ShenZhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. First Quarter Report 2017
SHENZHEN SPECIAL ECONOMIC ZONE REAL ESTATE& PROPERTIES (GROUP) CO., LTD.
FIRST QUARTER REPORT 2017
2017-032
April 2017
ShenZhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. First Quarter Report 2017
Section I Important Statements
The board of directors (the “Board”), the supervisory board (the “Supervisory Board”), as well as the directors, supervisors and senior executive officers of ShenZhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. (the “Company”) hereby guarantee the factuality, accuracy and completeness of the contents of this Report, and shall be jointly and severally liable for any false representation, misleading statements or material omissions in this Report.
All directors attended the board meeting for the review of this Report.
Zhou Jianguo, board chairman, Chen Maozheng, general manager, Tang Xiaoping,
accounting head for this Report, and Qiao Yanjun, head of the accounting department (head of accounting), hereby guarantee that the financial statements carried in this Report are factual, accurate and complete.
This Report and its abstract have been prepared in both Chinese and English. Should there be any discrepancies or misunderstandings between the two versions, the Chinese version shall prevail.
ShenZhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. First Quarter Report 2017
Section II Key Financial Results andShareholders’ Profile
I Key financial results
Indicate by tick mark whether the Company retroactively restated any of its accounting data due to changes of accounting policies or correction of accounting errors.
□ Yes√ No
|||||
|-|-|-|-|
||January-March 2017|January-March 2016|+/-%|
|Operating revenues (RMB)|272,038,375.78|332,573,819.86|-18.20%|
|Net profit attributable to shareholders of|34,621,550.04|31,138,409.00||
||||11.19%|
|the Company (RMB)||||
|Net profit attributable to shareholders of||||
||34,426,151.00|31,099,423.53|10.70%|
|the Company before exceptional profit and||||
|loss (RMB)||||
|Net cash flows from operating activities|-30,280,598.74|127,807,035.61||
||||-123.69%|
|(RMB)||||
|Basic earnings per share (RMB/share)|0.0342|0.0308|11.04%|
|Diluted earnings per share (RMB/share)|0.0342|0.0308|11.04%|
|Weighted average return on equity (%)|1.30%|1.33%|-0.03%|
||March 31, 2017|December 31, 2016|+/-%|
|Total assets (RMB)|3,852,659,213.36|3,785,600,783.23|1.77%|
|Net assets attributable to shareholders of|2,678,819,539.50|2,643,860,443.09||
||||1.32%|
|the Company (RMB)||||

Exceptional profit/loss
√ Applicable□ Not applicable
Unit: RMB
||||
|-|-|-|
|Item|January-March 2017|Note|
|Profit/loss on disposal of non-current assets (including offset asset|||
||-3,584.80||
|impairment provisions)|||
|Non-operating income and expense other than the above|264,116.86||
|Less: Corporate income tax|65,133.02||
|Total|195,399.04|--|

Explanation of why the Company classified an item as exceptional profit/loss according to the definition in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the
Public—Exceptional Profit and Loss, or reclassified any exceptional profit/loss item given as an example in the
said explanatory announcement to recurrent profit/loss
□ Applicable√ Not applicable
ShenZhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. First Quarter Report 2017
No such cases in this Reporting Period.
II Total number of shareholders at the period-end and their shareholdings
1. Numbers of common shareholders and preference shareholders with resumed voting rights, as well as shareholdings of top ten shareholders
Unit: share
||||||||||
|-|-|-|-|-|-|-|-|-|
|||||Total number of preference|||||
|Total number of common||||shareholders with resumed|||||
|||74,625|||||0||
|shareholders at the period-end||||voting rights at the period-end|||||
|||||(if any)|||||
|Top ten shareholders|||||||||
||||||Number of|Pledged or frozen shares|||
|Name of|Nature of|Shareholding|Total shares held||||||
||||||restricted shares||||
|shareholder|shareholder|percentage (%)|at the period-end|||Status||Number|
||||||held||||
|ShenzhenInvestmentHoldings Co., Ltd|State-ownedcorporation|63.55%|642,884,262||0||||
|Shanjin JinkongCapitalManagement Co.,Ltd. － ShanjinJinkongSustaining FundNo. 1|Domesticnon-state-ownedcorporation|1.02%|10,300,000||0||||
|Lu Zhigao|Domesticindividual|0.32%|3,246,949||0||||
|Tan Shiqing|Domesticindividual|0.13%|1,286,701||0||||
|Yang Shuilian|Domesticindividual|0.13%|1,273,700||0||||
|Yang Jianxiong|Domesticindividual|0.12%|1,255,750||0||||
|Central HuijinAssetManagement Co.,Ltd.|State-ownedcorporation|0.12%|1,165,500||0||||
|Peng Wei|Domesticindividual|0.11%|1,129,082||0||||
|Wu Haoyuan|Foreign|0.11%|1,109,300||0||||

ShenZhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. First Quarter Report 2017
||||||||
|-|-|-|-|-|-|-|
||individual||||||
|Guotai JunanSecurities (HongKong) Limited|Foreigncorporation|0.10%|1,015,683|0|||
|Top ten non-restricted shareholders|||||||
||||||Type of shares||
|Name of shareholder||Number of non-restricted shares held at the period-end|||||
||||||Type|Number|
|Shenzhen Investment Holdings Co.,Ltd||642,884,262|||RMB common||
|||||||642,884,262|
||||||share||
|Shanjin Jinkong CapitalManagement Co., Ltd. －ShanjinJinkong Sustaining Fund No. 1||10,300,000|||||
||||||RMB common||
|||||||10,300,000|
||||||share||
|Lu Zhigao||3,246,949|||RMB common||
|||||||3,246,949|
||||||share||
|Tan Shiqing||1,286,701|||RMB common||
|||||||1,286,701|
||||||share||
|Yang Shuilian||1,273,700|||RMB common||
|||||||1,273,700|
||||||share||
|Yang Jianxiong||1,255,750|||Domestically||
||||||listed foreign|1,255,750|
||||||share||
|Central Huijin Asset ManagementCo., Ltd.||1,165,500|||RMB common||
|||||||1,165,500|
||||||share||
|Peng Wei||1,129,082|||RMB common||
|||||||1,129,082|
||||||share||
|Wu Haoyuan||1,109,300|||Domestically||
||||||listed foreign|1,109,300|
||||||share||
|Guotai Junan Securities (HongKong) Limited||1,015,683|||Domestically||
||||||listed foreign|1,015,683|
||||||share||
|||The Company has found among the above shareholders no related parties or acting-in-concert|||||
|Related or acting-in- concert parties|||||||
|||parties as defined in the Information Administration Measures for Changes in Shareholdings|||||
|among the shareholders above|||||||
|||in Listed Companies.|||||
|Top ten common shareholders|||||||
|||The 4th shareholder holds all of his shares in the Company in a credit securities account, and|||||
|conducting securities margin trading|||||||
|||the 3rd shareholder holds part of his shares in the Company in such an account.|||||
|(if any)|||||||

Indicate by tick mark whether any of the top ten common shareholders or the top ten non-restricted common
shareholders of the Company conducted any promissory repo during this Reporting Period.
ShenZhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. First Quarter Report 2017
□ Yea√ No
No such cases in this Reporting Period.
2. Total number of preference shareholders and shareholdings of the top ten of them
□ Applicable√ Not applicable
ShenZhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. First Quarter Report 2017
Section III Significant Events
I Changes in the key financial results of this Reporting Period, as well as the reasons for such changes
√ Applicable□ Not applicable
Operating revenues for the current period stood at RMB272.0384 million, down18.20% year on year, and operating costs for the current period stood at RMB202.2259 million, down21.11% year on year. These were mainly because affected by the real estate development progress and the sales cycle, the sales of theCompany’s real estate projects decreased year on year.
Taxes and surtaxes for the current period stood at RMB9.3485 million, down59.18% year on year, mainly because of the decreased sales revenue.
Selling expenses for the current period stood at RMB3.5002 million, up34.50% year on year, mainly because of the increased preliminary promotion expenses on new projects.
Finance costs for the current period stood at RMB-2.3750 million, down36.44% year on year, mainly because the contractual interest revenue from deposits increased.
The after-tax net amount of other comprehensive income for the current period stood at
RMB0.4822 million, up111.19% year on year, mainly because the income from the
foreign-currency statement translation difference due to fluctuations in exchange rates increased. The subtotal of cash inflows from operating activities for the current period stood at RMB373.9536 million, down38.80% year on year, mainly because the cash received from sale of goods and provision of service (sale of houses) decreased.
The subtotal of cash outflows from investing activities for the current period stood at RMB0.0176 million, down95.46% year on year, mainly because of the decreased purchase of fixed assets. The subtotal of cash outflows from financing activities for the current period stood at RMB10.3796 million, down77.48% year on year, mainly because the repayments for principals and interest of loans decreased.
Other current assets stood at RMB22.1561 million at the period-end, up65.86% from the opening amount, mainly because of the business tax and land VAT paid in advance in the current period. Accounts payable stood at RMB105.3868 million at the period-end, down37.50% from the opening amount, mainly because the Company paid the balance payments for completed projects in the current period.
Accounts received in advance stood at RMB413.0710 million at the period-end, up26.77% from the opening amount, mainly because the advances received for houses and construction service increased.
Payroll payable stood at RMB21.8496 million at the period-end, down43.90% from the opening amount, mainly because the payroll provision made at the end of last year were paid in the current period.
ShenZhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. First Quarter Report 2017
II Progress of significant events and their influence and solutions
√ Applicable□ Not applicable
Since the planning of controlling shareholders of the Company involves major issues, based on the application submitted to Shenzhen Stock Exchange, certain shares of the Company (A share: short name of stock: SSFA, stock code: 000029; B share: short name of stock: SSFB, stock code: 200029) ware suspended from trading as of 14 Sep., 2016. The Company disclosed the Announcement on Share Trading Suspension Due to Planning of Major Issues (No. 2016-022), the Announcement on Continued Share Trading Suspension Due to Planning of Major Issues (No. 2016-023) and the Announcement on Continued Share Trading Suspension Due to Planning of Major Issues (No. 2016-024) on 14 Sep. 2016, 22 Sep. 2016 and 29 Sep. 2016 respectively. Upon verification, the issues constitute major assets reorganization. The listed company disclosed the Announcement on Share Trading Suspension Due to Planning of Major Assets Reorganization (No. 2016-025) on 30 Sep. 2016 and the Announcement on Signing the Cooperation Agreement on Assets Reorganization for Listing on Market (No. 2016-027) on 10 Oct. 2016.
Upon expiration of the suspension period of 1 month, based on the application submitted by the Company, shares of the Company were suspended from trading continuously as of 14 Oct. 2016 after market opening. The listed company disclosed the Announcement on Relisting in the Period of Major Assets Reorganization Progress Delay (No. 2016-028) on 14 Oct. 2016.
Prior to the expiration of the suspension period of 2 months, based on the Motion on Continued Share Trading Suspension Due to Major Assets Reorganization reviewed and approved by the 33 rd Session of the
7th
Board of the Directors held on 11 Nov. 2016, the Company applied to Shenzhen Stock Exchange for continued suspension as of 14 Nov. 2016. The suspension period shall not exceed 3 months accumulatively from the first day of suspension. The Company disclosed the Announcement on Continued Share Trading Suspension after Expiration of Suspension Period Due to Planning of Assets Reorganization (No. 2016-039) on 14 Nov. 2016.
Prior to the expiration of the suspension period of 3 months, the Company held the
1st
Extraordinary General Meeting on 12 Dec. 2016, reviewed and approved the Motion on Continued Share Trading Suspension Due to Planning of Assets Reorganization , and disclosed the Announcement on Application for Continued Share Trading Suspension after Expiration of Suspension Period Due to Planning of Assets Reorganization (No. 2016-047). Upon the application, the Company shall continue to suspend the trading of its shares as of 14 Dec, 2016 after market opening and undertook that the suspension period shall not exceed 6 months accumulatively from the first day of
suspension (i.e., to 13 Mar. 2017).
Prior to the expiration of the suspension period of 6 months, the Company held the online
illustration meeting to investors on 10 Mar. 2017, exchanged and communicated relevant
information of the major assets reorganization event with investors and answered the questions that have caused the general concern of investors. Please refer to the Announcement on Holding Online Illustration Meeting to Investors (No. 2017-012) disclosed on 11 Mar. 2017 for details. Upon application to the exchange, the Company issued the Announcement on Relisting Delay Due to Planning of Major Assets Reorganization (No. 2017-013 and No. 2017-024) on 14 Mar. 2017 and 14 Apr. 2017 respectively. To ensure the smooth progress of the major assets reorganization work, prevent abnormal fluctuation of the share price of the Company and protect the rights and interests of medium and small shareholder investors, upon application to Shenzhen Stock Exchange, the
ShenZhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. First Quarter Report 2017
Company will continue to suspend the trading of its shares for no more than 1 month as of 14 Apr. 2017 and is expected to disclose the major assets reorganization plan or report and apply for
relisting according to the requirements of the Standards for the Contents and Formats of Information Disclosure by Companies Offering Securities to the Public No. 26 —Major Assets Reorganization of Listed Companies prior to 14 May 2017.
During the suspension period, the Company shall disclose the progress of relevant issues every five business days at least in strict accordance with the requirements of relevant laws and regulations. At present, all work involved with the major assets reorganization is proceeding smoothly.
The major assets reorganization planned by the Company is still very uncertain, thus the investors should take invest risk into account.
||||
|-|-|-|
|Summary of significant event|Disclosure date|Disclosure website|
|Significant asset reorganization||The Announcement on Postponed Resumption ofShare Trading due to Significant AssetReorganization in Planning disclosed onhttp://www.cninfo.com.cn|
||04/14/2017||

III Overdue commitments of the Company’s actual controller, shareholders, related parties and acquirer, as well as the Company and other commitment makers in this Reporting Period or ongoing at the period-end
□ Applicable√ Not applicable
No such cases in this Reporting Period.
IV Operating result forecast for January-June 2017
Warning of a forecast deficit or considerable YoY change in the accumulative net profit made during the period from the beginning of the year to the end of the next reporting period, as well as explanation of why:
√ Applicable□ Not applicable
Forecast of operating results: Significant decrease in the same direction
Type of forecast data: Interval data
||||||||||
|-|-|-|-|-|-|-|-|-|
|||||January-June2016|||||
||January-June 2017||||+/-%||||
|Forecast accumulative net|||||||||
||5,500|--|7,500|13,473|Down|59.18%|--|44.33%|
|profit (RMB’0,000)|||||||||
|Basic earni ngs per share|||||||||
||0.0544|--|0.0741|0.1332|Down|59.16%|--|44.37%|
|(RMB /share)|||||||||
||Affected by the real estate development progress and the sales cycle, the sales of the Company’s||||||||
|Note|||||||||
||real estate projects decreased year on year.||||||||

V Securities investments
□ Applicable√ Not applicable
ShenZhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. First Quarter Report 2017
No such cases in the Reporting Period.
VI Investments in derivative financial instruments
□ Applicable√ Not applicable
No such cases in the Reporting Period.
VII Visits paid to the Company in the Reporting Period for purposes of research,
communication, interview, etc.
√ Applicable□ Not applicable
|||||
|-|-|-|-|
|Date of visit|Way of visit|Type of visitor|Main inquiry information|
||||About the fundamentals of the Company|
||||and the asset reorganization progress,|
|01/16/2017|By phone|Individual||
||||with no written materials provided by the|
||||Company|
||||About the development and sales|
||||progress of projects and the asset|
|02/08/2017|By phone|Individual||
||||reorganization progress, with no written|
||||materials provided by the Company|
||||About the annual business results, the|
||||disclosure date of the annual report, the|
||||asset reorganization progress and the|
|02/28/2017|By phone|Individual||
||||expected date for resumption of share|
||||trading, with no written materials|
||||provided by the Company|
||||About the date for resumption of share|
||||trading and the investor orientation to be|
|03/09/2017|By phone|Individual||
||||held, with no written materials provided|
||||by the Company|
||||About the asse t reorganization progress|
||||and the date for resumption of share|
|03/28/2017|By phone|Individual||
||||trading, with no written materials|
||||provided by the Company|

VIII Illegal provision of guarantees for external parties
□ Applicable√ Not applicable
No such cases in the Reporting Period.
ShenZhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. First Quarter Report 2017
IX Occupation of the Company’s funds by the controlling shareholder or its related parties for non-operating purposes
□ Applicable√ Not applicable
No such cases in the Reporting Period.
ShenZhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. First Quarter Report 2017
Section IV Financial Statements
I Financial statements
1. Consolidated balance sheet
Prepared by ShenZhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd.
March 31, 2017
Unit: RMB
||||
|-|-|-|
|Item|Closing balance|Opening balance|
|Current assets:|||
|Monetary funds|1,227,934,197.10|1,266,057,324.40|
|Settlement reserve|||
|Interbank lendings|||
|Financial assets at fair value through|||
|profit/loss|||
|Derivative financial assets|||
|Notes receivable|20,619,963.61|20,606,778.91|
|Accounts receivable|128,219,044.28|108,298,050.40|
|Accounts paid in advance|17,635,272.84|15,865,139.33|
|Premiums receivable|||
|Reinsurance premiums receivable|||
|Receivable reinsurance contract|||
|reserve|||
|Interest receivable|||
|Dividends receivable|1,052,192.76|1,052,192.76|
|Other accounts receivable|70,882,107.84|67,514,794.65|
|Financial assets purchased under|||
|agreements to resell|||
|Inventories|1,813,668,861.11|1,734,553,042.10|
|Assets held for sale|||
|Non-current assets due within one|||
|year|||
|Other current assets|22,156,110.66|13,358,714.45|
|Total current assets|3,302,167,750.20|3,227,306,037.00|
|Non-current assets:|||

ShenZhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. First Quarter Report 2017
||||
|-|-|-|
|Loans and advances to customers|||
|Available-for-sale financial assets|17,464,240.74|17,464,240.74|
|Held-to-maturity investments|||
|Long-term accounts receivable|||
|Long-term equity investments|37,447,267.61|37,447,267.61|
|Investment property|410,566,561.89|416,227,686.30|
|Fixed assets|44,192,791.29|45,531,813.41|
|Construction in progress|||
|Engineering materials|||
|Disposal of fixed assets|||
|Productive living assets|||
|Oil-gas assets|||
|Intangible assets|5,018,895.00|5,146,080.00|
|R&D expenses|||
|Goodwill|||
|Long-term deferred expenses|722,317.88|695,720.30|
|Deferred tax assets|35,079,388.75|35,781,937.87|
|Other non-current assets|||
|Total non-current assets|550,491,463.16|558,294,746.23|
|Total assets|3,852,659,213.36|3,785,600,783.23|
|Current liabilities:|||
|Short-term borrowings|124,994,816.81|111,709,916.44|
|Borrowings from the Central Bank|||
|Money deposits accepted and|||
|inter-bank deposits|||
|Interbank borrowings|||
|Financial liabilities at fair value|||
|through profit/loss|||
|Derivative financial liabilities|||
|Notes payable|||
|Accounts payable|105,386,778.56|168,614,299.95|
|Accounts received in advance|413,070,958.45|325,851,112.54|
|Financial assets sold for repurchase|||
|Fees and commissions payable|||
|Payroll payable|21,849,576.00|38,949,995.06|

ShenZhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. First Quarter Report 2017
||||
|-|-|-|
|Taxes payable|71,473,601.30|65,765,997.90|
|Interest payable|16,535,277.94|17,142,210.94|
|Dividends payable|||
|Other accounts payable|373,142,664.29|358,208,718.03|
|Reinsurance premiums payable|||
|Insurance contract reserve|||
|Payables for acting trading of|||
|securities|||
|Payables for acting underwr iting of|||
|securities|||
|Liabilities held for sale|||
|Non-current liabilities due within one|||
||35,301,097.69|37,234,933.67|
|year|||
|Other current liabilities|||
|Total current liabilities|1,161,754,771.04|1,123,477,184.53|
|Non-current liabilities:|||
|Long-term borrowings|130,000,000.00|136,000,000.00|
|Bonds payable|||
|Of which: Preference shares|||
|Perpetual bonds|||
|Long-term accounts payable|9,789,911.48|10,156,728.82|
|Long-term payroll payable|||
|Special payables|||
|Provisions|||
|Deferred income|||
|Deferred tax liabilities|||
|Other non-current liabilities|||
|Total non-current liabilities|139,789,911.48|146,156,728.82|
|Total liabilities|1,301,544,682.52|1,269,633,913.35|
|Owners’ equity:|||
|Share capital|1,011,660,000.00|1,011,660,000.00|
|Other equity instruments|||
|Of which: Preference shares|||
|Perpetual bonds|||
|Capital reserve|978,244,910.11|978,244,910.11|

ShenZhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. First Quarter Report 2017
||||
|-|-|-|
|Less: Treasury shares|||
|Other comprehensive income|10,990,078.06|10,652,531.69|
|Special reserve|||
|Surplus reserve|59,394,668.24|59,394,668.24|
|Provisions for general risks|||
|Retained earnings|618,529,883.09|583,908,333.05|
|Equity attrib utable to owners of the|||
||2,678,819,539.50|2,643,860,443.09|
|Company|||
|Minority interests|-127,705,008.66|-127,893,573.21|
|Total owners’ equity|2,551,114,530.84|2,515,966,869.88|
|Total liabilities and owners’ equity|3,852,659,213.36|3,785,600,783.23|

 Legal representative: Zhou Jianguo Accounting head for this Report: Tang Xiaoping
Head of the accounting department: Qiao Yanjun
2. Balance sheet of the Company
Unit: RMB
||||
|-|-|-|
|Item|Closing balance|Opening balance|
|Current assets:|||
|Monetary funds|821,144,924.94|818,261,250.52|
|Financial assets at fair value through|||
|profit/loss|||
|Derivative financial assets|||
|Notes receivable|||
|Accounts receivable|4,905,866.49|7,327,250.98|
|Accounts paid in advance|||
|Interest receivable|||
|Dividends receivable|169,393,952.18||
|Other accounts receivable|849,272,383.75|844,149,690.07|
|Inventories|524,249,843.53|538,828,597.52|
|Assets held for sale|||
|Non-current assets due within one|||
|year|||
|Other current assets|11,108,692.40|1,884,516.01|
|Total current assets|2,380,075,663.29|2,210,451,305.10|
|Non-current assets:|||
|Available-for-sale financial assets|12,000,000.00|12,000,000.00|

ShenZhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. First Quarter Report 2017
||||
|-|-|-|
|Held-to-maturity investments|||
|Long-term accounts receivable|||
|Long-term equity investments|297,461,748.63|297,461,748.63|
|Investment property|356,064,463.94|360,712,864.13|
|Fixed assets|26,168,832.35|26,785,752.21|
|Construction in progress|||
|Engineering materials|||
|Disposal of fixed assets|||
|Productive living assets|||
|Oil-gas assets|||
|Intangible assets|248,400.00|331,200.00|
|R&D expenses|||
|Goodwill|||
|Long-term deferred expenses|581,762.10|623,881.08|
|Deferred tax assets|3,313,320.43|3,313,320.43|
|Other non-current assets|||
|Total non-current assets|695,838,527.45|701,228,766.48|
|Total assets|3,075,914,190.74|2,911,680,071.58|
|Current liabilities:|||
|Short-term borrowings|||
|Financial liabilities at fair value|||
|through profit/loss|||
|Derivative financial liabilities|||
|Notes payable|||
|Accounts payable|20,699,117.44|32,687,289.94|
|Accounts received in advance|89,852,961.60|96,638,512.60|
|Payroll payable|11,471,418.25|16,433,909.11|
|Taxes payable|32,018,726.56|30,504,993.33|
|Interest payable|16,535,277.94|17,142,210.94|
|Dividends payable|||
|Other accounts payable|231,540,128.49|232,434,218.15|
|Liabilities held for sale|||
|Non-current liabilities due within one|||
||35,301,097.69|37,234,933.67|
|year|||
|Other current liabilities|||

ShenZhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. First Quarter Report 2017
||||
|-|-|-|
|Total current liabilities|437,418,727.97|463,076,067.74|
|Non-current liabilities:|||
|Long-term borrowings|130,000,000.00|136,000,000.00|
|Bonds payable|||
|Of which: Preference shares|||
|Perpetual bonds|||
|Long-term payables|||
|Long-term payroll payable|||
|Special payables|||
|Provisions|||
|Deferred income|||
|Deferred tax liabilities|||
|Other non-current liabilities|||
|Total non-current liabilities|130,000,000.00|136,000,000.00|
|Total liabilities|567,418,727.97|599,076,067.74|
|Owners’ equity:|||
|Share capital|1,011,660,000.00|1,011,660,000.00|
|Other equity instruments|||
|Of which: Preference shares|||
|Perpetual bonds|||
|Capital reserve|978,244,910.11|978,244,910.11|
|Less: Treasury shares|||
|Other comprehensive income|||
|Special reserve|||
|Surplus reserve|36,265,054.83|36,265,054.83|
|Retained earnings|482,325,497.83|286,434,038.90|
|Total owners’ equity|2,508,495,462.77|2,312,604,003.84|
|Total liabilities and owners’ equity|3,075,914,190.74|2,911,680,071.58|

 3. Consolidated income statement
Unit: RMB
||||
|-|-|-|
|Item|January-March 2017|January-March 2016|
|1. Operating revenues|272,038,375.78|332,573,819.86|
|Including: Sales income|272,038,375.78|332,573,819.86|
|Interest income|||

ShenZhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. First Quarter Report 2017
||||
|-|-|-|
|Premium income|||
|Fee and commission income|||
|2. Operating costs|224,314,815.24|291,880,778.81|
|Including: Cost of sales|202,225,932.36|256,347,948.80|
|Interest expenses|||
|Fee and commission expenses|||
|Surrenders|||
|Net claims paid|||
|Net amount provided as insurance|||
|contract reserve|||
|Expenditure on policy dividends|||
|Reinsurance premium|||
|Taxes and surtaxes|9,348,504.25|22,904,132.21|
|Selling expenses|3,500,211.22|2,602,459.70|
|Administrative expenses|11,615,180.55|11,766,957.80|
|Finance costs|-2,375,013.14|-1,740,719.70|
|Asset impairment loss|||
|Add: Profit on fair value changes ( “-”|||
|means loss)|||
|Investment income (“-” means loss)|650,000.00|689,000.00|
|Including: Share of profit/loss of|||
|associates and joint ventures|||
|Exchange gains (“-” means loss)|||
|3. Operating profit (“-” means loss)|48,373,560.54|41,382,041.05|
|Add: Non-operating income|284,621.56|100,191.21|
|Including: Profit on disposal of|||
|non-current assets|||
|Less: Non-operating expense|24,089.50|48,210.58|
|Including: Loss on disposal of|||
||3,584.80|335.00|
|non-current assets|||
|4. Total profit (“-” means loss)|48,634,092.60|41,434,021.68|
|Less: Corporate income tax|13,968,640.73|10,258,603.13|
|5. Net profit (“-” means loss)|34,665,451.87|31,175,418.55|
|Net profit attrib utable to owners of|||
||34,621,550.04|31,138,409.00|
|the Company|||
|Minority interests’ income|43,901.83|37,009.55|
|6. Other comprehensive income net of tax|482,209.10|-4,308,115.12|

ShenZhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. First Quarter Report 2017
||||
|-|-|-|
|Other comprehensive income net of|||
|tax attributable to owners of the|337,546.37|-2,983,400.13|
|Company|||
|6.1 Other comprehensive income|||
|that will not be reclassified into|||
|profit/loss|||
|6.1.1 Changes in net liabilities|||
|or assets with a defined benefit plan upon|||
|re-measurement|||
|6.1.2 Share of other|||
|comprehensive income of investees that|||
|cannot be reclassified into profit/loss|||
|under the equity method|||
|6.2 Other com prehensive income|||
|to be subsequently reclassified into|337,546.37|-2,983,400.13|
|profit/loss|||
|6.2.1 Share of other|||
|comprehensive income of inve stees that|||
|will be reclassified into profit/loss under|||
|the equity method|||
|6.2.2 Profit/loss on fair value|||
|changes of available-for- sale financial|||
|assets|||
|6.2.3 Profit/loss on|||
|reclassifying held-to- maturity|||
|investments into available-for- sale|||
|financial assets|||
|6.2.4 Effective profit/loss on|||
|cash flow hedges|||
|6.2.5 Currency translation|||
||337,546.37|-2,983,400.13|
|differences|||
|6.2.6 Other|||
|Other comprehensive income net of|||
||144,662.73|-1,324,714.99|
|tax attributable to minority interests|||
|7. Total comprehensive income|35,147,660.97|26,867,303.43|
|Attrib utable to owners of the|||
||34,959,096.42|28,155,008.87|
|Company|||
|Attributable to minority interests|188,564.55|-1,287,705.44|
|8. Earnings per share|||
|8.1 Basic earnings per share|0.0342|0.0308|
|8.2 Diluted earnings per share|0.0342|0.0308|

Where business mergers under the same control occurred in this Reporting Period, the net profit achieved by the merged parties
ShenZhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. First Quarter Report 2017
before the business mergers was RMB0.00, with the corresponding amount for the last period being RMB0.00.
Legal representative: Zhou Jianguo Accounting head for this Report: Tang Xiaoping
Head of the accounting department: Qiao Yanjun
4. Income statement of the Company
Unit: RMB
||||
|-|-|-|
|Item|January-March 2017|January-March 2016|
|1. Operating revenues|70,517,089.34|102,235,267.63|
|Less: Operating costs|35,131,220.91|60,579,951.61|
|Taxes and surtaxes|3,211,986.71|10,080,103.29|
|Selling expenses|377,351.35|1,374,782.92|
|Administrative expenses|4,981,295.54|5,867,146.22|
|Finance costs|-7,649,431.84|-2,105,327.23|
|Asset impairment loss|||
|Add: profit on fair value changes (“-”|||
|means loss)|||
|Investment income ( “-” means|||
||170,043,952.18|689,000.00|
|loss)|||
|Including: Share of profit/loss of|||
|associates and joint ventures|||
|2. Operating profit (“-” means loss)|204,508,618.85|27,127,610.82|
|Add: Non-operating income||48,516.00|
|Including: Profit on disposal of|||
|non-current assets|||
|Less: Non-operating expense||19,500.00|
|Including: Loss on disposal of|||
|non-current assets|||
|3. Total profit (“-” means loss)|204,508,618.85|27,156,626.82|
|Less: Corporate income tax|8,617,159.92|6,614,126.47|
|4. Net profit (“-” means loss)|195,891,458.93|20,542,500.35|
|5. Other comprehensive income net of|||
|tax|||
|5.1 Other comprehensive income that|||
|will not be reclassified into profit and|||
|loss|||
|5.1.1 Changes in net liabilities or|||
|assets with a defined benefit plan upon|||
|re-measurement|||

ShenZhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. First Quarter Report 2017
||||
|-|-|-|
|5.1.2 Share of other|||
|comprehensive income of investees that|||
|cannot be reclassified into profit/loss|||
|under the equity method|||
|5.2 Other comprehensive income to|||
|be subsequently reclassified into|||
|profit/loss|||
|5.2.1 Share of other|||
|comprehensive income of investees that|||
|will be reclassified into profit/loss|||
|under the equity method|||
|5.2.2 Profit/loss on fair value|||
|changes of available-for- sale financial|||
|assets|||
|5.2.3 Profit/loss on reclassifying|||
|held-to-maturity investments into|||
|available-for-sale financial assets|||
|5.2.4 Effective profit/loss on cash|||
|flow hedges|||
|5.2.5 Currency translation|||
|differences|||
|5.2.6 Other|||
|6. Total comprehensive income|195,891,458.93|20,542,500.35|
|7. Earnings per share|||
|7.1 Basic earnings per share|0.1936|0.0203|
|7.2 Diluted earnings per share|0.1936|0.0203|

 5. Consolidated cash flow statement
Unit: RMB
||||
|-|-|-|
|Item|January-March 2017|January-March 2016|
|1. Cash flows from operating activities:|||
|Cash received from sale of|||
||349,371,612.56|590,586,568.40|
|commodities and rendering of service|||
|Net increase in money deposits from|||
|customers and interbank placements|||
|Net increase in loans from the|||
|Central Bank|||
|Net increase in funds borrowed from|||
|other financial institutions|||
|Cash received from premium of|||
|original insurance contracts|||
|Net cash received from reinsurance|||

ShenZhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. First Quarter Report 2017
||||
|-|-|-|
|business|||
|Net increase in deposits of policy|||
|holders and investment fund|||
|Net increase in disposal of f inancial|||
|assets at fair value through profit/loss|||
|Interest, fees and commissions|||
|received|||
|Net increase in interbank borrowings|||
|Net increase in funds in repurchase|||
|business|||
|Tax refunds received|||
|Cash received from other operating|||
||23,581,953.94|18,825,466.97|
|activities|||
|Subtotal of cash inflows from operating|||
||372,953,566.50|609,412,035.37|
|activities|||
|Cash paid for goods and services|271,660,067.44|356,662,303.76|
|Net increase in loans and advances|||
|to customers|||
|Net increase in funds deposited in|||
|the Central Bank and inter bank|||
|placements|||
|Cash paid for claims of original|||
|insurance contracts|||
|Interest, fees and commissions paid|||
|Cash paid as policy dividends|||
|Cash paid to and for employees|46,874,822.62|35,667,883.58|
|Taxes paid|40,309,529.03|39,994,554.81|
|Cash paid for other operating|||
||44,389,746.15|49,280,257.61|
|activities|||
|Subtotal of cash outflows due to|||
||403,234,165.24|481,604,999.76|
|operating activities|||
|Net cash flows from operating|||
||-30,280,598.74|127,807,035.61|
|activities|||
|2. Cash flows from investing activities:|||
|Cash received from retraction of|||
|investments|||
|Cash received as investment income|650,000.00|689,000.00|
|Net cash received from disposal of|||
|fixed assets, intangible assets and other|||
|long-term assets|||
|Net cash received from disposal of|||

ShenZhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. First Quarter Report 2017
||||
|-|-|-|
|subsidiaries or other business units|||
|Cash received from other|||
|investing activities|||
|Subtotal of cash inflows from investing|||
||650,000.00|689,000.00|
|activities|||
|Cash paid to acquire fixed assets,|||
|intangible assets and other long- term|17,621.00|388,078.34|
|assets|||
|Cash paid for investment|||
|Net increase in pledged loans|||
|Net cash paid to acquire subsidiaries|||
|and other business units|||
|Cash paid for other investing|||
|activities|||
|Subtotal of cash outflows due to|||
||17,621.00|388,078.34|
|investing activities|||
|Net cash flows from investing activities|632,379.00|300,921.66|
|3. Cash flows from financing activities:|||
|Cash received from capital|||
|contributions|||
|Including: Cash received from|||
|minority shareholder investments by|||
|subsidiaries|||
|Cash received as borrowings|||
|Cash received from issuance o f|||
|bonds|||
|Cash received from other financing|||
|activities|||
|Subtotal of cash inflows from financing|||
|activities|||
|Repayment of borrowings|7,914,918.53|38,150,556.53|
|Cash paid for interest expenses and|||
||2,464,710.97|7,944,234.76|
|distribution of dividends or profit|||
|Including: dividends or profit paid|||
|by subsidiaries to minority interests|||
|Cash paid for other financing|||
|activities|||
|Sub-total of cash outflows due to|||
||10,379,629.50|46,094,791.29|
|financing activities|||
|Net cash flows fro m financing|||
||-10,379,629.50|-46,094,791.29|
|activities|||
|4. Effect of foreign exchange rate|-95,420.10|34,460.72|

ShenZhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. First Quarter Report 2017
||||
|-|-|-|
|changes on cash and cash equivalents|||
|5. Net increase in cash and cash|||
||-40,123,269.34|82,047,626.70|
|equivalents|||
|Add: Opening balance of cas h and|||
||1,265,767,290.57|1,169,756,306.36|
|cash equivalents|||
|6. Closing balance of cash and cash|||
||1,225,644,021.23|1,251,803,933.06|
|equivalents|||

6. Cash flow statement of the Company
Unit: RMB
||||
|-|-|-|
|Item|January-March 2017|January-March 2016|
|1. Cash flows from operating activities:|||
|Cash received from sale of|||
||69,759,767.31|221,850,248.45|
|commodities and rendering of service|||
|Tax refunds received|||
|Cash received from other operating|||
||6,653,936.44|10,582,340.01|
|activities|||
|Subtotal of cash inflows from operating|||
||76,413,703.75|232,432,588.46|
|activities|||
|Cash paid for goods and services|23,224,035.38|48,782,972.69|
|Cash paid to and for employees|12,654,048.17|8,486,973.77|
|Taxes paid|23,798,753.26|25,079,724.96|
|Cash paid for other operating|||
||4,332,281.70|34,321,124.76|
|activities|||
|Subtotal of cash outflows due to|||
||64,009,118.51|116,670,796.18|
|operating activities|||
|Net cash flows from operating|||
||12,404,585.24|115,761,792.28|
|activities|||
|2. Cash flows from investing activities:|||
|Cash received from retraction of|||
|investments|||
|Cash received as investment income|650,000.00|689,000.00|
|Net cash received from disposal of|||
|fixed assets, intangible assets and other|||
|long-term assets|||
|Net cash received from disposal of|||
|subsidiaries or other business units|||
|Cash received from other investing|||
|activities|||
|Subtotal of cash inflows from investing|||
||650,000.00|689,000.00|
|activities|||

ShenZhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. First Quarter Report 2017
||||
|-|-|-|
|Cash paid to acquire fixed assets,|||
|intangible assets and other long- term|6,949.00|12,396.00|
|assets|||
|Cash paid for investment|||
|Net cash paid to acquire subsidiaries|||
|and other business units|||
|Cash paid for other investing|||
|activities|||
|Subtotal of cash outflows due to|||
||6,949.00|12,396.00|
|investing activities|||
|Net cash flows from investing activities|643,051.00|676,604.00|
|3. Cash flows from financing activities:|||
|Cash received from capital|||
|contributions|||
|Cash received as borrowings|||
|Cash received from issuance of|||
|bonds|||
|Cash received from other financing|||
|activities|||
|Subtotal of cash inflows from financing|||
|activities|||
|Repayment of borrowings|7,914,918.53|38,150,556.53|
|Cash paid for interest expenses and|||
||2,242,863.97|7,565,068.09|
|distribution of dividends or profit|||
|Cash paid for other financing|||
|activities|||
|Sub-total of cash outflows due to|||
||10,157,782.50|45,715,624.62|
|financing activities|||
|Net cash flows from financing|||
||-10,157,782.50|-45,715,624.62|
|activities|||
|4. Effect of foreign exchange rate|||
||-6,179.32|1,879.08|
|changes on cash and cash equivalents|||
|5. Net increase in ca sh and cash|||
||2,883,674.42|70,724,650.74|
|equivalents|||
|Add: Opening balance of cash and|||
||818,261,250.52|852,492,165.42|
|cash equivalents|||
|6. Closing balance of cash and cash|||
||821,144,924.94|923,216,816.16|
|equivalents|||

IIAuditor’s report
Is this Report audited?
ShenZhen Special Economic Zone Real Estate& Properties (Group) Co., Ltd. First Quarter Report 2017
□ Yes√ No
This Report is not audited.