HK Bourse: Announcement From Fantasia Holdings Group Co. Ltd.

 
    Following is the related link: 
http://www.hkexnews.hk/listedco/listconews/sehk/2016/0810/LTN20160810940.pdf 
 
 
 
         ANNOUNCEMENT OF UNAUDITED INTERIM RESULTS 
            FOR THE SIX MONTHS ENDED 30 JUNE 2016 
 
 HIGHLIGHTS 
 -    The Group's contracted sales for the Period increased by approximately 18.9% to 
      approximately RMB4,811 million from approximately RMB4,047 million for the 
      corresponding period in 2015. 
 -    The Group's revenue for the Period was approximately RMB5,362 million, which 
      increased by 47.7% from approximately RMB3,630 million for the corresponding 
      period in 2015. 
 -    The Group's gross profit margin for the Period maintained at a relatively high level 
      of 27.6%. 
 -    The Group's profit for the Period was approximately RMB331 million (the 
      corresponding period in 2015: RMB279 million). 
 -    The Group's net gearing ratio (being aggregated borrowings and senior notes net of 
      bank balances and cash and restricted cash over the total equity) as at 30 June 2016 
      was 78.1%, which increased by 2.5% from 75.6% as at 31 December 2015. 
 -    In January 2016, a wholly-owned subsidiary of the Company incorporated in the 
      People's Republic of China issued the domestic corporate bonds in the amount 
      of RMB1.1 billion at an interest rate of 7.29% due 2020, to optimize the overall 
      maturity profile of debts. 
 -    In April 2016, the Company issued senior notes in the amount of RMB600 million at 
      an interest rate of 9.50% due 2019, to optimize the overall maturity profile of debts. 
 
 -    Basic earnings per share was RMB4.62 cents (the corresponding period in 2015: 
      RMB3.61 cents). 
 
 
 
 
                                               -1- 
 
The board (the "Board") of directors (the "Directors") of Fantasia Holdings Group Co., 
Limited (hereinafter referred to as "Fantasia" or the "Company") announces the unaudited 
financial results of the Company and its subsidiaries (collectively, the "Group") for the six 
months ended 30 June 2016 (the "Period") as follows: 
 
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER 
COMPREHENSIVE INCOME 
FOR THE SIX MONTHS ENDED 30 JUNE 2016 
 
                                                                Six months ended 30 June 
                                                     NOTES            2016            2015 
                                                                   RMB'000       RMB'000 
                                                                (unaudited)    (unaudited) 
 
                                                        3         5,362,145 
Revenue                                                                            3,629,667 
                                                                 (3,882,193) 
Cost of sales and services                                                        (2,469,368) 
 
                                                                  1,479,952 
Gross profit                                                                       1,160,299 
                                                                   (172,771) 
Other income, gains and losses                                                         3,901 
                                                                    (10,767) 
Change in fair value of investment properties                                        175,115 
Recognition of change in fair value of completed 
  properties for sale upon transfer to investment 
                                                                    343,024 
  properties                                                                               - 
                                                                   (121,776) 
Selling and distribution expenses                                                   (122,962) 
                                                                   (470,120) 
Administrative expenses                                                             (371,457) 
                                                                   (331,046) 
Finance costs                                                                       (160,094) 
                                                                        (58) 
Share of results of associates                                                           165 
                                                                        580 
Share of results of joint ventures                                                    (3,491) 
                                                                    177,785 
Gain on disposal of subsidiaries                                                       1,590 
 
                                                                    894,803 
Profit before tax                                                                    683,066 
                                                        4          (564,210) 
Income tax expense                                                                  (403,957) 
 
Profit and total comprehensive income for 
                                                        5           330,593 
  the period                                                                         279,109 
 
Profit and total comprehensive income for 
  the period attributable to: 
                                                                    265,984 
  Owners of the Company                                                              207,640 
                                                                     37,550 
  An owner of perpetual capital instrument                                            31,850 
                                                                     27,059 
  Other non-controlling interests                                                     39,619 
 
                                                                    330,593          279,109 
 
Earnings per share (RMB cents) 
                                                        7               4.62 
  - Basic                                                                               3.61 
 
                                                        7               4.62 
  - Diluted                                                                             3.59 
 
 
                                             -2- 
 
 
 
 
 
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CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
AT 30 JUNE 2016 
 
                                                                 30 June   31 December 
                                                     NOTES          2016           2015 
                                                               RMB'000        RMB'000 
                                                             (unaudited)       (audited) 
 
NON-CURRENT ASSETS 
                                                               2,032,269 
Property, plant and equipment                                                 1,766,869 
                                                               7,166,153 
Investment properties                                                         6,884,931 
                                                                 676,436 
Interests in associates                                                           6,789 
                                                                 410,624 
Interests in joint ventures                                                     410,044 
                                                                 806,361 
Goodwill                                                                        733,549 
                                                                 236,864 
Intangible assets                                                               204,474 
                                                                 528,158 
Prepaid lease payments                                                          868,698 
                                                               1,373,480 
Premium on prepaid lease payments                                               172,169 
                                                                 352,834 
Other receivables                                                               376,841 
                                                                 266,628 
Deposits paid for acquisition of subsidiaries                                   231,329 
                                                                 158,933 
Deposit paid for acquisition of a property project                              140,946 
                                                               1,086,077 
Deposit paid for acquisition of land use rights                               1,050,077 
                                                                 598,769 
Deferred tax assets                                                             462,161 
 
                                                              15,693,586     13,303,877 
 
CURRENT ASSETS 
                                                                  64,984 
Inventories                                                                           - 
                                                              20,648,383 
Properties for sale                                                          21,801,648 
                                                                  14,585 
Prepaid lease payments                                                           34,274 
                                                                  20,011 
Premium on prepaid lease payments                                                 3,678 
                                                       8       3,603,974 
Trade and other receivables                                                   4,604,047 
                                                                  34,769 
Amounts due from customers for contract works                                    88,937 
                                                                 127,894 
Tax recoverable                                                                 107,594 
                                                                 304,142 
Amount due from a joint venture                                                 180,258 
Amounts due from non-controlling shareholders 
                                                                 75,407 
  of the subsidiaries of the Company                                                  - 
                                                                201,740 
Amount due from related parties                                                 184,782 
Financial assets designated at fair value through 
                                                                 101,162 
  profit or loss                                                                 19,200 
                                                               1,382,075 
Restricted/pledged bank deposits                                              1,336,482 
                                                               4,077,869 
Bank balances and cash                                                        2,881,511 
 
                                                              30,656,995     31,242,411 
 
 
 
 
                                             -3- 
 
                                                                 30 June   31 December 
                                                     NOTES          2016           2015 
                                                               RMB'000        RMB'000 
                                                             (unaudited)       (audited) 
 
CURRENT LIABILITIES 
                                                       9       7,145,163 
Trade and other payables                                                      6,626,928 
                                                               3,922,367 
Deposits received for sale of properties                                      5,555,880 
                                                                  21,639 
Amounts due to customers for contract works                                      17,141 
Amount due to a non-controlling shareholder of the 
                                                                 343,324 
  subsidiaries of the Company                                                   390,199 
                                                               1,887,310 
Amounts due to joint ventures and associates                                  1,033,916 
                                                               3,970,801 
Tax liabilities                                                               3,626,109 
                                                               1,129,886 
Borrowings - due within one year                                              1,407,598 
                                                                  31,739 
Obligations under finance leases                                                 22,101 
                                                                       - 
Senior notes and bonds                                                        1,004,105 
                                                                   5,412 
Defined benefit obligation                                                            - 
                                                                  14,873 
Provision                                                                             - 
 
                                                              18,472,514     19,683,977 
 
NET CURRENT ASSETS                                            12,184,481     11,558,434 
 
TOTAL ASSETS LESS CURRENT LIABILITIES                         27,878,067     24,867,311 
 
NON-CURRENT LIABILITIES 
                                                                       - 
Amount due to a non-controlling shareholder                                     329,721 
                                                               1,332,683 
Deferred tax liabilities                                                      1,071,358 
                                                               2,862,889 
Borrowings - due after one year                                               2,556,814 
                                                                 287,298 
Obligations under finance leases                                                104,979 
                                                                  91,946 
Derivative financial instruments                                                 22,673 
                                                              10,980,228 
Senior notes and bonds                                                        8,508,474 
                                                                  97,401 
Defined benefit obligation                                                            - 
                                                                  39,247 
Provision                                                                        33,255 
 
                                                              15,691,692     12,627,274 
 
                                                              12,186,375     12,240,037 
 
CAPITAL AND RESERVES 
                                                                 497,845 
Share capital                                                                   497,797 
                                                               9,937,787 
Reserves                                                                      9,910,694 
                                                              10,435,632 
Equity attributable to owners of the Company                                 10,408,491 
                                                                       - 
Perpetual capital instrument                                                    710,500 
                                                               1,750,743 
Other non-controlling interests                                               1,121,046 
 
                                                               1,750,743 
Total non-controlling interest                                                1,831,546 
 
                                                              12,186,375     12,240,037 
 
 
 
 
                                           -4- 
 
 
 
 
 
 
 
 
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE SIX MONTHS ENDED 30 JUNE 2016 
1.   BASIS OF PREPARATION 
 
     The condensed consolidated financial statements have been prepared in accordance with Hong Kong 
     Accounting Standard 34 (HKAS 34) ("Interim Financial Reporting") issued by the Hong Kong Institute 
     of Certified Public Accountants (the "HKICPA") as well as the applicable disclosure requirements of 
     Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong 
     Limited (the "Listing Rules"). 
 
2.   PRINCIPAL ACCOUNTING POLICIES 
 
     The condensed consolidated financial statements have been prepared on the historical cost convention, 
     except for the investment properties and certain financial instruments, which are measured at fair values. 
 
     Except as described below, the accounting policies and methods of computation used in the condensed 
     consolidated financial statements for the six months ended 30 June 2016 are the same as those followed in 
     the preparation of the Group's annual financial statements for the year ended 31 December 2015. 
 
     In the current interim period, the Group has applied for the first time, the following new and revised 
     interpretation and amendments to Hong Kong Financial Reporting Standards ("HKFRSs") issued by 
     HKICPA that are relevant for the preparation of the Group's condensed consolidated financial statements: 
 
     HKFRS 14                                           Regulatory Deferral Accounts 
     Amendments to HKFRS 11                             Accounting for Acquisitions of Interests in Joint Operations 
     Amendments to HKAS 1                               Disclosure Initiative 
     Amendments to HKAS 16                              Clarification of Acceptable Methods of Depreciation and 
      and HKAS 38                                         Amortisation 
     Amendments to HKFRSs                               Annual Improvements to HKFRSs 2012-2014 Cycle 
     Amendments to HKFRS 10,                            Investment Entities: Applying the Consolidation Exception 
      HKFRS 12 and HKAS 28 
 
     The application of the above new and revised amendments to HKFRSs in the current period has had no 
     material effect on the amounts reported in these condensed consolidated financial statements and/or on the 
     disclosures set out in these condensed consolidated financial statements. 
 
3.   SEGMENT INFORMATION 
 
     The following is an analysis of the Group's revenue and results by reportable and operating segments: 
 
     Six months ended 30 June 2016 
 
                                                          Property    Properties                             Reportable 
                                Property     Property       agency     operation       Hotel                   segment 
                             development   investment      services     services   operations     Others          total Eliminations      Total 
                                RMB'000      RMB'000      RMB'000      RMB'000      RMB'000      RMB'000      RMB'000      RMB'000      RMB'000 
 
     SEGMENT REVENUE 
       (UNAUDITED) 
 
     External sales            4,334,900       93,711        6,035      688,996       40,250      198,253     5,362,145            -    5,362,145 
     Inter-segment sales          56,313            -            -       51,898            -            -       108,211     (108,211)           - 
 
     Total                     4,391,213       93,711        6,035      740,894       40,250      198,253     5,470,356     (108,211)   5,362,145 
 
     Segment profit (loss)     1,139,112       30,698        5,504      203,532        (5,258)     (6,066)    1,367,522            -    1,367,522 
 
 
 
                                                                -5- 
 
Six months ended 30 June 2015 
 
                                                      Property   Properties                            Reportable 
                            Property      Property     agency     operation       Hotel                  segment 
                        development    investment     services     services   operations     Others          total Eliminations        Total 
                           RMB'000       RMB'000     RMB'000     RMB'000       RMB'000     RMB'000      RMB'000 RMB'000             RMB'000 
 
SEGMENT REVENUE 
(UNAUDITED) 
 
External sales            3,116,395        96,784       8,623      333,251       74,614           -    3,629,667             -      3,629,667 
Inter-segment sales          53,289             -           -       23,113            -           -       76,402       (76,402)             - 
 
Total                     3,169,684        96,784       8,623      356,364       76,614           -    3,706,069       (76,402)     3,629,667 
 
Segment profit (loss)       645,843      155,033        8,472      143,073       (7,480)          -      944,941             -       944,941 
 
Segment profit (loss) represents the profit earned or loss incurred by each segment without allocation of 
central administration costs and directors' salaries, interest income, exchange gain (loss), share of results 
of associates and joint ventures, finance costs and income tax expense. This is the measure reported to 
the chief operating decision maker for the purposes of resources allocation and assessment of segment 
performance. 
 
Reconciliation: 
 
                                                                                              Six months ended 30 June 
                                                                                                    2016               2015 
                                                                                                RMB'000           RMB'000 
                                                                                              (unaudited)       (unaudited) 
 
                                                                                                 1,367,522 
Segment profit                                                                                                                     944,941 
                                                                                                  (331,046) 
Finance costs                                                                                                                     (160,094) 
                                                                                                       580 
Share of results of joint ventures                                                                                                  (3,491) 
                                                                                                       (58) 
Share of results of associates                                                                                                         165 
                                                                                                   177,785 
Gain on disposal of subsidiaries                                                                                                     1,590 
                                                                                                  (172,771) 
Unallocated income, gains and losses                                                                                                24,498 
                                                                                                  (147,209) 
Unallocated corporate expenses                                                                                                    (124,543) 
 
                                                                                                      894,803 
Profit before tax                                                                                                                 683,066 
 
 
 
 
                                                           -6- 
 
 
 
 
 
 
 
 
     The following is an analysis of the Group's assets by reportable and operating segments: 
 
                                                                                    30 June         31 December 
                                                                                       2016                 2015 
                                                                                  RMB'000              RMB'000 
                                                                                (unaudited)             (audited) 
 
                                                                                  27,015,312 
     Property development                                                                             28,569,770 
                                                                                   7,237,048 
     Property investment                                                                               6,985,732 
                                                                                      19,932 
     Property agency services                                                                             14,890 
                                                                                   2,288,677 
     Property operation services                                                                       1,827,971 
                                                                                   1,084,687 
     Hotel operations                                                                                  1,252,412 
                                                                                     669,109 
     Other                                                                                               285,500 
 
                                                                                  38,314,765 
     Total segment assets                                                                             38,936,275 
                                                                                   8,035,816 
     Total unallocated assets                                                                          5,615,013 
 
                                                                                  46,350,581 
     Group's total assets                                                                             44,551,288 
 
     For the purpose of monitoring segment performance and allocating resources between segments, the chief 
     operating decision makers also review the segment assets attributable to each operating segment, which 
     comprises assets other than interests in associates and joint ventures, goodwill, financial assets designated 
     as at FVTPL, amount due from related parties, non-controlling shareholders and a joint venture, restricted/ 
     pledged bank deposits, bank balances and cash and other corporate assets. 
 
4.   INCOME TAX EXPENSE 
 
                                                                                Six months ended 30 June 
                                                                                      2016               2015 
                                                                                  RMB'000           RMB'000 
                                                                                (unaudited)       (unaudited) 
 
     Current tax in the People's Republic of China (the "PRC") 
                                                                                     286,313 
       Enterprise Income Tax ("EIT")                                                                     217,843 
                                                                                     297,455 
       Land Appreciation Tax ("LAT")                                                                      73,223 
 
                                                                                     583,768             291,066 
 
     Deferred tax: 
                                                                                     (19,558) 
       Current period                                                                                    112,891 
 
                                                                                     564,210             403,957 
 
 
 
 
                                                     -7- 
 
5.   PROFIT AND TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 
 
                                                                              Six months ended 30 June 
                                                                                    2016               2015 
                                                                                RMB'000           RMB'000 
                                                                              (unaudited)       (unaudited) 
 
     Profit and total comprehensive income for the period has 
       been arrived at after charging: 
 
                                                                                   196,788 
     Net exchange (gain) loss                                                                          (27,024) 
                                                                                   (14,879) 
     Interest income                                                                                   (18,739) 
                                                                                     7,132 
     Release of prepaid lease payments                                                                  13,633 
                                                                                     1,840 
     Release of premium on prepaid lease payments                                                        1,839 
                                                                                    95,799 
     Depreciation of property, plant and equipment                                                      78,092 
                                                                                     9,854 
     Amortisation of intangible assets                                                                   3,598 
                                                                                    16,001 
     Allowance for doubtful debts on trade and other receivables                                        44,188 
                                                                                   531,895 
     Staff costs (included in administrative expenses)                                                 237,763 
 
6.   DIVIDENDS 
 
     During the current interim period, a final dividend of HK5.00 cents per share in respect of the year 
     ended 31 December 2015 (2015: HK5.39 cents) was declared and paid to the owners of the Company. 
     The aggregate amount of the final dividend declared and paid in the current period amounted to 
     RMB246,220,000 (2015: RMB245,012,000). 
 
     The directors of the Company do not recommend the payment of an interim dividend for the six months 
     ended 30 June 2016. 
 
7.   EARNINGS PER SHARE 
 
     The calculation of the basic and diluted earnings per share attributable to owners of the Company is based 
     on the following data: 
 
                                                                              Six months ended 30 June 
                                                                                    2016               2015 
                                                                                RMB'000           RMB'000 
                                                                              (unaudited)       (unaudited) 
 
     Earnings: 
     Earnings for the purpose of basic earnings per share 
                                                                                   265,984 
       (Profit for the period attributable to owners of the Company)                                   207,640 
 
     Effect of dilutive potential ordinary shares: 
                                                                                         - 
       Share options -- Colour Life                                                                         (98) 
 
                                                                                   265,984 
     Earnings for the purpose of diluted earnings per share                                            207,542 
 
     Number of shares: 
     Number of ordinary shares for the purpose of 
                                                                            5,761,519,682 
       basic earnings per share                                                                 5,757,887,526 
 
     Effect of dilutive potential ordinary shares: 
                                                                                         - 
     Share options                                                                                 24,585,063 
 
     Weighted average number of ordinary shares for the 
                                                                            5,761,519,682 
      purpose of diluted earnings per share                                                     5,782,472,589 
 
 
                                                     -8- 
 
 
 
 
 
 
 
 
8.   TRADE AND OTHER RECEIVABLES 
 
     Trade receivables are mainly arisen from sales of properties, rental income derived from investment 
     properties, agency fee income in respect of property rentals, service and management income in respect of 
     property management. 
 
                                                                                  30 June        31 December 
                                                                                     2016                2015 
                                                                                RMB'000             RMB'000 
                                                                              (unaudited)            (audited) 
 
                                                                                 1,741,680 
     Trade receivables                                                                              1,317,151 
                                                                                   291,093 
     Other receivables                                                                                362,730 
                                                                                   270,302 
     Prepayments and other deposits                                                                   186,946 
                                                                                   190,207 
     Prepayments to suppliers                                                                         165,829 
                                                                                   617,860 
     Prepayments for construction works                                                             1,029,565 
                                                                                         - 
     Consideration receivable on disposal subsidiaries                                                761,000 
     Amount due from Pixian Government (note a)                                          -            135,989 
     Amount due from Chengdu Government (note b)                                   184,359            419,274 
                                                                                   308,473 
     Other tax prepayments                                                                            225,563 
 
                                                                                 3,603,974          4,604,047 
 
     Notes: 
 
     (a)      As 31 December 2015, the balance represented the investment income from a joint development of 
              Wangcong Ancient Sichuan Culture Park located in Pixian Country, Chengdu, Sichuan Province 
              with Pixian Government, which was fully settled by 30 June 2016. 
 
     (b)      As at 30 June 2016, the balance represents the amount due from the People's Government of 
              Chengdu ("Chengdu Government") in relation to the land development project of the Wu Gui Qiao 
              Town located in Jin Jiang Area, Chengdu, Sichuan Province, which is required to be settled on or 
              before 31 December 2016. 
 
     The following is an aging analysis of trade receivables of the Group net of allowance for doubtful debts 
     presented based on the invoice date at the end of the reporting period: 
 
                                                                                  30 June        31 December 
                                                                                     2016                2015 
                                                                                RMB'000             RMB'000 
                                                                              (unaudited)            (audited) 
 
                                                                                   663,469 
     0 to 30 days                                                                                     865,758 
                                                                                   322,840 
     31 to 90 days                                                                                    126,749 
                                                                                   437,862 
     91 days to 180 days                                                                              118,624 
                                                                                   194,646 
     181 to 365 days                                                                                  105,263 
                                                                                   122,863 
     Over 1 year                                                                                      100,757 
 
                                                                                 1,741,680          1,317,151 
 
 
 
 
                                                    -9- 
 
9.   TRADE AND OTHER PAYABLES 
 
     The following is an aging analysis of the Group's trade payables and retention payable presented based on 
     the invoice date at the end of the reporting period: 
 
                                                                                  30 June        31 December 
                                                                                     2016                2015 
                                                                                RMB'000             RMB'000 
                                                                              (unaudited)            (audited) 
 
                                                                                2,415,072 
     0 to 60 days                                                                                   2,012,493 
                                                                                1,274,126 
     61 to 180 days                                                                                   771,978 
                                                                                  993,607 
     181 days to 365 days                                                                           1,088,540 
                                                                                  402,069 
     1 to 2 years                                                                                     575,877 
                                                                                   44,595 
     2 to 3 years                                                                                      85,096 
                                                                                   18,633 
     Over 3 years                                                                                       4,005 
 
                                                                                5,148,102           4,537,989 
 
 
MANAGEMENT DISCUSSION AND ANALYSIS 
 
Business Review 
 
Property Development: 
 
In the first half of 2016, the property development market picked up the market recovery 
started in 2015. The pace of recovery in first-tier cities and core second-tier cities was more 
prominent where properties being sold at extremely high price were frequently observed while 
the property prices and turnover rose rapidly. On the other hand, the property market in most 
third and fourth-tier cities had a sluggish performance. In relation to policies, regulations were 
tightened on restricting the number of purchases and the availability of credit in first-tier and 
some second-tier cities with overheated market, while policies on inventory reduction were 
still maintained in the remaining second-tier, third-tier and fourth-tier cities. Further, policies 
were promulgated to target at properties with high inventory level such as commercial offices 
and apartments in order to bring down the inventory level. 
 
During the Period, the Group firmly grasped the opportunities and adopted positive and 
decisive sales polices to reduce the inventories under the Group's current inventory structure 
amid the challenges it faced. Quality projects in first-tier and core second tier-cities were 
fully launched taking advantage of the favourable market environment and the sales price for 
the projects was gradually raised. For districts with slower market response and slow selling 
projects, the Group used extra efforts to reduce the inventory level to achieve a breakthrough 
in terms of sales. With the Group's proactive efforts, the Group has achieved higher year-on- 
year contracted sales such that stable and sufficient cash flow was ensured. 
 
 
 
 
                                                  - 10 - 
 
 
 
 
 
 
 
 
During the Period, the Group recorded contracted sales of RMB4,810.75 million and 
contracted sales area of 448,271 square meters ("sq.m."). RMB1,782.26 million of the total 
contracted sales was derived from boutique upscale residences, representing 37.05% of the 
Group's total contracted sales, and RMB1,225.92 million was derived from mid-to-high end 
residences, representing 25.48% of the Group's total contracted sales. 
 
The proportion of revenue from                                                            The proportion of 
contracted sales attributable to                                                          contracted sales area attributable to 
different categories of products                                                          different categories of products 
 
              Boutique                                      Urban                                       Boutique                                          Urban 
              Upscale                                       Complexes                                   Upscale                                           Complexes 
              Residences                                    37.47%                                      Residences                                        30.26% 
              37.05%                                                                                    33.19% 
 
 
 
 
                                                            Mid-to-high End                                                                               Mid-to-high End 
                                                            Residences                                                                                    Residences 
                                                            25.48%                                                                                        36.54% 
 
 
 Boutique Upscale Residences   Mid-to-high End Residences                                  Boutique Upscale Residences       Mid-to-high End Residences           Urban Complexes 
                                                                    Urban Complexes 
 
 
 
The proportion of contracted sales amount and contracted sales area attributable to 
different categories of products for the first half of 2016 
 
                                                                                Contracted sales amount                                     Sale area 
                                                                              (RMB million)            %                                 (sq.m.)                               % 
 
Urban complexes                                                                       1,802.57                       37.47             135,668                              30.27 
Mid-to-high end residences                                                            1,225.92                       25.48             163,811                              36.54 
Boutique upscale residences                                                           1,782.26                       37.05             148,792                              33.19 
 
Total                                                                                 4,810.75                        100              448,271                               100 
 
During the Period, the contracted sales contribution of the Group's real estate business were 
mainly derived from 13 cities, including Wuhan, Huizhou, Suzhou, Shenzhen and Chengdu, 
and 34 projects, including Huizhou Kangchengsiji, Wuhan Fantasia Town, Suzhou Hailrun, 
Guilin Lakeside Eden and Tianjin Meinian. Compared to the year of 2015, the Group has 
made Shenzhen, Shanghai, Wuhan and Chengdu its strategic centers to actively expand its 
market presence in Southern China, Eastern China, Central China and Southwestern districts 
respectively to boost its sales. Currently, the growth in the first-tier and core second-tier cities 
are more prominent, in particular, significant growth in projects in Shenzhen was observed. 
We have rapidly expanded into light assets operation business in Wuhan leveraging on our 
own brand reputation and market recognition, while significant growth in contracted sales in 
projects in Shanghai and Chengdu was also achieved. Due to the Group's business distribution 
and development, the business growth in first-tier cities and core second-tier cities was stable 
and diversified. 
 
 
 
 
                                                                                 - 11 - 
 
The geographical distribution of                                 The geographical distribution of 
revenue under contracted sales in                                sold area under contracted sales in 
six major regions in the first half of 2016                      six major regions in the first half of 2016 
 
                                     Chengdu-                                                              Chengdu- 
                         Overseas,                                                             Overseas, 
                                     Chongqing                                                             Chongqing 
                         2.91%                                                                 0.29% 
                                     Economic Zone,                                                        Economic Zone, 
                                     14.38%                                                                19.41% 
      Central China,                                                    Central China, 
      14.03%                                                            22.01% 
 
 
 
 
Beijing-Tianjin                                                  Beijing-Tianjin 
Metropolitan                                                     Metropolitan 
                                             Pearl River                                                           Pearl River 
Area, 5.93%                                                      Area, 4.12% 
                                             Delta, 48.02%                                                         Delta, 38.64% 
 
           Yangtze                                                          Yangtze 
           River Delta                                                      River Delta 
           Region,                                                          Region, 
           14.73%                                                           15.53% 
 
 
The breakdown of the Group's contracted sales in the six major regions in the first half 
of 2016 
 
                                                                Amount                                      Area 
                                                      (RMB million)                       %            (sq.m.)                 % 
 
Chengdu-Chongqing Economic Zone                                691.64               14.38             87,030                19.41 
Pearl River Delta                                            2,310.23               48.02            173,206                38.64 
Yangtze River Delta Region                                     708.57               14.73             69,609                15.53 
Beijing-Tianjin Metropolitan Area                              285.35                5.93             18,487                 4.12 
Central China                                                  674.96               14.03             98,655                22.01 
Overseas                                                       140.00                2.91              1,284                 0.29 
 
Total                                                        4,810.75                    100         448,271                 100 
 
Chengdu-Chongqing Economic Zone 
 
The Chengdu-Chongqing Economic Zone is one of the most important drivers for economic 
growth in China. Driven by its rapid industrial development and strong market demand, 
Chengdu-Chongqing has been a key strategic city of the Group with higher value of products 
and extensive product range. Our efforts during the Period mainly focused on reducing 
inventories, enhancing the integration and innovation of the Group's existing commercial, 
offices and apartment projects in order to achieve comprehensive growth. Meanwhile, in 
order to promote business growth in the Chengdu-Chongqing Economic Zone, the Group will 
strive to undertake more projects to achieve better results and to lay a strong foundation for a 
sustainable development. 
 
 
 
 
                                                         - 12 - 
 
 
 
 
 
 
 
 
During the Period, the Group recorded contracted sales area of approximately 87,030 sq.m. in 
the Chengdu - Chongqing Economic Zone and contracted sales of approximately RMB691.64 
million, representing approximately 19.41% and 14.38% of the total contracted sales area and 
total contracted sales of properties of the Group during the Period, respectively. 
 
As at 30 June 2016, the Group had six projects or phases of projects under construction in the 
Chengdu-Chongqing Economic Zone, with a total planned gross floor area of approximately 
916,410 sq.m. and a saleable area of approximately 694,731 sq.m.. Excluding projects under 
construction, the Group also had three projects or phases of projects to be developed in the 
Chengdu - Chongqing Economic Zone, with a total planned gross floor area of approximately 
1,164,282 sq.m.. 
 
Pearl River Delta Region 
 
The Pearl River Delta Region has always been the area which forms part of the Group's 
strategic transformation. In seeking further business opportunities and land bank, the Group 
has put Shenzhen as its center in the Pearl River Delta Region and actively expanded into 
Guangzhou and other key economic cities in the vicinity. During the Period, business in 
Shenzhen and its surrounding areas achieved significant breakthrough, the development of 
key projects, such as Lung Kei Sea, Huizhou Kangchengsiji and Guilin Lakeside Eden, was 
smooth and the momentum of growth was strong. Progress in projects development and land 
bank acquisition in each city was achieved, while the development of light assets projects was 
smooth. 
 
During the Period, the Group recorded contracted sales area in the Pearl River Delta Region 
of approximately 173,206 sq.m. and contracted sales amount of approximately RMB2,310.23 
million, representing approximately 38.64% and 48.02% of the total contracted sales area and 
total contracted sales amount of properties of the Group during the Period, respectively. 
 
As at 30 June 2016, the Group had 8 projects or phases of projects under construction in the 
Pearl River Delta Region, with a total planned GFA of approximately 886,935 sq.m. and an 
estimated saleable area of approximately 645,090 sq.m.. The Group also had four projects or 
phases of projects to be developed in the Pearl River Delta Region, with a total planned gross 
floor area of approximately 640,109 sq.m.. 
 
Beijing-Tianjin Metropolitan Area 
 
The Beijing-Tianjin Metropolitan Area, which is the core of the Capital Economic Circle, 
enjoys a prominent strategic position. During the Period, as the real estate market in Beijing 
and Tianjin picked up, the Group grasped the opportunity to comprehensively promote Tianjin 
Meinian project and achieved positive results. The Group established good reputation through 
demonstrating project image and enhanced its recognition in the regional market. Moreover, 
the development of other projects in the region achieved certain progress and laid a strong 
foundation for the Group's further development in the region in the future. 
 
 
 
 
                                           - 13 - 
 
During the Period, the Group recorded contracted sales area of approximately 18,487 sq.m. 
and contracted sales amount of approximately RMB285.35 million in the Beijing-Tianjin 
Metropolitan Area, representing approximately 4.12% and 5.93% of the total contracted 
sales area and total contracted sales amount of properties of the Group during the Period, 
respectively. 
 
As at 30 June 2016, the Group had four projects or phases of projects under construction in 
the Beijing-Tianjin Metropolitan Area, with a total planned gross floor area of approximately 
164,297 sq.m. and an estimated saleable area of approximately 124,816 sq.m.. The Group also 
had four projects or phases of projects to be developed in the Beijing-Tianjin Metropolitan 
Area, with a total planned gross floor area of approximately 749,968 sq.m.. 
 
Yangtze River Delta Region 
 
Yangtze River Delta Region is a region which enjoys the strongest integrative strength and 
the most-balanced development in China. Thus, cities in the region have become important 
focuses of growth of China's real estate industry. During the Period, the real estate market in 
Yangtze River Delta Region escalated, and extremely high-priced areas emerged. The Group 
actively promoted the reduction of real estate inventories in Shanghai, Suzhou, Nanjing and 
Wuxi, and took active steps to enhance sales price and sales volume through grasping the 
opportunities and market momentum during the Period in order to generate more profit. 
 
During the Period, the Group recorded contracted sales area of 69,609 sq.m. and contracted 
sales amount of approximately RMB708.57 million in the Yangtze River Delta Region, 
representing approximately 15.53% and 14.73% of the total contracted sales area and total 
contracted sales amount of properties of the Group during the Period, respectively. 
 
As at 30 June 2016, the Group had four projects or phases of projects under construction in the 
Yangtze River Delta Region, with a total planned gross floor area of approximately 590,645 
sq.m. and an estimated saleable area of approximately 339,848 sq.m.. The Group also had two 
projects or phases of projects to be developed in the Yangtze River Delta Region, with a total 
planned gross floor area of approximately 112,904 sq.m.. 
 
Central China 
 
The economic development of Central China, one of the regions in China that has high 
economic growth potential, was promising and its growth was stable during the Period. 
Developing Central China is of strategic significance to the Group. During the Period, the 
property market in Wuhan gradually recovered while inventories reduction speeded up with 
progressive increase in property price. The Group grasped market opportunities to boost sales 
for its projects, and generated quick sales for demanded categories and apartments and thus 
achieved well beyond its targeted half-year results. Leveraging on the Group's presence and 
reputation in Wuhan, our companies in Wuhan progressively promoted entrusted construction 
and light assets business in order to rapidly enhance our market presence, expand our market 
share and upgrade our teamwork and thus in turn boosted the significant growth of the 
Group's business in Central China. 
 
 
 
 
                                            - 14 - 
 
 
 
 
 
 
 
 
During the Period, the Group recorded contracted sales area of 98,655 sq.m. and contracted 
sales amount of approximately RMB674.96 million in Central China, representing 
approximately 22.01% and 14.03% of the total contracted sales area and total contracted sales 
of properties of the Group during the Period, respectively. 
 
As at 30 June 2016, the Group had two projects or phases of projects under construction in 
Wuhan, with a total planned gross floor area of approximately 255,318 sq.m. and an estimated 
saleable area of approximately 220,805 sq.m.. 
 
Overseas 
 
Singapore is one of the foreign exchange centres and one of the most important financial, 
service and shipping centres in Asia. As the first stop for the Group to enter into the overseas 
real estate market, Singapore has strategic importance to the international development of the 
Group. During the Period, Singapore Love forever project obtained good market reputation, 
gained public recognition and achieved comprehensive growth in its results due to its 
capability to innovate and upgrade its products. 
 
During the Period, the Group recorded contracted sales area of 1,284 sq.m. and contracted 
sales amount of approximately RMB140.00 million in the overseas market, representing 
approximately 0.29% and 2.91% of the total contracted sales area and total contracted sales of 
properties of the Group during the Period, respectively. 
 
As at 30 June 2016, the Group had one overseas project under development, with a total 
planned gross floor area of approximately 22,904 sq.m. and an estimated saleable area of 
approximately 11,551 sq.m.. 
 
Colour Life: 
 
During the Period, the community services business of the Group maintained rapid growth. 
Colour Life Services Group Co., Limited ("Colour Life"), a subsidiary of the Group, 
continued to expand its management areas through discretionary trust managements and 
acquisitions. As at 30 June 2016, Colour Life had contracted management area of 360.1 
million sq.m. and contracted to manage 2,236 projects. Currently, projects managed by 
Colour Life cover a total of 181 cities, including provincial capitals, such as Beijing, Tianjin, 
Shenyang, Harbin, Changchun, Shanghai, Hangzhou, Nanjing, Xi'an, Yinchuan, Taiyuan, 
Guiyang, Changsha, Wuhan, Zhengzhou, Guangzhou, Nanchang, Chengdu, Nanning, Haikou 
and Chongqing, and cities in the Yangtze River Delta, such as Suzhou, Wuxi and Yangzhou, 
as well as cities in the Pearl River Delta, such as Foshan, Zhuhai, Zhongshan, Huizhou 
and Zhanjiang, initially forming a regional layout covering regions such as Eastern China, 
Southern China, Northwest China, Southwest China, Northeast China, Northern China, 
Central China as well as in Singapore and Hong Kong. Currently, Colour Life is a large-scale 
property service group, comprising 18 corporations awarded the certificate of National Class 
1 Aptitude on Property Management and 38 corporations awarded the certificate of National 
Class 2 Aptitude on Property Management. 
 
 
 
 
                                             - 15 - 
 
While the business scale was expanding rapidly, the brand influence of the community 
services of Colour Life has further strengthened as well. In June 2016, the China Index 
Academy awarded Colour Life the name of "The World's Largest Residential Properties 
Community Services Area 2015" (2015 ). Meanwhile, 
according to the 2016 China Top 100 Property Service Companies report published by the 
China Index Academy, among the ten leaders in the category of top 100 property service 
enterprises with highest satisfaction, Colour Life ranked the sixth. This is clear evidence that, 
while maintaining the rapid growth in operations, Colour Life also succeeded in improving 
customer satisfaction, thereby laying a solid foundation for the future roll-out of value-added 
services. 
 
In order to further enhance the efficiency of property management services and provide 
better experience for residents, Colour Life regularly implemented Internet technology 
based modifications and operation to the projects that it managed. In 2015, Colour Life 
has further completed the upgrade of its management programme to 3.0 version, and has 
primarily achieved professionalization and commercialization in organization, and created a 
highly efficient and professional community service system with the ICE system supported 
by the synergy of operating center. Meanwhile, the design and study of the entry points and 
the setting was comprehensively improved by the 3.0 version, allowing better access to the 
Caizhiyun application ("APP") by clients and this in turn has successfully increased the 
reliance by clients, and developed a community online ecosystem through various aspects such 
as user demand and efficient support. During the Period, the Group has completed hardware 
upgrade and transformation for 223 communities. 
 
During the Period, the online platform of Colour Life also achieved significant development. 
Through basic functions that are frequently used, such as property management fees payment 
and complaints handling and "Scan to Access the Community Gate" ( 
), interaction and communication between residents in the community and Colour Life 
was strengthened. Thus, the reliance of residents on the Caizhiyun APP increased, and this 
boosted Colour Life's capability in exploring and constructing entry points in communities, 
thereby facilitating the seamless integration between its online and offline businesses. As 
of 30 June 2016, registered users of Caizhiyun APP increased to 2,150 thousand, of which 
1,133 thousand were active users, the activity level represented 52.7% of the total activity by 
all users. Moreover, the business operation activities of the third-party vertical application 
platform, which Colour Life operated jointly with, also increased rapidly. As of 30 June 
2016, the order per day of E-Repair exceeded 8,000, in which over 95% were attributed to 
property owner families, while the accumulated investment amount of E-Wealth Management 
amounted to RMB656.6 million, and the accumulated investment amount of "Colour Wealth 
Life Value-added Plan", which offsets the property management fee, amounted to RMB603.1 
million. Such outstanding operating statistics showed that the construction of Colour Life 
ecosphere was gradually taking shape. 
 
On the other hand, Colour Life has officially launched the Colour Life Property sales mode 
on 30 June 2015, and promoted Colour Life Property nationally as the strategic product for 
future development. Colour Life Property can assist property developers to speed up sales and 
also lower the entry price for flat purchasers. As the core designer for Colour Life Property, 
Colour Life could speed up the growth of the service area through such mode of operation and 
efficiently organize various demands of future community residents, and such an initiative 
could significantly increase the online activity and reliance by residents. 
 
 
 
 
                                             - 16 - 
 
 
 
 
 
 
 
 
Home E&E: 
 
Shenzhen Home E&E Commercial Services Group Co., Ltd. ( 
) ("Home E&E Group"), as one of the two integral parts under the Group, was 
established in October 2010 with a registered capital of RMB30.15 million. The company is 
an integrated property solution service provider, which mainly provides property management 
and property operating services for urban complexes, office spaces and resort properties. It 
also provides assets custodian services and other value-added services for all property owners 
and property users in its course of continuously expanding its assets operating services 
business. 
 
In respect of operation, during the Period, the area newly put under management by 
Home E&E Group amounted to 4.7 million sq.m., increased by 261% as compared to the 
corresponding period, while the new projects under its management covered 26 cities in 
China. Obtaining quality property management projects and promoting the rapid growth in 
income and profit of property management business has been the cornerstone of the company's 
assets operating business. On 18 June 2016, Home E&E Group successfully achieved a new 
milestone of listing in the National Equities Exchange and Quotations in the PRC ("NEEQ"), 
and this distinguished itself from almost 20 real estate enterprises listed in NEEQ. 
 
In respect of property management, Home E&E Group established Meizhinian Asset 
Management Company (). Through creating the "Quality renting 
property" platform and leveraging on its Internet Plus Finance, Home E&E Group provided 
one-stop asset management services for developers, investors and tenants. In terms of 
operation and management mechanism, the Company offered different incentive mechanisms 
to different levels of employees to nurture their entrepreneurship and exploit the value of 
basic-rank employees so as to further enhance the Company's value. 
 
In the second half of 2016, with its high-end quality service and the strategy of financial 
leveraging, Home E&E Group will continue to deploy its capital to acquire small and medium 
property enterprises, and implement the new business model to further improve the project 
layout throughout China, so as to promote greater growth in management scale and efficiency. 
Through property management and new business, the Company has applied in practice 
internet technology into property management activities, and promoted the development of 
property management in a more professional, smart and automatic direction, this makes the 
management costs lower and client's experience optimize, while higher standard of services 
would be available to clients. All of such initiatives make Home E&E Group develop into 
China's leading commercial community services provider. 
 
 
 
 
                                           - 17 - 
 
Financial Group: 
 
Community finance is an important driving force and core business sector in the Group's 
"Community Plus" strategy. Qian Sheng Hua (), the online financial platform of the 
Group that was launched in 2013, supported Colour Life, the largest community service 
provider, to continuously expand new business channels and product model. During the 
Period, Qian Sheng Hua financed over RMB900 million with 0.37 million newly registered 
users. The Group continuously improved the channel of Colourful and Wealthy Life and 
promoted the unlimited succession of product launching for Colourful and Wealthy Life. In 
June 2016, the platform launched "zero dollars purchase" (), a wealth management 
model, which will focus on developing new zero dollars purchase mode in the second half 
of the year. Qian Sheng Hua will continue to thrive to provide "sophisticated community 
finance service". Hehua Yidai () was established in 2015, provided simple and 
speedy personal credit loans services for users through the internet and mobile internet, and 
currently covered major marketing channels. With a goal to become the largest community 
finance borrowing service platform in China, Hehua Yidai () will conduct credit 
assessment and credit granting through analyzing and compiling the data of owners based on 
the information of community owners, and launch an independent brand, Huayijie () 
exclusive for owners. 
 
Zhong An Xin (), an insurance broker, is currently in strategic cooperation with major 
insurance companies in China. The Group will, centered on the "community insurance" 
model, develop "Community Plus Insurance" Product, which combine the requirements of 
community users to mainly promote products and services such as motor insurance, overseas 
wealth management product, property insurance through online and offline basis. The Group 
continuously improved its "Community operating services ecosystem" of Fantasia through 
innovative products, services and pattern, and continuously optimized and enhanced users 
experience and devoted itself to become a client's first choice of integrated community 
insurance service provider. 
 
Hehenian Microcredit (), placed stable operation as its development approach. 
In 2016, as the development trend of micro-credit was relatively favourable, micro-credit 
company has become one of the companies with the best internal control mechanism for 
overdue balance in the industry which enjoyed stable growth during the Period under its 
stringent control over credit risk. In the course of development, Hehenian Micro-credit kept 
optimizing its product structure and actively promoted innovation, and, in line with the 
Group's community strategy, launched a low interest loan product known as "community 
loan" targeted at residents in the community to enhance its competitiveness in the community 
and gradually integrate with the Group's resources in community business to achieve better 
business development. 
 
Fantasia Financial Leasing (), mainly targets at customers in community- 
related industries such as new energy vehicles (such as electric vehicle/environmental 
sanitation special vehicles, charging piles), parking garage, intelligent gateway system in 
car park, medical equipment, fresh food e-commerce (including cold chain logistics, cold 
storage equipment, fresh food automatic distributing machine) and cinema line. Financial 
services have received stable leasing return through its penetration into the community, and 
have successfully entered into the capital market through various partnership. The Group 
 
 
                                           - 18 - 
 
 
 
 
 
 
 
 
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
AT 30 JUNE 2016 
 
                                                                 30 June   31 December 
                                                     NOTES          2016           2015 
                                                               RMB'000        RMB'000 
                                                             (unaudited)       (audited) 
 
NON-CURRENT ASSETS 
                                                               2,032,269 
Property, plant and equipment                                                 1,766,869 
                                                               7,166,153 
Investment properties                                                         6,884,931 
                                                                 676,436 
Interests in associates                                                           6,789 
                                                                 410,624 
Interests in joint ventures                                                     410,044 
                                                                 806,361 
Goodwill                                                                        733,549 
                                                                 236,864 
Intangible assets                                                               204,474 
                                                                 528,158 
Prepaid lease payments                                                          868,698 
                                                               1,373,480 
Premium on prepaid lease payments                                               172,169 
                                                                 352,834 
Other receivables                                                               376,841 
                                                                 266,628 
Deposits paid for acquisition of subsidiaries                                   231,329 
                                                                 158,933 
Deposit paid for acquisition of a property project                              140,946 
                                                               1,086,077 
Deposit paid for acquisition of land use rights                               1,050,077 
                                                                 598,769 
Deferred tax assets                                                             462,161 
 
                                                              15,693,586     13,303,877 
 
CURRENT ASSETS 
                                                                  64,984 
Inventories                                                                           - 
                                                              20,648,383 
Properties for sale                                                          21,801,648 
                                                                  14,585 
Prepaid lease payments                                                           34,274 
                                                                  20,011 
Premium on prepaid lease payments                                                 3,678 
                                                       8       3,603,974 
Trade and other receivables                                                   4,604,047 
                                                                  34,769 
Amounts due from customers for contract works                                    88,937 
                                                                 127,894 
Tax recoverable                                                                 107,594 
                                                                 304,142 
Amount due from a joint venture                                                 180,258 
Amounts due from non-controlling shareholders 
                                                                 75,407 
  of the subsidiaries of the Company                                                  - 
                                                                201,740 
Amount due from related parties                                                 184,782 
Financial assets designated at fair value through 
                                                                 101,162 
  profit or loss                                                                 19,200 
                                                               1,382,075 
Restricted/pledged bank deposits                                              1,336,482 
                                                               4,077,869 
Bank balances and cash                                                        2,881,511 
 
                                                              30,656,995     31,242,411 
 
 
 
 
                                             -3- 
 
                                                                 30 June   31 December 
                                                     NOTES          2016           2015 
                                                               RMB'000        RMB'000 
                                                             (unaudited)       (audited) 
 
CURRENT LIABILITIES 
                                                       9       7,145,163 
Trade and other payables                                                      6,626,928 
                                                               3,922,367 
Deposits received for sale of properties                                      5,555,880 
                                                                  21,639 
Amounts due to customers for contract works                                      17,141 
Amount due to a non-controlling shareholder of the 
                                                                 343,324 
  subsidiaries of the Company                                                   390,199 
                                                               1,887,310 
Amounts due to joint ventures and associates                                  1,033,916 
                                                               3,970,801 
Tax liabilities                                                               3,626,109 
                                                               1,129,886 
Borrowings - due within one year                                              1,407,598 
                                                                  31,739 
Obligations under finance leases                                                 22,101 
                                                                       - 
Senior notes and bonds                                                        1,004,105 
                                                                   5,412 
Defined benefit obligation                                                            - 
                                                                  14,873 
Provision                                                                             - 
 
                                                              18,472,514     19,683,977 
 
NET CURRENT ASSETS                                            12,184,481     11,558,434 
 
TOTAL ASSETS LESS CURRENT LIABILITIES                         27,878,067     24,867,311 
 
NON-CURRENT LIABILITIES 
                                                                       - 
Amount due to a non-controlling shareholder                                     329,721 
                                                               1,332,683 
Deferred tax liabilities                                                      1,071,358 
                                                               2,862,889 
Borrowings - due after one year                                               2,556,814 
                                                                 287,298 
Obligations under finance leases                                                104,979 
                                                                  91,946 
Derivative financial instruments                                                 22,673 
                                                              10,980,228 
Senior notes and bonds                                                        8,508,474 
                                                                  97,401 
Defined benefit obligation                                                            - 
                                                                  39,247 
Provision                                                                        33,255 
 
                                                              15,691,692     12,627,274 
 
                                                              12,186,375     12,240,037 
 
CAPITAL AND RESERVES 
                                                                 497,845 
Share capital                                                                   497,797 
                                                               9,937,787 
Reserves                                                                      9,910,694 
                                                              10,435,632 
Equity attributable to owners of the Company                                 10,408,491 
                                                                       - 
Perpetual capital instrument                                                    710,500 
                                                               1,750,743 
Other non-controlling interests                                               1,121,046 
 
                                                               1,750,743 
Total non-controlling interest                                                1,831,546 
 
                                                              12,186,375     12,240,037 
 
 
 
 

0

0

 
 
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
AT 30 JUNE 2016 
 
                                                                 30 June   31 December 
                                                     NOTES          2016           2015 
                                                               RMB'000        RMB'000 
                                                             (unaudited)       (audited) 
 
NON-CURRENT ASSETS 
                                                               2,032,269 
Property, plant and equipment                                                 1,766,869 
                                                               7,166,153 
Investment properties                                                         6,884,931 
                                                                 676,436 
Interests in associates                                                           6,789 
                                                                 410,624 
Interests in joint ventures                                                     410,044 
                                                                 806,361 
Goodwill                                                                        733,549 
                                                                 236,864 
Intangible assets                                                               204,474 
                                                                 528,158 
Prepaid lease payments                                                          868,698 
                                                               1,373,480 
Premium on prepaid lease payments                                               172,169 
                                                                 352,834 
Other receivables                                                               376,841 
                                                                 266,628 
Deposits paid for acquisition of subsidiaries                                   231,329 
                                                                 158,933 
Deposit paid for acquisition of a property project                              140,946 
                                                               1,086,077 
Deposit paid for acquisition of land use rights                               1,050,077 
                                                                 598,769 
Deferred tax assets                                                             462,161 
 
                                                              15,693,586     13,303,877 
 
CURRENT ASSETS 
                                                                  64,984 
Inventories                                                                           - 
                                                              20,648,383 
Properties for sale                                                          21,801,648 
                                                                  14,585 
Prepaid lease payments                                                           34,274 
                                                                  20,011 
Premium on prepaid lease payments                                                 3,678 
                                                       8       3,603,974 
Trade and other receivables                                                   4,604,047 
                                                                  34,769 
Amounts due from customers for contract works                                    88,937 
                                                                 127,894 
Tax recoverable                                                                 107,594 
                                                                 304,142 
Amount due from a joint venture                                                 180,258 
Amounts due from non-controlling shareholders 
                                                                 75,407 
  of the subsidiaries of the Company                                                  - 
                                                                201,740 
Amount due from related parties                                                 184,782 
Financial assets designated at fair value through 
                                                                 101,162 
  profit or loss                                                                 19,200 
                                                               1,382,075 
Restricted/pledged bank deposits                                              1,336,482 
                                                               4,077,869 
Bank balances and cash                                                        2,881,511 
 
                                                              30,656,995     31,242,411 
 
 
 
 
                                             -3- 
 
                                                                 30 June   31 December 
                                                     NOTES          2016           2015 
                                                               RMB'000        RMB'000 
                                                             (unaudited)       (audited) 
 
CURRENT LIABILITIES 
                                                       9       7,145,163 
Trade and other payables                                                      6,626,928 
                                                               3,922,367 
Deposits received for sale of properties                                      5,555,880 
                                                                  21,639 
Amounts due to customers for contract works                                      17,141 
Amount due to a non-controlling shareholder of the 
                                                                 343,324 
  subsidiaries of the Company                                                   390,199 
                                                               1,887,310 
Amounts due to joint ventures and associates                                  1,033,916 
                                                               3,970,801 
Tax liabilities                                                               3,626,109 
                                                               1,129,886 
Borrowings - due within one year                                              1,407,598 
                                                                  31,739 
Obligations under finance leases                                                 22,101 
                                                                       - 
Senior notes and bonds                                                        1,004,105 
                                                                   5,412 
Defined benefit obligation                                                            - 
                                                                  14,873 
Provision                                                                             - 
 
                                                              18,472,514     19,683,977 
 
NET CURRENT ASSETS                                            12,184,481     11,558,434 
 
TOTAL ASSETS LESS CURRENT LIABILITIES                         27,878,067     24,867,311 
 
NON-CURRENT LIABILITIES 
                                                                       - 
Amount due to a non-controlling shareholder                                     329,721 
                                                               1,332,683 
Deferred tax liabilities                                                      1,071,358 
                                                               2,862,889 
Borrowings - due after one year                                               2,556,814 
                                                                 287,298 
Obligations under finance leases                                                104,979 
                                                                  91,946 
Derivative financial instruments                                                 22,673 
                                                              10,980,228 
Senior notes and bonds                                                        8,508,474 
                                                                  97,401 
Defined benefit obligation                                                            - 
                                                                  39,247 
Provision                                                                        33,255 
 
                                                              15,691,692     12,627,274 
 
                                                              12,186,375     12,240,037 
 
CAPITAL AND RESERVES 
                                                                 497,845 
Share capital                                                                   497,797 
                                                               9,937,787 
Reserves                                                                      9,910,694 
                                                              10,435,632 
Equity attributable to owners of the Company                                 10,408,491 
                                                                       - 
Perpetual capital instrument                                                    710,500 
                                                               1,750,743 
Other non-controlling interests                                               1,121,046 
 
                                                               1,750,743 
Total non-controlling interest                                                1,831,546 
 
                                                              12,186,375     12,240,037 
 
 
 
 

1

1

 
 
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
AT 30 JUNE 2016 
 
                                                                 30 June   31 December 
                                                     NOTES          2016           2015 
                                                               RMB'000        RMB'000 
                                                             (unaudited)       (audited) 
 
NON-CURRENT ASSETS 
                                                               2,032,269 
Property, plant and equipment                                                 1,766,869 
                                                               7,166,153 
Investment properties                                                         6,884,931 
                                                                 676,436 
Interests in associates                                                           6,789 
                                                                 410,624 
Interests in joint ventures                                                     410,044 
                                                                 806,361 
Goodwill                                                                        733,549 
                                                                 236,864 
Intangible assets                                                               204,474 
                                                                 528,158 
Prepaid lease payments                                                          868,698 
                                                               1,373,480 
Premium on prepaid lease payments                                               172,169 
                                                                 352,834 
Other receivables                                                               376,841 
                                                                 266,628 
Deposits paid for acquisition of subsidiaries                                   231,329 
                                                                 158,933 
Deposit paid for acquisition of a property project                              140,946 
                                                               1,086,077 
Deposit paid for acquisition of land use rights                               1,050,077 
                                                                 598,769 
Deferred tax assets                                                             462,161 
 
                                                              15,693,586     13,303,877 
 
CURRENT ASSETS 
                                                                  64,984 
Inventories                                                                           - 
                                                              20,648,383 
Properties for sale                                                          21,801,648 
                                                                  14,585 
Prepaid lease payments                                                           34,274 
                                                                  20,011 
Premium on prepaid lease payments                                                 3,678 
                                                       8       3,603,974 
Trade and other receivables                                                   4,604,047 
                                                                  34,769 
Amounts due from customers for contract works                                    88,937 
                                                                 127,894 
Tax recoverable                                                                 107,594 
                                                                 304,142 
Amount due from a joint venture                                                 180,258 
Amounts due from non-controlling shareholders 
                                                                 75,407 
  of the subsidiaries of the Company                                                  - 
                                                                201,740 
Amount due from related parties                                                 184,782 
Financial assets designated at fair value through 
                                                                 101,162 
  profit or loss                                                                 19,200 
                                                               1,382,075 
Restricted/pledged bank deposits                                              1,336,482 
                                                               4,077,869 
Bank balances and cash                                                        2,881,511 
 
                                                              30,656,995     31,242,411 
 
 
 
 
                                             -3- 
 
                                                                 30 June   31 December 
                                                     NOTES          2016           2015 
                                                               RMB'000        RMB'000 
                                                             (unaudited)       (audited) 
 
CURRENT LIABILITIES 
                                                       9       7,145,163 
Trade and other payables                                                      6,626,928 
                                                               3,922,367 
Deposits received for sale of properties                                      5,555,880 
                                                                  21,639 
Amounts due to customers for contract works                                      17,141 
Amount due to a non-controlling shareholder of the 
                                                                 343,324 
  subsidiaries of the Company                                                   390,199 
                                                               1,887,310 
Amounts due to joint ventures and associates                                  1,033,916 
                                                               3,970,801 
Tax liabilities                                                               3,626,109 
                                                               1,129,886 
Borrowings - due within one year                                              1,407,598 
                                                                  31,739 
Obligations under finance leases                                                 22,101 
                                                                       - 
Senior notes and bonds                                                        1,004,105 
                                                                   5,412 
Defined benefit obligation                                                            - 
                                                                  14,873 
Provision                                                                             - 
 
                                                              18,472,514     19,683,977 
 
NET CURRENT ASSETS                                            12,184,481     11,558,434 
 
TOTAL ASSETS LESS CURRENT LIABILITIES                         27,878,067     24,867,311 
 
NON-CURRENT LIABILITIES 
                                                                       - 
Amount due to a non-controlling shareholder                                     329,721 
                                                               1,332,683 
Deferred tax liabilities                                                      1,071,358 
                                                               2,862,889 
Borrowings - due after one year                                               2,556,814 
                                                                 287,298 
Obligations under finance leases                                                104,979 
                                                                  91,946 
Derivative financial instruments                                                 22,673 
                                                              10,980,228 
Senior notes and bonds                                                        8,508,474 
                                                                  97,401 
Defined benefit obligation                                                            - 
                                                                  39,247 
Provision                                                                        33,255 
 
                                                              15,691,692     12,627,274 
 
                                                              12,186,375     12,240,037 
 
CAPITAL AND RESERVES 
                                                                 497,845 
Share capital                                                                   497,797 
                                                               9,937,787 
Reserves                                                                      9,910,694 
                                                              10,435,632 
Equity attributable to owners of the Company                                 10,408,491 
                                                                       - 
Perpetual capital instrument                                                    710,500 
                                                               1,750,743 
Other non-controlling interests                                               1,121,046 
 
                                                               1,750,743 
Total non-controlling interest                                                1,831,546 
 
                                                              12,186,375     12,240,037 
 
 
 
 

2

2

 
 
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
AT 30 JUNE 2016 
 
                                                                 30 June   31 December 
                                                     NOTES          2016           2015 
                                                               RMB'000        RMB'000 
                                                             (unaudited)       (audited) 
 
NON-CURRENT ASSETS 
                                                               2,032,269 
Property, plant and equipment                                                 1,766,869 
                                                               7,166,153 
Investment properties                                                         6,884,931 
                                                                 676,436 
Interests in associates                                                           6,789 
                                                                 410,624 
Interests in joint ventures                                                     410,044 
                                                                 806,361 
Goodwill                                                                        733,549 
                                                                 236,864 
Intangible assets                                                               204,474 
                                                                 528,158 
Prepaid lease payments                                                          868,698 
                                                               1,373,480 
Premium on prepaid lease payments                                               172,169 
                                                                 352,834 
Other receivables                                                               376,841 
                                                                 266,628 
Deposits paid for acquisition of subsidiaries                                   231,329 
                                                                 158,933 
Deposit paid for acquisition of a property project                              140,946 
                                                               1,086,077 
Deposit paid for acquisition of land use rights                               1,050,077 
                                                                 598,769 
Deferred tax assets                                                             462,161 
 
                                                              15,693,586     13,303,877 
 
CURRENT ASSETS 
                                                                  64,984 
Inventories                                                                           - 
                                                              20,648,383 
Properties for sale                                                          21,801,648 
                                                                  14,585 
Prepaid lease payments                                                           34,274 
                                                                  20,011 
Premium on prepaid lease payments                                                 3,678 
                                                       8       3,603,974 
Trade and other receivables                                                   4,604,047 
                                                                  34,769 
Amounts due from customers for contract works                                    88,937 
                                                                 127,894 
Tax recoverable                                                                 107,594 
                                                                 304,142 
Amount due from a joint venture                                                 180,258 
Amounts due from non-controlling shareholders 
                                                                 75,407 
  of the subsidiaries of the Company                                                  - 
                                                                201,740 
Amount due from related parties                                                 184,782 
Financial assets designated at fair value through 
                                                                 101,162 
  profit or loss                                                                 19,200 
                                                               1,382,075 
Restricted/pledged bank deposits                                              1,336,482 
                                                               4,077,869 
Bank balances and cash                                                        2,881,511 
 
                                                              30,656,995     31,242,411 
 
 
 
 
                                             -3- 
 
                                                                 30 June   31 December 
                                                     NOTES          2016           2015 
                                                               RMB'000        RMB'000 
                                                             (unaudited)       (audited) 
 
CURRENT LIABILITIES 
                                                       9       7,145,163 
Trade and other payables                                                      6,626,928 
                                                               3,922,367 
Deposits received for sale of properties                                      5,555,880 
                                                                  21,639 
Amounts due to customers for contract works                                      17,141 
Amount due to a non-controlling shareholder of the 
                                                                 343,324 
  subsidiaries of the Company                                                   390,199 
                                                               1,887,310 
Amounts due to joint ventures and associates                                  1,033,916 
                                                               3,970,801 
Tax liabilities                                                               3,626,109 
                                                               1,129,886 
Borrowings - due within one year                                              1,407,598 
                                                                  31,739 
Obligations under finance leases                                                 22,101 
                                                                       - 
Senior notes and bonds                                                        1,004,105 
                                                                   5,412 
Defined benefit obligation                                                            - 
                                                                  14,873 
Provision                                                                             - 
 
                                                              18,472,514     19,683,977 
 
NET CURRENT ASSETS                                            12,184,481     11,558,434 
 
TOTAL ASSETS LESS CURRENT LIABILITIES                         27,878,067     24,867,311 
 
NON-CURRENT LIABILITIES 
                                                                       - 
Amount due to a non-controlling shareholder                                     329,721 
                                                               1,332,683 
Deferred tax liabilities                                                      1,071,358 
                                                               2,862,889 
Borrowings - due after one year                                               2,556,814 
                                                                 287,298 
Obligations under finance leases                                                104,979 
                                                                  91,946 
Derivative financial instruments                                                 22,673 
                                                              10,980,228 
Senior notes and bonds                                                        8,508,474 
                                                                  97,401 
Defined benefit obligation                                                            - 
                                                                  39,247 
Provision                                                                        33,255 
 
                                                              15,691,692     12,627,274 
 
                                                              12,186,375     12,240,037 
 
CAPITAL AND RESERVES 
                                                                 497,845 
Share capital                                                                   497,797 
                                                               9,937,787 
Reserves                                                                      9,910,694 
                                                              10,435,632 
Equity attributable to owners of the Company                                 10,408,491 
                                                                       - 
Perpetual capital instrument                                                    710,500 
                                                               1,750,743 
Other non-controlling interests                                               1,121,046 
 
                                                               1,750,743 
Total non-controlling interest                                                1,831,546 
 
                                                              12,186,375     12,240,037 
 
 
 
 

3

3

 
 
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
AT 30 JUNE 2016 
 
                                                                 30 June   31 December 
                                                     NOTES          2016           2015 
                                                               RMB'000        RMB'000 
                                                             (unaudited)       (audited) 
 
NON-CURRENT ASSETS 
                                                               2,032,269 
Property, plant and equipment                                                 1,766,869 
                                                               7,166,153 
Investment properties                                                         6,884,931 
                                                                 676,436 
Interests in associates                                                           6,789 
                                                                 410,624 
Interests in joint ventures                                                     410,044 
                                                                 806,361 
Goodwill                                                                        733,549 
                                                                 236,864 
Intangible assets                                                               204,474 
                                                                 528,158 
Prepaid lease payments                                                          868,698 
                                                               1,373,480 
Premium on prepaid lease payments                                               172,169 
                                                                 352,834 
Other receivables                                                               376,841 
                                                                 266,628 
Deposits paid for acquisition of subsidiaries                                   231,329 
                                                                 158,933 
Deposit paid for acquisition of a property project                              140,946 
                                                               1,086,077 
Deposit paid for acquisition of land use rights                               1,050,077 
                                                                 598,769 
Deferred tax assets                                                             462,161 
 
                                                              15,693,586     13,303,877 
 
CURRENT ASSETS 
                                                                  64,984 
Inventories                                                                           - 
                                                              20,648,383 
Properties for sale                                                          21,801,648 
                                                                  14,585 
Prepaid lease payments                                                           34,274 
                                                                  20,011 
Premium on prepaid lease payments                                                 3,678 
                                                       8       3,603,974 
Trade and other receivables                                                   4,604,047 
                                                                  34,769 
Amounts due from customers for contract works                                    88,937 
                                                                 127,894 
Tax recoverable                                                                 107,594 
                                                                 304,142 
Amount due from a joint venture                                                 180,258 
Amounts due from non-controlling shareholders 
                                                                 75,407 
  of the subsidiaries of the Company                                                  - 
                                                                201,740 
Amount due from related parties                                                 184,782 
Financial assets designated at fair value through 
                                                                 101,162 
  profit or loss                                                                 19,200 
                                                               1,382,075 
Restricted/pledged bank deposits                                              1,336,482 
                                                               4,077,869 
Bank balances and cash                                                        2,881,511 
 
                                                              30,656,995     31,242,411 
 
 
 
 
                                             -3- 
 
                                                                 30 June   31 December 
                                                     NOTES          2016           2015 
                                                               RMB'000        RMB'000 
                                                             (unaudited)       (audited) 
 
CURRENT LIABILITIES 
                                                       9       7,145,163 
Trade and other payables                                                      6,626,928 
                                                               3,922,367 
Deposits received for sale of properties                                      5,555,880 
                                                                  21,639 
Amounts due to customers for contract works                                      17,141 
Amount due to a non-controlling shareholder of the 
                                                                 343,324 
  subsidiaries of the Company                                                   390,199 
                                                               1,887,310 
Amounts due to joint ventures and associates                                  1,033,916 
                                                               3,970,801 
Tax liabilities                                                               3,626,109 
                                                               1,129,886 
Borrowings - due within one year                                              1,407,598 
                                                                  31,739 
Obligations under finance leases                                                 22,101 
                                                                       - 
Senior notes and bonds                                                        1,004,105 
                                                                   5,412 
Defined benefit obligation                                                            - 
                                                                  14,873 
Provision                                                                             - 
 
                                                              18,472,514     19,683,977 
 
NET CURRENT ASSETS                                            12,184,481     11,558,434 
 
TOTAL ASSETS LESS CURRENT LIABILITIES                         27,878,067     24,867,311 
 
NON-CURRENT LIABILITIES 
                                                                       - 
Amount due to a non-controlling shareholder                                     329,721 
                                                               1,332,683 
Deferred tax liabilities                                                      1,071,358 
                                                               2,862,889 
Borrowings - due after one year                                               2,556,814 
                                                                 287,298 
Obligations under finance leases                                                104,979 
                                                                  91,946 
Derivative financial instruments                                                 22,673 
                                                              10,980,228 
Senior notes and bonds                                                        8,508,474 
                                                                  97,401 
Defined benefit obligation                                                            - 
                                                                  39,247 
Provision                                                                        33,255 
 
                                                              15,691,692     12,627,274 
 
                                                              12,186,375     12,240,037 
 
CAPITAL AND RESERVES 
                                                                 497,845 
Share capital                                                                   497,797 
                                                               9,937,787 
Reserves                                                                      9,910,694 
                                                              10,435,632 
Equity attributable to owners of the Company                                 10,408,491 
                                                                       - 
Perpetual capital instrument                                                    710,500 
                                                               1,750,743 
Other non-controlling interests                                               1,121,046 
 
                                                               1,750,743 
Total non-controlling interest                                                1,831,546 
 
                                                              12,186,375     12,240,037 
 
 
 
 

4

4