INDEPENDENTAUDITORS’ REPORT
獨立核數師報告
To the members of China South City Holdings Limited 致華南城控股有限公司各股東
(Incorporated in Hong Kong with limited liability) （於香港註冊成立之有限公司）
We have audited the consolidated financial statements of China South我們已審核列載於第129至244頁的華南城控股有限公 City Holdings Limited (the “Company”) and its subsidiaries set out司（「貴公司」）及其附屬公司的財務報表，其中包括於 on pages 129 to 244, which comprise the consolidated statement of2016年3月31日的綜合財務狀況表，及截至該日止年 financial position as at 31 March 2016, and the consolidated statement度的綜合損益表、綜合全面收益表、綜合權益變動表 of profit or loss, the consolidated statement of comprehensive income,和綜合現金流量表以及主要會計政策概要及其他說明 the consolidated statement of changes in equity and the consolidated資料。
statement of cash flows for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Directors’ responsibility for the consolidated financial董事就綜合財務報表須承擔的責任 statements
The directors of the Company are responsible for the preparation貴公司董事須負責根據香港會計師公會刊發的香港財 of consolidated financial statements that give a true and fair view in務報告準則及香港公司條例規定編制綜合財務報表， accordance with Hong Kong Financial Reporting Standards issued by以令綜合財務報表作出真實而公平的反映，及落實其 the Hong Kong Institute of Certified Public Accountants and the Hong認為編製綜合財務報表所必要的內部控制，以使綜合 Kong Companies Ordinance, and for such internal control as the directors財務報表不存在由於欺詐或錯誤而導致的重大錯誤陳 determine is necessary to enable the preparation of consolidated financial述。
statements that are free from material misstatement, whether due to
fraud or error.
Auditors’ responsibility 核數師的責任
Our responsibility is to express an opinion on these consolidated financial我們的責任是根據我們的審核對該等綜合財務報表發 statements based on our audit. Our report is made solely to you, as a表意見。本報告根據香港公司條例第405條僅向閣下 body, in accordance with section 405 of the Hong Kong Companies（作為團體）報告，除此之外，別無其他目的。本核數 Ordinance, and for no other purpose. We do not assume responsibility師不會就本報告內容向任何其他人士負上或承擔任何 towards or accept liability to any other person for the contents of this責任。
report.
We conducted our audit in accordance with Hong Kong Standards我們已根據香港會計師公會刊發的香港審計準則進行 on Auditing issued by the Hong Kong Institute of Certified Public審核。這些準則要求我們遵守道德規範，並規劃及執 Accountants. Those standards require that we comply with ethical行審核，以合理確定此等綜合財務報表是否不存有任 requirements and plan and perform the audit to obtain reasonable何重大錯誤陳述。
assurance about whether the consolidated financial statements are free
from material misstatement.
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Annual Report 2015/16年報
IndependentAuditors’ Report (Continued)
獨立核數師報告（續）
Auditors’ responsibility
(Continued)
核數師的責任（續）
An audit involves performing procedures to obtain audit evidence about審核涉及執行程序以獲取有關綜合財務報表所載金額 the amounts and disclosures in the consolidated financial statements.和披露資料的審核證據。所選定的程序取決於核數師 The procedures selected depend on theauditors’ judgement, including的判斷，包括評估由於欺詐或錯誤而導致綜合財務報 the assessment of the risks of material misstatement of the consolidated表存在重大錯誤陳述的風險。在評估該等風險時，核 financial statements, whether due to fraud or error. In making those數師考慮與該公司編製綜合財務報表以作出真實且反 risk assessments, the auditors consider internal control relevant to the映相關的內部監控，以設計適當的審核程序，但並非entity’s preparation of consolidated financial statements that give a true對公司的內部監控的有效性發表意見。審核亦包括評 and fair view in order to design audit procedures that are appropriate in估董事所採用的會計政策的恰當性及作出的會計估計 the circumstances, but not for the purpose of expressing an opinion on的合理性，以及評估綜合財務報表的整體列報方式。
the effectiveness of theentity’s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by the directors, as well
as evaluating the overall presentation of the consolidated financial
statements.
We believe that the audit evidence we have obtained is sufficient and我們相信，我們所獲得的審核證據充足且適當地為我 appropriate to provide a basis for our audit opinion. 們的審核意見提供基礎。
Opinion 意見
In our opinion, the consolidated financial statements give a true and fair我們認為，該等綜合財務報表已根據香港財務報告準 view of the financial position of the Company and its subsidiaries as at則真實而公平地反映貴公司及其附屬公司於2016年 31 March 2016, and of their financial performance and cash flows for3月31日的財務狀況及截至該日止年度貴集團的財務 the year then ended in accordance with Hong Kong Financial Reporting表現和現金流量，並已按照香港公司條例妥為編製。
Standards and have been properly prepared in compliance with the Hong
Kong Companies Ordinance.
Ernst& Young 安永會計師事務所
Certified Public Accountants 執業會計師
22/F, CITIC Tower 香港
1 Tim Mei Avenue 中環
Central 添美道1號
Hong Kong 中信大廈22樓
27 June 2016 2016年6月27日
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China South City Holdings Limited華南城控股有限公司
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|CONSOLIDATED STATEMENT OF PROFIT OR LOSS綜合損益表Year ended 31 March 2016 截至2016年3月31日止年度|
|For the year ended 31 March截至3月31日止年度2016 2015Notes HK$’000 HK$’000附註 千港元 千港元REVENUE 收入 5 6,136,262 9,757,767Cost of sales 銷售成本 (3,177,209) (4,582,237)Gross profit 毛利 2,959,053 5,175,530Other income and gains/(losses) 其他收入及收益╱（虧損） 5 1,066,242 334,096Fair value gains on investment properties 投資物業公平值收益 5 3,232,699 2,398,531Selling and distribution expenses 銷售及分銷開支 (864,670) (721,991)Administrative expenses 行政開支 (1,177,180) (1,083,587)Other expenses 其他開支 (152,525) (70,285)Finance costs 融資成本 7 (159,386) (165,595)Share of profits and losses of: 應佔下列的利潤及虧損：Associates 聯營公司 – (7,210)PROFIT BEFORE TAX 稅前利潤 6 4,904,233 5,859,489Income tax expenses 所得稅開支 10 (1,370,457) (2,144,709)PROFIT FOR THE YEAR 本年度利潤 3,533,776 3,714,780Attributable to: 下列各方應佔：Owners of the parent 母公司擁有人 3,537,012 3,727,872Non-controlling interests 非控股權益 (3,236) (13,092)3,533,776 3,714,780EARNINGS PER SHARE 歸屬於母公司普通股ATTRIBUTABLE TO ORDINARY 權益持有人之EQUITY HOLDERS OF THE PARENT 每股盈利 12Basic 基本– for profit for the year －本年度利潤 HK44.22 cents港仙 HK48.73 cents港仙Diluted 攤薄– for profit for the year －本年度利潤 HK44.05 cents港仙 HK45.27 cents港仙129Annual Report 2015/16 年報|

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|CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME綜合全面收益表Year ended 31 March 2016 截至2016年3月31日止年度|
|For the year ended 31 March截至3月31日止年度2016 2015HK$’000 HK$’000千港元 千港元PROFIT FOR THE YEAR 本年度利潤 3,533,776 3,714,780OTHER COMPREHENSIVE INCOME 其他全面收入Other comprehensive (loss)/income to be 將於其後期間重分類至損益的reclassified to profit or loss in subsequent 其他全面（虧損）/收入：periods:Exchange differences on translation of foreign 換算海外業務的operations 匯兌差額 (1,092,050) 58,537OTHER COMPREHENSIVE (LOSS)/INCOME 本年度除稅後FOR THE YEAR, NET OF TAX 其他全面（虧損）/收入 (1,092,050) 58,537TOTAL COMPREHENSIVE INCOME 本年度總全面收入FOR THE YEAR 2,441,726 3,773,317Attributable to: 下列各方應佔：Owners of the parent 母公司擁有人 2,453,167 3,788,396Non-controlling interests 非控股權益 (11,441) (15,079)2,441,726 3,773,317130China South City Holdings Limited 華南城控股有限公司|

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|CONSOLIDATED STATEMENT OF FINANCIAL POSITION綜合財務狀況表31 March 2016 2016年3月31日|
|31 March 2016 31 March 20152016年3月31日 2015年3月31日Notes HK$’000 HK$’000附註 千港元 千港元NON-CURRENT ASSETS 非流動資產Property, plant and equipment 物業、廠房及設備 13 1,507,155 1,328,231Investment properties 投資物業 14 34,814,188 30,217,792Properties under development 發展中物業 15 4,252,854 3,697,166Prepaid land lease payments 預付土地出租金 16 996,351 787,819Goodwill 商譽 17 34,128 34,128Investment in a joint venture 於一家合營企業的投資 18 – 5,079Investments in associates 於聯營公司的投資 19 60,310 34,884Available-for-sale investments 可供出售金融投資 20 175,512 175,500Other long-term receivables 其他長期應收款項 21 4,179 8,860Deposits paid for purchase of land use rights 購買土地使用權支付的按金 22 403,144 1,225,250Deferred tax assets 遞延稅項資產 35 2,145,347 1,475,323Total non-current assets 非流動資產總值 44,393,168 38,990,032CURRENT ASSETS 流動資產Properties held for finance lease 持作融資租賃物業 168,524 297,940Properties held for sale 持作銷售物業 23 25,179,046 22,969,976Trade receivables 應收貿易賬款 24 1,149,273 1,636,626Prepayments, deposits and other receivables 預付款項、按金及其他應收款項 25 781,260 653,785Held-for-trading investments 透過損益以公平值列賬之at fair value through profit or loss 持作買賣投資 26 27,365 32,890Cash and cash equivalents and restricted cash 現金及現金等價物及受限制現金 27 11,686,695 8,672,722Total current assets 流動資產總值 38,992,163 34,263,939CURRENT LIABILITIES 流動負債Trade and other payables 貿易及其他應付款項 28 13,269,724 13,534,665Interest-bearing bank and other borrowings 計息銀行及其他借貸 29 7,656,878 6,824,949Short-term notes 短期融資券 30 2,525,460 2,750,880Tax payables 應付稅項 4,569,111 5,235,130Total current liabilities 流動負債總額 28,021,173 28,345,624NET CURRENT ASSETS 流動資產淨值 10,970,990 5,918,315TOTAL ASSETS LESS CURRENT LIABILITIES 資產總值減流動負債 55,364,158 44,908,347131Annual Report 2015/16 年報|

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|CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Continued)綜合財務狀況表（續）31 March 2016 2016年3月31日|
|31 March 2016 31 March 20152016年3月31日 2015年3月31日Notes HK$’000 HK$’000附註 千港元 千港元NON-CURRENT LIABILITIES 非流動負債Interest-bearing bank and other borrowings 計息銀行及其他借貸 29 8,965,863 8,640,398Senior notes 優先票據 31 4,113,363 4,082,811Medium-term notes 中期票據 32 5,026,696 2,704,226Corporate bonds 企業債券 33 1,891,219 –Domestic company bonds 境內公司債券 34 3,629,086 –Deferred tax liabilities 遞延稅項負債 35 5,369,466 4,459,096Total non-current liabilities 非流動負債總額 28,995,693 19,886,531Net assets 資產淨值 26,368,465 25,021,816EQUITY 權益Equity attributable to owners of the parent 母公司擁有人應佔權益Share capital 股本 36 7,043,784 7,034,761Other reserves 其他儲備 39 19,134,733 17,832,20826,178,517 24,866,969Non-controlling interests 非控股權益 189,948 154,847Total equity 權益總額 26,368,465 25,021,816CHENG CHUNG HING 鄭松興 FUNG SING HONG STEPHEN 馮星航Director 董事 Director 董事132China South City Holdings Limited 華南城控股有限公司|

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|CONSOLIDATED STATEMENT OF CHANGES IN EQUITY綜合權益變動表Year ended 31 March 2016 截至2016年3月31日止年度|
|Attributable to owners of the parent母公司擁有人應佔EquitycomponentStatutory Share Exchange of Non-Share surplus option fluctuation Capital Revaluation Retained convertible controlling Totalcapital reserve reserve reserve reserve reserve profits notes Total interests equity可換股法定 購股權 匯兌 重估 票據 非控股股本 盈餘儲備 儲備 波動儲備 資本儲備 儲備 保留利潤 權益部份 總計 權益 權益總額Notes HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000附註 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元Note (i)附註( i)At 1 April 2014 於2014年4月1日 4,684,476 684,711 85,157 1,397,501 (232,690) 286,456 13,026,534 37,360 19,969,505 174,640 20,144,145Profit for the year 本年度利潤 – – – – – – 3,727,872 – 3,727,872 (13,092) 3,714,780Other comprehensive income for the year: 本年度其他全面收入：Exchange differences on translation of 換算海外業務的foreign operations 匯兌差額 – – – 60,524 – – – – 60,524 (1,987) 58,537Total comprehensive income for the year 本年度總全面收入 – – – 60,524 – – 3,727,872 – 3,788,396 (15,079) 3,773,317Capital contribution from non-controlling 非控股股東的資本shareholders 出資 – – – – 5,211 – – – 5,211 8,921 14,132Acquisition of non-controlling interests of 收購附屬公司的非控股subsidiaries 權益 – – – – – – – – – (13,635) (13,635)Exercise of Tencent call options 行使騰訊購股權 851,904 – – – – – – – 851,904 – 851,904Conversion of convertible notes 可換股票據轉換 1,045,292 – – – – – – (37,360) 1,007,932 – 1,007,932Exercise of share options 行使購股權 38 453,089 – (62,917) – – – – – 390,172 – 390,172Lapse of share options 購股權失效 38 – – (215) – – – 215 – – – –Equity-settled share option arrangement 以權益結算的購股權安排 38 – – 90,742 – – – – – 90,742 – 90,742Shares repurchased 股份回購 – – – – – – (150,619) – (150,619) – (150,619)Final 2014 dividend paid 已付2014年末期股息 – – – – – – (1,086,274) – (1,086,274) – (1,086,274)Transfer from retained profits 轉撥自保留利潤 – 396,369 – – – – (396,369) – – – –At 31 March 2015 於2015年3月31日 7,034,761 1,081,080* 112,767* 1,458,025* (227,479)* 286,456* 15,121,359* – 24,866,969 154,847 25,021,816133Annual Report 2015/16 年報|

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|CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Continued)綜合權益變動表（續）Year ended 31 March 2016 截至2016年3月31日止年度|
|Attributable to owners of the parent母公司擁有人應佔Statutory Share Exchange Non-Share surplus option fluctuation Capital Revaluation Retained controlling Totalcapital reserve reserve reserve reserve reserve profits Total interests equity法定 購股權 匯兌 重估 非控股股本 盈餘儲備 儲備 波動儲備 資本儲備 儲備 保留利潤 總計 權益 權益總額Notes HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000附註 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元Note (i)附註( i)At 1 April 2015 於2015年4月1日 7,034,761 1,081,080 112,767 1,458,025 (227,479) 286,456 15,121,359 24,866,969 154,847 25,021,816Profit for the year 本年度利潤 – – – – – – 3,537,012 3,537,012 (3,236) 3,533,776Other comprehensive loss for the year: 本年度其他全面虧損：Exchange differences on translation of 換算海外業務的foreign operations 匯兌差額 – – – (1,083,845) – – – (1,083,845) (8,205) (1,092,050)Total comprehensive income for the year 本年度總全面收入 – – – (1,083,845) – – 3,537,012 2,453,167 (11,441) 2,441,726Capital contribution from non-controlling shareholders 非控股股東的資本出資 – – – – (46,542) – – (46,542) 46,542 –Exercise of share options 行使購股權 38 9,023 – (1,164) – – – – 7,859 – 7,859Lapse of share options 購股權失效 38 – – (126) – – – 126 – – –Equity-settled share option arrangement 以權益結算的購股權安排 38 – – 29,341 – – – – 29,341 – 29,341Shares repurchased 股份回購 36 – – – – – – (11,602) (11,602) – (11,602)Final 2015 dividend paid 已付2015年末期股息 – – – – – – (1,120,675) (1,120,675) – (1,120,675)Transfer from retained profits 轉撥自保留利潤 – 263,686 – – – – (263,686) – – –At 31 March 2016 於2016年3月31日 7,043,784 1,344,766* 140,818* 374,180* (274,021)* 286,456* 17,262,534* 26,178,517 189,948 26,368,465* These reserve accounts comprise the consolidated other reserves of * 該等儲備賬包括綜合財務狀況表所載的綜合其HK$19,134,733,000 (31 March 2015: HK$17,832,208,000) in the 他儲備19,134,733,000港元（2015年3月31日：consolidated statement of financial position. 17,832,208,000港元）。Note: 附註：(i) In accordance with the PRC Company Law, the Company’s subsidiaries (i) 根據中國公司法，本公司於中國註冊的附屬公司須將registered in the PRC are required to appropriate 10% of the annual statutory 年度法定稅後利潤（經抵銷任何過往年度虧損後）的profit after tax (after offsetting any prior years’ losses) to the statutory surplus 10%撥入法定盈餘儲備。當儲備資金結餘達至實體註reserve. When the balance of this reserve fund reaches 50% of the entity’s 冊資本的50%時，可以選擇是否再次撥入資金。法registered capital, any further appropriation is optional. The statutory surplus 定盈餘儲備可用於抵銷過往年度虧損或增加資本。然reserve can be utilised to offset prior years’ losses or to increase capital. 而，法定盈餘儲備於作出該等用途後的結餘必須最少However, the balance of the statutory surplus reserve must be maintained at 維持於註冊資本的25%。a minimum of 25% of the registered capital after such usages.134China South City Holdings Limited 華南城控股有限公司|

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|CONSOLIDATED STATEMENT OF CASH FLOWS綜合現金流量表Year ended 31 March 2016 截至2016年3月31日止年度|
|For the year ended 31 March截至3月31日止年度2016 2015Notes HK$’000 HK$’000附註 千港元 千港元CASH FLOWS FROM OPERATING ACTIVITIES 經營活動現金流量Profit before tax 稅前利潤 4,904,233 5,859,489Adjustments for: 調整：Finance costs 融資成本 7 159,386 165,595Share of profits and losses of associates 應佔聯營公司利潤及虧損 – 7,210Bank interest income 銀行利息收入 5 (85,947) (68,996)Loss on disposal of items of property, 出售物業、廠房及設備項目plant and equipment 虧損 6 61 114Depreciation 折舊 6 150,885 93,265Amortisation of prepaid land lease payments 預付土地出租金攤銷 6 23,618 14,823Changes in fair value of investment properties 投資物業公平值變動 5 (3,232,699) (2,398,531)Provision for/(reversal of provision for) 應收貿易賬款減值撥備╱impairment of trade receivables （沖回撥備） 6 96,660 (16,400)Loss on disposal of a joint venture 處置一家合營公司虧損 6 4,959 –Loss on disposal of subsidiaries 處置附屬公司虧損 6 444 –Fair value losses/(gains), net: 公平值虧損╱（收益），淨額：Derivative financial instrument 衍生金融工具 5 – (151,915)Held-for-trading investments at fair value 透過損益以公平值列賬之through profit or loss, net 持作買賣投資 5 5,525 (3,770)Dividend income from held-for-trading 透過損益以公平值列賬之investments at fair value through profit or 持作買賣投資的loss 股息收入 (1,053) (195)Equity-settled share option expense 以權益結算的購股權開支 6 29,341 90,7422,055,413 3,591,431Decrease/(increase) in properties held for sale 持作銷售物業減少╱（增加） 1,793,122 (2,841,920)Decrease/(increase) in properties held for 持作融資租賃物業減少╱（增加）finance lease 233,976 (51,421)Decrease in other long-term receivables 其他長期應收款項減少 4,342 9,158Decrease in trade receivables 應收貿易賬款減少 328,128 1,192,361Increase in prepayments, 預付款項、按金及其他deposits and other receivables 應收款項增加 (152,468) (61,818)(Increase)/decrease in restricted cash 受限制現金（增加）╱減少 (993,890) 58,356(Decrease)/increase in trade and 貿易及其他應付款項other payables （減少）╱增加 (599,346) 708,071Cash generated from operations 經營所得的現金 2,669,277 2,604,218Overseas taxes paid 已付海外稅項 (1,481,940) (1,217,408)Net cash flows from operating activities 經營活動現金流入淨額 1,187,337 1,386,810135Annual Report 2015/16 年報|

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|CONSOLIDATED STATEMENT OF CASH FLOWS (Continued)綜合現金流量表（續）Year ended 31 March 2016 截至2016年3月31日止年度|
|For the year ended 31 March截至3月31日止年度2016 2015Notes HK$’000 HK$’000附註 千港元 千港元Net cash flows from operating activities 經營活動現金流入淨額 1,187,337 1,386,810CASH FLOWS FROM INVESTING ACTIVITIES 投資活動現金流量Purchases of items of property, 購買物業、廠房及plant and equipment 設備項目 (38,390) (84,127)Dividends received from held-for-trading 透過損益以公平值列賬之investments at fair value through profit or loss 持作買賣投資已收股息 1,053 195Proceeds from disposal of items of property, 出售物業、廠房及設備項目plant and equipment 所得款項 6,392 3,124Purchase of available-for-sale investments 購買可供出售金融投資 (12) (175,500)Investments in associates 於聯營公司的投資 (26,760) (30,733)Acquisition of non-controlling interests 收購附屬公司的非控股權益of subsidiaries – (239,342)Proceeds received from disposal of subsidiaries 出售附屬公司所得款項 10,246 139,261Net advances to a joint venture 一家合營企業所得墊款淨額 – (3,349)Additions to properties under development 發展中物業添置 (5,423,894) (12,022,895)Additions to prepaid land lease payments 預付土地出租金增加 (83,019) –Interest received 已收利息 5 85,947 68,996Net cash flows used in investing activities 投資活動現金流出淨額 (5,468,437) (12,344,370)CASH FLOWS FROM FINANCING ACTIVITIES 融資活動現金流量Issue of medium-term notes 發行中期票據 32 2,415,662 2,483,550Issue of corporate bonds 發行企業債券 33 1,787,980 –Issue of short-term notes 發行短期融資券 30 2,559,480 2,750,880Issue of domestic company bonds 發行境內公司債券 34 3,582,545 –Capital contribution from non-controlling 非控股股東出資shareholders – 8,921Shares repurchased 股份回購 36 (11,602) (150,619)Payment for interest on senior notes 優先票據利息付款 31 (389,024) (389,024)Payment for interest on convertible notes 可換股票據利息付款 – (31,688)Payment for interest on medium-term notes 中期票據利息付款 32 (196,953) –Payment for interest on short-term notes 短期融資券利息付款 (135,995) –Repayment of short-term notes 償還短期融資券 (2,698,740) –New bank and other borrowings 新借銀行及其他貸款 10,800,504 9,346,170Repayment of bank and other borrowings 償還銀行及其他貸款 (9,051,904) (6,370,970)Exercise of share options 行使購股權 7,859 390,171Exercise of Tencent call options 行使騰訊購股權 – 822,528Dividends paid 分派股息 (1,120,675) (1,086,274)Interest paid 已付利息 (990,380) (960,997)Net cash flows from financing activities 融資活動現金流入淨額 6,558,757 6,812,648NET INCREASE/(DECREASE) IN CASH AND 現金及現金等價物增加╱CASH EQUIVALENTS （減少）淨額 2,277,657 (4,144,912)Cash and cash equivalents at beginning of year 年初的現金及現金等價物 27 7,253,469 11,303,044Effect of foreign exchange rate changes, net 匯率變動影響淨額 (203,319) 95,337CASH AND CASH EQUIVALENTS 年終的現金及現金等價物AT END OF YEAR 9,327,807 7,253,469ANALYSIS OF BALANCES OF 現金及現金等價物結餘分析CASH AND CASH EQUIVALENTSCash and cash equivalents 現金及現金等價物 27 9,327,807 7,253,469136China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS財務報表附註31 March 2016 2016年3月31日|
|1. Corporate and Group Information 1. 公司及本集團資料China South City Holdings Limited (the “Company”) is a limited 華南城控股有限公司（「本公司」）在香港註冊成立liability company incorporated in Hong Kong. The registered office 為有限公司。本公司註冊辦事處位於香港九龍of the Company is located at Room 2205, 22/F, Sun Life Tower, The 尖沙咀廣東道15號港威大廈永明金融大樓22樓Gateway, 15 Canton Road, Tsimshatsui, Kowloon, Hong Kong. 2205室。During the year, the Company and its subsidiaries (collectively 年內，本公司及其附屬公司（統稱「本集團」）主要referred to as the “Group”) were principally engaged in the 從事發展及經營大型綜合商貿物流及商貿中心、development and operation of large-scale integrated logistics and 開發商住配套設施、物業管理以及提供電子商trade centers, development of residential and commercial ancillary 貿、奧特萊斯運營、物流及倉儲服務。facilities, property management and the provision of E-commerce,outlet operations, logistics and warehousing services.Information about subsidiaries 附屬公司資料Particulars of the Company’s principal subsidiaries are as follows: 本公司的主要附屬公司詳情如下：Nominal value ofPlace of issued ordinary/incorporation/ registered share Date of Percentage ofregistration and capital as at incorporation/ equity attributableName business 31 March 2016 registration to the Company Principal activities名稱 註冊成立╱註冊及 於2016年3月31日 註冊成立╱ 本公司應佔 主要業務經營地點 已發行普通╱註冊 註冊日期 權益百分比股本面值Direct Indirect直接 間接% %China South International Industrial Materials City The People’s Republic HK$2,200,000,000 18 December 2002 100 – Development and operation of(Shenzhen) Company Limited (ii)(iv) of China (“PRC”)/ 2,200,000,000港元 18–12–2002 integrated logistics trade centers(“China South International”) Mainland China 綜合商貿物流及商品交易中心華南國際工業原料城(深圳)有限公司(ii)(iv) 中國╱中國大陸 開發及運營（「華南國際」）Nanchang China South City Company PRC/Mainland China Renminbi (“RMB”) 16 November 2007 – 100 Development and operation ofLimited (i)(iv) 中國╱中國大陸 1,100,000,000 16–11–2007 integrated logistics trade centers南昌華南城有限公司(i)(iv) 人民幣1,100,000,000元 綜合商貿物流及商品交易中心開發及運營Nanning China South City Company PRC/Mainland China RMB1,000,000,000 28 August 2009 – 100 Development and operation ofLimited (iii)(iv) 中國╱中國大陸 人民幣1,000,000,000元 28–08–2009 integrated logistics trade centers南寧華南城有限公司(iii)(iv) 綜合商貿物流及商品交易中心開發及運營137Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|1. Corporate and Group Information 1. 公司及本集團資料（續）(Continued)Information about subsidiaries 附屬公司資料（續）(Continued)Nominal value ofPlace of issued ordinary/incorporation/ registered share Date of Percentage ofregistration and capital as at incorporation/ equity attributableName business 31 March 2016 registration to the Company Principal activities名稱 註冊成立╱註冊及 於2016年3月31日 註冊成立╱ 本公司應佔 主要業務經營地點 已發行普通╱註冊 註冊日期 權益百分比股本面值Direct Indirect直接 間接% %Xi’an China South City Company Limited (iii) PRC/Mainland China RMB1,000,000,000 12 November 2009 – 100 Development and operation of西安華南城有限公司(iii) 中國╱中國大陸 人民幣1,000,000,000元 12–11–2009 integrated logistics trade centers綜合商貿物流及商品交易中心開發及運營Harbin China South City Company Limited (iii) PRC/Mainland China RMB1,500,000,000 9 January 2012 – 100 Development and operation of哈爾濱華南城有限公司(iii) 中國╱中國大陸 人民幣1,500,000,000元 09–01–2012 integrated logistics trade centers綜合商貿物流及商品交易中心開發及運營Harbin Baolitong Market Development PRC/Mainland China RMB500,000,000 22 December 2011 – 100 Development and operation ofManagement Company Limited (iii) 中國╱中國大陸 人民幣500,000,000元 22–12–2011 integrated logistics trade centers哈爾濱寶力通市場開發管理有限公司(iii) 綜合商貿物流及商品交易中心開發及運營Zhengzhou China South City Company PRC/Mainland China RMB1,000,000,000 17 May 2012 – 100 Development and operation ofLimited (iii)(iv) 中國╱中國大陸 人民幣1,000,000,000元 17–05–2012 integrated logistics trade centers鄭州華南城有限公司(iii)(iv) 綜合商貿物流及商品交易中心開發及運營Hefei China South City Company Limited (ii)(iv) PRC/Mainland China RMB600,000,000 25 December 2012 – 100 Development and operation of合肥華南城有限公司(ii)(iv) 中國╱中國大陸 人民幣600,000,000元 25–12–2012 integrated logistics trade centers綜合商貿物流及商品交易中心開發及運營Chongqing China South City Company PRC/Mainland China RMB800,304,400/ 27 December 2013 – 100 Development and operation ofLimited (ii)(iv) 中國╱中國大陸 RMB1,000,000,000 27–12–2013 integrated logistics trade centers重慶華南城有限公司(ii)(iv) 人民幣800,304,400元/ 綜合商貿物流及商品交易中心人民幣1,000,000,000元 開發及運營138China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|1. Corporate and Group Information 1. 公司及本集團資料（續）(Continued)Information about subsidiaries 附屬公司資料（續）(Continued)Nominal value ofPlace of issued ordinary/incorporation/ registered share Date of Percentage ofregistration and capital as at incorporation/ equity attributableName business 31 March 2016 registration to the Company Principal activities名稱 註冊成立╱註冊及 於2016年3月31日 註冊成立╱ 本公司應佔 主要業務經營地點 已發行普通╱註冊 註冊日期 權益百分比股本面值Direct Indirect直接 間接% %Shenzhen Huasheng Commercial Development PRC/Mainland China RMB50,000,000 19 November 2010 – 100 Management of outlet operationsCompany Limited (iii) 中國╱中國大陸 人民幣50,000,000元 19–11–2010 奧特萊斯商場運營管理深圳華盛商業發展有限公司(iii)Shenzhen China South City E-Commerce PRC/Mainland China RMB100,000,000 19 April 2012 – 100 Development, operation andTechnology Company Limited (ii) 中國╱中國大陸 人民幣100,000,000元 19–04–2012 management of E-commerce深圳華南城網科技有限公司(ii) platform電子商貿平台開發、運營及管理Shenzhen First Asia Pacific Property Management PRC/Mainland China RMB50,000,000 31 December 2003 2.5 97.5 Provision of property managementCompany Limited (i) 中國╱中國大陸 人民幣50,000,000元 31–12–2003 services深圳第一亞太物業管理有限公司(i) 提供物業管理服務Qianlong Logistics Group Limited (iii) PRC/Mainland China RMB200,000,000 2 July 2004 – 100 Provision of logistics services乾龍物流集團有限公司(iii) 中國╱中國大陸 人民幣200,000,000元 02–07–2004 提供物流服務139Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|1. Corporate and Group Information 1. 公司及本集團資料（續）(Continued)Information about subsidiaries 附屬公司資料（續）(Continued)Nominal value ofPlace of issued ordinary/incorporation/ registered share Date of Percentage ofregistration and capital as at incorporation/ equity attributableName business 31 March 2016 registration to the Company Principal activities名稱 註冊成立╱註冊及 於2016年3月31日 註冊成立╱ 本公司應佔 主要業務經營地點 已發行普通╱註冊 註冊日期 權益百分比股本面值Direct Indirect直接 間接% %Shenzhen HOBA Home Furnishing Chain Store PRC/Mainland China RMB480,000,000 12 October 2001 – 75 Furnishing market operationCompany Limited (iii)(v) 中國╱中國大陸 人民幣480,000,000元 12–10–2001 家居廣場運營深圳市好百年家居連鎖股份有限公司(iii)(v)China South City Management Company Hong Kong HK$1 9 November 2007 – 100 Provision of management servicesLimited 香港 1港元 09–11–2007 提供管理服務華南城管理有限公司China South City Group Company Limited (iii) PRC/Mainland China RMB300,000,000 20 July 2004 – 100 Investment holding華南城集團有限公司(iii) 中國╱中國大陸 人民幣300,000,000元 20–07–2004 投資控股Notes: 附註：(i) Sino-foreign equity joint ventures under PRC law. (i) 中國法律下的中外合資經營公司。(ii) Wholly-foreign-owned enterprises under PRC law. (ii) 中國法律下的外商獨資企業。(iii) Limited companies under PRC law. (iii) 中國法律下的有限公司。(iv) Pursuant to certain project and land related contracts signed by (iv) 根據本集團附屬公司與當地政府簽訂的若干項目the subsidiaries of the Group and the local governments, as well as 及土地相關合同，以及根據當地政府或招拍掛相pursuant to the requirements of the local governments and the local 關部門的文件要求，部分項目所建物業存在銷售authorities related to the relevant public tender, auction and listing, 限制，包括深圳華南城相關地塊上的交易中心的some of the land acquired have sales restrictions on properties built 可銷售面積限於總可建建築面積的30%；南昌華on it. The saleable area of trade centers of CSC Shenzhen is limited 南城和南寧華南城於2010年取得的若干土地，to 30% of the total buildable gross floor area (“GFA”) of properties 其上建設的交易中心及倉儲設施的可銷售面積限built on the relevant parcels of land. The saleable area of trade centers 於該等物業總可建建築面積的60%；合肥華南and logistics facilities built on certain parcels of land acquired by CSC 城及重慶華南城建設的交易中心的可銷售面積限Nanchang and CSC Nanning in 2010 is limited to 60% of the relevant 於該等物業總可建建築面積的50%；鄭州華南total buildable GFA. The saleable area of trade centers built by CSC 城建設的一期及以後各期的交易中心的可銷售面Hefei and CSC Chongqing is limited to 50% of their relevant total 積分別限於該等物業總可建建築面積的60%及buildable GFA. The saleable area of trade centers of phase I and future 50%。除上述情況之外，本集團的其他土地並沒phases of CSC Zhengzhou are limited to 60% and 50% respectively of 有銷售限制。the relevant total buildable GFA. Except for the restrictions mentionedherein, there is no sales restriction on other parcels of land acquired bythe Group.140China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|1. Corporate and Group Information 1. 公司及本集團資料（續）(Continued)Information about subsidiaries 附屬公司資料（續）(Continued)Notes: (Continued) 附註：（續）(v) Pursuant to an agreement entered into with Shenzhen HOBA Home (v) 根據與深圳市好百年家居連鎖股份有限公司「（好Furnishing Chain Store Company Limited (“HOBA Furnshing”) in July 百年家居」）於2013年7月所訂立的協議，本集2013, the Group has agreed to subscribe for 360,000,000 shares 團同意認購好百年家居的360,000,000股股份，of HOBA Furnishing at a total consideration of RMB522,210,000. In 總代價為人民幣522,210,000元。於2013年11November 2013, the Group subscribed for 72,000,000 shares in HOBA 月，本集團已繳付人民幣104,442,000元(相等Furnishing, which was satisfied by cash of RMB104,442,000 (equivalent 於132,861,000港元)認購72,000,000股好百年to HK$132,861,000). During the year, the Group further subscribed for 家居的股份。於本年內，本集團以現金人民幣288,000,000 shares of HOBA Furnishing, which was satisfied by cash 52,221,000元(相等於63,647,000港元)及公平值of RMB52,221,000 (equivalent to HK$63,647,000) and investment 人民幣365,547,000元(相等於445,529,000港元)properties with fair value in aggregate of RMB365,547,000 (equivalent 的投資性物業認購288,000,000股好百年家居的to HK$445,529,000). As of 31 March 2016, the Group has acquired a 股份。於2016年3月31日，本集團持有好百年家75% equity interest in HOBA Furnishing. 居75%的權益。2.1 Basis of Preparation 2.1 編製基準These financial statements have been prepared in accordance 該等財務報表乃根據香港會計師公會（「香港會計with Hong Kong Financial Reporting Standards (“HKFRSs”) (which 師公會」）頒佈之香港財務報告準則（「香港財務報include all Hong Kong Financial Reporting Standards, Hong Kong 告準則」）（當中包括所有香港財務報告準則、香Accounting Standards (“HKASs”) and Interpretations) issued by the 港會計準則（「香港會計準則」）及詮釋）、香港公Hong Kong Institute of Certified Public Accountants (“HKICPA”), 認會計原則及香港公司條例之規定而編製，並按accounting principles generally accepted in Hong Kong and the 歷史成本法編製，惟投資物業及透過損益以公平Hong Kong Companies Ordinance. They have been prepared under 值列賬之持作買賣投資按公平值計量則除外。除the historical cost convention, except for investment properties and 另有說明外，此等財務報表以港元呈列，所有數held-for-trading investments at fair value through profit or loss, 值均已四捨五入至最接近千位數。which have been measured at fair value. These financial statementsare presented in Hong Kong dollars and all values are rounded tothe nearest thousand except when otherwise indicated.Basis of consolidation 綜合基準The consolidated financial statements include the financial statements 合併財務報表包括本集團截至2016年3月31日止of the Group for the year ended 31 March 2016. A subsidiary is an 年度的財務報表。附屬公司為本公司直接或間接entity (including a structured entity), directly or indirectly, controlled 控制的實體（包括結構性實體）。當本集團承受或by the Company. Control is achieved when the Group is exposed, or 享有參與投資對象業務所得的可變回報，且能透has rights, to variable returns from its involvement with the investee 過對投資對象的權力（即賦予本集團現有能力主and has the ability to affect those returns through its power over the 導投資對象相關活動的既存權利）影響該等回報investee (i.e., existing rights that give the Group the current ability to 時，即取得控制權。direct the relevant activities of the investee).141Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|2.1 Basis of Preparation 2.1 編製基準（續）(Continued)Basis of consolidation 綜合基準（續）(Continued)When the Company has, directly or indirectly, less than a majority 倘本公司直接或間接擁有少於投資對象大多數的of the voting or similar rights of an investee, the Group considers all 投票或類似權利，則本集團於評估其是否擁有對relevant facts and circumstances in assessing whether it has power 投資對象的權力時，會考慮一切相關事實及情over an investee, including: 況，包括：(a) the contractual arrangement with the other vote holders of the (a) 與投資對象其他投票持有人的合約安排；investee;(b) rights arising from other contractual arrangement; and (b) 其他合約安排所產生的權利；及(c) the Group’s voting rights and potential voting rights. (c) 本集團的投票權及潛在投票權。The financial statements of the subsidiaries are prepared for the 附屬公司的財務報表乃就與本公司相同的報告期same reporting period as the Company, using consistent accounting 間採納一致的會計政策編製。附屬公司的業績由policies. The results of subsidiaries are consolidated from the date on 本集團取得控制權當日起綜合計算，並會繼續綜which the Group obtains control, and continue to be consolidated 合，直至該等控制權終止。until the date that such control ceases.Profit or loss and each component of other comprehensive income 即使會導致非控股權益出現虧蝕結餘，損益及其are attributed to the owners of the parent of the Group and to the 他全面收入的各個組成部分仍會歸屬於本集團母non-controlling interests even if this results in the non-controlling 公司擁有人及非控股權益。interests having a deficit balance.All intra-group assets and liabilities, equity, income, expenses and 所有集團內公司間資產、負債、權益、收入及cash flows relating to transactions between members of the Group 開支以及與本集團成員公司間交易有關的現金are eliminated in full on consolidation. 流，將於綜合時悉數對銷。The Group reassesses whether or not it controls an investee if facts 倘事實或情況顯示上文所述三個控制因素中有一and circumstances indicate that there are changes to one or more 個或以上出現變動，則本集團將重新評估其是否of the three elements of control described above. A change in 仍控制該投資對象。於附屬公司擁有權權益的變the ownership interest of a subsidiary, without a loss of control, is 動（並無喪失控制權）於入賬時列作權益交易。accounted for as an equity transaction.142China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|2.1 Basis of Preparation 2.1 編製基準（續）(Continued)Basis of consolidation 綜合基準（續）(Continued)If the Group loses control over a subsidiary, it derecognises (i) 倘本集團失去附屬公司的控制權，則會終止確認the assets (including goodwill) and liabilities of the subsidiary, (ii) (i)該附屬公司的資產（包括商譽）及負債；(ii)任何the carrying amount of any non-controlling interest and (iii) the 非控股權益的賬面值；及(iii)計入權益的累計匯cumulative translation differences recorded in equity; and recognises 兌差額；並確認(i)已收代價的公允值；(ii)任何獲(i) the fair value of the consideration received, (ii) the fair value of 保留投資的公允值；及(iii)其因而產生計入損益any investment retained and (iii) any resulting surplus or deficit 的盈餘或虧蝕。先前已於其他全面收入確認的本in profit or loss. The Group’s share of components previously 集團應佔部分，乃按照本集團直接出售相關資產recognised in other comprehensive income is reclassified to profit or 及負債時所規定的相同基準，在適當的情況下重loss or retained profits, as appropriate, on the same basis as would 新分類至損益或保留利潤。be required if the Group had directly disposed of the related assetsor liabilities.2.2 Changes in Accounting Policies and Disclosures 2.2 會計政策的變更及披露The Group has adopted the following revised standards for the first 本集團已於本年度財務報表中首次採納下列經修time for the current year’s financial statements. 訂準則。Amendments to HKAS 19 Defined Benefit Plans: Employee 香港會計準則第19號 界定福利計劃：僱員供款Contributions 之修訂Annual Improvements to HKFRSs 2010-2012 Cycle 2010年至2012年週期香港財務報告準則之年度改進Annual Improvements to HKFRSs 2011-2013 Cycle 2011年至2013年週期香港財務報告準則之年度改進The nature and the impact of each amendment is described below: 各項修訂及詮釋之性質及影響說明如下：(a) Amendments to HKAS 19 apply to contributions from (a) 香港會計準則第19號修訂本適用於僱員或employees or third parties to defined benefit plans. The 者第三方向界定福利計劃的供款。該修訂amendments simplify the accounting for contributions that 本簡化獨立於僱員服務年期的供款的會計are independent of the number of years of employee service, 處理，如僱員供款根據薪金的固定比例進for example, employee contributions that are calculated 行計算。倘供款金額獨立於服務年期，實according to a fixed percentage of salary. If the amount of 體可以在僱員提供有關服務期間將僱員供the contributions is independent of the number of years of 款確認為服務成本的抵減項。由於本集團service, an entity is permitted to recognise such contributions 並無任何界定福利計劃，故該等修訂並無as a reduction of service cost in the period in which the related 對本集團構成任何影響。service is rendered. The amendments have had no impact onthe Group as the Group does not have defined benefit plans.143Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|2.2 Changes in Accounting Policies and Disclosures 2.2 會計政策的變更及披露（續）(Continued)(b) The Annual Improvements to HKFRSs 2010-2012 Cycle issued (b) 於2014年1月頒佈的2010年至2012年週期in January 2014 sets out amendments to a number of HKFRSs. 香港財務報告準則之年度改進載列香港財Details of the amendments that are effective for the current 務報告準則的多項修訂。於本年度生效的year are as follows: 修訂詳情如下：• HKFRS 8 Operating Segments: Clarifies that an entity • 香港財務報告準則第8號經營分部：must disclose the judgements made by management in 釐清實體必須披露管理層於應用香港applying the aggregation criteria in HKFRS 8, including 財務報告準則第8號中的合併處理準a brief description of operating segments that have 則時作出的判斷，包括作合併處理的been aggregated and the economic characteristics 經營分部簡述，以及評估分部是否相used to assess whether the segments are similar. The 似時所用的經濟特徵。該等修訂亦澄amendments also clarify that a reconciliation of segment 清，分部資產與總資產的對賬僅於該assets to total assets is only required to be disclosed if the 對賬乃向主要營運決策者匯報時方須reconciliation is reported to the chief operating decision 披露。該等修訂並無對本集團構成影maker. The amendments have had no impact on the 響。Group.• HKAS 16 Property, Plant and Equipment and HKAS 38 • 香港會計準則第16號物業、廠房及設Intangible Assets: Clarifies the treatment of gross carrying 備及香港會計準則第38號無形資產：amount and accumulated depreciation or amortisation 釐清物業、廠房及設備以及無形資產of revalued items of property, plant and equipment and 重估項目的賬面總值及累計折舊或攤intangible assets. The amendments have had no impact 銷處理方法。由於本集團並無使用重on the Group as the Group does not apply the revaluation 估模式計量該等資產，因此該等修訂model for the measurement of these assets. 並無對本集團構成影響。• HKAS 24 Related Party Disclosures: Clarifies that a • 香港會計準則第24號關連方披露：釐management entity (i.e., an entity that provides key 清管理實體（即提供關鍵管理人員服management personnel services) is a related party subject 務的實體）為關連方，須遵守關連方to related party disclosure requirements. In addition, 披露規定。此外，使用管理實體的實an entity that uses a management entity is required to 體須披露就管理服務產生的開支。由disclose the expenses incurred for management services. 於本集團並無接受其他實體提供的任The amendment has had no impact on the Group as the 何管理服務，因此該等修訂並無對本Group does not receive any management services from 集團構成任何影響。other entities.144China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|2.2 Changes in Accounting Policies and Disclosures 2.2 會計政策的變更及披露（續）(Continued)(c) The Annual Improvements to HKFRSs 2011-2013 Cycle issued (c) 於2014年1月頒佈的2011年至2013年週期in January 2014 sets out amendments to a number of HKFRSs. 香港財務報告準則的年度改進載列香港財Details of the amendments that are effective for the current 務報告準則的多項修訂。於本年度生效的year are as follows: 修訂詳情如下：• HKFRS 3 Business Combinations: Clarifies that joint • 香港財務報告準則第3號業務合併：arrangements but not joint ventures are outside the 釐清合營安排（而非合營公司）不屬於scope of HKFRS 3 and the scope exception applies only 香港財務報告準則第3號的範圍內，to the accounting in the financial statements of the 而此範圍豁免僅適用於合營安排自身joint arrangement itself. The amendment is applied 財務報表的會計處理。該修訂將於生prospectively. The amendment has had no impact on the 效後應用。由於本公司並非合營安Group as the Company is not a joint arrangement and 排，且本集團於年內並無成立任何合the Group did not form any joint arrangement during the 營安排，因此該修訂並無對本集團構year. 成影響。• HKFRS 13 Fair Value Measurement: Clarifies that the • 香港財務報告準則第13號公允值計portfolio exception in HKFRS 13 can be applied not only 量：釐清香港財務報告準則第13號所to financial assets and financial liabilities, but also to 述的組合豁免不僅適用於金融資產及other contracts within the scope of HKFRS 9 or HKAS 39 as 金融負債，亦可應用於香港財務報告applicable. The amendment is applied prospectively from 準則第9號或香港會計準則第39號（如the beginning of the annual period in which HKFRS 13 適用）範圍內的其他合約。該修訂將was initially applied. The amendment has had no impact 自香港財務報告準則第13號首次應用on the Group as the Group does not apply the portfolio 的年度期間開始起應用。由於本集團exception in HKFRS 13. 並無應用香港財務報告準則第13號的組合豁免，因此該修訂並無對本集團構成影響。• HKAS 40 Investment Property: Clarifies that HKFRS 3, • 香港會計準則第40號投資物業：釐清instead of the description of ancillary services in HKAS 須使用香港財務報告準則第3號（而非40 which differentiates between investment property 香港會計準則第40號對輔助服務的and owner-occupied property, is used to determine if 描述，該描述區分投資物業與自有物the transaction is a purchase of an asset or a business 業）以釐定交易屬購置資產或業務合combination. The amendment is applied prospectively for 併。該修訂於生效後應用於收購投資acquisitions of investment properties. The amendment 物業。由於本集團於年內並無收購任has had no impact on the Group as the acquisition of 何投資物業，該修訂並不適用，因此investment properties during the year was not a business 該修訂並無對本集團構成影響。combination and so this amendment is not applicable.145Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|2.3 Issued but not yet effective Hong Kong 2.3 已頒佈但尚未生效的香港財務報告準Financial Reporting Standards 則The Group has not applied the following new and revised HKFRSs, 本集團並未於此等財務報表中採納以下已頒佈但that have been issued but are not yet effective, in these financial 尚未生效之新訂及經修訂香港財務報告準則。statements.HKFRS 9 Financial Instruments2 香港財務報告準則第9號 金融工具2Amendments to HKFRS 10 Sale or Contribution of Assets between an Investor 香港財務報告準則第10號 投資者與其聯營公司或合營and HKAS 28 (2011) and its Associate or Joint Venture1 及香港會計準則第28號 公司之間的資產出售或注資1（2011年）之修訂Amendments to HKFRS 10, Investment Entities: Applying the Consolidation 香港財務報告準則第10 投資實體：應用綜合豁免1HKFRS 12 and HKAS 28 Exception1 號、香港財務報告準則(2011) 第12號及香港會計準則第28號（2011年）之修訂Amendments to HKFRS 11 Accounting for Acquisitions of Interests in Joint 香港財務報告準則第11號 收購合營業務權益的會計方法1Operations1 之修訂HKFRS 14 Regulatory Deferral Accounts4 香港財務報告準則第14號 監管遞延賬目4HKFRS 15 Revenue from Contracts with Customers2 香港財務報告準則第15號 客戶合約收益2HKFRS 16 Leases3 香港財務報告準則第16號 租賃3Amendments to HKAS 1 Disclosure Initiative1 香港會計準則第1號之修訂 披露計劃1Amendments to HKAS 16 Clarification of Acceptable Methods of Depreciation 香港會計準則第16號及 澄清折舊及攤銷的可接受方法1and HKAS 38 and Amortisation1 香港會計準則第38號之修訂Amendments to HKAS 16 Agriculture: Bearer Plants1 香港會計準則第16號及 農業：生產性植物1and HKAS 41 香港會計準則第41號之修訂Amendments to HKAS 27 Equity Method in Separate Financial Statements1 香港會計準則第27號之修 獨立財務報表之權益法1(2011) 訂（2011年）Annual Improvements Amendments to a number of HKFRSs1 2012年至2014年週期之 多項香港財務報告準則之修訂12012-2014 Cycle 年度改進1 Effective for annual periods beginning on or after 1 January 2016 1 於2016年1月1日或之後開始之年度期間生效2 Effective for annual periods beginning on or after 1 January 2018 2 於2018年1月1日或之後開始之年度期間生效3 Effective for annual periods beginning on or after 1 January 2019 3 於2019年1月1日或之後開始之年度期間生效4 Effective for an entity that first adopts HKFRSs for its annual financial 4 首次採納香港財務報告準則的實體，適用於statements beginning on or after 1 January 2016 and therefore is not 2016年1月1日或之後開始的年度財務報表，因applicable to the Group 此不適用於本集團146China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|2.3 Issued but not yet effective Hong Kong Financial 2.3 已頒佈但尚未生效的香港財務報告Reporting Standards 準則（續）(Continued)Further information about those HKFRSs that are expected to be 預期將適用於本集團的香港財務報告準則的進一applicable to the Group is as follows: 步資料如下：In September 2014, the HKICPA issued the final version of HKFRS 9, 於2014年9月，香港會計師公會頒佈香港財務報bringing together all phases of the financial instruments project to 告準則第9號的最終版本，將金融工具項目的所replace HKAS 39 and all previous versions of HKFRS 9. The standard 有階段集於一起以代替香港會計準則第39號及introduces new requirements for classification and measurement, 香港財務報告準則第9號的全部先前版本。該準impairment and hedge accounting. The Group expects to adopt 則引入分類及計量、減值及對沖會計處理的新規HKFRS 9 from 1 April 2018. The Group is currently assessing 定。本集團預期自2018年4月1日起採納香港財the impact of the standard upon adoption and expects that the 務報告準則第9號。本集團正在評估採納該準則adoption of HKFRS 9 will have an impact on the classification and 的影響及預期採納香港財務報告準則第9號將對measurement of the Group’s financial assets. Further information 本集團金融資產的分類及計量產生影響。進一步about the impact will be available nearer the implementation date of 關於採納之影響可於接近實施日期時獲得。the standard.The amendments to HKFRS 10 and HKAS 28 (2011) address an 香港財務報告準則第10號及香港會計準則第28inconsistency between the requirements in HKFRS 10 and in HKAS 號（2011年）之修訂針對香港財務報告準則第1028 (2011) in dealing with the sale or contribution of assets between 號及香港會計準則第28號（2011年）之間有關投an investor and its associate or joint venture. The amendments 資者與其聯營公司或合營公司之間的資產出售或require a full recognition of a gain or loss when the sale or 注資兩者規定的不一致性。該等修訂規定，當投contribution of assets between an investor and its associate or joint 資者與其聯營公司或合營公司之間的資產出售或venture constitutes a business. For a transaction involving assets 注資構成一項業務時，須確認全數收益或虧損。that do not constitute a business, a gain or loss resulting from the 當交易涉及不構成一項業務的資產時，由該交transaction is recognised in the investor’s profit or loss only to the 易產生的收益或虧損於該投資者的損益內確認，extent of the unrelated investor’s interest in that associate or joint 惟僅以不相關投資者於該聯營公司或合營公司的venture. The amendments are to be applied prospectively. The 權益為限。該等修訂即將應用。本集團預期自Group expects to adopt the amendments from 1 April 2016. 2016年4月1日起採納該等修訂。The amendments to HKFRS 11 require that an acquirer of an interest 香港財務報告準則第11號之修訂規定共同經營in a joint operation in which the activity of the joint operation （其中共同經營的活動構成一項業務）權益的收購constitutes a business must apply the relevant principles for business 方必須應用香港財務報告準則第3號內業務合併combinations in HKFRS 3. The amendments also clarify that a 的相關原則。該等修訂亦釐清於共同經營中先前previously held interest in a joint operation is not remeasured on the 所持有的權益於收購相同共同經營中的額外權益acquisition of an additional interest in the same joint operation while 而共同控制權獲保留時不得重新計量。此外，香joint control is retained. In addition, a scope exclusion has been 港財務報告準則第11號已增加一項範圍豁免，added to HKFRS 11 to specify that the amendments do not apply 訂明當共享共同控制權的各方（包括呈報實體）處when the parties sharing joint control, including the reporting entity, 於同一最終控制方的共同控制之下時，該等修訂are under common control of the same ultimate controlling party. 不適用。該等修訂適用於收購共同經營的初始權The amendments apply to both the acquisition of the initial interest 益以及收購相同共同經營中的任何額外權益。該in a joint operation and the acquisition of any additional interests in 等修訂預期於2016年4月1日採納後，將不會對the same joint operation. The amendments are not expected to have 本集團的財務狀況或表現產生任何影響。any impact on the financial position or performance of the Groupupon adoption on 1 April 2016.147Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|2.3 Issued but not yet effective Hong Kong Financial 2.3 已頒佈但尚未生效的香港財務報告Reporting Standards 準則（續）(Continued)HKFRS 15 establishes a new five-step model to account for revenue 香港財務報告準則第15號建立一個新的五步模arising from contracts with customers. Under HKFRS 15, revenue is 式，將應用於客戶合約收益。根據香港財務報告recognised at an amount that reflects the consideration to which 準則第15號，收益按能反映實體預期就交換向an entity expects to be entitled in exchange for transferring goods 客戶轉讓貨物或服務而有權獲得的代價金額確or services to a customer. The principles in HKFRS 15 provide a 認。香港財務報告準則第15號的原則為計量及more structured approach for measuring and recognising revenue. 確認收益提供更加結構化的方法。該準則亦引入The standard also introduces extensive qualitative and quantitative 廣泛的定性及定量披露規定，包括分拆收益總disclosure requirements, including disaggregation of total revenue, 額，關於履行責任、不同期間之間合約資產及負information about performance obligations, changes in contract asset 債賬目結餘的變動以及主要判斷及估計的資料。and liability account balances between periods and key judgements 該準則將取代香港財務報告準則項下所有現時收and estimates. The standard will supersede all current revenue 益確認的規定。於2015年9月，香港會計師公會recognition requirements under HKFRSs. In September 2015, the 頒佈香港財務報告準則第15號之修訂，其有關HKICPA issued an amendment to HKFRS 15 regarding a one-year 將香港財務報告準則第15號之強制生效日期延deferral of the mandatory effective date of HKFRS 15 to 1 January 遲一年至2018年1月1日。本集團預期於2018年2018. The Group expects to adopt HKFRS 15 on 1 April 2018 and is 4月1日採納香港財務報告準則第15號，目前正currently assessing the impact of HKFRS 15 upon adoption. 評估採納香港財務報告準則第15號的影響。HKFRS 16 sets out the principles for the recognition, measurement, 香港財務報告準則第16號載列有關就合約向承presentation and disclosure of leases for the lessee and the lessor to 租人及出租人作出租賃之確認、計量、呈列及披a contract. For the lessee, HKFRS 16 introduces a single accounting 露之原則。對於承租人，香港財務報告準則第model for all leases, with certain exemptions, which requires 16號對所有租賃引入一個單一會計模式，惟若the lessee to recognise most leases in the statement of financial 干豁免除外，該準則規定承租人須於其資產負position. For the lessor, HKFRS 16 substantially carries forward the 債表確認大部分租賃。對於出租人，香港財務lessor accounting requirements in HKAS 17. HKFRS 16 is effective 報告準則第16號轉載香港會計準則第17號有關for annual periods beginning on or after 1 January 2019 and early 出租人之大部分會計規定。香港財務報告準則第adoption is permitted if HKFRS 15 has also been applied. The Group is 16號於2019年1月1日或之後開始的年度期間生yet to assess the full impact of HKFRS 16. 效，且倘亦採用香港財務報告準則第15號，則可提早應用。本集團尚未評估香港財務報告準則第16號的全面影響。Amendments to HKAS 1 include narrow-focus improvements in 香港會計準則第1號之修訂載有對財務報表的呈respect of the presentation and disclosure in financial statements. 報及披露範疇內具針對性的改進。該等修訂釐The amendments clarify: 清：(i) the materiality requirements in HKAS 1; (i) 香港會計準則第1號內的重大性規定；(ii) that specific line items in the statement of profit or loss and the (ii) 損益表及財務狀況表內之特定項目可予細statement of financial position may be disaggregated; 分；(iii) that entities have flexibility as to the order in which they (iii) 實體就彼等呈列財務報表附註的順序擁有present the notes to financial statements; and 靈活性；及(iv) that the share of other comprehensive income of associates (iv) 使用權益法入賬的分佔聯營公司及合營公and joint ventures accounted for using the equity method must 司的其他全面收益必須作為單獨項目匯總be presented in aggregate as a single line item, and classified 呈列，並且在將會或不會其後重新分類至between those items that will or will not be subsequently 損益的該等項目間進行歸類。reclassified to profit or loss.148China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|2.3 Issued but not yet effective Hong Kong Financial 2.3 已頒佈但尚未生效的香港財務報告Reporting Standards 準則（續）(Continued)Furthermore, the amendments clarify the requirements that apply 此外，該等修訂釐清於財務狀況表及損益表內呈when additional subtotals are presented in the statement of financial 列額外小計時適用的規定。本集團預期於2016position and the statement of profit or loss. The Group expects to 年4月1日起採納該等修訂。該等修訂預期不會adopt the amendments from 1 April 2016. The amendments are 對本集團的財務報表產生任何重大影響。not expected to have any significant impact on the Group’s financialstatements.Amendments to HKAS 16 and HKAS 38 clarify the principle in HKAS 香港會計準則第16號及香港會計準則第38號之16 and HKAS 38 that revenue reflects a pattern of economic benefits 修訂澄清香港會計準則第16號及香港會計準則that are generated from operating business (of which the asset is 第38號中的原則，即收益反映自經營業務（資產part) rather than the economic benefits that are consumed through 為其一部分）產生的經濟利益而非通過使用資產the use of the asset. As a result, a revenue-based method cannot 消耗的經濟利益的模式。因此，收益法不得用於be used to depreciate property, plant and equipment and may only 折舊物業、廠房及設備，並且僅在非常有限的情be used in very limited circumstances to amortise intangible assets. 況下可用於攤銷無形資產。該等修訂即將應用。The amendments are to be applied prospectively. The amendments 預期該等修訂於2016年4月1日獲採納後將不會are not expected to have any impact on the financial position or 對本集團的財務狀況或表現產生任何影響，原因performance of the Group upon adoption on 1 April 2016 as the 是本集團並未使用收益法計算其非流動資產的折Group has not used a revenue-based method for the calculation of 舊。depreciation of its non-current assets.2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要Investments in associates and joint ventures 於聯營公司及合營企業的投資An associate is an entity in which the Group has a long term interest 聯營公司為本集團一般擁有不少於20%股本投of generally not less than 20% of the equity voting rights and over 票權的長期權益，並能對其發揮重大影響力的實which it is in a position to exercise significant influence. Significant 體。重大影響力為參與投資對象財政及經營政策influence is the power to participate in the financial and operating 決策的權力，但並非控制或共同控制該等政策。policy decisions of the investee, but is not control or joint controlover those policies.A joint venture is a type of joint arrangement whereby the parties 合營企業為一項合營安排，據此，擁有安排之共that have joint control of the arrangement have rights to the net 同控制權的人士均有權享有合營企業的資產淨assets of the joint venture. Joint control is the contractually agreed 值。共同控制乃以合約協定分佔一項安排之控制sharing of control of an arrangement, which exists only when 權，其僅在相關活動決策必須獲分佔控制權的人decisions about the relevant activities require the unanimous consent 士一致同意時方存在。of the parties sharing control.149Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Investments in associates and joint ventures 於聯營公司及合營企業的投資（續）(Continued)The Group’s investments in associates and joint ventures are stated 本集團於聯營公司及合營企業的投資乃按以權益in the consolidated statement of financial position at the Group’s 會計法計算之本集團應佔資產淨值減任何減值虧share of net assets under the equity method of accounting, less any 損於綜合財務狀況表內列賬。impairment losses.Adjustments are made to bring into line any dissimilar accounting 倘出現任何不相符的會計政策，即會作出調整加policies that may exist. 以修正。The Group’s share of the post-acquisition results and other 本集團應佔聯營公司及合營企業收購後業績和其comprehensive income of associates and joint ventures are included 他全面收入分別計入合併損益表及合併其他全面in the consolidated statement of profit or loss and consolidated 收入內。此外，倘直接於聯營公司或合營企業的other comprehensive income, respectively. In addition, when there 權益確認變動，則本集團會於綜合權益變動表確has been a change recognised directly in the equity of the associate 認其應佔的任何變動（如適用）。本集團與其聯營or joint venture, the Group recognises its share of any changes, 公司或合營企業進行交易而出現的未實現利益及when applicable, in the consolidated statement of changes in equity. 虧損會互相抵銷，金額以本集團於聯營公司或合Unrealised gains and losses resulting from transactions between 營企業的投資為限，但如果未實現虧損證明所轉the Group and its associates or joint ventures are eliminated to the 讓資產發生減值則除外。收購聯營公司或合營企extent of the Group’s investments in the associates or joint ventures, 業產生的商譽計入本集團於聯營公司或合營企業except where unrealised losses provide evidence of an impairment 的投資的一部分。of the assets transferred. Goodwill arising from the acquisitionof associates or joint ventures is included as part of the Group’sinvestments in associates or joint ventures.If an investment in an associate becomes an investment in a joint 倘於聯營公司的投資變為於合營企業的投資或出venture or vice versa, the retained interest is not remeasured. 現相反情況，則不會重新計量保留權益。反之，Instead, the investment continues to be accounted for under the 該投資繼續根據權益法入賬。在所有其他情況equity method. In all other cases, upon loss of significant influence 下，對聯營公司失去重大影響力或對合營企業失over the associate or joint control over the joint venture, the Group 去共同控制後，本集團按其公允值計量及確認任measures and recognises any retained investment at its fair value. 何保留投資。於失去重大影響力或共同控制後聯Any difference between the carrying amount of the associate or 營公司或合營企業的賬面值與保留投資及來自出joint venture upon loss of significant influence or joint control and 售所得款項之公允值之間的差額於損益內確認。the fair value of the retained investment and proceeds from disposal isrecognised in profit or loss.When an investment in an associate or a joint venture is classified 當聯營公司或合營企業的投資被視為持作銷售，as held for sale, it is accounted for in accordance with HKFRS 5 將會以香港財務報告準則第5號持作待售之非流Non-current Assets Held for Sale and Discontinued Operations. 動資產及非持續業務計量。150China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Business combinations and goodwill 業務併購及商譽Business combinations are accounted for using the acquisition 業務併購乃使用收購法入賬。所轉讓之代價乃以method. The consideration transferred is measured at the acquisition 收購日期之公平值計量，該公平值為本集團所轉date fair value which is the sum of the acquisition date fair values 讓之資產於收購日期之公平值、本集團自被收購of assets transferred by the Group, liabilities assumed by the Group 方之前度擁有人承擔之負債，及本集團發行以換to the former owners of the acquiree and the equity interests issued 取被收購方控制權之股權之總和。就各業務合併by the Group in exchange for control of the acquiree. For each 而言，本集團選擇以公平值或被收購方可識別資business combination, the Group elects whether to measure the 產淨值之應佔比例，計算於被收購方中現時屬擁non-controlling interests in the acquiree that are present ownership 有權權益並賦予其持有人權利可於清盤時按比例interests and entitle their holders to a proportionate share of 分佔資產淨值之非控股權益。非控股權益之所有net assets in the event of liquidation either at fair value or at the 其他部分按公平值計量。有關收購成本於產生時proportionate share of the acquiree’s identifiable net assets. All 支銷。other components of non-controlling interests are measured at fairvalue. Acquisition-related costs are expensed as incurred.When the Group acquires a business, it assesses the financial assets 當本集團收購一項業務時，會根據合約條款、於and liabilities assumed for appropriate classification and designation 收購日期之經濟環境及相關條件，評估將承接之in accordance with the contractual terms, economic circumstances 金融資產及負債，以作出適合之分類及指定用and pertinent conditions as at the acquisition date. This includes 途。此包括將被收購方主合約中之嵌入式衍生工the separation of embedded derivatives in host contracts of the 具分開計算。acquiree.If the business combination is achieved in stages, the previously held 倘業務併購分階段進行，先前持有股權應按收購equity interest is remeasured at its acquisition date fair value and any 日期公平值計入收益表重新計量及任何產生之收resulting gain or loss is recognised in profit or loss. 益或虧損確認於損益。Any contingent consideration to be transferred by the acquirer 由收購方將予轉讓的任何或然代價將按收購日期is recognised at fair value at the acquisition date. Contingent 的公允值確認。分類為資產或負債之或然代價按consideration classified as an asset or liability is measured at 公允值計量，而公允值變動於損益確認。倘或然fair value with changes in fair value recognized in profit or 代價歸類為權益毋須重新計量，其日後結算於權loss. Contingent consideration that is classified as equity is not 益列賬。remeasured and subsequent settlement is accounted for withinequity.Goodwill is initially measured at cost, being the excess of the 商譽起初按成本計量，即已轉讓代價、已確認非aggregate of the consideration transferred, the amount recognised 控股權益及本集團先前持有的被收購方股權之公for non-controlling interests and any fair value of the Group’s 平值之總和，超逾與所收購可識別資產淨值及所previously held equity interests in the acquiree over the identifiable 承擔負債的差額。倘此代價及其他項目的總和低net assets acquired and liabilities assumed. If the sum of this 於所收購資產淨值的公平值，於評估後其差額將consideration and other items is lower than the fair value of the net 於收益表內確認為議價購買收益。assets acquired, the difference is, after reassessment, recognised inprofit or loss as a gain on bargain purchase.151Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Business combinations and goodwill 業務併購及商譽（續）(Continued)After initial recognition, goodwill is measured at cost less any 於初始確認後，商譽按成本減任何累計減值虧損accumulated impairment losses. Goodwill is tested for impairment 計量。商譽須每年作減值測試，倘有事件發生或annually or more frequently if events or changes in circumstances 情況改變顯示賬面值有可能減值，則會更頻密地indicate that the carrying value may be impaired. The Group 進行檢討。本集團於3月31日進行商譽的年度減performs its annual impairment test of goodwill as at 31 March. For 值測試。為進行減值測試，因業務合併而購入的the purpose of impairment testing, goodwill acquired in a business 商譽自購入之日被分配至預期可從合併產生的協combination is, from the acquisition date, allocated to each of the 同效益中獲益的本集團各個現金產單位或現金產Group’s cash-generating units, or groups of cash-generating units, 出單位組別，而無論本集團其他資產或負債是否that are expected to benefit from the synergies of the combination, 已分配予該等單位或單位組別。irrespective of whether other assets or liabilities of the Group areassigned to those units or groups of units.Impairment is determined by assessing the recoverable amount of 減值乃通過評估與商譽相關之現金產生單位（或the cash-generating unit (group of cash-generating units) to which 現金產生單位組別）之可收回金額釐定。倘現金the goodwill relates. Where the recoverable amount of the cash- 產生單位（或現金產生單位組別）之可收回金額低generating unit (group of cash-generating units) is less than the 於賬面值時，減值虧損則予以確認。已就商譽確carrying amount, an impairment loss is recognised. An impairment 認之減值虧損不得於其後期間撥回。loss recognised for goodwill is not reversed in a subsequent period.Where goodwill has been allocated to a cash-generating unit (or 倘商譽被分配為現金產生單位（或現金產生單位group of cash-generating units) and part of the operation within 組別）之一部分，而該單位內部分業務被出售，that unit is disposed of, the goodwill associated with the operation 則出售業務相關商譽於釐定出售業務收益或虧損disposed of is included in the carrying amount of the operation when 時列入業務之賬面值。在這些情況下出售之商譽determining the gain or loss on the disposal. Goodwill disposed of in 根據已出售業務及所保留現金產生單位部分之相these circumstances is measured based on the relative value of the 對價值計算。operation disposed of and the portion of the cash-generating unitretained.Fair value measurement 公允值計量The Group measures its investment properties and equity 本集團於各報告期末按公允值計量投資物業及股investments at fair value at the end of each reporting period. Fair 權投資。公允值為市場參與者於計量日期在有序value is the price that would be received to sell an asset or paid 交易中出售資產所收取的價格或轉讓負債所支付to transfer a liability in an orderly transaction between market 的價格。公允值計量乃假設出售資產或轉讓負債participants at the measurement date. The fair value measurement 的交易於資產或負債主要市場或（在無主要市場is based on the presumption that the transaction to sell the asset or 情況下）最具優勢市場進行而作出。主要或最具transfer the liability takes place either in the principal market for the 優勢市場須為本集團可進入之市場。資產或負債asset or liability, or in the absence of a principal market, in the most 的公允值乃基於市場參與者於資產或負債定價所advantageous market for the asset or liability. The principal or the 用的假設計量（即假設市場參與者會以最佳經濟most advantageous market must be accessible by the Group. The 利益行事）。fair value of an asset or a liability is measured using the assumptionsthat market participants would use when pricing the asset orliability, assuming that market participants act in their economic bestinterest.152China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Fair value measurement 公允值計量（續）(Continued)A fair value measurement of a non-financial asset takes into account 非金融資產的公允值計量須計及市場參與者透過a market participant’s ability to generate economic benefits by using 最大限度使用該資產達致最佳用途，或將該資產the asset in its highest and best use or by selling it to another market 出售予將最大限度使用該資產達致最佳用途的其participant that would use the asset in its highest and best use. 他市場參與者以產生經濟利益的能力。The Group uses valuation techniques that are appropriate in the 本集團採納適用於不同情況且具備充分數據以供circumstances and for which sufficient data are available to measure 計量公允值的估值方法，以盡量使用相關可觀察fair value, maximising the use of relevant observable inputs and 元素及盡量減少使用不可觀察元素。minimising the use of unobservable inputs.All assets and liabilities for which fair value is measured or disclosed 所有於財務報表計量或披露公允值的資產及負債in the financial statements are categorised within the fair value 乃基於對公允值計量整體而言屬重大的最低層輸hierarchy, described as follows, based on the lowest level input that is 入數據按以下公允值層級分類：significant to the fair value measurement as a whole:Level 1 – based on quoted prices (unadjusted) in active markets 第一級 – 基於相同資產或負債於活躍市場的for identical assets or liabilities 報價（未經調整）Level 2 – based on valuation techniques for which the 第二級 – 按估值技術計量，而對公允值計量lowest level input that is significant to the fair value 而言屬重大的最低層元素可直接或measurement is observable, either directly or indirectly 間接觀察得出Level 3 – based on valuation techniques for which the 第三級 – 按估值技術計量，而對公允值計量lowest level input that is significant to the fair value 而言屬重大的最低層元素不可觀察measurement is unobservable 得出For assets and liabilities that are recognised in the financial 就按經常性基準於財務報表確認的資產及負債而statements on a recurring basis, the Group determines whether 言，本集團透過於各報告期末重新評估分類（基transfers have occurred between levels in the hierarchy by 於對公允值計量整體而言屬重大的最低層元素）reassessing categorisation (based on the lowest level input that is 確定是否發生不同層級轉移。significant to the fair value measurement as a whole) at the end ofeach reporting period.153Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Impairment of non-financial assets 非金融資產減值Where an indication of impairment exists, or when annual 倘有跡象顯示減值存在，或當必須為資產（存impairment testing for an asset is required (other than inventories, 貨、金融資產、投資物業及商譽除外）作出年度financial assets, investment properties and goodwill), the asset’s 減值測試時，則會估計資產的可收回金額。資產recoverable amount is estimated. An asset’s recoverable amount 的可收回金額為資產或現金產生單位的使用價值is the higher of the asset’s or cash-generating unit’s value in use 與其公平值兩者的較高者減出售成本，並就個別and its fair value less costs of disposal, and is determined for an 資產而釐定，惟不可產生大體上獨立於其他資產individual asset, unless the asset does not generate cash inflows 或資產組別的現金流入的資產則除外，在此情況that are largely independent of those from other assets or groups of 下，可收回金額就資產所屬的現金產生單位而釐assets, in which case the recoverable amount is determined for the 定。cash-generating unit to which the asset belongs.An impairment loss is recognised only if the carrying amount of an 僅於資產的賬面值超逾其可收回金額時，減值虧asset exceeds its recoverable amount. In assessing value in use, the 損方予確認。評估使用價值時，估計日後現金流estimated future cash flows are discounted to their present value 量乃使用可反映金額時間值的現行市場評估及該using a pre-tax discount rate that reflects current market assessments 資產特有的風險的稅前折現率折現至現值。減值of the time value of money and the risks specific to the asset. An 虧損於其產生期間自收益表與該減值資產功能一impairment loss is charged to the statement of profit or loss in the 致的該等費用類別內扣除。period in which it arises in those expense categories consistent withthe function of the impaired asset.An assessment is made at the end of each reporting period as 於各申報日期結束時均評估是否有任何跡象顯示to whether there is an indication that previously recognised 於過往確認的減值虧損可能不再存在或可能已經impairment losses may no longer exist or may have decreased. If 減少。如該等跡象存在，則會估計可收回金額。such an indication exists, the recoverable amount is estimated. 僅於用作釐定資產的可收回金額的估計出現變動A previously recognised impairment loss of an asset other than 時，資產（商譽除外）過往確認的減值虧損方可撥goodwill is reversed only if there has been a change in the estimates 回；惟撥回金額不得高於（倘該資產於過往年度used to determine the recoverable amount of that asset, but not 未有確認減值虧損）將可釐定的賬面值（扣除任何to an amount higher than the carrying amount that would have 折舊/攤銷）。有關減值虧損的撥回於產生期間計been determined (net of any depreciation/amortisation) had no 入損益表，但如該資產按重估金額列賬，則減impairment loss been recognised for the asset in prior years. A 值損失撥回會根據該重估資產的有關會計政策reversal of such an impairment loss is credited to the statement 列賬。of profit or loss in the period in which it arises, unless the assetis carried at a revalued amount, in which case the reversal of theimpairment loss is accounted for in accordance with the relevantaccounting policy for that revalued asset.154China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Related parties 關連人士A party is considered to be related to the Group if: 有關人士在下列情況下被視為與本集團有關連：(a) the party is a person or a close member of that person’s family (a) 該人士為一名人士或該人士之近親，而該and that person 人士：(i) has control or joint control over the Group; (i) 控制或共同控制本集團；(ii) has significant influence over the Group; or (ii) 對本集團有重大影響力；或(iii) is a member of the key management personnel of the (iii) 為本集團或本集團母公司的其中一名Group or of a parent of the Group; 主要管理層成員；or 或(b) the party is an entity where any of the following conditions (b) 該人士為符合下列任何一項條件之實體：applies:(i) the entity and the Group are members of the same (i) 該實體與本集團屬同一集團之成員公group; 司；(ii) one entity is an associate or joint venture of the other (ii) 該實體為另一家實體之聯營公司或合entity (or of a parent, subsidiary or fellow subsidiary of 營企業（或另一家實體之母公司、附the other entity); 屬公司或同系附屬公司）；(iii) the entity and the Group are joint ventures of the same (iii) 該實體與本集團均為同一第三方之合third party; 營企業；(iv) one entity is a joint venture of a third entity and the other (iv) 該實體為第三方實體之合營企業，而entity is an associate of the third entity; 另一家實體則為該第三方實體的聯營公司；(v) the entity is a post-employment benefit plan for the (v) 該實體為就本集團或與本集團有關連benefit of employees of either the Group or an entity 之實體之僱員之利益而設之離職後福related to the Group; 利計劃；(vi) the entity is controlled or jointly controlled by a person (vi) 該實體受(a)項所識別之人士控制或共identified in (a); 同控制；(vii) a person identified in (a)(i) has significant influence (vii) 於(a)(i)項所識別之人士對該實體有重over the entity or is a member of the key management 大影響力或屬該實體（或該實體之母personnel of the entity (or of a parent of the entity); and 公司）之主要管理層成員之一；及(viii) the entity, or any member of a group of which it is a (viii) 實體或實體作為集團任何成員公司其part, provides key management personnel services to the 中一部分向本集團或本集團的母公司Group or to the parent of the Group. 提供主要管理人員服務。155Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Property, plant and equipment and depreciation 物業、廠房和設備及折舊Property, plant and equipment, other than construction in progress, 物業、廠房及設備（除在建工程外）乃按成本減累are stated at cost less accumulated depreciation and any impairment 計折舊及任何減值虧損列賬。物業、廠房及設備losses. The cost of an item of property, plant and equipment 項目的成本包括其購買價及使其投入現時運作狀comprises its purchase price and any directly attributable costs 況及將其運往擬定用途地點的任何直接應佔成of bringing the asset to its working condition and location for its 本。intended use.Expenditure incurred after items of property, plant and equipment 物業、廠房及設備項目投入使用後所產生的開have been put into operation, such as repairs and maintenance, is 支，如維修保養費用，通常於產生期間在收益表normally charged to the statement of profit or loss in the period in 扣除。在符合確認條件的情況下，大的檢修開支which it is incurred. In situations where the recognition criteria are 於資產賬面值資本化，作為置換。倘大部分物satisfied, the expenditure for a major inspection is capitalised in the 業、廠房及設備須定期置換，本集團確認該等部carrying amount of the asset as a replacement. Where significant 分為具備特定可使用年期及據此折舊之個別資parts of property, plant and equipment are required to be replaced 產。at intervals, the Group recognises such parts as individual assets withspecific useful lives and depreciates them accordingly.Depreciation is calculated on the straight-line basis to write off the 折舊乃以直線法於估計可使用年期撇銷各物業、cost of each item of property, plant and equipment to its residual 廠房及設備項目的成本至其剩餘價值計算。就此value over its estimated useful life. The principal annual rates used 而言使用的主要年率如下：for this purpose are as follows:Buildings 3% to 9% 樓宇 3%至9%Furniture, fixtures and equipment 9% to 18% 傢俬、裝置及設備 9%至18%Motor vehicles 9% to 18% 汽車 9%至18%Where parts of an item of property, plant and equipment have 倘物業、廠房及設備項目的部分有不同的可使用different useful lives, the cost of that item is allocated on a 年期，則該項目的成本以合理基準在該等部分之reasonable basis among the parts and each part is depreciated 間分配，而各部分將會分開折舊。至少於各財政separately. Residual values, useful lives and the depreciation method 年結日檢討剩餘價值、可使用年期及折舊方法，are reviewed, and adjusted if appropriate, at least at each financial 並在適當情況下調整。year end.An item of property, plant and equipment including any significant 物業、廠房及設備項目包括初步確認之任何重大part initially recognised is derecognised upon disposal or when no 部分於出售或預期不會從使用或出售有關項目而future economic benefits are expected from its use or disposal. Any 取得未來經濟利益時終止確認。於終止確認資產gain or loss on disposal or retirement recognised in the statement of 的年度內在收益表確認的任何出售或報廢該等項profit or loss in the year the asset is derecognised is the difference 目的盈虧乃指銷售所得款項淨額與有關資產賬面between the net sales proceeds and the carrying amount of the 值的差額。relevant asset.156China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Property, plant and equipment and depreciation 物業、廠房和設備及折舊（續）(Continued)Construction in progress represents buildings under construction, 在建工程指在建中的大廈，以成本減去任何減值which is stated at cost less any impairment losses, and is not 虧損列賬，且不予折舊。成本包括直接建築成本depreciated. Cost comprises the direct costs of construction and 及建築期間相關借貸的資本化借貸成本。在建工capitalised borrowing costs on related borrowed funds during the 程於落成及可予使用時，會重新分類至適當的類period of construction. Construction in progress is reclassified to 別，如物業、廠房及設備。the appropriate category of property, plant and equipment whencompleted and ready for use.Investment properties 投資物業Investment properties are interests in land and buildings (including 投資物業指為賺取租金收入及/或資本增值目的the leasehold interest under an operating lease for a property which 而持有的土地及樓宇權益（包括符合投資物業定would otherwise meet the definition of an investment property) 義的物業的經營租賃下的租賃權益），但不包括held to earn rental income and/or for capital appreciation, rather 用作生產或供應貨品或提供服務或行政管理用than for use in the production or supply of goods or services or 途；或用作於日常業務過程中出售的土地及樓宇for administrative purposes; or for sale in the ordinary course of 權益。該等物業初步按成本（包括交易成本）計business. Such properties are measured initially at cost, including 量。初步確認後，投資物業按反映於報告期末市transaction costs. Subsequent to initial recognition, investment 場狀況的公平值列賬。properties are stated at fair value, which reflects market conditionsat the end of the reporting period.Gains or losses arising from changes in the fair values of investment 投資物業公平值變動產生的盈虧，會於產生年度properties are included in the statement of profit or loss in the year 計入損益表。in which they arise.Any gains or losses on the retirement or disposal of an investment 報廢或出售投資物業產生的任何盈虧，會於報廢property are recognised in the statement of profit or loss in the year 或出售的年度在損益表確認。of the retirement or disposal.If a property occupied by the Group as an owner-occupied property 若本集團擁有的自用物業轉變為投資物業，本集becomes an investment property, the Group accounts for such 團將根據「物業、廠房和設備及折舊」的政策把該property in accordance with the policy stated under “Property, 等物業入賬，直至改變用途當日，並計算物業plant and equipment and depreciation” up to the date of change in 在該日的賬面值與公平值之間的差額根據上述use, and any difference at that date between the carrying amount 「物業、廠房和設備及折舊」所載政策確認的重估and the fair value of the property is accounted for as a revaluation 賬。就將發展中物業轉為投資物業而言，物業在in accordance with the policy stated under “Property, plant and 該日的公平值與其先前賬面值之間的差額於損益equipment and depreciation” above. For a transfer from properties 表確認。under development to investment properties, any differencebetween the fair value of the property at that date and its previouscarrying amount is recognised in the statement of profit or loss.157Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Properties under development 發展中物業Properties under development are stated at the lower of cost and 發展中物業按成本值及可變現淨值兩者的較低者net realisable value. Cost comprises the land costs, construction 列賬。成本包括土地成本、發展開支、借貸成本costs, capitalised borrowing costs and other costs directly attributed 及其他於建築期間該等物業應佔的直接成本。to such properties during the period of construction.Properties under development are initially classified as non-current 起始時發展中物業分類為非流動資產，並於有關assets and transferred to current assets under the category of 物業的建設開始及有關發展項目之預計施工期於properties held for sale when the construction of the relevant 正常營運週期內結轉至流動資產中的持作銷售物properties commences and the construction period of the relevant 業。property development project is expected to complete within normaloperating cycle.Leases 租賃Leases that transfer substantially all the rewards and risks of 凡資產所有權（除法定業權外）的絕大部分回報及ownership of assets to the Group, other than legal title, are 風險轉移予本集團，均列為融資租賃。於融資租accounted for as finance leases. At the inception of a finance lease, 賃生效時，租賃資產之成本按最低應付租金之現the cost of the leased asset is capitalised at the present value of the 值資本化，並連同承擔（不包括利息部份）入賬，minimum lease payments and recorded together with the obligation, 以反映購入及融資情況。根據資本化融資租約持excluding the interest element, to reflect the purchase and financing. 有之資產（包括融資租約項下之預付土地租賃款Assets held under capitalised finance leases, including prepaid land 項）均計入物業、廠房及設備，並於租期與資產lease payments under finance leases, are included in property, plant 之估計可使用年期（以較短者為準）內折舊。有關and equipment, and depreciated over the shorter of the lease terms 租賃之融資成本於收益表扣除，以便於租期內按and the estimated useful lives of the assets. The finance costs of 固定比率扣除。such leases are charged to the statement of profit or loss so as toprovide a constant periodic rate of charge over the lease terms.Leases where substantially all the rewards and risks of ownership of 凡資產所有權的絕大部分回報及風險仍歸出租人assets remain with the lessor are accounted for as operating leases. 所有，則有關租賃列為經營租賃。倘本集團為出Where the Group is the lessor, assets leased by the Group under 租人，則本集團根據經營租賃出租的資產計入非operating leases are included in non-current assets, and rentals 流動資產，而經營租賃下的應收租金則以直線法receivable under the operating leases are credited to the statement 於租賃期內計入收益表。倘本集團為承租人，則of profit or loss on the straight-line basis over the lease terms. Where 經營租賃下的應付租金以直線法於租賃期內在收the Group is the lessee, rentals payable under operating leases net of 益表扣除。any incentives received from the lessor are charged to the statementof profit or loss on the straight-line basis over the lease terms.Prepaid land lease payments under operating leases are initially 經營租賃下的預付土地出租金初步按成本列賬，stated at cost and subsequently recognised on the straight-line basis 其後則以直線法於租賃期內確認。over the lease terms.158China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Investments and other financial assets 投資及其他金融資產Initial recognition and measurement 初次確認及計量Financial assets are classified, at initial recognition, as financial assets 金融資產於初始確認時分類為以公允值列值計入at fair value through profit or loss and available-for-sale financial 損益表的金融資產及可供出售金融投資，或貸款investments, or loans and receivables. When financial assets are 及應收賬款。金融資產於初次確認時以公允值及recognised initially, they are measured at fair value plus transaction 收購金融資產應佔交易成本計量，惟以公允值列costs that are attributable to the acquisition of the financial assets, 值計入損益表的金融資產除外。except in the case of financial assets recorded at fair value throughprofit or loss.All regular way purchases and sales of financial assets are recognised 所有金融資產常規買賣均於交易日確認，即本集on the trade date, that is, the date that the Group commits to 團承諾購買或出售該項資產的日期。常規買賣乃purchase or sell the asset. Regular way purchases or sales are 指需按法規規定或市場慣例在一定期間內轉移資purchases or sales of financial assets that require delivery of assets 產的金融資產買賣交易。within the period generally established by regulation or conventionin the marketplace.Subsequent measurement 其後計量The subsequent measurement of financial assets depends on their 金融資產的其後計量視其以下分類而定：classification as follows:Financial assets at fair value through profit or loss 透過損益以公平值列賬的金融資產Financial assets at fair value through profit or loss include financial 透過損益以公平值列賬之金融資產，包括持作買assets held-for-trading. Financial assets are classified as held-for- 賣的金融資產。倘金融資產的收購目的為於短期trading if they are acquired for the purpose of sale in the near term. 內出售，則分類為持作買賣。Financial assets at fair value through profit or loss are carried in the 透過損益以公平值列賬之金融資產於財務狀況表statement of financial position at fair value with net changes in fair 按公平值列賬，而公平值之正變動淨額列為其他value presented as other income and gains. These net fair value 收入及收益。該等公平淨值變動並未包括根據下文「收入確認」所載政策確認的該等金融資產的任changes do not include any dividends or interest earned on these何股息或所賺取的利息。financial assets, which are recognised in accordance with the policiesset out for “Revenue recognition” below.僅當符合香港會計準則第39號的條件時，在初Financial assets designated upon initial recognition as at fair value步確認時指定為按公平值計入損益的金融資產方through profit or loss are designated at the date of initial recognition於初步確認日期指定。and only if the criteria in HKAS 39 are satisfied.159Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Investments and other financial assets 投資及其他金融資產（續）(Continued)Loans and receivables 貸款及應收款項Loans and receivables are non-derivative financial assets with fixed 貸款及應收款項指具有固定或可確定收回金額但or determinable payments that are not quoted in an active market. 無活躍市場報價的非衍生性金融資產。初步計量After initial measurement, such assets are subsequently measured 後，該等資產其後以實際利率法計算的攤餘成本at amortised cost using the effective interest rate method less any 減去任何減值撥備計量。計量攤餘成本時已考慮allowance for impairment. Amortised cost is calculated by taking 到收取時產生的任何折價或溢價，包括構成實際into account any discount or premium on acquisition and includes 利率一部分的費用或成本。實際利率攤銷計入收fees or costs that are an integral part of the effective interest rate. 益表中的其他收入及收益內。減值產生之虧損在The effective interest rate amortisation is included in other income 損益表中確認為貸款的融資成本及應收款項的其and gains in the statement of profit or loss. The loss arising from 他開支。impairment is recognised in the statement of profit or loss in financecosts for loans and in other expenses for receivables.Available-for-sale financial investments 可供出售金融投資Available-for-sale financial investments are non-derivative financial 可供出售金融投資指上市及非上市的權益投資及assets in listed and unlisted equity investments and debt securities. 債權證券的非衍生金融資產。分類為可供出售的Equity investments classified as available for sale are those which 權益投資即未被分類為持作買賣亦非被指定為公are neither classified as held-for-trading nor designated as at fair 允值計入損益的金融資產。該分類中的債權證券value through profit or loss. Debt securities in this category are those 乃以並無具體到期日持有為意圖且根據流動性需which are intended to be held for an indefinite period of time and 要和市場行情變化而出售。which may be sold in response to needs for liquidity or in responseto changes in market conditions.After initial recognition, available-for-sale financial investments are 於首次確認後，可供出售金融投資按公允值計subsequently measured at fair value, with unrealised gains or losses 量，而有關盈虧確認為其他全面收益中的可供出recognised as other comprehensive income in the available-for-sale 售投資重估儲備，直至投資終止確認為止，屆時investment revaluation reserve until the investment is derecognised, 過往在權益入賬的累計盈虧均計入損益表作其他at which time the cumulative gain or loss is recognised in the 收入，或者直至該投資被確定減值為止，屆時該statement of profit or loss as other income, or until the investment 等投資的累計盈虧將由可供出售投資重估儲備轉is determined to be impaired, when the cumulative gain or loss is 撥至損益表作其他收入或虧損。所賺取的利息及reclassified from the available-for-sale investment revaluation reserve 股息分別列報為利息收入及股息收入，並根據下to the statement of profit or loss as other gains or losses. Interest 文「收入確認」一段所載的政策於綜合收益表中確and dividends earned whilst holding the available-for-sale financial 認為其他收入。investments are reported as interest income and dividend income,respectively and are recognised in the statement of profit or loss asother income in accordance with the policies set out for “Revenuerecognition” below.160China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Investments and other financial assets 投資及其他金融資產（續）(Continued)Available-for-sale financial investments (Continued) 可供出售金融投資（續）When the fair value of unlisted equity investments cannot be reliably 倘基於(a)該項投資的合理公允值估計範圍廣闊measured because (a) the variability in the range of reasonable 或(b)於估計公允值時無法合理評估並使用該範fair value estimates is significant for that investment or (b) the 圍內不同估計的可能性而未能可靠衡量非上市權probabilities of the various estimates within the range cannot 益投資的公允值，則該等投資均按成本減任何減be reasonably assessed and used in estimating fair value, such 值虧損入賬。investments are stated at cost less any impairment losses.The Group evaluates whether the ability and intention to sell 本集團評估可供出售的金融資產以判斷其於短期its available-for-sale financial assets in the near term are still 內出售的能力和意圖是否恰當。當本集團由於市appropriate. When, in rare circumstances, the Group is unable to 場喪失活躍性而無法交易該金融資產本集團將重trade these financial assets due to inactive markets, the Group may 分類這些金融資產（極少情況），僅當實體有能力elect to reclassify these financial assets if management has the ability 和意圖在可見將來或到期日持有該金融資產。and intention to hold the assets for the foreseeable future or untilmaturity.For a financial asset reclassified from the available-for-sale category, 當金融資產被分類出可供出售金融資產類別，該the fair value carrying amount at the date of reclassification becomes 等資產任何原計入權益的盈虧須在該投資的剩餘its new amortised cost and any previous gain or loss on that asset 年限內按實際利率法攤銷入損益。任何新攤銷成that has been recognised in equity is amortised to profit or loss over 本與原預期現金流的差異亦須在資產的剩餘年限the remaining life of the investment using the effective interest rate. 內按實際利率法予以攤銷。若該資產於其後被確Any difference between the new amortised cost and the maturity 定減值，原計入權益的金額被分類至損益表。amount is also amortised over the remaining life of the asset usingthe effective interest rate. If the asset is subsequently determined tobe impaired, then the amount recorded in equity is reclassified tothe statement of profit or loss.161Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Derecognition of financial assets 終止確認金融資產A financial asset (or, where applicable, a part of a financial asset or 金融資產（或（如適用）金融資產的一部分或同類part of a group of similar financial assets) is primarily derecognised 金融資產組別的一部分）在下列情況下終止確認(i.e., removed from the Group’s consolidated statement of financial （從本集團綜合財務狀況表移除）：position) when:• the rights to receive cash flows from the asset have expired; or • 從資產收取現金流量的權利屆滿時；或• the Group has transferred its rights to receive cash flows from • 本集團已轉讓其收取該項資產所得現金流the asset or has assumed an obligation to pay the received 量的權利，或須根據一項「轉付」安排，有cash flows in full without material delay to a third party under 責任在無重大延誤情況下將所收取現金流a “pass-through” arrangement; and either (a) the Group 量悉數付予第三方；及(a)本集團已轉讓該has transferred substantially all the risks and rewards of the 項資產的絕大部分風險及回報，或(b)本集asset, or (b) the Group has neither transferred nor retained 團並無轉讓或保留該項資產的絕大部分風substantially all the risks and rewards of the asset, but has 險及回報，但已轉讓該項資產的控制權。transferred control of the asset.When the Group has transferred its rights to receive cash flows 當本集團已轉讓其收取該項資產所得現金流量的from an asset or has entered into a pass-through arrangement, it 權利或已訂立一項轉付安排，會評估其是否保留evaluates if and to what extent it has retained the risk and rewards 該項資產所有權的風險及回報以及其程度。倘並of ownership of the asset. When it has neither transferred nor 無轉讓或保留該項資產的絕大部分風險及回報，retained substantially all the risks and rewards of the asset nor 且並無轉讓該項資產的控制權，該項資產將按本transferred control of the asset, the Group continues to recognise 集團於資產的持續參與而確認入賬。在此情況the transferred asset to the extent of the Group’s continuing 下，本集團亦確認相關負債。已轉讓的資產及相involvement. In that case, the Group also recognises an associated 關負債按反映本集團已保留的權利及責任的基準liability. The transferred asset and the associated liability are 計量。measured on a basis that reflects the rights and obligations that theGroup has retained.Continuing involvement that takes the form of a guarantee over the 持續涉及指本集團就已轉讓資產作出之保證，已transferred asset is measured at the lower of the original carrying 轉讓資產乃以該項資產之原賬面值及本集團或須amount of the asset and the maximum amount of consideration that 償還之代價數額上限（以較低者為準）計算。the Group could be required to repay.162China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Impairment of financial assets 金融資產減值The Group assesses at the end of each reporting period whether 本集團於各報告期末時對資產進行評估，以判斷there is objective evidence that a financial asset or a group of 是否存在客觀證據表明某項金融資產或某組金融financial assets is impaired. An impairment exists if one or more 資產可能已減值。倘於初步確認資產後發生一個events that occurred after the initial recognition of the asset have an 或多個事件，而該事件對該項或該組金融資產的impact on the estimated future cash flows of the financial asset or 估計未來現金流量所造成的影響乃能夠可靠地估the group of financial assets that can be reliably estimated. Evidence 計，即存在減值。減值證據可能包括債務人或一of impairment may include indications that a debtor or a group 組債務人出現重大財政困難、違約或拖欠利息或of debtors is experiencing significant financial difficulty, default or 本金付款，有面臨破產或進行其他財務重組之可delinquency in interest or principal payments, the probability that 能以及有公開資料表明其預計未來現金流量已出they will enter bankruptcy or other financial reorganisation and 現可計量之減幅，如債務人支付能力或所處經濟observable data indicating that there is a measurable decrease in the 環境惡化。estimated future cash flows, such as changes in arrears or economicconditions that correlate with defaults.Financial assets carried at amortised cost 按攤銷成本入賬的金融資產For financial assets carried at amortised cost, the Group first assesses 對於按攤銷成本列賬的金融資產，本集團首先對whether impairment exists individually for financial assets that are 個別金額屬重大的金融資產單獨評估是否有客觀individually significant, or collectively for financial assets that are not 減值證據，或對個別金額屬不重大的金融資產共individually significant. If the Group determines that no objective 同進行評估。倘本集團認定單獨評估的金融資產evidence of impairment exists for an individually assessed financial 並不存在客觀減值證據，無論其金額是否重大，asset, whether significant or not, it includes the asset in a group of 亦應當包括具有類似信貸風險特性的金融資產組financial assets with similar credit risk characteristics and collectively 合內的資產進行集體減值評估。已個別進行減值assesses them for impairment. Assets that are individually assessed 測試及已確認減值虧損或繼續確認減值虧損的資for impairment and for which an impairment loss is, or continues 產不應進行集體減值評估。to be, recognised are not included in a collective assessment ofimpairment.The amount of any impairment loss identified is measured as the 倘有客觀跡象顯示已發生減值虧損，虧損金額按difference between the asset’s carrying amount and the present 該資產的賬面值與所估計未來現金流量（不包括value of estimated future cash flows (excluding future credit losses 尚未發生的未來信貸虧損）的現值兩者的差額計that have not been incurred). The present value of the estimated 算。估計未來現金流量的現值按該金融資產的原future cash flows is discounted at the financial asset’s original 實際利率（即初始確認時使用的實際利率）折現。effective interest rate (i.e., the effective interest rate computed atinitial recognition).The carrying amount of the asset is reduced through the use of 該資產的賬面值乃透過使用撥備賬扣減，而虧損an allowance account and the loss is recognised in the statement 金額則於收益表確認。利息收入應繼續按照計量of profit or loss. Interest income continues to be accrued on the 減值虧損時對未來現金流量進行折現採用的折現reduced carrying amount and is accrued using the rate of interest 率為基準按扣減後的賬面值計算。當未來收回並used to discount the future cash flows for the purpose of measuring 無實質展望時，則撇銷貸款及應收款項及任何有the impairment loss. Loans and receivables together with any 關撥備，且所有抵押品已變現或轉讓予本集團。associated allowance are written off when there is no realisticprospect of future recovery and all collateral has been realised or hasbeen transferred to the Group.163Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Impairment of financial assets 金融資產減值（續）(Continued)Financial assets carried at amortised cost (Continued) 按攤銷成本入賬的金融資產（續）If, in a subsequent period, the amount of the estimated impairment 倘在後續期間，確認減值後發生致使估計減值虧loss increases or decreases because of an event occurring after the 損金額增加或減少的事件，則調整撥備賬以增加impairment was recognised, the previously recognised impairment 或減少先前確認的減值虧損。倘撇銷款項其後收loss is increased or reduced by adjusting the allowance account. If a 回，則收回金額於損益表以其他開支入賬。write-off is later recovered, the recovery is credited to other expensesin the statement of profit or loss.Available-for-sale financial investments 可供出售金融投資For available-for-sale financial investments, the Group assesses at 對於可供出售金融投資，本集團於各報告期末進the end of each reporting period whether there is objective evidence 行評估，確定是否存在單項投資或一組投資減值that an investment or a group of investments is impaired. 的客觀證據。If an available-for-sale asset is impaired, an amount comprising 如果可供出售的資產發生減值，則將按其成本the difference between its cost (net of any principal payment and （減去已償還的本金和攤銷額）與當前公允價值之amortisation) and its current fair value, less any impairment loss 間的差額，減去任何以前在損益中確認的減值損previously recognised in the statement of profit or loss, is removed 失，從其他全面收入轉出及轉入損益表中確認。from other comprehensive income and recognised in the statementof profit or loss.In the case of equity investments classified as available for sale, 對於分類為可供出售的權益投資，若一項投資的objective evidence would include a significant or prolonged decline 公允價值大幅或長期下跌至低於其成本價，即屬in the fair value of an investment below its cost. “Significant” 客觀減值證據。「大幅」乃相對於投資的成本原值is evaluated against the original cost of the investment and 而評估，「長期」相對於公允價值低於成本原值的“prolonged” against the period in which the fair value has been 期間。如出現減值證據，累計損失（購入成本與below its original cost. Where there is evidence of impairment, the 目前公允價值的差額，減該項投資先前在損益表cumulative loss – measured as the difference between the acquisition 中確認的任何減值損失）將從其他全面收入轉出cost and the current fair value, less any impairment loss on that 及轉入損益表中確認。分類為可供出售的權益工investment previously recognised in the statement of profit or loss – 具的減值損失，不會在損益表中撥回，減值後公is removed from other comprehensive income and recognised in the 允價值如有增加，則直接在其他全面收入確認。statement of profit or loss. Impairment losses on equity instrumentsclassified as available for sale are not reversed through the statementof profit or loss. Increases in their fair value after impairment arerecognised directly in other comprehensive income.164China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Impairment of financial assets 金融資產減值（續）(Continued)Available-for-sale financial investments (Continued) 可供出售金融投資（續）The determination of what is “significant” or “prolonged” requires 何謂「大幅」或「長期」則需運用判斷決定。在作出judgement. In making this judgement, the Group evaluates, among 此項判斷時，本集團評估（其中包括）某項投資的other factors, the duration or extent to which the fair value of an 公允價值低於其成本的持續時間或數額。investment is less than its cost.Financial liabilities 金融負債Initial recognition and measurement 初始確認及計量Financial liabilities are classified, at initial recognition, as financial 金融負債於初始確認時分類為以公允值列值計入liabilities at fair value through profit or loss, or loans and borrowings. 損益表的金融負債、或貸款及借貸。All financial liabilities are recognised initially at fair value and, in the 所有金融負債乃按公平值初步確認，而倘為貸款case of loans and borrowings, net of directly attributable transaction 及借貸，則扣除直接計入應佔交易成本。costs.The Group’s financial liabilities include trade and other payables, 本集團的金融負債包括貿易及其他應付款項、優senior notes, short-term notes, medium-term notes, corporate 先票據、短期融資券、中期票據、企業債券、境bonds, domestic company bonds and interest-bearing bank and 內公司債券及計息銀行及其他借貸。other borrowings.Subsequent measurement 其後計量The subsequent measurement of financial liabilities depends on their 金融負債的其後計量視其以下分類而定：classification as follows:Loans and borrowings 貸款及借貸After initial recognition, interest-bearing bank and other borrowings, 於初步確認後，計息銀行及其他借貸、短期融資short-term notes, medium-term notes, corporate bonds, senior 券、中期票據、企業債券、優先票據及境內公司notes, and domestic company bonds are subsequently measured at 債券其後用實際利率法按攤銷成本計量，惟倘貼amortised cost, using the effective interest rate method unless the 現影響並不重大，則於該情況下，金融負債按成effect of discounting would be immaterial, in which case they are 本列賬。損益乃於負債終止確認及於實際利率法stated at cost. Gains and losses are recognised in the statement of 攤銷過程中於損益表中確認。profit or loss when the liabilities are derecognised as well as throughthe effective interest rate amortisation process.Amortised cost is calculated by taking into account any discount or 攤銷成本乃計算自收購的任何折扣或溢價及屬於premium on acquisition and fees or costs that are an integral part of 實際利率構成部分的費用或成本。實際利率攤銷the effective interest rate. The effective interest rate amortisation is 乃計入損益表中的融資成本內。included in finance costs in the statement of profit or loss.165Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Financial liabilities 金融負債（續）(Continued)Financial guarantee contracts 財務擔保合同Financial guarantee contracts issued by the Group are those 本集團發行的財務擔保合同乃規定於特定債務人contracts that require a payment to be made to reimburse the 未能按照債務票據條款於到期時支付款項時須支holder for a loss it incurs because the specified debtor fails to 付款項以補償持有人所蒙受損失。財務擔保合同make a payment when due in accordance with the terms of a debt 初步以公平值確認為負債，並按與發出財務擔保instrument. A financial guarantee contract is recognised initially 合同有直接關係的交易成本予以調整。在初步確as a liability at its fair value, adjusted for transaction costs that are 認後，本集團對財務擔保合同的計量以(i)於報告directly attributable to the issuance of the guarantee. Subsequent 期末時履行有關責任的最佳估計開支金額；及(ii)to initial recognition, the Group measures the financial guarantee 按初步確認金額減（如適用）累計攤銷，兩者之較contract at the higher of: (i) the amount of the best estimate of the 高者計算。expenditure required to settle the present obligation at the end ofthe reporting period; and (ii) the amount initially recognised less,when appropriate, cumulative amortisation.Derecognition of financial liabilities 終止確認金融負債A financial liability is derecognised when the obligation under the 當負債項下的責任已解除、取消或期滿，則終止liability is discharged or cancelled, or expires. 確認金融負債。When an existing financial liability is replaced by another from the 如現有金融負債被同一貸款人按條款大部分不同same lender on substantially different terms, or the terms of an 的另一項金融負債取代，或現有負債的條款被大existing liability are substantially modified, such an exchange or 幅修改，有關置換或修改會被視作終止確認原有modification is treated as a derecognition of the original liability 負債並確認新負債，而其各自賬面值間的差額於and a recognition of a new liability, and the difference between the 損益表確認。respective carrying amounts is recognised in the statement of profitor loss.Offsetting of financial instruments 金融工具的抵銷Financial assets and financial liabilities are offset and the net amount 當目前有可執行法定權利以抵銷已確認金額並擬is reported in the statement of financial position if there is a currently 按淨額基準結算，和將資產變現及償還負債時，enforceable legal right to offset the recognised amounts and there 金融資產及金融負債會互相抵銷，並在財務狀況is an intention to settle on a net basis, or to realise the assets and 表內以淨額列示。settle the liabilities simultaneously.166China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Properties held for sale and held for finance 持作銷售及持作融資租賃物業leaseProperties held for sale and held for finance lease include completed 持作銷售及持作融資租賃物業包括持作銷售及持properties held for sale and held for finance lease and properties 作融資租賃已落成物業及建築期間預計在正常經under development expected to be completed within normal 營週期內的發展中物業。持作銷售及持作融資租operating cycle. Properties held for sale and held for finance lease 賃物業按成本值及可變現淨值兩者的較低者列are stated at the lower of cost and net realisable value. Cost includes 賬。成本包括土地成本、所有發展開支、適用的land costs, all development expenditure, applicable borrowing costs 借貸成本及該等物業應佔的其他直接成本。可變and other direct costs attributable to such properties. Net realisable 現淨值乃參考當前市價按個別物業基準釐定。value is determined by reference to the prevailing market prices, onan individual property basis.Cash and cash equivalents 現金及現金等價物For the purpose of the consolidated statement of cash flows, cash 就綜合現金流量表而言，現金及現金等價物包括and cash equivalents comprise cash on hand and demand deposits, 手頭現金及活期存款，以及可隨時轉換為已知金and short term highly liquid investments that are readily convertible 額現金的短期高流動性投資，該筆現金承受價值into known amounts of cash, are subject to an insignificant risk of 轉變的較低風險，一般於收購起計三個月內到changes in value, and have a short maturity of generally within three 期，並已減去須應要求償還的銀行透支，而成為months when acquired, less bank overdrafts which are repayable on 本集團現金管理的一部分。demand and form an integral part of the Group’s cash management.For the purpose of the consolidated statement of financial position, 就綜合財務狀況表而言，現金及現金等價物包括cash and cash equivalents comprise cash on hand and at banks, 手頭現金及銀行存款，當中包括定期存款及性質including term deposits, and assets similar in nature to cash, which 與現金相類的資產，該等存款用途不受限制。are not restricted as to use.Provisions 撥備A provision is recognised when a present obligation (legal or 撥備乃於本集團因以往的事件導致現行的責任constructive) has arisen as a result of a past event and it is probable （不論法定或推定）產生，並將有可能需要於日後that a future outflow of resources will be required to settle the 作出資源流出以履行責任時確認，惟須可靠地估obligation, provided that a reliable estimate can be made of the 計有關責任的金額。amount of the obligation.When the effect of discounting is material, the amount recognised 倘折現的影響重大，確認為撥備的金額則為預期for a provision is the present value at the end of the reporting period 須用作履行責任的日後開支於報告期末的現值。of the future expenditures expected to be required to settle the 折現的現值因時間流逝而產生的升幅，乃於損益obligation. The increase in the discounted present value amount 表中列作融資成本。arising from the passage of time is included in finance costs in thestatement of profit or loss.167Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Income tax 所得稅Income tax comprises current and deferred tax. Income tax relating 所得稅包括即期及遞延稅項。於損益以外確認項to items recognised outside profit or loss is recognised outside profit 目相關的所得稅於損益以外之其他全面收入或直or loss, either in other comprehensive income or directly in equity. 接於權益確認。Current tax assets and liabilities are measured at the amount 即期稅項資產和負債按預期可自稅務機關收回或expected to be recovered from or paid to the taxation authorities, 須支付予稅務機關的金額，基於報告期末時已頒based on tax rates (and tax laws) that have been enacted or 佈或實際已頒佈的稅率（和稅法），計及本集團營substantively enacted by the end of the reporting period, taking into 運所在國家現行詮釋及慣例計量。consideration interpretations and practices prevailing in the countriesin which the Group operates.Deferred tax is provided, using the liability method, on all temporary 在報告期末時，資產與負債的稅基與作為財務報differences at the end of the reporting period between the tax 告用途的資產與負債賬面值之間的全部暫時性差bases of assets and liabilities and their carrying amounts for financial 異，須按負債法計提遞延稅項撥備。reporting purposes.Deferred tax liabilities are recognised for all taxable temporary 所有應課稅暫時性差異均確認為遞延稅項負債，differences, except: 惟下列各項除外：• when the deferred tax liability arises from the initial recognition • 倘若遞延稅項負債的起因，是由於商譽而of goodwill or an asset or liability in a transaction that is not 產生，或在一宗非屬業務合併的交易中初a business combination and, at the time of the transaction, 步確認資產或負債，而於進行交易時，對affects neither the accounting profit nor taxable profit or loss; 會計利潤或應課稅利潤或虧損均無影響；and 及• in respect of taxable temporary differences associated with • 對於與於附屬公司及聯營公司的投資及於investments in subsidiaries, associates and joint ventures, when 合營企業的權益有關的應課稅暫時性差異the timing of the reversal of the temporary differences can be 而言，倘若撥回暫時性差異的時間可以控controlled and it is probable that the temporary differences will 制，而暫時性差異不甚可能在可見將來撥not reverse in the foreseeable future. 回。Deferred tax assets are recognised for all deductible temporary 對於所有可扣減暫時性差異、結轉未動用稅項抵differences, the carryforward of unused tax credits and any unused 免及任何未動用稅項虧損，若日後有可能出現應tax losses. Deferred tax assets are recognised to the extent that it 課稅利潤，可用以抵銷該等可扣減暫時性差異、is probable that taxable profit will be available against which the 結轉未動用稅項抵免及未動用稅項虧損，則遞延deductible temporary differences, the carryforward of unused tax 稅項資產確認入賬，惟下列各項除外：credits and unused tax losses can be utilised, except:• when the deferred tax asset relating to the deductible • 倘若有關可扣減暫時性差異的遞延稅項資temporary differences arises from the initial recognition of 產的起因，是由於在一宗非屬業務合併的an asset or liability in a transaction that is not a business 交易中初步確認資產或負債，而於進行交combination and, at the time of the transaction, affects neither 易時，對會計利潤或應課稅利潤或虧損均the accounting profit nor taxable profit or loss; and 無影響；及168China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Income tax 所得稅（續）(Continued)• in respect of deductible temporary differences associated • 對於與於附屬公司及聯營公司的投資及於with investments in subsidiaries, associates and joint ventures, 合營企業的權益有關的可扣減暫時性差異deferred tax assets are only recognised to the extent that it 而言，只有在暫時性差異有可能在可見將is probable that the temporary differences will reverse in the 來撥回，而且日後有可能出現應課稅利foreseeable future and taxable profit will be available against 潤，可用以抵銷該等暫時性差異時，方會which the temporary differences can be utilised. 確認遞延稅項資產。The carrying amount of deferred tax assets is reviewed at the end of 遞延稅項資產的賬面值，在各報告期末時予以審each reporting period and reduced to the extent that it is no longer 閱，若不再可能有足夠應課稅利潤可用以抵扣全probable that sufficient taxable profit will be available to allow all or 部或部分遞延稅項資產，則扣減遞延稅項資產賬part of the deferred tax asset to be utilised. Unrecognised deferred 面值。過往未予確認的遞延稅項資產於各報告期tax assets are reassessed at the end of each reporting period and are 末時重新評估，而在可能有足夠應課稅利潤可用recognised to the extent that it has become probable that sufficient 以抵扣全部或部分遞延稅項資產，則確認過往未taxable profit will be available to allow all or part of the deferred tax 予確認的遞延稅項資產。asset to be recovered.Deferred tax assets and liabilities are measured at the tax rates that 變現資產或清償負債的期間預期適用的稅率，會are expected to apply to the period when the asset is realised or the 用作計量遞延稅項資產及負債，並以報告期末時liability is settled, based on tax rates (and tax laws) that have been 已經生效或大致上已經生效的稅率（及稅法）為基enacted or substantively enacted by the end of the reporting period. 準。Deferred tax assets and deferred tax liabilities are offset if a legally 倘存在可依法執行的權利將即期稅項資產與即期enforceable right exists to set off current tax assets against current 稅項負債抵銷，而遞延稅項與相同應課稅實體及tax liabilities and the deferred taxes relate to the same taxable entity 相同稅務機關有關，則遞延稅項資產及遞延稅項and the same taxation authority. 負債互相扺銷。Government grants 政府補助Government grants are recognised at their fair value where there 政府補助於合理地確保本集團將取得該補助並將is reasonable assurance that the grant will be received and all 可符合所有隨附條件時按公平值確認。與開支項attaching conditions will be complied with. When the grant relates 目有關的補助，則有系統地於擬作成本開銷期間to an expense item, it is recognised as income on a systematic basis 確認為收入。over the periods that the costs, which it is intended to compensate,are expensed.Where the grant relates to an asset, the fair value is credited to a 當該補助與資產有關時，則以其公平值記錄於遞deferred income account and is released to the statement of profit 延收入中，再於有關資產之預計可使用年期內，or loss over the expected useful life of the relevant asset by equal 分期每年分攤計入損益表，或在資產之賬面值扣annual instalments or deducted from the carrying amount of the asset 除，並以扣減折舊費用方式或本集團從該資產得and released to the statement of profit or loss by way of a reduced 到的得益之攤分方式計入損益表。depreciation charge or over the benefits received by the Grouprelated to such assets.169Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Revenue recognition 收入確認Revenue is recognised when it is probable that the economic 收入乃於經濟利益有可能流入本集團，並能夠可benefits will flow to the Group and when the revenue can be 靠地計量收入之時，按下列基準確認：measured reliably, on the following bases:(a) from the sale of properties, when the significant risks and (a) 來自銷售物業的收入，於所有權的重大風rewards of ownership have been transferred to the buyer, 險及回報已轉移予買家，而本集團並不保provided that the Group maintains neither managerial 留通常與所有權有關的管理權或對已售物involvement to the degree usually associated with ownership, 業的有效控制；nor effective control over the properties sold;(b) rental income, on a time proportion basis over the lease terms; (b) 租金收入，在租賃期內按時間比例基準；(c) finance lease income, when the significant risks and rewards (c) 融資租賃收入，當物業擁有權相關的主要incidental to ownership of the properties have been transferred 風險及回報已轉移予承租人；to the lessee;(d) property management service and other revenue, when the (d) 物業管理服務及其他收入，於提供服務時；services have been rendered;(e) interest income, on an accrual basis using the effective (e) 利息收入，以累計基準計算，於金融工具interest method by applying the rate that exactly discounts the 的預期年期或較短期間（如適用）內採用實estimated future cash receipts over the expected life of the 際利息法按估計未來現金收入準確折現至financial instrument or a shorter period, when appropriate, to 金融資產賬面淨額的折現率；及the net carrying amount of the financial asset; and(f) income from E-commerce and the provision of logistics and (f) 電子商貿及提供物流倉儲服務收入，於提warehousing services, when the services have been rendered. 供服務時。Share-based payments 以股份形式付款The Company operates a share option scheme for the purpose 本公司營運購股權計劃，向為本集團業務成就作of providing incentives and rewards to eligible participants who 出貢獻的合資格參與者提供獎勵及報酬。本集團contribute to the success of the Group’s operations. Employees 僱員（包括董事）按以股份形式付款方式收取薪(including directors) of the Group receive remuneration in the form 酬，僱員以提供服務作為權益工具的代價（「以權of share-based payments, whereby employees render services as 益結算的交易」）。consideration for equity instruments (“equity-settled transactions”).The cost of equity-settled transactions with employees for grants 與僱員之間於2002年11月7日後的以權益結算的after 7 November 2002 is measured by reference to the fair value at 交易成本乃參考授出日期的公平值計量。公平值the date at which they are granted. The fair value is determined by 乃由外聘估值師採用適當定價模式釐定，進一步an external valuer using an appropriate pricing model, further details 詳情載於財務報表附註38。of which are given in note 38 to the financial statements.170China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Share-based payments 以股份形式付款（續）(Continued)The cost of equity-settled transactions is recognised, together with 權益結算交易之成本在績效及/或服務條件達成a corresponding increase in equity, over the period in which the 之期間，連同權益之相應升幅一併確認。就權益performance and/or service conditions are fulfilled in employee 結算交易於各告期間結束時至歸屬日期確認之累benefit expense. The cumulative expense recognised for equity- 計開支，反映歸屬期屆滿之程度以及本集團就最settled transactions at the end of each reporting period until the 終歸屬之權益工具數目之最佳估計。期內在損益vesting date reflects the extent to which the vesting period has 表扣除或計入之金額，指於該期間期初及期終所expired and the Group’s best estimate of the number of equity 確認之累計開支變動。instruments that will ultimately vest. The charge or credit to thestatement of profit or loss for a period represents the movement inthe cumulative expense recognised as at the beginning and end ofthat period.Service and non-market performance conditions are not taken into 釐定獎勵獲授當日之公允值時，並不計及服務及account when determining the grant date fair value of awards, but 非市場績效條件，惟在有可能符合條件的情況the likelihood of the conditions being met is assessed as part of the 下，則評估為本集團對最終將會歸屬權益工具數Group’s best estimate of the number of equity instruments that will 目最佳估計之一部分。市場績效條件反映於獎ultimately vest. Market performance conditions are reflected within 勵獲授當日之公允值。獎勵之任何其他附帶條件the grant date fair value. Any other conditions attached to an award, （但不帶有服務要求）視作非歸屬條件。非歸屬條but without an associated service requirement, are considered to be 件反映於獎勵之公允值，除非同時具服務及/或non-vesting conditions. Non-vesting conditions are reflected in the 績效條件，否則獎勵即時支銷。fair value of an award and lead to an immediate expensing of anaward unless there are also service and/or performance conditions.For awards that do not ultimately vest because non-market 因非市場績效及/或服務條件未能達成而最終無performance and/or service conditions have not been met, 歸屬之獎勵並不確認為支出。凡獎勵包含市場或no expense is recognised. Where awards include a market or 非歸屬條件，無論市場條件或非歸屬條件獲履non-vesting condition, the transactions are treated as vesting 行與否，而所有其他績效及/或服務條件均獲履irrespective of whether the market or non-vesting condition 行，則交易仍被視為一項歸屬。is satisfied, provided that all other performance and/or serviceconditions are satisfied.Where the terms of an equity-settled award are modified, as a 當以權益結算的獎勵的條款經修改，倘符合獎勵minimum an expense is recognised as if the terms had not been 的原有條款，則會確認最低額度的開支，猶如條modified, if the original terms of the award are met. In addition, an 款未經修改。此外，就引致以股份形式付款的總expense is recognised for any modification that increases the total 公平值上升或以其他方式對僱員有利的任何改動fair value of the share-based payments, or is otherwise beneficial to （以改動當日的計量為準）確認開支。the employee as measured at the date of modification.171Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Share-based payments 以股份形式付款（續）(Continued)Where an equity-settled award is cancelled, it is treated as if it 當一項以權益結算的獎勵註銷，會被視作猶如於had vested on the date of cancellation, and any expense not yet 註銷當日歸屬，及並未就獎勵確認的任何開支將recognised for the award is recognised immediately. This includes 即時確認。此乃包括受本集團或僱員控制的非歸any award where non-vesting conditions within the control of 屬條件未能達成的任何獎勵。然而，如一項新獎either the Group or the employee are not met. However, if a new 勵取代一項註銷獎勵，並於授出當日界定為取替award is substituted for the cancelled award, and is designated as a 的獎勵，如上段所述，註銷及新獎勵兩者會被視replacement award on the date that it is granted, the cancelled and 為原有獎勵的改動。new awards are treated as if they were a modification of the originalaward, as described in the previous paragraph.The dilutive effect of outstanding options is reflected as additional 尚未行使購股權的攤薄影響用於計算每股盈利時share dilution in the computation of earnings per share. 反映為額外股份攤薄。Other employee benefits 其他僱員福利Pension schemes 退休金計劃The Group operates a defined contribution Mandatory Provident 本集團根據強制性公積金計劃條例為其所有香港Fund retirement benefit scheme (the “MPF Scheme”) under 僱員參與強制性公積金計劃（「強積金計劃」）營運the Mandatory Provident Fund Schemes Ordinance for all of its 一項定額供款強積金計劃。供款按僱員基本薪金employees in Hong Kong. Contributions are made based on a 的若干百分比作出，並於根據強積金計劃規則的percentage of the employees’ basic salaries and are charged to the 規定於應付時自收益表扣除。強積金計劃的資產statement of profit or loss as they become payable in accordance 乃與本集團資產分開以獨立管理基金持有。本集with the rules of the MPF Scheme. The assets of the MPF Scheme 團對強積金計劃作出的僱主供款，在供款作出時are held separately from those of the Group in an independently 全數歸屬僱員。administered fund. The Group’s employer contributions vest fullywith the employees when contributed into the MPF Scheme.The employees of the Group’s subsidiaries which operate in 本集團旗下在中國大陸營運的附屬公司的僱員，Mainland China are required to participate in a central pension 須參與由地方市政府營運的中央公積金計劃。該scheme operated by the local municipal government. These 等附屬公司須按彼等各自的支薪成本的若干百分subsidiaries are required to contribute a certain percentage of 比向中央公積金計劃作出供款。供款須按照中央their respective payroll costs to the central pension scheme. The 公積金計劃規則的規定於應付時在損益表內扣contributions are charged to the statement of profit or loss as they 除。become payable in accordance with the rules of the central pensionscheme.172China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Borrowing costs 借貸成本Borrowing costs directly attributable to the acquisition, construction 因收購、建設或生產合資格資產（即須頗長期間or production of qualifying assets, i.e., assets that necessarily take a 準備方可用作其擬定用途或銷售的資產）直接產substantial period of time to get ready for their intended use or sale, 生的借貸成本，乃作為該等資產的部分成本予以are capitalised as part of the cost of those assets. The capitalisation 資本化。當資產大致達到擬定用途或銷售時，該of such borrowing costs ceases when the assets are substantially 等借貸成本則不再予以資本化。待作出合資格資ready for their intended use or sale. Investment income earned 產開支的特定借貸臨時投資所賺取的投資收入於on the temporary investment of specific borrowings pending their 借貸成本資本化時扣除。所有其他借貸成本會於expenditure on qualifying assets is deducted from the borrowing 發生當期支銷。借貸成本包括利息及其他由公司costs capitalised. All other borrowing costs are expensed in the 借貸資金而產生之費用。period in which they are incurred. Borrowing costs consist ofinterest and other costs that an entity incurs in connection with theborrowing of funds.Dividends 股息Final dividends are recognised as a liability when they are 當末期股息於股東大會上獲股東批准，該等股息approved by the shareholders in a general meeting. Following the 則被確認為負債。隨著香港公司條例（第622章）implementation of the Hong Kong Companies Ordinance (Cap. 的實施，建議的末期股息將於財務報表附註中披622), proposed final dividends are disclosed in the notes to the 露。financial statements.Foreign currencies 外幣These financial statements are presented in Hong Kong dollars, 此等財務報表按港元呈列，而港元為本公司的功which is the Company’s functional currency. Each entity in the 能貨幣。本集團內各實體決定其本身的功能貨Group determines its own functional currency and items included 幣，而各實體的財務報表內各項目均使用該功能in the financial statements of each entity are measured using that 貨幣計量。本集團實體所入賬的外幣交易初步普functional currency. Foreign currency transactions recorded by the 遍按交易日期其各自的功能貨幣匯率入賬。以外entities in the Group are initially recorded using their respective 幣為單位的貨幣資產及負債，乃按報告期末的功functional currency rates prevailing at the dates of the transactions. 能貨幣匯率換算。因結算或換算貨幣項目產生的Monetary assets and liabilities denominated in foreign currencies 一切差額乃於損益表入賬。are translated at the functional currency rates of exchange ruling atthe end of the reporting period. Differences arising on settlementor translation of monetary items are recognised in the statement ofprofit or loss.Non-monetary items that are measured in terms of historical cost 按外幣的歷史成本計量的非貨幣項目按最初交易in a foreign currency are translated using the exchange rates at the 當日的匯率換算。按外幣公平值計量的非貨幣項dates of the initial transactions. Non-monetary items measured at 目按釐定公平值當日的匯率換算。換算非貨幣項fair value in a foreign currency are translated using the exchange 目產生的收益或虧損乃按與確認該項目的公平值rates at the date when the fair value was measured. The gain or loss 變動產生按公平值的收益或虧損一致的方法處理arising on translation of a non-monetary item measures at fair value is （即公平值收益或虧損於其他全面收入或損益確treated in line with the recognition of the gain or loss on change in 認的項目的換算差額，亦分別於其他全面收入或fair value of the item (i.e., translation difference on the item whose 損益確認）。fair value gain or loss is recognised in other comprehensive incomeor profit or loss is also recognised in other comprehensive income orprofit or loss, respectively).173Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Foreign currencies 外幣（續）(Continued)The functional currencies of certain overseas subsidiaries, joint 若干海外附屬公司、合營企業及聯營公司的功能ventures and associates are currencies other than the Hong Kong 貨幣為港元以外的貨幣。於報告期末時，該等實dollar. As at the end of the reporting period, the assets and liabilities 體的資產及負債按報告期末時的匯率換算為港of these entities are translated into Hong Kong dollars at the 元，而該等公司的損益表按該年度普遍的平均匯exchange rates prevailing at the end of the reporting period and 率換算為港元。their statements of profit or loss are translated into Hong Kongdollars at the weighted average exchange rates for the year.The resulting exchange differences are recognised in other 所產生的匯兌差額確認為其他全面收入，並計入comprehensive income and accumulated in the exchange fluctuation 匯兌波動儲備。出售海外實體時，在權益確認有reserve. On disposal of a foreign operation, the component of other 關該特定海外業務的遞延累計金額在損益表確comprehensive income relating to that particular foreign operation is 認。recognised in the statement of profit or loss.For the purpose of the consolidated statement of cash flows, the 就綜合現金流量表而言，海外附屬公司的現金流cash flows of overseas subsidiaries are translated into Hong Kong 量按現金流量日期的匯率換算為港元。海外附屬dollars at the exchange rates ruling at the dates of the cash flows. 公司於年內經常產生的現金流量則按該年度的加Frequently recurring cash flows of overseas subsidiaries which arise 權平均匯率換算為港元。throughout the year are translated into Hong Kong dollars at theweighted average exchange rates for the year.3. Significant Accounting Judgements and 3. 重大會計判斷及估計EstimatesThe preparation of the Group’s financial statements requires 編製本集團財務報表時需管理層作出影響於報告management to make judgements, estimates and assumptions 期末的收入、費用、資產及負債及其隨附披露事that affect the reported amounts of revenues, expenses, assets and 項以及或然負債之呈報金額的判斷、預計及假liabilities, and their accompanying disclosures, and the disclosure 設。然而，此等假設及預計的不明朗因素將引致of contingent liabilities. Uncertainty about these assumptions and 受影響之資產或負債賬面值於將來或作出重大調estimates could result in outcomes that could require a material 整。adjustment to the carrying amounts of the assets or liabilitiesaffected in the future.Judgements 判斷In the process of applying the Group’s accounting policies, 在應用本集團的會計政策的過程中，除該等涉及management has made the following judgements, apart from those 估計者外，管理層已作出下列對財務報表確認的involving estimations, which have the most significant effect on the 金額有最重大影響的判斷：amounts recognised in the financial statements:Operating lease commitments – Group as lessor 經營租賃承擔－本集團作為出租人The Group has entered into commercial property leases on its 本集團已就其投資物業組合訂立商業物業租賃。investment property portfolio. The Group has determined, based on 根據對該等安排的條款及條件作出的評估，本集an evaluation of the terms and conditions of the arrangements, that 團已釐定，按照經營租賃出租的該等物業所有權it retains all the significant risks and rewards of ownership of these 的所有重大風險及回報仍歸本集團所有。properties which are leased out on operating leases.174China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|3. Significant Accounting Judgements and 3. 重大會計判斷及估計（續）Estimates(Continued)Judgements 判斷（續）(Continued)Transfer from properties under development to investment 發展中物業結轉至投資物業propertiesProperties under development are transferred to investment 當有充足證明用途轉變時，發展中物業結轉至投properties when there is a change in use with sufficient evidence. 資物業。本集團乃基於所有相關事實及情況的評The Group determines whether a change in use has occurred based 估釐定用途有否轉變，其中包括但不限於：(a)on an assessment of all relevant facts and circumstances, which 反映此物業將來產生租金收入的商業計劃；(b)include but are not limited to: (a) a business plan that reflects the 持有及經營投資物業所需的資源；(c)容許改變有future rental income generated by the property; (b) the resources 關用途的法律許可；(d)如物業改變用途需其他to hold and manage an investment property; (c) legal permissibility 開發，有關開發需開始進行。於結轉日期該等物for the change in use; (d) the commencement of development if 業的公平值超出原賬面值的任何金額確認為本年the property requires further development for the change in use. 度損益。Any excess of fair value over the original carrying amount of suchproperties at the date of transfer was recognised as current yearprofit or loss.Classification between investment properties and owner- 投資物業與業主自用物業之間的分類occupied propertiesThe Group determines whether a property qualifies as an investment 本集團釐定物業是否符合投資物業的條件，並已property, and has developed criteria in making that judgement. 制定出一套判斷準則。投資物業是持作賺取租金Investment property is a property held to earn rentals or for capital 或資本增值或兩者俱備的物業。因此，本集團考appreciation or both. Therefore, the Group considers whether a 慮物業產生現金流量時是否大體獨立於本集團持property generates cash flows largely independent of the other assets 有的其他資產。某些物業的部分是為賺取租金或held by the Group. Some properties comprise a portion that is held 資本增值而持有，而另一部分是為用於生產或供to earn rentals or for capital appreciation and another portion that 應貨品或服務或作行政用途而持有。倘若此等部is held for use in the production or supply of goods or services or for 分可以分開出售或根據融資租賃分開出租，本集administrative purposes. If these portions could be sold separately or 團將把有關部分分開入賬。倘若該等部分無法分leased out separately under a finance lease, the Group accounts for 開出售，則僅在非主要部分持作生產或供應貨品the portions separately. If the portions could not be sold separately, 或服務或作行政用途時，有關物業方會列作投資the property is an investment property only if an insignificant 物業。本集團按個別基準對物業作出判斷，以決portion is held for use in the production or supply of goods or 定配套服務是否重要，以致物業不符合投資物業services or for administrative purposes. Judgement is made on an 資格。individual property basis to determine whether ancillary servicesare so significant that a property does not qualify as an investmentproperty.175Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|3. Significant Accounting Judgements and 3. 重大會計判斷及估計（續）Estimates(Continued)Estimation uncertainty 估計的不確定因素The key assumptions concerning the future and other key sources of 有關未來的主要假設以及於報告期末時存在重大estimation uncertainty at the end of the reporting period, that have 風險導致於下一個財政年度對資產及負債的賬面a significant risk of causing a material adjustment to the carrying 值作出重大調整的其他主要估計不確定因素來源amounts of assets and liabilities within the next financial year, are 在下文論述。described below.Impairment of goodwill 商譽減值The Group determines whether goodwill is impaired at least on an 本集團至少每年釐定商譽是否減值。這需要對獲annual basis. This requires an estimation of the value in use of the 分配商譽的現金產生單位使用價值作出估計。估cash-generating units to which the goodwill is allocated. Estimating 計使用價值時，本集團須對現金產生單位的預期the value in use requires the Group to make an estimate of the 未來現金流量作出估計，亦須選擇適當的折現expected future cash flows from the cash-generating units and also 率以計算該等現金流量的現值。於2016年3月31to choose a suitable discount rate in order to calculate the present 日，商譽的賬面值為34,128,000港元（2015年：value of those cash flows. The carrying amount of goodwill at 31 34,128,000港元）。詳情載於附註17。March 2016 was HK$34,128,000 (2015: HK$34,128,000). Furtherdetails are given in note 17.Estimation of fair value of investment properties 投資物業公平值估計The Group engaged Savills Valuation and Professional Services 本集團委聘獨立專業合資格估值師第一太平戴Limited (“Savills”), independent professionally qualified valuers, to 維斯估值及專業顧問有限公司（「第一太平戴維perform the valuation of the Group’s investment properties at the 斯」）進行本集團投資物業於報告期末時的估end of the reporting period. The carrying amount of investment 值。於2016年3月31日，投資物業的賬面值為properties at 31 March 2016 was HK$34,814,188,000 (2015: 34,814,188,000港元（2015年：30,217,792,000HK$30,217,792,000). Further details are given in note 14. 港元）。詳情載於附註14。Impairment allowances for trade receivables and other 應收貿易賬款及其他應收款項的減值撥備receivablesThe Group estimates the impairment allowances for trade receivables 本集團估計應收貿易賬款及其他應收款項的減值and other receivables by assessing the recoverability based on 撥備，方法是透過基於信貸記錄及現行市況來評credit history and prevailing market conditions. This requires the 估可收回性。此舉需要使用估計及判斷。倘事件use of estimates and judgements. Allowances are applied to trade 或情況變動顯示結餘不可收回，則須就應收貿易receivables and other receivables where events or changes in 賬款及其他應收款項作出撥備。倘預計數額與原circumstances indicate that the balances may not be collectible. 先估計有所不同，則此差額將影響有關估計變動Where the expectation is different from the original estimate, the 期間的應收貿易賬款及其他應收款項的賬面值以difference will affect the carrying amounts of trade receivables and 及減值虧損。本集團於各報告期末時重新評估other receivables and thus the impairment loss in the period in 減值撥備。於2016年3月31日，應收貿易賬款及which the estimate is changed. The Group reassesses the impairment 其他應收款項的賬面總值為1,644,268,000港元allowance at the end of each reporting period. At 31 March 2016, （2015年：2,082,857,000港元）。the aggregate carrying amounts of trade receivables and otherreceivables were HK$1,644,268,000 (2015: HK$2,082,857,000).176China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|3. Significant Accounting Judgements and 3. 重大會計判斷及估計（續）Estimates(Continued)Estimation uncertainty 估計的不確定因素（續）(Continued)Land appreciation tax 土地增值稅Under the Provisional Regulations on Land Appreciation Tax (“LAT”) 根據於1995年1月27日頒佈實施的中華人民共和implemented upon the issuance of the Provisional Regulations of the 國土地增值稅（「土地增值稅」）暫行條例實施細PRC on 27 January 1995, all gains arising from the transfer of real 則，於中國大陸轉讓房地產物業產生的所有收estate properties in Mainland China with effect from 1 January 1994 益自1994年1月1日起須按介乎土地增值30%至are subject to LAT at progressive rates ranging from 30% to 60% 60%之累進利率繳納土地增值稅。土地增值指on the appreciation of land value, being the proceeds from sales 出售物業所得款項減應課稅開支，包括土地使用of properties less deductible expenditures including land use rights, 權、借貸成本及所有物業開發開支。borrowing costs and all property development expenditures.The subsidiaries of the Group engaging in the property development 本集團附屬公司於中國大陸從事物業開發業務，business in Mainland China are subject to LAT, which has been 須繳納土地增值稅（計入所得稅）。然而，中國大included in income tax. However, the implementation of these taxes 陸的不同城市對土地增值稅的實施不盡相同，故varies amongst various Mainland China cities and the Group has not 本集團並未完成向不同稅務機關申報土地增值finalised its LAT returns with various tax authorities. Accordingly, 稅。因此，有關釐定土地增值及相關稅項須作出significant judgement is required in determining the amount of land 重大判斷。於日常業務中釐定的最終稅項金額並appreciation and its related taxes. The ultimate tax determination 不確定。本集團基於管理層之最佳估計確認該等is uncertain during the ordinary course of business. The Group 負債。當該等事宜之最終稅項支出與初步列賬之recognises these liabilities based on management’s best estimates. 數額出現差異時，該等差額將影響釐定稅項期間When the final tax outcome of these matters is different from the 之所得稅及土地增值稅撥備。amounts that were initially recorded, the differences will impact theincome tax and provisions for land appreciation taxes in the periodin which the determination is made.Withholding tax arising from the distribution of dividends 股息分派產生的預扣稅Withholding tax arising from the distribution of dividends pursuant 股息分派產生的預扣稅乃據中國企業所得稅法，to the PRC Corporate Income Tax Law, a 10% withholding tax 在中國內地成立之外資企業向外國投資者宣派is levied on dividends declared to foreign investors from the 之股息需徵收10%預扣稅。該規定由2008年1月foreign investment enterprises established in Mainland China. The 1日起生效，且適用於2007年12月31日後之盈requirement is effective from 1 January 2008 and applies to earnings 利。倘中國內地與外國投資者司法管轄區內訂立after 31 December 2007. A lower withholding tax rate may be 稅務條約，則採用較低之預扣稅率。本集團適用applied if there is a tax treaty between Mainland China and the 的扣稅率為5%。因此，本集團須為於中國內地jurisdiction of the foreign investors. For the Group, the applicable 成立的附屬公司就2008年1月1日起產生之盈利rate is 5%. The Group is therefore liable for withholding taxes on 分派股息而繳納預扣稅。進一步詳情載於附註dividends distributed by those subsidiaries established in Mainland 35。China in respect of earnings generated from 1 January 2008. Furtherdetails are given in note 35.177Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|3. Significant Accounting Judgements and 3. 重大會計判斷及估計（續）Estimates(Continued)Estimation uncertainty 估計的不確定因素（續）(Continued)Deferred tax assets 遞延稅項資產Deferred tax assets are recognised for unused tax losses to the 僅在可能取得應課稅利潤作扣減虧損的情況下，extent that it is probable that taxable profit will be available against 方確認由所有未動用稅項虧損產生的遞延稅項資which the losses can be utilised. Significant management judgement 產。在釐定可予確認的遞延稅項資產款項時，is required to determine the amount of deferred tax assets that 須根據可能的時間、未來應課稅利潤的水平連can be recognised, based upon the likely timing and level of future 同未來稅項計劃策略，作出重要的管理層判斷。taxable profits together with future tax planning strategies. The 於2016年3月31日，有關因稅項虧損而確認的遞carrying value of deferred tax assets relating to recognised tax losses 延稅項資產的賬面值為355,795,000港元（2015at 31 March 2016 was HK$355,795,000 (2015: HK$152,803,000). 年：152,803,000港元）。於2016年3月31日，未The amount of unrecognised tax losses at 31 March 2016 was 確認的稅項虧損為652,542,000港元（2015年：HK$652,542,000 (2015: HK$452,875,000). Further details are 452,875,000港元）。詳情載於財務報表附註35。contained in note 35 to the financial statements.4. Operating Segment Information 4. 經營分部資料For management purposes, the Group is organised into business 就管理而言，本集團按其產品及服務劃分為不同units based on their products and services and has five reportable 的業務單位，並具備以下五個可申報營運分部：operating segments as follows:(a) the property development segment engages in the development (a) 物業發展分部從事發展綜合商貿物流中心of integrated logistics and trade centers and residential and 及住宅及商業配套設施；commercial ancillary facilities;(b) the property investment segment invests in integrated logistics (b) 物業投資分部投資綜合商貿物流中心及住and trade centers and residential and commercial ancillary 宅及商業配套設施；facilities;(c) the property management segment engages in the management (c) 物業管理分部從事管理本集團的已建成物of the Group’s developed properties; 業；(d) the E-commerce segment engages in the development, operations (d) 電子商貿分部從事發展、經營及維持電子and maintenance of an E-commerce platform; and 商貿平台；及(e) the “others” segment comprises, principally, the provision of (e) 「其他」分部基本上包括提供廣告、展覽、advertising, exhibition, logistics and warehousing services, 物流及倉儲服務、奧特萊斯經營及其他服outlet operations and other services. 務。178China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|4. Operating Segment Information 4. 經營分部資料（續）(Continued)Management monitors the results of the Group’s operating 管理層會獨立監察營運分部之業績而作出資源分segments separately for the purpose of making decisions about 配決定及評定其表現。分部表現乃根據可呈報resources allocation and performance assessment. Segment 分部利潤（/ 虧損）（即經調整稅前利潤（/ 虧損））評performance is evaluated based on reportable segment profit/(loss), 估。經調整稅前利潤（/ 虧損）與本集團稅前利潤which is a measure of adjusted profit/(loss) before tax. The adjusted 計量方式一致，惟利息收入、融資成本、本集團profit/(loss) before tax is measured consistently with the Group’s 金融工具公平值收益以及總辦事處及公司開支均profit before tax except that interest income, finance costs, fair 無計算在內。value gains from the Group’s financial instruments, head office andcorporate expenses are excluded from this measurement.Segment assets exclude cash and cash equivalents, equity 分部資產不包括現金及現金等價物、透過損益以investments at fair value through profit or loss and other unallocated 公平值列賬之股本投資及其他未分配總辦事處及head office and corporate assets as these assets are managed on a 公司資產，原因為該等資產按集團整體管理。group basis.Segment liabilities exclude interest-bearing bank and other 分部負債不包括計息銀行及其他借貸、優先票borrowings, senior notes, short-term notes, medium-term notes, 據、短期融資券、中期票據、企業債券、境內公corporate bonds, domestic company bonds, tax payables and other 司債券、應付稅項及其他未分配總辦事處及公司unallocated head office and corporate liabilities as these liabilities are 負債，原因為該等負債按集團整體管理。managed on a group basis.Intersegment sales and transfers are transacted with reference to 分部間銷售及轉讓乃參考當時向第三方按市價作the selling prices used for sales made to third parties at the then 出銷售的售價進行。prevailing market prices.No geographical segment analysis is presented as the majority of 由於本集團的大部分資產及經營均位於中國（被the assets and operations of the Group are located in the PRC, 視為處於具類似風險及回報的經濟環境的一個地which is considered as one geographical location in an economic 理位置），本集團並無呈列地理分部分析。environment with similar risks and returns.There was no single customer to the revenue derived from which 截至2016年3月31日止年度，並無單一客戶為本amounted to 10% or more of the Group’s revenue during the year 集團收入貢獻10%或以上（2015年：無）。ended 31 March 2016 (2015: Nil).179Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|4. Operating Segment Information 4. 經營分部資料（續）(Continued)Year ended 31 March 2016 Property Property Property截至2016年3月31日止年度 development investment management E-commerce Others Total物業發展 物業投資 物業管理 電子商貿 其他 總計HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000千港元 千港元 千港元 千港元 千港元 千港元Segment revenue: 分部收入：Sales to external customers 對外部客戶銷售 4,715,703 681,314 247,721 202,184 289,340 6,136,262Intersegment sales 分部間銷售 – 30,058 – 146,228 14,051 190,3374,715,703 711,372 247,721 348,412 303,391 6,326,599Elimination of intersegment sales 分部間銷售對銷 ( 190,337)Revenue 收入 6, 136,262Segment results before increase in fair value of 投資物業公平值增加前分部業績investment properties 2,488,203 493,656 (44,460) 202,169 181,566 3,321,134Increase in fair value of investment properties 投資物業公平值增加 – 3, 232,699 – – – 3, 232,699Segment results after increase in fair value of 投資物業公平值增加後分部業績investment properties 2, 488,203 3, 726,355 (44,460) 202,169 181,566 6, 553,833Unallocated cost of sales 未分配銷售成本 (362,081)Interest income 利息收入 85,947Loss on held-for-trading investments at 透過損益以公平值列賬之持作fair value through profit or loss, net 買賣投資虧損，淨額 (5,525)Unallocated income and gains 未分配收入及收益 985,820Unallocated expenses 未分配開支 (2,194,375)Finance costs 融資成本 ( 159,386)Profit before tax 稅前利潤 4, 904,233Segment assets 分部資產 36,370,396 32,286,528 45,800 100,455 1,338,433 70,141,612Reconciliation: 對賬：Investments in associates 於聯營公司的投資 60,310Unallocated assets 未分配資產 13, 183,409Total assets 資產總值 83, 385,331Segment liabilities 分部負債 5,610,040 5,164,724 56,657 544,419 288,382 11,664,222Reconciliation: 對賬：Unallocated liabilities 未分配負債 45, 352,644Total liabilities 負債總額 57, 016,866Other segment information: 其他分部資料：Depreciation 折舊 98,266 1,495 403 3,242 14,445 117,851Corporate and other unallocated amounts 公司及其他未分配金額 33,034150,885Increase in fair value of investment properties 投資物業公平值增加 – 3,232,699 – – – 3,232,699Capital expenditure* 資本開支* 8,973,136 18,032 345 6,181 9,676 9,007,370180China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|4. Operating Segment Information 4. 經營分部資料（續）(Continued)Year ended 31 March 2015 Property Property Property截至2015年3月31日止年度 development investment management E-commerce Others Total物業發展 物業投資 物業管理 電子商貿 其他 總計HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000千港元 千港元 千港元 千港元 千港元 千港元Segment revenue: 分部收入：Sales to external customers 對外部客戶銷售 8,654,171 573,895 133,321 201,806 194,574 9,757,767Intersegment sales 分部間銷售 – 45,907 41,965 43,127 21,086 152,0858,654,171 619,802 175,286 244,933 215,660 9,909,852Elimination of intersegment sales 分部間銷售對銷 (152,085)Revenue 收入 9,757,767Segment results before increase in fair value of 投資物業公平值增加前分部業績investment properties 4,875,425 379,064 (88,574) 201,806 112,948 5,480,669Increase in fair value of investment properties 投資物業公平值增加 – 2,398,531 – – – 2,398,531Segment results after increase in fair value of 投資物業公平值增加後分部業績investment properties 4,875,425 2,777,595 (88,574) 201,806 112,948 7,879,200Unallocated cost of sales 未分配銷售成本 (305,139)Interest income 利息收入 68,996Gains on held-for-trading investments at 透過損益以公平值列賬之持作fair value through profit or loss, net 買賣投資收益，淨額 3,770Unallocated income and gains 未分配收入及收益 261,330Unallocated expenses 未分配開支 (1,875,863)Finance costs 融資成本 (165,595)Share of losses of associates 應佔聯營公司虧損 (7,210)Profit before tax 稅前利潤 5,859,489Segment assets 分部資產 32,990,415 29,648,772 9,810 329,344 573,974 63,552,315Reconciliation: 對賬：Investment in a joint venture 於一家合營企業的投資 5,079Investments in associates 於聯營公司的投資 34,884Unallocated assets 未分配資產 9,661,693Total assets 資產總值 73,253,971Segment liabilities 分部負債 5,371,768 4,408,104 623,801 323,393 173,222 10,900,288Reconciliation: 對賬：Unallocated liabilities 未分配負債 37,331,867Total liabilities 負債總額 48,232,155Other segment information: 其他分部資料：Depreciation 折舊 36,077 1,758 1,056 4,442 7,811 51,144Corporate and other unallocated amounts 公司及其他未分配金額 42,12193,265Increase in fair value of investment properties 投資物業公平值增加 – 2,398,531 – – – 2,398,531Capital expenditure* 資本開支* 18,152,683 43,597 1,042 4,323 294,218 18,495,863* Capital expenditure consists of additions to property, plant and * 資本開支包括物業、廠房及設備、預付土地出租equipment, prepaid land lease payments, properties under development 金、發展中物業及投資物業添置。and investment properties.181Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|5. Revenue, Other Income and Gains/(Losses), and 5. 收入、其他收入及收益╱（虧損），及Fair value gains on Investment Properties 投資物業公平值收益Revenue represents the net sales of completed properties, finance 收入指扣除營業稅後竣工物業銷售淨額、融資租lease income, rental income, income from the provision of property 賃收入、租金收入、提供物業管理服務收入、電management services, E-commerce income and other revenue, net 子商貿收入及其他收入（扣除營業稅及其他銷售of business tax and other sales related tax. 相關稅項）。An analysis of revenue, other income and gains/(losses) is as follows: 收入、其他收入及收益╱（虧損）分析如下：For the year ended 31 March截至3月31日止年度2016 2015Note HK$’000 HK$’000附註 千港元 千港元Revenue 收入Sales of properties 物業銷售 4,164,135 8,190,793Finance lease income 融資租賃收入 551,568 463,378Rental income 租金收入 681,314 573,895Property management service income 物業管理服務收入 247,721 133,321E-commerce income 電子商貿收入 202,184 201,806Other revenue* 其他收入* 289,340 194,5746,136,262 9,757,767Other income 其他收入Bank interest income 銀行利息收入 85,947 68,996Government grants** 政府補貼** 1,001,128 56,454Others 其他 56,122 43,5801,143,197 169,030Gains/(losses) 收益╱（虧損）Fair value (losses)/gains on held-for-trading 透過損益以公平值列賬之investments at fair value through 持作買賣投資（虧損）╱profit or loss, net 收益，淨額 (5,525) 3,770Exchange (losses)/gains 滙兌（虧損）╱收益 (71,430) 9,381Fair value gain on derivative financial 衍生金融工具公平值收益instrument – 151,915(76,955) 165,0661,066,242 334,096Fair value gains on investment properties 投資物業公平值收益 14 3,232,699 2,398,531* Other revenue includes amounts of HK$136,944,000 (2015: * 其他收入已包括奧特萊斯運營收入136,944,000HK$92,476,000) related to income from outlet operations and 港元（2015年：92,476,000港元）及物流及倉儲服HK$143,433,000 (2015: HK$95,845,000) related to income from 務收入143,433,000港元（2015年：95,845,000logistics and warehousing services. 港元）。** Various government grants have been received from the relevant ** 若干政府補貼為相關政府部門給予本集團，以培government authorities to foster and support the development of 育及扶持本集團於中國大陸項目的發展。該等補the relevant projects of the Group in Mainland China. There are no 助沒有未履行之條件或或然事件。unfulfilled conditions or contingencies relating to these subsidies.182China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|6. Profit Before Tax 6. 稅前利潤The Group’s profit before tax is arrived at after charging/(crediting): 本集團的稅前利潤已扣除（/ 計入）下列各項：For the year ended 31 March截至3月31日止年度2016 2015Notes HK$’000 HK$’000附註 千港元 千港元Cost of properties sold 已售物業成本 1,984,613 3,563,495Cost of properties held for finance lease 融資租賃物業成本 242,887 215,251Depreciation 折舊 13 152,182 94,523Less: Depreciation capitalised in respect of 減：就發展中物業資本properties under development 化折舊 (1,297) (1,258)150,885 93,265Amortisation of prepaid land lease payments 預付土地出租金攤銷 16 23,618 14,823Minimum lease payments under operating 土地及樓宇及汽車經營leases in respect of land and buildings and 租賃下的最低租金vehicles 9,239 13,957Auditors’ remuneration 核數師薪酬 4,080 4,000Employee benefit expense (including directors’ 僱員福利開支（包括董事remuneration): 薪酬）：Wages and salaries* 工資及薪金* 718,348 707,329Equity-settled share option expense 以權益結算的購股權開支 29,341 90,742Pension scheme contributions 退休金計劃供款 107,938 86,974855,627 885,045Provision for/(reversal of provision for) 應收貿易賬款減值撥備╱impairment of trade receivables** （沖回撥備）** 24 96,660 (16,400)Loss on disposal of a joint venture** 處置一家合營公司虧損** 18 4,959 –Loss on disposal of subsidiaries** 處置附屬公司虧損** 444 –Loss on disposal of items of property, 出售物業、廠房及設備項目plant and equipment 虧損 61 114* Included amounts of HK$176,313,000 and HK$127,665,000 for * 包括截至2016年及2015年3月31日止年度的金額the years ended 31 March 2016 and 2015, respectively, which were 分別176,313,000港元及127,665,000港元，已予capitalised under properties under development. 以資本化計入發展中物業。** Included in “Other expenses” in the consolidated statement of profit or ** 計入綜合損益表「其他開支」項內。loss.183Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|7. Finance Costs 7. 融資成本An analysis of finance costs is as follows: 融資成本之分析如下：For the year ended 31 March截至3月31日止年度2016 2015HK$’000 HK$’000千港元 千港元Interest on bank and other borrowings (including 銀行及其他借貸利息（包括convertible notes, senior notes, medium-term 可換股票據、優先票據、notes, short-term notes, corporate bonds and 中期票據、短期融資券、domestic company bonds) 企業債券及境內公司債券） 2,049,155 1,617,376Less: Interest capitalised 減：資本化利息 (1,889,769) (1,451,781)Total 總計 159,386 165,5958. Directors’ Emoluments 8. 董事酬金Directors’ remuneration for the year, disclosed pursuant to the 根據香港聯交所證券上市規則（「上市規則」）、香Rules governing the Listing of Securities on the Hong Kong Stock 港公司條例第383(1)(a), (b), (c)及(f)條及公司（披Exchange (the “Listing Rules”), section 383(1)(a), (b), (c) and (f) of 露董事利益資料）規例第2部，於本年度的董事the Hong Kong Companies Ordinance and Part 2 of the Companies 酬金披露如下：(Disclosure of Information about Benefits of Directors) Regulation, isas follows:For the year ended 31 March截至3月31日止年度2016 2015HK$’000 HK$’000千港元 千港元Fees 袍金 4,640 4,640Other emoluments: 其他酬金：Salaries, allowances, and benefits in kind 薪金、津貼及實物福利 17,678 16,131Performance-related bonuses* 與表現掛鈎的花紅* 34,957 52,898Equity-settled share option expense 以權益結算的購股權開支 28,181 89,552Pension scheme contributions 退休金計劃供款 54 4885,510 163,269* Certain executive directors of the Company are entitled to a * 本公司若干執行董事有權收取按該財政年度的未performance based bonus payments which are determined as a 計投資物業公平值收益及相關稅務影響和衍生金percentage of the Group’s consolidated net profit attributable 融工具公平值收益的母公司擁有人應佔淨利潤百to owners of the parent excluding fair value gains on investment 分比釐定基於表現之花紅（除任何酌情花紅（如properties and related tax effects and fair value gain on derivative 有））。financial instrument (in addition to any discretionary bonus (if any)) ofthe financial year.184China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|8. Directors’ Emoluments 8. 董事酬金（續）(Continued)During the year, one director was granted share options, in respect 年內，一名董事就向本集團提供之服務而根據本of his services to the Group, under the share option scheme of 公司購股權計劃獲授購股權，其進一步詳情載於the Company, further details of which are set out in note 38 to 財務報表附註38。該等購權股的公平值（已於歸the financial statements. The fair value of those options, which is 屬期間於損益表確認）乃於授出日期釐定，而載recognised in the statement of profit or loss over the vesting period, 於本年度財務報表的金額已包括於上文董事的酬was determined as at the date of grant and the amount included in 金披露資料。the financial statements for the current year is included in the abovedirectors’ remuneration disclosures.(a) Independent non-executive directors (a) 獨立非執行董事The fees paid to independent non-executive directors during 年內付予獨立非執行董事的袍金如下：the year were as follows:Equity-settledshare optionFees expense Total以權益結算的袍金 購股權開支 總計HK$’000 HK$’000 HK$’000千港元 千港元 千港元2016 2016年Leung Kwan Yuen Andrew 梁君彥 380 – 380Li Wai Keung 李偉強 380 – 380Hui Chiu Chung 許照中 380 – 380Yung Wing Ki Samuel 容永祺 380 390 7701,520 390 1,910Equity-settledshare optionFees expense Total以權益結算的袍金 購股權開支 總計HK$’000 HK$’000 HK$’000千港元 千港元 千港元2015 2015年Leung Kwan Yuen Andrew 梁君彥 380 782 1,162Li Wai Keung 李偉強 380 782 1,162Hui Chiu Chung 許照中 380 782 1,162Yung Wing Ki Samuel 容永祺 380 1,224 1,6041,520 3,570 5,090185Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|8. Directors’ Emoluments 8. 董事酬金（續）(Continued)(b) Executive directors and non-executive (b) 執行董事及非執行董事directorsSalaries, Equity-allowances, Performance- settled Pensionand benefits related share option schemeFees in kind bonuses expense contributions Total薪金、津貼及 與表現掛鈎 以權益結算的 退休金計劃袍金 實物福利 的花紅 購股權開支 供款 總計HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000千港元 千港元 千港元 千港元 千港元 千港元2016 2016年Executive directors: 執行董事：Cheng Chung Hing 鄭松興 – 5,850 13,167 – 18 19,035Leung Moon Lam* 梁滿林* – 5,763 10,582 7,222 18 23,585Fung Sing Hong Stephen* 馮星航* – 6,06 5 11,20 8 20,56 9 1 8 37,86 0– 17,678 34,957 27,791 54 80,480Non-executive directors: 非執行董事：Ma Kai Cheung 馬介璋 1,080 – – – – 1,080Sun Kai Lit Cliff 孫啟烈 680 – – – – 680Ma Wai Mo 馬偉武 680 – – – – 680Cheng Tai Po 鄭大報 680 – – – – 680Lin Ching Hua** 林璟驊** – – – – – –3,120 – – – – 3,1203,120 17,678 34,957 27,791 54 83,600186China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|8. Directors’ Emoluments 8. 董事酬金（續）(Continued)(b) Executive directors and non-executive (b) 執行董事及非執行董事（續）directors(Continued)Salaries, Equity-allowances, Performance- settled Pensionand benefits related share option schemeFees in kind bonuses expense contributions Total薪金、津貼及 與表現掛鈎 以權益結算的 退休金計劃袍金 實物福利 的花紅 購股權開支 供款 總計HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000千港元 千港元 千港元 千港元 千港元 千港元2015 2015年Executive directors: 執行董事：Cheng Chung Hing 鄭松興 – 5,850 18,949 – 18 24,817Leung Moon Lam* 梁滿林* – 5,850 18,949 52,721 18 77,538Xu Yang 許揚 – 926 – 305 – 1,231Fung Sing Hong Stephen* 馮星航* – 3,505 15,000 32,956 12 51,473– 16,131 52,898 85,982 48 155,059Non-executive directors: 非執行董事：Ma Kai Cheung 馬介璋 1,080 – – – – 1,080Sun Kai Lit Cliff 孫啟烈 680 – – – – 680Ma Wai Mo 馬偉武 680 – – – – 680Cheng Tai Po 鄭大報 680 – – – – 680Lin Ching Hua** 林璟驊** – – – – – –3,120 – – – – 3,1203,120 16,131 52,898 85,982 48 158,179* On 1 January 2016, Mr. Leung Moon Lam ceased to act as * 於2016年1月1日, 梁滿林先生不再擔任本Chief Executive Officer of the Group but remains as an executive 集團之行政總裁，但繼續擔任本公司之執director of the Group, while Mr. Fung Sing Hong Stephen was 行董事，同時馮星航先生獲委任為本集團appointed as the Chief Executive Officer of the Group. 之行政總裁。** Mr. Lin Ching Hua, a non-executive director of the Company, ** 本公司之非執行董事林璟驊先生自願不has voluntarily decided not to receive any director’s emolument 收取自2014年6月28日上任以後的任何本in the future from the Company since his appointment on 公司之董事酬金，包括2015年的董事金28 June 2014, including a director’s fee of HK$380,000 and 380,000港元及2,000,000股購股權。除此2,000,000 share options in 2015. Apart from this, there was no 之外，於本年內無董事放棄或同意放棄酬agreement under which a director waived or agreed to waive any 金的安排。remuneration during the year.187Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|9. Five Highest Paid Employees 9. 五位最高薪人士The five highest paid employees during the year included three 年內，五位最高薪僱員分別包括三名董事（2015(2015: three) directors, details of whose remuneration are set out in 年：三名），其酬金已載於上文附註8。年內五note 8 above. Details of the remuneration of the five highest paid 名最高薪僱員酬金的詳情如下：employees for the year are as follows:For the year ended 31 March截至3月31日止年度2016 2015HK$’000 HK$’000千港元 千港元Salaries, allowances and benefits in kind 薪金、津貼及實物福利 23,838 23,429Bonuses 花紅 34,957 71,298Equity-settled share option expense 以權益結算的購股權開支 27,791 85,899Pension scheme contributions 退休金計劃供款 54 5486,640 180,680The number of the five highest paid employees whose remuneration 介乎以下範圍的五名最高薪僱員人數如下：fell within the following bands is as follows:Number of employees僱員人數2016 2015HK$2,000,001 to HK$15,000,000 2,000,001港元至15,000,000港元 2 2HK$15,000,001 to HK$25,000,000 15,000,001港元至25,000,000港元 2 1HK$25,000,001 to HK$50,000,000 25,000,001港元至50,000,000港元 1 –HK$50,000,001 to HK$75,000,000 50,000,001港元至75,000,000港元 – 1HK$75,000,001 to HK$95,000,000 75,000,001港元至95,000,000港元 – 15 5During the year and in prior years, share options were granted to 年內及以前年度，非董事最高薪僱員就其向本集non-director, highest paid employees in respect of their services to 團提供之服務而獲授購股權，其進一步詳情載於the Group, further details of which are included in the disclosure in 財務報表附註38。該等購權股的公平值（已於歸note 38 to the financial statements. The fair value of those options, 屬期間於損益表確認）乃於授出日期釐定，而載which is recognised in the statement of profit or loss over the vesting 於本年度財務報表的金額已包括於上文五名最高period, was determined as at the date of grant and the amount 薪僱員酬金的披露資料。included in the financial statements for the current year is includedin the above five highest paid employees’ remuneration disclosures.188China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|10. Income Tax 10. 所得稅Hong Kong profits tax has been provided at the rate of 16.5% (2015: 年內，於香港產生的估計應課稅溢利乃按16.5%16.5%) on the estimated assessable profits arising in Hong Kong （2015年：16.5%）的稅率計提。年內，由於本during the year. No provision for Hong Kong profits tax has been 集團概無源自香港的應課稅利潤，故並無計提香made as the Group had no assessable profits arising in Hong Kong 港利得稅撥備（2015年：無）。during the year (2015: Nil).Taxes on profits assessable in Mainland China are calculated at the 中國大陸的應課稅溢利稅項乃按本集團營運所在rates of tax prevailing in the provinces in which the Group operates. 省份的現行稅率計提。Under the relevant income tax law, the PRC subsidiaries are subject 根據相關所得稅法，年內，中國附屬公司須就各to corporate income tax (“CIT”) at the statutory rate of 25% (2015: 自應課稅收入按法定稅率25%（2015年：25%)25%) on their respective taxable income during the year. 繳納企業所得稅。The PRC LAT is levied at progressive rates ranging from 30% to 中國土地增值稅按30%至60%不等的累進稅率60% on the appreciation of land value, being the proceeds from the 就土地價值（即物業銷售所得款項減包括土地成sale of properties less deductible expenditures including land costs, 本、借貸成本及所有物業發展開支在內的可扣減borrowing costs and all property development expenditures. 開支）增值徵收。The major components of income tax expenses for the year are as 年內，所得稅開支主要部分如下：follows:For the year ended 31 March截至3月31日止年度2016 2015Note HK$’000 HK$’000附註 千港元 千港元Current — Mainland China 即期－中國大陸 1,011,480 819,254LAT in Mainland China 中國大陸土地增值稅 (23,865) 1,213,663Deferred Mainland China corporate income tax 遞延中國大陸企業所得稅 35 382,842 111,792Total tax charged for the year 年度稅項支出總額 1,370,457 2,144,709189Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|10. Income Tax 10. 所得稅（續）(Continued)A reconciliation of the tax expense applicable to profit before tax at 按法定稅率計算適用於稅前利潤的稅項開支與按the statutory rate to the tax expense at the Group’s effective income 本集團本年度實際稅率計算的稅項開支的對賬如tax rate is as follows: 下：For the year ended 31 March截至3月31日止年度2016 2015HK$’000 HK$’000千港元 千港元Profit before tax 稅前利潤 4,904,233 5,859,489Tax at the statutory tax rate of 16.5% 按16.5%法定稅率計算的稅項 809,198 966,816Higher tax rates enacted by local authorities 地方機關制定的較高稅率 416,656 509,000Income not subject to tax 毋須繳稅收入 (37,664) (176,604)Expenses not deductible for tax 不可扣稅開支 51,975 39,337Tax losses utilised from previous years 動用過往年度的稅項虧損 – (4,781)Losses attributable to associates 聯營公司應佔虧損 – 1,803Tax losses not recognised 未確認的稅項虧損 80,078 21,155LAT 土地增值稅 (23,865) 1,213,663Tax effect of LAT 土地增值稅的稅務影響 5,966 (303,416)Adjustments in respect of current tax of 過往年度稅項調整previous years 23,363 19,955Effect of withholding tax on the distributable 按本集團的中國附屬公司的profits of the Group’s PRC subsidiaries 可分配利潤而計算預扣所得稅的影響 44,750 (142,219)Tax charge at the Group’s effective rate 按本集團實際稅率計算的稅項支出 1,370,457 2,144,709The share of tax attributable to associates amounting to nil (2015: 聯營公司並無應佔稅項（2015年：1,803,000港HK$1,803,000) is included in “Share of profits and losses of 元）計入綜合損益表的「應佔聯營公司利潤及虧associates” in the consolidated statement of profit or loss. 損」內。190China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|11. Dividend 11. 股息For the year ended 31 March截至3月31日止年度2016 2015HK$’000 HK$’000千港元 千港元Proposed final dividend — HK5.0 cents 建議末期股息－每股普通股per ordinary share (2015: HK14.0 cents 5.0港仙（2015年：每股per ordinary share) 普通股14.0港仙） 399,966 1,120,094The proposed final dividend is subject to the approval of the 擬派末期股息須待本公司股東於應屆股東周年大Company’s shareholders at the forthcoming annual general meeting. 會批准後，方可作實。12. Earnings Per Share Attributable to Ordinary 12. 歸屬於母公司普通股權益持有人之每Equity Holders of the Parent 股盈利The calculation of the basic earnings per share is based on the profit 每股基本盈利乃根據母公司普通股權益持有人for the year attributable to ordinary equity holders of the parent, and 應佔年內利潤及年內已發行7,999,399,905股the weighted average number of ordinary shares of 7,999,399,905 （2015年：7,650,707,736股）普通股的加權平均(2015: 7,650,707,736) in issue during the year. 數計算。The calculation of diluted earnings per share is based on the profit 每股攤薄盈利乃根據母公司普通股權益持有人應for the year attributable to ordinary equity holders of the parent. The 佔年內利潤計算。計算所用的普通股加權平均數weighted average number of ordinary shares used in the calculation 乃為計算每股基本盈利所用的年內已發行普通股is the number of ordinary shares in issue during the year, as used in 股數，而加權平均普通股數目乃假設行使或轉換the basic earnings per share calculation, and the weighted average 所有具潛在攤薄性的普通股為普通股按無償發number of ordinary shares assumed to have been issued at no 行。consideration on the deemed exercise or conversion of all dilutivepotential ordinary shares into ordinary shares.191Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|12. Earnings Per Share Attributable to Ordinary 12. 歸屬於母公司普通股權益持有人之每Equity Holders of the Parent 股盈利（續）(Continued)The calculations of basic and diluted earnings per share are based 每股基本及攤薄盈利的計算乃基於：on:For the year ended 31 March截至3月31日止年度2016 2015HK$’000 HK$’000千港元 千港元Earnings 盈利Profit attributable to ordinary equity holders of 用於計算每股基本盈利之the parent, used in the basic earnings per share 母公司普通股權益持有人calculation 應佔利潤 3,537,012 3,727,872Add: Interest on convertible notes 加：可換股票據利息 – 1,701Less: Fair value gain on derivative financial instrument 減：衍生金融工具公平值收益 – (151,915)Profit attributable to ordinary equity holders of the 用於計算每股攤薄盈利之parent, used in the diluted earnings per share 母公司擁有人應佔利潤calculation 3,537,012 3,577,658Number of shares股數2016 2015Shares 股份Weighted average number of ordinary shares in issue 用於計算每股基本盈利之during the year used in the basic earnings per share 年內已發行普通股的calculation 加權平均數 7,999,399,905 7,650,707,736Effect of dilution — weighted average number of 攤薄影響－普通股加權平均數：ordinary shares:Share options 購股權 29,764,395 74,674,865Tencent call options 騰訊購股權 – 6,810,690Convertible notes 可換股票據 – 1 71,232,8768,029,164,300 7,903,426,167192China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|13. Property, Plant and Equipment 13. 物業、廠房及設備Furniture,fixturesandBuildings equipment Motor vehicles Total傢俬、樓宇 裝置及設備 汽車 總計31 March 2016 2016年3月31日 Notes HK$’000 HK$’000 HK$’000 HK$’000附註 千港元 千港元 千港元 千港元At 1 April 2015: 於2015年4月1日：Cost 成本 1,348,702 181,634 85,896 1,616,232Accumulated depreciation 累計折舊 (160,597 ) (89,394 ) (38,010 ) (288,001 )Net carrying amount 賬面淨額 1,188,10 5 92,24 0 47,88 6 1,328,23 1At 1 April 2015, net of accumulated depreciation 於2015年4月1日，已扣除累計折舊 1,188,105 92,240 47,886 1,328,231Additions 添置 3,854 21,316 13,220 38,390Transfer from properties under development 轉撥自發展中物業 15 353,081 – – 353,081Disposals 出售 (1,095) (4,712) (646) (6,453)Depreciation provided during the year 年度折舊撥備 6 (104,867) (30,615) (16,700) (152,182)Exchange realignment 匯兌調整 (48,886 ) (3,410 ) (1,616 ) (53,912 )At 31 March 2016, net of accumulated depreciation 於2016年3月31日，已扣除累計折舊 1,390,19 2 74,81 9 42,14 4 1,507,15 5At 31 March 2016: 於2016年3月31日：Cost 成本 1,648,029 191,041 95,342 1,934,412Accumulated depreciation 累計折舊 (257,837 ) (116,222 ) (53,198 ) (427,257 )Net carrying amount 賬面淨額 1,390,192 74,819 42,144 1,507,155193Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|13. Property, Plant and Equipment 13. 物業、廠房及設備（續）(Continued)Furniture,fixturesandBuildings equipment Motor vehicles Total傢俬、樓宇 裝置及設備 汽車 總計31 March 2015 2015年3月31日 Notes HK$’000 HK$’000 HK$’000 HK$’000附註 千港元 千港元 千港元 千港元At 1 April 2014: 於2014年4月1日：Cost 成本 658,730 136,323 59,358 854,411Accumulated depreciation 累計折舊 (109,236) (59,459) (26,793) (195,488)Net carrying amount 賬面淨額 549,494 76,864 32,565 658,923At 1 April 2014, net of accumulated depreciation 於2014年4月1日，已扣除累計折舊 549,494 76,864 32,565 658,923Additions 添置 7,279 49,133 27,715 84,127Transfer from properties under development 轉撥自發展中物業 15 681,372 – – 681,372Disposals 出售 (25) (2,948) (265) (3,238)Depreciation provided during the year 年度折舊撥備 6 (51,326) (31,003) (12,194) (94,523)Exchange realignment 匯兌調整 1,311 194 65 1,570At 31 March 2015, net of accumulated depreciation 於2015年3月31日，已扣除累計折舊 1,188,105 92,240 47,886 1,328,231At 31 March 2015: 於2015年3月31日：Cost 成本 1,348,702 181,634 85,896 1,616,232Accumulated depreciation 累計折舊 (160,597) (89,394) (38,010) (288,001)Net carrying amount 賬面淨額 1,188,105 92,240 47,886 1,328,231194China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|13. Property, Plant and Equipment 13. 物業、廠房及設備（續）(Continued)Certain of the Group’s buildings with aggregate carrying values 於2016年3月31日，本集團賬面總值分別約of approximately HK$469,182,000 as at 31 March 2016 (2015: 469,182,000港元（2015年：23,546,000港元）的HK$23,546,000) were pledged to secure general banking facilities 若干樓宇已抵押作為本集團獲授一般銀行融資的granted to the Group (note 29). 擔保（附註29）。At 31 March 2016, certificates of ownership in respect of certain 於2016年3月31日，本集團於中國賬面淨值合buildings of the Group in the PRC with an aggregate net book value 共約1,045,731,000港元（2015年：752,134,000of approximately HK$1,045,731,000 (2015: HK$752,134,000) had 港元）的若干樓宇未獲相關中國機關發出所有權not been issued by the relevant PRC authorities. The Group is in the 證。本集團正在領取相關所有權證。process of obtaining the relevant certificates of ownership.14. Investment Properties 14. 投資物業2016 2015Notes HK$’000 HK$’000附 註 千港元 千港元Carrying amount at beginning of year 年初的賬面值 30,217,792 24,033,905Additions 添置 928,586 2,267,085Transfer from properties under 轉撥自發展中物業development 15 424,934 1,446,966Transfer from completed properties 轉撥自竣工持作held for sale 銷售物業 1,843,953 –Transfer to completed properties held for sale 轉撥至持作銷售物業 (632,773) –Net gain from a fair value adjustment 公平值調整淨收益 5 3,232,699 2,398,531Exchange realignment 匯兌調整 (1,201,003) 71,305Carrying amount at end of year 年終的賬面值 34,814,188 30,217,792第一太平戴維斯於2016年及2015年3月31日The Group’s investment properties were revalued on 31重估本集團的投資物業，按公開市場現有用March 2016 and 2015 by Savills at RMB28,949,100,000 and途基準的價值分別為人民幣28,949,100,000RMB24,166,500,000, respectively (equivalent to approximately元及人民幣24,166,500,000元（分別相等於約HK$34,814,188,000 and HK$30,217,792,000, respectively), on an34,814,188,000港元及30,217,792,000港元）。open market, existing use basis.於2016年及2015年3月31日，本集團賬面總值The Group’s investment properties with aggregate carrying values分別約21,237,246,000港元及20,652,214,000港of approximately HK$21,237,246,000 and HK$20,652,214,000 as元的投資物業已抵押作為本集團獲授一般銀行融at 31 March 2016 and 2015, respectively, were pledged to secure資的擔保（附註29）。general banking facilities granted to the Group (note 29).於2016年及2015年3月31日，本集團賬面總值The Group’s investment properties with aggregate carrying values分別約30,598,954,000港元及26,084,344,000港of approximately HK$30,598,954,000 and HK$26,084,344,000元的投資物業受到銷售限制（附註1(iv)）。as at 31 March 2016 and 2015, respectively, are subject to salesrestriction (note 1(iv)).195Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|14. Investment Properties 14. 投資物業（續）(Continued)The Group’s investment properties consist of trade centers, 本集團的投資物業包括在中國的交易中心、商業commercial and other ancillary facilities in Mainland China. 及其他配套設施。根據一家獨立專業合資格估值The Group’s investment properties were revalued on 31 March 師第一太平戴維斯進行的估值，本集團的投資物2016 based on valuations performed by Savills, an independent 業於2016年3月31日的按公開市場現有用途基準professionally qualified valuer, at HK$34,814,188,000 on an open 重估價值達34,814,188,000港元。本集團的管理market, existing use basis. Each year, the Group’s management 層每年決定委任負責對本集團物業進行外部估值decides to appoint which external valuer to be responsible for the 的外聘估值師人選。篩選準則包括市場知識、聲external valuations of the Group’s properties. Selection criteria 譽、獨立性，以及是否維持專業水平。就中期及include market knowledge, reputation, independence and whether 年度財務報告進行估值時，本集團的財務部與估professional standards are maintained. The Group’s finance 值師每年就估值假設及估值結果進行兩次討論。department has discussions with the valuer on the valuationassumptions and valuation results twice a year when the valuation isperformed for interim and annual financial reporting.Fair value hierarchy 公平值層級The following table illustrates the fair value measurement hierarchy 本集團投資物業的公平值計量層級載於下表：of the Group’s investment properties:Fair value measurementas at 31 March 2016using significantunobservable inputs(Level 3)於2016年3月31日使用重大不可觀察元素的公平值計量（第3級）HK$’000千港元Recurring fair value measurement for: 就以下各項的經常性公平值計量：Trade centers, commercial and 交易中心、商業及other ancillary facilities 其他配套設施 34,814,188196China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|14. Investment Properties 14. 投資物業（續）(Continued)Fair value hierarchy 公平值層級（續）(Continued)Fair value measurementas at 31 March 2015using significantunobservable inputs(Level 3)於2015年3月31日使用重大不可觀察元素的公平值計量（第3級）HK$’000千港元Recurring fair value measurement for: 就以下各項的經常性公平值計量：Trade centers, commercial and 交易中心、商業及other ancillary facilities 其他配套設施 30,217,792During the year, there were no transfers of fair value measurements 年內，第1級與第2級之間概無發生公平值計between Level 1 and Level 2 and no transfers into or out of Level 3 量的轉移，第3級亦無公平值計量轉入或轉出(2015: Nil). （2015年：無）。Below is a summary of the valuation techniques used and the key 以下為投資物業估值所用的估值技術及主要元素inputs to the valuation of investment properties: 的概要：SignificantValuation technique unobservable inputs Range估值技術 重大不可觀察元素 範圍As at As at31 March 2016 31 March 2015於2016年3月31日 於2015年3月31日Trade centers, commercial and Income capitalisation Market unit rental rate 41–144 40–142other ancillary facilities method (RMB/sq. m./month)交易中心、商業及 收入資本化法 市場單位租金其他配套設施 （人民幣╱平方米╱月）Capitalisation rate 3.00%–8.25% 3.00%–8.25%資本化率197Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|14. Investment Properties 14. 投資物業（續）(Continued)Fair value hierarchy 公平值層級（續）(Continued)The fair values of investment properties are determined principally 投資物業公平價值主要按收入資本化釐定，方法using the income capitalisation method by capitalising the rental 是將現有租賃所得的租金收入資本化，並就物業income derived from the existing tenancies with due provisions for 的潛在可復歸收入計提適當撥備。公平價值計量the reversionary income potential of the properties. The fair value 與市場租金成正比且與資本化率成反比。就正在measurement is positively correlated to the market unit rental rate 建造之部分，在確定公平價值時，已考慮已計及and negatively correlated to the capitalisation rate. For the portions 已支銷的建築成本及完成開發項目將支銷的成which were under construction, the expended construction costs 本。and the costs that are expected to be expended to complete theproperties have also been taken into account in arriving at their fairvalues.15. Properties Under Development 15. 發展中物業2016 2015Notes HK$’000 HK$’000附 註 千港元 千港元Carrying amount at beginning of year 年初的賬面值 3,697,166 2,933,492Additions 添置 7,957,375 16,144,651Transfer to property, plant and 轉撥至物業、equipment 廠房及設備 13 (353,081) (681,372)Transfer to investment properties 轉撥至投資物業 14 (424,934) (1,446,966)Transfer to prepaid land lease payments 轉撥至預付土地出租金 16 (182,681) (659,404)Transfer to completed properties held for sale 轉撥至已竣工持作and properties under development 銷售物業及發展中持作held for sale 銷售物業 (6,171,387) (12,601,248)Transfer to properties held for finance lease 轉撥至融資租賃物業 (115,950) –Exchange realignment 匯兌調整 (153,654) 8,013Carrying amount at end of year 年終的賬面值 4,252,854 3,697,166Certain of the Group’s properties under development with 於2016年及2015年3月31日，本集團賬面總值aggregate carrying values of approximately HK$779,665,000 and 分別約779,665,000港元及190,683,000港元的HK$190,683,000 as at 31 March 2016 and 2015, respectively, were 若干發展中物業已抵押作為本集團獲授一般銀行pledged to secure general banking facilities granted to the Group 融資的擔保（附註29）。(note 29).During the current year, the Group has received government 年內，本集團取得總數為約人民幣833,257,000grants with a total amount of approximately RMB833,257,000 元（相等於1,002,075,000港元）由地方政府機(equivalent to HK$1,002,075,000), which were provided by the 關提供，旨在為集團物業發展項目中有關於基local government authorities to support infrastructure construction 礎建設工程及發展活動提供支持的政府補助。and development activities in connection with the Group’s property 此全額已在添置發展中物業中扣除。其中關於development projects. The amount was deducted from the additions 已售出物業累計金額約人民幣458,259,000元of properties under development for the year. An aggregate amount （相等於559,030,000港元）（2015年：人民幣of approximately RMB458,259,000 (equivalent to HK$559,030,000) 654,082,000元（相等於813,287,000港元））在年(2015: RMB654,082,000 (equivalent to HK$813,287,000)) which 內於已售物業成本扣除。related to properties sold, has been credited to the cost of propertiessold during the year.198China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|16. Prepaid Land Lease Payments 16. 預付土地出租金2016 2015Notes HK$’000 HK$’000附 註 千港元 千港元Carrying amount at beginning of year 年初的賬面值 802,642 144,093Additions 添置 83,019 –Transfer from properties under development 轉撥自發展中物業 15 182,681 659,404Recognised during the year 年內確認 6 (23,618) (14,823)Exchange realignment 匯兌調整 (24,755) 13,968Carrying amount at end of year 年終的賬面值 1,019,969 802,642Current portion included in prepayments, 計入預付款項、按金及deposits and other receivables 其他應收款項的即期部分 (23,618) (14,823)Non-current portion 非即期部分 966,351 787,81917. Goodwill 17. 商譽HK$’000千港元At 31 March 2015 and 31 March 2016: 於2015年3月31日及2016年3月31日：Cost 成本 54,194Accumulated impairment 累計減值 (20,066)Net carrying amount 賬面淨額 34,128199Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|17. Goodwill 17. 商譽（續）(Continued)Impairment testing of goodwill 商譽減值測試Goodwill acquired through business combinations have been 透過業務合併收購的商譽已分配至酒店的現金產allocated to the hotel cash-generating unit and the property leasing 生單位及物業租賃經營的現金產生單位作減值測operation cash-generating unit for impairment testing. 試。• Hotel cash-generating unit • 酒店的現金產生單位• Property leasing operation cash-generating unit • 物業租賃經營的現金產生單位The carrying amount of goodwill allocated to each of the cash- 分配於各現金產生單位的商譽賬面值如下：generating units is as follows:Hotel Property leasing operation Total酒店 物業租賃經營 總額2016 2015 2016 2015 2016 2015HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000千港元 千港元 千港元 千港元 千港元 千港元Carrying amount of goodwill 商譽賬面值 – – 34,128 34,128 34,128 34,128The Group has leased its hotel properties to an independent party. 本集團已出租其酒店物業予一個獨立第三方。有Full impairment loss of HK$20,066,000 has been provided on the 關本集團的酒店營運的商譽在以前年度已計提了goodwill related to the hotel operation of the Group in the previous 全部的減值虧損，金額為20,066,000港元。year.The recoverable amount of the property leasing operation 物業租賃經營的現金產生單位的可收回金額使用cash-generating unit is determined based on a value-in-use 價值計算法確定。該計算法使用以高級管理層批calculation using cash flow projections based on financial budgets 准為期五年的財務預算為基準的現金流量預測。approved by senior management covering a five-year period.The key assumptions adopted on the growth rate and discount rate 價值計算法中的增長率及貼現率採用的主要假設used in the value-in-use calculation are based on management’s 是以管理層的最佳預測為基準。5%的增長率是best estimates. The growth rate of 5% is determined by considering 考慮有關物業租賃分部的內部及外部因素而確both internal and external factors relating to the property leasing 定。現金流量預測的貼現率為14%。segment. The discount rate applied to the cash flow projections is14%.Management believes that any reasonably possible change in the 管理層相信商譽可收回金額的主要假設，如有任key assumptions on which the recoverable amounts of goodwill are 何合理性的可能改變，都不會引致商譽賬面值大based would not cause the carrying amounts of goodwill to exceed 於其可收回金額。their recoverable amounts.200China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|18. Investment in a Joint Venture 18. 於一家合營企業的投資2016 2015HK$’000 HK$’000千港元 千港元Share of net assets 應佔資產淨值 – –Due from a joint venture 應收一家合營企業款項 – 10,299– 10,299Provision for impairment 減值撥備 – (5,220)– 5,079Particulars of the Group’s joint venture are as follows: 本集團之合營企業詳情如下：Nominal value ofissued and fully Percentage ofPlace of paid-up equity attributableregistration and registered capital Date of to the GroupName business as at 31 March 2016 deregistration as at 31 March Principal activities於2016年3月31日已發行及繳足 於3月31日本集團名稱 註冊及經營地點 註冊資本面值 註銷日期 應佔權益百分比 主要業務2016 2015% %China South Royal Restaurant (Shenzhen) Co., Ltd. PRC/Mainland China – 16 June 2015 – 50.5 Restaurant operations華南富豪酒樓(深圳) 有限公司 中國/中國大陸 – 16-06-2015 酒樓營運The joint venture was deregistered on 16 June 2015. The Group 此合營企業於2015年6月16日註銷。本集團因此recognised a loss from the disposal of the joint venture of 確認處置此合營企業的虧損金額4,959,000港元HK$4,959,000 (note 6). （附註6）。19. Investments in Associates 19. 於聯營公司的投資2016 2015HK$’000 HK$’000千港元 千港元Due to associates 應付聯營公司款項 (3,316) (3,514)Due from associates 應收聯營公司款項 63,626 38,39860,310 34,884The amounts due from/(to) associates included in investments in 計入上述於聯營公司的投資的應收（/ 應付）聯營associates above are unsecured, interest-free and are not expected 公司款項為無抵押、免息及預期不會在一年內償to be repaid in one year. 還。201Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|19. Investments in Associates (Continued) 19. 於聯營公司的投資（續）Particulars of the associates are as follows: 聯營公司詳情如下：Nominal value of Percentage of equityPlace of issued and fully paid- attributableregistration and up Date of to the GroupName business registered capital registration as at 31 March Principal activities於3月31日已發行及繳足 本集團應佔名稱 註冊及經營地點 註冊資本面值 註冊日期 權益百分比 主要業務2016 2015% %China South Intimex Technology (Shenzhen) PRC/Mainland China RMB10,000,000 18 January 2004 30 30 Website and software developmentCo., Ltd. 中國/中國大陸 人民幣10,000,000元 18-01-2004 網站及軟件開發華南泰美科技（深圳）有限公司Harbin Huayilong Fur Market Co., Ltd. PRC/Mainland China RMB21,000,000 17 January 2014 25 25 Property leasing哈爾濱華億龍皮草城有限公司 中國/中國大陸 人民幣21,000,000元 17-01-2014 物業租賃The associates have a financial year end of 31 December. The 聯營公司的財政年度乃截至12月31日止。綜合consolidated financial statements are adjusted for the material 財務報表就每年1月1日至3月31日期間聯營公司transactions between the associates and the group companies 與集團成員公司之間的重大交易作出調整。between 1 January and 31 March annually.The associates have been accounted for using the equity method in 聯營公司乃以權益法於此等財務報表入賬。these financial statements.The following table illustrates the aggregate financial information of 下表列示摘錄本集團聯營公司的財務資料概要：the Group’s associates:2016 2015HK$’000 HK$’000千港元 千港元Assets 資產 11,934 16,305Liabilities 負債 72,606 43,902Revenue 收入 4,178 35Loss 虧損 (34,515) (24,035)202China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|20. Available-for-sale Investments 20. 可供出售金融投資2016 2015HK$’000 HK$’000千港元 千港元Unlisted equity investments, at cost 按成本計算的非上市權益投資 175,512 175,500As at 31 March 2016, certain unlisted equity investments with a 由於賬面總值為175,512,000港元（2015年：total carrying amount of HK$175,512,000 (2015: HK$175,500,000) 175,500,000港元）的可供出售金融投資的合理were stated at cost less impairment because the range of reasonable 公平值估計範圍頗大，致使董事認為其公平值不fair value estimates is so significant that the directors are of the 能可靠地計量，故於2016年3月31日按成本減去opinion that their fair value cannot be measured reliably. The Group 減值計量。本集團並無意向於不久將來出售此等does not intend to dispose of them in the near future. 投資。21. Other Long-term Receivables 21. 其他長期應收款項2016 2015HK$’000 HK$’000千港元 千港元Finance lease receivables* 融資租賃應收款項* 1,758 8,860Other long-term receivables 其他長期應收款項 2,421 –4,179 8,860* The balance represents entrusted loans provided by the Group to * 結餘指本集團就其物業的融資租賃，透過上海浦lessees through Shanghai Pudong Development Bank in connection 東發展銀行向承租人提供的委託貸款。融資租with the finance lease of its properties. The finance lease receivables, 賃應收款項按年利率介乎6.336%至8.613%計which bear interest at rates ranging from 6.336% to 8.613% per 息，並須於6至10年內每月分期償還。融資租賃annum, are repayable by monthly instalments within 6 to 10 years. 應收款項的賬面值與其公平值相若。於2016年The carrying amounts of the finance lease receivables approximate to 3月31日，融資租賃應收款項的即期部分金額為their fair values. The amounts of the current portion of the finance 7,910,000港元（2015年：8,224,000港元）並已計lease receivables as at 31 March 2016 was HK$7,910,000 (2015: 入預付款項、按金及其他應收款項（附註25）。HK$8,224,000) which was included in prepayments, deposits and otherreceivables (note 25).203Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|22. Deposits Paid for Purchase of Land Use Rights 22. 購買土地使用權支付的按金The balance represents deposits paid for acquisitions of land use 該結餘指在中國大陸收購地塊的土地使用權所支rights for parcels of land in Mainland China. The carrying amounts 付的按金。購買土地使用權支付的按金的賬面值of the deposits paid for the purchase of land use rights approximate 與其公平值相若。to their fair values.23. Properties Held for Sale 23. 持作銷售物業2016 2015HK$’000 HK$’000千港元 千港元Completed properties held for sale 持作銷售竣工物業 12,283,168 9,967,608Properties under development expected to be 預期於正常營運週期內completed within normal operating cycle 竣工的發展中物業 12,895,878 13,002,36825,179,046 22,969,976Properties under development expected to be 發展中物業預期竣工及completed and ready for sale 可作銷售Within one year 一年內 8,055,546 6,535,438Beyond one year 一年後 4,840,332 6,466,930Total 總值 12,895,878 13,002,368Certain of the Group’s properties held for sale with an aggregate 於報告期末時，賬面值合共3,644,590,000港元carrying value of HK$3,644,590,000 (2015: HK$3,626,061,000) at （2015年：3,626,061,000港元）的本集團若干持the end of the reporting period were pledged to secure the bank 作銷售物業已抵押作為本集團獲授銀行貸款的擔loans granted to the Group (note 29). 保（附註29）。204China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|24. Trade Receivables 24. 應收貿易賬款2016 2015HK$’000 HK$’000千港元 千港元Trade receivables 應收貿易賬款 1,388,129 1,778,414Impairment 減值 (238,856) (141,788)1,149,273 1,636,626Trade receivables represent sales income, rentals receivable and 應收貿易賬款指於出具發票時應收或根據相關買service income receivables from customers which are payable on 賣協議條款應收客戶的銷售收入、應收租金及服issuance of invoices or in accordance with the terms of the related 務收入。本集團一般提供不超過60天信貸期予sale and purchase agreements. The Group generally allows a credit 客戶。高級管理層定期審閱逾期結餘。有鑑於此period of not exceeding 60 days to its customers. Overdue balances 及本集團的應收貿易賬款與大量不同客戶有關，are reviewed regularly by senior management. In view of this and 故並無重大集中信貸風險。應收貿易賬款為免the fact that the Group’s trade receivables relate to a large number 息。應收貿易賬款賬面值與其公平值相若。of diversified customers, there is no significant concentration ofcredit risk. Trade receivables are non-interest-bearing. The carryingamounts of the trade receivables approximate to their fair values.An aged analysis of the trade receivables based on the payment due 於報告期末時，根據付款到期日，應收貿易賬款date as at the end of the reporting period, net of provision, is as 扣除撥備後的賬齡分析如下：follows:2016 2015HK$’000 HK$’000千港元 千港元Within 1 month 1個月以內 550,292 952,3721 to 2 months 1至2個月 108,926 55,2692 to 3 months 2至3個月 39,340 32,239Over 3 months 逾3個月 450,715 596,7461,149,273 1,636,626205Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|24. Trade Receivables 24. 應收貿易賬款（續）(Continued)The movements in provision for impairment of trade receivables are as 應收貿易賬款的減值撥備變動如下：follows:2016 2015Note HK$’000 HK$’000附 註 千港元 千港元Carrying amount at beginning of year 年初的賬面值 141,788 158,268Provision for/(reversal of provision for) 應收貿易賬款減值撥備╱impairment of trade receivables （沖回撥備） 6 96,660 (16,400)Exchange realignment 匯兌調整 408 (80)Carrying amount at end of year 年終的賬面值 238,856 141,788The aged analysis of the trade receivables that are not individually 個別或合計均不被視為減值的應收貿易賬款的賬nor collectively considered to be impaired is as follows: 齡分析如下：2016 2015HK$’000 HK$’000千港元 千港元Neither past due nor impaired 未逾期及未減值 297,010 875,257Less than 1 month past due 逾期少於1個月 253,282 77,1151 to 3 months past due 逾期1至3個月 148,266 87,508Over 3 months past due 逾期3個月以上 450,715 596,7461,149,273 1,636,626Receivables that were neither past due nor impaired and past due 未逾期及未減值以及已逾期但未減值的應收款項but not impaired relate to a large number of diversified customers 與大量不同客戶有關，彼等最近並無欠款記錄。for whom there was no recent history of default. The Group would 在買家全數清償付款前，本集團不會向其發出房not release the property ownership certificates to the buyers before 產證。the buyers fully settle the payment.206China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|25. Prepayments, Deposits and Other Receivables 25. 預付款項、按金及其他應收款項2016 2015Note HK$’000 HK$’000附註 千港元 千港元Prepayments 預付款項 286,265 207,554Receivables for disposal of subsidiaries 出售附屬公司的應收款項 – 12,504Deposits and other receivables 按金及其他應收款項 487,085 425,503Current portion of finance lease receivables 融資租賃應收款項之即期部分 21 7,910 8,224781,260 653,785The financial assets included in the above balances relate to 於上述結餘入賬的金融資產最近並無欠款記錄。receivables for which there was no recent history of default.26. Held-for-Trading Investments at Fair Value 26. 透過損益以公平值列賬之持作買賣Through Profit or Loss 投資2016 2015HK$’000 HK$’000千港元 千港元Listed investment funds at market value 按市值計算的上市投資基金 27,365 32,890The above listed investment funds at 31 March 2016 and 2015 were 於2016年及2015年3月31日，上述上市投資基classified as held-for-trading upon initial recognition, and designated 金初步確認時分類為持作買賣，由於收購或產生by the Group as financial assets at fair value through profit or loss 主要為於短期內銷售或購回，故本集團將其指定since they were acquired or incurred principally for the purpose of 為透過損益以公平值列賬的金融資產。selling or repurchasing in the near term.207Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|27. Cash and Cash Equivalents and Restricted Cash 27. 現金及現金等價物及受限制現金2016 2015HK$’000 HK$’000千港元 千港元Cash and bank balances 現金及銀行結餘 11,686,695 8,672,722Less: Restricted cash* 減：受限制現金* (2,358,888) (1,419,253)Cash and cash equivalents 現金及現金等價物 9,327,807 7,253,469* Restricted cash mainly comprises: (i) guarantee deposits for the * 受限制現金主要包括：(i)就購買本集團物業之買mortgage loan facilities granted by the banks to purchasers of the 家獲銀行授予的按揭貸款融資的保證按金；(ii)建Group’s properties; (ii) guarantee funds of construction projects to 設項目的保證金，以符合當地機關的要求；(iii)meet local authorities’ requirements; (iii) certain amounts of pre- 物業預售的若干所得款項金額，以作為相關物業sale proceeds from properties placed as guarantee deposits for the 建設的保證按金；及(iv)租賃物業的若干出租所construction of related properties; and (iv) certain amounts of proceeds 得款項金額以作為借貸保證的保證按金。from lease of properties which have been placed as guarantee depositsfor the borrowings.At the end of the reporting period, the cash and cash 於報告期末，本集團以人民幣為單位的現金及equivalents of the Group denominated in Renminbi amounted to 現金等價物達7,709,882,000港元（2015年：HK$7,709,882,000 (2015: HK$5,488,597,000). RMB is not freely 5,488,597,000港元）。人民幣並不可自由兌換為convertible into other currencies, however, under Mainland China’s 其他貨幣，然而，根據中國大陸的外匯管制條例Foreign Exchange Control Regulations and Administration of 及結匯、付匯及售匯規定，本集團可以透過獲准Settlement, Sale and Payment of Foreign Exchange Regulations, the 進行外匯業務的銀行將人民幣兌換為其他貨幣。Group is permitted to exchange RMB for other currencies throughbanks authorised to conduct foreign exchange business.Cash at banks earns interest at floating rates based on daily bank 存於銀行之現金根據每日銀行存款利率之浮動利deposit rates. Short term time deposits are made for varying periods 率賺取利息。短期定期存款的存款期各異，由一of between one day and three months depending on the immediate 天至三個月不等，視乎本集團即時的現金需求而cash requirements of the Group, and earn interest at the respective 定，而利息則按各個短期定期存款利率賺取。銀short term time deposit rates. The bank balances and restricted cash 行結餘及受限制現金乃存放於信譽良好且近期並are deposited with creditworthy banks with no recent history of 無欠款記錄的銀行。default.Certain of the Group’s bank deposits with a carrying amounts of 於2016年3月31日，本集團賬面總值為HK$245,330,000 as at 31 March 2016 (2015: Nil), were pledged to 245,330,000港元（2015年：無）的若干存款已secure general banking facilities granted to the Group (note 29). 抵押作為本集團獲授一般銀行融資的擔保（附註29）。208China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|28. Trade and Other Payables 28. 貿易及其他應付款項2016 2015Notes HK$’000 HK$’000附 註 千港元 千港元Other payables and accruals 其他應付款項及應計項目 2,514,025 1,626,215Notes payable 應付票據 (i) 203,708 187,560Deposits and receipts in advance 按金及預收款項 4,184,827 3,913,942Construction fee and retention payables 應付建築費用及保留金 (ii) 6,367,164 7,806,94813,269,724 13,534,665(i) An aged analysis of the Group’s notes payable presented based (i) 於報告期末本集團基於發票日之應付票據on the invoice date at the end of the reporting period is as 的賬齡分析如下：follows:2016 2015HK$’000 HK$’000千港元 千港元1 to 3 months 1至3個月 72,625 187,560Over 3 months 超過3個月 131,083 –203,708 187,560(ii) An aged analysis of the construction fee and retention payables (ii) 於報告期末建築費用及保留金應付款項的as at the end of the reporting period is as follows: 賬齡分析如下：2016 2015HK$’000 HK$’000千港元 千港元Within 1 year 1年內 6,152,501 7,714,040Over 1 year 超過1年 214,663 92,9086,367,164 7,806,948The construction fee and retention payables are non-interest- 應付建築費用及保留金為免息及須於一般bearing and repayable within the normal operating cycle or on 業務週期或應要求償還。demand.The other payables are non-interest-bearing. 其他應付款項為免息。209Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|29. Interest-Bearing Bank and Other Borrowings 29. 計息銀行及其他借貸2016 2015Effective Effectiveinterest rate interest rate(%) (%)實際利率 Maturity HK$’000 實際利率 Maturity HK$’000(%) 到期 千港元 (%) 到期 千港元Current 即期Bank loans – unsecured 銀行貸款－無抵押 3.30%–6.00% 2016–2017 1,712,502 5.50%–6.94% 2015–2016 2,357,004Bank loans – secured 銀行貸款－有抵押 3.97%–5.34% 2016–2017 1,691,277 6.16%–6.60% 2015–2016 1,025,328Current portion of long term 長期銀行及其他借貸的bank and other borrowings: 即期部分：Bank loans – unsecured 銀行貸款－無抵押 5.15%–7.50% 2016–2017 654,767 6.15%–7.07% 2015–2016 1,280,871HIBOR+2.65% HIBOR+2.65%–HIBOR+2.75%Bank loans – secured 銀行貸款－有抵押 4.41%–7.48% 2016–2017 3,598,33 2 5.54%–8.00% 2015–2016 2,161,74 67,656,87 8 6,824,94 9Non-current 非即期Bank loans – unsecured 銀行貸款－無抵押 5.15%–5.46% 2017–2020 601,300 6.15%–7.07% 2016–2020 1,467,249HIBOR+2.65%–HIBOR+2.75%Bank loans – secured 銀行貸款－有抵押 4.41%–7.48% 2017–2022 8,364,56 3 5.54%–7.38% 2016–2021 7,173,14 98,965,86 3 8,640,39 816,622,741 15,465,347210China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|29. Interest-Bearing Bank and Other Borrowings 29. 計息銀行及其他借貸（續）(Continued)2016 2015HK$’000 HK$’000千港元 千港元Analysed into: 分析列為：Bank loans repayable: 須於以下期間償還的銀行貸款：Within one year or on demand 一年內或應要求 7,656,878 6,824,949In the second year 第二年 4,368,426 4,296,445In the third to fifth years, inclusive 第三至第五年（包括首尾兩年在內） 4,291,375 3,809,632Beyond five years 五年後 306,062 534,32116,622,741 15,465,347Bank loans with a total amount of HK$13,654,172,000 (2015: 總共13,654,172,000港元（2015年：10,360,223,000HK$10,360,223,000) are secured by: 港元）的銀行貸款由下列各項抵押：(i) Certain of the Group’s buildings with aggregate carrying values (i) 於2016年3月31日賬面總值約469,182,000of approximately HK$469,182,000 as at 31 March 2016 (2015: 港元的本集團若干樓宇（2015年：HK$23,546,000) (note 13); 23,546,000港元）（附註13）；(ii) Certain of the Group’s investment properties situated (ii) 於 2016 年 3 月 31 日 賬 面 總 值 約in Mainland China with aggregate carrying values of 21,237,246,000 港 元 的 本 集 團 位 於approximately HK$21,237,246,000 as at 31 March 2016 (2015: 中國大陸的若干投資物業（2015年：HK$20,652,214,000) (note 14); 20,652,214,000港元）（附註14）；(iii) Certain of the Group’s properties under development (iii) 於2016年3月31日賬面總值約779,665,000situated in Mainland China with aggregate carrying values of 港元的本集團位於中國大陸的若干發展中approximately HK$779,665,000 as at 31 March 2016 (2015: 物業（2015年：190,683,000港元）（附註HK$190,683,000) (note 15); 15）；(iv) Certain of the Group’s properties held for sale with aggregate (iv) 於 2016 年 3 月 31 日 賬 面 總 值 約carrying values of approximately HK$3,644,590,000 as at 31 3,644,590,000港元的本集團若干持作銷售March 2016 (2015: HK$3,626,061,000) (note 23); and 物業（2015年：3,626,061,000港元）（附註23）；及(v) Certain of Group’s bank deposits with carrying amounts of (v) 於2016年3月31日賬面總值達245,330,000HK$245,330,000 as at 31 March 2016 (2015: Nil) (note 27). 港元的本集團若干銀行存款（2015年：無）（附註27）。211Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|29. Interest-Bearing Bank and Other Borrowings 29. 計息銀行及其他借貸（續）(Continued)Except for the bank loan equivalent to HK$300,000,000 (2015: 除按由香港銀行同業拆息加2.65%（2015年：香HK$850,000,000), which is denominated in Hong Kong dollars and 港銀行同業拆息加2.65%至香港銀行同業拆息bears interest at a floating rate of the Hong Kong Inter-bank Offered 加2.75%）之浮動利率計息的300,000,000港元Rate HIBOR +2.65% (2015: HIBOR +2.65% to HIBOR +2.75%), the （2015年：850,000,000港元）銀行貸款以港元為other interest-bearing borrowings of the Group are denominated in 單位外，本集團所有其他計息借貸均以人民幣為RMB and bear interest at floating rates ranging from 3.30% to 7.50% 單位，並按每年3.30%至7.50%的浮動利率計息per annum (2015: 5.50% to 8.00% per annum). （2015年：每年5.50%至8.00%的浮動利率）。The carrying amounts of the Group’s bank and other borrowings 本集團計息銀行及其他借貸的賬面值與其公平值approximate to their fair values, which have been calculated by 相若，乃按預期日後現金流量以當時利率貼現計discounting the expected future cash flows at the prevailing interest 算。rates.30. Short-Term Notes 30. 短期融資券The Group has the following short-term notes remain in issue at the 本集團於報告期末尚有以下之短期融資券在發end of the reporting period: 行：(i) On 17 October 2014, China South International completed (i) 華南國際於2014年10月17日完成在中國銀the issuance of the first tranche of short-term notes of 2014 行間市場發行2014年第一期短期融資券，(the “2014 First tranche STN”) with a total principal amount of 本金總額為人民幣2,200,000,000元（相等RMB2,200,000,000 (equivalent to HK$2,750,880,000) in the 於為2,750,880,000港元）。2014年第一期national inter-bank market of the PRC. The 2014 First tranche 短期融資券年利率為5.4%，每年於10月17STN carried interest at the rate of 5.4% per annum, payable 日後支付，並將於2015年10月17日到期。on 17 October in arrears, and will mature on 17 October 2015. 其金額已於2015年10月全數支付。The amount has been fully settled in October 2015.(ii) On 9 September 2015, China South International completed (ii) 華南國際於2015年9月9日完成在中國銀行the issuance of the first tranche of short-term notes of 2015 間市場發行2015年第一期短期融資券，本(the “2015 First tranche STN”) with a total principal amount of 金總額為人民幣2,100,000,000元（相等於RMB2,100,000,000 (equivalent to HK$2,559,480,000) in the 為2,559,480,000港元）。2015年第一期短national inter-bank market of the PRC. The 2015 First tranche 期融資券年利率為4.3%，每年於9月9日後STN carry interest at the rate of 4.3% per annum, payable on 9 支付，並將於2016年9月9日到期。September in arrears, and will mature on 9 September 2016.The fair value of the short-term notes at 31 March 2016 amounted 於2016年3月31日，短期融資券的公平值達to HK$2,588,000,000 (2015: HK$2,817,041,000). The fair value 2,588,000,000港元（2015年：2,817,041,000港is calculated using the market price of the short-term notes on 31 元）。公平值乃使用短期融資券於2016年3月31March 2016. 日的市場價格計算。212China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|31. Senior Notes 31. 優先票據The Group has the following senior notes remain in issue at the end 本集團於報告期末尚有以下優先票據在發行：of the reporting period:(i) On 17 October 2012, the Company issued senior notes with (i) 於2012年10月17日，本公司發行本金總an aggregate principal amount of US$125,000,000 (the “2012 額125,000,000美元的優先票據（「2012年Notes”). The 2012 Notes are listed on the Singapore Exchange 票據」）。2012年票據於新加坡證券交易Securities Trading Limited. The 2012 Notes carry interest at 所有限公司上市。2012年票據按年利率13.5% per annum, payable semi-annually on 17 April and 17 13.5%計息，每半年於4月17日及10月17October in arrears, and will mature on 17 October 2017, unless 日期後支付，並將於2017年10月17日到期redeemed earlier. The offering price was at 97.381% of the （除非提早贖回）。發售價為2012年票據的2012 Notes. 97.381%。At any time on or after 17 October 2015, the Company may 於2015年10月17日或之後任何時候，本redeem the 2012 Notes, in whole or in part, at a redemption 公司可按相等於下述本金額百分比的贖回price equal to the percentage of the principal amount set 價，另加截至贖回日期（但不包括該日）的forth below plus accrued and unpaid interest as of (but not 累計及未付利息，贖回全部或部分2012年including) the redemption date if redeemed during the twelve 票據（倘於下文所示各年度10月17日開始month period beginning on 17 October of each of the years 的12個月期間內贖回）：indicated below:Period Redemption price 期間 贖回價2015 106.750% 2015年 106.750%2016 and thereafter 103.375% 2016年及之後 103.375%At any time prior to 17 October 2015, the Company may at 於2015年10月17日前任何時間，本公司its option redeem the 2012 Notes, in whole but not in part, at 可按相等於2012票據本金額100%的贖回a redemption price equal to 100% of the principal amount of 價，另加截至贖回日期（但不包括該日）the 2012 Notes plus the applicable premium and accrued and 2012票據的適用溢價以及累計及未付利息unpaid interest, if any, as of (but not including) the redemption （如有），贖回全部但非部分2012票據。date.At any time prior to 17 October 2015, the Company may 於2015年10月17日前任何時間，本公司redeem up to 35% of the aggregate principal amount of 可以在股份發售中進行一次或多次銷售本the 2012 Notes with net cash proceeds of one or more sales 公司普通股所得的現金款項淨額，按2012of common stock of the Company in an equity offering at a 票據本金額113.5%的贖回價，另加截至redemption price of 113.5% of the principal amount of the 贖回日期（但不包括該日）的累計及未付利2012 Notes, plus accrued and unpaid interest, if any, to (but 息（如有），贖回最多2012票據本金總額的not including) the redemption date, provided that at least 65% 35%，惟每次贖回後2012票據原發行本金of the aggregate principal amount of the 2012 Notes originally 總額最少65%須仍未贖回，且任何有關贖issued remains outstanding after each such redemption and 回須於相關本公司股本銷售結束後60日內any such redemption takes place within 60 days after the 進行及受限於若干條件。closing of the related sale of the Company’s capital stock and issubject to certain conditions.213Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|31. Senior Notes 31. 優先票據（續）(Continued)(ii) On 29 January 2014, the Company issued senior notes with an (ii) 於2014年1月29日，本公司發行本金總額aggregate principal amount of US$400,000,000 (the “2014 400,000,000美元的優先票據（「2014年票Notes”). The 2014 Notes are listed on the Singapore Exchange 據」）。2014年票據於新加坡證券交易所有Securities Trading Limited. The 2014 Notes carry interest at 限公司上市。2014年票據按年利率8.25%the rate of 8.25% per annum, payable semi-annually on 29 計息，每半年於1月29日及7月29日期後支January and 29 July in arrears, and will mature on 29 January 付，並將於2019年1月29日到期（除非提2019, unless redeemed earlier. The offering price was at 早贖回）。發售價為2014年票據本金額的98.999% of the principal amount of the 2014 Notes. 98.999%。At any time and from time to time on or after 29 January 2017, 於2017年1月29日或之後任何時候，本公the Company may redeem the 2014 Notes, in whole or in part, 司可按相等於下述本金額百分比的贖回at a redemption price equal to the percentage of the principal 價，另加截至贖回日期（但不包括該日）的amount set forth below plus accrued and unpaid interest as of 累計及未付利息，贖回全部或部分2014年(but not including) the redemption date if redeemed during the 票據（倘於下文所示各年度1月29日開始的twelve month period beginning on 29 January of each of the 12個月期間內贖回）：years indicated below:Period Redemption price 期間 贖回價2017 104.1250% 2017年 104.1250%2018 and thereafter 102.0625% 2018年及之後 102.0625%At any time prior to 29 January 2017, the Company may at its 於2017年1月29日前任何時間，本公司可option redeem the 2014 Notes, in whole but not in part, at a 按相等於2014年票據本金額100%的贖回redemption price equal to 100% of the principal amount of 價，另加截至贖回日期（但不包括該日）the 2014 Notes plus the applicable premium and accrued and 2014年票據的適用溢價以及累計及未付利unpaid interest, if any, as of (but not including) the redemption 息（如有），贖回全部但非部分2014年票date. 據。At any time and from time to time prior to 29 January 2017, 於2017年1月29日前任何時間，本公司可the Company may redeem up to 35% of the aggregate 以在股份發售中進行一次或多次銷售本公principal amount of the 2014 Notes with the net cash proceeds 司普通股所得的現金款項淨額，按2014年of one or more sales of common stock of the Company in 票據本金額108.25%的贖回價，另加截至an equity offering at a redemption price of 108.25% of the 贖回日期（但不包括該日）的累計及未付利principal amount of the 2014 Notes, plus accrued and unpaid 息（如有），贖回最多2014年票據本金總額interest, if any, to (but not including) the redemption date, 的35%，惟每次贖回後2014年票據原發行provided that at least 65% of the aggregate principal amount 本金總額最少65%須仍未贖回，且任何有of the 2014 Notes originally issued remains outstanding after 關贖回須於相關本公司股本銷售結束後60each such redemption and any such redemption takes place 日內進行及受限於若干條件。within 60 days after the closing of the related sale of theCompany’s capital stock and is subject to certain conditions.214China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|31. Senior Notes 31. 優先票據（續）(Continued)At the end of the reporting period, the 2012 Notes and 2014 於報告期末，2012年票據及2014年票據（「優先Notes (the “Senior Notes”) contain liability components and early 票據」）含有下列負債部分及上述提早贖回權：redemption options as follow:(i) The liability component represents the present value of (i) 負債部分指合約所釐定未來現金流量按具the contractually determined stream of future cash flows 有可資比較信貸評級並按相同條款提供大discounted at the prevailing market interest rate at that time 致相同現金流量但無嵌入衍生工具的工具applicable to instruments with comparable credit status that 當時適用的現行市場利率折現的現值。provided substantially the same cash flows, on the same terms,but without the embedded derivatives.The interest charged for the period is calculated by applying 期內收取的利息乃按2012年票據及2014年effective interest rates of approximately 14.62% and 8.90% 票據發行以來的負債部份分別使用實際年per annum to the liability component of the 2012 Notes and 利率約14.62%及8.90%計算。2014 Notes, respectively, since they were issued.(ii) Early redemption options are regarded as embedded derivatives (ii) 提早贖回權被視為並非與主合約有密切關not closely related to the host contract. The directors consider 係的嵌入衍生工具。董事認為於初始確認that the fair value of the above early redemption options is 及在2016年3月31日，上述提早贖回權的insignificant on initial recognition and at 31 March 2016. 公平值不大。The Senior Notes recognised in the statement of financial position 已於財務狀況表確認的優先票據計算如下：were calculated as follows:2016 2015HK$’000 HK$’000千港元 千港元Carrying amount at the beginning of year 於年初的賬面值 4,082,811 4,056,838Payment of interest 支付利息 (389,024) (389,024)Interest expenses 利息開支 419,576 414,997Carrying amount at the end of year 於年終的賬面值 4,113,363 4,082,811The fair value of the Senior Notes at 31 March 2016 amounted to 於2016年3月31日，優先票據的公平值達HK$4,155,497,000 (2015: HK$4,028,737,000). The fair value is 4,155,497,000港元（2015年：4,028,737,000港calculated using the market price of the Senior Notes on 31 March 元）。公平值乃使用優先票據於2016年3月31日2016. 的市場價格計算。On 15 April 2016, the Company redeemed the outstanding 於2016年4月15日，本公司贖回未償還的20122012 Notes. Further details are given in note 48 to the financial 年票據。進一步資料載於財務報表附註48。statements.215Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|32. Medium-Term Notes 32. 中期票據The Group has the following medium-term notes remain in issue at 本集團於報告期末尚有以下中期票據在發行：the end of the reporting period:(i) On 9 May 2014, China South International completed the (i) 華南國際於2014年5月9日完成在中國銀行issuance of the first tranche of medium-term notes of 2014 間市場發行2014年第一期中期票據，本金(the “2014 First tranche MTN”) with a total principal amount 總額為人民幣1,000,000,000元。2014年第of RMB1,000,000,000 in the national inter-bank market of the 一期票據年利率為7.5%，每年於5月9日後PRC. The 2014 First tranche MTN carry interest at the rate of 支付，並將於2019年5月9日到期。7.5% per annum, payable annually on 9 May in arrears, andwill mature on 9 May 2019.(ii) On 12 September 2014, China South International completed (ii) 華南國際於2014年9月12日完成在中國銀the issuance of the second tranche of medium-term notes 行間市場發行2014年第二期中期票據，本of 2014 (the “2014 Second tranche MTN”) with a total 金總額為人民幣1,000,000,000元。2014年principal amount of RMB1,000,000,000 in the national inter- 第二期票據年利率為8.4%，每年於9月12bank market of the PRC. The 2014 Second tranche MTN carry 日後支付，並將於2019年9月12日到期。interest at the rate of 8.4% per annum, payable annually on 12September in arrears, and will mature on 12 September 2019.(iii) On 13 July 2015, China South International completed the (iii) 華南國際於2015年7月13日完成在中國銀issuance of the first tranche of medium-term notes of 2015 行間市場發行2015年第一期中期票據，本(the “2015 First tranche MTN”) with a total principal amount 金總額為人民幣2,000,000,000元。2015年of RMB2,000,000,000 in the national inter-bank market of the 第一期中期票據年利率為7.0%，每年於7PRC. The 2015 First tranche MTN carry interest at the rate of 月13日後支付，並將於2018年7月13日到7.0% per annum, payable annually on 13 July in arrears, and 期。will mature on 13 July 2018.The medium-term notes recognised in the statement of financial 已於財務狀況表確認的中期票據計算如下：position were calculated as follows:2016 2015HK$’000 HK$’000千港元 千港元Carrying amount at the beginning of year 於年初的賬面值 2,704,226 –Additions 新增 2,415,662 2,483,550Interest expenses 利息開支 327,161 143,505Payment of interests 支付利息 (196,953) –Exchange realignment 匯兌調整 (223,400) 77,171Carrying amount at the end of year 於年終的賬面值 5,026,696 2,704,226The fair value of the medium-term notes at 31 March 2016 於2016年3月31日，中期票據的公平值為amounted to HK$5,273,563,000 (2015: HK$2,721,145,000). The 5,273,563,000港元（2015年：2,721,145,000港fair value is calculated using the market price of the medium-term 元）。公平值乃使用中期票據於2016年3月31日notes on 31 March 2016. 的市場價格計算。216China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|33. Corporate Bonds 33. 企業債券On 13 April 2015, China South International completed the 華南國際於2015年4月13日完成於中國上海證券issuance of the corporate bonds with a total principal amount of 交易所發行本金總額為人民幣1,500,000,000元RMB1,500,000,000 on the Shanghai Stock Exchange of the PRC. 的企業債券。企業債券年利率為7.0%，每年於4The corporate bonds carry interest at the rate of 7.0% per annum, 月13日後支付，並將於2021年4月13日到期。payable annually on 13 April in arrears, and will mature on 13 April2021.The corporate bonds recognised in the statement of financial 已於財務狀況表確認的企業債券計算如下：position was calculated as follows:2016HK$’000千港元Carrying amount at the beginning of year 於年初的賬面值 –Additions 新增 1,787,980Interest expenses 利息開支 128,832Exchange realignment 匯兌調整 (25,593)Carrying amount at the end of year 於年終的賬面值 1,891,219The fair value of the corporate bonds as at 31 March 2016 於2016年3月31日，企業債券的公平值達amounted to HK$1,867,037,000. The fair value is calculated using 1,867,037,000港元。公平值乃使用企業債券於the market price of the corporate bonds on 31 March 2016. 2016年3月31日的市場價格計算。34. Domestic Company Bonds 34. 境內公司債券On 14 January 2016, China South International completed the 華南國際於2016年1月14日完成於深圳證券交易issuance of the domestic company bonds with a total principal 所發行本金總額為人民幣3,000,000,000元的境amount of RMB3,000,000,000 on the Shenzhen Stock Exchange of 內公司債券。該境內公司債券年利率為5.98%，the PRC. The domestic company bonds carry interest at the rate of 每年於1月13日後支付，並將於2019年1月13日5.98% per annum, payable annually on 13 January in arrears, and 到期。will mature on 13 January 2019.217Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|34. Domestic Company Bonds 34. 境內公司債券（續）(Continued)The domestic company bonds recognised in the statement of 已於財務狀況表確認的境內公司債券計算如下：financial position was calculated as follows:2016HK$’000千港元Carrying amount at the beginning of year 於年初的賬面值 –Additions 新增 3,582,545Interest expenses 利息開支 47,210Exchange realignment 匯兌調整 (669)Carrying amount at the end of year 於年終的賬面值 3,629,086The fair value of the domestic company bonds as at 31 March 2016 於2016年3月31日境內公司債券的公平值為amounted to HK$3,662,374,000. The fair value of the domestic 3,662,374,000港元。境內公司債券的公平值乃company bonds is estimated by discounting the expected future 透過使用類近債券的相約市場利率（考量過本集cash flows using an equivalent market interest rate for a similar bond 團之信貸及流動資金風險），折讓預期未來現金with consideration of the Group’s own credit and liquidity risk. 流量而計算。35. Deferred Tax 35. 遞延稅項The movements in deferred tax liabilities and assets during the year 年內遞延稅項負債及資產之變動如下：are as follows:Deferred tax liabilities 遞延稅項負債Revaluationof property,Accelerated Revaluation plant and Capitalisedtax of investment Withholding equipment interestdepreciation properties tax 物業、廠房及 expense Total加速稅項折舊 投資物業重估 預扣稅 設備重估 資本化利息 總計Note HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000附註 千港元 千港元 千港元 千港元 千港元 千港元At 1 April 2015 於2015年4月1日 268,531 3,747,265 332,949 95,523 14,828 4,459,096Deferred tax charged to 年內於損益表內扣除的the statement of profit or 遞延稅項loss during the year 10 81,266 808,175 44,750 – 185,503 1,119,694Deferred tax transferred out 由一家國內附屬公司繳付的in respect of withholding 代扣所得稅所轉出的tax paid by a PRC subsidiary 遞延稅項 – – (21,681) – – (21,681)Exchange realignment 匯兌調整 (11,41 9) (154,71 1) (14,66 3) (3,65 2) (3,19 8) (187,64 3)At 31 March 2016 於2016年3月31日 338,378 4,400,729 341,355 91,871 197,133 5,369,466218China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|35. Deferred Tax 35. 遞延稅項（續）(Continued)Deferred tax assets 遞延稅項資產Loss available Tax effect offor offsetting Provision for governmentagainst future impairment grants relatingTax effect taxable profits of trade to assetsof LAT 可供抵銷未來 receivables 有關資產之土地增值稅的 應課稅利潤的 應收賬款 政府補助的 Total稅務影響 虧損 減值撥備 稅務影響 總計Note HK$’000 HK$’000 HK$’000 HK$’000 HK$’000附註 千港元 千港元 千港元 千港元 千港元At 1 April 2015 於2015年4月1日 1,015,870 152,803 39,136 267,514 1,475,323Deferred tax credited/(charged) to the statement of 年內於損益表內計入╱（扣除）的profit or loss during the year 遞延稅項 10 (5,966) 211,838 24,039 506,941 736,852Exchange realignment 匯兌調整 (38,75 0) (8,84 6) (1,81 7) (17,41 5) (66,82 8)At 31 March 2016 於2016年3月31日 971,154 355,795 61,358 757,040 2,145,347Deferred tax liabilities 遞延稅項負債Revaluationof property,Accelerated Revaluation plant and Capitalisedtax of investment Withholding equipment interestdepreciation properties tax 物業、廠房及 expense Total加速稅項折舊 投資物業重估 預扣稅 設備重估 資本化利息 總計Note HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000附註 千港元 千港元 千港元 千港元 千港元 千港元At 1 April 2014 於2014年4月1日 190,424 3,136,712 473,979 95,294 – 3,896,409Deferred tax charged/(credited) 年內於損益表內扣除╱to the statement of profit or （計入）的遞延稅項loss during the year 10 77,214 599,633 (142,219) – 14,745 549,373Exchange realignment 匯兌調整 893 10,920 1,189 229 83 13,314At 31 March 2015 於2015年3月31日 268,531 3,747,265 332,949 95,523 14,828 4,459,096219Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|35. Deferred Tax 35. 遞延稅項（續）(Continued)Deferred tax assets 遞延稅項資產Loss available Tax effect offor offsetting Provision for governmentagainst future impairment grants relatingTax effect taxable profits of trade to assetsof LAT 可供抵銷未來 receivables 有關資產之土地增值稅的 應課稅利潤的 應收賬款 政府補助的 Total稅務影響 虧損 減值撥備 稅務影響 總計Note HK$’000 HK$’000 HK$’000 HK$’000 HK$’000附註 千港元 千港元 千港元 千港元 千港元At 1 April 2014 於2014年4月1日 709,048 52,603 44,545 226,607 1,032,803Deferred tax credited/(charged) to the statement of 年內於損益表內計入╱（扣除）的profit or loss during the year 遞延稅項 10 303,416 99,513 (5,485) 40,137 437,581Exchange realignment 匯兌調整 3,406 687 76 770 4,939At 31 March 2015 於2015年3月31日 1,015,870 152,803 39,136 267,514 1,475,323The Group has tax losses arising in Hong Kong of HK$258,183,000 本集團於香港產生的稅項虧損為258,183,000港(2015: HK$177,216,000) that are available indefinitely for offsetting 元（2015年：177,216,000港元），可無限期結against future taxable profits of the companies in which the losses 轉，以抵銷產生虧損的公司未來應課稅溢利。arose.The Group also has tax losses in Mainland China of HK$394,359,000 本集團亦於中國大陸產生稅項虧損為(2015: HK$275,659,000) that will expire in one to five years for 394,359,000港元（2015年：275,659,000港offsetting against future taxable profits. 元），將於一至五年內屆滿，可用以抵銷未來應課稅溢利。Deferred tax assets have not been recognised in respect of these 由於該等虧損由已出現虧損一段時期的附屬公司losses as they have arisen in subsidiaries that have been loss-making 產生，且被認為並不可能有充足的應課稅溢利以for some time and it is not considered probable that taxable profits 對銷該等可動用的稅項虧損，故並無就該等虧損will be available against which the tax losses can be utilised. 確認遞延稅項資產。Pursuant to the PRC Corporate Income Tax Law, a 10% withholding 根據中國企業所得稅法，凡於中國內地成立的tax is levied on dividends declared to foreign investors from the 外商投資企業向海外投資者宣派的股息須繳納foreign investment enterprises established in Mainland China. The 10%預扣所得稅。該規定自2008年1月1日起生requirement is effective from 1 January 2008 and applies to earnings 效，並適用於2007年12月31日後之盈利。倘中after 31 December 2007. A lower withholding tax rate may be 國與海外投資者所處司法權區訂有稅務條約，則applied if there is a tax treaty between Mainland China and the 可採用較低預扣所得稅率。本集團的適用稅率jurisdiction of the foreign investors. For the Group, the applicable 為5%。因此，本集團須就於中國內地成立的附rate is 5%. The Group is therefore liable for withholding taxes on 屬公司分派2008年1月1日後所賺取盈利的股息dividends distributed by subsidiaries established in Mainland China 而繳納預扣所得稅。於本年度，本集團就其於in respect of earnings generated from 1 January 2008. In the current 中國內地成立的附屬公司作出之預扣所得稅為year, the Group accrued withholding tax of HK$44,750,000 (2015: 44,750,000港元（2015年：回撥142,219,000港reversal of HK$142,219,000) for those subsidiaries established in 元）。Mainland China.220China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|36. Share Capital 36. 股本Shares 股份2016 2015HK$’000 HK$’000千港元 千港元Issued and fully paid: 已發行及繳足：7,999,321,999 (31 March 2015: 8,000,671,999) 7,999,321,999股ordinary shares （2015年3月31日：8,000,671,999股）普通股 7,043,784 7,034,761A summary of the movements in the Company’s share capital is as 本公司的股本變動摘要如下：follows:Number ofshares in issue Share capital已發行股份數目 股本Notes HK$’000附註 千港元At 1 April 2014 於2014年4月1日 6,907,114,000 4,684,476Exercise of share options 行使購股權 (a) 268,320,000 453,089Shares repurchased 股份回購 (44,562,000) –Conversion of convertible notes 轉換可換股票據 624,999,999 1,045,292Exercise of Tencent call options 行使騰訊購股權 244,800,000 851,904At 31 March 2015 於2015年3月31日 8,000,671,999 7,034,761At 1 April 2015 於2015年4月1日 8,000,671,999 7,034,761Exercise of share options 行使購股權 (a) 4,650,000 9,023Shares repurchased 股份回購 (b) (6,000,000) –At 31 March 2016 於2016年3月31日 7,999,321,999 7,043,784Notes: 附註：(a) The subscription rights attaching to 4,650,000 (2015: 268,320,000) (a) 附於4,650,000（2015年：268,320,000）份購股權share options were exercised at the average subscription price of 之認購權益於年內以每股平均行使價約1.6900approximately HK$1.6900 (2015: HK$1.4541) per share (note 38), 港元（2015年：1.4541港元）（附註38）被行使，resulting in issue of 4,650,000 shares of a total cash consideration, 導致本公司發行4,650,000股（扣除發行開支前價before expenses, of HK$7,859,000. An amount of approximately 值7,859,000港元）的股本。當購股權行使，約HK$1,164,000 (2015: HK$62,917,000) was transferred from the share 1,164,000港元（2015年：62,917,000港元）由購option reserve to share capital upon the exercise of the share options. 股權儲備轉撥到發行股本。(b) The Company repurchased a total of 6,000,000 shares at prices ranging (b) 於本年度內，本公司以每股1.80港元至2.00港元from HK$1.80 to HK$2.00 per share on The Stock Exchange of Hong 的價格於香港聯交所購回本公司6,000,000股股Kong Limited during the year. The amount of HK$11,602,000 in 份。與股份回購有關的金額共11,602,000港元從connection with the share repurchase was paid from the distributable 本公司的可分配利潤中支付。全數6,000,000股profits of the Company. All 6,000,000 shares repurchased were 購回股份已於2015年10月9日被註銷。cancelled on 9 October 2015.221Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|36. Share Capital 36. 股本（續）(Continued)Share options 購股權Details of the Company’s share option scheme and the share options 關於本公司的購股權計劃及於計劃下已發行的購issued under the scheme are included in note 38 to the financial 股權已詳載於財務報表的附註38。statements.37. Notes to the consolidated statement of cash flows 37. 綜合現金流量表附註Major non-cash transactions 主要非現金交易During the year, the Group further subscribed for 288,000,000 於本年內，本集團以現金人民幣52,221,000shares of HOBA Furnishing, which was satisfied by cash of 元（相等於63,647,000港元）及公平值人民幣RMB52,221,000 (equivalent to HK$63,647,000) and investment 365,547,000元（相等於445,529,000港元）的投properties with fair value aggregated to RMB365,547,000 (equivalent 資性物業認購288,000,000股好百年家居的股to HK$445,529,000). Further details are given in note 1(v) to the 份。進一步詳情載於財務報表附註1(v)。financial statements.38. Share Options 38. 購股權The Company has adopted a share option scheme on 4 September 本公司已於2009年9月4日採納購股權計劃（「購2009 (the “Share Option Scheme”) to provide incentives and reward 股權計劃」），向對本公司或其附屬公司作出貢to selected eligible persons which includes directors, employees, 獻或潛在貢獻的經甄選合資格人士（包括本集團officers, agents, consultants or representatives of the Group for 董事、僱員、高級職員、代理、顧問或代表）提their contribution or potential contribution to the Company or its 供獎勵及回報，購股權計劃自2009年9月30日起subsidiaries. The Share Option Scheme became effective on 30 生效，並由當日起持續十年（除非取消或作出修September 2009 and, unless otherwise cancelled or amended, will 訂）。購股權計劃的進一步詳情載於公司年報中remain in force for 10 years from that date. Further details of the 的「董事會報告」。Share Option Scheme are set out in the “Report of the Directors” inthe Company’s annual report.On 11 April 2011, a total of 226,900,000 share options under the 於 2011 年 4 月 11 日 ， 本 集 團 授 出 合 共Share Option Scheme were granted. These share options have an 226,900,000份購股權。該等購股權的行使價exercise price of HK$1.29 per share and an exercise period ranging 為每股1.29港元，行使期為2011年4月11日至from 11 April 2011 to 10 April 2016. Of the total 226,900,000 share 2016年4月10日。於合共226,900,000份購股權options, 15,000,000 share options were granted to an executive 中，15,000,000份購股權已授予本公司一名執行director of the Company, and 211,900,000 share options were 董事，另211,900,000份購股權則授予本集團若granted to certain employees of the Group. 干僱員。The fair value of the 226,900,000 share options granted was 所授出的226,900,000份購股權之公平值為HK$58,175,000 of which no share option expense was recognised 58,175,000港元，本集團於本年度內並無確認購during the current year (2015: HK$24,000). 股權開支（2015年：24,000港元）。On 27 June 2012, a total of 116,870,000 share options under the 於 2012 年 6 月 27 日 ， 本 集 團 授 出 合 共Share Option Scheme were granted. These share options have an 116,870,000份購股權。該等購股權的行使權exercise price of HK$1.15 per share and an exercise period ranging 為每股1.15港元，行使期為2012年6月27日至from 27 June 2012 to 26 June 2017. Of the total 116,870,000 share 2017年6月26日。於合共116,870,000份購股權options, 69,870,000 share options were granted to certain executive 中，69,870,000份購股權已授予本公司執行董directors, and 47,000,000 share options were granted to certain 事，另47,000,000份購股權則授予本集團若干僱employees of the Group. 員。222China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|38. Share Options 38. 購股權（續）(Continued)The fair value of the 116,870,000 share options granted was 所授出116,870,000份購股權的公平值為HK$25,140,000, of which no share option expense was recognised 25,140,000港元，本集團於本年度內並無確認購during the current year (2015: HK$76,000). 股權開支（2015年：76,000港元）。On 27 June 2013, a total of 186,300,000 share options under the 於2013年6月27日，根據購股權計劃授出合共Share Option Scheme were granted. These share options have an 186,300,000份購股權。該等購股權的行使價exercise price of HK$1.69 per share and an exercise period ranging 為每股1.69港元，行使期為2013年6月27日至from 27 June 2013 to 26 June 2018. Of the total 186,300,000 share 2018年6月26日。於合共186,300,000份購股權options, 70,800,000 share options were granted to certain executive 中，70,800,000份購股權已授予本公司執行董directors of the Company, and 115,500,000 share options were 事，另115,500,000份購股權則授予本集團若干granted to certain employees of the Group. 僱員。The fair value of the 186,300,000 share options granted was 於本年度，所授出的186,300,000份購股權之公HK$44,470,000, of which the Group recognised a share 平值為44,470,000港元，其中本集團確認購股權option expense of HK$202,000 during the current year (2015: 開支202,000港元（2015年：5,907,000港元）。HK$5,907,000).On 17 February 2014, a total of 48,000,000 share options under 於2014年2月17日，根據購股權計劃授出合共the Share Option Scheme were granted. These share options have 48,000,000份購股權。該等購股權的行使價為每an exercise price of HK$4.14 per share and an exercise period 股4.14港元，行使期為2014年2月17日至2019ranging from 17 February 2014 to 16 February 2019. Of the total 年2月16日。於合共48,000,000份購股權中，48,000,000 share options, 8,000,000 share options were granted to 8,000,000份購股權已授予本公司獨立非執行董certain independent non-executive directors of the Company, and 事，另40,000,000份購股權則授予本集團若干僱40,000,000 share options were granted to certain employees of the 員。Group.The fair value of the 48,000,000 share options granted was 所授出的48,000,000份購股權的公平值為HK$36,470,000, of which the Group recognised a share 36,470,000港元，其中本集團已於本年度內確認option expense of HK$749,000 during the current year (2015: 購股權開支749,000港元（2015年：13,657,000HK$13,657,000). 港元）。On 30 June 2014, a total of 103,300,000 share options under the 於2014年6月30日，根據購股權計劃向本公司若Share Option Scheme were granted to certain directors, senior 干本公司之董事、高級管理層及本公司及其附屬management and certain other employees of the Company and its 公司若干僱員就彼等向本集團所提供的服務授出subsidiaries in respect of their services to the Group. These share 合共103,300,000份購股權。該等購股權的行使options have an exercise price of HK$4.07 per share and an exercise 價為每股4.07港元，行使期為2014年6月30日至period ranging from 30 June 2014 to 29 June 2019. 2019年6月29日。The fair value of the 103,300,000 share options granted was 所授出的103,300,000份購股權之公平值為HK$83,552,000, of which the Group recognised a share option 83,552,000港元，其中本集團已於本年度內確expense of HK$10,689,000 during the current year (2015: 認購股權開支合共10,689,000港元（2015年：HK$71,078,000). 71,078,000港元）。On 13 January 2016, a total of 79,990,000 share options under the 於2016年1月13日，根據購股權計劃向本公司一Share Option Scheme were granted to a director of the Company 名董事就彼等向本集團所提供的服務授出合共in respect of his services to the Group. These share options have an 79,990,000份購股權。該等購股權的行使價為每exercise price of HK$1.528 per share and an exercise period ranging 股1.528港元，行使期為2016年1月13日至2022from 13 January 2016 to 12 January 2022. 年1月12日。223Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|38. Share Options 38. 購股權（續）(Continued)The fair value of the 79,990,000 share options granted was 所授出79,990,000份購股權之公平值為HK$29,802,000, of which the Group recognised a share option 29,802,000港元，其中本集團已於本年度內確認expense of HK$17,701,000 during the current year. 購股權開支合共17,701,000港元。The fair value of the share options granted on 13 January 2016 was 於2016年1月13日授出的購股權的公平值，威格estimated as at the date of grant by Vigers Appraisal and Consulting 斯資產評估有限公司於授出日期採用二項式模式Limited, using a binomial model, taking into account the terms and 對該等購股權進行估計，當中已考慮購股權獲授conditions upon which the options were granted. The following 出時的條款及條件。下表列示所用模式的主要元table lists the inputs to the model: 素：Share price at the date of grant (HK$) 1.520 於授出日之股價（港元） 1.520Exercise price (HK$) 1.528 行使價（港元） 1.528Dividend yield (%) 4.86 股息率(%) 4.86Expected volatility (%) 39.7-39.9 預期波動性(%) 39.7-39.9Risk-free interest rate (%) 0.99-1.12 無風險利率(%) 0.99-1.12Exercise multiple 2.9 行使倍數 2.9The expected life of the options is based on historical data and is 購股權的預期年期乃按歷史數據得出，及未必顯not necessarily indicative of the exercise patterns that may occur. 示可能發生的行使情況。預期波動性乃按自上市The expected volatility was determined based on the movement of 日期起本公司股價之變動而釐定，未必是實際結the share price of the Company since its listing, which may also not 果。計量公平值時，並無考慮所授出的購股權的necessarily be the actual outcome. No other feature of the options 其他特性。granted was incorporated into the measurement of fair value.The following share options were outstanding under the Share 於年內根據購股權計劃尚未行使之購股權如下：Option Scheme during the year:Year ended 31 March截至3月31日止年度2016 2015Weighted Weightedaverage averageexercise price exercise priceper share Number of per share Number of每股加權 options 每股加權 options平均行使價 購股權數目 平均行使價 購股權數目HK$ ’000 HK$ ’000港元 千份 港元 千份At beginning of year 於年初 3.7190 175,400 1.8393 344,920Granted during the year 年內授出 1.5280 79,990 4.0700 103,300Lapsed during the year 年內失效 1.6900 (500) 1.6900 (1,000)Exercised during the year 年內行使 1.6900 (4,650) 1.4541 (268,320)Forfeited during the year 年內沒收 – – 3.0500 (3,500)At end of year 於年終 3.0604 250,240 3.7190 175,400224China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|38. Share Options 38. 購股權（續）(Continued)The exercise prices and exercise periods of the share options 於報告期末，未行使購股權的行使價及行使期如outstanding as at the end of the reporting period are as follows: 下：2016 2016年Number of options Exercise price Exercise period購股權數目 行使價 行使期’000 HK$ per share千股 每股港元7,000 1.29 11-04-2011 to 10-04-20162011年4月11日至2016年4月10日1,500 1.69 27-06-2013 to 26-06-20182013年6月27日至2018年6月26日10,500 1.69 27-06-2014 to 26-06-20182014年6月27日至2018年6月26日1,950 1.69 27-06-2015 to 26-06-20182015年6月27日至2018年6月26日22,000 4.14 17-02-2014 to 16-02-20192014年2月17日至2019年2月16日24,000 4.14 17-02-2015 to 16-02-20192015年2月17日至2019年2月16日2,000 4.14 17-02-2016 to 16-02-20192016年2月17日至2019年2月16日49,650 4.07 30-06-2014 to 29-06-20192014年6月30日至2019年6月29日50,650 4.07 30-06-2015 to 29-06-20192015年6月30日至2019年6月29日1,000 4.07 30-06-2016 to 29-06-20192016年6月30日至2019年6月29日39,995 1.528 13-01-2016 to 12-01-20212016年1月13日至2021年1月12日39,995 1.528 13-01-2017 to 12-01-20222017年1月13日至2022年1月12日250,240225Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|38. Share Options 38. 購股權（續）(Continued)2015 2015年Number of options Exercise price Exercise period購股權數目 行使價 行使期’000 HK$ per share千股 每股港元7,000 1.29 11-04-2011 to 10-04-20162011年4月11日至2016年4月10日1,500 1.69 27-06-2013 to 26-06-20182013年6月27日至2018年6月26日10,850 1.69 27-06-2014 to 26-06-20182014年6月27日至2018年6月26日6,750 1.69 27-06-2015 to 26-06-20182015年6月27日至2018年6月26日22,000 4.14 17-02-2014 to 16-02-20192014年2月17日至2019年2月16日24,000 4.14 17-02-2015 to 16-02-20192015年2月17日至2019年2月16日2,000 4.14 17-02-2016 to 16-02-20192016年2月17日至2019年2月16日49,650 4.07 30-06-2014 to 29-06-20192014年6月30日至2019年6月29日50,650 4.07 30-06-2015 to 29-06-20192015年6月30日至2019年6月29日1,000 4.07 30-06-2016 to 29-06-20192016年6月30日至2019年6月29日175,400At the end of the reporting period, the Company had 250,240,000 於報告期末時，根據購股權計劃，本公司有share options outstanding under the Share Option Scheme, which 250,240,000份未行使購股權，相當於本公司當represented approximately 3.13% of the Company’s shares in issue 日已發行股份約3.13%。根據本公司現時的資本as at that date. The exercise in full of the outstanding share options 結構而言，全數行使未行使購股權將會導致本would, under the present capital structure of the Company, result in 公司發行250,240,000股額外普通股及額外股本the issue of 250,240,000 additional ordinary shares of the Company 765,841,000港元（扣除發行開支前）。and additional share capital of HK$765,841,000 (before issueexpenses).Subsequent to the end of the reporting period, a total of 7,000,000 於報告期末後，合共7,000,000份購股權已被行share options were exercised, which have an weighted average 使，其中每股加權平均行使價為1.29港元。exercise price of HK$1.29 per share.226China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|38. Share Options 38. 購股權（續）(Continued)At the date of approval of these financial statements, the Company 於該等財務報表批准當日，根據購股權計劃，本had 243,240,000 share options outstanding under the Share Option 公司有243,240,000份未行使購股權，相當於本Scheme, which represented approximately 3.04% of the Company’s 公司當日已發行股份約3.04%。shares in issue as at that date.39. Other Reserves 39. 其他儲備The amounts of the Group’s reserves and the movements therein for 有關本集團於本年度及過往年度的儲備及其變動the current year and the prior year are presented in the consolidated 已呈列於財務報表第133至134頁的綜合權益變statement of changes in equity on pages 133 to 134 of the financial 動表內。statements.Pursuant to the relevant laws and regulations for Sino-foreign 根據中外合營企業相關法律及法規，本集團旗下joint venture enterprises, a portion of the profits of the Group’s 在中國成立的附屬公司的部分利潤已轉撥至用途subsidiaries which are established in the PRC has been transferred to 受限制的法定儲備金。the statutory reserve which is restricted as to use.40. Pledge of Assets 40. 資產抵押Details of the Group’s bank and other borrowings, which are 以本集團的資產作抵押的銀行及其他借貸詳情載secured by the assets of the Group, are included in notes 13, 14, 15, 於財務報表附註13、14、15、23、27及29。23, 27 and 29 to the financial statements.41. Contingent Liabilities 41. 或然負債At the end of each reporting period, contingent liabilities not 於各報告期末，財務報表內未有撥備的或然負債provided for in the financial statements were as follows: 如下：2016 2015HK$’000 HK$’000千港元 千港元Guarantees given to banks in connection with 就以下各方獲授的融資而向銀行facilities granted to: 提供的擔保：Third parties 第三方 5,805,356 6,049,314The Group has provided guarantees in respect of banking facilities 本集團就若干銀行授予持作銷售物業及融資租賃granted by certain banks to the purchasers of the Group’s properties 物業的買家的銀行信貸提供擔保。根據該等擔保held for sale and held for finance lease. Pursuant to the terms of 條款，倘該等買家及承租人拖欠貸款還款，本集the guarantees, if there is default of the loan payments by the 團負責償還未付貸款，連同應計利息，以及欠款purchasers and lessees, the Group is responsible to repay the 買家及承租人結欠銀行的任何罰金。其後，本集outstanding loans together with accrued interest thereon and any 團有權接管相關物業的法律業權及使用權。已售penalty owed by the defaulted purchasers and lessees to banks. 交易中心商舖及住宅物業方面，擔保期由相關貸The Group is then entitled to take over the legal titles and usage 款授出日期起至買家取得其後抵押予銀行的房地rights of the related properties. For trade center units and residential 產權證日期止。就融資租賃下的住宅及商業物業properties sold, the guarantee period commences from the dates 而言，擔保將隨承租人償還貸款本金解除。of grant of the relevant loans and ends when the purchasers obtainthe building ownership certificates which will then be pledged withthe banks. For residential and commercial properties under financeleases, the guarantees will be released along with the full repaymentof loan principal by the lessees.227Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|41. Contingent Liabilities 41. 或然負債（續）(Continued)The Group did not incur any material losses during the financial 本集團於財政年度內並無因向本集團物業買家及year in respect of the guarantees provided for mortgage facilities 承租人獲授按揭融資所提供擔保錄得任何重大虧granted to the purchasers and lessees of the Group’s properties. 損。董事認為，倘出現拖欠款項的情況，相關物The directors consider that in case of default on payments, the net 業的可變現淨值足以支付未償還按揭貸款連同任realisable value of the related properties can cover the repayment of 何應計利息及罰款，故擔保之公平值並不重大。the outstanding mortgage loans together with any accrued interestand penalty, and therefore the fair value of the guarantees is notsignificant.42. Operating Lease Arrangements 42. 經營租賃安排(a) As lessor (a) 作為出租人The Group leases its investment properties (note 14) and 本集團根據經營租賃安排租賃其投資物業properties sold with cooperation and leasing arrangements （附註14）及與買家的合作及租賃安排的已with the purchasers under operating lease arrangements 出售物業，並磋商1至20年的租賃期。租賃negotiated for terms ranging from one to twenty years. The 條款亦規定租戶支付押金。terms of the leases also require the tenants to pay securitydeposits.At the end of each reporting period, the Group had total future 於各報告期末，本集團根據與租戶訂立的minimum lease receivables under non-cancellable operating 不可註銷經營租賃按下列年度到期之未來leases with its tenants falling due as follows: 最低應收租金總額如下：2016 2015HK$’000 HK$’000千港元 千港元Within one year 一年內 660,523 564,281In the second to fifth years, inclusive 第二至第五年（包括首尾兩年） 1,214,536 1,192,621After five years 五年後 630,801 769,254Total 總計 2,505,860 2,526,156228China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|42. Operating Lease Arrangements 42. 經營租賃安排（續）(Continued)(b) As lessee (b) 作為承租人The Group leases certain of its land and buildings and vehicles 本集團以經營租賃安排租用若干土地及房under operating lease arrangements. Leases are negotiated for 屋及汽車，並磋商一至二十年的租賃期。terms ranging from one to twenty years.At the end of each reporting period, the Group had total future 於各報告期末，本集團根據不可註銷經營minimum lease payments under non-cancellable operating 租賃按下列年度到期之未來最低租金總額leases falling due as follows: 如下：2016 2015HK$’000 HK$’000千港元 千港元Within one year 一年內 304,328 314,387In the second to fifth years, inclusive 第二至第五年（包括首尾兩年） 552,167 578,995After five years 五年後 141,398 237,869Total 總計 997,893 1,131,25143. Commitments 43. 承擔In addition to the operating lease commitments detailed in note 除上文附註42(b)詳述的經營租賃承擔外，於各42(b) above, the Group had the following commitments at the end 報告期末，本集團有下列承擔：of each reporting period:2016 2015HK$’000 HK$’000千港元 千港元Contracted, but not provided for: 已訂約但未撥備：Properties under development 發展中物業 7,350,506 9,253,942229Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|44. Related Party Transactions 44. 關連人士交易(a) In addition to the transactions disclosed elsewhere in the (a) 除財務報表其他部分另有披露的交易financial statements, the Group had the following material 外，於年內，本集團與關連人士進行下transactions with related parties during the year: 列重大交易：2016 2015Notes HK$’000 HK$’000附註 千港元 千港元Rental expense and related service fees 辨公樓的租金開支及相關服務for an office property paid to: 費用支付予：A company (2015: two companies) of 本公司董事擔任控股which a director of the Company is a 股東的一間公司controlling shareholder （2015年：兩間公司） (i) 2,814 2,824Rental income for certain offices units 若干辦公樓的received from: 租金收入收取自：A company of which a director of 本公司董事擔任the Company is a controlling 控股股東的公司shareholder (ii) 1,071 888Notes: 附註：(i) The Group leased the office property from a company of which a (i) 本集團向本公司董事擔任控股股東一間公director of the Company is a controlling shareholder. The rental 司租入辦公樓。租金及有關費用根據雙方and related service fees were based on terms mutually agreed 協定條款計算。between both parties.(ii) The Group leased certain office units to a related party of which (ii) 本集團向本公司董事任控股股東的關聯公a director of the Company is a controlling shareholder. The rental 司出租若干辦公樓。租金根據本集團與其was based on the rental charged to the other tenants of the 他方的租金確定。Group.230China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|44. Related Party Transactions 44. 關連人士交易（續）(Continued)(b) Outstanding balances with related parties (b) 與關連人士之間的未結付結餘Details of the Group’s amounts due from/to its joint venture 本集團於各報告期末的應收/應付一家合營and associates as at the end of each reporting period are 企業及聯營公司之款項詳情分別於附註18disclosed in notes 18 and 19, respectively. 及19披露。(c) Compensation of key management personnel (c) 本集團主要管理人員薪酬of the Group2016 2015HK$’000 HK$’000千港元 千港元Short term employee benefits 短期僱員福利 57,275 73,669Post-employment benefits 離職後福利 54 48Share-based payments 以權益結算的購股權開支 28,181 89,552Total compensation paid to key 支付予主要管理人員management personnel 的薪酬總額 85,510 163,269Further details of directors’ emoluments are included in note 8 董事酬金的進一步詳情載於財務報表附to the financial statements. 註8。The rental expense and rental income for office property received 上述有關支付辦公樓的租金開支及辦公樓的租金from the related parties above also constitute connected transactions 收入的關連人士交易亦構成上市規則第14A章定or continuing connected transactions as defined in Chapter 14A of 義的關連交易或持續關連交易。the Listing Rules.45. Financial Instruments by Category 45. 金融工具分類Other than the held-for-trading investments at fair value through 除附註26所披露的透過損益以公平值列賬之持profit or loss as disclosed in note 26 which are stated at fair value 作買賣投資及附註20所披露的以歷史成本列賬and the available-for-sale investments in note 20 which is stated at 之可供出售金融投資外，於2016年及2015年3月historical cost, all financial assets and liabilities of the Group as at 31日，本集團的所有金融資產和負債分別為貸31 March 2016 and 2015 are loans and receivables and financial 款與應收款項及按攤銷成本入賬的金融負債。liabilities stated at amortised cost, respectively.231Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|46. Fair Value and Fair Value Hierarchy of Financial 46. 金融工具之公平值及公平值等級架構InstrumentsThe carrying amounts and fair values of the Group’s financial 本集團之金融工具之賬面值及公平值（賬面值與instruments, other than those with carrying amounts that reasonably 公平值極其相近者除外）如下：approximate to fair values, are as follows:Carrying amounts Fair values賬面值 公平值2016 2015 2016 2015HK$’000 HK$’000 HK$’000 HK$’000千港元 千港元 千港元 千港元Corporate bonds 企業債券 1,891,219 – 1,867,037 –Senior notes 優先票據 4,113,363 4,082,811 4,155,497 4,028,737Medium-term notes 中期票據 5,026,696 2,704,226 5,273,563 2,721,145Domestic company bonds 境內公司債券 3,629,086 – 3,662,374 –Short-term notes 短期融資券 2,525,460 2,750,880 2,588,000 2,817,04117,185,824 9,537,917 17,546,471 9,566,923Management has assessed that the fair values of cash and 管理層已評估現金及現金等價物、應收賬款、金cash equivalents, trade receivables, financial assets included in 融資產包括預付款，訂金及其他應收款項、金融prepayments, deposits and other receivables, financial liabilities 負債包括應付及其他應付款項及應收（/ 付）聯營included in trade and other payables, and amounts due from/(to) 公司款項之公平值與其各自之賬面值相若，主要associates, approximate to their carrying amounts largely due to the 因為該等工具於短期內到期。short term maturities of these instruments.The Group’s management is responsible for determining the 本集團管理層負責釐定金融工具公平值計量之政policies and procedures for the fair value measurement of financial 策及程序。管理層直接向董事及審核委員會報instruments. The management reports directly to the directors and 告。於各報告日期，管理層分析金融工具之價值the audit committee. At each reporting date, the management 變動並釐定估值中適用的主要元素。估值由董事analyses the movements in the values of financial instruments and 審核及批准。估值過程及結果由審核委員會每年determines the major inputs applied in the valuation. The valuation 討論兩次，以便呈列中期及年度財務報告。is reviewed and approved by the directors. The valuation processand results are discussed with the audit committee twice a year forinterim and annual financial reporting.232China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|46. Fair Value and Fair Value Hierarchy of Financial 46. 金融工具之公平值及公平值等級架構Instruments(Continued) （續）The fair values of the financial assets and liabilities are included 金融資產及負債的公平值按可在自願雙方（強迫at the amount at which the instrument could be exchanged in a 或清盤銷售除外）在現有交易中進行交換的工具current transaction between willing parties, other than in a forced or 之金額入賬。估計公平值時所用之方法及假設載liquidation sale. The following methods and assumptions were used 述如下：to estimate the fair values:The fair values of the non-current portion of finance lease 融資租賃應收款項、計息銀行及其他借貸之非即receivables and interest-bearing bank and other borrowings have 期部分的公平值乃透過使用當前可供金融工具使been calculated by discounting the expected future cash flows using 用之現行利率按類似條款、信用風險及餘下到期rates currently available for instruments with similar terms, credit risk 日，折讓預期未來現金流量而計算。於2016年and remaining maturities. The Group’s own non-performance risk 3月31日，本集團自身計息銀行及其他借貸之不in interest-bearing bank and other borrowings as at 31 March 2016 履約風險被評定為並不重大。境內公司債券的公was assessed to be insignificant. The fair values of the domestic 平值乃透過使用類近債券的相約市場利率（考量company bonds is estimated by discounting the expected future 過本集團之信貸及流動資金風險），折讓預期未cash flows using an equivalent market interest rate for a similar bond 來現金流量而計算。融資租賃應收款項、計息銀with consideration of the Group’s own credit and liquidity risk. The 行及其他借貸非即期部分及境內公司債券的公平fair values of the non-current portion of finance lease receivables, 值與賬面值相差不大。interest-bearing bank and other borrowings and domestic companybonds are not materially different from their carrying amounts.The fair value of corporate bonds, senior notes, medium-term notes 企業債券、優先票據、中期票據及短期融資券之and short-term notes are calculated using the market prices on 31 公平值乃根據2016年3月31日的市場報價釐定。March 2016.As at 31 March 2016, the Group’s financial instruments which 於2016年3月31日，本集團之金融工具包含透過comprised held-for-trading investments at fair value through profit 損益以公平值列賬之持作買賣投資以公平值計or loss were measured at fair value. The fair values of held-for- 算。透過損益以公平值列賬之持作買賣投資之公trading investments at fair value through profit or loss are based on 平值乃根據市場報價釐定。quoted market prices.233Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|46. Fair Value and Fair Value Hierarchy of Financial 46. 金融工具之公平值及公平值等級架構Instruments(Continued) （續）Fair value hierarchy 公平值等級The following tables illustrate the fair value measurement hierarchy 下表列示本集團金融工具之公平值計量層級：of the Group’s financial instruments:Assets measured at fair value: 按公平值計量之資產：As at 31 March 2016 於2016年3月31日Fair value measurement usingquoted prices in active markets(Level 1)使用於活躍市場之報價的公平值計量（第1級）HK$’000千港元Held-for-trading investments at fair value through 透過損益以公平值列賬之profit or loss 持作買賣投資 27,365As at 31 March 2015 於2015年3月31日Fair value measurement usingquoted prices in active markets(Level 1)使用於活躍市場之報價的公平值計量（第1級）HK$’000千港元Held-for-trading investments at fair value through 透過損益以公平值列賬之profit or loss 持作買賣投資 32,890234China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|46. Fair Value and Fair Value Hierarchy of Financial 46. 金融工具之公平值及公平值等級架構Instruments(Continued) （續）Fair value hierarchy 公平值等級（續）(Continued)During the year, there were no transfers of fair value measurements 本年內，公平值計量於第1級別與第2級別之間between Level 1 and Level 2 and no transfer into or out of Level 3 並無轉換及無轉入或轉出至第3級別（2015年：(2015: Nil). 無）。Liabilities for which fair values are disclosed: 已披露公平值之金融負債：As at 31 March 2016 於2016年3月31日Fair value measurement using使用以下各項進行公平值計量Quoted prices in Significantactive markets observable input(Level 1) (Level 2) Total於活躍市場之報價 重大可觀察元素（第一級） （第二級） 總計HK$’000 HK$’000 HK$’000千港元 千港元 千港元Corporate bonds 企業債券 1,867,037 – 1,867,037Senior notes 優先票據 4,155,497 – 4,155,497Medium-term notes 中期票據 5,273,563 – 5,273,563Short-term notes 短期融資券 2,588,000 – 2,588,000Domestic company bonds 境內公司債券 – 3,662,374 3,662,37 413,884,097 3,662,374 17,546,471As at 31 March 2015 於2015年3月31日Fair value measurement usingquoted prices in active markets(Level 1)使用於活躍市場之報價的公平值計量（第一級）HK$’000千港元Senior notes 優先票據 4,028,737Medium-term notes 中期票據 2,721,145Short-term notes 短期融資券 2,817,0419,566,923235Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|47. Financial Risk Management Objectives and 47. 財務風險管理目標及政策PoliciesThe Group’s principal financial instruments comprise bank and other 本集團主要金融工具包括銀行及其他借貸、優先borrowings, senior notes, short-term notes, medium-term notes, 票據、短期融資券、中期票據、境內公司債券、domestic company bonds, corporate bonds and cash and short-term 企業債券及現金及短期存款。該等金融工具主要deposits. The main purpose of these financial instruments is to raise 為本集團業務籌集資金。本集團亦擁有多項其他finance for the Group’s operations. The Group has various other 金融資產，例如直接從業務營運產生的應收貿易financial assets such as trade receivables, which arise directly from its 賬款。operations.The main risks arising from the Group’s financial instruments are 本集團金融工具所產生的主要風險包括利率風interest rate risk, credit risk, liquidity risk, foreign exchange risk and 險、信貸風險、流動資金風險、外匯風險及股價equity price risk. The board of directors reviews and agrees policies 風險。董事會對管理上述各項風險的政策進行檢for managing each of these risks and they are summarised below. 討及協定，該等風險概述如下。Interest rate risk 利率風險The Group’s exposure to interest rate risk relates primarily to the 本集團面臨的利率風險主要與本集團的借貸相Group’s borrowings. The interest rates and terms of repayment of 關。本集團借貸的利率及還款期於財務報表附註the Group’s borrowings are disclosed in notes 29, 30, 31, 32, 33 29、30、31、32、33及34中披露。本集團的政and 34 to the financial statements. The Group’s policy is to obtain 策是為其借貸取得最有利的利率。the most favourable interest rates available for its borrowings.The Group will constantly assess the interest rate risk it encounters to 本集團將持續評估所遇到的利率風險以決定是否decide whether it is required to hedge against the possible interest 需要對沖可能產生的利率風險。rate risk that may arise.On 31 March 2016, if the interest rate of bank borrowings had 於2016年3月31日，倘銀行借貸的利率上升/下increased/decreased by 0.5% and all other factors remained 降0.5%及所有其他因素保持不變，則本集團本unchanged, the profit after tax for the year of the Group would 年度稅後利潤將會減少/增加約58,140,000港元have decreased/increased by approximately HK$58,140,000 (2015: （2015年：53,015,000港元）。HK$53,015,000).236China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|47. Financial Risk Management Objectives and 47. 財務風險管理目標及政策（續）Policies(Continued)Credit risk 信貸風險The credit risk of the Group’s financial assets, which comprise cash 本集團金融資產包括現金及現金等價物、應收貿and cash equivalents, trade and other receivables, arises from default 易賬款及其他應收款項的信貸風險來自對方拖欠of the counterparty, with a maximum exposure equal to the carrying 付款，而可能拖欠的最高金額等於此等工具的賬amounts of these instruments. The Group is also exposed to credit 面值。本集團亦因提供財務擔保而面對信貸風risk through the granting of financial guarantees, further details of 險，有關詳情於財務報表附註41中披露。which are disclosed in note 41 to the financial statements.To manage the risk, deposits are mainly placed with banks with 為管理風險，本集團主要將存款存入高信貸質素high credit quality. The Group trades only with recognised and 的銀行。本集團僅與知名及具信譽的第三方進行creditworthy third parties. For the sales of properties, the Group 交易。就出售物業方面，本集團已實行政策確保has policies in place to ensure that sales are made to buyers with 向具有適當財務實力及支付適當百分比首期付款appropriate financial strength and appropriate percentage of down 的買家作出銷售。在買家全數清償付款前，本集payments. The Group would not release the property ownership 團不會向其發出房產證。本集團亦擁有其他監控certificates to the buyers before the buyers fully settle the payment. 程序以確保採取跟進措施收回逾期款項。此外，It also has other monitoring procedures to ensure that follow-up 本集團定期審閱每名個人的貿易應收賬款的可收action is taken to recover overdue debts. In addition, the Group 回金額，以確保就不可收回金額作出足夠的減值reviews regularly the recoverable amount of each individual trade 虧損列賬。本集團並無任何重大集中信貸風險，receivable to ensure that adequate impairment losses are made 而所面對的風險分散到多名交易對手及客戶。for irrecoverable amounts. With exposure spread over a numberof counterparties and customers, the Group has no significantconcentration of credit risk.Further quantitative data in respect of the Group’s exposure to credit 有關本集團就貿易應收賬款的信貸風險所承擔的risk arising from trade receivables are disclosed in note 24 to the 風險的進一步量化數據於財務報表附註24中披financial statements. 露。Liquidity risk 流動資金風險The Group’s objective is to maintain a balance between continuity 本集團的目標是透過使用銀行貸款、優先票據，of funding and flexibility through the use of bank loans, senior 短期融資券、中期票據、企業債券及境內公司債notes, short-term notes, medium-term notes, corporate bonds and 券，維持資金持續性與靈活性之間的平衡。domestic company bonds.237Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|47. Financial Risk Management Objectives and 47. 財務風險管理目標及政策（續）Policies(Continued)Liquidity risk 流動資金風險（續）(Continued)The maturity profile of the Group’s financial liabilities as at the end 本集團於報告期末時的金融負債的到期狀況（按of the reporting period, based on the contractual undiscounted 照合同未折現付款）如下：payments, was as follows:2016On Within One to Two to Beyonddemand one year two years five years five years Total應要求 一年內 第一至二年 第二至五年 五年後 總計HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000千港元 千港元 千港元 千港元 千港元 千港元Amounts due to associates 應付聯營公司款項 3,316 – – – – 3,316Financial liabilities included in 計入應付貿易及其他trade and other payables 應付款項的金融負債 – 9,084,897 – – – 9,084,897Corporate bonds 企業債券 – 126,273 126,273 2,308,992 – 2,561,538Domestic company bonds 境內公司債券 – 215,746 215,746 3,823,546 – 4,255,038Senior notes 優先票據 – 389,000 1,364,000 3,377,000 – 5,130,000Medium-term notes 中期票據 – 359,577 359,577 5,361,191 – 6,080,345Short-term notes 短期融資券 – 2,634,055 – – – 2,634,055Financial guarantees granted 對第三方授予to third parties 財務擔保 5,805,356 – – – – 5,805,356Interest-bearing bank and 計息銀行及other borrowings 其他借貸 – 7,751,52 6 4,750,969 4,581,380 340,300 17,424,175Total 總計 5,808,672 20,561,074 6,816,565 19,452,109 340,300 52,978,7202015On Within One to Two to Beyonddemand one year two years five years five years Total應要求 一年內 第一至二年 第二至五年 五年後 總計HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000千港元 千港元 千港元 千港元 千港元 千港元Amounts due to associates 應付聯營公司款項 3,514 – – – – 3,514Financial liabilities included in 計入應付貿易及其他trade and other payables 應付款項的金融負債 – 9,620,723 – – – 9,620,723Senior notes 優先票據 – 639,042 386,752 4,713,718 – 5,739,512Medium-term notes 中期票據 – 198,814 198,814 3,097,241 – 3,494,869Short-term notes 短期融資券 – 2,805,330 – – – 2,805,330Financial guarantees granted 對第三方授予to third parties 財務擔保 6,049,314 – – – – 6,049,314Interest-bearing bank and 計息銀行及other borrowings 其他借貸 – 7,632,769 4,837,168 3,982,654 557,770 17,010,361Total 總計 6,052,828 20,896,678 5,422,734 11,793,613 557,770 44,723,623238China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|47. Financial Risk Management Objectives and 47. 財務風險管理目標及政策（續）Policies(Continued)Foreign exchange risk 外匯風險The Group only conducts business within Mainland China. Except 本集團僅在中國大陸經營業務。除應付利息、本for interest payables, repayment of foreign currency loans obtained 集團撥資營運所需而取得的外幣貸款的還款以及to finance the Group’s operations and any potential future dividends 其附屬公司可能向其股東宣派的任何潛在股息of its subsidiaries that might be declared to their shareholders, 外，本集團大部分收入、資本投資及開支均以人the bulk of the Group’s revenue, capital investment and expenses 民幣為單位。於財務報表批准日期，本集團在申are denominated in RMB. At the date of approval of the financial 領政府批文以購買所需外匯方面，從未遇上任何statements, the Group had not experienced any difficulties in 困難。年內，本集團並無為對沖目的而發行任何obtaining government approval for its necessary foreign exchange 金融工具。purchases. During the year, the Group did not issue any financialinstruments for hedging purposes.The following table demonstrates the sensitivity at the end of 下表顯示在所有其他變量維持不變的情況下，本the reporting period to a reasonably possible change in the RMB 集團稅前利潤於報告期末對人民幣匯率的可能合exchange rate, with all other variables held constant, of the Group’s 理變動的敏感度，有關稅前利潤的變動乃因貨幣profit before tax (due to changes in the fair value of monetary assets 資產及負債的公平值出現變動所致。and liabilities).Increase/(decrease) inChanges in profit before taxRMB rate 稅前利潤增加/人民幣匯率變動 （減少）% HK$’000千港元2016 2016年If Hong Kong dollar weakens against RMB 倘港元兌人民幣轉弱 5 41,035If Hong Kong dollar strengthens against RMB 倘港元兌人民幣轉強 5 (41,035)2015 2015年If Hong Kong dollar weakens against RMB 倘港元兌人民幣轉弱 5 33,297If Hong Kong dollar strengthens against RMB 倘港元兌人民幣轉強 5 (33,297)239Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|47. Financial Risk Management Objectives and 47. 財務風險管理目標及政策（續）Policies(Continued)Equity price risk 股價風險The equity price risk of the Group mainly arises from the changes in 本集團的股價風險主要來自透過損益以公平值列market prices for held-for-trading investments at fair value through 賬的持作買賣投資的市價變動。此類由本集團持profit or loss. The book value of this type of financial assets held by 有金融資產的賬面值乃根據報告期末的市場報價the Group is recognised according to market quotes as at the end of 確認。the reporting period.On 31 March 2016, if the price of listed equity securities held by 於2016年3月31日，倘本集團持有的上市股權證the Group had increased/decreased by 10%, and all other factors 券的價格上升/下跌10%，而所有其他因素均保remained unchanged and excluding tax items, the book values 持不變（不包括稅項），則本集團的上市股權證券of the listed equity securities of the Group would have increased/ 的賬面值將增加/減少2,737,000港元（2015年：decreased by HK$2,737,000 (2015: HK$3,289,000). 3,289,000港元）。Capital management 資本管理The primary objectives of the Group’s capital management are to 本集團資本管理的首要目標是為了確保本集團持safeguard the Group’s ability to continue as a going concern and to 續發展及穩健資本比率的能力，以支持其業務運maintain healthy capital ratios in order to support its business and 作及實現最大股東價值。maximise shareholders’ value.The Group manages its capital structure and makes adjustments to it 本集團根據經濟情況的變動及相關資產的風險特in light of changes in economic conditions and the risk characteristics 色，管理其資本結構並對其作出調整。為維持或of the underlying assets. To maintain or adjust the capital structure, 調整資本結構，本集團可能會調整向股東派發的the Group may adjust the dividend payment to shareholders, return 股息付款、向股東返還資本或發行新股。本集團capital to shareholders or issue new shares. The Group is not subject 毋須遵守任何外界施加的資本規定。截至2016to any externally imposed capital requirements. No changes were 年3月31日及2015年3月31日止年度，並無更改made in the objectives, policies or processes for managing capital 資本管理的目標、政策或程序。during the years ended 31 March 2016 and 31 March 2015.240China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|47. Financial Risk Management Objectives and 47. 財務風險管理目標及政策（續）Policies(Continued)Capital management 資本管理（續）(Continued)The Group monitors capital using a gearing ratio, which is net debt 本集團採用資本負債比率（債務淨額除以權益總divided by the total equity. Net debt includes interest-bearing bank 額）監控資本情況。債務淨額包括計息銀行及其and other borrowings, senior notes, short-term notes, medium-term 他借貸、優先票據、短期融資券、中期票據、企notes, corporate bonds and domestic company bonds, less cash and 業債券及境內公司債券減現金及現金等價物及受cash equivalents and restricted cash. The gearing ratios as at the end 限制現金。於報告期末，資本負債比率如下：of the reporting period were as follows:2016 2015Notes HK$’000 HK$’000附註 千港元 千港元Senior notes 優先票據 31 4,113,363 4,082,811Short-term notes 短期融資券 30 2,525,460 2,750,880Medium-term notes 中期票據 32 5,026,696 2,704,226Interest-bearing bank and other borrowings 計息銀行及其他借貸 29 16,622,741 15,465,347Corporate bonds 企業債券 33 1,891,219 –Domestic company bonds 境內公司債券 34 3,629,086 –Less: Cash and cash equivalents and restricted 減：現金及現金等價物及cash 受限制現金 27 (11,686,695) (8,672,722)Net debt 債務淨額 22,121,870 16,330,542Total equity 權益總額 26,368,465 25,021,816Gearing ratio 資本負債比率 84% 65%48. Events After the Reporting Period 48. 報告期間結束後事項On 15 April 2016, the Company redeemed the full outstanding 於2016年4月15日，本公司以贖回價相等於本principal amount of the 2012 Notes in the aggregate amount of 金金額的106.750%加上累計及未支付之利息，US$125,000,000 at a redemption price equal to 106.750% of the 贖回2012年票據之全部未償還本金金額合共principal amount thereon, plus accrued and unpaid interest. 125,000,000美元。On 4 May 2016, China South International completed the issuance 於2016年5月4日，華南國際完成於中國發行of the second tranche of domestic company bonds in the PRC 本金總額為人民幣1,400,000,000元（相等於with a total principal amount of RMB1,400,000,000 (equivalent 1,673,200,000港元）第二期境內公司債券，期限to approximately HK$1,673,200,000) with a term of 3 years. The 為3年。該第二期境內公司債券年利率為6.85%。second tranche of domestic company bonds carry interest at the rateof 6.85% per annum.241Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|49. Statement of Financial Position of the Company 49. 公司財務狀況表31 March 31 March2016 20152016年 2015年3月31日 3月31日HK$’000 HK$’000千港元 千港元NON-CURRENT ASSETS 非流動資產Property, plant and equipment 物業、廠房及設備 1,170 1,564Investments in subsidiaries 於附屬公司的投資 3,246,958 3,780,958Total non-current assets 非流動資產總額 3,248,128 3,782,522CURRENT ASSETS 流動資產Due from subsidiaries 應收附屬公司款項 7,366,541 8,212,960Prepayments, deposits and other receivables 預付款項、按金及其他應收款項 513 513Cash and cash equivalents 現金及現金等價物 1,691,193 1,611,283Total current assets 流動資產總額 9,058,247 9,824,756CURRENT LIABILITIES 流動負債Due to subsidiaries 應付附屬公司款項 – 31,305Other payables, accruals and 其他應付款項、應計項目及deposits received 已收按金 120,198 131,759Total current liabilities 流動負債總額 120,198 163,064NET CURRENT ASSETS 流動資產淨值 8,938,049 9,661,692TOTAL ASSETS LESS 資產總額減流動負債CURRENT LIABILITIES 12,186,177 13,444,214NON-CURRENT LIABILITIES 非流動負債Senior notes 優先票據 4,113,363 4,082,811Total non-current liabilities 非流動負債總額 4,113,363 4,082,811Net assets 資產淨值 8,072,814 9,361,403EQUITY 權益Share capital 股本 7,043,784 7,034,761Other reserves (note) 其他儲備（附註） 1,029,030 2,326,642Total equity 權益總額 8,072,814 9,361,403CHENG CHUNG HING 鄭松興 FUNG SING HONG STEPHEN 馮星航Director 董事 Director 董事242China South City Holdings Limited 華南城控股有限公司|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|49. Statement of Financial Position of the Company 49. 公司財務狀況表（續）(Continued)Note: 附註：A summary of the Company’s other reserves is as follows: 公司之其他儲備變動詳情如下：Shareoption Convertible Retainedreserve notes profits Total購股權儲備 可換股票據 保留利潤 總計HK$’000 HK$’000 HK$’000 HK$’000千港元 千港元 千港元 千港元At 1 April 2014 於2014年4月1日 85,157 37,360 1,277,773 1,400,290Profit for the year 年內利潤 – – 2,172,780 2,172,780Shares repurchased 股份回購 – – (150,619) (150,619)Equity-settled share option arrangement 以權益結算的購股權安排 90,742 – – 90,742Exercise of share options 行使購股權 (62,917) – – (62,917)Lapse of share options 購股權失效 (215) – 215 –Conversion of convertible notes 轉換可換股票據 – (37,360) – (37,360)Final 2014 dividend paid 已付2014末期股息 – – (1,086,274) (1,086,274)At 31 March 2015 於2015年3月31日 112,767 – 2,213,875 2,326,642Shareoption Convertible Retainedreserve notes profits Total購股權儲備 可換股票據 保留利潤 總計HK$’000 HK$’000 HK$’000 HK$’000千港元 千港元 千港元 千港元At 1 April 2015 於2015年4月1日 112,767 – 2,213,875 2,326,642Loss for the year 年內虧損 – – (193,512) (193,512)Shares repurchased 股份回購 – – (11,602) (11,602)Equity-settled share option arrangement 以權益結算的購股權安排 29,341 – – 29,341Exercise of share options 行使購股權 (1,164) – – (1,164)Lapse of share options 購股權失效 (126) – 126 –Final 2015 dividend paid 已付2015末期股息 – – (1,120,67 5) (1,120,67 5)At 31 March 2016 於2016年3月31日 140,818 – 888,212 1,029,030The share option reserve comprises the fair value of share options granted 購股權儲備包含已授出但未行使之購股權的公允值，which are yet to be exercised, as further explained in the accounting policy 其會計政策已詳載於財務報表附註2.4內，當有關購股for share-based payments in note 2.4 to the financial statements. The amount 權被行使，此金額會轉入股本，或者當有關購股權失will either be transferred to the share capital when the related options are 效，此金額會轉至保留利潤。exercised, or be transferred to retained profits should the related optionsexpire.243Annual Report 2015/16 年報|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2016 2016年3月31日|
|50. Approval of the Financial Statements 50. 批核財務報表The financial statements were approved and authorised for issue by 董事會於2016年6月27日批准及授權刊發財務報the board of directors on 27 June 2016. 表。244China South City Holdings Limited 華南城控股有限公司|