportion 
(%) 
Investment cost 
Amount at the beginning 
of the period 
Increase in this 
period 
Decrease in this 
period 
Balance at the end of the 
period 
Cash dividend 
in this period 
On cost basis  

                
China Merchants Property 
(Shenzhen) Co., Ltd.
    100.00 100.00 3,000,000,000.00 3,551,473,965.31     3,551,473,965.31   
    Shenzhen China Merchants Power 
Supply Co., Ltd.
    95.00 95.00 57,000,000.00 119,791,232.79     119,791,232.79   
    Shenzhen China Merchants 
Property Co., Ltd.
    90.00 90.00 22,500,000.00 36,460,596.83     36,460,596.83   
    Shenzhen China Merchants Xin’an 
Property Co., Ltd.
    60.00 60.00 25,000,000.00 20,822,211.48     20,822,211.48   
    Ruijia Investment Industrial Co., 
Ltd.
    99.00 99.00 19,919,300.00 1,301,324,500.00     1,301,324,500.00   
    China Merchants Property 
Development (Beijing) Co., Ltd.
    90.00 90.00 27,000,000.00 27,000,000.00     27,000,000.00   
    China Merchants Property 
Development (Suzhou) Co., Ltd.
    90.00 90.00 27,000,000.00 27,000,000.00     27,000,000.00   
    China Merchants Property 
Development (Chongqing) Co., Ltd.
    90.00 90.00 27,000,000.00 27,000,000.00     27,000,000.00   
    China Merchants Property 
Development (Nanjing) Co., Ltd.
    49.00 49.00 14,700,000.00 14,700,000.00     14,700,000.00   
    Tianjin Zhaosheng Property Co., 
Ltd.
    60.00 60.00 18,000,000.00 18,000,000.00     18,000,000.00   
    Suzhou China Merchants Nanshan 
Property Co., Ltd.
    60.00 60.00 120,000,000.00 120,000,000.00     120,000,000.00   
    China Merchants Property 51.00 51.00 127,500,000.00 229,500,000.00     229,500,000.00   
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Development (Zhangzhou) Co., 
Ltd.  
China Merchants Property 
Development (Chongqing) Garden 
City Co., Ltd.
    100.00 100.00 30,000,000.00 30,000,000.00     30,000,000.00   
    Chengdu China Merchants Beihu 
Land Co., Ltd.
    100.00 100.00 50,000,000.00 50,000,000.00     50,000,000.00   
    China Merchants Property 
(Chengdu) Co., Ltd.
    100.00 100.00 10,000,000.00 10,000,000.00     10,000,000.00   
    China Merchants Property 
Development (Xiamen) Co., Ltd.
    100.00 100.00 50,000,000.00 50,000,000.00     50,000,000.00   
    Fujian Zhongliansheng Property 
Development Co., Ltd.
    50.00 50.00 25,000,000.00 25,000,000.00     25,000,000.00 50,000,000 
    China Merchants Property 
Development (Wuhan) Co., Ltd.
    100.00 100.00 30,000,000.00 30,000,000.00     30,000,000.00   
    Zhenjiang Yingsheng Property 
Development Co., Ltd.
    1.00 1.00 7,586,275.00 7,586,275.00     7,586,275.00   
    Qingdao Zhongrunde Automobile 
Trade Co., Ltd.
    51.00 51.00 183,731,836.00 183,731,836.00     183,731,836.00   
    China Merchants Property 
Development (Guizhou Bijie) Co., 
Ltd.
    100.00 100.00 30,000,000.00 30,000,000.00     30,000,000.00   
    Shenzhen China Merchants 
Properties and Investment Co., Ltd.
    100.00 100.00 1,883,367,495.52 1,883,367,495.52     1,883,367,495.52   
    Harbin China Merchants Jiatian 
Property development Co., Ltd.
    50.00 50.00 80,250,000.00 80,250,000.00     80,250,000.00   
    China Merchants Property 
Development (Changzhou) Co., 
Ltd.
    100.00 100.00 30,000,000.00 30,000,000.00     30,000,000.00   
    Hainan China Merchants Ocean 
Development Co., Ltd.
    60.00 60.00 240,000,000.00 240,000,000.00     240,000,000.00   
    Shenzhen China Merchants 
Property Consulting Co., Ltd.
    20.00 20.00 400,000.00 400,000.00     400,000.00   
    China Merchants Property 10.00 10.00 3,000,000.00 3,000,000.00     3,000,000.00   
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)(Shanghai) Co., Ltd.  
Shanghai China Merchants Property 
Co., Ltd.
    10.00 10.00 3,000,000.00 3,000,000.00     3,000,000.00   
    Zhenjiang Nanshan Creative 
Industrial Park Development Co., 
Ltd.
    60.00 60.00 30,000,000.00 30,000,000.00     30,000,000.00   
    Shenzhen Pingshan China 
Merchants Property Co., Ltd.
    100.00 100.00 14,000,000.00 14,000,000.00     14,000,000.00   
    Tianjin Guojun Investment Co., 
Ltd.
    100.00 100.00 300,550,000.00 300,550,000.00     300,550,000.00   
    Nanning China Merchants Haotian 
Property Co., Ltd.
    70.00 70.00 10,200,000.00 10,200,000.00     10,200,000.00   
    China Merchants Property 
Development (Hangzhou) Co., Ltd.
    100.00 100.00 500,000,000.00 500,000,000.00   470,000,000.00 30,000,000.00   
    China Merchants Property 
Development (Rizhao) Co., Ltd.
    100.00 100.00 30,000,000.00 30,000,000.00     30,000,000.00   
    Yantai China Merchants Property 
Co., Ltd.
    100.00 100.00 30,000,000.00   30,000,000.00   30,000,000.00   
    Check by the equity method              0.00   
    China Merchants Guangming 
Science Park Co., Ltd.
    49.00 49.00 196,000,000.00 163,856,555.45 519,909.21   164,376,464.66   
    Ningbo Jiangwan Property 
Development Co., Ltd.
    34.00 34.00 30,000,000.00 29,025,146.81 -879,099.38   28,146,047.43   
    Total     7,282,704,906.52 9,227,039,815.19 29,640,809.83 470,000,000.00  8,786,680,625.02 50,000,000  
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)
    (3) Investment on the cooperative enterprises and associated enterprises  
    Name of the 
invested unit 
Shareholding 
proportion 
(%) 
Voting 
power 
proportion 
(%) 
Total amount of 
assets at the end 
of the period  

Total amount of 
liabilities at the 
end of the period  

Total amount of 
net assets at the 
end of the 
period  

Sum of 
operating 
income in this 
period  

Net profit in this 
period  

Associated enterprise  
China 
Merchants 
Guangming 
Science Park 
Co., Ltd.  
49 49 660,268,974.78 324,806,801.99 335,462,172.79 18,749,757.87 1,061,039.19 
    Cooperative enterprise 
Ningbo 
Jiangwan 
Property 
Development 
Co., Ltd. 
34 34 2,405,146,847.10 2,380,599,648.79 24,547,198.31   -2,585,586.42 
    Total     3,065,415,821.88  2,705,406,450.78  360,009,371.10 18,749,757.87  -1,524,547.23  
    3.Operating income and operating cost 
Items Amount in this period 
Amount in the same period of last 
year 
 Operating income Operating cost Operating income Operating cost 
 Total       500,000.00       1,057,252.16     11,080,000.00   1,016,316.92
    (1) Main businesses—classified by industry  
    Industry name 
Amount in this period Amount in the same period oof laste year 
Operating income Operating cost Operating income Operating cost 
 Property industry      500,000.00       1,057,252.16     11,080,000.00   1,016,316.92  
    Total       500,000.00       1,057,252.16     11,080,000.00   1,016,316.92  
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)
    (2) Operating income condition of the top five clients  
    Name of the client Operating income Proportion accounting for in all the 
operating income (%) 
Guangming guarantee removal settlement 
housing construction on behalf income 
500,000.00
    Total 500,000.00
    4.Financial expenses  
Item 
Amount in this period 
Amount in the same period of 
laste year 
Interest expenditure  375,057,292.10 510,962,509.57 
    Less: interest income  301,188,642.17 306,503,909.70 
    Plus: exchange loss 9,155,954.50 -14,524,750.19 
    Plus: other expenditures  97,009.66 8,258,368.96 
    Total 83,121,614.09 198,192,218.64 
    5.Investment income
    (1) Sources of investment income 
    Item Amount in this period Amount in the same 
period of the previous 
year 
Long-term equity investment income checked by the 
cost method  
51,508,689.22    
    Long-term equity investment income checked by the 
equity method  
-359,190.18 -1,290,760.00 
    Others 2,689,938.80  
    Total 53,839,437.84 -1,290,760.00
    (2) Long-term equity investment income checked by the cost method 
    招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Item 
Amount in this 
period 
Amount in the 
same period of last 
year 
Cause for the increase 
or decrease in this 
period compared with 
the sane period of last 
year 
Total 51,508,689.22 0.00  
    In it: Fujian Zhongliansheng Property 
Development Co., Ltd.  
50,000,000.00 0.00 
    Profit distribution of the 
invested company 
Shanghai China Merchants Property Co., 
Ltd.  
1,508,689.22 0 
    Profit distribution of the 
invested company
    (3) Long-term equity investment income checked by the equity method 
    Item 
Amount in this 
period 
Amount in the 
same period of last 
year 
Cause for the increase 
or decrease in this 
period compared with 
the sane period of last 
year 
Total -359,190.18 -1,290,760.00   
    In it: China Merchants Guangming Science 
Park Co., Ltd.  
519,909.20 -1,290,760.00 
    Profit change of the 
invested company 
        Ningbo Jiangwan Property 
Development Co., Ltd.  
    -879,099.38    
    Profit change of the 
invested company 

6.Supplementing data for the cash flow statement of the parent company 
Item 
Amount in this period 
Amount in the same period of 
the previous year
    1. Adjust the net profit to the cash flow of the operation 
    activities: 
    
Net profit       -52,233,250.61     -213,837,070.28  
    Plus: Assets impairment provision      
Depreciation of fixed assets, depletion of oil and gas assets, depreciation of 
productive biological assets 
          343,673.29           19,994.78  
    Amortization of intangible assets      
Amortization of long-term deferred and prepaid expenses     
Loss from the disposal of fixed assets, intangible assets and other long-term 
assets (fill in with “-“ for the income) 
    
Loss from the scrapping fixed assets (fill in with “-“ for the income)     
招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Fair value change profit and loss (fill in with “-“ for the income)     
Financial expenses (fill in with “-“ for the income)       375,057,292.10    147,466,099.33 
    Investment loss (fill in with “-“ for the income)       -53,839,437.84        1,290,760.00  
    Decrease of deferred income tax assets (fill in with “-“ for the 
increase) 
    
Increase of deferred income tax assets (fill in with “-“ for the 
decrease) 
    
Decrease of inventories (fill in with “-“ for the increase)     
Decrease of business receivables (fill in with “-“ for the increase)    18,156,785,247.48     2,158,023,802.16  
    Increase of business payables (fill in with “-“ for the decrease)-20,768,034,571.68  -2,733,500,568.05  
    Others     
Cash flow net amount generated in the operation activities    -2,341,921,047.26  -640,536,982.06
    2. Major investment and fund raising activities not involving 
    cash income and expenditure: 
    
Debt converted to capital     
Convertible company bonds falling due in one year     
Financing rent-in fixed assets
    3. Change condition of cash and cash equivalents:     
    Balance at the end of the period of the cash     5,153,888,767.59  6,397,093,488.91  
    Less: Balance at the beginning of the period of the cash     6,296,121,745.68   5,277,807,877.29  
    Plus: Balance at the end of the period of the cash equivalents     
Less: Balance at the beginning of the period of the cash equivalents     
Net increase amount of the cash and the cash equivalents    -1,142,232,978.09    1,119,285,611.62 
    XIV. Supplementing data
    1. Details of the current non-recurring profit and loss 
    According to the provisions of the No.1 Explanatory Announcement on the Information Disclosure of 
the Companies Issuing Securities Publicly—Non-Recurring Profit and Loss(2008)of China Securities 
    Regulatory Commission, the non-recurring profit and loss of the Group in the first half of 2014 of the Group 
is as follows:                     
                                                                 Unit: RMB Yuan 
  
Item 
Amount in this 
period 
Amount in the 
sane period of last 
year 
Explanation 
Profit and loss from the disposal of non-current assets -160,878.35 -440,707.52  
    Tax refunding or exemption without official certification or     
招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Item 
Amount in this 
period 
Amount in the 
sane period of last 
year 
Explanation 
unauthorized approval 
Government subsidy counted into the current profit and loss  25,262,476.52 2,198,400.00  
    Capital occupying fee collected from the non-financial enterprises 
and counted into the current profit and loss  
    
Gain/loss from differences between the cost of enterprise merger 
and the fair value of recognizable net asset of the invested entities  

    
Nonmonetary assets exchange profit and loss     
Profit and loss generated by entrusting others to invest or manage 
the assets  
    
All the assets impairment provision counted and drawn due to 
force majeure such as suffering natural disasters    
  
Profit and loss from debt restructuring     
Expense of corporate restructuring     
Profit and loss exceeding the fair value part generated by the 
transaction with unfair transaction price    
  
Current net profit and loss from the beginning of the period to the 
merger day of the subsidiary company generated by the enterprise 
merger under the same control 
    
Profit and loss generated by the contingencies irrelevant to the 
normal operation businesses of the company 
    
Fair value change profit and loss generated by holding the 
transactional financial assets and transactional financial liabilities 
except the effective hedging  business related to the normal 
operation businesses of the company, and the investment income 
got by disposing the transactional financial assets, transactional 
financial liabilities and financial assets available for sale  
    
Receivable impairment provision transfer back with impairment 
test singly conducted 
    
Profit and loss got by external entrusted loan     
Profit and loss generated by the investment property fair value 
changes with subsequent measurement conducted adopting the fair 
value mode 
    
Impact on the current profit and loss by conducting one-time 
adjustment on the current profit and loss according to the 
requirements of tax and accounting laws and regulations  
    
Trustee fee income got by entrusted operation     
招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Item 
Amount in this 
period 
Amount in the 
sane period of last 
year 
Explanation 
Other non-operating income and expenditure except the 
above-mentioned items  
-11,330,134.03 -5,370,543.81  
    Other profit and loss items meeting the definition of non-recurring 
profit and loss 
-63,138,644.29 339,878,500.00 Note 1 
    Subtotal -49,367,180.15 336,265,648.67  
    Income tax impact amount  -5,933,621.72 -971,153.80  
    Impact amount of the minority shareholders’ equity (after tax)-2,141,420.73 -2,336,444.77  
    Total -57,442,222.60 332,958,050.10  
    Note: The other profit and loss items complying with the definition of non-recurring profit and loss are 
the Amendment on equity investment income according to the actual carry-over area in this report period of 
Shenzhen China Merchants Overseas Chinese City Investment Co., Ltd.
    2. Return on equity and EPS  
    According to the provisions of No.9 Compilation Rule of Information Disclosure of the Companies 
Issuing Securities Publicly—Calculation and Disclosure of Return on Equity and EPS (Revised in 2010) of 
China Securities Regulatory Commission, the weighted average return on equity, basic EPS and diluted EPS 
in the first half of 2014 of the Group are as follows: 
  
Profit in the report period  
Weighted average 
return on equity (%) 
EPS 
Basic EPS Diluted EPS 
Net profit belonging to the shareholders 
of the parent company
    6.53 0.6931 0.6931 
    Net profit belonging to the shareholders 
of the parent company after deducting the 
non-recurring profit and loss
    6.74 0.7154 0.7154
    3. Explanations on the abnormal condition of the main accounting statement items of the company and the 
    causes  
1)The items with great changes from the end of the period to the beginning of the period of the 
consolidated balance sheet are listed as follows:  
招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Item 
Amount at the end of the 
period  
Amount at the beginning 
of the period  
Change 
amount (%) 
Explanation on the change 
Accounts receivable 126,199,169.09  76,864,814.81 64 
    The building sales money 
receivable increased 
Payment 4,910,209,986.26 2,815,967,507.79 74 
    The land payment paid in 
advance increased 
Deferred income tax 
assets  1,043,294,549.39 770,257,880.69 35 
    Increase of deferred income 
tax caused by China 
Merchants Properties and 
Investment establishing new 
company with the office 
building investment 
Employee 
remuneration payable  161,224,767.47 385,894,712.53 -58 
    Pay the payable employee 
remuneration  
Dividend payable  816,955,117.64 120,927,194.29 576 
    Mainly including the 
dividend payable to the 
shareholders and the 
dividend of the subsidiary 
company payable to the 
minority shareholders 
Non-current liabilities 
falling due in one year 9,332,132,762.45 6,331,007,932.13 47 
    Change of the loan structure  
Estimated liabilities  10,473,360.10 -100 
    The original pending actions 
are settled, and transfer back 
to the estimated liabilities 
Other current 
liabilities 2,338,349,360.00 3,560,491,070.18 -33 
    Pay the land VAT drawn in 
advance 
Capital stock 2,575,950,754.00 1,717,300,503.00 50 
    Capital reserve transferred 
into the equity 
2)The items with great changes on year-on-year basis in the consolidated income statement in this 
period are listed as follows:  
Item Amount in this period 
Amount in the same 
period of the previous 
year 
Change 
amount (%) 
Remark 
Operating tax and 
addition  
1,614,019,700.29 2,579,430,723.77 -37 
    Influenced by the carry-over 
products and regional structure, 
the gross profit rate of the 
carry-over items in this period 
is comparatively low, and the 
land VAT decreased 
correspondingly  
Financial expenses  326,102,386.55 73,348,971.39 345 
    The interest expenditure and 
exchange loss in this period 
招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Item Amount in this period 
Amount in the same 
period of the previous 
year 
Change 
amount (%) 
Remark 
increased on year-on-year basis  
Assets impairment loss  888,293.99 -172,366,279.03 -101 
    Inventory price fall provision 
release in the same period of 
the previous year 
Investment income 143,318,415.51 282,179,758.93 -49 
    Income generated from the 
transfer of the control power 
over the subsidiary company in 
the same period of the previous 
year 
Non-operating income 35,496,879.63 11,774,703.28 201 
    Increase of the received 
government subsidy 
Non-operating 
expenditure 
21,725,415.49 15,387,554.61 41 
    Increase of renewable energy 
fund expenditure of the power 
supply business 
Income tax expense 964,496,768.41 1,476,586,830.38 -35 
    The income tax expense 
decreases with respect to the 
decrease of total profit 

招商局地产控股股份有限公司财务报表附注 
2014年 1月 1日至 2014年 6月 30日 
(本财务报表附注除特别注明外,均以人民币元列示)Section IX Directory of the Documents Available for Inspection 
(1) Financial statements carrying the signatures and seals of the legal representative, responsible person in charge of the 
accounting work and responsible person of the accounting institution.  
(2) Originals of all the Company documents and announcements publicly disclosed on the newspapers appointed by 
China Securities Regulatory Commission in 2014.  
    (3) English version of the Semi-Annual report of 2014. 
    China Merchants Property Development Co., Ltd. 
                                                                 August 19, 2014 


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