深物业B:2021年第一季度报告全文(英文版)

ShenZhen Properties & Resources Development (Group) Ltd.               First Quarterly Report 2021




               SHENZHEN PROPERTIES & RESOURCES
                   DEVELOPMENT (GROUP) LTD.

                           FIRST QUARTERLY REPORT 2021

                                          (Announcement No. 2021-21)




                                                  April 2021



                                                                                                1
ShenZhen Properties & Resources Development (Group) Ltd.                  First Quarterly Report 2021




                                        Part I Important Notes

The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors,
supervisors and senior management of ShenZhen Properties & Resources Development
(Group) Ltd. (hereinafter referred to as the “Company”) hereby guarantee the factuality,
accuracy and completeness of the contents of this Report and its summary, and shall be
jointly and severally liable for any misrepresentations, misleading statements or material
omissions therein.
All the Company’s directors have attended the Board meeting for the review of this Report
and its summary.
Liu Shengxiang, the Company’s legal representative, Cai Lili, the Company’s head of
financial affairs, and Liu Qiang, head of the Company’s financial department (equivalent to
financial manager) hereby guarantee that the Financial Statements carried in this Report are
factual, accurate and complete.
This Report and its summary have been prepared in both Chinese and English. Should there
be any discrepancies or misunderstandings between the two versions, the Chinese versions
shall prevail.




                                                                                                   2
ShenZhen Properties & Resources Development (Group) Ltd.                                                   First Quarterly Report 2021




                                      Part II Key Corporate Information

I Key Financial Information

Indicate by tick mark whether there is any retrospectively restated datum in the table below.
□ Yes √ No

                                                           Q1 2021                   Q1 2020                    Change (%)

Operating revenue (RMB)                                       891,026,732.66            861,546,080.08                        3.42%

Net     profit   attributable   to    the   listed
                                                              214,420,219.16            152,014,318.10                       41.05%
company’s shareholders (RMB)

Net     profit   attributable   to    the   listed
company’s shareholders before exceptional                    208,303,080.57            152,909,860.77                       36.23%
items (RMB)

Net cash generated from/used in operating
                                                               83,213,087.80           -609,307,576.52                    -113.66%
activities (RMB)

Basic earnings per share (RMB/share)                                 0.3598                       0.2551                     41.04%

Diluted earnings per share (RMB/share)                               0.3598                       0.2551                     41.04%

Weighted average return on equity (%)                                    5.59%                    4.72%                       0.87%

                                                         31 March 2021           31 December 2020               Change (%)

Total assets (RMB)                                         12,455,805,632.29         12,207,356,912.54                        2.04%

Equity attributable to the listed company’s
                                                            3,942,068,204.39          3,727,917,440.03                        5.74%
shareholders (RMB)

Exceptional gains and losses:
√ Applicable □ Not applicable
                                                                                                                          Unit: RMB

                                     Item                                        Q1 2021                          Note

Gain or loss on disposal of non-current assets (inclusive of
                                                                                             7,000.00
impairment allowance write-offs)

Government subsidies recognized in the current period, except for
those acquired in the ordinary course of business or granted at
                                                                                           136,000.00
certain quotas or amounts according to the government’s unified
standards

Non-operating income and expense other than the above                                  8,010,201.46

Less: Income tax effects                                                               2,004,300.37

        Non-controlling interests effects (net of tax)                                      31,762.50

Total                                                                                  6,117,138.59                --


                                                                                                                                      3
ShenZhen Properties & Resources Development (Group) Ltd.                                                                 First Quarterly Report 2021


Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item defined or listed in the Explanatory
Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gain/Loss
Items:
□ Applicable √ Not applicable
No such cases for the Reporting Period.


II Total Number of Shareholders and Holdings of Top 10 Shareholders at 31 March 2021

1. Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting Rights as well as
Holdings of Top 10 Shareholders

                                                                                                                                            Unit: share

Number of ordinary shareholders at the                                            Number of preferred shareholders with resumed
                                                            55,834                                                                             0
period-end                                                                        voting rights at the period-end (if any)

                                                               Top 10 shareholders

                                                                     Shareholdi                                              Shares in pledge or
                                                 Nature of                                              Restricted
           Name of shareholder                                          ng        Total shares held                                frozen
                                                shareholder                                            shares held
                                                                     percentage                                               Status         Shares

Shenzhen       Investment        Holdings State-owned legal
                                                                       50.57%         301,414,637               3,326
Corporation                                  person

                                             Domestic
Shenzhen          State-Owned       Equity
                                             non-state-owned             6.38%         38,037,890                    0
Operation and Management Co., Ltd.
                                             legal person

China Orient Asset Management Co., State-owned legal
                                                                         3.90%         23,236,400                    0
Ltd.                                         person
                                             Domestic natural
Chu Yuanyuan                                                             0.54%           3,241,100                   0
                                             person

Hong       Kong     Securities    Clearing Foreign legal
                                                                         0.37%           2,205,280                   0
Company Ltd.                                 person

                                             Domestic
Shenzhen      Duty-Free        Commodity
                                             non-state-owned             0.29%           1,730,300         1,730,300
Enterprises Co., Ltd.
                                             legal person

                                             Domestic natural
Duan Shaoteng                                                            0.29%           1,699,765                   0
                                             person
China      Construction     Bank-Wanjia
Selected     Mixed      Type     Securities Other                        0.26%           1,529,489                   0
Investment Fund

                                             Domestic natural
Yang Yaochu                                                              0.25%           1,500,384                   0
                                             person

Bosera            Fund-PICC           Life
                                             Other                       0.25%           1,477,500                   0
Insurance-Traditional             General


                                                                                                                                                      4
ShenZhen Properties & Resources Development (Group) Ltd.                                                      First Quarterly Report 2021


Insurance Portfolio- Bosera Fund
–A-Stock Mixed Portfolio Single
Asset Management Plan of PICC Life
Insurance Company Limited

                                                  Top 10 unrestricted shareholders

                                                                                                          Shares by type
                    Name of shareholder                         Unrestricted shares held
                                                                                                       Type                 Shares

                                                                                               RMB-denominated
Shenzhen Investment Holdings Corporation                                       301,411,311                                 301,411,311
                                                                                                  ordinary stock

Shenzhen        State-Owned    Equity     Operation    and                                     RMB-denominated
                                                                                38,037,890                                  38,037,890
Management Co., Ltd.                                                                              ordinary stock

                                                                                               RMB-denominated
China Orient Asset Management Co., Ltd.                                         23,236,400                                  23,236,400
                                                                                                  ordinary stock

                                                                                               RMB-denominated
Chu Yuanyuan                                                                      3,241,100                                  3,241,100
                                                                                                  ordinary stock

                                                                                               RMB-denominated
Hong Kong Securities Clearing Company Ltd.                                        2,205,280                                  2,205,280
                                                                                                  ordinary stock

                                                                                               RMB-denominated
Duan Shaoteng                                                                     1,699,765                                  1,699,765
                                                                                                  ordinary stock

China Construction Bank-Wanjia Selected Mixed Type                                             RMB-denominated
                                                                                  1,529,489                                  1,529,489
Securities Investment Fund                                                                        ordinary stock

                                                                                               Domestically listed
Yang Yaochu                                                                       1,500,384                                  1,500,384
                                                                                                  foreign stock

Bosera Fund-PICC Life Insurance-Traditional General
Insurance Portfolio- Bosera Fund –A-Stock Mixed                                               RMB-denominated
                                                                                  1,477,500                                  1,477,500
Portfolio Single Asset Management Plan of PICC Life                                               ordinary stock
Insurance Company Limited

                                                                                               Domestically listed
Mai Furong                                                                        1,103,096                                  1,103,096
                                                                                                  foreign stock

                                                             The first largest shareholder, Shenzhen Investment Holding Corporation,
                                                             is the actual controlling shareholder of the Company, the second largest
Related    or    acting-in-concert   parties   among   the shareholder is the wholly-owned subsidiary of Shenzhen Investment
shareholders above                                           Holding Corporation, which exist related-party relationship with the
                                                             Company. And the Company does not know whether there are related
                                                             parties or acting-in-concert parties among the other 8 shareholders.

Top 10 shareholders involved in securities margin trading
                                                             N/A
(if any)

Indicate by tick mark whether any of the top 10 ordinary shareholders or the top 10 unrestricted ordinary shareholders of the
Company conducted any promissory repo during the Reporting Period.
□ Yes √ No

                                                                                                                                         5
ShenZhen Properties & Resources Development (Group) Ltd.                  First Quarterly Report 2021


No such cases in the Reporting Period.


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

□ Applicable √ Not applicable




                                                                                                   6
ShenZhen Properties & Resources Development (Group) Ltd.                                                  First Quarterly Report 2021




                                             Part III Significant Events

I Changes in Key Financial Statement Line Items and Explanation of why

√ Applicable □ Not applicable
1. Prepayments stood at RMB75,086,951.68 as at 31 March 2021, rising 48.56% compared to 31 December 2020, primarily driven
by the increase in demolition service fee prepaid.
2. Long-term prepaid expense stood at RMB15,627,354.02 as at 31 March 2021, rising 31.74% compared to 31 December 2020,
primarily driven by the increase in decoration expenditures of rented offices with the Company as the lessee.
3. Contract liabilities stood at RMB863,750,204.45 as at 31 March 2021, rising 29.52% compared to 31 December 2020, primarily
driven by the increase in advances from commercial building sales.
4. Selling expense stood at RMB3,005,132.04 during Q1 2021, declining 35.91% compared to Q1 2020, primarily driven by the
decrease in sales service expense.
5. Finance costs stood at RMB11,763,247.61 during Q1 2021, declining 45.61% compared to Q1 2020, primarily driven by the
increase in capitalized interest expense.
6. Return on investment stood at RMB2,577,004.72 during Q1 2021, compared to RMB-10,994.73 in Q1 2020, with the change
primarily driven by the increase in returns on investments in joint ventures calculated using the equity method as a result of a
substantial increase in their net profits.
7. Non-operating income stood at RMB8,612,813.60 during Q1 2021, rising 997.85% compared to Q1 2020, primarily driven by the
receipt of demolition compensation.
8. Net cash generated from/used in operating activities stood at RMB83,213,087.80 during Q1 2021, compared to
RMB-609,307,576.52 in Q1 2020, with the change primarily driven by the increase in sales payments collected.
9. Net cash generated from/used in investing activities stood at RMB-7,912,883.72 during Q1 2021, compared to RMB-3,384,962.58
in Q1 2020, with the change primarily driven by the increase in office decoration expenditures.
10. Net cash generated from/used in financing activities stood at RMB-46,683,112.50 during Q1 2021, compared to
RMB772,655,600.48 in Q1 2020, with the change primarily driven by the new loan of RMB807 million in the same period of last
year, with no comparable loan in the current period.




II Progress, Influence and Solutions with regard to Significant Events

√ Applicable □ Not applicable
1. Shenzhen International Trade Center Property Management Co., Ltd., a wholly-owned subsidiary of the Company, plans to invest
in the establishment of a wholly-owned subsidiary in the Vietnam-China Economic and Trade Cooperation Zone in Hai Phong,
Vietnam, in a bid to strengthen in-depth cooperation with important overseas customers, study and explore advanced cutting-edge
technologies, take an active part in the international industrial layout, and expand the international market. In January 2021, the
subsidiary in Vietnam completed its registration and received the Enterprise Registration Certificate from the Business Registration
Office of the Haiphong Department of Planning and Investment Decision. The details were disclosed on the designated media on
January 6.
2. The Company received the Notice of Shenzhen Investment Holdings Co., Ltd. on the Free Transfer of Shares of ShenZhen
Properties & Resources Development (Group) Ltd. (S.T.K. [2021] No. 38) from the controlling shareholder Shenzhen Investment

                                                                                                                                   7
ShenZhen Properties & Resources Development (Group) Ltd.                                                    First Quarterly Report 2021


Holdings Co., Ltd. (SIHC). SIHC decided to transfer its 38,037,890 non-restricted tradable common shares on the A-shares market in
the Company (accounting for 6.382% of the total share capital of the Company) to Shenzhen State-owned Equity Management Co.,
Ltd. for free to replenish the social security funds.
On 17 March 2021, the Company received the Confirmation of Securities Transfer Registration issued by Shenzhen Branch of China
Securities Depository and Clearing Corporation Limited from Shenzhen State-owned Equity Management Co., Ltd. confirming that
the registration procedures for the free transfer of the above-mentioned state-owned shares had been completed on March 15. The
respective details were disclosed on the designated media on January 29 and March 18.
3. On 18 July 2020, the Company released an announcement on the designated media, disclosing information on the plan of the
Company's controlling shareholder SIHC to reduce the number of its shares in the Company by no more than 11,919,581 shares in
the call auction within 6 months after 15 trading days from the date of disclosure. From 25 August 2020 to September 4, 2020, SIHC
accumulated a reduction of 5,959,696 shares in the Company in call auction, with the number of shares reduced by more than half.
The details were disclosed on the designated media on September 5.
On 9 February 2021, the Company received the Notification Letter on the Implementation of the PRD Share Reduction Plan from
SIHC. It was noted in the Letter that from 10 August 2020 to 9 February 2021, SIHC accumulatively reduced 5,959,696 shares in the
Company (account for 1.00% of the Company's total share capital) in call auction, adding that since the reduction period set in the
share reduction plan has expired, the implementation of this reduction plan has been concluded. The details were disclosed on the
designated media on February 10.

       Overview of significant events                    Disclosure date         Index to disclosure website for interim report

                                                                            Announcement        No.    2020-43   on    Wholly-owned
                                                        23 September 2020   Subsidiary to Establish a Wholly-Owned Subsidiary
Wholly-owned subsidiary to establish a                                      Overseas on www.cninfo.com.cn
wholly-owned subsidiary overseas                                            Announcement No. 2021-01 on Completion of
                                                         6 January 2021     Registration        of     Vietnam     Subsidiary      on
                                                                            www.cninfo.com.cn

                                                                            Announcement No. 2021-02 on the Transfer of Some
                                                         29 January 2021    State-owned Shares Held by Controlling Shareholders
The transfer of some state-owned shares
                                                                            to Social Security Fund without Compensation
held by the controlling shareholder of the
                                                                            Announcement No. 2021-05 on the Completing the
Company Shenzhen Investment Holdings
                                                                            Registration of Share Ownership Transfer regarding
Co., Ltd. to social security fund without
                                                         18 March 2021      Transfer of Some State-owned Shares Held by
compensation
                                                                            Controlling Shareholders to Social Security Fund
                                                                            without Compensation

                                                                            Announcement No. 2020-33 on the Company’s
                                                          18 July 2020      Controlling Shareholder to Reduce Shareholding on
                                                                            www.cninfo.com.cn

                                                                            Announcement         No.   2020-41    on    Progress   of
The Company’s controlling shareholder to
                                                        5 September 2020    Shareholding Reduction by the Company’s Controlling
reduce shareholding
                                                                            Shareholder (Over Half of Its Reduction Plan)

                                                                            Announcement No. 2021-03 on Expiration and
                                                        10 February 2021    Completion     of    Reducing     Shareholding   by    the
                                                                            Company’s Controlling Shareholders

Progress of any share repurchases:


                                                                                                                                     8
ShenZhen Properties & Resources Development (Group) Ltd.                                                                    First Quarterly Report 2021


□ Applicable √ Not applicable
Progress of any reduction of the repurchased shares through centralized bidding:
□ Applicable √ Not applicable


III Commitments that the Company’s Actual Controller, Shareholders, Related Parties,
Acquirers, the Company Itself or Other Parties, Failed to Fulfill on Time during the
Reporting Period

□ Applicable √ Not applicable
No such cases in the Reporting Period.


IV Financial Investments

1. Securities Investments

√ Applicable □ Not applicable
                                                                                                                                                 Unit: RMB

                                                                  Gain/los
                                                                              Cumulat
                                                                    s on
                                              Account                           ive
                                                                  fair-valu                Purchas Sold in Gain/los
Type of Code of Name of Initial                 ing     Opening               fair-valu                                    Closing
                                                                     e                     ed in the    the     s in the              Account Funding
securitie securitie securitie investm measure carrying                           e                                         carrying
                                                                  changes                  current current current                    ing title source
    s         s           s        ent cost    ment     amount                changes                                      amount
                                                                   in the                   period     period   period
                                              method                          through
                                                                  current
                                                                               equity
                                                                   period

                                                                                                                                      Other
                     Gintian                                                                                                          equity     Obtaine
Domesti 400016
                     A,            3,565,8 Fair         1,044,9               -50,535.                                     994,369 instrum d in debt
c/overse 、                                                           0.00                     0.00      0.00      0.00
                     Gintian         56.06 method         05.12                       60                                        .52 ent          restructu
as stock 420016
                     B                                                                                                                investm ring
                                                                                                                                      ent

                                   3,565,8              1,044,9               -50,535.                                     994,369
Total                                           --                    0.00                     0.00      0.00      0.00                     --      --
                                     56.06                05.12                       60                                        .52

Disclosure         date       of
announcement on Board’s
consent      for     securities
investment

Disclosure         date       of
announcement                  on
shareholders’       meeting’s
consent      for     securities
investment (if any)



                                                                                                                                                             9
ShenZhen Properties & Resources Development (Group) Ltd.                                                First Quarterly Report 2021


2. Investments in Derivative Financial Instruments

□ Applicable √ Not applicable
No such cases in the Reporting Period.


V Progress of Projects Financed with Raised Funds

□ Applicable √ Not applicable


VI Operating Performance Forecast for January-June 2021

Warning of a forecast loss on or a forecast significant year-on-year change in the accumulative net profit from the beginning of the
year to the end of the next reporting period, as well as explanation of why:
□ Applicable √ Not applicable


VII Significant Contracts Arising from the Company’s Ordinary Course of Business

□ Applicable √ Not applicable


VIII Cash Entrusted for Wealth Management

□ Applicable √ Not applicable
No such cases in the Reporting Period.


IX Irregularities in Provision of Guarantees

□ Applicable √ Not applicable
No such cases in the Reporting Period.


X Occupation of the Company’s Capital by the Controlling Shareholder or Its Related Parties
for Non-Operating Purposes

□ Applicable √ Not applicable
No such cases in the Reporting Period.


XI Communications with the Investment Community such as Researches, Inquiries and
Interviews during the Reporting Period

√ Applicable □ Not applicable

                                                                                                                    Index to main
                                         Way of          Type of
                                                                      Communicatio   Major discussion content and    information
         Date              Place     communicatio communication
                                                                          n party        information provided       communicate
                                           n              party
                                                                                                                          d




                                                                                                                                10
ShenZhen Properties & Resources Development (Group) Ltd.                                          First Quarterly Report 2021


                        The                                                Inquired of reason for slump in
   7 January 2021                 By Phone       Individual   Individual                                          N/A
                     Company                                               stock

                                                                           Inquired    of    whether      the
                        The                                                implementation of “Two Red
  10 January 2021                   Other        Individual   Individual                                          N/A
                     Company                                               Lines” may influence the credit
                                                                           of the Company

                                                                           Inquired of information about
                        The
  13 January 2021                   Other        Individual   Individual   the project of digital ecological      N/A
                     Company
                                                                           industrial park

                                                                           Inquired of information about
                        The
  26 January 2021                   Other        Individual   Individual   cash flow statements in 2020           N/A
                     Company
                                                                           Third Quarter Report

                        The                                                Inquired of disclosure time of
  27 January 2021                   Other        Individual   Individual                                          N/A
                     Company                                               2020 Annual Report

                        The                                                Inquired of information about
   15 March 2021                    Other        Individual   Individual                                          N/A
                     Company                                               employment of the Company

                        The                                                Inquired of disclosure time of
   20 March 2021                    Other        Individual   Individual                                          N/A
                     Company                                               2021 First Quarter Report




                                                                                                                          11
ShenZhen Properties & Resources Development (Group) Ltd.                               First Quarterly Report 2021




                                         Part IV Financial Statements

I Financial Statements

1. Consolidated Balance Sheet

Prepared by ShenZhen Properties & Resources Development (Group) Ltd.
                                                      31 March 2021
                                                                                                      Unit: RMB

                    Item                           31 March 2021                   31 December 2020

Current assets:

  Monetary assets                                              4,236,786,272.36                4,206,266,629.32

  Settlement reserve

  Interbank loans granted

  Held-for-trading financial assets

  Derivative financial assets

  Notes receivable

  Accounts receivable                                           241,098,903.01                   187,697,631.47

  Accounts receivable financing

  Prepayments                                                      75,086,951.68                  50,543,422.85

  Premiums receivable

  Reinsurance receivables

  Receivable       reinsurance   contract
reserve
  Other receivables                                             806,040,257.43                   789,050,350.51

     Including: Interest receivable

                  Dividends receivable

  Financial assets purchased under
resale agreements

  Inventories                                                  5,329,071,962.25                5,312,489,258.20

  Contractual assets

  Assets classified as held for sale

  Current portion of non-current assets

  Other current assets                                             47,312,127.72                  48,991,965.92

Total current assets                                          10,735,396,474.45               10,595,039,258.27


                                                                                                               12
ShenZhen Properties & Resources Development (Group) Ltd.                       First Quarterly Report 2021


Non-current assets:

  Loans and advances to customers

  Investments in debt obligations

  Investments in other debt obligations

  Long-term receivables

  Long-term equity investments                                48,287,225.51               45,710,220.79

  Investments in other equity
                                                                 994,369.52                1,044,905.12
instruments

  Other non-current financial assets

  Investment property                                        478,003,522.78              484,738,506.83

  Fixed assets                                               111,982,155.26              116,233,936.04

  Construction in progress

  Productive living assets

  Oil and gas assets

  Use rights assets                                           13,874,979.81

  Intangible assets                                              427,470.54                  482,049.51

  R&D expense

  Goodwill

  Long-term prepaid expense                                   15,627,354.02               11,862,716.14

  Deferred income tax assets                                1,049,051,017.26             950,681,245.50

  Other non-current assets                                      2,161,063.14               1,564,074.34

Total non-current assets                                    1,720,409,157.84           1,612,317,654.27

Total assets                                               12,455,805,632.29          12,207,356,912.54

Current liabilities:

  Short-term borrowings

  Borrowings from the central bank

  Interbank loans obtained

  Held-for-trading financial liabilities

  Derivative financial liabilities

  Notes payable

  Accounts payable                                           365,648,385.01              468,269,685.65

  Advances from customers                                        683,919.44                  473,274.48

  Contractual liabilities                                    863,750,204.45              666,893,629.72
  Financial      assets      sold    under
repurchase agreements


                                                                                                       13
ShenZhen Properties & Resources Development (Group) Ltd.                      First Quarterly Report 2021


  Customer deposits and interbank
deposits
  Payables     for        acting   trading   of
securities
  Payables          for    underwriting      of
securities

  Payroll payable                                           150,533,526.05              177,190,197.36

  Taxes payable                                            2,395,310,227.22           2,487,212,979.37

  Other payables                                            891,059,926.80              847,142,613.09

     Including: Interest payable                                      0.00                         0.00

                     Dividends payable                       12,202,676.04               12,202,676.04
  Handling charges and commissions
payable

  Reinsurance payables

  Liabilities directly associated with
assets classified as held for sale
  Current      portion       of    non-current
                                                             36,722,824.88               36,722,824.88
liabilities

  Other current liabilities                                  53,821,158.90               43,354,691.51

Total current liabilities                                  4,757,530,172.75           4,727,259,896.06

Non-current liabilities:

  Insurance contract reserve

  Long-term borrowings                                     3,587,800,000.00           3,587,800,000.00

  Bonds payable

     Including: Preferred shares

                     Perpetual bonds

  Lease liabilities                                          14,016,985.64

  Long-term payables

  Long-term payroll payable

  Provisions                                                  2,396,947.00                2,396,947.00

  Deferred income                                                     0.00                         0.00

  Deferred income tax liabilities                                   262.20                      262.20

  Other non-current liabilities                             106,387,153.03              108,778,327.45

Total non-current liabilities                              3,710,601,347.87           3,698,975,536.65

Total liabilities                                          8,468,131,520.62           8,426,235,432.71

Owners’ equity:

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


                                                                                                      14
ShenZhen Properties & Resources Development (Group) Ltd.                                     First Quarterly Report 2021


  Other equity instruments

     Including: Preferred shares

                  Perpetual bonds

  Capital reserves                                                80,488,045.38                           80,488,045.38

  Less: Treasury stock

  Other comprehensive income                                      -7,019,044.21                           -6,749,589.41

  Specific reserve

  Surplus reserves                                                19,205,979.63                           19,205,979.63

  General reserve

  Retained earnings                                         3,253,414,131.59                          3,038,993,912.43
Total equity attributable to owners of
                                                            3,942,068,204.39                          3,727,917,440.03
the Company as the parent

Non-controlling interests                                         45,605,907.28                           53,204,039.80

Total owners’ equity                                       3,987,674,111.67                          3,781,121,479.83

Total liabilities and owners’ equity                      12,455,805,632.29                         12,207,356,912.54


Legal representative: Liu Shengxiang                                              Head of financial affairs: Cai Lili


Head of the financial department: Liu Qiang


2. Balance Sheet of the Company as the Parent

                                                                                                              Unit: RMB

                   Item                           31 March 2021                        31 December 2020

Current assets:

  Monetary assets                                           3,128,781,159.66                          3,216,703,036.69

  Held-for-trading financial assets

  Derivative financial assets

  Notes receivable

  Accounts receivable                                              4,453,779.81                            2,624,500.42

  Accounts receivable financing

  Prepayments

  Other receivables                                           226,062,266.79                            145,325,697.20

     Including: Interest receivable

                  Dividends receivable

  Inventories                                                 658,057,076.23                            653,885,107.24




                                                                                                                        15
ShenZhen Properties & Resources Development (Group) Ltd.                      First Quarterly Report 2021


  Contractual assets

  Assets classified as held for sale

  Current portion of non-current assets

  Other current assets                                          496,729.09                  496,729.09

Total current assets                                       4,017,851,011.58           4,019,035,070.64

Non-current assets:

  Investments in debt obligations

  Investments in other debt obligations

  Long-term receivables

  Long-term equity investments                             1,073,753,105.90           1,071,176,101.18

  Investments in other equity
                                                              1,224,869.52                1,275,405.12
instruments

  Other non-current financial assets

  Investment property                                       301,708,379.26              303,827,356.62

  Fixed assets                                               47,543,764.29               51,091,963.72

  Construction in progress

  Productive living assets

  Oil and gas assets

  Use rights assets                                             649,585.03

  Intangible assets

  R&D expense

  Goodwill

  Long-term prepaid expense                                     389,195.94                  432,440.01

  Deferred income tax assets                                241,148,792.13              252,331,518.26

  Other non-current assets                                 1,344,668,234.55           1,197,407,234.55

Total non-current assets                                   3,011,085,926.62           2,877,542,019.46

Total assets                                               7,028,936,938.20           6,896,577,090.10

Current liabilities:

  Short-term borrowings

  Held-for-trading financial liabilities

  Derivative financial liabilities

  Notes payable

  Accounts payable                                           40,429,856.19               55,887,947.36

  Advances from customers




                                                                                                      16
ShenZhen Properties & Resources Development (Group) Ltd.                      First Quarterly Report 2021


  Contractual liabilities

  Payroll payable                                            43,247,376.59               50,710,148.02

  Taxes payable                                               1,107,591.55                3,736,082.67

  Other payables                                           4,095,750,244.82           3,971,988,862.11

     Including: Interest payable

                    Dividends payable                            29,642.40                   29,642.40
  Liabilities directly associated with
assets classified as held for sale
  Current      portion      of   non-current
                                                             31,573,154.86               31,573,154.86
liabilities
  Other current liabilities

Total current liabilities                                  4,212,108,224.01           4,113,896,195.02

Non-current liabilities:

  Long-term borrowings                                      588,200,000.00              588,200,000.00

  Bonds payable

     Including: Preferred shares

                    Perpetual bonds

  Lease liabilities                                             656,457.21

  Long-term payables

  Long-term payroll payable

  Provisions

  Deferred income

  Deferred income tax liabilities

  Other non-current liabilities                              40,000,000.00               40,000,000.00

Total non-current liabilities                               628,856,457.21              628,200,000.00

Total liabilities                                          4,840,964,681.22           4,742,096,195.02

Owners’ equity:

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

  Other equity instruments

     Including: Preferred shares

                    Perpetual bonds

  Capital reserves                                           53,876,380.11               53,876,380.11

  Less: Treasury stock

  Other comprehensive income                                  -2,595,986.79              -2,545,451.19

  Specific reserve



                                                                                                      17
ShenZhen Properties & Resources Development (Group) Ltd.                         First Quarterly Report 2021


  Surplus reserves                                              19,205,979.63                19,205,979.63

  Retained earnings                                         1,521,506,792.03               1,487,964,894.53

Total owners’ equity                                       2,187,972,256.98               2,154,480,895.08

Total liabilities and owners’ equity                       7,028,936,938.20               6,896,577,090.10


3. Consolidated Income Statement

                                                                                                 Unit: RMB

                    Item                              Q1 2021                    Q1 2020

1. Revenue                                                      891,026,732.66              861,546,080.08

  Including: Operating revenue                                  891,026,732.66              861,546,080.08

              Interest income

              Premium income

              Handling        charge       and
commission income

2. Costs and expenses                                           630,078,645.14              662,964,303.05

  Including: Cost of sales                                      314,741,306.53              330,926,955.66

              Interest expense

              Handling        charge       and
commission expense

              Surrenders

              Net claims paid

              Net amount provided as
policy reserve
              Expenditure       on       policy
dividends
              Reinsurance            premium
expense

              Taxes and surcharges                              253,169,175.96              266,678,061.72

              Selling expense                                     3,005,132.04                4,689,041.03

              Administrative expense                             47,399,783.00               39,041,614.67

              R&D expense

              Finance costs                                      11,763,247.61               21,628,629.97

                 Including:            Interest
                                                                 29,487,619.47               38,309,547.10
expense

                              Interest
                                                                 18,078,929.02               16,103,643.77
income

Add: Other income                                                 1,380,702.88                1,170,615.61


                                                                                                         18
ShenZhen Properties & Resources Development (Group) Ltd.                    First Quarterly Report 2021


         Return on investment (“-” for loss)               2,577,004.72                 -10,994.73

              Including: Share of profit or loss
                                                             2,577,004.72                 -10,994.73
of joint ventures and associates
                         Income        from     the
derecognition of financial             assets    at
amortized cost (“-” for loss)
         Foreign exchange gain (“-” for
loss)
         Net gain on exposure hedges (“-”
for loss)

         Gain on changes in fair value (“-”
for loss)

         Credit impairment loss (“-” for
                                                               -31,765.17               1,016,216.33
loss)

         Asset impairment loss (“-” for loss)

         Asset disposal income (“-” for
loss)

3. Operating profit (“-” for loss)                       264,874,029.95             200,757,614.24

Add: Non-operating income                                    8,612,813.60                 784,515.00

Less: Non-operating expense                                   595,612.14                2,078,006.42

4. Profit before tax (“-” for loss)                      272,891,231.41             199,464,122.82

Less: Income tax expense                                    66,209,144.78              71,031,397.02

5. Net profit (“-” for net loss)                         206,682,086.63             128,432,725.80

  5.1 By operating continuity

        5.1.1 Net profit from continuing
                                                           206,682,086.63             128,432,725.80
operations (“-” for net loss)

        5.1.2 Net profit from discontinued
operations (“-” for net loss)

  5.2 By ownership

        5.2.1 Net profit attributable to
shareholders of the Company as the                         214,420,219.16             152,014,318.10
parent
        5.2.2 Net profit attributable to
                                                            -7,738,132.53             -23,581,592.30
non-controlling interests
6. Other comprehensive income, net of
                                                              -269,454.80              -1,413,997.45
tax
  Attributable to owners of the Company
                                                              -269,454.80              -1,413,997.45
as the parent
        6.1     Items    that   will     not    be
                                                               -50,535.60                -329,260.41
reclassified to profit or loss


                                                                                                    19
ShenZhen Properties & Resources Development (Group) Ltd.                                             First Quarterly Report 2021


         6.1.1   Changes            caused       by
remeasurements         on        defined    benefit
pension schemes
         6.1.2    Other            comprehensive
income that will not be reclassified to
profit or loss under the equity method
         6.1.3 Changes in the fair value of
                                                                        -50,535.60                                -329,260.41
investments in other equity instruments
         6.1.4 Changes in the fair value of
the company’s credit risks

         6.1.5 Other

     6.2 Items that will be reclassified to
                                                                       -218,919.20                              -1,084,737.04
profit or loss
         6.2.1    Other            comprehensive
income that will be reclassified to profit
or loss under the equity method
         6.2.2 Changes in the fair value of
investments in other debt obligations

         6.2.3 Other comprehensive
income arising from the reclassification
of financial assets

         6.2.4 Allowance for credit
impairments in investments in other debt
obligations

         6.2.5 Reserve for cash flow
hedges
         6.2.6 Differences arising from the
translation                 of              foreign
                                                                       -218,919.20                              -1,084,737.04
currency-denominated                       financial
statements

         6.2.7 Other

  Attributable         to         non-controlling
interests

7. Total comprehensive income                                      206,412,631.83                              127,018,728.35

  Attributable to owners of the Company
                                                                   214,150,764.36                              150,600,320.65
as the parent
  Attributable         to         non-controlling
                                                                     -7,738,132.53                             -23,581,592.30
interests

8. Earnings per share

  8.1 Basic earnings per share                                              0.3598                                     0.2551

  8.2 Diluted earnings per share                                            0.3598                                     0.2551

Where business combinations under common control occurred in the current period, the net profit achieved by the acquirees before

                                                                                                                             20
ShenZhen Properties & Resources Development (Group) Ltd.                                            First Quarterly Report 2021


the combinations was RMB0.00, with the amount for the same period of last year being RMB0.00.


Legal representative: Liu Shengxiang                                                     Head of financial affairs: Cai Lili


Head of the financial department: Liu Qiang


4. Income Statement of the Company as the Parent

                                                                                                                     Unit: RMB

                     Item                               Q1 2021                                     Q1 2020

1. Operating revenue                                                21,929,527.54                                 9,570,288.89

Less: Cost of sales                                                  9,362,877.96                                 7,201,252.82

        Taxes and surcharges                                          178,848.22                                  1,448,803.87

        Selling expense                                               127,251.59                                     11,069.00

        Administrative expense                                      16,002,920.61                                11,018,364.52

        R&D expense

        Finance costs                                               -9,932,128.28                               -15,068,444.79

          Including: Interest expense                                6,333,034.48

                        Interest income                             16,286,641.67                                15,074,747.59

Add: Other income                                                     102,972.08

         Return on investment (“-” for
                                                                    31,125,117.93                                36,174,277.60
loss)
            Including: Share of profit or
                                                                     2,577,004.72                                   -10,994.73
loss of joint ventures and associates
                         Income   from     the
derecognition of financial assets at
amortized cost (“-” for loss)
         Net gain on exposure hedges (“-”
for loss)

         Gain on changes in fair value (“-”
for loss)

         Credit impairment loss (“-” for
                                                                        13,225.50
loss)
         Asset impairment loss (“-” for
loss)
         Asset disposal income (“-” for
loss)

2. Operating profit (“-” for loss)                                37,431,072.95                                41,133,521.07

Add: Non-operating income                                            7,293,820.40                                    18,036.00



                                                                                                                               21
ShenZhen Properties & Resources Development (Group) Ltd.                   First Quarterly Report 2021


Less: Non-operating expense                                      269.72                2,000,000.00

3. Profit before tax (“-” for loss)                      44,724,623.63              39,151,557.07

Less: Income tax expense                                   11,182,726.13               9,533,067.22

4. Net profit (“-” for net loss)                         33,541,897.50              29,618,489.85

  4.1    Net     profit    from      continuing
                                                           33,541,897.50              29,618,489.85
operations (“-” for net loss)

  4.2 Net profit from discontinued
operations (“-” for net loss)
5. Other comprehensive income, net of
                                                              -50,535.60                -329,260.41
tax
  5.1 Items that will not be reclassified
                                                              -50,535.60                -329,260.41
to profit or loss
      5.1.1      Changes       caused         by
remeasurements on defined benefit
pension schemes
      5.1.2 Other comprehensive income
that will not be reclassified to profit or
loss under the equity method
      5.1.3 Changes in the fair value of
investments in other equity instruments
      5.1.4 Changes in the fair value of
                                                              -50,535.60                -329,260.41
the company’s credit risks

      5.1.5 Other

  5.2 Items that will be reclassified to
profit or loss
      5.2.1 Other comprehensive income
that will be reclassified to profit or loss
under the equity method
      5.2.2 Changes in the fair value of
investments in other debt obligations

      5.2.3 Other comprehensive income
arising from the reclassification of
financial assets

      5.2.4      Allowance        for      credit
impairments in investments in other
debt obligations

      5.2.5 Reserve for cash flow hedges

      5.2.6 Differences arising from the
translation               of             foreign
currency-denominated                    financial
statements



                                                                                                   22
ShenZhen Properties & Resources Development (Group) Ltd.                          First Quarterly Report 2021


     5.2.7 Other

6. Total comprehensive income                                    33,491,361.90               29,289,229.44

7. Earnings per share

    7.1 Basic earnings per share                                        0.0563                      0.0497

    7.2 Diluted earnings per share                                      0.0563                      0.0497


5. Consolidated Cash Flow Statement

                                                                                                 Unit: RMB

                        Item                         Q1 2021                      Q1 2020

1. Cash flows from operating activities:

  Proceeds from sale of commodities
                                                               1,091,637,435.67             308,259,221.14
and rendering of services
  Net increase in customer deposits and
interbank deposits
  Net increase in borrowings from the
central bank
  Net increase in loans from other
financial institutions
  Premiums          received       on   original
insurance contracts

  Net proceeds from reinsurance
  Net        increase      in     deposits    and
investments of policy holders
  Interest,        handling       charges     and
commissions received
  Net increase in interbank loans
obtained
  Net      increase       in    proceeds     from
repurchase transactions
  Net proceeds from acting trading of
securities

  Tax rebates

  Cash generated from other operating
                                                                144,447,762.47              278,533,921.65
activities
Subtotal      of    cash        generated    from
                                                               1,236,085,198.14             586,793,142.79
operating activities
  Payments          for    commodities       and
                                                                295,983,391.70              659,349,883.60
services
  Net increase in loans and advances to
customers


                                                                                                          23
ShenZhen Properties & Resources Development (Group) Ltd.                      First Quarterly Report 2021


  Net increase in deposits in the central
bank and in interbank loans granted
  Payments for claims on original
insurance contracts
  Net increase in interbank loans
granted

  Interest,        handling      charges     and
commissions paid

  Policy dividends paid

  Cash paid to and for employees                            192,980,462.47              170,204,761.13

  Taxes paid                                                564,218,068.71              309,457,486.32

  Cash       used      in     other    operating
                                                             99,690,187.46               57,088,588.26
activities
Subtotal of cash used in operating
                                                           1,152,872,110.34           1,196,100,719.31
activities
Net   cash         generated     from/used    in
                                                             83,213,087.80             -609,307,576.52
operating activities

2. Cash flows from investing activities:

  Proceeds from disinvestment

  Return on investment

  Net proceeds from the disposal of
fixed assets, intangible assets and other                         9,344.57
long-lived assets
  Net proceeds from the disposal of
subsidiaries and other business units
  Cash generated from other investing
activities
Subtotal      of     cash      generated   from
                                                                  9,344.57
investing activities
  Payments for the acquisition of fixed
assets, intangible assets and other                           7,922,228.29                3,384,962.58
long-lived assets
  Payments for investments

  Net increase in pledged loans granted

  Net payments for the acquisition of
subsidiaries and other business units
  Cash       used      in      other   investing
activities
Subtotal of cash used in investing
                                                              7,922,228.29                3,384,962.58
activities

Net   cash         generated     from/used    in              -7,912,883.72              -3,384,962.58


                                                                                                      24
ShenZhen Properties & Resources Development (Group) Ltd.                           First Quarterly Report 2021


investing activities

3. Cash flows from financing activities:

  Capital contributions received                                     140,000.00                   490,000.00

      Including: Capital contributions by
                                                                     140,000.00                   490,000.00
non-controlling interests to subsidiaries
  Borrowings obtained                                                                         807,000,000.00

  Cash generated from other financing
activities
Subtotal      of     cash      generated       from
                                                                     140,000.00               807,490,000.00
financing activities

  Repayments of borrowings

  Payments for interest and dividends                             46,823,112.50                34,834,399.52

      Including:       Dividends        paid    by
subsidiaries to non-controlling interests
  Cash       used      in     other     financing
activities
Subtotal of cash used in financing
                                                                  46,823,112.50                34,834,399.52
activities
Net    cash        generated     from/used       in
                                                                  -46,683,112.50              772,655,600.48
financing activities
4. Effect of foreign exchange rate
                                                                     237,436.15                  1,083,303.30
changes on cash and cash equivalents
5. Net increase in cash and cash
                                                                  28,854,527.73               161,046,364.68
equivalents
Add:     Cash       and     cash      equivalents,
                                                                4,168,154,911.83             3,285,345,233.47
beginning of the period
6. Cash and cash equivalents, end of the
                                                                4,197,009,439.56             3,446,391,598.15
period


6. Cash Flow Statement of the Company as the Parent

                                                                                                   Unit: RMB

                       Item                           Q1 2021                      Q1 2020

1. Cash flows from operating activities:

  Proceeds from sale of commodities
                                                                   8,452,796.79                  5,388,532.54
and rendering of services

  Tax rebates

  Cash generated from other operating
                                                                 176,427,722.21               150,366,853.96
activities
Subtotal      of     cash      generated       from
                                                                 184,880,519.00               155,755,386.50
operating activities



                                                                                                           25
ShenZhen Properties & Resources Development (Group) Ltd.                     First Quarterly Report 2021


  Payments          for        commodities     and
                                                            21,070,926.08               27,546,580.74
services

  Cash paid to and for employees                            16,422,540.08               13,488,663.13

  Taxes paid                                                  4,902,594.08               5,805,090.10

  Cash       used     in        other   operating
                                                           102,653,754.14              344,578,504.62
activities
Subtotal of cash used in operating
                                                           145,049,814.38              391,418,838.59
activities
Net   cash        generated        from/used    in
                                                            39,830,704.62             -235,663,452.09
operating activities

2. Cash flows from investing activities:

  Proceeds from disinvestment                                                          565,000,000.00

  Return on investment

  Net proceeds from the disposal of
fixed assets, intangible assets and other                         2,344.57
long-lived assets
  Net proceeds from the disposal of
subsidiaries and other business units
  Cash generated from other investing
activities
Subtotal     of     cash        generated    from
                                                                  2,344.57             565,000,000.00
investing activities
  Payments for the acquisition of fixed
assets, intangible assets and other                           5,955,921.97               2,290,332.09
long-lived assets

  Payments for investments                                 117,000,000.00

  Net payments for the acquisition of
subsidiaries and other business units
  Cash       used         in    other   investing
activities
Subtotal of cash used in investing
                                                           122,955,921.97                2,290,332.09
activities
Net   cash        generated        from/used    in
                                                           -122,953,577.40             562,709,667.91
investing activities

3. Cash flows from financing activities:

  Capital contributions received

  Borrowings obtained

  Cash generated from other financing
activities
Subtotal     of     cash        generated    from
financing activities


                                                                                                     26
ShenZhen Properties & Resources Development (Group) Ltd.                                              First Quarterly Report 2021


   Repayments of borrowings

   Payments for interest and dividends                                      6,325,812.50
   Cash      used       in    other     financing
activities
Subtotal of cash used in financing
                                                                            6,325,812.50
activities
Net    cash      generated       from/used      in
                                                                            -6,325,812.50
financing activities
4. Effect of foreign exchange rate
changes on cash and cash equivalents
5. Net increase in cash and cash
                                                                           -89,448,685.28                       327,046,215.82
equivalents
Add:      Cash      and      cash     equivalents,
                                                                         3,190,160,215.19                     2,450,935,673.17
beginning of the period
6. Cash and cash equivalents, end of the
                                                                         3,100,711,529.91                     2,777,981,888.99
period


II Adjustments to the Financial Statements

1. Adjustments to the Financial Statements at the Beginning of the First Execution Year of the New
Standards Governing Leases from 2021

√ Applicable □ Not applicable
Whether the Company needs to adjust items in balance sheets at the beginning of the year
√ Yes □ No
Consolidated Balance Sheet
                                                                                                                     Unit: RMB

                 Item                          31 December 2020              1 January 2021               Adjusted

Current assets:

   Monetary assets                                    4,206,266,629.32             4,206,266,629.32

   Accounts receivable                                 187,697,631.47                187,697,631.47

   Prepayments                                          50,543,422.85                 50,543,422.85

   Other receivables                                   789,050,350.51                789,050,350.51

   Inventories                                        5,312,489,258.20             5,312,489,258.20

   Other current assets                                 48,991,965.92                 48,991,965.92

Total current assets                                 10,595,039,258.27            10,595,039,258.27

Non-current assets:

   Long-term                   equity
                                                        45,710,220.79                 45,710,220.79
investments

   Investments in other equity                            1,044,905.12                 1,044,905.12


                                                                                                                              27
ShenZhen Properties & Resources Development (Group) Ltd.                        First Quarterly Report 2021


instruments

  Investment property                      484,738,506.83     484,738,506.83

  Fixed assets                             116,233,936.04     116,233,936.04

  Use rights assets                                            14,992,421.49               14,992,421.49

  Intangible assets                            482,049.51         482,049.51

  Long-term               prepaid
                                            11,862,716.14       11,862,716.14
expense

  Deferred income tax assets               950,681,245.50     950,681,245.50

  Other non-current assets                   1,564,074.34        1,564,074.34

Total non-current assets                 1,612,317,654.27    1,627,310,075.76              14,992,421.49

Total assets                            12,207,356,912.54   12,222,349,334.03              14,992,421.49

Current liabilities:

  Accounts payable                         468,269,685.65     468,269,685.65

  Advances from customers                      473,274.48         473,274.48

  Contractual liabilities                  666,893,629.72     666,893,629.72

  Payroll payable                          177,190,197.36     177,190,197.36

  Taxes payable                          2,487,212,979.37    2,487,212,979.37

  Other payables                           847,142,613.09     847,142,613.09

     Including: Interest
                                                     0.00
payable

                 Dividends
                                            12,202,676.04      12,202,676.04
payable

  Current        portion        of
                                            36,722,824.88      36,722,824.88
non-current liabilities

  Other current liabilities                 43,354,691.51      43,354,691.51

Total current liabilities                4,727,259,896.06    4,727,259,896.06

Non-current liabilities:

  Long-term borrowings                   3,587,800,000.00    3,587,800,000.00

  Lease liabilities                                            14,992,421.49               14,992,421.49

  Provisions                                 2,396,947.00        2,396,947.00

  Deferred income                                    0.00

  Deferred       income        tax
                                                   262.20             262.20
liabilities
  Other                non-current
                                           108,778,327.45     108,778,327.45
liabilities

Total non-current liabilities            3,698,975,536.65    3,713,967,958.14              14,992,421.49




                                                                                                        28
ShenZhen Properties & Resources Development (Group) Ltd.                                                  First Quarterly Report 2021


Total liabilities                                8,426,235,432.71               8,441,227,854.20                     14,992,421.49

Owners’ equity:

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

   Capital reserves                                  80,488,045.38                 80,488,045.38

   Other comprehensive
                                                     -6,749,589.41                  -6,749,589.41
income

   Surplus reserves                                  19,205,979.63                 19,205,979.63

   Retained earnings                             3,038,993,912.43               3,038,993,912.43

Total equity attributable to
owners of the Company as                         3,727,917,440.03               3,727,917,440.03
the parent

Non-controlling interests                            53,204,039.80                 53,204,039.80

Total owners’ equity                            3,781,121,479.83               3,781,121,479.83

Total liabilities and owners’
                                                12,207,356,912.54              12,222,349,334.03                     14,992,421.49
equity

Notes to adjustment
The Company has implemented the new IFRS 16 Leases since 1 January 2021, and according to the accumulated number of impacts
based on the execution of the new lease standard, the Company will adjust the amount of relevant items in the financial statements at
the beginning of the first year of execution, and will not adjust information for comparable periods. For operational leasing prior to
the date of initial adoption, the Company will measure the lease liabilities according to the present value discounted at the
incremental borrowing rate on the date of initial adoption based on the remaining lease payments, and make necessary adjustments to
the right-of-use assets at an amount equal to the lease liabilities.
Balance sheet of the Company as the parent
                                                                                                                          Unit: RMB

              Item                      31 December 2020                 1 January 2021                        Adjusted

Current assets:

   Monetary assets                               3,216,703,036.69               3,216,703,036.69

  Accounts receivable                                 2,624,500.42                   2,624,500.42

   Other receivables                               145,325,697.20                 145,325,697.20

   Inventories                                     653,885,107.24                 653,885,107.24

   Other current assets                                 496,729.09                    496,729.09

Total current assets                             4,019,035,070.64               4,019,035,070.64

Non-current assets:

   Long-term              equity
                                                 1,071,176,101.18               1,071,176,101.18
investments

   Investments in other equity
                                                      1,275,405.12                   1,275,405.12
instruments

   Investment property                             303,827,356.62                 303,827,356.62


                                                                                                                                   29
ShenZhen Properties & Resources Development (Group) Ltd.                                         First Quarterly Report 2021


  Fixed assets                               51,091,963.72                  51,091,963.72

  Use-of-right assets                                                          727,535.23                      727,535.23
  Long-term               prepaid
                                                432,440.01                     432,440.01
expense

  Deferred income tax assets                252,331,518.26                 252,331,518.26

  Other non-current assets                1,197,407,234.55                1,197,407,234.55

Total non-current assets                  2,877,542,019.46                2,878,269,554.69                     727,535.23

Total assets                              6,896,577,090.10                6,897,304,625.33                     727,535.23

Current liabilities:

  Accounts payable                           55,887,947.36                  55,887,947.36

  Payroll payable                            50,710,148.02                  50,710,148.02

  Taxes payable                               3,736,082.67                    3,736,082.67

  Other payables                          3,971,988,862.11                3,971,988,862.11

                 Dividends
                                                 29,642.40                      29,642.40
payable

  Current portion of
                                             31,573,154.86                  31,573,154.86
non-current liabilities

Total current liabilities                 4,113,896,195.02                4,113,896,195.02

Non-current liabilities:

  Long-term borrowings                      588,200,000.00                 588,200,000.00

  Lease liabilities                                                            727,535.23                      727,535.23

  Other                non-current
                                             40,000,000.00                  40,000,000.00
liabilities

Total non-current liabilities               628,200,000.00                 628,927,535.23                      727,535.23

Total liabilities                         4,742,096,195.02                4,742,823,730.25                     727,535.23

Owners’ equity:

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

  Capital reserves                           53,876,380.11                   53,876,380.11

  Other comprehensive
                                              -2,545,451.19                  -2,545,451.19
income

  Surplus reserves                           19,205,979.63                  19,205,979.63

  Retained earnings                       1,487,964,894.53                1,487,964,894.53

Total owners’ equity                     2,154,480,895.08                2,154,480,895.08

Total liabilities and owners’
                                          6,896,577,090.10                6,897,304,625.33                     727,535.23
equity

Notes to adjustment
The Company has implemented the new IFRS 16 Leases since 1 January 2021, and according to the accumulated number of impacts

                                                                                                                         30
ShenZhen Properties & Resources Development (Group) Ltd.                                                  First Quarterly Report 2021


based on the execution of the new lease standard, the Company will adjust the amount of relevant items in the financial statements at
the beginning of the first year of execution, and will not adjust information for comparable periods. For operational leasing prior to
the date of initial adoption, the Company will measure the lease liabilities according to the present value discounted at the
incremental borrowing rate on the date of initial adoption based on the remaining lease payments, and make necessary adjustments to
the right-of-use assets at an amount equal to the lease liabilities.


2. Retrospective Restatement of Previous Comparative Data due to the First Execution of the New
Standards Governing Leases from 2021

□ Applicable √ Not applicable


III Independent Auditor’s Report

Indicate by tick mark whether the financial statements above have been audited by an independent auditor.
□Yes √ No
These financial statements have not been audited by such an auditor.




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