The 2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. SHENZHEN PROPERTIES& RESOURCES
DEVELOPMENT (GROUP) LTD.
THE 2015 ANNUAL REPORT
2016-03
March 2016
The 2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. Section I Important Statements, Contents& Terms
The Board of Directors, the Supervisory Committee as well as the directors, supervisors and senior management staff of Shenzhen Properties& Resources Development (Group) Ltd. (hereinafter referred to as the “Company”) warrant that this Report is factual, accurate and complete without any false information, misleading statements or material omissions. And they shall be jointly and severally liable for that.
Mr. Chen Yugang, company principal, Mr. Wang Hangjun, person-in-charge of the accounting work, and Ms. Shen Xueying, person-in-charge of the accounting organ (chief of accounting), hereby confirm that the financial report carried in this Report is factual, accurate and complete.
All directors attended the board meeting for reviewing this Report.
TheCompany’s preliminary plan for profit distribution upon review and approval at the board meeting: Based on the total shares of 595,979,092, a cash dividend of RMB0.8 (tax included) will be distributed to all the shareholders for every 10 shares that they hold. No bonus shares will be granted and no capital reserves will be turned into share capital.
This Report is prepared in both Chinese and English. Should there be any understanding discrepancy between the two versions, the Chinese version shall prevail.
Major risk warning: 1. Changes in thegovernment’s real estate and financial policies; 2. Changes in real estate supply and demand.
The 2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. Contents
Section I Important Statements, Contents& Terms.......................................................................2 Section II Company Profile& Financial Highlights.......................................................................5 Section III Business Profile.............................................................................................................10 Section IV Discussion& Analysis by the Management................................................................13 Section V Significant Events...........................................................................................................25 Section VI Share Changes& Particulars about the Shareholders..............................................35 Section VII Preference Shares........................................................................................................45 Section VIII Directors, Supervisors, Senior Management Staff& Employees..........................46 Section IX Corporate Governance.................................................................................................55 Section X Financial Report.............................................................................................................62 Section XI Documents Available for Reference...........................................................................220
The 2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. Terms
|||
|-|-|
|Term|Specific meaning|
|Company, the Company|Shenzhen Properties & Resources Development (Group) Ltd.|
|SIHC|Shenzhen Investment Holdings Co., Ltd.|
|SCIHC|Shenzhen Construction Investment Holdings Corporation|
|SIM|Shenzhen Investment Management Co., Ltd.|

The 2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. Section II Company Profile& Financial Highlights
I. Basic information of the Company
|||||
|-|-|-|-|
|Stock abbr.|SZPRD A, SZPRD B|Stock code|000011, 200011|
|Stock exchange|Shenzhen Stock Exchange|||
|Company name in Chinese|深圳市物业发展(集团)股份有限公司|||
|Abbr. of Company name in||||
||深物业集团|||
|Chinese||||
|Company name in English (if||||
||ShenZhen Properties & Resources Development（Group） Ltd.|||
|any)||||
|Abbr. of Company name in||||
||SZPRD|||
|English (if any)||||
|Legal representative|Mr. Chen Yugang|||
||39/F and 42/F, International Trade Center, Renmin South Road, Shenzhen, Guangdong Province,|||
|Registered address||||
||P.R.China|||
|Zip code|518014|||
||39/F and 42/F, International Trade Center, Renmin South Road, Shenzhen, Guangdong Province,|||
|Office address||||
||P.R.China|||
|Zip code|518014|||
|Company website|www.szwuye.com.cn|||
|Email address|000011touzizhe@szwuye.com.cn|||

II. Contact information
||||
|-|-|-|
||Company Secretary|Securities Affairs Representative|
|||Qian Zhong, Huang Fengchun|
|Name|Fan Weiping||
||42/F, International Trade Center, Renmin|42/F, International Trade Center, Renmin|
|Contact address|South Road, Shenzhen, Guangdong|South Road, Shenzhen, Guangdong|
||Province, P.R.China|Province, P.R.China|
|Tel.|0755-82211020|0755-82211020|
|Fax|0755-82210610 82212043|0755-82210610 82212043|
|E-mail address|000011touzizhe@szwuye.com.cn|000011touzizhe@szwuye.com.cn|

The 2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. III. About information disclosure and where this Report is placed
|||
|-|-|
|Newspapers designated by the Company for|A-share: Securities Times|
|information disclosure|B-share: Ta Kung Pao (HK)|
|Internet website designated by CSRC for disclosing||
||www.cninfo.com.cn|
|this Report||
||Board Office, 42/F, International Trade Center, Renmin South Road,|
|Where this Report is placed||
||Shenzhen, Guangdong Province, P.R.China|

IV. Changes in the registered information
|||
|-|-|
|Organizational code|No changes|
|Changes in main business since listing (if||
||No changes|
|any)||
|Changes of controlling shareholder (if any)|No changes|

V. Other information
The CPAs firm hired by the Company
|||
|-|-|
|Name|Union Power CPAs Co., Ltd. (LLP)|
||2~9/F, Union Power Building, 169 Donghu Road, Wuchang District, Wuhan, Hubei Province,|
|Office address||
||P.R.China|
|Signing accountants|Wang Yu & Fan Guiming|

Sponsor engaged by the Company to conduct consistent supervision during the reporting period
□ Applicable√ Inapplicable
Financial consultant engaged by the Company to conduct consistent supervision during the reporting period
□ Applicable√ Inapplicable
VI. Accounting and financial highlights
Does the Company adjust retrospectively or restate the accounting data of previous years due to changes in the accounting policy or correction of accounting errors?
□ Yes√ No
||||||
|-|-|-|-|-|
||||Increase/decrease of||
||2015|2014|current year over last|2013|
||||year||
|Operating revenues (RMB Yuan)|1,077,418,500.93|1,268,451,451.86|-15.06%|1,619,227,227.60|
|Net profits attributable to|156,819,966.71|417,498,679.91|||
|shareholders of the Company|||-62.44%|300,840,563.81|
|(RMB Yuan)|||||

The 2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||||
|-|-|-|-|-|
|Net profits attributable to|||||
|shareholders of the Company after|18,480,611.70|253,778,668.88|-92.72%|300,239,183.47|
|extraordinary gains and losses|||||
|(RMB Yuan)|||||
|Net cash flows from operating|309,767,629.66|-14,627,057.08|2,217.77%||
|||||110,424,330.10|
|activities (RMB Yuan)|||||
|Basic EPS (RMB Yuan/share)|0.2631|0.7005|-62.44%|0.5048|
|Diluted EPS (RMB Yuan/share)|0.2631|0.7005|-62.44%|0.5048|
|Weighted average ROE (%)|7.59%|21.82%|-14.23%|18.19%|
||||Increase/decrease of||
||As at 31 Dec. 2015|As at 31 Dec. 2014|current year-end than|As at 31 Dec. 2013|
||||last year-end||
|Total assets (RMB Yuan)|4,379,763,486.10|3,883,288,145.46|12.78%|3,873,252,714.32|
|Net assets attributable to|2,099,906,766.61|2,074,242,662.07|1.24%||
|shareholders of the Company||||1,802,781,292.68|
|(RMB Yuan)|||||

VII. Differences of the accounting data under the domestic and the overseas accounting standards
1. Differences of the net profits and the net assets disclosed in the financial reports prepared under the international and the Chinese accounting standards
√ Applicable□ Inapplicable
Unit: RMB Yuan
||||||
|-|-|-|-|-|
||Net profits attributable to shareholders of the||Net assets attributable to shareholders of the||
||Company||Company||
||2015|2014|Closing amount|Opening amount|
|According to Chinese|156,819,966.71|417,498,679.91|2,099,906,766.61|2,074,242,662.07|
|accounting standards|||||
|Items and amounts adjusted according to international accounting standards|||||
|According to international|156,819,966.71|417,498,679.91|2,099,906,766.61|2,074,242,662.07|
|accounting standards|||||

2. Differences of the net profits and the net assets disclosed in the financial reports prepared under the overseas and the Chinese accounting standards
√ Applicable□ Inapplicable
Unit: RMB Yuan
||||||
|-|-|-|-|-|
||Net profits attributable to shareholders of the||Net assets attributable to shareholders of the||
||Company||Company||
||2015|2014|Closing amount|Opening amount|
|According to Chinese|156,819,966.71|417,498,679.91|2,099,906,766.61|2,074,242,662.07|
|accounting standards|||||

The 2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||||
|-|-|-|-|-|
|Items and amounts adjusted according to overseas accounting standards|||||
|According to overseas|156,819,966.71|417,498,679.91|2,099,906,766.61|2,074,242,662.07|
|accounting standards|||||

3. Reason for any differences in the accounting data under the domestic and the overseas accounting standards
√ Applicable□ Inapplicable
No differences.
VIII. Financial highlights by quarter
Unit: RMB Yuan
||||||
|-|-|-|-|-|
||Q1|Q2|Q3|Q4|
|Operating revenues|135,271,193.34|203,490,117.05|297,288,997.73|441,368,192.81|
|Net profits attributable to|||||
||356,364.92|30,806,466.82|15,292,968.63|110,364,166.34|
|shareholders of the Company|||||
|Net profits attributable to|||||
||254,313.28|26,692,562.91|15,154,797.52|-23,621,062.01|
|shareholders of the Company after|||||
|extraordinary gains and losses|||||
|Net cash flows from operating|||||
||-129,634,375.83|-92,274,805.10|182,346,525.43|349,330,285.16|
|activities|||||

Any material differences between the financial indicators above or their summations and those which have been disclosed in quarterly or semi-annual reports?
□ Yes√ No
IX. Extraordinary gains and losses
√ Applicable□ Inapplicable
Unit: RMB Yuan
||||||
|-|-|-|-|-|
|Item|2015|2014|2013|Note|
|Gains/losses on disposal of non-current|-175,931.40||||
|assets (including offset part of asset||219,223,848.63|72,626.95||
|impairment provisions)|||||
|Government grants recognized in current|153,795.84||||
|period, except for those acquired in ordinary|||||
|course of business or granted at certain||4,500.00|||
|quotas or amounts according to|||||
|government’s unified standards|||||
||168,991,971.80|||Assets on 14/F and15/F of LongyuanChuangzhan Buildingworthy of|
|Gains/losses on contingencies irrelevant to|||||
|the Company’s normal business activities|||||

The 2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||||
|-|-|-|-|-|
|||||RMB174,382,120.00recognized. See (2) 2XIV in “Section XFinancial Report” fordetails.|
|Gains and losses on change in fair value|5,709,098.20||||
|from tradable financial assets and tradable|||||
|financial liabilities, as well as investment|||||
|income from disposal of tradable financial|||||
|assets and tradable financial liabilities and|||||
|financial assets available for sales except for|||||
|effective hedging related with normal|||||
|businesses of the Company|||||
|Impairment provision reversal for accounts|8,374,421.28||||
|receivable on which impairment test is||429,994.49|833,813.78||
|carried out separately|||||
|Non-operating income and expense other|164,576.21||||
|||-22,799,362.40|-724,421.19||
|than above|||||
|Other gain and loss items that meet|||||
|||5,895,627.11|||
|definition of extraordinary gain/loss|||||
|Less: Income tax effects|44,878,576.92|39,034,596.80|-419,360.80||
|Total|138,339,355.01|163,720,011.03|601,380.34|--|

Explain the reasons if the Company classifies an item as an extraordinary gain/loss according to the definition in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to thePublic—Extraordinary Gains and Losses, or classifies any extraordinary gain/loss item mentioned in the said explanatory announcement as a recurrent gain/loss item□ Applicable√ Inapplicable
No such cases in the reporting period.
The 2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. Section III Business Profile
I. Main business during the reporting period
The Company has 12 functioning subsidiaries in total, including 4 real estate subsidiaries (Huangcheng, Dongguan, Xuzhou and Yangzhou), 2 property management subsidiaries (International Trade Center Property Management and Huangcheng Property Management), 2 taxi service subsidiaries (International Trade Center Car Industry and Shenxin), 2 joint ventures (Jifa andTian’an, with the Company holding a50% stake in both), 1 catering subsidiary and 1 supervision subsidiary.
The main business of the Company is as follows:
(1) Real estate
Real estate is the primary business of the Company, operated by 4 of its subsidiaries with 130 employees. 5 projects (Imperial Garden, Xinhua Town, Shengang No. 1, Langqiao International and Caitianyise) have been completed over the past few years and the following 5 are currently ongoing:
Xuzhou Banshanyujing: Won against competition on 10 Feb. 2010, floor space 96,900㎡, plot ratio 0.8, total land price RMB192 million(RMB2,481/㎡ if converted into floor price).
Dongguan Songhulangyuan: Won on 15 Jul. 2010, floor space 66,900㎡, plot ratio 2.2, total land price RMB214 million(RMB1,454/㎡ if converted into floor price), available for sale from the end of Jul. 2015, 428 houses sold up to Sept. 2015 (over RMB300 million for a total area of 43,000㎡).
Yangzhou Hupanyujing: Won on 28 Jan. 2011, floor space 66,600㎡, plot ratio 1.4, total land price RMB610 million(RMB6,439/㎡ if converted into floor price), 119 houses sold so far for RMB183 million.
Shenzhen Qianhai project: Obtained in Jul. 2011 in an asset swap promised in the share reform, floor space 19,900㎡, plot ratio 3.2, total land price RMB270 million(RMB4,206/㎡ if converted into floor price).
Shenzhen Golden Collar Holiday: Located at Huanggang Port, historical land, floor space 12,600㎡, plot ratio 10.5, total construction area 130,000㎡.
The 5 ongoing projects above combined cover a floor space of 231,300㎡ and a total construction area of 716,100㎡, with the plot-ratio-counted and available-for sale area reaching 474,700㎡.
(2) Property management
The Company currently has 2 property management subsidiaries, namely International Trade Center Property Management and Huangcheng Property Management.
(3) Taxi service
The Company currently has 2 taxi service subsidiaries, namely International Trade Center Car Industry and Shenxin Taxi, holding a total of 530 red taxi licenses.
(4) Property rental
The Company has now a total area of 86,200㎡ available for rental, with the letting rate up to96%.
(5) Warehousing service
The warehousing service is mainly provided by SZPRD Jifa Warehouse Co., Ltd., a joint venture where the Company holds a50% stake, with the total area of the warehouses reaching 35,000㎡.
(6) Catering service
The total business area is 1,892㎡.
The 2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. II. Significant changes in the main assets
1. Significant changes in the main assets
|||
|-|-|
|Main asset|Reason for any significant change|
||Up 4.98% from opening amount, mainly because of gains on joint ventures recognized at|
|Equity assets||
||equity method|
|Fixed assets|Up 34.12% from opening amount, mainly because of increase in renewed taxies|
|Intangible assets|Down 7.17% from opening amount, mainly because of amortization in current period|
||Up 16.91% from opening amount, mainly because of increase in house payments|
|Monetary funds||
||received|
||Up 45.84%from opening amount, mainly because of increase in receivables from house|
|Accounts receivable||
||owners to property management subsidiaries|
||Down 21.59% from opening amount, mainly because of sale of these assets in current|
|Available-for-sale financial assets||
||period|
||Up 6.15% from opening amount, mainly because of increase in project input in current|
|Inventories||
||period|
||Up from opening amount, mainly because of recognition of assets on 14/F and 15/F of|
|Other current assets||
||Longyuan Chuangzhan Building|
||Up 10.98% from opening amount, mainly because of deferred income tax assets on|
|Deferred income tax assets||
||anticipated profit growth on pre-sale revenue of real estate subsidiaries|
||Down 92% from opening amount, mainly because of repayment of due short-term|
|Short-term borrowings||
||borrowings|
||Up 2168.61% from opening amount, mainly because of increase in house pre-sale|
|Accounts received in advance||
||revenue|
|Taxes and fares payable|Down 17.88% from opening amount, mainly because of taxes and fares paid as required|
||Down 18.45% from opening amount, mainly because of transfer to non-current liabilities|
|Long-term borrowings||
||due within 1 year|

2. Main assets overseas
□ Applicable√ Inapplicable
III. Core competitiveness analysis
TheCompany’s projects of high value in Shenzhen are now in full swing. SZPRD-Qianhai Bay Garden in Qianhai, Shenzhen has
been open since Nov. 2015 and greeted by an overwhelming response in the market. The Langqiao International project achieved a
remarkable result in sale of shops by seizing opportunities of the May Day and taking effective marketing measures such as joint
marketing in the three tiers of markets. The SZPRD-GoldenCollar’s Holiday Apartment project at the Huanggang Port has
The 2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. completed its pile foundation and is proceeding smoothly. In the year, the fast growth in the real estate market of Shenzhen influenced its neighboring cities. The SZPRD-Songhulangyuan project in Dongguan were open as scheduled, which is ideal in its pace of sales and anticipated economic benefits. As for the SZPRD-Hupanyujing project located in Yangzhou, Phase I has allowed house owners to move in and the progress of its sales is satisfactory, and Phase II has completed part of the main construction and will be open for sale in Jan. 2016. All well located, the projects of the Company in Shenzhen will see better economic benefits along with the rapid development of thecity’s real estate market, laying a solid foundation for the business expansion of the Company in the future.
The brand value and overall strength of the Company is highly regarded in the market as ever before. In the year, the Company was granted quite a few titles such as “The 2015 China Top 500 Real Estate Developers”, “The 2015 Shenzhen Top 10 Real Estate Brands”, “The 2015 Guangdong Top 500 Enterprises”, “The 2015 Shenzhen Top 25 Contributors to Urban Construction” and “The 2015 Leading Real Estate Brand”.
The 2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. Section IV Discussion& Analysis by the Management
I. Summary
In 2015, with a general guideline of “Consumption Promotion and De-stocking”,China’s real estate market showed a distinct sign of recovery due to the frequent easing policies in the supply and demand. The total area of the sold commodity houses in the country throughout the year hit a record high, but the real estate market continued to polarize with an obvious recovery in the first-tier cities and great de-stocking pressure on the third and fourth-tier cities. And the market competition was increasingly fierce due to the slowing-down growth in real estate investment, the difficulties in real estate sales in the third and fourth-tier cities, the rising land prices in the first-tier cities, etc.
To deal with that, the Company accelerated its project construction progress, enhanced its real estate marketing and promoted its sidelines while solidifying its main business of real estate. As a result, in 2015, the Company achieved operating revenues of RMB1.077 billion and total profits of RMB217 million.
Despite an expectedly pessimistic macro-economy for 2016-2018, these three years are within the duration of thegovernment’s crucial
“13th
Five-Year” strategic planning. Therefore, the government is expected to unveil more proactive fiscal and monetary policies as well as other growth-stabilizing and employment-boosting policies so as to ensure the fulfillment of its objectives as well as the sustained and healthy development ofChina’s economy. For a real estate developer amid the constant changes in the business environment, to build up products highly recognized by consumers and effectively control costs is the key to win. Therefore, integration among enterprises is increasing. The product types will gradually shift from residential, commercial and office real estate to industrial, tourism, endowment real estate, etc., which are more specific. In terms of development strategies, cross-field marketing models such as the Internet thinking and real estate financing, investment models such as joint land acquisition and light-assets operation, and new financing models such as the property fund will continue to infiltrate into the real estate enterprises, which should keep up with these new development trends in the sector. The Company will beef up the construction progress of its real estate projects to meet its schedules, further improve its capability in operation and management of real estate projects, and monitor closely the development progress so as to ensure the fulfillment of the business objectives for its real estate projects. Meanwhile, it will draw up market-oriented marketing plans according to the actual situations and development trends in different cities, and follow up and analyze market responses and changes so that it can adjust its marketing strategies in time to promote its project sales.
Meanwhile, the Company is well aware of the influence of industry changes on its operation. It will coordinate its resources and look for more quality real estate projects in a variety of ways. In the meantime, it will also boost the development of its sidelines of property management, house rental, taxi service, etc. for business expansion and more profits. For example, it will carry out the “Internet+ Property Management” in an orderly manner for its property management business so that it can make a better use of the Internet, big data and technology to increase its operating efficiency.
The 2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. II. Main business analysis
1. Summary
See “I. Summary” in “Discussion& Analysis by the Management”.
2. Revenues and costs
(1) Breakdown of the operating revenues
Unit: RMB Yuan
|||||||
|-|-|-|-|-|-|
||2015||2014|||
||||||+/-|
|||In operating||In operating||
||Amount||Amount|||
|||revenues||revenues||
|Operating revenues|1,077,418,500.93|100%|1,268,451,451.86|100%|-15.06%|
|By segment||||||
|Real estate||||||
||589,882,920.27|57.52%|809,260,338.23|67.02%|-9.50%|
|development||||||
|Property||||||
||338,396,640.78|33.00%|307,136,733.64|25.44%|7.56%|
|management||||||
|Transport service|60,914,047.94|5.94%|62,476,507.32|5.17%|0.77%|
|Catering service|31,014,702.89|3.02%|24,634,302.99|2.04%|0.98%|
|Other|5,326,342.63|0.52%|5,937,003.71|0.49%|0.03%|
|By product||||||
|By area||||||

(2) Segments, products or areas contributing over10% of the operating revenues or profits
√ Applicable□ Inapplicable
Unit: RMB Yuan
||||||||
|-|-|-|-|-|-|-|
|||||Operating||Gross profit|
||Operating||Gross profit||Operating cost:||
|||Operating cost||revenue: YoY||margin: YoY|
||revenue||margin||YoY +/-%||
|||||+/-%||+/-%|
|By segment|||||||
|Real estate|||||||
||515,974,918.00|234,013,337.05|54.65%|-31.08%|62.79%|-26.15%|
|development|||||||
|Property|||||||
||333,400,952.67|316,217,676.81|5.15%|5.15%|16.63%|-1.17%|
|management|||||||
|By product|||||||
|By area|||||||

The 2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. Main business data of the previous year restated according to the changed statistical caliber for the reporting period
□ Applicable√ Inapplicable
(3) Product sales revenue higher than the service revenue
√ Yes□ No
|||||||
|-|-|-|-|-|-|
|Business segment|Item|Unit|2015|2014|+/-|
|Real estate||||||
||Sales volume|㎡|99506.81|16801.66|492.24%|
|development||||||
||production volume|㎡|456925.08|531283.08|-14.00%|
||Inventory volume|㎡|204462.17|303968.98|-32.74%|

 Reason for any over30% YoY movements in the data above
√ Applicable□ Inapplicable
The sold and ready-for-settlement real estate area decreased considerably from that of last year.
(4) Execution progress of major signed sales contracts in the reporting period
□ Applicable√ Inapplicable
(5) Breakdown of the operating costs
By segment
Unit: RMB Yuan
||||||||
|-|-|-|-|-|-|-|
|||2015||2014|||
|Segment|Item|||||+/-|
|||Amount|In operating costs|Amount|In operating costs||
|Real estate|||||||
|||248,862,700.87|39.43%|162,645,492.90|32.99%|86,217,207.97%|
|development|||||||
|Property rental &|||||||
|||322,986,076.28|51.18%|279,143,261.38|56.62%|43,842,814.90%|
|management|||||||
|Transport service||29,554,744.59|4.68%|30,388,793.31|6.16%|-834,048.72%|
|Catering service||25,527,473.13|4.04%|20,202,098.26|4.10%|5,325,374.87%|
|Other||4,203,603.52|0.67%|5,269,572.72|1.07%|-1,065,969.20%|
|Total||631,134,598.39|100.00%|497,649,218.57|100.00%|133,485,379.82%|

 Notes
Not available
(6) Changes in the consolidation scope for the reporting period
□ Yes√ No
The 2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. (7) Major changes in the business, products or services in the reporting period
□ Applicable√ Inapplicable
(8) Main customers and suppliers
Main customers
|||
|-|-|
|Total sales to top 5 customers (RMB Yuan)|239,326,720.53|
|Ratio of total sales to top 5 customers to annual total sales||
||22.21%|
|(%)||

Information about the top 5 customers
|||||
|-|-|-|-|
|Serial No.|Name of customer|Sales (RMB Yuan)|Proportion in annual total sales (%)|
|1|Individual A|63,352,439.00|5.88%|
|2|Individual B|55,818,509.00|5.18%|
|3|Huawei Technologies Co., Ltd.|42,297,614.53|3.93%|
|4|Alibaba (China) Co., Ltd.|39,155,270.00|3.63%|
|5|Individual C|38,702,888.00|3.59%|
|Total|--|239,326,720.53|22.21%|

 Other information about the main customers
□ Applicable√ Inapplicable
3. Expense
Unit: RMB Yuan
||||||
|-|-|-|-|-|
||2015|2014|+/-|Reason for any significant change|
||41,941,165.94|26,318,080.91||Sales service and agency costs|
|Selling expenses|||59.36%||
|||||increased as marketing was enhanced|
|Administrative expenses|102,968,126.79|103,915,932.80|-0.91%|Cost control was tightened|
|Financial expenses|-7,514,689.31|-12,697,790.50|-40.82%|Decrease in interest revenue|
|Income tax expenses|60,771,725.42|136,266,283.67|-55.40%|Decrease in profits|

4.R&D input
□ Applicable√ Inapplicable
5. Cash flows
Unit: RMB Yuan
|||||
|-|-|-|-|
|Item|2015|2014|+/-|

The 2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||||
|-|-|-|-|
|Subtotal of cash inflows from|1,711,116,833.24|1,169,054,597.62||
||||46.37%|
|operating activities||||
|Subtotal of cash outflows from|1,401,349,203.58|1,183,681,654.70||
||||18.39%|
|operating activities||||
|Net cash flows from operating|309,767,629.66|-14,627,057.08||
||||2,217.77%|
|activities||||
|Subtotal of cash inflows from|8,058,358.89|238,169,791.85||
||||-96.62%|
|investing activities||||
|Subtotal of cash outflows from|38,285,548.55|13,949,481.24||
||||174.46%|
|investing activities||||
|Net cash flows from investing|-30,227,189.66|224,220,310.61||
||||-113.48%|
|activities||||
|Subtotal of cash inflows from|216,470,006.83|316,370,000.00||
||||-31.58%|
|financing activities||||
|Subtotal of cash outflows from|374,393,615.57|693,077,717.73||
||||-45.98%|
|financing activities||||
|Net cash flows from financing|-157,923,608.74|-376,707,717.73||
||||-58.08%|
|activities||||
|Net increase in cash and cash|124,374,439.09|-168,208,437.52||
||||173.94%|
|equivalents||||

Main influence factors for any significant YoY changes in the items above
√ Applicable□ Inapplicable
① The subtotal of the cash inflows from operating activities and the net cash flows from operating activities increased from last year mainly because of the increase in the house payments received.
② The subtotal of the cash inflows from investing activities and the net cash flows from investing activities decreased from last year mainly because of the cash received from the disposal of the50% stake inTian’an Company last year.
③ The subtotal of the cash outflows from investing activities increased from last year mainly because of the increase in the renewed taxies of the subsidiaries.
④ The subtotal of cash inflows from financing activities decreased from last year mainly because of the decreased in new borrowings.
⑤ The subtotal of cash outflows from financing activities decreased from last year mainly because of the decreased in repaid borrowings.
⑥ The net cash flows (net outflows) from financing activities decreased from last year mainly because of the decrease in repaid borrowings.
⑦ The net increase in cash and cash equivalents increased from last year mainly because of the increase in the house payments received and the decrease in repaid borrowings.
Reasons for any big difference between the net operating cash flows and the net profits in the reporting period
√ Applicable□ Inapplicable
The 2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. For the reporting period, the net cash flows from operating activities stood at RMB309,767,629.66, representing a big difference with the net profits of RMB155,619,966.71, which was mainly because the pre-sale revenue had not yet met the condition for settlement. III. Non-core business analysis
√ Applicable□ Inapplicable
Unit: RMB Yuan
||||||
|-|-|-|-|-|
||Amount|In total profits (%)|Source/reason|Continuity|
||||Gains on disposal of||
|Investment gains|7,738,371.09|3.58%|available-for-sale financial|No|
||||assets||
||||Falling price provision for||
|Asset impairment|91,863,939.71|42.45%|SZPRD-Banshanyujing|No|
||||project||
||||Assets on 14/F and 15/F of||
||||Longyuan Chuangzhan||
||||Building worthy of||
|Non-business|||||
||171,619,115.05|79.31%|RMB169,582,120.00|No|
|revenue|||||
||||recognized. See (1) 2 (XIV)||
||||in “Section X Financial||
||||Report” for details.||
|Non-business|||Losses on penalties, overdue||
||2,876,737.49|1.33%||No|
|expense|||fines and estimated liabilities||

IV. Asset and liability analysis
1. Significant changes in the asset composition
Unit: RMB Yuan
||||||||
|-|-|-|-|-|-|-|
||As at 31 Dec. 2015||As at 31 Dec. 2014||Proportio||
|||In total assets||In total assets|n change|Reason for any significant change|
||Amount||Amount||||
|||(%)||(%)|（%）||
||945,739,975.77||808,963,376.68||||
|Monetary funds||21.59%||20.83%|0.76%|Increase in project sales revenue|
||38,772,146.41||26,585,132.12|||Increase in accounts receivable by|
|Accounts|||||||
|||0.89%||0.68%|0.21%|property management subsidiaries|
|receivable|||||||
|||||||from house owners|
||2,466,342,278.85||2,323,472,671.20|||Closing change in proportion due to|
|||||||increased total assets, closing amount|
|Inventories||56.31%||59.83%|-3.52%||
|||||||higher than opening amount due to|
|||||||increase in project development input|

The 2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||||||
|-|-|-|-|-|-|-|
|Investing real|237,260,788.82||250,014,034.94||||
|||5.42%||6.44%|-1.02%|Depreciation|
|estate|||||||
||34,526,177.41||32,888,939.41|||Closing change in proportion due to|
|Long-term equity||||||increased total assets, closing amount|
|||0.79%||0.85%|-0.06%||
|investment||||||higher than opening amount due to|
|||||||increase in gains on joint ventures|
||85,929,516.37||64,069,233.96|||Increase in renewed taxies of|
|Fixed assets||1.96%||1.65%|0.31%||
|||||||subsidiaries|
|Short-term|8,000,000.00||100,000,000.00||||
|||0.18%||2.58%|-2.40%|Due short-term borrowings repaid|
|borrowings|||||||
|Long-term|144,840,006.83||177,613,352.00|||Long-term borrowings shifted to|
|||3.31%||4.57%|-1.26%||
|borrowings||||||non-current liabilities due within 1 year|
|Other current|174,382,120.0|||||Assets on 14/F and 15/F of Longyuan|
|||3.98%|||3.98%||
|assets|0|||||Chuangzhan Building recognized|
|Intangible assets|92,640,083.99|2.12%|99,792,587.03|2.57%|-0.45%|Amortization|
|||||||Closing change in proportion due to|
|||||||increased total assets, closing amount|
|Deferred income|240,335,370.5|||||higher than opening amount due to|
|||5.49%|216,552,790.60|5.58%|-0.09%||
|tax assets|1|||||deferred income tax assets on|
|||||||anticipated profit growth on pre-sale|
|||||||revenue of real estate subsidiaries|
|||||||Closing change in proportion due to|
|||||||increased total assets, closing amount|
||191,524,938.5||||||
|Accounts payable||4.37%|175,347,021.19|4.52%|-0.15%|higher than opening amount due to|
||4||||||
|||||||increase in tentatively estimated costs|
|||||||on project completion|
|Accounts|||||||
||652,369,778.2||||||
|received in||14.90%|28,756,337.08|0.74%|14.16%|Increase in real estate pre-sale revenue|
||0||||||
|advance|||||||
|Taxes and fares|833,797,372.4||1,015,363,636.||||
|||19.04%||26.15%|-7.11%|Paid as required|
|payable|3||69||||
|Non-current|||||||
||121,243,352.0|||||Shift from long-term borrowings to this|
|liabilities due||2.77%|5,000,000.00|0.13%|2.64%||
||0|||||item as prescribed|
|within 1 year|||||||

2. Assets and liabilities measured at fair value
√ Applicable□ Inapplicable
Unit: RMB Yuan
|||||||||
|-|-|-|-|-|-|-|-|
|Item|Opening|Gain/loss on|Cumulative fair|Impairment|Purchased|Sold amount in|Closing|

The 2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||||||||
|-|-|-|-|-|-|-|-|
||amount|fair value|value changes|provisions in|amount in|current period|amount|
|||changes in|recorded into|current period|current period|||
|||current period|equity|||||
|Financial assets||||||||
|3.||||||||
|Available-for-sa||||||||
||3,993,000.00|||||6,511,297.75|0.00|
|le financial||||||||
|assets||||||||
|Subtotal of||||||||
||3,993,000.00|||||6,511,297.75|0.00|
|financial assets||||||||
|Total of above|3,993,000.00|||||6,511,297.75|0.00|
|Financial||||||||
||0.00||||||0.00|
|liabilities||||||||

Significant changes in the measurement attributes of the main assets in the reporting period
□ Yes√ No
V. Investment analysis
1. Total investments
□ Applicable√ Inapplicable
2. Significant equity investments made in the reporting period
□ Applicable√ Inapplicable
3. Significant non-equity investments ongoing in the reporting period
□ Applicable√ Inapplicable
4. Financial investments
(1) Securities investments
√ Applicable□ Inapplicable
Unit: RMB Yuan
|||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
|Variety||||||Gain/los|Cumulat||Sold in|||||
||Code of|Name of|Initial|Account||s on fair|ive fair|Purchas||Gain/los||||
|of||||ing|Opening|value|value||||Closing|Account|Source|
||securitie|securitie|investm|measure|book|changes|changes|ed in|current|s in|book|||
|securitie||||||||current||current||ing title|of funds|
||s|s|ent cost|ment|value|in|recorde|period|period|period|value|||
|s||||model||current|d into|||||||
|||||||period|equity|||||||
|Domesti||Huasu|2,962,5|Fair|3,993,0||||6,511,297.75|5,709,0||Availabl|Own|
||000509||||||||||0.00|||
|c/overse||Holding|00.00|value|00.00|||||98.20||e-for-sal|funds|

The 2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
|as stock|s||method||||||||e||
||||||||||||financia||
||||||||||||l asset||
|||2,962,5||3,993,0||||6,511,29|5,709,0||||
|Total|||--||0.00|0.00|0.00|||0.00|--|--|
|||00.00||00.00||||7.75|98.20||||
|Disclosure date of board|||||||||||||
|announcement on approval|||||||||||||
|of securities investment|||||||||||||
|Disclosure date of general|||||||||||||
|meeting announcement on|||||||||||||
|approval of securities|||||||||||||
|investment (if any)|||||||||||||

(2) Investment in financial derivatives
□ Applicable√ Inapplicable
No such cases in the reporting period
5. Utilization of raised funds
□ Applicable√ Inapplicable
No such cases in the reporting period
VI. Sale of major assets and equity interests
1. Sale of major assets
□ Applicable√ Inapplicable
No such cases in the reporting period
2. Sale of major equity interests
□ Applicable√ Inapplicable
VII. Main controlled and joint stock companies
√ Applicable□ Inapplicable
Main subsidiaries and joint stock companies with an over10% influence on theCompany’s net profits
Unit: RMB Yuan
||||||||||
|-|-|-|-|-|-|-|-|-|
||Relationship||||||||
|Company||Main|Registered|||Operating|Operating||
|||||Total assets|Net assets|||Net profits|
||with the||||||||
|||business|||||||
|name|||capital|||revenues|profits||
||Company||||||||

The 2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||||||||
|-|-|-|-|-|-|-|-|-|
|Shenzhen|||||||||
|Huangcheng|||Sale of|30,000,000.0|1,825,192,08|862,490,105.|406,926,102.|119,599,396.|
||Subsidiary|Real estate|||||||
|Real Estate|||houses|0|5.34|78|62|06|
|Co., Ltd.|||||||||
|SZPRD Real|||||||||
|Estate|||Sale of|30,950,000.0|249,829,650.|65,847,877.5|||
||Subsidiary|Real estate|||||1,120,394.00|7,747,560.57|
|Development|||houses|0|89|1|||
|Co., Ltd.|||||||||
|Shenzhen|||Sale of||||||
|||Real estate|||||||
|International|||houses and||||||
|||and motor||29,850,000.0|364,637,646.|224,303,666.|61,227,920.0|13,015,799.1|
|Trade Center|Subsidiary||motor||||||
|||transportatio||0|32|46|3|4|
|Car Industry|||transportatio||||||
|||n|||||||
|Co., Ltd.|||n||||||
|Shenzhen|||||||||
|International|||||||||
|||Property|Property||||||
|Trade Center||||20,000,000.0|273,275,196.|87,485,021.3|361,605,690.|22,559,557.1|
||Subsidiary|management|management||||||
|Property||||0|08|7|30|7|
|||and leasing|and leasing||||||
|Management|||||||||
|Co., Ltd.|||||||||

Subsidiaries obtained or disposed in the reporting period
□ Applicable√ Inapplicable
Particulars about the main controlled and joint stock companies
VIII. Structured bodies controlled by the Company
√ Applicable□ Inapplicable
For details, see the information about the equity interests in the subsidiaries in 1, IX in Section X. Financial Report.
IX. Outlook of theCompany’s future development
1. Risks faced by the Company, and countermeasures
(1) Market risks
In 2015, as the macro economy stepped into the “New Normal” period, except for the
1st
line and a few 2nd tier cities, the real estate industry in country wide was under big stock pressure. The central government took de-stocking policies in succession in real estate market, including dropping the deposit reserve ratio and interest rate, allowing a second child, and dropping down-payment ratio. Affected by those superimposed policies, the real estate market obtained improvement for recovery at the end of the year. However, the development trends showed obvious differentiation. For
1st
tier cities, such as Shenzhen and Shanghai, the housing price rapidly got high and ranked among the upper heights. But for
3rd
and
4th
tier cities that faced with the biggest de-stocking pressure, the
market recovery trend was not bright and clear.
The Company will continue to beef up the construction progress of its real estate projects to meet its schedules,
further improve its capability in operation and management of real estate projects, and monitor closely the
The 2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. development progress so as to ensure the fulfillment of the business objectives for its real estate projects. Meanwhile, it will draw up market-oriented marketing plans according to the actual situations and development trends in different cities, and follow up and analyze market responses and changes so that it can adjust its marketing strategies in time to promote its project sales.
(2) Industry risks
As for the real estate industry that has stepped into the silver age, project sales has been the most difficult part, the costs for developing land and other resources have increasingly gone up, the profit space has obviously shrunk, and the market competitions has intensified. In response to such condition, the transformation and differentiation of real estate companies will speed up. As for middle and small size real estate companies, their weakness in fund, management, and project resources is distinct, and thereforeit’s difficult for them to go into the
1st
tier and 2nd tier core cities to obtain qualified lands, which makes them faced with the unprecedented pressure from profitability and sustainability of development. Some companies will positively develop health and finance businesses while building up the main businesses. However, some other companies have no choice but to exit the market. The real estate companies are faced with the test of re-building competitive edges.
The Company is well aware of the influence of industry changes on its operation. While effectively carrying out lean management in its real estate development, it will also coordinate its resources and look for more quality real estate projects in a variety of ways. In the meantime, it will also boost the development of its sidelines of property management, house rental, taxi service, etc. for business expansion and more profits. For example, it will carry out the “Internet+ Property Management” in an orderly manner for its property management business so that it can make a better use of the Internet, big data and technology to increase its operating efficiency.
2. Main work plans for 2016
(1) The Company will pay close attention to project engineering nodes to make sure the project progress run on schedule
The Company will sustainably strengthen and improve operation management capability for real estate projects, and pay close attention to project engineering nodes to make sure the project progress run on schedule. The Company will make its best efforts to make the SZPRD-Banshanyujing (Xuzhou)
(1st
phase) completed, recorded, and lived at the end of December, make the indoor and outdoor decoration completed and the outer wall unloaded for SZPRD-Hupanyujing (Yangzhou)
(2nd
Phase) before the end of December, make the SZPRD-Songhulangyuan (Dongguan) completed and recorded before the end of December, make the SZPRD-Qianhai Bay project lived before the end of December, and make the basement body capped, as well as make the body structure of podium building come into construction for the SZPRD-Golden Collar Holiday project.
(2) The Company will adjust marketing strategies in due time, and positively broaden sales channels
The Company will closely get familiar with the marketing situation, adjust marketing strategies in due time, positively broaden sales channels, optimize current marketing methods, seek for the appropriate occasions to create hot sales points, give full play to internet marketing strategies, enlarge the resource of the internet customer group, and at the same time, continue to make qualified products, and put more emphasis on product display. The Company will earnestly research on excellent marketing strategies and schemes in the market, learn from the marvelous points, try new marketing ways while combining the feature of our own products, so that the contract sales volume of RMB1.7 billion can be realized.
(3) The Company will orderly carry forward the application of “Internet+ Property” in practice, so as to seek for new profit growth factor
With the continuous development of informatization technology and the change of life-style of clients, the property and property management has come into a new developing period of datamation, facilitation, and multi-functionalization. The upgrade of means and tools of mobile internet is bringing new opportunities for
The 2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. property management.
The Company will take advantage of current client resources to make win-win cooperation by introducing technology and the operation party, upgrade the property management way and method in quality and efficiency by applying the mobile internet technology, and improveclients’ satisfaction by providing clients with qualified service in better way, improving client experience and perception, and accordingly improving the image of property management. While firming businesses, the Company will also intensify client stickiness, fully dig out client value, enlarge client service edges, and explore new value space for property management.
X. Visits paid to the Company for purposes of research, communication, interview, etc. 1. In the reporting period
√ Applicable□ Inapplicable
||||||
|-|-|-|-|-|
|Date|Way of visit||Type of visitor|Main inquiry information|
|2015-01-15|By phone||Individual|About sales|
|2015-03-04|By phone||Individual|About disclosure date of annual report|
|||||About implementation schedule of profit|
|2015-05-07|By phone||Individual||
|||||distribution|
|2015-07-09|By phone||Individual|About opening date of Dongguan project|
|||||About opening plan for Qianhai Bay|
|2015-10-15|By phone||Individual||
|||||project|
|2015-12-25|By phone||Individual|About sales of Qianhai project, etc.|
|Times of visit||200|||
|Number of visiting institutions||0|||
|Number of visiting individuals||200|||
|Number of other visiting entities||0|||
|Significant undisclosed information disclosed,|||||
|||No|||
|revealed or leaked|||||

The 2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. Section V Significant Events
I. Profit distribution to the common shareholders& increase of the share capital from the capital reserves
Formulation, execution or adjustments of the profit distribution policy for the common shareholders, especially the cash dividend policy, in the reporting period
□ Applicable√ Inapplicable
Profit distribution plans (or preliminary plans) for the common shareholders and plans (or preliminary plans) for turning capital reserves into share capital for the recent three years (including the reporting period)
Year Plan for profit distribution and turning capital reserves into share capital
||
|-|
|A cash dividend of RMB0.80 (tax included) for every 10 shares and sharecapital increase from capital reserves|
|A cash dividend of RMB2.20 (tax included) for every 10 shares and sharecapital increase from capital reserves|
|A cash dividend of RMB2.50 (tax included) for every 10 shares and sharecapital increase from capital reserves|

Cash dividends distributed to the common shareholders in the recent three years (including the reporting period)
Unit: RMB Yuan
|||||||
|-|-|-|-|-|-|
|||Net profits|Proportion in net|||
|||attributable to|profits attributable|||
||||||Ratio of cash|
||Cash dividend (tax|shareholders of the|to shareholders of|Cash dividend in||
|Year|||||dividend in other|
||included)|Company in|the Company in|other forms||
||||||forms|
|||consolidated|consolidated|||
|||statements|statements (%)|||
|2015|47,678,327.36|156,819,966.71|30.64%|0.00|0.00%|
|2014|131,115,400.24|417,498,679.91|31.40%|0.00|0.00%|
|2013|148,994,773.00|300,840,563.81|49.53%|0.00|0.00%|

 The Company made profits in the reporting period and the profits distributable to the common shareholders of the Company was positive, but it did not put forward a preliminary plan for cash dividend distribution:
□ Applicable√ Inapplicable
II. Preliminary plan for profit distribution and turning capital reserves into share capital for the reporting period
√ Applicable□ Inapplicable
|||
|-|-|
|Bonus shares for every 10 shares (share)|0|
|Dividend for every 10 shares (RMB Yuan) (tax||
||0.8|
|included)||
|Increased shares for every 10 shares (share)|0|
|Total shares as basis for preliminary distribution||
||595,979,092|
|plan (share)||
|Total cash dividends (RMB Yuan) (tax included)|47,678,327.36|
|Distributable profits (RMB Yuan)|1,233,358,112.55|
|Percentage of cash dividends in total distributed||
||100.00%|
|profits (%)||
|About cash dividends||

The 2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||
|-|
|If the Company is in a mature development stage and has no plans for any significant expenditure, in profit allocation, the ratio of|
|cash dividends in the profit allocation shall be 80% or above.|
|Details about preliminary plan for profit distribution and turning capital reserves into share capital|
|According to the Company’s Articles of Association as well as the actual situation of its development and operation, the|
|preliminary plan of the Company for 2015 annual profit distribution is as follows: Based on the total 595,979,092 shares of the|
|Company as at 31 Dec. 2015, a cash dividend of RMB0.80 (tax included) will be distributed to all its shareholders for every 10|
|shares they hold, with the total cash dividends to be distributed amounting to RMB47,678,327.36. And the retained profits will be|
|carried over for distribution in the future. No capital reserves will be turned into share capital for 2015.|

III. Fulfillment of commitments
1. Commitments of the Company, its shareholders, actual controller, acquirer, directors, supervisors, senior management staff or other related parties fulfilled in the reporting period or ongoing at the period-end
□Applicable√ Inapplicable
No such cases in the reporting period.
2. Where there had been an earnings forecast for an asset or project and the reporting period was still within the forecast period, explain why the forecast has been reached for the reporting period.
□Applicable√ Inapplicable
IV. Occupation of theCompany’s funds for non-operating purposes by the controlling shareholder or its related parties
□ Applicable√ Inapplicable
No such cases in the reporting period.
V. Explanations given by the Board of Directors, the Supervisory Committee and the independent directors (if any) regarding the “non-standardauditor’s report” issued by the CPAs firm for the reporting period
□ Applicable√ Inapplicable
VI. YoY changes in the accounting policy, estimation and methods
□ Applicable√ Inapplicable
No such cases in the reporting period.
VII. Retrospective restatement due to correction of material accounting errors in the reporting period
□ Applicable√ Inapplicable
No such cases in the reporting period.
VIII. YoY changes in the consolidation scope
□ Applicable√ Inapplicable
No such cases in the reporting period.
The 2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. IX. Particulars about engagement and disengagement of CPAs firm
CPAs firm engaged at present
|||
|-|-|
|Name of the domestic the CPAs firm|Union Power CPAs Co., Ltd. (LLP)|
|Fee for the domestic the CPAs firm (RMB Ten||
||52|
|thousand)||
|Consecutive years of the audit services provided by||
||13|
|the domestic CPAs firm||
|Names of the certified public accountants from the||
||Wang Yu, Fan Guiming|
|CPAs firm||

CPAs firm changed?
□ Yes√ No
Any CPAs firm, financial accountant or sponsor engaged for the audit of internal control:
√ Applicable□ Inapplicable
In the reporting period, the Company engaged Union Power CPAs Co., Ltd. (LLP) for its internal control audit and paid an internal control audit fee of RMB230,000 to it for the year.
X. Possibility of listing suspension and termination after disclosure of this annual report□ Applicable√ Inapplicable
XI. Bankruptcy and reorganization
□Applicable√ Inapplicable
There was no such situation of the Company during the reporting period.
XII. Significant lawsuit or arbitration
□Applicable√ Inapplicable
There was no such situation of the Company during the reporting period.
XIII. Punishment and rectification
□Applicable√ Inapplicable
There was no such situation of the Company during the reporting period.
XIV. Honesty situations of the Company, its controlling shareholders and actual controller□ Applicable√ Inapplicable
XV. List of the execution of the stock incentive plan, ESOP, or other Staff incentives
□ Applicable√ Inapplicable
No such cases in the reporting period.
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. XVI. Significant related-party transactions
1. Related-party transactions relevant to routine operation
□ Applicable√ Inapplicable
No such cases in the reporting period.
2. Related-party transactions regarding purchase and sales of assets
□ Applicable√ Inapplicable
No such cases in the reporting period.
3. Related-party transactions common external investment
□ Applicable√ Inapplicable
No such cases in the reporting period.
4. Credits and liabilities with related parties
√ Applicable□ Inapplicable
Whether was any contract related to the non-operating credits and liabilities with related parties?
√ Yes□ No
Creditors’ rights receivable of the related parties
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
||||||Newly|||||
|||||||Recovered||||
||||||increased|||Interests of||
|||||||amount of||||
||||Whether|Opening|amount of|||the|Closing|
|||||||the||||
||||there was|balance|the|||reporting|balance|
|Related|Relationshi|||||reporting|Interests|||
|||Reason|non-operati|(RMB Ten|reporting|||period|(RMB Ten|
|party|p|||||period|rate|||
||||ng funds|Thousand|period|||(RMB Ten|Thousand|
|||||||(RMB Ten||||
||||occupation|Yuan)|(RMB Ten|||Thousand|Yuan)|
|||||||Thousand||||
||||||Thousand|||Yuan)||
|||||||Yuan)||||
||||||Yuan)|||||
|Anhui|30%|||||||||
|||Business||||||||
|Nanpeng|equities|||||||||
|||circulating|No|733|||||805|
|Papermakin|held by the|||||||||
|||funds||||||||
|g Co., Ltd.|Company|||||||||
|Shenzhen||||||||||
|Wufang|26%|||||||||
|||Business||||||||
|Pottery &|equities|||||||||
|||circulating|No|175|||||175|
|Porcelain|held by the|||||||||
|||funds||||||||
|Industrial|Company|||||||||
|Co., Ltd.||||||||||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||||||
|-|-|-|-|-|-|-|
|Shenzhen|||||||
|Internationa|||||||
||38.33%||||||
|l Trade||Business|||||
||equities||||||
|Center||circulating|No|235||0|
||held by the||||||
|Industrial||funds|||||
||Company||||||
|Developme|||||||
|nt Co., Ltd.|||||||
||Controlled||||||
||by the||||||
|Shenzhen|parent|Intercourse|||||
||||No|91||91|
|Guesthouse|company of|funds|||||
||the||||||
||Company||||||
||Controlled||||||
|Shenzhen|||||||
||by the||||||
|Investment|||||||
||parent|Intercourse|||||
|Property|||No|13|13|0|
||company of|funds|||||
|Developme|||||||
||the||||||
|nt Co., Ltd.|||||||
||Company||||||
|Influences of the related|||||||
|||Were all within the risks control of the Company and not influenced the operating results and the|||||
|creditors’ rights on the|||||||
|||financial conditions. The changes of Anhui Nanpeng Papermaking Co., Ltd. during the reporting period|||||
|operating results and the|||||||
|||were due to the translation of the foreign currency exchange rate with Shenzhen International Trade|||||
|financial conditions of|||||||
|||Center Industrial Development Co., Ltd. due to the written-off and the roll out.|||||
|the Company|||||||

Creditors’ rights payable of the related parties
||||||||||
|-|-|-|-|-|-|-|-|-|
|||||Newly|||||
||||||Returned||||
|||||increased|||Interests of||
||||Opening||amount of|||Closing|
|||||amount of|||the reporting||
||||balance||the reporting|||balance|
|||||the reporting|||period (RMB||
|Related party|Relationship|Reason|(RMB Ten||period (RMB|Interests rate||(RMB Ten|
|||||period (RMB|||Ten||
||||Thousand||Ten|||Thousand|
|||||Ten|||Thousand||
||||Yuan)||Thousand|||Yuan)|
|||||Thousand|||Yuan)||
||||||Yuan)||||
|||||Yuan)|||||
|Shenzhen Jifa|||||||||
|||Intercourse|||||||
|Warehouse|Joint venture||2,630|||||2,630|
|||funds|||||||
|Co., Ltd.|||||||||
|Shenzhen|||||||||
|Tian’an|||||||||
|||Intercourse|||||||
||Joint venture||411|110||||521|
|International||funds|||||||
|Building|||||||||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||
|-|-|
|Property||
|Management||
|Co., Ltd.||
|Influences of the related||
|liabilities on the operating|Were all within the risks control of the Company and not influenced the operating results and the|
|results and the financial|financial conditions.|
|conditions of the Company||

5. Other significant related-party transactions
□ Applicable√ Inapplicable
No such cases in the reporting period.
XVII. Significant contracts and their execution
1. Trusteeship, contracting and leasing
(1) Trusteeship
□ Applicable√ Inapplicable
No such cases in the reporting period.
(2) Contract
□ Applicable√ Inapplicable
No such cases in the reporting period.
(3) Lease
□ Applicable√ Inapplicable
No such cases in the reporting period.
2. Significant guarantees
√ Applicable□ Inapplicable
(1) Guarantees provided by the Company
Unit: RMB Ten Thousand Yuan
||||||||||
|-|-|-|-|-|-|-|-|-|
|Guarantees provided by the Company and its subsidiaries for external parties (excluding those for subsidiaries)|||||||||
||Disclosure|Amount for|Actual|Actual|Type of|Period of|Executed|Guarante|
|Guaranteed party|||||||||
||date of|guarantee|occurrence date|guarantee|guarantee|guarantee|or not|e for a|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||||||||
|-|-|-|-|-|-|-|-|-|
||relevant||(date of|amount||||related|
||announcem||agreement)|||||party or|
||ent on the|||||||not|
||guarantee||||||||
||amount||||||||
|||||Total actual occurred|||||
|Total external guarantee line|||||||||
|||||amount of external|||||
|approved during the reporting||0||||0|||
|||||guarantee during the|||||
|period (A1)|||||||||
|||||reporting period (A2)|||||
|Total external guarantee line that||||Total actual external|||||
|has been approved at the end of the||0||guarantee balance at the end||0|||
|reporting period (A3)||||of the reporting period (A4)|||||
|Guarantees provided by the Company for its subsidiaries|||||||||
||Disclosure||||||||
||date of|||||||Guarante|
||||Actual||||||
||relevant|||Actual||||e for a|
|||Amount for|occurrence date||Type of|Period of|Executed||
|Guaranteed party|announcem|||guarantee||||related|
|||guarantee|(date of||guarantee|guarantee|or not||
||ent on the|||amount||||party or|
||||agreement)||||||
||guarantee|||||||not|
||amount||||||||
|Dongguan|||||||||
|International Trade|||||||||
||||||Joint liability||||
|Center Changsheng|21 Apr.||||||||
|||44,000|11 Jan. 2013|12,924|guarantee;|3 years|No|Yes|
|Real Estate|2012||||||||
||||||pledge||||
|Development Co.,|||||||||
|Ltd.|||||||||
|Shenzhen Properties|||||||||
|& Resources|24 Apr.||||Joint liability||||
|||45,000|20 Jun. 2014|14,484||3 years|No|Yes|
|Development (Group)|2013||||guarantee||||
|Ltd.|||||||||
|||||Total actual occurred|||||
|Total guarantee line approved for|||||||||
|||||amount of guarantee for the|||||
|the subsidiaries during the||15,000||||13,647|||
|||||subsidiaries during the|||||
|reporting period (B1)|||||||||
|||||reporting period (B2)|||||
|||||Total actual guarantee|||||
|Total guarantee line that has been|||||||||
|||||balance for the subsidiaries|||||
|approved for the subsidiaries at the||209,000||||27,408|||
|||||at the end of the reporting|||||
|end of the reporting period (B3)|||||||||
|||||period (B4)|||||
|Guarantees provided by the subsidiaries for its subsidiaries|||||||||
||Disclosure|Amount for|Actual|Actual|Type of|Period of|Executed|Guarante|
|Guaranteed party|||||||||
||date of|guarantee|occurrence date|guarantee|guarantee|guarantee|or not|e for a|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||||||
|-|-|-|-|-|-|-|
||relevant||(date of|amount||related|
||announcem||agreement)|||party or|
||ent on the|||||not|
||guarantee||||||
||amount||||||
|||||Total actual occurred|||
|Total guarantee line approved for|||||||
|||||amount of guarantee for the|||
|the subsidiaries during the||0|||0||
|||||subsidiaries during the|||
|reporting period (C1)|||||||
|||||reporting period (C2)|||
|||||Total actual guarantee|||
|Total guarantee line that has been|||||||
|||||balance for the subsidiaries|||
|approved for the subsidiaries at the||0|||0||
|||||at the end of the reporting|||
|end of the reporting period (C3)|||||||
|||||period (C4)|||
|Total guarantee amount provided by the Company (total of the above-mentioned three kinds of guarantees)|||||||
|||||Total actual occurred|||
|Total guarantee line approved|||||||
|||||amount of guarantee during|||
|during the reporting period||15,000|||13,647||
|||||the reporting period|||
|(A1+B1+C1)|||||||
|||||(A2+B2+C2)|||
|Total guarantee line that has been||||Total actual guarantee|||
|approved at the end of the||||balance at the end of the|||
|||209,000|||27,408||
|reporting period||||reporting period|||
|(A3+B3+C3)||||(A4+B4+C4)|||
|Proportion of total guarantee amount (A4+B4+C4) to the net|||||||
|||||13.06%|||
|assets of the Company|||||||
|Of which:|||||||
|Amount of guarantee for shareholders, actual controller and|||||||
|||||0|||
|related parties (D)|||||||
|Amount of debt guarantee provided for the guaranteed party|||||||
|whose asset-liability ratio is not less than 70% directly or||||12,924|||
|indirectly (E)|||||||
|Part of the amount of the total guarantee over 50% of net assets|||||||
|||||0|||
|(F)|||||||
|Total amount of the above three guarantees (D+E+F)||||12,924|||
|||||The external security of the Company was of RMB274.08|||
|||||million, of which: the guarantee that the Company provided for|||
|||||the subsidiaries was of 129.24 million, the guarantee that the|||
|Explanation on the occurred warranty liability or possible bearing|||||||
|||||subsidiaries provided for the parent company was of|||
|joint responsibility of liquidation due to immature guarantee (if|||||||
|||||RMB144.87 million and the Company and the subsidiaries did|||
|any)|||||||
|||||not provide any guarantee for any company except for the|||
|||||consolidated statement and up to the period-end, the operation|||
|||||of the subsidiaries is normal with the loans in the normal state|||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||
|-|-|
||that of which the risks are in controllable scope.|
|Explanation on provision of guarantees for external parties in||
||N/A|
|violation of the prescribed procedure (if any)||

Explanation on particulars about the guarantees by complex ways
(2) Illegal external guarantee
□ Applicable√ Inapplicable
No such cases in the reporting period.
3. Cash assets management entrustment
(1) Wealth management entrustment
□ Applicable√ Inapplicable
No such cases in the reporting period.
(2) Entrustment loans
□ Applicable√ Inapplicable
No such cases in the reporting period.
4 Other significant contracts
□ Applicable√ Inapplicable
No such cases in the reporting period.
XVIII. Other significant events
□ Applicable√ Inapplicable
No such cases in the reporting period.
XIX. Significant events of subsidiaries
□ Applicable√ Inapplicable
XX. Social responsibilities
√ Applicable□ Inapplicable
I. Actively help and care those with difficulties
The Party Committee of Shenzhen Properties& Resources Development (Group) Ltd. carried out the 10th donation themed “Together
with State-owned Enterprises to Help and Care the Needed”, namely, “Care for Sanitation Workers”. There were 1112 Party
members and staff present and raised 24310.50 of funds in total. The Committee decided to transfer 5,000 of the donation to the
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. account of Shenzhen Project Care Foundation for sanitation workers, and the other to “Help Poverty Fund” of the Group for helping staff with difficulties only. SX Company under the Group also distributed 23,000 from its Driver Subsidies to help the disabled drivers due to traffic accidents. Shenzhen International Trade Center Car Industry Co., Ltd. under the Group distributed 36,000 from its Driver Subsidies and Labor Union to help the drivers with serious diseases and families of drivers lost due to diseases. During holidays, the Group visited 7 staff with difficulties, 6 suffering from critical diseases including cancer and uremia. Besides, Shenzhen International Trade Center Car Industry Co., Ltd. and SX Company also visited 910 and 270 taxi drivers respectively. SX Company even took special care for 4 taxi drivers with difficulties.
II. Vigorously be engaged in public welfare
(I) Passionately carry out blood donation
International Trade Center Management Office and Fumin Xincun Management Office of International Trade Center Property Management Co., Ltd. under the Group, together with Huangcheng Property Company and Shenzhen International Trade Center Car Industry Co., Ltd. carried out 5 times of blood donation by Party members, their staff, taxi drivers and community residents through various themes including Party Member Plan and Memorial for the ChinesePeople’s War of Resistance against Japanese Aggression throughout the year, with 213 successfully donating 75,700ml blood in total.
(II) Provide free ride service for patients around hospitals and students for National College Entrance Examination
1. On 5 Mar., Shenzhen International Trade Center Car Industry Co., Ltd. launched a series of activities named “Learn from Lei Feng to Show Your Love”. Its Caring Driver Team provided free ride for patients and their families around Shenzhen FirstPeople’s Hospital and The University of Hong Kong– Shenzhen Hospital, reaching more than 200 in that day.
2. On 7 and 8 Jun., the Caring Driver Team of Shenzhen International Trade Center Car Industry Co., Ltd. and SX Company respectively assigned 60 and 25 cars to offer free ride for more than 300 students attending National College Entrance Examination in Shenzhen No.2 Experimental School and Shenzhen Hongling Middle School.
(III) Energetically organize volunteers to offer handy service for the public
1. The Group energetically organized volunteers to offer handy services, including providing information, guidance and check, at Luohu Coach Station and Futian Coach Station on Spring Festival, Tomb-sweeping Day andLabor’s Day.
2. The Group also organized volunteers to provide services, like guidance and logistics, to attendants in several large-scale activities, such as the Conference on International Exchange of Professionals and International Maker Week.
(IX) Volunteer in environmental protection
The Group organized all staff to launch a voluntary donation of the used clothing titled “Green Pioneer”. In this activity, the volunteers sorted out and packed such clothing over 2200 pieces that were all donated to environmental protection organ for donation and recycling.
Does the listed company or its subsidiaries belong to the heavily polluting industries stipulated by the environmental protection authorities of the country?
□ Yes√ No□ Inapplicable
XXI. Corporation bonds
Whether existing corporation bonds public issued and listed in Stock Exchange and maturity or maturity but not fully paid on the approval report date of annual report
No
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. Section VI. Share Changes& Particulars about the Shareholders I. Changes in shares
1. Changes in shares
Unit: share
||||||||||
|-|-|-|-|-|-|-|-|-|
|Before the change||Increase/decrease (+, -)|||||After the change||
|||||Capitaliza|||||
|||New||tion of|||||
|Number|Proportio||Bonus||||Number|Proportio|
|||shares||public|Other|Subtotal|||
|of shares|n||shares||||of shares|n|
|||issued||reserve|||||
|||||fund|||||

Reasons for changes in shares
□ Applicable√ Inapplicable
Approval of share changes
□ Applicable√ Inapplicable
Transfer of share ownership
□ Applicable√ Inapplicable
Effects of changes in shares on the basic EPS, diluted EPS, net assets per share attributable to common shareholders of the Company and other financial indexes over the last year and the last reporting period
□ Applicable√ Inapplicable
Other contents that the Company considers necessary or is required by the securities regulatory authorities to disclose
□ Applicable√ Inapplicable
2. Changes in restricted shares
□ Applicable√ Inapplicable
II. Issuance and listing of securities
1. Issuance of securities (excluding preferred stock) in reporting period
□ Applicable√ Inapplicable
2. Explanation on changes in share capital& the structure of shareholders, the structure of assets and liabilities
□ Applicable√ Inapplicable
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. 3. Existent shares held by internal staffs of the Company
□ Applicable√ Inapplicable
III. Particulars about the shareholders and actual controller
1. Total number of shareholders and their shareholding
Unit: share
||||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
||||||43,573|||||||Total number of|||
|||||||||||||preferred|||
|||||||||||||stockholder with|||
||||Total number of||||Total number of||||||||
|||||||||||||vote right|||
|Total number|||shareholders on||||preferred||||||||
|||||||||||||restored on the|||
|of shareholders|||the 30th trading||||stockholder with||||||||
||38,372|||||||||0||30th trading day||0|
|at the reporting|||day before the||||vote right restored||||||||
|||||||||||||before the|||
|period|||disclosure date of||||(if any) (see notes||||||||
|||||||||||||disclosure date of|||
||||the annual report||||8)||||||||
|||||||||||||the annual report|||
|||||||||||||(if any) (see|||
|||||||||||||notes 8)|||
|Shareholding of shareholders holding more than 5% shares|||||||||||||||
||||||Number|Increase||Number|Number||Pledged or frozen shares||||
||||||of|and||of shares|of shares||||||
|||||Holding|sharehold|decrease||held|held not||||||
|Name of||Nature of|||||||||||||
|||||percentag|ing at the|of shares||subject to|subject to||||||
|shareholder||shareholders|||||||||Status of shares||Amount||
|||||e|end of the|during||trading|trading||||||
||||||reporting|reporting||moratoriu|moratoriu||||||
||||||period|period||m|m||||||
|ShenzhenConstructionInvestmentHoldingsCorporation||State-ownedcorporation||54.33%|323,796,324|||293,997,370|29,798,954||||||
|ShenzhenInvestmentManagementCorporation||State-ownedcorporation||9.49%|56,582,573|||56,582,573|||||||
|ShenzhenDuty-FreeCommodityEnterprises Co.,Ltd.||Domesticnon-state-ownedcorporation||0.29%|1,730,300|||1,730,300|||||||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||||||
|-|-|-|-|-|-|
|Zhou Yuling|Domesticindividual|0.26%|1,589,398|||
|Zhang Jiao|Domesticindividual|0.25%|1,436,600|||
|Mai Furong|Domesticindividual|0.23%|1,356,200|||
|Yang Yaochu|Overseasindividual|0.20%|1,115,460|||
|Chen Liying|Domesticindividual|0.18%|1,076,051|||
|Wei Chunling|Domesticindividual|0.15%|924,000|||
|Huang Qianwen|Domesticindividual|0.15%|900,000|||
|Explanation on associated relationship||The first and second principal shareholders of the Company are managed by Shenzhen||||
|or/and persons acting in concert||Investment Holding Corporation, the actual controlling shareholder of the Company. And||||
|among the above-mentioned||the Company does not know whether there are related parties or acting-in-concert parties||||
|shareholders:||among the other 8 shareholders.||||
|Particulars about shares held by the top ten non-restricted share holders||||||
|||Number of non-restricted shares held at the||Type of shares||
|Name of shareholder||||||
|||period-end||Type of shares|Number|
|Shenzhen Construction InvestmentHoldings Corporation||29,798,954||RMB ordinary||
||||||29,798,954|
|||||shares||
|Zhou Yuling||1,589,398||RMB ordinary||
||||||1,589,398|
|||||shares||
|Zhang Jiao||1,436,600||RMB ordinary||
||||||1,436,600|
|||||shares||
|Mai Furong||1,356,200||Domestically||
|||||listed foreign|1,356,200|
|||||shares||
|Yang Yaochu||1,115,460||Domestically||
|||||listed foreign|1,115,460|
|||||shares||
|Chen Liying||1,076,051||Domestically||
|||||listed foreign|1,076,051|
|||||shares||
|Wei Chunling||924,000||RMB ordinary||
||||||924,000|
|||||shares||
|Huang Qianwen||900,000||RMB ordinary|900,000|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||||
|-|-|-|-|
|||shares||
|Cao Yifan|821,811|Domestically||
|||listed foreign|821,811|
|||shares||
|BEIJING FENGDAN INVESTMENTCO., LTD.|720,000|RMB ordinary||
||||720,000|
|||shares||
|Explanation on associated relationship||||
|or/and persons acting in concert|The first principal shareholder of the Company is managed by Shenzhen Investment|||
|among the top ten tradable|Holding Corporation, the actual controlling shareholder of the Company. Other than that,|||
|shareholders and between the top ten|the Company does not know whether there are related parties or acting-in-concert parties|||
|tradable shareholders and the top ten|among the other 9 shareholders.|||
|shareholders||||

Did any of the top 10 common shareholder or the top 10 non-restricted common shareholders of the Company conduct any promissory repo during the reporting period?
□ Yea√ No
No such cases in the reporting period.
2. Particulars about the controlling shareholder
Nature of controlling shareholder: local state-owned holding
Type of controlling shareholder: corporation
||||||
|-|-|-|-|-|
|Name of controlling|Legal representative||||
|||Date of establishment|Organization code|Business scope|
|shareholder|/ company principal||||
|||||To execute the investment,|
|||||operating and management|
|||||of the state-owned equities|
|||||of the wholly-owned,|
|||||controlling and|
|||||stock-participating|
|||||enterprises through the|
|||||methods such as the|
|||||restructuring integration,|
|Shenzhen Investment|||||
||Xiong Peijin|13 Oct. 2004|914403007675664218||
|||||capital operation and assets|
|Holdings Corporation|||||
|||||disposal; to engage in the|
|||||property development and|
|||||operation business within|
|||||the scale of legally acquire|
|||||the land use right; to|
|||||execute the policy-based|
|||||and strategic investment|
|||||according to the|
|||||requirements of the|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|||SASAC; to provide the|
|||guarantee of the municipal|
|||state-owned enterprises;|
|||other business developed|
|||with the authority from the|
|||Municipal State-owned|
|||Assets Supervision and|
|||Administration|
|||Commission.|
||Major wholly-owned or controlled enterprises: 1. Guosen Securities Co., Ltd. 2. Shenzhen Century||
||Science and Technology Investment Co., Ltd. (SIHC) 3. Shenzhen Urban Construction Investment||
||& Development (Group) Co., Ltd 4. Shenzhen Special Economic Zone Real Estate & Propertiest||
||(Group) Co., Ltd 5. Shenzhen High-Tech Investment & Guaranty Co., Ltd. (HTI) 6. Shenzhen||
||Properties & Resources Development (Group) Ltd. (SZPRD) 7. Shenzhen Tongchan Group Co.,||
||Ltd. 8. Shenzhen Small & Medium Enterprises Credit Financing Guarantee Group Co., Ltd.||
||(SZCGC) 9. Shenzhen Shenfubao (Group) Co., Ltd. 10. Shenzhen Yue Tong Construction||
||Engineering Co., Ltd. 11. Shenzhen Textile (Holdings) Co., Ltd. 12. Shenzhen Jian (Group) Co.,||
||Ltd. 13. Shenzhen Shentou Education Co., Ltd. 14. Shenzhen Investment Holdings Co., Ltd. 15.||
||Shenzhen General Institute of Architectural Design And Research Co., Ltd. (SADI) 16. Shenzhen||
||Convention & Exhibition Center Management Co., Ltd. (SZCEC) 17. China Academy of Science &||
||Technology Development (AST) 18. Shenzhen Silver Lake Resort Hotel Limited 19. Shenzhen||
||International Tendering Co., Ltd. 20. Shenzhen Institute of Building Research Co., Ltd. 21.||
||Shenzhen Shentou Property Management Ltd. 22. Shenzhen Information Pipeline Co., Ltd. 23.||
||Shenzhen Environmental Engineering Science and Technology Center (EETC) 24. The Orchid||
|Shareholdings of the|||
||Conservation & Research Center of Shenzhen 25. Shenzhen 51emap Information Co., Ltd. 26.||
|controlling shareholders in|||
||Shenzhen Foreign Trade and Economic Investment Co., Ltd. 27. Shenzhen Yunhai Villa Hotel||
|other listed companies at|||
||Management Ltd. 28. Shenzhen Investment Holdings Co., Ltd Preschool Management Center 29.||
|home and abroad in the|||
||Li Yuan Hotel Shenzhen 30. SZ Youth 31. Shenzhen Mangrove 32. Shenzhen Port Management||
|reporting period|||
||Service Center 33. Shenzhen Transportation Service Center 34. Shenzhen Comprehensive||
||Transportation Design Institute 35. Shenzhen Highway Traffic Engineering Inspection & Test||
||Center 36. Shenzhen Cantonese Opera Troupe 37. Shenzhen Grand Theater 38. Shenzhen Concert||
||Hall 40. Shenzhen Road & Bridge Construction Group Co., Ltd. 41. Wuzhou Guest House||
||Shenzhen 42. Shenzhen Sports Center Operating Co., Ltd. 43. Shenzhen Sports Fashion Magazine||
||44. Special Zone Economy 45. Special Zone Literature 46. Shenzhen Talent Exchange Service||
||Center 47. Shenzhen Municipal People's Congress Cadre Training Center 48. Shenzhen Justice||
||Training Center 49. PPSZ Investigative Techniques Training Base 50. Shenzhen Water Resources||
||Planning & Design Institute 51. Shenzhen Real Estate Management Training Center 52. Housing &||
||Real Estate 53. Shenzhen Shanshui Hotel 54. Shenzhen Urban Transport Planning Center 55.||
||Shenzhen Hazardous Waste Treatment Station 56. Shenzhen Guesthouse 57. Manger 58. China||
||Opening Journal 59. Shenzhen Local Taxation Bureau Dongpeng Printing Plant 60. Shenzhen||
||Foreign Economy & Trade Service Center (FETSC) 61. IT Times 62. Women Magazine 63.||
||Shenzhen Women & Children Development Center 64. Housing and Construction Bureau of||
||Shenzhen Municipality Training Center||

Change of the controlling shareholder in the reporting period
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.□ Applicable√ Inapplicable
No such cases in the reporting period.
3. Particulars about the actual controller
Nature of actual controller: local state-owned assets management institutions
Type of actual controller: corporation
||||||
|-|-|-|-|-|
||Legal||||
||representative /|Date of|||
|Name of actual controller|||Organization code|Business scope|
||company|establishment|||
||principal||||
|||||(I) Implementing and practicing|
|||||state, provincial and municipal|
|||||laws and regulations related to|
|||||management on state-owned|
|||||assets, drafting local laws,|
|||||regulations, and policies about|
|||||management on state-owned|
|||||assets, and organizing|
|||||implementation activities upon|
|||||approvals. Intending to draft|
|||||supervision systems and|
|||||methods about operational|
|||||state-owned assets, and|
|||||organizing implementation|
|||||activities.|
|Shenzhen Municipal|||||
|||||(II) On the basis of authorization|
|State-owned Assets Supervision|Gao Zimin||N/A||
|||||from municipal government,|
|and Administration Commission|||||
|||||fulfilling duties of investors|
|||||according to laws and|
|||||regulations, and protecting the|
|||||rights and interests of investors|
|||||for state-owned assets according|
|||||to laws|
|||||(III) Taking charge of|
|||||Party-building work for|
|||||enterprises in its supervision and|
|||||organs entrusted|
|||||(IV) Undertaking the|
|||||supervision over state-owned|
|||||assets of municipal enterprises,|
|||||strengthening management on|
|||||state-owned assets, further|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||
|-|
|perfecting the management|
|mechanism for state-owned|
|assets with the unification of|
|power, obligation, and duties, as|
|well as the combination of|
|managing assets, people, and|
|affairs|
|(V) Being responsible for|
|hedging and appreciation of the|
|value of state-owned assets of|
|enterprises in its supervision,|
|establishing and perfecting the|
|index system for hedging and|
|appreciation of the value of|
|state-owned assets, setting out|
|assessment standards,|
|supervising on hedging and|
|appreciation of the value of|
|state-owned assets of enterprises|
|in its supervision by statistics,|
|audit, and check, and urging|
|enterprises in its supervision to|
|fulfill social duties|
|(VI) In charge of researching|
|and preparing the general|
|planning for transformation and|
|development of state-owned|
|enterprise in its supervision,|
|guiding and boosting|
|transformation and|
|re-organization of state-owned|
|enterprises, prompting the|
|construction of modern|
|enterprise system, carrying|
|forward operation of|
|state-owned capital, pushing the|
|strategic adjustment on|
|state-owned economy layout and|
|structure, and making|
|state-owned capital play the role|
|in significant industries and key|
|fields including national|
|security, national economy|
|lifeline, etc.|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||
|-|
|(VII) Directing and propelling|
|enterprises in its supervision to|
|perfect company governance|
|structure, intensifying|
|construction of Board and|
|Supervision Committees of|
|enterprises in its supervision,|
|and forming the governance|
|mechanism with specific duties,|
|coordinating operation, and|
|effective counterbalance|
|(VIII) Assuming the|
|management work of income|
|distribution for enterprises in its|
|supervision, and standardizing|
|the income distribution and|
|position-related consumption|
|over people in charge of|
|enterprises in its supervision|
|(IX) In line with rules of|
|municipal Party committee,|
|appointing and dismissing,|
|appraising, as well as, in|
|accordance with business|
|performance, rewarding and|
|punishing people in charge of|
|enterprises in its supervision by|
|applying legal procedures,|
|establishing the mechanism of|
|selecting and choosing|
|candidates meeting the|
|requirements of socialist market|
|economy system and modern|
|enterprise system, and perfecting|
|the incentive and control system|
|for operators|
|(X) Being responsible for|
|appointing or recommending|
|board directors, supervisors,|
|CFOs to enterprises in its|
|supervision, and auditing on|
|economic duties of people in|
|charge of enterprises in its|
|supervision according to rules|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|||about management authorization|
|||to people in charge of|
|||enterprises|
|||(XI) In charge of preparing the|
|||draft of budgets and final|
|||accounts of annual state-owned|
|||capital of enterprises in its|
|||supervision, including it to the|
|||government budget system,|
|||organizing the execution upon|
|||approvals, and collecting|
|||earnings of state-owned capital|
|||handed in by enterprises in its|
|||supervision|
|||(XII) In charge of strategy|
|||research, policy formulation,|
|||and guidance for transformation,|
|||development, and asset|
|||management related to|
|||collectively-owned enterprises|
|||(XIII) Assuming other|
|||assignments assigned by|
|||municipal government and|
|||superior departments|
|List of the equities of the other|||
|domestic and overseas listed|||
||Listed companies such as the Shenzhen Airport, YTP, Shenzhen Energy, Shenzhen Zhenye,||
|companies controlled during the|||
||Shenzhen Tagen, Agricultural Products and SDGI.||
|reporting period by the actual|||
|controller|||

Change of the actual controller during the reporting period
□ Applicable√ Inapplicable
The actual controller did not change during the reporting period
The ownership and controlling relationship between the actual controller of the Company and the Company is detailed as follows
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. The actual controller controlled the Company by entrustment or other assets management methods
□ Applicable√ Inapplicable
4. Other institutional shareholders owning over10% shares
□ Applicable√ Inapplicable
5. Particulars about restriction of reducing holding-shares of controlling shareholders, actual controller, restructuring parties and other commitment entities
□ Applicable√ Inapplicable
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. Section VII. Preference Shares
□ Applicable√ Inapplicable
No such cases in the reporting period.
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. Section VIII. Directors, Supervisors, Senior Management Staff& Employees
I. Changes in shares held by directors, supervisors and senior executives
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
|||||||||Amount|Amount|||
||||||||||||Amount|
||||||||Shares|of shares|of shares|Other||
||||||||||||of shares|
||||||||held at|increased|decreased|increase/d||
||Office|Tenure||||Ending|||||held at|
|Name|||Sex|Age|Start date||the|at the|at the|ecrease||
||title|status||||date|||||the|
||||||||year-begi|reporting|reporting|changes||
||||||||||||period-en|
||||||||n (share)|period|period|(shares)||
||||||||||||d (share)|
|||||||||(share)|(share)|||
|Chen|Board||||30 Jun.|||||||
|||Current|Male|59|||0|0|0|0|0|
|Yugang|Chairman||||2006|||||||
||Director,||||15 Jul.|||||||
|Wei Zhi||Current|Male|59|||0|0|0|0|0|
||GM||||2008|||||||
||Director,|||||||||||
||Chairman|||||||||||
|Liu|||||22 Dec.|||||||
||of the|Current|Male|58|||0|0|0|0|0|
|Guangxin|||||2007|||||||
||Labor|||||||||||
||Union|||||||||||
|Gong|Director,||||1 Jun.|||||||
|||Current|Male|48|||0|0|0|0|0|
|Sixin|CFO||||2011|||||||
||||||1 Dec.|||||||
|Wen Li|Director|Current|Female|47|||0|0|0|0|0|
||||||2007|||||||
|Guo|||||30 Jun.|||||||
||Director|Current|Male|43|||0|0|0|0|0|
|Liwei|||||2006|||||||
||Independ|||||||||||
||||||22 Oct.|||||||
|Li Jianxin|ent|Current|Male|62|||0|0|0|0|0|
||||||2014|||||||
||Director|||||||||||
||Independ|||||||||||
|Liu|||||22 Oct.|||||||
||ent|Current|Male|54|||0|0|0|0|0|
|Ninghua|||||2014|||||||
||Director|||||||||||
||Independ|||||||||||
||||||22 Oct.|||||||
|Zhang Qi|ent|Current|Male|38|||0|0|0|0|0|
||||||2014|||||||
||Director|||||||||||
||Chairman|||||||||||
|Dai|||||3 Jun.|||||||
||of the|Current|Male|54|||0|0|0|0|0|
|Xianhua|||||2011|||||||
||Superviso|||||||||||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
||ry|||||||||||
||Committe|||||||||||
||e|||||||||||
|Zhang|Superviso||||22 Oct.|||||||
|||Current|Male|41|||0|0|0|0|0|
|Manhua|r||||2014|||||||
|Wang|Superviso||||3 Jun.|||||||
|||Current|Female|54|||0|0|0|0|0|
|Xiuyan|r||||2011|||||||
|Wang|Superviso||||3 Jun.|||||||
|||Current|Female|46|||0|0|0|0|0|
|Qiuping|r||||2011|||||||
||Superviso|||||||||||
||r,|||||||||||
||Manager|||||||||||
|Wang|||||3 Jun.|||||||
||of Cost|Current|Female|41|||0|0|0|0|0|
|Qiuping|||||2011|||||||
||Control|||||||||||
||Departme|||||||||||
||nt|||||||||||
||Superviso|||||||||||
|Zhang|||||22 Oct.|||||||
||r, Audit|Current|Male|50|||0|0|0|0|0|
|Gejian|||||2007|||||||
||Manager|||||||||||
||Vice GM,|||||||||||
||Person-in|||||||||||
|Wang|||||22 Oct.|8 Dec.||||||
||-charge of|Current|Male|50|||0|0|0|0|0|
|Hangjun|||||2007|2015||||||
||Financial|||||||||||
||Affairs|||||||||||
||||||8 Feb.|||||||
|Li Zipeng|Vice GM|Current|Male|51|||0|0|0|0|0|
||||||2012|||||||
|Total|--|--|--|--|--|--|0|0|0|0|0|

 II. Particulars about changes of Directors, Supervisors and Senior Executives
||||||
|-|-|-|-|-|
|Name|Office title|Type|Date|Reason|
|Li Zipeng|Vice GM|Former|8 Dec. 2015|Initiatively resigned|

III. Resumes of important personnel
Main working experience of current directors, supervisors and senior management staff
Work experience of current directors, supervisors and senior executives over the recent five years
Members of the Board of Directors:
Mr. Chen Yugang, was born in Sep. 1957, Postgraduate degree, is senior Political Worker. He gains rich
experience in government administrative management and enterprise management over 20 years. He held some
important posts in many municipal departments. He served as GM and Secretary of the CPC in Shenzhen Shenhua
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. Group Company. Also, he served as GM and Vice Secretary of the CPC in Shenzhen Xianke Enterprise Group, and Deputy General Manager of Shenzhen Investment Holdings Co., Ltd. From May 2006, he has served as Secretary of CPC in the Company. And in June 2006, he was elected as Chairman of the Board of the Company. Now he acts as Secretary of CPC and Chairman of the Board in the Company.
Mr. Wei Zhi, was born in Nov. 1957, Bachelor Degree, holds the title of interpretation. He gains rich experience in enterprise management for over 20 years. He ever worked in Shenzhen International Engineering Co., Ltd. as Deputy Manager of Overseas Department, in Shenzhen Zhongshen Overseas Development Company as Manage of Labor Affairs Department and Deputy General Manager, in China Shenzhen International Cooperation (Group) Co., Ltd. in Hong Kong Liyuan Company as Director and General Manager; in Shenzhen Construction Investment Holdings Corporation as Deputy Manager of Overseas Department, in Shenzhen Construction Investment Holdings Corporation as Deputy Manager of Contract Department, in Shenzhen Tonge (Group) Co., Ltd. as Assistant General Manager and Deputy General Manager, in Tonge Real Estates Development Company as Chairman of the Board and General Manager. Since October 2007, he took the posts of the Vice Secretary of CPC and Standing Deputy General Manager in the Company. Since 20 Dec. 2007, he held the posts of Director, Vice Secretary of CPC and GM of the Company. Since 15 Jul. 2008 to present, he acts as Vice Secretary of CPC, Director and GM of the Company.
Mr. Liu Guangxin, was born in May 1958, College Diploma, is an Economist. He gains experience in enterprise management over 10 years. Since May 1989, he held a job in the Company as Director of the Office in Properties Engineering Development Company, General Manager of International Trade Center Industrial Development Company, General Manager of International Trade Center Food Company, Deputy Director and Director of the GM Office of the Company, as well as Manager of Operation and Management Department of the Company. Since October 2007, he took the posts of Vice Secretary of CPC and Secretary of Discipline Inspection Committee in the Company. Since November 2007, he was appointed as Chairman of the Labor Union of the Company. Now he acts as Vice Secretary of CPC, Director, Secretary of Discipline Inspection Committee as well as Chairman of Labor Union in the Company.
Mr. Gong Sixin, was born in Feb. 1968, Master of Economics, Senior Accountant. He has profound experiences in financial accounting management. He ever took posts of CFO of Shandong Weigao Medical Polymer Company Limited, of CFO of Shenzhen 3Nod Technology Co., Ltd. as well as CFO of Shenzhen Jiehe Technology Co., Ltd. Since Sep. 2010, he kept acting as CFO of the Company. Since June 2011, he is acting as director and CFO of the Company.
Ms. Wen Li, born in Dec. 1969, Postgraduate Degree, Master Degree, is an Economist as well as Engineer. She gains experience in enterprise management over 10 years. She ever worked in Shenzhen Fantasia Investment Development as Assistant of Standing Deputy General Manger, Manager of Project Department, as well as Manager of Market Planning Department. Since July 2005, she worked in Shenzhen Investment Holdings Co., Ltd. She was ever appointed as Deputy Department Director of Investment Department of Shenzhen Investment Holdings Co., Ltd. Now she acts as Vice Director of Management Center of Construction Project of Shenzhen Investment Holdings Co., Ltd., Director of the Company.
Mr. Guo Liwei, was born in Apr. 1973, Postgraduate Degree, is a master of Law. He once successively held the posts in General Department of Ping An Insurance (Group) Company of China as legal consultant, and Shenzhen Investment Management Corporation as Business Manager of Legal Affairs Department. Since October 2004, he worked in Shenzhen Investment Holdings Co., Ltd as Deputy GM of Legal Affairs Department. He now acts as Manager of the First Enterprise Management Department in Shenzhen Investment Holdings Co., Ltd. and Director of the Company.
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. Independent Directors:
Mr. Li Jianxin, was born in Sep. 1954, University Degree, member of Communist Party of China. He graduated from Zhongnan University of Economics and Law in 1978; Once held the post in Wuhan Bureau of Statistics; Engaged in the scientific research in Hubei Academy of Social Sciences, Institute of Economics in 1980; Acted as Deputy Director of Hubei Academy of SocialSciences， Institute of Agricultural Economics in 1988; Acted as Standing Deputy Director, Associate Professor and Postgraduate Tutor in 1992; Transferred into Shenzhen Newrand Securities Investment Consulting Co., Ltd. and acted as Marketing Manager in 1995; Transferred into Shenzhen Academy of Social Sciences in 1996, and had served successively as Deputy Director, Director, Associate Professor in Institute of Economics. He acted as Independent Director of Shenzhen Kondarl (Group) Co., Ltd. from 2001 to 2006; Acted as Independent Director of Shenzhen Tagen Group Co., Ltd. from 2003 to 2009; Acted as Independent Director of Shenzhen Kondarl (Group) Co., Ltd. from 2009 to present. He recently acted as Chairman and Associate Professor in Shenzhen Academy of Social Sciences, Center of Open Economics, and the Independent Director of the Company.
Mr. Liu Ninghua, born in Jun. 1962,bachelor’s degree, engineer, communist. He was once the Shenzhen Investment Banking Vice GM and then GM in China Orient Trust Investment Co., Ltd. And he has been working in the Law Compliance Department in China Galaxy Securities Co., Ltd. since Aug. 2013.
Mr. Zhang Qi, born in Jan. 1978, graduated from the Accounting Faculty in Zhongnan University of Economics and Law, professor, doctor, doctoral supervisor, superintendent of a governmental accounting institution, deputy head of the accounting department,China’s leading talent in accounting honored by the Ministry of Finance, registered accountant in China, Hubei New Century High Level Engineering Talent (level 2), correspondence commentator in the National Natural Science Foundation of China, anonymous checker in the<AccountingResearch> Magazine, vice chairman of the Government and NPO Accounting Specialized Committee in the Accounting Society of China, director in the National Budget and Accounting Research Institute of China, consultant expert in the Government Accounting Standards Committee under the Ministry of Finance, deputy head of the accounting department and associate professor in Zhongnan University of Economics and Law from 2009 to 2012, and doctor and doctoral supervisor in that university and superintendent of a governmental accounting institution from 2012 till now.
Members of the Supervisory Committee:
Mr. Dai Xianhua, was born in April 1962, doctor degree, Party member of CPC. He gains adequate work experience of over 20 years. He worked as a lecturer in School of Business and Economy of Zhongnan University of Economics and Law from 1986 to 1989. He took posts of editor of department of theory and review, assistant director, vice director in Shenzhen Economic Daily from 1992 to 1997; worked in Shenzhen State Assets Administration Committee (hereinafter referred as “Shenzhen SAC”) as Vice Section Chief of Assets Department, and Assets Management Department, Vice Director, investigator of Office, and investigator of Appraisal and Distribution Department from 1997 to 2011. Now he is Chairman of the Supervisory Committee of the Company. Ms. Wang Xiuyan, was born in Aug. 1962, MBA degree, is an accountant. From May 1997 to Sep. 2004, she worked in Shenzhen Investment Management Corporation, once acted as secretary of the Supervisory Committee Office, Business Manager of Audit Department, Director ofWomen’s Labor Union, Senior Business Manager of Audit Department and Supervision Department; from Oct. 2004 to Dec. 2007, she acted as manager of Supervision and Inspection Department in Shenzhen Investment Holding Co., Ltd.; from Dec. 2007 to present, she is manager of Audit Department (the Supervisory Committee Office) in Shenzhen Investment Holding Co., Ltd. Currently, she is the Deputy Head of the Audit& Risk Management Department (Office of the Supervisory Committee) in Shenzhen Investment Holding Co., Ltd. as well as a supervisor of the Company.
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. Mr. Zhang Manhua, born in Feb. 1975,master’s degree, studied and taught in Central South University from 1992 to 2004; Business Manager, Senior Manager in the Investment Center of Konka Group and concurrently worked as the Company Secretary for Shenzhen Jvlong Optoelectronic Co., Ltd. from 2004 to 2010; Vice Investment Manager and Investment Manager in Shenchao Technological Investment Co., Ltd. from 2010 to 2013; and Senior Supervisor in the Enterprise Department I in Shenzhen Investment Holding Co., Ltd. since 2013. Ms. Wang Qiuping, was born in Jan. 1970, Bachelor degree, is a senior economist. Since 1992, she worked for the Company, she ever took post in GM office, Plan and Finance Department and Operation and Management Department for comprehensive operation and management as well as planning and management. Now she is Supervisor, Manager of Development and Management Department of the Company.
Mr. Zhang Gejian, was born in September 1975, Bachelor Degree, is an Accountant as well as Auditor. He was engaged in internal auditing work in Audit Department of the Company since July 1997. Now he acts as Supervisor of the Company and concurrently Manager of Audit Department.
Senior executives:
Mr. Wang Hangjun, was born in Nov. 1966, graduated from Zhongnan University of Economics with a master degree of economy. He is a senior auditor and has over 20 years corporate management experience. He ever took post of Deputy Chief of Audit Bureau of Nanshan District, Shenzhen; of Vice Minister, Minister of Audit Department of Shenzhen Investment and Management Company; of Vice Minister, Minister of Supervision Department of Shenzhen Investment and Management Company; of Minister of Audit and Inspection Department of Shenzhen Investment Holding Co., Ltd. He has been Deputy GM of the Company since Oct. 2007.
Mr. Fan Weiping, born in Apr. 1965, graduated from Southwest University of Political Science& Law in 1988, postgraduate degree. He used to work in Shenhua Group successively as the Chief of the Legal Affairs Section in the Supervisory and Audit Department; the Vice Manager and Manager of the Legal Affairs Department; the GM Assistant; and the Chief Legal Adviser. Since Jan. 2009, he has become the Company Secretary and the Chief Legal Adviser for the Company. And he has been a Vice GM, the Company Secretary and the Chief Legal Adviser for the Company since Feb. 2012.
Post-holding in shareholder units
√ Applicable□ Inapplicable
|||||||
|-|-|-|-|-|-|
|Name of the||||||
|||Position in||||
|person holding|||||Receives payment|
|||the|Beginning date|Ending date of||
|any post in any|Name of the shareholder unit||||from the shareholder|
|||shareholder|of office term|office term||
|shareholder|||||unit?|
|||unit||||
|unit||||||
|||Chief of the||||
|Wen Li|Shenzhen Investment Holdings Co., Ltd.|Enterprise|1 Jul. 2005||Yes|
|||Department I||||
|||Deputy Head||||
|||of the||||
|||Property||||
|||Ownership||||
|Guo Liwei|Shenzhen Investment Holdings Co., Ltd.||1 Oct. 2004||Yes|
|||Management||||
|||& Legal||||
|||Affairs||||
|||Department||||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||||
|-|-|-|-|-|
|||Deputy Head|||
|||of the Audit|||
|||& Risk|||
|||Management|||
|Wang Xiuyan|Shenzhen Investment Holdings Co., Ltd.||1 Oct. 2004|Yes|
|||Department|||
|||(Office of the|||
|||Supervisory|||
|||Committee)|||
|||Senior|||
|||Supervisor of|||
|Zhang Manhua|Shenzhen Investment Holdings Co., Ltd.||1 Mar. 2013|Yes|
|||the Enterprise|||
|||DepartmentI|||

Particulars about employers in other companies
√ Applicable□ Inapplicable
|||||||
|-|-|-|-|-|-|
||||||Whether receiving|
|Name of||Posts held in|Beginning date|Ending date of|subsidies and|
||Name of other companies|||||
|employers||other|of office term|office term|remuneration in|
|||companies|||other companies|
|||Research||||
|Li Jianxin|Shenzhen Academy of Social Sciences||1 Jan. 1996||Yes|
|||scholar||||
|||Law||||
|Liu Ninghua|China Galaxy Securities Co., Ltd.|Compliance|1 Aug. 2013||Yes|
|||Department||||
|||Professor,||||
||Zhongnan University of Economics and|||||
|Zhang Qi||doctoral|1 Jan. 2012||Yes|
||Law|||||
|||supervisor||||

Particulars about the Company's current directors, supervisors and senior executives‘punishments from Securities Regulatory Institution of recent three years in reporting period
□ Applicable√ Inapplicable
IV. Remuneration for directors, supervisors and senior management
Decision-making procedure, determining basis and actual payment for the remuneration of directors, supervisors and senior management
During the reporting period, the board and the management of the Company signed statement of operation objectives responsibility for 2015, conducted appraisal system integrating operation indicators, classification indicators with management objectives. After the end of the reporting period, assessment was implemented by the board. Remuneration of senior executives, according to “Management Method of Annual salary System of Directors, Supervisors and Senior Executives”, adopted annual salary system, and need to be implemented after
assessment of the board.
Remuneration of directors, supervisors, senior executives during the reporting period
Unit: RMB Ten Thousand Yuan
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||||||
|-|-|-|-|-|-|-|
|||||||Whether gained|
||||||Total before-tax||
|||||||remuneration|
||||||remuneration||
|Name|Position|Gender|Age|Current/former||from the related|
||||||gained from the||
|||||||parties of the|
||||||Company||
|||||||Company|
||Chairman of the||||||
|Chen Yugang||Male|59|Current|76.28||
||Board||||||
||Director, General||||||
|Wei Zhi||Male|59|Current|73.67||
||Manager||||||
||Director,||||||
|Liu Guangxin|Chairman of|Male|58|Current|70.8||
||Labor Union||||||
|Gong Sixin|Director, CFO|Male|48|Current|41.88||
|Wen Li|Director|Female|47|Current|0|Yes|
|Guo Liwei|Director|Male|43|Current|0|Yes|
||Independent||||||
|Lian Jianxin||Male|62|Current|8||
||Director||||||
||Independent||||||
|Liu Ninghua||Male|54|Current|8||
||director||||||
||Independent||||||
|Zhang Qi||Male|38|Current|8||
||director||||||
||Chairman of the||||||
|Dai Xianhua|Supervisory|Male|54|Current|42.88||
||Committee||||||
|Zhang Manhua|Supervisor|Male|54|Current|0|Yes|
|Wang Xiuyan|Supervisor|Female|41|Current|0|Yes|
||Supervisor,||||||
||Manager of||||||
|Wang Qiuping|Development|Female|46|Current|25.72||
||Management||||||
||Department||||||
||Supervisor,||||||
||Manager of Cost||||||
|Zhang Gejian||Male|41|Current|36.55||
||Control||||||
||Department||||||
||Vice GM,||||||
||Financial||||||
|Wang Hangjun||Male|50|Current|70.8||
||Employee in||||||
||Charge||||||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||||||
|-|-|-|-|-|-|-|
|Li Zipeng|Vice GM|Male|50|Former|65.23||
||Vice GM,||||||
|Fan Weiping|Company|Male|51|Current|70.8||
||Secretary||||||
|Total|--|--|--|--|598.61|--|

 Particulars about equity incentive granted to directors, supervisors, senior executives during the reporting period
□ Applicable√ Inapplicable
V. About employees
1. Number of the employees, component difference and educational background
|||
|-|-|
|Number of the serving employees of the parent company||
||69|
|(person)||
|Number of the serving employees of the major subsidiaries||
||2,750|
|(person)||
|Total number of the serving employees (person)|2,819|
|Total number of the employees receiving the salary of the||
||2,819|
|reporting period (person)||
|Number of the left and retired employees that the parent||
|company and the major subsidiaries should undertake the|269|
|expenses (person)||
|Component difference||
|Category|Number (person)|
|Production personnel|1,864|
|Sales personnel|187|
|Technical personnel|470|
|Financial personnel|115|
|Administrative personnel|183|
|Total|2,819|
|Educational background||
|Category|Number (person)|
|Doctor|2|
|Master|37|
|Bachelor|261|
|College|393|
|Technical secondary school|738|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||
|-|-|
|High school and below|1,388|
|Total|2,819|

 2. Remuneration policy
As required by corporate development strategy, based on actual situation to insist the internal industrialization and the marketization among the industry of the remuneration principles of the Group and our Company adopts a differentiated management on different industries to satisfy market demands by appropriately increasing the remuneration distance to better attract and retain talents. In HQ and real estate enterprises, position type management idea is introduced, with all positions divided into Leader Group, Management Group, Professional Group, Business Group and Service Group at different remuneration levels. Meanwhile, the remuneration for professional technicians and that for medium-level management are kept overlapped. In this way, remuneration and career development are provided at the same time. To some extent, the remuneration is a little bit favorable for professionals in real estate development industry. With regard to other enterprises under the Company group, market reference is applied, but the key is to appropriately adjust remuneration for key positions or some positions with lower remuneration than market level.
3. Training plan
In 2016, as required by theCompany’s business development and based on training investigation, and in order to enrichemployees’ knowledge, business ability and skills, enhance team spirit, satisfy theCompany’s sustainable development demand, and achieve a mutual development of the Company and employees, the Company will enhance training on real estate professional course, and overall qualities and business knowledge, specifically including the courses such as the whole process chessboard resuming of the real estate projects and construction of the operating and developing mode, construction and application of the structure of thinking, outdoor development team and the employee ability quality promotion. Such training will cover internal and external training as well, with trainees covering all employees and training time running through the whole year.
4. Labor outsourcing
□ Applicable√ Inapplicable
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. Section IX. Corporate Governance
I. Particulars about corporate governance
During the reporting period, in accordance with the requirement of the Company Law, Securities Law, Code of Corporate Governance for Listed Companies in China and Stock Listing Rules of Shenzhen Stock Exchange as well as relevant laws and statutes of CSRC, the Company continuously regulated and perfected corporate governance structure, established and perfected internal management and control system and investigated in management activities of the Company, which promoted theCompany’s standard management level.
As to the end of the reporting period, the internal control system of the Company is complete, accomplished and defined that in accordance with Company Law, Articles of Association and other laws and regulations as well as requirements of regulatory documents. The convene ofShareholders’ General Meeting, the Board of Directors and Supervisory Committee are strictly in accordance with relevant rules and regulations, all directors and supervisors earnestly and diligently commit their responsibilities. Corporate structure of the Company is complete and the operation of the Company is standardized.
With the goal of constructing a standard management structure, the Company has established related regulations onShareholders’ Meeting, Board of Directors and Board of Supervisors, to ensure effective rights to decision-making, execution and supervision respectively.
TheShareholders’ Meeting shall have the highest right to review and make decision on major issues, including theCompany’s business idea, investment plan, major trading items, capital changes, appointment and dismissal of directors and supervisors, within the legal scope as defined by laws, regulations and rules like the Company Law and Articles of Corporation. The Company has established and strictly followed various regulations, including Rules of Procedure ofShareholders’ Meeting, to ensure allshareholders’ rights.
The Board of Directors has the right to business decision-making, responsible for the establishment and effective execution of theCompany’s internal control as well. Besides, it further sets up four special committees, namely, Strategic Development& Investment Committee, Remuneration and Assessment Committee, Audit Committee and Nomination Committee, to improve its operating efficiency based on corresponding work rules.
The Board of Supervisors acts as a supervising organ for the Company. It checks theCompany’s finance, and supervises all jobs of theCompany’s directors and senior management. Also, it is responsible for and reports to theShareholders’ Meeting.
The business management have the right to execution. They are appointed by the Board of Directors, and responsible for daily running of business management and internal control.
Based on the principle of science, simplicity and efficiency, the Company has established such functional departments as Office for Board of Directors, GeneralManager’s Office, Cost Control Department, Planning Design Department, Human Resources Department, Development Management Department, Financial Management Department, Audit Department (Office for Board of Supervisors), Law and Risk Control Department, Lease Center, and Party Work Office. These departments perform their specific functions and carry out work in accordance with regulations on internal control, to ensure theCompany’s healthy running.
The Company always pays attention to standardize the management for inside information, such as promulgating the Management Rules for Insiders, making clear about the contents of inside information, making the scope of insiders and accountability system for inside dealings. After reporting and submitting non-published information to the controlling shareholders, the Company all registered the relevant information of insiders and then submitted to securities regulatory authorities, as well as strictly controlled the transmission scope of inside information, further strengthened the security work of inside information. Upon Self-inspection, during the reporting period, there were
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. no particulars about insiders took advantages of inside information to purchase or sell shares of the Company before the disclosure of major sensitive information that shall have an impact on the share price of the Company, nor any investigation and punishment as well as rectification from the regulatory authority. From now on, the Company will continuously strengthen to learn relevant rules and laws, scrupulously execute the Management Rules for Insider Information and Insiders, standardize the corporate governance of the Company, do well the work of preventing inside dealings.
Whether it exists any difference between the corporate governance and the Company Law and relevant rules of
CSRC or not?
□ Yes√ No
There is no difference between the corporate governance and the Company Law and relevant rules of CSRC.
II. Particulars about theCompany’s separation from the controlling shareholder in respect of business, personnel, assets, organization and financial affairs
The Company was independent from the controlling shareholder in business, personnel, assets, organization and finance to realize that independent personnel, independent finance, complete assets, independent organization and independent business.
1. In aspect of business: The Company was independent from the controlling shareholder with independent and complete business and independent operation capability. There was no business which was same or competitive with the controlling shareholder.
2. In aspect of personnel: The Company was complete independent from the controlling shareholder in terms of labor and personnel, management on remuneration. All Senior Executives drew the remuneration from the Company, and none held a post concurrently inshareholders’ company. Personnel of the Company are independent, all ones signed labor contract with the Company. The Company was independent from the shareholders or other related parties in personnel management, social security, salary etc.
3. In aspect of asset: TheCompany’s assets were complete and independent, the property relationship was clear. There was no capital occupation by controlling shareholder, and assets of the Company were completely independent from controlling shareholder.
4. In aspect of organization: TheCompany’s organization was independent, and the Company implemented rules and regulations as well as responsibilities for all departments, formed independent responsibilities and rights, scientific and rational internal control system. Independence of the Company on operation and management is free from impact from controlling shareholders and other subordinated units. There were no controlling shareholders intervene organization of the Company. 5. In aspect of finance: TheCompany’s finance was independent with independent finance department. The Company established the independent finance settling system and financial management system, had its own finance account and paid the tax in line with laws, run finance decision-making independently.
The controlling shareholder of the Company performed normatively with no conduct that intervened with the operation decision-making and operation activities directly or indirectly over theshareholders’ general meeting, however, the controlling shareholder could influence on the significant decision-making through the shares holding.
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. III. Horizontal competition
□ Applicable√ Inapplicable
IV. Particulars about the annualshareholders’ general meeting and specialshareholders’ general meetings held during the reporting period
1. Particulars about theshareholders’ general meeting in reporting period
|||||||
|-|-|-|-|-|-|
|||Proportion of||||
||||||Index to the|
|Session|Type|investors'|Convening date|Disclosure date||
||||||disclosed|
|||participation||||
||||||Announcement on|
||||||the Resolution of the|
||||||2015-13-2014|
|2015 1st Annual|Annual General||||Annual General|
|||63.84%|30 Apr. 2015|1 May 2015||
|General Meeting|Meeting||||Meeting,|
||||||www.cninfo.com.cn,|
||||||Securities News, Ta|
||||||Kung Pao|

 2. SpecialShareholders’ General Meeting applied by the preferred stockholder with restitution of voting right
□ Applicable√ Inapplicable
V. Performance of the Independent Directors
1. Particulars about the independent directors attending the board sessions and theshareholders’ general meetings
||||||||
|-|-|-|-|-|-|-|
|Particulars about the independent directors attending the board sessions|||||||
||Sessions required||Attendance by|||Non-attendance|
||to attend during|Attendance in|way of|Entrusted||in person for two|
|Independent director|||||Absence rate||
||the reporting|person|telecommunicati|presence (times)||consecutive|
||period||on|||times|
|Li Jianxin|6|1|5|0|0|No|
|Liu Ninghua|6|1|5|0|0|No|
|Zhang Qi|6|1|5|0|0|No|
|General meetings sat in on by|||||||
|||1|||||
|independent directors|||||||

Note to non-attendance in person for two consecutive times
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. 2. Particulars about independent directors proposing objection on relevant events
Whether independent directors propose objection on relevant events or not?
□ Yes√ No
During the reporting period, no independent directors proposed any objection on relevant events of the Company.
3. Other explanations about the duty performance of independent directors
Whether advices to the Company from independent directors were adopted or not
√ Yes□ No
Explanation on the advices of independent directors for the Company being adopted or not adopted
With attitude of credibility and diligence to the Company and all shareholders, independent directors was diligent and responsible, reviewed all resolutions, and in line with their professional knowledge and capability, made independent, objective and fair judgment away from influence from the Company and principal shareholders of the Company. Also, independent directors expressed independent, objective and fair opinion on relevant events, which made practical efforts to safeguard interests of the Company and minority shareholders.
VI. Duty performance of special committee affiliated to the Board during the reporting period
The four special committees under theboard—the Strategic Development and Investment Committee, the Nomination Committee, the Remuneration and Appraisal Committee and the AuditCommittee—according to “Governance Principle of listed Company”, “Articles of Association”, “and Rules of Procedure of the Board of Directors” and implementation rules of special committee, earnestly performed their duties.
1. Duty performance of strategic development and investment committee
During the reporting period, strategic development and investment committee paid attention to authorization of the board to project development and financing, kept good contact with the management and had a good knowledge of matters within their power.
2. Duty performance of remuneration and assessment committee
During the reporting period, remuneration and assessment committee earnestly performed their duties, kept good contact with the management and conducted several communication with the management for relevant matters.
3. Duty performance of audit committee
During the reporting period, audit committee held on-the-spot working conference twice, listened to report of Union Power CPAs on audit work, deliberate preliminary audit opinion issued by
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. Union Power CPAs and proposed their opinions about 2014 Financial Statement of the Company. VII. Particulars about the work of the supervisory committee
Whether there existed risks in the Company according to supervision of the supervisory committee during the reporting period
□ Yes√ No
The supervisory committee raised no objection to matters under the supervision during the reporting period.
VIII. Assessment and incentive mechanisms for senior executives
Within the reporting period, the annual operating target plan 2015 was went forth to the management team by the Board of Directors, of which the Company adopted appraisal method by the score combination of operation index, category index and administrative goal. At the end of the fiscal year, the Board of Directors examined the final score. For senior executives of the Company, the Company adopted annual salary system in accordance with Management Measure for Annual Salary System of Directors, Supervisors and Senior Executives, which shall be implemented after the Board of Directors completing fiscal examination.
IX. Internal Control
1. Particulars about significant defects found in the internal control during reporting period□ Yes√ No
2. Self-appraisal report on internal control
|||
|-|-|
|Disclosure date of the Self-appraisal||
||31 Mar. 2016|
|Report on Internal Control||
|Disclosure index of the Self-appraisal||
||http://www.cninfo.com.cn|
|Report on Internal Control||
|The proportion of total assets included in||
|evaluation scope entities in the||
||99.00%|
|Company's total assets of the consolidated||
|financial statements||
|The proportion of operation revenue||
|included in evaluation scope entities in||
||100.00%|
|the Company's operation revenue of the||
|consolidated financial statements||
|Defect judging standards||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|Category|Financial Report|Non-Financial Report|
|||If the following situation occurred, could|
||Indications of the great defect of the||
|||be recognized as the great defect and|
||financial report were including: (1) to||
|||other situation should be recognized as|
||execute the misstatement correction of the||
|||the significant defect or the general|
||great defect occurred on the reported and||
|||defect respectively according to the|
||disclosed financial report by the Company;||
|||influenced degree: (1) the|
||(2) the audit institution discovered the||
|||decision-making of the significant events|
||current financial report had great defect||
|||of the Company lacked of the collective|
||while the internal control of the Company||
|||democratic decision-making process or|
||didn’t found out during the operating||
|||the collective democratic|
||process; (3) the supervision of the||
|||decision-making process was not|
||Company’s Audit and Risk Committee and||
|||normative; (2) the decision-making of|
||the internal audit department on the internal||
|||the Company was not scientific or the|
||control was invalid; (4) there was significant||
|||decision-making occurred serious|
||corrupt practice among the Directors,||
|||mistakes; (3) the operating or the|
||Supervisors or Senior Management;||
|||decision-making seriously violated the|
||indications of the significant defect of the||
|||national laws and regulations; (4) the|
||financial report were including: (1) didn’t||
|Qualitative criteria||Company occurred serious|
||abide by the universally acknowledged||
|||environmental pollution or other events|
||accounting standard to choose and apply the||
|||seriously effected the social public|
||accounting policies; (2) had not built up the||
|||interests; (5) the media frequently|
||anti-fraud process and the control measures;||
|||occurred the significant negative news;|
||(3) had not built up the corresponding||
|||(6) lacked of the important business|
||control mechanism or had not executed the||
|||management system or the|
||corresponding compensating control for the||
|||systematicness of the system operation|
||accounting treatment which was||
|||was invalid; (7) the constantly outflow of|
||unconventional or with special transaction;||
|||the key management personnel and|
||(4) the control during the process of the||
|||technical personnel of the Company; (8)|
||financial report at the period-end existed one||
|||the great or significant internal control|
||or multiple defects that could not guarantee||
|||defect of the Company could not be|
||the compile of the financial report reach the||
|||timely modified; (9) the Company|
||goal of being real and complete. General||
|||constantly or plentifully occurred the|
||defect: refers to the other control defect||
|||significant internal control defects; (10)|
||except for the above great defect and||
|||other situation may lead the Company to|
||significant defect.||
|||seriously deviate from the control target.|
||Great defect: potential misstatement of the|The Company compared the magnitude|
||operating income≥1 % of the operating|of the direct property losses amount with|
||income of the consolidated statements of the|the net assets amount of the last fiscal|
|Quantitative criteria|current year, potential misstatement of the|year to confirm the quantitative criteria|
||total assets amount≥0.25% of the total|of the internal control as the follows:|
||amount of the consolidated statements of the|great defect: amount of the direct|
||current year; significant defect: 0.75% of the|property losses≥0.5% of the net assets|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
||operating income of the consolidated|amount of the last fiscal year; significant|
||statements of the current|defect: 0.4% of the net assets amount of|
||year≤misstatement<1 % of the operating|the last fiscal year≤losses amount<0.5%|
||income of the consolidated statements of the|of the net assets amount of the last fiscal|
||current year; 0.2% of the total amount of the|year; general defect: losses|
||consolidated statements of the current|amount<0.4% of the net assets amount of|
||year≤misstatement<0.25 of the total amount|the last fiscal year|
||of the consolidated statements of the current||
||year; general defect: misstatement of the||
||operating income<0.75% of the operating||
||income of the consolidated statements of the||
||current year, misstatement of the total assets||
||amount<0.2 of the total assets amount of the||
||consolidated statements of the current year||
|Number of significant defects of financial|||
||0||
|report (Piece)|||
|Number of significant defects of non-|||
||0||
|financial report (Piece)|||
|Number of important defects of financial|||
||0||
|report (Piece)|||
|Number of important defects of|||
||0||
|non-financial report (Piece)|||

X. Audit report on internal control
√ Applicable□ Inapplicable
|||
|-|-|
|Audit opinion paragraphs in the Audit Report on Internal Control||
|We believe that, Shenzhen Properties & Resources Development (Group) Ltd. maintained efficient internal control of financial||
|reports in all significant aspects according to “Basic Standards of Corporate Internal Control” and relevant regulations.||
|Particulars about Audit Report on||
||Disclosure|
|Internal Control||
|Disclosure date of the Audit Report||
||31 Mar. 2016|
|on Internal Control||
|Disclosure index of the Audit||
||http://www.cninfo.com.cn|
|Report on Internal Control||
|Type of Audit Report on Internal||
||Unqualified auditor’s report|
|Control||
|Whether there is significant defect||
||No|
|in non-financial report||

Whether the CPAs firm issues an Audit Report on Internal Control with non-standard opinion or not?
□ Yes√ No
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. Whether the Audit Report on Internal Control from the CPAs firm is in consistent with the Self-appraisal Report from the Board or not?
√ Yes□ No
Section X. Financial Report
I.Auditor’s Report
|||
|-|-|
|Type of audit opinions|Standard unqualified audit opinion|
|Signing date of audit report|30 Mar. 2016|
|Name of audit institution|Union Power Certified Public Accountants Co., Ltd.|
|Document No. of the auditor’s report|ZHSZ (2016) No. 010878|
|Name of CPA|Wang Yu, Fan Guiming|

Text of theauditor’s report
TO THE SHAREHOLDERS OF SHENZHEN PROPERTIES& RESOURCES DEVELOPMENT (GROUP)LTD.：
We have audited the accompanying financial statements of Shenzhen Properties& Resources Development (Group) Ltd. (hereinafter referred to as “Company” or “the Company”), which comprise the balance sheet and the consolidated balance sheet as at 31 Dec. 2015, the income statement and the consolidated income statement, the statement of change in equity and the consolidated statement of change in equity, the cash flow statement and the consolidated cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory notes.
I. Management's responsibility for the financial statements
The management of the Company is responsible for the preparation of these financial statements and fair presentation. These responsibilities include: (1) preparing financial statements according to the Accounting Standards for Business Enterprises and make them a fair presentation; and (2) designing, implementing and maintaining internal control relevant to the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
II. Auditor's responsibility
Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audit in accordance withChina’s Independent Auditing Standards. Those Standards require that we comply with relevant ethical requirements and plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free of material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The audit procedures selected depend on our judgment,
including the assessment of the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, we consider internal control relevant to the
entity’s preparation and fair presentation of the financial statements in order to design audit
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting principles used and the reasonableness of accounting estimates made by the management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidences we have obtained are sufficient and effective, providing a reasonable basis for our opinion.
III. Opinion
In our opinion, the financial statements comply with Accounting Standards for Business Enterprises in all material aspects, and present fairly the consolidated and theCompany’s financial positions as of 31 Dec. 2015 and their operating results and cash flows for the year then ended.
II. Financial statements
Monetary unit of notes to financial statements: RMB Yuan
1. Consolidated balance sheet
Prepared by Shenzhen Properties& Resources Development (Group) Ltd.
31 Dec. 2015
Unit: RMB Yuan
||||
|-|-|-|
|Item|31 Dec. 2015|31 Dec. 2014|
|Current Assets:|||
|Monetary funds|945,739,975.77|808,963,376.68|
|Settlement reserves|||
|Intra-group lendings|||
|Financial assets measured at fair|||
|value of which changes are recorded in|||
|current profits and losses|||
|Derivative financial assets|||
|Notes receivable|||
|Accounts receivable|38,772,146.41|26,585,132.12|
|Accounts paid in advance|28,415,733.43|25,989,832.24|
|Premiums receivable|||
|Reinsurance premiums receivable|||
|Receivable reinsurance contract|||
|reserves|||
|Interest receivable|||
|Dividend receivable|||
|Other accounts receivable|11,619,503.47|6,638,425.25|
|Financial assets purchased under|||
|agreements to resell|||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|Inventories|2,466,342,278.85|2,323,472,671.20|
|Assets held for sale|||
|Non-current assets due within 1 year|||
|Other current assets|174,382,120.00||
|Total current assets|3,665,271,757.93|3,191,649,437.49|
|Non-current assets:|||
|Loans by mandate and advances|||
|granted|||
|Available-for-sale financial assets|14,500,000.00|18,493,000.00|
|Held-to-maturity investments|||
|Long-term accounts receivable|||
|Long-term equity investment|34,526,177.41|32,888,939.41|
|Investing real estate|237,260,788.82|250,014,034.94|
|Fixed assets|85,929,516.37|64,069,233.96|
|Construction in progress|||
|Engineering materials|||
|Disposal of fixed assets|||
|Production biological assets|||
|Oil-gas assets|||
|Intangible assets|92,640,083.99|99,792,587.03|
|R&D expense|||
|Goodwill|||
|Long-term deferred expenses|2,024,722.07|2,553,053.03|
|Deferred income tax assets|240,335,370.51|216,552,790.60|
|Other non-current assets|7,275,069.00|7,275,069.00|
|Total of non-current assets|714,491,728.17|691,638,707.97|
|Total assets|4,379,763,486.10|3,883,288,145.46|
|Current liabilities:|||
|Short-term borrowings|8,000,000.00|100,000,000.00|
|Borrowings from Central Bank|||
|Customer bank deposits and due to|||
|banks and other financial institutions|||
|Intra-group borrowings|||
|Financial liabilities measured at fair|||
|value of which changes are recorded in|||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|current profits and losses|||
|Derivative financial liabilities|||
|Notes payable|||
|Accounts payable|191,524,938.54|175,347,021.19|
|Accounts received in advance|652,369,778.20|28,756,337.08|
|Financial assets sold for repurchase|||
|Handling charges and commissions|||
|payable|||
|Payroll payable|63,791,816.49|57,777,210.65|
|Tax payable|833,797,372.43|1,015,363,636.69|
|Interest payable|479,413.09|562,879.72|
|Dividend payable|||
|Other accounts payable|128,243,079.68|111,032,824.55|
|Reinsurance premiums payable|||
|Insurance contract reserves|||
|Payables for acting trading of|||
|securities|||
|Payables for acting underwriting of|||
|securities|||
|Liabilities held for sale|||
|Non-current liabilities due within 1|||
||121,243,352.00|5,000,000.00|
|year|||
|Other current liabilities|||
|Total current liabilities|1,999,449,750.43|1,493,839,909.88|
|Non-current liabilities:|||
|Long-term borrowings|144,840,006.83|177,613,352.00|
|Bonds payable|||
|Of which: preferred shares|||
|Perpetual bonds|||
|Long-term payables|||
|Long-term payroll payables|||
|Specific payables|||
|Estimated liabilities|834,999.50||
|Deferred income|19,072,625.05|21,765,846.69|
|Deferred income tax liabilities|23,985.24|257,625.00|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|Other non-current liabilities|114,773,265.38|114,706,662.76|
|Total non-current liabilities|279,544,882.00|314,343,486.45|
|Total liabilities|2,278,994,632.43|1,808,183,396.33|
|Owners’ equity:|||
|Share capital|595,979,092.00|595,979,092.00|
|Other equity instruments|||
|Of which: preferred shares|||
|Perpetual bonds|||
|Capital reserves|119,951,533.93|119,951,533.93|
|Less: Treasury stock|||
|Other comprehensive income|-4,046,603.46|-4,006,141.53|
|Specific reserves|||
|Surplus reserves|154,664,631.59|136,591,232.84|
|Provisions for general risks|||
|Retained profits|1,233,358,112.55|1,225,726,944.83|
|Total equity attributable to owners of|||
||2,099,906,766.61|2,074,242,662.07|
|the Company|||
|Minority interests|862,087.06|862,087.06|
|Total owners’ equity|2,100,768,853.67|2,075,104,749.13|
|Total liabilities and owners’ equity|4,379,763,486.10|3,883,288,145.46|

 Legal representative: Chen Yugang Person-in-charge of the accounting work: Wang Hangjun
Chief of the accounting division: Shen Xueying
2. Balance sheet of the Company
Unit: RMB Yuan
||||
|-|-|-|
|Item|31 Dec. 2015|31 Dec. 2014|
|Current Assets:|||
|Monetary funds|296,196,656.86|338,036,109.52|
|Financial assets measured at fair|||
|value of which changes are recorded in|||
|current profits and losses|||
|Derivative financial assets|||
|Notes receivable|||
|Accounts receivable|979,569.49|1,029,211.52|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|Accounts paid in advance|||
|Interest receivable|||
|Dividend receivable|||
|Other accounts receivable|1,766,392,354.21|1,758,238,266.73|
|Inventories|530,588,344.24|385,762,064.03|
|Assets held for sale|||
|Non-current assets due within 1 year|||
|Other current assets|174,382,120.00||
|Total current assets|2,768,539,044.80|2,483,065,651.80|
|Non-current assets:|||
|Available-for-sale financial assets|230,500.00|4,223,500.00|
|Held-to-maturity investments|||
|Long-term accounts receivable|||
|Long-term equity investment|281,083,438.39|279,446,200.39|
|Investing real estate|157,390,561.34|162,666,161.07|
|Fixed assets|9,828,388.19|11,701,031.08|
|Construction in progress|||
|Engineering materials|||
|Disposal of fixed assets|||
|Production biological assets|||
|Oil-gas assets|||
|Intangible assets|||
|R&D expense|||
|Goodwill|||
|Long-term deferred expenses|1,297,321.41|1,470,297.69|
|Deferred income tax assets|29,561,006.63||
|Other non-current assets|||
|Total of non-current assets|479,391,215.96|459,507,190.23|
|Total assets|3,247,930,260.76|2,942,572,842.03|
|Current liabilities:|||
|Short-term borrowings|||
|Financial liabilities measured at fair|||
|value of which changes are recorded in|||
|current profits and losses|||
|Derivative financial liabilities|||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|Notes payable|||
|Accounts payable|25,436,021.13|27,475,005.86|
|Accounts received in advance|311,717,646.30|556,723.50|
|Payroll payable|11,467,533.06|9,765,464.25|
|Tax payable|62,939,128.44|44,829,812.84|
|Interest payable|858,385.21|621,676.25|
|Dividend payable|||
|Other accounts payable|1,163,240,004.88|1,362,785,410.73|
|Liabilities held for sale|||
|Non-current liabilities due within 1|||
|year|||
|Other current liabilities|||
|Total current liabilities|1,575,658,719.02|1,446,034,093.43|
|Non-current liabilities:|||
|Long-term borrowings|404,840,006.83|276,370,000.00|
|Bonds payable|||
|Of which: preferred shares|||
|Perpetual bonds|||
|Long-term payables|||
|Long-term payroll payables|||
|Specific payables|||
|Estimated liabilities|834,999.50||
|Deferred income|||
|Deferred income tax liabilities||257,625.00|
|Other non-current liabilities|||
|Total non-current liabilities|405,675,006.33|276,627,625.00|
|Total liabilities|1,981,333,725.35|1,722,661,718.43|
|Owners’ equity:|||
|Share capital|595,979,092.00|595,979,092.00|
|Other equity instruments|||
|Of which: preferred shares|||
|Perpetual bonds|||
|Capital reserves|94,057,859.68|94,057,859.68|
|Less: Treasury stock|||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|Other comprehensive income||2,933,175.45|
|Specific reserves|||
|Surplus reserves|154,007,821.15|135,934,422.40|
|Retained profits|422,551,762.58|391,006,574.07|
|Total owners’ equity|1,266,596,535.41|1,219,911,123.60|
|Total liabilities and owners’ equity|3,247,930,260.76|2,942,572,842.03|

 3. Consolidated income statement
Unit: RMB Yuan
||||
|-|-|-|
|Item|2015|2014|
|I. Total operating revenues|1,077,418,500.93|1,268,451,451.86|
|Including: Sales income|1,077,418,500.93|1,268,451,451.86|
|Interest income|||
|Premium income|||
|Handling charge and commission|||
|income|||
|II. Total operating costs|1,037,507,557.45|908,328,822.13|
|Including: Cost of sales|648,572,894.10|520,485,126.20|
|Interest expenses|||
|Handling charge and commission|||
|expenses|||
|Surrenders|||
|Net claims paid|||
|Net amount withdrawn for the|||
|insurance contract reserve|||
|Expenditure on policy dividends|||
|Reinsurance premium|||
|Taxes and associate charges|159,676,120.22|277,057,303.89|
|Selling and distribution expenses|41,941,165.94|26,318,080.91|
|Administrative expenses|102,968,126.79|103,915,932.80|
|Financial expenses|-7,514,689.31|-12,697,790.50|
|Asset impairment loss|91,863,939.71|-6,749,831.17|
|Add: Gain/(loss) from change in fair|||
|value (“-” means loss)|||
|Gain/(loss) from investment (“-”|7,738,371.09|214,624,884.25|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|means loss)|||
|Including: share of profits in|||
||1,637,238.00|-352,555.03|
|associates and joint ventures|||
|Foreign exchange gains (“-” means|||
|loss)|||
|III. Business profit (“-” means loss)|47,649,314.57|574,747,513.98|
|Add: non-operating income|171,619,115.05|5,094,033.97|
|Including: Gains on disposal of|||
||33,279.06|1,905,888.27|
|non-current assets|||
|Less: non-operating expense|2,876,737.49|26,076,584.37|
|Including: Losses on disposal of|||
||601,245.35|93,576.27|
|non-current assets|||
|IV. Total profit (“-” means loss)|216,391,692.13|553,764,963.58|
|Less: Income tax expense|59,571,725.42|136,266,283.67|
|V. Net profit (“-” means loss)|156,819,966.71|417,498,679.91|
|Net profit attributable to owners of|||
||156,819,966.71|417,498,679.91|
|the Company|||
|Minority shareholders’ income|||
|VI. After-tax net amount of other|||
||-40,461.93|3,092,574.98|
|comprehensive incomes|||
|After-tax net amount of other|||
|comprehensive incomes attributable to|-40,461.93|3,092,574.98|
|owners of the Company|||
|(I) Other comprehensive incomes|||
|that will not be reclassified into gains and|||
|losses|||
|1. Changes in net liabilities or|||
|assets with a defined benefit plan upon|||
|re-measurement|||
|2. Enjoyable shares in other|||
|comprehensive incomes in investees that|||
|cannot be reclassified into gains and|||
|losses under the equity method|||
|(II) Other comprehensive incomes|||
|that will be reclassified into gains and|-40,461.93|3,092,574.98|
|losses|||
|1. Enjoyable shares in other|||
|comprehensive incomes in investees that|||
|will be reclassified into gains and losses|||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|under the equity method|||
|2. Gains and losses on fair|||
|value changes of available-for-sale|-2,933,175.45|2,933,175.45|
|financial assets|||
|3. Gains and losses on|||
|reclassifying held-to-maturity|||
|investments into available-for-sale|||
|financial assets|||
|4. Effective hedging gains and|||
|losses on cash flows|||
|5. Foreign-currency financial|||
||2,892,713.52|159,399.53|
|statement translation difference|||
|6. Other|||
|After-tax net amount of other|||
|comprehensive incomes attributable to|||
|minority shareholders|||
|VII. Total comprehensive incomes|156,779,504.78|420,591,254.89|
|Attributable to owners of the|||
||156,779,504.78|420,591,254.89|
|Company|||
|Attributable to minority|||
|shareholders|||
|VIII. Earnings per share|||
|(I) Basic earnings per share|0.2631|0.7005|
|(II) Diluted earnings per share|0.2631|0.7005|

 Where business mergers under the same control occurred in this reporting period, the net profit achieved by the merged parties before the business mergers was RMB0.00, with the corresponding amount for the last period being RMB0.00.
Legal representative: Chen Yugang Person-in-charge of the accounting work: Wang Hangjun
Chief of the accounting division: Shen Xueying
4. Income statement of the Company
Unit: RMB Yuan
||||
|-|-|-|
|Item|2015|2014|
|I. Total sales|61,440,361.37|66,368,633.69|
|Less: cost of sales|14,568,381.71|26,061,655.45|
|Business taxes and surcharges|7,657,509.70|6,670,106.76|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|Distribution expenses|917,956.69||
|Administrative expenses|41,050,329.06|41,556,470.77|
|Financial costs|-7,854,726.72|-5,716,403.24|
|Impairment loss|-31,370,041.72|-6,776,623.28|
|Add: gain/(loss) from change in fair|||
|value (“-” means loss)|||
|Gain/(loss) from investment (“-”|||
||7,571,676.55|210,458,029.19|
|means loss)|||
|Including: income form investment|||
||1,637,238.00|-352,555.03|
|on associates and joint ventures|||
|II. Business profit (“-” means loss)|44,042,629.20|215,031,456.42|
|Add: non-operating income|169,812,889.47|2,285,081.37|
|Including: Gains on disposal of|||
|non-current assets|||
|Less: non-operating expense|1,323,166.82|23,964,998.79|
|Including: Losses on disposal of|||
||103,611.83|3,861.79|
|non-current assets|||
|III. Total profit (“-” means loss)|212,532,351.85|193,351,539.00|
|Less: Income tax expense|31,798,364.35|42,863,068.67|
|IV. Net profit (“-” means loss)|180,733,987.50|150,488,470.33|
|V. After-tax net amount of other|||
||-2,933,175.45|2,933,175.45|
|comprehensive incomes|||
|(I) Other comprehensive incomes that|||
|will not be reclassified into gains and|||
|losses|||
|1. Changes in net liabilities or|||
|assets with a defined benefit plan upon|||
|re-measurement|||
|2. Enjoyable shares in other|||
|comprehensive incomes in investees|||
|that cannot be reclassified into gains|||
|and losses under the equity method|||
|(II) Other comprehensive incomes|||
|that will be reclassified into gains and|-2,933,175.45|2,933,175.45|
|losses|||
|1. Enjoyable shares in other|||
|comprehensive incomes in investees|||
|that will be reclassified into gains and|||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|losses under the equity method|||
|2. Gains and losses on fair value|||
|changes of available-for-sale financial|-2,933,175.45|2,933,175.45|
|assets|||
|3. Gains and losses on|||
|reclassifying held-to-maturity|||
|investments into available-for-sale|||
|financial assets|||
|4. Effective hedging gains and|||
|losses on cash flows|||
|5. Foreign-currency financial|||
|statement translation difference|||
|6. Other|||
|VI. Total comprehensive incomes|177,800,812.05|153,421,645.78|
|VII. Earnings per share|||
|(I) Basic earnings per share|0.3033|0.2525|
|(II) Diluted earnings per share|0.3033|0.2525|

 5. Consolidated cash flow statement
Unit: RMB Yuan
||||
|-|-|-|
|Item|2015|2014|
|I. Cash flows from operating activities:|||
|Cash received from sale of|||
||1,696,592,242.82|1,141,552,814.94|
|commodities and rendering of service|||
|Net increase of deposits from|||
|customers and dues from banks|||
|Net increase of loans from the central|||
|bank|||
|Net increase of funds borrowed from|||
|other financial institutions|||
|Cash received from premium of|||
|original insurance contracts|||
|Net cash received from reinsurance|||
|business|||
|Net increase of deposits of policy|||
|holders and investment fund|||
|Net increase of disposal of financial|||
|assets measured at fair value of which|||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|changes are recorded into current gains|||
|and losses|||
|Cash received from interest, handling|||
|charges and commissions|||
|Net increase of intra-group|||
|borrowings|||
|Net increase of funds in repurchase|||
|business|||
|Tax refunds received|||
|Other cash received relating to|||
||14,524,590.42|27,501,782.68|
|operating activities|||
|Subtotal of cash inflows from operating|||
||1,711,116,833.24|1,169,054,597.62|
|activities|||
|Cash paid for goods and services|574,324,242.80|526,096,880.10|
|Net increase of customer lendings|||
|and advances|||
|Net increase of funds deposited in the|||
|central bank and amount due from|||
|banks|||
|Cash for paying claims of the original|||
|insurance contracts|||
|Cash for paying interest, handling|||
|charges and commissions|||
|Cash for paying policy dividends|||
|Cash paid to and for employees|308,224,325.62|271,319,723.58|
|Various taxes paid|450,753,009.58|301,412,102.96|
|Other cash payment relating to|||
||68,047,625.58|84,852,948.06|
|operating activities|||
|Subtotal of cash outflows from|||
||1,401,349,203.58|1,183,681,654.70|
|operating activities|||
|Net cash flows from operating activities|309,767,629.66|-14,627,057.08|
|II. Cash flows from investing activities:|||
|Cash received from withdrawal of|||
||7,091,672.64|237,302,621.45|
|investments|||
|Cash received from return on|||
|investments|||
|Net cash received from disposal of|||
||966,686.25|867,170.40|
|fixed assets, intangible assets and other|||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|long-term assets|||
|Net cash received from disposal of|||
|subsidiaries or other business units|||
|Other cash received relating to|||
|investing activities|||
|Subtotal of cash inflows from investing|||
||8,058,358.89|238,169,791.85|
|activities|||
|Cash paid to acquire fixed assets,|||
|intangible assets and other long-term|38,285,548.55|13,682,765.56|
|assets|||
|Cash paid for investment|||
|Net increase of pledged loans|||
|Net cash paid to acquire subsidiaries|||
|and other business units|||
|Other cash payments relating to|||
|||266,715.68|
|investing activities|||
|Subtotal of cash outflows from|||
||38,285,548.55|13,949,481.24|
|investing activities|||
|Net cash flows from investing activities|-30,227,189.66|224,220,310.61|
|III. Cash Flows from Financing|||
|Activities:|||
|Cash received from capital|||
|contributions|||
|Including: Cash received from|||
|minority shareholder investments by|||
|subsidiaries|||
|Cash received from borrowings|216,470,006.83|316,370,000.00|
|Cash received from issuance of|||
|bonds|||
|Other cash received relating to|||
|financing activities|||
|Subtotal of cash inflows from financing|||
||216,470,006.83|316,370,000.00|
|activities|||
|Repayment of borrowings|225,000,000.00|514,316,666.64|
|Cash paid for interest expenses and|||
||149,289,115.57|178,761,051.09|
|distribution of dividends or profit|||
|Including: dividends or profit paid|||
|by subsidiaries to minority shareholders|||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|Other cash payments relating to|||
||104,500.00||
|financing activities|||
|Sub-total of cash outflows from|||
||374,393,615.57|693,077,717.73|
|financing activities|||
|Net cash flows from financing activities|-157,923,608.74|-376,707,717.73|
|IV. Effect of foreign exchange rate|||
||2,757,607.83|-1,093,973.32|
|changes on cash and cash equivalents|||
|V. Net increase in cash and cash|||
||124,374,439.09|-168,208,437.52|
|equivalents|||
|Add: Opening balance of cash and|||
||808,963,376.68|977,171,814.20|
|cash equivalents|||
|VI. Closing balance of cash and cash|||
||933,337,815.77|808,963,376.68|
|equivalents|||

6. Cash flow statement of the Company
Unit: RMB Yuan
||||
|-|-|-|
|Item|2015|2014|
|I. Cash flows from operating activities:|||
|Cash received from sale of|||
||44,991,559.19|50,534,901.36|
|commodities and rendering of service|||
|Tax refunds received|||
|Other cash received relating to|||
||29,403,475.42|19,754,794.25|
|operating activities|||
|Subtotal of cash inflows from operating|||
||74,395,034.61|70,289,695.61|
|activities|||
|Cash paid for goods and services|36,933,801.29|8,723,060.88|
|Cash paid to and for employees|25,261,992.16|22,284,922.53|
|Various taxes paid|13,695,960.29|11,664,415.35|
|Other cash payment relating to|||
||467,630,748.14|469,502,088.72|
|operating activities|||
|Subtotal of cash outflows from|||
||543,522,501.88|512,174,487.48|
|operating activities|||
|Net cash flows from operating activities|-469,127,467.27|-441,884,791.87|
|II. Cash flows from investing activities:|||
|Cash received from retraction of|||
||517,302,621.45|195,000,000.00|
|investments|||
|Cash received from return on|3,378,400.00|25,443,800.00|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|investments|||
|Net cash received from disposal of|||
|fixed assets, intangible assets and other|2,200.00|11,983,185.60|
|long-term assets|||
|Net cash received from disposal of|||
|subsidiaries or other business units|||
|Other cash received relating to|||
|investing activities|||
|Subtotal of cash inflows from investing|||
||520,683,221.45|232,426,985.60|
|activities|||
|Cash paid to acquire fixed assets,|||
|intangible assets and other long-term|770,380.00|551,487.00|
|assets|||
|Cash paid for investment|||
|Net cash paid to acquire subsidiaries|||
|and other business units|||
|Other cash payments relating to|||
|investing activities|||
|Subtotal of cash outflows from|||
||770,380.00|551,487.00|
|investing activities|||
|Net cash flows from investing activities|519,912,841.45|231,875,498.60|
|III. Cash Flows from Financing|||
|Activities:|||
|Cash received from capital|||
|contributions|||
|Cash received from borrowings|276,370,000.00|240,000,000.00|
|Cash received from issuance of|||
|bonds|||
|Other cash received relating to|||
|financing activities|||
|Subtotal of cash inflows from financing|||
||276,370,000.00|240,000,000.00|
|activities|||
|Repayment of borrowings|240,000,000.00||
|Cash paid for interest expenses and|||
||168,434,949.35|8,720,000.00|
|distribution of dividends or profit|||
|Other cash payments relating to|||
|||343,492.00|
|financing activities|||
|Sub-total of cash outflows from|408,434,949.35|9,063,492.00|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|financing activities|||
|Net cash flows from financing activities|-132,064,949.35|230,936,508.00|
|IV. Effect of foreign exchange ratechanges on cash and cash equivalents|||
||-1,253,281.96||
|V. Net increase in cash and cashequivalents|||
||-82,532,857.13|20,927,214.73|
|Add: Opening balance of cash andcash equivalents|||
||420,568,966.65|399,641,751.92|
|VI. Closing balance of cash and cashequivalents|||
||338,036,109.52|420,568,966.65|

7. Consolidated statement of changes inowners’ equity
2015
Unit: RMB Yuan
|||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
||2015|||||||||||||
||Equity attributable to owners of the Company|||||||||||||
|||Other equity||||||||||||
||||||||Other|||||Minorit|Total|
|Item||||||||||||||
|||instruments||||Less:||||General||||
||Share||||Capital||compre|Specific|Surplus||Retaine|y|owners’|
|||Prefer|Perpet|||treasury||||risk||||
||capital||||reserve||hensive|reserve|reserve||d profit|interests|equity|
|||red|ual|Other||stock||||reserve||||
||||||||incomes|||||||
|||shares|bonds|||||||||||
|I. Balance at the|595,97||||||||||1,225,7||2,075,1|
||||||119,951||-4,006,1||136,591|||862,087||
|end of the|9,092.||||||||||26,944.||04,749.|
||||||,533.93||41.53||,232.84|||.06||
|previous year|00||||||||||83||13|
|Add: change of||||||||||||||
|accounting policy||||||||||||||
|Correction of||||||||||||||
|errors in previous||||||||||||||
|periods||||||||||||||
|Business||||||||||||||
|mergers under the||||||||||||||
|same control||||||||||||||
|Other||||||||||||||
|II. Balance at the|595,97||||||||||1,225,7||2,075,1|
||||||119,951||-4,006,1||136,591|||862,087||
|beginning of the|9,092.||||||||||26,944.||04,749.|
||||||,533.93||41.53||,232.84|||.06||
|year|00||||||||||83||13|
|III. Increase/|||||||-40,461.||18,073,||7,631,1||25,664,|
|decrease in the|||||||93||398.75||67.72||104.54|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||||
|-|-|-|-|-|
|period (“-” means|||||
|decrease)|||||
|(I) Total|||||
||-40,461.||156,819|156,779|
|comprehensive|||||
||93||,966.71|,504.78|
|incomes|||||
|(II) Capital|||||
|increased and|||||
|reduced by owners|||||
|1. Common|||||
|shares increased|||||
|by shareholders|||||
|2. Capital|||||
|increased by|||||
|holders of other|||||
|equity instruments|||||
|3. Amounts|||||
|of share-based|||||
|payments|||||
|recognized in|||||
|owners’ equity|||||
|4. Other|||||
||||-149,18|-131,11|
|(III) Profit||18,073,|||
||||8,798.9|5,400.2|
|distribution||398.75|||
||||9|4|
|1.|||||
|||18,073,|-18,073,||
|Appropriations to|||||
|||398.75|398.75||
|surplus reserves|||||
|2.|||||
||||-131,11|-131,11|
|Appropriations to|||||
||||5,400.2|5,400.2|
|general risk|||||
||||4|4|
|provisions|||||
|3.|||||
|Appropriations to|||||
|owners (or|||||
|shareholders)|||||
|4. Other|||||
|(IV) Internal|||||
|carry-forward of|||||
|owners’ equity|||||
|1. New|||||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||||||||
|-|-|-|-|-|-|-|-|
|increase of capital||||||||
|(or share capital)||||||||
|from capital public||||||||
|reserves||||||||
|2. New||||||||
|increase of capital||||||||
|(or share capital)||||||||
|from surplus||||||||
|reserves||||||||
|3. Surplus||||||||
|reserves for||||||||
|making up losses||||||||
|4. Other||||||||
|(V) Specific||||||||
|reserve||||||||
|1. Withdrawn||||||||
|for the period||||||||
|2. Used in the||||||||
|period||||||||
|(VI) Other||||||||
||595,97||||1,233,3||2,100,768,853.67|
|IV. Closing||119,951|-4,046,6|154,664||862,087||
||9,092.||||58,112.|||
|balance||,533.93|03.46|,631.59||.06||
||00||||55|||

 2014
Unit: RMB Yuan
|||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|-|
||2014|||||||||||||
||Equity attributable to owners of the Company|||||||||||||
|||Other equity||||||||||Minorit||
||||||||Other||||||Total|
|Item||||||||||||||
|||instruments||||Less:||||General||y||
||Share||||Capital||compre|Specific|Surplus||Retaine||owners’|
|||Prefer|Perpet|||treasury||||risk||interest||
||capital||||reserve||hensive|reserve|reserve||d profit||equity|
|||red|ual|Other||stock||||reserve||s||
||||||||incomes|||||||
|||shares|bonds|||||||||||
|I. Balance at the|595,97||||||||||||1,803,6|
||||||120,086||-7,098,7||121,542||972,271|862,087||
|end of the|9,092.||||||||||||43,379.|
||||||,646.43||16.51||,385.81||,884.95|.06||
|previous year|00||||||||||||74|
|Add: change of||||||||||||||
|accounting policy||||||||||||||
|Correction of||||||||||||||
|errors in previous||||||||||||||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||||||||
|-|-|-|-|-|-|-|-|
|periods||||||||
|Business||||||||
|mergers under the||||||||
|same control||||||||
|Other||||||||
|II. Balance at the|595,97||||||1,803,6|
|||120,086|-7,098,7|121,542|972,271|862,087||
|beginning of the|9,092.||||||43,379.|
|||,646.43|16.51|,385.81|,884.95|.06||
|year|00||||||74|
|III. Increase/||||||||
|decrease in the||-135,11|3,092,5|15,048,|253,455||271,461|
|period (“-” means||2.50|74.98|847.03|,059.88||,369.39|
|decrease)||||||||
|(I) Total||||||||
||||3,092,5||417,498||420,591|
|comprehensive||||||||
||||74.98||,679.91||,254.89|
|incomes||||||||
|(II) Capital||||||||
|increased and||||||||
|reduced by owners||||||||
|1. Common||||||||
|shares increased||||||||
|by shareholders||||||||
|2. Capital||||||||
|increased by||||||||
|holders of other||||||||
|equity instruments||||||||
|3. Amounts||||||||
|of share-based||||||||
|payments||||||||
|recognized in||||||||
|owners’ equity||||||||
|4. Other||||||||
||||||-164,04||-148,99|
|(III) Profit||||15,048,||||
||||||3,620.0||4,773.0|
|distribution||||847.03||||
||||||3||0|
|1.||||||||
|||||15,048,|-15,048,|||
|Appropriations to||||||||
|||||847.03|847.03|||
|surplus reserves||||||||
|2.||||||||
|Appropriations to||||||||
|general risk||||||||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||||||||
|-|-|-|-|-|-|-|-|
|provisions||||||||
|3.||||||||
||||||-148,99||-148,99|
|Appropriations to||||||||
||||||4,773.0||4,773.0|
|owners (or||||||||
||||||0||0|
|shareholders)||||||||
|4. Other||||||||
|(IV) Internal||||||||
|carry-forward of||||||||
|owners’ equity||||||||
|1. New||||||||
|increase of capital||||||||
|(or share capital)||||||||
|from capital public||||||||
|reserves||||||||
|2. New||||||||
|increase of capital||||||||
|(or share capital)||||||||
|from surplus||||||||
|reserves||||||||
|3. Surplus||||||||
|reserves for||||||||
|making up losses||||||||
|4. Other||||||||
|(V) Specific||||||||
|reserve||||||||
|1. Withdrawn||||||||
|for the period||||||||
|2. Used in the||||||||
|period||||||||
|||-135,11|||||-135,11|
|(VI) Other||||||||
|||2.50|||||2.50|
||595,97||||1,225,7||2,075,1|
|IV. Closing||119,951|-4,006,1|136,591||862,087||
||9,092.||||26,944.||04,749.|
|balance||,533.93|41.53|,232.84||.06||
||00||||83||13|

 8. Statement of changes inowners’ equity of the Company
2015
Unit: RMB Yuan
|||
|-|-|
|Item|2015|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
|||Other equity instruments|||||Other|||||
|||||||Less:|||||Total|
||Share||||Capital||comprehe|Specific|Surplus|Retaine||
|||Preferre|Perpetu|||treasury|||||owners’|
||capital|||Other|reserve||nsive|reserve|reserve|d profit||
|||d shares|al bonds|||stock|||||equity|
||||||||incomes|||||
|I. Balance at the||||||||||||
||595,979,||||94,057,85||2,933,175||135,934,4|391,006|1,219,911|
|end of the previous||||||||||||
||092.00||||9.68||.45||22.40|,574.07|,123.60|
|year||||||||||||
|Add: change of||||||||||||
|accounting policy||||||||||||
|Correction of||||||||||||
|errors in previous||||||||||||
|periods||||||||||||
|Other||||||||||||
|II. Balance at the||||||||||||
||595,979,||||94,057,85||2,933,175||135,934,4|391,006|1,219,911|
|beginning of the||||||||||||
||092.00||||9.68||.45||22.40|,574.07|,123.60|
|year||||||||||||
|III. Increase/||||||||||||
|decrease in the|||||||-2,933,17||18,073,39|31,545,|46,685,41|
|period (“-” means|||||||5.45||8.75|188.51|1.81|
|decrease)||||||||||||
|(I) Total||||||||||||
||||||||-2,933,17|||180,733|177,800,8|
|comprehensive||||||||||||
||||||||5.45|||,987.50|12.05|
|incomes||||||||||||
|(II) Capital||||||||||||
|increased and||||||||||||
|reduced by owners||||||||||||
|1. Common||||||||||||
|shares increased||||||||||||
|by shareholders||||||||||||
|2. Capital||||||||||||
|increased by||||||||||||
|holders of other||||||||||||
|equity instruments||||||||||||
|3. Amounts||||||||||||
|of share-based||||||||||||
|payments||||||||||||
|recognized in||||||||||||
|owners’ equity||||||||||||
|4. Other||||||||||||
|(III) Profit|||||||||18,073,39|-149,18|-131,115,|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||||||
|-|-|-|-|-|-|
|distribution|||8.75|8,798.9|400.24|
|||||9||
|1.||||||
||||18,073,39|18,073,||
|Appropriations to||||||
||||8.75|398.75||
|surplus reserves||||||
|2.||||||
|||||-131,11||
|Appropriations to|||||-131,115,|
|||||5,400.2||
|owners (or|||||400.24|
|||||4||
|shareholders)||||||
|3. Other||||||
|(IV) Internal||||||
|carry-forward of||||||
|owners’ equity||||||
|1. New||||||
|increase of capital||||||
|(or share capital)||||||
|from capital public||||||
|reserves||||||
|2. New||||||
|increase of capital||||||
|(or share capital)||||||
|from surplus||||||
|reserves||||||
|3. Surplus||||||
|reserves for||||||
|making up losses||||||
|4. Other||||||
|(V) Specific||||||
|reserve||||||
|1. Withdrawn||||||
|for the period||||||
|2. Used in the||||||
|period||||||
|(VI) Other||||||
|IV. Closing|595,979,|94,057,85|154,007,8|422,551|1,266,596,535.41|
|balance|092.00|9.68|21.15|,762.58||

 2014
Unit: RMB Yuan
|||
|-|-|
|Item|2014|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
|||Other equity instruments|||||Other|||||
|||||||Less:|||||Total|
||Share||||Capital||comprehe|Specific|Surplus|Retaine||
|||Preferre|Perpetu|||treasury|||||owners’|
||capital|||Other|reserve||nsive|reserve|reserve|d profit||
|||d shares|al bonds|||stock|||||equity|
||||||||incomes|||||
|I. Balance at the||||||||||||
||595,979,||||94,057,85||||120,885,5|404,561|1,215,484|
|end of the previous||||||||||||
||092.00||||9.68||||75.37|,723.77|,250.82|
|year||||||||||||
|Add: change of||||||||||||
|accounting policy||||||||||||
|Correction of||||||||||||
|errors in previous||||||||||||
|periods||||||||||||
|Other||||||||||||
|II. Balance at the||||||||||||
||595,979,||||94,057,85||||120,885,5|404,561|1,215,484|
|beginning of the||||||||||||
||092.00||||9.68||||75.37|,723.77|,250.82|
|year||||||||||||
|III. Increase/||||||||||||
|decrease in the|||||||2,933,175||15,048,84|-13,555,|4,426,872|
|period (“-” means|||||||.45||7.03|149.70|.78|
|decrease)||||||||||||
|(I) Total||||||||||||
||||||||2,933,175|||150,488|153,421,6|
|comprehensive||||||||||||
||||||||.45|||,470.33|45.78|
|incomes||||||||||||
|(II) Capital||||||||||||
|increased and||||||||||||
|reduced by owners||||||||||||
|1. Common||||||||||||
|shares increased||||||||||||
|by shareholders||||||||||||
|2. Capital||||||||||||
|increased by||||||||||||
|holders of other||||||||||||
|equity instruments||||||||||||
|3. Amounts||||||||||||
|of share-based||||||||||||
|payments||||||||||||
|recognized in||||||||||||
|owners’ equity||||||||||||
|4. Other||||||||||||
|(III) Profit|||||||||15,048,84|-164,04|-148,994,|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||||||
|-|-|-|-|-|-|-|
|distribution||||7.03|3,620.0|773.00|
||||||3||
|1.|||||||
|||||15,048,84|-15,048,||
|Appropriations to|||||||
|||||7.03|847.03||
|surplus reserves|||||||
|2.|||||||
||||||-148,99||
|Appropriations to||||||-148,994,|
||||||4,773.0||
|owners (or||||||773.00|
||||||0||
|shareholders)|||||||
|3. Other|||||||
|(IV) Internal|||||||
|carry-forward of|||||||
|owners’ equity|||||||
|1. New|||||||
|increase of capital|||||||
|(or share capital)|||||||
|from capital public|||||||
|reserves|||||||
|2. New|||||||
|increase of capital|||||||
|(or share capital)|||||||
|from surplus|||||||
|reserves|||||||
|3. Surplus|||||||
|reserves for|||||||
|making up losses|||||||
|4. Other|||||||
|(V) Specific|||||||
|reserve|||||||
|1. Withdrawn|||||||
|for the period|||||||
|2. Used in the|||||||
|period|||||||
|(VI) Other|||||||
|IV. Closing|595,979,|94,057,85|2,933,175|135,934,4|391,006|1,219,911|
|balance|092.00|9.68|.45|22.40|,574.07|,123.60|

 III. Company Profile
Shenzhen Properties& Resources Development (Group) Ltd. (hereinafter referred to as
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. “company” or “the Company”) was incorporated based on the reconstruction of Shenzhen Properties& Resources Development Co., Ltd. after obtaining approval of ZFBF[1991] No. 831 fromPeople’s Government of Shenzhen Municipality. The registration number of Business License for Enterprises as Legal Person is ZQFZ No. 440301103570124.
Up to 31 Dec. 2015, as for the registered capital of the Company which was of RMB595,979,092 and the paid-in capital of RMB595,979,092
The registered capital of the Company was RMB541, 799,175 after bonus issue of shares on the basis of one share for every existing 10 shares based on existing paid-in capital of the Company in 1996 and it changes to RMB595,979,092 after bonus issue of shares on the basis of one share for every existing 10 shares based on previous paid-in capital of RMB541,799,175 in 2009.
2. Registered office, organization form and headquarter address of the Company
Registered office: Shenzhen Municipal, Guangdong Province, PRC
Organization form: joint-stock company with limited liability
Headquarter address:
39th
and
42nd
Floor, International Trade Center, Renmin South Road, Shenzhen.
3. Nature of the business and main business scope of the Company
The business scope of the Company and its subsidiaries includes development and sale of commodity premises, construction and management of buildings, lease of properties, supervision of construction, domestic trading and materials supply and marketing (excluding exclusive dealing and monopoly sold products and commodities under special control to purchase).
The Company and the subsidiary (hereinafter referred to as “the Group” in total) mainly operates the development of real estate; property management; buildings and the building devices maintainance, gargen afforest and cleaning service; houses and building leasing; passenger traffits and leasing of motor vehicles; supervise and management of the engineering; retails of the Chinese food, Western-styly food and wines.
3. About the controlling shareholder of the Company and the Group
By the end of the reporting period, the controlling shareholder of the Company is still Shenzhen Construction Investment Holdings in register book. In 2004,People’s Government of Shenzhen Municipality incorporated Shenzhen Construction Investment Holdings with the other two municipal asset management companies, namely Shenzhen Investment Management Corporation and Shenzhen Trade and Business Holding Company, and established Shenzhen Investment Holdings Co., Ltd. Thus, theCompany’s actual controlling shareholder is Shenzhen Investment Holdings Co., Ltd., a sole state-funded limited company, who was established in Oct. 13, and the main operating scope including: to execute the investment, operating and management of the state-owned equities of the wholly-owned, controlling and stock-participating enterprises through the methods such as the restructuring integration, capital operation and assets disposal; to engage in the property development and operation business within the scale of legally acquire the land use right; to execute the policy-based and strategic investment according to the requirements of the SASAC; to provide the guarantee of the municipal state-owned enterprises; other business developed with the authority from the Municipal State-owned Assets Supervision and Administration Commission. As a government department, Shenzhen State-owned Assets Supervision and Administration Bureau manage Shenzhen Investment Holdings Co., Ltd. on behalf ofPeople’s Government of Shenzhen Municipality. Thus, the final controller of the Company is Shenzhen State-owned Assets Supervision and Administration Committee of Shenzhen Government.
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. 4. Authorization and date of issuing the financial statements
The financial statements were approved and authorized for issue by the
8th
Session of the
8th Board of the Directors on 30 Mar. 2016.
Up to the end of the reporting period, there were 26 subsidiaries included in the consolidation financial statement, and for the details, please refer to Notes IX. 1 of Section X.
For the changes of consolidation financial statement scope of the reporting period, please refer to Notes VIII. of Section X.
IV. Basis for the preparation of financial statements
1. Preparation basis
The company recognizes and measures transactions occurred according to Chinese Accounting Standards– Basic standard and other related accounting standards, prepares the financial statements based on accrual accounting and the underlying assumption of going concern.
2. Continuation
There will be no such events or situations in the 12 months from the end of the reporting period that will cause material doubts as to the continuation capability of the Company.
V. Important accounting policies and estimations
Indication of specific accounting policies and estimations:
Inapplicable
1. Statement of compliance with Enterprise accounting standards
The company's financial statements comply with the requirements of Accounting Standards; the company's financial position, operating results, changes in shareholder's equity and cash flow, and other relevant information are truly and completely disclosed in financial statements.
2. Fiscal period
TheGroup’s fiscal year starts on 1 Jan. and ends on 31 Dec. of every year according to the Gregorian calendar.
3. Operating cycle
A normal operating cycle refers to a period from the Group purchasing assets for processing to realizing cash or cash equivalents. As for the construction of the real estate projects of the Group with rather long period, the normal operating period more than 1 year owning to the industry characteristics, and although the relevant assets be discounted, sold or consumed more than 1 year, should still be divided into the circulating assets; as for the operating liabilities projects during the
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. normal operation period even be liquidated over 1 year after the balance sheet date, should be divided into the circulation liabilities. Besides, the normal operating period of other business of the Group is shorter than 1 year. As for the normal operating period shorten than 1 year and the assets discounted since the balance sheet date or the liabilities should be liquidated due within 1 year since the balance sheet date, should be classified as the circulating assets or liabilities.
4. Recording currency
The Company and the domestic subsidiaries regard the Renminbi as the recording currency. The Hong Kong subsidiary of the Company confirms the Hong Kong dollar as its recording currency according to the major economic environment of the currency of its office place. When compiling the financial statements, the currency the Company adopted was the Renminbi.
5. Accounting method of business combination under the common control and not under the common control
(1) The Group adopts equity method for business combination under common control. The assets and liabilities that the combining party obtained in a business combination shall be measured on their carrying amount in the combined party on the combining date. The difference between the carrying amount of net assets acquired by the combining party and the carrying amount of the consideration paid by it (or the total par value of the shares issued) shall be adjusted to capital surplus. If the capital surplus is not sufficient for adjustment, retained earning is adjusted respectively. The business combination costs that are directly attributable to the combination, such as audit fees, valuation fees, and legal service fees and so on are recognized in profit or loss during the current period when they occurred. The bonds issued for a business combination or the handling fees, commissions and other expenses for bearing other liabilities shall be recorded in the amount of initial measurement of the bonds or other debts. The handling fees, commissions and other expenses for the issuance of equity securities for the business combination shall be credited against the surplus of equity securities; if the surplus is not sufficient, the retained earnings shall be offset. Where a relationship between a parent company and a subsidiary company is formed due to a business combination, the parent company shall, on the combining date, prepare consolidated financial statements according to the accounting policy of the Company; the period of the adjustment of the compared data of the consolidation financial statement should earlier than the later time under the control of the ultimate control party of the combine party and the combined party.
(2) The Company adopts acquisition method for business combination not under common control. The acquirer shall recognize the initial cost of combination under the following principles:
①When business combination is achieved through a single exchange transaction, the cost of a business combination is the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity securities issued by the acquirer, in exchange for control of the acquiree;
②For the business combination involved more than one exchange transaction, accounting treatments will be carried out separately on individual and consolidated financial statements as the followings:
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. A. In the individual financial statements, the initial investment cost changed to be measured by the cost method of the particular project will be the sum of book value of equity in the entity before the date of acquisition and the newly added investment cost; the other comprehensive revenues recognized by adopting the equity method of the equity investment before the purchase date, should be executed accounting treatments based on the same basic of the relevant assets or liabilities directly disposed by the purchasers when disposing the investment. The equity investment held before the purchase date which is executed the accounting treatments according to the relevant regulations of No. 22 ASBE-Recognition and Measurement of the Financial Instruments, the accumulative fair value changes originally included into the other comprehensive income should be transferred into the current gains and losses by adopting the cost method.
B. In the consolidated financial statements, the share equity in the acquired entity before the date of acquisition is recalculated upon the fair value of the equity at the date of acquisition. The balance between the fair value and book value shall be accounted into current investment income account; when the share equity before the date of acquisition involves with other integrated gains, such gains are transferred into investment income account of the period when it occurred. Within the notes of financial statement, the Company shall be disclosed the fair value (on the merger date) of the shareholdings of the bargainer hold and profits or losses recognized by the revaluation.
③Agency expenses and other administrative expenses such as auditing, legal consulting, or appraisal services occurred relating to the merger of entities are accounted into current income account when occurred; the transaction fees of equity certificates or liability certificates issued by the purchaser for payment for the acquisition are accounted at the initial amount of the certificates.④Where a business combination contract or agreement provides for a future event which may adjust the cost of combination, the Group shall include the amount of the adjustment in the cost of the combination at the acquisition date if the future event leading to the adjustment is probable and the amount of the adjustment can be measured reliably.
The Group shall, on the acquisition date, measure the assets given and liabilities incurred or assumed by an enterprise for a business combination in light of their fair value, and shall record the balances between them and their carrying amounts into the profits and losses at the current period. The acquirer shall distribute the combination costs on the acquisition date, and shall recognize all identifiable assets, liabilities and contingent liabilities it obtains from the acquiree. (1) the acquirer shall recognize the difference that the combination costs are over the fair value of the identifiable net assets obtained from acquiree as goodwill; (2) if the combination costs are less than the fair value of the identifiable net assets obtained from acquiree, the acquirer shall reexamine the measurement of the fair values of the identifiable assets, liabilities and contingent liabilities obtained from the acquiree as well as the combination costs; and then after the reexamination, the result is still the same, the difference shall be recorded in the profit and loss of the current period.
Where a relationship between a parent company and a subsidiary company is formed due to a business combination, the parent company shall prepare accounting books for future reference, which shall record the fair value of the identifiable assets, liabilities and contingent liabilities obtained from the subsidiary company on the acquisition date. When preparing consolidated financial statements, it shall adjust the financial statements of the subsidiary company on the basis of the fair values of the identifiable assets, liabilities and contingent liabilities determined on the acquisition date according to theGroup’s accounting policy of “Consolidated financial statement”.
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. 6. Methods for preparing consolidated financial statements
(1) Consolidation scope
The consolidation scope for financial statements is determined on the basis of control, including the annual financial statement up to 31 Dec. 2014 of the Company and whole subsidiaries. The consolidated financial statements comprise the financial statements of the Group and its subsidiaries. A subsidiary is an enterprise or entity controlled by the Group (including the segmental part among the enterprises and investees as well as the structuralized main bodies etc.) The term “control” is the power of the Group upon an investee, with which it can take part in relevant activities of the investee to obtain variable returns and is able to influence the amount of returns.
(2) Methods for preparing the consolidated financial statements
The Company compiles the consolidation financial statement according to other relevant materials based on the financial statement of itself and its subsidiaries.
The Company regards the whole enterprise group as an accounting main body when compiling the consolidation financial statement to reflect the whole financial conditions, operation results and cash flows according to the requirements of the recognition, measurement and presentation of the relevant ASBE and the unitize accounting polices.
The financial statements of subsidiaries are adjusted in accordance with the accounting policies and accounting period of the Group during the preparation of the consolidated financial statements, where the accounting policies and the accounting periods are inconsistent between the Group and subsidiaries. For a subsidiary acquired from a business combination not under the same control, the individual financial statements of the subsidiary are adjusted based on the fair value of the identifiable net assets at the acquisition date.
(3) Statement of minority interests and profits or losses
The portion of the equity of the subsidiaries that are not owned by the parent is presented as minority interest in the consolidated balance sheet.
The portion of the profit or loss of the subsidiaries that are not owned by the parent is presented as minority interest in the consolidated income statement.
(4) Accounting treatment of excess losses
When the share of losses attributable to the minor shareholders has exceeded their shares in theshareholders’ equity at the beginning of term, theshareholders’ equity shall be deducted thereof.
(5) Accounting treatment on increase or decrease of the subsidiaries during the reporting period
For any subsidiary acquired by the Company through business combination under the common control, when the consolidated balance sheet for the current period are being prepared, the amount at the beginning of the period in the consolidated balance sheet is made corresponding modification. For addition business combination not under common control during the reporting period, the Company makes no adjustment for the amount at the beginning of the period in the consolidated balance sheet. When disposing subsidiary during the reporting period, the Company makes no adjustment for the amount at the beginning of the period in the consolidated balance sheet.
For any subsidiary acquired by the Company through business combination under the common control, when the consolidated income statement for the current period are being prepared, revenue, expense and profit for the period from the beginning of the consolidated period to the
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. year end of the reporting period are included in the consolidated income statement, and included the consolidate cash flow from the period-begin to the period-end of the subsidiary into the consolidate cash flow statement. For addition business combination not under common control during the reporting period, revenue, expense and profit for the period from acquisition date to the year end of the reporting period is included in the consolidated income statement and included the consolidate cash flow from the purchasing date to the period-end of the subsidiary into the consolidate cash flow statement. When disposing subsidiary during the reporting period, revenue, expense and profit for the period from the beginning to the disposal date are included in the consolidated income statement.
When losing the control right of the original subsidiary owing to the disposing of party equity investment or other reasons, for the remaining equity investment after the disposing, should be remeasured according to the fair value of the date of losing the control right. The amount of the sum between the consideration of disposing the equity and the fair value of the remaining equity that minus the balance between the shares of net assets that gained from the original subsidiaries by continuously calculation according the original shareholding ratio since the purchasing date should accrued into the current investment benefits of losing the control right. The other comprehensive benefits related to the equity investment of the original subsidiaries should be transferred into the current investment benefits when losing the control right.
The balance between the newly gained long-term equity investment owning to the purchasing of the minority equities and the net identifiable assets enjoyed from the subsidiaries according to the newly increased shareholding ratio, and the balance between the dispose of remuneration which gained from the partly depose of the equity investment of the subsidiaries under the situation of not losing the control right and the corresponding shares of net assets from the subsidiaries when disposing the long-term equity investment, should both adjust the share premium of the capital surplus of the consolidate balance sheet. If the share premium of the capital surplus is not sufficient for adjustment, retained earning is adjusted respectively.
(6) Disposal on consolidation statement of disposing the equity step by step till lose the control right
If the each transaction of disposing the equity investment of the subsidiaries till lose the control right which belongs to package deal, each transaction would be executed accounting treatment as a transaction of disposing the subsidiaries that lose the control right; however, before losing the control right, for the balance between each disposal of the remuneration and the corresponding shares of net assets of investing the subsidiary, would be confirmed as other comprehensive benefits in the consolidate financial statement and would be transferred into the current gains and losses of losing the control right when losing it. If not belongs to the package deal, before losing the control right, or when losing it, should execute the accounting treatment according to the aforesaid situation of not losing the control right to dispose party equity investment of the subsidiaries as well as according to the accounting policy of losing the control right of the original subsidiaries.
If the regulations, conditions and its economic influences of each deal of disposing the equity investment of the subsidiary met with following one or more kinds of situations, it indicated that the multiple transactions would consolidate as package deal for accounting treatment:①these transactions are formatted under the situation of contemporary or considering of the mutual influences;②only the entirety of these transactions could achieve a complete commercial result;
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.③the happen of one transaction depends on at least the happen of other one transaction;④to see independently of one transaction is not economic while to considered with other transactions are economic.
Execute the accounting treatment of the several financial statements of disposing the equity step by step till lose the control right according to the accounting policy of disposing the long-term equity investment.
7. Classification of joint arrangements and accounting treatment of joint operations
(1) Category of joing arrangements
A joint arrangement refers to an arrangement jointly controlled by two participants or above. The Group classifies joint arrangements into joint operations and joint ventures according to its rights and duties in the joint arrangements. A joint operation refers to a joint arrangement where the Group enjoys assets and has to bear liabilities related to the arrangement. A joint venture refers to a joint arrangement where the Group is only entitled to the net assets of the arrangement.
The joint arrangement achieves not through the individual main body should be divided as joint operation. Individual main body refers to the entity owns individual distinguishable financial structure, including the individual legal entities and the entities without legal entity qualification but gains the legal permits. The joint arrangement achieves through individual main body is usually divided into the joint venture, but for the joint arrangement with definite evidence indicants that meet with any condition of the followings and meet with the regulations of the relevant laws and regulations should be divided into joint operation; the legal form of other joint arrangement indicates that, the jointly owned party respectively enjoys the rights and burdens the obligations of the relevant assets and liabilities among the arrangement; the clauses of the contacts of the joint arrangement agrees that, the jointly owned party respectively enjoys the rights and burdens the obligations of the relevant assets and liabilities among the arrangement; other relevant facts and situation indicates that, the jointly owned party respectively enjoys the rights and burdens the obligations of the relevant assets and liabilities among the arrangement, for example, the jointly owned party enjoys almost all of the output related to the joint arrangement and the liquidation of the liabilities of the arrangement constantly depends on the support of the jointly owned party.It’s forbidden to regard the jointly owned party which provides the liabilities for the joint arrangement as it has the responsibility to bear the relevant liabilities. For the jointly owned party takes the responsibility to pay the contributive obligations for the joint arrangement, not be considered to undertake the relevant liabilities related to the arrangement. For the relevant facts and the changes of the situation leads the rights enjoyed and the liabilities undertook amount the joint arrangement change, the Group should re-assess the category of the joint arrangement. For the structure agreement setting various joint arrangements for achieving different activities, the Group respectively recognizes each category of the joint arrangement.
For the details of the basis of recognizing the joint control and the accounting policies of the measurement of the joint venture, please refer to Notes (V) 13.
(2) Accounting treatment of joint operations
The following projects related to the interests portion among the joint operation recognized by the Group and be executed according to the regulations of the relevant ASBE: recognizes the assets held alone and the assets joint held by recognizing accoridng to the portion; recognizes the
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. jointly-held assets and jointly-borne liabilites according to theGroup’s stake in the joint operation; recognizes the income from sale of theGroup’s share in the output of the joint operation; recognizes the income from sale of the jointoperation’s outputs accoridng to theGroup’s stake in it; and recognizes the expense solely incurred to the Group and the expense incurred to the joint operation according to theGroup’s stake in it.
When the Group, as a joint operator, transfers or sells assets (except for the assets constituing business) to the joint operation, before the assets are sold to a third party, the Group only recognizes the share of the other joint operators in the gains and losses arising from the sale. Where impairment occurs to the assets as prescribed in<The Accounting Standard No. 8 for BusinessEnterprises—AssetImpairment>, the Group shall fully recognizes the loss. When the Group, purchases assets from the joint operation (except for the assets constituing business) to the joint operation, before the assets are sold to a third party, the Group only recognizes the share of the other joint operators in the gains and losses arising from the sale. Where impairment occurs to the assets as prescribed in<The Accounting Standard No. 8 for BusinessEnterprises—AssetImpairment>, the Group shall fully recognizes the loss according to its stake in the joint operation for a purchase of assets from the joint operation.
If the Group attributes to the participate party without joint control on the joint operation,if enjoys the relevant assets and undertakes the relevant liabilities of the joint operation, should execute accounting treatment according to the above principles; otherwise, should execute the accounting treatment according to the accounting policies of the measurement of the financial instruments or the long-term equity investment formulated by the Group.
8. Recognition standard for cash and cash equivalents
In theGroup’s understanding, cash and cash equivalents include cash on hand, any deposit that can be used for cover, and short-term (usually due within 3 months since the day of purchase) and high circulating investments, which are easily convertible into known amount of cash and whose risks in change of value are minimal.
9. Foreign currency businesses and translation of foreign currency financial statements
The foreign currency transactions are both discounted as recording currency according to the spot rate on the trading date (ususally refers to the middle price of the foreign exchange quotation on that very date issued byPeople’s Bank of China, similarly hereinafter).
(1) Treatment of foreign currency exchange difference
On balance sheet date, the Group accounts for monetary and non-monetary items denominated in foreign currencies as follows: a) monetary items denominated in foreign currencies are translated at the foreign exchange rates ruling at the balance sheet date. Foreign exchange gains and losses arising from the difference between the balance sheet date exchange rate and the exchange rate ruling at the time of initial recognition or the exchange rate ruling at the last balance sheet date are recognized in income statement; b) Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the current exchange rates ruling at the transaction dates. Non-monetary items denominated in foreign currencies that are stated at fair value are translated using the current exchange rates ruling at the dates the fair value was determined, the
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. difference between the amount of functional currency after translation and the original amount of functional currency is treated as part of change in fair value (including change in exchange rate) and recognized in income statement. During the capitalization period, exchange differences arising from foreign currency borrowings are capitalized as part of the cost of the capitalized assets.
(2) Translations of financial statements in foreign currencies
The Group translates the financial statements of its foreign operation in accordance with the following provisions: a) the asset and liability items in the balance sheets shall be translated at a spot exchange rate ruling at the balance sheet date. Among the owner's equity items, except the ones as “retained earnings”, others shall be translated at the spot exchange rate ruling at the time when they occurred; b) The income and expense items in the income statements shall be translated at an exchange rate which is determined in a systematic and reasonable way and is approximate to the spot exchange rate (calculated by the average of starting rate and closing rate on the reporting period) ruling at the transaction date. The foreign exchange difference arisen from the translation of foreign currency financial statements shall be presented separately under the owner's equity in the balance sheet. The translation of comparative financial statements shall be subject to the aforesaid provisions.
10. Financial instruments
(1) Recognition of the financial instruments
The Group recognizes a financial asset or financial liability on its balance sheet when, and only when, the Company becomes a party to the contractual provisions of the instrument.
(2) Category and measurement of the financial assets
① The Group based on the reasons such as risks management, investment strategies and objective of holding the financial assets, classifies the financial assets into the following four categories: a) financial assets at fair value through profit or loss; b) held-to-maturity investments; c) loans and receivables; and d) available-for-sale financial assets.
A. Financial assets measured by fair value and its changes included in the current gains and losses Financial assets measured by fair value and its changes included in the current gains and losses, including trading financial assets and the financial assets appointed to be measured by fair value with its changes included in the current gains and losses of the initial recognition.
The financial assets meeting any of the following requirements shall be classified as transactional financialassets：A. The purpose to acquire the said financial assets is mainly for selling them in the near future; B. Forming a part of the identifiable combination of financial instruments which are managed in a centralized way and for which there are objective evidences proving that the enterprise may manage the combination by way of short-term profit making in the near future; C. Being a derivative instrument, excluding the designated derivative instruments which are effective hedging instruments, or derivative instruments to financial guarantee contracts, and the derivative instruments which are connected with the equity instrument investments for which there is no quoted price in the active market, whose fair value cannot be reliably measured, and which shall be settled by delivering the said equity instruments.
The financial assets meeting any of the following requirements shall be designated as financial assets which are measured at their fair values and the variation of which is recorded into the profits and losses of the current period for initial recognition: A. the designation can eliminate or
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. significantly reduce the difference of relevant gains and losses between recognition and measurement causing from different bases for measurement of financial assets; B. The official written documents for risk management and investment strategies of the enterprise have clearly stated that it shall, manage, evaluate and report to important management personnel based on the fair value, about the financial assets group or the group of financial assets which the financial assets are belong to.
For the equity instruments investment without quotation in the active market and the fair value could not be reliable measured, should not be appointed as the financial assets measured by the fair value with its changes included in the current gains and losses.
B. Held-to-maturity investment
The term "held-to-maturity investment" refers to a non-derivative financial asset with a fixed date of maturity, a fixed or determinable amount of repo price and which the enterprise holds for a definite purpose or the enterprise is able to hold until its maturity.
C. Loans and the accounts receivables
Loans and the accounts receivables refer to non-derivative financial assets, which there is no quotation in the active market, with fixed recovery cost or recognizable.
D. Available-for-sale financial assets
Available-for-sale financial assets refer to the non-derivative financial assts which appointed available for sale when initially recognizes and the financial assets except for the above category of the financial assets.
After the Group classifies certain financial assets as the financial assets measured by fair value and included its changes in the current gains and losses when initially recognized, should not re-classified as other financial assets; other financial assets also should not be re-classified as the financial assets measured by fair value with its changes be included in the current gains and losses.
② The financial assets are initially recognized at fair value. Gains or losses arising from a change in the fair value of a financial asset at fair value through profit or loss is recognized in profit or loss when it incurred and relevant transaction costs are recognized as expense when it incurred. For other financial assets, the transaction costs are recognized as costs of the financial assets.
③ Subsequent measurement of financial assets
A. A financial asset at fair value through profit or loss includes financial assets held for trading and financial assets designated by the Group as at fair value through profit or loss. The Group subsequently measures the financial asset at fair value through profit or loss at fair value and recognizes the gain or loss arising from a change in the fair value of a financial asset at fair value through profit or loss as profit or loss in the current period.
B. Held-to-maturity investments are measured at amortized cost using the effective interest method. A gain or loss is recognized in profit or loss during the current period when the financial asset is derecognized or impaired and through the amortization process.
C. Loans and receivables are measured at amortized cost using the effective interest method. A gain or loss is recognized in profit or loss during the current period when the financial asset is derecognized or impaired and through the amortization process.
D. Available-for-sale financial assets are measured at fair value and the gain or loss arising from a change in the fair value of available-for-sale financial assets is recognized as capital reserve which is transferred into profit or loss when it is impaired or derecognized. Interests or cash dividends
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. during the holding period are recognized in profit or loss for the current period. For the equity instruments investment without quotation in the active market and the fair value could not be reliable measured and the derivative financial assets linked up with the equity instruments and should be settled through handing over to the equity instruments, should be measured according to the cost.
④ Impairment provision of the financial assets
A. The Group assesses the carrying amount of the financial assets except the financial asset at fair value through profit or loss at each balance sheet date, if there is any objective evidence that a financial asset or group of financial assets is impaired, the Group shall recognize impairment loss. B. The objective evidences that the Group uses to determine the impairment are as follows:
a) significant financial difficulty of the issuer or obligor;
b) a breach of contract, such as a default or delinquency in interest or principal payments;
c) the lender, for economic or legal reasons relating to the borrower's financial difficulty, granting to the borrower a concession that the lender would not otherwise consider;
d) it becoming probable that the borrower will enter bankruptcy or other financial reorganization;
e) the disappearance of an active market for that financial asset because of financial difficulties;
f) observable data indicating that there is a measurable decrease in the estimated future cash flows from a group of financial assets since the initial recognition of those assets, although the decrease cannot yet be identified with the individual financial assets in the group, including: (i) Adverse changes in the payment status of borrowers in the group or (ii) an increase in the unemployment rate in the geographical area of the borrowers, a decrease in property prices for mortgages in the relevant area, or adverse changes in industry conditions that affect the borrowers.
g) significant changes with an adverse effect that have taken place in the technological, market, economic or legal environment in which the borrower operates, and indicates that the cost of the investment in the equity instrument may not be recovered;
h) a significant or non-temporary decrease in fair value of equity investment instruments;
i) other objective evidences showing the impairment of the financial assets.
C. Measurement of impairment loss of financial assets
a) held-to-maturity investments, loans and receivables
If there is objective evidence that an impairment loss on loans and receivables or held-to-maturity investments carried at amortized cost has been incurred, the amount of the loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows. The amount of the loss is recognized in profit or loss of the current period.
The Group assesses whether objective evidence of impairment exists individually for financial assets that are individually significant, and individually or collectively for financial assets that are not individually significant. If the Group determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is or continues to be recognized are not included in a collective assessment of impairment.
The Group performs impairment test for receivables and provide bad debt provisions at the balance sheet date. For the individually significant receivables and not individually significant receivables, the impairment tests are both carried on individually. If there is objective evidence that an impairment loss on loans and receivables, the Group provides provision for impairment
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. loss for the amount which is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows.
If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss of financial asset measured at amortized cost is be reversed. The amount of the reversal is recognized in profit or loss of the current period.
b) Available-for-sale financial assets
The Group takes the individual investment of impairment test for available-for-sale financial assets. On the balance sheet date, it could judge whether the fair value of available-for-sale financial assets are seriously or non-temporary decline: if the decline of the fair value of the individual available-for-sale financial assets exceeds50% of the cost, or had continuously declined for over 12 months, should be recognized the available-for-sale financial assets had decreased and should recognized the impairment losses according to the impairment provision for the balance between the cost and the fair value. The cost at the period-end of available-for-sale financial assets is the amortized cost which is initially measured according to the investment cost when receiving and is calculated by the weighted average method when selling.
When a decline in the fair value of an available-for-sale financial asset has been recognized directly in equity, the cumulative loss that had been recognized directly in equity is removed from equity and recognized in profit or loss even though the financial asset has not been derecognized.
If there is objective evidence that an impairment loss has been incurred on an unquoted equity instrument that is not carried at fair value because its fair value cannot be reliably measured, or on a derivative asset that is linked to and must be settled by delivery of such an unquoted equity instrument, the amount of the impairment loss is measured as the difference between the carrying amount of the financial asset and the present value of estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment losses are recognized in the profit or loss of the current period.
If, in a subsequent period, the fair value of a debt instrument classified as available for sale increases and the increase can be objectively related to an event occurring after the impairment loss was recognized in profit or loss, the impairment loss is reversed, with the amount of the reversal recognized in profit or loss of the current period.
Impairment losses recognized in profit or loss for an investment in an equity instrument classified as available for sale is not reversed through profit or loss. For impairment loss has been incurred on an unquoted equity instrument that is not carried at fair value because its fair value cannot be reliably measured, or on a derivative asset that is linked to and must be settled by delivery of such an unquoted equity instrument, the impairment loss is not reversed through profit or loss.
(3) Classification and measurement of financial liabilities
① The financial liabilities held by the Group are divided into the financial liabilities measured at fair values and whose changes are recorded in current gains and losses and other financial liabilities.
Financial liabilities measured by fair value and its changes included in the current gains and losses, including trading financial liabilities and the financial liabilities appointed to be measured by fair value with its changes included in the current gains and losses of the initial recognition.
The financial liabilities meeting any of the following requirements shall be classified as transactional financialliabilities：A. The purpose to acquire the said financial liabilities is mainly
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. for selling them in the near future; B. Forming a part of the identifiable combination of financial instruments which are managed in a centralized way and for which there are objective evidences proving that the enterprise may manage the combination by way of short-term profit making in the near future; C. Being a derivative instrument, excluding the designated derivative instruments which are effective hedging instruments, or derivative instruments to financial guarantee contracts, and the derivative instruments which are connected with the equity instrument investments for which there is no quoted price in the active market, whose fair value cannot be reliably measured, and which shall be settled by delivering the said equity instruments.
The financial liabilities meeting any of the following requirements shall be designated as financial liabilities which are measured at their fair values and the variation of which is recorded into the profits and losses of the current period for initial recognition: A. the designation can eliminate or significantly reduce the difference of relevant gains and losses between recognition and measurement causing from different bases for measurement of financial assets; B. The official written documents for risk management and investment strategies of the enterprise have clearly stated that it shall, manage, evaluate and report to important management personnel based on the fair value, about the financial liabilities group or the group of financial liabilities which the financial liabilities are belong to; for the blender instruments including one or more items of derivative instruments, unless there no significant changes of the cash flow of the blender instruments by the embedded derivatives, or the embedded derivative instruments parentally should be stripped off from the relevant blender instruments; including the blender instruments that embedded into the derivative instruments needed to be stripped out but failed to execute individual measurement when acquired or on the follow-up balance sheet date.
After the Group classifies certain financial liabilities as the financial liabilities measured by fair value and included its changes in the current gains and losses when initially recognized, should not re-classified as other financial liabilities; other financial liabilities also should not be re-classified as the financial liabilities measured by fair value with its changes be included in the current gains and losses.
② Financial liabilities are initially measured at fair value. For the financial liability at fair value through profit or loss at its fair value, relevant transaction costs are recognized as expense when it incurred. For the other financial liabilities, relevant transaction costs are recognized as costs.
③ Subsequent measurement of financial liabilities
A. The Group recognizes a financial liability at fair value through profit or loss at its fair value. A gain or loss of change in fair value is recognized in the profit or loss of the current period.
B. Other financial liabilities are measured by amortized cost using effective interest rate.
(4) Recognition and measurement for transfer of financial assets
The Group derecognizes financial assets when the Group transfers substantially all the risks and rewards of ownership of the financial assets. On derecognizing of a financial asset in its entirety, the difference between the follows is recognized in profit or loss of the current period.
① the carrying amount of transferring financial assets;
② the sum of the consideration received and any cumulative gain or loss that had been recognized directly in equity (including financial assets transferred to available for sale category). If the transferred asset is part of a larger financial asset and the part transferred qualifies for derecognizing in its entirety, the previous carrying amount of the larger financial asset is allocated
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. between the part that continues to be recognized and the part that is derecognized, based on the relative fair values of those parts on the date of the transfer. The difference between the follows is recognized in profit or loss of the current period.
① the carrying amount allocated to the part derecognized;
② the sum of the consideration received for the part derecognized and any cumulative gain or loss allocated to it that had been recognized directly in equity (including financial assets transferred to available for sale category).
A cumulative gain or loss that had been recognized in equity is allocated between the part that continues to be recognized and the part that is derecognized, based on the relative fair values of those parts.
If a transfer does not qualify for derecognizing, the Group continues to recognize the transferred asset in its entirety and shall recognize a financial liability for the consideration received.
When the Group continues to recognize a financial asset to the extent of its continuing involvement, the Group also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained.
(5) De-recognition of financial liabilities
If the whole or partly of the current obligation of the financial liabilities of the Group is relieved, should derecognize the financial liabilities or partly of it. The Group signs an agreement with the creditors is of the method by undertaking the new financial liabilities to replace the current financial liabilities. if the new financial liabilities are different from the current one on the essence of contract terms, should derecognize the current financial liabilities and recognize the new one at the same time.
If the whole or partly of the financial liabilities had derecognized, should derecognize balance between partly of the book value and the paid consideration (including the turned out non-cash assets or the new financial liabilities) and accrued into the current gains and losses.
(6) Offsetting financial assets and financial liabilities
Financial assets and financial liabilities shall be presented separately in the balance sheet and shall not be offset. As for the financial assets and financial liabilities satisfy the following conditions at the same time, should be listed as the net amount within the balance sheet after the mutual offset: the Group had the legal right of the offset recognized amount and the right was executable for the moment; the Group planed to settle by net amount or at the same time discounted the financial assets and liquidated the financial liabilities. For the transfer of the financial assets not satisfy the de-recognition conditions, the transfer-out party should not offset the transfer financial assets and the relevant liabilities.
11. Receivables
(1) Accounts receivable with significant single amount for which the bad debt provision is made individually
|||
|-|-|
|Judgement basis or monetary standards of provision for bad|Accounts receivable with individual amount of more than 2|
|debts of the individually significant accounts receivable|million (including 2 million).|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||
|-|-|
||The Group made an independent impairment test on receivables|
||with significant single amounts; if there was objective evidence|
||indicated that the impairment had occurred should recognize the|
|Method of individual provision for bad debts of the individually||
||impairment losses and should withdraw the bad debt provision.|
|significant accounts receivable||
||The financial assets without impairment by independent|
||impairment test should be included in financial assets portfolio|
||with similar credit risk to take the impairment test.|

 (2) Accounts receivable which the bad debt provision is withdrawn by credit risk characteristics
|||
|-|-|
|Name of portfolios|Bad debt provision method|
|Portfolios 1 (accounts receivable among the companies within||
||Other method|
|the consolidated scope of the Group)||
|Portfolios 2 (accounts receivable except for the portfolios 1||
|which had not been impaired after the independent test, and the||
|Company analyzed and recognized the ratio of the withdrawal of||
|the bad debt provision combined with the current situation and||
||Aging of accounts|
|based on the actual losses rate of the accounts receivable group||
|which possessed the similar credit risk characteristics divided||
|according to the aging phase that were the same as or similar to||
|the previous years)||

In the groups, adopting aging analysis method to withdraw bad debt provision:
√ Applicable□ Inapplicable
||||
|-|-|-|
||Withdrawal proportion for accounts|Withdrawal proportion for other accounts|
|Age|||
||receivable|receivable|
|Within 1 year (including 1 year)|3.00%|3.00%|
|1-2 years|10.00%|10.00%|
|2-3 years|30.00%|30.00%|
|3-4 years|50.00%|50.00%|
|4-5 years|80.00%|80.00%|
|Over 5 years|100.00%|100.00%|

 In the groups, adopting balance percentage method to withdraw bad debt provision:
□ Applicable√ Inapplicable
In the groups, adopting other methods to withdraw bad debt provision:
√ Applicable□ Inapplicable
||||
|-|-|-|
||Withdrawal proportion for accounts|Withdrawal proportion for other accounts|
|Name of portfolios|||
||receivable|receivable|
|Portfolios 1|0.00%|0.00%|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. (3) Accounts receivable with an insignificant single amount but for which the bad debt provision is made individually
|||
|-|-|
||The Group made independent impairment test on receivables|
|Reason of individually withdrawing bad debt provision|with insignificant amount but with special impairment indicated|
||by objective evidence.|
||The impairment test is carries out individually, the Company|
||recognizes provision for impairment loss for the amount which is|
|Withdrawal method for bad debt provision|measured as the difference between the asset's carrying amount|
||and the present value of estimated future cash flows, and|
||withdraws relevant bad debts provision.|

12. Inventory
(1) Classification of inventory: inventory of the Group including the finished products or commodities held in the daily activities for sales, the unfinished products in the production process, the materials consumed in the production process or the process of providing the labor etc. Which are specific divided as: raw materials, finished goods, and low-value consumption goods, land use right held for real estate development, properties under development and completed properties for sale.
(2) Reorganization of inventory: the Company confirms the inventory when meeting the following conditions at the same time:
① the economic benefits related to the inventory possibility would flow into the enterprise;
② the cost of the inventory could be reliably calculated.
(3) Valuation method of inventories acquiring and issuing: Property inventories are measured at actual cost incurred, comprising the borrowing cost designated for real estate development before completion of developing properties. Completed saleable property inventories are measured using average unit area cost method. Other kinds of inventories are measured at actual cost incurred, and when the inventories are transferred out or issued for use, cost of the inventories is determined using weighted average cost method.
(4) Amortization method of low-value consumption goods and wrappage: the low-value consumption goods and wrappage should adopt the one time amortization according to the actual situation when requiring.
(5) Measurement of the inventories at the period-end: on the balance sheet date, the inventory should be measured according to the lower one between the cost and the net realizable value, if the inventory cost higher than the net realizable value, should withdraw the falling provision of the inventory and include in the current gains and losses.
① Estimation of net realizable value:
Estimates of net realizable value are based on the most reliable evidence available at the time the estimates are made, of the amount the inventories are expected to realize. These estimates take into consideration the purpose for which the inventory is held and the influence of post balance
sheet events.
Materials and other supplies held for use in the production are measured at cost if the net
realizable value of the finished goods in which they will be incorporated is higher than their cost.
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. However, when a decline in the price of materials indicates that the cost of the finished products will exceed their net realizable value, the materials are measured at net realizable value.
The net realizable value of inventories held to satisfy sales or service contracts is generally based on the contract price.
If the quantity specified in sales contracts is less than the inventory quantities held by the Company, the net realizable value of the excess shall be based on general selling prices.
②The Company generally provides provision for impairment of inventory individually.
For large quantity and low value items of inventories, cost and net realizable value are determined based on categories of inventories.
Where certain items of inventory have similar purposes or end uses and relate to the same product line produced and marketed in the same geographical area, and therefore cannot be practicably evaluated separately from other items in that product line, costs and net realizable values of those items may be determined on an aggregate basis.
(6) The perpetual inventory system is maintained for stock system.
13. Divided as assets held for sale
(1) Recognition criteria of the assets held for sale
The Group recognizes the enterprise compose part (or the non-current assets, similarly hereinafter) that simultaneously meets with the following conditions as assets held for sale:
① The compose part must be immediately sold only according to the usual terms of selling the compose part of this kind under the current conditions;
② The relevant power institutions of the Group had made agreement on disposing the compose part, if receive the approval from the shareholders accoridng to the rules, which equals to had received the approved of the Annual General Meeting or the corresponding power institution;
③ The Group has signed the irrevocable transfer agreement with the assignee;
④ The sale transaction is highly probable to be completed within one year
(2) Accounting treatments of the assets held for sale
Non-current assets held for sale include single-item assets and disposal groups. Where a disposal group is an asset group and the goodwill obtained in the business combination is apportioned to the asset group according to the “Accounting Standard No. 8 for BusinessEnterprises—Asset Impairment”, or a disposal group is an operation in such an asset group, the disposal group shall include the goodwill in the business combination.
As for the non-current assets and disposal group which be classiied held for sale by the Group, shall be measured at the lower one of the net amounts of the book value and the fair value after deducting the disposal expense. If the net amount the fair value minuses the disposal expenses is lower than the original book value, the difference should be included in the current gains and losses as the assets impairment losses; if the held for sale is the disposal group, the assets impairment losses should be firstly distributed to the goodwill and then included in the current gains and losses by amortized according to the proportion and attributed to the other non-current assets within the held for sale assets scope. The deferred income tax assets, the financial assets standarized by No. 22 of ASBE-Recognition and Measurement of Financial Instruments, investment property and biological asstes measured by fair value, contacts rights occurred from the insurance contacts and the assets occurred from the employee benefits are not suit for the held
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. for sale measurement, but be individually measured or be measured by being regarding as part of certain disposal group according to the relevant criterion or the relevant accounting policies formulated by the Group.
An asset or an disposal group was classified as held for sale before, but if itcouldn’t meet the recognition conditions for held-for-sale non-current asset later, the Company shall cease to classify it as held for sale, and measure it by the lower amount of the followings: (1) its carrying amount before the asset (or disposal group) was classified as held for sale, adjusted for any depreciation, amortization or impairment before the asset (or disposal group) being classified as held for sale; or (2) its recoverable amount on the date of the subsequent decision not to sell.
14. Long-term equity investments
Long-term equity investement including the equity investment on the subsidiaries, joint ventures and associated enterprises.
(1) Initial measument
The Group initially measures long-term equity investments under two conditions:
①For long-term equity investment arising from business combination, the initial cost is recognized under the following principles.
A. If the business combination is under the common control and the acquirer obtains long-term equity investment in the consideration of cash, non-monetary asset exchange or bearingacquiree’s liabilities, the initial cost is the carrying amount of the proportion of theacquiree’sowner’s equity at the acquisition date. The difference between cash paid, the carrying amount of the non-monetary asset exchanged and theacquiree’s liabilities beard and the initial cost of the long-term equity investment should be adjusted to capital surplus. If the capital surplus is not sufficient for adjustment, retained earning is adjusted respectively. The business combination costs that are directly attributable to the combination, such as audit fees, valuation fees, legal service fees and so on are recognized in profit or loss during the current period when they occurred.
If the acquirer issuing equity securities as consideration, the initial cost is the carrying amount of the proportion of theacquiree’sowner’s equity at the acquisition date. Amount of share capital equal to the par value of the shares issued. The difference between initial cost of the long-term equity investment and the par value of shares issued is adjusted to capital surplus. If the capital surplus is not sufficient for adjustment, retained earning is adjusted respectively. The costs of issuing equity securities occurred in business combination such as charges of security issuing and commissions are deducted from the premium of equity securities. If the premium is not sufficient for deducting, retained earning is adjusted respectively.
B. If the business combination is not under the common control, the acquirer recognizes the initial cost of combination under the following principles.
a) When business combination is achieved through a single exchange transaction, the cost of a
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. business combination is the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity securities issued by the acquirer, in exchange for control of the acquiree;
b) For a business combination that involves more than one exchange transaction, the initial investment cost is the summation of the book value of the equity interests of the acquiree held by the Company before the acquisition date and the new investment cost on the acquisition date;
c) The fees incurred for audit, legal consultation, valuation services and other management expenses are to be recognized in profit or loss at the time such costs incurred. The transaction costs incurred by the acquirer for issuing equity securities or debt securities as the consideration of the acquisition are to be recognized as the initial amount of such equity security or debt security.
d) Where a business combination contract or agreement provides for a future event which may adjust the cost of combination, the Company shall include the amount of the adjustment in the cost of the combination at the acquisition date if the future event leading to the adjustment is probable and the amount of the adjustment can be measured reliably.
② For long-term equity investment obtained in any method other than business combination, the initial cost is recognized under the following principles.
A. If the long-term equity investment is acquired in cash consideration, the initial cost is the actual payment which includes direct expenses paid to acquire the long-term equity investment, taxes and other necessary expense.
B. If the long-term equity investment is acquired by issuing equity securities, the initial cost is the fair value of the equity securities issued. However, cash dividends or profits that are declared but unpaid shall not be included in the initial cost. Direct costs attributed to issue equity securities such as handling charges and commissions paid to securities underwriting agencies are deducted from premium of equity securities. If the premium is not sufficient for deduction, reserved fund and retained earnings is adjusted respectively.
C. For the long-term equity investment invested by investors, the initial cost is the agreed value prescribed in the investment contract or agreement unless the agreed value is not fair.
D. For the long-term equity investment acquired through non-monetary asset exchange, the initial cost is recognized according to “Accounting Standards for Business Enterprises No. 7-Non-monetary transactions”.
E. For the long-term equity investment acquired through debt restructuring, the initial cost is recognized according to “Accounting Standards for Business Enterprises No. 12-Debt restructuring”.
③ If there are cash dividends or profits that are declared but unpaid included in the consideration paid, the cash dividends or profits declared but unpaid shall be recognized as receivables separately rather than as part of initial cost of long-term equity instruments no matter through which method the long-term equity investment is acquired.
(2) Subsequent measurement
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. The cost method is used among the individual financial statement when the long-term equity invetsment could execute control on the investees.The equity method is used when the Company has joint control or significant influence over the investee enterprise.
① The price of a long-term equity investment measured by adopting the cost method shall be included at its initial investment cost and append as well as withdraw the cost of investing and adjusting the long-term equity investment. As for the cash bonus or the profits be declared for distribution by the investees should be recognized as the current investment income.
② If the initial cost of a long-term equity investment is more than the Company's attributable share of the fair value of the invested entity's identifiable net assets for the investment, the initial cost of the long-term equity investment may not be adjusted. If the initial cost of a long-term equity investment is less than the Company's attributable share of the fair value of the invested entity's identifiable net assets for the investment, the difference shall be included in the current profits and losses and the cost of the long-term equity investment shall be adjusted simultaneously.
After acquired the long-term equity investment, respectively recognize investment income and other comprehensive income according to the net gains and losses as well as the portion of other comprehensive income which should be enjoyed or be shared, and at the same time adjust the book value of the long-term equity investment; corresponding reduce the book value of the long-term equity investment according to profits which be declared to distribute by the investees or the portion of the calculation of cash dividends which should be enjoyed; for the other changes except for the net gains and losses, other comprehensive income and theowners’ equity except for the profits distribution of the investees, should adjust the book value of the long-term equity investment as well as include in theowners’ equities. The investing enterprise shall, on the ground of the fair value of all identifiable assets of the invested entity when it obtains the investment, recognize the attributable share of the net profits and losses of the invested entity after it adjusts the net profits of the invested entity. If the accounting polices adopted by the investees is not accord with that of the Group, should be adjusted according to the accounting policies of the Group and the financial statement of the investees during the accounting period and according which to recognize the investment income as well as other comprehensive income. The Group shall recognize the net losses of the invested enterprise until the book value of the long-term equity investment and other long-term rights and interests which substantially form the net investment made to the invested entity are reduced to zero. However, if the Group has the obligation to undertake extra losses, it shall be recognized as the estimated liabilities in accordance with the estimated duties and then recorded into investment losses at current period. If the invested entity realizes any net profits later, the Group shall, after the amount of its attributable share of profits offsets against its attributable share of the un-recognized losses, resume recognizing its attributable share of profits.
When calculating and recognizing the net gains and losses enjoyed or be burdened by the investees, the part attributed to the Group which meausred according to the enjoyed proportion from the unrealized internal transactoins with the joint ventures and associated enterprises should be written off and be recognized as investment income on the basis. As for the unrealized internal transactions losses attributed to the assets impairment losses occurred between the Group and the investees, should be recognized in full amount.
③ When the Group disposing the long-term equity investment, as for the difference between the
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. book value and the actual required price, should be included in the current gains and losses.As for the long-term equity investment measured by equith method, when disposing the investment, should execute the accounting treatment on the part which be originally included in the other comprehensive income according to the correspoding proportion based on the same basic of the relevant assets or liabilities be directly disposed by the investees.
(3) Basic of recognizing the joint control and significant influences on the investees
Joint control, refers to the control jointly owned according to the relevant agreement on an arrangement by the Group and the relevant activities of the arrangement should be decided only after the participants which share the control right make consensus. Significant influence refers to the power of the Group which could anticipate in the finance and the operation polices of the investees, but could not control or jointly control the formulation of the policies with the other parties.
(4) Impairment test method and withdrawal method of impairment provision
The impairment test method and the withdrawal method of impairment provision of long-term equity investment are executed according to the accounting polices of “Long-term assets impairment” formulated by the Group.
15. Investment real estates
Measurement mode of investment real estates
Measurement of cost method
Depreciation or amortization method
(1) Investment properties of the Company are properties held to earn rentals or for capital appreciation or both, mainly comprising:
①Land use right which has already been rented;
②Land use right which is held for transfer out after appreciation;
③Property that has already been rented.
(2) Investment property shall be recognized as an asset when the following conditions are satisfied:
①It is probable that the future economic benefits that are associated with the investment property will flow to the Company;
②The cost of the investment property can be measured reliably.
(3) Initial measurement
An investment property is measured initially at its cost.
①The cost of a purchased investment property comprises its purchase price, related tax expenses and any directly attributable expenditure.
②The cost of a self-constructed investment property comprises all necessary construction expenditures incurred before the property is ready for its intended use.
③The cost of a property acquired by other means shall be recognized according to relevant accounting standards.
(4) Subsequent measurement
After initial recognition, the Company adopts the cost model to measure its investment properties. The Company amortizes or depreciates its investment properties measured using cost model in the same way as fixed assets and intangible assets
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. If the Group had definite evidence indicated the usage of the property had changed, when transferring the self-used real estate or the inventories as the investment real estate or transferring the investment real estate as the self-used real estate, the book value before the transfer should be regarded as the entry value after transfer.
The Group values the investment property measured using cost model at the lower of its cost and its recoverable amount at the end of the period. Where the cost exceeds the recoverable amount, the difference shall be recognized as impairment loss. Once a provision for impairment loss is made, it cannot be reversed.
16. Fixed assets
(1) Recognized standard
Fixed assets are tangible assets that: 1) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and 2) have useful life more than one year.
A fixed asset shall be initially recognized at cost when the following conditions are satisfied:
① It is probable that future economic benefits associated with the assets will flow to the Company;
② The cost of the assets can be measured reliably.
(2) Depreciation methods
||||||
|-|-|-|-|-|
||||Expected net salvage||
|Category of fixed assets|Method|Useful life||Annual deprecation|
||||value||
|Housing and building|Straight-line depreciation|20-25 years|5-10%|3.8-4.5%|
|Machinery equipments|Straight-line depreciation|10 years|5%|9.5%|
|Transportation vehicle|Straight-line depreciation|5 years|5%|19%|
|Electronic and other|||||
||Straight-line depreciation|5 years|5%|19%|
|equipments|||||
|Decoration of fixed|||||
||Straight-line depreciation|5 years|0%|20%|
|assets|||||

Subsequent expenditure related to the fixed assets should accrued into the cost of fixed assets if met with the stipulated reorganization conditions of fixed assets; if not, should accrued directly into the current gains and losses when occurred. The depreciation method adopted by the Company is straight-line method.
The Group will execute reexamine for the service life, estimated net salvage and the depreciation method of the fixed assets after each accounting year. If there was difference between the service life and the original estimated number, should adjust the useful life of the fixed assets; if there was difference between the estimated net salvage and the original estimated number, should adjust the
estimated net salvage; if there were significant changes of the realization method of the economic
benefits related to the fixed assets, should changes the depreciation method of the fixed assets.
The changes of the useful life, estimated net salvage and the depreciation method of the fixed
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. assets should be regarded as the accounting estimate changes.
Impairment of fixed asset refers to accounting policy “Long-term assets impairment” of the Group.
(3) Recognition basis, pricing and depreciation method of fixed assets by finance lease
The "finance lease" shall refer to a lease that has transferred in substance all the risks and rewards related to the ownership of an asset. Its ownership may or may not eventually be transferred. The fixed assets by finance lease shall adopt the same depreciation policy for self-owned fixed assets. If it is reasonable to be certain that the lessee will obtain the ownership of the leased asset when the lease term expires, the leased asset shall be fully depreciated over its useful life. If it is not reasonable to be certain that the lessee will obtain the ownership of the leased asset at the expiry of the lease term, the leased asset shall be fully depreciated over the shorter one of the lease term or its useful life.
17. Construction in progress
(1) The valuation of the construction in progress: recognizes the engineering cost according to the cost actual occurred. The cost of construction in progress also includes the borrowing expenses and exchange gains and losses which should be capitalized.
(2) The Company should transfer the construction in progress into fixes assets when the construction in progress is ready for their intended use. If the built construction had reached the state ready for intended use but had not settled the fixed assets of completion settlement, should recognized as fixed assets according to the estimated value as well withdrew and depreciated; after execute the completion settlement procedure, it should adjust the original provisional estimate value according to the actual cost but not the original withdrew depreciation amount.
(3) Impairment of construction in progress refers to accounting policy “Long-term assets impairment” of the Group.
18. Borrowing costs
(1) Recognition principles for capitalization of borrowing costs and capitalization period
The costs of borrowings designated for acquisition or construction of qualifying assets should be capitalized as part of the cost of the assets. Capitalization of borrowing costs starts when
① The capital expenditures have incurred;
② The borrowing costs have incurred;
③ The acquisition and construction activities that are necessary to bring the asset to its expected usable condition have commenced.
Other borrowing costs that do not qualify for capitalization should be expensed off during current period.
Capitalization of borrowing costs should be suspended during periods in which the acquisition or construction is interrupted abnormally, and the interruption period is three months or longer. These borrowing costs should be recognized directly in profit or loss during the current period. However, capitalization of borrowing costs during the suspended periods should continue when
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. the interruption is a necessary part of the process of bringing the asset to working condition for its intended use.
Capitalization of borrowing costs ceases when the qualifying asset being acquired or constructed is substantially ready for its intended use. Subsequent borrowing costs should be expensed off during the period in which they are incurred.
The term “assets eligible for capitalization” refers to the fixed assets, investment real estate, inventories and other assets, of which the acquisition and construction or production may take quite a long time to get ready for its intended use or for sale.
(2) Calculation method of capitalized amount of borrowing costs
To the extent that funds are borrowed specifically for the purpose of acquiring or constructing a qualifying asset, the amount of borrowing costs eligible for capitalization on that asset is determined as the actual borrowing costs incurred on that borrowing during the period less any investment income on the temporary investment of the borrowing.
To the extent that funds are borrowed generally and used for the purpose of acquiring or constructing a qualifying asset, the amount of borrowing costs eligible for capitalization shall be determined by applying a capitalization rate to the weighted average of excess of accumulated expenditures on qualifying asset over that on specific purpose borrowing. The capitalization rate is the weighted average rate of the general borrowings.
During the period of capitalization, the exchange balance on foreign currency special borrowings shall be capitalized; the exchange balance on foreign currency general borrowings shall be recorded into current profits and losses.
19. Biological assets
Inapplicable
20. Oil-gas assets
Inapplicable
21. Intangible assets
(1) Pricing method, useful life and impairment test
The term "intangible asset" refers to the identifiable non-monetary assets possessed or controlled by enterprises
which have no physical shape.
(1) Recognition of intangible asset:
The Company recognizes an intangible asset when that intangible asset fulfills both of the following conditions:
①It is probable that the economic benefits associated with that asset will flow to the Company;
②The cost of that asset can be measured reliably.
(2) Measurement of intangible assets
①An intangible asset is measured initially at its cost.
②Subsequent measurement of intangible assets
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.A．For an intangible asset with finite useful life, the Company estimates its useful life at the time of acquisition and amortizes it during its useful life in a reasonable and systematic way. The amount of amortization is allocated to relevant costs and expenses according to the nature of beneficial items. The Company does not amortize intangible asset with infinite useful life.
At the end of period, the Group shall check the service life and amortization method of intangible assets with finite service life, if there is any change, it shall be regarded as a change of the accounting estimates. Besides, the Group shall check the service life of intangible assets without certain service life, if there is any evidence showing that the period of intangible assets to bring the economic benefits to the enterprise can be prospected, it shall be estimated the service life and amortized in accordance with the amortization policies for intangible assets with finite service life. Impairment of the intangible assets should be executed according to the accounting policies of
“Long-term assets impairment” formulated by the Group.
(2) Accounting polices of internal R& D expenses
Inapplicable
22. Impairment of long-term assets
Following indications indicate that there occurs the impairment:
(1) The current market price of the assets greatly decreased with the range of a price drop obviously higher than the estimated decline owning to the passage of time or the normal employ.
(2) The environment the economy, technology and laws of the Group involved, and the market the assets involved, if there are significant changes occur in the current period or in recent period, would cause harmful influences on the Group.
(3) The market interests rate or other market investment return rate had improved in the current period, thus influenced and the discount rate for calculating the estimated current value of the future cash flow of the assets by the enterprises, which would led to the sharply decrease of the recoverable amount.
(4) There are evidences indicate the assets are of obsolescence or the entity had been damaged.
(5) The assets had been or will be left unused, cease using or planed to dispose in advance.
(6) The evidence of the internal report of the Group indicant that the economy performance had been lower or would be lower than estimations, for example, the net cash flow or the operation profits (or losses) realized were far lower than the estimated amount etc.
(7) Other assets indicate there are indications there occurs the impairment.
The Group judges each assets such as the long-term equity investment, fixed assets, engineering materials, intangible assets (except for those with uncertain usage life) which adapt to the No. 8 of ASBE-Assets Impairment on the balance sheet date and executes the recover by impairment test-estimations when there are impairment indications. The recoverable amount is recognized through the fair value of the assets which minus the higher one between the net amount after disposal and the current value of the assets estimated future cash flow. If the recoverable amount lower than the book value of the assets, the book value should be written down as the recoverable amount with the written-down amount be recognized as the assets impairment losses and included in the current gains and losses and at the same time withdraw the assets impairment provision.
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. If there are indications indicate any asset occur impairment, the Group usually estimates its recoverable amount base on the individual asset. If it is difficult to estimate the recoverable amount of the individual asset, which asset group it belongs to should be recognized the recoverable amount base on the asset group.
The asset group is the smallest asset group that could be recognized by the Group, and its cash inflow is basically independent of other asset or asset group. The asset group is composed by the relevant assets which create the cash inflow. The recognition of the asset group is based on whether the main cash inflow caused by the asset group is independent of the cash inflow of the other assets or the asset group.
The Group executes the impairment test every year on the goodwill formed by the enterprise combination and the intangible assets with uncertain service life no mater there are impairment indications or not. The impairment test of the goodwill is executed by combining with the relevant asset group or the asset group combination.
Once the assert impairment losses had been recognized, should not be reversed in the accounting period afterwards.
23. Amortization method of long-term deferred expenses
The Company recognizes all expenses which have occurred during the period but shall be amortized beyond one year, such as improvement expenditures of operating leased fixed assets, as long-term deferred expenses. The Company amortizes long-term deferred expenses using straight-line method according to relevant beneficial periods.
24. Payroll
(1) Accounting treatment of short-term compensation
Employee compensation refers to the reward or compensation of various modes provided by the Group which wants to receive the service offering by the employees or to execute the release of the labor relationship. The employee compensation including the short-term salary, departure benefits, demission benefits and other long-term employee benefits. The Group provides the benefits for the spouses, children, supported families of the employees, the members of the deceased's employees and other beneficiaries, which are also employee compensations.
The short-term compensation actually happened during the accounting period when the active staff offering the service for the Group should be recognized as liabilities and is included in the current gains and losses or relevant assets cost except for those be required or permitted to included in the assets cost by other ASBE.
(2) Accounting treatment of the welfare after demission
The Group divides the departure benefits plan into defined contribution plans and defined benefit plans. Benefits plan of after demission refer to the agreement between the Group and employees on the departure benefits, or the regulations or methods formulated by the Group for providing welfares after demission for the employees. Of which, defined contribution plans refers to the
departure benefits plan that the Group no more undertake the further payment obligations after the
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. payment and deposit of the fixed expenses for the independent funds; defined benefit plans refers to the departure benefits plan except for the defined contribution plans.
A. Defined contribution plans
During the accounting period when providing the service for the employees, the Group will
recognize the deposited amount as the liabilities which measured by defined contribution plans and include in the current gains and losses or the relevant assets cost.
B.Defined benefit plans
Other long-term employee benefits the Group had not executed the defined contribution plans or met with the conditions of defined benefit plans.
(3) Accounting treatment of the demission welfare
When the Company is unable to unilaterally withdraw the plan on the cancellation of labor relationship or the layoff proposal, or when recognizing the costs or expenses (the earlier one between the two) related to the reorganization of paying the demission welfare, should recognize the payroll liabilities from the demission welfare and include in the current gains and losses.
(4) Accounting treatment of the welfare of the long-term employees
The Group provides the other long-term employee benefist for the employess, and for those met with the defined contribution plans, should be disposed according to the above accounting polices of the defined contribution plans; the for the others except for the former, should be recognized according to above accounting polices of the defined benefit plans and measure the net liabiilties or net assets of other long-term employee benefits.
25. Estimated liabilities
(1) Recognition criteria of estimated liabilities
The company should recognize the related obligation as a provision for liability when the obligation meets the following conditions:
①That obligation is a present obligation of the enterprise;
②It is probable that an outflow of economic benefits from the enterprise will be required to settle the obligation;
③A reliable estimate can be made of the amount of the obligation.
(2) Measurement of estimated liabilities
To fulfill the present obligations, which initially measured by the best estimate of the expenditure required to settle the liability. Where there is a continuous range of possible amounts of the expenditure required to settle the liability, as all kinds of possibilities are at same level, the best estimate should be determined according to the average of the lower and upper limit of the range. In other cases, the best estimate should be determined in accordance with the following methods:
①Where the contingency involves a single item, the best estimate involves a singe item, the best estimate should be determined according to the most likely outcome;
②Where the contingency involves several items; The best estimate should be determined by weighting all possible outcomes by their associated probabilities of occurrence.
To determine the best estimate, it should be considered with factors such as: related contingency
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. risks, uncertain matters and time value of currency. If time value of currency has a significant impact, the best estimate should be measured at its converted present value through the relevant future cash outflows.
Where some or all of the expenditures are expected to be reimbursed by a third party, the reimbursement should be separately recognized as an asset only when it is virtually received. The amount of the reimbursement should not exceed the carrying amount of the liability recognized.
At balance sheet date, the Group should review book value of provision for liabilities. If there is strong evidence that the book value does not truly indicate the current best estimate, it should be adjusted in accordance with the current best estimate.
26. Share-based payment
Inapplicable
27. Other financial instruments such as preferred shares and perpetual capital securities
Inapplicable
28. Revenue
The revenue of the Group including the commodities sales revenue, real estate sales revenues, property leasing revenues, labor revenues and the revenues from the using of the assets of the Company by others.
(1) Commodities sales revenues
The Group had transferred the major risks and the remunerations of the ownership of the commodities to the buyers and neither remained the continuous management right that usually related to the ownership nor executed the efficient control of the sold commodities. As for the revenues amount and the relevant costs occurred or will occurr which could be reliable measured, should confirm the revenues of the sales of the commodities when the relevant economic benefits would probably flow into the enterprise.
The revenues of the sales of the commodities of the Group were mainly the sales revenues of the commercial residential buildings. The sales of the properties of the Group had executed completion acceptance that had transferred to the buyers or be regarded as had transferred to the buyers according to the sales contacts as well as confirmed the realization of the revenues when executing the liquidation of the sales amount of the commercial residential buildings (the mortgage purchase way of the buildings were the receipted down payment and the bank mortage amount).
(2) Provide labor income
The labor income provided by the Group mainly comes from property management income, project supervision service income and catering service income.
Property management income: the property management income is realized when the property management service has been provided and the service fee as agreed with the owner is able to flow into the enterprise.
Other labor income: the labor income is realized when the labor service has been provided and the
related economic interest is able to flow into the enterprise and related cost is able to be reliably
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. measured.
(3) Income from transferring asset use right
The income from transferring asset use right includes property lease income, taxi income, interest income and other use right income.
Property lease income: the property lease income is realized by the method of straight line as agreed in the lease contract or agreement signed with the leasee. If there are lease periods free of any rent, the lessor shall distribute the total rent, not deducting the rent during those periods free of any rent, within the entire lease period by the method of straight line or other reasonable means. During the periods free of any rent, the lessor shall recognize the lease income.
Taxi income: the taxi income is recognized as the contract amount agreed under the contracting contract or agreement signed with the contractor.
Interest income: the interest income is recognized by the duration you use theCompany’s cash and the applicable interest rate. The fee income is recognized by the charging time and method as regulated in related contract or agreement.
Income from other use right: the income from transferring asset use right is recognized when the income amount is able to be reliably measured and related economic interest is possible to flow into the enterprise.
29. Government subsidies
(1) Judgment basis and accounting treatment of government subsidies related to assets
The government subsidies divides into the government subsidies related to the assets and the government subsidies realted to the profits. The government subsidies pertinent to assets mean the government assets that are obtained by enterprises used for purchase or construction, or forming the long-term assets by other ways.
(1) Recognition of the government subsidies
If the government subsidies meet with the following conditions at the same, should be recognized:① The entity will comply with the condition attaching to them;
② The grants will be received from government.
(2) Measurement of the government subsidies:
① If monetary grants are received, it recognized at actual received or receivable amount. If non-monetary grants are received, it recognized at fair value, replacing with nominal amount while fair value is not reliable.
② The Capital approach for government grants, the grant is recognized as deferred income when it is acquired. Since the related assets achieve its intended using status, the deferred income is amortized and recognized in profit and loss duringasset’s using period. If related assets were disposed before using period ended, undistributed deferred income shall be shift to current profit and loss at once.
The Income approach for government grants, to retrieve expense or loss of the Company in further period, the government grants is recognized as deferred income, and shall be recorded in profit and loss when that expense or loss occurred. To retrieve expense or loss of the Company in current period, the government grants shall be recorded directly in current profit and loss.
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.③ As for the confirmed repayment of government grants should be handled respectively according to the following situation:
A. When deferred income exists, the repayment write-downs closing balance of deferred income, and the exceed part shall be recognized in current profit and loss;
B. When no deferred income exists, the repayment shall be recognized directly in current profit
and loss.
(2) Judgment basis and accounting treatment of government subsidies related to profits
The government subsidies divides into the government subsidies related to the assets and the government subsidies realted to the profits. The government subsidies pertinent to income refer to all the government subsides except those pertinent to assets. If the government subsidies documents had not definitely confirm the subsidy targets, the Group should divide them as the government subsidies related to profits except for those be indicated by the clear evidence that belongs to the government subsidies related to assets.
(1) Recognition of the government subsidies
If the government subsidies meet with the following conditions at the same, should be recognized:① The entity will comply with the condition attaching to them;
② The grants will be received from government.
(2) Measurement of the government subsidies:
① If monetary grants are received, it recognized at actual received or receivable amount. If non-monetary grants are received, it recognized at fair value, replacing with nominal amount while fair value is not reliable.
② The Capital approach for government grants, the grant is recognized as deferred income when it is acquired. Since the related assets achieve its intended using status, the deferred income is amortized and recognized in profit and loss duringasset’s using period. If related assets were disposed before using period ended, undistributed deferred income shall be shift to current profit and loss at once.
The Income approach for government grants, to retrieve expense or loss of the Company in further period, the government grants is recognized as deferred income, and shall be recorded in profit and loss when that expense or loss occurred. To retrieve expense or loss of the Company in current period, the government grants shall be recorded directly in current profit and loss.
③ As for the confirmed repayment of government grants should be handled respectively according to the following situation:
A. When deferred income exists, the repayment write-downs closing balance of deferred income, and the exceed part shall be recognized in current profit and loss;
B. When no deferred income exists, the repayment shall be recognized directly in current profit
and loss.
30. Deferred income tax assets/deferred income tax liabilities
The Company executes the accounting treatments of the income tax by adopting the balance sheet
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. liability method. (1) Deferred income tax assets
① Where there are deductible temporary differences between the carrying amount of assets or liabilities in the balance sheet and their tax bases, a deferred tax asset shall be recognized for all those deductible temporary differences to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilized. Deferred tax assets arising from deductible temporary differences should be measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled.
② At the balance sheet date, where there is strong evidence showing that sufficient taxable profit will be available against which the deductible temporary difference can be utilized, the deferred tax asset unrecognized in prior period shall be recognized.
③ The Company assesses the carrying amount of deferred tax asset at the balance sheet date. Ifit’s probable that sufficient taxable profit will not be available against which the deductible temporary difference can be utilized, the Company shall write down the carrying amount of deferred tax asset, or reverse the amount written down later whenit’s probable that sufficient taxable profit will be available.
(2) Deferred income tax liabilities
A deferred tax liability shall be recognized for all taxable temporary differences, which are differences between the carrying amount of an asset or liability in the balance sheet and its tax base, and measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled.
31. Lease
(1) Accounting treatment of operating lease
Lessee in an operating lease shall treat the lease payment under an operating lease as a relevant asset cost or the current profit or loss on a straight-line basis over the lease term. The initial direct costs incurred shall be recognized as the current profit or loss; Contingent rents shall be charged as expenses in the periods in which they are incurred.
Lessors in an operating lease shall present the assets subject to operating leases in the relevant items of their balance sheet according to the nature of the asset. Lease income from operating leases shall be recognized as the current profit or loss on a straight-line basis over the lease term; Initial direct costs incurred by lessors shall be recognized as the current profit or loss; Lessors shall apply the depreciation policy for the similar assets to depreciate the fixed assets in the operating lease; For other assets in the operating lease , lessors shall adopt a reasonable systematical method to amortize; Contingent rents shall be charged as expenses in the periods in which they are incurred.
(2) Accounting treatments of financial lease
For the lessee, a fixed asset acquired under finance lease shall be valued at the lower of the fair value of the leased asset and the present value of the minimum lease payments at the inception of lease. The minimum lease payments as the entering value in long-term account payable, the difference as unrecognized financing charges; The initial direct costs identified as directly
attributable to activities performed by the lessee during the negotiation and signing of the finance
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. lease such as handling fees, legal fees, travel expenses, stamp tax shall be counted as lease asset value; the unrecognized financing charges shall be apportioned at each period during the lease term and adopt the effective interest rate method to calculate and confirm the current financing charge; Contingent rents shall be charged as expenses in the periods in which they are incurred.
When the lessee calculates the present value of the minimum lease payments, for that lessee who can obtain the interest rate implicit in the lease, the discount rate shall be the interest rate implicit in the lease; otherwise the discount rate shall adopt the interest rate specified in the lease agreement. If the lessee can not get the interest rate implicit in the lease and there is no specified interest rate in the lease agreement, the discount rate shall adopt the current bank loan interest rate. Lessees shall depreciate the leased assets with the depreciation policy which is consistent with the normal depreciation policy for similar assets. If there is reasonable certainty that the lessee will obtain ownership by the end of the lease term, the depreciation shall be allocated to the useful life of the asset. If there is no reasonably certainty that the lessee will obtain ownership by the end of the lease term, the asset shall be depreciated over the shorter of the lease term and its useful life.
On the initial date of financial lease, lessee of the financial lease shall record the sum of the minimum lease payments and initial direct costs as the financing lease accounts receivable, and also record the non-guaranteed residual value; recognize the difference between the total minimum lease payments , initial direct costs, non-guaranteed residual value and sum of the present value as the unrealized financing income; the unrealized financing income shall be distributed to each period over the lease term; adopt the actual interest rate to calculate the current financial income; Contingent rents shall be charged as expenses in the periods in which they are incurred.
32. Other significant accounting policies and estimates
(1) Measurement of fair value
Fair value refers to the price received from selling any asset or paid for transferring any liability in the orderly transactions that occur on the measurement date of the market participants. The Group should consider the characteristics of the assets or liabilities when measuring the relevant assets or liabilities by fair value; to suppose the transactions of selling or transferring the assets on the measurement date by the market participants is the orderly transactions under the conditions of the current market; to suppose the orderly transaction of selling or transferring the assets is executing in the market of the relevant assets or liabilities; to suppose the transaction is executing in the most favorable market of the relevant assets or liabilities if there is no any main market. The Group adopts the advice used when pricing the assets or liabilities for realizing the maximum of the economy benefits by the market participants.
The Group judges the fair value of initial recognition whether is equal to the transaction price according to the characteristics of the relevant assets or liabilities with transaction nature etc.; if the transaction price and fair value is not equal, should include the relevant gains or losses in the current gains and losses except for those stipulated by other relevant ASBE.
The Group adopts the assessment technology which adapt to the current conditions with sufficient available data and other information support, and the assessment technology mainly including the market method, equity method and cost method. In the application of the assessment technology, the Group should prefer the relevant observable input value and only when the relevant observable
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. input value could not be required or required the not feasible value, could use the not observable input value.
The input value used for the fair value measurement is divided into three levels and the first level of the input value is initially used, then come to the second level and the third one the last. The first level input value is the quotation acquired from the activa market of the same assets or liabilities that had not be adjusted; the second input value is the input value could be directly or indirecly observed of the relevant assets or liabilities except for the first level input value; the third level input value is the not observable input value of the relevant assets or liabilities.
The Group measures the non-financial assets by fair value by considering the ability of the market participants when using the assets for the best purpose for causing the economy benefits or the ability to sell the assets to the other market participants which can use them with the best purpose for causing the economy benefits. The Group supposes to transfer the liabilities to other market participants on the measurement date and the liabilities would be continue to exist after the transfer as well as to be as the market participants of the transfees to execute the obligation when measuring the liabilities by fair value. The Group supposes to transfer the self equity instruments to other market participants on the measurement date and the self equity instruments would be continue to exist after the transfer as well as to acquire the relevant rights and to undertake the relevant obligations as the market participants of the transfees.
(2) Operation termination
Operation termination refers to the compose part that meet with one of the following conditions which had been disposed by the Group or be classified to held-to-sold as well as could be individually distinguished in operating and compiling the financial statement:① the compose part represents an individual main business or a main operation area;② the compose part is a part intends to dispose and plan an individual main business or a main operation area;③ the compose part is a subsidiary which be acquired only for resold.
(3) Segmental report
The Group recognizes the operating segments according to the internal organization structure, the management requirements and the internal report system and recognizes the reporting segments and discloses the segmental information according base on the operating segments.
Operating segments refer to the compose parts of the Group which meet with the following conditions at the same time: (1) the compose part could cause revenues and expenses in the daily activities; (2) the management layer could periodically evaluate the operation results of the compose part and base which to distribute the resources and evaluate the performance;(3) the Group could acquire the relevant accounting information of the financial conditions, operation results and the cash flows of the compose part. If two or more operating segments own the similar economy characteristics and meet with certain conditions, could be combining as an operating segment.
(4) Quality margin
According to the regulations of the construction contact, the Group should execute the retention of the quality margin for construction organizations and should include which into the “accounts payable” and to pay according to the actual situation and the contacts agreement after the guarantee period.
(5) Maintenance funds
The received public maintenance funds for the entrusted management of the owner from the
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. property management company of the Group should be included in the “non-current liabilities”, which were specially used for the maintenance and updating for the residential common areas, common equipments and the communal facilities of the realty management area.
33. Changes in main accounting policies and estimates
(1) Change of accounting policies
□ Applicable√ Inapplicable
(2) Change of main accounting estimates
□ Applicable√ Inapplicable
34. Other
Inapplicable
VI. Taxation
1. Main taxes and tax rate
||||
|-|-|-|
|Category of taxes|Tax basis|Tax rate|
|VAT|Operating revenue|3%, 6%, 17%|
|Business tax|Operating revenue|3%, 5%|
|Urban maintenance and construction tax|Turnover tax payable|1%, 7%|
|Enterprise income tax|Taxable income|15%, 16.5%, 20%, 25%|
|Education surtax|Turnover tax payable|3%|
|Local education surtax|Turnover tax payable|2%|
|Levee fee|Operating revenue|0.01%|
||Added amount from transfer of real|Four progressive levels with the tax rate|
|Land value appreciation tax|||
||property|ranging from 30% to 60%|

 Notes of the disclosure situation of the taxpaying bodies with different enterprises income tax rate
|||
|-|-|
|Name|Income tax rate|
|Chongqing Shenzhen International Trade Center Property||
||15%|
|Management Co., Ltd.||
|Chongqing Aobo Elevator Co., Ltd.|20%|
|Subsidiaries registered in Hong Kong area|16.5%|
|Other taxpaying bodies within the consolidated scope|25%|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. 2. Tax preference
According to the regulations of No. 2, Property Service of No. 37, Commercial Service among the encouraging category of the Guidance Catalogue of Industry Constructure Adjustment (Y2011), the western industry met with the conditions should be collected the corporate income tax according to15% of the tax rate. The subsidiary of the Group Chongqing Shenzhen International Trade Center Property Management Co., Ltd. had be regarded as the western enterprise of the property service by Local Taxation Bureau of Chongqing Jiulong District on 4 May 2014, and had be collected the corporate income tax according to15% of the tax rate.
According to the regulations of the notice of the income tax preferential policies of the s mall low-profit enterprises issued by SAT of CS[2015] No. 34, from 1 Jan. 2015 to 31
Dec. 2017, as for those small low-profit enterprises with the annual after-tax amount lowe r than RMB0.2 million (including RMB0.2 million), of which50% of the revenues should be included into the taxable income and should be collected the corporate income tax ac cording to20% of the tax rate.
3. Other
Inapplicable
VII. Notes on major items in consolidated financial statements of the Company
1. Monetary funds
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing balance|Opening balance|
|Cash on hand|208,170.99|199,841.15|
|Bank deposits|930,987,796.17|806,458,046.62|
|Other monetary funds|14,544,008.61|2,305,488.91|
|Total|945,739,975.77|808,963,376.68|
|Of which: the total amount deposited|||
||50,515,270.67|46,940,545.88|
|overseas|||

Other notes
The restricted L/G deposits used at the period-end were the cash deposits paid by the subsidiary of the Company-Dongguan International Trade Center Changsheng Property Development Co., Ltd. by entrusting the commercial bank to issue the Commercial Housing Quality Guarantee Letter. Owning the subsidiary of the Company-Dongguan International Trade Center Changsheng Property Development Co., Ltd. was the real estate development enterprise with provisional
qualification, when handling the application of the pre-sale permit of the commercial residential
housing should submit the quality guarantee letter of the commercial residential housing after the
liquidation situation such as the enterprise bankruptcy and dissolution. The guarantee letter was
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. the irrepealably commercial residential quality guarantee letter, of which the guarantee period of RMB1,468,870.00 was from 30 Jun. 2015 to 31 Dec. 2020 and the guarantee period of the remained RMB10,933,290.00 was from 1 Jul. 2015 to 31 Dec. 2020.
2. Financial assets measured by fair value and the changes be included in the current gains and losses
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing balance|Opening balance|

 Other notes:
3. Derivative financial assets
□ Applicable√ Inapplicable
4. Notes receivable
(1) Notes receivable listed by category
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing balance|Opening balance|

 (2) Notes receivable pledged by the Company at the period-end
Unit: RMB Yuan
|||
|-|-|
|Item|Amount|

(3) Notes receivable which had endorsed by the Company or had discounted and had not due on the balance sheet date at the period-end
Unit: RMB Yuan
||||
|-|-|-|
||Amount of recognition termination at the|Amount of not terminated recognition at|
|Item|||
||period-end|the period-end|

 (4) Notes transferred to accounts receivable because drawer of the notes fails to executed the contract or agreement
Unit: RMB Yuan
|||
|-|-|
||Amount of the notes transferred to accounts receivable at the|
|Item||
||period-end|

Other notes
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. 5. Accounts receivable
(1) Accounts receivable disclosed by category
Unit: RMB Yuan
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
||Closing balance|||||Opening balance|||||
||Book balance||Bad debt provision|||Book balance||Bad debt provision|||
|Category||||Withdra|Book||||||
|||Proportio||wal|||Proportio||Withdrawal|Book value|
||Amount||Amount||value|Amount||Amount|||
|||n||proportio|||n||proportion||
|||||n|||||||
|Accounts receivable|||||||||||
|with significant|||||||||||
||102,216,||102,216,|||107,016||107,016,1|||
|single amount with||70.30||100.00|||77.64%||100.00%||
||173.89||173.89|||,173.89||73.89|||
|bad debt provision|||||||||||
|separately accrued|||||||||||
|Accounts receivable|||||||||||
|withdrawn bad debt|||||||||||
||41,288,5||2,516,36||38,772,14|28,933,||2,348,398||26,585,132.|
|provision according||28.40||6.09|||20.99%||8.12%||
||06.76||0.35||6.41|530.20||.08||12|
|to credit risks|||||||||||
|characteristics|||||||||||
|Accounts receivable|||||||||||
|with insignificant|||||||||||
|single amount for|1,884,02||1,884,02|||1,884,0||1,884,022|||
|||1.30||100.00|||1.37%||100.00%||
|which bad debt|2.38||2.38|||22.38||.38|||
|provision separately|||||||||||
|accrued|||||||||||
||145,388,||106,616,||38,772,146.41|137,833||111,248,5||26,585,132.12|
|Total||100.00||73.33|||100.00%||80.71%||
||703.03||556.62|||,726.47||94.35|||

 Accounts receivable with significant single amount for which bad debt provision separately accrued at the
period-end：
√Applicable□ Inapplicable
Unit: RMB Yuan
||||||
|-|-|-|-|-|
|Accounts receivable|Closing balance||||
|(classified by units)|Accounts receivable|Bad debt provision|Proportion|Reason|
|||||Involved in lawsuit and|
|Shenzhen Jiyong|||||
|||||no executable property,|
|Properties & Resources|93,811,328.05|93,811,328.05|100.00%||
|||||and see details in Notes|
|Development Company|||||
|||||(XII) 2 (1)|
|Shenzhen Tewei Industry|2,836,561.00|2,836,561.00|100.00%|Uncollectible for a long|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||||
|-|-|-|-|-|
|Co., Ltd.||||period|
|||||Poor operating|
|Shenzhen Lunan Industry|||||
||2,818,284.84|2,818,284.84|100.00%|conditions, uncollectible|
|Development Co., Ltd.|||||
|||||for a long period|
|||||Uncollectible for a long|
|Zhou Tanjin|2,750,000.00|2,750,000.00|100.00%||
|||||period|
|Total|102,216,173.89|102,216,173.89|--|--|

 In the groups, accounts receivable adopting aging analysis method to withdraw bad debt provision:
√ Applicable□ Inapplicable
Unit: RMB Yuan
|||||
|-|-|-|-|
||Closing balance|||
|Aging||||
||Accounts receivable|Bad debt provision|Withdrawal proportion|
|Subitem within 1 year||||
|Within 1 year|38,918,893.83|1,167,937.44|3.00%|
|Subtotal within 1 year|38,918,893.83|1,167,937.44|3.00%|
|1 to 2 years|263,749.39|26,374.93|10.00%|
|2 to 3 years|1,025,783.92|307,735.18|30.00%|
|3 to 4 years|113,573.39|56,786.70|50.00%|
|4 to 5 years|44,900.63|35,920.50|80.00%|
|Over 5 years|921,605.60|921,605.60|100.00%|
|Total|41,288,506.76|2,516,360.35|6.09%|

 Notes of the basis of recognizing the group:
The basic of recognizing the group refers to Notes V. 11 of Section X. of the report.
In the groups, accounts receivable adopting balance percentage method to withdraw bad debt provision
□ Applicable√ Inapplicable
In the groups, accounts receivable adopting other methods to accrue bad debt provision:
Inapplicable
(2) Accounts receivable withdraw, reversed or collected during the reporting period
The withdrawal amount of the bad debt provision during the reporting period was of RMB167,962.27; the amount of the reversed or collected part during the reporting period was of RMB4,800,000.00.
Of which the significant amount of the reversed or collected part during the reporting period:
Unit: RMB Yuan
||||
|-|-|-|
|Name of the units|Reversed or collected amount|Method|
|Total|4,800,000.00|--|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. (3) The actual write-off accounts receivable
Unit: RMB Yuan
|||
|-|-|
|Item|Amount|
||0.00|

 Of which the significant actual write-off accounts receivable:
Unit: RMB Yuan
|||||||
|-|-|-|-|-|-|
||||||Whether occurred|
|Name of the units|Nature|Amount|Reason|Process|from the related|
||||||transactions|
|Total|--|0.00|--|--|--|

 Notes of the write-off the accounts receivable:
There was no write-off the accounts receivable.
(4) Top 5 of the closing balance of the accounts receivable colleted according to the arrears party
||||
|-|-|-|
|Name of units|Closing balance|Proportion of the total yearend balance of the accountsreceivable (%)|
|Shenzhen Jiyong Properties & ResourcesDevelopment Company|93,811,328.05|64.52|
|Huawei Technologies Co Ltd|10,325,622.57|7.10|
|Shenzhen Tewei Industry Co., Ltd.|2,836,561.00|1.95|
|Shenzhen Lunan Industry DevelopmentCo., Ltd.|2,818,284.84|1.94|
|Zhou Tanjin|2,750,000.00|1.89|
|Total|112,541,796.46|77.40|

 (5) Account receivable which terminate the recognition owning to the transfer of the financial assets
Inapplicable
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. (6) The amount of the assets and liabilities formed by the transfer and the continues involvement of accounts receivable
Inapplicable
Other notes:
Inapplicable
6. Prepayment
(1) List by aging analysis:
Unit: RMB Yuan
||||||
|-|-|-|-|-|
||Closing balance||Opening balance||
|Aging|||||
||Amount|Proportion|Amount|Proportion|
|Within 1 year|20,734,383.56|72.97%|24,605,664.84|94.68%|
|1 to 2 years|6,602,570.30|23.24%|1,374,527.95|5.29%|
|2 to 3 years|1,070,523.28|3.77%|8,600.00|0.03%|
|Over 3 years|8,256.29|0.02%|1,039.45||
|Total|28,415,733.43|--|25,989,832.24|--|

 Notes of the reasons of the prepayment ages over 1 year with significant amount but failed settled in time:
(2) Top 5 of the closing balance of the prepayment colleted according to the prepayment target
Top 5 of the closing balance of the prepayment were as follows:
|||
|-|-|
|Name of the unit|Closing balance|
|Prepayment of taxes|19,900,230.79|
|Name of the unit|Closing balance|
|Shenzhen Guangan Firefighting & DecorationEngineering Co., Ltd.|243,124.00|
|Jinan Central District Housing Security and Land andProperty Management Authority|127,142.20|
|Shenzhen Institute of Building Research Co., Ltd.|40,000.00|
|Total|27,963,590.57|

Notes 1: According to the regulations of the Enforcement Regulation of the Provisional Regulations of the Business Tax to transfer the land use right or to sell the real estate, and for
those adopting the prepayment (including receiving the deposits in advance) method, the
occurrence time of the rateability was the date receiving the prepayments. The surplus prepay
taxes of the Company was the taxes such as the property prepayments had not reached the revenue
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. recognition conditions and the business taxes, urban construction taxes, education surtaxes that paid in advance.
Notes 2: Social security charges in building industry refer to the social security expenses the construction enterprises pay for the employees such as the endowment insurance, medical insurance, unemployment insurance, work-related injury insurance and maternity insurance (including Individual pay part). Take the engineering project as unit, to execute the unified payment standard, to collect uniformly from the construction units and uniformly settled by the construction enterprises.
Other Notes:
7. Interest receivable
(1) Category of interest receivable
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing balance|Opening balance|

 (2) Significant overdue interest
||||||
|-|-|-|-|-|
|||||Whether occurred|
|Borrower|Closing balance|Overdue time|Reason|impairment and its|
|||||judgment basis|

 Other notes:
Inapplicable
8. Dividend receivable
(1) Dividend receivable
Unit: RMB Yuan
||||
|-|-|-|
|Item (or investees)|Closing balance|Opening balance|

 (2) Significant dividend receivable aged over 1 year
Unit: RMB Yuan
||||||
|-|-|-|-|-|
|||||Whether occurred|
|Item (or investees)|Closing balance|Aging|Reason|impairment and its|
|||||judgment basis|

 Other notes:
Inapplicable
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. 9. Other accounts receivable
(1) Other accounts receivable disclosed by category
Unit: RMB Yuan
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
||Closing balance|||||Opening balance|||||
||Book balance||Bad debt provision|||Book balance||Bad debt provision|||
|Category||||Withdra|Book||||||
|||Proportio||wal|||Proportio||Withdrawal|Book value|
||Amount||Amount||value|Amount||Amount|||
|||n||proportio|||n||proportion||
|||||n|||||||
|Accounts receivable|||||||||||
|with significant|||||||||||
||90,718,7||87,150,3||3,568,421|92,351,||92,351,15|||
|single amount with||75.46%||96.07%|||76.80%||100.00%||
||39.20||17.92||.28|159.68||9.68|||
|bad debt provision|||||||||||
|separately accrued|||||||||||
|Accounts receivable|||||||||||
|withdrawn bad debt|||||||||||
||19,789,4||11,738,3||8,051,082|18,187,||11,549,19||6,638,425.2|
|provision according||16.46%||59.32%|||15.12%||63.50%||
||22.31||40.12||.19|620.34||5.09||5|
|to credit risks|||||||||||
|characteristics|||||||||||
|Accounts receivable|||||||||||
|with insignificant|||||||||||
|single amount for|9,711,26||9,711,26|||9,717,2||9,717,262|||
|||8.08%||100.00%|||8.08%||100.00%||
|which bad debt|2.51||2.51|||62.51||.51|||
|provision separately|||||||||||
|accrued|||||||||||
||120,219,||108,599,||11,619,503.47|120,256||113,617,6||6,638,425.25|
|Total||100.00%||90.33%|||100.00%||94.48%||
||424.02||920.55|||,042.53||17.28|||

 Other accounts receivable with significant single amount for which bad debt provision separately accrued at the
period-end
√ Applicable□ Inapplicable
Unit: RMB Yuan
||||||
|-|-|-|-|-|
|Other accounts|Closing balance||||
|receivable (classified by|Other accountsreceivable||||
|||Bad debt provision|Withdrawal proportion|Reason|
|units)|||||
||||93.70%|No payed assets|
|Gintian Industry (Group)||||according to the|
||56,600,000.00|53,031,578.72|||
|Co., Ltd.||||creditors’ reorganization|
|||||plan|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||||
|-|-|-|-|-|
|Anhui Nanpeng||||Unrecoverable for a long|
||8,047,712.00|8,047,712.00|100.00%||
|Papermaking Co., Ltd.||||term|
|Shenzhen Shengfenglu,|||||
|||||No executable finance|
|GUOMAO Jewel & Gold|6,481,353.60|6,481,353.60|100.00%||
|||||and difficult to recover|
|Co., Ltd.|||||
|Shanghai Yutong Real|||||
|||||Difficult to recover the|
|estate development Co.,|5,676,000.00|5,676,000.00|100.00%||
|||||lawsuit judgment|
|Ltd.|||||
|||||Unrecoverable for a long|
|Wuliangye Restaurant|5,523,057.70|5,523,057.70|100.00%||
|||||term|
|Hong Kong Yueheng||||Unrecoverable for a long|
||3,271,837.78|3,271,837.78|100.00%||
|Development Co., Ltd.||||term|
|Dameisha Tourism||||Projects construction ce|
||2,576,445.69|2,576,445.69|100.00%||
|Center||||ased|
|||||Projects construction|
|Elevated Train Project|2,542,332.43|2,542,332.43|100.00%||
|||||ceased|
|Total|90,718,739.20|87,150,317.92|--|--|

 In the groups, other accounts receivable adopting aging analysis method to accrue bad debt provision:
√Applicable□ Inapplicable
Unit: RMB Yuan
|||||
|-|-|-|-|
||Closing balance|||
|Aging||||
||Other accounts receivable|Bad debt provision|Withdrawal proportion|
|Subitem within 1 year||||
|Within 1 year (including 1 year)|5,378,303.53|161,349.08|3.00%|
|Subtotal within 1 year|5,378,303.53|161,349.08|3.00%|
|1 to 2 years|1,992,771.46|199,277.15|10.00%|
|2 to 3 years|1,089,014.70|326,704.39|30.00%|
|Over 3 years|518,494.02|259,247.01|50.00%|
|3 to 4 years|95,380.55|76,304.44|80.00%|
|4 to 5 years|10,715,458.05|10,715,458.05|100.00%|
|Over 5 years|19,789,422.31|11,738,340.12|59.32%|

 Notes of the basis of recognizing the group:
The basis recognizing the group refers to Notes V. 11 of Section X of the report.
In the groups, other accounts receivable adopting balance percentage method to withdraw bad debt provision
□ Applicable√ Inapplicable
In the groups, other accounts receivable adopting other methods to accrue bad debt provision:
□ Applicable√ Inapplicable
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. (2) Accounts receivable withdraw, reversed or collected during the reporting period
The withdrawal amount of the bad debt provision during the reporting period was of RMB185,960.87; the amount of the reversed or collected part during the reporting period was of RMB3,574,421.28.
Of which the significant amount of the reversed or collected part during the reporting period:
Unit: RMB Yuan
||||
|-|-|-|
|Name of units|Reversed or collected amount|Method|
|Gintian Industry (Group) Co., Ltd.|3,568,421.28|Debt-to-equity swap|
|Total|3,568,421.28|--|

The reserve was according to thecreditors’ reorganization plan.
(3) The actual write-off other accounts receivable
Unit: RMB Yuan
|||
|-|-|
|Item|Amount|

Of which the significant write-off other accounts receivable:
Unit: RMB Yuan
|||||||
|-|-|-|-|-|-|
||||||Whether occurred|
|Name of units|Nature|Amount|Reason|Process|from the related|
||||||transactions|
|Total|--|0.00|--|--|--|

 Notes of write-off other accounts receivable:
There was no write-off other accounts receivable.
(4) Other accounts receivable classified by the nature of accounts
Unit: RMB Yuan
||||
|-|-|-|
|Nature|Closing book balance|Opening book balance|
|Margin|12,540,024.90|10,175,218.68|
|Pretty cash borrowing|772,557.45|507,093.70|
|Accounts receivable of the related|||
||9,985,704.65|12,337,357.13|
|companies|||
|Accounts receivable of the non-related|||
||96,921,137.02|97,236,373.02|
|companies|||
|Total|120,219,424.02|120,256,042.53|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. (5) Top 5 of the closing balance of the other accounts receivable colleted according to the arrears party
Unit: RMB Yuan
|||||||
|-|-|-|-|-|-|
|||||Proportion of the||
|||||total year end|Closing balance of|
|Name of units|Nature|Closing balance|Aging|balance of the|bad debt provision|
|||||accounts receivable||
|||||(%)||
||Accounts receivable|||||
|Gintian Industry||||||
||of the non-related|56,600,000.00|Over 5 years|47.08%|53,031,578.72|
|(Group) Co., Ltd.||||||
||companies|||||
|Anhui Nanpeng|Accounts receivable|||||
|Papermaking Co.,|of the related|8,047,712.00|Over 5 years|6.69%|8,047,712.00|
|Ltd.|companies|||||
|Shenzhen||||||
||Accounts receivable|||||
|Shengfenglu,||||||
||of the non-related|6,481,353.60|Over 5 years|5.39%|6,481,353.60|
|GUOMAO Jewel &||||||
||companies|||||
|Gold Co., Ltd.||||||
|Shanghai Yutong||||||
||Accounts receivable|||||
|Real estate||||||
||of the non-related|5,676,000.00|Over 5 years|4.72%|5,676,000.00|
|development Co.,||||||
||companies|||||
|Ltd.||||||
||Accounts receivable|||||
|Shenzhen Wuliangye||||||
||of the non-related|5,523,057.70|Over 5 years|4.59%|5,523,057.70|
|Restaurant||||||
||companies|||||
|Total|--|82,328,123.30|--|68.48%|78,759,702.02|

 (6) Accounts receivable involved with government subsidies
Unit: RMB Yuan
||||||
|-|-|-|-|-|
||Project of government|||Estimated received time,|
|Name of units||Closing balance|Closing age||
||subsidies|||amount and basis|
|Total|--|0.00|--|--|

 Inapplicable
(7) Other account receivable which terminate the recognition owning to the transfer of the financial assets
Inapplicable
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. (8) The amount of the assets and liabilities formed by the transfer and the continues involvement of other accounts receivable
Inapplicable
Other notes:
Inapplicable
10. Inventory
(1) Category of inventory
Unit: RMB Yuan
||||||||
|-|-|-|-|-|-|-|
||Closing balance|||Opening balance|||
|Item||Falling price|||Falling price||
||Book balance||Book value|Book balance||Book value|
|||reserves|||reserves||
|Raw materials|1,602,571.24|529,191.39|1,073,379.85|1,693,606.29|542,130.04|1,151,476.25|
|Inventory goods|54,087.62||54,087.62|48,639.56||48,639.56|
|Low-value consumption|||||||
||116,472.20||116,472.20|258,564.20||258,564.20|
|goods|||||||
|Products held for|||||||
|real estate|121,070,697.97|6,648,404.13|114,422,293.84|118,834,981.63|6,648,404.13|112,186,577.50|
|development|||||||
|Completed|||||||
||315,453,876.53||315,453,876.53|141,326,022.02||141,326,022.02|
|properties for sale|||||||
|Properties under|||||||
||2,135,119,545.31|99,897,376.50|2,035,222,168.81|2,068,501,391.67||2,068,501,391.67|
|development|||||||
|Total|2,573,417,250.87|107,074,972.02|2,466,342,278.85|2,330,663,205.37|7,190,534.17|2,323,472,671.20|

 (2) Falling price reserves of inventory
Unit: RMB Yuan
||||||||
|-|-|-|-|-|-|-|
|||Increased amount||Decreased amount|||
|Item|Opening balance|||Reverse or||Closing balance|
|||Withdrawal|Other||Other||
|||||write-off|||
|Raw materials|542,130.04|-12,938.65||||529,191.39|
|Land to be deve|||||||
||6,648,404.13|||||6,648,404.13|
|loped|||||||
|Properties under||99,897,376.50||||99,897,376.50|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||||
|-|-|-|-|
|development||||
|Total|7,190,534.17|99,884,437.85|107,074,972.02|

 (3) Notes of the closing balance of the inventory which includes capitalized borrowing expenses
The closing balance of the inventory included the total amount of the capitalized borrowings was of RMB84,253,102.56.
(4) Completed unsettled assets formed from the construction contact at the period-end
Unit: RMB Yuan
|||
|-|-|
|Item|Amount|
|Accumulative occurred cost|0.00|
|Accumulative recognized gross margin|0.00|
|Less: estimated losses|0.00|
|Amount had executed settlement|0.00|

 Other notes:
Specific details of the inventories were as follows:
A. Land to be developed
Item Closing balance
Book balance Falling price reserve Book value
Hainan Qiongshan Land 6,648,404.13 6,648,404.13
Fuchang Phase II Land 5,940,627.11 5,940,627.11 Shenhui Garden Land 36,824,440.89 36,824,440.89 Shenzhen Properties & 71,657,225.84 71,657,225.84Resources•Banshan Yujing Phase
II Land
Total 121,070,697.97 6,648,404.13 114,422,293.84
||||
|-|-|-|
|Item|||
||Book balance|Falling pricereserve|
|Hainan Qiongshan Land|6,648,404.13|6,648,404.13|
|Fuchang Phase II Land|5,895,627.11||
|Shenhui Garden Land|36,682,840.89||
|Shenzhen Properties & Resources•Banshan YujingPhase II Land|69,608,109.50||
|Total|118,834,981.63|6,648,404.13|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. B. Properties under development
Item Start timeEstimate Estimated total Period-end Year-begin
d investment
completi
Book balance Capitalized interest Book balance Capitalized interest on time
balance balance
Shenzhen 2011.09 2016.12 645,146,600.00 498,973,613.0527,205,315.95 450,741,685.32 27,205,315.95 Properties&
Resources•Ban
shanyujing
Phase I
Shenzhen 2013.04 2015.06 392,186,872.53 10,446,911.43 Properties&
Resources•Hu
panyujing
Phase I
Shenzhen 2015.08 2017.08 653,380,000.00 440,834,282.15 372,672,889.65
Properties&
Resources•Hu
panyujing
Phase II
Shenzhen 2014.02 2016.10 799,200,000.00 448,310,252.8110,944,354.97 315,161,554.23 6,394,471.23 Properties&
Resources•Qia
nhai Harbor
Shenzhen 2014.03 2018.12 1,521,400,000.0 146,379,982.82 3,858,872.36 111,310,253.41 2,267,136.76 Properties& 0
Resources•Jinl
ing Holiday
Shenzhen 2012.01 2016.12 895,230,000.00 600,621,414.48 30,357,575.40 426,428,136.53 17,022,072.09 Properties&
Resources•Son
ghu Langyuan
Total 2,135,119,545.372,366,118.68 2,068,501,391.663,335,907.46 1 7
C. Completed properties for sale
|||||||
|-|-|-|-|-|-|
|Item|Completiontime|Openingbalance|Increase|Decrease|Closing balance|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||||||
|-|-|-|-|-|-|
|International Trade CenterPlaza|1995.12|7,372,250.95|||7,372,250.95|
|Huangyuyuan A Area|2001.06|790,140.58|||790,140.58|
|Podium Building ofFuchang Building|1999.11|6,421,447.63||5,775,914.98|645,532.65|
|Shenzhen Properties &Resources•Xihua Town|2010.06|692,134.84|||692,134.84|
|Shenzhen Properties &Resources•LangqiaoInternational|2012.12|118,828,569.47|317,942.24|91,991,919.11|27,154,592.60|
|Shenzhen Properties &Resources•Caitianyise|2013.03|4,470,745.52|308,792.87|4,779,538.39||
|Shenzhen Properties &Resources•Hupan YujingPhase I|2015.06||413,694,461.80|137,645,969.92|276,048,491.88|
|Other projects||2,750,733.03|||2,750,733.03|
|Total||141,326,022.02|414,321,196.91|240,193,342.40|315,453,876.53|

11. Assets divided as held-to-sold
Unit: RMB Yuan
||||||
|-|-|-|-|-|
||||Estimated disposal|Estimated disposal time|
|Item|Closing book value|Fair value|||
||||expense||

Other notes:
Inapplicable
12. Non-current assets due within 1 year
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing balance|Opening balance|

 Other notes:
Inapplicable
13. Other current assets
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing balance|Opening balance|
|1. Property receivable of F14, F15 of|||
||174,382,120.00||
|Longyuan Chuangzhan Building|||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|2. Original value of the assets group held|||
||69,437,140.28|69,437,140.28|
|to distribute to the owners-Hainan Xinda|||
|Impairment provision of the assets group|||
|held to distribute to the owners-Hainan|-69,437,140.28|-69,437,140.28|
|Xinda|||
|3. Original value of the assets group held|||
||6,034,625.03||
|to cancel after verification|||
|Depreciation reserves of the assets group|||
||-6,034,625.03||
|held to cancel after verification|||
|Total|174,382,120.00||

Other notes:
Notes 1: as for the situation of the property receivable of F14, F15 of Longyuan Chuangzhan Building, please refer to Notes XIV. 2 of Section X. Financial Report.
Notes 2: Assets group held to distribute to the owners-Hainan Xinda were the assets from the calculation of the original long-term equity investment and the other accounts receivable of the Company after the 2014 bankruptcy liquidation process of the original subsidiary of the Company-Hainan Xinda Development Corporation and had reported as the other current assets since 2014 with the specific assets list as follows:
Original calculation subjects Original value Depreciation reserves Net value
||||
|-|-|-|
|Long-term equity investment|20,000,000.00|20,000,000.00|
|Other accounts receivable|49,437,140.28|49,437,140.28|
|Total|69,437,140.28|69,437,140.28|

Up to the period-end, the bankruptcy and liquidation administrator had not found out the available-for-cash property of Hainan Xinda Development Corporation with the bankruptcy and liquidation process was under executon.
Notes 3: Assets group held to cancel after verification were the long-term equity investment and the other accounts receivable of the original associated enterprise-Shenzhen International Trade Center Industrial Development Co., Ltd.. The enterprise had been written off by the bankruptcy and liquidation administrator in Apr. 2015 and owning to the cancellation and verification process had not been complete, the above assets were reported as the other current assets since 2015 with the specific assets list as follows:
Original calculation subjects Original value Depreciation reserves Net value
||||
|-|-|-|
|Long-term equity investment|3,682,972.55|3,682,972.55|
|Other accounts receivable|2,351,652.48|2,351,652.48|
|Total|6,034,625.03|6,034,625.03|

14. Available-for-sale financial assets
(1) List of available-for-sale financial assets
Unit: RMB Yuan
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||||||
|-|-|-|-|-|-|-|
||Closing balance|||Opening balance|||
|Item|Book balance|Depreciation|||Depreciation||
||||Book value|Book balance||Book value|
|||reserves|||reserves||
|Available-for-sale equity|32,501,237.68||||||
|||18,001,237.68|14,500,000.00|38,398,429.06|19,905,429.06|18,493,000.00|
|instruments|||||||
|Measured by fair value||||6,153,300.45|2,160,300.45|3,993,000.00|
|Measured by cost|32,501,237.68|18,001,237.68|14,500,000.00|32,245,128.61|17,745,128.61|14,500,000.00|
|Total|32,501,237.68|18,001,237.68|14,500,000.00|38,398,429.06|19,905,429.06|18,493,000.00|

 (2) Available-for-sale financial assets measured by fair value at the period-end
Unit: RMB Yuan
|||||
|-|-|-|-|
|Category|Available-for-sale equity|Available-for-sale debt||
||||Total|
||instruments|instruments||
|Cost of the equityinstruments/amortizedcost of the liabilitiesinstruments||||
||||0.00|
|Fair value|||0.00|
|Changed amount of thefair value accumulativelyincluded in othercomprehensive income||||
||||0.00|
|Withdrawn impairmentamount||||
||||0.00|

(3) Available-for-sale financial assets measured by cost at the period-end
Unit: RMB Yuan
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
||Book balance||||Impairment provision||||Shareholdi|Cash|
||||||||||ng|bonus of|
|Investee|Period-beg||||Period-beg||||proportion|the|
|||Increase|Decrease|Period-end||Increase|Decrease|Period-end|||
||in||||in||||among the|reporting|
||||||||||investees|period|
|North|||||||||||
|Machinery|3,465,000.|||3,465,000.|3,465,000.|||3,465,000.|||
||||||||||12.66%||
|(Group)|00|||00|00|||00|||
|Co., Ltd.|||||||||||
|Guangdon|8,780,645.|||8,780,645.|8,780,645.|||8,780,645.|||
||||||||||8.47%||
|g Huayue|20|||20|20|||20|||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||||||||
|-|-|-|-|-|-|-|-|-|
|Real|||||||||
|Estate Co.,|||||||||
|Ltd.|||||||||
|Shenzhen|||||||||
|Internation|||||||||
|al Trade|||||||||
||8,500,000.||8,500,000.||||||
|Center|||||||100.00%||
||00||00||||||
|Petroleum|||||||||
|Company|||||||||
|Limited|||||||||
|Guangzho|||||||||
|u|||||||||
||6,000,000.||6,000,000.||||||
|Lishifeng|||||||30.00%||
||00||00||||||
|Automobil|||||||||
|e Co., Ltd.|||||||||
|Sanya East|||||||||
||1,350,000.||1,350,000.|1,350,000.||1,350,000.|||
|Travel|||||||0.28%||
||00||00|00||00|||
|Co., Ltd.|||||||||
|Shensan|||||||||
||17,695.09||17,695.09|17,695.09||17,695.09|||
|Co., Ltd.|||||||||
|Macao|||||||||
|Huashen|||||||||
||76,592.24|4,747.57|81,339.81|76,592.24|4,747.57|81,339.81|10.00%||
|Enterprise|||||||||
|Co., Ltd.|||||||||
|Chongqing|||||||||
|Guangfa|||||||||
|Real estate|2,324,085.||2,468,143.|2,324,085.||2,468,143.|||
|||144,058.52|||144,058.52||27.25%||
|developme|20||72|20||72|||
|nt Co.,|||||||||
|Ltd.|||||||||
|Saipan|1,731,110.||1,838,413.|1,731,110.||1,838,413.|||
|||107,302.98|||107,302.98||30.00%||
|Project|88||86|88||86|||
||32,245,128||32,501,237|17,745,128||18,001,237|||
|Total||256,109.07|||256,109.07||--|0.00|
||.61||.68|.61||.68|||

(4) Changes of the impairment of the available-for-sale financial assets during the reporting period
Unit: RMB Yuan
||||||
|-|-|-|-|-|
||Available-for-sale equity|Available-for-sale debt|Foreign currency||
|Category||||Total|
||instruments|instruments|statement translation||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||||
|-|-|-|-|
|Balance of the withdrawn||||
|impairment at the|19,905,429.06||19,905,429.06|
|period-begin||||
|Withdrawal amount||256,109.07|256,109.07|
|Decreased amount|2,160,300.45||2,160,300.45|
|Balance of the withdrawn||||
|impairment at the|17,745,128.61|256,109.07|18,001,237.68|
|period-end||||

(5) Relevant notes of the fair value of the available-for-sale equity instruments which seriously fell or temporarily fell but not withdrawn the impairment provision
Unit: RMB Yuan
||||||||
|-|-|-|-|-|-|-|
|Item of|||||||
||||Falling range of||Withdrawn|Reason of not|
|available-for-sale||Fair value of the||Continued falling|||
||Investment cost||the fair value||amount of|withdrawn the|
|equity||period-end||time (month)|||
||||against the cost||impairment|impairment|
|instruments|||||||
|Total|0.00|0.00|--|--|0.00|--|

 Other notes
Notes 1: The reason of the changes of the long-term equity investment of Macau Huashen Investment Co., Ltd., Saipan Project and Chongqing Guangfa Housing Development Co., Ltd. and the impairment provision was occurred owing to the discount of the foreign currency statement.
Notes 2: The Company had not dispatched any personnel to serve in Guangzhou Lishifeng Automobile Co., Ltd., Chongqing Guangfa Housing development Co., Ltd. and Saipan Company, although the share holding proportion was more than20% but lower than50%, it had no any significant influence and be recognized as the available for sale financial assets according to the cost measurement.
Notes 3: In Jan. 2008, Shenzhen International Trade Center Automobile Industry Co., Ltd. and Shenzhen Guanghong Investment Co., Ltd. signed the Operation Contacts of the Gas Station Leasing, which agreed to the leasing the assets and equity as well as the operating management power such as the land of the gas station, refueling tent, operating houses, dormitory and facility instrument of gas station of the Shenzhen Shenzhen International Trade Center Petroleum Co., Ltd. (Shenzhen Shenzhen International Trade Center Automobile Industry Co., Ltd. held100% equity of it) by Shenzhen Guanghong Investment Co., Ltd. and be operated by the later with the leasing period of 15 years. Since the starting date of the operating and leasing, the Company no more execute the control on Shenzhen Shenzhen International Trade Center Petroleum Co., Ltd., and thus no more include it in the scope of the consolidation financial statement according to the regulations of the ASBE.
Notes 4: The decrease of the equity investments calculated by fair value during the reporting
period was due to the disposal.
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. 15. Investment held-to-maturity
(1) List of investment held-to-maturity
Unit: RMB Yuan
||||||||
|-|-|-|-|-|-|-|
||Closing balance|||Opening balance|||
|Item||Impairment|||Impairment||
||Book balance||Book value|Book balance||Book value|
|||provision|||provision||
|Total|0.00|0.00||0.00|0.00||

(2) Significant held-to-maturity investment at the period-end
Unit: RMB Yuan
||||||
|-|-|-|-|-|
|Bond item|Par value|Nominal interest rate|Actual interest rate|Due date|
|Total|0.00|--|--|--|

 (3) Re-classified held-to-maturity investment during the reporting period
Inapplicable
Other notes
Inapplicable
16. Long-term accounts receivable
(1) List of long-term accounts receivable
Unit: RMB Yuan
|||||||||
|-|-|-|-|-|-|-|-|
||Closing balance|||Opening balance||||
||||||||Discount rate|
|Item||Bad debtprovision|||Bad debt|||
||Book balance||Book value|Book balance||Book value|range|
||||||provision|||
|Total|0.00|0.00||0.00|0.00||--|

 (2) Long-term accounts receivable which terminate the recognition owning to the transfer of the financial assets
Inapplicable
(3) The amount of the assets and liabilities formed by the transfer and the continues involvement of long-term accounts receivable
Inapplicable
Other notes
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. Inapplicable
17. Long-term equity investment
Unit: RMB Yuan
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
|||Increase/decrease||||||||||
||||||||||||Closing|
|||||Gains and|Adjustme|||||||
||||||||Cash|Withdraw|||balance|
|||Additiona||losses|nt of|||||||
||Opening||Reduced|||Changes|bonus or|al of||Closing|of|
|Investees||||||||||||
|||l||recognize|other|||||||
||balance||investmen|||of other|profits|impairme|Other|balance|impairme|
|||investmen||d under|comprehe|||||||
||||t|||equity|announce|nt|||nt|
|||t||the equity|nsive|||||||
||||||||d to issue|provision|||provision|
|||||method|income|||||||
|I. Joint ventures||||||||||||
|Jifa||||||||||||
|Warehous|29,880,87|||908,463.5||||||30,789,34||
|e Co.,|8.39|||9||||||1.98||
|Ltd.||||||||||||
|Shenzhen||||||||||||
|Tian’an||||||||||||
|Internatio||||||||||||
|nal||||||||||||
||3,008,061|||728,774.4||||||3,736,835||
|Building||||||||||||
||.02|||1||||||.43||
|Property||||||||||||
|Managem||||||||||||
|ent Co.,||||||||||||
|Ltd.||||||||||||
||32,888,93|||1,637,238||||||34,526,17||
|Subtotal||||||||||||
||9.41|||.00||||||7.41||
|II. Associated enterprises||||||||||||
|Shenzhen||||||||||||
|Wufang||||||||||||
|Pottery &|18,983,61|||||||||18,983,61|18,983,61|
|Porcelain|4.14|||||||||4.14|4.14|
|Industrial||||||||||||
|Co., Ltd.||||||||||||
|Shenzhen||||||||||||
||3,682,972||||||||-3,682,97|||
|Internatio|.55||||||||2.55|||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||||||
|-|-|-|-|-|-|
|nal Trade||||||
|Center||||||
|Industrial||||||
|Develop||||||
|ment Co.,||||||
|Ltd.||||||
|Anhui||||||
|Nanpeng||||||
||13,824,00|||13,824,00|13,824,00|
|Papermak||||||
||0.00|||0.00|0.00|
|ing Co.,||||||
|Ltd.||||||
||36,490,58||-3,682,97|32,807,61|32,807,61|
|Subtotal||||||
||6.69||2.55|4.14|4.14|
||69,379,52|1,637,238|-3,682,97|67,333,79|32,807,61|
|Total||||||
||6.10|.00|2.55|1.55|4.14|

 Other notes
The decrease of the long-term equity investment of the Shenzen Shenzhen International Trade Center Industrial Development Co., Ltd. was due to bankruptcy administrator written off which as the assets held to cancel and verification that transferred into the current assets in Apr. 2015.
18. Investment property
(1) Investment property adopted the cost measurement mode
√ Applicable□ Inapplicable
Unit: RMB Yuan
||||||
|-|-|-|-|-|
|Item|Houses and buildings|Land use right|Construction in progress|Total|
|I. Original book value|||||
|1. Opening balance|460,978,287.63|7,969,954.40||468,948,242.03|
|2. Increased amount|||||
||6,451,008.07|||6,451,008.07|
|of the period|||||
|(1) Outsourcing|||||
|(2) Transfer of|||||
||6,451,008.07|||6,451,008.07|
|inventory\fixed|||||
|assets\project under|||||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||||
|-|-|-|-|
|construction||||
|(3) Increased from||||
|enterprise merger||||
|3. Decreased||||
||4,119,705.21||4,119,705.21|
|amount of the period||||
|(1) Disposal||||
|(2) Other transfer|4,119,705.21||4,119,705.21|
|4. Closing balance|463,309,590.49|7,969,954.40|471,279,544.89|
|II. Accumulative||||
|depreciation and||||
|accumulative||||
|amortization||||
|1.Opening balance|214,074,089.54|4,860,117.55|218,934,207.09|
|2. Increased amount||||
||16,260,849.99|509,145.12|16,769,995.11|
|of the period||||
|(1) Withdrawal or||||
||16,260,849.99|509,145.12|16,769,995.11|
|amortization||||
|3. Decreased||||
||1,685,446.13||1,685,446.13|
|amount of the period||||
|(1) Disposal||||
|(2) Other transfer|1,685,446.13||1,685,446.13|
|4. Closing balance|228,649,493.40|5,369,262.67|234,018,756.07|
|III. Depreciation reserves||||
|1.Opening balance||||
|2. Increased amount||||
|of the period||||
|(1) Withdrawal||||
|3. Decreased||||
|amount of the period||||
|(1) Disposal||||
|(2) Other transfer||||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||||
|-|-|-|-|
|4. Closing balance||||
|IV. Book value||||
|1. Closing book|||237,260,788.82|
||234,660,097.09|2,600,691.73||
|value||||
|2. Opening book|||250,014,034.94|
||246,904,198.09|3,109,836.85||
|value||||

(2) Investment property adopted fair value measurement mode
□ Applicable√ Inapplicable
(3) Details of investment property failed to accomplish certification of property
Unit: RMB Yuan
||||
|-|-|-|
|Item|Book value|Reason|

 Other notes
As for the investment property with restricted ownership, please refer to Notes VII. 76 and Notes XIV. 2 (1) of Section X. Financial Report.
19. Fixed assets
(1) List of fixed assets
Unit: RMB Yuan
|||||||
|-|-|-|-|-|-|
||Houses and|Transportation|Electronic and|Decoration of the||
|Item|||||Total|
||buildings|equipment|other equipment|fixed assets||
|1. Opening||||||
|balance||||||
|2. Increased||||||
||112,236,697.13|52,163,133.30|33,429,189.15|6,451,403.79|204,280,423.37|
|amount of the period||||||
|(1) Purchase|329,672.14|36,768,014.29|1,338,020.26||38,435,706.69|
|(2) Transfer of||||||
|project under|17,250.29|36,768,014.29|1,338,020.26||38,123,284.84|
|construction||||||
|3. Decreased||||||
|amount of the period||||||
|4. Closing||||||
|balance||||||
|1.Opening|312,421.85||||312,421.85|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||||||
|-|-|-|-|-|-|
|balance||||||
|2. Increased||||||
||1,548,000.00|25,542,072.00|358,421.68||27,448,493.68|
|amount of the period||||||
|(1) Withdrawal|1,548,000.00|25,542,072.00|358,421.68||27,448,493.68|
|3. Decreased||||||
|amount of the period||||||
|(1) Disposal or||||||
||111,018,369.27|63,389,075.59|34,408,787.73|6,451,403.79|215,267,636.38|
|Scrap||||||
|4. Closing||||||
|balance||||||
|1.Opening||||||
||75,465,399.04|32,918,507.14|26,849,707.57|4,901,858.50|140,135,472.25|
|balance||||||
|4. Closing||||||
||3,546,363.72|9,357,842.69|1,697,759.77|422,003.40|15,023,969.58|
|balance||||||
|1. Closing book||||||
||3,546,363.72|9,357,842.69|1,697,759.77|422,003.40|15,023,969.58|
|value||||||
|2. Opening||||||
|book value||||||
|1. Opening||||||
||1,470,600.00|24,105,660.60|320,778.38||25,897,038.98|
|balance||||||
|2. Increased||||||
||1,470,600.00|24,105,660.60|320,778.38||25,897,038.98|
|amount of the period||||||
|(1) Purchase||||||
|(2) Transfer of||||||
|project under|77,541,162.76|18,170,689.23|28,226,688.96|5,323,861.90|129,262,402.85|
|construction||||||
|3. Decreased||||||
|amount of the period||||||
|4. Closing||||||
||||75,717.16||75,717.16|
|balance||||||
|1.Opening||||||
|balance||||||
|2. Increased||||||
|amount of the period||||||
|(1) Withdrawal||||||
|3. Decreased||||||
|amount of the period||||||
|(1) Disposal or||||||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||||||
|-|-|-|-|-|-|
|Scrap||||||
|4. Closing||||||
|balance||||||
|1.Opening||||||
||||75,717.16||75,717.16|
|balance||||||
|4. Closing||||||
|balance||||||
|1. Closing book||||||
||33,477,206.51|45,218,386.36|6,106,381.61|1,127,541.89|85,929,516.37|
|value||||||
|2. Opening||||||
||36,771,298.09|19,244,626.16|6,503,764.42|1,549,545.29|64,069,233.96|
|book value||||||

(2) List of temporarily idle fixed assets
Unit: RMB Yuan
|||||||
|-|-|-|-|-|-|
|||Accumulative|Impairment|||
|Item|Original book value|||Book value|Notes|
|||depreciation|provision|||
|Houses and||||||
||3,865,391.77|2,044,503.94||1,820,887.83||
|buildings||||||

(3) Fixed assets leased in from financing lease
Unit: RMB Yuan
||||||
|-|-|-|-|-|
|||Accumulative|||
|Item|Original book value||Impairment provision|Book value|
|||depreciation|||

(4) Fixed assets leased out from operation lease
Unit: RMB Yuan
|||
|-|-|
|Item|Closing book value|

(5) Details of fixed assets failed to accomplish certification of property
Unit: RMB Yuan
||||
|-|-|-|
|Item|Book value|Reason|

 Other notes:
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. 20. Construction in progress
(1) List of construction in progress
Unit: RMB Yuan
||||||||
|-|-|-|-|-|-|-|
||Closing balance|||Opening balance|||
|Item||Depreciation|||Depreciation|Book value|
||Book balance||Book value|Book balance|||
|||reserves|||reserves||

(2) Changes of significant construction in progress
Unit: RMB Yuan
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
|||Openingbalance||||||||Of|||
|||||Amount|||Proporti|||which:|||
||||||||||Accumul||||
|||||that|||on|||the|Capitaliz||
||||||Other||||ative||||
|||||transferr|||estimate|||amount|ation rate||
||Estimate||||decrease||||amount||||
|Name o f|||Increase|ed to||Closing|d of the|Project||of the|of the|Capital|
||d||||d amount||||of||||
|item|||d amount|fixed||balance|project|progress||capitaliz|interests|resources|
||number||||of the||||capitaliz||||
|||||assets of|||accumul|||ed|of the||
||||||period||||ed||||
|||||the|||ative|||interests|period||
||||||||||interests||||
|||||period|||input|||of the|||
|||||||||||period|||

(3) List of the withdrawal of the impairment provision of the construction in progress
Unit: RMB Yuan
||||
|-|-|-|
|Item|Withdrawn amount|Reason|

 Other notes:
Inapplicable
21. Engineering material
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing balance|Opening balance|

 Notes:
Inapplicable
22. Liquidation of fixed assets
Unit: RMB Yuan
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|Item|Closing balance|Opening balance|

 Notes:
Inapplicable
23. Productive biological assets
(1) Productive biological assets adopted cost measurement mode
□ Applicable√ Inapplicable
(2) Productive biological assets adopted fair value measurement mode
□ Applicable√ Inapplicable
24. Oil and gas assets
□ Applicable√ Inapplicable
25. Intangible assets
(1) List of intangible assets
Unit: RMB Yuan
||||||||
|-|-|-|-|-|-|-|
|||||Business license|||
|Item|Land use right|Patent right|Non-patent right||Software|Total|
|||||of the taxies|||
|I. Original book|||||||
|value|||||||
|1. Opening|||||||
|||||170,866,146.80|18,260.00|170,884,406.80|
|balance|||||||
|2. Increased|||||||
|amount of the|||||||
|period|||||||
|(1) Purchase|||||||
|(2) Internal|||||||
|R&D|||||||
|(3) Enterprise|||||||
|combination|||||||
|increase|||||||
|3. Decreased|||||||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||||
|-|-|-|-|
|amount of the||||
|period||||
|(1) Disposal||||
|4. Closing||||
||170,866,146.80|18,260.00|170,884,406.80|
|balance||||
|II. Accumulated||||
|amortization||||
|1. Opening||||
||71,073,559.77|18,260.00|71,091,819.77|
|balance||||
|2. Increased||||
|amount of the|7,152,503.04||7,152,503.04|
|period||||
|(1) Withdrawal|7,152,503.04||7,152,503.04|
|3. Decreased||||
|amount of the||||
|period||||
|(1) Disposal||||
|4. Closing||||
||78,226,062.81|18,260.00|78,244,322.81|
|balance||||
|III. Depreciation||||
|reserves||||
|1. Opening||||
|balance||||
|2. Increased||||
|amount of the||||
|period||||
|(1) Withdrawal||||
|3. Decreased||||
|amount of the||||
|period||||
|(1) Disposal||||
|4. Closing||||
|balance||||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|IV. Book value|||
|1. Closing|||
||92,640,083.99|92,640,083.99|
|book value|||
|2. Opening|||
||99,792,587.03|99,792,587.03|
|book value|||

The proportion of the intangible assets formed from the internalR&D through the Company amount the balance of the intangible assets at the period-end was0.00%.
(2) Details of fixed assets failed to accomplish certification of land use right
Unit: RMB Yuan
||||
|-|-|-|
|Item|Book value|Reason|

 Notes:
26.R&D expenses
Unit: RMB Yuan
||||||
|-|-|-|-|-|
||Opening|||Closing|
|Item||Increased amount|Decrease||
||balance|||balance|

 Other notes:
Inapplicable
27. Goodwill
(1) Original book value of goodwill
Unit: RMB Yuan
||||||
|-|-|-|-|-|
|Name of the|||||
|investees or the|||||
||Opening balance|Increase|Decrease|Closing balance|
|events formed|||||
|goodwill|||||

(2) Impairment provision of goodwill
Unit: RMB Yuan
||||||
|-|-|-|-|-|
|Name of the|||||
|investees or the|||||
||Opening balance|Increase|Decrease|Closing balance|
|events formed|||||
|goodwill|||||

Notes of the testing process of goodwill impairment, parameters and the recognition method of goodwill
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. impairment losses:
Inapplicable
Other notes:
Inapplicable
28. Long-term unamortized expenses
Unit: RMB Yuan
|||||||
|-|-|-|-|-|-|
||||Amortization|||
|Item|Opening balance|Increased amount||Decrease|Closing balance|
||||amount|||
|Facilities||||||
|reconstruction|1,470,297.69||172,976.28||1,297,321.41|
|expense||||||
|Renovation costs|1,082,755.34||355,354.68||727,400.66|
|Total|2,553,053.03||528,330.96||2,024,722.07|

 Other notes:
29. Deferred income tax assets/deferred income tax liabilities
(1) Deferred income tax assets had not been off-set
Unit: RMB Yuan
||||||
|-|-|-|-|-|
||Closing balance||Opening balance||
|Item|Deductible temporary|Deferred income tax|Deductible temporary|Deferred income tax|
||difference|assets|difference|assets|
|Assets impairment|||||
||57,759,280.17|14,401,252.75|2,828,014.89|707,003.72|
|provision|||||
|Unrealized internal sales|||||
||39,385,119.40|9,846,279.85|16,162,142.68|4,040,535.67|
|gain and loss|||||
|Deductible losses|30,376,338.54|7,594,084.64|||
|Accrued land VAT|738,683,130.69|184,670,782.67|845,498,064.20|211,374,516.05|
|Estimated profit|||||
|calculated at pre-sale|||||
||93,163,091.00|23,290,772.75|1,616,280.60|404,070.15|
|revenue of property|||||
|enterprises|||||
|Payroll payable unpaid|||||
||1,293,791.92|323,447.97|106,660.04|26,665.01|
|but withdrawn|||||
|Accrued liabilities|834,999.50|208,749.88|||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||||
|-|-|-|-|-|
|Total|961,495,751.22|240,335,370.51|866,211,162.41|216,552,790.60|

 (2) Deferred income tax liabilities had not been off-set
Unit: RMB Yuan
||||||
|-|-|-|-|-|
||Closing balance||Opening balance||
|Item|Deductible temporary|Deferred income tax|Deductible temporary|Deferred income tax|
||difference|liabilities|difference|liabilities|
|Change in fair value of|||||
|available-for-sale|||1,030,500.00|257,625.00|
|financial assets|||||
|The book value of fixed|||||
|assets is larger than tax|95,940.98|23,985.24|||
|basis|||||
|Total|95,940.98|23,985.24|1,030,500.00|257,625.00|

 (3) Deferred income tax assets or liabilities listed by net amount after off-set
Unit: RMB Yuan
||||||
|-|-|-|-|-|
||Mutual set-off amount of|Amount of deferred|Mutual set-off amount of|Amount of deferred|
||deferred income tax|income tax assets or|deferred income tax|income tax assets or|
|Item|||||
||assets and liabilities at|liabilities after off-set at|assets and liabilities at|liabilities after off-set at|
||the period-end|the period-end|the period-begin|the period-begin|
|Deferred income tax||240,335,370.51||216,552,790.60|
|assets|||||
|Deferred income tax||23,985.24||257,625.00|
|liabilities|||||

(4) List of unrecognized deferred income tax assets
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing balance|Opening balance|
|Total|0.00|0.00|

 (5) Deductible losses of unrecognized deferred income tax assets will due the following years Unit: RMB Yuan
|||||
|-|-|-|-|
|Years|Closing amount|Opening amount|Notes|
|Total|0.00|0.00|--|

Notes:
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. 30. Other non-current assets
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing balance|Opening balance|
|Housing purchase prepayment|7,275,069.00|7,275,069.00|
|Total|7,275,069.00|7,275,069.00|

 Notes:
31. Short-term loans
(1) Category of short-term loans
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing balance|Opening balance|
|Pledge loan||10,000,000.00|
|Guaranteed loan||70,000,000.00|
|Pledge and guaranteed loan||20,000,000.00|
|Mortgage and guaranteed loan|8,000,000.00||
|Total|8,000,000.00|100,000,000.00|

 Notes of short-term loans category
(2) List of the short-term loans overdue but not return
The total amount of the overdue but not return short-term borrowings at the period-end was of RMB 000, of which the situation of the significant overdue but not return short-term borrowings as follows:
Unit: RMB Yuan
||||||
|-|-|-|-|-|
|Entity|Closing balance|Borrowing rate|Overdue time|Overdue rate|
|Total|0.00|--|--|--|

 Notes:
32. Financial liabilities measured by fair value and the changes included in the current gains and losses
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing balance|Opening balance|

 Notes:
Inapplicable
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. 33. Derivative financial liabilities
□ Applicable√ Inapplicable
34. Notes payable
Unit: RMB Yuan
||||
|-|-|-|
|Category|Closing balance|Opening balance|

 The total amount of the due but not pay notes payable at the period-end was of RMB000.
35. Accounts payable
(1) List of accounts payable
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing balance|Opening balance|
|Within 1 year (including 1 year)|102,357,186.61|47,105,587.26|
|1 to 2 years (including 2 years)|10,999,069.54|41,653,953.49|
|2 to 3 years (including 3 years)|20,968,866.58|55,822,201.37|
|3 to 4 years (including 4 years)|29,208,688.99|1,855,718.02|
|4 to 5 years (including 5 years)|1,054,522.02|82,543.41|
|Over 5 years|26,936,604.80|28,827,017.64|
|Total|191,524,938.54|175,347,021.19|

 (2) Notes of the accounts payable aging over one year
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing balance|Unpaid/ Un-carry-over reason|
|Shenzhen Luohu District Land and|||
||25,000,000.00|Unsettled|
|Resources Bureau|||
|Hunan Construction Engineering Group|14,947,087.00|Unsettled|
|Zhanjiang West Guangdong Construction|||
||8,092,820.03|Unsettled|
|Engineering Co., Ltd.|||
|Shenzhen Yuanpeng Decoration Group|||
||3,763,729.00|Unsettled|
|Co., Ltd.|||
|Shantou Chaoyang Construction|||
||1,751,764.45|Unsettled|
|Engineering Corporation|||
|Total|53,555,400.48|--|

Notes:
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. 36. Advance from customers
(1) List of advance from customers
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing balance|Opening balance|
|Within 1 year (including 1 year)|650,027,894.78|27,324,851.60|
|1 to 2 years (including 2 years)|1,802,283.71|1,010,331.46|
|2 to 3 years (including 3 years)|218,445.69|950.00|
|3 to 4 years (including 4 years)|950.00|100,000.00|
|4 to 5 years (including 5 years)||76,500.00|
|Over 5 years|320,204.02|243,704.02|
|Total|652,369,778.20|28,756,337.08|

 (2) Significant advance from customers aging over one year
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing balance|Unpaid/ Un-carry-over reason|
|Total|0.00|--|

(3) Particulars of settled but unfinished projects formed by construction contract at period-end.
Unit: RMB Yuan
|||
|-|-|
|Item|Amount|

Notes:
The closing balance of advance from customer increase2168.61%, comparing to the opening period, mainly was the SZPRD- Dongguan Songhulangyuan Project and SZPRD-Front Sea Harbour Garden Project had arrived the presell conditions and prepayment of houses.
There was no significant advance from customers aging over one year in the Company.
Prepayment of sale of real estate projects
||||
|-|-|-|
|Item|Aging|Closing balance|
|SZPRD-Front Sea HarbourGarden Project|Within 1 year|311,312,946.00|
|SZPRD-DongguangSonghulangyuan Project|Within 1 year|307,985,018.00|
|Total||619,297,964.00|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. 37. Payroll payable
(1) List of Payroll payable
Unit: RMB Yuan
||||||
|-|-|-|-|-|
|Item|Opening balance|Increase|Decrease|Closing balance|
|I. Short-term salary|56,931,919.65|283,889,974.42|277,557,514.88|63,264,379.19|
|II. Post-employment|||||
|benefit-defined||28,727,699.54|28,303,336.24|424,363.30|
|contribution plans|||||
|III. Termination benefits|845,291.00|1,621,257.50|2,363,474.50|103,074.00|
|Total|57,777,210.65|314,238,931.46|308,224,325.62|63,791,816.49|

 (2) List of Short-term salary
Unit: RMB Yuan
||||||
|-|-|-|-|-|
|Item|Opening balance|Increase|Decrease|Closing balance|
|1. Salary, bonus,|||||
||52,141,105.22|244,247,521.22|239,099,134.40|57,289,492.04|
|allowance, subsidy|||||
|2. Employee welfare||10,266,893.58|10,266,893.58||
|3. Social insurance||10,059,607.56|10,008,933.96|50,673.60|
|Including: 1. Medical|||||
|||8,082,921.06|8,040,693.06|42,228.00|
|insurance premiums|||||
|Work-related injury|||||
|||709,136.03|706,652.03|2,484.00|
|insurance|||||
|Maternity insurance||1,106,393.52|1,100,431.92|5,961.60|
|Other social insurance||161,156.95|161,156.95||
|4. Housing fund|1,124,577.90|9,205,428.70|9,205,428.70|1,124,577.90|
|5. Labor union budget|||||
|and employee education|3,666,236.53|7,092,160.00|5,958,760.88|4,799,635.65|
|budget|||||
|8. Non-monetary benefits||3,018,363.36|3,018,363.36||
|Total|56,931,919.65|283,889,974.42|277,557,514.88|63,264,379.19|

 (3) List of drawing scheme
Unit: RMB Yuan
||||||
|-|-|-|-|-|
|Item|Opening balance|Increase|Decrease|Closing balance|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||||
|-|-|-|-|
|Basic pension benefits|22,687,548.79|22,273,121.49|414,427.30|
|Unemployment insurance|4,559,590.12|4,559,590.12||
|Annuity|1,480,560.63|1,470,624.63|9,936.00|
|Total|28,727,699.54|28,303,336.24|424,363.30|

 Notes:
The demission welfare withdrawn by relieving the labor relationship was of RMB 1,621,257.50 and the unpaid amount at the period-end was of RMB103,074.00.
38. Taxes payable
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing balance|Opening balance|
|VAT|684,049.71|189,027.64|
|Business tax|8,092,058.86|6,955,522.44|
|Corporate income tax|78,927,414.58|167,344,046.82|
|Personal income tax|742,060.64|795,140.50|
|Urban maintenance and construction tax|576,383.19|496,438.65|
|Stamp tax|24,807.75|-7,322.87|
|Education Surcharge|250,010.86|215,734.70|
|Local education surtax|167,498.25|144,647.54|
|Land VAT|742,704,599.09|837,634,789.82|
|Property tax|1,125,407.71|980,366.67|
|Levee fee|451.42|-602.94|
|Other|502,630.37|615,847.72|
|Total|833,797,372.43|1,015,363,636.69|

 Notes:
39. Interest payable
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing balance|Opening balance|
|Long-term loan interest of installment|||
|payment of interest and repay the due|467,184.76|318,917.49|
|capital|||
|Interest paid for short-term loans|12,228.33|243,962.23|
|Total|479,413.09|562,879.72|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. Particulars of significant overdue unpaid interest:
Unit: RMB Yuan
||||
|-|-|-|
|Entity|Overdue amount|Overdue reason|
|Total|0.00|--|

Notes:
40. Dividends payable
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing balance|Opening balance|

 Note: Including significant unpaid dividends payable over one year, the unpaid reason shall be disclosed:
41. Other accounts payable
(1) Other accounts payable listed by nature of the account
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing balance|Opening balance|
|Margin|35,877,241.66|29,119,954.26|
|Accounts receivable of the related|||
||31,511,011.04|30,411,011.04|
|companies|||
|Accounts receivable of the non-related|||
||44,937,756.84|33,704,263.95|
|companies|||
|Other|15,917,070.14|17,797,595.30|
|Total|128,243,079.68|111,032,824.55|

 (2) Other significant accounts payable with aging over one year
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing balance|Unpaid/ Un-carry-over reason|
|||Come-and-go accounts without specific|
|Shenzhen Jifa Warehouse Co., Ltd.|26,296,665.14||
|||amortization period|
|Guangzhou Lishifeng Automobile Co.,||Come-and-go accounts without specific|
||15,344,017.08||
|Ltd.||amortization period|
|Shenzhen International Trade Center||Come-and-go accounts without specific|
||7,196,769.67||
|Petroleum Company Limited||amortization period|
|Tianan International Building Property||Come-and-go accounts without specific|
||4,114,345.90||
|Management Company of Shenzhen||amortization period|
|RAINBOW DEPARTMENT STORE CO.,|2,330,000.00|Margin within the leasing period|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|LTD|||
|Total|55,281,797.79|--|

Other notes:
42. Liabilities classified as holding for sale
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing balance|Opening balance|

 Notes:
43. Non-current liabilities due within 1 year
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing balance|Opening balance|
|Long-term loans due within 1 year|121,243,352.00|5,000,000.00|
|Total|121,243,352.00|5,000,000.00|

 Notes:
44. Other current-liabilities
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing balance|Opening balance|

 Changes on short term bonds payable:
Unit: RMB Yuan
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
|||||||||Overflow|||
|||||||The|Withdraw||Pay in||
|Name of|Book|||Issue|Opening|||discount||Closing|
|||Issue date|Period|||current|interest at||current||
|the bond|value|||amount|balance|||amortizati||balance|
|||||||issue|par||period||
|||||||||on|||

Notes:
45. Long-term loan
(1) Category of long-term loan
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing balance|Opening balance|
|Guaranteed loan|144,840,006.83||
|Mortgage and guaranteed loan||177,613,352.00|
|Total|144,840,006.83|177,613,352.00|

Notes of short-term loans category:
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. Other notes including interest rate range:
46. Bonds payable
(1) Bonds payable
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing balance|Opening balance|

 (2) Changes on bonds payable (not including other financial instrument classified as preferred stock and perpetual capital securities of financial liabilities)
Unit: RMB Yuan (3) Note to conditions and time of share transfer of convertible bonds
(4) Note to other financial instrument classified as financial liabilities
Basic information of preferred stock, perpetual capital securities and other financial instruments outstanding issued at period-end
Change list of preferred stock, perpetual capital securities and other financial instruments outstanding issued at
period-end
Unit: RMB Yuan
||||||||||
|-|-|-|-|-|-|-|-|-|
|Financial|Opening period||Increase||Decrease||Closing period||
|instruments|||||||||
|outstanding|Amount|Book value|Amount|Book value|Amount|Book value|Amount|Book value|
|issued|||||||||

Notes to the basis of other financial instrument classified as financial liabilities
Other notes:
47. Long-term payable
(1) Long-term payable listed by nature of the account
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing balance|Opening balance|

 Notes:
48. Long term payroll payable
(1) List of long term payroll payable
Unit: RMB Yuan
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|Item|Closing balance|Opening balance|

 (2) Changes of defined benefit plans
Present worth of defined benefit plans obligation:
Unit: RMB Yuan
||||
|-|-|-|
|Item|Reporting period|Same period of last year|

 Plan assets:
Unit: RMB Yuan
||||
|-|-|-|
|Item|Reporting period|Same period of last year|

 Net liabilities (net assets) of defined benefit plans
Unit: RMB Yuan
||||
|-|-|-|
|Item|Reporting period|Same period of last year|

 Notes to the influence of the content and related risk of defined benefit plans to the future cash flows, time and uncertainty of the Company:
Notes to analysis results of major actuarial assumptions and sensibility of defined benefit plans
Notes:
49. Special payable
Unit: RMB Yuan
|||||||
|-|-|-|-|-|-|
|Item|Opening balance|Increase|Decrease|Closing balance|Formation reasons|

 Notes:
50. Accrued liabilities
Unit: RMB Yuan
|||||
|-|-|-|-|
|Item|Closing balance|Opening balance|Formation reasons|
||||For details, please refer to|
|Pending litigation|834,999.50||Section X. Financial Report|
||||XIV. 2, (1)|
|Total|834,999.50||--|

 Other notes, including related important assumptions and estimates of accrued liabilities:
51. Deferred income
Unit: RMB Yuan
|||||||
|-|-|-|-|-|-|
|Item|Opening balance|Increase|Decrease|Closing balance|Formation reasons|
|Operating license|10,095,846.69||1,293,221.64|8,802,625.05|Operating license|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||||
|-|-|-|-|-|
|plate rental income||||plate rental|
|held to carry forward|||||
|International Trade||||Rental of|
|Center petroleum||||International Trade|
||11,670,000.00|1,400,000.00|10,270,000.00||
|rental income held to||||Center Petroleum|
|carry forward||||Co., Ltd.|
|Total|21,765,846.69|2,693,221.64|19,072,625.05|--|

 Items involved in government subsidies:
Unit: RMB Yuan
||||||||
|-|-|-|-|-|-|-|
||||Amount accrued||||
|||Amount of newly||||Related to the|
|Item|Opening balance||in non-business|Other changes|Closing balance||
|||subsidy||||assets/ income|
||||income||||
|Total||0.00|0.00|0.00||--|

 Notes:
52. Other non-current liabilities
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing balance|Opening balance|
|Utility specific fund|237,163.45|237,163.45|
|Housing principle fund|15,096,884.76|13,764,771.61|
|House warming deposit|7,770,164.12|7,784,938.18|
|Electric Equipment Maintenance fund|4,019,415.44|4,019,415.44|
|Deputed Maintenance fund|27,476,957.21|26,667,849.33|
|Taxi Deposit|41,606,566.60|41,042,500.00|
|Equity of stripping the assets|18,253,188.54|19,771,409.10|
|Other|312,925.26|1,418,615.65|
|Total|114,773,265.38|114,706,662.76|

 Notes:
53. Share capital
Unit: RMB Yuan
|||||||||
|-|-|-|-|-|-|-|-|
|||Increase/decrease (+/-)||||||
||Opening|||Capitalization|||Closing|
|||Newly issue||||||
||balance||Bonus shares|of public|Other|Subtotal|balance|
|||share||||||
|||||reserves||||
|The sum of|595,979,092.00||||||595,979,092.00|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||
|-|
|shares|

Notes:
54. Other equity instruments
(1) Basic information of preferred stock, perpetual capital securities and other financial instruments outstanding issued at period-begin
(2) Change list of preferred stock, perpetual capital securities and other financial instruments outstanding issued at period-begin
Unit: RMB Yuan
||||||||||
|-|-|-|-|-|-|-|-|-|
|Financial|Opening period||Increase||Decrease||Closing period||
|instruments|||||||||
|outstanding|Amount|Book value|Amount|Book value|Amount|Book value|Amount|Book value|
|issued|||||||||

Changes, reason of change and basis of relevant accounting treatment of other equity instruments in reporting
period:
Notes:
55. Capital reserves
Unit: RMB Yuan
||||||
|-|-|-|-|-|
|Item|Opening balance|Increase|Decrease|Closing balance|
|Capital premium|38,450,087.51|||38,450,087.51|
|Other capital reserves|81,501,446.42|||81,501,446.42|
|Total|119,951,533.93|||119,951,533.93|

 Other notes, including changes and reason of change:
56. Treasury stock
Unit: RMB Yuan
||||||
|-|-|-|-|-|
|Item|Opening balance|Increase|Decrease|Closing balance|

 Other notes, including changes and reason of change:
57. Other comprehensive income
Unit: RMB Yuan
|||||||||
|-|-|-|-|-|-|-|-|
|||Reporting period||||||
||Opening||||||Closing|
|Item||Amountincurred|Less: Amount|Less:|After-tax|After-tax||
||balance||||||balance|
||||transferred|income tax|attribute to|attribute to||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||||||||
|-|-|-|-|-|-|-|-|
|||before|into profit and|expense|the parent|minority||
|||income tax|loss in the||company|shareholder||
||||current period|||||
||||that|||||
||||recognized|||||
||||into other|||||
||||comprehensive|||||
||||income in|||||
||||prior period|||||
|II. Other comprehensive reclassified||2,892,713.5|||-40,461.93||-4,046,60|
||-4,006,141.53||3,190,800.45|-257,625.00||||
|into profits or losses||2|||||3.46|
|Profits or losses of change in|||||-2,933,175.45|||
|fair value of available-for-sale|2,933,175.45||3,190,800.45|-257,625.00||||
|financial assets||||||||
|Converted difference of the||2,892,713.5|||2,892,713.52||-4,046,60|
||-6,939,316.98|||||||
|foreign currency financial statement||2|||||3.46|
||-4,006,141.53|2,892,713.5|||-40,461.93||-4,046,603.46|
|total|||3,190,800.45|-257,625.00||||
|||2||||||

 Other notes, including the adjustment of the recognition of initial amount of effective part of the cash flow hedging gains and losses transfer into arbitraged items:
58. Special reserves
Unit: RMB Yuan
||||||
|-|-|-|-|-|
|Item|Opening balance|Increase|Decrease|Closing balance|

 Other notes, including changes and reason of change:
59. Surplus reserves
Unit: RMB Yuan
||||||
|-|-|-|-|-|
|Item|Opening balance|Increase|Decrease|Closing balance|
|Statutory surplus|136,591,232.84||||
|||18,073,398.75||154,664,631.59|
|reserves|||||
||136,591,232.84|18,073,398.75||154,664,631.59|
|Total|||||

 Other note, including changes and reason of change
The increase of the surplus reserves of the reporting period was due to the10% withdrawal of the net profits of the parent company.
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. 60. Retained profits
Unit: RMB Yuan
||||
|-|-|-|
|Item|Reporting period|Last period|
|Opening balance of retained profits beforeadjustments|||
||1,225,726,944.83|972,271,884.95|
|Opening balance of retained profits afteradjustments|1,225,726,944.83||
|||972,271,884.95|
|Add: Net profit attributable to owners of theCompany|||
||156,819,966.71||
|||417,498,679.91|
|Less: Withdrawal of statutory surplus reserves|18,073,398.75||
|||15,048,847.03|
|Dividend of common stock payable|131,115,400.24|148,994,773.00|
|Closing retained profits|1,233,358,112.55|1,225,726,944.83|

 List of adjustment of opening retained profits:
1) RMB0.00 opening retained profits was affected by retrospective adjustment conducted according to the
Accounting Standards for Business Enterprises and relevant new regulations.
2) RMB0.00 opening retained profits was affected by changes on accounting policies.
3) RMB0.00 opening retained profits was affected by correction of significant accounting errors.
4) RMB0.00 opening retained profits was affected by changes in combination scope arising from same control.
5) RMB0.00 opening retained profits was affected totally by other adjustments.
61. Revenues and operating costs
Unit: RMB Yuan
||||||
|-|-|-|-|-|
||Reporting period||Same period of last year||
|Item|||||
||Revenue|Operating costs|Revenue|Operating costs|
|Main operations|1,025,534,654.51|631,134,598.38|1,209,444,885.89|497,649,218.57|
|Other operations|51,883,846.42|17,438,295.72|59,006,565.97|22,835,907.63|
|Total|1,077,418,500.93|648,572,894.10|1,268,451,451.86|520,485,126.20|

 62. Business tax and surcharges
Unit: RMB Yuan
||||
|-|-|-|
|Item|Reporting period|Same period of last year|
|Business tax|52,898,669.75|61,698,267.20|
|Urban maintenance and construction tax|3,835,248.14|4,460,442.38|
|Education Surcharge|1,710,450.62|1,916,647.22|
|Local education surtax|1,035,781.13|1,276,948.72|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|Levee fee|1,034.51|61,792.70|
|Property tax|3,531,389.54|2,844,379.45|
|Land use tax|726,610.67||
|Land VAT|95,776,519.92|204,157,447.55|
|Other|160,415.94|641,378.67|
|Total|159,676,120.22|277,057,303.89|

 Notes:
63. Sales expenses
Unit: RMB Yuan
||||
|-|-|-|
|Item|Reporting period|Same period of last year|
|Employee’s remuneration|4,562,356.24|3,488,625.76|
|Office expenses of operating institutions|6,755,310.83|4,351,269.72|
|Sales agency fee, advertising expense and|||
||28,521,950.60|17,904,918.45|
|general publicity expense|||
|Other|2,101,548.27|573,266.98|
|Total|41,941,165.94|26,318,080.91|

 Notes:
The sales expenses increased59.36% over the last period which mainly was the increase of new project opening
sales agency fee.
64. Administrative expenses
Unit: RMB Yuan
||||
|-|-|-|
|Item|Reporting period|Same period of last year|
|Employee’s remuneration|62,531,485.31|63,705,186.43|
|Administrative office cost|21,137,197.32|23,747,798.96|
|Assets amortization and depreciation|||
||4,717,738.87|5,771,598.27|
|expense|||
|Litigation costs|2,497,654.50|407,187.00|
|Taxes|2,867,555.63|1,139,291.88|
|Other|9,216,495.16|9,144,870.26|
|Total|102,968,126.79|103,915,932.80|

 Notes:
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. 65. Financial expenses
Unit: RMB Yuan
||||
|-|-|-|
|Item|Reporting period|Same period of last year|
|Interest expenses||494,767.88|
|Less: Interest income|8,509,056.15|14,179,022.79|
|Net losses of exchange|591.36|-107,869.08|
|Other|993,775.48|1,094,333.49|
|Total|-7,514,689.31|-12,697,790.50|

 Notes:
The amount of the financial expenses of the period decrease over the last period was mainly due to the decrease of the agreement deposit and the 7-dayes notice deposit.
66. Asset impairment loss
Unit: RMB Yuan
||||
|-|-|-|
|Item|Reporting period|Same period of last year|
||-8,020,498.14||
|I. Bad debt loss||-936,571.89|
||99,884,437.85||
|II. Inventory falling price loss||-5,813,259.28|
||91,863,939.71|-6,749,831.17|
|Total|||

Notes:
The amount of the assets impairment losses largely increased over the last period was mainly due to the reverse of the inventory falling price provision of SZPRD-Banshanyujing Project.
67. Gains on the changes in the fair value
Unit: RMB Yuan
||||
|-|-|-|
|Source|Reporting period|Same period of last year|

 Notes:
68. Investment income
Unit: RMB Yuan
||||
|-|-|-|
|Item|Reporting period|Same period of last year|
|Long-term equity investment income|||
||1,637,238.00|-352,555.03|
|accounted by equity method|||
|Investment income arising from disposal of|||
|||207,432,184.22|
|long-term equity investments|||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|Investment income received from disposal of|||
||5,709,098.20||
|available-for-sale financial assets|||
|Gains of the quit of the combination entity||7,545,255.06|
|Others|392,034.89||
|Total|7,738,371.09|214,624,884.25|

 Notes:
69. Non-operating gains
Unit: RMB Yuan
|||||
|-|-|-|-|
||||Recorded in the amount of the|
|Item|Reporting period|Same period of last year||
||||non-recurring gains and losses|
|Total gains from disposal of|33,279.06|1,905,888.27||
||||33,279.06|
|non-current assets||||
|Including: Gains from disposal||||
||33,279.06|1,905,888.27|33,279.06|
|of fixed assets||||
|Government subsidies|153,795.84|4,500.00|153,795.84|
|Confiscated income|153,231.52|2,705,567.24|153,231.52|
||171,278,808.63|||
|Other||478,078.46|176,078,808.63|
||171,619,115.05|5,094,033.97||
|Total|||176,419,115.05|

Government subsidies recorded into current profits and losses
Unit: RMB Yuan
||||||||||
|-|-|-|-|-|-|-|-|-|
|||||Whether|||||
||||||Whether||||
|||||influence the||||Related to the|
||Distribution|Distribution|||Special|Reporting|Same period||
|Item|||Nature/type|profits or||||assets/|
||entity|reason|||subsidy or|period|of last year||
|||||losses of the||||income|
||||||not||||
|||||year or not|||||
||||Subsidy||||||
||||gained due to||||||
||||undertaking||||||
||Shenzhen||the state||||||
|Subsidy for|||||||||
||International||protecting||||||
|improvement|||||||||
||Trade Center||one public|||||Related to the|
|of air||Subsidy||No|No|10,500.00|||
||Vehicles||utility or|||||income|
|environment|||||||||
||Industry Co.,||social||||||
|quality|||||||||
||Ltd.||necessary||||||
||||products||||||
||||supply or||||||
||||price||||||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||||||||
|-|-|-|-|-|-|-|-|-|
||||controlling||||||
||||Subsidy||||||
||||gained due to||||||
||SHENZHEN||undertaking||||||
||INTERNATI||the state||||||
||ONAL||protecting||||||
|Subsidy for|||||||||
||TRADE||one public||||||
|elevator||||||||Related to the|
||CENTER|Subsidy|utility or|No|No|142,980.00|||
|transformatio||||||||income|
||PROPERTY||social||||||
|n|||||||||
||MANAGER||necessary||||||
||MENT CO.,||products||||||
||LTD.||supply or||||||
||||price||||||
||||controlling||||||
||||Subsidy||||||
||||gained due to||||||
||||undertaking||||||
||||the state||||||
||||protecting||||||
||Chongqing||||||||
||||one public||||||
|Tax|Ao’bo|||||||Related to the|
|||Subsidy|utility or|No|No|315.84|||
|preference|Elevator Co.,|||||||income|
||||social||||||
||Ltd.||||||||
||||necessary||||||
||||products||||||
||||supply or||||||
||||price||||||
||||controlling||||||
||||Subsidy||||||
||||gained due to||||||
||||undertaking||||||
||||the state||||||
||Chongqing||||||||
||||protecting||||||
|Graduate|International||||||||
||||one public||||||
|employment|Trade Center|||||||Related to the|
|||Subsidy|utility or|No|No||4,500.00||
|apprentice|Property|||||||income|
||||social||||||
|subsidies|Management||||||||
||||necessary||||||
||Co., Ltd.||||||||
||||products||||||
||||supply or||||||
||||price||||||
||||controlling||||||
|Total|--|--|--|--|--|153,795.84|4,500.00|--|

Note:
The non-operating revenue was increased of3269.02% over the last period was mainly due to the
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. recognition of assets of Dragon Garden Development Building F14, F15, RMB169,582,120.00, For details, please refer to Section X Financial Report (XIV) 2, (2).
70. Non-operating expenses
Unit: RMB Yuan
|||||
|-|-|-|-|
||||Recorded in the amount of the|
|Item|Reporting period|Same period of last year||
||||non-recurring gains and losses|
|Loss on disposal of non-current|601,245.35|93,576.27||
||||601,245.35|
|assets||||
|Including: Loss on disposal of||||
||601,245.35|93,576.27|601,245.35|
|fixed assets||||
|Taxes overdue payment fines||||
||1,410,492.64|25,116,322.54|1,410,492.64|
|and other fines||||
|Accrued liabilities losses|834,999.50||834,999.50|
|Other|30,000.00|866,685.56|30,000.00|
|Total|2,876,737.49|26,076,584.37|2,876,737.49|

 Notes:
71. Income tax expense
(1) Lists of income tax expense
Unit: RMB Yuan
||||
|-|-|-|
|Item|Reporting period|Same period of last year|
||83,330,320.09||
|Current income tax expense||161,226,485.47|
||-23,758,594.67||
|Deferred income tax expense||-24,960,201.80|
||59,571,725.42|136,266,283.67|
|Total|||

(2) Adjustment process of accounting profit and income tax expense
Unit: RMB Yuan
|||
|-|-|
|Item|Reporting period|
|Total profits|216,391,692.13|
|Current income tax expense accounted by tax and relevant||
||54,097,923.03|
|regulations||
|Influence of different tax rate suitable to subsidiary|-7,889.24|
|Influence of income tax before adjustment|-285,195.97|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||
|-|-|
|Influence of non taxable income|-409,309.50|
|Influence of not deductible costs, expenses and losses|559,673.29|
|Influence of deductible losses of deferred income tax assets||
||-24,499,171.74|
|derecognized used in previous period||
|Influence of deductible temporary difference or deductible losses||
||30,115,695.55|
|of deferred income tax assets derecognized in reporting period.||
||59,571,725.42|
|Income tax expense||

 Other notes:
72. Other comprehensive income
Refer to the Note. 57
73. Supplementary information to cash flow statement
(1) Other cash received relevant to operating activities
Unit: RMB Yuan
||||
|-|-|-|
|Item|Reporting period|Same period of last year|
|Large current funds received|1,100,000.00|6,749,857.14|
|Interest income|8,509,056.15|14,179,022.79|
|Net margins, security deposit and various|||
|||4,931,895.90|
|special funds received|||
|Net amount of utilities, miscellaneous|||
|fees and accident fee and other receivables|3,881,747.21||
|on behalf|||
|Other small receivables|1,033,787.06|1,641,006.85|
|Total|14,524,590.42|27,501,782.68|

 Notes:
(2) Other cash paid relevant to operating activities
Unit: RMB Yuan
||||
|-|-|-|
|Item|Reporting period|Same period of last year|
|Paying administration expenses in cash|30,726,090.13|33,060,657.02|
|Paying sales expenses in cash|26,398,187.28|22,770,689.39|
|Net margins, security deposit and various|||
||9,405,053.02||
|special funds paid|||
|Net amount of utilities, miscellaneous||20,401,287.75|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|fees and accident fee and other payments|||
|on behalf|||
|Other small payments|1,518,295.15|8,620,313.90|
|Total|68,047,625.58|84,852,948.06|

 Notes:
(3) Other cash received relevant to investment activity
Unit: RMB Yuan
||||
|-|-|-|
|Item|Reporting period|Same period of last year|

 Notes:
(4) Other cash paid relevant to investment activity
Unit: RMB Yuan
||||
|-|-|-|
|Item|Reporting period|Same period of last year|
|Cash balance of Hainan Company drop out|||
|||266,715.68|
|the combination|||
|Total||266,715.68|

 Notes:
(5) Other cash received relevant to financing activities
Unit: RMB Yuan
||||
|-|-|-|
|Item|Reporting period|Same period of last year|

 Notes:
(6) Other cash paid relevant to financing activities
Unit: RMB Yuan
||||
|-|-|-|
|Item|Reporting period|Same period of last year|
|Handling charges of significant loans|104,500.00||
|Total|104,500.00||

Notes:
74. Supplementary information to cash flow statement
(1) Information of net profit to net cash flows generated from operating activities
Unit: RMB Yuan
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|Supplementary materials|Reporting period|Last period|
|1. Reconciliation of net profit to net cash|||
||--|--|
|flows generated from operating activities|||
|Net profit|156,819,966.71|417,498,679.91|
|Add: Provision for impairment of assets|96,663,939.71|-6,749,831.17|
|Depreciation of fixed assets, of oil-gas|||
||31,793,964.69|33,701,124.55|
|assets, of productive biological assets|||
|Amortization of intangible assets|7,152,503.04|7,152,503.04|
|Long-term unamortized expenses|528,330.96|528,330.96|
|Losses on disposal of fixed assets, intangible|||
|assets and other long-term assets (gains:|567,966.29|-1,812,312.00|
|negative)|||
|Financial cost (gains: negative)|275,874.59|494,767.88|
|Investment loss (gains: negative)|-7,738,371.09|-214,624,884.25|
|Decrease in deferred income tax assets|||
||-23,782,579.91|-24,960,201.80|
|(gains: negative)|||
|Increase in deferred income tax liabilities|||
||23,985.24||
|(“-” means decrease)|||
|Decrease in inventory (gains: negative)|-230,356,245.15|-220,800,911.09|
|Decrease in accounts receivable from|||
||-12,169,078.01||
|||18,742,572.67|
|operating activities (gains: negative)|||
|Increase in payables from operating|||
||484,005,911.67||
|||-23,796,895.78|
|activities (decrease: negative)|||
|Other|-189,218,539.08||
|Net cash flows generated from operating|309,767,629.66|-14,627,057.08|
|activities|||
|2. Investing and financing activities that do|||
||--|--|
|not involving cash receipts and payment:|||
|3. Net increase in cash and cash equivalents|--|--|
|Closing balance of cash|933,337,815.77|808,963,376.68|
|Less: Opening balance of cash|808,963,376.68|977,171,814.20|
|Net increase in cash and cash equivalents|124,374,439.09|-168,208,437.52|

 (2) Net Cash paid of obtaining the subsidiary
Unit: RMB Yuan
||
|-|
|Amount|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||
|-|-|
|Of which:|--|
|Of which:|--|
|Of which:|--|

Notes:
(3) Net Cash receive of disposal of the subsidiary
Unit: RMB Yuan
|||
|-|-|
||Amount|
|Of which:|--|
|Of which:|--|
|Of which:|--|

Notes:
(4) Cash and cash equivalents
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing balance|Opening balance|
|I. Cash|933,337,815.77|808,963,376.68|
|Including: Cash on hand|208,170.99|199,841.15|
|Bank deposit on demand|930,987,796.17|806,458,046.62|
|Other monetary funds on demand|2,141,848.61|2,305,488.91|
|III. Closing balance of cash and cash|933,337,815.77|808,963,376.68|
|equivalents|||

Notes:
75. Note of statement of changes in the owner's equity
Explain "other" project name and adjustment amount of the adjustment of closing balance in previous year, etc.:
Inapplicable
76. The assets with the ownership or use right restricted
Unit: RMB Yuan
||||
|-|-|-|
|Item|Closing book value|Restricted reason|
|||Guarantee deposit, for details, please refer|
|Monetary capital|12,402,160.00||
|||to Section X. Financial Report XIV. 2, (1)|
|||Guarantee deposit, for details, please refer|
|Investment property|1,381,878.96||
|||to Section X. Financial Report XIV. 2, (1)|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|Total|13,784,038.96|--|

Notes:
77. Foreign currency monetary items
(1) Foreign currency monetary items
Unit: RMB Yuan
|||||
|-|-|-|-|
||Closing foreign currency||Closing convert to RMB|
|Item||Exchange rate||
||balance||balance|
|Monetary capital|--|--|51,240,449.83|
|HKD|61,160,718.35|0.8378|51,240,449.83|
|Other accounts receivable||--|277,785.66|
|Of which: HKD|331,565.60|0.8378|277,785.66|
|Other account payable|||418,927.70|
|Of which: HKD|500,033.05|0.8378|418,927.70|
|Accounts payable|||46,916.80|
|Of which: HKD|56,000.00|0.8378|46,916.80|

 Notes:
(2) Note to oversea entities including: for significant oversea entities, shall disclose main operating place, recording currency and selection basis, if there are changes into recording currency, shall also disclose the reason.
√ Applicable□ Inapplicable
||||
|-|-|-|
|Item|Mainoperatingplace|Recordingcurrency|
|Shum Yip Properties DevelopmentCo., Ltd. and its subsidiary|HongKong|HKD|

78. Arbitrage
According to arbitrage category to disclose arbitrage item, relevant arbitrage tools and been arbitraged risk qualitative and quantitative information:
Inapplicable
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. 79. Other
Inapplicable
VIII. Changes of merge scope
1. Business merger not under same control
(1) Business merger not under same control in reporting period
Unit: RMB Yuan
||||||||||
|-|-|-|-|-|-|-|-|-|
||||||||Income of|Net profits of|
||Time and||||||||
|||Cost of||Way to gain||Recognition|acquiree|acquiree|
|Name of|place of||Proportion of||||||
|||gaining the||the stock|Purchase date|basis of|during the|during the|
|acquiree|gaining the||stock rights||||||
|||stock rights||rights||purchase date|purchase date|purchase date|
||stock rights||||||||
||||||||to period-end|to period-end|

 Notes:
Inapplicable
(2) Combined cost and goodwill
Unit: RMB Yuan
||
|-|
|Combination cost|

Note to determination method, consideration and changes of fair value of combined cost:
Inapplicable
The main formation reason for the large goodwill:
Inapplicable
Notes:
Inapplicable
(3) The identifiable assets and liabilities of acquiree at purchase date
Unit: RMB Yuan
|||
|-|-|
|Fair value on purchase date|Book value on purchase date|

The recognition method of the fair value of identifiable assets and liabilities
Inapplicable
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. Contingent liability of acquiree undertaken by business merger
Inapplicable
Notes:
Inapplicable
(4) The profit or loss from equity held by the date before acquisition in accordance with the fair value measured again
Whether there is a transaction that through multiple transaction step by step to realize enterprises merger and gaining the control during the reporting period
□ Yes√ No
(5) Note to merger could not be determined reasonable consideration or Identifiable assets, Fair value of liabilities of the acquiree at acquisition date or closing period of the merge
Inapplicable
(6) Other notes
There was no change in the reporting period.
2. Business combination under the same control
(1) Business combination under the same control during the reporting period
Unit: RMB Yuan
||||||||||
|-|-|-|-|-|-|-|-|-|
||||||Income from|Net profits|||
||||||the|from the|||
|||||Recognition|||Income|Net profits|
||||||period-begin|reporting|||
|Combined|Proportion of||Combination|basis of|||during the|during the|
|||Basis|||to the|period to the|||
|party|the profits||date|combination|||period of|period of|
||||||combination|combination|||
|||||date|||comparison|comparison|
||||||date of the|date of the|||
||||||combination|combination|||

Notes:
(2) Combination cost
Unit: RMB Yuan
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||
|-|
|Combination cost|

Note to contingent consideration or other changes:
Notes:
(3) The book value of the assets and liabilities of the combined party at combining date
Unit: RMB Yuan
|||
|-|-|
|Combination date|Period-end of last period|

 Contingent liabilities of the combined party undertaken in combination
Notes:
3. Counter purchase
Basic information of trading, the basis of transactions constitute counter purchase, the retain assets , liabilities of
the listed companies whether constituted a business and its basis, the determination of the combination costs, the
amount and calculation of adjusted rights and interests in accordance with the equity transaction process.
4. The disposal of subsidiary
Whether there is a single disposal of the investment to subsidiary and lost control
□ Yes√ No
Whether there are multiple transactions step by step dispose the investment to subsidiary and lost control in
reporting period
□ Yes√ No
5. Other reasons for the changes in combination scope
Notes to reasons for the changes in combination scope (Newly established subsidiary and subsidiary of liquidation) and relevant information:
6. Other
IX. Equity in other entities
1. Equity in subsidiary
(1) The structure of the enterprise group
||||||||
|-|-|-|-|-|-|-|
|Name of the|Main operating||Nature of|Holding percentage (%)|||
|||Registration place||||Way of gaining|
|subsidiary|place||business|Directly|Indirectly||
|Shenzhen|Shenzhen|Shenzhen|Property|95.00%|5.00%|Set-up|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||||||
|-|-|-|-|-|-|-|
|Huangcheng Real|||development||||
|Estate Co., Ltd.|||||||
|SZPRD Real|||||||
|Estate|||Property||||
||Shenzhen|Shenzhen||95.00%|5.00%|Set-up|
|Development Co.,|||development||||
|Ltd.|||||||
|PRD Group|||||||
|Xuzhou Dapeng|||||||
||||Property||||
|Real Estate|Xuzhou|Xuzhou||100.00%||Set-up|
||||development||||
|Development|||||||
|Co.,Ltd.|||||||
|Dongguan|||||||
|International|||||||
|Trade Center|||||||
||||Property||||
|Changsheng Real|Dongguan|Dongguan||100.00%||Set-up|
||||development||||
|Estate|||||||
|Development Co.,|||||||
|Ltd.|||||||
|PRD Yangzhou|||||||
|Real Estate|||Property||||
||Yangzhou|Yangzhou||100.00%||Set-up|
|Development Co.,|||development||||
|Ltd.|||||||
|SHENZHEN|||||||
|INTERNATION|||||||
|AL TRADE|||||||
||||Property||||
|CENTER|Shenzhen|Shenzhen||95.00%|5.00%|Set-up|
||||management||||
|PROPERTY|||||||
|MANAGERMEN|||||||
|T CO., LTD.|||||||
|Shenzhen|||||||
|Huangcheng Real|||||||
||||Property||||
|Estate|Shenzhen|Shenzhen|||100.00%|Set-up|
||||management||||
|Management Co.,|||||||
|Ltd.|||||||
|Shandong|||||||
|Shenzhen|||||||
|International|||||||
||||Property||||
|Trade Center|Jinan|Jinan|||100.00%|Set-up|
||||management||||
|Property|||||||
|Management Co.,|||||||
|Ltd.|||||||
|Chongqing|Chongqing|Chongqing|Property||100.00%|Set-up|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||||||
|-|-|-|-|-|-|-|
|Shenzhen|||management||||
|International|||||||
|Trade Center|||||||
|Property|||||||
|Management Co.,|||||||
|Ltd.|||||||
|Chongqing Ao’bo|||||||
||Chongqing|Chongqing|Service||100.00%|Set-up|
|Elevator Co., Ltd.|||||||
|Shenzhen|||||||
|Tianque Elevator|||||||
||Shenzhen|Shenzhen|Service||100.00%|Set-up|
|Technology Co.,|||||||
|Ltd.|||||||
|Shenzhen|||||||
|International|||||||
|Trade Center|||||||
|Property|||||||
||Shenzhen|Shenzhen|Service||100.00%|Set-up|
|Management|||||||
|Engineering|||||||
|Equipment Co.,|||||||
|Ltd.|||||||
|Shenzhen|||||||
|International|||||||
||Shenzhen|Shenzhen|Catering service|80.00%|20.00%|Set-up|
|Trade Center|||||||
|Food Co., Ltd.|||||||
|Shenzhen|||||||
|Property|||||||
||||Project||||
|Construction|Shenzhen|Shenzhen|||100.00%|Set-up|
||||supervision||||
|Supervision Co.,|||||||
|Ltd.|||||||
|Shenzhen Real|||||||
||Shenzhen|Shenzhen|Service|100.00%||Set-up|
|Estate Exchange|||||||
|Shenzhen|||||||
|International|||||||
|Trade Center|Shenzhen|Shenzhen|Service|90.00%|10.00%|Set-up|
|Vehicles Industry|||||||
|Co., Ltd.|||||||
|Shenzhen|||||||
|International|||||||
|Trade Center|Shenzhen|Shenzhen|Service||100.00%|Set-up|
|Motor Rent Co.,|||||||
|Ltd.|||||||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||||||
|-|-|-|-|-|-|-|
|Shenzhen Tesu|||||||
|Vehicle Driver|||||||
||Shenzhen|Shenzhen|Service||100.00%|Set-up|
|Training Center|||||||
|Co., Ltd.|||||||
|Shenzhen|||||||
|International|Shenzhen|Shenzhen|Trading|95.00%|5.00%|Set-up|
|Trade Plaza|||||||
|Sichuan Tianhe|||||||
||Chengdu|Chengdu|Trading||100.00%|Set-up|
|Industry Co., Ltd.|||||||
|Zhanjiang|||||||
|Shenzhen Real|||||||
||||Property||||
|Estate|Zhanjiang|Zhanjiang||100.00%||Set-up|
||||development||||
|Development Co.,|||||||
|Ltd.|||||||
|||||||Business|
|Shenzhen|||||||
|||||||combination|
|Shenxin Taxi Co.,|Shenzhen|Shenzhen|Service|100.00%|||
|||||||under the same|
|Ltd.|||||||
|||||||control|
|Shum Yip|||||||
|Properties|||Property||||
||Hong Kong|Hong Kong||100.00%||Set-up|
|Development Co.,|||development||||
|Ltd.|||||||
|Wayhang|||||||
||||Property||||
|Development Co.,|Hong Kong|Hong Kong|||100.00%|Set-up|
||||development||||
|Ltd.|||||||
|Chief Link|||||||
||||Property||||
|Properties Co.,|Hong Kong|Hong Kong|||70.00%|Set-up|
||||development||||
|Ltd.|||||||
|||||||Business|
|Syndis|||||||
||||Property|||combination not|
|Investment Co.,|Hong Kong|Hong Kong|||100.00%||
||||development|||under the same|
|Ltd.|||||||
|||||||control|

 Notes: holding proportion in subsidiary different from voting proportion:
Naught
Basis of holding half or less voting rights but still been controlled investee and holding more than half of the voting rights not been controlled investee:
Naught
Significant structure entities and controlling basis in the scope of combination:
The Company and controlling shareholders in Shenzhen Investment Holdings Co., Ltd.
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. (hereinafter referred to as “SIH”) entered into Asset Replacement Agreement in Sep. 2010, agreeing that the Company replaces Moon Bay T102-0237 land and100% equity of Shenzhen Shenxin Taxi Co., Ltd. (hereinafter referred to as “SX Company”) possessed by SIH with parts of house property owned by the Company and wholly-owned subsidiary Shenzhen Huangcheng Real Estate Co., Ltd. In order to optimize structure of replaced asset, SIH agrees that assets and liabilities which are not suitable to be included into the listed company such as non-market commodity house and non-performing loans and debts owned by SX Company and shown in No.[2010] 103 file of SIH (hereinafter referred to as “Divestiture Assets of SX Company” or “Divestiture Assets”) will not be incorporated into scope of replacement and will be divested. In principle, Divestiture Assets shall handle procedures of registration of transfer and transfer of credit and debt.
SIH, Shenzhen Foreign Economy& Trade Investment Co., Ltd. (hereinafter referred to as FET Company”) and SX Company signed Contract on Transfer of Divestiture Assets in Jun. 2012.
According to agreement of the Contract, SIH requires SX Company to transfer Divestiture Assets to FET Company for management.
Since there are legal impediments in partial transfer of Divestiture Assets, FET Company and SX Company concluded and signed Contract on Entrusted Management of Divestiture Assets and Liabilities, promising that FET Company has entrusted SX Company to liquidate, manage and dispose of Divestiture Assets. The entrusted period ends on Dec. 31, 2014. Since there are legal impediments in partial transfer of Divestiture Assets, FET Company and SX Company concluded and signed Supplement Contract on Entrusted Management of Divestiture Assets and Liabilities, promising that FET Company has entrusted SX Company to liquidate, manage and dispose of Divestiture Assets. The entrusted period ends on Sept. 30, 2016. SX Company paid for FET Company with RMB313,000 income obtained from assets operation from Jun. 1, 2012 to Dec. 31, 2012. Since then SX Company will pay RMB626,000 to FET Company each year and the remaining incomes gained from assets operation will be possessed by SX Company.
Balance of Divestiture Assets as of December 31, 2015 in consolidated statements is as follows:
||||
|-|-|-|
|Item|Amount|Item|
|Other accounts receivable|50.00|Other account payable|
|Investment property|9,158,914.93|Other non-current liabilities|
|Fixed assets|9,531,321.79||
|Long-term unamortizedexpenses|246,479.90||
|Total assets|18,936,766.62|Total liabilities and owners’equity|

Notes: other non-current liabilities shall belong to equity of SIH Divestiture Assets.
Through the above Contract on Entrusted Management of Divestiture Assets and Liabilities, the Company has actually controlled SXCompany’s Divestiture Assets which become a business entity with control rights by entrusted business mode.
Basis of determine whether the Company is the agent or the principal:
Naught
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. Notes:
As of the end of reporting period, the balance of minority shareholders was RMB 862,087.06; there was no significant non-wholly owned subsidiary in the Company.
(2) Significant not wholly owned subsidiary
Unit: RMB Yuan
||||||
|-|-|-|-|-|
|||The profits and losses|Declaring dividends|Balance of minority|
||Shareholding proportion||||
|Name of the subsidiary||arbitrate to the minority|distribute to minority|shareholder at closing|
||of minority shareholder||||
|||shareholders|shareholder|period|

 Holding proportion of minority shareholder in subsidiary different from voting proportion:
Naught
Notes:
Naught
(3) The main financial information of significant not wholly owned subsidiary
Unit: RMB Yuan
||||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|-|
|Name of|Closing balance||||||Opening balance||||||
|the||Non-curr|Totalassets||Non-curr|||Non-curr|||Non-curr||
||current|||Current||Total|current||Total|Current||Total|
|subsidiar||ent|||ent|||ent|||ent||
||assets|||liabilities||liabilities|assets||assets|liabilities||liabilities|
|y||assets|||liability|||assets|||liability||

 Unit: RMB Yuan
||||||||||
|-|-|-|-|-|-|-|-|-|
||Reporting period||||Same period of last year||||
|Name of the|Operationrevenue||Total||||Total||
|||||Operating|Operation|||Operating|
|subsidiary||Net profit|comprehensi|||Net profit|comprehensi||
|||||cash flow|revenue|||cash flow|
||||ve income||||ve income||

 Notes:
Naught
(4) Significant restrictions of using enterprise group assets and pay off enterprise group debt Naught
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. (5) Provide financial support or other support for structure entities incorporate into the scope of consolidated financial statements
Naught
Notes:
Naught
2. The transaction of the Company with itsowner’s equity share changed but still controlling the subsidiary
(1) Note toowner’s equity share changed in subsidiary
Naught
(2) Thetransaction’s influence to equity of minority shareholders and attributable to the owner's equity of the parent company
Unit: RMB Yuan
 Other notes:
Naught
3. Equity in joint venture arrangement or associated enterprise
(1) Significant joint venture arrangement or associated enterprise
||||||||
|-|-|-|-|-|-|-|
|||||Holding percentage (%)||Accounting|
|||||||treatment of the|
||Main operating||Nature of|||investment of|
|Name||Registration place|||||
||place||business|Directly|Indirectly|joint venture or|
|||||||associated|
|||||||enterprise|
|Shenzhen Jifa|||||||
|Warehouse Co.,|Shenzhen|Shenzhen|Warehouse serve|50.00%||Equity method|
|Ltd.|||||||
|Tianan|||||||
|International|||Property||||
||Shenzhen|Shenzhen||50.00%||Equity method|
|Building Property|||management||||
|Management|||||||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||
|-|
|Company of|
|Shenzhen|

Notes to holding proportion of joint venture or associated enterprise different from voting proportion:
TheCompany’s long term equity investment had withdrawn bad debt provision for the associate enterprise of Shenzhen Wufang Pottery& Porcelain Industrial Co., Ltd., Shenzhen INTERNATIONAL TRADE CENTER Industrial Development Co., Ltd. and Anhui Nanpeng Papermaking Co., Ltd. Now the aforesaidcompanies’ financial statement cannot be obtained, thus, the Company believed that they were insignificant associate enterprises.
Basis of holding less than20% of the voting rights but has a significant impact or holding20% or more voting rights but does not have a significant impact:
Naught
(2) Main financial information of significant joint venture
Unit: RMB Yuan
||||||
|-|-|-|-|-|
||Closing balance/ reporting period||Opening balance /last period||
||Tianan International||Tianan International||
||Building Property|Shenzhen Jifa Warehouse|Building Property|Shenzhen Jifa Warehouse|
||Management Company|Co., Ltd.|Management Company|Co., Ltd.|
||of Shenzhen||of Shenzhen||
|current assets|38,895,590.21|5,555,289.81|35,704,923.71|2,060,981.97|
|Of which: cash and cash|||||
||27,170,290.21|5,279,230.56|26,199,623.71|1,790,481.86|
|equivalence|||||
|Non-current assets|112,137.15|59,395,951.93|115,690.14|60,575,943.01|
|Total assets|39,007,727.36|64,951,241.74|35,820,613.85|62,636,924.98|
|Current liabilities|14,868,217.22|3,372,557.80|13,314,464.45|2,875,168.22|
|Non-current liability|16,665,839.28||16,490,027.37||
|Total liabilities|31,534,056.50|3,372,557.80|29,804,491.82|2,875,168.22|
|Equity attributable to|||||
|owners of parent|7,473,670.86|61,578,683.94|6,016,122.03|59,761,756.76|
|company|||||
|Portion of net assets|||||
|calculated according to|||||
||3,736,835.43|30,789,341.97|3,008,005.30|29,880,878.38|
|proportion of|||||
|shareholdings|||||
|Book value of equity|||||
|investment to joint|3,736,835.43|30,789,341.97|3,008,005.30|29,880,878.38|
|venture|||||
|Operation revenue|18,022,357.14|6,676,118.83|18,118,056.52|6,934,396.44|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||||
|-|-|-|-|-|
|Financial expenses|87,226.94|-8,792.28|-80,034.42|-1,803.80|
|Income tax expense|494,157.26|599,795.60|357,987.23|563,714.04|
|Net profit|1,457,548.83|1,816,927.18|1,060,223.38|1,673,601.73|
|Total comprehensive|||||
||1,457,548.83|1,816,927.18|1,060,223.38|1,673,601.73|
|income|||||

Other notes:
Naught
(3) Main financial information of significant associated enterprise
Unit: RMB Yuan
|||
|-|-|
|Closing balance/ reporting period|Opening balance /last period|

 Other notes:
TheCompany’s long term equity investment had withdrawn bad debt provision for the associate enterprise of Shenzhen Wufang Pottery& Porcelain Industrial Co., Ltd., Shenzhen INTERNATIONAL TRADE CENTER Industrial Development Co., Ltd. and Anhui Nanpeng Papermaking Co., Ltd. Now the aforesaidcompanies’ financial statement cannot be obtained, thus, the Company believed that they were insignificant associate enterprises.
(4) Summary financial information of insignificant joint venture or associated enterprise
Unit: RMB Yuan
||||
|-|-|-|
||Closing balance/ reporting period|Opening balance /last period|
|Joint venture:|--|--|
|The total of following items according to the|||
||--|--|
|shareholding proportions|||
|Associated enterprise:|--|--|
|The total of following items according to the|||
||--|--|
|shareholding proportions|||

Other notes:
Naught
(5) Note to the significant restrictions of the ability of joint venture or associated enterprise transfer funds to the Company
Naught
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. (6) The excess loss of joint venture or associated enterprise
Unit: RMB Yuan
|||||
|-|-|-|-|
||The cumulative recognized|The derecognized losses or the|The noncumulative|
|Name|losses in previous|share of net profit in reporting|unrecognized losses in reporting|
||accumulatively derecognized|period|period|

 Other notes:
Naught
(7) The unrecognized commitment related to joint venture investment
Naught
(8) Contingent liabilities related to joint venture or associated enterprise investment
Naught
4. Significant common operation
|||||||
|-|-|-|-|-|-|
|||||Proportion /share portion||
|Name|Main operating place|Registration place|Nature of business|||
|||||Directly|Indirectly|

 Notes to holding proportion or share portion in common operation different from voting proportion:
Naught
Basis of common operation as a single entity, classify as common operation
Naught
Other notes:
Naught
5. Equity of structure entity not including in the scope of consolidated financial statements
Related notes to structure entity not including in the scope of consolidated financial statements
Naught
6. Other
Naught
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. X. The risk related financial instruments
The financial instruments of the Group include: monetary fund, the available for sale financial assets, loan, accounts receivable and notes receivable, accounts payable and notes payable, etc, for details, see disclosure in each note.
1. Credit risk
Credit risk was one party of the contract failed to fulfill the obligations and causes loss of financial assets of the other party.
The Group manages the credit risk according to the combination of credit risk classification; the credit risk mainly occurred in bank deposit, account receivable and other account receivables. The source of credit risk of financial assets was the default of the other party. The biggest risk exposure was equivalent to book value of the instruments.
TheGroup’s working capital was in bank with higher credit rating, so there was no significant credit risk, nor significant losses due to the default of other entity.
There were lots of account receivables withdrawn individually in the Group and had withdrawn bad debt provision, which fully reveal the existence of credit risk. Amount of balance of account receivables was RMB41.2885 million except the aforesaid had withdrawn bad debt provision, mainly was the account receivable of property management, of which was account receivable RMB10.3256 million of Huawei Technologies Co., Ltd. was the total property management costs of several serve district of Huawei Technology Center. Other client receivables were widely dispersed owners and tenants. The Group conducted continuous supervisor to the account receivables to ensure the Group not facing significant bad debt risk.
For the quantized data of credit risk exposure incurred by account receivables and other account receivables, see 2, Note (VII) and 4, Note (VII).
2. Liquidity risk
Liquidity risk was referred to the risk of incurring capital shortage when performing settlement obligation in the way of cash payment or other financial assets.
The subsidiary of the Group monitor the cash flow and the need of itself, the headquarters of the finance department combine the cash flow of each subsidiary, continue to monitor the short term or long term capital needs to ensure maintain plenty of cash flow. Besides, according to the actual capital need of the Group, provided commitment of adequate emergency capital to meet the short term and long term capital need.
The analysis of maturity term made by theGroup’s financial liabilities in line with non discount cash flow of the contracts:
(1) TheGroup’s current liabilities including short-term loans payable, accounts payable, interest payable, other payables and non-current liabilities due within one year are expected paid within 1 year.
(2)The analysis of maturity term made by theGroup’s financial liabilities in line with non discount cash flow of the contracts:
||||||
|-|-|-|-|-|
|Item|||||
||Within 1 year(including 1 year)|1-3years (including 3years)|3-5 years(including 5 year)|Over 5 years|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|Long term loan( interestincluded)|902.83|14,756.09|

|||||||
|-|-|-|-|-|-|
|Item||||||
||Within 1 year(including 1 year)|1-3 years(including 3 year)|3-5 years(including 5 year)|Over 5years||
|Long term loan( interestincluded)|1,194.27|17,979.91|||19,174.19|

3. Market risk
Market risk was referred to risk of the fair value or future cash flow of financial instrument changed due to the change of market price, including: exchange rate risk, interest rate risk and other price risk.
(1) Exchange rate risk
Exchange rate risk is referred to the fair value and future cash flow of financial instruments change due to the change of foreign exchange rate.
Sensitive analysis of foreign exchange risk was as followed.
Reflecting under the hypothesis of other variables constant, listed the reasonable and possible change of foreign exchange, due to the fair value of the monetary assets and monetary liabilities changes will impact on net income and shareholders' equity
Item Reporting period Last year
|||||
|-|-|-|-|
||Influence to theprofits|Influence to equity ofshareholders|Influence to theprofits|
|RMB down 2% against HKD|17,907.03|-1,010,786.30|3,252.26|
|RMB up 2% against HKD|-17,907.03|999,629.25|-3,252.26|

 Notes 1: the above-mentioned expressed as a positive number increase, a negative number decrease.
Notes 2: the above-mentioned expressed as changes in shareholder's equity does not include retained earnings
(2) Interest rate risk
Interest rate risk was referred to risk of the fair value or future cash flow of financial instrument changed due to the change of market interest risk.
The interest risk of the Group incurred from bank loan, interest rate risk of a floating interest rate of financial liabilities that lead to the group facing cash flow interest rate risk, financial liabilities with a fixed interest rate lead to the group facing cash flow interest rate risk. TheGroup’s interest-bearing debt situation was as followed:
|||
|-|-|
|Type|Closing balance|
|Interest-bearing debt from fixed interest rate|144,840,006.83|
|Of which: short term loan||
|Non current liabilities due within one years||
|Long-term borrowings|144,840,006.83|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||
|-|-|
|Interest-bearing debt from floating interest rate|129,243,352.00|
|Of which: short term loan|8,000,000.00|
|Non current liabilities due within one years|121,243,352.00|
|Long-term borrowings||
|Total|274,083,358.83|

 The management conducting sensitive analysis, the change of 25 BP increase or decrease was considered as reasonable reflection of possible range of interest rate. Base on the assumption of aforesaid floating interest rate of long-term borrowing paid by the due date, and in a full accounting year will not be required to pay, under the situation of other variable remain constant, the influence of interest rate increase / decrease 25 BP to net profits and shareholders:
Item Reporting period Last period
|||||
|-|-|-|-|
||Influence to theprofits|Influence to equityof shareholders|Influence to theprofits|
|Increase 25 BP|-6,314.76||-333,025.04|
|Decrease 25 BP|6,314.76||333,025.04|

Notes 1: the above-mentioned expressed as a positive number increase, a negative number decrease.
Notes 2: the above-mentioned expressed as changes in shareholder's equity does not include retained earnings
XI. The disclosure of the fair value
1. Closing fair value of assets and liabilities calculated by fair value
Unit: RMB Yuan
||||||
|-|-|-|-|-|
||Closing fair value||||
|Item|Fair value measurement|Fair value measurement|Fair value measurement||
|||||Total|
||items at level 1|items at level 2|items at level 3||
|I. Consistent fair value|||||
||--|--|--|--|
|measurement|||||
|II. Inconsistent fair value|||||
||--|--|--|--|
|measurement|||||

2. Market price recognition basis for consistent and inconsistent fair value measurement items at level 1
Inapplicable
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. 3. Valuation technique adopted and nature and amount determination of important parameters for consistent and inconsistent fair value measurement items at level 2
Inapplicable
4. Valuation technique adopted and nature and amount determination of important parameters for consistent and inconsistent fair value measurement items at level 3
Inapplicable
5. Sensitiveness analysis on unobservable parameters and adjustment information between opening and closing book value of consistent fair value measurement items at level 3
Inapplicable
6. Explain the reason for conversion and the policy governing when the conversion happens if conversion happens among consistent fair value measurement items at different levels
Inapplicable
7. Changes in the valuation technique in the current period and the reason for change
Inapplicable
8. Fair value of financial assets and liabilities not measured at fair value
Inapplicable
9. Other
Inapplicable
XII. Related party and related Transaction
1. Information related to parent company of the Company
|||||||
|-|-|-|-|-|-|
|||||Proportion of share|Proportion of voting|
|Name of parent|Registration place|Nature of business|Registered capital|||
|||||held by parent|rights owned by|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||||||
|-|-|-|-|-|-|
|company||||company against the|parent company|
|||||Company (%)|against the Company|
||||||(%)|
|SHENZHEN||||||
|INVESTMENT||Managing||||
||Shenzhen||RMB21.45 billion|63.82%|63.82%|
|HOLDINGS CO.,||state-owned assets||||
|LTD||||||

Notes: Information on the parent company:
By the end of the reporting period, the controlling shareholder of the Company is still Shenzhen Construction Investment Holdings in register book. In 2004,People’s Government of Shenzhen Municipality incorporated Shenzhen Construction Investment Holdings with the other two municipal asset management companies, namely Shenzhen Investment Management Corporation and Shenzhen Trade and Business Holding Company, and established Shenzhen Investment Holdings Co., Ltd. Thus, theCompany’s actual controlling shareholder is Shenzhen Investment Holdings Co., Ltd., a sole state-funded limited company, who was established in Oct. 13, 2004.Its main business scope is investing, operating and managing the state-owned shares in sole-funded, holding and joint-stock enterprises by means of reorganization, capital running and assets proposal; carrying out real estate development and operation business after legally obtaining the land use right; making investment based on policies and strategies as required by Shenzhen SASAC, providing guarantee to municipal state-owned enterprises, and running other business authorized by Shenzhen SASAC. As a government department, Shenzhen State-owned Assets Supervision and Administration Bureau manage Shenzhen Investment Holdings Co., Ltd. on behalf ofPeople’s Government of Shenzhen Municipality. Thus, the final controller of the Company is Shenzhen State-owned Assets Supervision and Administration Committee of Shenzhen Government.
Notes:
2. Subsidiaries of the Company
See details to Notes IX. 1
3. Information on the joint ventures and associated enterprises of the Company
See details to Notes IX. 3
Information on other joint venture and associated enterprise of occurring related party transactions with the Company in reporting period, or form balance due to related party transactions in previous period:
|||
|-|-|
|Name|Relationship|

Other notes:
4. Information on other related parties of the Company
|||
|-|-|
|Name|Relationship|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||
|-|-|
|Shenzhen Guesthouse Restaurant|Under the same control of the parent company of the Company|
|Shenzhen Foreign Economy & Trade Investment Co., Ltd.|Under the same control of the parent company of the Company|
|Shenzhen Investment Holdings Co., Ltd.|Under the same control of the parent company of the Company|

 Other notes:
5. List of related-party transactions
(1) Information on acquisition of goods and reception of labor service (unit: ten thousand Yuan)
Information on acquisition of goods and reception of labor service (unit: ten thousand Yuan)
Unit: RMB Yuan
|||||||
|-|-|-|-|-|-|
||||The approval trade|Whether exceed trade|Same period of last|
|Related-party|Content|Reporting period||||
||||credit|credit or not|year|

 Information of sales of goods and provision of labor service
Unit: RMB Yuan
|||||
|-|-|-|-|
|Related-party|Content|Reporting period|Same period of last year|
|Shenzhen Investment Holdings||||
||Provision of labor service|259,084.80|1,576,605.60|
|Co., Ltd.||||

Notes:
(2) Related trusteeship/contract
Lists of related trusteeship/contract:
Unit: RMB Yuan
||||||||
|-|-|-|-|-|-|-|
|Name of the|Name of the|||||Income|
|entruster/contract|entrustee/|Type|Initial date|Due date|Pricing basis|recognized in the|
|ee|contractor|||||reporting period|

 Notes:
Lists of entrust/contractee
Unit: RMB Yuan
||||||||
|-|-|-|-|-|-|-|
|Name of the|Name of the|||||Charge|
|entruster/contract|entrustee/|Type|Initial date|Due date|Pricing basis|recognized in the|
|ee|contractor|||||reporting period|

 Notes:
(3) Information of related lease
The Company was lessor:
Unit: RMB Yuan
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||||
|-|-|-|-|
|||The lease income confirmed in|The lease income confirmed in|
|Name of lessee|Category of leased assets|||
|||this year|last year|

 The Company was lessee:
Unit: RMB Yuan
|||||
|-|-|-|-|
|||The lease income confirmed in||
|lessor|Category of leased assets||Category of leased assets|
|||this year||
|Shenzhen Investment Holdings||||
||Rental|344,842.92|338,185.06|
|Co., Ltd.||||

Notes:
(4) Related-party guarantee
The Company was guarantor:
Unit: RMB Yuan
||||||
|-|-|-|-|-|
|||||Execution accomplished|
|Secured party|Guarantee amount|Start date|End date||
|||||or not|
|Dongguan International|||||
|Trade Center|||||
||129,243,352.00|11 Jan. 2013|11 Jan. 2016|No|
|Changsheng Real Estate|||||
|Development Co., Ltd.|||||

The Company was Secured party
Unit: RMB Yuan
||||||
|-|-|-|-|-|
|||||Execution accomplished|
|Guarantor:|Guarantee amount|Start date|End date||
|||||or not|
|Shenzhen Huangcheng|||||
||144,840,006.83|20 Jun. 2014|21 Apr. 2017|No|
|Real Estate Co., Ltd.|||||

Notes:
The Company and its subsidiariesdidn’t provide guarantees for other companies beyond the range of consolidated financial statements. The above guarantees are those Company and its subsidiaries provided to each other.
(5) Inter-bank lending of capital of relatedparties：
Unit: RMB Yuan
||||||
|-|-|-|-|-|
||Amount borrowed and||||
|Related-party||Initial date|Due date|Explanation|
||loaned||||
|Borrowed|||||
|Loaned|||||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. (6) Related party asset transfer and debt restructuring
Unit: RMB Yuan
|||||
|-|-|-|-|
|Related-party|Content|Reporting period|Same period of last year|

 (7) Rewards for the key management personnel
Unit: RMB Yuan
||||
|-|-|-|
|Item|Reporting period|Same period of last year|
|Total rewards for the key management|||
||5,985,900.00|6,671,900.00|
|personnel( tax included)|||

(8) Other related-party transactions
Related party entrusted operating
In Nov. 2012, Shenzhen Foreign Economy& Trade Investment Co., Ltd. (hereinafter referred to as FET Company”) and Shenzhen Shenxin Taxi Co., Ltd. (hereinafter referred to as “SX Company”) concluded and signed Contract on Entrusted Management of Divestiture Assets and Liabilities, promising that FET Company has entrusted SX Company to liquidate, manage and dispose of Divestiture Assets, see 2, Section X Financial Report, IX, 1. According to the Contract on Entrusted Management, during reporting period, SX Company paid the assets operating income of RMB 626,000 to FET Company.
During the entrusted operating period in 2015, the situation of divestiture assets was as followed:
Item Amount
||
|-|
|Operation revenue|
|Operation cost|
|Business tax and surcharges|
|Administrative expenses|
|Total profits|
|Income tax expense|
|Net profit|

 Notes: the management costs included paying operation income of RMB 626,000 to FET
Company.
6. Receivables and payables of related parties
(1) Receivables
Unit: RMB Yuan
|||||||
|-|-|-|-|-|-|
|||Closing balance||Opening balance||
|Name o f item|Related-party|||||
|||Book balance|Bad debt provision|Book balance|Bad debt provision|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||||||
|-|-|-|-|-|-|
||Anhui Nanpeng|||||
|Other accounts||||||
||Papermaking Co.,|8,047,712.00|8,047,712.00|7,328,480.00|7,328,480.00|
|receivable||||||
||Ltd.|||||
||Shenzhen Wufang|||||
|Other accounts||||||
||Pottery & Porcelain|1,747,264.25|1,747,264.25|1,747,264.25|1,747,264.25|
|receivable||||||
||Industrial Co., Ltd.|||||
||Shenzhen|||||
||International Trade|||||
|Other accounts||||||
||Center Industrial|||2,351,652.48|2,351,652.48|
|receivable||||||
||Development Co.,|||||
||Ltd|||||
||Shenzhen|||||
|Other accounts||||||
||Guesthouse|909,960.40|909,960.40|909,960.40|909,960.40|
|receivable||||||
||Restaurant|||||
||Shenzhen|||||
|Account receivable|Investment Holdings|||129,542.40|3,886.27|
||Co., Ltd.|||||

(2) Payables
Unit: RMB Yuan
|||||
|-|-|-|-|
|Name o f item|Related-party|Closing book balance|Opening book balance|
||Shenzhen Jifa Warehouse Co.,|||
|Other account payable||26,296,665.14|26,296,665.14|
||Ltd.|||
||Tianan International Building|||
|Other account payable|Property Management|5,214,345.90|4,114,345.90|
||Company of Shenzhen|||

7. Related party commitment
No such case in reporting period.
8. Other
Inapplicable
XIII. Stock payment
1. The Stock payment overall situation
□ Applicable√ Inapplicable
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. 2. The Stock payment settled by equity
□ Applicable√ Inapplicable
3. The Stock payment settled by cash
□ Applicable√ Inapplicable
4. Modification and termination of the stock payment
Naught
5. Other
Naught
XIV. Commitments
1. Significant commitments
Significant commitments at balance sheet date
|||
|-|-|
|Item|Closing amount|
|Large amount contract of real estate development project signed but derecognized in|855,729,640.97|
|financial statements.||
|Total|855,729,640.97|

 2. Contingency
(1) Significant contingency at balance sheet date
A. About transferring Jiabin Building contentious matter ( Now rename as: Longyuan Development Building; former name Jinlihua CommercialPlaza）
In 1993, the Company signed Right of Development Transfer Contract of Jiabin Building (name of Jiabin Building has been changed to Jinlihua Commercial Plaza) with Shenzhen Haibin Property Development Co., Ltd. (name of which has been changed to Shenzhen Jiyong Property Development Co., Ltd., hereinafter referred to as Jiyong Company). In January 1999, Jiyong Company sued the company to Guangdong HigherPeople’s Court (hereinafter referred to as “Guangdong Higher Court”) for termination of the transfer contract and refund of the transfer
consideration and construction payment paid on the ground that the area of premises was in
discrepancy with the contract. With respect to this, the Company counterclaimed the opposing
party to pay back the rest transfer consideration and applied for sealing up their property with an
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. area of 28,000 square meters.
On July 29, 2001, Guangdong Higher Court issued Civil Court Judgment YGFM (1999) No. 3 (hereinafter referred to as Judgment No. 3) to judge that① the Company should transfer the title of land use right specified in the transfer contract to Jiyong Company within 30 days from the date the judgment taking into effect and②Jiyong Company should pay off the transfer consideration amounting to RMB143, 860,000.00 within 60 days from the date the Company transferred the title of land use right. On November 27, 2001, the Company applied to Guangdong Higher Court for forcible execution, however Guangdong Higher Court adjudicated to release the sealing property of Jiyong Company approximately 10,000 square meters since Industrial& Commercial Bank of China Zhejiang Branch disagree to seal the properties.
The Company thought the applicable law of the decision was error, and raised an objection to High Court of Guangdong province.
In Sep.2005, the High Court of Guangdong province delivered unlocked decision to the Departments of Land and House Property Registers of Shenzhen. The aforesaid about ten thousand square meters of real estate was officially unlocked.
In January 2006, Guangdong Higher Court issued Civil Court Judgment YGFZ (2002) No. 1 and adjudicated because that① the Company has not yet transferred the title of land use right specified in the transfer contract to Jiyong Company and② Jiyong Company cannot provide other properties available for execution and the Company also cannot provide the property available for execution, the second judgment of the Judgment No. 3 - “Jiyong Company should pay off the transfer consideration amounted RMB143,860,000 within 60 days from the date the Company transferred the title of land use right” is terminated for execution. When the conditions causing termination for execution of the second judgment are eliminated, the second judgment should still be executed.
In March 2006, according to the ordain of Guangdong HigherPeople’s Court, the properties in Jiabin Building that have been sealed up in this case have been released automatically. On September 2009, company received YGFZ (2002) No. 1-1 Resume Execution Notice from Guangdong Province Higher Court claimed to resume execution the case that the transfer money owed by Jiyong company about Jiabin building project.
In October 2009, the Company received (Verdict YGFZ (2002) No. 1-2) from Guangdong Higher Court. The verdict claimed: The resume execution of this case is according to the "The requirements for the Guangdong Higher Court to concentrate the implementation of accumulated cases" Through the investigation conducted by Guangdong Higher Court to Shenzhen department of motor vehicles, Shenzhen Securities Registration and Settlement Organizations, Shenzhen Land resources and real estate administration and the opening bank of the executed party, the executed party– Jiyong Company does not have any executable property. For these, Guangdong Higher Court adjudicated:① Terminate the executive procedure of Verdict YGFZ (2002) No.1② When the execution conditions are satisfied, the applicant can apply for resume execution.
According to note (VII) 3, Shenzhen Longyuan-Kaili-Hengfeng Real Estate Co., Ltd. (hereinafter as the “Longyuan-Kaili”) and Shenzhen Huaneng-Jindi Property Co., Ltd. (hereinafter as the “Huaneng Property”) plan to conduct reconstructions to the plaza, On 3 mar. 2011, the Company,
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. The First Administration Under Shenzhen Planning And Land Resources Committee Directly and Longyuan-Kaili had registered the land of Jin Lihua Building to its name according to SDHZ (1992) No. 0228 Second Supplementary Agreement of Shenzhen Grant Contract of Land Use Right signed in 2011 and Meeting Summery about Research of Dealing with Problem Building Issued (No. 481) by Shenzhen Municipal Government.
In April 2012, the Company raised the subrogation right lawsuit to Shenzhen Luohu District People's Court, based on thecreditor’s right for Jiyong Company decided by the Civil Ruling Paper YGFMC (1999) No. 3, prosecuting the obligor of JiyongCompany—Shenzhen Zongli Investment Co., Ltd. (hereinafter referred to as “Zongli Company”), which was required to compensate for the Company within its debt range for Jiyong Company. Meanwhile, due to it was highly similar in the management level of Shenzhen Huaneng-Jindi Property Co., Ltd. (hereinafter referred to as “Huaneng-Jindi Company”) and Zongli Company, the Company believed that there was significant related-party relationship between Huaneng-Jindi Company and Zongli Company, therefore, the Company also prosecuted Huaneng-Jindi Company, which was required to undertake the joint liability for the debts born by Zongli Company. On 11 Sep. 2013 Shenzhen Luohu District People's Court issued (2012) SLFMECZ No. 1150paper of civil judgment; the decision rejected theCompany’s claims. The Company refused to accept the verdict, has instituted an appeal to the Shenzhen Intermediate People's Court, In Mar. 2015, Shenzhen Intermediate People's Court made Civil Judgment (2014) SZFSZZ No. 400, the decision to reject the appeal of the Company, and maintain the original judgment.
As the executable property are not found in the case so far, the Company withdraw bad debt provision for Shenzhen Jiyong Properties& Resources DevelopmentCompany‘s transfer amount of Jin Lihua Commercial Plaza. In Aug. 2015, the Company as a creditor applied to Shenzhen Intermediate People's Court for the bankruptcy and insolvency of Shenzhen Jiyong Properties& Resources Development Company, now the Company is waiting for acceptance and inspection.
B. Lawsuit item about land approval of Meisi Company
In June 2004, Shenzhen Meisi Industrial Co., Ltd. (hereinafter referred to as “Meisi Company”) prosecuted Shenzhen Luohu Economic Development Co., Ltd and the Company to Shenzhen IntermediatePeople’s Court(hereinafter referred to as “Shenzhen Intermediate Court”) for illegal use of land owned by Meisi Company and request for ceasing the infringing act and receiving a compensation amounted RMB8 million. In March 2005, Shenzhen Intermediate Court issued Civil Ruling Paper SZFMCZ (2004) No. 108 and adjudicated that the Company should return the land with an area of 4,782 square meters to Meisi Company within 3 months and other claims of Meisi Company were overruled. The Company refused to accept the verdict and appealed to Guangdong Higher Court. On November 25, 2005, Guangdong Higher Court adjudicated that the Civil Ruling Paper SZFMCZ (2004) No. 108 issued by Shenzhen Intermediate Court should be cancelled and the prosecution of Meisi Company were overruled.
During the process of trial of second instance, Meisi Company applied to Registration Center for Property of Real Estate of Shenzhen Municipality for revoking Property Ownership Certificates SFDZ No. 3000320987 and No. 300119899 owned by the Company. On July 7, 2005, Registration Center for Property of Real Estate of Shenzhen Municipality issued the reply of SFDH (2005) No.
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. 84 to Meisi Company and judged that aforesaid certificates are legal and effective and should not be revoked. Meisi Company disagreed with this judgment and applied the administrative reconsideration to the People's Government of Shenzhen Municipality. On October 8, 2005, the People's Government of Shenzhen Municipality issued Decision on Administrative Reconsideration SFFJ (2005) No. 294 and judged that aforesaid 2 certificates were registered illegally and should be revoked, reply of SFDH (2005) No. 84 was canceled accordingly.
The Company refused to accept Decision on Administrative ReconsiderFation SFFJ (2005) No. 294 and prosecuted an administrative litigation to Shenzhen Intermediate Court on October 20, 2005. Shenzhen Intermediate Court issued Administrative Judgment SZFXCZ (2005) No. 23 and adjudicated that Decision on Administrative Reconsideration SFFJ (2005) No. 294 is sustained. The Company disagreed with this administrative judgment and appealed to Guangdong Higher Court on August 2, 2006. Guangdong Higher Court issued Administrative Judgment YGFXZZ (2006) No. 154 in which the appeal was rejected and Administrative Judgment SZFXCZ (2005) No. 23 was sustained. According to this Judgment, Shenzhen Municipal Bureau of Land Resources and Housing Management would reconsider the request of Meisi Company to revoke the Property Ownership Certificates SFDZ No. 3000320987 and No. 3000119899 of the Company.
On May 15, 2007, Registration Center for Property of Real Estate of Shenzhen Municipality issued Decision on Revoking the Property Ownership Certificates SFDZ No. 3000320987 and No. 3000119899 (SFZ (2007) No. 27). Registration Center for Property of Real Estate of Shenzhen Municipality decided to revoke property ownership certificates SFDZ No. 3000320987 and No. 3000119899 owned by the Company that indicating the ownership of occupied property of Meilin Workshop, Comprehensive Building and the land use right of 11,500 square meters and restore the registration of the ownership of occupied property of Meilin Workshop, Comprehensive Building and the land use right of certificates of SFDZ No. 0103142 and No. 0103139. The Company had the ownership of occupied property of Meilin Workshop, Comprehensive Building and the land use right of 11,500 square meters according to original property ownership certificates.
On July 9,2007, the Company applied the administrative reconsideration to the Administrative Reconsideration Office of thePeople’s Government of Shenzhen Municipality, which considered that those action that Registration Center for Property and Real Estate of Shenzhen Municipality revoked property ownership certificate SFDZ No. 3000320987 and No. 3000119899 owned by the Company and restore the registration of Meilin Workshop, Comprehensive Building and land use right violated the provisions of the Decision on Strengthening Land Market Management and further Enlivening and Standardizing Real Estate Market (SF (2001) No. 94) promulgated byPeople’s Government of Shenzhen Municipality, and requestedPeople’s Government of Shenzhen Municipality to rescind the Decision. On September 6, 2007, thePeople’s Government of Shenzhen Municipality issued Decision on Administrative Reconsideration SFFJ (2007) No. 255 to sustain the administrative decision of Shenzhen Municipal Bureau of Land Resources and Housing Management.
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. In November 2007, Shenzhen Municipal Bureau of Land Resources and Housing Management rejected the application of Meisi Company for revoking Property Ownership Certificates SFDZ No. 0103142 and No. 0103139. Meisi Company prosecuted an administrative litigation to Shenzhen FutianPeople’s Court (hereinafter referred as to “Futian Court”) to ask for revoking the administrative decision of Shenzhen Municipal Bureau of Land Resources and Housing Management. The Company was involved as third party. Court session started on January 8, 2008 with litigation number of (2008) SFFXCZ No. 10 (hereinafter referred as to “No.10 Case”). On January 2008, Meisi Company prosecuted an administrative litigation to Futian Court for revoking the above administrative decision of Shenzhen Municipal Bureau of Land Resources and Housing Management, revoking Property Ownership Certificates SFDZ No. 0103142 and No. 0103139, and restoring the land use right to Meisi Company with the litigation number of SFFX (2008) No. 70 (hereinafter referred as to “No.70 Case”). On May 2008, the Futian Court made adjudication to No. 70 Case in which the property ownership certificates SFDZ No. 0103142 and No. 0103139 owned by the Company were revoked and Shenzhen Municipal Bureau of Land Resources and Housing Management were required to re-investigate the application of Meisi Company. The company, the Shenzhen Municipal Bureau of Land Resources and Housing Management as well as Meisi Company refused to accept the verdict and made an appeal. On July 2008, the Company has received the Administrative Ruling Paper from Futian Court in which the trial of No. 10 Case was terminated.
On December 2008, Shenzhen Intermediate Court issued the Administrative Ruling Paper SZFXZZ (2008) No. 223, in which the final adjudication of appeal No. 70 Case was made and the original verdict was sustained. Moreover, the final adjudication stated that the controversy over the land use right in this case between Meisi Company and the Company should be settled through civil procedures; the Bureau of Land Resources and Housing Management of Shenzhen Municipality should not proceed the registration procedure until the controversy is final settled.
On February 11, 2009, the Company received the Civil Complaint from Futian Court; Meisi Company has made a civil prosecution against the Company and Shenzhen Luohu Commercial Development Co., Ltd. for the confirmation of MeisiCompany’s land use right and the buildings in original Property Ownership Certificates SFDZ No., 0103142 and No., 0103139. Furthermore, Meisi Company requests that return of related land use right and a compensation of RMB7.5 Million. The Company has submitted an objection to jurisdiction. On March 4, 2009, Futian Court sent the Notice to the Company to inform that this case has been transferred to Shenzhen Intermediate Court for adjudication.
On 22 December 2009, the Company received court ruling delivered by the Guangdong Higher Court. After investigated by Guangdong Higher Court, it is considered that the retrial application to Shenzhen Intermediate Court Judgment SZFZ (2008) No. 223 by the company is complied to the law, and adjudicated:① Arraign by Guangdong Highest People's Court② suspended the execution of the original verdict during the retrial.
On 15 Aug. 2011, the Company received the Administrative Ruling Paper (YGFSJZ Zi (2010) No. 8) from the Guangdong Higher Court, which maintained the Administrative Ruling Paper (SZFXZ Zi (2008) No. 223), and it believed that the dispute on the land ownership for both parties was
civil right confirmation, and both parties should find other legal way to solve.
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. The Company received the ruling of Shenzhen Medium People's Court in Oct. 2012, at which the court approved legally MeisiCompany’s application on canceling the lawsuit towards the Company. After receiving the above ruling, due to the Administrative Ruling Paper SZFXZ Zi (2008) No. 223 had clearly ruled that the dispute on Meilin land between the Company and Meisi Company should be settled through civil law procedures, therefore, the Company raised the civil lawsuit to Meisi Company and Luojingfa Company, requiring to recognize the ownership of the above involved land for the Company, and the court has accepted the above mentioned lawsuit. Then, Meisi Company raised the counterclaim towards the Company, requiring recognizing its ownership of the above involved land. And the two cases were combined for public trial on 1 Mar. 2013, and nowit’s waiting for ruling.
The Company believes that the land use right and ownership of above building should be legally confirmed to the Company. The Company will secure its own legal rights through all legal means, and the above issues do not have significant impact on theCompany’s financial position.
C. Shenzhen Hetaiheng prosecuted the Company to undertake joint liability for the debts for Shenzhen International Trade Center Industry Development Co., Ltd.
On 31 July 2015, Shenzhen Luohu District People's Court issued (2015) SLFMECZ No. 2499 paper of civil judgment. It decided the Company and China (Shenzhen) Education Business Shares Co., Ltd. (“China Education Company”) shall undertake the joint liability for the debts for Shenzhen International Trade Center Industry Development Co., Ltd. (“International Trade Center Company”) declared under (2002) SLFJYCZ No. 582 paper of civil judgment.
According to (2002) SLFJYCZ No. 582 paper of civil judgment, Shenzhen Xinguang Industry Co., Ltd. (“Xinguang Company”) shall, within ten days after the effectiveness of such paper, clean off 2.21 million of principal and interest thereon (such interest shall be counted from 22 Dec. 2000 to the date when the debts are paid off based on related regulations by thePeople’s Bank of China as agreed under Loan Contract) to Shenzhen Shendong Branch of Industrial and Commercial Bank of China (“Shendong Branch of ICBC”); and International Trade Center Company shall undertake joint liability for cleaning off such debts.
After the effectiveness of (2002) SLFJYCZ No. 582 paper of civil judgment, Shendong Branch of ICBC has only been paid off 31,551, and then thecreditor’s right has been transferred to Shenzhen Office of China Orient Asset Management Corporation, who has applied for execution by force to thePeople’s Court, but received no more payment. On 22 May 2008, Shenzhen Office of China Orient Asset Management Corporation further transferred thecreditor’s right to Dongfu Asset Management Corporation. On 24 Oct. 2010, Dongfu Asset Management Corporation again transferred such right to Shenzhen Hetaiheng Investment Co., Ltd., which has been paid 700,000 during the execution of this paper.
In 2013, International Trade Center Company was under bankruptcy liquidation. On 17 Dec. 2014, Shenzhen IntermediatePeople’s Court issued (2013) SZFPZ No. 24-3 paper of civil judgment to end the bankruptcy proceeding on International Trade Center Company due to its liquidation failure since theCompany’s address was unknown and management failed to take over theCompany’s property and financial data. On 1 Apr.2015, the management of International Trade Center Company dissolved the company.
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. Under (2015) SLFMECZ No. 2499 paper of civil judgment, Shenzhen Hetaiheng Investment Co., Ltd. claimed that the Company and China Education Company shall undertake the joint liability for paying off the debts under (2002) SLFJYCZ No. 582 paper of civil judgment (By 31 Mar. 2015, 2,178,449.00 of principal, with the interest counted from the date as regulated by the law to the date when the debts are paid off).
It is decided in the first-instance judgment by Shenzhen Luohu District People's Court that the two sharing companies of International Trade Center Industry Company, namely the Company and China Education Company, as well as Shicai Company though not involved in this case, shall undertake the joint liability for the debts of International Trade Center Company under (2002) SLFJYCZ No. 582 paper of civil judgment since they failed to perform the liquidation liability and to provide accounting books during bankruptcy proceedings of International Trade Center Company, which led to the failure of an overall liquidation; as for the debt amount, this Court did not make any decision since such amount may be changed with the performance of paying off the debts under (2002) SLFJYCZ No. 582 paper of civil judgment by parties involved.
The Company refuses to accept the above judgment and has appealed against such decision.
During the reporting period, the Company estimated about 834,999.50 of debts based on (2015) SLFMECZ No. 2499 paper of civil judgment and its actual holding38.33% of the shares of International Trade Center Company.
(2) Guarantee
A. The Company obtained a long-term loan of RMB 450 million from Bank of Beijing Co., Ltd. Shenzhen Branch guaranteed by Huangcheng Real Estate Co., Ltd., which had total lending RMB144.84 million. The closing balance stood at RMB 144.84 million.
B. TheCompany’s subsidiary Dongguan International Trade Center Changsheng Real Estate Development Co., Ltd. borrowed RMB40 million from Bank of Communications Co., Ltd. Dongguan Branch, by mortgaging the use right of area of 66,881.10 square meters (DFGY (2010) NO. T316). The Company provided joint liability guarantee and mortgaged its 101-104, 2/F, 5/F in Block A and 1-02 and 1-03 room in Block B as a total of 8 sets of real estate of Shenzhen International Trade Center Plaza located at Renmin South Road, Luohu District, Shenzhen., which had total lending RMB169.2434 million. The closing balance stood at RMB 129.2434 million.
C. TheCompany’s subsidiary Dongguan International Trade Center Changsheng Real Estate Development Co., Ltd. belongs to provisional qualification real estate development enterprise, when dealing with the application of approval of the presale of houses, the commercial housing quality guarantee after the liquidations of enterprise bankruptcy, dissolution, Dongguan International Trade Center Changsheng Real Estate Development Co., Ltd. submitted guarantee RMB12,402,160.00 to Bank of Communications, Duangguang, Dalang Branch, the bank issue 9 Guarantee Letter for irrevocable goods, of which one guarantee of RMB1,468,870.00, from 30Jun. 2015 to 31 Dec. 2020, and the remained were RMB10,933,290.00 from 1 Jul. 2015 to 31 Dec. 2020.
D. Guarantee for the owners: the Company and its subsidiaries are the purchasers providing mortgage guarantee for the bank, As of 31 Dec. 2015, the unsettle guarantee amount was RMB220.91 million, the guarantee event was provided by real estate developer for smallowners’ purchases of commercial houses of the Company, which was the common phenomenon in the industry
(3) Contingent assets
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. Bureau of Foreign Trade and Economic Cooperation of Hubei province Shenzhen branch (hereinafter referred as to “Hubei FTEC Shenzhen branch”) sued the Company to Shenzhen Intermediate Court on July 2000 for termination of the agreement between the Hubei FTEC Shenzhen branch and the Company about office property of 4,000 square meters purchasing in Jiabing Building (now renamed as Longyuan Development Building use known as Jinlihua Commercial Plaza) and asked for refund of purchase payment of RMB10.8 million and an indemnify of RMB18.6756 million on the ground of delayed delivery. Guangdong Higher Court issued YGFMYZZ No. 90 judgment (hereinafter referred as to “No. 90 Judgment”) and adjudicated that the Company should refund the Hubei FTEC Shenzhen branch purchase payment of RMB 10.8 million and related interests.
Hubei FTEC Shenzhen branch applied for the court to implement the case. At the end of January 2005, Guangzhou Railway Transportation Intermediate Court (hereinafter referred to as “GRTIC” was appointed by Guangdong Higher Court to execute the case of Hubei FTEC suing the Company. GRTIC had sent seizure adjudication to liquidation team of Luohu Hotel to seal up theCompany’s RMB 23 million of distributed obligatory right in Luhu Hotel.
The Company rejected the adjudication of Guangdong HigherPeople’s Court and applied for retrial to the SupremePeople’s Court. In August 2005, the SupremePeople’s Court issued (2004) MEJZ No.146-1 Civil Judgment, adjudicating that Guangdong HigherPeople’s Court carried out retrial for this case and the original judgment was suspended to be implemented during retrial period. On May 12, 2006, Guangdong HigherPeople’s Court concluded retrial of No. 90 Judgment and maintained adjudication of No. 90 Judgment. The execution of this case was resumed. Hubei FTEC Shenzhen branch asked GRTIC for payment and re-execution of interest judgment during retrial period. Meanwhile, the Company applied for temporary respite. On June 30, 2006, GRTIC issued (2004) GTZFZZ No. 225-4 Civil Judgment, adjudicating that:① the application for temporary respite of the Company was not adopted due to the lack of fact and legal basis;②the application of Hubei FTEC Shenzhen branch related to payment was in conformity with stipulations of law and GRTIC decided to remit the rest of money to the account of Hubei FTEC Shenzhen branch after deducting execution fees from RMB 23 million;③ Hubei FTEC Shenzhenbranch’s application on asking repayment of interest during retrial period was not supported;④ Repayment duty of the Company confirmed by No. 90 Judgment was executed and finished according to law;⑤ No. 90 Judgment was terminated and executed. The Company had confirmed losses according to the above adjudications and added the accounts receivable of Jiyong Company and withdrawn provision for bad debt. The Company considered that there were errors in identified fact and applicable law of the retrial adjudication from Guangdong HigherPeople’s Court and therefore applied for retrial in the SupremePeople’s Court. The SupremePeople’s Court issued (2004) MEJZ No. 146-3 Civil Judgment in October 2007, adjudicating that the SupremePeople’s Court would execute retrial for this case. However, the Company revoked the retrial appeal toward the Supreme Court after comprehensive considerations, and the Supreme Court approved such cancel.
The
14th
and
15th
floors of Jiabin Building retuned by Hubei FTEC Shenzhen branch were possessed by the Company legally after the Company had pay for housing compensation and interest. For the purpose of resolving building property right problem and through investigation the Company found that the
14th
and
15th
floors of Jiabin Building were registered under the name of Yinzhu Industrial Development Company of Western Zhuhai (hereinafter referred to as
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. “Zhuhai Yinzhu Company” by the means of filing registration. The Company submitted civil action to Luohu Court on June 2008 to prosecute Zhuhai Yinzhu Company, ask the Court to confirm that the Company was oblige of the
14th
and
15th
floors of Jiabin Building and judge that the 14th and 15th floors of Jiabin Building was transferred to and registered under the name of the Company. Luohu Court accepted this case according to law with the case number of (2008) SLFMSCZ No. 1442. On July 21, 2008, the Court made public hearing and presided over mediation for this case. The Company and Zhuhai Yinzhu Company reached a settlement and Luohu Court issued Civil Mediation Agreement which mainly contained the following contents:① the two parties agreed to return the
14th
and
15th
floors of Jiabin Building to plaintiff (the Company);② Defendant should assist plaintiff (the Company) to handle related procedures about transferring the above house property to the name of the plaintiff. This Civil Mediation Agreement entered into force pursuant to the law. As of the end of reporting year, the
14th
and
15th floors of Jiabin Building were registered under the name of the Company by Registration Center for Property of Real Estate of Shenzhen Municipality in the way of filing registration.
Since Shenzhen Longyuan-Kaili-Hengfeng Real Estate Co., Ltd. ( hereinafter as the “Longyuan-Kaili”) and Shenzhen Huaneng-Jindi Property Co., Ltd.( hereinafter as the “Huaneng Property”) attempted to reconstruct Jinlihua Commercial Plaza, the Company, the first administration directly under Shenzhen Urban Planning and Land Resources Committee (hereinafter as the “SUPLRC”), Longyuan-Kaili and Huaneng Property signed SDHZ (1992) No. 0228 Second Supplementary Agreement of Shenzhen Grant Contract of Land Use Right on March 3, 2011 which was shown as follows:① SUPLRC agreed that the transferee for the right of use of the land with a land parcel No. H206-0002 and an area of 6,892 square meters was changed to Longyuan-Kaili and Huaneng Property;② Longyuan-Kaili and Huaneng Property undertook all rights, responsibilities and liabilities of this land parcel and straightened out the relationship of the transferred property on their own and assisted to handle relevant procedures;③ Longyuan-Kaili and Huaneng Property promised to resolve existing mortgage and pre-seizure of this project, coped with all disputes arising from changes on transferee of right of use of this land and assumed legal and economic responsibilities;④ the property right of the
14th
and
15th
floors in this project which belonged to commodity houses, were owned by the Company and Longyuan-Kaili and Huaneng Property were responsible for the construction and decoration of this project according to harmonized standards on delivery of building;⑤ the period of use of land parcel was adjusted to 50 years from February 21, 2011 to February 20, 2061.
In Nov. 2014, Longyuan-Kaili and Huaneng Property obtained the Building Engineering Construction Permission of Longyuan Development Building, in Dec. 2014, the entrusted construction unit Silver Guangsha Group Co., Ltd., and the exterior wall decoration, glass curtain wall, roofing and waterproofing project, ventilating engineering, air conditioning engineering, building water supply and drainage engineering, outdoor engineering etc. were been conducted, and finished in Dec. 2015. The project so far, was in the completion acceptance stage.
In 9 Jan. 2015, the project obtained Real Estate Pre-sale Permit, and on 17 Jan. 2015, the project was opening quotation, in line with the public information inquiry of Shenzhen Urban Planning and Land Resources Committee, there were 1.077 houses for public sale, as of the end of report issued, 755 sale contracts and contract records,70% of the total, the intake time agreed by the contract was 30 Jun. 2016.
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. The Company believed that: due to the project had been completed in Dec. 2015, and had entered the in the completion acceptance stage in 2016, the delivery of F14 and F15 has no major substantive obstacles, the potential assets were sure to received, thus, recognized it as an assets, listed in other current assets. The Company, in line with the Property Value Of Real Estate Consulting Report of Jinlihua Building F14, F15 of the North of Shen NanWest Road, Luohu District, Shenzhen (WUZZ No. 2015-Z12006) issued by Shenzhen World Union Appraisal Co., Ltd., which recognized the F14 and F15 of the Company with market of RMB174,382,120 as value of entered assets.
(2) The Company have no significant contingency to disclose, also should be stated
There was no significant contingency in the Company.
3. Other
Naught
XV. Events after balance sheet date
1. Significant events had not adjusted
Unit: RMB Yuan
|||||
|-|-|-|-|
|||Influence number to the||
||||Reason of unable to estimate|
|Item|Content|financial position and operating||
||||influence number|
|||results||

2. Profit distribution
Unit: RMB Yuan
|||
|-|-|
|Planning allocation of profits or dividends|47,678,327.36|
|Profits or dividends approved, reviewed and issue by the||
||47,678,327.36|
|declaration||

3. Sales return
Naught
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. 4. Notes of other significant events
By 31 Dec. 2015, the Company held 56,600,000.00 (reported under Other Receives) ofcreditor’s right on Gintian Industry (Group) Co., Ltd. (“Gintian Industry”) and 53,031,578.72 of withdrawn bad debt provision on the book.
On 29 Jan. 2016, Shenzhen IntermediatePeople’s Court issued (2015) SZFPZ No. 14-5 paper of civil judgment. It is considered that The Reorganization Plan of Gintian Industry (Group) Co., Ltd. has clearly defined the standard of successful execution of such plan as “the cash and shares distributed to creditors based on reorganization plan have been transferred to the accounts specified by creditors or deposited to those specified by the management”. Under the supervision by the management, Gintian Industry, according to its reorganization plan and thecreditors’ payment instruction, has paid cash to the creditors, and meanwhile transferred its tradable share A, non-tradable share A and share B to the accounts specified by creditors. Besides, Gintian Industry has also deposited the payment and shares distributed based on thecreditors’ rights those not providing qualified capital accounts or securities accounts. Therefore, Gintian Industry has successfully executed the reorganization plan. As from suchexecution, Gintian Industry shall not undertake any liability for the debts reduced or exempted by in the reorganization plan. The paper further confirmed the successful execution of the reorganization plan by Gintian Industry and thus ended its bankruptcy proceedings.
Based on the final execution of The Reorganization Plan of Gintian Industry (Group) Co., Ltd., the Company received 772,717 tradable A shares, 712,123 non-tradable A shares and 447,217 B shares distributed by Gintian Industry. Counted on the price issued on the last trading date before the trading suspension of Gintian Industry (10 Dec. 2014), 2.09 per A share and 1.04 per B share, the assets compensated shall be valued at 3,568,421.28.
According to (2015) SZFPZ No. 14-5 paper of civil judgment issued by Shenzhen IntermediatePeople’s Court, Gintian Industry has successfully executed the reorganization plan, and as from such execution, Gintian Industry shall not undertake any liability for the debts reduced or exempted by in the reorganization plan. Therefore, the Company shall write off the receivables of 53,031,578.72 from Gintian. Since this asset item has withdrawn bad debt provision, it will not exert any influences on business results.
XVI. Other significant events
1. The accounting errors correction in previous period
(1) Retrospective restatement
Unit: RMB Yuan
|||||
|-|-|-|-|
|||Name of the influenced report||
|Content|Processing program||Cumulative impact|
|||items during comparison period||

(2) Prospective application
||||
|-|-|-|
|Content|Processing program|Reason of adopting prospective application|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. 2. Debt restructuring
Inapplicable
3. Replacement of assets
(1) Non-monetary assets exchange
Inapplicable
(2) Other assets replacement
Inapplicable
4. Pension plan
Inapplicable
5. Discontinuing operation
Unit: RMB Yuan
||||||||
|-|-|-|-|-|-|-|
|||||||Termination of|
|||||||the business|
|||||Income tax||profits|
|Item|Revenue|Expense|Total profits||Net profit||
|||||expense||attributable to the|
|||||||parent company|
|||||||owner|

 Other notes:
Inapplicable
6. Segment information
(1) Recognition basis and accounting policies of reportable segment
The Group's business includes real estate business, housing lease management, transportation, catering services, and other business (including: mechanical and electrical professional
maintenance business, mechanics, engineering supervision, parking lot, because of the above
businesses income are small, approve them being merged), etc. The Group separately organized
and managed according to the business and the properties of products and services provided. Each
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. business division of the Group was a business group, provided the facing risk and obtained rewards and products different from other division.
A. Real estate business divisions: real estate development, sales and rental
B. The property management business divisions: building management
C. Transportation business division: operating passenger car
D. Diet services: catering service
E. Other business: operating mechanical and electrical professional maintenance business, mechanics, engineering supervision business, and parking lot
The management considering the decision of resources and evaluation of performance separately
manage the operating results of each unit of business.
(2) The financial information of reportable segment
Unit: RMB Yuan
||||||||||
|-|-|-|-|-|-|-|-|-|
|||Property|Transportatio|Catering|||Offset in||
|Item|Real estate||||Others|Undistributed||Total|
|||management|n|service|||segment||
|Operation|595,657,932.|383,726,480.|60,914,047.9|31,014,702.8||||1,077,418,50|
||||||6,105,337.18||||
|revenue|90|02|4|9||||0.93|
|Trading|||||||||
|revenues||12,388,568.8|||||-21,338,047.5||
||2,083,303.00||301,670.95|1,288,269.00|5,276,235.69||||
|between||7|||||1||
|divisions|||||||||
|Sales|42,384,136.3|||||||41,941,165.9|
||||||||-442,970.42||
|expenses|6|||||||4|
|Investments|||||||||
|in associated|||||||||
|companies||||||1,637,238.00||1,637,238.00|
|and joint|||||||||
|ventures|||||||||
|Asset|||||||||
||77,621,988.8||||||18,542,750.3|96,663,939.7|
|impairment||680,576.21|41,119.62|-52,369.17|-170,126.21||||
||9||||||7|1|
|loss|||||||||
|Depreciation|||||||||
|and|19,263,331.2||18,335,149.0|||||39,474,798.6|
|||1,444,495.48||390,107.44|41,715.54||||
|amortization|1||2|||||9|
|charges|||||||||
|Total profits|222,095,481.|29,272,449.8||||-33,946,158.1|-10,621,843.0|216,391,692.|
||||8,401,807.02|1,226,323.68|-36,368.78||||
|(losses)|59|0||||2|6|13|
||5,684,470,69|417,588,343.|380,067,812.|||2,362,095,34|-4,479,715,64|4,379,763,48|
|Total assets||||7,339,004.31|7,917,928.25||||
||2.79|01|71|||5.82|0.79|6.10|
|Total|4,108,077,83|319,798,701.|183,821,035.|7,429,395.61|9,406,441.89|1,770,580,39|-4,120,119,17|2,278,994,63|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||||||||
|-|-|-|-|-|-|-|-|
|liabilities|9.11|37|17||0.13|0.85|2.4|
|Leong term||||||||
|equity||||||||
|investments||||||||
||||||34,526,177.4||34,526,177.4|
|in associated||||||||
||||||1||1|
|companies||||||||
|and joint||||||||
|ventures||||||||
|Increase||||||||
|amount of||||||||
|non-current||||||||
||||33,676,912.4||||40,901,000.9|
|assets except|6,327,435.98|894,302.56||2,350.00||||
||||4||||8|
|long term||||||||
|equity||||||||
|investment||||||||

(3) There was no reportable segment, or the total amount of assets and liabilities of each part of reportable segment, shall disclose the reason.
Inapplicable
(4) Other notes
A. Income of foreign trade of production and labor serve
Item Reporting period Last period
Real estate 595,657,932.90 823,545,260.23 Property management 383,726,480.02 348,639,937.02 Transportation 60,914,047.94 65,503,394.11 Catering service 31,014,702.89 24,634,302.99 Other 6,105,337.18 6,128,557.51 Total 1,077,418,500.93 1,268,451,451.86 B. Geography information
Distribution of foreign trade income:
|||
|-|-|
|Item|Reporting period|
|Mainland of China|1,076,951,837.08|
|Countries and regions outside the Chinese mainland|466,663.85|
|Total|1,077,418,500.93|

 Distribution of total non-current assets liabilities:
|||
|-|-|
|Item|Closing balance|
|Mainland of China|457,200,691.14|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||
|-|-|
|Countries and regions outside the Chinese mainland|2,455,666.52|
|Total|459,656,357.66|

 C. Customers information
the customers of the Group were rather dispersed; there was no individual transaction over10%.
7. Other important transactions and events have an impact on investors decision-making
Inapplicable
8. Other
Inapplicable
XVII. Notes of main items in the financial statements of the Company
1. Accounts receivable
(1) Accounts receivable classified by category
Unit: RMB Yuan
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
||Closing balance|||||Opening balance|||||
||Book balance||Bad debt provision|||Book balance||Bad debt provision|||
|||||Withdra|||||||
|Category|||||Book||||||
|||Proportio||wal|||Proportio||Withdrawal|Book value|
||Amount||Amount||value|Amount||Amount|||
|||n||proportio|||n||proportion||
|||||n|||||||
|Accounts receivable|||||||||||
|with insignificant|||||||||||
|single amount for|96,647,8||96,647,8|||101,447||101,447,8|||
|||98.08||100.00|||97.88%||100.00%||
|which bad debt|89.05||89.05|||,889.05||89.05|||
|provision separately|||||||||||
|accrued|||||||||||
|Accounts receivable|||||||||||
|withdrawal of bad|||||||||||
||1,828,82||849,254.||979,569.4|2,149,1||1,119,917||1,029,211.5|
|debt provision of by||1.77%||46.44%|||2.07%||52.11%||
||4.21||72||9|28.71||.19||2|
|credit risks|||||||||||
|characteristics:|||||||||||
|Accounts receivable|54,380.3|0.05%|54,380.3|100.00%||54,380.|0.05%|54,380.35|100.00%||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
|with insignificant|5||5|||35|||||
|single amount for|||||||||||
|which bad debt|||||||||||
|provision separately|||||||||||
|accrued|||||||||||
||98,531,093.61||97,551,5|99.01|979,569.49|103,651||102,622,1||1,029,211.52|
|Total||100.00|||||100.00%||99.01%||
||||24.12|||,398.11||86.59|||

 Accounts receivable with significant single amount for which bad debt provision separately accrued at the
period-end
√ Applicable□ Inapplicable
Unit: RMB Yuan
||||||
|-|-|-|-|-|
|Accounts receivable|Closing balance||||
|(entity)|Account receivable|Bad debt provision|Withdrawal proportion|Withdrawal reason|
||93,811,328.05|93,811,328.05|100.00|Involved in lawsuit and|
|Shenzhen Jiyong||||no executable property,|
|Properties & Resources||||please refer to Section X.|
|Development Company||||Financial Report XIV. 2,|
|||||(1)|
|Shenzhen Tewei Industry||||Uncollectible for a long|
||2,836,561.00|2,836,561.00|100.00%||
|Co., Ltd.||||period|
|Total|96,647,889.05|96,647,889.05|--|--|

 In the groups, accounts receivable adopting aging analysis method to withdraw bad debt provision:
√ Applicable□ Inapplicable
Unit: RMB Yuan
|||||
|-|-|-|-|
||Closing balance|||
|Aging||||
||Account receivable|Bad debt provision|Withdrawal proportion|
|Subentry within 1 year||||
|Within 1 year (including 1 year)|429,793.50|12,893.81|3.00%|
|Subtotal of within 1 year|429,793.50|12,893.81|3.00%|
|2 to 3 years|803,814.00|241,144.20|30.00%|
|Over 5 years|595,216.71|595,216.71|100.00%|
|Total|1,828,824.21|849,254.72|46.44%|

 Notes:
For details, please refer to Section X. Financial Report V. 11
In the groups, accounts receivable adopting balance percentage method to withdraw bad debt provision:
□ Applicable√ Inapplicable
In the groups, accounts receivable adopting other methods to withdraw bad debt provision:
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. (2) Bad debt provision withdrawal, reversed or recovered in the report period
The withdrawal amount of the bad debt provision during the reporting period was of RMB-270,662.47; the amount of the reversed or collected part during the reporting period was of RMB4,800,000.00.
Significant amount of reversed or recovered bad debt provision:
Unit: RMB Yuan
||||
|-|-|-|
|Name of the entity|Amount|Method|
|Total|4,800,000.00|--|

(3) Particulars of the actual verification of accounts receivable during the reporting period
Unit: RMB Yuan
|||
|-|-|
|Item|Amount|

Of which: significant actual verification of accounts receivable
Unit: RMB Yuan
|||||||
|-|-|-|-|-|-|
||||||Whether occurred|
|Name of the entity|Nature|Amount|Reason|Procedure|because of related|
||||||party transactions|
|Total|--|0.00|--|--|--|

 Notes:
No such case in reporting period.
(4) Top five of account receivable of closing balance collected by arrears party
||||
|-|-|-|
|Name of the entity|Closing balance|Proportion (%)|
|Shenzhen Jiyong Properties &Resources Development Company|93,811,328.05|95.21|
|Shenzhen Tewei Industry Co., Ltd.|2,836,561.00|2.88|
|RAINBOW DEPARTMENT STORECO., LTD|1,399,030.71|1.42|
|Shenzhen Jindu Wedding Etiquette Co.,Ltd.|283,251.00|0.29|
|Luohu District Economic DevelopmentCo., Ltd.|54,380.35|0.06|
|Total|98,384,551.11|99.86|

(5) Derecogniziton of account receivable due to the transfer of financial assets
Naught
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. (6) The amount of the assets and liabilities formed by the transfer and the continues involvement of accounts receivable
Naught
Notes:
Naught
2. Other accounts receivable
(1) Other account receivable classified by category
Unit: RMB Yuan
||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|
||Closing balance|||||Opening balance|||||
||Book balance||Bad debt provision|||Book balance||Bad debt provision|||
|Category||||Withdra|Book||||||
|||Proportio||wal|||Proportio||Withdrawal|Book value|
||Amount||Amount||value|Amount||Amount|||
|||n||proportio|||n||proportion||
|||||n|||||||
|Other accounts|||||||||||
|receivable with|||||||||||
|insignificant single|188,204,||89,137,8||99,066,31|184,010||115,277,8||68,732,459.|
|||10.08%||47.36%|||9.76%||62.65%||
|amount for which|157.06||42.62||4.44|,311.48||52.18||30|
|bad debt provision|||||||||||
|separately accrued|||||||||||
|Other accounts|||||||||||
|receivable withdrawn||||||1,699,1|||||
||1,676,94||9,623,90||1,667,326|||9,668,771||1,689,505,8|
|bad debt provision||89.79%||0.57%||74,579.|90.11%||0.57%||
||9,946.25||6.48||,039.77|||.88||07.43|
|according to credit||||||31|||||
|risks characteristics|||||||||||
|Other accounts|||||||||||
|receivable with|||||||||||
|insignificant single|2,415,32||2,415,32|||2,421,3||2,421,326|||
|||0.13%||100.00%|||0.13%||100.00%||
|amount for which|6.23||6.23|||26.23||.23|||
|bad debt provision|||||||||||
|separately accrued|||||||||||
||||||1,766,392,354.21|1,885,6||||1,758,238,266.73|
||1,867,56||101,177,|||||127,367,9|||
|Total||100.00%||5.42%||06,217.|100.00%||6.75%||
||9,429.54||075.33|||||50.29|||
|||||||02|||||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. Other accounts receivable with significant single amount for which bad debt provision separately accrued at the
period-end
√ Applicable□ Inapplicable
Unit: RMB Yuan
||||||
|-|-|-|-|-|
||Closing balance||||
|Other accounts receivable|||||
||Other accounts||||
|(unit）||Bad debt provision|Withdrawal proportion|Withdrawal reason|
||receivable||||
|Shum Yip Properties||||Uncollectible for a long|
||103,008,475.56|7,510,582.40|7.29%||
|Development Co., Ltd.||||period|
|||||Perform guarantee item,|
|Jintian Group Co., Ltd.|56,600,000.00|53,031,578.72|93.70%||
|||||irrecoverable|
|Anhui Nanpeng||||Irrecoverable for long|
||8,047,712.00|8,047,712.00|100.00%||
|Papermaking Co., Ltd.||||time|
|||||The Company was|
|Advances the shopping|||||
||6,481,353.60|6,481,353.60|100.00%|enforced to conduct,|
|mall gold business utilities|||||
|||||irrecoverable|
|Shanghai Yutong Real|||||
|estate development Co.,|5,676,000.00|5,676,000.00|100.00%|Judgments, irrecoverable|
|Ltd.|||||
|||||Irrecoverable for long|
|Wuyao Company|3,271,837.78|3,271,837.78|100.00%||
|||||time|
|Dameisha Tourism Cente|2,576,445.69|2,576,445.69|100.00%|Suspend of projects|
|||||Project son hold|
|Elevated Train Project|2,542,332.43|2,542,332.43|100.00%||
|||||irrecoverable|
|Total|188,204,157.06|89,137,842.62|--|--|

 In the groups, other accounts receivable adopting aging analysis method to withdraw bad debt provision:
√ Applicable□ Inapplicable
Unit: RMB Yuan
|||||
|-|-|-|-|
||Closing balance|||
|Aging||||
||Other accounts receivable|Bad debt provision|Withdrawal proportion|
|Subentry within 1 year||||
|Within 1 year (including 1 year)|298,875.17|8,966.25|3.00%|
|Subtotal of within 1 year|298,875.17|8,966.25|3.00%|
|1 to 2 years|351,821.46|35,182.15|10.00%|
|2 to 3 years|4,853.18|1,455.95|30.00%|
|Over 5 years|9,578,302.13|9,578,302.13|100.00%|
|Total|10,233,851.94|9,623,906.48|94.04%|

Notes:
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd. For details, please refer to Section X. Financial Report V. 11.
In the groups, other accounts receivable adopting balance percentage method to withdraw bad debt provision
□ Applicable√ Inapplicable
In the groups, other accounts receivable adopting other methods to withdraw bad debt provision:
□ Applicable√ Inapplicable
(2) Bad debt provision withdrawal, reversed or recovered in the report period
The withdrawal amount of the bad debt provision during the reporting period was of RMB -44,865.40; the amount of the reversed or collected part during the reporting period was of RMB26,254,513.85.
Significant amount of reversed or recovered bad debt provision
Unit: RMB Yuan
||||
|-|-|-|
|Name of the entity|Reversed or collected amount|Method|
|||Of which: recovered and reversed asset|
|Shum Yip Properties Development Co., Ltd.|22,680,092.57||
|||value|
|Jintian Industrial (Group) Co., Ltd.|3,568,421.28|Debt to equity|
|Total|26,248,513.85|--|

The amount of bad debt provision was RMB-44,865.40; the increase of amount of bad debt provision of foreign currency of creditor's rights receivable after exchange was RMB2, 460,156.77, the amount of reversed or recovered bad debt provision in the report period RMB 26,254,513.85. In Apr. 2014, due to Shenzhen International Trade Center Industrial Development Co.,Ltd.’s original transfer of bad debt provision of RMB2, 351,652.48 to other current assets were canceled.
(3) Particulars of the actual verification of other accounts receivable during the reporting period
Unit: RMB Yuan
|||
|-|-|
|Item|Amount|

Of which: significant actual verification of other accounts receivable
Unit: RMB Yuan
|||||||
|-|-|-|-|-|-|
||||||Whether occurred|
|Name of the entity|Nature|Amount|Reason|Procedure|because of related|
||||||party transactions|
|Total|--|0.00|--|--|--|

 Notes of write-off other accounts receivable:
(4) Other account receivable classified by account nature
Unit: RMB Yuan
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|Nature|Closing book balance|Opening book balance|
|Margin|3,204,898.13|2,311,917.57|
|Pretty cash advance|47,200.00|65,579.80|
|Account receivable to subsidiary|1,769,778,048.64|1,785,986,694.93|
|Account receivable to affiliated company|9,794,976.25|11,427,396.73|
|Account receivable non-affiliated company|84,744,306.52|85,814,627.99|
|Total|1,867,569,429.54|1,885,606,217.02|

 (5) Top 5 of the closing balance of the other accounts receivable collected according to the arrears party
Unit: RMB Yuan
|||||||
|-|-|-|-|-|-|
||||||Closing balance of|
|Name of the entity|Nature|Closing balance|Aging|Proportion%||
||||||bad debt provision|
|PRD Yangzhou Real||||||
||Account receivable|||||
|Estate Development||659,369,836.60|Within 4 year|35.31%||
||to subsidiary|||||
|Co., Ltd.||||||
|PRD Group Xuzhou||||||
||Account receivable|||||
|Dapeng Real Estate||580,204,789.61|Within 4 year|31.07%||
||to subsidiary|||||
|Development Co.,Ltd.||||||
|Dongguan||||||
|International Trade||||||
|Center Changsheng|Account receivable|||||
|||264,541,793.00|Within 3 year|14.17%||
|Real Estate|to subsidiary|||||
|Development Co.,||||||
|Ltd.||||||
|Shum Yip Properties||||||
||Account receivable|||||
|Development Co.,||103,008,475.56|Over 5 years|5.52%|7,510,582.40|
||to subsidiary|||||
|Ltd.||||||
|Shenzhen||||||
|Huangcheng Real|Account receivable|||||
|||90,040,000.00|Within 2 year|4.82%||
|Estate Management|to subsidiary|||||
|Co., Ltd.||||||
|Total|--|1,697,164,894.77|--|90.88%|7,510,582.40|

 (6) Account receivable involving government subsidies
Unit: RMB Yuan
||||||
|-|-|-|-|-|
||Project of government|||Estimated recovering|
|Name of the entity||Closing balance|Closing aging||
||subsidies|||time, amount and basis|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||||
|-|-|-|-|-|
|Total|--|0.00|--|--|

 Naught
(7) Other account receivable derecognized due to the transfer of financial assets
Naught
(8) Amount of transfer other account receivable and assets and liabilities formed by its continuous involvement
Naught
Notes:
Naught
3. Long-term equity investment
Unit: RMB Yuan
||||||||
|-|-|-|-|-|-|-|
||Closing balance|||Opening balance|||
|Item||Depreciation|||Depreciation||
||Book balance||Book value|Book balance||Book value|
|||reserves|||reserves||
|Investment to the|||||||
||278,521,260.98|31,964,000.00|246,557,260.98|278,521,260.98|31,964,000.00|246,557,260.98|
|subsidiary|||||||
|Investment to|||||||
|joint ventures and|||||||
||67,333,791.55|32,807,614.14|34,526,177.41|69,379,526.10|36,490,586.69|32,888,939.41|
|associated|||||||
|enterprises|||||||
|Total|345,855,052.53|64,771,614.14|281,083,438.39|347,900,787.08|68,454,586.69|279,446,200.39|

 (1) Investment to the subsidiary
Unit: RMB Yuan
||||||||
|-|-|-|-|-|-|-|
|||||Closing balance|Withdrawn||
|||||||Closing balance|
||||||impairment||
|Investee|Opening balance|Increase|Decrease|||of impairment|
||||||provision in the||
|||||||provision|
||||||reporting period||
|Shenzhen|||||||
|Huangcheng Rea|l 28,500,000.00|||28,500,000.00|||
|Estate Co., Ltd.|||||||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||||
|-|-|-|-|
|SZPRD Real||||
|Estate||||
||30,950,000.00|30,950,000.00||
|Development Co.,||||
|Ltd.||||
|PRD Yangzhou||||
|Real Estate||||
||50,000,000.00|50,000,000.00||
|Development Co.,||||
|Ltd.||||
|Dongguan||||
|International Trade||||
|Center||||
|Changsheng Real|20,000,000.00|20,000,000.00||
|Estate||||
|Development Co.,||||
|Ltd.||||
|Shenzhen||||
|International Trade||||
||29,850,000.00|29,850,000.00||
|Center Vehicles||||
|Industry Co., Ltd.||||
|SHENZHEN||||
|INTERNATIONA||||
|L TRADE||||
|CENTER|20,000,000.00|20,000,000.00||
|PROPERTY||||
|MANAGERMEN||||
|T CO., LTD.||||
|Shenzhen Shenxin||||
|Motor Rent Co.,|12,877,260.98|12,877,260.98||
|Ltd.||||
|Shenzhen||||
|International Trade||||
||1,600,000.00|1,600,000.00|1,600,000.00|
|Center Food Co.,||||
|Ltd.||||
|Shenzhen Property||||
|Construction||||
||3,000,000.00|3,000,000.00||
|Supervision Co.,||||
|Ltd.||||
|Shenzhen||||
|International Trade|12,000,000.00|12,000,000.00|12,000,000.00|
|Plaza||||
|Shenzhen Real|1,380,000.00|1,380,000.00||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||||
|-|-|-|-|
|Estate Exchange||||
|Zhanjiang||||
|Shenzhen Real||||
|Estate|2,530,000.00|2,530,000.00|2,530,000.00|
|Development Co.,||||
|Ltd.||||
|Shum Yip||||
|Properties||||
||15,834,000.00|15,834,000.00|15,834,000.00|
|Development Co.,||||
|Ltd.||||
|PRD Group||||
|Xuzhou Dapeng||||
|Real Estate|50,000,000.00|50,000,000.00||
|Development Co.,||||
|Ltd.||||
|Total|278,521,260.98|278,521,260.98|31,964,000.00|

 (2) Investment to joint ventures and associated enterprises
Unit: RMB Yuan
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
|||Increase/decrease in reporting period||||||||||
|||||Investme|||||||Closing|
||||||Adjustme|||||||
|||||nt profit||||Withdraw|||balance|
|||Additiona|||nt of||Declarati|||||
||Opening||Negative|and loss||Other||n||Closing|of|
|Investee||||||||||||
|||l|||other||on of cash|||||
||balance||investmen|recognize||equity||impairme|Other|balance|impairme|
|||investmen|||comprehe||dividends|||||
||||t|d under||changes||nt|||nt|
|||t|||nsive||or profits|||||
|||||the equity||||provision|||provision|
||||||income|||||||
|||||method||||||||
|I. Joint ventures||||||||||||
|Shenzhen||||||||||||
|Jifa||||||||||||
||29,880,87|||908,463.5||||||30,789,34||
|Warehous||||||||||||
||8.39|||9||||||1.98||
|e Co.,||||||||||||
|Ltd.||||||||||||
|Tianan||||||||||||
|Internatio||||||||||||
|nal||||||||||||
||3,008,061|||728,774.4||||||3,736,835||
|Building||||||||||||
||.02|||1||||||.43||
|Property||||||||||||
|Managem||||||||||||
|ent||||||||||||

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
|||||||
|-|-|-|-|-|-|
|Company||||||
|of||||||
|Shenzhen||||||
||32,888,93|1,637,238||34,526,17||
|Subtotal||||||
||9.41|.00||7.41||
|II. Associated enterprises||||||
|Shenzhen||||||
|Wufang||||||
|Pottery &|18,983,61|||18,983,61|18,983,61|
|Porcelain|4.14|||4.14|4.14|
|Industrial||||||
|Co., Ltd.||||||
|Shenzhen||||||
|Internatio||||||
|nal Trade||||||
|Center|3,682,972||-3,682,97|||
|Industrial|.55||2.55|||
|Develop||||||
|ment Co.,||||||
|Ltd.||||||
|Anhui||||||
|Nanpeng||||||
||13,824,00|||13,824,00|13,824,00|
|Papermak||||||
||0.00|||0.00|0.00|
|ing Co.,||||||
|Ltd.||||||
||36,490,58||-3,682,97|32,807,61|32,807,61|
|Subtotal||||||
||6.69||2.55|4.14|4.14|
||69,379,526.10|1,637,238|-3,682,97|67,333,791.55|32,807,614.14|
|Total||||||
|||.00|2.55|||

 (3) Other notes
The decrease of long term equity investment of Shenzhen International Trade Center Industrial Development Co., Ltd. was the assets to be cancel after verification transfer to current assets canceled by the bankruptcy administrator in Apr. 2014.
4. Revenues and operating costs
Unit: RMB Yuan
||||||
|-|-|-|-|-|
||Reporting period||Same period of last year||
|Item|||||
||Revenue|Operating costs|Revenue|Operating costs|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||||
|-|-|-|-|-|
|Main operations|61,440,361.37|14,568,381.71|56,980,961.69|19,108,080.80|
|Other operations|||9,387,672.00|6,953,574.65|
|Total|61,440,361.37|14,568,381.71|66,368,633.69|26,061,655.45|

 Notes:
5. Investment income
Unit: RMB Yuan
||||
|-|-|-|
|Item|Reporting period|Same period of last year|
|Long-term equity investment income|||
||1,637,238.00|-352,555.03|
|accounted by equity method|||
|Investment income arising from disposal of|||
|||207,432,184.22|
|long-term equity investments|||
|Investment income received from disposal of|||
||5,709,098.20||
|available-for-sale financial assets|||
|Investment income arising from entrust loans||3,378,400.00|
|Others|225,340.35||
|Total|7,571,676.55|210,458,029.19|

 6. Other
Inapplicable
XVIII. Supplementary materials
1. Items and amounts of extraordinary gains and losses
√ Applicable□ Inapplicable
Unit: RMB Yuan
||||
|-|-|-|
|Item|Amount|Explanation|
|Gains/losses on the disposal of non-current|||
||-175,931.40||
|assets|||
|Tax rebates, reductions or exemptions due to|||
|approval beyond authority or the lack of|153,795.84||
|official approval documents|||
|||The non-operating revenue was increased|
|Profits or losses incurred from contingency|||
|||of 3269.02% over the last period was|
||168,991,971.80||
|of non-operating business.||mainly due to the recognition of assets of|
|||Dragon Garden Development Building|

2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||
|-|-|-|
|||F14, F15, RMB169,582,120.00, For|
|||details, please refer to Section X Financial|
|||Report (XIV) 2, (2).|
|Gain/loss from change of fair value of|||
|transactional assets and liabilities, and|||
|investment gains from disposal of|||
|transactional financial assets and liabilities|5,709,098.20||
|and available-for-sale financial assets, other|||
|than valid hedging related to the Company’s|||
|common businesses|||
|Reverse of bad debt provision of account|||
|receivable individually conducting|8,374,421.28||
|impairment test|||
|Other non-operating income and expenses|||
||164,576.21||
|other than the above|||
|Less: Income tax effects|44,878,576.92||
|Total|138,339,355.01|--|

Explain the reasons if the Company classifies an item as an extraordinary gain/loss according to the definition in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to thePublic—Extraordinary Gains and Losses, or classifies any extraordinary gain/loss item mentioned in the said explanatory announcement as a recurrent gain/loss item
□ Applicable√ Inapplicable
2. Return on equity (ROE) and earnings per share (EPS)
|||||
|-|-|-|-|
|||EPS（Yuan/share）||
|Profit as of reporting period|Weighted average ROE (%)|||
|||EPS-basic|EPS-diluted|
|Net profit attributable to common||0.2631|0.2631|
||7.59%|||
|shareholders of the Company||||
|Net profit attributable to common||||
|shareholders of the Company after||||
||0.89%|0.0310|0.0310|
|deduction of non-recurring profit||||
|and loss||||

3. Differences between accounting data under domestic and overseas accounting standards
(1) Differences of net profit and net assets disclosed in financial reports prepared under international and Chinese accounting standards
√ Applicable□ Inapplicable
Unit: RMB Yuan
2015 Annual Report of Shenzhen Properties& Resources Development (Group) Ltd.
||||||
|-|-|-|-|-|
||Net profit||Net asset||
||Reporting period|Same period of last year|Closing balance|Opening balance|
|According to Chinese|156,819,966.71|417,498,679.91|2,099,906,766.61|2,074,242,662.07|
|accounting standards|||||
|Items and amounts adjusted according to international accounting standards|||||
|According to international|||||
||156,819,966.71|417,498,679.91|2,099,906,766.61|2,074,242,662.07|
|accounting standards|||||

(2) Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chinese accounting standards
√ Applicable□ Inapplicable
Name of foreign accounting standard
Unit: RMB Yuan
||||||
|-|-|-|-|-|
||Net profit||Net asset||
||Reporting period|Same period of last year|Closing balance|Opening balance|
|According to Chinese|156,819,966.71|417,498,679.91|2,099,906,766.611|2,074,242,662.07|
|accounting standards|||||
|Items and amounts adjusted according to international accounting standards|||||
|According to international|||||
||156,819,966.71|417,498,679.91|2,099,906,766.61|2,074,242,662.07|
|accounting standards|||||

(3) Explain reasons for the differences between accounting data under domestic and overseas accounting standards, for audit data adjusting differences had been foreign audited, should indicate the name of the foreign institutions
No difference
4. Other
Naught