Spokesperson

Name: Ming-Fan Xie Title: President Tel: 886-2-2758-9599 E-mail:[email protected]

Deputy Spokesperson

Name: Chun-Liang Lin Title: Assistant Vice President of Finance Tel: 886-2-2758-9599 E-mail: [email protected] Name: Da-Chang Tai Title: Manager of Accounting Tel: 886-6-282-1155 E-mail: [email protected]

Stock Transfer Agent

President Security Corp. Address: No.8, Dongxing Rd., Xinyi Dist., Taipei City 110, Taiwan (R.O.C.) Tel: 886-2-2746-3797 Website: www.pscnet.com.tw

Auditors

PriceWaterhouseCooper (PwC) Auditors: Chien-Chih Wu, Yi-Chang Lin Address: 22F., No.95, Minzu 2nd Rd., Lingya Dist., Kaohsiung City 802, Taiwan (R.O.C.) Tel.: 886-7-237-3116 Website: www.pwc.com/tw

Overseas Securities Exchange None

Corporate Website http://www. prince.com.tw

Headquarters, Branches and Plant Head Office

Address: 21F., No.11, Songgao Rd., Xinyi Dist., Taipei City 110, Taiwan (R.O.C.) Tel: 886-2- 2758-9599

Taichung Branch

Address: 14F., No.416, Sec. 2, Chongde 2nd Rd., Beitun Dist., Taichung City 406, Taiwan (R.O.C.) Tel: 886-4- 2242-7376

Tainan Branch

Address: 8F., No.398, Sec. 1, Zhonghua E. Rd., East Dist., Tainan City 701, Taiwan (R.O.C.) Tel: 886-6-282-1155

Kaohsiung Branch

Address: 11F., No.74, Zhongzheng 2nd Rd., Lingya Dist., Kaohsiung City 802, Taiwan (R.O.C.) Tel: 886-7-222-9891

	4
	7 7
t
	9
isors an d Manageme n t Tea m	1 2
o v ern a n c e	2 4
p any ' s A u dit Fee s	4 4
Fina nce or Accounti n g M a n a g er of the Compan y o r the Related P a rty in t he Mos t d T e rm with the Independent Audito r o r th e	4 5
dged ( or Change s t h e reto ) by D i rectors, a n d Sha reholders o f 1 0 % Sha r e holding o r scal Year o r in the Current F i scal Yea r u p to	4 6
t ong the Top Ten Sha reholders , Thei r	4 6
ompa n y, I t s D i rectors , Mana g ers, a n d C ont rolled b y the Company in the Same dated Sh a reh o l d i n g Rati o	4 8 4 9
	5 1
	5 6
	5 7
	5 7
	5 8

2 Issua nce of Corporate Bond s
1. 3 Issua nce of Pr e ferred Sha r e s ..
1. 4 G lobal D e p o sitory Recei p t s ... .....
1. 5 Em p loyee S t ock Optio n s ... .....
1. 6 Status of N ew Sh a r e s Issuance i n Co
1. 7 Information on I m pleme ntati o n o

	5 8
nnecti o n wit h M e r g ers an d A c qui sition s	5 8
f the C ompa n y 's Funds Utilizati o n Pla n s	5 8

Operational Highlights

Review and Analysis of Financial Conditions, Financial Performance and Risk Management

Special Disclosure

5.1 Business Activities	60
5.2 Market and Sales Overview	63
5.3 Overview of Human Resource	72
5.4 Environmental Protection Expenditure Information	73
5.5 Labor Relation	74
5.6 Important Contracts	75
Financial Information
6.1 Financial Summary in the Last Five Years	78
6.2 Financial Analysis in the Last Five Years	82
6.3 Consolidated Financial Statements and Report of Independent Accountants for Years Ended December 31, 2020 and 2019	86
6.4 Non-Consolidated Financial Statements and Report of Independent Accountants for Years Ended December 31, 2020 and 2019	181
Review and Analysis of Financial Conditions, Financial Performance

Chapter

I

7.1 Financial Status	288
7.2 Analysis on Financial Performance	289
7.3 Cash Flow	290
7.4 Impact of Major Capital Expenditures on Financial Status	291
7.5 Reinvestment Policy, the Main Reason for its Profit or Loss, Improvement
Plan and Investment Plan for the Coming Year	291
7.6 Risks Should Be Analyzed and Evaluated in the Recent Years and the
Following Matters as of the Date of Publication of the Annual Report	291
7.7 Other Important Matters	294

8.1 Information of Related Parties	296
8.2 Private Placement Securities in 2020 and as of the Date of this Annual Report	305
8.3 The Status of the Company's Common Shares Acquired, Disposed of, or Held
by the Subsidiaries	305
8.4 Other Necessary Supplement	305
8.5 Any Events in 2020 and Up to the Date of the Annual Report Published that Had
Material Impacts on Shareholders' Interests and Securities Prices as Stated in Item
3 Paragraph 2 of Article 36 of Securities and Exchange Law of Taiwan	305

VIII

VII

Letter to Shareholders

Annual Report 2020

Business Report

I. Business Report of the Previous Year

Looking back at 2020, COVID-19 that sprung like a black swan in early 2020 triggered a global economic depression when city lockdowns and border closures took place across the globe. This has also raised hob with the tempo of the real-estate market. In addition, the non-stop US-China trade war has caused the backflow of capital from overseas Taiwanese businesses to stimulate the development of Taiwan's real estate market.

In real estate, thanks to the low-interest environment, optimization and increase in the home loan percentage, and proper pandemic control, domestic economic growth that went against the trend kept home-buying intentions at a high level to heat up the real estate market, leading to an annual transfer volume up to 320,000 units across Taiwan. In corporate governance, "character, brand, and taste" are the foundation of its sustainable development. By upholding dedication and pragmatism, we develop word of mouth for sustainable and steady growth and provide customers with integrated and full-range services covering construction, building, security, and after-sales service. In addition, we actively engage in the investment and operation of global brand hotels and BOT projects. Our achievements in diversification bring steady revenue contributions in addition to the construction core business. However, influenced by the pandemic, deficits were seen in the international hotel business. Hence, we are making efforts in strategy adjustments to mitigate the impacts of the pandemic.

Project completed in 2020 included: Prince Xin Worlds in Taichung, Prince World of Peak in Tainan, and Prince Castle in Kaohsiung. In 2020, the annual revenue was NT\$7.306 billion and the net profit of the period was NT\$793 million; the consolidated revenue was NT\$11.963 billion, and the consolidated net profit was NT\$729 million.

II. Summary of the Current Business Plan

Looking out to 2021, "inflation" as a grey rhino is expected. Although the success of vaccines in different countries has shed a ray of hope to the post-pandemic era, economic development is still uncertain as the pandemic will not disappear in an instant and due to the Central Bank's new measures to cool down the real estate market and the improvement of Taiwanese-US relations.

In real estate, although the pandemic is still serious, Taiwan is comparatively stable and secure thanks to the government's advanced deployment and outstanding performance in epidemic control. The realty investments from overseas Taiwanese businesses and international hot money for hedging will bring positive energy to Taiwan's real estate market. In addition, in response to the deteriorating climate change and increasing extreme weather events, as a housing provider, besides actively supporting the global trend to realize environmental and product sustainability, we will introduce the green design model and capture the green building opportunities brought by climate change. Projects to be completed in 2021 include: Lixing Section in Linkou and Prince Cloud E in Kaohsiung. In re-investment, apart from continuously optimizing suite and house operations, we will engage on cross-industry cooperation to ensure steady profit. Hotel Resonance Taipei officially opened at the end of 2020. This is our second international hotel brand after W Taipei Hotel. It is hoped that both brands can enhance the overall performance of hotel operations.

III. Future Development Strategy

Upholding the belief in "one for all and all for one," we will constantly strengthen our social connections and interactions and insist on the "one-year warranty and lifelong service" business philosophy. We hire full-time sales personnel for consumer service hotlines in all parts of Taiwan. Customers can find respective customer service centers from our corporate website. We also integrate the works system to find the cause for the customer within the shortest time, proceed with repair, and follow up the results for customers to feel safe with us. Currently, the board of directors has a total of 15 directors, including 3 independent directors, each with a term of 3 years. Besides expertise in different areas, mainly accounting and business administration, we emphasize the ethical behavior of all board members. Currently, seven of them hold a master's or PhD degree. The board of directors' duty includes appointment and supervision of the Company's management team, protection of the rights and interests of stakeholders, and maximization of the interests of shareholders. According to Chairperson Alex C. Lo, stabilization is the best strategy of uncertainty management to reduce errors in a time of turmoil. This is how we can achieve "character, brand, and taste," the insistence we will never change.

Chairman:Alex C. Lo President: Hsieh, Ming-Fan

CAO: Tai, Ta-Chang

Annex 1

Company Profile

II. Company Profile

2.1 Date of Incorporation: September 20, 1973 2.2 Company History

Prince Housing & Development Corp. was founded on September 20, 1973 by Hsiu-Chi Wu, Yu-Li Hou, Zun-Xian Wu, Jyun-Jie Wu, Ching-Yuan Kao, Kao-Huei Cheng, Sheng-Ju Chuang, Xian-Fu Chuang, and Chang-Xing Wu. The changes in capital are as follows.

Year	Milestones
1973	Founded on September 20 with NT\$37.5 million capital.
1975	Increased Capital to NT\$97.5 million
1976	Increased capital to NT\$120 million
1977	Increased capital to NT\$150 million
1981	Increased capital to NT\$195 million
1983	Increased capital to NT\$273 million
1984	Increased capital to NT\$327.6 million
1989	Increased capital to NT\$1,300 million
1990	Increased capital to NT\$1,950 million
1991	Increased capital to NT\$2,925 million
1992	Increased capital to NT\$3,948.75 million
1993	Increased capital to NT\$5,330.81 million
1994	Increased capital to NT\$6,396.98 million
1995	Increased capital to NT\$7,036.67 million
1996	Increased capital to NT\$7,388.51 million
1997	Increased capital to NT\$7,979.59 million
1998	Increased capital to NT\$8,777.55 million
1999	Increased capital to NT\$9,216.43 million
2002	Decreased capital to NT\$9,150.76 million
2003	Decreased capital to NT\$9,058.40 million
2005	Decreased capital to NT\$9,013.33 million
2006	Decreased capital to NT\$8,654.26 million
2007	Increased capital to NT\$9,300.1 million
2008	Increased capital to NT\$9,579.11 million
2010	Increased capital to NT\$9,962.27 million
2011	Increased capital to NT\$10,858.88 million
2012	Increased capital to NT\$11,944.76 million
2013	Increased capital to NT\$16,139.24 million
2014	Increased capital to NT\$16,623.42 million
2015	Decreased capital to NT\$16,233.26 million

Company Profile

Annual Report 2020

Corporate Governance Report

III. Corporate Governance Report

3.1 Organization 3.1.1 Organization Chart

Corporate Governance Report

Annual Report 2020

3.1.2 Function of Each Department

Department	Functions
Sales-Taipei Sales-Taichung Sales-Tainan/Kaohsiung	1. Operation: Prepare property sale or lease contracts, arrange contracting and sales matters. 2. Advertisement: Plan and design housing advertisements. 3. Market research: Collect, arrange, and analyze real estate market data and surveys. 4. Service: Provide after-sales services.
Land Development Dep.	1. Land purchase: Investigate and analyze land information and conditions, evaluate profit and loss of land development. 2. Land registration: Register buildings, transfer property rights, control process and schedule of land registration. 3. Land asset management: Create and maintain database of the Company's land assets, compute land tax and house tax, etc.
Design Dep.	1. Architectural design: Survey and measure before engineering design, register and manage original engineering design and engineering literatures. 2. Interior design: Assist interior decoration, evaluate and conduct alteration of interior design.
Engineering Dep.	1. Engineering management: Supervise construction quality and progress, evaluate external construction projects, acquire and develop construction projects, investigate engineering materials, and collect data related to construction and planning law and regulations. 2. Technical Development: Research and develop in construction technique, provide recommendation, collect and maintain data of domestic and overseas new technique, plan and cooperate new technique.
Administrative Dep.	1. Administration: Manage the Company's stock affairs and hold Shareholders Meeting and Board of Directors' meetings. 2. General Affairs: Responsible for all general administrative affairs. 3. Human Resource: Organize recruitments and improve human resource management.
Finance Dep.	1. Investment management: Collect and analyze data of the subsidiaries, monitor the subsidiaries' operations and the budgeting plans. 2. Finance: Prepare cash budgets and long-term funds plans, draft cash dispatch and fund investment decision plans, manage cash and checks in hand, distribute employees'salaries and benefits. 3. Finance in Taipei: Manage cash and checks in hand, deal with mortgages and land loans, research and evaluate financial commodities, and assist the subsidiaries in financing.
Accounting Dep.	1. Accounting: Review invoices and receipts, keep bills and invoices safely, keep track of account receivables, prepare lists of property, handle matters related to taxation, and analyze expenses of each department. 2. Cost: Collect and organize invoices and its source, record inventory and cost to each account precisely, prepare documentations of accumulated cost and analyze the difference between budgets and actual amount.

Coordinate the security and system integration of the Company's
Purchase and review the Company's software and hardware.
Evaluate system development or modifications by self-developing or
Plan and develop new application system, expand functions of the developed application systems, and update user education and training
Conduct system recovery, equipment planning and system management.
Legal Dep.: Manage the Company's involvement in litigation, draft and review contracts and correspondence, participate in business negotiation. 2. Public Relationship Dep.: Deepen the relationships with foreign investors and security investment companies, broaden the Company's networks with industry associations, served as the Company's central contact for media

and disseminate information regarding the Company's activities to the

Secretary Dep.: Complete assignments from the Board of Directors, the chairman, and the vice chairman, arrange schedules, and manage the lists

Department	Functions
IT Dep.	operations and system applications. 2. Purchase and review the Company's software and hardware. outsourcing procedures. 4. Establish and maintain information management system. guidance.
Secretariat Office	public. of paintings and collectables.
Corporate Planning Group	investment feasibility evaluation. and supervise operation targets. supervise operation targets.
Purchasing & Cost Control Team	prices, signing contracts, and handling delivery, etc. of the project, and pre-settlement of project completion, etc.
Audit Division	1. Perform auditing activities assigned by the Board of Directors. efficiency of each operation cycle. regulations. 4. Review resolutions of each meeting. 5. Assist in the formulation of the Company's management policies. 6. Post tracking of the Company's operating performance.

Investment Planning: Identify effective investment strategies and conduct
National Cheng Kung University: Operate BOT dormitory project, monitor
National Taiwan University: Operate BOT dormitory project, monitor and
Cooperate with the Company's procurement process for procurement and outsourcing, including collecting construction materials, negotiating
Tracking the cost control of each stage of the project from the beginning to the completion of the house settlements, including compiling of budget data before the start of construction, tracking profit and loss at each stage of the project, and pre-settlement of project completion, etc.
Perform auditing activities assigned by the Board of Directors.
Evaluate the internal control system and identify the effectiveness and the
Perform auditing activities required by the Securities and Exchange Act, ensure the Company is in full compliance with relevant laws and
Assist in the formulation of the Company's management policies. 6. Post tracking of the Company's operating performance.

III

Title	Nationality/ Country of Origin	Name		Gender Elected Date	Term (Years)	Date First Elected (Note 1)	Shareholding when Elected		Current Shareholding
							Shares	%	Shares	%
Chairman (Institutional Shareholder) Tainan City		Uni-President Enterprises Corp.	-	Jun. 21, 2019	3	Aug. 23, 1973 (Note 1)			162,743,264 10.03% 162,743,264 10.03%
Chairman (Representative)	R.O.C.	Chih-Hsien Lo	M	Jun. 21, 2019	3	Jun.18, 2013	-	-	-	-
Director (Representative)	R.O.C.	Tsung-Ping Wu	M	Jun. 21, 2019	3	Jun.18, 2013	-	-	-	-
(Institutional Shareholder) Tainan City Kao Chyuan Inv. Director		Corp.	-	Jun. 21, 2019	3	Apr. 03, 1989 (Note 1)			52,457,308 3.23% 63,474,308 3.91%
Director (Representative)	R.O.C.	Hsiu-Ling Kao	F	Jun. 21, 2019	3	Jun. 18, 2013	425,013 0.03%		425,013 0.03%
Director	R.O.C.	Chao-Mei Wu Tseng	F	Jun. 21, 2019	3	Apr. 26, 1986			42,956,030 2.65% 42,956,030 2.65%
Director (Institutional Shareholder) Tainan City		Taipo Inv. Co., Ltd.	-	Jun. 21, 2019	3	Apr. 03, 1989			96,250,587 5.93% 96,250,587 5.93%
Director (Representative)	R.O.C.	Chien-Te Wu	M	Jun. 21, 2019	3	Apr. 03, 1989	9,656,943 0.59%		9,656,943 0.59%
Director (Representative)	R.O.C.	Ping-Chih Wu	M	Jun. 21, 2019	3	Jun. 24, 2010			12,888,695 0.79% 12,888,695 0.79%
(Institutional Shareholder) Tainan City Young Yuan Inv. Director		Co., Ltd.	-	Jun. 21, 2019	3	Jun. 20, 2012			14,969,463 0.92% 15,901,463 0.98%
Director (Representative)	R.O.C.	Chung-Ho Wu	M	Jun. 21, 2019	3	Jun. 20, 2012	5,209,847 0.32%		5,209,847 0.32%
Director (Institutional Shareholder) Tainan City		Hung Yao Inv. Co., Ltd.	-	Jun. 21, 2019	3	Jun. 24, 2010	2,346,491 0.14%		2,346,491 0.14%
Director (Representative)	R.O.C.	Shih-Hung Chuang	M	Jun. 21, 2019	3	Aug. 29, 2013	1,687,748 0.10%		1,687,748 0.10%
Director (Institutional Shareholder) Taipei City		Sheng-Yuan Invest. Co., Ltd.	-	Jun. 21, 2019	3	Jun. 21, 2019	2,086,986 0.13%		2,086,986 0.13%
Director (Representative)	R.O.C.	Po-Yi Hou	M	Jun. 21, 2019	3	Jun. 15, 2004			13,701,215 0.84% 13,701,215 0.84%
(Institutional Shareholder) Tainan City Yu Peng Inv. Co., Director		Ltd.	-	Jun. 21, 2019	3	Jun. 21, 2016	669,975 0.04%		669,975 0.04%
Director (Representative)	R.O.C.	Po-Ming Hou	M	Jun. 21, 2019	3	Jun. 15, 2004			22,923,624 1.41% 22,923,624 1.41%
Director (Institutional Shareholder) Taipei City		Hsin Yung Hsing Investment Co., Ltd.	-	Jun. 21, 2019	3	Apr. 26, 1986 (Note 1)			26,471,128 1.63% 26,471,128 1.63%
Director (Representative)	R.O.C.	Chih-Yuan Hou	M	Jun. 21, 2019	3	Jun. 21, 2019		11,330 0.00%		11,330 0.00%
(Institutional Shareholder) Taipei City Ruixing Intl. Inv. Director		Co., Ltd	-	Jun. 21, 2019	3	Jun. 21, 2019			46,023,139 2.84% 47,584,139 2.93%
Director (Representative)	R.O.C.	Ying-Chih Chuang	M	Jun. 21, 2019	3	Apr. 26, 1986	310,020 0.02%		310,020 0.02%
Independent Director	R.O.C.	Peng-Ling Nie	M	Jun. 21, 2019	3	Jun. 21, 2018		16,954 0.00%		16,954 0.00%
Independent Director	R.O.C.	Ho-Yi Hung	M	Jun. 21, 2019	3	Jun. 21, 2018	-	-	-	-
Independent Director	R.O.C.	Jung-Hsien Hou	M	Jun. 21, 2019	3	Jun. 21, 2018	-	-	-	-

3.2 Directors', Supervisors' and Managers' Information

3.2.1 Directors and Supervisors

Note 1: Uni-President Enterprises Corp. and Kao Chyuan Inv. Corp. terminated their director positions on Jun. 24, 2010 and reinstated on Jun. 18, 2013. Hsin Yung Hsing Investment Co., Ltd. terminated the director position on Jun. 18, 2004 and reinstated on Jun. 21, 2019.

Unit: Shares; Dec. 31, 2020

Spouse & Minor Shareholding		Shareholding by Nominee Arrangement		Experience (Education)	Other Position		Executives, Directors or Supervisors Who are Spouses or within Two Degrees of Kinship
Shares	%	Shares	%			Title	Name	Relation
-	-	-	-	-	(Note 2)	-	-	-
425,013 0.03%		-	-	MBA, UCLA, USA	(Note 2)	Director	Hsiu-Ling Kao	Spouse
-	-	-	-	BA, Dept. of Accounting, National Chung Yuan Christian Univ.	(Note 2)	-	-	-
-	-	-	-	-	(Note 2)	-	-	-
-	-	-	-	Marymount College USA	(Note 2)	Chairman	Chih-Hsien Lo	Spouse
-	-	-	-	Junior High School	(Note 2)	Director	Chien-Te Wu, Ping-Chih Wu, Shih-Hung Chuang	Son, Son, In-Law
-	-	-	-	- (Note 2) - -
239,010 0.01%		-	-	Chao-Mei Wu MBA (Note 2) Director Tseng, Ping-Chih Wu, Shih Hung Chuang MS of Chemical Engineering and Chien-Te Wu
3,875,760 0.24%		-	-	MS of Industrial Management, USC, USA	(Note 2) Director Tseng, Ping-Chih Wu, Shih Hung Chuang
-	-	-	-	-	(Note 2)	-	-	-
44,329 0.00%		-	-	BS, Dept. of Chemistry Fu Jen Catholic Univ.,	(Note 2)	-	-	-
-	-	-	-	-	-	-	-	-
-	-	-	-	MBA, Boston Univ., USA	(Note 2)	Director	Chao-Mei Wu Tseng, Ping-Chih Wu, Chien-Te Wu	In-Law
-	-	-	-	-	(Note 2)	-	-	-
-	-	-	-	BA, Dept. of Transportation & Communication Management, National Cheng Kung Univ.	(Note 2)	Director	Po-Ming Hou Chih-Yuan Hou	Brother, Son
-	-	-	-	-	(Note 2)	-	-	-
-	-	-	-	Chinese Culture Univ.	(Note 2)	Director	Po-Yi Hou Chih-Yuan Hou	Brother, Uncle
-	-	-	-	-	-	-	-	-
-	-	-	-	Master's Degree, East Asian Languages and Civilizations, Harvard University, USA	(Note 2)	Director	Po-Yi Hou Po-Ming Hou	Son, Uncle
-	-	-	-	-	(Note 2)	-	-	-
5,624,933 0.35%		-	-	Hsing Wu Univ. of Science and Tech.	(Note 2)	-	-	-
				Ph.D., Dept. of English Teaching, National Kaohsiung Normal Univ.	(Note 2)	-	-	-
400,000 0.02%		-	-	Nan Ying Senior Commercial & Industrial Vocational School	-	-	-	-
-	-	-	-	BA, Dept. of Accounting, National Cheng Kung Univ.	(Note 2)	-	-	-

Note 2: Directors currently hold positions in the Company and other companies:

Name		Current Position Held in the Company and Other Companies
	Chairman of:	Uni-President Vender Corp., Uni-President Organics Corp., President Chain Store Corp., Uni-President Natural Industrial Corp., Ton Yi Industrial Corp., TTET Union Corp., President Baseball Team Corp., Uni-President Development Corp., Uni-President Glass Industrial Co., Ltd., Kai Nan Investment Co., Ltd., Kai Yu Investment Co., Ltd., Prince Housing & Development Corp., Tung Ho Development Corp., Tone Sang Construction Corp., Grand Bills Finance Corp., Tung-Ren Pharmaceutical Corp., President Fair Development Corp., President Packaging Corp., President International Development Corp., ScinoPharm Taiwan Ltd., Uni-President Cold Chain Corp., Tait Marketing & Distribution Corp., Tung Lo Development Corp., Presco Netmarketing Inc., Uni-President Dream Parks Corp., Nanlien International Corp., President Global Corp.
	Vice Chairman of:	President Kikkoman Inc., President Nisshin Corp.,
Uni-President Enterprises Corp.	Director of:	Kuang Chuan Dairy Co., Ltd., Kuang Chuan Foods Co., Ltd., Nanlien International Corp., Uni-President Vender Corp., President International Development Corp., President Tokyo Corp., ScinoPharm Taiwan Ltd., Uni-President Organics Corp., Uni-President Cold Chain Corp., TTET Union Corp., Uni-President Natural Industrial Corp., Tait Marketing & Distribution Co., Ltd., President Chain Store Corp., Presicarre Corp., Tung Lo Development Corp., President Kikkoman Inc., Retail Support International Corp., President Baseball Team Corp., President Nisshin Corp., Uni-President Development Corp., Weilih Food Corp., Uni-President Dream Parks Corp., Presco Netmarketing Inc., Uni-President Glass Industrial Co., Ltd., President Transnet Corp., Prince Industrial Co., Ltd., Tung Ho Development Corp., Mech-President Corp., Tone Sang Construction Corp., Tone Sang Construction Corp., Grand Bills Finance Corp., Tong Ren Corp., President Fair Development Corp., Cayman President Holdings Ltd., President Global Corp., PK Venture Capital Corp.
	Supervisor of:	Uni-President Vender Corp., Uni-Wonder Corp., President Baseball Team Corp., Uni-President Dream Parks Corp., Presco Netmarketing Inc., Uni-President Glass Industrial Co., Ltd.,Tone Sang Construction Corp.,
	Chairman of:	Uni-President Enterprises Corp., President Chain Store Corp., Uni-President Natural Industrial Corp., Ton Yi Industrial Corp., TTET Union Corp., Cheng Shi Investment Holding Co., Ltd., Times Square International Co., Ltd., Prince Real Estate Co., Ltd., President Packaging Corp., President International Development Corp., Un-President Real Estate Co., Ltd., ScinoPharm Taiwan, Ltd., Uni-President Cold Chain Corp., Presco Netmarketing Inc., Uni-President Dream Parks Corp., Nanlien International Corp., President Century Corp., Changjiagang President Nisshin Food Co., Ltd., Uni-President (Vietnam) Co., Ltd.Uni-President (Thailand) Ltd., Uni-President (Philippines) Corp., Uni-President China Holdings Ltd. (Cayman), President Enterprises (China) Investment Co., Ltd.Time Square International Co., Ltd., Times Square International Stays Corp., Woongjin Foods Co.,Ltd.、Daeyoung Foods Co.,Ltd.
	Vice Chairman of:	President Nisshin Corp.
Chih-Hsien Lo	Director of: Supervisor of:	President Baseball Team Corp., Retail Support International Corp., Presicarre Corp., President Fair Development Corp., Uni-President Organics Corp., Uni-President Glass Industrial Co., Ltd., Kuang Chuan Dairy Co., Ltd., Kuang Chuan Foods Co., Ltd., Uni-President Development Corp., Tait Marketing & Distribution Co., Ltd., Weilih Food Corp., Geng Ding Co., Ltd., Prince Property Management Consulting Co., Ltd., Kao Chyuan Inv. Corp., President Chain Store (BVI) Holdings Ltd., President Chain Store (Labuan) Holdings Ltd., Cayman President Holdings Ltd., Kai Yu(BVI) Investment Co., Ltd., President Packaging Holdings Ltd., Uni-President Southeast Asia Holdings Ltd., President Energy Development (Cayman Islands) Ltd., Uni-President Asia Holdings Ltd., Uni-President Assets Holdings Ltd., Uni-President International (HK) Co., Ltd., Champ Green Capital Co., Ltd., Champ Green (Shanghai) Consulting Co., Ltd., Guiyang President Enterprises Co., Ltd., Shanghai President Enterprises Co., Ltd., Taizhou President Enterprises Co., Ltd., Fuzhou President Enterprises Co., Ltd., Hefei President Enterprises Co., Ltd., Ningxia President Enterprises Co., Ltd., Xuzhou President Enterprise Co., Ltd., Hangzhou President Enterprise Co., Ltd., Jinan President Enterprise Co., Ltd., Guangzhou President Enterprises Co., Ltd., Hainan President Enterprise Co., Ltd., Nanchang President Enterprises Co., Ltd., Nanning President Enterprise Co., Ltd., Zhanjiang President Enterprise Co., Ltd., Changsha President Enterprises Co., Ltd., Zhengzhou President Enterprises Co., Ltd., Chongqing President Enterprise Co., Ltd., Jangsu President Enterprises Co., Ltd., Hunan President Enterprises Co., Ltd., Uni-President Enterprises (TianJin) Co., Ltd., Shanxi President Enterprises Co., Ltd., Shenyang President Enterprises Co., Ltd., Changchun President Enterprise Co., Ltd., Shanxi President Enterprises Corp., Henan President Enterprises Co., Ltd., Baiyin President Enterprise Co., Ltd., Akesu President Enterprise Co., Ltd., Shijiezhuanng President Enterprise Co., Ltd., Harbin President Enterprises Co., Ltd., Inner Mongolia President Enterprises Co., Ltd., Xinjiang President Enterprises Food Co., Ltd., Wuhan President Enterprises Food Co., Ltd., Chengdu President Enterprises Food Co., Ltd., Kunming President Enterprises Corp., Kunshan President Enterprises Food Co., Ltd., Bama President Mineral Water Co., Ltd., Wuxue President Mineral Water Co., Ltd., Jilin President Mineral Water Co., Ltd., Uni-President Trading (Kunshan) Co., Ltd., Uni-President Trading (Hubei) Co., Ltd., President (Shanghai) Trading Co., Ltd., President (Kunshan) Food Science & Technology Co., Ltd., Beijing President Enterprises Drinks & Food Co., Ltd., Uni-President Enterprises (Shanghai) Drink & Food Co., Ltd., Uni-President Enterprises (Hutubi) Tomato Products Technology Co., Ltd., Yantai North Andre Juice Co., Ltd., Uni-President Shanghai Pearly Century Co., Ltd., Uni-Wonder Corp., Uni-OAO Travel Service Corp. Infinity Holdings Ltd., Eternity Holdings Ltd.
	President of:	Presco Netmarketing Inc.
	Chairman of	Ton Yi Pharmaceutical Corp., Kai Nan Investment Co., Ltd.
Tsung-Ping Wu	Director of:	President Fair Development Corp., ScinoPharm Taiwan Ltd., Uni-President (Vietnam) Co.,Ltd., Uni-President International (HK) Co., Ltd., President Chain Store Corp., Kuang Chuan Dairy Co., Ltd., Cheng Shi Investment

Director of: Uni-President Enterprises Corp., President Chain Store Corp., Ton Yi Industrial Corp., ScinoPharm Taiwan Ltd.,

Chairman of: Kao Chyuan Investment Corp., President Being Corp., Grand Bills Finance Corp., Uni-President Department Store Corp., President Pharmaceutical Corp., President Drugstore Business Corp., Eternity Holdings Ltd., Infinity

Director of: Uni-President Enterprises Corp., President Chain Store Corp., Ton Yi Industrial Corp., ScinoPharm Taiwan Ltd., President International Development Corp., Uni-President Development Corp., Times Square International Hotel Corp., Uni-Wonder Corp., President (Shanghai) Health Product Trading Company Ltd., President Century Corp., Beauty Wonder (Zhejiang) Trading Co., Ltd., Times Square International Holding Company.

Director of: Taipo Inv. Co., Ltd., Cheng Ta Investment Co., Ltd., Tainan Spinning Co., Ltd., Wu Hsiou-Chi Cultural & Educational Foundation Executive, Times Square International Holding Company, Times Square International

Director of: Uni-President Enterprises Corp., Kuen Ching Intenaitonal Development Co., Ltd., President Pharmaceutical Corp., Times Square International Holding Company, Times Square International Hotel Corp., P President Global Corp.,

Director of: Uni-President Enterprises Corp., Tainan Spinning Co., Ltd., Nantex Industry Co., Ltd., Grand Bills Finance Corp.

Director of: Uni-President Enterprises Corp., Tainan Spinning Co., Ltd., Nantex Industry Co., Ltd., Grand Bills Finance Corp., President Pharmaceutical Corp., Times Square International Holding Company, Times Square International Hotel Corp., Kuen Ching Intenaitonal Development Co., Ltd., Southern Taiwan University of Science and Technolog

Name	Current Position Held in the Company and Other Companies
Kao Chyuan Inv. Corp.	Director of:	Uni-President Enterprises Corp., President Chain Store Corp., Ton Yi Industrial Corp., ScinoPharm Taiwan Ltd., President International Development Corp.
	Managing Director of	Grand Bills Finance Corp.
	Chairman of:	Kao Chyuan Investment Corp., President Being Corp., Grand Bills Finance Corp., Uni-President Department Store Holdings Ltd.
Hsiu-Ling Kao	Director of:	Uni-President Enterprises Corp., President Chain Store Corp., Ton Yi Industrial Corp., ScinoPharm Taiwan Ltd., Beauty Wonder (Zhejiang) Trading Co., Ltd., Times Square International Holding Company.
	President of:	Kao Chyuan Investment Corp., President Fair Development Corp.
	Director of:	Tsengs' Social Welfare Charity Foundation
	Managing Director of	Pun Fong Enterprise Co., Ltd.
Chao-Mei Wu Tseng	Director of:	Taipo Inv. Co., Ltd., Cheng Ta Investment Co., Ltd., Tainan Spinning Co., Ltd., Wu Hsiou-Chi Cultural & Hotel Corp.
Taipo Inv. Co., Ltd.	Director of:	Uni-President Enterprises Corp., Tainan Spinning Co., Ltd., President Pharmaceutical Corp.
Chien-Te Wu	Managing Director of	Kuen Ching Intenaitonal Development Co., Ltd.
	Director of:	Times Square International Holding Company, Times Square International Hotel Corp.
Ping-Chih Wu	Director of:	Uni-President Enterprises Corp., Kuen Ching Intenaitonal Development Co., Ltd., President Pharmaceutical Corp., Ameripec Inc.
	President of:	President Global Corp., Ameripec Inc.
Young Yuan Inv. Co., Ltd.	Director of:	Uni-President Enterprises Corp., Tainan Spinning Co., Ltd., Nantex Industry Co., Ltd., Grand Bills Finance Corp.
	Chairman of:	San Shing Spinning Co., Ltd.
Chung-Ho Wu	Director of:	Uni-President Enterprises Corp., Tainan Spinning Co., Ltd., Nantex Industry Co., Ltd., Grand Bills Finance Corp.,
		Corp., Kuen Ching Intenaitonal Development Co., Ltd., Southern Taiwan University of Science and Technolog
	Supervisor of:	Nanmat Technology Co., Ltd.
Sheng-Yuan Inv. Co., Ltd.	Director of:	Universal Cement Corp.
Po-Yi Hou	Chairman of:	Universal Cement Corp.
Yu Peng Inv. Co.,	Director of: Chairman of:	Times Square International Holding Company, Times Square International Hotel Corp. Tainan Spinning Co., Ltd.
Ltd.	Director of:	Uni-President Enterprises Corp.
	Chairman of:	Tainan Spinning Co., Ltd., Yu Peng Inv. Co., Ltd., Hsin Yu Peng Investment Co., Ltd., Nan Fan Housing Development Co., Ltd., Tainan Spinning Cultural & Educational oundation, T.S. Retail & Distribution Co., Ltd.
Po-Ming Hou	Director of:	Uni-President Enterprises Corp., President International Development Corp., ScinoPharm Taiwan Ltd., Nantex Square International Stays Corp.,
ChihYuan Hou	Director of:	Tainan Spinning Co., Ltd., Universal Cement Investment Co., Ltd., Huanchung Cement International Corp., Lioho Company, Times Square International Hotel Corp.
	Chairman of:	Hung Yao Inv. Co., Ltd.
Shih-Hung Chuang	Director of:	Times Square International Holding Company, Times Square International Hotel Corp., Times Square International Stays Corp.
Ruixing Intl. Inv. Co., Ltd.	Director of:	Nantex Industry Co., Ltd.
Ying-Chih Chuang	Chairman of: Director of:	Cheng Lang Investment Co., Ltd. Nantex Industry Co., Ltd., Tainan Spinning Co., Ltd., Taiwan Taffeta Fabric., Co., Ltd., Times Square International Holding Company, Times Square International Hotel Corp.
	Remuneration Committee of	Prince Housing & Development Corp., Tainan Spinning Co., Ltd.
Peng-Ling Nie	Audit Committee of	Prince Housing & Development Corp.
	Independent Director	Tainan Spinning Co., Ltd.
Ho-Yi Hung	Remuneration	Prince Housing & Development Corp.
	Committee of
	Audit Committee of	Prince Housing & Development Corp.
Jung-Hsien Hou	Remuneration Committee of	Prince Housing & Development Corp.
	Audit Committee of	Prince Housing & Development Corp.
	Director of: Independent Director	Jiyuan Packaging Holdings Limited、Sheh Fung Screws Co., Ltd., Jia Wei Lifestyle Inc. TYC Brother Industrial Co., Ltd., Hong Ho Precision Textile Co., Ltd.
	of
	Supervisor of:	Jih Lin Technology Co., Ltd.

Chairman of: Tainan Spinning Co., Ltd., Yu Peng Inv. Co., Ltd., Hsin Yu Peng Investment Co., Ltd., Nan Fan Housing Development Co., Ltd., Tainan Spinning Cultural & Educational oundation, T.S. Retail & Distribution Co., Ltd. Director of: Uni-President Enterprises Corp., President International Development Corp., ScinoPharm Taiwan Ltd., Nantex Industry Co., Ltd., Times Square International Holding Company, Times Square International Hotel Corp., Times

Director of: Tainan Spinning Co., Ltd., Universal Cement Investment Co., Ltd., Huanchung Cement International Corp., Lioho Machine Works Ltd., Grand Bills Finance Corp., Nantex Industry Co., Ltd., Times Square International Holding

Director of: Times Square International Holding Company, Times Square International Hotel Corp., Times Square

Director of: Nantex Industry Co., Ltd., Tainan Spinning Co., Ltd., Taiwan Taffeta Fabric., Co., Ltd., Times Square International

Major Shareholders of the Institutional Shareholders

Dec. 31, 2020

Major Institutional Shareholders of the Company

Name of Institutional Shareholders	Major Shareholders of the Institutional Shareholders
Uni-President Enterprises Corp.	Kao Chyuan Inv. Co., Ltd. (4.93%), BNP Paribas Wealth Management Singapore Branch (3.04%), Po-Ming Hou (2.60%), Po-Yu Hou (2.27%), Government of Singapore-GOS-EFM C (2.17%), Cathay Life Insurance Co. Ltd. (2.07%), Hsiu Ling Kao (1.64%), Saudi Arabian Monetary Agency (1.64%), Management Committee of National Development Fund, Executive Yuan (1.49%), Vanguard Emerging Markets Stock Index Fund, a series of Vanguard International Equity Index Funds (1.43%)
Kao Chyuan Investment Co., Ltd.	Infinity Holdings Ltd (51.11%), Eternity Holdings Ltd. (48.89%)
Taipo Investment Co., Ltd.	Ping-Chih Wu (20.84%), Ping-Yuan Wu (20.84%), Chien-Te Wu (18.95%), Wei Te Wu (18.95%), Su-Mei Huang (8.88%), Chao-Mei Wu Tseng (8.48%), Cheng Ta Investment Co., Ltd. (1.41%), Ching-Mei Wu (0.31%), Jyuan Chiang Wu (0.31%), Shu-Jen Wu (0.25%)
Young Yuan Investment Co., Ltd.	Chung-Ho Wu (24.52%), Wu Jyun Jie Charitable Foundation (24.65%), Bao-Huei Wu (8.5%),Man-Huei Wu (8.5%), Ai-Gui Huang (13.84%), Ping-Yi Wu (4.15%), Min-Ching Wu (4.15%), Han-Ting Cheng (4.15%), Mei-Siang Chen (3.4%), Cheng Chieh Chiang (2.07%), Cheng-Wei Chiang (2.07%)
Hung Yao Investment Co., Ltd.	Shih-Hung Chuang (34%), Hsin-Yi Wu (33%), Yen-Yao Chuang (33%)
Sheng-Yuan Investment Co., Ltd	Bo-Yu Hou (99.00%), Chih-Sheng Hou (0.31%), ChihYuan Hou (0.31%), Ching Chieh Hou Su (0.38%)
Yu Peng Investment Co., Ltd.	Po-Ming Hou (76.27%), Yi-Zhen Chang (23.73%)
Hsin Yung Hsing Investment Co., Ltd.	KBo-Yu Hou (32.09%), Po-Yi Hou (31.1%), Bo-Ming Hou (31.94%), PiHua Hou Chen (1.42%), Ching-Chieh Hou Su (0.93%), Chih-Sheng Hou (0.85%), ChihYuan Hou (0.85%), Chin-Hua Ho (0.62%), Hou Hsing Overseas Company (0.21%)
Ruixing Intl. Inv. Co., Ltd.	Ying-Nan Chuang (5%), Ching-Chih Chuang Lin (10.93%), Chih-Chin Chuang (12.5%), Ying-Chih Chuang (1.57%), Yun-Ta Chuang (20%), Yu-Hsuan Chuang (10%), Chih-Yu Chuang Chen (5%), Ming-Hsuang Chuang (10%), Ting-Ya Chuang (12.5%),Hsiu-Wen Wang(12.5%)

Name of Institutional Shareholders	Name of Major Institutional Shareholders	Major Shareholders of the Major Institutional Shareholders
Uni-President		Kao Chyuan Investment Co., Ltd. Infinity Holdings Ltd. (51.11%), Eternity Holdings Ltd. (48.89%)
Enterprises Corp.	Cathay Life Insurance Co. Ltd.	Cathay Financial Holding Co., Ltd. (100%)
Kao Chyuan Investment	Infinity Holdings Ltd.	Hsiu-Ling Kao (55.91%), Chih-Hsien Lo (20.27%), Han-Di Kao (7.94%), Zi-Yi Kao (7.94%), Shi-Ai Lo (7.94%)
Co., Ltd.	Eternity Holdings Ltd.	Hsiu-Ling Kao (70.77%), Chih-Hsien Lo (21.18%), Han-Di Kao (3.36%), Zi-Yi Kao (2.45%), Shi-Ai Lo (2.24%)
Taipo Investment Co., Ltd.	Cheng Ta Investment Co., Ltd.	Wei-Te Wu (22.83%), Chien-Te Wu (22.83%), Ping-Chih Wu (22.83%), Ping-Yuan Wu (22.83%), Chao-Mei Wu Tseng(1.11%), Shu-Nu Wu (1.11%), Su-Mei Huang (1.01%), Chiung-Huei Hung (1.01%), Ching-Mei Wu (0.61%), Shu-Zen Wu (1.11%)
Young Yuan Investment Co., Ltd.	Wu Jyun Jie Charity Foundation	Chung-Ho Wu (4.3%), Pao-Hui Wu(2.18%), Man- Hui Wu(1.9%)
Hsin Yung Hsing Inv. Co.,Ltd.	Hou Hsing Overseas Company	Po-Yi Hou (28%), Po-Yu Hou (33.5%), Po-Ming Hou (33.5%), Chin-Chien Hou Su (4.95%), Chih-Sheng Hou (0.05%)

Dec. 31, 2020

Professional qualifications and independence analysis of directors and supervisors

Note: Please tick the corresponding boxes if directors or supervisors have been any of the following during the two years prior to being elected or during the term of office:

Not a director or supervisor of the Company or any of its affiliates. Not apply to independent directors appointed in accordance with the Act or the laws and regulations of the local country by, and concurrently serving as such
Not a natural-person shareholder who holds shares, together with those held by the person's spouse, minor children, or held by the person under others' names, in an aggregate of one percent or more of the total number
Not a spouse, relative within the second degree of kinship, or lineal relative within the third degree of kinship, of
1. Not an employee of the Company or any of its affiliates;
at, a public company and its parent or subsidiary or a subsidiary of the same parent.
of issued shares of the Company or ranking in the top 10 in shareholding.
a managerial officer under subparagraph 1 or any of the persons in the preceding two subparagraphs.
subsidiary or a subsidiary of the same parent.
Not a director, supervisor, or employee of a corporate shareholder that directly holds five percent or more of the total number of issued shares of the Company, or that ranks among the top five in shareholding, or that designates its representative to serve as a director or supervisor of the Company under Article 27, paragraph 1 or 2 of the Company Act. Not apply to independent directors appointed in accordance with the Act or the laws and regulations of the local country by, and concurrently serving as such at, a public company and its parent or

	Criteria		More than Five Years of Experience or Professional Qualification		Independence Criteria
		Lecturer or above in Business, Law,	Qualification of Justice, Procurator, Attorney, CPA,	Experience in Business, Law,		(Note)		Number of Independent
	Title & Name	Finance, Accounting or Corporate Business Related Fields	Specialist or Technician of National Examination in Corporate Business Related Fields	Finance, Accounting, or Corporate Business Related Fields	1 2 3 4 5 6 7 8 9 10 11 12			Directorships Held in Other Public Companies
Chairman	Uni-President Enterprises Corp. Representative: Chih-Hsien Lo	-	-	-			- - - - - - - - - - - -	0
Director	Kao Chyuan Inv. Corp. Representative: Hsiu-Ling Kao	-	-	-			- - - - - - - - - - - -	0
Director	Uni-President Enterprises Corp. Representative: Tsung-Ping Wu	-	-	-			- - - - - - - - - - - -	0
Director	Chao-Mei Wu Tseng	-	-				 - - - -     -  	0
Director	Taipo Inv. Co., Ltd. Representative: Ping-Chih Wu	-	-	-			- - - - - - - - - - - -	0
Director	Taipo Inv. Co., Ltd. Representative: Chien-Te Wu	-	-	-			- - - - - - - - - - - -	0
Director	Young Yuan Inv. Co., Ltd. Representative: Chung-Ho Wu	-	-	-			- - - - - - - - - - - -	0
Director	Hung Yao Inv. Co., Ltd. Representative: Shih-Hung Chuang	-	-	-			- - - - - - - - - - - -	0
Director	Sheng-Yuan Inv. Co., Ltd. Representative: Po-Yu Hou	-	-	-			- - - - - - - - - - - -	0
Director	Yu Peng Inv. Co.,Ltd. Representative: Po-Ming Hou	-	-	-			- - - - - - - - - - - -	0
Director	Hsin Yung Hsing Inv. Co.,Ltd. Representative: Chih-Yuan Hou	-	-	-			- - - - - - - - - - - -	0
Director	Ruixing Intl. Inv. Co., Ltd. Representative: Ying-Chih Chuang	-	-	-			- - - - - - - - - - - -	0
Independent Director	Peng-Ling Nie	-	-				           	1
Independent Director	Ho-Yi Hung	-	-				           	0
Independent Director	Jung-Hsien Hou						           	3

III

Corporate Governance Report

Title	Nationality	Name	Gender	Date Effective	Shareholding		Spouse & Minor Shareholding		Shareholding by Nominee		Arrangement Experience	(Education) Other Position	Managers who are Spouses or Within Two Degrees of Kinship
							Shares % Shares % Shares %								Title Name Relation
President	R.O.C.	Ming-Fan Xie		M Jul. 5, 2010	0		0 6,817 0.00%		0	0	MS, Dept. of Civil Engineering, TamKang Univ.	Chairman of Cheng-Shi Construction Co., Ltd., Prince Security Co., Ltd. etc.	-	-	-
Vice President of Secretary		R.O.C. Tsun-Jen Cheng M		Mar. 20, 2019		35 0.00%	0	0	0	0	BA, Dept. of Business Administration, National Tunghai Univ.	Supervisor of Splendor Hotel, Director of Prince Real Estate Co., Ltd. etc.	-	-	-
Vice President of Sales		R.O.C. Wen-Zhen Chiu M		Sep. 1, 2013		80,221 0.00%	0	0	0	0	BS, Dept. of Architecture, National Taiwan Univ. of Science & Tech.	Director of Prince Security Co., Ltd. etc.	-	-	-
Vice President R.O.C.		Mu-Tsun Hou	M	Sep. 1, 2015	0	0	0	0	0		0 MBA, Boston Univ., USA	President of Ta-Chen Construction & Engineering Corp. etc.	-	-	-
Vice President of Taichung Branch		R.O.C. Xiao-Yu Chiang M		Nov. 3, 2016		8,000 0.00%	0	0	0	0	National Taiwan Univ. of Science & Tech.	Director of Prince Security Co., Ltd. etc.	-	-	-
Assistant Vice President of Planning & Strategy	R.O.C.	Jian-Ying Wu	M	Sep. 1, 2013		10,300 0.00%	0	0	0	0	MBA, George Washington Univ., USA	Director of Prince Utility Co., Ltd etc.	-	-	-
Assistant Vice President of Finance		R.O.C. Chun-Liang Lin M		Sep. 1, 2013	124,909 0.01%		0	0	0		0 MBA, Univ. of South Australia	Director of Splendor Hotel, Supervisor of Prince Utility Co., Ltd etc.	-	-	-
Assistant Vice President of Administration R.O.C.		Chun-Cheng Kuo	M	Sep. 1, 2013	372,860 0.02%		0	0	0	0	BS, Dept. of Architecture, HuaFan Univ.	Director of Ta-Chen Construction & Engineering Corp. etc.	-	-	-
Manager of Accounting	R.O.C.	Da-Chang Tai		M Jul. 1, 2006 313,517 0.02%			0	0	0	0	BA, Dept. of Accounting, National Cheng Kung Univ.	Chairman of Jin Yi Xing Plywood Co., Ltd. etc.	-	-	-

1. If a majority of the Company's director seats or voting shares and those of any other companies are controlled by the same person: not a director, supervisor, or employee of those other companies. Not apply to independent directors appointed in accordance with the Act or the laws and regulations of the local country by, and concurrently serving as such at, a public company and its parent or subsidiary or a subsidiary of the same parent.
1. If the chairperson, general manager, or person holding an equivalent position of the Company and a person in any of those positions at another company or institution are the same person or are spouses: not a director (or governor), supervisor, or employee of that other company or institution. Not apply to independent directors appointed in accordance with the Act or the laws and regulations of the local country by, and concurrently serving as such at, a public company and its parent or subsidiary or a subsidiary of the same parent.
1. Not a director, supervisor, officer, or shareholder holding five percent or more of the shares, of a specified company or institution that has a financial or business relationship with the company. Not apply to independent directors appointed in accordance with the Act or the laws and regulations of the local country by, and concurrently serving as such at, a public company and its parent or subsidiary or a subsidiary of the same parent, if the specified company or institution holds 20 percent or more and no more than 50 percent of the total number of issued shares of the public company.
1. Not a professional individual who, or an owner, partner, director, supervisor, or officer of a sole proprietorship, partnership, company, or institution that, provides auditing services to the company or any affiliate of the company, or that provides commercial, legal, financial, accounting or related services to the company or any affiliate of the Company for which the provider in the past 2 years has received cumulative compensation exceeding NT\$500,000, or a spouse thereof; provided, this restriction does not apply to a member of the remuneration committee, public tender offer review committee, or special committee for merger/consolidation and acquisition, who exercises powers pursuant to the Act or to the Business Mergers and Acquisitions Act or related laws or regulations.
10.Not having a marital relationship, or a relative within the second degree of kinship to any other director of the Company.
1. Not been a person of any conditions defined in Article 30 of the Company Law.
1. Not a governmental, juridical person or its representative as defined in Article 27 of the Company Law.

3.2.2 Management Team

Unit: Shares; Dec. 31, 2020

Corporate Governance Report

3.2.3 Remuneration Paid to Directors, Independent Directors, President, and Vice Presidents

A. Remuneration of Directors and Independent Directors

In order to consider the responsibilities and professionalism of independent directors and not participate in the annual director's remuneration distribution, and to take into account the attendance rate of independent directors and the situation of participating in further education according to regulations, the 2nd Board of Directors meeting of session sixteen passed the resolution of the monthly fixed payment for business execution expense is about NT\$60,000.
In addition to above information, remuneration to Directors who provide services to PHD or consolidated companies:None.

					Remuneration					Summation of A, B, C,
Title	Name	Salary (A)		Pensions (B)		Earnings Distribution (C)		Allowances (D)		and D as % of Net Income
		All PHD Consolidated	PHD	All Consolidated	PHD	All Consolidated	PHD	All Consolidated	PHD	All Consolidated
		Companies		Companies		Companies		Companies		Companies
Chairman	Uni-President Enterprises Corp.
Director	Kao Chyuan Inv. Co., Ltd.
Director	Taipo Inv. Co., Ltd.
Director	Young Yuan Inv. Co., Ltd.
Director	Hung Yao Inv. Co., Ltd.
Director	Sheng-Yuan Inv. Co., Ltd.
Director	Yu Peng Inv. Co., Ltd.
Director	Hsin Yung Hsing Inv. Co.,Ltd.
Director	Guang Woei Inv. Co.,Ltd.
Director	Ruixing Intl. Inv. Co., Ltd.
Chairman	Chih-Hsien Lo (Note 1)	- 8,459	-	-	32,029	32,029 3,600				3,600 4.49% 5.55%
Director	Hsiu-Ling Kao (Note 1)
Director	Tsung-Ping Wu (Note 1)
Director	Ping-Chih Wu (Note 1)
Director	Chien-Te Wu (Note 1)
Director	Chao-Mei Wu Tseng
Director	Chung-Ho Wu (Note 1)
Director	Shih-Hung Chuang (Note 1)
Director	Po-Ming Hou (Note 1)
Director	Po-Yi Hou (Note 1)
Director	Chih-Yuan Hou (Note 1)
Director	Ying-Chih Chuang (Note 1)
Independent DirectorPeng-Ling Nie
Independent DirectorHo-Yi Hung		- -	-	-	-	-	2,460			2,460 0.31% 0.31%
Independent DirectorJung-Hsien Hou
	Total	- 8,459	-	-	32,029	32,029 6,060				6,060 4.80% 5.86%

					Compensation to Directors Also Serving as Company Employees				Summation of
Allowances (E)	Salary, Bonuses, and Special		Pensions (F)		Employee Profit Sharing (G)				A, B, C, D, E, F, and G as % of Net Income	Compensation from Affiliates Other than
	All		All		PHD	AllConsolidatedCompanies			All	Subsidiaries
PHD	Consolidated Companies	PHD	Consolidated Companies	Cash	Stock	Cash	Stock	PHD	Consolidated Companies
5,631	8,280	-	-	12,222	-	12,222	-	6.74%	8.14%	26,416
-	-	-	-	-	-	-	-	0.31%	0.31%	-
5,631	8,280	-	-	12,222	-	12,222	-	7.05%	8.45%	26,416

Unit: NT\$ thousand; Dec. 31, 2020

III

Range of Remuneration for Directors

	Name of President and Vice President Name of President and Vice President
Range of Remuneration	PHD	All Consolidated Companies
Range of Remuneration	PHD	All Consolidated Companies
Under NT\$ 1,000,000	Yi-Chun Su	Yi-Chun Su
Under NT\$ 1,000,000	Yi-Chun Su	Yi-Chun Su
NT\$1,000,000 ~ NT\$2,000,000	Tsun-Jen Cheng	Tsun-Jen Cheng
NT\$1,000,000 ~ NT\$2,000,000	Tsun-Jen Cheng	Tsun-Jen Cheng
NT\$2,000,000 ~ NT\$3,500,000	Mu-Tsun Hou	-
NT\$2,000,000 ~ NT\$3,500,000	Mu-Tsun Hou	-
NT\$3,500,000 ~ NT\$5,000,000	Wen-Zhen Chiu, Xiao-Yu Chiang	Wen-Zhen Chiu, Xiao-Yu Chiang
NT\$3,500,000 ~ NT\$5,000,000	Wen-Zhen Chiu, Xiao-Yu Chiang	Wen-Zhen Chiu, Xiao-Yu Chiang
NT\$5,000,000 ~ NT\$10,000,000	-	Mu-Tsun Hou
NT\$5,000,000 ~ NT\$10,000,000	-	Mu-Tsun Hou
NT\$10,000,000 ~ NT\$15,000,000	Ming-Fan Xie	–
NT\$10,000,000 ~ NT\$15,000,000	Ming-Fan Xie	–
NT\$15,000,000 ~ NT\$30,000,000	-	Ming-Fan Xie
NT\$15,000,000 ~ NT\$30,000,000	-	Ming-Fan Xie
NT\$30,000,000 ~ NT\$50,000,000	–	–
NT\$30,000,000 ~ NT\$50,000,000	–	–
NT\$50,000,000 ~ NT\$100,000,000	–	–
NT\$50,000,000 ~ NT\$100,000,000	–	–
Over NT\$100,000,000	–	–
Over NT\$100,000,000	–	–
Total	6 people	6 people
Total	6 people	6 people

		Name of Directors
Range of Remuneration	Total of (A+B+C+D)			Total of (A+B+C+D+E+F+G)
Range of	PHD	Name of Directors All Consolidated Companies	PHD	All Consolidated Companies
Remuneration Under NT\$1,000,000 Under NT\$1,000,000	Total of (A+B+C+D) Ruixing Intl. Inv. Co., Ltd., Chih-Hsien Lo, Tsung-Ping Wu, PHD Hsiu-Ling Kao, Chien-Te Wu, Ruixing Intl. Inv. Co., Ltd., Ping-Chih Wu, Chung-Ho Wu, Chih-Hsien Lo, Tsung-Ping Wu, Shih-Hung Chuang, Hsiu-Ling Kao, Chien-Te Wu, Po-Ming Hou, Po-Yi Hou, Ping-Chih Wu, Chung-Ho Wu, Chih-Yuan Hou, Shih-Hung Chuang, Ying-Chih Chuang, Peng-Ling Po-Ming Hou, Po-Yi Hou, Nie, Jung-Hsien Hou Chih-Yuan Hou,	Ruixing Intl. Inv. Co., Ltd, Tsung-Ping Wu, Hsiu-Ling Kao, All Consolidated Companies Chien-Te Wu, Ping-Chih Wu, Ruixing Intl. Inv. Co., Ltd, Chung-Ho Wu, Tsung-Ping Wu, Hsiu-Ling Kao, Shih-Hung Chuang, Chien-Te Wu, Ping-Chih Wu, Po-Ming Hou, Po-Yi Hou, Chung-Ho Wu, Chih-Yuan Hou, Shih-Hung Chuang, Ying-Chih Chuang, Po-Ming Hou, Po-Yi Hou, Peng-Ling Nie, Jung-Hsien Hou Chih-Yuan Hou,	Total of (A+B+C+D+E+F+G) Ruixing Intl. Inv. Co., Ltd, Tsung-Ping Wu, Hsiu-Ling Kao, PHD Chien-Te Wu, Ping-Chih Wu, Ruixing Intl. Inv. Co., Ltd, Chung-Ho Wu, Tsung-Ping Wu, Hsiu-Ling Kao, Shih-Hung Chuang, Chien-Te Wu, Ping-Chih Wu, Po-Ming Hou, Po-Yi Hou, Chung-Ho Wu, Chih-Yuan Hou, Shih-Hung Chuang, Ying-Chih Chuang, Po-Ming Hou, Po-Yi Hou, Peng-Ling Nie, Jung-Hsien Hou Chih-Yuan Hou,	Ruixing Intl. Inv. Co., Ltd, All Consolidated Companies Tsung-Ping Wu, Hsiu-Ling Kao, Chien-Te Wu, Ping-Chih Wu, Ruixing Intl. Inv. Co., Ltd, Chung-Ho Wu, Po-Yi Hou, Tsung-Ping Wu, Hsiu-Ling Kao, Chih-Yuan Hou, Chien-Te Wu, Ping-Chih Wu, Ying-Chih Chuang, Chung-Ho Wu, Po-Yi Hou, Peng-Ling Nie, Jung-Hsien Hou Chih-Yuan Hou, Ying-Chih Chuang,
NT\$1,000,000 ~ NT\$2,000,000	Guang Woei Inv. Co.,Ltd., Ying-Chih Chuang, Peng-Ling Nie, Jung-Hsien Hou Ho-Yi Hung	Guang Woei Inv. Co.,Ltd., Ying-Chih Chuang, Peng-Ling Nie, Jung-Hsien Hou Ho-Yi Hung	Guang Woei Inv. Co.,Ltd., Ying-Chih Chuang, Peng-Ling Nie, Jung-Hsien Hou Ho-Yi Hung	Guang Woei Inv. Co.,Ltd., Peng-Ling Nie, Jung-Hsien Hou Ho-Yi Hung
NT\$1,000,000 ~ NT\$2,000,000 NT\$2,000,000 ~ NT\$3,500,000 NT\$2,000,000 ~ NT\$3,500,000	Kao Chyuan Inv. Co., Ltd., Guang Woei Inv. Co.,Ltd., Young Yuan Inv. Co., Ltd., Ho-Yi Hung Hung Yao Inv. Co., Ltd., Kao Chyuan Inv. Co., Ltd., Yu Peng Inv. Co., Ltd., Young Yuan Inv. Co., Ltd., Sheng-Yuan Inv. Co., Ltd., Hung Yao Inv. Co., Ltd., Hsin Yung Hsing Inv. Co.,Ltd., Yu Peng Inv. Co., Ltd., Chao-Mei Wu Tseng	Kao Chyuan Inv. Co., Ltd., Guang Woei Inv.Co.,Ltd., Young Yuan Inv. Co., Ltd., Ho-Yi Hung Hung Yao Inv. Co., Ltd., Kao Chyuan Inv. Co., Ltd., Yu Peng Inv. Co., Ltd., Young Yuan Inv. Co., Ltd., Sheng-Yuan Inv. Co., Ltd., Hung Yao Inv. Co., Ltd., Hsin Yung Hsing Inv. Co.,Ltd., Yu Peng Inv. Co., Ltd., Chao-Mei Wu Tseng	Kao Chyuan Inv. Co., Ltd., Guang Woei Inv. Co.,Ltd., Young Yuan Inv. Co., Ltd., Ho-Yi Hung Hung Yao Inv. Co., Ltd., Kao Chyuan Inv. Co., Ltd., Yu Peng Inv. Co., Ltd., Young Yuan Inv. Co., Ltd., Sheng-Yuan Inv. Co., Ltd., Hung Yao Inv. Co., Ltd., Hsin Yung Hsing Inv. Co.,Ltd., Yu Peng Inv. Co., Ltd., Chao-Mei Wu Tseng	Young Yuan Inv. Co., Ltd., Guang Woei Inv. Co.,Ltd., Hung Yao Inv. Co., Ltd., Ho-Yi Hung Yu Peng Inv. Co., Ltd., Young Yuan Inv. Co., Ltd., Sheng-Yuan Inv. Co., Ltd., Hung Yao Inv. Co., Ltd., Hsin Yung Hsing Inv. Co.,Ltd., Yu Peng Inv. Co., Ltd., Chao-Mei Wu Tseng, Sheng-Yuan Inv. Co., Ltd., Shih-Hung Chuang
NT\$3,500,000 ~ NT\$5,000,000	Sheng-Yuan Inv. Co., Ltd., Hsin Yung Hsing Inv. Co.,Ltd., - Chao-Mei Wu Tseng	Sheng-Yuan Inv. Co., Ltd., Hsin Yung Hsing Inv. Co.,Ltd., - Chao-Mei Wu Tseng	Sheng-Yuan Inv. Co., Ltd., Hsin Yung Hsing Inv. Co.,Ltd., - Chao-Mei Wu Tseng	Hsin Yung Hsing Inv. Co.,Ltd., Chao-Mei Wu Tseng, Kao Chyuan Inv. Co., Ltd. Shih-Hung Chuang
NT\$3,500,000 ~ NT\$5,000,000 ~ NT\$5,000,000 NT\$10,000,000	Uni-President Enterprises Corp., - Taipo Inv. Co., Ltd.	Uni-President Enterprises Corp., - Taipo Inv. Co., Ltd. Chih-Hsien Lo	Uni-President Enterprises Corp., - Taipo Inv. Co., Ltd.	Taipo Inv. Co., Ltd., Kao Chyuan Inv. Co., Ltd. Po-Ming Hou
NT\$5,000,000 ~ NT\$10,000,000 ~ NT\$10,000,000 NT\$15,000,000	Uni-President Enterprises Corp., - Taipo Inv. Co., Ltd.	Uni-President Enterprises Corp., Taipo Inv. Co., Ltd. - Chih-Hsien Lo	Uni-President Enterprises Corp., - Taipo Inv. Co., Ltd.	Taipo Inv. Co., Ltd., Po-Ming Hou
NT\$15,000,000 ~ NT\$10,000,000~ NT\$30,000,000 NT\$15,000,000	- -	- -	- -	-
NT\$30,000,000 ~ NT\$15,000,000~ NT\$50,000,000 NT\$30,000,000	-	- -	Chih-Hsien Lo -	Uni-President Enterprises - Corp., Chih-Hsien Lo
NT\$50,000,000 ~ NT\$30,000,000~ NT\$100,000,000 NT\$50,000,000	-	- -	Chih-Hsien Lo -	Uni-President Enterprises - Corp., Chih-Hsien Lo
Over NT\$50,000,000 ~ NT\$100,000,000 NT\$100,000,000	- -	- -	- -	- -
Over Total NT\$100,000,000	- 25	- 25	- 25	- 25

Employee Summation of A, B, C, and D as % Compensation Unit: NT\$ thousand; Dec. 31, 2020

B. Compensation Paid to President and Vice Presidents

	Title Title	Name Name	Profit Sharing Profit Sharing - Stock - Stock	Profit Sharing Profit Sharing - Cash - Cash	Total Total	Total Amount as % Total Amount as % of Net Income of Net Income
	Chief Strategy Officer Chief Strategy Officer	Chih-Hsien Lo Chih-Hsien Lo
	President President	Ming-Fan Xie Ming-Fan Xie
	Vice President Vice President	Wen-Zhen Chiu Wen-Zhen Chiu
	Vice President Vice President	Tsun-Jen Cheng Tsun-Jen Cheng		35,351 35,351	35,351 35,351	4.45% 4.45%
Management	Vice President Vice President	Mu-Tsun Hou Mu-Tsun Hou	-
Management Team Team	Vice President Vice President	Xiao-Yu Chiang Xiao-Yu Chiang	-
	Assistant Vice President Assistant Vice President	Jian-Ying Wu Jian-Ying Wu
	Assistant Vice President Assistant Vice President	Chun-Liang Lin Chun-Liang Lin
	Assistant Vice President Assistant Vice President	Chun-Cheng Kuo Chun-Cheng Kuo
	Manager Manager	Da-Chang Tai Da-Chang Tai

2020 2019 Total Unit: NT\$ thousand

Title				Total			Total
Title		Total Total Remuneration	Net Income 2020 Net Income	Total Remuneration as Remuneration as % of Net Income	Total Remuneration Net Income Total Remuneration Net Income	2019	Total Remuneration as Remuneration as % of Net Income
Title PHD PHD Directors All Consolidated Directors All Consolidated Companies		Remuneration 55,942 Total Net Income 55,942 Remuneration 67,050 67,050		% of Net Income Total 7.05% Remuneration 7.05% as % of Net 8.45% Income 8.45%	59,582 Total 59,582 Remuneration 72,999 72,999	Net Income	% of Net Income Total 6.25% Remuneration 6.25% as % of Net 7.66% Income 7.66%
President &	Companies PHD PHD	55,942 26,985	793,882 793,882	7.05% 3.40%	59,582 27,134	952,767 952,767	6.25% 2.85%
Director President & Vice President Vice President	PHD All Consolidated All Consolidated All Consolidated Companies Companies Companies	26,985 30,266 67,050 30,266		3.40% 3.81% 8.45% 3.81%	27,134 30,615 72,999 30,615		2.85% 3.21% 7.66% 3.21%
President	PHD	26,985	793,882	3.40%	27,134	952,767	2.85%
Vice President	All Consolidated Companies	30,266		3.81%	30,615		3.21%

Title	Name All Salary (A) PHD		Consolidated	All Pensions (B) PHD Consolidated		Allowances (C) Bonuses and All Special PHD Consolidated Allowances (C)		Profit Sharing (D) Employee AllConsolidated PHD Profit Sharing (D) Companies			PHD	of Net Income Summation of All A, B, C, and D as % Consolidated of Net Income	from Affiliates Compensation Other than from Subsidiaries
Title	Name	PHD	Companies All Consolidated	PHD	Companies All Consolidated	PHD	Companies All Consolidated	PHD	Cash Stock Cash Stock	AllConsolidated Companies	PHD	Companies All Consolidated	Affiliates Other than
President Ming-Fan Xie Vice			Companies		Companies		Companies		Cash Stock Cash Stock			Companies	Subsidiaries
	President Wen-Zhen Chiu President Ming-Fan Xie
Vice Vice	President Yi-Chun Su President Wen-Zhen Chiu		8,957 12,238	-	-	956	956	17,072	- 17,072	-	3.40%	3.81%	1,901
Vice Vice	President Tsun-Jen Cheng President Yi-Chun Su		8,957 12,238	-	-	956	956	17,072	- 17,072	-	3.40%	3.81%	1,901
Vice Vice	President Mu-Tsun Hou President Tsun-Jen Cheng
Vice Vice	President Xiao-Yu Chiang President Mu-Tsun Hou
Vice	President Xiao-Yu Chiang

Range of Remuneration

Employee Profit Sharing Granted to Management Team

	Unit: NT\$ thousand; Dec. 31, 2020
--	------------------------------------	--	--	--

3.2.4 Comparison of Remuneration for Directors, Presidents and Vice Presidents in Presidents

the Past Two Years and Remuneration Policy for Directors, Presidents and Vice

Corporate Governance Report

3.3 Implementation of Corporate Governance

3.3.1 Operation in the Board of Directors

Information of Board of Directors Meeting

A total of 5 (A) meetings for the Board of Directors were held in 2020. The attendance of directors and was as following:

Title	Name	Attendance in Person (B)	Proxy Attendance	Attendance Rate (%) [B/A]	Representative	Note
Chairman	Uni-President Enterprises. Corp.	5	0	100%	Chih-Hsien Lo
Director	Kao Chyuan Inv. Co., Ltd.	5	0	100%	Hsiu-Ling Kao
Director	Uni-President Enterprises. Corp.	5	0	100%	Tsung-Ping Wu
Director	Chao-Mei Wu Tseng	2	3	40%
Director	Taipo Inv. Co., Ltd.	5	0	100%	Ping-Chih Wu
Director	Taipo Inv. Co., Ltd.	5	0	100%	Chien-Te Wu
Director	Young Yuan Inv. Co., Ltd.	5	0	100%	Chung-Ho Wu
Director	Hung Yao Inv. Co., Ltd.	5	0	100%	Shih-Hung Chuang
Director	Sheng-Yuan Inv. Co., Ltd.	5	0	100%	Po-Yi Hou
Director	Yu Peng Inv. Co., Ltd.	5	0	100%	Po-Ming Hou
Director	Hsin Yung Hsing Inv. Co.,Ltd.	5	0	100%	ChihYuan Hou
Director	Guang Woei Inv. Co.,Ltd.	3	1
Director	Ruixing International Inv. Co., Ltd.	0	1	60%	Ying-Chih Chuang	1
Independent Director Peng-Ling Nie		5	0	100%
Independent Director Ho-Yi Hung		4	1	80%
	Independent Director Jung-Hsien Hou	5	0	100%

Other Mentionable Items:

1. If any of the following circumstances occur, the dates of the meetings, sessions, and contents of motion, all independent directors' opinions and the Company's response should be specified: None.
(1) Matters referred to Article 14-3 of the Securities and Exchange Act;
(2) Other issues opposed by independent directors or about which said directors have reservations should be recorded in writing in the meeting minutes of the Board.
1. If there are directors' evasion of motions in conflict of interest, the directors' names, contents of motion, causes for evasion and voting should be specified: None.
1. The objective of strengthening the functions of the Board of Directors in the current year and the most recent year (such as establishing an Audit Committee, improving information transparency, etc.) and evaluation of the implementation:

Note:

(i) If director or supervisor resigned before the end of the year, the Company shall show resigned date in note, and attendance rate (%) is attendant times of meeting in incumbent period.

(ii) If there is re-election of director and supervisor, the Company shall show former, new, reappointed member and the date in note. Attendance rate (%) is attendant times of meeting in incumbent period.

(iii) Guang Woei Investment Co., Ltd. was merged by Ruixing Intl. Inv. Co., Ltd. Guang Woei Investment Co., Ltd. was vanished after the merger and its holding of the Company's shares will be wholly transferred to Ruixing Intl. Inv. Co., Ltd. The Company appointed Mr. Ying-Chih Chuang as the representative, starting from the merger date of Oct. 01, 2020.

The establishment of the Audit Committee in place of the supervisors' authority, and the Audit Committee have held

4 times of meeting during 2020.
1. The listed company shall disclose the evaluation cycle and period, evaluation scope, method and evaluation content of the self (or peer) evaluation of the Board of Directors, and fill in the implementation status of the evaluation of the Board of Directors:

The Board of Directors Appraisal and Implementation Status

Evaluation cycle (Note 1)	Evaluation period (Note 2)	Evaluation scope (Note 3)	Evaluation method (Note 4)	Evaluation content (Note 5)
Once a year	From Jan. 1, 2020 to Dec. 31, 2020	1. Board of Directors' performance evaluation 2. Directors' self-evaluation 3. Internal self-evaluation of functional committee	1. Internal self-evaluation of the Board 2. Directors' self-evaluation 3. Internal self-evaluation of functional committee	1. Board of Directors' performance evaluation: Participation in the operation of the Company, improvement of the decision-making quality of the Board of Directors, composition and structure of the Board of Directors, selection and continuous education of directors, and internal control. 2. Directors'self-evaluation: Mastery of Company goals and tasks, awareness of directors' responsibilities, participation in Company operations, internal relationship management and communication, directors' professional and continuous education, and internal control. 3. Internal self-evaluation of functional committee: Participation in the Company's operations, awareness of the responsibilities of functional committees, improvement of the decision-making quality of functional committees, composition of functional committees and selection of members, and internal control, etc.

Note 1: It is to fill in the execution cycle of the Board evaluation, for example: once a year.

Note 2: It is to fill in the coverage period of the Board of Directors appraisal, for example: to evaluate the performance

of the Board from January 1, 2020 to December 31, 2020. Note 3: The scope of the evaluation includes the performance evaluation of the Board of Directors, individual directors
and functional committees (including the Audit Committee and the Remuneration Committee).

Note 4: Evaluation methods include internal self-evaluation by the Board of Directors, self-evaluation by directors, peer evaluation, appointment of external professional institutions, experts, or other appropriate methods for performance evaluation. Note 5: The assessment content shall include at least the following items according to the assessment scope:

(1) Board of Directors' performance evaluation: Participation in the operation of the Company, improvement of the decision-making quality of the Board of Directors, composition and structure of the Board of Directors,

selection and continuous education of directors, and internal control, etc.
professional and continuous education, and internal control, etc.

(2) Directors' self-evaluation: Mastery of Company goals and tasks, awareness of directors' responsibilities, participation in Company operations, internal relationship management and communication, directors'

III

(3) Internal self-evaluation of functional committee: Participation in the Company's operations, awareness of the responsibilities of functional committees, improvement of the decision-making quality of functional committees, composition of functional committees and selection of members, and internal control, etc.
On March 18, 2021, the 2020 annual performance evaluation results were reported to the Board of Directors, which showed that the overall operation of the Company's Board of Directors was at a good level and complied with the relevant provisions of the corporate governance code of practice.

3.3.2 Operation in Audit Committee

A total of 4 (A) Audit Committee meetings were held in 2020. The attendance of the committee members was as following:

Other Mentionable Items:

1. If any of the following circumstances occur, the dates of meetings, sessions, contents of motion, resolutions of the Audit Committee and the Company's response to the Audit Committee's opinion should be specified: None. (1) Matters referred to in Article 14-5 of the Securities and Exchange Act.
(2) Other matters which were not approved by the Audit Committee but were approved by two-thirds or more of all directors.
1. If there are independent directors' evasion of motions in conflict of interest, the directors' names, contents of motion, the causes for avoidance and voting should be specified. If members of the independent directors have an interest in the matters of the meeting and have a risk of harm to the interests of the company, they shall be evaded. If the committee is unable to make a resolution, it shall report to the board of directors, and the board of directors shall make the resolution.
1. Communications between the independent directors, the Company's chief internal auditor and CPAs (including the material items, methods and results of audits of corporate finance or operations, etc.): None.
(1) The internal auditors have communicated the result of the audit reports to the members of the Audit Committee periodically, and have presented the findings of all audit reports in the quarterly meetings of the Audit Committee. Should the urgency of the matter require it, the Company's chief internal auditor will inform the members of the Audit Committee outside of the regular reporting. The communication channel between the Audit Committee and the internal auditor has been functioning well.
(2) The Company's CPAs have presented the findings or the comments for the quarterly corporate financial reports, as well as matters communication of which is required by law, in the regular quarterly meetings pf the Audit Committee. Under applicable laws and regulations, the CPAs are required to communicate to the Audit Committee any material matters that they have discovered.

A total of 4 Audit Committee meetings were held in 2020. Resolutions of each meeting as following:

3rd of Audit Committee meeting of session two (Mar. 19, 2020):

(1) CPAs attended the necessary communication matters: the results of this financial report review, analysis of financial and operational performance, changes in important financial information, and other matters.
(2) The resolution passed that the Company provided a short-term financing loan of NT\$190 million to Cheng-Shi Investment Holdings Co., Ltd.
(3) The resolution passed the Company's subsidiary Ta Chen Construction & Engineering Corp. provided a shortterm financing loan of NT\$100 million to Cheng-Shi Investment Holdings Co., Ltd.

(4) The resolution passed the Company's subsidiary Cheng-Shi Construction Co., Ltd. provided a short-term

(6) The resolution passed the Company's financial report CPA's independence and competency assessment proposal. (7) The resolution passed the 2020 CPA appointment proposal, and the appointment of Chung-Yu Tien and Chien-Chih Wu from PwC as the agents of the Company's 2020 financial report review matters and income tax

financing loan of NT\$90 million to Cheng-Shi Investment Holdings Co., Ltd.
(5) The resolution passed the Company's 2019 annual financial report.
declaration case.
of Internal Control.

(8) The resolution passed the Company's 2019 internal control statement and amendments of Operating Procedures

4th of Audit Committee meeting of session two (May 7, 2020):

financial and operational performance, changes in important financial information, and other matters.

(1) CPAs attended the necessary communication matters: the results of this financial report review, analysis of
(2) The resolution passed the Company' 2020 appointed CPAs remuneration.
(3) The resolution passed the Company' 2019 earnings distribution plan.
(4) The resolution passed the Company's amendments of Operating Procedures of Internal Control.

5th of Audit Committee meeting of session two (Aug. 11, 2020):

(1) CPAs attended the necessary communication matters: the results of this financial report review, analysis of

financial and operational performance, changes in important financial information, and other matters.
(2) The financial report for the second quarter of 2020, the assessment and the disclosure of the impact of COVID-19 on the Company.
(3) The resolution passed the Company's second quarter of 2020 consolidated financial report.
(4) The resolution passed the Company's amendments of Operating Procedures of Internal Control.

6th of Audit Committee meeting of session two (Nov. 5, 2020):

(1) CPAs attended the necessary communication matters: the results of this financial report review, analysis of

financial and operational performance, changes in important financial information, and other matters.
(2) The resolution passed the Company's third quarter of 2020 consolidated financial report.
(3) The resolution passed that the subsidiary Times Square International Holding Co. provided a short-term financing
loan of NT\$70 million to Times Square International Hotel Corp.
(4) The resolution passed the Company's 2021 auditing plan.
(6) The resolution passed the Company's Independent Directors' Scope of Responsibility Rules.

(5) The resolution passed the amendment of the Company's Code of Practice for Corporate Governance.

Title	Name	Attendance in Person(B)	Proxy Attendance	Attendance Rate (%) [B/A]
Independent Director	Peng-Ling Nie	4	0	100%
Independent Director	Ho-Yi Hung	3	1	75%
Independent Director	Shen-Long Hou	4	0	100%

Corporate Governance Report

3.3.3 Corporate Governance Implementation Status and Deviations from "the Corporate Governance Best Practice Principles for TWSE/TPEx Listed Companies"

Evaluation Item			Implementation Status	Deviations from "the Corporate Governance Best Practice Principles for
	Y	es No	Abstract Illustration	TWSE/TPEx Listed Companies" and Reasons
1. Does the Company establish and disclose the Corporate Governance Best Practice Principles based on "Corporate Governance Best Practice Principles for TWSE/TPEx Listed Companies"?			The establishment of the Corporate Social Responsibility Best Practice Principles and the Ethical Corporate Management Best Practice had been resolved in the Board meeting on November 3 in 2016, and disclosed on the Company's website.	None
2. Shareholding structure & shareholders' rights (1) Does the Company establish an internal operating procedure to deal with shareholders'suggestions, doubts, disputes and litigations, and implement based on the procedure? (2) Does the Company possess the list of its major shareholders as well as the ultimate owners of those shares? (3) Does the Company establish and execute the risk management and firewall system within its conglomerate structure?	  		(1) The Company has designated appropriate departments to handle shareholders' suggestions or disputes. (2) The Stock Transfer Agency is responsible for collecting the updated information of the list of major shareholders and the ultimate owners of those shares. (3) There are dedicated units responsible for operations of the Company's affiliates, and they are controlled and audited by the head office.	None
(4) Does the Company establish internal rules against insiders trading with undisclosed information?			(4) Article 15 of the Company's Ethical Corporate Management Operation Procedures and Guidelines stipulates that the Company's personnel shall not use undisclosed information to engage in internal transactions.
3. Composition and Responsibilities of the Board of Directors (1) Does the Board develop and implement a diversified policy for the composition of its members?			(1) According to Article 20 of the Corporate Governance Best Practice Principles, the Company had diversified and disclosed the members of Board of Directors. There are 15 directors including 5 directors with master degree of American top universities on the Board. There were 7 directors with master degree or above mostly majoring in finance, accounting or business to meet the professional qualification.
(2) Does the Company voluntarily establish other functional committees in addition to the Remuneration Committee and the Audit Committee?			(2) In addition to the Audit Committee and the Remuneration Committee, the establishment of the Management Committee and the Operation Optimization Counseling Team under the Management Committee had been resolved for the purpose of the Board's understanding of the Company's operation. Furthermore, to strengthen the Company's corporate governance, the Chairman Chih-Hsien Lo were appointed to hold a concurrently position as the Chief Strategy Officer during the 1st interim Board meeting of session fifteenth.	None
(3) Has the Company established methodology for evaluating the performance of its Board of Directors, on an annual basis, reported the results of performance to the Board of Directors, and use the results as reference for directors' remuneration and renewal?			The 4th Board meeting of session sixteen passed the (3) regulations of Self-Evaluation or Peer Evaluation of the Board of Directors. The Company should conduct periodic self-evaluation of the Board of Directors and individual directors every year (from 2020) and report the performance evaluation results to the Taiwan Stock Exchange (stock) company (before the end of the first quarter of the following year).
(4) Does the Company regularly evaluate its external auditors' independence?			(4) The Board of Directors had passed the proposal of "Financial Reports CPAs' Independence Assessment". The Accounting Department of the Company had accessed the independence of the CPAs Kuo-Hua Wang and Chung-Yu Tien from PwC in 2021, and the result was compliant with the Company's independence evaluation criteria, in which they are appointed to be competent CPAs on the 10th Board meeting of session sixteen.

4. Does the Company set up a corporate governance unit or appoint personnel responsible for corporate governance matters (including but not limited to providing information for directors and supervisors to perform their functions, handling work related to meetings of the Board of Directors and the shareholders' meetings, filing Company registration and changes to Company registration, and producing minutes of Board meetings and shareholders' meetings)?
5. Does the Company establish a communication channel and build a designated section on its website for stakeholders (including but not limited to shareholders, employees, customers, and suppliers), as well as handle all the issues they care for in terms of corporate social responsibilities?
6. Does the Company appoint a professional shareholder service agency to deal with shareholder affairs?
7. Information Disclosure (1) Does the Company have a corporate website to disclose both financial status and corporate governance? (2) Does the Company have other information disclosure channels (e.g. building an English website, appointing designated people to handle, collect and disclose information, creating a spokesman system, webcasting investor conferences)? (3) Does the Company announce and report the annual financial statements within two months after the end of the fiscal year, and announce and report the first, second, and third quarter financial statements as well as the operating status of each month	 	

Evaluation Item			Implementation Status	Deviations from "the Corporate Governance Best Practice Principles for
	Ye	s No	Abstract Illustration	TWSE/TPEx Listed Companies" and Reasons
			The Board of Directors resolved the appointment of Chun-Cheng Kuo as the Corporate Governance Director, who is the Assistant Vice President of Administration in the Company and had been taking part in related position for at least three years on the 16th Board meeting of session fifteen. The scope of the corporate governance authority includes at least: Handling the Board of Directors and the shareholders' meeting in accordance with the law, preparing the minutes of the Board of Directors and shareholders' meetings, assisting directors in their appointments and continuing education, providing directors with information required for business execution, assisting directors in complying with laws and regulations and other compliance or the items stipulated in the contract, etc. The executive summary of the Company's business executives for the year of 2021: Handling matters related to the Board of Directors and the shareholders' meeting in accordance with the law, prepare the minutes of the Board of Directors and shareholders' meetings, assist the directors in continuing education, provide the directors with the necessary information for business execution and other compliance with the company's articles of association or contract Matters stipulated, etc. The Company's corporate governance executives have trainings for 8.5 hours (2.5 hours for intellectual property management by the Board of Directors of listed companies, 3 hours for corporate governance corruption prevention case analysis, and 3 hours for the Board's response and application of corporate governance evaluation).	None
			The Company had been dedicated to establish appropriate communication channels for its stakeholders, including customer service hotline, Company website, quarterly publication, APP, advertisements, and occasional questionnaires. In addition, the Company has provided mailbox, online message system, and 24 hour service counter for the NCKU Prince House. The Company's website had disclosed the contact information for different stakeholders in the Stakeholder Area.	None
			The Company had designated President Securities Corp. to deal with shareholder affairs.	None
website to disclose both financial status and corporate governance? disclosure channels (e.g. building an English website, appointing designated people to handle, collect and disclose information, creating a spokesman system, webcasting investor conferences)? the annual financial statements within two months after the end of the fiscal year, and announce and report the first, second, and third quarter financial statements as well as the operating status of each month before the prescribed deadline?	 		(1) The Company had set up a website to disclose the company's relevant information. Website: http://www.prince.com.tw (2) The Company had assigned specialists to collect and disclose its information, and also has established a spokesperson system according to the regulations. (3) The Company had assigned specialists to announce and register the first, second, third quarter financial reports and operating statements every month. However, the annual financial reports had not been announced and registered within two months after the close of each fiscal year yet.	None

III

Complies with Independence	Yes	No
1. Does the CPA serve as the Company's or related companies' director?	V
2. Does the CPA be a stockholder of the Company or related companies?	V
3. Does the CPA hired the Company or related companies?	V
4. Does the CPA comply with Independence policies of the CPA Firms?	V
Complies with Independence 5. Does the former CPA partner not join the Company as a director, supervisor, or officer or in a key position to exert significant influence over the subject 1. Does the CPA serve as the Company's or related companies' director? matter of the engagement within one year of disassociating from the firm? 2. Does the CPA be a stockholder of the Company or related companies?	Yes No V V V
3. Does the CPA hired the Company or related companies? 6. The CPA has not provided audit services to the Company for seven	V V
4. Does the CPA comply with Independence policies of the CPA Firms? 7. Does the CPA comply with Norm No. 10 of Professional Ethics for Certified 5. Does the former CPA partner not join the Company as a director, supervisor, Public Accountant of the Republic of China? or officer or in a key position to exert significant influence over the subject	V V V

Evaluation Item			Implementation Status	Deviations from "the Corporate Governance Best Practice Principles for
	Ye	s No	Abstract Illustration	TWSE/TPEx Listed Companies" and Reasons
8. Is there any other important information to facilitate a better understanding of the Company's corporate governance practices (e.g., including but not limited to employee rights, employee wellness, investor relations, supplier relations, rights of stakeholders, directors' and supervisors' training records, the implementation of risk management policies and risk evaluation measures, the implementation of customer relations policies, and purchasing insurance for directors and supervisors)?			(1) Employee rights: In addition to various insurance and pension contribution for employees, the Company has built appropriate communication channels for both employees and employers. (2) Directors' and supervisors' continuing education: As the following table. (3) Consumer Protection Policy: The Company has established service center to process building maintenance, repair, community safety and cleaning service. (4) The Company has purchased D&O insurance for its directors and supervisors.	None
Corporate Governance Center, Taiwan Stock Exchange, and provide the priority enhancement measures. in the previous year are as follow: (1) The Company's audit fees paid to CPA firms were more than the non-audit fees in 2020.			9. Please explain the improvements which have been made in accordance with the results of the Corporate Governance Evaluation System released by the According to the results of the Corporate Governance Evaluation System about the Company, the improvements or the expectation of future improvements

The CPA has not provided audit services to the Company for seven To Prince Housing & Development Corp.

(2) The Chinese version and English version of Agenda Handbook for Regular Shareholders' Meeting were expected to be disclosed on time. (3) More than one-half directors (including one independent director or above) and the convener of Audit Committee were expected to attend the Shareholders' Meeting.

Note 1: External Auditor Independence Evaluation Standards

Note 2:

Date: March 8, 2021

Official Letter Number: No. 20008042

we have assessed our independence in regards to Your Company pursuant to the Norm of Professional Ethics for Certified Public Accountant of the Republic of China No. 10 "Integrity, Objectivity, and Independence." Below

No. 10 (hereafter referred to as "Norm No. 10"), besides maintaining substantial independence while checking or auditing financial statements, independence of mind and in appearance is even more important. Therefore, members of the audit service team, other partners, our firm and our related businesses (hereafter referred to as "audit service team members and firm affiliates") need to maintain independence from the audit client. In addition, Article 7 of the "Norm No. 10" also explains that "Independence may be impaired by self-interest, self-review, advocacy, familiarity and intimidation." Therefore, in view of the factors that may affect independence as described in Article 7, our firm will state the factors one by one to Your Group and explain that the independence of our firm has not been affected

firm affiliates have not had (1) direct or material indirect financial interest relations; (2) close business relations; (3) potential employment relations; or (4) financing or endorsement/guarantees with Your Group, directors, or

Subject: Per request from Prince Housing & Development Corp. and Subsidiaries (hereafter referred to as "Your Group"), are the assessment results and the declaration that we have issued. Explanation:
1. Pursuant to Article 4 of the Norm of Professional Ethics for Certified Public Accountant of the Republic of China by the aforementioned factors.
1. Independence has not been affected by self-interest: The firm declares that the audit service team members and supervisors.
1. Independence has not been affected by self-review: The firm declares that the members of the audit service team do not currently serve, and have not served as directors or supervisors or positions of material influence over audit projects that may directly affect audit projects.
conflicts with other third-parties.
1. Independence has not been affected by familiarity: The firm declares that members of the audit service team do not (1) have familial kinship with supervisors, directors, managers, or any person with material influence over auditing director, supervisor, manager, or any key position with material influence over auditing cases; (3) have members of the audit service team accept gifts or preferential treatment from Your Group, or directors, supervisors, managers of Your Group.
1. Independence has not been affected by threat The firm declares that members of the audit service team have not been out to reduce CPA fees, affecting doubts over objectivity and professionalism.

projects at Your Group for the past two years. In addition, the firm does not provide material non-audit service

Independence has not been affected by advocacy: The firm declares that members of the audit service team have not been appointed as the advocators for Your Group's stance or opinion, or represents Your Company in 50 negotiating

projects at Your Group; (2) have partners within one year of disassociating from the firm join Your Group as a

subjected to or perceived any inappropriate demands regarding to accounting policy selection or financial statements disclosure from the management level at Your Group; nor have they reduced any checking work that shall be carried

For the firm's declarations above, besides implementing relevant work procedures pertaining to client's independence verification at the firm, due professional caution has also been implemented. We hereby report these results for your reference.

Attachment:

I: List of members from the audit service team as regulated by Norm No. 10. II: List of partners who have disassociated from the firm within one year. III:List of related businesses to PwC Taiwan.

IV: Non-audit services provided by PwC Taiwan and related businesses to Prince Housing & Development Corp.

PwC Taiwan Kuo-Hua Wang CPA Chung-Yu Tien

III

Directors' and Supervisors' Continuing Education

Title	Name	Assumed Date		Period	Sponsoring Organization	Course	Training Hours	Conforming to Regulations
			From Oct. 23, 2020	To Oct. 23, 2020	Taiwan Institute of Directors	The coming of the digital economy, how companies can embrace the talent transformation in the next decade	3	Yes
Representative of Institutional	Chih-Hsien	Jun. 21,	Aug. 11, 2020	Aug. 11, 2020	Taiwan Corporate Governance Association	The Board of Directors' Response and Application to Corporate Governance Evaluation	3	Yes
Director	Lo	2019	Jul. 24, 2020	Jul. 24, 2020	Taiwan Institute of Directors	Group governance and performance management	3	Yes
			May 7, 2020	May 7, 2020	Taiwan Corporate Governance Association	How to prevent corruption in business - Case Study	3	Yes
			Oct. 23, 2020	Oct. 23, 2020	Taiwan Institute of Directors	The coming of the digital economy, how companies can embrace the talent transformation in the next decade	3	Yes
Representative of Institutional	Hsiu-Ling	Jun. 21,	Aug. 11, 2020	Aug. 11, 2020	Taiwan Corporate Governance Association	The Board of Directors' Response and Application to Corporate Governance Evaluation	3	Yes
Director	Kao	2019	Jul. 24, 2020	Jul. 24, 2020	Taiwan Institute of Directors	Group governance and performance management	3	Yes
			May. 7, 2020	May. 7, 2020	Taiwan Corporate Governance Association	How to prevent corruption in business - Case Study	3	Yes
Representative			Oct. 23, 2020	Oct. 23, 2020	Taiwan Institute of Directors	The coming of the digital economy, how companies can embrace the talent transformation in the next decade	3	Yes
of Institutional Director	Tsung-Ping Wu	Jun. 21, 2019	Jul. 24, 2020	Jul. 24, 2020	Taiwan Institute of Directors	Group governance and performance management	3	Yes
			May 7, 2020	May 7, 2020	Taiwan Corporate Governance Association	How to prevent corruption in business - Case Study	3	Yes
	Chao-Mei	Jun. 21,	Nov. 10, 2020	Nov. 10, 2020	Taiwan Corporate Governance Association	Corporate Governance and Securities Regulations-From the Perspective of Corporate Governance Evaluation Index	3	Yes
Director	Wu Tseng	2019	Aug. 11, 2020	Aug. 11, 2020	Taiwan Corporate Governance Association	The Board of Directors' Response and Application to Corporate Governance Evaluation	3	Yes
			Aug. 11, 2020	Aug. 11, 2020	Taiwan Corporate Governance Association	The Board of Directors' Response and Application to Corporate Governance Evaluation	3	Yes
Representative of Institutional	Ping-Chih Wu	Jun. 21, 2019	Jul. 24, 2020	Jul. 24, 2020	Taiwan Institute of Directors	Group governance and performance management	3	Yes
Director			May 7, 2020	May 7, 2020	Taiwan Corporate Governance Association	How to prevent corruption in business - Case Study	3	Yes
Representative of Institutional	Chien-Te	Jun. 21,	Aug. 11, 2020	Aug. 11, 2020	Taiwan Corporate Governance Association	The Board of Directors' Response and Application to Corporate Governance Evaluation	3	Yes
Director	Wu	2019	May 7, 2020	May 7, 2020	Taiwan Corporate Governance Association	How to prevent corruption in business - Case Study	3	Yes
			Nov. 10, 2020	Nov. 10, 2020	Taiwan Corporate Governance Association	Corporate Governance and Securities Regulations-From the Perspective of Corporate Governance Evaluation Index	3	Yes
Representative of Institutional	Chung-Ho Wu	Jun. 21, 20199	Aug.1 1, 2020	Aug.1 1, 2020	Taiwan Corporate Governance Association	The Board of Directors' Response and Application to Corporate Governance Evaluation	3	Yes
Director			Jul. 24, 2020	Jul. 24, 2020	Taiwan Institute of Directors	Group governance and performance management	3	Yes
			May 7, 2020	May 7, 2020	Taiwan Corporate Governance Association	How to prevent corruption in business - Case Study	3	Yes
Representative of Institutional	Shih-Hung	Jun. 21,	Aug. 11, 2020	Aug. 11, 2020	Taiwan Corporate Governance Association	The Board of Directors' Response and Application to Corporate Governance Evaluation	3	Yes
Director	Chuang	2019	May 7, 2020	May 7, 2020	Taiwan Corporate Governance Association	How to prevent corruption in business - Case Study	3	Yes
Representative		Jun. 21,	Aug. 11, 2020	Aug. 11, 2020	Taiwan Corporate Governance Association	The Board of Directors' Response and Application to Corporate Governance Evaluation	3	Yes
of Institutional Director	Po-Yi Hou	2019	May 7, 2020	May 7, 2020	Taiwan Corporate Governance Association	How to prevent corruption in business - Case Study	3	Yes

		Assumed		Period	Sponsoring		Training	Conforming
Title	Name	Date	From	To	Organization	Course	Hours	to Regulations
			Nov. 10, 2020	Nov. 10, 2020	Taiwan Corporate Governance Association	Corporate Governance and Securities Regulations-From the Perspective of Corporate Governance Evaluation Index	3	Yes
			Oct. 23, 2020	Oct. 23, 2020	Taiwan Institute of Directors	The coming of the digital economy, how companies can embrace the talent transformation in the next decade	3	Yes
Representative of Institutional Director	Po-Ming Hou	Jun. 21, 2019	Aug. 11, 2020	Aug. 11, 2020	Taiwan Corporate Governance Association	The Board of Directors' Response and Application to Corporate Governance Evaluation	3	Yes
			Jul. 24, 2020	Jul. 24, 2020	Taiwan Institute of Directors	Group governance and performance management	3	Yes
			Jun. 5, 2020	Jun. 5, 2020	Taiwan Institute of Directors	Challenges and vitality of corporate governance	6	Yes
			May 7, 2020	May 7, 2020	Taiwan Corporate Governance Association	How to prevent corruption in business - Case Study	3	Yes
			Aug. 11, 2020	Aug. 11, 2020	Taiwan Corporate Governance Association	The Board of Directors' Response and Application to Corporate Governance Evaluation	3	Yes
Representative of Institutional Director	ChihYuan Hou	Jun. 21, 2019	Jun. 16, 2020	Jun. 16, 2020	TWSE Listed and TPEx Listed Association	After epidemic Taiwan's national governance	2	Yes
			May 7, 2020	May 7, 2020	Taiwan Corporate Governance Association	How to prevent corruption in business - Case Study	3	Yes
			Aug. 30, 2020	Aug. 30, 2020	Taiwan Corporate Governance Association	Use corporate governance mechanism to strengthen company management	3	Yes
Representative of Institutional Director	Ying-Chih Chuang	Jun. 21, 2019	Aug. 11, 2020	Aug. 11, 2020	Taiwan Corporate Governance Association	The Board of Directors' Response and Application to Corporate Governance Evaluation	3	Yes
			May 7, 2020	May 7, 2020	Taiwan Corporate Governance Association	How to prevent corruption in business - Case Study	3	Yes
Independent		Jun. 21,	Aug. 11, 2020	Aug. 11, 2020	Taiwan Corporate Governance Association	The Board of Directors' Response and Application to Corporate Governance Evaluation	3	Yes
Director	Ho-Yi Hung	2019	May 7, 2020	May 7, 2020	Taiwan Corporate Governance Association	How to prevent corruption in business - Case Study	3	Yes
Independent	Jung-Hsien		Aug. 11, 2020	Aug. 11, 2020	Taiwan Corporate Governance Association	The Board of Directors' Response and Application to Corporate Governance Evaluation	3	Yes
Director	Hou	6.21.2019	May 7, 2020	May 7, 2020	Taiwan Corporate Governance Association	How to prevent corruption in business - Case Study	3	Yes
			Nov. 10, 2020	Nov. 10, 2020	Taiwan Corporate Corporate Governance and Securities Governance Regulations-From the Perspective of Corporate Association Governance Evaluation Index		3	Yes
Independent Director	Peng-Ling Nie	6.21.2019	Aug. 11, 2020	Aug. 11, 2020	Taiwan Corporate Governance Association	The Board of Directors' Response and Application to Corporate Governance Evaluation	3	Yes
			May 7, 2020	May 7, 2020	Taiwan Corporate Governance Association	How to prevent corruption in business - Case Study	3	Yes

III

Note 1: The members of Remuneration Committee are all Independent Director.

Note 2: For the two years prior to becoming committee members and during their term, members meet the following criteria indicated with a " V "

(1) Not an employee of the Company or any of its affiliates;
(2) Not a director or supervisor of the Company or any of its affiliates;
(3) Not a natural-person shareholder who holds shares, together with those held by the person's spouse, minor children, or held by the person under others' names, in an aggregate amount of one percent or more of the total number of issued shares of the Company or ranks as one of its top ten shareholders;
(4) Not a spouse, relative within the second degree of kinship, or lineal relative within the third degree of kinship, of any of the officer in the preceding 1 subparagraph, or of any of the above persons in the preceding subparagraphs 2 and 3;
(5) Not a director, supervisor, or employee of a corporate/institutional shareholder that directly holds five percent or more of the total number of issued shares of the company, ranks as of its top five shareholders, or has representative director(s) serving on the Company's board based on Article 27 of the Company Law.
(6) Not a director, supervisor, or employee of a company of which the majority of board seats or voting shares is controlled by a company that also controls the same of the company;
(7) Not a director, supervisor, or employee of a company of which the chairman or CEO (or equivalent) themselves or their spouse also serve as the company's chairman or CEO (or equivalent);
(8) Not a director, supervisor, officer, or shareholder holding five percent or more of the shares of a specified company or institution that has a financial or business relationship with the company;
(9) Other than serving as a remuneration committee member of the Company, not a professional individual who, or an owner, partner, director, supervisor, or officer of a sole proprietorship, partnership, company, or institution that, provides commercial, legal, financial, accounting services or consultation to the Company or to any affiliate of the Company, or a spouse thereof, and the service provided is an "audit service" or a "non-audit service which total remuneration within the recent two years exceeds NT\$500,000;
(10) Not been a person of any conditions defined in Article 30 of the Company Law

B. Operations of the Remuneration Committee

1. Remuneration Committee was passed by the Board of Directors on Aug. 24, 2011 and was set up on Sep. 30, 2011.
1. Current committee is session four, which is from July 1, 2019 to June 20, 2022. The Board of Directors approved to assign 3 members on July 1, 2019.
1. The Board approved the assignment the independent director of Peng-Ling Nie, Ho-Yi Hung, and Jung-Hsien Hou as the member of Remuneration Committee of session four on the second Board of Directors meeting of session sixteen.
1. Committee meetings (session four) were held 3 times (A) during 2020. The attendance was as following:

Title	Name	Attendance in Person(B)	Proxy Attendance	Attendance Rate (%) [B/A]
Convener	Peng-Ling Nie	3	0	100%
Commission-er	Ho-Yi Hung	2	1	67%
	Commission-er Jung-Hsien Hou	3	0	100%

A total of 3 Remuneration Committee meetings were held in 2020. Resolutions of each meeting as following:

2nd Remuneration Committee of session four (Mar. 19, 2020):

(1) Proposal of 2019 remuneration distribution for directors was passed. (The attendee Chih-Hsien Lo evaded as the chairman of the Company.)
(2) Proposal for 2019 Managers' Appraisal Review was passed. (The attendees Chih-Hsien Lo, Ming-Fan Xie, Tsun-Jen Cheng and Chun-Cheng Kuo evaded as the raters and related parties.)

3rd Remuneration Committee of session four (May 7, 2020):

(1) Managers' Remuneration Management Rules for the Company was passed.
(2) 2019 remuneration distribution plan for directors was passed.
(3) 2019 Managers' Appraisal Review plan was passed.

4th Remuneration Committee of session four (Nov. 5, 2020):

(1) 2020 Managers' bonus distribution plan was passed.
(2) 2021 work plan for Remuneration Committee was passed.

The results of the above-mentioned discussions from Remuneration Committee were submitted to the Company's Board of Directors for resolution.

3.3.4 Composition, Responsibility and Operations of Remuneration Committee

A. Information of Remuneration Committee

		More Than Five years of Work Experience and the Following Professional Qualifications			Independence Criteria		Number of
Criteria Title & Name		Lecturer or above in Business, Law, Finance, Accounting or Corporate Business Related Fields	Qualification of Justice, Procurator, Attorney, CPA, Specialist or Technician of National Examination in Corporate Business Related Fields	Experience in Business, Law, Finance, Accounting, or Corporate Business Related Fields		Remuneration Committee Memberships Held in 1 2 3 4 5 6 7 8 9 10 Other Public Companies		Note
Convener	Peng-Ling Nie	-	-	ˇ	ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ		1
Committee Member	Ho-Yi Hung	-	-	ˇ	ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ		0
Committee Member	Jung-Hsien Hou	ˇ	ˇ	ˇ	ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ		3

	III

3.3.5 Implementation of Corporate Social Responsibility and Deviations from "the Corporate Social Responsibility Best Practice Principles for TWSE/TPEx Listed Companies" and Reasons

Evaluation Item		Implementation Status Abstract Illustration	Deviations from "the Corporate Social Responsibility Best Practice Principles for TWSE/TPEx Listed Companies" and	Evaluation Item
1. Does the Company follow materiality principle to conduct risk assessment for environmental, social and corporate governance topics related to the Company operation, and establish risk management related policy or strategy?	ˇ	The Board of Directors passed the resolution to establish the Corporate Social Responsibility Best-Practice Principles of the Company. Corporate Planning Group conducts risk assessment for social and corporate governance every year, in accordance with the principle of materiality, in response to the occurrence of social or corporate governance-related events in the Company's operations, such as compliance with laws and regulations, labor safety and community feedback, each unit operates in accordance with its duties.	Reasons None	4. Social issues (1) Does the Company formulate appropriate management policies and procedures according to relevant regulations and the International Bill of Human Rights?
2. Does the Company have a dedicated (or ad-hoc) CSR organization with Board of Directors authorization for senior management, which reports to the Board of Directors?	ˇ	The Company has designated Corporate Planning Group as a dedicated unit, and authorized specialized institution to prepare the CSR practice valuation and planning.	None	(2) Does the Company established appropriately managed employee welfare measures (include salary and remuneration, leaves and others), and link operational performance or achievements with employee salary and
3. Environmental Issues (1) Does the Company establish proper environmental management systems based on the characteristics of their industries?	ˇ	(1) The Company emphasizes on environmental protection, treasures resources, and purchases the materials which are tagged green building materials, water-saving, or energy conservation. Before constructions, the Company requires the contractors to submit site management plans to ensure that the air, noise, water and waste pollution situations can be effectively controlled.		remuneration? (3) Does the Company provide a healthy and safe working environment and organize training on health and safety for its employees on a regular basis?
(2) Does the Company endeavor to utilize all resources more efficiently and use renewable materials which have low impact on the environment?	ˇ	(2) The Company has effectively decreased the waste of building materials through precise control over project duration. Furthermore, the Company selects appropriate renewable raw materials on the basis of regulations to reduce exploitation of natural resources. The green procurement amount is NT\$132 million in 2019.		(4) Does the Company provide its employees with career development and training sessions?
(3) Does the Company assess the potential risks and opportunities of climate change for the Company now and in the future, and conduct climate-related issues?	ˇ	(3) The Company continuously improves case management and pays attention to the impact of climate change on operational activities. (4) The Company continually dedicates to manage the	None	(5) Does the Company's product and service comply with related regulations and international rules for customers' health and safety, privacy, sales, labelling and set polices to protect consumers' rights and consumer appeal procedures?
(4) Does the Company collect data for greenhouse gas emissions, water usage and waste quantity in the past two years, and set energy conservation, greenhouse gas emissions reduction, water usage reduction and other waste management policies?	ˇ	construction sites, monitor the impact of climate change on the operations, conduct greenhouse gas inspections and disclose the information. In 2019, there were 495.27 tons of greenhouse gas emissions from 8 construction projects, and 259.19 tons from the offices, and 5,869.25 tons (CO2e) from NCKU Prince House. In 2020, there were 321.74 tons of greenhouse gas emissions from 5 construction projects, 284.07 tons from the offices, and 5,977.29 tons (CO2e) from NCKU Prince House. The future goal was to reduce 1% per year. The Company upholds a prudent water management attitude and strengthens water conservation publicity policies. In 2019, there were 24,289 tons of water from 8 construction projects, 13,794 tons from the offices, and 285,114 tons from NCKU Prince House. In 2020, there were 12,226 tons of water from 5 construction projects, 13,578 tons from the offices, and 272,635 tons from NCKU Prince House.		(6) Does the Company set supplier management policies and request suppliers to comply with related standards on the topics environmental, occupational safety and health or labor right, and their implementation status? 5. Does the Company refer to international reporting rules or guidelines to publish CSR Report to disclose non-financial information of the Company? Whether the report has obtained the assurance or opinion from the third party?

	Evaluation Item			Implementation Status	Deviations from "the Corporate Social Responsibility Best Practice Principles for
			Yes No	Abstract Illustration	TWSE/TPEx Listed Companies" and Reasons
	4. Social issues (1) Does the Human Rights?	Company formulate appropriate management policies and procedures according to relevant regulations and the International Bill of	ˇ	(1) The Company adheres to the relevant labor regulations and supports and complies with global human rights norms and principles, such as Universal Declaration of Human Rights, the United Nations Global Compact, and Labor Standards Act. The human rights policy applies to all levels of units, treats employees, customers, and cooperative manufacturers with dignity, and continuously improves the management of human rights related issues.
	(2) Does the Company established remuneration?	appropriately managed employee welfare measures (include salary and remuneration, leaves and others), and link operational performance or achievements with employee salary and	ˇ	(2) The Company has a salary and punishment system, provides stable and competitive market salary conditions, and fully evaluates the salary of employees based on various assessment mechanisms, background of professional experience, professional knowledge, seniority and performance. A fair and consistent attitude will be adopted due to differences in gender, race, religion, political position, marital status, etc. The salary of managers is reviewed by Remuneration Committee.
	(3) Does the Company provide a healthy	and safe working environment and organize training on health and safety for its employees on a regular basis?	ˇ	(3) The Company respects to labor safety and health through requiring that all construction site personnel receive trainings on health and safety every day.	None
	(4) Does the Company provide its and training sessions?	employees with career development	ˇ	(4) The Company has provides appropriate internal education training courses, and encourages all employees to have continuing education. There are 4,544 internal training hours and 879 external training hours in 2019, and the total expenses on employee training are NT\$320,800.
	(5) Does the Company's product and procedures?	service comply with related regulations and international rules for customers' health and safety, privacy, sales, labelling and set polices to protect consumers' rights and consumer appeal	ˇ	(5) Consumers can respond to comments and complaints through the Company's website, mailbox or the Company phone. In response to issues such as customer privacy, the Company actively provides internal education and training to employees to be active and sensitive to events.
	(6) Does the Company set supplier standards on implementation status?	management policies and request suppliers to comply with related the topics of environmental, occupational safety and health or labor right, and their	ˇ	(6) The Purchasing & Cost Control Team of the Company is responsible for appropriate evaluation of the suppliers on business partnerships. The contracts between the Company and the major suppliers are all confirmed by the legal counsel. The Company evaluates the impact on the environment caused by the purchase activities.
	5. Does the Company refer to international reporting rules or guidelines to publish CSR Report to disclose non-financial information of the Company? Whether the report has obtained the assurance or opinion from the third party?		ˇ	The Company has designated the Corporate Planning Group as the dedicated unit and authorized specialized institution to prepare the 2019 Corporate Social Responsibility Report.	None
6.				If the Company has established the corporate social responsibility principles based on "the Corporate Social Responsibility Best-Practice Principles for TWSE/TPEx-Listed Companies", please describe any discrepancy between the Principles and their implementation: The Board of Directors passed the resolution to establish the Corporate Social Responsibility Best-Practice Principles of the Company, designated Corporate Planning Group as the dedicated unit, and authorized specialized institution to prepare Corporate Social Responsibility Report. There is no deviation from "the Corporate Social Responsibility Best-Practice Principles from TWSE/TPEx-Listed Companies".
7.	Other important information to facilitate better understanding of the Company's corporate social responsibility practices: The Company promises to uphold the concept of saving energy and natural resources, recognizes that environmental protection is one of the most important issues for human, designs and manufactures products that are most environmentally efficient, and encourages employees to participate in efforts for the earth, promote "environmental protection", promotes "low-carbon diet" and "environmental health" to take care of the earth together. We believe that in addition to the material needs and social welfare, the care of the disadvantaged groups also requires spiritual encouragement. In November 2019, Zenda Suites and the Eden Social Welfare Foundation jointly organized the charity event "Let Not the Disabled Friends Be Alone". The event allowed disabled youths to actually experience the workplace environment, and invited all Taiwanese alumni and guests to help their employment dreams. The event ended at the end of January 2020, and a total of NT\$68,888 was donated to the youth disabled joint vocational

Corporate Governance Report

3.3.6 Implementation of Ethical Corporate Management and Deviations from "the Ethical Corporate Management Best Practice Principles for TWSE/TPEx Listed Companies" and Reasons

various fields into more strategic CSR development plans, and expand the cloud services of the smart technology housing into the service functions of food, clothing, housing, and transportation. We continue to enhance the soft skill and create a happy enterprise through the three levels of cultural

creation, technology, and art, and work with stakeholders to move towards a sustainable future.

Evaluation Item
	Implementation Status Abstract Illustration	Deviations from "the TWSE/TPEx Listed Corporate Social Companies" and Responsibility Best Reasons
Evaluation Item Practice Principles for NCKU Prince House continues the tradition. When a large number of students check out during the winter and summer vacations, hundreds of TWSE/TPEx Listed second-hand mattresses will be opened to new students for reuse, and the extra mattresses will be donated to the social welfare institutions and Yes No Abstract Illustration Companies" and nursing homes in need. NCKU Prince House jointly organized a charity sale of second-hand bedding and daily necessities with the Sustainability Reasons Department of the National Taiwan University Student Union, and donated NT\$6,500 from the sale to the Creation Welfare Foundation. In addition NCKU Prince House continues the tradition. When a large number of students check out during the winter and summer vacations, hundreds of to making second-hand goods function again, we also participate in public welfare with students through sharing and cherishing the joy of materials, second-hand mattresses will be opened to new students for reuse, and the extra mattresses will be donated to the social welfare institutions and and practice corporate social responsibility for mutual benefit. In addition, to encourage students to support disadvantaged groups, invoice boxes are nursing homes in need. NCKU Prince House jointly organized a charity sale of second-hand bedding and daily necessities with the Sustainability placed in NTU Shui Yuan Dormitory, NTU Chang Hsing Dormitory and NTU Hsiu Chi House and donated regularly to the Eden Social Welfare
Department of the National Taiwan University Student Union, and donated NT\$6,500 from the sale to the Creation Welfare Foundation. In addition Foundation. A total of 5,451 invoices were donated in 2020. The Company will continue to transform the CSR activities that have been invested in to making second-hand goods function again, we also participate in public welfare with students through sharing and cherishing the joy of materials,

Evaluation Item Evaluation Item	Yes No	Practice Principles Deviations from "the for TWSE/TPEx Ethical Corporate Listed Companies" Management Best and Reasons Practice Principles
1. Establishment of ethical corporate management policies and programs (1) Does the Company establish ethical corporate	Yes No ˇ	Abstract Illustration (1) The Board of Directors of the Company has approved to	for TWSE/TPEx Listed Companies" and Reasons
management policies by the Board of Directors 1. Establishment of ethical corporate management and declare its ethical corporate management policies and programs policies and procedures in its guidelines and (1) Does the Company establish ethical corporate external documents, as well as the commitment management policies by the Board of Directors from its Board to implement the policies? and declare its ethical corporate management policies and procedures in its guidelines and (2) Whether the Company has established an external documents, as well as the commitment assessment mechanism for the risk of unethical from its Board to implement the policies? conduct; regularly analyzes and evaluates within a business context, the business activities (2) Whether the Company has established an with a higher risk of unethical conduct; has assessment mechanism for the risk of unethical formulated a program to prevent unethical conduct; regularly analyzes and evaluates conduct with a scope no less than the activities within a business context, the business activities prescribed in paragraph 2, Article 7 of the with a higher risk of unethical conduct; has Ethical Corporate Management Best Practice formulated a program to prevent unethical Principles for TWSE/GTSM Listed Companies? conduct with a scope no less than the activities prescribed in paragraph 2, Article 7 of the (3) Does the Company specify the operating Ethical Corporate Management Best Practice procedures, behavior guidelines, disciplinary Principles for TWSE/GTSM Listed Companies? penalties and grievance system in the plan to	ˇ ˇ ˇ ˇ	establish the Ethical Corporate Management Best-Practice Principles, Ethical Corporate Management Operation Procedures and Guidelines, and reviewed (1) The Board of Directors of the Company has approved to relevant regulations on a timely basis. On 9 Nov, 2020, establish the Ethical Corporate Management a law firms was invited to conduct internal training Best-Practice Principles, Ethical Corporate Management courses on integrity management, anti-corruption, and Operation Procedures and Guidelines, and reviewed insider trading. relevant regulations on a timely basis. On 9 Nov, 2020, a law firms was invited to conduct internal training courses on integrity management, anti-corruption, and (2) The Company has established the operation procedures insider trading. and guidelines based on the Ethical Corporate Management Best-Practice Principles, and implemented punishment for violation and rules of appeal. (2) The Company has established the operation procedures and guidelines based on the Ethical Corporate Management Best-Practice Principles, and implemented punishment for violation and rules of appeal. (3) The Company has established effective accounting and internal control systems against high-potential unethical operating activities. The latest code and behavior	None None
prevent dishonesty, implement it, and regularly (3) Does the Company specify the operating review the plan? procedures, behavior guidelines, disciplinary 2. Fulfill operations integrity policy penalties and grievance system in the plan to (1) Does the Company evaluate business partners' prevent dishonesty, implement it, and regularly ethical records and include ethics-related review the plan?	ˇ ˇ	guidelines were approved by the resolution of the Board (3) The Company has established effective accounting and of Directors on Mar 20, 2019. internal control systems against high-potential unethical operating activities. The latest code and behavior (1) The Company includes ethics-related clauses in guidelines were approved by the resolution of the Board business contracts of each business partner. of Directors on Mar 20, 2019.
clauses in business contracts? 2. Fulfill operations integrity policy (1) Does the Company evaluate business partners' (2) Whether the Company has set up a unit which is ethical records and include ethics-related dedicated to promoting the Company's ethical clauses in business contracts? standards and regularly (at least once a year) reports directly to the Board of Directors on its (2) Whether the Company has set up a unit which is ethical corporate management policy and dedicated to promoting the Company's ethical relevant matters, and program to prevent standards and regularly (at least once a year) unethical conduct and monitor its reports directly to the Board of Directors on its implementation? ethical corporate management policy and relevant matters, and program to prevent unethical conduct and monitor its implementation?	ˇ ˇ ˇ	(2) The Company has established Ethical Corporate (1) The Company includes ethics-related clauses in Management Team, which is supervised by the Board of business contracts of each business partner. Directors passed on Nov 3, 2016. The Company's Ethical Corporate Management Team supervises each (2) The Company has established Ethical Corporate department's implementation of integrity management Management Team, which is supervised by the Board of based on the Ethical Corporate Management Directors passed on Nov 3, 2016. The Company's Best-Practice Principles of the Company and related Ethical Corporate Management Team supervises each regulations. On 9 Nov, 2020, a law firms was invited to department's implementation of integrity management conduct internal training courses on integrity based on the Ethical Corporate Management management, anti-corruption, and insider trading. On Best-Practice Principles of the Company and related Nov 5, 2020, ethical corporate promotion was reported regulations. On 9 Nov, 2020, a law firms was invited to to the 9th Board of Directors meeting of session sixteen. conduct internal training courses on integrity In 2021, we expect to continue to conduct education and management, anti-corruption, and insider trading. On training courses for integrity management. Nov 5, 2020, ethical corporate promotion was reported to the 9th Board of Directors meeting of session sixteen. In 2021, we expect to continue to conduct education and training courses for integrity management.	None None

and practice corporate social responsibility for mutual benefit. In addition, to encourage students to support disadvantaged groups, invoice boxes are placed in NTU Shui Yuan Dormitory, NTU Chang Hsing Dormitory and NTU Hsiu Chi House and donated regularly to the Eden Social Welfare Foundation. A total of 5,451 invoices were donated in 2020. The Company will continue to transform the CSR activities that have been invested in

	Implementation Status	Deviations from "the Ethical Corporate Management Best Practice Principles
Yes No	Abstract Illustration	for TWSE/TPEx Listed Companies" and Reasons
ˇ	(3) The Company has established policies to prevent conflicts of interest, in order to identify, monitor, and manage the risks of unethical conducts caused by conflicts of interest. In addition, Audit Division regularly examines and evaluates operating activities, which provides appropriate communication channels.	None
ˇ	(4) The Company has established effective systems for accounting, internal control, and risk management, and Audit Division regularly examines the situation and implementation.
ˇ	(5) The Company reviews the audit reports and the results completed by each department annually, and reports to Board of Directors and supervisors.
	According to Article 21 of the company's Ethical Corporate Management Operation Procedures and Guidelines: (1) There is confidential integrity hotline set up on the Company's website. The specially-assigned person of Audit Division is responsible for the integrity hotline and e-mail, dealing with the accusations or suggestions provided by the employees, suppliers and customers, and protecting the whistleblowers based on confidential retorting systems.
	The integrity hotline and e-mail of the company are listed below. Tel: (06)282-1155 #5100 E-mail: [email protected]	None
	(2) In accordance with the above-mentioned reporting and reward system specifications established by the Company, accept employees, suppliers or customers to report illegal situations, feedback opinions or appeals, etc., and the identity of the reporter and the content of the report shall be kept confidential
	(3) In accordance with the above-mentioned reporting and reward system established by the Company, we adopt corresponding confidentiality mechanisms and whistleblower protection measures to protect whistleblowers from being improperly handled due to whistleblowing.
	The information regarding finance, operation, and corporate governance of the Company is disclosed to the shareholders and stakeholders on our website.	None

Evaluation Item Yes No Abstract Illustration (3) Does the Company establish policies to prevent (3) The Company has established policies to prevent ˇ conflicts of interest and provide appropriate conflicts of interest, in order to identify, monitor, and communication channels, and implement it? manage the risks of unethical conducts caused by conflicts of interest. In addition, Audit Division regularly examines and evaluates operating activities, (4) To implement relevant policies on ethical which provides appropriate communication channels. conducts, has the Company established effective ˇ accounting and internal control systems, audit (4) The Company has established effective systems for plans based on the assessment of unethical accounting, internal control, and risk management, and	for TWSE/TPEx Listed Companies" and Reasons None

conduct, and have its ethical conduct programs Audit Division regularly examines the situation and audited by internal auditors or CPA implementation. periodically? (5) The Company reviews the audit reports and the results ˇ (5) Does the Company regularly hold internal and completed by each department annually, and reports to
external educational trainings on operational Board of Directors and supervisors. integrity?
3. Operation of the integrity channel According to Article 21 of the company's Ethical Corporate (1) Does the Company establish a reward and  Management Operation Procedures and Guidelines: punishment system and an integrity hotline? (1) There is confidential integrity hotline set up on the Can the accused be reached by an appropriate Company's website. The specially-assigned person of person for follow-up? Audit Division is responsible for the integrity hotline and e-mail, dealing with the accusations or suggestions provided by the employees, suppliers and customers, and protecting the whistleblowers based on confidential retorting systems.
The integrity hotline and e-mail of the company are listed below. Tel: (06)282-1155 #5100 E-mail: [email protected] (2) Does the Company establish standard  operating procedures for confidential (2) In accordance with the above-mentioned reporting and reporting on investigating accusation cases? reward system specifications established by the Company, accept employees, suppliers or customers to report illegal situations, feedback opinions or appeals, etc., and the identity of the reporter and the content of the report shall be kept confidential	None
(3) Does the Company provide proper whistleblower protection?  (3) In accordance with the above-mentioned reporting and reward system established by the Company, we adopt corresponding confidentiality mechanisms and whistleblower protection measures to protect whistleblowers from being improperly handled due to whistleblowing.
4. Strengthening information disclosure  (1) Does the Company disclose its ethical The information regarding finance, operation, and corporate corporate management policies and the results governance of the Company is disclosed to the shareholders of its implementation on the Company's and stakeholders on our website. website and MOPS?	None
5. If the Company has established the ethical corporate management policies based on the Ethical Corporate Management Best-Practice Principles for TWSE/TPEx-Listed Companies, please describe any discrepancy between the policies and their implementation: The Board of Directors has approved the Ethical Corporate Management Best-Practice Principles of the Company on May 4, 2015. The Board of Directors has amended the Ethical Corporate Management Best-Practice Principles of the Company on March 20, 2019. The Company will act in accordance with the Principles and review the Principles regularly. There has been no deviation.
6. Other important information to facilitate a better understanding of the Company's ethical corporate management policies (e.g., Review and amend its policies). The Board of Directors has amended the Ethical Corporate Management Best-Practice Principles of the Company on March 20, 2019 The Company always emphasizes honesty as the basic concept of business operation. In the implementation of high ethical standards and perfect accounting and internal control systems, Audit Division conducts timely inspections and follow-ups. At the same time, directors, managers and all employees are committed to maintaining the integrity of the Company's operations

3.3.7 Corporate Governance Guidelines and Regulations

Please refer to the company's website (http://www.prince.com.tw), or MOPS (http://mops.twse.com.tw/mops/web/index)

3.3.8 Other Important Information Regarding Corporate Governance

The Board of Directors passed the resolution to establish functional committee, such as Remuneration Committee, Audit Committee to enhance the corporate governance of the Board of Directors.

The Board of Directors resolved to amend the Code of Practice of Corporate Governance, the Rules of the Scope of Duties of Independent Directors, etc. on Nov. 5, 2020.

The Chairman Chih-Hsien Lo were appointed to hold the current position as the Chief Strategy Officer during the interim Board meeting on Aug. 18, 2017. The Board of Directors appointed Chun Cheng Kuo, Manager of Administration Department, as the Corporate Governance Director on Mar. 20, 2019. The Board of Directors approved the appointment of advisory members from the Operation Optimization Counseling Team under the Management Committee on Aug. 8, 2019 to assist the directors' understanding of the Company's operations and to strengthen corporate governance.

3.3.9 Implementation of Internal Control Systems

Prince Housing and Development Corporation Declaration of Internal Control

March 18, 2021

The internal control system in 2020 is with the following declarations made in accordance with selfinspection conducted:

established, enforced, and maintained. The company internal control system established to provide a reasonable assurance for the realization of operating effect and efficiency(including profits, performance, and assets safety), the reliability, timeliness and transparency of financial report, and

an effective internal control system is to ensure the realization of the aforementioned three objectives. Due to the change of environment and condition, the effectiveness of an international control system could change at any time. Our internal control system is designed with self-monitoring mechanism;

control system by public offering companies" (referred to as "the Governing Rules" hereinafter) to determine the effectiveness of internal control design and enforcement. The internal control divided into five elements: 1. Environment control, 2. Risk analysis, 3. Control process, 4.Information and communication, and 5. Supervision. Each element is subdivided into several items. Please refer to

1. We understand it is the responsibility of the company's management to have internal control system the obedience of relevant regulations.
1. Internal control system is designed with limitations; therefore, no matter how perfect it is designed, therefore, we are able to have corrective actions initiated upon identifying any nonconformity.
1. We have based on the internal control criteria of "Governing Rules for handling international; the "Governing Rules" for the details of the said items.
control design and enforcement.
1. We believe that our audits provide a reasonable basis for our opinion. On December 31, 2019, those realization of the aforementioned objectives.
1. The Declaration of Internal Control is the content of our annual report and prospectus for the 20, No.32, No.171, and No.174.
1. This statement has been approved by the meeting of Board of Directors on March 19, 2020, and those 15 directors in presence all agree at the contents of this statement
We have based on the aforementioned internal control criteria to inspect the effectiveness of internal

standards require that we plan and perform the audit to obtain reasonable assurance about whether the internal control system (including the supervision and management over the subsidiaries) including the fulfillment of business performance and efficiency, the reliability, timeliness and transparency of financial statements and the obedience of governing regulations, and the design and enforcement of internal control system is free of material misstatement and is able to ensure the

information of the public. For any forgery and concealment of the aforementioned information to the public, we will be held responsible by law in accordance with Securities Transaction Regulation No.

PPrince Housing and Development Corporation Chairman: Chih-Hsien Lo President: Ming-Fan Xie

3.3.10 The Punishment Delivered to the Company and the Staff of the Company, or the Punishment Delivered by the Company to the Staff for a Violation of Internal Control System, the Major Nonconformity, and the Corrective Action in the Most Recent Years and Up to the Date of the Annual Report Printed: None.
3.3.11 Major Resolutions of Shareholders Meeting and Board of Directors Meetings in the Recent Years and Up to the Date of the Annual Report Printed:

A. Major Resolutions and Executions of the 2020 General Shareholders Meeting:

1. Accepted the business reports and financial statements for the year of 2019. In accordance with the Company Law, all related financial information has been submitted to the government agency to review.
1. Approved the distribution of retained earnings for the year of 2019. The distribution of cash dividend was NT\$0.5 per share. The cash dividend was distributed on Aug. 28, 2020.
1. Amendments to the Company's Procedures for Loaning Funds to Others was proposed. The proposal was resolved by the Board of Directors and immediately effective.
1. Amendments to the Company's Procedures for Endorsement and Guarantee Implementation was proposed. The proposal was resolved by the Board of Directors and immediately effective.

B. Major Resolutions during the Board of Directors Meetings in 2020 and to the Publish Date of the Annual Report:

5th Board of Directors Meeting of session sixteen (Mar. 19, 2020)

1. Reported the large amount of donations in 2019.
1. Passed the resolution of providing short-term financing of NT\$190 million to subsidiary Cheng-Shi Investment Holdings Co., Ltd.
1. Approved that Ta Chen Construction & Engineering Corp. provides short-term financing NT\$100 million to Cheng-Shi Investment Holding Corp.
1. Approved that Cheng-Shi Construction Co., Ltd. provides short-term financing NT\$90 million to Cheng-Shi Investment Holding Corp.
1. Accepted the business reports and consolidated and non-consolidated financial reports for the year of 2019.
1. Passed the resolution of distribution of retained earnings for the year of 2019. The distribution of cash dividend was NT\$0.5 per share. The total amount of cash dividend was NT\$0.811 billion.
1. Approved the profit distribution of employees' bonus and directors' remuneration in 2019.
1. Approved the CPAs' independence evaluation and the designation of the CPAs in 2020.
1. Approved 2019 the declaration of internal control and amendments of Operating Procedures of Internal Control.
10.Approved the Manager Performance Assessment Plan in 2019 and 2020.
11.Approved to convene 2020 general Shareholders Meeting.

6th Board of Directors Meeting of session sixteen (May 7, 2020)

Accepted the consolidated financial reports for the first quarter of the year of 2020. 2. Passed the resolution of the Company's 2020 appointed CPAs remuneration. 3. Passed the resolution of the Company's amendments of Operating Procedures of Internal
Control.
1. Passed the Managers' Remuneration Management Rules for the Company.
1. Passed the 2019 remuneration distribution plan for directors.
1. Passed the 2019 Managers' Appraisal Review plan.
The resolution was passed in response to the COVID-19 prevention, the Company planned to change the location of convening 2020 Shareholders Meeting of the Company.

7th Board of Directors Meeting of session sixteen (Jun. 18, 2020)

Passed the Company's cash dividend ex-dividend date was on August 6, 2020, and the

cash dividend payment date on August 28, 2020.

8th Board of Directors Meeting of session sixteen (Aug. 11, 2020)

Accepted the consolidated financial reports for the second quarter of the year of 2020. 2. Passed the resolution of the Company's amendments of Operating Procedures of Internal
Control.

9th Board of Directors Meeting of session sixteen (Nov. 5, 2020)

Accepted the consolidated financial reports for the third quarter of the year of 2019.
Approved Times Square International Holding Company provides short-term financing of
1. Approved to the liability insurance to Directors and important employees.
1. Accepted the CSR and Integrity Management Promotion Project Report.
1. Accepted 2021 budgeting plan.
NT\$70 million to Times Square International Hotel Corp.
1. Approved the audit plan for year 2021.
of the Company.
1. Approved the bonus distribution of managers in 2020.
10.Approved the implementation plan of Remuneration Committee in 2021.
Approved to revise of the Corporate Governance Best Practice Principles. 8. Approved to the establishment of the rules for the scope of duties of independent directors

10th Board of Directors Meeting of session sixteen (Mar. 18, 2021)

Passed the resolution to provide short-term financing of NT\$250 million to The Splendor
1. Reported the implementation of self-prepared financial report plan.
Hospitality International Co., Ltd.
1. Accepted the business reports and financial reports for the year of 2020.
1. Approved the declaration of internal control for year 2020.
Passed the distribution of retained earnings for the year of 2020. The distribution of cash dividend was NT\$0.4 per share. The total amount of cash dividend was NT\$0.649 billion. 5. Approved the type of employees' bonus and directors' remuneration in 2020. 6. Approved the CPAs' independence evaluation and the designation of the CPAs in 2021.

Corporate Governance Report

III

		Non-Audit Fees
System Design	Industrial and Commercial Registration	Human Resource	Other (Note 2) Total		Term	Note
-	-	-	3,101	3,101 2020		- Transfer Pricing Reports: NT\$383 thousand - CSR Reports: NT\$1,244 thousand - Financial Reports Translation: NT\$940 thousand - Project Consulting: NT\$534 thousand

1. Approved the amendment of Operating Procedures of Internal Control.
1. Approved the amendment of Corporate Social Responsibility Best-Practice Principles.
10.Approved the amendment of Rules of Procedure of Shareholders' Meeting.
11.Approved the 2020 self-evaluation of directors' performance.
12.Approved the 2020 remuneration plan for directors.
13.Approved the Manager Appraisal Assessment Plan in 2020 and 2021.
14.Approved to convene 2021 general Shareholders Meeting.

11th Board of Directors Meeting of session sixteen (May 6, 2021)

Information of Audit Fees

1. Accepted the consolidated financial reports for the first quarter of year 2021.
1. Approved the amendment of Operating Procedures of Internal Control.
3.3.12 The Directors or Supervisors who have Objected to the Resolutions Reached by the Board of Directors and the Objections are Recorded or Declared in Writing in the Most Recent Year and up to Date of the Annual Report Printed: None.
3.3.13 Resignation or Dismissal of the Company's Key Individuals, Including the Chairman, CEO, and Heads of Accounting, Finance, Internal Audit and R&D in the Most Recent Year and up to Date of the Annual Report Printed: None.
3.4 Information Regarding the Company's Audit Fees
3.4.1 The Non-audit Fees Paid to CPAs, CPA Firm, and the CPA Firm's Related Party Accounted for Over A Quarter of the Total Audit Fees, the Audit and Non-audit Amount and the Non-audit Service Must Be Disclosed:

CPA firm	Name		Auditing period	Note
PwC	Chung-Yu Tien	Chien-Chih Wu	2020	-

	Range of Audit fees and Non-Audit Fees Unit: NT\$ thousand
	Item Range of Audit Fees	Audit Fees	Non-Audit Fees	Total
1	Under NT\$2,000	-	-	-
2	NT\$2,000~ NT\$4,000	-	3,101	3,101
3	NT\$4,000~ NT\$6,000	5,130	-	5,130
4	NT\$6,000~ NT\$8,000	-	-	-
5	NT\$8,000~ NT\$10,000	-	-	-
6	Over NT\$10,000	-	-	-

Unit: NT\$ thousand

the reasons for the replacement in the Note column, and disclose the audit and non-audit public fees paid in

public fees reaches 25% of the total amount of the non-audit public fees, the service content should be listed in

Firms is Less Than the Audit Fees Paid in the Previous Year, the Amount of Audit Fees Before and After the Change of CPA Firm and the Reasons for the

Note 1: If the Company changed CPAs or CPA Firms this current year, please list the review period separately, explain order.
Note 2: The non-audit public fees shall be listed separately according to the service items. If the "other" of the non-audit the Note column.
3.4.2 If the Audit Fees Paid in the Current Year Retaining Service from Another CPA Change Must Be Disclosed: None.
3.4.3 If the Audit Fees Paid in the Current Year Retaining Service From Another Must Be Disclosed:
3.5 CPA Replacement Information: None.
3.6 If the Chairman, President, and Finance or Accounting Manager of the or the Related Party must be Disclosed: None.

CPA Firms is Over 10% Less Than the Audit Fees Paid in the Previous Year, the Amount and the Ratio of Audit Fees Reduced and the Reasons for the Change

The Company's audit fees for the current year is consistent with the previous year.

Company who had Worked for the Independent Auditor or the Related Party in the Most Recent Year, the Name, Title, and Term with the Independent Auditor

3.7 Equity Transferred and Equity Pledged (or Changes thereto) by Directors, Supervisors, Department Heads and Shareholders of 10% Shareholding or More during the Preceding Fiscal Year or in the Current Fiscal Year up to the Date of Printing of the Annual Report:

			2020		As of Apr.19, 2021
Title	Name	Holding Increase (Decrease)	Pledged Holding Increase (Decrease)	Holding Increase (Decrease)	Pledged Holding Increase (Decrease)
Chairman	Uni-President Enterprises Corp. (Note 1)
Chairman	Uni-President Enterprises Corp., Rep: Chih-Hsien Lo
Director	Kao Chyuan Inv. Co., Ltd.
Director	Kao Chyuan Inv. Co., Ltd., Rep: Hsiu-Ling Kao	8,517,000		4,990,000
Director	Uni-President Enterprises Corp., Rep: Tsung-Ping Wu
Director	Chao-Mei Wu Tseng
Director	Taipo Investment Co. Ltd.			60,000
Director	Taipo Investment Co. Ltd., Rep: Chien-Te Wu
Director	Taipo Investment Co. Ltd., Rep: Ping-Chih Wu
Director	Young Yuan Inv. Co., Ltd.
Director	Young Yuan Inv. Co., Ltd., Rep: Chung-Ho Wu	932,000
Director	Hung Yao Inv. Co., Ltd.
Director	Hung Yao Inv. Co., Ltd., Rep: Shih-Hung Chuang
Director	Yu Peng Investment Corp.
Director	Yu Peng Investment Corp. Rep: Po-Ming Hou
Director	Sheng-Yuan Inv. Co., Ltd.
Director	Sheng-Yuan Inv. Co., Ltd., Rep: Po-Yi Hou
Director	Hsin Yung Hsing Inv. Co.,Ltd.
Director	Hsin Yung Hsing Inv. Co.,Ltd., Rep: Chih-Yuan Hou
Director	Ruixing International Investment Co., Ltd.
Director	Ruixing International Investment Co., Ltd, Rep: Ying-Chih Chuan
Independent Director	Peng-Ling Nie

Director	Ruixing International Investment Co., Ltd, Rep: Ying-Chih Chuan		2020		As of Apr.19, 2021
Title Independent Director	Name Peng-Ling Nie	Holding Increase (Decrease)	Pledged Holding Increase (Decrease)	Holding Increase (Decrease)	Pledged Holding Increase (Decrease)
Independent Chairman Director	Uni-President Enterprises Corp. (Note 1) Ho-Yi Hung
Independent Chairman Director	Uni-President Enterprises Corp., Jung-Hsien Hou Rep: Chih-Hsien Lo
Director President	Kao Chyuan Inv. Co., Ltd. Ming-Fan Xie
Director	Kao Chyuan Inv. Co., Ltd., Vice President Tsun-Jen Cheng Rep: Hsiu-Ling Kao	8,517,000		4,990,000
Director	Uni-President Enterprises Corp., Vice President Wen-Zhen Chiu Rep: Tsung-Ping Wu
Vice President Mu-Tsun Hou Director	Chao-Mei Wu Tseng
Director	Taipo Investment Co. Ltd. Vice President Xiao-Yu Chiang			60,000
Assistant Vice Director President	Taipo Investment Co. Ltd., Jian-Ying Wu Rep: Chien-Te Wu
Assistant Vice Director President	Taipo Investment Co. Ltd., Chun-Liang Lin Rep: Ping-Chih Wu
Assistant Vice Director President	Young Yuan Inv. Co., Ltd. Chun-Cheng Kuo Young Yuan Inv. Co., Ltd.,
Director Manager	Rep: Chung-Ho Wu Da-Chang Tai	932,000

Director Hung Yao Inv. Co., Ltd. Director Hung Yao Inv. Co., Ltd., Rep: Shih-Hung Chuang Note 1: Shareholders holding more than 10% of the Company's total shares shall be indicated as major shareholders and listed separately. Uni-President Enterprises Corp. was a major shareholder holding 10.03% of the Company's shares at the end of 2020.

Director Yu Peng Investment Corp. Note 2: The counterparty of the equity transfer or equity pledge is a related person: None.

Director Sheng-Yuan Inv. Co., Ltd., Rep: Po-Yi Hou Shares Trading with Related Parties

Director Name Director	Rep: Chih-Yuan Hou Reason of Transfer	Hsin Yung Hsing Inv. Co.,Ltd., Date of Transaction Ruixing International Investment Co., Ltd.	Transferee	Relationship between Transferee and Directors, Supervisors, Managers and Major Shareholders	Shares	Transaction Price (NT\$)
Ruixing International Investment Co., Ltd, Director Rep: Ying-Chih Chuan None Independent Peng-Ling Nie Director

Independent Director Jung-Hsien Hou Shares Pledge with Related Parties

President Name	Ming-Fan Xie Vice President Tsun-Jen Cheng Reason of Vice President Wen-Zhen Chiu Pledge Vice President Mu-Tsun Hou	Date of Transaction Transferee		Relationship between Transferee and Directors, Supervisors, Managers and Major Shareholders	Shares	Shares holding %	Shares Pledged %	Pledged Amount
	Vice President Xiao-Yu Chiang None Assistant Vice Jian-Ying Wu President

Unit: NT\$ thousand

III

Corporate Governance Report

3.8 Information on the Relationship among the Top Ten Shareholders, Their Spouses and Their Relatives:

As of Apr. 19, 2021

Name	Shareholding		Spouse & Minor		Shareholding by Nominee Arrangement		The relationship between any of the Company's Top Ten Share holders
	Shares	%	Shares	%	Shares %		Name	Relation
							Kao Chyuan Inv. Co., Ltd.	Chairman
Uni-President Enterprises Co.	162,743,264 10.03%		-	-	-	-	Taipo Inv. Co., Ltd.	Director
							President International Development Corp.,	Subsidiary
Uni-President Enterprises Co. Rep: Chih-Hsien Lo	-		- 425,013 0.03%		-		- Kao Chyuan Inv. Co., Ltd. Rep: Hsiu-Ling Kao	Spouse
Taipo Inv. Co., Ltd.	96,310,587 5.93%		-	-	-		- Uni-President Enterprises Co.	Director
Taipo Inv. Co., Ltd. Rep: Wei-De Wu			98,654 0.01% 239,010 0.01%-		-		- Chao-Mei Wu Tseng	Mother and son
	68,464,308 4.22%		-	-	-		- Uni-President Enterprises Co.	Director
Kao Chyuan Inv. Co., Ltd.							President International Development Corp.,	Director
Kao Chyuan Inv. Co., Ltd. Rep: Hsiu-Ling Kao		425,013 0.03%	-	-	-		- Uni-President Enterprises Co. Rep: Chih-Hsien Lo	Spouse
Nan Fan Housing Development Co., Ltd.,	59,185,474 3.65%		-	-	-		- None	None
							Universal Investment Corp. Rep: Po-Yi Hou	Brothers
Nan Fan Housing Development Co., Ltd.,	22,923,624 1.41%		-	-	-		- Universal Cement Corp. Rep: Po-Yi Hou	Brothers
Rep: Po-Ming Hou							Hsin Yung Hsing Inv. Co.,Ltd. Rep: Po-Yu Hou	Brothers
Ruixing International Investment Co., Ltd.	47,584,139 2.93%		-	-	-		- None	None
Ruixing International Investment Co., Ltd. Rep: Ying-Nan Chuang			987,869 0.06% 2,475,588 0.15%		-		- None	None
Chao-Mei Wu Tseng	42,956,030 2.65%		-	-	-		- Taipo Inv. Co., Ltd. Rep: Wei-De Wu	Mother and son
President International	41,323,000 2.55%		-	-	-		- Uni-President Enterprises Co.	Chairman
Development Corp., President International							Kao Chyuan Inv. Co., Ltd.	Director
Development Corp., Rep: Chih-Hsien Lo	-		- 425,013 0.03%		-		- Kao Chyuan Inv. Co., Ltd. Rep: Hsiu-Ling Kao	Spouse
Universal Cement Corp.	40,621,948	2.5%	-	-	-		- None	None
	13,701,215 0.84%		-	-	-		- Hsin Yung Hsing Inv. Co.,Ltd. Rep: Po-Yu Hou	Brothers
Universal Cement Corp. Rep: Po-Yi Hou							Universal Investment Corp. Rep: Po-Yi Hou	Same rep.
							Nan Fan Housing Development Co., Ltd.,	Brothers
							Rep: Po-Ming Hou
Universal Investment Corp.	34,928,900 2.15%		-	-	-		- None	None
	13,701,215 0.84%		-	-	-	-	Hsin Yung Hsing Inv. Co.,Ltd. Rep: Po-Yu Hou	Brothers
Universal Investment Corp. Rep: Po-Yi Hou			-	-	-	-	Universal Cement Corp. Rep: Po-Yi Hou	Same rep.
							Nan Fan Housing Development Co., Ltd., Rep: Po-Ming Hou	Brothers
Hsin Yung Hsing Inv. Co.,Ltd	26,471,128 1.63%		-	-	-		- None	None
							Universal Investment Corp. Rep: Po-Yi Hou	Brothers
Hsin Yung Hsing Inv. Co.,Ltd Rep: Po-Yu Hou	-	-	-	-	-	-	Universal Cement Corp. Rep: Po-Yi Hou	Brothers
							Nan Fan Housing Development Co., Ltd., Rep: Po-Ming Hou	Brothers

Note 1: All the top ten shareholders shall be listed. If they are legal person shareholders, the names of the legal person shareholders and the names of the representatives shall be listed separately.

Note 2: The calculation of the shareholding ratio refers to the calculation of the shareholding ratio in their own name, spouse, minor children or using the name of others separately.

Note 3: The shareholders listed in the disclosure, including legal persons and natural persons, shall disclose their relationship in accordance with the standards.

Investees	Investment of the Company		Investments from Directors, Supervisors, Managers and Directly or Indirectly Controlled Business		Total Investment
	Shares	%	Shares	%	Shares	%
Cheng-Shi Investment Holdings Co., Ltd.	97,504,758,	100.00%	-	-	97,5 04,758 100.00%
Ta Chen Construction & Engineering Corp.	-	-	90,497,528	100.00%	90,497,528	100.00%
Prince Utility Co., Ltd.	-	-	3,070,000	100.00%	3,070,000	100.00%
Cheng-Shi Construction Co., Ltd.	-	-	20,100,000	100.00%	20,100,000	100.00%
Prince Property Management Consulting Co.	17,146,580	100.00%	-	-	17,146,580	100.00%
Prince Apartment Management & Maintenance Co., Ltd.	-	-	3,000,000	100.00%	3,000,000	100.00%
Prince Security & Guard Co., Ltd.	-	-	13,172,636	100.00%	13,172,636	100.00%
Geng-Ding Co., Ltd.	18,000,000	30.00%	-	-	18,000,000	30.00%
Prince Housing Investment Co., Ltd.	428	100.00%	-	-	428	100.00%
Uni-President Development Corp.	108,000,000	30.00%	-	-	108,000,000	30.00%
The Splendor Hospitality International Co., Ltd.	97,500,000	50.00%	-	-	97,500,000	50.00%
Times Square International Holding Co.	79,800,000	100.00%	-	-	79,800,000	100.00%
Times Square International Hotel Corp.	-	-	53,000,000	100.00%	53,000,000	100.00%
Times Square International Stays Corp.	-	-	42,000,000	100.00%	42,000,000	100.00%
Jin-Yi-Xing Plywood Co., Ltd.	3,938,168	99.65%	-	-	3,938,168	99.65%
Ming-Da Enterprise Co., Ltd.	200,000	20.00%	-	-	200,000	20.00%
Prince Industrial Corp.	1,000,000	100.00%	-	-	1,000,000	100.00%
Prince Real Estate Co., Ltd.	12,292,315	99.68%	-	-	12,292,315	99.68%
PPG Investment Inc.	-	-	273	27.30%	273	27.30%
Queen Holdings Ltd.	-	-	2,730	27.30%	2,730	27.30%
Amida Trustlink Assets Management Co., Ltd.	-	-	21,525,020	45.21%	21,525,020	45.21%

3.9 The Number of Shares Held by the Company, Its Directors, Managers, and Businesses Directly or Indirectly Controlled by the Company in the Same Reinvested Business and the Consolidated Shareholding Ratio:

Unit: Shares; %. As of Dec. 31, 2020

Consolidated Shareholding Ratio

Capital Overview

Annual Report 2020

IV. Capital Overview

4.1 Capital and Shares 4.1.1 Source of Capital

A. Issued Shares

As of May 15, 2021

			Authorized Capital		Paid-In Capital	Note
Month/ Year	Par Value (NT\$)	No. of Shares	Amount (NT\$)	No. of Shares	Amount (NT\$)	Sources of Capital	Capital Increased by Assets Other than Cash	Other
Mar 2003	\$10	905,839,645	9,058,396,450	905,839,645	9,058,396,450	Cancellation of Treasure shares	None	-
Oct 2005		\$10 1,200,000,000	12,000,000,000	901,333,032		9,013,330,320 Capitalization of retained earnings and cancellation of Treasure shares	None	-
May 2006		\$10 1,200,000,000	12,000,000,000	865,126,032	8,651,260,320	Cancellation of Treasure shares	None	-
Oct 2007		\$10 1,200,000,000	12,000,000,000	930,010,484		9,300,104,840 Capitalization of retained earnings	None	-
Oct 2008		\$10 1,200,000,000	12,000,000,000	957,910,798		9,579,107,980 Capitalization of retained earnings	None	-
Oct 2010		\$10 1,200,000,000	12,000,000,000	996,227,230	9,962,272,300	Surplus and capital reserve capitalization of Treasure shares	None	-
Oct 2011		\$10 1,200,000,000				12,000,000,000 1,085,887,681 10,858,876,810 Capitalization of retained earnings	None	-
Oct 2012		\$10 1,200,000,000	12,000,000,000 1,194,476,449			11,944,764,490 Capitalization of retained earnings	None	-
Sep 2013		\$10 1,600,000,000				16,000,000,000 1,313,924,094 13,139,240,940 Capitalization of retained earnings	None	-
		Apr 2014 \$14.45 2,000,000,000			20,000,000,000 1,613,924,094 16,139,240,940	Capital increased by cash	None	-
Sep 2014		\$10 2,000,000,000				20,000,000,000 1,662,341,817 16,623,418,170 Capitalization of retained earnings	None	-
Nov 2015		\$10 2,000,000,000			20,000,000,000 1,623,326,147 16,233,261,470	Cancellation of Treasure shares	None	-

B. Type of Stock

As of Apr. 19, 2021

C. Aggregated declaration information:

None.

4.1.2 Status of Shareholders

As of Apr. 19, 2021

Status Amount	Government Agencies	Financial Institutions	Other Juridical Person	Domestic Natural Persons	Foreign Institution and Natural Person	Total
Number of Shareholders	-	-	218	62,277	194	62,689
No. of Shares	-	-	744,031,170	732,473,591	146,821,386	1,623,326,147
Percentage (%)	-	-	45.84%	45.12%	9.04%	100.00%

Share Type	Issued Shares	Un-issued Shares	Total Shares	Note
Common Stock	1,623,326,147	376,673,853	2,000,000,000

Capital Overview

4.1.3 Status of Share Distribution (Common Shares)

The par value of NT\$10/share.
As of Apr. 19, 2021

4.1.4 List of Major Shareholders

As of Apr. 19, 2021

Level of Shareholding (Unit: shares)	Number of Shareholders	No. of Shareholding	Percentage
1-999	33,822	5,364,334	0.33
1,000-5,000	17,943	39,342,605	2.43
5,001-10,000	4,498	33,816,451	2.08
10,001-15,000	1,912	23,286,580	1.43
15,001-20,000	1,028	18,532,848	1.14
20,001-30,000	1,097	27,288,789	1.68
30,001-50,000	854	34,072,613	2.10
50,001-100,000	727	52,305,193	3.22
100,001-200,000	362	50,832,357	3.13
200,001-400,000	170	47,064,544	2.90
400,001-600,000	79	38,540,545	2.38
600,001-800,000	46	31,999,637	1.97
800,001-1,000,000	23	20,778,948	1.28
1,000,001 or more	128	1,200,100,703	73.93
Total	62,689	1,623,326,147	100.00

Shareholding Shareholder's Name	No. of Shareholding	Percentage of Shareholding (%)
Uni-President Enterprise Corp.	162,743,264	10.03%
Taipo Inv. Co., Ltd.	96,310,587	5.93%
Kao Chyuan Inv. Co., Ltd.	68,464,308	4.22%
Tainan Spinning Co, Ltd.	59,185,474	3.65%
Ruixing International Inv. Co., Ltd.	47,584,139	2.93%
Chao-Mei Wu Tseng	42,956,030	2.65%
President International Development Corp.	41,323,000	2.55%
Universal Cement Corporation	40,621,948	2.50%
Universal Investment Corporation	34,928,900	2.15%
Hsin Yung Hsing Inv. Co.,Ltd.	26,471,128	1.63%

4.1.5 Market Price, Net Worth, Earnings and Dividends per Share

* If there is an earnings surplus or capital surplus converted into capitalization, the market price and cash dividend information retroactively adjusted according to the number of shares issued should be disclosed.

Note 1: List the highest and lowest market prices of ordinary shares in each year, and calculate the average market price of each year based on the annual transaction value and volume.

Note 2: According to the number of shares issued at the end of the year and based on the resolution of the next year's shareholders' meeting.

Note 3: If any retrospective adjustments are required due to stock dividend allocation, the earnings before and after adjustment shall be shown.

Note 4: If the equity securities issuance conditions stipulate that the dividends not paid in the current year can be accumulated until the surplus is paid in the year, they should separately disclose the accumulated outstanding dividends as of the current year.

Note 5: Price/Earnings Ratio = Average Market Price/Earnings per Share

Note 6: Price/Dividend Ratio = Average Market Price/Cash Dividends per Share

Note 7: Cash Dividend Yield Rate = Cash Dividends per Share/Average Market Price

Note 8: Capital Surplus for the year of 2020 is undistributed yet.

Note 9: Information such as net value per share and earnings per share on March 31, 2021 was disclosed in the first quarter consolidated financial report prepared in accordance with International Financial Reporting Standards,

which has been reviewed by CPAs.

Item	Year	2019	2020	Jan. 01, 2021- Mar. 31, 2021 (Note 9)
Market Price per	Highest	12.15	12.50	11.75
Share (Note 1)	Lowest	10.00	8.10	10.65
	Average	11.29	10.61	11.21
Net Worth per Share (Note 2)	Before Distribution	14.70	14.91	15.62
	After Distribution	14.20	(Note 8)	N/A
Earnings per Share (Note 3)	Weighted Average Shares	1,622,670,723	1,622,670,723	1,622,670,723
	Diluted Earnings per Share	0.59	0.49
	Adjusted Earnings per Share	0.59	(Note 8)	0.51
	Cash Dividends	0.5	(Note 8)	N/A
Dividends per	Stock Dividends from Capital Surplus	0	(Note 8)	N/A
Share	Stock Dividends from Retained Earnings	0	(Note 8)	N/A
	Accumulated Undistributed Dividends (Note 4)	0	0	N/A
	Price/Earnings Ratio (Note 5)	19.13	21.66	N/A
Return of Investment	Price/Dividend Ratio (Note 6)	22.58	(Note 8)	N/A
	Cash Dividend Yield Rate (Note 7)	00.04	(Note 8)	N/A

Capital Overview

4.1.6 Dividend Policy and Implementation Status

A. Dividend Policy

The Company's industrial environment has reached a mature stage, while there is a strong competition in the industry. The Board of Directors should consider the Company's future capital expenditure budget and capital needs for the preparation of the surplus distribution proposal. The Board of Directors should also measure the necessity of using surplus to meet capital needs and determine the amount of surplus retention or distribution. The distribution can be in the form of cash or stock.

		Unit: NT\$ per share
Item Year	Cash Dividends	Stock Dividends
2007	0.3	0.3
2008	-	-
2009	0.2	0.4
2010	0.9	0.9
2011	0.5	1.0
2012	0.5	1.0
2013	0.3	0.3
2014	0.8	-
2015	1.1	-
2016	1.0	-
2017	0.65	-
2018	0.65	-
2019	0.5
2020	To be distributed by the Shareholders meeting	To be distributed by the Shareholders meeting

In accordance with the Company Law, 10% of the current year's earnings, after payment of all taxes and after offsetting accumulated deficit, shall be set aside as legal reserve until the balance of legal reserve is equal to that of issued share capital. Afterwards, an amount shall be appropriated or reversed as special reserve in accordance with applicable legal or regulatory requirements, along with prior years' accumulated unappropriated retained earnings, and then distribution should be in the following order: stock dividend and bonus to shareholders are no less than 20% of the accumulated distributable earnings in current period, and cash dividend is at least 30% of the total stock dividend and bonus; the appropriation of earnings is proposed by the Board of Directors and resolved by the shareholders.

B. Implementation

C. Proposed Distribution of Dividend

1. Available for distribution
a. Undistributed Earnings in the beginning 1,521,976,865
b. Plus: Net Income 793,881,833
c. Less: Provision for legal reserve (2,393,495)
d. Less: Actuarial loss on defined benefit plan (79,148,834)
e. Available for distributed earnings 2,234,316,369
1. Item

Payment of cash dividends (\$0.4 per share) (649,330,459)

Accumulated undistributed earnings 1,584,985,910 Note 1: The priority of the order for the surplus distribution is to distribute the surplus from the year of 2020. committee.

Note 2: The amount of shareholder's dividends less than NT\$ \$1 is transferred to the Company's employee welfare

4.1.7 The Effect on Business Performance, Earnings per Stock, and Return on Investment Proposed by Stock Dividend

Not available as there is no issuance of bonus shares in the year of 2020.

4.1.8 Employee Bonus and Directors' and Supervisors' Remuneration

A. Information Relating to Employee and Directors' and Supervisors' Remuneration in the Articles of Incorporation

The Company charter prescribes the following for the employee bonus and compensation for directors and supervisors:

not less than 2% as a bonus to employees;
not more than 3% to directors and supervisors;

If the Company has accumulated deficit, the current year's net earnings shall offset the accumulated deficit. The above-mentioned bonus for employees might be in the form of cash or shares. The Board of Directors has the discretion on the conditions and procedures of making such distributions. It might also be distributed to eligible employees of the subsidiary companies.

B. The Base of Allocating Employee Bonus, Directors' and Supervisors' Remuneration and Stock Dividends

Employee Bonus – in the form of cash dividends \$94,147,235 Directors' and Supervisors' Remuneration - in the form of cash dividends \$32,029,471
There is no difference between the decided amount and the recognized amount in 2020.

Unit: NT\$

IV

Capital Overview

Recommended Distribution of Employee Bonus and Directors' and Supervisors' Remuneration:
Ratio of Recommended Employee Stock Bonus to Capitalization of Earnings: None.

D. The Difference between Actual Distribution and the Recognized Amount of Employee Bonus, Directors' and Supervisors' Remuneration in the Previous Year (including the Number of Shares Distributed, Amount and Stock Price), the Reasons and Handling Circumstances Shall Be Stated: None.

4.1.9 Treasury Stock Buyback

None

4.2 Issuance of Corporate Bonds

	Unit: NT\$
Employee Bonus – in the form of cash dividends	\$94,147,235
Directors' and Supervisors' Remuneration
- in the form of cash dividends	\$32,029,471

A. On March 26, 2012, Board of Directors passed the resolution to issue NT\$2 billion of domestic secured corporate bonds. This issuance was completed on July 12, 2012. The full amount of bullet repayment has been occurred on July 12, 2017.
B. On March 15, 2013, Board of Directors passed the resolution to issue NT\$2.5 billion of domestic secured corporate bonds. This issuance was completed on November 21, 2013. The full amount of bullet repayment has been occurred on November 21, 2018.
C. On March 22, 2017, Board of Directors passed the resolution to issue NT\$2 billion of domestic secured corporate bonds. This issuance was completed on June 19, 2017.
D. On March 20, 2018, Board of Directors passed the resolution to issue NT\$2.5 billion of domestic secured corporate bonds. This issuance was completed on June 15, 2018.

Issuance of Corporate Bonds

4.4 Global Depository Receipts None

Type of Corporate Bonds	st Domestic Secured 1 Corporate Bonds in 2012	st Domestic Secured 1 Corporate Bonds in 2013	st Domestic Secured 1 Corporate Bonds in 2017	st 1 Domestic Secured Corporate Bonds in 2018
Issuance Date	Jul. 12, 2012	Nov. 21, 2013	Jun. 19, 2017	Jun. 15, 2018
Par Value	NT\$100,000	NT\$100,000	NT\$1,000,000	NT\$1,000,000
Issuance price	At Par	At Par	At Par	At Par
Total Price	NT\$2 billion	NT\$2.5 billion	NT\$2 billion	NT\$2.5 billion
Rate	Fixed rate 1.33%	Fixed rate 1.55%	Fixed rate 1.05%	Fixed rate 0.84%
Period	5 years. Maturity date: Jul. 12, 2017	5 years. Maturity date: Nov. 21, 2018	5 years. Maturity date: Jun. 19, 2122	5 years. Maturity date: Jun. 15, 2123
Guarantee Agency	Bank of Taiwan	Bank of Taiwan & AgriBank	Bank of Taiwan	Bank of Taiwan
Trustee	Mega International Commercial Bank	Taipei Fubon Bank	Taipei Fubon Bank	Taipei Fubon Bank
Underwriter	MasterLink Securities Corporate.	Capital Securities Corporate.	BankTaiwan Securities Co.,Ltd.	MasterLink Securities Corporate.
Lawyer	Ho Yen, Yen	Ho Yen, Yen	Wen Yun, Yang & San Chun, Lin	Wen Yun, Yang & Ho Yen, Yen
Certified Public Accountant	Yi Cheng, Lin & Su Chung,Cheng	Yi Cheng, Lin & Kao Hwa, Wang	Gian Zhi Wu & Kao Hwa, Wang	Gian Zhi Wu & Kao Hwa, Wang
Repayment	Bullet	Bullet	Bullet	Bullet
Outstanding Amount	NT\$2 million	NT\$2.5 million	NT\$2 million	NT\$2.5 million
Redemption or Early Repayment Clause	None	None	None	None
Covenants	None	None	None	None
Credit Rating	None	None	None	None
Other Rights of Bondholders	None	None	None	None
Conversion Rights	None	None	None	None
Amount of Converted or Exchanged Common Shares, ADRs or Other Securities	None	None	None	None
Dilution Effect and Other Adverse Effects on Existing Shareholders	None	None	None	None
Custodian	None	None	None	None

^4.3 Issuance of Preferred Shares None

4.5 Employee Stock Options None

4.6 Status of New Shares Issuance in Connection with Mergers and Acquisitions None

4.7 Information on Implementation of the Company's Funds Utilization Plans

A. Description of the Plan

As of the quarter before the printing date of the annual report, the previous issuance or private placement of securities has not been completed or has been completed in the past three years and the planned benefits have not yet shown:

The Company planned to issue secured corporate bonds no more than NT\$5 billion by one or more attempts in 2018. The purpose of the issuance was to leverage the financial structure, increase working capital and repay the existing corporate bonds. On March 20, 2018, the Board of Directors decided to issue NT\$2.5 billion of domestic secured corporate bonds. The issuance was completed on June 15, 2018.

B. Status of Implementation

Regarding the use of each plan in the preceding paragraph, an item-by-item analysis as of the quarter before the printing date of the annual report, the comparison between its implementation and the original expected benefits:

On March 26, 2012, Board of Directors passed the resolution to issue NT\$2 billion of domestic secured corporate bonds. This issuance was completed on July 12, 2012. The purpose of the funds is to repay short-term loans, reduce debt ratio and strengthen financial structure. The full amount of bullet repayment has been occurred on July 12, 2017.
On March 15, 2013, Board of Directors passed the resolution to issue NT\$2.5 billion of domestic secured corporate bonds. This issuance was completed on November 21, 2013. The purpose of the funds is to repay short-term loans, reduce debt ratio and strengthen financial structure. The full amount of bullet repayment has been occurred on November 21, 2018.
On March 22, 2017, Board of Directors passed the resolution to issue NT\$2 billion of domestic secured corporate bonds. This issuance was completed on June 19, 2017. The purpose is to repay the 1st Domestic Secured Corporate Bonds in 2012.
On March 20, 2018, Board of Directors passed the resolution to issue NT\$2.5 billion of domestic secured corporate bonds. This issuance was completed on June 15, 2018. The purpose is to repay the 1st Domestic Secured Corporate Bonds in 2013.

Chapter V

Operational Highlights

Annual Report 2020

V. Operational Highlights

5.1 Business Activities

5.1.1 Business Scope

A. Main Areas of Business Operations

1. Construction: Design, build, operate, rent, and agency of land, commercial and residential buildings; manufacturing, transaction and consignment of construction raw materials; agency of promotion on construction technique; urban renewal, land rezoning and developing; any domestic and international construction project, architecture design of professional building etc.
1. Hospitality & Lodging: Build, operate and manage National Taiwan University and National Cheng Kung University dormitory BOT projects; enter hospitality industry by investing and building while entrusting operation and management rights to the professional team. Examples such as Times Square International Hotel (W Hotel Taipei and Hotel Resonance Taipei), The Splendor Hotel Taichung and Howard Beach Resort Kenting.
1. Others: Security and guard service, property management and maintenance, real estate development, lease and sale, utility and facility plan, design, construction and investment. In addition to the licensing business, an operating act is not prohibited or restricted.

B. Revenue Distribution

Major Divisions	Total Sales	Percentage of Total Sales (%)
Construction Income	9,655,798	80%
Hospitality & Lodging Income	1,749,358	15%
Other Operating Income	558,270	5%
Total	11,963,426	100%

The year of 2020; Unit: NT\$ thousand

C. Current Product Lines, New Product Developments and Future Services

Current products and services would be the basis of future business plans.

1. Operating Division: Steady and robust growth.
a. Products
Core Business: Focus on building and selling residential and commercial projects.
Construction: Focus on undertaking public projects and private development cases.
b. Business management
Implement overall performance management system, introduce a learning organization and improve management profits.
Emphasize on talent development and capable management team.
Make good use of information tools to enhance decision-making efficiency and quality.
1. Hospitality, Lodging and Other Divisions:
a. Hospitality and Lodging: Times Square International Hotel, Times Square International Stays, The Splendor Hotel Taichung, Howard Beach Resort Kenting and BOT projects.
b.Property Management and Lease: Commercial buildings and premises for rent; integrate security and guard service and property management.

c.Biochemical Science and Technology: Invest in ScinoPharm Taiwan, Ltd.

5.1.2 Industry Overview

A. Industry Status and Development

- Construction: In recent years, the Company actively focuses on developing suburbs in traffic arteries and rezoned cities as well as launching large-scale residential housing proposals resulting

in outstanding sales outcome.
incomes over the time.

- Hospitality, Lodging and Others: The urban leisure trend is on the rise and the tourism industry is booming, driving the continuous growth of domestic hotels and lodging demand. The Company's houses and hotels can maintain a high occupancy rate. The leases and premises provide stable

B. Correlation within the industry

- Construction: Upstream is mainly the supply of raw materials for land and building materials. Sources of land mainly come from land purchase, release of state-owned land and cooperative construction, etc. In terms of building materials, prices have remained relatively stable in recent years. With the advancement of technology, we are also looking for new technology materials and equipment to improve quality. Midstream is mainly the design and planning of engineers, architects, architecture contractors and construction contractors. Downstream is mainly self-sale or

- Hospitality, Lodging and Others: Due to the characteristics of leasing and hospitality industries,

commissioned sales by professional marketing companies.
it is mainly based on the service industry, and there is no obvious specific distinction between upstream and downstream industries.

C. Product Development Trends and Competition

- Construction: In recent years, real estate sales have been greatly affected by policies, supply and demand allocation, and economic prosperity. Following the demographic change, housing and investment divisions have gradually blurred, regional differences have gradually expanded, and

industry competition trends have become increasingly obvious.
demand.

- Hospitality, Lodging and Others: Domestic tourism and lodging are booming, but due to the political and economic factors, the near future is still in the period of adjustment of supply and

5.1.3 Research and Development

The construction and hospitality industry are mature. The Company has not set a budgeted expenditure plan for technical expertise and engineering research and development. However, with the changes in the natural environment, industrial structure and social manpower supply, the Company keeps a keen observation at all times and seeks approaches to improve application techniques.

Operational Highlights

In recent years, the number of domestic construction labor has decreased, the lack of manpower has been reported and the positions of technical workers have been vacant. The Company is committed to research and improvement of construction technology, and regularly sends our staff to learn the latest construction methods that can provide environmental protections. In terms of internal management, it makes full use of technological equipment to digitize and standardize the company's internal information transmission, improve management efficiency and reduce operating costs.

Besides, the Company actively promotes the "cloud service system", based on the original security management, combining food, clothing, housing, transportation and other life service functions, integrating overall resources to create smart homes with "quality carving, service upgrade, continuous innovation and good value for money".

5.1.4 Long-term and Short-term Development

A. Short-term Development:

- Construction: The main axis will be based on the development of transportation routes and new suburbs. The appropriate products will be planned according to the needs of the customers in the area.
- Hospitality, Lodging and Others: Integrate marketing channels, master fashion topics and popular trends, meet customers' needs in all aspects of catering, shopping and accommodation, and increase occupancy rates and profit margins.

B. Long-term Development:

- Construction: Lock in local residential and commercial needs, coordinate with regional development trends, continue asset activations, effective cost control and precise land purchase, launch high-quality and provide affordable products for a better living place to the public; at the same time, actively cultivate talents and prudently invest for shareholders to create maximum benefits.
- Hospitality, Lodging and Others: Continuously improve and advance the quality of software, hardware facilities and services, provide customers with customized and personalized products and services through flexible and diverse product packaging, while strengthening the cultivation of talents and the improvement of efficiency in order to continue to provide stable profits.

Area	Commercial Building	Housing		Note
Taipei	1. Neihu Financial	1. Prince Global Village	13. Prince Jin-Hua	Taipei Area:
	Center	2. Shan Ger Li La	14. Prince Sky Building	1. Taipei City
	2. Prince Building	3. Prince International	15. Prince College	2. New Taipei City
		Village	16. Taipei Sinyi	3. Taoyoan City
	3. President	4. Prince Sun Town	17. Central Park	4. Hsinchu County
	International	5. Prince Phoenix Town	18. Prince Fu
	Tower	6. Prince Tun Yuan 7. Prince Beauty Hall	19. Prince Fu II
		8. Prince Mei Sui	20. Prince Fu III
		9. Prince Vacation	21.Prince Yu Ding 22. Prince Hwa Wei
		10. Prince 101	23. Prince W
		11. Sansia International	24. Prince Shin Yi (Xin
		Village	Chung)
		12. Guishan Global Village	25. Prince Pine Garden
Taichung	Wanton Financial	1. Prince New Generation	15. Prince Dau	Taichung Area:
	Center	2. Prince Manor	16. Prince Fu	1. Taichung City
		3. Ping Chun Fung Chia	17. Jing Yun Sian	2. Chunghwa
		4. Prince Sen Huo	18. The Cloud Century	City/County
		5. Prince Yuan Ye 6. Lin Tung Boulevard	19. Prince Hai Yan	3. Nantou City/County
		7. Prince Zuo Shin Ming A	20.Ching Fung Jing 21.Prince Xian Heng
		8. Chan Chan Prince	22.The Cloudy Century
		9. Prince Culture	SA
		10. Prince Yo Life	23.W Epoch
		11. Sung Guan Prince	24. Prince Holiday
		12. Yun Yun Prince	Mansion
		13. Prince Ju 14. Prince Hui	25. Prince Lucky Villa 26. Prosperous New World

Tainan	1. Prince Building	1. Century Empire	13. Prince Fung Ho 14. Nan Ger Zi Li	Tainan Area:
	2. Prince Finance Building	2. Fashion Spring 3. Southern Taiwan	15. Prince New Culture II	1. Tainan City 2. Yuling
		Science Splendor	16. Prince Flower Bo II	City/County
		4. Prince Golden Brick	17. Prince Mei Xue	3. Chiayi
		5. Century Splendor	18. Prince Flower Bo III	City/County
		6. Wen Yuan Hall	19. Prince Fung Yun Hui
		7. Fashion House	20. Prince i-Cloud
		8. Prince Fu Di	21. Prince WIN
		9. Prince Wen Yuan	22. Prince Flower Bo Five
		10. Prince New Culture 11. Golden Age	23. Prince Jum Fon Huei 24. World of Peak
		12. Culture Hall	25.Prince WIN2 Future
Kaohsiung None.		1. Prince Space	13. Prince New York 57th	Kaohsiung Area:
		2. Prince Harvard	Street	1. Kaohsiung City
		3. Prince Chun Di	14. Prince Culture	2. Pitung
		4. Prince Dragon House	15. Prince Yuan-Shan	City/County
		5. Prince In Mon Hu	16. Prince Town
		6. Prince Chun Pin 7. Prince Chun Pin Haw	17. Prince Shi Bo 18. Prince Shi Yun
		Chia	19. Prince Hua Yang
		8. Prince Dian Sha	20. Prince Bon
		9. Prince Sha Lui Di	21. Prince Cloud C
		10. Prince Seattle	22. Prince Cloud D
		11. Prince Tun-Yuan	23. Prince Castle
		12. Prince Dragon	24. Prince Cloud E

5.2 Market and Sales Overview 5.2.1 Market Analysis

A. Sales (Service) Region

Area	Construction Projects	Hotel and Tourism	Note
Taipei	1. Taipei City Hall Bus Terminal Station BOT 2. Taoyoan Airport MRT station (partial) 3. Sun Bao Beitou project 4. Shin Chung Fu Do Hsin commercial and residential buildings 5. National Palace Museum (Partial) 6. Canon Business Center 7. Dun-Sun Art Village 8. Project in Shi San Yun 9. Power Plant in Da Tan, Taoyuang 10. Xindian Antai Road project 11. Taoyuang Zhinglu Section project	1. Times Square International Hotel 2. Times Square International Stays 3. NTU Chang Hsing Dormitory 4. NTU Shui Yuan Dormitory 5. NTU Hsiu Chi House	Taipei Area: 1. Taipei City 2. New Taipei City 3. Taoyoan City 4. Hsinchu City/County
Taichung	1. National Taiwan Hospital, Yuling Branch 2. Shi Bin Express Highway (partial) 3. High Speed Railway Chunghwa Station project	1. Splendor Hotel Taichung (investment holding)	Taichung Area: 1. Taichung City 2. Chunghwa City/County
Tainan	1. Wu Hu Lio Bridge project 2. Tainan Spinning Dream Mall Project 3. Shi Bin Express Highway (partial) 4. Jun-Jia Center 5. Tainan Spinning Square project 6. Tianan Express Highway 7. Tianan Spinning geological survey	1. NCKU Prince House 2. Zenda Suites	Tainan Area: 1. Tainan City 2. Yuling City/County 3. Chiayi City/County
	Kaohsiung 1. Kaohsiung MRT (partial) 2. Budda Memorial Center 3. Chia Chao Station 4. Hun Shan Shin Shin Section Project 5. Landscape project of Chen Jin Lo	1. Howard Beach Resort Kenting (investment holdings)	Kaohsiung Area: 1. Kaohsiung City 2. Pitung City/County

B. Market Share

- Construction: As there is no complete statistical data related to housing sales in Taiwan over the years, it is impossible to calculate the current annual sales volume of the Company in the market share.
- Hospitality, Lodging and Others: Due to the characteristics of the premises leasing and lodging industry, there is no reference for effective market share calculation.

C. Market Supply and Demand and Future Growth

Based on the analysis of the future market trend in terms of supply, demand and growth.

1. Supply
- Construction: In recent years, investment demand at the level of new homes has cooled down, and pressures on the demolition of surplus housing in various regions have emerged, making market supply flatten. With the improvement of information circulation and national income, the public's awareness of the quality of residence has risen and their requirements have increased. In order to meet the needs of different classes, products will move towards "diversification and refinement".

- Hospitality, Lodging and Others: In recent years, new hotels and lodges have sprung up in various regions, especially with the widespread cooperation and competition between international hotel chains and the domestic brands. They are striving to seize first move advantages in metropolitan areas and well-known scenic spots, which has led to an enormous growth in the

supply of rooms.

2.Demand

- Construction: The demand side of the real estate market can be divided into two main markets as

a. Basic demand market: This market is for self-occupation and self-use, which is due to population increase, housing exchange or new purchase of housing. This type is the real estate demand, which is less affected by the fluctuation of the economy. It is also the target customer

b. Investment demand market: There are two types of such market demand. The first type is investment-based market demand, which regards real estate as an investment tool. When there is room for profit, they purchase as a medium and long-term investment and enjoy rental income or value-added income; the second type is the speculation-based market demand. This kind of

following:
of the Company.
demand is usually a false signal and often occurs during the real estate boom.
prompting a surge in demand in tourism and hospitality industry.

- Hospitality, Lodging and Others: In recent years, the domestic tourism industry has developed rapidly. The number of tourists has continued to grow and the public attention to leisure life has become a common practice. Following by the government's efforts to promote chimney-free industry, the policy of allowing tourists from Mainland China and promoting tourists from Southeast Asia to Taiwan, The number of tourists from Japan and South Korea has grown over the years,

3.Growth

- Construction: The trend of residential technology is striking in the real estate market, and the combination of real estate and high-tech industries is the focus of sales promotion. The Company has successively launched stylish and smart houses to increase the depth and the valueadded of our products. Through online housing, residents can use the Internet at home to collect new information, shop, enjoy entertainment programs, and understand community operation management. On the other hand, with the popularity of the Internet boom, the Company promotes the APP system to attract potential customers to visit the house online. Residents can also report problems to the Company through the Internet and implement after-sales services to build a

comprehensive and convenient life.
maintain long-term stable revenue.

- Hospitality, Lodging and Others: Restricted to domestic population and geographical size, only relying on the domestic tourist population has considerable constraints on the market growth of the tourism industry. The growth of the market demand not only rely on foreign travelers with the purpose of either traveling or business, but also rely on attracting specific customers to form loyal groups by clearly positioning the commodities and strengthening the environmental highlights to

D. Competitiveness, Favorable and Unfavorable Factors and Countermeasure

1. Competitiveness
- Construction: Since the Company founded in 1973, under the leadership of the honorary chairman Mr. Wu Hsui-Chi and the previous chairman, the Company adheres to the spirit of "Three Good and One Fair"-- "Good location, Good design, Good construction and Fair price". Followed by the abundant resources from the Tainan-backed affiliated companies, the Company designs and constructs international-grade architectural products, gains domestically excellent brand image, and therefore, provides the best living environment to the public.
- Hospitality, Lodging and Others: The hotels in the Company's subsidiaries are located in the essence of the metropolitan area or well-known tourist hotspots. They also cooperate with worldrenowned chains to provide customers with quality service and top enjoyment.

2.Favorable Factors

- Construction:

a. As the limited supply of land in the metropolitan areas, the market price will remain stable.
b. The rezoning of the metropolitan areas continues to expand. The transportation construction and route extension such as high-speed railways, MRT systems and express highways drive the regional growth.
c. The boom in tourism in recent years has continued, followed by the micro-entrepreneurship trend that has spurred the young generation from Taipei metropolitan area to seek opportunities in the South, indirectly raising the price of the Central Taiwan and Southern Taiwan housing market.
d. With the rise of the awareness of quality of life in recent years, the requirements for the quality of living have increased, and the willingness to change houses has become more generalized to support the market demand for house purchase and house exchange.
- Hospitality, Lodging and Others: The brand positioning and market segmentation for W Hotel Taipei and Hotel Resonance Taipei are clear. The management team is excellent and experienced. It has a strong magnetic effect on the top of the consumer group pyramid.

3.Unfavorable Factors

- Construction:
a. The number of unsold new houses is still high. The interest rate risk gradually emerges, increasing the cost of capital and holding risk of the Company.
b. The tax reform policy is unclear, land prices have set new highs, and the operational risks and costs have risen, which has an adverse effect on the Company.
c. The international situation is turbulent, the price of raw materials fluctuates, resulting in the price of essential products continues to rise, and the stagnation of inflation is emerging.
- Hospitality, Lodging and Others: As the impact of COVID-19 epidemic has not been alleviated, resulting in a decline in the hotel occupancy rates, although the overall domestic hotel industry still maintains an optimistic view about the future, the pressure of competition has increased. Take Taipei City as an example: in addition to new hotels entering the market, such as Courtyard by Marriott Taipei Downtown, Kimpton Da-An Hotel and Hilton Taipei Sinban; there are hotels

relaunched on the market after renovation, such as The Landis Taipei and Taipei Ambassador

Hotel.

4.Countermeasure

- Construction: The Company deeply believes in the business philosophy-- "We shape our buildings; thereafter they shape us." quoted by Winston Churchill. The Company insists on our products for sales with a good location, excellent design, fine construction, fair prices, and good after-sales service, and we hope it will continue to attract new home buyers and potential home-

- Hospitality, Lodging and Others: Short-term adjustment of the operating pattern in response to the impact of the epidemic. On the long-term basis, in the internal aspect, grasp the existing advantages foundation, continuously improve the hardware and software facilities, strengthen personnel education and improve administrative efficiency and service quality, in order to keep the loyalty of the customer group; in the external aspect, integrate marketing channels, introduce new

upgrade customers.
international brands, continue to create topics in the industry and attract consumers' attention.

5.2.2 The Production Process of Major Products

A. Use of Major Products

- Construction:

Construction projects: planning, designing and contracting important public projects or private construction projects domestically or internationally, utility engineering, design and
Construction sales: sub-divided into residential apartments, high-end residential buildings, commercial buildings, apartment-style residential stores and high-end pure offices. The residential property is designed to provide a comfortable living space for the owners, and the commercial property is planned to provide a good business environment to make full use of its
construction, etc.
functions.
hotel shopping mall operation, BOT student dormitory/hall operation and investment income, etc.

- Hospitality, Lodging and Others: Including rental of commercial building, hotel accommodation,

Operational Highlights

B. Production Process of Major Products

- Construction:

- Hospitality, Lodging and Others: Mainly non-physical products, so there is no production process description.

5.2.3 Supply Status of Main Raw Materials

- Construction:

Location selection: This stage is based on the source of land information, after general investigation, preliminary planning and profitability assessment. It would be the basic
Planning and design: This stage is to conduct a comprehensive review on geology, laws and
Sales: After calculating the cost of products and analyzing the market conditions, determine the
Engineering construction: After obtaining the government building permit, proceed with
Preservation and registration: After the application for the re-measurement of the area with the license issuance, the preservation and registration will be processed to ensure the protection of
production materials for the Company -- construction sites.
regulations, locate products and establish a business plan.
selling prices, advertising and promotional strategies.
engineering construction according to the approved design drawings.
property rights.
the customer.
repair, community safety and cleaning.
main raw materials description.
House transfer: After the construction has been completed and the government has approved the building, the property and the building will be transferred to the customer after inspection by
After-sales service: At this stage, the Company will set up a service center for buildings that have been transferred to customers to carry out after-sales service such as building maintenance,

- Hospitality, Lodging and Others: Mainly non-physical products, so there is no supply status of

Operational Highlights

Unit: NT\$ in thousand

5.2.4 The Major Suppliers and Customers

A. List of Customers Who Has Accounted for More Than 10% of Total Sales in the Last Two Years

disclosed the name of the customer or the counterparty as an individual and not a related party due to the contractual agreement can be codenamed.

Note 2: Tainan Spinning Co., Ltd. was a substantial related party of the Company from June 18, 2013 to June 20, 2019. Since June 21, 2019, according to a letter from CPAs, Tainan Spinning Co., Ltd. has been excluded as a related party of the Company.

	Relation Issuer with	None	None	None	None	None	None	None	None	None	None
	%	5.44	3.26	2.28	2.25	2.05	1.20	1.16	1.09	1.09	0.99	79.19	100.00
2021 Q1	Amount	175,705	105,259	73,682	72,878	66,399	38,704	37,492	35,331	35,203	31,855	2,559,641	3,232,149
	Company Name (Note 1)	Tai-Kung Development & Construction Co., Ltd.	Tainan Spinning Co., Ltd.	Construction and Planning Agency Ministry of the Interior	Development, Yaoyuan Office of Housing	Public Work Department, New Construction Office, Taipei City Government	Lin	Su	Yu	Wong, Lin	Pai-chi Development Co., Ltd.	Others	Net Sales	Note 1: For the list the names of customers with more than 10% of the total sales in the most recent two years and their sales amounts and proportions, those who cannot be
	Relation Issuer with	Note 2	None	None	None	None	None	None	None	None	None
	%	10.12	6.11	4.84	2.34	1.19	0.75	0.72	0.54	0.52	0.47	72.40	100.00
2020	Amount	1,210,392	731,493	579,056	280,112	141,902	90,126	86,243	64,113	61,841	56,709	8,661,439	11,963,426
	Company Name (Note 1)	Tainan Spinning Co., Ltd.	Tai-Kung Development & Construction Co., Ltd.	Construction and Planning Agency Ministry of the Interior	Development, Yaoyuan Office of Housing	Tainan Private Wu Jun-Jie Charity Foundation	Ming-Yuan Development Co., Ltd.	Wang, Liu, Wang, Wang	Jian	Public Work Department, New Construction Office, Taipei City Government	Yi-Jia Construction Co., Ltd	Others	Net Sales
	Relation Issuer with	Note 2	None	None	None	None	None	None	None	None	None
	%	9.62	6.96	4.59	2.02	1.28	0.90	0.40	0.39	0.35	0.35	73.14	100.00
2019	Amount	1,173,834	848,679	559,570	246,854	156,002	109,670	48,752	47,527	42,361	42,312	8,923,876	12,199,437
	Company Name (Note 1)	Tainan Spinning Co., Ltd.	Tai-Kung Development & Construction Co., Ltd.	Construction and Planning Agency Ministry of the Interior	Power Project of TaiPower Northern Office of Steam	Development, Taoyuan Office of Housing	Tainan Private Wu Jun-Jie Charity Foundation	Region Construction Division Highways, MOTC, Middle Directorate General of of Western Highway	Yi-Jia Construction Co., Ltd	Ke, Shi	Xiang	Others	Net Sales

Unit: NT\$ in thousand

B. List of Suppliers That Accounted for More Than 10% of the Total Purchases in the Last Two Years

	2019			2020				2021 Q1
Company Name	Amount	%	Relation Issuer with	Company Name	Amount	%	Relation Issuer with	Company Name	Amount	%	Relation Issuer with
Taiwan Sugar, Kaohsiung	433,434	6.01	None	Pai Chung Construction Co., Ltd	441,941	7.35	None	Han-Zhen Electromechanical Co., Ltd.	86,717	11.85	None
Chian Steel Structure Co., Ltd	417,237	5.79	None	China Wire & Cable Co. Ltd.	207,326	3.45	None	Goldsun Building Material Co., Ltd.	49,542	6.77	None
Wai-Chun Corp.	238,210	3.30	None	Han-Zhen Electromechanical Co., Ltd	191,366	3.18	None	Ju Han Construction Co., Ltd.	31,500	4.31	None
Han-Tai Steel Corp.	224,673	3.12	None	Lin	150,730	2.51	None	Pai Chung Construction Co., Ltd	31,045	4.25	None
Universal Cement Corp.	202,284	2.80	None	Tseng	150,730	2.51	None	Li-Zhi Construction Co., Ltd.	28,532	3.90	None
China Wire & Cable Co. Ltd.	186,793	2.59	None	Li-Zhi Construction Co., Ltd.	140,739	2.34	None	Full More Enterprise Co., Ltd.	24,010	3.28	None
Tung Ho Steel Enterprise Corp.	160,054	2.22	None	Universal Cement Corp.	110,974	1.85	None	Te-Yi Advertisement Co., Ltd.	20,150	2.76	None
Han-Zhen Electromechanical Co., Ltd.	151,346	2.10	None	Tung Ho Steel Enterprise Corp.	103,475	1.72	None	Han-Tai Steel Corp.	16,568	2.27	None
Pai Chung Construction Co., Ltd	148,470	2.06	None	Goldsun Building Material Co., Ltd.	103,078	1.71	None	Syscom Group Co., Ltd.	16,484	2.25	None
Hei Guan Construction Co., Ltd	116,642	1.62	None	Jiang	88,463	1.47	None	Wei-Po Enterprise Co., Ltd.	16,005	2.19	None
Others	4,932,535	68.39		Others	4,323,129	71.91		Others	410,731	56.17
Net Purchase	7,211,678	100		Net Purchase	6,011,951	100.00		Net Purchase	731,284	100.00

Note: For the list the names of suppliers with more than 10% of the total purchases in the most recent two years and their purchases amounts and proportions, those who cannot be disclosed the name of the supplier or the counterparty as an individual and not a related party due to the contractual agreement can be codenamed.

5.2.6 Sales over the Last Two Years

				Unit;Pin / NTD thousand
Sales Year		2019	2020
		Local	Local
Major Products	Quantity	Value	Quantity	Value
House	25,136.84	4,926,616	30,154.33	6,558,373
Total	25,136.84	4,926,616	30,154.33	6,558,373

5.3 Overview of Human Resource

	Year	2019	2020	2021 Q1
	Employees	1,417	1,278	1,189
Number of	Technician	481	460	454
Employees	Others	250	208	206
	Total	2,148	1,946	1,849
	Average Age	44.12	44.21	44.81
	Average Years of Service	5.99	6.27	6.54
	Ph.D.	0%	0%	0%
	Masters	6%	6%	6%
Education	Bachelor's Degree	57%	57%	57%
	Senior High School	30%	30%	30%
	Below Senior High School	7%	7%	7%

Unit;Pin / NTD thousand

5.2.5 Production over the Last Two Years

Year Output		2019	2020
Major Products	Quantity	Output Value	Quantity	Output Value
House	13,155.99	3,279,087	47,540.09	5,869,357
Total	13,155.99	3,279,087	47,540.09	5,869,357

Note: Due tto the characteristics of the construction industry and the hospitality industry, there is no production value for analysis, so the production value data is based on Prince Housing & Development Corp.

Note: Due to the characteristics of the construction industry and the hospitality industry, there is no sales volume for analysis, so the sales volume data is based on Prince Housing & Development Corp.

Note: The decrease in personnel in 2020 and 2021 Q1 was caused by the deployment of personnel on site according to the changes in Prince Security & Guard Co., Ltd. and the adjustment of manpower allocation in Times Square International Hotel Corp.

As of Mar. 31, 2021

5.4 Environmental Protection Expenditure Information

A. Environmental Protection Measures

Although the construction industry does not resemble manufacturing industry which causes noise and air pollution by discharging exhaust gas and waste water, during the construction period, it is likely to have pollution to the environment caused by wind sand, muddy roads, and dumping of waste near the construction site.

To reduce the harm to the environment, the contractors are required to submit a site management plan before construction starts to ensure that air, noise, water pollution and waste pollution can be effectively prevented. They are also required to follow relevant environmental protection laws and regulations, and inspect during the construction period. In terms of the surroundings, the greening on the construction site fences can beautify the city appearance and soften the construction site perception, and it can also help reduce the heat and the dust on the road. Additionally, building solar panels and setting up rainwater recycling equipment can reduce energy consumption and save resources to achieve environmental protection.

The Company sent our employees to Japan to observe the famous construction company Da-Lin Group. Besides learning its construction technology, we learnt more about its advanced site and environmental management, so the Company can avoid causing similar environmental harm during the construction period in the coming future. We aim to reduce the cause of inconvenience to our neighbors near the construction site and achieve environmental protection at the same time.

Hotel management and leasing of premises belong to service industry and less concerned about environmental protection.

B. Environmental Expenditures for the Current Year And Up to the Date of Publication of the Annual Report

According to statistics, the Company's 2020 site environmental maintenance expenditures were approximately NT\$9,545 thousand dollar, which increased 23% compared to 2019. It showed our determination to operate environmentally friendly. With the efforts of the team, there is no fine for environmental protection violation in 2020. For each possible violation case, we immediately improve and implement it, and communicate and coordinate with the contractors to request enhanced training and improvement to strengthen the environment maintenance.

Operational Highlights

A. Labor Agreement

Since the Company was founded in 1973, the business has flourished and advanced to the top in the construction industry. In addition to its forward-looking and enlightened leadership, it also has excellent employees who are sincere, trustworthy, honest and practical. The staffs are willing to work diligently, because the Company has the following excellent measures:

Comprehensive management system: For example, salary adjustment, promotion opportunities, employee benefits, rewards and punishments, vacations, pensions, retirement benefits, etc. are all considered to be superior to the Labor Standards Act. We determine the salary level and provide salary packages with market competitive advantages, based on the employee's academic background, professional knowledge and expertise, technology, seniority experience and personal performance.

The Company and our subsidiaries make a monthly payment of 6% of the salary to the personal pension accounts, according to Labor Pension Fund Regulations. The withdrawn retirement payment is made by either one-time payment or continuous monthly payment. The Company's 2020 amount of annual retirement fund made to personal pension accounts is NT\$55,537 thousand dollar, and the withdrawn pension payment is NT\$962 thousand dollar.

1. Welfare measures: The Employee Welfare Committee provides subsidies for labor, education, employee dependent's scholarships, trainings, foreign language courses, domestic and overseas trips, and accident insurance for site personnel, etc. We properly take care of our employees and make them worry-free.
1. In the spirit of educating and cultivating employees, the Company expects our employees to thrive with us. We do not treat our employees differently because of gender or age. We conduct an evaluation every six months and each employee's direct supervisor evaluates the overall performance including his/her attendance and work performance. We wish for the best of our employees' performance and the potentials of future development.
B. List the Losses Incurred Due to Labor Disputes in the Most Recent Year and Up to the Date of Publication of the Annual Report, and Disclose the Current and Future Estimated Amounts and Corresponding Measures. If It is Impossible to Reasonably Estimate, It Should Explain the Fact that It Cannot Be Reasonably Estimated None.

Contract Type	Parties	Contract Date	Contents	Restrictions
BOT project	The Company & National Taiwan University (NTU)	Mar. 17, 2005	NTU shall be responsible for obtaining the ownership or the rights of using the land in this plan and handing over to the Company for use. The Company shall complete the construction within 3 years from the date of establishment of the rights of using the land, and operate for 44 years. The Company can charge students for dormitory rent and other facility fees, and must transfer assets to NTU when the contract expires.	During the construction period, the ratio of total construction funds invested in the project with its own funds shall not be less than 30%. During the operation period, the proportion of equity in total assets should not be less than 25%, and the proportion of current assets in current liabilities should not be less than 100%. The rights acquired in accordance with the contract shall not be transferred, leased, set a burden, or be the subject of civil execution, except in accordance with the contract and with the consent of NTU.
BOT project	The Company & National Cheng Kung University (NCKU)	May 10, 2005	NCKU should be responsible for obtaining the ownership or the rights of using the land in this plan and handing over to the Company for use. The Company shall obtain a license for use within 3 years after signing the contract. The student dormitory and scooter spaces in this contract shall be in operation for 35 years from the start of operation; the rest shall be in operation for 50 years from the date of commencement of the project. The Company can charge students for dormitory rent and other facility fees, and must transfer assets to NCKU when the contract expires.	The rights acquired in accordance with the contract shall not be transferred, leased, set a burden, or be the subject of civil execution except for those stipulated in the contract and approved by NCKU.
Syndicated Loan	The Company & 7 Financial Institutions (including Mega International Commercial Bank)	Jan. 4, 2006	The total amount of this syndicated loan is NT\$2.16 billion. This syndicated loan includes long-term (secured) loan amount and guarantee receivable (secured) amount.	Before the full amount of debts are repaid, the current ratio, debt ratio and interest protection multiples should be maintained at a certain level and checked at least once a year.
Secured Loan	The Company & Mega International Commercial Bank	May 2, 2006	The total amount of secured loan is NT\$785 million. This secured loan includes long-term (secured) loan amount and guarantee receivable (secured) amount, and provides the funds needed by the Company for the construction and operation of the university student dormitory and alumni club.	Before the full amount of debts are repaid, the current ratio, debt ratio and interest protection multiples should be maintained at a certain level and checked at least once a year.
Syndicated Loan	The Splendor Hospitality International Co., Ltd. (Subsidiary of The Company) & 7 Financial Institutions (including Taiwan Cooperative Bank and Bank SinoPac)	Oct. 3, 2018	The total amount of this syndicated loan is NT\$3.3 billion and signed in two separated contracts with NT\$1.65 billion each. Prince Housing & Development Corp. and China Metal Product Co., Ltd. are the guarantors in this secured loan.	Before the full amount of debts are repaid, tangible rights should not be negative. The current ratio, debt ratio, tangible rights and interest protection m u l t i p l e s o f P r i n c e H o u s i n g & Development Corp. and China Metal Product Co., Ltd. should be maintained at a certain level.

5.6 Important Contracts

Contract Type	Parties	Contract Date	Contents	Restrictions
Syndicated Loan	The Company & 4 Financial Institution (including Bank of Taiwan)	Jun. 1, 2017	The total amount of this syndicated loan is NT\$3.221 billion. This syndicate loan includes the medium-term guarantee receivable (secured) amount and the commercial promissory notes guarantee amount.	Bank of Taiwan provides a medium-term guarantee receivable (secured) amount of NT\$2.021 billion for the Company's bank guarantee to apply for corporate bonds and the Company should use the funds obtained from the application for corporate bonds to pay off the matured debts of corporate bonds issued in 2012. The guaranteed amount of commercial promissory notes provided by the other financial institutions is NT\$1.2 billion, which is the bank guarantee for the Company to issue commercial promissory notes and to increase the working capital.
Syndicated Loan	The Company & 2 Financial Institution (including Bank of Taiwan)	May 30, 2018	The total amount of this syndicated loan is NT\$3.121 billion. This syndicate loan includes the medium-term guarantee receivable (secured) amount and the medium-term commercial notes guarantee amount.	Bank of Taiwan provides a medium term guarantee receivable (secured) amount of NT\$2.521 billion for the Company's bank guarantee to apply for corporate bonds and the Company should use the funds obtained from the application for corporate bonds to pay off the matured debts of corporate bonds issued in 2013. The commercial promissory note guarantee amount provided by International Bills Finance Corp. is NT\$600 million, which is the bank guarantee for the Company to issue commercial promissory notes and to increase the working capital.
Joint Housing Construction project	The Company & Taiwan Sugar Corp.	Jan. 20, 2014, Feb. 10, 2014 and Dec. 27, 2014	Land provided by Taiwan Sugar Corp., No. 591-1, Guo-An Section, Xi-Tun District, Taichung City, No. 34, An-Guan District, He-Guan Section, Tainan City, and No. 158, Section 1, Nan-Zi Section, Nan-Zi District, Kaohsiung City. The Company promises to provide funds and buy back for NT\$638,763, NT\$830,889 and NT\$1,255,300 (in thousand dollar) respectively.	The Company agrees to bear all housing construction, public facilities and land improvement fees, sales-related expenses and other fees required by laws and regulations, and shall not be required to compensate for price fluctuations or any other reasons. According to the contract, the bond should be paid at the time of signing the contract, which are NT\$63,880, NT\$83,080 and NT\$125,540 (in thousand dollar) respectively. The location of No. 34, He-Guan Section, Annan District, Tainan City was completed in November 2015, and the bond was returned in February 2016.

Chapter VI

Financial Information

Annual Report 2020

Financial Information

VI. Financial Information

6.1 Financial Summary in the Last Five Years

6.1.1 Condensed Balance Sheets and Statements of Comprehensive Income-IFRS

	Year			Five-Year Financial Summary			Mar. 31, 2021
Item		2016	2017	2018	2019	2020	(Note 1)
Current assets		31,059,275	30,297,691	31,315,579	29,471,850		25,420,074 22,982,175
(Note 2)	Property, Plant and Equipment	6,513,554	6,422,886	6,226,443	5,995,879	5,835,171	5,793,333
Intangible Assets		2,240,916	2,179,473	2,118,323	2,056,927	1,996,776	1,982,400
Other Assets (Note 2)		11,471,099	11,375,075	11,095,258	17,212,847		18,913,393 19,789,940
Total Assets		51,284,844	50,275,125	50,755,603	54,737,503		52,165,414 50,547,848
Current	Before Distribution	12,211,690	15,345,260	10,203,641	11,086,884	6,474,965	5,902,580
Liabilities	After Distribution	13,835,016	16,400,422	11,258,803		11,898,547 N/A (Note 3)	N/A (Note 3)
Non-current Liabilities		14,445,861	10,753,213	16,374,081	19,505,807		21,265,087 19,077,648
Total	Before Distribution	26,657,551	26,098,473	26,577,722	30,592,691		27,740,052 24,980,228
Liabilities	After Distribution	28,280,877	27,153,635	27,632,884		31,404,354 N/A (Note 3)	N/A (Note 3)
the parent	Equity attributed to owners of	24,296,631	23,862,270	23,874,616	23,856,644		24,202,236 25,362,210
Share Capital		16,233,261	16,233,261	16,233,261	16,233,261		16,233,261 16,233,261
Capital Surplus		2,260,513	2,260,513	2,260,513	2,260,513	2,260,513	2,260,513
Retained	Before Distribution	4,745,590	4,395,122	4,593,814	4,487,383	4,467,208	5,299,472
Earnings	After Distribution	3,122,264	3,339,960	3,538,652		3,675,720 N/A (Note 3)	N/A (Note 3)
Other Equity		1,058,270	974,377	788,031	876,490	1,242,257	1,569,967
Treasure Stock		(1,003)	(1,003)	(1,003)	(1,003)	(1,003)	(1,003)
Non-Controlling Interest		330,662	314,382	303,265	288,168	223,126	205,410
	Before Distribution	24,627,293	24,176,652	24,177,881	24,144,812		24,425,362 25,567,620
Total Equity	After Distribution	23,003,967	23,121,490	23,122,719		23,333,149 N/A (Note 3)	N/A (Note 3)

Condensed Consolidated Balance Sheet

Unit;NT\$ thousand

Note 1: A of the date of publication of the annual report, the Company's consolidated financial report for the first quarter of 2021 was reviewed by CPAs.

Note 2: The Company did not have asset revaluation and appreciation from 2016 to 2020 and the first quarter of 2021.

Note 3: As of 15 May, 2021, the distribution plan for 2020 earnings has not been approved by the shareholders' general meeting.

Year			Five-Year Financial Summary			Mar. 31, 2021
Item	2016	2017	2018	2019	2020	(Note 1)
Operating Revenue	12,060,302	10,988,980	11,855,207	12,199,437	11,963,426	3,232,149
Gross Profit	3,935,844	3,266,249	3,362,507	3,062,454	2,217,024	809,365
Operating Income	1,513,733	1,078,105	1,058,833	790,096	171,708	221,086
Non-operating Income or Expenses	391,951	261,737	310,575	271,972	617,704	641,501
Profit Before Tax	1,905,684	1,339,842	1,369,408	1,062,068	789,412	862,587
Net Profiting from Continuing Operation	1,599,215	1,264,821	1,243,877	938,750	729,513	814,548
Loss from Discontinuing Operation	0	0	0	0	0	0
Net Profit or Loss	1,599,215	1,264,821	1,243,877	938,750	729,513	814,548
Other Comprehensive Income (after tax)	(357,975)	(92,136)	(210,758)	84,423	363,392	327,710
Total Comprehensive Income	1,241,240	1,172,685	1,033,119	1,023,173	1,092,905	1,142,258
Net Profit Attributed to Prince Shareholders	1,609,189	1,281,101	1,252,655	952,767	793,882	832,264
Net Profit attributed to Non Controlling Interest	(9,974)	(16,280)	(8,778)	(14,017)	(64,369)	(17,716)
Comprehensive Income Attributed to Prince Shareholders	1,251,214	1,188,965	1,041,897	1,037,190	1,157,255	1,159,974
Comprehensive Income Attributed to Non-Controlling Interest	(9,974)	(16,280)	(8,778)	(14,017)	(64,350)	(17,716)
Earnings per Share (EPS) (NT\$)	0.99	0.79	0.77	0.59	0.49	0.51

Unit: NT\$ thousand; except for EPS in NT\$

Note 1: As of the date of publication of the annual report, the Company's consolidated financial report for the first quarter of 2021 was reviewed by CPAs.

Condensed Consolidated Statement of Comprehensive Income

Financial Information

	Year			Five-Year Financial Summary			Mar. 31, 2021
Item		2016	2017	2018	2019	2020	(Note 1)
Current assets		25,713,914	24,983,347	25,699,704		24,599,273 21,474,548
(Note 2)	Property, Plant and Equipment	572,089	552,780	530,320	484,710	481,803
Intangible Assets		2,239,187	2,177,934	2,116,681	2,055,428	1,994,175
Other Assets (Note 2)		14,995,261	15,407,872	14,790,908		14,959,557 14,313,056
Total Assets		43,520,451	43,121,933	43,137,613		42,098,968 38,263,582
Current	Before Distribution	9,127,557	9,853,908	7,258,844	8,657,351	4,161,944
Liabilities	After Distribution	10,750,883	10,909,070	8,314,006		9,469,014 N/A (Note 3)
Non-current Liabilities		10,096,263	9,405,755	12,004,153	9,584,973	9,899,402
Total	Before Distribution	19,223,820	19,259,663	19,262,997		18,242,324 14,061,346
Liabilities	After Distribution	20,847,146	20,314,825	20,318,159		19,053,987 N/A (Note 3)	N/A
Share Capital		16,233,261	16,233,261	16,233,261		16,233,261 16,233,261
Capital Surplus		2,260,513	2,260,513	2,260,513	2,260,513	2,260,513
Retained	Before Distribution	4,745,590	4,395,122	4,593,814	4,487,383	4,467,208
Earnings	After Distribution	3,122,264	3,339,960	3,538,652		3,675,720 N/A (Note 3)
Other Equity		1,058,270	974,377	788,031	876,490	1,242,257
Treasure Stock		(1,003)	(1,003)	(1,003)	(1,003)	(1,003)
Total Equity	Before Distribution	24,296,631	23,862,270	23,874,616		23,856,644 24,202,236
	After Distribution	22,673,305	22,807,108	22,819,454		23,044,981 N/A (Note 3)

Condensed Non-Consolidated Balance Sheet

Note 1: The Company has no individual balance sheet information prepared based on IFRSs as of Mar. 31, 2021.

Note 2: The Company did not have asset revaluation and appreciation from 2016 to 2020 and in the first quarter of 2021.

Note 3: As of May 15, 2021, the distribution plan for 2020 earnings has not been approved by the shareholders' general meeting.

Year			Five-Year Financial Summary			Mar. 31, 2021
Item	2016	2017	2018	2019	2020	(Note 1)
Operating Income	6,004,370	5,734,056	6,485,290	5,680,054	7,306,687
Gross Profit	2,265,184	1,313,408	1,607,982	1,380,206	1,829,930
Operating Income	1,021,485	300,947	493,209	304,564	779,364
Other Income or Expenses	836,727	985,877	838,669	713,970	162,108
Profit Before Tax	1,858,212	1,286,824	1,331,878	1,018,534	941,472
Net Profit From Continuing Operation	1,609,189	1,281,101	1,252,655	952,767	793,882	N/A
Loss from Discontinuing Operation	0	0	0	0	0
Net Profit	1,609,189	1,281,101	1,252,655	952,767	793,882
Other Comprehensive Income (After Tax)	(357,975)	(92,136)	(210,758)	84,423	363,373
Total Comprehensive Income	1,251,214	1,188,965	1,041,897	1,037,190	1,157,255
Earnings per Share (EPS) (NT\$)	0.99	0.79	0.77	0.59	0.49

Unit: NT\$ thousand; except for EPS in NT\$

Note 1: The Company has no individual balance sheet information prepared based on IFRSs as of Mar. 31, 2021.

Condensed Non-Consolidated Statement of Comprehensive Income

Year	CPA Firm	CPA's Name	Auditing Opinion	Note
2016	PwC Taiwan	C.H. Wu & Y.C. Lin	Unqualified opinion	-
2017	PwC Taiwan	C.H. Wu & K.H. Wang	Unqualified opinion	-
2018	PwC Taiwan	C.H. Wu & K.H. Wang	Unqualified opinion	-
2019	PwC Taiwan	Z.Y. Tian & C.H. Wu	Unqualified opinion	-
2020	PwC Taiwan	Z.Y. Tian & C.H. Wu	Unqualified opinion	-

6.1.2 Auditors' Opinion from 2016 to 2020

Financial Information

6.2 Financial Analysis in the Last Five Years

6.2.1 Financial Analysis (IFRS, Consolidated)

	Year Financial Analysis in the Last Five Years						Mar. 31, 2021
Item		2016	2017	2018	2019	2020	(Note 1)
Financial	Liabilities to Assets Ratio (%)	51	51	52	55	53	49
Structure (%)	Long-term Capital to PPE Ratio (%)	585	538	646	723	783	770
	Current Ratio (%)	242	197	306	265	392	389
Solvency (%)	Quick Ratio (%)	57	41	78	74	133	130
	Interest Coverage Ratio (%)	5.04	3.66	3.62	2.85	3.43	11.72
	Receivable Turnover Ratio (times)	7.15	12.53	9.04	9.25	12.80	3.18
	Average Collection Day	51	29	40	39	28	28
	Inventory Turnover Ratio (times)	0.36	0.34	0.38	0.43	0.53	0.15
Operating Ability	Payable Turnover Ratio (Times)	2.24	2.89	3.30	3.77	5.08	1.44
	Average Sales Days	1013	1073	960	848	688	600
	Property, Plant and Equipment Turnover Ratio (times)	1.81	1.69	1.87	1.99	2.02	0.56
	Total Asset Turnover Ratio (times)	0.22	0.21	0.23	0.23	0.22	0.06
	Return on Total Assets (%)	3.40	2.76	2.81	2.27	1.40	1.59
	Return on Equity (%)	6.51	5.25	5.21	3.93	3.03	3.26
Profitability	Pre-tax Net Profit to Paid-In Capital Ratio (%)	11.73	8.25	8.43	6.54	4.86	5.31
	Net Profit Ratio (%)	13.26	11.51	10.49	7.69	6.10	25.20
	Earnings per share (EPS) (NT\$)	0.99	0.79	0.77	0.59	0.49	0.51
	Cash Flow Ratio (%)	12.14	7.98	3.08	33.61	70.30	30.67
Cash Flow	Cash Flow Adequacy Ratio (%)	1.03	39.49	50.01	121.08	166.75	192.93
	Cash Reinvestment Ratio (%)		(Note 2) (Note 2) (Note 2)		8.84	12.34	6.36
Leverage	Operating Leverage	1.78	2.01	2.01	2.75	8.97	2.95
	Financial Leverage	1.19	1.18	1.25		1.71 (Note 2)	1.57

The reasons for the increase or decrease for more than 20% in various financial ratios in the last two years:

Current Ratio and Quick Ratio: Mainly due to the decrease in current liabilities.
Interest Coverage Ratio: Mainly due to the decrease in net profit before tax during the current period.
Receivable Turnover Ratio and Average Collection Day: Mainly due to the decrease in average account receivables.
Inventory Turnover Ratio: Mainly due to the increase in inventory and the increase in cost of goods sold.
Payable Turnover Ratio: Mainly due to the decrease in account payables.
Return on Total Assets, Return on Equity, Pre-tax Net Profit to Paid-In Capital Ratio and Net Profit Ratio: Mainly due to the decrease in net profit after tax in the current period.
Cash Flow Ratio: Mainly due to the increase in cash inflow from operating activities and the decrease in current liabilities.
Cash Flow Adequacy Ratio and Cash Reinvestment Ratio:Mainly due to the increase in cash inflow from operating activities in the current period.
Operating Leverage: Mainly due to the decrease in operating profit in the current period.

Note 1: As of the date of publication of the annual report, the Company's first quarter consolidated financial report was reviewed by CPAs.

Note 2: The denominator or numerator of the calculation formula is zero or negative, so it is not calculated.

6.2.2 Financial Analysis (IFRS, Non-Consolidated)

	Year			Financial Analysis in the Last Five Years			Mar. 31, 2021
Item		2016	2017	2018	2019	2020	(Note 1)
Financial	Liabilities to Assets Ratio (%)	44	44	44	43	37
Structure (%)	Long-term Capital to PPE Ratio (%)	6011	6018	6763	6899	7078
	Current Ratio (%)	281	253	354	284	516
Solvency (%)	Quick Ratio (%)	36	28	53	58	125
	Interest Coverage Ratio	5.36	3.80	3.84	3.49	4.25
	Receivable Turnover Ratio (times)	10.78	33.17	9.88	8.77	26.89
	Average Collection Day	33	11	36	41	13
	Inventory Turnover Ratio (times)	0.17	0.20	0.22	0.21	0.31
Operating	Payable Turnover Ratio (times)	1.78	3.38	3.79	3.51	4.81
Ability	Average Sales Day	2147	1759	1592	1738	1186
	Property, Plant and Equipment Turnover Ratio (times)	10.27	10.19	11.97	11.19	15.12	N/A
	Total Assets Turnover Ratio (times)	0.13	0.13	0.15	0.13	0.18
	Return on Total Assets (%)	3.97	3.21	3.23	2.58	2.30
	Return on Equity (%)	6.55	5.32	5.24	3.99	3.30
Profitability	Pre-tax Net Profit to Paid-in Capital Ratio (%)	11.44	7.92	8.20	6.27	5.80
	Net Profit Ratio (%)	26.80	22.34	19.31	16.77	10.87
	Earnings per share (EPS) (NT\$)	0.99	0.79	0.77	0.59	0.49
	Cash Flow Ratio (%)	6.42	4.79	6.34	38.24	111.35
Cash Flow	Cash Flow Adequacy Ratio (%)	0.85	14.62	21.74	86.43	145.79
	Cash Reinvestment Ratio (%)		(Note 2) (Note 2) (Note 2)		9.39	15.52
	Operating Leverage	1.48	0.29	0.80	2.21	1.44
Leverage	Financial Leverage	1.24	1.14	1.18	2.57	1.26
	The reasons for the increase or decrease for more than 20% in various financial ratios in the last two years: 1. Current Ratio, Quick Ration: Mainly due to the decrease in current liabilities. 2. Interest Coverage Ratio: Mainly due to the decrease in net profit before tax during the current period. 3. Receivable Turnover Ratio and Average Collection Day: Mainly due to the decrease in average account receivables. 4. Inventory Turnover Ratio: Mainly due to the increase in inventory and the increase in cost of goods sold.

Payable Turnover Ratio: Mainly due to the decrease in account payables.
Property, Plant and Equipment Turnover Ratio, Return on Total Assets: Mainly due to the increase in operating revenue. 7. Net Profit Ratio: Mainly due to the increase in operating revenue and the decrease in net profit after tax in the current period. 8. Cash Flow Ratio: Mainly due to the increase in cash inflow from operating activities and the decrease in current liabilities. 9. Cash Flow Adequacy Ratio and Cash Reinvestment Ratio:Mainly due to the increase in cash inflow from operating activities

in the current period.

Operating Leverage and Financial Leverage: Mainly due to the increase in operating profit in the current period.

Note 1: The Company has no non-consolidated financial analysis data prepared in accordance with International Financial Reporting Standards as to the date of Mar. 31, 2021.

Note 2: The denominator or numerator of the calculation formula is zero or negative, so it is not calculated.

Prince Housing & Development Corporation Audit Report by the Audit Committee

This is to approve that

The 2020 Business Report, 2020 Financial Statements, and 2020 Proposal for Earnings distribution prepared by the Board of Directors. The 2020 Financial Statements have been approved by CPA Chung-Yu Tien and CPA Chien-Chi Wu of PwC Taiwan who have also issued an audit report. After auditing the Business Report, Financial Statements and Proposal for Profit Distribution, this Committee found no nonconformities and thus issued this report in accordance with Article 14-4 of the Securities and Exchange Act and Article 219 of the Company Act.

To

The 2021 Annual General Meeting of Shareholders of Prince Housing and Development Corporation

Prince Housing & Development Corp. Audit Committee Chairman PENG-LING NIEH

May 6, 2021

Declaration of Consolidated Financial Statements of Affiliated Enterprises

For the year ended December 31, 2020, pursuant to "Criteria Governing Preparation of Affiliation Reports, Consolidated Business Reports and Consolidated Financial Statements of Affiliated Enterprises," the entity that is required to be included in the consolidated financial statements of affiliates, is the same as the entity required to be included in the consolidated financial statements of parent and subsidiary companies under International Financial Reporting Standard No. 10. Also, if relevant information that should be disclosed in the consolidated financial statements of affiliates has all been disclosed in the consolidated financial statements of parent and subsidiary companies, it shall not be required to prepare separate consolidated financial statements of affiliates.

Hereby declare,

PRINCE HOUSING & DEVELOPMENT CORP. By LUO ZHI XIAN

Chairman March 18, 2021

Financial Information

PRINCE HOUSING & DEVELOPMENT CORP. AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS AND

INDEPENDENT AUDITORS' REPORT

DECEMBER 31, 2020 AND 2019

For the convenience of readers and for information purpose only, the auditors' report and the accompanying financial statements have been translated into English from the original Chinese version prepared and used in the Republic of China. In the event of any discrepancy between the English version and the original Chinese version or any differences in the interpretation of the two versions, the Chineselanguage auditors' report and financial statements shall prevail.

PRINCE HOUSING & DEVELOPMENT CORP. DECEMBER 31, 2020 AND 2019 CONSOLIDATED FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT TABLE OF CONTENTS TABLE OF CONTENTS

~2~

Contents	Page

1. Cover Page	1
2. Table of Contents	2 ~ 3
3. Declaration of Consolidated Financial Statements of Affiliated Enterprises	4
4. Independent Auditors' Report	5 ~ 11
5. Consolidated Balance Sheets	12 ~ 13
6. Consolidated Statements of Comprehensive Income	14 ~ 15
7. Consolidated Statements of Changes in Equity	16
8. Consolidated Statements of Cash Flows	17 ~ 18
9. Notes to the Consolidated Financial Statements	19 ~ 89
(1) HISTORY AND ORGANIZATION	19
(2) THE DATE OF AUTHORIZATION FOR ISSUANCE OF THE	19
CONSOLIDATED FINANCIAL STATEMENTS AND
PROCEDURES FOR AUTHORIZATION
(3) APPLICATION OF NEW STANDARDS, AMENDMENTS AND	19 ~ 20
INTERPRETATIONS
(4) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	21 ~ 35

1. Declaration of Consolidated Financial Statements of Affiliated Enterprises 4
1. Consolidated Statements of Comprehensive Income 14 ~ 15
1. Consolidated Statements of Changes in Equity 16
1. Consolidated Statements of Cash Flows 17 ~ 18
1. Notes to the Consolidated Financial Statements 19 ~ 89
(1) HISTORY AND ORGANIZATION 19
(2) THE DATE OF AUTHORIZATION FOR ISSUANCE OF THE CONSOLIDATED FINANCIAL STATEMENTS AND PROCEDURES FOR AUTHORIZATION
(3) APPLICATION OF NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS
(4) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 21 ~ 35

	Contents	Page

(5)	CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND	35
	KEY SOURCES OF ASSUMPTION UNCERTAINTY
(6)	DETAILS OF SIGNIFICANT ACCOUNTS	35 ~ 69
(7)	RELATED PARTY TRANSACTIONS	70 ~ 73
(8)	PLEDGED ASSETS	73
(9)	SIGNIFICANT CONTINGENT LIABILITIES AND	74 ~ 78
	UNRECOGNISED CONTRACT COMMITMENTS
	(10) SIGNIFICANT DISASTER LOSS	78
	(11) SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE	78
	(12) OTHERS	79 ~ 86
	(13) SUPPLEMENTARY DISCLOSURES	86 ~ 87
	(14) SEGMENT INFORMATION	87 ~ 89

Declaration of Consolidated Financial Statements of Affiliated Enterprises

Hereby declare,

PRINCE HOUSING & DEVELOPMENT CORP.

By LUO ZHI XIAN

Chairman
March 18, 2021

INDEPENDENT AUDITORS' REPORT TRANSLATED FROM CHINESE

To the Board of Directors and Shareholders of Prince Housing & Development Corp.

Opinion

We have audited the accompanying consolidated balance sheets of Prince Housing & Development Corp. and its subsidiaries (the "Group") as at December 31, 2020 and 2019, and the related consolidated statements of comprehensive income, of changes in equity and of cash flows for the years then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies. In our opinion, based on our audits and the reports of other auditors (please refer to the Other matter section), the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as at December 31, 2020 and 2019, and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and the International Financial Reporting Standards, International Accounting Standards, IFRIC Interpretations, and SIC Interpretations as endorsed by the Financial Supervisory Commission.

Basis for opinion

We conducted our audits in accordance with the Regulations Governing Auditing and Attestation of Financial Statements by Certified Public Accountants and generally accepted auditing standards in the Republic of China. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the consolidated financial statements section of our report. We are independent of the Group in accordance with the Norm of Professional Ethics for Certified Public Accountant of the Republic of China, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Based on our audits and the reports of other auditors, we believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Group's 2020 consolidated financial statements. These matters were addressed in the context of our audit of the consolidated financial statements as a whole and, in forming our opinion thereon, we do not provide a separate opinion on these matters.

Key audit matters for the Group's 2020 consolidated financial statements are stated as follows:

Accuracy of building and land sales revenue recognition timing

Description

Please refer to Note 4(31) for accounting policies on sales revenue, and Note 6(24) for details. For the year ended December 31, 2020, building and land sales revenue amounted to NT\$6,568,067 thousand, representing 54.90% of consolidated operating revenue.

The Group recognises building and land sales revenue and profit or loss upon the transfer of ownership

and turnover of the property. Since the Group has diverse customers, the information delivery and recording process between segments in the Group usually involve manual processes, and thus may result in inappropriate timing of revenue recognition around the balance sheet date. Considering that the building and land sales revenue comprise most of the Group's operating revenue, we identified the accuracy of building and land sales revenue recognition timing as a key audit matter.

How our audit addressed the matter

A. We obtained an understanding and assessed the reasonableness of internal controls on building and land sales revenue, and tested whether the process of building and land sales revenue recognition timing had been executed effectively, including verifying documents related to the date of ownership

We performed the following audit procedures on the above key audit matter:
transfer and property handover and the accuracy of recognition timing.
B. We performed cut-off test on building and land transactions around the end of the reporting period, appropriate.

including verifying land registration, house ownership certificate and customer signed receipts for the turnover of property to confirm that the timing of the building and land sales revenue recognition was

Recognition of construction revenue-the stage of completion estimate

Description

Please refer to Notes 4(31) and 5(2) for accounting policies on construction contracts and revenue recognition, and Note 6(24) for details. For the year ended December 31, 2020, construction revenue amounted to NT\$3,087,731 thousand, representing 25.81% of consolidated operating revenue. The Group provided property construction related services. During the duration of a contract, the recognition of revenue is based on the stage of completion of a contract. The stage of completion is determined by reference to the contract costs incurred to date and the proportion that contract costs incurred for work performed to date compared to the estimated total contract costs. Aforementioned estimated total contract costs were based on contract budget details compiled by owner's design drawing, considering the changes in construction scale caused by additional or less work, and the price fluctuations in the recent market to estimate the contract work, overhead and relevant costs. As the complexity of aforementioned total cost usually involves subjective judgement and contains a high degree of uncertainty, and the estimate of total cost affects the stage of completion and the recognition of construction revenue, thus we consider the reasonableness of the stage of completion which was applied on construction revenue recognition as above mentioned as a key audit matter.

How our audit addressed the matter

We performed the following audit procedures on the above key audit matter:

reasonableness of internal process of estimating total construction cost, including the procedure of estimating each construction cost and overhead, and the consistency of applying the estimation

A. We obtained an understanding of the nature of business and industry of the Group and assessed the method.
B. We assessed and tested the internal controls which would affect the changes of estimated total cost, including verifying the evidence of additional or less work and constructions.
C. We inspected the constructing site accompanied by the supervisor and other appropriate staff at the end of the reporting period to assess the reasonableness of the stage of completion method result.

D. We obtained details of construction profit or loss and performed substantive procedures, including randomly checking the incurred cost of current period with the appropriate evidence, and additional or less work with the supporting documents, and recalculated the stage of completion.

Other matter – Reference to the audits of other auditors

We did not audit the financial statements of certain investments accounted for under the equity method which were audited by other auditors. Therefore, our opinion expressed herein, insofar as it relates to the amounts included in respect of these associates, is based solely on the reports of the other auditors. The balance of these investments accounted for under the equity method amounted to NT\$580,160 thousand and NT\$571,669 thousand, constituting 1.11% and 1.04% of the consolidated total assets as at December 31, 2020 and 2019, respectively, and the comprehensive income recognised from associates and joint ventures accounted for under the equity method amounted to NT\$32,508 thousand and NT\$48,980 thousand, constituting 2.97% and 4.79% of the consolidated total comprehensive income for the years then ended, respectively.

Other matter – Parent company only financial reports

We have audited and expressed an unqualified opinion on the parent company only financial statements of Prince Housing & Development Corp., with an other matter paragraph, as at and for the years ended December 31, 2020 and 2019.

Responsibilities of management and those charged with governance for the consolidated financial statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and the International Financial Reporting Standards, International Accounting Standards, IFRIC Interpretations, and SIC Interpretations as endorsed by the Financial Supervisory Commission, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Those charged with governance, including the audit committee, are responsible for overseeing the Group's financial reporting process.

Auditors' responsibilities for the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the generally accepted auditing standards in the Republic of China will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. As part of an audit in accordance with the generally accepted auditing standards in the Republic of China, we exercise professional judgement and maintain professional skepticism throughout the audit. We also:

whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of

that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the

A. Identify and assess the risks of material misstatement of the consolidated financial statements, internal control.
B. Obtain an understanding of internal control relevant to the audit in order to design audit procedures effectiveness of the Group's internal control.
C. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
D. Conclude on the appropriateness of management's use of the going concern basis of accounting going concern.
E. Evaluate the overall presentation, structure and content of the consolidated financial statements, transactions and events in a manner that achieves fair presentation.
F. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or solely responsible for our audit opinion.

and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Group to cease to continue as a

including the disclosures, and whether the consolidated financial statements represent the underlying

business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Financial Information

The accompanying consolidated financial statements are not intended to present the financial position and results of operations and cash flows in accordance with accounting principles generally accepted in countries and jurisdictions other than the Republic of China. The standards, procedures and practices in the Republic of China governing the audit of such financial statements may differ from those generally accepted in countries and jurisdictions other than the Republic of China. Accordingly, the accompanying consolidated financial statements and independent auditors' report are not intended for use by those who are not informed about the accounting principles or auditing standards generally accepted in the Republic of China, and their applications in practice.

As the financial statements are the responsibility of the management, PricewaterhouseCoopers cannot accept any liability for the use of, or reliance on, the English translation or for any errors or misunderstandings that may derive from the translation.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

For and on behalf of PricewaterhouseCoopers, Taiwan

March 18, 2021

Tien, Chung-Yu Wu, Chien-Chih

PRINCE HOUSING & DEVELOPMENT CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS PRINCE HOUSING & DEVELOPMENT CORP. AND SUBSIDIARIES (Expressed in thousands of New Taiwan dollars)

	Assets	Notes	December 31, 2020 AMOUNT	%	December 31, 2019 AMOUNT	%
	Current assets
1100	Cash and cash equivalents	6(1)	\$ 5,406,601	10 \$	5,673,754	10
1110	Financial assets at fair value through	6(2) and 8
	profit or loss - current		904,348	2	1,517,586	3
1136	Current financial assets at amortised	6(4) and 8
	cost		960,960	2	1,064,843	2
1140	Current contract assets	6(24)	200,782	1	340,826	1
1150	Notes receivable, net	6(5)	25,934	-	58,341	-
1170	Accounts receivable, net	6(5)	1,026,186	2	751,147	1
1180	Accounts receivable - related parties 6(5) and 7		4,049	-	3,696	-
1200	Other receivables		84,537	-	25,402	-
1220	Current income tax assets		24,189	-	-	-
130X	Inventories, net	6(6) and 8	16,678,009	32	19,917,629	37
1410	Prepayments		101,098	-	114,552	-
1479	Other current assets	6(24)	3,381	-	4,074	-
11XX	Current Assets		25,420,074	49	29,471,850	54
	Non-current assets
1510	Financial assets at fair value through	6(2) and 8
	profit or loss - non-current		894,021	2	480,499	1
1517	Non-current financial assets at fair	6(3) and 8
	value through other comprehensive
	income		2,246,407	4	1,880,621	4
1535	Non-current financial assets at	6(4) and 8
	amortised cost		772,833	1	1,170,878	2
1550	Investments accounted for under	6(7) and 8
	equity method		1,864,597	4	1,884,520	3
1600	Property, plant and equipment, net	6(8) and 8	5,835,171	11	5,995,879	11
1755	Right-of-use assets	6(9) and 7	7,181,349	14	5,682,287	10
1760	Investment property, net	6(11) and 8	5,582,210	11	5,729,334	11
1780	Intangible assets, net	6(12)	1,996,776	4	2,056,927	4
1840	Deferred income tax assets	6(30)	176,995	-	119,989	-
1920	Refundable deposits	7 and 9	113,575	-	161,987	-
1990	Other non-current assets		81,406	-	102,732	-
15XX	Non-current assets		26,745,340	51	25,265,653	46
1XXX	Total assets		\$ 52,165,414	100 \$	54,737,503	100

(Continued)

Financial Information

PRINCE HOUSING & DEVELOPMENT CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS

(Expressed in thousands of New Taiwan dollars) PRINCE HOUSING & DEVELOPMENT CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS

Current assets \$ 5,406,601 10 \$ 5,673,754 10 1100 Cash and cash equivalents 6(1) 1110 Financial assets at fair value through 6(2) and 8 profit or loss - current 904,348 2 1,517,586 3 1136 Current financial assets at amortised 6(4) and 8 cost 960,960 2 1,064,843 2 1140 Current contract assets 6(24) 200,782 1 340,826 1 25,934 - 58,341 - 1150 Notes receivable, net 6(5) 1170 Accounts receivable, net 6(5) 1,026,186 2 751,147 1 1180 Accounts receivable - related parties 6(5) and 7 4,049 - 3,696 - 1200 Other receivables 84,537 - 25,402 - 1220 Current income tax assets 24,189 - - - 130X Inventories, net 6(6) and 8 16,678,009 32 19,917,629 37 1410 Prepayments 101,098 - 114,552 - 1479 Other current assets 6(24) 3,381 - 4,074 - 11XX Current Assets 25,420,074 49 29,471,850 54 Non-current assets 1510 Financial assets at fair value through 6(2) and 8 profit or loss - non-current 894,021 2 480,499 1 1517 Non-current financial assets at fair 6(3) and 8 value through other comprehensive income 2,246,407 4 1,880,621 4 1535 Non-current financial assets at 6(4) and 8 amortised cost 772,833 1 1,170,878 2 1550 Investments accounted for under 6(7) and 8 equity method 1,864,597 4 1,884,520 3 1600 Property, plant and equipment, net 6(8) and 8 5,835,171 11 5,995,879 11 7,181,349 14 5,682,287 10 1755 Right-of-use assets 6(9) and 7 1760 Investment property, net 6(11) and 8 5,582,210 11 5,729,334 11 1,996,776 4 2,056,927 4 1780 Intangible assets, net 6(12) 176,995 - 119,989 - 1840 Deferred income tax assets 6(30) 1920 Refundable deposits 7 and 9 113,575 - 161,987 - 81,406 - 102,732 - 1990 Other non-current assets 26,745,340 51 25,265,653 46 15XX Non-current assets \$ 52,165,414 100 \$ 54,737,503 100 1XXX Total assets (Continued)	Assets	Notes	December 31, 2020 AMOUNT	%	December 31, 2019 AMOUNT	%

PRINCE HOUSING & DEVELOPMENT CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS

PRINCE HOUSING & DEVELOPMENT CORP. AND SUBSIDIARIES (Expressed in thousands of New Taiwan dollars) CONSOLIDATED BALANCE SHEETS

		(Expressed in thousands of New Taiwan dollars)		December 31, 2020		December 31, 2019
	Liabilities and Equity	Notes		AMOUNT	%	AMOUNT	%
	Current liabilities
2100	Short-term borrowings	6(13) and 8	\$	1,315,000		3 \$ 1,979,000	4
2110	Short-term notes and bills payable	6(14) and 8		50,000	-	99,925	-
2130	Current contract liabilities	6(24)		916,950	2	922,540	2
2150	Notes payable			306	-	2,523	-
2170	Accounts payable			1,798,011	3	2,035,430	4
2200	Other payables			718,474	1	780,329	1
2220	Other payables - related parties	7		-	-	83,349	-
2230	Current income tax liabilities			123,422	-	19,135	-
2280	Current lease liabilities	7		442,471	1	373,742	1
2310	Receipts in advance			44,413	-	66,793	-
2320	Long-term liabilities, current portion 6(16) and 8			989,177	2	4,679,401	8
2399	Other current liabilities			76,741	-	44,717	-
21XX	Current Liabilities			6,474,965	12	11,086,884	20
	Non-current liabilities
2530	Bonds payable	6(15)		4,500,000	9	4,500,000	8
2540	Long-term borrowings	6(16) and 8		7,704,060	15	7,476,523	14
2550	Provisions for liabilities - non-current 6(17)			113,024	-	102,554	-
2570	Deferred income tax liabilities	6(30)		298,084	1	298,127	1
2580	Non-current lease liabilities	7		7,418,712	14	5,905,455	11
2610	Long-term notes and accounts
	payable			808,301	2	808,301	2
2640	Net defined benefit liability - non	6(18)
	current			67,490	-	71,868	-
2645	Guarantee deposits received			160,581	-	148,959	-
2670	Other non-current liabilities	6(7)		194,835	-	194,020	-
25XX	Non-current liabilities			21,265,087	41	19,505,807	36
2XXX	Total Liabilities			27,740,052	53	30,592,691	56
	Equity attributable to owners of
	parent
	Share capital	6(19)
3110	common stock			16,233,261	31	16,233,261	30
	Capital surplus	6(20)
3200	Capital surplus			2,260,513	5	2,260,513	4
	Retained earnings	6(21)
3310	Legal reserve			2,153,743	4	2,058,870	4
3350	Unappropriated retained earnings			2,313,465	4	2,428,513	4
	Other equity interest	6(22)
3400	Other equity interest			1,242,257	2	876,490	2
3500	Treasury stocks	6(19)	(	1,003)		- ( 1,003)	-
31XX	Equity attributable to owners of
	the parent			24,202,236	46	23,856,644	44
	36XX Non-controlling interest			223,126	1	288,168	-
3XXX	Total equity			24,425,362	47	24,144,812	44
	Significant contingent liabilities and	9
	unrecognised contract commitments
3X2X	Total liabilities and equity		\$	52,165,414	100 \$	54,737,503	100

The accompanying notes are an integral part of these consolidated financial statements.

Financial Information

PRINCE HOUSING & DEVELOPMENT CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME YEARS ENDED DECEMBER 31, 2020 AND 2019 PRINCE HOUSING & DEVELOPMENT CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Expressed in thousands of New Taiwan dollars, except for earnings per share) YEARS ENDED DECEMBER 31, 2020 AND 2019

~14~

			Year ended December 31 2020 2019
	Items	Notes		AMOUNT	%	AMOUNT	%
	4000 Sales revenue	6(24) and 7	\$	11,963,426	100 \$	12,199,437	100
	5000 Operating costs	6(6)(12)(29)	(	9,746,402)(	81) (	9,136,983)(	75)
5900	Gross profit			2,217,024	19	3,062,454	25
	Operating expenses	6(12)(29) and 7
6100	Selling expenses		(	403,736)(	3) (	446,958)(	3)
6200	General and administrative
	expenses		(	1,642,147)(	14) (	1,825,411)(	15)
6450	Impairment loss (impairment	12(2)
	gain and reversal of impairment
	loss) determined in accordance
	with IFRS 9			567	-	11	-
6000	Total operating expenses		(	2,045,316)(	17) (	2,272,358)(	18)
	6900 Operating profit			171,708	2	790,096	7
	Non-operating income and
	expenses
7100	Interest income	6(25)		12,704	-	14,656	-
7010	Other income	6(3)(26)		442,066	4	447,501	4
7020	Other gains and losses	6(2)(27)		440,939	4	39,305	-
7050	Finance costs	6(6)(28) and 7 (		325,674)(	3) (	327,977)(	3)
7060	Share of profit/(loss) of	6(7)
	associates and joint ventures
	accounted for under equity
	method			47,669	-	98,487	1
7000	Total non-operating income
	and expenses			617,704	5	271,972	2
	7900 Profit before income tax			789,412	7	1,062,068	9
7950	Income tax expense	6(30)	(	59,899)(	1) (	123,318)(	1)
	8200 Profit for the year		\$	729,513	6 \$	938,750	8
			(Continued)

PRINCE HOUSING & DEVELOPMENT CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME YEARS ENDED DECEMBER 31, 2020 AND 2019 (Expressed in thousands of New Taiwan dollars, except for earnings per share) PRINCE HOUSING & DEVELOPMENT CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME YEARS ENDED DECEMBER 31, 2020 AND 2019

			Year ended December 31 2020 2019
	Items	Notes		AMOUNT	%	AMOUNT	%
	Other comprehensive income Components of other comprehensive income that will not be reclassified to profit or
	loss
8311	Actuarial loss on defined benefit	6(18)	(\$	2,177)	- (\$	3,028)
8316 8320	plan Total expenses, by nature Share of other comprehensive income of associates and joint ventures accounted for using equity method, components of other comprehensive income that	6(3)(22)		365,767	3	88,459
	will not be reclassified to profit
8349	or loss Income tax related to components of other comprehensive income that will	6(30)	(	258)	- (	960)
	not be reclassified to profit or
	loss			60	- (	48)
8310	Components of other comprehensive income that will not be reclassified to profit
	or loss			363,392	3	84,423
	8300 Total other comprehensive
	income for the year		\$	363,392	3 \$	84,423
	8500 Total comprehensive income for the year Profit (loss), attributable to:		\$	1,092,905	9 \$	1,023,173
8610	Owners of the parent		\$	793,882	7 \$	952,767
8620	Non-controlling interest		(	64,369)(	1) (	14,017)
			\$	729,513	6 \$	938,750
	Comprehensive income attributable to:
8710	Owners of the parent		\$	1,157,255	10 \$	1,037,190
8720	Non-controlling interest		( \$	64,350)( 1,092,905	1) ( 9 \$	14,017) 1,023,173
	Earnings per share (in dollars)	6(31)
9750	Basic earnings per share		\$		0.49 \$		0.59
9850	Diluted earnings per share		\$		0.49 \$		0.58

~15~ The accompanying notes are an integral part of these consolidated financial statements.

Financial Information

PRINCE HOUSING & DEVELOPMENT CORP. AND SUBSIDIARIES PRINCE HOUSING & DEVELOPMENT CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY YEARS ENDED DECEMBER 31, 2020 AND 2019

					Equity attributable to owners of the parent
					Retained earnings		Unrealised gains financial assets (losses) from Other equity interest
	Notes	common stock Share capital -	additional paid-in Capital surplus, capital	Legal reserve	retained earnings Unappropriated	foreign operations differences of statements translation Financial	measured at fair comprehensive value through income other	Treasury stocks	Total	Non-controlling interest	Total equity
Year ended December 31, 2019
Balance at January 1, 2019		\$ 16,233,261	\$ 2,260,513	\$ 1,933,605	\$ 2,660,209	48 ) (\$	788,079 \$	1,003 ) (\$	\$ 23,874,616	303,265 \$	\$ 24,177,881
Profit (loss) for the year	6(31)	-	-	-	952,767	-	-	-	952,767	14,017 ) (	938,750
Other comprehensive income for the year	6(3)(18)(22)	-	-	-	4,036 ) (	-	88,459	-	84,423	-	84,423
Total comprehensive income(loss) for this year		-	-	-	948,731	-	88,459	-	1,037,190	14,017 ) (	1,023,173
Appropriations and distribution of 2018 earnings:
Legal reserve		-	-	125,265	125,265 ) (	-	-	-	-	-	-
Cash dividends	6(21)	-	-	-	1,055,162 ) (	-	-	-	1,055,162 ) (	-	1,055,162 ) (
Change in non-controlling interest		-	-	-	-	-	-	-	-	1,080 ) ( (	1,080 )
Balance at December 31, 2019		\$ 16,233,261	\$ 2,260,513	\$ 2,058,870	\$ 2,428,513	48 ) (\$	876,538 \$	1,003 ) (\$	\$ 23,856,644	288,168 \$	\$ 24,144,812
Year ended December 31, 2020
Balance at January 1, 2020		\$ 16,233,261	\$ 2,260,513	\$ 2,058,870	\$ 2,428,513	48 ) (\$	876,538 \$	1,003 ) (\$	\$ 23,856,644	288,168 \$	\$ 24,144,812
Profit (Loss) for the year	6(31)	-	-	-	793,882	-	-	-	793,882	64,369 ) (	729,513
Other comprehensive income for the year	6(3)(18)(22)	-	-	-	2,394 ) (	-	365,767	-	363,373	19	363,392
Total comprehensive income (loss) for this year		-	-	-	791,488	-	365,767	-	1,157,255	64,350 ) (	1,092,905
Appropriations and distribution of 2019 earnings:
Legal reserve		-	-	94,873	94,873 ) (	-	-	-	-	-	-
Cash dividends	6(21)	-	-	-	811,663 ) (	-	-	-	811,663 ) (	-	811,663 ) (
Change in non-controlling interest		-	-	-	-	-	-	-	-	692 ) ( (	692 )
Balance at December 31, 2020		\$ 16,233,261	\$ 2,260,513	\$ 2,153,743	\$ 2,313,465	48 ) (\$	\$ 1,242,305	1,003 ) (\$	\$ 24,202,236	223,126 \$	\$ 24,425,362

PRINCE HOUSING & DEVELOPMENT CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Expressed in thousands of New Taiwan dollars)

The accompanying notes are an integral part of these consolidated financial statements.

(Expressed in thousands of New Taiwan dollars

)

CASH FLOWS FROM OPERATING ACTIVITIES Profit before tax Adjustments Income and expenses having no effect on cash flows Net gain on financial assets at fair value through profit or loss 6(2)(27) -off of uncollectible accounts 12(2) Share of profit of associates and joint ventures accounted for under equity method 6(7) Gain on disposal of property, plant and equipment 6(27) Gain on disposal of investment property 6(27) Property, plant and equipment transferred to expenses 913 1,358 Gain arising from lease modification 6(9) Gain from changes in lease payments arising from the rent concessions 6(9) Depreciation 6(8)(9)(11)(29) 768,302 729,711 Amortization 6(12)(29) 62,406 61,957 Interest expense 6(28) 324,474 326,777 Interest income 6(25) Dividend income 6(3)(26) Changes in assets/liabilities relating to operating activities Changes in operating assets Financial assets at fair value through profit or loss Current contract assets 140,044 276,027 Notes receivable 32,407 13,829 Accounts receivable Accounts receivable - related parties Other receivables Inventories 3,298,137 2,040,345 Prepayments 13,269 189,120 Other current assets 693 40,180 Other non -current liabilities Changes in operating liabilities Current contract liabilities Notes payable Accounts payable Other payables

Notes 2020 CASH FLOWS FROM OPERATING ACTIVITIES \$ 789,412 \$ Profit before tax Adjustments Income and expenses having no effect on cash flows ( 418,234 ) ( Net gain on financial assets at fair value through profit or loss 6(2)(27) Write -off of uncollectible accounts 12(2) ( 567 ) ( Share of profit of associates and joint ventures accounted for 6(7) ( 47,669 ) ( under equity method Gain on disposal of property, plant and equipment 6(27) ( 21,480 ) ( Gain on disposal of investment property 6(27) ( 683 ) ( 913 Property, plant and equipment transferred to expenses Gain arising from lease modification 6(9) ( 174 ) ( Gain from changes in lease payments arising from the rent 6(9) ( 15,041 ) concessions Depreciation 6(8)(9)(11)(29) 768,302 Amortization 6(12)(29) 62,406 324,474 Interest expense 6(28)	s ended December 31
	2019


	1,062,068


	37,723 ) 11 )

	98,487 )
	1,375 )
	182 )
	1,358
	12 )

	-
	729,711
	61,957
	326,777
Interest income 6(25) ( 12,704 ) (	14,656 )
Dividend income 6(3)(26) ( 97,600 ) (	101,775 )
Changes in assets/liabilities relating to operating activities
Changes in operating assets
Financial assets at fair value through profit or loss - current 617,950 (	357,187 )
140,044 Current contract assets	276,027
Notes receivable 32,407	13,829
Accounts receivable ( 274,472 )	964,137
( 353 ) Accounts receivable - related parties	24,097
Other receivables ( 52,016 )	74,100
Inventories 3,298,137	2,040,345
13,269 Prepayments	189,120
Other current assets 693	40,180
Other non -current liabilities ( 1,453 ) (	22,189 )
Changes in operating liabilities
Current contract liabilities ( 5,590 ) (	38,484 )
Notes payable ( 2,217 ) (	2,362 )
( 237,419 ) ( Accounts payable	769,487 )
Other payables ( 58,614 ) (	302,635 )
Other payables - related parties ( 83,349 )	17,491
( 22,380 ) Advance sales receipts	2,618
Other current liabilities 32,024 (	51,171 )
Provisions for liabilities - non -current 10,470	15,358
Net defined benefit liability - non -current ( 6,555 ) (	3,512 )
Other non -current liabilities, others 472	156
Cash inflow generated from operations 4,732,403	4,038,081
Interest received 12,704	14,656
Cash dividend received 165,258	158,037
Interest paid ( 314,838 ) (	323,444 )
Income tax paid ( 43,909 ) ( Net cash flows from operating activities 4,551,618	160,223 ) 3,727,107

CONSOLIDATED STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2020 AND 2019

YEARS ENDED DECEMBER 31, 2020 AND 2019 (Expressed in thousands of New Taiwan dollars)

(Continued)

PRINCE HOUSING & DEVELOPMENT CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2020 AND 2019 PRINCE HOUSING & DEVELOPMENT CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in thousands of New Taiwan dollars) YEARS ENDED DECEMBER 31, 2020 AND 2019 (Expressed in thousands of New Taiwan dollars)

			Years ended December 31
	Notes		2020		2019

CASH FLOWS FROM INVESTING ACTIVITIES
Decrease (increase) in financial assets at amortised cost-current		\$	103,883	( \$	94,004 )
Decrease (increase) in financial assets at amortised cost non
current			398,045	(	49,186 )
Acquisition of property, plant and equipment	6(8)	(	62,303 ) (		53,030 )
Proceeds from disposal of property, plant and equipment			29,351		5,260
Proceeds from disposal of investment property			4,783		1,855
Increase in intangible assets	6(12)	(	2,255 ) (		640 )
Decrease in refundable deposits			48,412		93,041
Net cash flows from (used in) investing activities			519,916	(	96,704 )
CASH FLOWS FROM FINANCING ACTIVITIES
(Decrease) increase in short-term borrowings	6(33)	(	664,000 )		989,000
Decrease in short-term notes and bills payable	6(33)	(	49,925 ) (		301,809 )
Repayment of long-term borrowings	6(33)	(	36,743,015 ) (		31,212,652 )
Proceeds from long-term borrowings	6(33)		33,280,328		29,925,922
Increase in long-term notes and accounts payable	6(33)		-		86,668
Increase in guarantee deposits received	6(33)		11,622		12,797
Payments of lease liabilities	6(33)	(	361,342 ) (		368,586 )
Cash dividends paid	6(21)	(	811,663 ) (		1,055,162 )
Changes in non-controlling interest		(	692 ) (		1,080 )
Net cash flows used in financing activities		(	5,338,687 ) (		1,924,902 )
Net (decrease) increase in cash and cash equivalents		(	267,153 )		1,705,501
Cash and cash equivalents at beginning of year			5,673,754		3,968,253
Cash and cash equivalents at end of year		\$	5,406,601	\$	5,673,754

The accompanying notes are an integral part of these consolidated financial statements.

PRINCE HOUSING & DEVELOPMENT CORP. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2020 AND 2019

(Expressed in thousands of New Taiwan dollars, except as otherwise indicated) PRINCE HOUSING & DEVELOPMENT CORP. AND SUBSIDIARIES

1. HISTORY AND ORGANIZATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(1) Prince Housing & Development Corp. (the "Company") was established in September 1973, under the Company Act and other related regulations. The Company is primarily engaged in the construction, leasing and sale of public housing, commercial building, tourism/recreation place (children's playground, water park, etc.) and parking lot/parking tower, and leasing and sale of real estate. The common shares of the Company have been listed on the Taiwan Stock Exchange (1) Prince Housing & Development Corp. (the "Company") was established in September 1973, under the Company Act and other related regulations. The Company is primarily engaged in the

(1) Effect of the adoption of new issuances of or amendments to International Financial Reporting

(2) The main activities of the Company and its subsidiaries (collectively referred herein as the (children's playground, water park, etc.) and parking lot/parking tower, and leasing and sale of real

since April 1991. YEARS ENDED DECEMBER 31, 2020 AND 2019 (Expressed in thousands of New Taiwan dollars, except as otherwise indicated) 1. HISTORY AND ORGANIZATION construction, leasing and sale of public housing, commercial building, tourism/recreation place
"Group") are provided in Note 4(3) B. estate. The common shares of the Company have been listed on the Taiwan Stock Exchange since April 1991.

2. THE DATE OF AUTHORIZATION FOR ISSUANCE OF THE CONSOLIDATED STATEMENTS AND PROCEDURES FOR AUTHORIZATION are provided in Note 4(3) B. 2. THE DATE OF AUTHORIZATION FOR ISSUANCE OF THE CONSOLIDATED FINANCIAL

These consolidated financial statements were authorized for issuance by the Board of Directors on March 18, 2021. STATEMENTS AND PROCEDURES FOR AUTHORIZATION These consolidated financial statements were authorized for issuance by the Board of Directors on March

3. APPLICATION OF NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS 3. APPLICATION OF NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS

Standards ("IFRS") as endorsed by the Financial Supervisory Commission ("FSC") New standards, interpretations and amendments endorsed by the FSC effective from 2020 are as (1) Effect of the adoption of new issuances of or amendments to International Financial Reporting Standards ("IFRS") as endorsed by the Financial Supervisory Commission ("FSC") New standards, interpretations and amendments endorsed by the FSC effective from 2020 are as follows:

Note:Earlier application from January 1, 2020 is allowed by FSC.

The above standards and interpretations have no significant impact to the Group's financial condition

New Standards, Interpretations and Amendments

	Effective date by
	International Accounting
New Standards, Interpretations and Amendments	Standards Board
Amendments to IAS 1 and IAS 8, 'Disclosure initiative-definition of material'	January 1, 2020
Amendments to IFRS 3, 'Definition of a business'	January 1, 2020
Amendments to IFRS 9, IAS 39 and IFRS 7, 'Interest rate benchmark reform'	January 1, 2020
Amendment to IFRS 16, 'Covid-19-related rent concessions'	June 1, 2020 (Note)

and financial performance based on the Group's assessment. Amendment to IFRS 16, 'Covid-19-related rent concessions' This amendment provides a practical expedient for lessees from assessing whether a rent concession related to COVID-19, and that meets all of the following conditions, is a lease modification: The above standards and interpretations have no significant impact to the Group's financial condition and financial performance based on the Group's assessment. Amendment to IFRS 16, 'Covid-19-related rent concessions' This amendment provides a practical expedient for lessees from assessing whether a rent concession related to COVID-19, and that meets all of the following conditions, is a lease modification:

The above standards and interpretations have no significant impact to the Group's financial condition

the Group	Effective date by
New standards, interpretations and amendments endorsed by the FSC effective from 2021 are as follows:	International Accounting
New Standards, Interpretations and Amendments	Standards Board
Amendments to IFRS 4, 'Extension of the temporary exemption from applying IFRS 9'	Effective date by January 1, 2021 International Accounting
New Standards, Interpretations and Amendments Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16, 'Interest	Standards Board January 1, 2021
Amendments to IFRS 4, 'Extension of the temporary exemption from Rate Benchmark Reform— Phase 2' applying IFRS 9'	January 1, 2021

endorsed by the FSC are as follows:	International Accounting
New Standards, Interpretations and Amendments	Standards Board Effective date by
Amendments to IFRS 3, 'Reference to the conceptual framework' Amendments to IFRS 10 and IAS 28, 'Sale or contribution of assets	January 1, 2022 International Accounting To be determined by
New Standards, Interpretations and Amendments between an investor and its associate or joint venture'	Standards Board International Accounting
Amendments to IFRS 3, 'Reference to the conceptual framework'	January 1, 2022 Standards Board
Amendments to IFRS 10 and IAS 28, 'Sale or contribution of assets IFRS 17, 'Insurance contracts'	To be determined by January 1, 2023
between an investor and its associate or joint venture' Amendments to IFRS 17, 'Insurance contracts'	International Accounting January 1, 2023
Amendments to IAS 1, 'Classification of liabilities as current or non-	Standards Board January 1, 2023
IFRS 17, 'Insurance contracts' Amendments to IAS 1, 'Disclosure of accounting policies'	January 1, 2023 January 1, 2023
Amendments to IFRS 17, 'Insurance contracts' Amendments to IAS 8, 'Definition of accounting estimates'	January 1, 2023 January 1, 2023
Amendments to IAS 1, 'Classification of liabilities as current or non- Amendments to IAS 16, 'Property, plant and equipment:proceeds before	January 1, 2023 January 1, 2022
Amendments to IAS 1, 'Disclosure of accounting policies' intended use'	January 1, 2023
Amendments to IAS 8, 'Definition of accounting estimates' Amendments to IAS 37, 'Onerous contracts—cost of fulfilling a	January 1, 2023 January 1, 2022
Amendments to IAS 16, 'Property, plant and equipment:proceeds before Annual improvements to IFRS Standards 2018–2020	January 1, 2022 January 1, 2022
intended use' The above standards and interpretations have no significant impact to the Group's financial condition
Amendments to IAS 37, 'Onerous contracts—cost of fulfilling a	January 1, 2022
and financial performance based on the Group's assessment. Annual improvements to IFRS Standards 2018–2020	January 1, 2022

and financial performance based on the Group's assessment. New standards, interpretations and amendments issued by IASB but not yet included in the IFRSs as endorsed by the FSC are as follows: (3) IFRSs issued by IASB but not yet endorsed by the FSC

(b) Any reduction in lease payments affects only payments originally due on or before June 30, 2021; and (c) There is no substantive change to other terms and conditions of the lease. (d) The impact to the Group by adopting this practical expedient for the year ended December 31, 2020 is provided in Note 6(9). (2) Effect of new issuances of or amendments to IFRSs as endorsed by the FSC but not yet adopted by the Group

(3) IFRSs issued by IASB but not yet endorsed by the FSC New standards, interpretations and amendments issued by IASB but not yet included in the IFRSs as New standards, interpretations and amendments issued by IASB but not yet included in the IFRSs as endorsed by the FSC are as follows:

(d) The impact to the Group by adopting this practical expedient for the year ended December 31, 2020 is provided in Note 6(9). (2) Effect of new issuances of or amendments to IFRSs as endorsed by the FSC but not yet adopted by the Group New standards, interpretations and amendments endorsed by the FSC effective from 2021 are as follows: New standards, interpretations and amendments endorsed by the FSC effective from 2021 are as follows:

Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16, 'Interest Rate Benchmark Reform— Phase 2' January 1, 2021 The above standards and interpretations have no significant impact to the Group's financial condition and financial performance based on the Group's assessment. (3) IFRSs issued by IASB but not yet endorsed by the FSC The above standards and interpretations have no significant impact to the Group's financial condition and financial performance based on the Group's assessment.

and financial performance based on the Group's assessment. ~20~ The above standards and interpretations have no significant impact to the Group's financial condition and financial performance based on the Group's assessment.

(a) Changes in lease payments result in the revised consideration for the lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change;
(a) Changes in lease payments result in the revised consideration for the lease that is substantially the (b) Any reduction in lease payments affects only payments originally due on or before June 30, 2021; and
same as, or less than, the consideration for the lease immediately preceding the change; (c) There is no substantive change to other terms and conditions of the lease.
(a) Changes in lease payments result in the revised consideration for the lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change; (b) Any reduction in lease payments affects only payments originally due on or before June 30, 2021; and (c) There is no substantive change to other terms and conditions of the lease. (d) The impact to the Group by adopting this practical expedient for the year ended December 31, 2020 is provided in Note 6(9).

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

(1) Compliance statement

The consolidated financial statements of the Group have been prepared in accordance with the "Regulations Governing the Preparation of Financial Reports by Securities Issuers", International Financial Reporting Standards, International Accounting Standards, IFRIC Interpretations, and SIC Interpretations as endorsed by the FSC (collectively referred herein as the "IFRSs").

(2) Basis of preparation

(c) Defined benefit liabilities recognised based on the net amount of pension fund assets less unrecognised actuarial gains and present value of defined benefit obligation.

A. Except for the following items, these parent company only financial statements have been prepared under the historical cost convention: (a) Financial assets (including derivative instruments) at fair value through profit or loss.
(b) Financial assets at fair value through other comprehensive income.
B. The preparation of financial statements in conformity with IFRSs requires the use of certain financial statements are disclosed in Note 5.

critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated

(3) Basis of consolidation

(a) All subsidiaries are included in the Group's consolidated financial statements. Subsidiaries are all entities (including structured entities) controlled by the Group. The Group controls an entity when the Group is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Consolidation of subsidiaries begins from the date the Group obtains control of the

companies within the Group are eliminated. Accounting policies of subsidiaries have been adjusted where necessary to ensure consistency with the policies adopted by the Group.

A. Basis for preparation of consolidated financial statements:
subsidiaries and ceases when the Group loses control of the subsidiaries.
(b) Inter-company transactions, balances and unrealised gains or losses on transactions between
(c) Profit or loss and each component of other comprehensive income are attributed to the owners controlling interests having a deficit balance.
the consideration paid or received is recognised directly in equity.

of the parent and to the non-controlling interests. Total comprehensive income is attributed to the owners of the parent and to the non-controlling interests even if this results in the non-

(d) Changes in a parent's ownership interest in a subsidiary that do not result in the parent losing control of the subsidiary (transactions with non-controlling interests) are accounted for as equity transactions, i.e. transactions with owners in their capacity as owners. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of

(e) When the Group loses control of a subsidiary, the Group remeasures any investment retained

in the former subsidiary at its fair value. That fair value is regarded as the fair value on initial recognition of a financial asset or the cost on initial recognition of the associate or joint venture. Any difference between fair value and carrying amount is recognised in profit or loss. All amounts previously recognised in other comprehensive income in relation to the subsidiary are reclassified to profit or loss on the same basis as would be required if the related assets or liabilities were disposed of. That is, when the Group loses control of a subsidiary, all gains or losses previously recognised in other comprehensive income in relation to the subsidiary should be reclassified from equity to profit or loss, if such gains or losses would be reclassified to profit or loss when the related assets or liabilities are disposed of. in the former subsidiary at its fair value. That fair value is regarded as the fair value on initial recognition of a financial asset or the cost on initial recognition of the associate or joint venture. Any difference between fair value and carrying amount is recognised in profit or loss. All amounts previously recognised in other comprehensive income in relation to the subsidiary are reclassified to profit or loss on the same basis as would be required if the related assets or liabilities were disposed of. That is, when the Group loses control of a subsidiary, all gains or losses previously recognised in other comprehensive income in relation to the subsidiary should be reclassified from equity to profit or loss, if such gains or losses would be reclassified to profit or loss when the related assets or liabilities are disposed of.

				Ownership (%)
		Main business		December 31, December 31,
Name of investor	Name of subsidiary	activities	2020	2019	Description
Prince Housing & Development Corp.	Prince Property Management Consulting Co., Ltd.	Real estate managers	100	100
	Cheng-Shi Investment Holdings Co., Ltd.	General investments	100	100
	Prince Housing Investment Co., Ltd.	Overseas investment	100	100
	The Splendor Hotel Taichung	Hotels and catering	50	50	Note
	Jin-Yi-Xing Plywood Co., Ltd.	Manufacture of plywood	99.65	99.65
	Prince Industrial Co., Ltd.	Development of public housing and building	100	100
	Prince Real Estate Co., Ltd.	Real estate trading and leasing	99.68	99.68
	Times Square International Holdings Co., Ltd. General investments		100	100
Prince Property Management Consulting Co., Ltd.	Prince Apartment Management Maintain Co., Ltd.	Management of apartment	100	100
	Prince Security Co., Ltd.	Security	100	100
Cheng-Shi Investment Holdings Co., Ltd.	Ta-Chen Construction & Engineering Corp.	Construction	100	100
	Prince Utility Co., Ltd.	Electricity and water pipe maintenance	100	100
	Cheng-Shi Construction Co., Ltd.	Construction	100	100
Times Square International Holdings Co., Ltd.	Times Square International Hotel Corp.	Hotels and catering	100	100

B. Subsidiaries included in the consolidated financial statements: B. Subsidiaries included in the consolidated financial statements:

Note: The Group does not directly or indirectly own above 50% of voting shares of The Splendor Hotel Taichung. However, as the Group has control over the finance and operations of the Note: The Group does not directly or indirectly own above 50% of voting shares of The Splendor Hotel Taichung. However, as the Group has control over the finance and operations of the company, it is included in the consolidated financial statements.

C. Subsidiaries not included in the consolidated financial statements: None.
D. Adjustments for subsidiaries with different balance sheet dates: None.
E. Significant restrictions: None.
F. Subsidiaries that have non-controlling interests that are material to the Group: The Group's noncontrolling interest is not material and thus, is not applicable.

(4) Foreign currency translation

Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates (the "functional currency"). The consolidated financial statements are presented in New Taiwan dollars, which is the Company's functional and the Group's presentation currency. A. Foreign currency transactions and balances

(a) Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such

(b) Monetary assets and liabilities denominated in foreign currencies at the period end are retranslated at the exchange rates prevailing at the balance sheet date. Exchange differences arising upon re-translation at the balance sheet date are recognized in profit or loss.

(c) Non-monetary assets and liabilities denominated in foreign currencies held at fair value through profit or loss are re-translated at the exchange rates prevailing at the balance sheet date; their translation differences are recognized in profit or loss. Non-monetary assets and liabilities denominated in foreign currencies held at fair value through other comprehensive income are re-translated at the exchange rates prevailing at the balance sheet date; their translation differences are recognized in other comprehensive income. However, non-monetary assets and liabilities denominated in foreign currencies that are not measured at fair value are translated using the historical exchange rates at the dates of

(d) All foreign exchange gains and losses are presented in the statement of comprehensive

transactions are recognized in profit or loss in the period in which they arise.
the initial transactions.
income within 'other gains and losses'.
B. Translation of foreign operations
are translated into the presentation currency as follows:
- exchange rate at the date of that balance sheet;
- average exchange rates of that period; and
as disposal of all interest in these foreign operations.

(a) The operating results and financial position of all the Group entities, associates and jointly controlled entities that have a functional currency different from the presentation currency

i. Assets and liabilities for each balance sheet presented are translated at the closing

ii. Income and expenses for each statement of comprehensive income are translated at

iii. All resulting exchange differences are recognized in other comprehensive income.

(b) When the foreign operation partially disposed of or sold is an associate or joint arrangements, exchange differences that were recorded in other comprehensive income are proportionately reclassified to profit or loss as part of the gain or loss on sale. In addition, even when the Group still retains partial interest in the former foreign associate or joint arrangements after losing significant influence over the former foreign associate, or losing joint control of the former joint arrangements, such transactions should be accounted for

(c) When the foreign operation partially disposed of or sold is a subsidiary, cumulative exchange differences that were recorded in other comprehensive income are proportionately transferred to the non-controlling interest in this foreign operation. In addition, even when the Group still retains partial interest in the former foreign subsidiary after losing control of the former foreign subsidiary, such transactions should be accounted for as disposal of all interest in the foreign operation.

(5) Classification of current and non-current items
A. If assets and liabilities are related to the construction business, they are classified as current or non-current according to their operating cycle; if they are not related to the construction business, they are classified by annual basis.
B. Assets that meet one of the following criteria are classified as current assets; otherwise they are classified as non-current assets:
- (a) Assets arising from operating activities that are expected to be realised, or are intended to be sold or consumed within the normal operating cycle;
- (b) Assets held mainly for trading purposes;
- (c) Assets that are expected to be realised within twelve months from the balance sheet date;
- (d) Cash and cash equivalents, excluding restricted cash and cash equivalents and those that are to be exchanged or used to pay off liabilities more than twelve months after the balance sheet date.
C. Liabilities that meet one of the following criteria are classified as current liabilities; otherwise they are classified as non-current liabilities:
- (a) Liabilities that are expected to be settled within the normal operating cycle;
- (b) Liabilities arising mainly from trading activities;
- (c) Liabilities that are to be settled within twelve months from the balance sheet date;
(d) Liabilities for which the repayment date cannot be extended unconditionally to more than twelve months after the balance sheet date. Terms of a liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification.
(6) Cash equivalents

Cash equivalents refer to short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Time deposits mature over three months and bonds with call back options meet the definition above and are held for the purpose of meeting short-term cash commitments in operations are classified as cash equivalents.

(7) Financial assets at fair value through profit or loss
A. Financial assets at fair value through profit or loss are financial assets that are not measured at amortised cost or fair value through other comprehensive income.
B. On a regular way purchase or sale basis, financial assets at fair value through profit or loss are recognised and derecognised using trade date accounting.
C. At initial recognition, the Company measures the financial liabilities at fair value. All related transaction costs are recognised in profit or loss. The Company subsequently measures these financial liabilities at fair value with any gain or loss recognised in profit or loss.
D. Dividends are recognised as revenue when the right to receive payment is established, future economic benefits associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably.

(8) Financial assets at fair value through other comprehensive income

A. Financial assets at fair value through other comprehensive income comprise equity securities which are not held for trading, and for which the Group has made an irrevocable election at

B. On a regular way purchase or sale basis, financial assets at fair value through other

C. At initial recognition, the Group measures the financial assets at fair value plus transaction

initial recognition to recognise changes in fair value in other comprehensive income.
comprehensive income are recognised and derecognised using trade date accounting.
costs. The Company subsequently measures the financial assets at fair value: flow to the Company and the amount of the dividend can be measured reliably.

The changes in fair value of equity investments that were recognised in other comprehensive income are reclassified to retained earnings and are not reclassified to profit or loss following the derecognition of the investment. Dividends are recognised as revenue when the right to receive payment is established, future economic benefits associated with the dividend will

(9) Financial assets at amortised cost

(a) The objective of the Group's business model is achieved by collecting contractual cash

(b) The assets' contractual cash flows represent solely payments of principal and interest. B. On a regular way purchase or sale basis, financial assets at amortised cost are recognised and

A. Financial assets at amortised cost are those that meet all of the following criteria: flows.
derecognised using trade date accounting.
derecognised or impaired.
immaterial.

C. At initial recognition, the Group measures the financial assets at fair value plus transaction costs. Interest income from these financial assets is included in finance income using the effective interest method. A gain or loss is recognised in profit or loss when the asset is

D. The Group's time deposits which do not fall under cash equivalents are those with a short maturity period and are measured at initial investment amount as the effect of discounting is

(10) Accounts and notes receivable

A. Accounts and notes receivable entitle the Group a legal right to receive consideration in

B. The short-term accounts and notes receivable without bearing interest are subsequently

exchange for transferred goods or rendered services.
measured at initial invoice amount as the effect of discounting is immaterial.

(11) Impairment of financial assets

For financial assets at amortised cost, at each reporting date, the Group recognises the impairment provision for 12 months expected credit losses if there has not been a significant increase in credit risk since initial recognition or recognises the impairment provision for the lifetime expected credit losses (ECLs) if such credit risk has increased since initial recognition after taking into consideration all reasonable and verifiable information that includes forecasts. On the other hand, for accounts receivable or contract assets that do not contain a significant financing component, the Group recognises the impairment provision for lifetime ECLs.

(12) Derecognition of financial assets

The Group derecognises a financial asset when one of the following conditions is met:

A. The contractual rights to receive the cash flows from the financial asset expire.
B. The contractual rights to receive cash flows of the financial asset have been transferred and the Group has transferred substantially all risks and rewards of ownership of the financial asset.
C. The contractual rights to receive cash flows of the financial asset have been transferred; however, the Group has not retained control of the financial asset.

(13) Leasing arrangements (lessor)-operating leases

Lease income from an operating lease (net of any incentives given to the lessee) is recognised in profit or loss on a straight-line basis over the lease term.

(14) Inventories

Except for gains or losses occurring from construction contracts that are recognised using the percentage of completion method, "land held for construction", "construction in progress", and "buildings and land held for sale" are stated at cost and evaluated at the lower of cost or net realisable value at the end of period. The individual item approach is used in the comparison of cost and net realisable value. The calculation of net realisable value is based on the estimated selling price in the normal course of business, net of estimated costs of completion and related adjusted selling expenses. The interest costs related to construction in progress are capitalised during the construction.

(15) Investments accounted for using equity method / subsidiaries, associates

A. In general, it is presumed that the investor has significant influence, if an investor holds, directly or indirectly 20 percent or more of the voting power of the investee. Investments in associates are accounted for using the equity method and are initially recognised at cost.
B. The Group's share of its associates' post-acquisition profits or losses is recognised in profit or loss, and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income. When the Group's share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate.
C. When changes in an associate's equity are not recognised in profit or loss or other comprehensive income of the associate and such changes do not affect the Group's ownership percentage of the associate, the Group recognises change in ownership interests in the associate in 'capital surplus' in proportion to its ownership.
D. Unrealised gains on transactions between the Group and its associates are eliminated to the extent of the Group's interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been adjusted where necessary to ensure consistency with the policies adopted by the Group.
E. In the case that an associate issues new shares and the Group does not subscribe or acquire new shares proportionately, which results in a change in the Group's ownership percentage of the associate but maintains significant influence on the associate, then 'capital surplus'

and 'investments accounted for under the equity method' shall be adjusted for the increase or decrease of its share of equity interest. If the above condition causes a decrease in the Group's ownership percentage of the associate, in addition to the above adjustment, the amounts previously recognised in other comprehensive income in relation to the associate are reclassified to profit or loss proportionately on the same basis as would be required if the relevant assets or liabilities were disposed of.

F. Upon loss of significant influence over an associate, the Group remeasures any investment retained in the former associate at its fair value. Any difference between fair value and

this associate, the amounts previously recognised in other comprehensive income in relation to the associate, are reclassified to profit or loss, on the same basis as would be required if the relevant assets or liabilities were disposed of. If it retains significant influence over this associate, then the amounts previously recognised in other comprehensive income in relation to the associate are reclassified to profit or loss proportionately in accordance with the

carrying amount is recognised in profit or loss.
G. When the Group disposes its investment in an associate and loses significant influence over aforementioned approach.
profit or loss proportionately.

H. When the Group disposes its investment in an associate and loses significant influence over this associate, the amounts previously recognised as capital surplus in relation to the associate are transferred to profit or loss. If it retains significant influence over this associate, then the amounts previously recognised as capital surplus in relation to the associate are transferred to

(16) Property, plant and equipment

A. Property, plant and equipment are initially recorded at cost. Borrowing costs incurred during

B. Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to profit or

C. Land is not depreciated. Other property, plant and equipment apply cost model and are depreciated using the straight-line method to allocate their cost over their estimated useful lives. Each part of an item of property, plant, and equipment with a cost that is significant in

the construction period are capitalised.
loss during the financial period in which they are incurred.
relation to the total cost of the item must be depreciated separately.
D. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted plant and equipment are as follows:

if appropriate, at each balance sheet date. If expectations for the assets' residual values and useful lives differ from previous estimates or the patterns of consumption of the assets' future economic benefits embodied in the assets have changed significantly, any change is accounted for as a change in estimate under IAS 8, 'Accounting Policies, Changes in Accounting Estimates and Errors', from the date of the change. The estimated useful lives of property,

Buildings and structures	50 ~ 60 years
Machinery and equipment	3 ~ 10 years
Computer and communication equipment	3 ~ 5 years
Transportation equipment	5 years
Office equipment	3 ~ 20 years
Leasehold improvements	2 ~ 20 years
Other equipment	2 ~ 10 years

(17) Leasing arrangements (lessee)-right-of-use assets/ lease liabilities

A. Leases are recognised as a right-of-use asset and a corresponding lease liability at the date at which the leased asset is available for use by the Group. For short-term leases or leases of low-value assets, lease payments are recognised as an expense on a straight-line basis over the lease term.
B. Lease liabilities include the net present value of the remaining lease payments at the commencement date, discounted using the incremental borrowing interest rate. Lease payments are comprised of the following:
(a) Fixed payments, less any lease incentives receivable; and
(b) Variable lease payments that depend on an index or a rate.

The Group subsequently measures the lease liability at amortised cost using the interest method and recognises interest expense over the lease term. The lease liability is remeasured and the amount of remeasurement is recognised as an adjustment to the right-of-use asset when there are changes in the lease term or lease payments and such changes do not arise from contract modifications.

C. At the commencement date, the right-of-use asset is stated at cost comprising the initial measurement of lease liability.

The right-of-use asset is measured subsequently using the cost model and is depreciated from the commencement date to the earlier of the end of the asset's useful life or the end of the lease term. When the lease liability is remeasured, the amount of remeasurement is recognised as an adjustment to the right-of-use asset.

(18) Investment property

An investment property is stated initially at its cost and measured subsequently using the cost model. Except for land, investment property is depreciated on a straight-line basis over its estimated useful life of 44 ~ 60 years.

(19) Intangible assets

Computer software cost and service concession are stated at acquisition cost and amortised on a straight line basis. The useful life of major intangible assets is 3~5 years, while service concession is 44 years.

(20) Impairment of non-financial assets

The Group assesses at each balance sheet date the recoverable amounts of those assets where there is an indication that they are impaired. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell or value in use. Except for goodwill, when the circumstances or reasons for recognising impairment loss for an asset in prior years no longer exist or diminish, the impairment loss is reversed. The increased carrying amount due to reversal should not be more than what the depreciated or amortised historical cost would have been if the impairment had not been recognised.

(21) Borrowings

A. Borrowings comprise long-term and short-term bank borrowings. Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in profit or loss over the period of the borrowings using the

effective interest method.

B. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates.

(22) Notes and accounts payable

A. Accounts payable are liabilities for purchases of raw materials, goods or services and notes payable are those resulting from operating and non-operating activities.
B. The short-term notes and accounts payable without bearing interest are subsequently measured at initial invoice amount as the effect of discounting is immaterial.

(23) Bonds payable

Ordinary corporate bonds issued by the Group are initially recognised at fair value less transaction costs. Any difference between the proceeds (net of transaction costs) and the redemption value is presented as an addition to or deduction from bonds payable, which is amortised to profit or loss over the period of bond circulation using the effective interest method as an adjustment to 'finance costs'.

(24) Derecognition of financial liabilities

A financial liability is derecognised when the obligation under the liability specified in the contract is discharged or cancelled or expires.

(25) Offsetting financial instruments

Financial assets and liabilities are offset and reported in the net amount in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.

(26) Provisions

current market assessments of the time value of money and the risks specific to the obligation. When discounting is used, the increase in the provision due to passage of time is recognized as interest expense. Provisions are not recognized for future operating losses.

(27) Employee benefits

A. Short-term employee benefits

Short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in respect of service rendered by employees in a period and should be recognised as expenses in that period when the employees render service.

B. Pensions
(a) Defined contribution plans

For defined contribution plans, the contributions are recognised as pension expenses when they are due on an accrual basis. Prepaid contributions are recognised as an asset to the extent of a cash refund or a reduction in the future payments.

(b) Defined benefit plans
i. Net obligation under a defined benefit plan is defined as the present value of an amount of pension benefits that employees will receive on retirement for their services with the Group in current period. The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets. The defined benefit net obligation is calculated annually by independent actuaries using the projected unit credit method. The rate used to discount is determined by using interest rates of government bonds (at the balance sheet) of a currency and term consistent with the currency and term of the employment benefit obligations.
ii. Remeasurement arising on defined benefit plans are recognised in other comprehensive income in the period in which they arise and are recorded as retained earnings.
C. Employees' compensation and directors' and supervisors' remuneration

Employees' compensation and directors' remuneration are recognised as expenses and liabilities, provided that such recognition is required under legal or constructive obligation and those amounts can be reliably estimated. Any difference between the resolved amounts and the subsequently actual distributed amounts is accounted for as changes in estimates. If employee compensation is distributed by shares, the Group calculates the number of shares based on the closing price at the previous day of the board meeting resolution.

(28) Income tax

A. The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or items recognised directly in equity, in which cases the tax is recognised in other comprehensive income or equity.
B. The current income tax expense is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in accordance with applicable tax regulations. It establishes provisions where appropriate based on the amounts expected to be paid to the tax

authorities. An additional tax is levied on the unappropriated retained earnings and is recorded as income tax expense in the year the stockholders resolve to retain the earnings.

C. Deferred income tax is recognised, using the balance sheet liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated balance sheet. However, the deferred income tax is not accounted for if it arises from initial recognition of goodwill or of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit nor loss. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred

taxable profit will be available against which the temporary differences can be utilised. At each balance sheet date, unrecognised and recognised deferred income tax assets are reassessed.

E. Current income tax assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. Deferred income tax assets and liabilities are offset on the balance sheet when the entity has the legally enforceable right to offset current tax assets against current tax liabilities and they are levied by the same taxation authority on either the same entity or different entities that

income tax liability is settled.
D. Deferred income tax assets are recognised only to the extent that it is probable that future
intend to settle on a net basis or realise the asset and settle the liability simultaneously.
available against which the unused tax credits can be utilised.
deferred income tax and tax payable (tax refund receivable).

F. A deferred tax asset shall be recognised for the carryforward of unused tax credits resulting from equity investments to the extent that it is possible that future taxable profit will be

G. Consolidated income tax return for tax filings of certain domestic subsidiaries in the Group accounted for in accordance with individual reporting situations. And subsidiaries have selected the consolidated income tax return for tax filings and pay additional tax on their undistributed retained earnings. If there is any tax effect due to the adoption of the consolidated tax system, the subsidiaries can proportionately allocate the effects on tax expense (benefit),

(29) Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or stock options are shown in equity as a deduction, net of tax, from the proceeds.

(30) Dividends

Dividends are recorded in the Company's financial statements in the period in which they are resolved by the Company's shareholders. Cash dividends are recorded as liabilities; stock dividends are recorded as stock dividends to be distributed and are reclassified to ordinary shares on the effective date of new shares issuance.

(31) Revenue recognition

A. Sales of services

The Group provides security and property management services. Revenue from a service contract in which the Group bills an agreed amount of service provided is recognised at the amount to which the Group has the right to invoice.

B. Land development and resale
(a) The Group develops and sells residential properties. Revenue is recognised when control over the property has been transferred to the customer. The properties have generally no alternative use for the Group due to contractual restrictions. However, an enforceable right to payment does not arise until legal title has passed to the customer. Therefore, revenue is recognised at a point in time when the legal title has passed to the customer.
(b) The revenue is measured at an agreed upon amount under the contract. The consideration is due when legal title has been transferred. While deferred payment terms may be agreed in rare circumstances, the deferral never exceeds twelve months. The transaction price is therefore not adjusted because the contract does not include a significant financing component.
C. Construction contract revenue

The Group sub-contracts public construction projects, sale and lease of public housings and business buildings. The construction contracts are identified to be one performance obligation satisfied over time. Contract revenue should be recognised by reference to the stage of completion of the contract activity, using the percentage-of-completion method of accounting, over the contract term. The stage of completion of a contract is measured by the proportion of contract costs incurred for work performed to date to the estimated total costs for the contract. If the outcome of a performance obligation cannot be estimated reliably in the beginning of the contract, but the incurred costs for satisfying performance obligation can be recovered, contract revenue should be recognised only to the extent of contract costs incurred that it is probable will be recoverable until the performance obligation can be estimated reliably. The customer pays at the time specified in the payment schedule. If the input construction cost exceed the payment, a contract asset is recognised. If the payments exceed the input construction cost, a contract liability is recognised.

D. Hospitality service revenue

The Group provides related services, such as accommodation and room service. Sales revenue will be recognised when services are provided or goods are sold. Consideration is collected when customers purchase services or goods.

E. Service concession revenue

Information on service concession revenue is provided in Note 4(32).

F. Rental revenue

The Group leases offices and dormitories. Rental revenue is recognised in profit or loss monthly on a straight-line basis over the lease term.

G. Incremental costs of obtaining a contract

The Group recognises an asset (shown as 'other current assets') the incremental costs (mainly comprised of sales commissions) of obtaining a contract with a customer if the Group expects to recover those costs. The recognised asset is amortised on a systematic basis that is consistent with the transfers to the customer of the goods or services to which the asset relates. The Group recognises an impairment loss to the extent that the carrying amount of the asset

exceeds the remaining amount of consideration that the Group expects to receive less the costs

that have not been recognised as expenses.

(32) Service concession arrangements

A. The Company was contracted by National Taiwan University (grantor) to provide construction for the government's infrastructure assets for public services and operate those assets for Changxing St. Campus for 44 years and 6 months, and for Shuiyuan Campus for 44 years and 4 months after construction is completed. When the term of operating period expires, the underlying infrastructure assets will be transferred to National Taiwan University without consideration. The Company allocates the fair value of the consideration received or receivable in respect of the service concession arrangement between construction services and operating services provided based on their relative fair values, and recognises such allocated amounts as

B. Costs incurred on provision of construction services or upgrading services under a service concession arrangement are accounted for in accordance with IFRS 15, 'Revenue from

revenues in accordance with IFRS 15, 'Revenue from contracts with customers'.
contracts with customers'.
service.

C. The consideration received or receivable from the grantor in respect of the service concession arrangement is recognised at its fair value. Such considerations are recognised as a financial asset or an intangible asset based on how the considerations from the grantor to the operator are made as specified in the arrangement. The Company recognises a financial asset to the extent that it has an unconditional contractual right to receive cash or another financial asset from or at the direction of the grantor for the construction services, and recognises an intangible asset to the extent that it receives a right (a licence) to charge users of the public

(33) Government grants

Government grants are recognized at their fair value only when there is reasonable assurance that the Group will comply with any conditions attached to the grants and the grants will be received. Government grants are recognized in profit or loss on a systematic basis over the periods in which the Group recognizes expenses for the related costs for which the grants are intended to compensate.

(34) Operating segments

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision-Maker. The Chief Operating Decision-Maker is responsible for allocating resources and assessing performance of the operating segments.

5. CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND KEY SOURCES OF ASSUMPTION UNCERTAINTY

The preparation of these consolidated financial statements requires management to make critical judgements in applying the Group's accounting policies and make critical assumptions and estimates concerning future events. Assumptions and estimates are continually evaluated and adjusted based on historical experience and other factors. Such assumptions and estimates have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next

I

historical experience and other factors. Such assumptions and estimates have a significant risk of causing a historical experience and other factors. Such assumptions and estimates have a significant risk of causing a financial year. The above information is addressed below:

material adjustment to the carrying amounts of assets and liabilities within the next financial year. The material adjustment to the carrying amounts of assets and liabilities within the next financial year. The (1)Critical judgements in applying the Group's accounting policies

above information is addressed below: above information is addressed below: Investment property

(35) Critical judgements in applying the Group's accounting policies Investment property The Group uses a portion of the property for its own use and another portion to earn rentals or for (35) Critical judgements in applying the Group's accounting policies Investment property The Group uses a portion of the property for its own use and another portion to earn rentals or for The Group uses a portion of the property for its own use and another portion to earn rentals or for capital appreciation. When these portions cannot be sold separately and cannot be leased out separately under a finance lease, the property is classified as investment property only if the ownuse portion represents an insignificant portion of the property.

~35~ ~35~ B. The repurchase bonds held by the Group has high liquidity, so they were classified as cash equivalents.
C. Details of time deposits maturing in excess of three months, trust fund of presale construction and compensating balance of borrowings pledged to others as collateral which were classified as financial assets at amortised cost, are provided in Note 6(4).
D. Details of the interest income from the aforementioned pledged bank deposits which was recognised under interest income, are provided in Note 6(25).

separately under a finance lease, the property is classified as investment property only if the own-use separately under a finance lease, the property is classified as investment property only if the own-use (2) Critical accounting estimates and assumptions

portion represents an insignificant portion of the property. portion represents an insignificant portion of the property. Revenue recognition

		December 31, 2020 December 31, 2020	December 31, 2019 December 31, 2019
Cash on hand and revolving funds Cash on hand and revolving funds	\$ \$	9,581 \$	9,581 \$ 9,747 9,747
Checking accounts and demand Checking accounts and demand
deposits deposits		4,776,962 4,776,962	4,862,516 4,862,516
Time deposits Time deposits		60,000 60,000	-
Repurchase bonds Repurchase bonds		560,058 560,058	801,491 801,491
	\$ \$	5,406,601 \$ 5,406,601 \$	5,673,754 5,673,754

(36) Critical accounting estimates and assumptions Revenue recognition Construction contract revenue should be recognised by reference to the stage of completion in the contract period using the percentage of completion method. Construction costs are recognised in the (36) Critical accounting estimates and assumptions Revenue recognition Construction contract revenue should be recognised by reference to the stage of completion in the contract period using the percentage of completion method. Construction costs are recognised in the Constructioncontract revenue should be recognised by reference to the stage of completion in the contract period using the percentage of completion method. Construction costs are recognised in the period incurred. The stage of completion of a contract is measured by the proportion of contract costs incurred for work performed up to the balance sheet date to the estimated total contract costs.

incurred for work performed up to the balance sheet date to the estimated total contract costs. incurred for work performed up to the balance sheet date to the estimated total contract costs. 6. DETAILS OF SIGNIFICANT ACCOUNTS

6. DETAILS OF SIGNIFICANT ACCOUNTS 6. DETAILS OF SIGNIFICANT ACCOUNTS (1)Cash and cash equivalents

A. The Group transacts with a variety of financial institutions all with high credit quality to disperse credit risk, so it expects that the probability of counterparty default is remote. A. The Group transacts with a variety of financial institutions all with high credit quality to disperse credit risk, so it expects that the probability of counterparty default is remote. A. The Group transacts with a variety of financial institutions all with high credit quality to disperse credit risk, so it expects that the probability of counterparty default is remote.

(2) Financial assets at fair value through profit or loss (2) Financial assets at fair value through profit or loss (2) Financial assets at fair value through profit or loss

A. The Group recognised net gains of \$418,234 and \$37,723 on financial assets at fair value through profit or loss for the years ended December 31, 2020 and 2019, respectively. B. Details of the Group's financial assets at fair value through profit or loss pledged to others as collateral are provided in Note 8. A. The Group recognised net gains of \$418,234 and \$37,723 on financial assets at fair value through profit or loss for the years ended December 31, 2020 and 2019, respectively. B. Details of the Group's financial assets at fair value through profit or loss pledged to others as A. The Group recognised net gains of \$418,234 and \$37,723 on financial assets at fair value through profit or loss for the years ended December 31, 2020 and 2019, respectively. B. Details of the Group's financial assets at fair value through profit or loss pledged to others as collateral are provided in Note 8.

collateral are provided in Note 8.

(3) Financial assets at fair value through other comprehensive income

Current items: Current items:

Items Items	December 31, 2020 December 31, 2020	December 31, 2019 December 31, 2019
Current items: Current items:
Financial assets mandatorily Financial assets mandatorily
measured at fair value through measured at fair value through
profit or loss profit or loss
Beneficiary certificates Beneficiary certificates	\$ \$ 897,218 \$ 897,218 \$	1,509,632 1,509,632
Valuation adjustment Valuation adjustment	7,130 7,130	7,954 7,954
	\$ \$ 904,348 \$ 904,348 \$	1,517,586 1,517,586
Items Items	December 31, 2020 December 31, 2020	December 31, 2019 December 31, 2019
Non-current items: Non-current items:
Financial assets mandatorily Financial assets mandatorily
measured at fair value through measured at fair value through
profit or loss profit or loss
Listed (TSE and OTC) stocks Listed (TSE and OTC) stocks	264,520 \$ 264,520 \$ \$ \$	264,520 264,520
Beneficiary certificates Beneficiary certificates	76,000 76,000	76,000 76,000
	340,520 340,520	340,520 340,520
Valuation adjustments Valuation adjustments	553,501 553,501	139,979 139,979
	\$ \$ 894,021 \$ 894,021 \$	480,499 480,499

A. The Group has elected to classify stocks that are considered to be strategic investments as financial

assets at fair value through other comprehensive income. The fair value of such investments amounted to \$2,246,407 and \$1,880,621 as at December 31, 2020 and 2019, respectively. B. Amounts recognised in profit or loss and other comprehensive income in relation to the financial A. The Group has elected to classify stocks that are considered to be strategic investments as financial assets at fair value through other comprehensive income. The fair value of such investments amounted to \$2,246,407 and \$1,880,621 as at December 31, 2020 and 2019, respectively. assets at fair value through other comprehensive income. The fair value of such investments amounted to \$2,246,407 and \$1,880,621 as at December 31, 2020 and 2019, respectively. B. Amounts recognised in profit or loss and other comprehensive income in relation to the financial

Items Items		December 31, 2020 December 31, 2020	December 31, 2019
Non-current items: Non-current items:
Designation of equity instruments Designation of equity instruments
~36~ Listed stocks Listed stocks	~36~ \$ \$	115,144 \$ 115,144 \$	115,144 115,144
Unlisted stocks Unlisted stocks		888,151 888,151	888,151 888,151
		1,003,295 1,003,295	1,003,295 1,003,295
Valuation adjustments Valuation adjustments		1,243,112 1,243,112	877,326 877,326
	\$ \$	2,246,407 \$ 2,246,407 \$	1,880,621 1,880,621

A. The Group has elected to classify stocks that are considered to be strategic investments as financial

~37~ A. As at December 31, 2020 and 2019, without taking into account any collateral held or other credit enhancements, the maximum exposure to credit risk in respect of the amount that best represents the financial assets at amortised cost held by the Group was \$1,733,793 and \$2,235,721, respectively. ~37~
B. Details of the Group's financial assets at amortised cost pledged to others as collateral are provided in Note 8.
C. Information relating to credit risk of financial assets at amortised cost is provided in Note 12(2).

A. The Group has elected to classify stocks that are considered to be strategic investments as financial assets at fair value through other comprehensive income. The fair value of such investments B. Amounts recognised in profit or loss and other comprehensive income in relation to the financial assets at fair value through other comprehensive income are listed below: B. Amounts recognised in profit or loss and other comprehensive income in relation to the financial assets at fair value through other comprehensive income are listed below: A. The Group has elected to classify stocks that are considered to be strategic investments as financial assets at fair value through other comprehensive income. The fair value of such investments

to others as collateral are provided in Note 8. Current items: (4) Financial assets at amortised cost to others as collateral are provided in Note 8.

C. Details of the Group's financial assets at fair value through other comprehensive income pledged

		Years ended December 31,
B. Amounts recognised in profit or loss and other comprehensive income in relation to the financial B. Amounts recognised in profit or loss and other comprehensive income in relation to the financial assets at fair value through other comprehensive income are listed below: assets at fair value through other comprehensive income are listed below:		2020	2019
Equity instruments at fair value through other comprehensive income
Fair value change recognised in other comprehensive loss	\$	Years ended December 31, Years ended December 31, 365,786 \$	88,459
Dividend income recognized in profit or loss held at end		2020 2020	2019 2019
Equity instruments at fair value through other comprehensive income Equity instruments at fair value through other comprehensive income of period	\$	69,613 \$	77,785
Fair value change recognised in other comprehensive loss Fair value change recognised in other comprehensive loss	\$ \$	365,786 \$ 365,786 \$	88,459 88,459

of period \$ 69,613 \$ 77,785 to others as collateral are provided in Note 8. (4) Financial assets at amortised cost C. Details of the Group's financial assets at fair value through other comprehensive income pledged to others as collateral are provided in Note 8. of period \$ 69,613 \$ 77,785

Items Items three months	\$	December 31, 2020 December 31, 2020 916,587 \$	December 31, 2019 December 31, 2019 1,016,292
Current items: Current items: Trust account		44,373	48,551
Time deposits maturing in excess of Time deposits maturing in excess of	\$	960,960 \$	1,064,843
three months three months Non-current items:	\$ \$	916,587 \$ 916,587 \$	1,016,292 1,016,292
Trust account Trust account Compensating balance	\$	44,373 44,373 536,551 \$	48,551 48,551 918,512
Pledged certificate of deposit	\$ \$	960,960 \$ 960,960 \$ 236,282	1,064,843 1,064,843 252,366
Non-current items: Non-current items:	\$	772,833 \$	1,170,878
Compensating balance Compensating balance	\$ \$	536,551 \$ 536,551 \$	918,512 918,512
Pledged certificate of deposit Pledged certificate of deposit		236,282 236,282	252,366 252,366
	\$ \$ ~37~	772,833 \$ 772,833 \$	1,170,878 1,170,878

A.The ageing analysis of notes receivable and accounts receivable that were past due but not impaired

B. As at December 31, 2020, December 31, 2019 and January 1, 2019, the balances of receivables

\$1,766,657, respectively. enhancements, the maximum exposure to credit risk in respect of the amount that best represents \$1,766,657, respectively. C. As at December 31, 2020 and 2019, without taking into account any collateral held or other credit and\$1,766,657, respectively. \$1,766,657, respectively. enhancements, the maximum exposure to credit risk in respect of the amount that best represents
~38~ the Group's notes receivable were \$25,934 and \$58,341, respectively; the maximum exposure to \$1,030,235 and \$754,843, respectively. \$1,030,235 and \$754,843, respectively. C. As at December 31, 2020 and 2019, without taking into account any collateral held or other receivable were\$1,030,235 and \$754,843, respectively. ~38~ the Group's notes receivable were \$25,934 and \$58,341, respectively; the maximum exposure to \$1,030,235 and \$754,843, respectively.
~38~ D. Information relating to credit risk of notes receivable and accounts receivable is provided in Note 12(2).
E. The Group does not hold any collateral pledged for notes and accounts receivable.

C. Information relating to credit risk of financial assets at amortised cost is provided in Note 12(2). (5) Notes and accounts receivable in Note 8. C. Information relating to credit risk of financial assets at amortised cost is provided in Note 12(2).

is as follows: A. The ageing analysis of notes receivable and accounts receivable that were past due but not impaired is as follows: A.The ageing analysis of notes receivable and accounts receivable that were past due but not impaired is as follows: is as follows:

(including notes receivable) from contracts with customers amounted to \$1,024,767, \$769,223 and The above ageing analysis was based on past due date. B. As at December 31, 2020, December 31, 2019 and January 1, 2019, the balances of receivables The above ageing analysis was based on past due date. (including notes receivable) from contracts with customers amounted to \$1,024,767, \$769,223 and

C. As at December 31, 2020 and 2019, without taking into account any collateral held or other credit (including notes receivable) from contracts with customers amounted to \$1,024,767, \$769,223 and B. As at December 31, 2020, December 31, 2019 and January 1, 2019, the balances of receivables (including notes receivable) from contracts with customers amounted to \$1,024,767, \$769,223 C. As at December 31, 2020 and 2019, without taking into account any collateral held or other credit

parties \$ 4,049 \$ 3,696

credit risk in respect of the amount that best represents the Group's accounts receivable were enhancements, the maximum exposure to credit risk in respect of the amount that best represents the Group's notes receivable were \$25,934 and \$58,341, respectively; the maximum exposure to credit risk in respect of the amount that best represents the Group's accounts receivable were credit enhancements, the maximum exposure to credit risk in respect of the amount that best represents the Group's notes receivable were \$25,934 and \$58,341, respectively; the maximum exposure to credit risk in respect of the amount that best represents the Group's accounts credit risk in respect of the amount that best represents the Group's accounts receivable were

	Notes Notes Accounts Accounts December 31, 2020		Notes Notes	Accounts Accounts December 31, 2019
	receivable receivable Notes	receivable receivable Accounts	receivable receivable Notes	receivable receivable Accounts
Without past due Without past due	receivable	\$ 25,934 \$1,025,772 \$ 58,341 \$ 749,643 \$ 25,934 \$1,025,772 \$ 58,341 \$ 749,643 receivable	receivable	receivable
Up to 30 days Up to 30 days Without past due	- -	2,631 2,631 \$ 25,934 \$1,025,772 \$ 58,341 \$ 749,643	- -	3,329 3,329
31 to 60 days 31 to 60 days Up to 30 days	- - -	1,686 1,686 2,631	- - -	566 566 3,329
61 to 90 days 61 to 90 days 31 to 60 days	- - -	5 5 1,686	- - -	495 495 566
Over 91 days Over 91 days 61 to 90 days	- - -	445 445 5	- - -	5,270 5,270 495
Over 91 days	-	\$ 25,934 \$1,030,539 \$ 58,341 \$ 759,303 \$ 25,934 \$1,030,539 \$ 58,341 \$ 759,303 445	-	5,270
The above ageing analysis was based on past due date. The above ageing analysis was based on past due date.		\$ 25,934 \$1,030,539 \$ 58,341 \$ 759,303

C. Information relating to credit risk of financial assets at amortised cost is provided in Note 12(2).
(5) Notes and accounts receivable		December 31, 2020 December 31, 2020		December 31, 2019 December 31, 2019
Notes receivable Notes receivable	\$ \$	25,934 \$ 25,934 \$ December 31, 2020		58,341 58,341 December 31, 2019
Accounts receivable Accounts receivable Notes receivable	\$ \$ \$	1,026,490 \$ 1,026,490 \$ 25,934 \$		755,607 755,607 58,341
Less: Allowance for doubtful Less: Allowance for doubtful Accounts receivable	\$	1,026,490 \$		755,607
accounts accounts Less: Allowance for doubtful	( (	304) ( 304) (		4,460) 4,460)
accounts	\$ \$ (	1,026,186 \$ 1,026,186 \$	304) (	751,147 751,147 4,460)
Accounts receivable - related Accounts receivable - related	\$	1,026,186 \$		751,147
parties parties Accounts receivable - related	\$ \$	4,049 \$ 4,049 \$		3,696 3,696

d accounts receivable that were past due but not
--------------------------------------------------	--	--	--	--	--	--	--

A.The ageing analysis of notes receivable and accounts receivable that were past due but not impaired

B. As at December 31, 2020, December 31, 2019 and January 1, 2019, the balances of receivables

VI

Financial Information

1,133,383 2,458,629

Merchandise 25,664 - 25,664

(6) Inventories (6) Inventories
		Allowance for
	Cost	December 31, 2020 December 31, 2020 valuation loss	Book value
Land held for construction site	\$ 7,103,372 (\$	Allowance for Allowance for 62,573) \$	7,040,799
Construction in progress	Cost Cost 1,611,172	valuation loss valuation loss -	Book value Book value 1,611,172
Land held for construction site Land held for construction site \$ Buildings and land held for sale	\$ 7,103,372 (\$ 7,103,372 (\$ 7,785,578 (	62,573) \$ 62,573) \$ 11,072)	7,040,799 7,040,799 7,774,506
Construction in progress Construction in progress Prepayment for land	1,611,172 1,611,172 228,635	- - -	1,611,172 1,611,172 228,635
Buildings and land held for sale Buildings and land held for sale Merchandise	7,785,578 ( 7,785,578 ( 22,897	11,072) 11,072) -	7,774,506 7,774,506 22,897
Prepayment for land Prepayment for land	\$ 228,635 228,635 16,751,654 (\$	- - 73,645) \$	228,635 228,635 16,678,009
Merchandise Merchandise	22,897 22,897	- - December 31, 2019	22,897 22,897
\$	\$ 16,751,654 (\$ 16,751,654 (\$	73,645) \$ 73,645) \$ Allowance for	16,678,009 16,678,009
	Cost	December 31, 2019 December 31, 2019 valuation loss	Book value
Land held for construction site	\$ 7,660,212 (\$	Allowance for Allowance for 64,249) \$	7,595,963
Construction in progress	Cost Cost 4,343,402	valuation loss valuation loss -	Book value Book value 4,343,402
Land held for construction site Land held for construction site \$ Buildings and land held for sale	\$ 7,660,212 (\$ 7,660,212 (\$ 7,189,638 (	64,249) \$ 64,249) \$ 12,258)	7,595,963 7,595,963 7,177,380
Construction in progress Construction in progress Prepayment for land	4,343,402 4,343,402 223,135	- - -	4,343,402 4,343,402 223,135
Buildings and land held for sale Buildings and land held for sale Prepayment for buildings and land	7,189,638 ( 7,189,638 ( 552,085	12,258) 12,258) -	7,177,380 7,177,380 552,085
Prepayment for land Prepayment for land Merchandise	223,135 223,135 25,664	- - -	223,135 223,135 25,664
Prepayment for buildings and land Prepayment for buildings and land	\$ 552,085 552,085 19,994,136 (\$	- - 76,507) \$	552,085 552,085 19,917,629

A. The cost of inventories recognised as expense for the years ended December 31, 2020 and 2019 was \$8,288,048 and \$7,328,202, respectively, including the amounts of \$2,862 and \$404, respectively, that the Group wrote down from cost to net realisable value accounted for as cost A. The cost of inventories recognised as expense for the years ended December 31, 2020 and 2019 was \$8,288,048 and \$7,328,202, respectively, including the amounts of \$2,862 and \$404, respectively, that the Group wrote down from cost to net realisable value accounted for as cost was \$8,288,048 and \$7,328,202, respectively, including the amounts of \$2,862 and \$404, respectively, that the Group wrote down from cost to net realisable value accounted for as cost of goods sold. B. Details of the Group's inventories pledged to others as collateral are provided in Note 8. A. The cost of inventories recognised as expense for the years ended December 31, 2020 and 2019 was \$8,288,048 and \$7,328,202, respectively, including the amounts of \$2,862 and \$404, respectively, that the Group wrote down from cost to net realisable value accounted for as cost of goods sold.

of goods sold. of goods sold. C. The interest capitalized as cost of inventory is as follows: B. Details of the Group's inventories pledged to others as collateral are provided in Note 8.

B. Details of the Group's inventories pledged to others as collateral are provided in Note 8. B. Details of the Group's inventories pledged to others as collateral are provided in Note 8. C. The interest capitalized as cost of inventory is as follows:

Merchandise 25,664 - 25,664

Interest paid before capitalization	\$ 422,183 \$ Years ended December 31,	487,091 Years ended December 31,
Interest capitalized	\$ 97,709 \$ 2020 2020	160,314 2019 2019
Annual interest rate used for capitalization Interest paid before capitalization Interest paid before capitalization	\$ 0.58%-2.22% \$ 422,183 \$ 422,183 \$	0.60%-2.50% 487,091 487,091
Interest capitalized Interest capitalized	\$ \$ 97,709 \$ 97,709 \$	160,314 160,314
Annual interest rate used for capitalization Annual interest rate used for capitalization	0.58%-2.22% 0.58%-2.22%	0.60%-2.50% 0.60%-2.50%

A. The cost of inventories recognised as expense for the years ended December 31, 2020 and 2019

(a)Buildings and land in progress (a)Buildings and land in progress

(a)Buildings (a)Buildings and land and in progress land in progress Taipei branch Taipei branch	December 31, 2020 December 31, 2020		December 31, 2019 December 31, 2019
Ling Ko Li Shing Section No. 1209, etc. Ling Ko Li Shing Section No. 1209, etc. Taipei branch Taipei branch	\$ \$ 2,123,820 \$ December 31, 2020 December 31, 2020	2,123,820 \$	1,975,394 December 31, 2019 December 31, 2019
Bali Dist Chung Chang Section No.222 and Bali Dist Chung Chang Section No.222 and Ling Ko Li Shing Section No. 1209, etc. LingKo Li Shing Section No. 1209, etc.	\$ \$ 2,123,820 \$	2,123,820 \$	1,975,394
211-1, etc. 211-1, etc. Bali Dist Chung Chang Section No.222 and Bali Dist Chung Chang Section No.222 and	689,427	689,427	689,409
211-1, etc. 211-1, etc.	2,813,247 689,427	2,813,247 689,427	2,664,803 689,409
Taichung branch Taichung branch	2,813,247 December 31, 2020 December 31, 2020	2,813,247	2,664,803 December 31, 2019 December 31, 2019
Beitun Dist. Rong-De Lot No.129, etc. Beitun Dist. Rong-De Lot No.129, etc.	\$ \$ 759,030 \$ December 31, 2020 December 31, 2020	759,030 \$	- December 31, 2019 December 31, 2019
Taichung branch Taichung branch Jin Shuei Dist. Wu Show Section No. 1037, No. Jin Shuei Dist. Wu Show Section No. 1037, No.
Beitun Dist. Rong-De Lot No.129, etc. Beitun Dist. Rong-De Lot No.129, etc. 1038, No. 1040, etc. 1038, No. 1040, etc.	\$ \$ 759,030 \$ 212,263	759,030 \$ 212,263	- 212,248
Jin Shuei Dist. Wu Show Section No. 1037, No. Jin Shuei Dist. Wu Show Section No. 1037, No. Prosperous New World Prosperous New World 1038, No. 1040, etc. 1038, No. 1040, etc.	- 212,263	212,263	- 1,627,356 212,248
(Taiping Dist. Ping Hsin Section No. 694, etc.) (Taiping Dist. Ping Hsin Section No. 694, etc.) Prosperous New World Prosperous New World	971,293 -	971,293	1,839,604 - 1,627,356
(Taiping Dist. Ping Hsin Section No. 694, etc.) (Taiping Dist. Ping Hsin Section No. 694, etc.) Tainan branch Tainan branch	971,293 December 31, 2020 December 31, 2020	971,293	1,839,604 December 31, 2019 December 31, 2019
Jin Hua Section No. 1361 Jin Hua Section No. 1361	\$ \$ 689,315 \$	689,315 \$	688,265
Tainan branch Tainan branch Shan Chia Section No. 939, etc. Shan Chia Section No. 939, etc.	December 31, 2020 December 31, 2020 156,281	156,281	December 31, 2019 December 31, 2019 155,943
Jin Hua Section No. 1361 Jin Hua Section No. 1361 World of Peak (Hsin Ying Section No. 841-9) World of Peak (Hsin Ying Section No. 841-9) Shan Chia Section No. 939, etc. Shan Chia Section No. 939, etc.	\$ \$ 689,315 \$ - 156,281	689,315 \$ 156,281	688,265 - 1,258,574 155,943
Others World of Peak (Hsin Ying Section No. 841-9) World of Peak (Hsin Ying Section No. 841-9)	3,738 -	3,738	3,738 - 1,258,574
Others	849,334 3,738	849,334	2,106,520 3,738 3,738
Kaohsiung branch Kaohsiung branch	December 31, 2020 December 31, 2020 849,334	849,334	December 31, 2019 December 31, 2019 2,106,520
Prince Cloud E Prince Cloud E Kaohsiung branch Kaohsiung branch (Ren Wu New Hougang West Section No .90, etc. ) (Ren Wu New Hougang West Section No .90, etc. )	\$ December 31, 2020 December 31, 2020 \$ 696,080 \$	696,080 \$	December 31, 2019 December 31, 2019 448,871
Prince Cloud E Prince Cloud E Prince Cloud B Prince Cloud B (Ren Wu New Hougang West Section No .90, etc. ) (Ren Wu New Hougang West Section No .90, etc. ) (Ren Wu New Hougang West Section No .42, etc.) (Ren Wu New Hougang West Section No .42, etc.)	\$ \$ 696,080 \$ 364,370	696,080 \$ 364,370	448,871 364,370
Prince Cloud B Prince Cloud B Ren Wu New Hougang West Section No. 88 Ren Wu New Hougang WestSection No. 88 (Ren Wu New Hougang West Section No .42, etc.) (Ren Wu New Hougang West Section No .42, etc.) experimental house experimental house	364,370 72,933	364,370 72,933	364,370 72,933
Ren Wu New Hougang West Section No. 88 Ren Wu New Hougang West Section No. 88 Prince Castle (Building) Prince Castle (Building) experimental house experimental house	72,933 -	72,933	72,933 - 1,572,455
(Nanzi subsection No. 158, etc.) (Nanzi subsection No. 158, etc.) Prince Castle (Building) Prince Castle (Building)	1,133,383	1,133,383	2,458,629

Total buildings and land in process \$ 5,767,257 \$ 9,069,556 (b)Land held for construction site (b)Land held for construction site (b) Land held for construction site Total buildings and land in process \$ 5,767,257 \$ 9,069,556

			Zhong Li Pu Ren Lot No. 720, etc. Zhong Li Pu Ren Lot No. 720, etc. Taipei branch Taipei branch	\$ \$ 140,156 \$ December 31, 2020 December 31, 2020	140,156 \$ 140,156 December 31, 2019 December 31, 2019	140,156
		Years ended December 31,	Others Others Zhong Li Pu Ren Lot No. 720, etc. Zhong Li Pu Ren Lot No. 720, etc.	5,978 \$ \$ 140,156 \$	5,978 5,978 140,156 \$ 140,156	5,978 140,156
	2020	2019	Others Others	146,134 5,978	146,134 146,134 5,978 5,978	146,134 5,978
	\$ 422,183 \$ Years ended December 31,	487,091 Years ended December 31,	Taichung branch Taichung branch	December 31, 2020 December 31, 2020 146,134	146,134 December 31, 2019 December 31, 2019 146,134	146,134
	2020 2020	2019 2019	Wu Feng Lot No. 365~855 etc. Wu Feng Lot No. 365~855 etc. Taichung branch Taichung branch	\$ \$ 175,661 \$ December 31, 2020 December 31, 2020	175,661 \$ 175,661 December 31, 2019 December 31, 2019	175,661
	0.58%-2.22% \$ \$ 422,183 \$ 422,183 \$	0.60%-2.50% 487,091 487,091	Song Quan Lot No. 164 etc. Song Quan Lot No. 164 etc. Wu Feng Lot No. 365~855 etc. Wu Feng Lot No. 365~855 etc.	137,697 \$ \$ 175,661 \$	137,697 137,697 175,661 \$ 175,661	137,697 175,661
			Tu Ku Section No. 9-7, etc. Tu Ku Section No. 9-7, etc. Song Quan Lot No. 164 etc. Song QuanLot No. 164 etc.	55,167 137,697	55,167 55,167 137,697 137,697	55,167 137,697
	0.58%-2.22% 0.58%-2.22%	0.60%-2.50% 0.60%-2.50%	Song Chang Lot No. 577 etc. Song Chang Lot No. 577 etc. Tu Ku Section No. 9-7, etc. Tu Ku Section No. 9-7, etc.	19,912 55,167	19,912 19,912 55,167 55,167	19,912 55,167
			Hou Long Zi Section No. 133-004 Hou Long Zi Section No. 133-004 Song Chang Lot No. 577 etc. Song ChangLot No. 577 etc.	19,513 19,912	19,513 19,513 19,912 19,912	19,513 19,912
			Taiping Lot No. 112-54 etc. Taiping Lot No. 112-54 etc. Hou Long Zi Section No. 133-004 Hou Long Zi Section No. 133-004	2,748 19,513	2,748 2,766 19,513 19,513	2,766 19,513
~39~			Others Others Taiping Lot No. 112-54 etc. Taiping Lot No. 112-54 etc.	11,713 2,748	11,713 11,713 2,748 2,766	11,713 2,766
			Others Others	422,411 11,713	422,411 422,429 11,713 11,713	422,429 11,713
~39~ ~39~				422,411	422,411 422,429	422,429

D. Details of significant inventories: (a) Buildings and land in progress D. Details of significant inventories: D. Details of significant inventories:

Taipei branch December 31, 2020 December 31, 2019

1,133,383 2,458,629

Financial Information

Total land held for construction site \$ 2,319,008 \$ 2,306,053

(c)Buildings and land held for sale

(c)Buildings and land held for sale Taipei branch December 31, 2020 December 31, 2019 Taipei branch December 31, 2020 December 31, 2019 (c) Buildings and land held for sale (c)Buildings and land held for sale

Tainan branch Tainan branch	December 31, 2020 December 31, 2020	December 31, 2019 December 31, 2019
Shan Zhong Lot No. 1468, 1475 & 1476 etc. Shan Zhong Lot No. 1468, 1475 & 1476 etc.	\$ \$ 234,699 \$	234,699 \$ 234,699 234,699
Tainan branch Tainan branch Xue Zhong Lot No. 679, etc. Xue Zhong Lot No. 679, etc.	December 31, 2020 December 31, 2020 50,798	December 31, 2019 December 31, 2019 50,798 50,798 50,798
Shan Zhong Lot No. 1468, 1475 & 1476 etc. Shan Zhong Lot No. 1468, 1475 & 1476 etc. Yong Kang Ding An Lot No. 879, etc. Yong Kang Ding An Lot No. 879, etc.	\$ \$ 234,699 \$ 28,610	234,699 \$ 234,699 234,699 28,610 28,610 28,610
Xue Zhong Lot No. 679, etc. Xue Zhong Lot No. 679, etc. Bei An Section No. 54-3, etc. Bei An Section No. 54-3, etc.	50,798 28,317	50,798 50,798 50,798 28,317 15,344 15,344
Yong Kang Ding An Lot No. 879, etc. Yong Kang Ding An Lot No. 879, etc. Chin An Section No. 373~377 Chin An Section No. 373~377	28,610 15,139	28,610 28,610 28,610 15,139 15,139 15,139
Bei An Section No. 54-3, etc. Bei An Section No. 54-3, etc. Bao An Lot No. 882, etc. Bao An Lot No. 882, etc.	28,317 10,325	28,317 15,344 15,344 10,325 10,325 10,325
Chin An Section No. 373~377 Chin An Section No. 373~377 Others Others	15,139 14,550	15,139 15,139 15,139 14,550 14,550 14,550
Bao An Lot No. 882, etc. Bao An Lot No. 882, etc. Others Others	10,325 382,438 14,550	10,325 10,325 10,325 382,438 369,465 369,465 14,550 14,550 14,550
Kaohsiung branch Kaohsiung branch	December 31, 2020 December 31, 2020 382,438	December 31, 2019 December 31, 2019 382,438 369,465 369,465
Ren Wu New Hougang West Section No. 53, etc. Ren Wu New Hougang West Section No. 53, etc.	\$ \$ 905,077 \$	905,077 \$ 905,077 905,077
Kaohsiung branch Kaohsiung branch Ren Wu New Hougang West Section No. 30 & 52-74 Ren Wu New Hougang West Section No. 30 & 52-74	December 31, 2020 December 31, 2020 407,357	December 31, 2019 December 31, 2019 407,357 407,357 407,357
Ren Wu New Hougang West Section No. 53, etc. Ren Wu New Hougang West Section No. 53, etc. Ren Wu Xiahai Section No. 642, 669 & 940, etc. Ren Wu Xiahai Section No. 642, 669 & 940, etc.	\$ \$ 905,077 \$ 41,668	905,077 \$ 905,077 905,077 41,668 41,668 41,668
Ren Wu New Hougang West Section No. 30 & 52-74 Ren Wu New Hougang West Section No. 30 & 52-74 Da Hua Lot No. 434 & 436 Da Hua Lot No. 434 & 436	407,357 13,923	407,357 407,357 407,357 13,923 13,923 13,923
Ren Wu Xiahai Section No. 642, 669 & 940, etc. Ren Wu Xiahai Section No. 642, 669 & 940, etc.	41,668 1,368,025	41,668 41,668 41,668 1,368,025 1,368,025 1,368,025
Da Hua Lot No. 434 & 436 Da Hua Lot No. 434 & 436 Total land held for construction site Total land held for construction site	13,923 \$ \$ 2,319,008 \$ 1,368,025	13,923 13,923 13,923 2,319,008 \$ 2,306,053 2,306,053 1,368,025 1,368,025 1,368,025

(c)Buildings and land held for sale

Prince Hua Wei Prince Hua Wei Taipei branch Taipei branch Taipei Shin Yi (Xin Zhuang Fuduxin) Taipei Shin Yi (Xin Zhuang Fuduxin)	\$ \$ 939,597 \$ 939,597 \$ 936,352 December 31, 2020 December 31, 2020 December 31, 2019 December 31, 2019 863,365 863,365 1,203,294
Prince Hua Wei Prince Hua Wei Prince W Prince W	\$ \$ 939,597 \$ 939,597 \$ 936,352 138,082 138,082 908,965
Taipei Shin Yi (Xin Zhuang Fuduxin) Taipei Shin Yi (Xin Zhuang Fuduxin) Prince Pine garden Prince Pine garden	863,365 863,365 1,203,294 106,265 106,265 512,426
Prince W Prince W Prince Da Din Prince Da Din	138,082 138,082 908,965 12,025 12,025 12,025
Prince Pine garden Prince Pine garden Prince Guo Boa Prince Guo Boa	106,265 106,265 512,426 5,738 5,738 5,738
Prince Da Din Prince Da Din Prince Fu III Prince Fu III	12,025 12,025 12,025 - - 89,346
Prince Guo Boa Prince Guo Boa Others	5,738 5,738 5,738 546 546 546
Prince Fu III Prince Fu III	- - 89,346 2,065,618 2,065,618 3,668,692
Others Taichung branch Taichung branch	546 546 546 December 31, 2020 December 31, 2020 December 31, 2019 December 31, 2019
Prince Xian Heng Prince Xian Heng	2,065,618 2,065,618 3,668,692
Taichung branch Taichung branch Prosperous New World Prosperous New World	\$ \$ 888,888 \$ 888,888 \$ 1,223,688 December 31, 2020 December 31, 2020 December 31, 2019 December 31, 2019 789,498 789,498
Prince Xian Heng Prince Xian Heng Prince Holiday Mansion Prince Holiday Mansion	\$ \$ 888,888 \$ 888,888 \$ 1,223,688 9,058 9,058 9,058
Prosperous New World Prosperous New World W Epoch W Epoch	789,498 789,498 - - 339,089
Prince Holiday Mansion Prince Holiday Mansion Ching Feng Jin Ching Feng Jin	9,058 9,058 9,058 - - 20,759
W Epoch W Epoch Others	- - 339,089 6,118 6,118 6,118
Ching Feng Jin Ching Feng Jin	- - 20,759 1,693,562 1,693,562 1,598,712
Others Tainan branch Tainan branch	6,118 6,118 6,118 December 31, 2020 December 31, 2020 December 31, 2019 December 31, 2019
Word of Peak Word of Peak	1,693,562 1,693,562 1,598,712 \$ \$ 781,168 \$ 781,168 \$
Tainan branch Tainan branch Prince Flower Bo Five Prince Flower Bo Five	December 31, 2020 December 31, 2020 December 31, 2019 December 31, 2019 309,642 309,642 578,935
Word of Peak Word of Peak Jun Chan LV	\$ \$ 781,168 \$ 781,168 \$
Jun Chan LV Prince Flower Bo Five Prince Flower Bo Five	19,725 19,725 19,725 309,642 309,642 578,935
Prince WIN2 Future Prince WIN2 Future Jun Chan LV Jun Chan LV	11,837 11,837 80,640 19,725 19,725 19,725
Prince Golden Age Prince Golden Age Prince WIN2 Future Prince WIN2 Future	4,145 4,145 5,302 11,837 11,837 80,640
Prince Jum Fon Huei Prince Jum Fon Huei Prince Golden Age Prince Golden Age	- - 15,208 4,145 4,145 5,302 2,292 2,292 2,292
Others Prince Jum Fon Huei Prince Jum Fon Huei	- - 15,208
Others	1,128,809 1,128,809 702,102 2,292 2,292 2,292
	1,128,809 1,128,809 702,102

Total land held for construction site \$ 2,319,008 \$ 2,306,053

(d)Prepayment for land

(e)Prepayment for buildings and land (e)Prepayment for buildings and land

(d)Prepayment for land

Taisugar Nanzi Section \$ - \$ 552,085

(e)Prepayment for buildings and land

Total buildings and land held for sale \$ 7,881,601 \$ 7,259,621

Kaohsiung branch Kaohsiung branch	December 31, 2020 December 31, 2020	December 31, 2019 December 31, 2019
Prince Castle (Building) Prince Castle (Building)	\$ \$ 1,937,118 \$	1,937,118 \$ -
Kaohsiung branch Kaohsiung branch Prince Castle (Townhouse) Prince Castle (Townhouse)	December 31, 2020 December 31, 2020 1,000,234	December 31, 2019 December 31, 2019 1,000,234 1,204,509.00 1,204,509.00
Prince Castle (Building) Prince Castle (Building) Prince Cloud C apartment Prince Cloud C apartment	\$ \$ 1,937,118 \$ 27,536	1,937,118 \$ - 27,536 28,347
Prince Castle (Townhouse) Prince Castle (Townhouse) Kaohsiung branch Kaohsiung branch Prince Cloud D Prince Cloud D	1,000,234 December 31, 2020 December 31, 2020 22,206	1,000,234 1,204,509.00 1,204,509.00 December 31, 2019 December 31, 2019 22,206 22,206
Prince Cloud C apartment Prince Cloud C apartment Prince Castle (Building) Prince Castle (Building) Prince Dai Din Prince Dai Din	\$ 27,536 \$ 1,937,118 \$ 6,518	27,536 28,347 1,937,118 \$ - 6,518 7,170
Prince Cloud D Prince Cloud D Prince Castle (Townhouse) Prince Castle (Townhouse) Prince Hua Yang Prince Hua Yang	22,206 1,000,234 -	22,206 22,206 1,000,234 1,204,509.00 1,204,509.00 - 27,883
Prince Dai Din Prince Dai Din Prince Cloud C apartment Prince Cloud C apartment	6,518 27,536 2,993,612	6,518 7,170 27,536 28,347 2,993,612 1,290,115 1,290,115
Prince Hua Yang Prince Hua Yang Prince Cloud D Prince Cloud D Total buildings and land held for sale Total buildings and land held for sale	\$ - 22,206 \$ 7,881,601 \$	- 27,883 22,206 22,206 7,881,601 \$ 7,259,621 7,259,621

Ren Wu New Hougang West Section No. 20, etc. Ren Wu New Hougang West Section No. 20, etc. (d)Prepayment for land (d)Prepayment for land Tainan branch Tainan branch	\$ December 31, 2020 December 31, 2020 \$ 228,635 \$	December 31, 2019 December 31, 2019 228,635 \$ 223,135
(e)Prepayment for buildings and land (e)Prepayment for buildings and land Ren Wu New Hougang West Section No. 20, etc. Ren Wu New Hougang West Section No. 20, etc.	\$ \$ 228,635 \$ December 31, 2020 December 31, 2020	228,635 \$ 223,135 December 31, 2019 December 31, 2019
Tainan branch Tainan branch	December 31, 2020 December 31, 2020	December 31, 2019 December 31, 2019

Total buildings and land held for sale \$ 7,881,601 \$ 7,259,621

(d) Prepayment for land (d)Prepayment for land (d)Prepayment for land Total buildings and land held for sale \$ 7,881,601 \$ 7,259,621 Total buildings and land held for sale \$ 7,881,601 \$ 7,259,621

Tainan branch Tainan branch (d)Prepayment for land (d)Prepayment for land

(e) Prepayment for buildings and land (e)Prepayment for buildings and land (e)Prepayment for buildings and land

Prince Hua Yang - 27,883

(Remainder of page intentionally left blank) (Remainder of page intentionally left blank) (Remainder of page intentionally left blank)

Prince Hua Yang - 27,883

2,993,612 1,290,115

Financial Information

PPG Investment Inc. 13,507 27.30% 3,071 27.30%

B. The summarized financial information of the associate that is material to the Group is as follows:

\$ 1,864,597 \$ 1,884,520

\$139,754 and \$139,411, respectively. Company name Company name	Principal place Principal place Principal place of business of business	Nature of Nature of Nature of relationship relationship	Method of Method of Method of measurement measurement
Associates Company name	of business	relationship	measurement
Uni President Uni President A. The basic information of the associate that is material to the Group is as follows: Uni President	Taiwan Taiwan Taiwan	Strategic investments Strategic investments Strategic investments	Equity method Equity method Equity method
Development Corp. Development Corp. Development Corp.	Principal place	Nature of	Method of
The summarized B. The summarized Company name	of business	relationship	financial information of the associate that is material to the Group is as follows: financial information of the associate that is material to the Group is as follows: measurement

	December 31, 2020 December 31, 2020		December 31, 2019 December 31, 2019
(7) Investments accounted for under the equity method	Carrying	Percentage of Carrying	Percentage of Carrying	Percentage of Carrying	Percentage of
Name of associates Name of associates	amount	amount ownership December 31, 2020	ownership amount	amount ownership December 31, 2019	ownership
Geng-Ding Co., Ltd. Geng-Ding Co., Ltd.	Carrying \$ 304,626	Percentage of \$ 304,626 30.00%	Carrying \$ 307,140 30.00%	Percentage of \$ 307,140 30.00%	30.00%
Name of associates Uni-President Development Corp. Uni-President Development Corp.	amount 1,136,641	ownership 1,136,641 30.00%	amount 1,146,288 30.00%	ownership 1,146,288 30.00%	30.00%
(7) Investments accounted for under the equity method Geng-Ding Co., Ltd. PPG Investment Inc. PPG Investment Inc.	\$ 304,626 13,507	30.00% 27.30% 13,507	\$ 307,140 27.30% 3,071	30.00% 27.30% 3,071	27.30%
Uni-President Development Corp. Queen Holdings Ltd. Queen Holdings Ltd.	1,136,641 401,781	30.00% 401,781 27.30% December 31, 2020	1,146,288 400,869 27.30% December 31, 2019	30.00% 400,869 27.30%	27.30%
PPG Investment Inc. Ming-Da Enterprise Co., Ltd. Ming-Da Enterprise Co., Ltd.	Carrying 8,042	13,507 27.30% Percentage of 20.00% 8,042	3,071 Carrying 20.00% 27,152	27.30% Percentage of 20.00% 27,152	20.00%
Queen Holdings Ltd. Name of associates Amida Truslink Assets Management Co., Ltd. (Note) Amida Truslink Assets Management Co., Ltd. (Note)	401,781 amount -	27.30% ownership 45.21% -	400,869 amount 45.21% -	27.30% ownership 45.21% -	45.21%
Ming-Da Enterprise Co., Ltd. Geng-Ding Co., Ltd. Amida Truslink Assets Management Co., Ltd. (Note)	\$ 304,626 \$ 1,864,597	8,042 20.00% 30.00% \$ 1,864,597 - 45.21%	27,152 \$ 307,140 \$ 1,884,520	20.00% 30.00% \$ 1,884,520 - 45.21%

Balance sheet

Current assets Current assets Current assets	\$ \$ 60,122 \$ 60,122 \$ 221,434 \$ 60,122 \$ 221,434 Uni President Development Corp.
Non-current assets Non-current assets Non-current assets	7,463,340 7,843,948 7,463,340 7,463,340 7,843,948 December 31, 2020 December 31, 2019 3,318,190)
Current liabilities Current liabilities Current liabilities Current assets	( 3,085,745) ( ( ( 3,085,745) 3,085,745) ( ( 3,318,190) \$ 60,122 \$ 221,434 ( 648,912) ( 926,233)
Non-current liabilities Non-current liabilities Non-current liabilities Non-current assets	( ( 648,912) 648,912) ( ( 926,233) 7,463,340 7,843,948
Total net assets Total net assets Total net assets Current liabilities	\$ 3,788,805 \$ 3,820,959 \$ 3,788,805 \$ 3,788,805 \$ 3,820,959 \$ ( 3,085,745) ( 3,318,190)
Share in associate 's net assets Share in associate Share in associate 's net assets 's net assets Non-current liabilities	\$ 1,136,641 \$ 1,146,288 \$ 1,136,641 \$ 1,136,641 \$ 1,146,288 \$ ( 648,912) ( 926,233)
Total net assets	\$ 3,788,805 \$ 3,820,959
's net assets Share in associate	\$ 1,136,641 \$ 1,146,288

Note: As of December 31, 2020 and 2019, the book value of the Company's investment in Amida Truslink Assets Management Co., Ltd. was a credit balance, thus, the Associates A. The basic information of the associate that is material to the Group is as follows: A. The basic information of the associate that is material to the Group is as follows: A. The basic information of the associate that is material to the Group is as follows: A. The basic information of the associate that is material to the Group is as follows:

B. The summarized financial information of the associate that is material to the Group is as follows: Balance sheet Development Corp. Uni President Development Corp. December 31, 2020 December 31, 2019 Uni President Development Corp. B. The summarized financial information of the associate that is material to the Group is as follows: Balance sheet

Queen Holdings Ltd. 401,781 27.30% 400,869 27.30% Ming-Da Enterprise Co., Ltd. 8,042 20.00% 27,152 20.00% Amida Truslink Assets Management Co., Ltd. (Note) - 45.21% Note: As of December 31, 2020 and 2019, the book value of the Company's investment in Amida Truslink Assets Management Co., Ltd. was a credit balance, thus, the Note: As of December 31, 2020 and 2019, the book value of the Company's investment in Amida Truslink Assets Management Co., Ltd. was a credit balance, thus, the investment was transferred to other non -current liabilities which amounted to Note: As of December 31, 2020 and 2019, the book value of the Company's investment in Amida Truslink Assets Management Co., Ltd. was a credit balance, thus, the investment was transferred to other non -current liabilities which amounted to \$139,754 and \$139,411, respectively. Note: As of December 31, 2020 and 2019, the book value of the Company's investment in Amida Truslink Assets Management Co., Ltd. was a credit balance, thus, the investment was transferred to other noncurrent liabilities which amounted to \$139,754 and \$139,411, respectively.

Balance sheet

\$139,754 and \$139,411, respectively. Associates Associates Associates

(7) Investments accounted for under the equity method (7) Investments accounted for under the equity method (7)Investments accounted for under the equity method

Accumulated	construction profit/(loss)	77,543 \$	44,889 Accumulated	68 construction profit/(loss)	53,782 77,543 \$	3,092 44,889	22,399 68	26,064 53,782	3,092		22,399 Accumulated
Percentage	of completion	90.21%	Percentage 88.31%	of completion 0.07%	70.86% 90.21%	88.31% 5.02%	38.91% 0.07%	90.76% 70.86%	5.02%		Percentage 38.91%
Estimated	construction cost	2,369,990 \$	1,911,716 Estimated	1,857,476 construction cost	1,614,046 2,369,990 \$	1,170,292 1,911,716	1,093,740 1,857,476	984,315 1,614,046	1,170,292		1,093,740 Estimated
	Contract amount	2,455,948 \$	1,962,547	1,955,238 Contract amount	1,689,945 2,455,948 \$	1,231,886 1,962,547	1,151,305 1,955,238	1,013,032 1,689,945	1,231,886		1,151,305
	Name of construction contract E. Disclosure of significant constructions:	As of December 31,, 2020, significant constructions are set forth below: Tai She Zhi Shan Yuan - New construction (a)	Construction of T.S. Landmark Plaza (\$1.2 billion)	Chunghwa Telecom-a turnkey project in Nangang Name of construction contract	Tai She Zhi Shan Yuan - New construction Tainan Metropolitan Expressway	Construction of T.S. Landmark Plaza (\$1.2 billion) Beitou Shilin Science and Technology Park	Chunghwa Telecom-a turnkey project in Nangang No.3, Zhonglu, Taoyuan City	Construction of T.S. Landmark Plaza (\$0.8 billion) Tainan Metropolitan Expressway	Beitou Shilin Science and Technology Park	(b) As of December 31, 2019, significant constructions are set forth below:	No.3, Zhonglu, Taoyuan City

23,678 Accumulated Percentage 50.78%	27,804 construction profit/(loss) of completion 36.73%	8,393 59,662 \$ 14.58% 70.20%	15,408 23,678 50.65% 50.78%	27,804 36.73%	8,393 14.58%	15,408 50.65%
1,745,827 Estimated	1,606,206 construction cost	1,093,740 2,343,228	1,019,832 1,745,827	1,606,206	1,093,740	1,019,832
1,792,455	1,681,905 Contract amount	\$ 2,428,216 1,151,305 \$	1,050,252 1,792,455	1,681,905	1,151,305	1,050,252
Construction of T.S. Landmark Plaza (\$1.2 billion)	Name of construction contract Tainan Metropolitan Expressway	Tai She Zhi Shan Yuan - New construction No.3, Zhonglu, Taoyuan City	Construction of T.S. Landmark Plaza (\$0.8 billion) Construction of T.S. Landmark Plaza (\$1.2 billion)	Tainan Metropolitan Expressway	No.3, Zhonglu, Taoyuan City	Construction of T.S. Landmark Plaza (\$0.8 billion)

Construction of T.S. Landmark Plaza (\$0.8 billion) 1,013,032 984,315 90.76% 26,064 Name of construction contract Contract amount construction cost of completion construction profit/(loss) (b) As of December 31, 2019, significant constructions are set forth below:

E. Disclosure of significant constructions: E. Disclosure of significant constructions:

mber 31,, 2020, significant constructions are set forth below:
As of December 31,, 2020, significant constructions are set forth below:

Dece (a) As of
(a)

Financial Information

equipment under acceptance 1,268 12,074

Year ended December 31, 2020
------------------------------

B. Changes in property, plant and equipment for the period are as follows:

(8) Property, plant and equipment A. Details of book values are as follows: equipment equipment Construction in progress and equipment Construction in progress and

	December 31, 2020 December 31, 2020	December 31, 2019 December 31, 2019
(8) Property, plant and equipment Land Land	\$ \$ 2,853,075 \$ 2,853,075 \$	2,855,368 2,855,368
A. Details of book values are as follows: Buildings Buildings	2,525,370 2,525,370	2,809,386 2,809,386
Machinery and equipment Machinery and equipment	December 31, 2020 2,807 2,807	December 31, 2019 4,256 4,256
Land Computer and communication Computer and communication	\$ 2,853,075 \$ 2,591 2,591	2,855,368 2,185 2,185
Buildings equipment equipment	2,525,370	2,809,386
Machinery and equipment Transportation equipment Transportation equipment	2,807 2,305 2,305	4,256 3,442 3,442
Computer and communication Office equipment Office equipment	2,591 239,839 239,839	2,185 239,120 239,120
equipment Leasehold improvements Leasehold improvements	159,483 159,483	20,342 20,342
Transportation equipment Other equipment Other equipment	2,305 48,433 48,433	3,442 49,706 49,706
Office equipment Construction in progress and Construction in progress and	239,839	239,120
Leasehold improvements equipment under acceptance equipment under acceptance	159,483 1,268 1,268	20,342 12,074 12,074
Other equipment	48,433 \$ \$ 5,835,171 \$ 5,835,171 \$	49,706 5,995,879 5,995,879

Assets used by the Company Assets used by the Company \$ Assets subject to operating leases Assets subject to operating leases Cost	\$ 1,443,757 \$ 1,443,757 \$ Opening net 1,411,611 1,411,611 book amount	- (\$ - Additions	- (\$ 1,139) (\$ 1,139) (\$ - - Disposals	1,154) \$ 1,154) \$ - - Reclassifications	1,441,464 1,441,464 Closing net - 1,411,611 1,411,611 book amount
Buildings and structures Buildings and structures Land
Assets used by the Company Assets used by the Company Assets used by the Company	2,648,765 2,648,765 \$ 1,443,757 \$	3,362 ( 3,362 (	1,856) ( 1,856) ( - (\$ 1,139) (\$	729,984) 729,984) 1,154) \$	1,920,287 1,920,287 1,441,464
Assets subject to operating leases Assets subject to operating leases Assets subject to operating leases	1,868,809 1,868,809 1,411,611	- ( -	- ( 5,257) 5,257) -	- -	- 1,863,552 1,863,552 1,411,611
Machinery and equipment Machinery and equipment Buildings and structures	16,631 16,631	175 ( 175 (	240) 240)	-	- 16,566 16,566
Computer and communication Computer and communication Assets used by the Company equipment equipment	60,261 60,261 2,648,765	150 ( 150 ( 3,362 (	140) 140) 1,856) (	1,401 1,401 729,984)	61,672 61,672 1,920,287
Assets subject to operating leases Transportation equipment Transportation equipment	1,868,809 12,597 12,597	- (	- ( 5,257) - ( 2,342) 2,342)	- -	1,863,552 - 10,255 10,255
Machinery and equipment Office equipment Office equipment	16,631 851,915 851,915	175 ( 29,242 ( 29,242 (	240) 41,667) 41,667)	- 27,016 27,016	16,566 866,506 866,506
Computer and communication Leasehold improvements Leasehold improvements equipment	73,533 73,533 60,261	6,562 6,562 150 (	- 140)	- 756,902 756,902 1,401	836,997 836,997 61,672
Other equipment Other equipment Transportation equipment	94,847 94,847 12,597	6,303 ( 6,303 (	2,489) ( 2,489) ( - ( 2,342)	45) 45) -	98,616 98,616 10,255
Construction in progress and Construction in progress and Office equipment	851,915	29,242 (	41,667)	27,016	866,506
equipment under acceptance equipment under acceptance Leasehold improvements	12,074 12,074 73,533	16,509 ( 16,509 ( 6,562	93) ( 93) ( -	27,222) 27,222) 756,902	1,268 1,268 836,997
\$ Other equipment	\$ 8,494,800 \$ 8,494,800 \$ 94,847	62,303 (\$ 62,303 (\$ 6,303 (	55,223) \$ 55,223) \$ 2,489) (	26,914 \$ 26,914 \$ 45)	8,528,794 8,528,794 98,616
Construction in progress and
equipment under acceptance	12,074	16,509 (	93) (	27,222)	1,268
	\$ 8,494,800 \$	62,303 (\$	55,223) \$	26,914 \$	8,528,794

B. Changes in property, plant and equipment for the period are as follows:

\$ 5,835,171 \$ 5,995,879 Opening net Closing net Opening net Closing net B. Changes in property, plant and equipment for the period are as follows:

D. The Group's investments had no quoted market price.

(8) Property, plant and equipment (8) Property, plant and equipment A. Details of book values are as follows:

Total comprehensive income \$ 108,246 \$ 156,197

C. The carrying amount of the Group's interests in all individually immaterial associates and the

C. The carrying amount of the Group's interests in all individually immaterial associates and the \$ 42,120 \$ 31,428 Dividends received from associates As of December 31, 2020 and 2019, the carrying amount of the Group's individually immaterial associates amounted to \$588,202 and \$598,821, respectively. C. The carrying amount of the Group's interests in all individually immaterial associates and the Group's share of the operating results are summarized below:

Group's share of the operating results are summarized below: As of December 31, 2020 and 2019, the carrying amount of the Group's individually immaterial 2020 2019 Years ended December 31, As of December 31, 2020 and 2019, the carrying amount of the Group's individually immaterial associates amounted to \$588,202 and \$598,821, respectively.

	Uni President Development Corp.
Statements of comprehensive income		Years ended December 31,
	2020 Uni President Development Corp.		2019
Revenue	\$	855,774 \$ Years ended December 31,	973,047
Profit for the period from continuing operations	\$	108,246 \$ 2020	156,197 2019
Total comprehensive income Revenue	\$ \$	108,246 \$ 855,774 \$	156,197 973,047
Dividends received from associates Profit for the period from continuing operations	\$ \$	42,120 \$ 108,246 \$	31,428 156,197

E. The Group's share of profit of associates and joint ventures accounted for using equity method F. The share of profit or loss and other comprehensive income of the individually immaterial D. The Group's investments had no quoted market price.

for the years ended December 31, 2020 and 2019 was \$47,669 and \$98,487, respectively.

Income for the period from continuing operations	\$ 119,387 \$	184,440 Years ended December 31,
Other comprehensive loss, net of tax	( 925) ( 2020	3,200) 2019
Total comprehensive income Income for the period from continuing operations	\$ 118,462 \$ \$ 119,387 \$	181,240 184,440
Other comprehensive loss, net of tax D. The Group's investments had no quoted market price.	( 925) (	3,200)
Total comprehensive income E. The Group's share of profit of associates and joint ventures accounted for using equity method	\$ 118,462 \$	181,240

for the years ended December 31, 2020 and 2019 was \$47,669 and \$98,487, respectively. F. The share of profit or loss and other comprehensive income of the individually immaterial associates were partially based on the financial statements which were audited by other independent auditors. G. Details of the Group's investments accounted for under the equity method pledged to others as E. The Group's share of profit of associates and joint ventures accounted for using equity method for the years ended December 31, 2020 and 2019 was \$47,669 and \$98,487, respectively.
associates were partially based on the financial statements which were audited by other independent auditors. G. Details of the Group's investments accounted for under the equity method pledged to others as collateral are provided in Note 8. F. The share of profit or loss and other comprehensive income of the individually immaterial associates were partially based on the financial statements which were audited by other independent auditors.
collateral are provided in Note 8. G. Details of the Group's investments accounted for under the equity method pledged to others as collateral are provided in Note 8.

Statements of comprehensive income Statements of comprehensive income

(8) Property, plant and equipment

	December 31, 2020 December 31, 2020 December 31, 2019 December 31, 2019
	Book value Book value Book value Book value
Land Land	\$ \$ 15,820 \$ 15,820 \$ 24,386 24,386
Buildings and structures Buildings and structures	7,164,618 7,164,618 5,655,745 5,655,745
Machinery and equipment Machinery and equipment	71 71 924
(private branch exchange) (private branch exchange)
Transportation equipment Transportation equipment
(business vehicles) (business vehicles)	1,232 840 840
	\$ \$ 7,181,349 \$ 7,181,349 \$ 5,682,287 5,682,287
	Years ended December 31, Years ended December 31,
	2020 2020 2019 2019
	Depreciation expense Depreciation expense Depreciation expense Depreciation expense
Land Land	\$ \$ 2,790 \$ 2,790 \$ 2,962
Buildings and structures Buildings and structures	436,986 436,986 389,376 389,376
Machinery and equipment Machinery and equipment	853 853 853
(private branch exchange) (private branch exchange)
Transportation equipment Transportation equipment
(business vehicles) (business vehicles)	827 827 590
	\$ \$ 441,456 \$ 441,456 \$ 393,781 393,781

in Note 8. in Note 8. (9) Leasing arrangements-lessee

A. The Group leases various assets including offices, cafeterias, vehicles, private branch exchange telephone system and business area. Rental contracts are typically made for periods of 2 to 25 years. Lease terms are negotiated on an individual basis and contain variousterms and conditions. The lease agreements do not impose covenants, but leased assets may not be used as security for borrowing purposes, and all or certain assets leased from associations and other related parties can be subleased to associations with the lessors' agreement. Remaining lease assets cannot be A. The Group leases various assets including offices, cafeterias, vehicles, private branch exchange telephone system and business area. Rental contracts are typically made for periods of 2 to 25 years. Lease terms are negotiated on an individual basis and contain variousterms and conditions. The lease agreements do not impose covenants, but leased assets may not be used as security for borrowing purposes, and all or certain assets leased from associations and other related parties can be subleased to associations with the lessors' agreement. Remaining lease assets cannot be A. The Group leases various assets including offices, cafeterias, vehicles, private branch exchange telephone system and business area. Rental contracts are typically made for periods of 2 to 25 years. Lease terms are negotiated on an individual basis and contain various terms and conditions. The lease agreements do not impose covenants, but leased assets may not be used as security for borrowing purposes, and all or certain assets leased from associations and other related parties can be subleased to associations with the lessors' agreement. Remaining lease assets cannot be lent, subleased, sold or granted in any different form to the third parties.

(9) Leasing arrangements-lessee (9) Leasing arrangements-lessee
lent, subleased, sold or granted in any different form to the third parties. lent, subleased, sold or granted in any different form to the third parties. B. The carrying amount of right-of-use assets and the depreciation charge are as follows:

	Year ended December 31, 2019
	Opening net				Closing net
Cost	book amount	Additions		Disposals Reclassifications book amount
Land
Assets used by the Company	\$ 1,453,999 \$		- (\$ 1,248) (\$		8,994) \$ 1,443,757
Assets subject to operating leases	1,411,611	-	-		- 1,411,611
Buildings and structures
Assets used by the Company	2,683,084	13,414 (	1,414) (		46,319) 2,648,765
Assets subject to operating leases	1,869,859	- (	1,050)		- 1,868,809
Machinery and equipment	15,886	745	-	-	16,631
Computer and communication equipment	60,113	- (	57)	205	60,261
Transportation equipment	13,695	1,200 (	2,298)	-	12,597
Office equipment	839,153	23,789 (	29,312)	18,285	851,915
Leasehold improvements	73,533	-	-	-	73,533
Other equipment	94,204	2,756 (	2,266)	153	94,847
Construction in progress and
prepayments for equipment	11,965	11,126	- (	11,017)	12,074
	\$ 8,527,102 \$ 53,030 (\$ 37,645) (\$				47,687) \$ 8,494,800

liabilities were \$1,955,725 and \$5,849, respectively. D. Information on profit or loss in relation to lease contracts is as follows: liabilities were \$1,955,725 and \$5,849, respectively. D. Information on profit or loss in relation to lease contracts is as follows: C. For the years ended December 31, 2020 and 2019, the additions to right-of-use assets and lease liabilities were \$1,955,725 and \$5,849, respectively. D. Information on profit or loss in relation to lease contracts is as follows:

	Year ended December 31, 2020
	Opening net				Closing net
Accumulated depreciation	book amount	Additions		Disposals Reclassifications book amount
Buildings and structures
Assets used by the Company	\$ 1,130,959 \$ 95,307 (\$		1,218) (\$		606,195) \$ 618,853
Assets subject to operating leases	577,229	63,616 (	1,229)	-	639,616
Machinery and equipment	12,375	1,595 (	211)	-	13,759
Computer and communication equipment	58,076	1,145 (	140)	-	59,081
Transportation equipment	9,155	937 (	2,142)	-	7,950
Office equipment	612,795	54,980 (	41,108)	-	626,667
Leasehold improvements	53,191	18,128	-	606,195	677,514
Other equipment	45,141	5,433 (	391)	-	50,183
	\$ 2,498,921 \$ 241,141 (\$ 46,439) \$				- \$ 2,693,623


	Opening net				Closing net
Accumulated depreciation	book amount	Additions		Disposals Reclassifications book amount
Buildings and structures
Assets used by the Company	\$ 1,039,987 \$ 111,425 (\$		177) (\$		20,276) \$ 1,130,959
Assets subject to operating leases	514,495	63,784 (	1,050)	-	577,229
Machinery and equipment	10,587	1,788		- -	12,375
Computer and communication equipment	56,372	1,761 (	57)	-	58,076
Transportation equipment	10,069	1,274 (	2,188)	-	9,155
Office equipment	577,080	64,275 (	28,560)	-	612,795
Leasehold improvements	51,864	1,327	-	-	53,191
Other equipment	40,205	5,306 (	370)	-	45,141
	\$ 2,300,659 \$ 250,940 (\$ 32,402) (\$				20,276) \$ 2,498,921

C. Details of the Group's property, plant and equipment pledged to others as collateral are

provided in Note 8.

Fi na nc ia
l I nf or
m at io n

are as follows:

B. Changes in investment property for the period are as follows:

Years ended December 31,

January 1, 2021 to December 31, 2025 570,982

Year ended December 31, 2020

(11) Investment property

Rent income arising from variable lease payments \$ 44,411 \$ 64,980

Cost book amount Additions Disposals Reclassifications book amount

	Years ended Decemberr 31,
	2020		2019
Items affecting profit or loss
Interest expense on lease liabilities	\$ 115,402 \$		100,073
Expense on short-term lease contracts	7,146		5,801
Expense on leases of low-value assets	983		766
Expense on variable lease payments		-	83,349
Profit from lease modification	174		12
E. For the years ended December 31, 2020 and 2019, the Group's total cash outflow for leases

are as follows:	Years ended December 31,
	2020	2019
B. Gain arising from operating lease agreements for the years ended December 31, 2020 and 2019 Rent income	\$ Years ended December 31, 464,860 \$	455,981
are as follows: Rent income arising from variable lease payments \$	2020 44,411 \$	2019 64,980
Rent income B. Gain arising from operating lease agreements for the years ended December 31, 2020 and 2019	\$ 464,860 \$	455,981

amounted to \$484,873 and \$558,575, respectively. F. Variable lease payments (a) Some of the Group's lease contracts contain variable lease payment terms that are linked to E. For the years ended December 31, 2020 and 2019, the Group's total cash outflow for leases amounted to \$484,873 and \$558,575, respectively.
F. Variable lease payments
volume of business generated from a business area. For business areas, up to 1.53% of lease payments are on the basis of variable payment terms and are accrued based on the revenue. Variable payment terms are used for a variety of reasons, including additional revenue exceeding the base revenue, and rental income is calculated based on an agreed upon rate of revenue. Various lease payments that depend on revenue are recognised in profit or loss in the period in which the event or condition that triggers those payments occur. (b) A 10% increase in the aggregate revenue of all business areas with such variable lease contracts would increase total lease payments by approximately 9.74%. (a) Some of the Group's lease contracts contain variable lease payment terms that are linked to volume of business generated from a business area. For business areas, up to 1.53% of lease payments are on the basis of variable payment terms and are accrued based on the revenue. Variable payment terms are used for a variety of reasons, including additional revenue exceeding the base revenue, and rental income is calculated based on an agreed upon rate of revenue. Various lease payments that depend on revenue are recognised in profit or loss in the period in which the event or condition that triggers those payments occur.
G. Extension and termination options (a) Extension options are included in approximately 92.37% of the Group's lease contracts (b) A 10% increase in the aggregate revenue of all business areas with such variable lease contracts would increase total lease payments by approximately 9.74%.
pertaining to offices, business areas and cafeterias. These terms and conditions aim to G. Extension and termination options
maximise optional flexibility in terms of managing contracts. (b) In determining the lease term, the Group takes into consideration all facts and circumstances that create an economic incentive to exercise an extension option or not to exercise a (a) Extension options are included in approximately 92.37% of the Group's lease contracts pertaining to offices, business areas and cafeterias. These terms and conditions aim to maximise optional flexibility in terms of managing contracts.
termination option. The assessment of lease period is reviewed if a significant event occurs which affects the assessment. H. The Group has applied the practical expedient to "Covid-19-related rent concessions", and recognised the gain from changes in lease payments arising from the rent concessions amounting (b) In determining the lease term, the Group takes into consideration all facts and circumstances that create an economic incentive to exercise an extension option or not to exercise a termination option. The assessment of lease period is reviewed if a significant event occurs which affects the assessment.
to \$15,041 by increasing other income for the year ended December 31, 2020. (10) Leasing arrangements – lessor A. The Group leases various assets including offices, dormitories, long-term rental suites and H. The Group has applied the practical expedient to "Covid-19-related rent concessions", and recognised the gain from changes in lease payments arising from the rent concessions amounting to \$15,041 by increasing other income for the year ended December 31, 2020.

2020 2019 C. The maturity analysis of the lease payments under the operating leases is as follows: December 31, 2020 C. The maturity analysis of the lease payments under the operating leases is as follows: Years ended December 31,

(11) Investment property A. Details of book values are as follows: Land \$ 207,077 \$ 265,550 Leased assets-land 2,600,824 2,599,740 Leased assets-buildings 2,774,309 2,864,044 (11) Investment property A. Details of book values are as follows: After January 1, 2026 148,330

\$ Rent income January 1, 2021 to December 31, 2021	464,860 \$ \$	455,981 354,870
2020 Rent income arising from variable lease payments \$ January 1, 2022 to December 31, 2026	44,411 \$	December 31, 2020 2019 64,980 404,376
January 1, 2021 to December 31, 2021 \$ Rent income After January 1, 2027	\$ 464,860 \$	354,870 455,981 115,321
C. The maturity analysis of the lease payments under the operating leases is as follows: January 1, 2022 to December 31, 2026 Rent income arising from variable lease payments \$	44,411 \$ \$	404,376 64,980 874,567
After January 1, 2027		December 31, 2020 115,321
C. The maturity analysis of the lease payments under the operating leases is as follows: January 1, 2021 to December 31, 2021	\$ \$	December 31, 2019 354,870 874,567
January 1, 2020 to December 31, 2020 January 1, 2022 to December 31, 2026 January 1, 2021 to December 31, 2025	\$	December 31, 2020 398,632 404,376 December 31, 2019 570,982
2021 to December 31, 2021 After January 1, 2027 January 1, 2020 to December 31, 2020 After January 1, 2026 January 1, 2022 to December 31, 2026	\$ \$	354,870 115,321 398,632 148,330 404,376
January 1, 2021 to December 31, 2025 After January 1, 2027	\$ \$	874,567 570,982 1,117,944 115,321
After January 1, 2026	\$	December 31, 2019 148,330 874,567
January 1, 2020 to December 31, 2020 A. Details of book values are as follows:	\$ \$	398,632 1,117,944
		December 31, 2019

~49~ conditions. To secure leased assets, the lessee may be asked that leased assets may not be used as security for borrowing purposes or cannot be lent, subleased, sold or granted in any different form to the third parties by the lessors. A. The Group leases various assets including offices, dormitories, long-term rental suites and parking lot. Rental contracts are typically made for periods ranging from 0.5 and 23 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. To secure leased assets, the lessee may be asked that leased assets may not be used as security for borrowing purposes or cannot be lent, subleased, sold or granted in any different form to the third parties by the lessors.
B. Gain arising from operating lease agreements for the years ended December 31, 2020 and 2019 are as follows:

Leased assets-buildings	\$	5,582,210 \$ December 31, 2020 2,774,309		5,729,334 December 31, 2019 2,864,044
A. Details of book values are as follows: Land B. Changes in investment property for the period are as follows:	\$ \$	207,077 \$ 5,582,210 \$		265,550 5,729,334
Leased assets-land		December 31, 2020 2,600,824 Year ended December 31, 2020		December 31, 2019 2,599,740
B. Changes in investment property for the period are as follows: Land Leased assets-buildings Opening net	\$	207,077 \$ 2,774,309		265,550 2,864,044 Closing net
Leased assets-land Cost book amount Additions	\$ Disposals	2,600,824 Year ended December 31, 2020 5,582,210 \$ Reclassifications		2,599,740 5,729,334 book amount
Leased assets-buildings Opening net Land \$ 265,550 \$	- \$	2,774,309 - (\$	58,473) \$	2,864,044 Closing net 207,077

Leased assets - buildings Cost	3,964,263 book amount	- ( Additions	5,441) Year ended December 31, 2020 Disposals	- Reclassifications	3,958,822 book amount
Land	\$ 6,829,553 \$ Opening net \$ 265,550 \$		- (\$ 5,511) (\$ - \$	57,319) \$ - (\$ 58,473) \$	6,766,723 Closing net 207,077
Cost Leased assets - land	book amount 2,599,740	Additions - (	Disposals 70)	Reclassifications 1,154	book amount 2,600,824
Land Leased assets - buildings	\$ 3,964,263 265,550 \$	- (	- \$ 5,441)	- (\$ 58,473) \$ -	3,958,822 207,077
Leased assets - land	\$ 6,829,553 \$ 2,599,740	~50~ - (	- (\$ 5,511) (\$ 70)	57,319) \$ 1,154	6,766,723 2,600,824
Leased assets - buildings	3,964,263	- (	5,441)	-	3,958,822
	\$ 6,829,553 \$	~50~	- (\$ 5,511) (\$	57,319) \$	6,766,723

terms are negotiated on an individual basis and contain a wide range of different terms and (10) Leasing arrangements-lessee

January 1, 2020 to December 31, 2020 \$ 398,632 January 1, 2021 to December 31, 2025 570,982 After January 1, 2026 148,330 (11) Investment property After January 1, 2026 148,330 January 1, 2022 to December 31, 2026 404,376 After January 1, 2027 115,321

Land \$ 265,550 \$ - \$ - (\$ 58,473) \$ 207,077 Leased assets - buildings 3,964,263 - ( 5,441) - 3,958,822 B. Changes in investment property for the period are as follows: B. Changes in investment property for the period are as follows:

C. The maturity analysis of the lease payments under the operating leases is as follows:

are as follows:

January 1, 2020 to December 31, 2020 \$ 398,632

\$ 5,582,210 \$ 5,729,334

For details of pledged assets, please refer to Note 8.

Service concession \$ 751,691 \$ 61,253 \$ - \$ - \$ 812,944

Administrative expenses 1,153 704

For details of pledged assets, please refer to Note 8.

Service concession \$ 751,691 \$ 61,253 \$ - \$ - \$ 812,944

Administrative expenses 1,153 704

~52~

(13) Short-term borrowings

~52~

(13) Short-term borrowings

D. As of December 31, 2020 and 2019, the fair value of the investment property held by the Group

Leased assets - buildings \$ 995,484 \$ 84,990 (\$ 531) \$ 20,276 \$ 1,100,219

D. As of December 31, 2020 and 2019, the fair value of the investment property held by the Group

						Year ended December 31, 2020
		Opening net							Closing net
B. Changesin intangible assets for the period are as follows: B. Changes in intangible assets for the period are as follows: Cost		book amount		Additions		Disposals	Reclassifications		book amount
Service concession	\$	2,868,372 \$		Year ended December 31, 2020	- \$	Year ended December 31, 2020	- \$	- \$	2,868,372
Software		Opening net Opening net 6,787		2,255 (		2,093)	Closing net -		Closing net 6,949
B. Changes in intangible assets for the period are as follows: B. Changes in intangible assets for the period are as follows: Cost Cost	\$	book amount book amount 2,875,159 \$	Additions	Additions Disposals 2,255 (\$		Disposals Reclassifications 2,093) \$	Reclassifications book amount	- \$	book amount 2,875,321
Service concession Service concession \$ Software Software		2,868,372 \$ \$ 2,868,372 \$ 6,787 Opening net Opening net	6,787	- \$ 2,255 ( 2,255 (	- \$	- \$ - \$ Year ended December 31, 2020 Year ended December 31, 2020 Year ended December 31, 2019 2,093) 2,093)	- \$ 2,868,372 - \$ - -	6,949	2,868,372 6,949 Closing net Closing net
\$ Cost Cost		2,875,159 \$ \$ 2,875,159 \$ Opening net book amount book amount		2,255 (\$ 2,255 (\$ Additions Additions		2,093) \$ 2,093) \$ Disposals Disposals	- \$ 2,875,321 - \$ Reclassifications Reclassifications		2,875,321 Closing net book amount book amount
Cost Service concession Service concession	\$	book amount \$ 2,868,372 \$ 2,868,372 \$		Additions - \$ Year ended December 31, 2019		Disposals - \$ - \$ Year ended December 31, 2019	Reclassifications - \$ - \$	- \$	book amount 2,868,372 2,868,372
Software Software Service concession	\$	6,787 2,868,372 \$ Opening net Opening net	6,787	2,255 (	2,255 ( - \$	2,093) 2,093)	- - - \$ Closing net	- \$	6,949 6,949 2,868,372 Closing net
Cost Cost Software	\$	\$ 2,875,159 \$ 2,875,159 \$ book amount book amount 6,253	Additions	2,255 (\$ Additions Disposals 640		2,255 (\$ 2,093) \$ Disposals Reclassifications	2,093) \$ - \$ - ( Reclassifications book amount 106)	- \$	2,875,321 2,875,321 book amount 6,787
Service concession Service concession \$	\$	2,868,372 \$ \$ 2,868,372 \$ 2,874,625 \$		- \$ 640 \$	- \$	- \$ - \$ Year ended December 31, 2019 Year ended December 31, 2019	- \$ 2,868,372 - \$ - (\$ 106) \$		2,868,372 2,875,159
Software Software \$		6,253 Opening net Opening net 2,874,625 \$ \$ 2,874,625 \$	6,253	640 640 640 \$ 640 \$		- ( - ( Year ended December 31, 2020 - (\$ - (\$	106) 106) 106) \$ 106) \$ 2,875,159	6,787	6,787 Closing net Closing net 2,875,159
Cost Cost Service concession Service concession	\$	book amount book amount Opening net \$ 2,868,372 \$		Additions Additions 2,868,372 \$ Year ended December 31, 2020 - \$		Disposals Disposals Year ended December 31, 2020 - \$ - \$	Reclassifications Reclassifications - \$ - \$	- \$	book amount book amount Closing net 2,868,372 2,868,372
Accumulated amortization Software Software		book amount 6,253 Opening net Opening net	6,253	Additions 640		Disposals 640 - (	Reclassifications - ( 106) 106) Closing net		book amount 6,787 6,787 Closing net
Service concession Accumulated amortization Accumulated amortization	\$ \$	812,944 \$ \$ 2,874,625 \$ 2,874,625 \$ book amount book amount	Additions	61,253 \$ 640 \$ Additions Disposals		640 \$ - (\$ Disposals Reclassifications	- \$ - (\$ 106) \$ 106) \$ Reclassifications book amount	- \$	874,197 2,875,159 2,875,159 book amount
Software Service concession Service concession \$		5,288 812,944 \$ \$ 812,944 \$		1,153 ( 61,253 \$ 61,253 \$		2,093) - \$ - \$ Year ended December 31, 2020 Year ended December 31, 2020	- \$ - \$ 874,197	-	4,348 874,197
Software Software	\$	818,232 \$ 5,288 Opening net Opening net	5,288	62,406 (\$ 1,153 ( 1,153 (		2,093) \$ 2,093) 2,093)	- -	- \$ 4,348	878,545 4,348 Closing net Closing net
\$ Accumulated amortization Accumulated amortization		818,232 \$ \$ 818,232 \$ book amount book amount		62,406 (\$ 62,406 (\$ Additions Additions		2,093) \$ 2,093) \$ Year ended December 31, 2019 Disposals Disposals	- \$ - \$ 878,545 Reclassifications Reclassifications		878,545 book amount book amount
Service concession Service concession	\$	\$ 812,944 \$ Opening net		Year ended December 31, 2019 812,944 \$ 61,253 \$		Year ended December 31, 2019 61,253 \$ - \$	- \$ - \$	- \$	874,197 874,197 Closing net
Software Software Accumulated amortization		5,288 Opening net Opening net book amount	5,288	1,153 ( Additions		1,153 ( 2,093) Disposals	2,093) - Closing net Reclassifications	-	4,348 4,348 Closing net book amount
Accumulated amortization Accumulated amortization Service concession Service concession Service concession \$	\$ \$	book amount book amount \$ 818,232 \$ 751,691 \$ 751,691 \$ \$ 751,691 \$	Additions	Additions Disposals 818,232 \$ 62,406 (\$ 61,253 \$ 61,253 \$ 61,253 \$		Disposals Reclassifications 62,406 (\$ 2,093) \$ - \$ - \$	Reclassifications book amount 2,093) \$ - \$ - \$ - \$ - \$ 812,944	- \$ - \$	book amount 878,545 878,545 812,944 812,944
Software Software Software		4,611 4,611	4,611	704 704 704		Year ended December 31, 2019 Year ended December 31, 2019 - ( - (	- ( 27) 27) 27)	5,288	5,288 5,288
\$ Accumulated amortization Accumulated amortization	\$	Opening net Opening net 756,302 \$ 756,302 \$ \$ 756,302 \$ book amount book amount		61,957 \$ 61,957 \$ 61,957 \$ Additions Additions		- (\$ - (\$ Disposals Disposals	- (\$ 27) \$ 27) \$ 27) \$ 818,232 Reclassifications Reclassifications		Closing net Closing net 818,232 818,232 book amount book amount

		Years ended December 31, Years ended December 31, Years ended December 31,
C. Details of amortization on intangible assets are as follows: C. Details of amortization on intangible assets are as follows:	2020	2020 2020	2019	2019 2019
Operating costs Operating costs Operating costs	\$ \$ \$	61,253 \$ 61,253 \$ 61,253 \$		61,253 61,253 61,253
Administrative expenses Administrative expenses		Years ended December 31, Years ended December 31, 1,153 1,153 1,153		704 704 704
Administrative expenses	\$ \$	2020 2020 62,406 \$ 62,406 \$		2019 2019 61,957 61,957
Operating costs Operating costs	\$ \$ \$	62,406 \$ 61,253 \$	61,253 \$	61,957 61,253 61,253

(13) Short-term borrowings (13) Short-term borrowings Unsecured bank borrowings \$ 1,185,000 \$ 1,849,000 Unsecured bank borrowings \$ 1,185,000 \$ 1,849,000 (13) Short-term borrowings

Leased assets - buildings \$ 995,484 \$ 84,990 (\$ 531) \$ 20,276 \$ 1,100,219

Software 4,611 704 - ( 27) 5,288 Software 4,611 704 - ( 27) 5,288 C. Details of amortization on intangible assets are as follows: C. Details of amortization on intangible assets are as follows:

Unsecured bank borrowings \$ Secured bank borrowings Secured bank borrowings	1,185,000 \$ 130,000 130,000	1,849,000 130,000 130,000
\$ Secured bank borrowings	December 31, 2020 December 31, 2019 \$ 1,315,000 \$ 1,315,000 \$ 130,000	December 31, 2020 December 31, 2019 1,979,000 1,979,000 130,000
Unsecured bank borrowings Unsecured bank borrowings \$ Interest rate range Interest rate range	\$ 1,185,000 \$ 1,185,000 \$ 1.10%~1.80% 1.10%~1.80%	1,849,000 1,849,000 1.48%~1.98% 1.48%~1.98%
\$ Secured bank borrowings Secured bank borrowings	1,315,000 \$ 130,000 130,000	1,979,000 130,000 130,000
For details of pledged assets, please refer to Note 8. For details of pledged assets, please refer to Note 8. Interest rate range \$	1.10%~1.80% \$ 1,315,000 \$ 1,315,000 \$	1.48%~1.98% 1,979,000 1,979,000
For details of pledged assets, please refer to Note 8. Interest rate range Interest rate range	1.10%~1.80% 1.10%~1.80%	1.48%~1.98% 1.48%~1.98%

C. Rental income from the lease of the investment property and direct operating expenses arising

Note 8. (12) Intangible assets A. Details of book values are as follows: Note 8. (12) Intangible assets A. Details of book values are as follows: (12) Intangible assets A. Details of book values are as follows: E. Information about the investment property that was pledged to others as collateral is provided in Note 8. were made using the income approach which is categorized within Level 3 in the fair value hierarchy. were made using the income approach which is categorized within Level 3 in the fair value hierarchy.

C. Rental income from the lease of the investment property and direct operating expenses arising from the investment property are shown below: C. Rental income from the lease of the investment property and direct operating expenses arising from the investment property are shown below: from the investment property are shown below: C. Rental income from the lease of the investment property and direct operating expenses arising from the investment property are shown below: Opening net Closing net Accumulated depreciation book amount Additions Disposals Reclassifications book amount Year ended December 31, 2019 Opening net Closing net Accumulated depreciation book amount Additions Disposals Reclassifications book amount Year ended December 31, 2019

					Year ended December 31, 2019
	Opening net								Closing net
Cost	book amount		Additions		Disposals	Reclassifications			book amount
Land	\$ 265,550 \$			- \$	Year ended December 31, 2019 Year ended December 31, 2019 - \$			- \$	265,550
Leased assets - land	Opening net Opening net 2,590,774		- (		28)		8,994	Closing net	Closing net 2,599,740
Cost Cost Leased assets - buildings	book amount book amount 3,917,001	Additions	Additions - (		Disposals Disposals 2,176)	Reclassifications	Reclassifications 49,438	book amount	book amount 3,964,263
Land Land \$ Leased assets - land Leased assets - land	\$ \$ 265,550 \$ 265,550 \$ 6,773,325 \$ 2,590,774 2,590,774		- \$ - (	- \$ - (\$ - (	- \$ 2,204) \$ 28) 28) Year ended December 31, 2019 Year ended December 31, 2019	- \$ 8,994	- \$ 58,432 \$ 8,994	- \$ 2,599,740	265,550 265,550 6,829,553 2,599,740
Leased assets - buildings Leased assets - buildings	3,917,001 3,917,001 Opening net Opening net		- (	- (	2,176) 2,176) Year ended December 31, 2020	49,438	49,438	3,964,263 Closing net	3,964,263 Closing net

\$ Cost Cost	6,773,325 \$ \$ 6,773,325 \$ book amount book amount Opening net	Additions	- (\$ Additions	- (\$	2,204) \$ 2,204) \$ Disposals Disposals	Reclassifications	58,432 \$ 58,432 \$ Reclassifications	6,829,553 book amount	6,829,553 book amount Closing net
Land Land \$ Accumulated depreciation	\$ 265,550 \$ 265,550 \$ book amount		- \$ Additions	- \$	- \$ Disposals Year ended December 31, 2020 Year ended December 31, 2020	- \$ Reclassifications	- \$	- \$	265,550 265,550 book amount
Leased assets - land Leased assets - land Leased assets - buildings	\$ 2,590,774 2,590,774 1,100,219 \$ Opening net Opening net		- ( 85,705 (\$	- (	28) 28) 1,411) \$	8,994	8,994	2,599,740 - \$ Closing net	2,599,740 1,184,513 Closing net
Leased assets - buildings Leased assets - buildings Accumulated depreciation Accumulated depreciation \$	3,917,001 3,917,001 book amount book amount 6,773,325 \$ \$ 6,773,325 \$	Additions	- ( Additions - (\$	- ( - (\$	2,176) 2,176) Disposals Disposals 2,204) \$ 2,204) \$	49,438 Reclassifications	49,438 Reclassifications 58,432 \$ 58,432 \$	3,964,263 book amount 6,829,553	3,964,263 book amount 6,829,553
\$ Leased assets - buildings Leased assets - buildings	1,100,219 \$ \$ 1,100,219 \$		85,705 (\$ 85,705 (\$		1,411) \$ 1,411) \$ Year ended December 31, 2019		- \$	- \$ 1,184,513	1,184,513
	Opening net				Year ended December 31, 2020 Year ended December 31, 2020				Closing net
Accumulated depreciation	Opening net book amount Opening net		Additions		Year ended December 31, 2019 Year ended December 31, 2019 Disposals	Reclassifications		Closing net	book amount Closing net

was \$12,578,033 and \$12,697,342, respectively. The Group management estimated the fair value based on market evidence on transaction price of similar property and assessed value. Valuations were made using the income approach which is categorized within Level 3 in the fair value hierarchy. E. Information about the investment property that was pledged to others as collateral is provided in was \$12,578,033 and \$12,697,342, respectively. The Group management estimated the fair value based on market evidence on transaction price of similar property and assessed value. Valuations were made using the income approach which is categorized within Level 3 in the fair value hierarchy. E. Information about the investment property that was pledged to others as collateral is provided in was \$12,578,033 and \$12,697,342, respectively. The Group management estimated the fair value based on market evidence on transaction price of similar property and assessed value. Valuations were made using the income approach which is categorized within Level 3 in the fair value hierarchy. E. Information about the investment property that was pledged to others as collateral is provided in Note 8. D. As of December 31, 2020 and 2019, the fair value of the investment property held by the Group was \$12,578,033 and \$12,697,342, respectively. The Group management estimated the fair value based on market evidence on transaction price of similar property and assessed value. Valuations were made using the income approach which is categorized within Level 3 in the fair value hierarchy. D. As of December 31, 2020 and 2019, the fair value of the investment property held by the Group was \$12,578,033 and \$12,697,342, respectively. The Group management estimated the fair value based on market evidence on transaction price of similar property and assessed value. Valuations Direct operating expenses arising from the investment property that did not generate rental income in the period \$ - \$ - D. As of December 31, 2020 and 2019, the fair value of the investment property held by the Group was \$12,578,033 and \$12,697,342, respectively. The Group management estimated the fair value based on market evidence on transaction price of similar property and assessed value. Valuations Direct operating expenses arising from the investment property that did not generate rental income in the period \$ - \$ -

Service concession \$ 1,994,175 \$ 2,055,428 Service concession \$ 1,994,175 \$ 2,055,428 Service concession \$ 1,994,175 \$ 2,055,428 A. Details of book values are as follows: (12) Intangible assets A. Details of book values are as follows: A. Details of book values are as follows:

\$ \$ 995,484 \$ 995,484 \$ 84,990 (\$ 84,990 (\$ Leased assets - buildings Leased assets - buildings	531) \$ 531) \$	20,276 \$ 2020 Years ended December 31, Years ended December 31,	20,276 \$	1,100,219 1,100,219 2019
Rental revenue from the lease of the investment property C. Rental income from the lease of the investment property and direct operating expenses arising C. Rental income from the lease of the investment property and direct operating expenses arising	\$ 2020	440,914 \$ 2020	2019	444,725 2019
\$ Rental revenue from the lease of the investment property Direct operating expenses arising from the investment Rental revenue from the lease of the investment property from the investment property are shown below: from the investment property are shown below:	\$	440,914 \$ 440,914 \$		444,725 444,725
property that generated rental income in the period Direct operating expenses arising from the investment Direct operating expenses arising from the investment \$ property that generated rental income in the period property that generated rental income in the period Direct operating expenses arising from the investment	\$ \$	150,732 \$ Years ended December 31, Years ended December 31, 150,732 \$ 150,732 \$		163,673 163,673 163,673
Direct operating expenses arising from the investment property that did not generate rental income in the period \$ Direct operating expenses arising from the investment \$ Rental revenue from the lease of the investment property Rental revenue from the lease of the investment property property that did not generate rental income in the period \$ property that did not generate rental income in the period \$ D. As of December 31, 2020 and 2019, the fair value of the investment property held by the Group Direct operating expenses arising from the investment Direct operating expenses arising from the investment	2020 \$	2020 440,914 \$ 440,914 \$ - \$	2019 - \$ - \$	2019 - 444,725 444,725 - -

\$	\$ \$	1,996,776 \$ 1,996,776 \$ 1,996,776 \$ December 31, 2020 December 31, 2019	2,056,927 2,056,927 2,056,927 December 31, 2020 December 31, 2019
Service concession Service concession \$	\$	1,994,175 \$ 1,994,175 \$	2,055,428 2,055,428
Software Software		2,601 2,601	1,499 1,499
~51~ ~51~ ~51~ \$	\$	1,996,776 \$ 1,996,776 \$	2,056,927 2,056,927

(12) Intangible assets Note 8. Note 8. (12) Intangible assets

property that generated rental income in the period \$ 150,732 \$ 163,673

B. Changes in intangible assets for the period are as follows: B. Changes in intangible assets for the period are as follows:

For details of pledged assets, please refer to Note 8.

Financial Information

(16) Long-term borrowings

(h)Guarantee Bank: The bonds are guaranteed by Taipei Fubon Commercial Bank.
	December 31, 2020	December 31, 2019
(16) Long-term borrowings Secured bank borrowings	\$ 7,153,667 \$	10,356,383
Unsecured bank borrowings	December 31, 2020 740,000	December 31, 2019 728,400
Secured bank borrowings	\$ 7,153,667 \$ 7,893,667	10,356,383 11,084,783
Unsecured bank borrowings Less: Current portion	740,000 ( 989,177) (	728,400 4,527,788)
	7,893,667 6,904,490	11,084,783 6,556,995
Less: Current portion Commerical papers	( 989,177) ( 800,000	4,527,788) 1,071,900
Less: Unamortized discount	6,904,490 ( 430) (	6,556,995 759)
Commerical papers	800,000 799,570	1,071,900 1,071,141
Less: Unamortized discount Less: Expiring within one year	( 430) ( - (	759) 151,613)
	799,570 799,570	1,071,141 919,528
Less: Expiring within one year	- ( \$ 7,704,060 \$	151,613) 7,476,523
Range of maturity dates	799,570 2021.07.01~2027.11.02 2020.04.02~2027.11.02	919,528
Range of maturity rates Range of maturity dates	\$ 7,704,060 \$ 0.40%~2.15% 2021.07.01~2027.11.02 2020.04.02~2027.11.02	7,476,523 0.64%~2.41%

A. For details of restrictive covenants, please refer to Note 9.

At January 1	\$	102,554 \$ 2020	87,196 2019
Additions At January 1	\$	39,576 102,554 \$	49,427 87,196
Used Additions	(	29,106) ( 39,576	34,069) 49,427
At December 31 Used	\$ (	113,024 \$ 29,106) (	102,554 34,069)
At December 31	\$	113,024 \$	102,554

(g)The way of security: Secured by Bank of Taiwan. (h)Guarantee Bank: The bonds are guaranteed by Taipei Fubon Commercial Bank. (16) Long-term borrowings (16) Long-term borrowings

A. For details of restrictive covenants, please refer to Note 9. Range of maturity rates 0.40%~2.15% 0.64%~2.41% B.The Group and financial institutions entered into a contract for a syndicated borrowing. The A. For details of restrictive covenants, please refer to Note 9.

B.The Group and financial institutions entered into a contract for a syndicated borrowing. The Group shall redraw the revolving credit line to issue abovementioned commercial paper during Group shall redraw the revolving credit line to issue abovementioned commercial paper during B. The Group and financial institutions entered into a contract for a syndicated borrowing. The Group shall redraw the revolving credit line to issue abovementioned commercial paper during

~54~ ~54~ A. (a) The Company has a defined benefit pension plan in accordance with the Labor Standards

Interest rate range 1.40% 1.19%~1.59%

the credit term. For the related information, please refer to Notes 9(9) to 9(10). the credit term. For the related information, please refer to Notes 9(9) to 9(10). C. For details of pledged assets, please refer to Note 8. the credit term. For the related information, please refer to Notes 9(9) to 9(10). C. For details of pledged assets, please refer to Note 8.

(17) Provisions - replacement cost (17) Provisions - replacement cost

A. The above commercial papers were issued by banks and bills financial institutions. (15) Bonds payable B. For details of pledged assets, please refer to Note 8.

(15) Bonds payable (15) Bonds payable

A.The Group issued secured ordinary bonds payable in June 2017. The significant terms of the bonds are as follows: (a)Total issue amount: \$2,000,000 (a)Total issue amount: \$2,000,000 (b)Issue price: At par value of \$1,000 per bond A. The Group issued secured ordinary bonds payable in June 2017. The significant terms of the bonds are as follows:

(14) Short-term notes and bills payable	December 31, 2020 December 31, 2019
Commercial papers	\$ 50,000 \$ December 31, 2020		100,000 December 31, 2019
Less: Unamortized discount Commercial papers	\$ - ( 50,000 \$		75) 100,000
Less: Unamortized discount	\$ 50,000 \$	- (	99,925 75)
Interest rate range	\$ 1.40% 50,000 \$		1.19%~1.59% 99,925

2017 1st secured ordinary	\$ December 31, 2020 2,000,000 \$	December 31, 2019 2,000,000
bonds payable 2017 1st secured ordinary
2018 1st secured ordinary bonds payable bonds payable	\$ 2,000,000 \$ 2,500,000	2,000,000 2,500,000
2018 1st secured ordinary	\$ 4,500,000 \$	4,500,000
bonds payable	2,500,000	2,500,000
A.The Group issued secured ordinary bonds payable in June 2017. The significant terms of the	\$ 4,500,000 \$	4,500,000

(14) Short-term notes and bills payable (14) Short-term notes and bills payable

A. The above commercial papers were issued by banks and bills financial institutions. B. For details of pledged assets, please refer to Note 8. A. The above commercial papers were issued by banks and bills financial institutions.

(c)Coupon rate: 1.05% (a) Total issue amount: \$2,000,000
(b)Issue price: At par value of \$1,000 per bond (d)Terms of interest repayment: The bonds interest is calculated on simple rate every year (b) Issue price: At par value of \$1,000 per bond
(c)Coupon rate: 1.05% starting June 2017 based on the coupon rate. (c) Coupon rate: 1.05%
(d)Terms of interest repayment: The bonds interest is calculated on simple rate every year starting June 2017 based on the coupon rate. (e)Repayment term: The bonds are repaid upon the maturity of the bonds. (f)Period: 5 years, from June 19, 2017 to June 19, 2022. (d) Terms of interest repayment: The bonds interest is calculated on simple rate every year starting June 2017 based on the coupon rate.
(e)Repayment term: The bonds are repaid upon the maturity of the bonds. (g)The way of security: Secured by Bank of Taiwan. (e) Repayment term: The bonds are repaid upon the maturity of the bonds.
(f)Period: 5 years, from June 19, 2017 to June 19, 2022. (h)Guarantee Bank: The bonds are guaranteed by Taipei Fubon Commercial Bank. (f) Period: 5 years, from June 19, 2017 to June 19, 2022.
(g)The way of security: Secured by Bank of Taiwan. B. The Group issued secured ordinary bonds payable in June 2018. The significant terms of the (g) The way of security: Secured by Bank of Taiwan.
(h)Guarantee Bank: The bonds are guaranteed by Taipei Fubon Commercial Bank. bonds are as follows: (h) Guarantee Bank: The bonds are guaranteed by Taipei Fubon Commercial Bank.
B. The Group issued secured ordinary bonds payable in June 2018. The significant terms of the bonds are as follows: (a)Total issue amount: \$2,500,000 (b)Issue price: At par value of \$1,000 per bond B. The Group issued secured ordinary bonds payable in June 2018. The significant terms of the bonds are as follows:
(a)Total issue amount: \$2,500,000 (c)Coupon rate: 0.84% (a) Total issue amount: \$2,500,000
(b)Issue price: At par value of \$1,000 per bond (d)Terms of interest repayment: The bonds interest is calculated on simple rate every year (b) Issue price: At par value of \$1,000 per bond
(c)Coupon rate: 0.84% starting June 2018 based on the coupon rate. (c) Coupon rate: 0.84%
(d)Terms of interest repayment: The bonds interest is calculated on simple rate every year starting June 2018 based on the coupon rate. (e)Repayment term: The bonds are repaid upon the maturity of the bonds. (d) Terms of interest repayment: The bonds interest is calculated on simple rate every year starting June 2018 based on the coupon rate.
(e)Repayment term: The bonds are repaid upon the maturity of the bonds. ~53~ (e) Repayment term: The bonds are repaid upon the maturity of the bonds.
(f) Period: 5 years, from June 15, 2018 to June 15, 2023.
~53~ (g) The way of security: Secured by Bank of Taiwan.
(h) Guarantee Bank: The bonds are guaranteed by Taipei Fubon Commercial Bank.

(18) Pension

Law, covering all regular employees' service years prior to the enforcement of the Labor Pension Act on July 1, 2005 and service years thereafter of employees who chose to continue to be subject to the pension mechanism under the Law. Under the defined benefit pension plan, two units are accrued for each year of service for the first 15 years and one unit for each additional year thereafter, subject to a maximum of 45 units. Pension benefits are based on the number of units accrued and the average monthly salaries and wages of the last 6 months prior to retirement. The Company contributes monthly an amount equal to 2% of the employees' monthly salaries and wages to the retirement fund deposited with Bank of Taiwan, the trustee, under the name of the independent retirement fund committee. Also, the Company would assess the balance in the aforementioned labor

assess the balance in the aforementioned labor pension reserve account by December 31, every year. If the account balance is insufficient to pay the pension calculated by the aforementioned method to the employees expected to qualify for retirement in the following year, the Company will make contributions to cover the deficit by next March. assess the balance in the aforementioned labor pension reserve account by December 31, every year. If the account balance is insufficient to pay the pension calculated by the aforementioned method to the employees expected to qualify for retirement in the following year, the Company will make contributions to cover the deficit by next March. pension reserve account by December 31, every year. If the account balance is insufficient to pay the pension calculated by the aforementioned method to the employees expected to qualify for retirement in the following year, the Company will make contributions to cover the deficit by next March. under the name of the independent retirement fund committee. Also, the Company would assess the balance in the aforementioned labor pension reserve account by December 31, every year. If the account balance is insufficient to pay the pension calculated by the aforementioned method to the employees expected to qualify for retirement in the following

(b) The amounts recognized in the balance sheet are determined as follows: (b) The amounts recognized in the balance sheet are determined as follows: (b) The amounts recognized in the balance sheet are determined as follows: year, the Company will make contributions to cover the deficit by next March.

(b) The amounts recognized in the balance sheet are determined as follows:		December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019
Present value of defined benefit obligations	(\$	197,126) (\$	189,980)
Present value of defined benefit obligations	(\$	197,126) (\$	189,980)
Fair value of plan assets Fair value of plan assets		December 31, 2020 December 31, 2019 129,636 129,636	118,112 118,112
Present value of defined benefit obligations	(\$	197,126) (\$	189,980)
Net defined benefit liability	(\$	67,490) (\$	71,868)
Net defined benefit liability	(\$	67,490) (\$	71,868)

Present value of (c) Changes in net defined benefit liability are as follows: Present value of (c) Changes in net defined benefit liability are as follows: Net defined benefit liability (\$ 67,490) (\$ 71,868)

		Present value of obligations obligations	of plan assets of plan assets		benefit liability benefit liability
2020 2020		defined benefit	Fair value		Net defined
Balance at January 1 Balance at January 1	(\$ (\$	obligations 189,980) \$ 189,980) \$	of plan assets 118,112 (\$ 118,112 (\$		benefit liability 71,868) 71,868)
2020 Current service cost Current service cost (	(	426) 426)	- (	- (	426) 426)
( Balance at January 1 Interest (expense) income Interest (expense) income	( (\$	1,328) 1,328) 189,980) \$	826 ( 826 ( 118,112 (\$		502) 502) 71,868)
( Current service cost	( (	191,734) 191,734) 426)	118,938 ( 118,938 (	- (	72,796) 72,796) 426)
Remeasurements: Interest (expense) income Remeasurements:	(	1,328)	826 (		502)
Change in financial assumptions Change in financial assumptions (	( (	5,982) 191,734) 5,982)	118,938 ( - (	- (	5,982) 72,796) 5,982)
( Experience adjustments Experience adjustments Remeasurements:	(	372) 372)	4,177 4,177		3,805 3,805
( Change in financial assumptions	( (	6,354) 6,354) 5,982)	4,177 ( 4,177 (	- (	2,177) 2,177) 5,982)
Pension fund contribution Pension fund contribution Experience adjustments	(	- - 372)	7,483 7,483 4,177		7,483 7,483 3,805
Paid pension Paid pension	(	962 ( 962 ( 6,354)	962) 962) 4,177 (		- - 2,177)
Balance at December 31 Balance at December 31 Pension fund contribution	(\$ (\$	197,126) \$ 197,126) \$ -	129,636 (\$ 129,636 (\$ 7,483		67,490) 67,490) 7,483
Paid pension		962 ( Present value of	962)		-
Balance at December 31	(\$ ~55~ ~55~	197,126) \$ defined benefit	129,636 (\$ Fair value		67,490) Net defined
		obligations	of plan assets		benefit liability
2019	~55~
Balance at January 1	(\$	190,446) \$	118,094 (\$		72,352)
Current service cost	(	698)		- (	698)
Interest (expense) income	(	1,723)	1,074 (		649)
	(	192,867)	119,168 (		73,699)
Remeasurements:
Change in financial assumptions	(	3,254)		- (	3,254)
Experience adjustments	(	3,859)	4,085		226
	(	7,113)	4,085 (		3,028)
Pension fund contribution		-	4,859		4,859
Paid pension		10,000 (	10,000)		-
Balance at December 31	(\$	189,980) \$	118,112 (\$		71,868)

(d) The principal actuarial assumptions used were as follows:

Future mortality rate was estimated based on the 5th Taiwan Standard Ordinary Experience

method of analysing sensitivity and the method of calculating net pension liability in the

(d) Changes in net defined benefit liability are as follows: Balance at December 31 (\$ 189,980) \$ 118,112 (\$ 71,868) Paid pension 10,000 ( 10,000) -

Mortality Table. Because the main actuarial assumption changed, the present value of defined benefit obligation is affected. The analysis was as follows: Discount rate Future salary increases Future mortality rate was estimated based on the 5th Taiwan Standard Ordinary Experience Mortality Table. Because the main actuarial assumption changed, the present value of defined benefit obligation is affected. The analysis was as follows: Future mortality rate was estimated based on the 5th Taiwan Standard Ordinary Experience Mortality Table. Because the main actuarial assumption changed, the present value of defined benefit Future salary increases 1.50%~2.00% 1.50%~2.00%

December 31, 2020	Discount rate		Future salary increases
Effect on present value of defined benefit obligation	\$ 3,772 \$	3,888 \$ Increase 0.25% Decrease 0.25% Increase 0.25% Decrease 0.25%	3,337 (\$	3,259)
December 31, 2020		Discount rate	Future salary increases
Effect on present value of defined benefit obligation December 31, 2019	\$ 3,772 \$	Increase 0.25% Decrease 0.25% Increase 0.25% Decrease 0.25% 3,888 \$	3,337 (\$	3,259)
Effect on present value of defined	Discount rate		Future salary increases
benefit obligation	(\$ 3,914) \$	4,039 \$ Increase 0.25% Decrease 0.25% Increase 0.25% Decrease 0.25%	3,519 (\$	3,435)
December 31, 2019
The sensitivity analysis above is based on other conditions that are unchanged but only one Effect on present value of defined benefit obligation assumption is changed. In practice, more than one assumption may change all at once. The	(\$ 3,914) \$	4,039 \$	3,519 (\$	3,435)

~56~ balance sheet are the same. ~56~ The sensitivity analysis above is based on other conditions that are unchanged but only one assumption is changed. In practice, more than one assumption may change all at once. The method of analysing sensitivity and the method of calculating net pension liability in the balance sheet are the same. The sensitivity analysis above is based on other conditions that are unchanged but only one assumption is changed. In practice, more than one assumption may change all at once. The method of analysing sensitivity and the method of calculating net pension liability in the balance sheet are the same. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the previous period.

(\$ Balance at December 31	189,980) \$ 118,112 (\$ Years ended December 31,	71,868)
(d) The principal actuarial assumptions used were as follows:	2020 2019
Discount rate	0.30% Years ended December 31,	0.70%
Future salary increases	1.50%~2.00% 2020	1.50%~2.00% 2019

Discount rate 0.30% 0.70%

(e) Expected contributions to the defined benefit pension plans of the Company for the year

(f) As of December 31, 2020, the weighted average duration of that retirement plan is 7~11

ending December 31, 2021 amounts to \$2,842.
years.
paid monthly or in lump sum upon termination of employment.

B. (a) Effective July 1, 2005, the Company has established a defined contribution pension plan (the "New Plan") under the Labor Pension Act (the "Act"), covering all regular employees with R.O.C. nationality. Under the New Plan, the Company contributes monthly an amount based on 6% of the employees' monthly salaries and wages to the employees' individual pension accounts at the Bureau of Labor Insurance. The benefits accrued are

(b) The pension costs under the defined contribution pension plans of the Company for the years ended December 31, 2020 and 2019 were \$55,537 and \$60,601, respectively.

(19) Share capital

A. Movements in the number of the Company's ordinary shares outstanding are as follows: (Units: in thousand shares)

	Unrealised gains	Currency
	(losses) on valuation	translation	Total
At January 1, 2020	\$ 876,538 (\$	48) \$	876,490
Revaluation - gross	365,767	-	365,767
At December 31, 2020	\$ 1,242,305 (\$	48) \$	1,242,257
	Unrealised gains	Currency
	(losses) on valuation	translation	Total
At January 1, 2019	\$ 788,079 (\$	48) \$	788,031
Revaluation - gross	88,459	-	88,459
At December 30, 2019	\$ 876,538 (\$	48) \$	876,490

(21) Retained earnings

	~57~ Capital surplus
	Share	Treasury share
2020	premium	transaction	Others	Total
At January 1, 2020 (At December 31, 2020)	\$ 1,375,442 \$	877,839 \$		7,232 \$ 2,260,513
		Capital surplus
	Share	Treasury share
2019	premium	transaction	Others	Total
At January 1, 2019 (At December 31, 2019)	\$ 1,375,442 \$	877,839 \$		7,232 \$ 2,260,513

set aside as legal reserve until the balance of legal reserve is equal to that of issued share capital. Afterwards, an amount shall be appropriated or reversed as special reserve in accordance with the total stock dividend and bonus; the appropriation of earnings is proposed by the Board of Directors and resolved by the shareholders.

applicable legal or regulatory requirements, along with prior years' accumulated unappropriated retained earnings, and then distribution should be in the following order: stock dividend and bonus to shareholders are no less than 20% of the accumulated distributable earnings, in current period and cash dividend is at least 30% of the total stock dividend and bonus; the appropriation of B. Except for covering accumulated deficit or issuing new stocks or cash to shareholders in B. Except for covering accumulated deficit or issuing new stocks or cash to shareholders in proportion to their share ownership, the legal reserve shall not be used for any other purpose. The use of legal reserve for the issuance of stocks or cash to shareholders in proportion to their share ownership is permitted, provided that the distribution of the reserve is limited to

consideration its future business plans and capital expenditures in determining the amount of (21) Retained earnings

earnings is proposed by the Board of Directors and resolved by the shareholders. the portion in excess of 25% of the Company's paid-in capital.
excess of 25% of the Company's paid-in capital. C. The Company recognised dividends distributed to owners amounting to \$811,663 (\$0.50 (in share.

proportion to their share ownership, the legal reserve shall not be used for any other purpose. The use of legal reserve for the issuance of stocks or cash to shareholders in proportion to their share ownership is permitted, provided that the distribution of the reserve is limited to the portion in C. The Company recognised dividends distributed to owners amounting to \$811,663 (\$0.50 (in dollars) per share) and \$1,055,162 (\$0.65 (in dollars) per share) for the years ended December 31, 2020 and 2019, respectively. On March 18, 2021, the Board of Directors proposed that total dividends for the distribution of earnings for 2020 was \$649,330 at \$0.4 (in dollars) per

31, 2020 and 2019, respectively. On March 18, 2021, the Board of Directors proposed that total (22) Other equity items

earnings to be retained and to be distributed. In accordance with the Company Law, 10% of the current year's earnings, after payment of all taxes and after offsetting accumulated deficit, shall be set aside as legal reserve until the balance of legal reserve is equal to that of issued share capital. Afterwards, an amount shall be appropriated or reversed as special reserve in accordance with applicable legal or regulatory requirements, along with prior years' accumulated unappropriated retained earnings, and then distribution should be in the following order: stock dividend and bonus to shareholders are no less than 20% of the accumulated distributable earnings, in current period and cash dividend is at least 30% of the total stock dividend and bonus; the appropriation of earnings is proposed by the Board of Directors and resolved by the shareholders. B. Except for covering accumulated deficit or issuing new stocks or cash to shareholders in proportion to their share ownership, the legal reserve shall not be used for any other purpose. The use of legal reserve for the issuance of stocks or cash to shareholders in proportion to their share A. In accordance with the Company's Articles of Incorporation, the Company will take into consideration its future business plans and capital expenditures in determining the amount of earnings to be retained and to be distributed. In accordance with the Company Law, 10% of the current year's earnings, after payment of all taxes and after offsetting accumulated deficit, shall be set aside as legal reserve until the balance of legal reserve is equal to that of issued share capital. Afterwards, an amount shall be appropriated or reversed as special reserve in accordance with applicable legal or regulatory requirements, along with prior years' accumulated unappropriated retained earnings, and then distribution should be in the following order: stock dividend and bonus to shareholders are no less than 20% of the accumulated distributable earnings, in current period and cash dividend is at least 30% of

B. As of December 31, 2020, the Company's authorized capital was \$20,000,000, and the paid-in

capital was \$16,233,261 with a par value of NT\$10 per share, consisting of 1,623,326 thousand shares of ordinary stock. C. As of December 31, 2020 and 2019, the Company's subsidiary, Prince Apartment Management B. As of December 31, 2020, the Company's authorized capital was \$20,000,000, and the paidin capital was \$16,233,261 with a par value of NT\$10 per share, consisting of 1,623,326 thousand shares of ordinary stock.
Maintain Co., Ltd., held the Company's stocks to maintain equity interest in the Company. The amount of shares held by the subsidiary was all 655 thousand shares, the average par value was all NT\$1.53 per share, and the fair value was, NT\$11.50 and NT\$11.25 per share, respectively. (20) Capital surplus C. As of December 31, 2020 and 2019, the Company's subsidiary, Prince Apartment Management Maintain Co., Ltd., held the Company's stocks to maintain equity interest in the Company. The amount of shares held by the subsidiary was all 655 thousand shares, the average par value was all NT\$1.53 per share, and the fair value was, NT\$11.50 and NT\$11.25 per share, respectively.

	2020	2019
Shares at January 1 and December 31	1,622,671	1,622,671

value on issuance of common stocks and donations can be used to cover accumulated deficit or to (20) Capital surplus

issue new stocks or cash to shareholders in proportion to their share ownership, provided that the Company has no accumulated deficit. Further, the R.O.C. Securities and Exchange Law requires that the amount of capital surplus to be capitalized mentioned above should not exceed 10% of the paid-in capital each year. Capital surplus should not be used to cover accumulated deficit unless the legal reserve is insufficient. Pursuant to the R.O.C. Company Act, capital surplus arising from paid-in capital in excess of par value on issuance of common stocks and donations can be used to cover accumulated deficit or to issue new stocks or cash to shareholders in proportion to their share ownership, provided that the Company has no accumulated deficit. Further, the R.O.C. Securities and Exchange Law requires that the amount of capital surplus to be capitalized mentioned above should not exceed 10% of the paid-in capital each year. Capital surplus should not be used to cover accumulated deficit unless the legal reserve is insufficient.

(19) Share capital (19) Share capital

(23) Maturity analysis of assets and liabilities

Year ended	Building and		point in time or over time in the following business lines:
December 31, 2020	land sales		Construction Hotel management BOT business		Property management	Total
Year ended Revenue from external	Building and
December 31, 2020 customer contracts	land sales \$ 6,568,067 \$ 3,087,731 \$		Construction Hotel management BOT business 1,224,449 \$	257,601 \$	Property management	Total 316,307 \$ 11,454,155
Revenue from external Timing of revenue
customer contracts recognition		\$ 6,568,067 \$ 3,087,731 \$	1,224,449 \$	257,601 \$		316,307 \$ 11,454,155
Timing of revenue At a point in time	\$ 6,568,067 \$		- \$	- \$	- \$	- \$ 6,568,067
recognition Over time		- 3,087,731	1,224,449	257,601		316,307 4,886,088
At a point in time Over time	\$ 6,568,067 \$ \$ 6,568,067 \$ 3,087,731 \$	- 3,087,731	- \$ - \$ 1,224,449 \$ 1,224,449	- \$ 257,601 \$ 257,601		- \$ 6,568,067 316,307 \$ 11,454,155 316,307 4,886,088
		\$ 6,568,067 \$ 3,087,731 \$	1,224,449 \$	257,601 \$		316,307 \$ 11,454,155
Year ended	Building and
December 31, 2019 Year ended	land sales Building and		Construction Hotel management BOT business		Property management	Total
Revenue from external	land sales		Construction Hotel management BOT business		Property management	Total
December 31, 2019 customer contracts Revenue from external	\$ 5,182,052 \$ 3,211,529 \$		2,656,614 \$	257,517 \$		370,764 \$ 11,678,476
Timing of revenue customer contracts		\$ 5,182,052 \$ 3,211,529 \$	2,656,614 \$	257,517 \$		370,764 \$ 11,678,476
recognition Timing of revenue
At a point in time recognition	\$ 5,182,052 \$		- \$	- \$	- \$	- \$ 5,182,052
Over time At a point in time	\$ 5,182,052 \$	- 3,211,529	2,656,614 - \$ - \$	257,517 - \$		370,764 6,496,424 - \$ 5,182,052
Over time	\$ 5,182,052 \$ 3,211,529 \$	- 3,211,529	2,656,614 \$ 2,656,614	257,517 \$ 257,517		370,764 \$ 11,678,476 370,764 6,496,424

B. Aggregate amount of the transaction price allocated to and the year expected to recognise revenue

December 31, 2020	Year expected to recognise revenue 2021~2024	Contracted amount \$	4,883,160
December 31, 2020 December 31, 2019	2021~2024 2020~2021	\$	4,883,160 4,171,740
December 31, 2019	2020~2021		4,171,740

A. The revenue from contracts with customers arises from the transfer of goods and services at a

B. Aggregate amount of the transaction price allocated to and the year expected to recognise revenue for the unsatisfied performance obligations in relation to the contracted significant construction for the unsatisfied performance obligations in relation to the contracted significant construction B. Aggregate amount of the transaction price allocated to and the year expected to recognise revenue for the unsatisfied performance obligations in relation to the contracted significant

\$ 11,963,426 \$ 12,199,437 A. The revenue from contracts with customers arises from the transfer of goods and services at a A. The revenue from contracts with customers arises from the transfer of goods and services at a

contracts as of December 31, 2020 and 2019 are as follows: contracts as of December 31, 2020 and 2019 are as follows: construction contracts as of December 31, 2020 and 2019 are as follows:

	For the years ended December 31,
	2020	2019
Revenue from contracts with customers	\$ 11,454,155 \$	11,678,476
Other - rental revenue	509,271	520,961
	\$ 11,963,426 \$	12,199,437

point in time or over time in the following business lines: point in time or over time in the following business lines:

	Within 12 months Over 12 months		Total
December 31, 2020
Assets
Notes receivable, net	\$ 19,390 \$	180 \$	19,570
Accounts receivable, net
(including related parties)	686,429	260,227	946,656
Contract assets	85,881	114,901	200,782
Inventories	5,194,285	11,460,827	16,655,112
	\$	5,985,985 \$ 11,836,135 \$ 17,822,120
Liabilities
Contract liabitities	\$ 461,026 \$	253,259 \$	714,285
Notes payable	955,500	738,481	1,693,981
Long-term notes and accounts payable		- 11,456	11,456
	\$ 1,416,526 \$	1,003,196 \$	2,419,722
	Within 12 months Over 12 months		Total
December 31, 2019
Assets
Notes receivable, net	\$ 35,854 \$	1,944 \$	37,798
Accounts receivable, net
(including related parties)	499,243	126,934	626,177
Contract assets	88,986	251,840	340,826
Inventories	10,612,229	9,279,736	19,891,965
	\$ 11,236,312 \$		9,660,454 \$ 20,896,766
Liabilities
Contract liabitities	\$ 502,439 \$	219,365 \$	721,804
Notes payable	1,940	-	1,940
Accounts payable	992,360	924,060	1,916,420
Long-term notes and accounts payable	-	11,456	11,456
	\$ 1,496,739 \$	1,154,881 \$	2,651,620

(24) Operating revenue

C. Contract assets and liabilities C. Contract assets and liabilities

The Group has recognised the following revenue-related contract assets and liabilities: The Group has recognised the following revenue-related contract assets and liabilities:

	December 31, 2020	December 31, 2019	January 1, 2019
Contract assets:	~60~
Contract assets - construction contracts	~60~ \$ 200,782 \$	340,826 \$	616,853
Contract liabilites:
Contract liabilities - buildings and land sales contracts	\$ 458,386 \$	496,296 \$	601,715
Contract liabilities - construction contracts	255,899	225,508	168,170
Contract liabilities - Hotel operation contracts	142,814	146,767	141,034
Contract liabilities - BOT business	59,851	53,969	50,105
	\$ 916,950 \$	922,540 \$	961,024

Revenue recognised that was included in the contract liability balance at the beginning of the period: Revenue recognised that was included in the contract liability balance at the beginning of the period:

Financial Information

Other finance expenses 1,200 1,200

Labor and health insurance fees		Operating costs 55,635	Operating expenses 55,560	Total 111,195
Employee benefit expense Pension costs		28,899	27,566	56,465
Wages and salaries Directors' remuneration	\$	604,191 \$ -	534,319 \$ 40,065	1,138,510 40,065
Labor and health insurance fees Other employee benefit expense		55,635 8,725	55,560 26,802	111,195 35,527
Pension costs	\$	28,899 697,450 \$	27,566 684,312 \$	56,465 1,381,762
Directors' remuneration	\$	- 85,705 \$	40,065 682,597 \$	40,065 768,302
Depreciation charges Other employee benefit expense		8,725	26,802	35,527
Amortization charges	\$ \$	61,253 \$ 697,450 \$	1,153 \$ 684,312 \$	62,406 1,381,762
Depreciation charges	\$	85,705 \$	682,597 \$ Year ended December 31, 2019	768,302
Amortization charges	\$	61,253 \$	1,153 \$	62,406

	Years ended December 31,
	2020	2019
Interest expense:	Years ended December 31,
Bank borrowings	\$ 145,932 \$ 2020	168,584 2019
Lease liability	115,402	100,073
Interest expense: Commercial paper	14,970	14,869
Bank borrowings ~62~ Ordinary bonds Lease liability	\$ 145,932 \$ 46,643 115,402	168,584 41,001 100,073
Others Commercial paper	1,527 14,970	2,250 14,869
Other finance expenses Ordinary bonds	1,200 46,643	1,200 41,001
Others	\$ 325,674 \$ 1,527	327,977 2,250

144 Prince Housing & Development Corp. 145 Labor and health insurance fees 71,733 60,873 132,606 Other employee benefit expense 13,109 33,453 46,562

Year ended December 31, 2019

(29) Expenses by nature

Employee benefit expense		Year ended December 31, 2020
Wages and salaries Labor and health insurance fees	\$ 604,191 \$ Operating costs 55,635	534,319 \$ Operating expenses 55,560	1,138,510 Total 111,195
Employee benefit expense Pension costs	28,899	27,566	56,465
Wages and salaries Directors' remuneration	\$ 604,191 \$ -	534,319 \$ 40,065	1,138,510 40,065
Labor and health insurance fees Other employee benefit expense	55,635 8,725	55,560 26,802	111,195 35,527
Pension costs	28,899 \$ 697,450 \$	27,566 684,312 \$	56,465 1,381,762
Directors' remuneration	-	40,065	40,065
Depreciation charges Other employee benefit expense	\$ 85,705 \$ 8,725	682,597 \$ 26,802	768,302 35,527
Amortization charges	\$ 61,253 \$ \$ 697,450 \$	1,153 \$ 684,312 \$	62,406 1,381,762
Depreciation charges	\$ 85,705 \$	682,597 \$ Year ended December 31, 2019	768,302
Amortization charges	\$ 61,253 \$ Operating costs	1,153 \$ Operating expenses	62,406 Total

Employee benefit expense

	Years ended
	2020
\$	10,595
	2,109
	12.704

Net gains on financial assets at fair value through profit or loss \$ 418,234 \$ 37,723 Gains on disposals of property, plant and equipment (including investment property) 22,163 1,557 Net currency exchange gain 133 507 Others 409 ( 482)

Years ended December 31,
2020	2019


\$ 440,939 \$	39,305

Note: The Group's hotel segment is eligible for the stimulus package launched to boost and ease the

~61~	Years ended December 31,
~61~	2020	2019
Dividend income	\$ 97,600 \$	101,775
Payables transferred to other income	196,680	193,224
Government grant revenue (Note)	81,703	-
Income from rent concessions	15,041	-
Income from confiscated guarantee due to a default	876	38,551
Compensation for road expropriation	10,628	-
Compensation losses	-	20,301
Other income	39,538	93,650
	\$ 442,066 \$	447,501

(29) Expenses by nature (29) Expenses by nature

(28) Finance costs (28) Finance costs

tax and land value tax. (27) Other gains and losses (27) Other gains and losses

(26) Other income (26) Other income

\$ 913,129 \$ 706,175

impact of the COVID-19 pandemic on the tourism industry from the Tourism Bureau, M.O.T.C., whereby the Group recognized government grant revenue amounting to \$81,674 for the year ended December 31, 2020, arising from subsidies for wages and salaries, housing tax and land value tax. Note: The Group's hotel segment is eligible for the stimulus package launched to boost and ease the impact of the COVID-19 pandemic on the tourism industry from the Tourism Bureau,M.O.T.C., whereby the Group recognized government grant revenue amounting to \$81,674 for the year ended December 31, 2020, arising from subsidies for wages and salaries, housing tax and land value tax.

Revenue recognised that was included in the contract liability balance at the beginning of the period:	Years ended December 31,
	2020 Years ended December 31,	2019
Revenue recognised that was included in the contract	2020	2019
liability balance at the beginning of the year Revenue recognised that was included in the contract
Building and land sales contracts liability balance at the beginning of the year	\$ 488,041 \$	348,046
Construction contracts Building and land sales contracts	\$ 225,508 488,041 \$	168,170 348,046
Hotel operation contracts Construction contracts	145,611 225,508	139,854 168,170
BOT business Hotel operation contracts	53,969 145,611	50,105 139,854
BOT business	\$ 913,129 \$ 53,969	706,175 50,105

D. The amortisation amounts recognised for the years ended December 31, 2020 and 2019 relating to the incremental costs of obtaining contracts (deferred sales commissions which were shown as other current assets) for the years ended December 31, 2020 and 2019 were \$16,308 and \$41,056, to the incremental costs of obtaining contracts (deferred sales commissions which were shown as other current assets) for the years ended December 31, 2020 and 2019 were \$16,308 and \$41,056, respectivley. (25) Interest income D. The amortisation amounts recognised for the years ended December 31, 2020 and 2019 relating to the incremental costs of obtaining contracts (deferred sales commissions which were shown as other current assets) for the years ended December 31, 2020 and 2019 were \$16,308 and \$41,056, respectivley.

D. The amortisation amounts recognised for the years ended December 31, 2020 and 2019 relating

(25) Interest income (25) Interest income

	2020 Years ended December 31,	2019
Interest income from bank deposits	\$ 10,595 \$ 2020	12,671 2019
Other interest income Interest income from bank deposits	\$ 2,109 10,595 \$	1,985 12,671
Other interest income	\$ 12,704 \$ 2,109	14,656 1,985
	\$ 12,704 \$	14,656

Financial Information

Total current tax 115,013 111,203

2020 2019

A. Income tax expense (a) Components of income tax expense: Current tax: Land value increment tax recognised in Current tax: Land value increment tax recognised in Deferred tax: Current tax: Deferred tax:

	Years ended December 31,
(a) Components of income tax expense:	2020	2019
Current tax:	Years ended December 31,
(a) Components of income tax expense: Current tax on profits for the year	\$ 2020 128,005 \$	2019 71,437
Current tax: Tax on undistributed surplus earnings	2,110 Years ended December 31,	3,690
(Over) under provision of prior year's income tax ( Current tax on profits for the year	\$ 41,287) 128,005 \$	2,942 71,437
Land value increment tax recognised in Tax on undistributed surplus earnings	2020 2,110	2019 3,690
Current tax: income tax for the year (Over) under provision of prior year's income tax (	26,185 41,287)	33,134 2,942
Current tax on profits for the year Total current tax Land value increment tax recognised in	\$ 128,005 \$ 115,013	71,437 111,203
Tax on undistributed surplus earnings Deferred tax: income tax for the year	2,110 26,185	3,690 33,134
(Over) under provision of prior year's income tax ( Origination and reversal of temporary differences ( Total current tax	41,287) 115,013 55,114)	2,942 111,203 12,115
Land value increment tax recognised in Deferred tax: Income tax expense income tax for the year	\$ 59,899 \$ 26,185	123,318 33,134

(b) The (benefit) expense tax (charge)/credit relating to components of other comprehensive	(\$	Years ended December 31,
Remeasurement of defined benefit plans	60) \$	48
income is as follows: (c) Reconciliation between income tax expense and accounting profit: Remeasurement of defined benefit plans	2020 (\$ 60) \$ Years ended December 31,	2019 48 Years ended December 31,

Income tax expense \$ 59,899 \$ 123,318

Tax calculated based on profit before tax and Effect recognized from adjustments under tax	\$ (	157,882 \$ Years ended December 31, 84,991) (	212,414 128,878)
statutory tax rate regulations		2020	2019
Effect recognized from adjustments under tax Tax on undistributed surplus earnings Tax calculated based on profit before tax and regulations statutory tax rate Effect from investment tax credits	( \$ (	84,991) ( 157,882 \$ 2,110 41,287)	128,878) 212,414 3,690 2,942
Tax on undistributed surplus earnings Effect recognized from adjustments under tax (Over) under provision of prior year's income tax Effect from investment tax credits Land value increment tax regulations	( (	2,110 84,991) ( 26,185 41,287) -	3,690 128,878) 33,134 2,942 16
(Over) under provision of prior year's income tax Income tax expense Tax on undistributed surplus earnings	\$	26,185 59,899 \$ 2,110	33,134 123,318 3,690
Land value increment tax Effect from investment tax credits	(	- 41,287)	16 2,942
Income tax expense (Over) under provision of prior year's income tax	\$	59,899 \$ 26,185	123,318 33,134
Land value increment tax		-	16
Income tax expense	\$	59,899 \$	123,318

~65~

(b) The (benefit) expense tax (charge)/credit relating to components of other comprehensive

2020 2019

Origination and reversal of temporary differences ( 55,114) 12,115 (b) The (benefit) expense tax (charge)/credit relating to components of other comprehensive Years ended December 31, (b) The (benefit) expense tax (charge)/credit relating to components of other comprehensive

Income tax expense \$ 59,899 \$ 123,318 income is as follows: income is as follows:

(30) Income tax A. Income tax expense (a) Components of income tax expense: A. Income tax expense (a) Components of income tax expense:

~63~ A. According to the Articles of Incorporation of the Company, when distributing earnings, the Company shall distribute compensation to the employees and pay remuneration to the directors that account for at least 2% and no higher than 3%, respectively, of distributable profit of the current period. If a company has accumulated deficit, earnings should be channeled to cover losses.

2020 2019 Years ended December 31, Tax calculated based on profit before tax and \$ 157,882 \$ 212,414 (c) Reconciliation between income tax expense and accounting profit:

(30) Income tax (30) Income tax

Total

1,278,314
132,606
61,948
42,140
46,562
1,561,570
729,711
61,957

Employees' compensation can be distributed in the form of shares or in cash. Qualified employees, including the employees of subsidiaries of the company meeting certain specific requirements, are entitled to receive aforementioned stock or cash.

Abovementioned distributable profit of the current period refers to the pre-tax profit before deduction of employees' compensation and directors' remuneration.

B. For the years ended December 31, 2020 and 2019, employees' compensation was accrued at\$94,147 and \$101,854, respectively; while directors' remuneration was accrued at \$32,029 and \$34,651, respectively. The aforementioned amounts were recognised in salary expenses. The employees' compensation and directors' remuneration were accrued based on the percentage as prescribed in the Company's Articles of Incorporation and distributable profit of current period for the year ended December 31, 2020. The distributed amounts resolved by the Board of Directors were in agreement with the accrued amounts. The employees' compensation will be distributed in the form of cash.

Employees' compensation and directors' remuneration of 2019 as resolved at the meeting of Board of Directors were in agreement with those amounts recognised in the 2019 financial statements.

Information about employees' compensation and directors' remuneration of the Company as resolved at the meeting of Board of Directors will be posted in the "Market Observation Post System" at the website of the Taiwan Stock Exchange.

B. Amounts of deferred tax assets or liabilities as a result of temporary differences are as follows: B. Amounts of deferred tax assets or liabilities as a result of temporary differences are as follows:

			2020
				Effect from filing
		Recognised in	Recognised in other	of consolidated
	January 1	profit or loss	comprehensive income	income tax return	December 31,
Deferred tax assets
Temporary difference:
Effects of lease liabilities	\$ 119,226 (\$	119,226) \$		- \$	- \$ -
Unused compensated	515	991	-	-	1,506
absences
Allowance for bad debts		3 ( 3)	-	-	-
Tax losses	245	173,369	-	1,875	175,489
	\$ 119,989 \$		55,131 \$ -	\$ 1,875 \$	176,995
Deferred tax liabilities
Temporary difference:
Provision for land revaluation	\$ 297,600 \$		- \$	- \$	- \$ 297,600
increment tax
Pensions	527	17 (	60)	-	484
	\$ 298,127 \$	17 (\$	60) \$		- \$ 298,084

			2019
		Recognised in	Recognised in other
	January 1	profit or loss	comprehensive income	December 31,
Deferred tax assets
Temporary difference:
Effects of lease liabilities	\$	- \$ 119,226 \$		- \$ 119,226
Rent adjusted using the	114,346 (	114,346)		- -
straight-line method
Pensions	229 (	181) (	48)	-
Employee benefits		8 ( 8)		- -
Unused compensated absences	782 (	267)		- 515
Unrealised compensation losses	26,332 (	26,332)		- -
Allowance for bad debts		-	3	- 3
Tax losses		- 245		- 245
	\$ 141,697 (\$	21,660) (\$	48) \$	119,989
Deferred tax liabilities
Temporary difference:
Provision for land revaluation	\$ 307,672 (\$	10,072) \$		- \$ 297,600
increment tax
Pensions		- 527		- 527
	\$ 307,672 (\$	9,545) \$		- \$ 298,127

C. Expiration dates of loss carryforward and amounts of unrecognised deferred tax assets are as

				C. Expiration dates of loss carryforward and amounts of unrecognised deferred tax assets are as C. Expiration dates of loss carryforward and amounts of unrecognised deferred tax assets are as
follows: follows:

	December 31, 2020
			Unrecognised	Expiry
Year incurred	Amount filed/ assessed	Unused amount	deferred tax assets	year
In and before 2012 year ended	Amount assessed	\$ 147,508 \$	29,502	2022
December 31, 2013 year ended	Amount assessed	31,006	6,201	2023
December 31, 2014 year ended	Amount assessed	31,519	6,304	2024
December 31, 2016 year ended	Amount assessed	11,668	2,334	2026
December 31, 2017 year ended	Amount assessed	29,524	5,905	2027
December 31, 2018 year ended	Amount assessed	20,383	3,126	2028
December 31, 2019 year ended	Amount filed	441,230	5,847	2029
December 31, 2020 year ended	Estimated filing amount	736,035	54,382	2030
		\$ 1,448,873 \$	113,601
	December 31, 2019
			Unrecognised	Expiry
Year incurred	Amount filed/ assessed	Unused amount	deferred tax assets	year
In and before 2011 year ended	Amount assessed	\$ 353,972 \$	70,794	2021
December 31, 2012 year ended	Amount assessed	11,475	2,295	2022
December 31, 2013 year ended	Amount assessed	31,006	6,201	2023
December 31, 2014 year ended		31,519	6,304	2025
December 31, 2016 year ended	Amount assessed	11,668	2,334	2026
December 31, 2017 year ended	Amount assessed	29,524	5,905	2027
December 31, 2018 year ended	Amount assessed	20,383	3,926	2028
December 31, 2019 year ended	Estimated filing amount	38,118	5,768	2029
		\$ 527,665 \$	103,527

Authority. D. The Company's income tax returns through 2018 have been assessed and approved by the Tax Authority.

Financial Information

(33) Changes in liabilities from financing activities

(32) Supplemental cash flow information (32) Supplemental cash flow information

Investing activities with no cash flow effects: Investing activities with no cash flow effects:

(31) Earnings per share (31) Earnings per share

		Years ended December 31,
(32) Supplemental cash flow information	2020	2019
Investing activities with no cash flow effects: 1.Prepayment transferred to property, plant and equipment	\$ 5,333 \$	10,592
2.Prepayment for equipment (shown as 'other non-current	\$ 22,779 \$	- Years ended December 31,
assets-others') transferred to property, plant and equipment	2020	2019
3.Investment properties transferred to land held for construction site \$ 1.Prepayment transferred to property, plant and equipment	58,473 \$ \$	- 5,333 \$ 10,592
4.Property, plant and equipment transferred to investment properties \$ 2.Prepayment for equipment (shown as 'other non-current	1,154 \$ \$	38,156 22,779 \$
5.Property, plant and equipment transferred to inventories assets-others') transferred to property, plant and equipment	\$ 44 \$	153
6.Intangible assets transferred to other non-current assets 3.Investment properties transferred to land held for construction site \$	\$	- \$ 79 58,473 \$
4.Property, plant and equipment transferred to investment properties \$		1,154 \$ 38,156

January 1, 2020 activities (Note) December 31, 2020 (33) Changes in liabilities from financing activities 6.Intangible assets transferred to other non-current assets \$ - \$ 79

		Year ended December 31, 2020
		Weighted average
		number of ordinary	Earnings
		shares outstanding	per share
Basic earnings per share		Amount after tax (shares in thousands) (in dollars)
Profit attributable to ordinary shareholders of the parent	\$ 793,882	1,622,671 \$	0.49
Diluted earnings per share
Profit attributable to ordinary shareholders of the parent	\$ 793,882	1,622,671
Assumed conversion of all dilutive potential ordinary shares
Employees' compensation		- 10,571
Profit attributable to ordinary shareholders of the parent plus assumed conversion
of all dilutive potential ordinary shares	\$ 793,882	1,633,242 \$	0.49
		Year ended December 31, 2019


		Weighted average
		number of ordinary	Earnings
		shares outstanding	per share
Basic earnings per share Profit attributable to ordinary shareholders of the parent	\$ 952,767	Amount after tax (shares in thousands) (in dollars) 1,622,671 \$	0.59
Diluted earnings per share
Profit attributable to ordinary shareholders of the parent	\$ 952,767	1,622,671
Assumed conversion of all dilutive
potential ordinary shares
Employees' compensation		- 11,641
Profit attributable to ordinary shareholders of the parent plus assumed conversion

Short-term notes and bills payable Bonds payable	99,925 ( 4,500,000	49,925) Changes in cash -	- Changes in other -	50,000 4,500,000
Long-term borrowings	12,155,924 (	flow from financing 3,462,687)	non-cash items -	8,693,237
Long-term notes and accounts payable	January 1, 2020 808,301	activities -	(Note) -	December 31, 2020 808,301
Short-term borrowings Guarantee deposits received	\$ 1,979,000 (\$ 148,959	664,000) \$ 11,622	- \$ -	1,315,000 160,581
Short-term notes and bills payable Lease liability	99,925 ( 6,279,197 (	49,925) 361,342)	- 1,943,328	50,000 7,861,183
Bonds payable Liabilities from financing activities - gross \$	4,500,000 25,971,306 (\$	- 4,526,332) \$	- 1,943,328 \$	4,500,000 23,388,302
Long-term borrowings	12,155,924 (	3,462,687) Changes in cash	- Changes in other	8,693,237
Long-term notes and accounts payable	808,301	- flow from financing non-cash items	-	808,301
Guarantee deposits received	148,959 January 1, 2019	11,622 activities	- (Note)	160,581 December 31, 2019
Lease liability Short-term borrowings \$	6,279,197 ( 990,000 \$	361,342) 989,000 \$	1,943,328 - \$	7,861,183 1,979,000
Liabilities from financing activities - gross \$ Short-term notes and bills payable	25,971,306 (\$ 401,734 (	4,526,332) \$ 301,809)	1,943,328 \$ -	23,388,302 99,925

Bonds payable	4,500,000	Changes in cash -	Changes in other -	4,500,000
Long-term borrowings	13,442,654 (	flow from financing 1,286,730)	non-cash items -	12,155,924
Long-term notes and accounts payable	January 1, 2019 721,633	activities 86,668	(Note) -	December 31, 2019 808,301
Guarantee deposits received Short-term borrowings	136,162 \$ 990,000 \$	12,797 989,000 \$	- - \$	148,959 1,979,000
Lease liability Short-term notes and bills payable	6,644,842 ( 401,734 (	368,586) 301,809)	2,941 -	6,279,197 99,925
Liabilities from financing activities - gross \$ Bonds payable	26,837,025 (\$ 4,500,000	868,660) \$ -	2,941 \$ -	25,971,306 4,500,000
Long-term borrowings	13,442,654 (	1,286,730)	-	12,155,924
Note:Changes in other non-cash items arose from the additions and reductions in lease liabilities. Long-term notes and accounts payable	721,633	86,668	-	808,301
Guarantee deposits received	136,162	12,797	-	148,959
Lease liability	6,644,842 (	368,586)	2,941	6,279,197

Note:Changes in other non-cash items arose from the additions and reductions in lease liabilities.

Note: Changes in other non-cash items arose from the additions and reductions in lease liabilities.

B. Accounts payable B. Accounts payable

(d) Rents payable

December 31, 2020 December 31, 2019

\$ 5,976,478

(d) Rents payable

December 31, 2020 December 31, 2019

\$ 5,976,478

B. Accounts payable

Tainan Spinning Co., Ltd. 113,916

B. Accounts payable

Tainan Spinning Co., Ltd. 113,916

i.The Group leases business area from the associate, Uni-President Development Corp. The i.The Group leases business area from the associate, Uni-President Development Corp. The i.The Group leases business area from the associate, Uni-President Development Corp. The lease terms are between 2011 and 2035, and all these lease agreements are renewable at the i.The Group leases business area from the associate, Uni-President Development Corp. The lease terms are between 2011 and 2035, and all these lease agreements are renewable at the i.The Group leases business area from the associate, Uni-President Development Corp. The lease terms are between 2011 and 2035, and all these lease agreements are renewable at the end of the lease period. Rental payment is calculated based on an agreed upon rate of i. The Group leases business area from the associate, Uni-President Development Corp. The lease terms are between 2011 and 2035, and all these lease agreements are renewable at the end of the lease period. Rental payment is calculated based on an

end of the lease period. Rental payment is calculated based on an agreed upon rate of ii. The Group leases office from the other related parties, President International Development Corp. end of the lease period. Rental payment is calculated based on an agreed upon rate of ii. The Group leases office from the other related parties, President International Development Corp. i.The Group leases business area from the associate, Uni-President Development Corp. The lease terms are between 2011 and 2035, and all these lease agreements are renewable at the end of the lease period. Rental payment is calculated based on an agreed upon rate of i.The Group leases business area from the associate, Uni-President Development Corp. The lease terms are between 2011 and 2035, and all these lease agreements are renewable at the end of the lease period. Rental payment is calculated based on an agreed upon rate of ii. The Group leases office from the other related parties, President International Development Corp. These leases have terms expiring between 2018 and 2023, and all these lease agreements are ii. The Group leases office from the other related parties, President International Development Corp. These leases have terms expiring between 2018 and 2023, and all these lease agreements are ii. The Group leases office from the other related parties, President International Development Corp. These leases have terms expiring between 2018 and 2023, and all these lease agreements are ii. The Group leases office from the other related parties, President International Development Corp. These leases have terms expiring between 2018 and 2023, and all

Rent expense : Rent expense : (d) Rents payable (d) Rents payable (d) Rents payable

from related parties. Due to the Company has elected to apply IFRS 16, 'right-of-use asset' \$ \$	from related parties. Due to the Company has elected to apply IFRS 16, 'right-of-use asset' 5,757,210 5,757,210 5,757,210 113,916
from related parties. Due to the Company has elected to apply IFRS 16, 'right-of-use asset'	113,916 113,916 from related parties. Due to the Company has elected to apply IFRS 16, 'right-of-use asset' 105,352
	5,757,210 5,757,210 105,352 105,352 5,976,478
\$	113,916 113,916 5,976,478 5,976,478 5,757,210 5,757,210 105,352 105,352
	\$ For the years ended December 31, 2020 and 2019, there was no 'right-of-use asset' obtained For the years ended December 31, 2020 and 2019, there was no 'right-of-use asset' obtained \$ \$ \$ \$ \$ \$

C. Lease transactions lessee lease terms are between 2011 and 2035, and all these lease agreements are renewable at the C. Lease transactions - lessee lease terms are between 2011 and 2035, and all these lease agreements are renewable at the C. Lease transactions - lessee -Other related parties \$ 4,049 \$ 3,696 C. Lease transactions - lessee -Other related parties \$ 4,049 \$ 3,696 end of the lease period. Rental payment is calculated based on an agreed upon rate of revenue. end of the lease period. Rental payment is calculated based on an agreed upon rate of revenue. revenue. agreed upon rate of revenue.
revenue. revenue. renewable at the end of the lease period. renewable at the end of the lease period. renewable at the end of the lease period. these lease agreements are renewable at the end of the lease period.
renewable at the end of the lease period. renewable at the end of the lease period. revenue. revenue. end of the lease period. end of the lease period. end of the lease period. not renewable at the end of the lease period.
terms expiring between 2015 and 2035, and all these lease agreements are not renewable at the end of the lease period. (b) Acquisition of right-of-use assets: For the years ended December 31, 2020 and 2019, there was no 'right-of-use asset' obtained terms expiring between 2015 and 2035, and all these lease agreements are not renewable at the end of the lease period. (b) Acquisition of right-of-use assets: renewable at the end of the lease period. end of the lease period. renewable at the end of the lease period. end of the lease period. (b) Acquisition of right-of-use assets: was increased on January 1, 2019 as follows: (b) Acquisition of right-of-use assets: was increased on January 1, 2019 as follows: (b) Acquisition of right-of-use assets: was increased on January 1, 2019 as follows: (b) Acquisition of right-of-use assets: use asset' was increased on January 1, 2019 as follows:

These leases have terms expiring between 2018 and 2023, and all these lease agreements are iii. The Group leases office from the other related party, Tainan Spinning Co., Ltd. These leases have These leases have terms expiring between 2018 and 2023, and all these lease agreements are iii. The Group leases office from the other related party, Tainan Spinning Co., Ltd. These leases have ii. The Group leases office from the other related parties, President International Development Corp. These leases have terms expiring between 2018 and 2023, and all these lease agreements are ii. The Group leases office from the other related parties, President International Development Corp. These leases have terms expiring between 2018 and 2023, and all these lease agreements are iii. The Group leases office from the other related party, Tainan Spinning Co., Ltd. These leases have terms expiring between 2015 and 2035, and all these lease agreements are not renewable at the iii. The Group leases office from the other related party, Tainan Spinning Co., Ltd. These leases have terms expiring between 2015 and 2035, and all these lease agreements are not renewable at the iii. The Group leases office from the other related party, Tainan Spinning Co., Ltd. These leases have terms expiring between 2015 and 2035, and all these lease agreements are not renewable at the iii. The Group leases office from the other related party, Tainan Spinning Co., Ltd. These leases have terms expiring between 2015 and 2035, and all these lease agreements are

-Other related parties \$ 4,049 \$ 3,696 -Other related parties \$ 4,049 \$ 3,696 C. Lease transactions - lessee C. Lease transactions - lessee (a) C. Lease transactions - lessee

(c) Rent expense	2020 2020	\$ \$	2019 5,976,478 5,976,478 2019 2019
Rent expense :	2020 Years ended December 31, Years ended December 31,
Rent expense : Rent expense : (c) Rent expense Uni-President Development Corp.	\$ 2020 2020	- \$	83,349 2019 2019
Uni-President Development Corp. Uni-President Development Corp. Rent expense : Rent expense : (d) Rents payable	\$ \$	- \$ - \$ Years ended December 31, Years ended December 31,	83,349 83,349
(d) Rents payable (d) Rents payable Uni-President Development Corp. Uni-President Development Corp.	2020 2020 \$ \$	- \$ - \$	2019 2019 83,349 83,349
Rent expense : Rent expense : (d) Rents payable		December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019
Uni-President Uni-President Development Corp. Uni-President Development Corp. Uni-President Uni-President Development Corp.	\$ \$ \$	- \$ - \$ - \$	83,349 83,349 83,349
(d) Rents payable Development Corp. Development Corp. (d) Rents payable	\$ \$	December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 - \$ - \$	83,349 83,349
Uni-President Uni-President
Development Corp. Development Corp.	\$ \$	December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 - \$ - \$	83,349 83,349
Uni-President Uni-President ~71~
Development Corp. Development Corp. ~71~	\$ \$ ~71~	- \$ - \$	83,349 83,349

President Chain Store Corp. Other related party

(c) Rent expense (c) Rent expense President International Development Corp. 105,352 President International Development Corp. 105,352 (c) Rent expense

-Other related parties \$ 4,651 \$ 458,124

For the years ended December 31, 2020 and 2019, there was no 'right-of-use asset' obtained iii. The Group leases office from the other related party, Tainan Spinning Co., Ltd. These leases have terms expiring between 2015 and 2035, and all these lease agreements are not renewable at the iii. The Group leases office from the other related party, Tainan Spinning Co., Ltd. These leases have terms expiring between 2015 and 2035, and all these lease agreements are not renewable at the For the years ended December 31, 2020 and 2019, there was no 'right-of-use asset' obtained from related parties. Due to the Company has elected to apply IFRS 16, 'right-of-use asset' For the years ended December 31, 2020 and 2019, there was no 'right-of-use asset' obtained from related parties. Due to the Company has elected to apply IFRS 16, 'right-of-use asset' For the years ended December 31, 2020 and 2019, there was no 'right-of-use asset' obtained from related parties. Due to the Company has elected to apply IFRS 16, 'right-of-use asset' For the years ended December 31, 2020 and 2019, there was no 'right-of-use asset' obtained from related parties. Due to the Company has elected to apply IFRS 16, 'right-of-

(b)

(d) Rents payable (d) Rents payable Development Corp. Development Corp. Development Corp. (d) Rents payable

(a) (a) (a)

Relationship with the Company
(1) Names of related parties and relationship with the Company Associate
(1) Names of related parties and relationship with the Company Other related party Relationship with the Company
(1) Names of related parties and relationship with the Company Relationship with the Company Other related party Associate
Relationship with the Company Associate Other related party Other related party
Associate Other related party Other related party Other related party
Other related party Other related party Other related party Other related party
Other related party Other related party Other related party Other related party Other related party

			December 31, 2020 December 31, 2019
B. Accounts payable -Other related parties -Other related parties -Other related parties	\$ \$ \$	4,049 \$ 4,049 \$	December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 4,049 \$	3,696 3,696 3,696

A. Sales of goods: -Other related parties (a) Construction subcontracting:	\$ 4,651 \$ 458,124 Years ended December 31,
		Years ended December 31, 2020	2019
The contract prices of construction for related parties are based on expected construction cost plus Construction subcontracting: -Other related parties reasonable management expenses and profit, and are determined based on mutual agreements. The	2020 \$	Years ended December 31, 4,651 \$	2019 458,124

The contract prices of construction for related parties are based on expected construction cost plus reasonable management expenses and profit, and are determined based on mutual agreements. The construction payments are collected based on the contract terms. As of December 31, 2020 and The contract prices of construction for related parties are based on expected construction cost plus reasonable management expenses and profit, and are determined based on mutual agreements. The construction payments are collected based on the contract terms. As of December 31, 2020 and 2019, the status of the construction for the related parties undertaken by the Group was as follows: reasonable management expenses and profit, and are determined based on mutual agreements. The construction payments are collected based on the contract terms. As of December 31, 2020 and 2019, the status of the construction for the related parties undertaken by the Group was as follows: The contract prices of construction for related parties are based on expected construction cost plus reasonable management expenses and profit, and are determined based on mutual agreements. The construction payments are collected based on the contract terms. As of December 31, 2020 and 2019, the status of the construction for the related parties undertaken by the Group was as follows: 2019, the status of the construction for the related parties undertaken by the Group was as follows: Other related parties: December 31, 2020 December 31, 2019 Total amount of construction contracts that were

The contract prices of construction for related parties are based on expected construction cost plus

Note: It was no longer a related party after the re-election of directors of the Company on June 21, 2019. Note: It was no longer a related party after the re-election of directors of the Company on June 21, 2019. (2) Significant related party transactions and balances (a) (2) Significant related party transactions and balances

Other related parties: 2019, the status of the construction for the related parties undertaken by the Group was as follows: signed but had not been settled yet Other related parties: Total amount of construction contracts that were Construction payments received	December 31, 2020 \$ December 31, 2020	December 31, 2019 - \$ 241,812 December 31, 2019 - ( 239,478)
Other related parties: Total amount of construction contracts that were signed but had not been settled yet Construction payments receivable	December 31, 2020 \$ \$	December 31, 2019 - \$ 241,812 - \$ 2,334
Total amount of construction contracts that were signed but had not been settled yet Construction payments received	\$	- \$ 241,812 - ( 239,478)
signed but had not been settled yet (b) Construction payments received Construction payments receivable	\$ - ( \$	- \$ 241,812 239,478) - \$ 2,334
Construction payments received Construction payments receivable	\$	- ( 239,478) - \$ 2,334 Years ended December 31,
Construction payments receivable (b)	\$	- \$ 2,334

(b) (b)

Rent is determined by mutual agreements and is collected monthly. ~70~ Rent is determined by mutual agreements and is collected monthly.

C-maan Health Limited Company Other related party C-maan Health Limited Company Other related party Man Strong Manpower MGT Co., Ltd. Other related party Man Strong Manpower MGT Co., Ltd. Other related party (2) Significant related party transactions and balances Note: It was no longer a related party after the re-election of directors of the Company on June 21, 2019.

-Other related parties Rental income:		16,374 Years ended December 31, 2020		16,449 2019
-President Chain Store Corp. Rental income:	\$ 2020 \$		70,116 \$ 53,742 \$	68,027 2019 51,578
Rental income: -President Chain Store Corp. -Other related parties	\$	16,374 53,742 \$		16,449 51,578
Rent is determined by mutual agreements and is collected monthly. -President Chain Store Corp. -Other related parties	\$ \$	53,742 \$ 16,374 70,116 \$		51,578 16,449 68,027
-Other related parties	\$	16,374 70,116 \$		16,449 68,027
Rent is determined by mutual agreements and is collected monthly.	\$	70,116 \$		68,027

(2) Significant related party transactions and balances A. Sales of goods: A. Sales of goods:
(2) Significant related party transactions and balances A. Sales of goods: (a) (a)

7. RELATED PARTY TRANSACTIONS

(1) Names of related parties and relationship with the Company 7. RELATED PARTY TRANSACTIONS

Note: It was no longer a related party after the re-election of directors of the Company on June 21, 2019.

construction payments are collected based on the contract terms. As of December 31, 2020 and

2020 2019

B. Accounts payable B. Accounts payable

C. Lease transactions - lessee

D. Others:

\$ 5,403,448 \$ 5,754,579

ii. Interest expense:

Refundable deposits:

(e) Lease liabilities (e) Lease liabilities (e) Lease liabilities

i. Outstanding balance: i. Outstanding balance: i. Outstanding balance:

ii. Interest expense:

ii. Interest expense: ii. Interest expense: President International Development Corp. 32,764 57,496 Development Corp. 32,764 57,496

The title to the creditor's rights as stated above had been transferred to the Company and A party (3) Key management compensation

of this object turn into property rights, the Company and A party should pay B party totaling \$1,000,000 as the cost and reward of B party for it is entrusted with the task to help turn the creditor's rights as stated above into property rights, but any excess cost over \$1,000,000 if incurred on this task shall be borne by B party on its own; the Company should pay B party \$300,000 before June 30, 2006, and the Company and A party should jointly issue a promissory with the task to help turn the creditor's rights as stated above into property rights, but any excess cost over \$1,000,000 if incurred on this task shall be borne by B party on its own; the Company should pay B party \$300,000 before June 30, 2006, and the Company and A party should jointly issue a promissory note of \$1,800,000 to B party on the signing date; payment should be done before July 15, 2006. The title to the creditor's rights as stated above had been transferred to the Company and A party on August 2, 2006. Total acquisition price of the creditor's rights amounted to \$5,200,000, which the Company and A party bear 50% of the price each. The Company had paid its share. of this object turn into property rights, the Company and A party should pay B party totaling \$1,000,000 as the cost and reward of B party for it is entrusted with the task to help turn the creditor's rights as stated above into property rights, but any excess cost over \$1,000,000 if incurred on this task shall be borne by B party on its own; the Company should pay B party \$300,000 before June 30, 2006, and the Company and A party should jointly issue a promissory note of \$1,800,000 to B party on the signing date; payment should be done before July 15, 2006. The title to the creditor's rights as stated above had been transferred to the Company and A party on August 2, 2006. Total acquisition price of the creditor's rights amounted to \$5,200,000, which

Corp. Corp. Uni-President Development	\$ \$ 68,076 \$ 68,076 \$ December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019	67,961 67,961
E. On June 20, 2006, the Company and China Metal Products Co., Ltd. ("A party") jointly signed a Refundable deposits: Refundable deposits: Corp.	E. On June 20, 2006, the Company and China Metal Products Co., Ltd. ("A party") jointly signed a \$ 68,076 \$	67,961
creditor's rights transfer contract with Amida Trustlink Assets Management Co., Ltd. ("B party"). Uni-President Development Uni-President Development	creditor's rights transfer contract with Amida Trustlink Assets Management Co., Ltd. ("B party").
E. On June 20, 2006, the Company and China Metal Products Co., Ltd. ("A party") jointly signed a Corp. Under the contract, the Company and A party should pay \$2,100,000 each (totaling \$4,200,000) Corp.	\$ \$ 68,076 \$ 68,076 \$ Under the contract, the Company and A party should pay \$2,100,000 each (totaling \$4,200,000)	67,961 67,961

i. Outstanding balance:		December 31, 2020 December 31, 2019		December 31, 2020 December 31, 2019
Lease liabilities Lease liabilities (e) Lease liabilities (e) Lease liabilities
- non-current: - non-current: i. Outstanding balance: i. Outstanding balance:		December 31, 2020 December 31, 2019
Lease liabilities Uni-President Uni-President
- non-current: Development Corp. Development Corp.	\$ \$	December 31, 2020 December 31, 2019 325,845 \$	325,845 \$	December 31, 2020 December 31, 2019 318,530 318,530
Lease liabilities Lease liabilities Uni-President President International President International
- non-current: - non-current: Development Corp. Development Corp. Development Corp.	\$	325,845 \$ 24,732	24,732	318,530 24,192 24,192
Uni-President Uni-President President International	\$ \$	350,577 \$	350,577 \$	342,722 342,722
Development Corp. Development Corp. Development Corp.	\$ \$	325,845 \$ 325,845 \$ 24,732 December 31, 2019 December 31, 2019		318,530 318,530 24,192 December 31, 2019 December 31, 2019
President International President International Lease liabilities Lease liabilities	\$	350,577 \$		342,722
Development Corp. Development Corp. - non-current: - non-current:		24,732 24,732 December 31, 2019 December 31, 2019		24,192 24,192
Lease liabilities Uni-President Uni-President	\$ \$	350,577 \$ 350,577 \$		342,722 342,722
- non-current: Development Corp. Development Corp.	\$ \$	December 31, 2019 December 31, 2019 5,370,684 \$ 5,370,684 \$		December 31, 2019 December 31, 2019 5,697,083 5,697,083
Lease liabilities Lease liabilities Uni-President President International President International
- non-current: - non-current: Development Corp. Development Corp. Development Corp.	\$	5,370,684 \$ 32,764	32,764	5,697,083 57,496 57,496
Uni-President Uni-President President International Development Corp. Development Corp.	\$ \$ \$ \$	5,403,448 \$ 5,403,448 \$ 5,370,684 \$ 5,370,684 \$		5,754,579 5,754,579 5,697,083 5,697,083

~72~ Under the contract, the Company and A party should pay \$2,100,000 each (totaling \$4,200,000) to jointly acquire whole creditor's rights of mortgages, security interests and other dependent claims (collectively referred herein as the creditor's rights) on the Splendor Hotel Taichung Building, and each bears 50% rights and obligations of this acquisition; when all creditor's rights ~72~ claims (collectively referred herein as the creditor's rights) on the Splendor Hotel Taichung Building, and each bears 50% rights and obligations of this acquisition; when all creditor's rights ~72~ claims (collectively referred herein as the creditor's rights) on the Splendor Hotel Taichung Building, and each bears 50% rights and obligations of this acquisition; when all creditor's rights ~72~ creditor's rights transfer contract with Amida Trustlink Assets Management Co., Ltd. ("B party"). Under the contract, the Company and A party should pay \$2,100,000 each (totaling \$4,200,000) to jointly acquire whole creditor's rights of mortgages, security interests and other dependent claims (collectively referred herein as the creditor's rights) on the Splendor Hotel Taichung Building, and each bears 50% rights and obligations of this acquisition; when all creditor's rights ~72~ creditor's rights transfer contract with Amida Trustlink Assets Management Co., Ltd. ("B party"). Under the contract, the Company and A party should pay \$2,100,000 each (totaling \$4,200,000) to jointly acquire whole creditor's rights of mortgages, security interests and other dependent claims (collectively referred herein as the creditor's rights) on the Splendor Hotel Taichung Building, and each bears 50% rights and obligations of this acquisition; when all creditor's rights E. On June 20, 2006, the Company and China Metal Products Co., Ltd. ("A party") jointly signed a creditor's rights transfer contract with Amida Trustlink Assets Management Co., Ltd. ("B party"). Under the contract, the Company and A party should pay \$2,100,000 each (totaling \$4,200,000) to jointly acquire whole creditor's rights of mortgages, security interests and other dependent claims (collectively referred herein as the creditor's rights) on the Splendor Hotel Taichung Building, and each bears 50% rights and obligations of this acquisition; when all creditor's rights of this object turn into property rights, the Company and A party should pay B party totaling \$1,000,000 as the cost and reward of B party for it is entrusted

	2020		2019 94,026 94,026
			2,090 2,090
\$	2020 2020		2019 2019 94,026 1,088 1,088
	1,561		2,090 97,204 97,204
\$ \$	-		94,026 94,026 1,088
President International Development Corp, \$	1,561		2,090 2,090 97,204
	\$ President International Development Corp, \$	\$ 1,561 - \$	Years ended December 31, 89,224 \$ 89,224 \$ Years ended December 31, Years ended December 31, 1,561 89,224 \$ - 90,785 \$ 90,785 \$ 89,224 \$ 89,224 \$ 1,561 90,785 \$ December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019

the Company and A party bear 50% of the price each. The Company had paid its share.	on August 2, 2006. Total acquisition price of the creditor's rights amounted to \$5,200,000, which Years ended December 31,
	2020		2019
(3) Key management compensation Salaries and other short-term employee benefits	\$ 50,898 \$		59,918
Post-employment benefits	-		Years ended December 31, -
Other long-term benefits	2020 -		2019 -
Salaries and other short-term employee benefits Termination benefit	\$ -	50,898 \$	59,918 -
Post-employment benefits Share-based payment	-	-	-
Other long-term benefits	\$ 50,898 \$	-	59,918

Refundable deposits:

E. On June 20, 2006, the Company and China Metal Products Co., Ltd. ("A party") jointly signed a

8. PLEDGED ASSETS Time deposits, demand deposits and checking deposits 8. PLEDGED ASSETS

The Company's assets pledged as collateral are as follows: Financial assets at fair value through profit or loss 79,712 380,342 Long-term borrowings The Company's assets pledged as collateral are as follows:

Land held for construction site Pledged asset	3,528,125	December 31, 2020 December 31, 2019	4,453,345 Short-term borrowings, notes and bills payable Purpose and long-term borrwings
Time deposits, demand deposits and checking deposits Construction in progress	\$ 840,748	817,206 \$	1,219,429 Performance guarantee,short-term and long-term 3,834,017 Short-term borrowings, notes and bills payable
(shown as "financial assets at amortised cost")			borrowings. and long-term borrwings
Financial assets at fair value through profit or loss Financial assets at fair value through other comprehensive	1,293,634	79,712	380,342 Long-term borrowings 1,152,004 Issued long-term notes and bills
Land held for construction site income	3,528,125		4,453,345 Short-term borrowings, notes and bills payable
Investments accounted for under equity method	1,136,641		and long-term borrwings 1,146,288 Short-term borrowings, notes and bills payable
Construction in progress	840,748 2,792,444		3,834,017 Short-term borrowings, notes and bills payable 2,709,258 Short-term borrowings, notes and bills payable
			and long-term borrwings and long-term borrwings
Buildings Financial assets at fair value through other comprehensive	1,761,640 1,293,634		1,794,203 Short-term borrowings, notes and bills payable 1,152,004 Issued long-term notes and bills
income			and long-term borrwings
Investment property Investments accounted for under equity method	4,846,528 1,136,641		3,953,348 Short-term borrowings, notes and bills payable 1,146,288 Short-term borrowings, notes and bills payable
Land	2,792,444		and long-term borrwings 2,709,258 Short-term borrowings, notes and bills payable
			and long-term borrwings
Buildings	\$ 17,096,678 \$ 1,761,640	20,642,234	1,794,203 Short-term borrowings, notes and bills payable
			and long-term borrwings
Investment property	4,846,528		3,953,348 Short-term borrowings, notes and bills payable
			and long-term borrwings

	\$ 17,096,678 \$	20,642,234

Uni-President Development Uni-President Development D. Others: D. Others: D. Others:

\$ 90,785 \$ 97,204

E. On June 20, 2006, the Company and China Metal Products Co., Ltd. ("A party") jointly signed a

President International

Tainan Spinning Co., Ltd. - 1,088

\$ 90,785 \$ 97,204

(3) Key management compensation

PLEDGED ASSETS

(3) Operating lease agreement:

Total endorsement Total endorsement

Prince Security Co., Ltd.

(3) Operating lease agreement:

The Splendor Hotel Taichung(Note) \$ 1,875,000 \$ 1,875,000 \$ 2,150,000 \$ 1,900,000

Co., Ltd.

A. Summary of endorsements and guarantees provided by the Company to subsidiaries is as follows:	Total endorsement December 31, 2020	Total endorsement	Total endorsement December 31, 2020 December 31, 2019	Total endorsement December 31, 2019
Name of company Name of company 9. SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNISED CONTRACT COMMITMENTS	amount Total endorsement	Amount drawn amount Total endorsement December 31, 2020	Amount drawn amount Total endorsement	Amount drawn amount Total endorsement December 31, 2019
The Splendor Hotel Taichung(Note) The Splendor Hotel Taichung(Note) Name of company Name of company (1) Summary of endorsements and guarantees is as follows:	\$ 1,875,000 \$ amount	\$ 1,875,000 \$ Amount drawn amount Total endorsement	1,875,000 \$ 2,150,000 \$ 1,875,000 \$ Amount drawn amount Total endorsement	1,900,000 2,150,000 \$ Amount drawn amount
The Splendor Hotel Taichung(Note) The Splendor Hotel Taichung(Note) Note: The Company and China Metal Products Co., Ltd. provided endorsements and guarantees Note: The Company and China Metal Products Co., Ltd. provided endorsements and guarantees Name of company A. Summary of endorsements and guarantees provided by the Company to subsidiaries is as follows:	\$ 1,875,000 \$	\$ 1,875,000 \$ amount Amount drawn	1,875,000 \$ 2,150,000 \$ 1,875,000 \$ amount	1,900,000 2,150,000 \$ Amount drawn

Co., Ltd.

of endorsements and guarantees provided by subsidiaries to the Company B. Summary B. Summary of endorsements and guarantees provided by subsidiaries to the Company is as follows:	December 31, 2020		in equal proportions of 50% ownership each for the Splendor Hotel Taichung's short-term of endorsements and guarantees provided by subsidiaries to the Company is as follows: December 31, 2020 December 31, 2019 December 31, 2019 borrowings, short-term notes and bills payable, long-term notes payable and syndication
loan of long-term borrowings.	Total endorsement December 31, 2020	Total endorsement December 31, 2020	Total endorsement December 31, 2020 December 31, 2019	Total endorsement December 31, 2019 December 31, 2019
Name of company Name of company B. Summary of endorsements and guarantees provided by subsidiaries to the Company is as follows:	amount Total endorsement	Amount drawn amount Total endorsement Total endorsement	Amount drawn amount Total endorsement Total endorsement	Amount drawn amount Total endorsement
Prince Real Estate Co., Ltd. Prince Real Estate Co., Ltd. Name of company Name of company Name of company	\$ 800,000 \$ amount	\$ 800,000 \$ amount Amount drawn Amount drawn amount December 31, 2020	800,000 \$ 1,352,085 \$ 800,000 \$ amount Amount drawn amount	1,352,085 1,352,085 \$ Amount drawn Amount drawn amount December 31, 2019

		December 31, 2020		December 31, 2019
Subsidiaries being	C. Summary of endorsements and guarantees provided by subsidiaries to subsidiaries is as follows: Subsidiaries being Total endorsement Subsidiaries being	December 31, 2020 Total endorsement	Total endorsement December 31, 2020	Total endorsement December 31, 2019 Total endorsement	Total endorsement December 31, 2019
endorsed/guaranteed Name of company Name of company Name of company Subsidiaries being	endorsed/guaranteed amount endorsed/guaranteed Subsidiaries being Total endorsement	amount	Amount drawn amount December 31, 2020 Amount drawn Total endorsement	Amount drawn amount amount Total endorsement	Amount drawn amount December 31, 2019 Amount drawn Total endorsement
Prince Security Co., Ltd. Prince Apartment Management Maintain Prince Apartment Management Maintain Prince Apartment Management Maintain endorsed/guaranteed Name of company Name of company	Subsidiaries being Prince Security Co., Ltd. \$ Prince Security Co., Ltd. endorsed/guaranteed amount	Total endorsement 10,000 \$ \$ \$ 10,000 \$	10,000 \$ 10,000 \$ 10,000 \$ Amount drawn amount	Total endorsement 20,000 \$ 10,000 \$ 20,000 \$ Amount drawn amount	20,000 20,000 \$ 20,000 Amount drawn amount
Name of company	endorsed/guaranteed	amount	Amount drawn	amount	Amount drawn

Note: The Company and China Metal Products Co., Ltd. provided endorsements and guarantees borrowings, short-term notes and bills payable, long-term notes payable and syndication loan of long-term borrowings. loan of long-term borrowings. B. Summary of endorsements and guarantees provided by subsidiaries to the Company is as follows: loan of long-term borrowings. B. Summary of endorsements and guarantees provided by subsidiaries to the Company is as follows: borrowings, short-term notes and bills payable, long-term notes payable and syndication loan of long-term borrowings. borrowings, short-term notes and bills payable, long-term notes payable and syndication loan of long-term borrowings. B. Summary of endorsements and guarantees provided by subsidiaries to the Company is as follows:

D. The accumulated operating losses of the subsidiary, the Splendor Hotel Taichung, had exceeded 50% of its paid-in capital and its current liabilities were greater than its current assets. The Company was committed to provide the endorsement and guarantees for all Splendor Hotel's Prince Apartment Management Maintain \$ 10,000 \$ 10,000 \$ 20,000 \$ 20,000 Co., Ltd. D. The accumulated operating losses of the subsidiary, the Splendor Hotel Taichung, had exceeded 50% of its paid-in capital and its current liabilities were greater than its current assets. The Company was committed to provide the endorsement and guarantees for all Splendor Hotel's borrowings in its ownership proportion of 50%. D. The accumulated operating losses of the subsidiary, the Splendor Hotel Taichung, had exceeded 50% of its paid-in capital and its current liabilities were greater than its current assets. The Company was committed to provide the endorsement and guarantees for all Splendor Hotel's D. The accumulated operating losses of the subsidiary, the Splendor Hotel Taichung, had exceeded 50% of its paid-in capital and its current liabilities were greater than its current assets. The Company was committed to provide the endorsement and guarantees for all Splendor Hotel's D. The accumulated operating losses of the subsidiary, the Splendor Hotel Taichung, had exceeded 50% of its paid-in capital and its current liabilities were greater than its current assets. The Prince Apartment Management Maintain \$ 10,000 \$ 10,000 \$ 20,000 \$ 20,000 D. The accumulated operating losses of the subsidiary, the Splendor Hotel Taichung, had exceeded 50% of its paid-in capital and its current liabilities were greater than its current assets. The Prince Apartment Management Maintain \$ 10,000 \$ 10,000 \$ 20,000 \$ 20,000 Co., Ltd. D. The accumulated operating losses of the subsidiary, the Splendor Hotel Taichung, had exceeded 50% of its paid-in capital and its current liabilities were greater than its current assets. The Company was committed to provide the endorsement and guarantees for all Splendor Hotel's borrowings in its ownership proportion of 50%.

Total endorsement Total endorsement Name of company amount Amount drawn amount Amount drawn December 31, 2020 December 31, 2019 Note: The Company and China Metal Products Co., Ltd. provided endorsements and guarantees in equal proportions of 50% ownership each for the Splendor Hotel Taichung's short-term in equal proportions of 50% ownership each for the Splendor Hotel Taichung's short-term borrowings, short-term notes and bills payable, long-term notes payable and syndication in equal proportions of 50% ownership each for the Splendor Hotel Taichung's short-term borrowings, short-term notes and bills payable, long-term notes payable and syndication Note: The Company and China Metal Products Co., Ltd. provided endorsements and guarantees in equal proportions of 50% ownership each for the Splendor Hotel Taichung's short-term Note: The Company and China Metal Products Co., Ltd. provided endorsements and guarantees in equal proportions of 50% ownership each for the Splendor Hotel Taichung's short-term Note: The Company and China Metal Products Co., Ltd. provided endorsements and guarantees in equal proportions of 50% ownership each for the Splendor Hotel Taichung's short-term borrowings, short-term notes and bills payable, long-term notes payable and syndication loan of long-term borrowings.

(2) Capital expenditures contracted for at the balance sheet date but not yet incurred are as follows: (2) Capital expenditures contracted for at the balance sheet date but not yet incurred are as follows: borrowings in its ownership proportion of 50%. borrowings in its ownership proportion of 50%. Company was committed to provide the endorsement and guarantees for all Splendor Hotel's Company was committed to provide the endorsement and guarantees for all Splendor Hotel's (2) Capital expenditures contracted for at the balance sheet date but not yet incurred are as follows:

borrowings in its ownership proportion of 50%. borrowings in its ownership proportion of 50%. (2) Capital expenditures contracted for at the balance sheet date but not yet incurred are as follows: (2) Capital expenditures contracted for at the balance sheet date but not yet incurred are as follows:		December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019
Property, plant and equipment Property, plant and equipment	December 31, 2020 \$ \$	December 31, 2020 3,246 \$ 3,246 \$	December 31, 2019	December 31, 2019 4,278 4,278

(4) According to the sale contracts, the Company should provide warranty on the house structure and (4) According to the sale contracts, the Company should provide warranty on the house structure and (3) Operating lease agreement: (3) Operating lease agreement: Property, plant and equipment \$ 3,246 \$ 4,278 (3) Operating lease agreement:

Name of company amount Amount drawn amount Amount drawn Prince Real Estate Co., Ltd. \$ 800,000 \$ 800,000 \$ 1,352,085 \$ 1,352,085 C. Summary of endorsements and guarantees provided by subsidiaries to subsidiaries is as follows: C. Summary of endorsements and guarantees provided by subsidiaries to subsidiaries is as follows: C. Summary of endorsements and guarantees provided by subsidiaries to subsidiaries is as follows: December 31, 2020 December 31, 2019 C. Summary of endorsements and guarantees provided by subsidiaries to subsidiaries is as follows: Prince Real Estate Co., Ltd. \$ 800,000 \$ 800,000 \$ 1,352,085 \$ 1,352,085 C. Summary of endorsements and guarantees provided by subsidiaries to subsidiaries is as follows: Prince Real Estate Co., Ltd. \$ 800,000 \$ 800,000 \$ 1,352,085 \$ 1,352,085 C. Summary of endorsements and guarantees provided by subsidiaries to subsidiaries is as follows:

major facilities for one year from the handover day for the houses it sold. However, any damage to major facilities for one year from the handover day for the houses it sold. However, any damage to Please refer to Note 6 (9) for related information. Please refer to Note 6 (9) for related information. (3) Operating lease agreement: (3) Operating lease agreement: Please refer to Note 6 (9) for related information.

SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNISED CONTRACT COMMITMENTS (1) Summary of endorsements and guarantees is as follows: A. Summary of endorsements and guarantees provided by the Company to subsidiaries is as follows: A. Summary of endorsements and guarantees provided by the Company to subsidiaries is as follows: A. Summary of endorsements and guarantees provided by the Company to subsidiaries is as follows:

attributed to the Company is not included in the scope of warranty. the houses caused by disasters, additions to the houses made by the buyers, or events that are not attributed to the Company is not included in the scope of warranty. (4) According to the sale contracts, the Company should provide warranty on the house structure and major facilities for one year from the handover day for the houses it sold. However, any damage to the houses caused by disasters, additions to the houses made by the buyers, or events that are not attributed to the Company is not included in the scope of warranty. major facilities for one year from the handover day for the houses it sold. However, any damage to the houses caused by disasters, additions to the houses made by the buyers, or events that are not attributed to the Company is not included in the scope of warranty. Please refer to Note 6 (9) for related information. (4) According to the sale contracts, the Company should provide warranty on the house structure and major facilities for one year from the handover day for the houses it sold. However, any damage to the houses caused by disasters, additions to the houses made by the buyers, or events that are not Please refer to Note 6 (9) for related information. (4) According to the sale contracts, the Company should provide warranty on the house structure and major facilities for one year from the handover day for the houses it sold. However, any damage to the houses caused by disasters, additions to the houses made by the buyers, or events that are not (4) According to the sale contracts, the Company should provide warranty on the house structure and major facilities for one year from the handover day for the houses it sold. However, any damage to the houses caused by disasters, additions to the houses made by the buyers, or events that are not attributed to the Company is not included in the scope of warranty.

Co., Ltd.

9. SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNISED CONTRACT COMMITMENTS (1) Summary of endorsements and guarantees is as follows: 9. SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNISED CONTRACT COMMITMENTS (1) Summary of endorsements and guarantees is as follows: 9. SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNISED CONTRACT COMMITMENTS 9. SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNISED CONTRACT COMMITMENTS 9. SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNISED CONTRACT COMMITMENTS

A. Summary of endorsements and guarantees provided by the Company to subsidiaries is as follows: A. Summary of endorsements and guarantees provided by the Company to subsidiaries is as follows: (1) Summary of endorsements and guarantees is as follows: (1) Summary of endorsements and guarantees is as follows: (1) Summary of endorsements and guarantees is as follows:

attributed to the Company is not included in the scope of warranty.

Co., Ltd.

Prince Security Co., Ltd.

(5) On March 17, 2005, the Company ("A party") signed a contract with National Taiwan University ("B party") relating to the construction and operation of dormitories on Chang-Hsing St. and

A. Under the contract, B party should be responsible for acquiring the ownership or land-use right for this project, and let A party use the land; A party must complete the construction within 3 years from the registration of the superficies, and may operate the dormitories for 44 years, collect dormitory rentals and use fees of other facilities from students, and should return the

B. A party should give B party a performance guarantee of \$60,000 for the construction on the signing date and \$30,000 for operations before the start of operation. As of December 31, 2020 and 2019, A party had provided performance guarantee with a guarantee letter issued by the

C. A party should pay B party land rentals from the registration of the superficies, according to the terms of the contract, and pay B party operating royalties from the third year of the operation, based on the specified proportion of dormitory rentals and use fees of other facilities

(a) The ratio of A party's own capital utilized in this project to total construction cost of this

(b) During the operation period, the ratio of shareholders' equity to total assets should be at least 25%; and current ratio (current assets/current liabilities) should be at least 100%;

(c) All rights acquired by A party under the contract, except for other conditions specified in the contract and approved by B party, should not be transferred, leased, registered as a

Shui-Yuan Campus. The major terms of the contract are as follows:
related assets to B party on the expiry of the contract.
bank, all amounting to \$30,000.
collected from students.
D. Terms of restrictions for A party:
- project should be at least 30%;
liability/obligation or become an executed object of civil litigation.
(6) On May 10, 2005, the Company ("A party") signed a contract with National Cheng Kung alumni hall. The major terms of the contract are as follows:
construction, and should return the related assets to B party on the expiry of the contract.
by the bank, amounting to \$10,000 and \$20,000, respectively.
A party should pay B party land rentals from the registration of superficies.

University ("B party") relating to the construction and operation of student dormitories and

A. Under the contract, B party should be responsible for acquiring the ownership or land-use right for this project, and let A party use the land by way of registration of the superficies; A party must obtain the user license within 3 years after the signing date, and may operate the dormitories and motorcycle parking lots for 35 years from the start of operation and collect dormitory rentals and use fees of other facilities from students for 50 years from the start of

B. A party should give B party performance guarantee of \$50,000 for this project on the signing date, which will be returned in installment according to the contractual terms. As of December 31, 2020 and 2019, A party had provided performance guarantee with a guarantee letter issued

C. During the operation period, A party should pay B party dormitory operating royalties based on the specified proportion of annual operating revenue of the dormitories and auxiliary facilities operating royalties based on the specified proportion of annual operating revenue of the auxiliary facilities. A party should pay such operating royalties for prior year before the end of June every year. Further, according to the superficies contract signed by the two parties,

D. All rights acquired by A party under the contract, except for other conditions specified in the

(12)As of Decemmber 30, 2020 and 2019, performance guarantee letters issued for construction

	December 31, 2020 December 31, 2019
\$	- \$ 55,210

contract and approved by B party, should not be transferred, leased, registered as a liability/ obligation or become an executed object of civil litigation.

The Company shall not ask for any compensation for price fluctuations or other reasons. Further, under the contract, the Company shall give TSC performance guarantee amounting to \$63,880, \$83,080 and \$125,540, respectively, on the signing date, which will be returned in instalments according to the contractual terms. The Company had provided such performance guarantee with guarantee letter of the bank as follows: The Company shall not ask for any compensation for price fluctuations or other reasons. Further, under the contract, the Company shall give TSC performance guarantee amounting to \$63,880, \$83,080 and \$125,540, respectively, on the signing date, which will be returned in instalments according to the contractual terms. The Company had provided such performance guarantee with guarantee letter of the bank as follows:

(7) The Company signed a syndicated loan contract with 7 banks Mega International Commercial Bank as the lead bank for a credit line of \$2.16 billion. The syndicated loans include longterm (secured) loans and guarantee payments receivable (secured), which are used to fund the construction of dormitories in Changxing St. Campus and Shuiyuan Campus of National Taiwan University. During the loan period, the Company should maintain financial commitments such as current ratio, liability ratio and interest coverage; those financial ratios/restrictions shall be reviewed at least once every year, based on the Company's audited annual non-consolidated financial statements. If the Company violates the above financial commitments, it shall improve its financial position by capital increase or other ways before the end of October of the following year from the year of violation; it would not be regarded as a default if the managing bank confirms that its financial position has improved completely. In case of violation, interest on the loans would be charged at the loan rate specified in the contract plus additional 0.25% per annum from the notification date of the managing bank to the completion date of financial improvement or to the date the Company gains the relief from the consortium for its violation.
(8) The Company signed a loan contract with Mega International Commercial Bank for a credit line of\$785 million. The loans include long-term (secured) loans and guarantee payments receivable (secured), which are used to fund the construction of student dormitories and alumnus hall of National Cheng Kung University. During the loan period, the Company should maintain financial commitments such as current ratio, liability ratio and interest coverage; those financial ratios/ restrictions shall be reviewed at least once every year. Current ratio and liability ratio shall be reviewed based on the Company's audited annual non-consolidated financial statements, and interest coverage based on the Company's revenue and expenditure table for the related project. If the Company violates the above financial commitments, it shall improve its financial position by capital increase or other ways before the end of October of the following year from the year of violation; it would not be regarded as a default if the bank confirms that its financial position has improved completely. In case of violation, interest on the loans would be charged at the loan rate specified in the contract plus additional 0.25% per annum from the notification date of the bank to the completion date of financial improvement or to the date the Company obtains a waiver from the bank for its violation.
(9) The Company signed a syndicated loan contract with 4 financial institutions Bank of Taiwan Co., Ltd. as the lead bank for a credit line of \$3.221 billion. The syndicated loans include medium-term guarantee payments receivable (secured) and medium-term commercial paper guarantees. Bank of Taiwan and Agricultural Bank of Taiwan provided medium-term guarantee payments receivable (secured) with a credit line of \$2.021 billion which are used by the Company to apply for the guarantee of corporate bond issued by the bank and pay off 2012 1st secured ordinary bonds payable. China Bills Finance Corp, Mega Bills Finance Corp and Taiwan Cooperative Finance Cop. provides medium-term commercial paper guarantees with a credit line of \$1.2 billion which are used by the Company to apply for the guarantee of commercial paper guarantees and enrich operational working capital. These three financial institutions shall renew the contract with the Company for another 1 year based on their individual commitments and

undertaking, warranty and leases of subsidiary, Ta-Chen Construction & Engineering Corp., (13) Certain construction contracts undertaken by subsidiary, Ta-Chen Construction & Engineering Corp., (12)As of Decemmber 30, 2020 and 2019, performance guarantee letters issued for construction undertaking, warranty and leases of subsidiary, Ta-Chen Construction & Engineering Corp.,

(14) On October 3, 2018, the subsidiary, the Splendor Hotel Taichung, signed two syndicated loan contracts with 7 financial institutions, including Taiwan Cooperative Bank and Bank SinoPac, etc., (13)Certain construction contracts undertaken by subsidiary, Ta-Chen Construction & Engineering Corp., specify that default penalty shall be computed according to the contractual terms if the

5 tracts of lands including Nanzi Dist., Kaohsiung City Nanzi 1st Section No. 158 etc
amounted to \$569,693 and \$530,080, respectively. amounted to \$569,693 and \$530,080, respectively.
is not completed within the prescribed period. construction is not completed within the prescribed period.

establish the facility documentation, which is similar to the commercial paper guarantees, letter of purchase contract and others. In addition, no matter whether the bondholders receive the payment or not, the banks' guarantee responsibility will be released after the debtor returns the payables to the agency.

(10) The Company signed a syndicated loan contract with 2 financial institutions – Bank of Taiwan Co., Ltd. as the lead bank for a credit line of \$3.121 billion. The syndicated loans include medium-term guarantee payments receivable (secured) and medium-term commercial paper guarantees. Bank of Taiwan and Agricultural Bank of Taiwan provided medium-term guarantee payments receivable (secured) with a credit line of \$2.521 billion which are used by the Company to apply for the guarantee of corporate bond issued by the bank and pay off 2013 1st secured ordinary bonds payable. International Bills Finance Corp provides medium-term commercial paper guarantees with a credit line of \$600 million which are used by the Company to apply for the guarantee of commercial paper guarantees and enrich operational working capital. These three financial institutions shall renew the contract with the Company for another 1 year based on their individual commitments and establish the facility documentation, which is similar to the commercial paper guarantees, letter of purchase contract and others. In addition, no matter whether the bondholders receive the payment or not, the banks' guarantee responsibility will be

released after the debtor returns the payables to the agency.
required under the decrees.

(11)On January 20, February 10 and December 27, 2014, the Company signed a contract with Taiwan Sugar Corporation ("TSC") in relation to cooperative construction of houses. According to the contracts, TSC shall provide Taichung City Koan An Section No. 591-1 and Tainan City Hou Guan Section No.34 and Nanzi Dist., Kaohsiung City Nanzi 1st Section No. 158, etc; the Company shall provide funding for those projects and repurchase houses and land allocated to TSC amounting to\$638,763, \$830,889 and \$1,255,300, and shall bear all improvement fees of houses, public facilities and land, selling expenses, and other expenses or contributed expenses

Financial Information

(14)On October 3, 2018, the subsidiary, the Splendor Hotel Taichung, signed two syndicated loan contracts with 7 financial institutions, including Taiwan Cooperative Bank and Bank SinoPac, etc., each amounting to \$1.65 billion and totaling \$3.3 billion, with Prince Housing & Development Corp. and China Metal Products Co., Ltd. as guarantors, respectively. Under the contract, the subsidiary promised its tangible equity (equity less intangible assets) shall not be negative and current ratio, liability ratio, tangible net equity and interest coverage of Prince Housing & Development Corp. and China Metal Products Co., Ltd. shall conform to certain criteria as specified in the contract. If the Splendor Hotel Taichung violates above financial commitments, the managing bank has the right to take the following actions, including but not limited, according to the contract or the resolution of majority of the consortium: 1) request the subsidiary to stop drawing down all or part of the loans; 2) cancel all or part of the credit line of the contract which has not been drawn down yet; 3) announce that all outstanding principal, interest and other accrued expenses payable to the consortium in relation to the loan contract should mature immediately; 4) inform the managing bank of the demand for subsidiary's payment of the promissory note acquired under the loan contract; 5) inform the managing bank to exercise creditor's right of mortgage; 6) exercise contract transfer right, or other rights given by the laws, the loan contract or other relevant documents; 7) take other actions as resolved by the majority of the consortium.

10. SIGNIFICANT DISASTER LOSS

None.

11. SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE

None.

12. OTHERS

(1) Capital management

The Group's capital management is to ensure it has sufficient financial resource and operating plans to meet operational capital for future needs, capital expenditure, obligation repayment and dividend distribution. The Company adjusts borrowing amount in accordance with construction progress and capital needed for operations.

(2) Financial instruments

A. Financial instruments by category

to meet operational capital for future needs, capital expenditure, obligation repayment and dividend distribution. The Company adjusts borrowing amount in accordance with construction progress and

Financial assets Financial assets Financial assets

Financial assets at fair value through other Financial assets at fair value through other Financial assets at fair value through other
comprehensive income comprehensive income comprehensive income
Financial assets at amortised cost Financial assets at amortised cost Financial assets at amortised cost

		December 31, 2020 December 31, 2020 December 31, 2020	December 31, 2019 December 31, 2019 December 31, 2019
Financial assets Financial assets Financial assets
Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss
Financial assets mandatorily measured at fair Financial assets mandatorily measured at fair Financial assets mandatorily measured at fair
value through profit or loss value through profit or loss value through profit or loss	\$ \$ \$	1,798,369 \$ 1,798,369 \$	1,798,369 \$ 1,998,085 1,998,085 1,998,085
Financial assets at fair value through other Financial assets at fair value through other Financial assets at fair value through other
comprehensive income comprehensive income comprehensive income
Designation of equity instrument Designation of equity instrument Designation of equity instrument		2,246,407 2,246,407	2,246,407 1,880,621 1,880,621 1,880,621
Financial assets at amortised cost Financial assets at amortised cost Financial assets at amortised cost
Cash and cash equivalents Cash and cash equivalents Cash and cash equivalents		5,406,601 5,406,601	5,406,601 5,673,754 5,673,754 5,673,754
Financial assets at amortised cost Financial assets at amortised cost Financial assets at amortised cost		1,733,793 1,733,793	1,733,793 2,235,721 2,235,721 2,235,721
Notes receivable Notes receivable Notes receivable		25,934 25,934	25,934 58,341 58,341 58,341
Accounts receivable Accounts receivable Accounts receivable		1,030,235 1,030,235	1,030,235 754,843 754,843 754,843
Other receivables Other receivables Other receivables		84,537 84,537	84,537 25,402 25,402 25,402
Refundable deposits Refundable deposits Refundable deposits		113,575 113,575	113,575 161,987 161,987 161,987
	\$ \$ \$	12,439,451 \$ 12,439,451 \$	12,439,451 \$ 12,788,754 12,788,754 12,788,754 December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019
Financial liabilities Financial liabilities Financial liabilities
Financial liabilities at amortised cost
Short-term borrowings	\$ \$	\$ 1,315,000 \$ 1,315,000 \$	1,315,000 \$ 1,979,000 1,979,000 1,979,000
Short-term notes and bills payable		50,000	50,000 50,000 99,925 99,925
Notes payable			306 306 306 2,523 2,523
Accounts payable		1,798,011 1,798,011	1,798,011 2,035,430 2,035,430 2,035,430
Other payables (including related parties)		718,474 718,474	718,474 863,678 863,678 863,678
Corporate bonds payable		4,500,000 4,500,000	4,500,000 4,500,000 4,500,000 4,500,000
Long-term borrowings (including current portion)		8,693,237 8,693,237	8,693,237 12,155,924 12,155,924 12,155,924
Long-term notes and accounts payable		808,301 808,301	808,301 808,301 808,301 808,301
Financial liabilities at amortised cost Financial liabilities at amortised cost Short-term borrowings Short-term borrowings Short-term notes and bills payable Short-term notes and bills payable Notes payable Notes payable Accounts payable Accounts payable Other payables (including related parties) Other payables (including related parties) Corporate bonds payable Corporate bonds payable Long-term borrowings (including current portion) Long-term borrowings (including current portion) Long-term notes and accounts payable Long-term notes and accounts payable Guarantee deposits received Guarantee deposits received Guarantee deposits received		160,581 160,581	160,581 148,959 148,959 148,959
	\$ \$	\$ 18,043,910 \$ 18,043,910 \$	18,043,910 \$ 22,593,740 22,593,740 22,593,740

Financial liabilities Financial liabilities Financial liabilities

~79~ ~79~ ~79~ financial instruments, and investment of excess liquidity.
Financial liabilities at amortised cost Financial liabilities at amortised cost Financial liabilities at amortised cost
Other payables (including related parties) 718,474 863,678
Long-term borrowings (including current portion) 8,693,237 12,155,924 Long-term borrowings (including current portion) 8,693,237 12,155,924 Long-term borrowings (including current portion) 8,693,237 12,155,924
Long-term notes and accounts payable 808,301 808,301

B. Financial risk management policies

(a) The Group's activities expose it to a variety of financial risks: market risk (including foreign exchange risk, price risk and interest rate risk), credit risk and liquidity risk.

(b) Risk management is carried out by a central treasury department (Group's finance & accounting division) under policies approved by the Board of Directors. Group's finance & accounting division evaluates and hedges financial risks in close cooperation with the Group's operating units. The Board provides written principles for overall risk management, as well as written policies covering specific areas and matters, such as interest rate risk, credit risk, use of derivative financial instruments and non-derivative

~81~

and forecastability, which considered the economic condition in the next one year. The provision matrix in accordance with above estimation are as follows:	Without past due		Up to 30 days past due	Over 31-60 days Over 61-90 days Over 90 days						Total
December 31, 2020	Without		Up to 30 days
Expected loss rate	0.01% past due		10% past due	25%		50% Over 31-60 days Over 61-90 days Over 90 days		100%		Total
Total book value December 31, 2020	\$ 1,025,772 \$		2,631 \$	1,686 \$			5 \$			445 \$ 1,030,539
Loss allowance Expected loss rate	0.01%	-	- 10%	- 25%		- 50%		304 100%		304
December 31, 2019 Total book value	\$ 1,025,772 \$			2,631 \$	1,686 \$			5 \$		445 \$ 1,030,539
Expected loss rate Loss allowance	0.01%		- 10%	- 25%	-	50%	-	100%	304	304
December 31, 2019 Total book value	\$ 749,643 \$		3,329 \$	566 \$		495 \$		5,270 \$		759,303
Expected loss rate Loss allowance	0.01%	-	10% -	25% -		50% -		100% 4,460		4,460
Total book value	\$		749,643 \$	3,329 \$	566 \$		495 \$		5,270 \$	759,303
v. Movements in relation to the Company applying the simplified approach to provide loss Loss allowance			-	-	-		-		4,460	4,460

		Accounts receivable 2020
At January 1	\$	4,460 \$ Accounts receivable	4,500 Accounts receivable
Provision for impairment loss At January 1	\$	- 4,460 \$	29 4,500
Reversal of impairment loss Provision for impairment loss	(	567) ( -	40) 29
Reversal of impairment loss Derecognised	( (	567) ( 3,589) (	40) 29)
Derecognised At December 31	( \$	3,589) ( 304 \$	29) 4,460
At December 31	\$	304 \$	4,460

~81~ vi. The estimation of expected credit loss on financial assets at amortised cost, excluding

financial status, historical trading record and future economic condition in accordance with types of customer, and took into account factors that may influence customers' ability to pay to assess the credit quality of customers. The Group estimated credit loss by loss rate. iii.The Group adopts the assumptions under IFRS 9, the default occurs when the contract iii. The Group adopts the assumptions under IFRS 9, the default occurs when the contract

the Group has created process of credit risk management. The Group considered customers' types of customer, and took into account factors that may influence customers' ability to credit loss by loss rate.
payments are past due over 90 days. payments are past due over 90 days.
payments are past due over 90 days. provision matrix in accordance with above estimation are as follows: provision matrix in accordance with above estimation are as follows:

pay to assess the credit quality of customers. The Group estimated credit loss by loss rate. iii.The Group adopts the assumptions under IFRS 9, the default occurs when the contract iv. The Group adjusted the provision matrix with the historical loss of accounts receivable iv. The Group adjusted the provision matrix with the historical loss of accounts receivable and forecastability, which considered the economic condition in the next one year. The iv. The Group adjusted the provision matrix with the historical loss of accounts receivable and forecastability, which considered the economic condition in the next one year. The

C. Significant financial risks and degrees of financial risks
(a) Market risk

Foreign exchange risk

The Company's businesses do not involve non-functional currency operations, thus would not be materially affected by the exchange rate fluctuations.

v. Movements in relation to the Company applying the simplified approach to provide loss 2020 2019 v. Movements in relation to the Company applying the simplified approach to provide

allowance for accounts receivable are as follows: allowance for accounts receivable are as follows: loss allowance for accounts receivable are as follows:

Price risk
i. The Group's equity securities, which are exposed to price risk, are the held financial assets at fair value through profit or loss and financial assets at fair value through other comprehensive income. To manage its price risk arising from investments in equity securities, the Group diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Group.
ii. Shares and open-end funds issued by the domestic companies. The prices of equity securities would change due to the change of the future value of investee companies. If the prices of these equity securities had increased/decreased by 10% with all other variables held constant, post-tax profit for the years ended December 31, 2020 and 2019 would have increased/decreased by \$179,837 and \$199,809, respectively, as a result of gains/losses on equity securities classified as at fair value through profit or loss. Other components of equity would have increased/decreased by \$224,641 and \$188,062, respectively, as a result of other comprehensive income classified as equity investment at fair value through other comprehensive income.
Cash flow and fair value interest rate risk

The Group 's interest rate risk mainly arose from short-term and long-term (excluding commercial papers) borrowings issued at variable rates and exposed the Group to cash flow interest rate risk which is partially offset by cash and cash equivalents held at variable rates. Borrowings issued at fixed rates expose the Group to fair value interest rate risk. The Group's borrowings at floating rate were calculated by NTD, if interest rates on borrowings had been 0.1% basis point higher/lower with all other variables held constant, profit before tax for the years ended December 31, 2020 and 2019 would have been \$9,209 and \$13,064 lower/higher, respectively.

(b) Credit risk

Credit risk refers to the risk of financial loss to the Group arising from default by the clients or counterparties of financial instruments on the contract obligations. For banks and financial institutions, only independently rated parties with a minimum rating of 'A' are accepted, so it expects that the probability of counterparty default is remote. Credit risk arises from outstanding receivables (including contract assets).

Accounts receivable and contract assets

i. The Group will perform credit check in accordance with credit policies when entered into construction contracts, the credit risk of receivables (mainly contract assets or accounts receivable) are low as the result of credit check was low.
ii. The Group's accounts receivable and contract assets came from general enterprise or government institution. To protect the quality of accounts receivable and contract assets, the Group has created process of credit risk management. The Group considered customers' financial status, historical trading record and future economic condition in accordance with types of customer, and took into account factors that may influence customers' ability to pay to assess the credit quality of customers. The Group estimated

accounts receivable, is as follows: recognises the impairment provision for lifetime ECLs. (c) Liquidity risk
headroom on its undrawn committed borrowing facilities at all times.

i. Cash flow forecasting is performed in the operating entities of the Group and aggregated by Group's Finance and Accounting Division. Group's Finance and Accounting Division monitors rolling forecasts of the Group's liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient

ii. The table below analyses the Group's non-derivative financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet date to the

VI

ii. Except for financial instruments with active markets, the fair value of other financial

December 31, 2020 (a)The related information of natures of the assets and liabilities is as follows:	Level 1	Level 2	Level 3	Total
Assets
December 31, 2020 Recurring fair value measurements	Level 1	Level 2	Level 3	Total
Assets Financial assets at fair value
Recurring fair value measurements through profit or loss
Financial assets at fair value Equity securities	\$ 1,798,369 \$	- \$		- \$ 1,798,369
through profit or loss Financial assets at fair value through
Equity securities other comprehensive income	\$ 1,798,369 \$	- \$		- \$ 1,798,369
Financial assets at fair value through Equity securities	1,184,373		- 1,062,034 2,246,407
other comprehensive income	\$ 2,982,742 \$		- \$ 1,062,034 \$ 4,044,776
Equity securities December 31, 2019	1,184,373 \$ 2,982,742 \$ Level 1	Level 2	- 1,062,034 2,246,407 - \$ 1,062,034 \$ 4,044,776 Level 3	Total
Assets
December 31, 2019 Recurring fair value measurements	Level 1	Level 2	Level 3	Total
Assets Financial assets at fair value
Recurring fair value measurements through profit or loss
Financial assets at fair value Equity securities	\$ 1,998,085 \$	- \$		- \$ 1,998,085
through profit or loss Financial assets at fair value through
Equity securities other comprehensive income	\$ 1,998,085 \$	- \$		- \$ 1,998,085
Financial assets at fair value through Equity securities	886,663	-		993,958 1,880,621
other comprehensive income Equity securities	\$ 2,884,748 \$ 886,663	-	- \$ 993,958 \$ 3,878,706	993,958 1,880,621

(b)The methods and assumptions the Group used to measure fair value are as follows:

instruments is measured by using valuation techniques or by reference to counterparty

Market quoted price	Closing price Listed shares	Net asset value Open-end fund
Market quoted price ii. Except for financial instruments with active markets, the fair value of other financial	Closing price	Net asset value

contractual maturity date for non-derivative financial liabilities. The amounts disclosed in the table are the contractual undiscounted cash flows. contractual maturity date for non-derivative financial liabilities. The amounts disclosed in the table are the contractual undiscounted cash flows.

	December 31, 2020
		Within 1 year Between 1 to 3 years Over 3 years
Non-derivative financial liabilities:
Short-term borrowings	\$ 1,325,227 \$		- \$ -
Short-term notes and bills payable	50,000	-	-
Notes payable	306	-	-
Accounts payable	1,059,529	738,481	-
Other payables (including related parties)	710,848	4,421	3,205
Lease liability	568,649		1,110,223 7,319,965
Guarantee deposits received	97,878	38,453	24,250
Bonds payable (including related parties)	42,000	4,542,000	-
Long-term borrowings (including related parties) 1,004,686			5,076,767 3,540,525
Long-term notes and accounts payable	-	-	808,301
(including current portion)

(b)The methods and assumptions the Group used to measure fair value are as follows: i. The instruments the Group used market quoted prices as their fair values (that is, Level 1) (b) The methods and assumptions the Group used to measure fair value are as follows: i. The instruments the Group used market quoted prices as their fair values (that is, Level

instruments is measured by using valuation techniques or by reference to counterparty quotes. The fair value of financial instruments measured by using valuation techniques can quotes. The fair value of financial instruments measured by using valuation techniques can be referred to current fair value of instruments with similar terms and characteristics in substance, discounted cash flow method or other valuation methods, including calculated ii. Except for financial instruments with active markets, the fair value of other financial instruments is measured by using valuation techniques or by reference to counterparty

iii. The Group does not expect the timing of occurrence of the cash flows estimated through

i. The instruments the Group used market quoted prices as their fair values (that is, Level 1)
are listed below by characteristics: are listed below by characteristics: 1) are listed below by characteristics:

the maturity date analysis will be significantly earlier, nor expect the actual cash flow amount will be significantly different. (3) Fair value information iii. The Group does not expect the timing of occurrence of the cash flows estimated through the maturity date analysis will be significantly earlier, nor expect the actual cash flow amount will be significantly different.

financial and non-financial instruments have been defined as follows: (3) Fair value information

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date. A market is regarded as active where a market A. The different levels that the inputs to valuation techniques are used to measure fair value of financial and non-financial instruments have been defined as follows:
in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. The fair value of the Group's investment in listed stocks and beneficiary certificates is included in Level 1. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Unobservable inputs for the asset or liability. The fair value of the Group's investment Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date. A market is regarded as active where a market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. The fair value of the Group's investment in listed stocks and beneficiary certificates is included in Level 1.
in equity without active market is included in Level 3. B. Fair value information of investment property at cost is provided in Note 6(11). Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

		December 31, 2019
		Within 1 year Between 1 to 3 years Over 3 years
Non-derivative financial liabilities:
Short-term borrowings	\$ 1,999,507 \$	- \$	-
Short-term notes and bills payable ~82~	100,000	-	-
Notes payable	2,474	29	20
Accounts payable	1,111,366	922,898	1,166
Other payables (including related parties)	860,152	3,369	157
Lease liability	467,703		929,605 5,696,773
Guarantee deposits received	76,553	20,115	52,291
Bonds payable (including related parties)	42,000		2,084,000 2,521,000
Long-term borrowings (including related parties) 4,731,737			3,892,315 4,296,617
Long-term notes and accounts payable	-	-	808,301

Level 3: Unobservable inputs for the asset or liability. The fair value of the Group's investment in equity without active market is included in Level 3.

The carrying amounts of the Group's cash and cash equivalents, financial instruments at amortised cost (including financial assets at amortised cost, receivable, accounts receivable (including related parties), other receivables, refundable deposits, short-term borrowings, short-term notes payable, notes payable, accounts payable, other payables (including related parties), lease liability, corporate bonds payables, long-term borrowings, long-term notes and

B. Fair value information of investment property at cost is provided in Note 6(11).
C. Financial instruments not measured at fair value accounts payable, and guarantee deposits received) are approximate to their fair values.
(a)The related information of natures of the assets and liabilities is as follows: December 31, 2020 and 2019 are as follows: (a) The related information of natures of the assets and liabilities is as follows:

D. The related information of financial and non-financial instruments measured at fair value by level on the basis of the nature, characteristics and risks of the assets and liabilities at

(4) The outbreak of the COVID 19 pandemic in January 2020 has impacted the occupancy rate of hotels

				December 31, 2020
				Recognised in profit or loss		Recognised in other comprehensive income
	Input	Change	Favourable change	Unfavourable change	Favourable change	Unfavourable change
Financial assets
Equity instruments	1,062,034	±1%	\$	- \$	- \$ 10,620 (\$	10,620)
					December 31, 2019
						Recognised in other
				Recognised in profit or loss		comprehensive income
			Favourable	Unfavourable	Favourable	Unfavourable
	Input	Change	change	change	change	change
Financial assets
Equity instruments	993,958	±1%	\$	- \$	- \$ 9,940 (\$	9,940)

J. The Group has carefully assessed the valuation models and assumptions used to measure fair value. However, use of different valuation models or assumptions may result in different measurement. The following is the effect of profit or loss or of other comprehensive income from J. The Group has carefully assessed the valuation models and assumptions used to measure fair value. However, use of different valuation models or assumptions may result in different measurement. The following is the effect of profit or loss or of other comprehensive income from financial assets and liabilities categorized within Level 3 if the inputs used to valuation

financial assets and liabilities categorized within Level 3 if the inputs used to valuation models have changed: models have changed:

	2020 2020	2019 2019
	Non-derivative equity Non-derivative equity	Non-derivative equity Non-derivative equity
	instruments instruments	instruments instruments
At January 1 At January 1	\$ 993,958 \$ \$ 993,958 \$	987,435 987,435
Gain recognised in other comprehensive Gain recognised in other comprehensive
income (Note) income (Note)	68,076 68,076	6,523 6,523
At December 31 At December 31	\$ 1,062,034 \$ \$ 1,062,034 \$	993,958 993,958

as the number of visitors to Taiwan significantly declined. The Group has taken countermeasures by strengthening employee health management and continually focusing on the situation of the pandemic to mitigate the impact on its operations. However, the extent of actual impact would depend on the (4) The outbreak of the COVID 19 pandemic in January 2020 has impacted the occupancy rate of hotels as the number of visitors to Taiwan significantly declined. The Group has taken countermeasures by strengthening employee health management and continually focusing on the situation of the pandemic to mitigate the impact on its operations. However, the extent of actual

Note: Shown as unrealised gain or loss on financial assets at fair value through other Note: Shown as unrealised gain or loss on financial assets at fair value through other comprehensive income. Note: Shown as unrealised gain or loss on financial assets at fair value through other comprehensive income.

subsequent development of the pandemic. 13. SUPPLEMENTARY DISCLOSURES impact would depend on the subsequent development of the pandemic.

~86~ H. Receivables from related parties reaching \$100 million or 20% of paid-in capital or more:

A. Loans to others: Please refer to table 1. 13. SUPPLEMENTARY DISCLOSURES

	Fair value at Fair value at December 31, 2020 December 31, 2020	Valuation Valuation technique technique	Significant Significant unobservable input unobservable input	Range Range (weighted (weighted average) average)	Relationship of inputs Relationship of inputs to fair value to fair value
Non-derivative equity Non-derivative equity
Unlisted shares Unlisted shares	\$ \$	1,062,034 Discounted cash 1,062,034 Discounted cash flow flow	Weighted average cost Weighted average cost of capital of capital	040%- 040%- 2.15% 2.15%	The higher the weighted average The higher the weighted average cost of capital, the lower the fair cost of capital, the lower the fair value value
			Discount for 30% lack Discount for 30% lack	30% 30%	The higher the net asset value, The higher the net asset value,
			of marketability of marketability		the higher the fair value the higher the fair value
				Range Range
	Fair value at Fair value at December 31, 2019	Valuation Valuation technique	Significant Significant unobservable input	(weighted (weighted average)	Relationship of inputs Relationship of inputs to fair value
	December 31, 2019	technique	unobservable input	average)	to fair value
Non-derivative equity Non-derivative equity Unlisted shares	\$	993,958 Discounted cash	Weighted average cost	0.64%-	The higher the weighted average
Unlisted shares	\$	993,958 Discounted cash flow flow	Weighted average cost of capital of capital Discount for 30% lack	0.64%- 2.41% 2.41% 30%	The higher the weighted average cost of capital, the lower the fair cost of capital, the lower the fair value value The higher the net asset value,
			Discount for 30% lack of marketability	30%	The higher the net asset value, the higher the fair value
			of marketability		the higher the fair value

comprehensive income. G. For the years ended December 31, 2020 and 2019, there was no transfer into or out from Level 3. G. For the years ended December 31, 2020 and 2019, there was no transfer into or out from Level 3. H. Finance and Accounting segment is in charge of valuation procedures for fair value G. For the years ended December 31, 2020 and 2019, there was no transfer into or out from Level 3.
H. Finance and Accounting segment is in charge of valuation procedures for fair value measurements being categorised within Level 3, which is to verify independent fair value of financial instruments. Such assessment is to ensure the valuation results are reasonable by applying independent information to make results close to current market conditions, confirming the resource of information is independent, reliable and in line with other resources and represented as the exercisable price, and frequently assessing valuation results and making any other necessary adjustments to the fair value. I. The following is the qualitative information of significant unobservable inputs and sensitivity measurements being categorised within Level 3, which is to verify independent fair value of financial instruments. Such assessment is to ensure the valuation results are reasonable by applying independent information to make results close to current market conditions, confirming the resource of information is independent, reliable and in line with other resources and represented as the exercisable price, and frequently assessing valuation results and making any other necessary adjustments to the fair value. I. The following is the qualitative information of significant unobservable inputs and sensitivity H. Finance and Accounting segment is in charge of valuation procedures for fair value measurements being categorised within Level 3, which is to verify independent fair value of financial instruments. Such assessment is to ensure the valuation results are reasonable by applying independent information to make results close to current market conditions, confirming the resource of information is independent, reliable and in line with other resources and represented as the exercisable price, and frequently assessing valuation results and making any other necessary adjustments to the fair value.
analysis of changes in significant unobservable inputs to valuation model used in Level 3 fair value measurement: analysis of changes in significant unobservable inputs to valuation model used in Level 3 fair value measurement: I. The following is the qualitative information of significant unobservable inputs and sensitivity analysis of changes in significant unobservable inputs to valuation model used in Level 3 fair value measurement:

D. Acquisition or sale of the same security with the accumulated cost exceeding \$300 million or C. Holding of marketable securities at the end of the period (not including subsidiaries, associates

E. Acquisition of real estate reaching \$300 million or 20% of paid-in capital or more: Please refer to table 5. D. Acquisition or sale of the same security with the accumulated cost exceeding \$300 million or

B. Provision of endorsements and guarantees to others: Please refer to table 2. (1) Significant transactions information
C. Holding of marketable securities at the end of the period (not including subsidiaries, associates A. Loans to others: Please refer to table 1.
and joint ventures): Please refer to table 3. B. Provision of endorsements and guarantees to others: Please refer to table 2.
20% of the Company's paid-in capital: Please refer to table 4. and joint ventures): Please refer to table 3.
20% of the Company's paid-in capital: Please refer to table 4.
F. Disposal of real estate reaching \$300 million or 20% of paid-in capital or more: None. refer to table 5.
F. Disposal of real estate reaching \$300 million or 20% of paid-in capital or more: None.
capital or more: Please refer to table 6.
Please refer to table 7.
I. Trading in derivative instruments undertaken during the reporting periods: None.

quotes. The fair value of financial instruments measured by using valuation techniques can be referred to current fair value of instruments with similar terms and characteristics in substance, discounted cash flow method or other valuation methods, including calculated by applying model using market information available at the balance sheet date.

E. For the years ended December 31, 2020 and 2019, there was no transfer between Level 1 and Level 2.
F. The following chart is the movement of Level 3 for the years ended December 31, 2020 and 2019: F. The following chart is the movement of Level 3 for the years ended December 31, 2020 and 2019: F. The following chart is the movement of Level 3 for the years ended December 31, 2020 and 2019:

E. Acquisition of real estate reaching \$300 million or 20% of paid-in capital or more: Please

G. Purchases or sales of goods from or to related parties reaching \$100 million or 20% of paid-in

Fi na nc ia
l I nf or m
at io n

J. Significant inter-company transactions during the reporting periods: Please refer to table 8.

(2) Information on investees

Names, locations and other information of investee companies (not including investees in Mainland China): Please refer to table 9.

(3) Information on investments in Mainland China None.
(4) Major shareholders information Major shareholders information: Please refer to table 10.

14. SEGMENT INFORMATION

(1) General information

Management has determined the reportable operating segments based on the reports reviewed by the Chief Operating Decision-Maker that are used to make strategic decisions. The Group's corporate composition, basis for segmentation, and basis for measurement of segment's information had no significant changes for the year. The Chief Operating Decision-Maker considers the business from a product perspective.

(2) Measurement of segment information

The Chief Operating Decision-Maker assesses the performance of the operating segments based on the profit (loss) before taxes. This measurement basis excludes the effects of non-recurring revenues/expenditures from the operating segments. Accounting policies of operating segments are the same as the summary of significant accounting policies in Note 4 to the consolidated financial statements.

(3) Information about segment profit or loss and assets

The segment information provided to the Chief Operating Decision-Maker for the reportable segments is as follows:

(4) Reconciliation for segment income (loss) and assets

					Write-off and
Item		Construction	Hotel	Others	Adjustment	Total
External operating revenue-net		\$ 9,655,798 \$ 1,749,358 \$ 558,270 \$				- \$11,963,426
Internal operating revenue-net		202,648	-	73,043 (	275,691)	-
Total segment revenue		9,858,446 1,749,358 631,313				11,963,426
Costs and expenses		( 9,480,732) ( 2,154,297) ( 412,852)				256,163 ( 11,791,718)
Segment income		377,714 (		404,939) 218,461		171,708
Interest income		15,923	4,792	2,709 (	10,720)	12,704
Other income		342,923	101,555	3,446 (	5,858)	442,066
Other gains and losses		446,139 (	4,549) (	651)	-	440,939
Finance costs	(	165,025) (	171,225) (	177)	10,753 (	325,674)
Share of (loss) profit of associates and joint ventures accounted for under the equity method		25,817	-	29,964 (	8,112)	47,669
Income (loss) from continuing operations
before tax		1,043,491 (		474,366) 253,752		789,412
Income tax (expense) benefit	(	150,557)	92,435 (	1,777)	- (	59,899)
Net income (loss) for the period	\$		892,934 (\$ 381,931) \$ 251,975			\$ 729,513
Segment assets					\$ 42,038,996 \$13,977,580 \$ 928,105 ( 4,779,267) \$52,165,414

Year ended December 31, 2020

The revenue from external parties, segment income and segment assets reported to the Chief and total assets in the financial statements. Information on adjusted consolidated total profit (loss), reportable segment profit after taxes and total assets, and reconciliation for reportable segment assets for this year is provided in Note 14(3). (4) Reconciliation for segment income (loss) and assets segment assets for this year is provided in Note 14(3).

Operating Decision-Maker are measured in a manner consistent with the revenue, profit before taxes, The revenue from external parties, segment income and segment assets reported to the Chief Operating Decision-Maker are measured in a manner consistent with the revenue, profit before taxes, and total assets in the financial statements. Information on adjusted consolidated total profit (loss), reportable segment profit after taxes and total assets, and reconciliation for reportable

~88~ (5) Information on products and services Information about products is provided in Notes 6(24) and 14(3).
(6) Geographical information

					Write-off and
Item		Construction	Hotel	Others	Adjustment	Total
External operating revenue-net		\$ 8,394,210 \$ 3,195,625 \$ 609,602 \$				- \$ 12,199,437
Internal operating revenue-net		376,377	-	66,487 (	442,864)	-
Total segment revenue		8,770,587 3,195,625 676,089				12,199,437
Costs and expenses		( 8,693,654) ( 2,728,151) ( 460,318)				472,782 ( 11,409,341)
Segment income		76,933		467,474 215,771	-	790,096
interest income		21,217	5,775	3,287 (	15,623)	14,656
Other income		440,419	2,370	11,657 (	6,945)	447,501
Other gains and losses		36,597	587	2,121	-	39,305
Finance costs	(	187,800) (	155,575) (	287)	15,685 (	327,977)
Share of profit (loss) of associates and joint
ventures accounted for under the equity method		627,904	-	27,901 (	557,318)	98,487
Profit from continuing operations before tax		1,015,270		320,631 260,450		1,062,068
Income tax expense	(	88,475) (	31,301) (	3,542)	- (	123,318)
Net income for the period	\$		926,795 \$ 289,330 \$ 256,908			\$ 938,750
Segment assets						\$ 45,825,063 \$ 13,141,995 \$ 904,487 ( 5,134,042) \$ 54,737,503

Year ended December 31, 2019

The Chief Operating Decision-Maker considers the business from a product type perspective.

The Group operates mainly in Taiwan and it has no external customer revenue from other regions.

Fi na nc ia
l I nf or m at io n

Financial Information

Table 1

(1) The Company is '0'.

Prince Housing & Development Corp. Loans to others Year ended December 31, 2020 Prince Housing & Development Corp. Loans to others Year ended December 31, 2020

				Footnote	Note 4		Note 2		Note 3		Note 5
(Except as otherwise indicated)			Ceiling on total	loans granted	9,680,894 \$		618,480		89,085		166,046
			Limit on loans granted	to a single party	500,000		500,000		89,085		166,046
					\$ -		-		-		-
		Collateral		Item Value	None		None -		None -		None -
			Allowance for doubtful	accounts	-
			Reason for short-term	financing	Additional operating capital \$		Additional operating capital		Additional operating capital		Additional operating capital
	Amount of	transactions	with the		- \$		-		-		-
				Interest rate Nature of loan borrower	Short-term	financing	Short-term	financing	Short-term	financing	Short-term	financing
					2.7		2.7		2.7		2.7
			Actual amount	drawn down	- \$		100,000		86,000		-
		Balance at	December 31,	2020	- \$		100,000		86,000		70,000
	Maximum outstanding	balance during	the year ended	December 31, 2020	190,000 \$		200,000		90,000		70,000
			Is a related	party	Y		Y		Y		Y
			General ledger	account	Other receivables -	related parties	Other receivables -	related parties	Other receivables -	related parties	Other receivables -	related parties
				Borrower	Cheng-Shi Investment	Holdings Co., Ltd.	Cheng-Shi Investment	Holdings Co., Ltd.	Cheng-Shi Investment	Holdings Co., Ltd.	Time Square	International Co., Ltd.
				Creditor	Prince Housing &	Development Corp.	Ta-Chen Construction &	Engineering Corp.	Cheng-Shi Construction	Co., Ltd.	Times Square Intermational	Investment Holdings Co., Ltd.
			No.	(Note 1)	0		1		2		3

Note 1: The numbers filled in for the loans provided by the Company or subsidiaries are as follows: Note 1: The numbers filled in for the loans provided by the Company or subsidiaries are as follows:

(2) The subsidiaries are numbered in order starting from '1'. Note 2: Limit on loans granted to a single party and ceiling on total loans granted as prescribed in Ta-Chen Construction & Engineering Corp. "Procedures for Provision of Loans" are as follows: (1) The Company is '0'. (2) The subsidiaries are numbered in order starting from '1'.

A. Ceiling on total loans to others: 40% of the Company's net worth. B. Limit on loans to a single party: (a) Nature of the loan is related to business transactions: Limit to a single party is NT\$1.0 billion or the amount of business transactions between the creditor and borrower in the current year. Note 2: Limit on loans granted to a single party and ceiling on total loans granted as prescribed in Ta-Chen Construction & Engineering Corp. "Procedures for Provision of Loans" are as follows:

Note 3: Limit on loans granted to a single party and ceiling on total loans granted as prescribed in Cheng-Shi Construction Co., Ltd. "Procedures for Provision of Loans" are as follows: A. Ceiling on total loans to others: 40% of the Company's net worth. B. Limit on loans to a single party:

B. Limit on loans to a single party: (a)Nature of the loan is related to business transactions: The amount of business transactions between the creditor and borrower in the current year. (b)Nature of loan is for short-term financing: Limit on loans to a single party is 40% of the Company's net worth. (a) Nature of the loan is related to business transactions: Limit to a single party is NT\$1.0 billion or the amount of business transactions between the creditor and borrower in the current year.

Note 4: Prince Housing & Development Corp. limit on loans granted to a single party and ceiling on total loans granted are as follows:: A. Ceiling on total loans to others: 40% of the Company's net worth. (b) Nature of loan is for short-term financing: Limit on loans to a single party is NT\$500 million.

Expressed in thousands of NTD

B. Limit on loans to a single party: (a) Nature of the loan is related to business transactions: Limit to a single party is NT\$1.5 billion or the amount of business transactions between the creditor and borrower in the current year. Note 3: Limit on loans granted to a single party and ceiling on total loans granted as prescribed in Cheng-Shi Construction Co., Ltd. "Procedures for Provision of Loans" are as follows:

(b) Nature of loan is for short-term financing: Limit on loans to a single party is NT\$500 million. A. Ceiling on total loans to others: 40% of the Company's net worth.

Note 5: Times Square Intermational Investment Holdings Co., Ltd. limit on loans granted to a single party and ceiling on total loans granted are as follows: (b) Nature of loan is for short-term financing: Limit on loans to a single party is NT\$500 million. A. Ceiling on total loans to others: 40% of the Company's net worth.

A. Ceiling on total loans to others: 30% of the Company's net worth. B. Limit on loans to a single party:

B. Limit on loans to a single party: (a) Nature of the loan is related to business transactions: The amount of business transactions between the creditor and borrower in the current year.

(a) Nature of the loan is related to business transactions: The amount of business transactions between the creditor and borrower in the current year. (b) Nature of loan is for short-term financing: Limit on loans to a single party is 30% of the Company's net worth. (b) Nature of loan is for short-term financing: Limit on loans to a single party is 40% of the Company's net worth.

Note 4: Prince Housing & Development Corp. limit on loans granted to a single party and ceiling on total loans granted are as follows::

A. Ceiling on total loans to others: 40% of the Company's net worth.

borrower in the current year.

(b) Nature of loan is for short-term financing: Limit on loans to a single party is NT\$500 million. Note 5: Times Square Intermational Investment Holdings Co., Ltd. limit on loans granted to a single party and ceiling on total loans granted are as follows:

A. Ceiling on total loans to others: 30% of the Company's net worth.

B. Limit on loans to a single party:

Table 1,Page 1

Note 1: The numbers filled in for the endorsements/guarantees provided by the Company or subsidiaries are as follows: (1) The Company is '0'. (2) The subsidiaries are numbered in order starting from '1'. The same company will have the same number.

Note 3: In accordance with the Company's related regulations, the limit on endorsements and guarantees for any single entity is 20% of the Company's net worth based on the latest financial statements and the limit on accumulated amount of transactions of endorsements and guarantees is 50% of the Company's net worth based on the latest financial statements. Note 5: In accordance with Prince Apartment Management Maintain Co., Ltd.'s related regulations, the limit of endorsements and guarantees for any single entity is \$20,000; the total accumulated amount is \$50,000.
Note 4: In accordance with Prince Real Estate Co., Ltd.'s related regulations, the limit of endorsements and guarantees for any single entity is \$2,500,000; the total accumulated amount is \$5,000,000.

Note 2: Relationship between the endorser/guarantor and the party being endorsed/guaranteed is classified into the following seven categories:	(2) The subsidiaries are numbered in order starting from '1'. The same company will have the same number.


(1) The Company is '0'.


	(1)Having business relationship.

Note 2: Relationship between the endorser/guarantor and the party being endorsed/guaranteed is classified into the following seven categories: (1) Having business relationship. (2)The endorser/guarantor parent company owns directly and indirectly more than 50% voting shares of the endorsed/guaranteed subsidiary. (3)The endorsed/guaranteed company owns directly and indirectly more than 50% voting shares of the endorser/guarantor parent company.

Note 5: In accordance with Prince Apartment Management Maintain Co., Ltd.'s related regulations, the limit of endorsements and guarantees for any single entity is \$20,000; the total accumulated amount is \$50,000.

Table 2,Page 1

(2) The endorser/guarantor parent company owns directly and indirectly more than 50% voting shares of the endorsed/guaranteed subsidiary. (3) The endorsed/guaranteed company owns directly and indirectly more than 50% voting shares of the endorser/guarantor parent company. (4) The endorser/guarantor parent company owns directly and indirectly more than 90% voting shares of the endorsed/guaranteed company. (5) Mutual guarantee of the trade made by the endorsed/guaranteed company or joint contractor as required under the construction contract. (6) Due to joint venture, all shareholders provide endorsements/guarantees to the endorsed/guaranteed company in proportion to its ownership. (7) Joint guarantee of the performance guarantee for pre-sold home sales contract as required under the Consumer Protection Act. (4)The endorser/guarantor parent company owns directly and indirectly more than 90% voting shares of the endorsed/guaranteed company. (5)Mutual guarantee of the trade made by the endorsed/guaranteed company or joint contractor as required under the construction contract. (6)Due to joint venture, all shareholders provide endorsements/guarantees to the endorsed/guaranteed company in proportion to its ownership. (7)Joint guarantee of the performance guarantee for pre-sold home sales contract as required under the Consumer Protection Act. Note 3:In accordance with the Company's related regulations, the limit on endorsements and guarantees for any single entity is 20% of the Company's net worth based on the latest financial statements and the limit on accumulated amount of transactions of endorsements and guarantees is 50% of the Company's net worth based on the latest financial statements. Note 4: In accordance with Prince Real Estate Co., Ltd.'s related regulations, the limit of endorsements and guarantees for any single entity is \$2,500,000; the total accumulated amount is \$5,000,000.

Co., Ltd.

Prince Housing & Development Corp. Provision of endorsements and guarantees to others Prince Housing & Development Corp. Provision of endorsements and guarantees to others

Year ended December 31, 2020 Year ended December 31, 2020 Table 2 Expressed in thousands of NTD

							Note 3	Note 4	Note 5
		Provision of	endorsements/	guarantees to	the party in	Mainland China Footnote	N	N	N
		Provision of	endorsements/	guarantees by	subsidiary to	parent company	N	Y	N
		Provision of	endorsements/	guarantees by	parent company	to subsidiary	Y	N	N
		Ceiling on total	amount of	endorsements/	guarantees	provided	12,101,118 \$	5,000,000	50,000
	Ratio of accumulated	endorsement/	guarantee amount to	net asset value of the	endorser/ guarantor	company	8%	99%	22%
		Amount of	endorsements/	guarantees	secured with	collateral	- \$	-	-
					Actual amount	drawn down	1,875,000 \$	800,000	10,000
			Outstanding	endorsement/	guarantee amount at	December 31, 2020	1,875,000 \$	800,000	10,000
			Maximum outstanding	endorsement/	guarantee amount as of	December 31, 2020	2,150,000 \$	1,352,085	20,000
		Limit on	endorsements/	guarantees	provided for a	single party	4,840,447 \$	2,500,000	20,000
			Relationship with	the endorser/	guarantor	(Note 2)	6	3	4
Party being endorsed/guaranteed						Company name	The Splendor Hotel Taichung	Development Corp. Prince Housing &	Prince Security Co., Ltd.
					Endorser/	guarantor	Development Corp. Prince Housing &	Prince Real Estate Co., Ltd.	Management Maintain Prince Apartment
					Number	(Note 1)	0	1	2

(Except as otherwise indicated)

Financial Information

Prince Housing & Development Corp.

Holding of marketable securities at the end of the year (not including subsidiaries, associates and joint ventures) Prince Housing & Development Corp. Holding of marketable securities at the end of the year (not including subsidiaries, associates and joint ventures)

Securities held by	securities	Name of investee companies	securities issuer	General ledger account	Number of shares	Book value	Ownership (%)	Fair value	Footnote
Prince Housing & Development Corp.	Stock	Nantex Industry Co., Ltd.	None	Non-current financial assets at fair value through other comprehensive income	7,564,988	462,221 \$	\$ Note 1	61.10	Listed company, Note 2
	Stock	ScinoPharm Taiwan, Ltd.	None	Non-current financial assets at fair value through other comprehensive income	23,605,921	681,031	Note 1	28.85	Listed company, Note 3
	Stock	Simplo Technology Co., Ltd.	None	Non-current financial assets at fair value through other comprehensive income	76,349	26,722	Note 1	350.00	OTC company
	Stock	Universal Venture Capital Investment Corp.	None	Non-current financial assets at fair value through other comprehensive income	1,400,000	10,282	Note 1	7.34
	Stock	Grand Bills Finance Corp.	None	Non-current financial assets at fair value through other comprehensive income	48,672	971	Note 1	19.94
	Stock	Chipwell Tech. Corp.	None	Non-current financial assets at fair value through other comprehensive income	344,488	930	Note 1	2.70
	Stock	Nanmat Technology Co., Ltd.	None	Non-current financial assets at fair value through other comprehensive income	1,648,563	106,151	Note 1	64.39
	Stock	Southern Science Joint Development .	None	Non-current financial assets at fair value through other comprehensive income	10,000	1,671	10.00%	167.10
	Stock	Formosoft International Co., Ltd.	None	Non-current financial assets at fair value through other comprehensive income	7,117	-	Note 1	-
	Stock	President Energy Development Corp.	None	Non-current financial assets at fair value through other comprehensive income	300,000	8,529	6.00%	28.43
	Stock	President International Development Corp.	None	Non-current financial assets at fair value through other comprehensive income	87,745,770	797,634	6.63%	9.09	Note 4
	Fund	Mega Diamond Money Market Fund	None	Financial assets at fair value through profit or loss - non-current	6,301,406	79,712	-	12.65	Note 5
	Fund	Jih Sun Money Market Fund	None	Financial assets at fair value through profit or loss -current	20,080,321	300,201	-	14.95
	Fund	Yuanta De-Li Money Market Fund	None	Financial assets at fair value through profit or loss -current	12,269,203	201,692	-	16.44
	Fund	Prudential Financial Money Market Fund	None	Financial assets at fair value through profit or loss -current	12,593,359	200,926	-	15.95
Ta-Chen Construction & Engineering Corp.	Stock	Nantex Industry Co., Ltd.	None	Financial assets at fair value through profit or loss - non - current	13,327,483	814,309	Note 1	61.10	Listed company
	Stock	Chipwell Tech. Corp.	None	Non-current financial assets at fair value through other comprehensive income	349,990	945	Note 1	2.70
	Stock	Nanmat Technology Co., Ltd.	None	Non-current financial assets at fair value through other comprehensive income	1,848,857	119,048	5.40%	64.39
Prince Apartment Management Maintain Co., Ltd.	Stock	Prince Housing & Development Corp.	Parent company	Non-current financial assets at fair value through other comprehensive income	655,424	7,537	Note 1	11.50	Listed company
	Stock	Tainan Spinning Co., Ltd.	None	Non-current financial assets at fair value through other comprehensive income	122,201	1,833	Note 1	15.00	Listed company
Prince Security Co., Ltd.	Stock	Nanmat Technology Co., Ltd.	None	Non-current financial assets at fair value through other comprehensive income	246,513	15,873	Note 1	64.39
Prince Property Management Consulting Co., Ltd.	Fund	CTBC Hwa-win Money Market Fund	None	Financial assets at fair value through profit or loss - current	2,172,949	24,000	-	11.11
Prince Real Estate Co., Ltd.	Stock	Nantex Industry Co., Ltd.	None	Non-current financial assets at fair value through other comprehensive income	194,282	11,871	Note 1	61.10	Listed company
	Stock	Sung Gang Asset Management Co., Ltd.	None	Non-current financial assets at fair value through other comprehensive income	47,968	695	Note 1	14.50	OTC company
	Fund	Jih Sun Money Market Fund	None	Financial assets at fair value through profit or loss - current	11,874,873	177,529	-	14.95

Listed company, Note 2	61.10 \$	Note 1	462,221 \$	7,564,988	Non-current financial assets at fair value through other comprehensive income	None	Nantex Industry Co., Ltd.	Stock
Footnote	Fair value	Ownership (%)	Book value	Number of shares	General ledger account	securities issuer	Name of investee companies	securities
						Relationship with the		Marketable
			As of December 31, 2020
(Except as otherwise indicated)
Expressed in thousands of NTD
					mber 31, 2020 December 31, 2020 Dece

Note 1: Percentage of Company's ownership is less than 5%.

Note 2: 4,088 thousand shares of outstanding common stock were used as collateral for loan. Note 3: 17,276 thousand shares of outstanding common stock were used as collateral for loan. Note 1: Percentage of Company's ownership is less than 5%. Note 4: 60,000 thousand shares of outstanding common stock were used as collateral for loan. Note 5: 6,301 thousand units of outstanding common stock were used as collateral for loan. Note 2: 4,088 thousand shares of outstanding common stock were used as collateral for loan.

Table 3

Note 3: 17,276 thousand shares of outstanding common stock were used as collateral for loan.

Note 4: 60,000 thousand shares of outstanding common stock were used as collateral for loan. Note 5: 6,301 thousand units of outstanding common stock were used as collateral for loan.

Table 3,Page 1

Table 4,Page 1

Prince Housing & Development Corp. Acquisition or sale of the same security with the accumulated cost exceeding \$300 million or 20% of the Company's paid-in capital Year ended December 31, 2020 Prince Housing & Development Corp. Acquisition or sale of the same security with the accumulated cost exceeding \$300 million or 20% of the Company's paid-in capital Year ended December 31, 2020

Number of shares Amount Number of shares Amount Number of shares Selling price Book value Gain (loss) on disposal Number of shares Amount Prince Housing & Development Corp. Jih Sun Money Market Fund Financial assets at fair value through profit or loss - current - 13,497,677 \$ 200,813 20,080,321 \$ 300,823 ( 13,497,677) \$ 201,469 (\$ 201,435) \$ 34 20,080,321 \$ 300,201 (Note 3) December 31, 2020 Counterparty (Note 2) Relationship with the investor (Note 2) Investor Marketable securities (Note 1) General ledger account (Note 3) January 1, 2020

Disposal

Note 1: Marketable securities in the table refer to stocks, bonds, beneficiary certificates and other related derivative securities. Note 1: Marketable securities in the table refer to stocks, bonds, beneficiary certificates and other related derivative securities. Note 2: Fill in the columns the counterparty and relationship if securities are accounted for under the equity method; otherwise leave the columns blank.

Balance as at

Table 4 Expressed in thousands of NTD

Note 2: Fill in the columns the counterparty and relationship if securities are accounted for under the equity method; otherwise leave the columns blank. Note 3: Aggregate purchases and sales amounts should be calculated separately at their market values to verify whether they individually reach NT\$300 million or 20% of paid-in capital or more. Note 4: Paid-in capital referred to herein is the paid-in capital of parent company. In the case that shares were issued with no par value or a par value other than NT\$10 per share, the 20 % of paid-in capital shall be replaced by 10% of equity attributable to owners of the parent in the calculation. Note 3: Aggregate purchases and sales amounts should be calculated separately at their market values to verify whether they individually reach NT\$300 million or 20% of paid-in capital or more. Note 4: Paid-in capital referred to herein is the paid-in capital of parent company. In the case that shares were issued with no par value or a par value other than NT\$10 per share,

(Except as otherwise indicated)

Addition

Balance as at

the 20 % of paid-in capital shall be replaced by 10% of equity attributable to owners of the parent in the calculation.

Table 5,Page 1

Prince Housing & Development Corp. Beitun Dist. Rong-De

Section No.129, etc.

2020/10/30 (Note 3)

750,138 \$ 750,138 9 individuals Third party - - - - An appraised value For operating

use

None

Prince Housing & Development Corp. Acquisition of real estate reaching \$300 million or 20% of paid-in capital or more Year ended December 31, 2020 Prince Housing & Development Corp. Acquisition of real estate reaching \$300 million or 20% of paid-in capital or more Year ended December 31, 2020

Original owner who sold the real estate to the counterparty Relationship between the original owner and the acquirer Date of the original transaction Amount Prince Housing & Development Corp. Ren Wu Dist. Xia Hai Lot No. 978, etc. 2013/06/14 (Note 1) Note 2 1,175,285 \$ Redevelopment zone of Xia Hai Term, Renwu District, Kaohsiung City Third party - - - - \$ Note 2 For operating use None Relationship with the counterparty If the counterparty is a related party, information as to the last transaction of the real estate is disclosed below: Basis or reference used in setting the price Reason for acquisition of real estate and status of the real estate Other commitments Counterparty Real estate acquired by Real estate acquired Date of the event Transaction amount Status of payment

Note 1: The transfer of title took place on settlement date. The Company paid \$5,500 for the current period. As of December 31, 2020, the Company has already paid \$1,175,285. Note 2: In order to purchase 67.13% of areas from the north side of the offset-expenditure land in the redevelopment zone, the transaction amount was the expected price including compensation for demolition to all land owners of north side of the offset-expenditure Note 1: The transfer of title took place on settlement date. The Company paid \$5,500 for the current period. As of December 31, 2020, the Company has already paid \$1,175,285. Note 2: In order to purchase 67.13% of areas from the north side of the offset-expenditure land in the redevelopment zone, the transaction amount was the expected price including compensation for demolition to all land owners of north side of the offset-expenditure land, compensation for demolition to owners of parkland to be (67.13%),

(Except as otherwise indicated)

Table 5 Expressed in thousands of NTD

land, compensation for demolition to owners of parkland to be (67.13%), construction expenses in all regions (67.13%) and interests arising from re-planning committee's borrowing from the Company to pay aforementioned expenses. Note 3: October 30, 2020 was the signing date of the contract. construction expenses in all regions (67.13%) and interests arising from re-planning committee's borrowing from the Company to pay aforementioned expenses. Note 3: October 30, 2020 was the signing date of the contract.

Prince Housing & Development Corp. Purchases or sales of goods from or to related parties reaching NT\$100 million or 20% of paid-in capital or more Year ended December 31, 2020 (Except as otherwise indicated) Purchases (sales) Amount Percentage of total purchases (sales) Credit term Unit price Credit term Balance Percentage of total notes/accounts receivable (payable) Prince Housing & Development Corp. Cheng-Shi Construction Co., Ltd. Subsidiary Purchases 124,927 \$ 6% Payments were paid in accordance with the contract terms It is reasonable compared to the normal tradings It is reasonable compared to the normal tradings \$ 0% Footnote Purchaser/seller Counterparty Relationship with the counterparty Transaction Notes/accounts receivable (payable) Differences in transaction terms compared to third party transactions Year ended December 31, 2020 Table 6 Expressed in thousands of NTD

Prince Housing & Development Corp. Purchases or sales of goods from or to related parties reaching NT\$100 million or 20% of paid-in capital or more

ノええええ

Table 7,Page 1

Table 7

Prince Housing & Development Corp. Receivables from related parties reaching \$100 million or 20% of paid-in capital or more December 31, 2020 Prince Housing & Development Corp. Receivables from related parties reaching \$100 million or 20% of paid-in capital or more December 31, 2020

		Allowance for	doubtful accounts	- \$			- \$
	Amount collected	subsequent to the balance	sheet date	- \$			- \$
		Action	taken	-			-
Overdue			Amount	- \$			- \$
			Turnover rate	-			-
		Balance as at	December 31, 2020	Other assets	- obligation receivable	575,000 \$	Other receivables	- loans to others	100,000 \$
		Relationship with the	counterparty	Subsidiary			Affiliate
			Counterparty	The Splender Hotel Taichung			Cheng-Shi Investment Holdings Co., Ltd.
			Creditor	Prince Housing & Development Corp.			Ta-Chen Construction & Engineering Corp.

Expressed in thousands of NTD (Except as otherwise indicated)

Note 4: The table only discloses transaction amounts of NT\$100 million or more.

Table 8,Page 1

General ledger account Amount Transaction terms

Percentage of consolidated total operating revenues or total assets

Prince Housing & Development Corp. Cheng-Shi Construction Co., Ltd. The Company to the consolidated subsidiaries Purchases 124,927 \$ Based on mutual agreements 1.04% 0 Prince Housing & Development Corp. Cheng-Shi Construction Co., Ltd. The Company to the consolidated subsidiaries Construction in progress 301,200 - 0.58%

Note 1: The numbers filled in for the transaction company in respect of inter-company transactions are as follows: (1) Parent company is '0'. (2) The subsidiaries are numbered in order starting from '1'. Note 2: Relationship between transaction company and counterparty is classified into the following three categories: Note 1: The numbers filled in for the transaction company in respect of inter-company transactions are as follows: (1) Parent company is '0'. (2) The subsidiaries are numbered in order starting from '1'.

Prince Housing & Development Corp. Prince Utility Co., Ltd. The Company to the consolidated subsidiaries Construction in progress 130,100 - 0.25%

(1) Parent company to subsidiary. (2) Subsidiary to parent company. Note 2: Relationship between transaction company and counterparty is classified into the following three categories: (1) Parent company to subsidiary. (2) Subsidiary to parent company.

Prince Housing & Development Corp. The Splender Hotel Taichung The Company to the consolidated subsidiaries Endorsement and guarantee 1,875,000 In accordance with

(3) Subsidiary to subsidiary. (3) Subsidiary to subsidiary.

Prince Housing & Development Corp. Significant inter-company transactions during the reporting periods Year ended December 31, 2020 Prince Housing & Development Corp. Significant inter-company transactions during the reporting periods Year ended December 31, 2020 Table 8 Expressed in thousands of NTD

endorsement and guarantee

procedures

3.59%

Prince Housing & Development Corp. The Splender Hotel Taichung The Company to the consolidated subsidiaries Other assets - obligation

Note 3: Regarding percentage of transaction amount to consolidated total operating revenues or total assets, it is computed based on period-end balance of transaction to consolidated total assets for balance sheet accounts and based on accumulated transaction amount for the period to consolidated total operating revenues for income statement accounts. Note 3: Regarding percentage of transaction amount to consolidated total operating revenues or total assets, it is computed based on period-end balance of transaction to consolidated total assets for balance sheet accounts and based on accumulated transaction amount for the period to consolidated total operating revenues for income statement accounts. Note 4: The table only discloses transaction amounts of NT\$100 million or more.

receivables

575,000 Creditor's rights purchase contract

1.10%

Prince Real Estate Co., Ltd. Prince Housing & Development Corp. The consolidated subsidiaries to the Company Endorsement and guarantee 800,000 In accordance with

endorsement and guarantee

procedures

1.53%

Ta-Chen Construction & Engineering Corp. Cheng-Shi Investment Holdings Co., Ltd. The consolidated subsidiaries to the consolidated subsidiaries Loans to others 100,000 Based on Procedures

for provision of loans

0.19%

Number Company name Counterparty Relationship

Transaction

(Except as otherwise indicated)

Financial Information

Table 9,Page 1

Prince Housing & Development Corp. Information on investees Year ended December 31, 2020 Prince Housing & Development Corp. Information on investees Year ended December 31, 2020

	Footnote	Notes 1 and 2	Notes 1 and 2		Note 2	Note 4	Note 2	Notes 1 and 2	Note 5	Note 2	Notes 1 and 2	Notes 2	Notes 2 and 3	Notes 2 and 3	Notes 2 and 3	Note 3	Note 3
	the Company for the (loss) recognised by December 31, 2020 Investment income year ended	480,814 \$	10,995	3,164	33,952	32,474	64,322)	143)	17,590)	53)	14,244)	438,887)	-	-	-	-	-
	year ended December Net profit (loss) of the investee for the 31, 2020	506,243 \$	10,899	10,547	33,952	108,246	( 128,840)	( 143)	( 160)	( 53)	( 14,271)	( 438,887)	511,953	2,197)	1,844	38,060	71,698
	Book value	1,472,853 \$	264,761	304,626	558,982	1,136,641	( 220,509	( 297,652) (	( 8,042	( 9,303	( 688,288	( 553,488	1,546,201	( 49,558	222,713	13,507	401,781
Shares held as at December 31, 2020	Ownership (%)	100%	100%	30%	100%	30%	50%	99.65%	20%	100%	99.68%	100%	100%	100%	100%	27.30%	27.30%
	Number of shares	97,504,758	17,146,580	18,000,000	428	108,000,000	97,500,000	3,938,168	200,000	1,000,000	12,292,315	79,800,000	90,497,528	3,070,000	20,100,000	273	2,730
	December 31, 2019 Balance as at	1,146,925 \$	181,000	120,000	140,413	1,080,000	975,000	165,410	37,378	10,000	470,784	607,270	856,566	56,025	208,027	56,945	122,034
Initial investment amount	December 31, 2020 Balance as at	1,146,925 \$	181,000	120,000	140,413	1,080,000	975,000	165,410	37,378	10,000	470,784	607,270	856,566	56,025	208,027	56,945	122,034
	Main business activities	General investment	Management and consulting	Hotels and catering	Overseas investment	Leasing of buildings	Hotels and catering	Manufacture of plywoods	Real estate trading	Development of public housing and building	Real estate trading and leasing	General investment	Construction	Electricity water pipe	Construction	Overseas investment	Overseas investment
	Location	Taiwan	Taiwan	Taiwan	British Virgin Islands	Taiwan	Taiwan	Taiwan	Taiwan	Taiwan	Taiwan	Taiwan	Taiwan	Taiwan	Taiwan	U.S.A	British Virgin Islands
	Investee	Cheng-Shi Investment Holdings Co., Ltd.	Prince Property Management Consulting Co., Ltd.	Geng-Ding Co., Ltd.	Prince Housing Investment Co., Ltd.	Uni-President Development Corp.	The Splender Hotel Taichung	Jin Yi Xing Plywood Co., Ltd.	Ming-Da Enterprise Co., Ltd.	Prince Industrial Co., Ltd.	Prince Real Estate Co., Ltd.	Investment Holdings Co., Ltd. Times Square International	Ta-Chen Construction & Engineering Corp.	Prince Utility Co., Ltd.	Cheng-Shi Construction Co., Ltd.	PPG Investment Inc.	Queen Holdings Ltd.
	Investor	Prince Housing & Development Corp.											Cheng-Shi Investment Holdings Co., Ltd			Prince Housing Investment Co., Ltd.

(Except as otherwise indicated) Table 9 Expressed in thousands of NTD

Note 3: The amount has been included in the profit (loss) of the Company's investee accounted using equity method and has been recognised as gain (loss) on investment.

Note 4: Provided 108,000 thousand shares as collateral.

Note 5: The investee held a special meeting of shareholders on April 17, 2020 to set the effective date of dissolution on March 31, 2020. Thus, the Company did not recognise further profit or loss of the investment accounted for using equity method since the effective date of dissolution.

Table 9,Page 2

Note 1: The difference between the income (loss) of the investee and the investment income (loss) of the investee recognised by the Company is the investment income (loss) of the investee recognised by the Company in proportion to the share ownership and unrealised gain (loss) from elimination of inter-Company transactions. Note 2: Subsidiary. unrealised gain (loss) from elimination of inter-Company transactions. Note 2: Subsidiary. Note 3: The amount has been included in the profit (loss) of the Company's investee accounted using equity method and has been recognised as gain (loss) on investment. Note 4: Provided 108,000 thousand shares as collateral.

					Footnote	Notes 2 and 3	Notes 2 and 3	Note 3	Notes 2 and 3	Notes 2 and 3
	Investment income	(loss) recognised by	the Company for the	year ended	December 31, 2020	- \$	-	-	-	-
		Net profit (loss) of	the investee for the	year ended December	31, 2020	5,520 \$	5,590	758)	310,920)	128,001)
					Book value	45,871 \$	172,360	( 139,754)	( 265,723	( 283,863
Shares held as at December 31, 2020					Ownership (%)	100%	100%	( 45.21%	100.00%	100.00%
					Number of shares	3,000,000	13,172,636	21,525,020	53,000,000	42,000,000
				Balance as at	December 31, 2019	67,853 \$	159,611	304,289	376,270	331,000
Initial investment amount				Balance as at	December 31, 2020	67,853 \$	159,611	304,289	443,270	430,000
					Main business activities	Management of apartments	Security	Development of public housing and building	Hotels and catering	Hotels and catering
					Location	Taiwan	Taiwan	Taiwan	Taiwan	Taiwan
					Investee	Prince Apartment Management Maintain Co., Ltd.	Prince Security Co., Ltd.	Amida Trustlink Assets Management Co., Ltd.	Time Square International Co., Ltd.	Times Square International Stays Corp.
					Investor	Prince Property Management Consulting Co., Ltd.		Princre Real Estate Co., Ltd.	Time Square International Investment Holdings Co., Ltd

Financial Information

Table 10,Page 1

Table 10

Prince Housing & Development Corp. Major shareholders information December 31, 2020 Prince Housing & Development Corp. Major shareholders information December 31, 2020

PRINCE HOUSING & DEVELOPMENT CORP.

PARENT COMPANY ONLY FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT

DECEMBER 31, 2020 AND 2019

INDEPENDENT AUDITORS' REPORT TRANSLATED FROM CHINESE

To the Board of Directors and Shareholders of Prince Housing & Development Corp.

Opinion

We have audited the accompanying balance sheets of Prince Housing & Development Corp. (the "Company") as at December 31, 2020 and 2019, and the related statements of comprehensive income, of changes in equity and of cash flows for the years then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, based on our audits and the reports of other auditors (please refer to the Other matter section), the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at December 31, 2020 and 2019, and its financial performance and its cash flows for the years then ended in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers.

Basis for opinion

We conducted our audits in accordance with the Regulations Governing Auditing and Attestation of Financial Statements by Certified Public Accountants and generally accepted auditing standards in the Republic of China. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the Norm of Professional Ethics for Certified Public Accountants of the Republic of China, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Based on our audits and the reports of other auditors, we believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Company's 2020 financial statements. These matters were addressed in the context of our audit of the financial statements as a whole and, in forming our opinion thereon, we do not provide a separate opinion on these matters.

Key audit matters for the Company's 2020 financial statements are stated as follows:

The accuracy of building and land sales revenue recognition timing

Description

Please refer to Note 4(30) for accounting policies on sales revenue, and Note 6(24) for details. For the year ended December 31, 2020, building and land sales revenue amounted to NT\$ 6,567,877 thousand, representing 89.89 % of operating revenue.

The Company recognises building and land sales revenue and profit or loss upon the transfer of ownership and turnover of the property. Since the Company has diverse customers, the information delivery and recording process between segments in the Company usually involve manual processes, and thus may result in inappropriate timing of revenue recognition around the balance sheet date. Considering that the building and land sales revenue comprise most of the Company's operating revenue, we identified the accuracy of building and land sales revenue recognition timing as a key audit matter.

How our audit addressed the matter

We performed the following audit procedures on the above key audit matter:

transfer and property handover and the accuracy of recognition timing.
B. We performed cut-off test on building and land transactions around the end of the reporting period, was appropriate.

Investments accounted for under equity method-Ta-Chen Construction & Engineering Corp., which was held through subsidiary, Cheng-Shi Investment Holdings Co., Ltd.-recognition of construction revenue-the stage of completion estimate

Description

Please refer to Note 4(14) for accounting policies on investments accounted for under equity method, and Note 6(7) for details.

Ta-Chen Construction & Engineering Corp., which was held by the Company through subsidiary, Cheng-Shi Investment Holdings Co., Ltd., was recognised as a significant company since the financial performance of Ta-Chen Construction & Engineering Corp. had a material effect on the Company's financial statements.

Ta-Chen Construction & Engineering Corp. provided property construction related services. During the duration of a contract, the recognition of revenue is based on the stage of completion of a contract. The stage of completion is determined by reference to the contract costs incurred to date and the proportion that contract costs incurred for work performed to date compared to the estimated total contract costs. Aforementioned estimated total contract costs were based on contract budget details compiled by owner's design drawing, considering the changes in construction scale caused by additional or less work, and the price fluctuations in the recent market to estimate the contract work, overhead and relevant costs. As the complexity of aforementioned total cost usually involves subjective judgement and contains a high degree of uncertainty, and the estimate of total cost affects the stage of completion and the recognition of construction revenue, thus we consider the reasonableness of the stage of completion which was applied on construction revenue recognition as above mentioned as a key audit matter.

How our audit addressed the matter

We performed the following audit procedures on the above key audit matter:

A. We obtained an understanding of the nature of business and industry of Ta-Chen Construction & Engineering Corp. and assessed the reasonableness of internal process of estimating total construction cost, including the procedure of estimating each construction cost and overhead, and

the consistency of applying the estimation method.
B. We assessed and tested the internal controls which would affect the changes of estimated total cost

Financial Information

of Ta-Chen Construction & Engineering Corp., including verifying the evidence of additional or less work and constructions.

C. We inspected the constructing site accompanied by the supervisor and other appropriate staff of Ta-Chen Construction & Engineering Corp. at the end of the reporting period to assess the reasonableness of the stage of completion method result.
D. We obtained Ta-Chen Construction & Engineering Corp.'s details of construction profit or loss and performed substantive procedures, including randomly checking the incurred cost of current period with the appropriate evidence, and additional or less work with the supporting documents, and recalculated the stage of completion.

Other matter – Reference to the audits of other auditors

We did not audit the financial statements of certain investments accounted for under the equity method which were audited by other auditors. Therefore, our opinion expressed herein, insofar as it relates to the amounts included in respect of these associates, is based solely on the reports of the other auditors. The balance of these investments accounted for under the equity method amounted to NT\$304,626 thousand and NT\$307,140 thousand, constituting 0.80% and 0.73% of the total assets as at December 31, 2020 and 2019, respectively, and the comprehensive income recognised from associates and joint ventures accounted for under the equity method amounted to NT\$2,887 thousand and NT\$21,377 thousand, constituting 0.25% and 2.06% of the total comprehensive income for the years then ended, respectively.

Responsibilities of management and those charged with governance for the financial

statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance, including the audit committee, are responsible for overseeing the Company's financial reporting process.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the generally accepted auditing standards in the Republic of China will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with the generally accepted auditing standards in the Republic of

China, we exercise professional judgement and maintain professional skepticism throughout the audit. We also:

fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of

that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the

A. Identify and assess the risks of material misstatement of the financial statements, whether due to internal control.
B. Obtain an understanding of internal control relevant to the audit in order to design audit procedures effectiveness of the Company's internal control.
C. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
as a going concern.
E. Evaluate the overall presentation, structure and content of the financial statements, including the a manner that achieves fair presentation.
F. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or for our audit opinion.

D. Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Company to cease to continue

disclosures, and whether the financial statements represent the underlying transactions and events in

business activities within the Company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the audit. We remain solely responsible

Financial Information

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Tien, Chung-Yu Wu, Chien-Chih

For and on behalf of PricewaterhouseCoopers, Taiwan

March 18, 2021

The accompanying parent company only financial statements are not intended to present the financial position and results of operations and cash flows in accordance with accounting principles generally accepted in countries and jurisdictions other than the Republic of China. The standards, procedures and practices in the Republic of China governing the audit of such financial statements may differ from those generally accepted in countries and jurisdictions other than the Republic of China.

Accordingly, the accompanying parent company only financial statements and independent auditors' report are not intended for use by those who are not informed about the accounting principles or auditing standards generally accepted in the Republic of China, and their applications in practice.

PRINCE HOUSING & DEVELOPMENT CORP. (Expressed in thousands of New Taiwan dollars) DECEMBER 31, 2020 AND 2019

PARENT COMPANY ONLY BALANCE SHEETS DECEMBER 31, 2020 AND 2019 PRINCE HOUSING & DEVELOPMENT CORP. PARENT COMPANY ONLY BALANCE SHEETS

(Continued)

			December 31, 2020		December 31, 2019
	Assets	Notes	AMOUNT	%	AMOUNT	%
	Current assets
1100	Cash and cash equivalents	6(1)	\$ 4,182,938	11 \$	4,113,430	10
1110	Financial assets at fair value through	6(2)
	profit or loss - current		702,819	2	904,894	2
1150	Notes receivable, net	6(5)	24,382	-	56,998	-
1170	Accounts receivable, net	6(5)	369,827	1	88,426	-
1200	Other receivables		12,483	-	1,963	-
1220	Current tax assets		-	-	7,128	-
130X	Inventories	6(6), 7 and 8	16,124,294	42	19,335,331	46
1410	Prepayments		57,727	-	91,063	-
1479	Other current assets	6(24)	78	-	40	-
11XX	Total current Assets		21,474,548	56	24,599,273	58
	Non-current assets
1510	Financial assets at fair value through	6(2) and 8
	profit or loss - non-current		79,712	-	79,342	-
1517	Non-current financial assets at fair	6(3) and 8
	value through other comprehensive
	income		2,096,142	6	1,795,634	4
1535	Non-current financial assets at	6(4) and 8
	amortised cost		528,573	1	910,538	2
1550	Investments accounted for under	6(7) and 8
	equity method		5,217,242	14	5,600,351	13
1600	Property, plant and equipment, net	6(8) and 8	481,803	1	484,710	1
1755	Right-of-use assets	6(9) and 7	152,156	-	182,672	1
1760	Investment property, net	6(11) and 8	5,592,141	15	5,740,842	14
1780	Intangible assets, net	6(12)	1,994,175	5	2,055,428	5
1840	Deferred income tax assets	6(30)	-	-	471	-
1920	Refundable deposits	9	10,450	-	13,067	-
1990	Other non-current assets	7	636,640	2	636,640	2
15XX	Total non-current assets		16,789,034	44	17,499,695	42
1XXX	Total assets		\$ 38,263,582	100 \$	42,098,968	100

Financial Information

PARENT COMPANY ONLY STATEMENTS OF COMPREHENSIVE INCOME

					Year ended December 31
				2020		2019
	Items	Notes		AMOUNT	%	AMOUNT	%
4000	Operating revenue	6(24) and 7	\$	7,306,687	100 \$	5,680,054	100
5000	Operating costs	6(6)(12)(29) and 7 (		5,476,757) (	75) (	4,299,848) (	76)
5900	Gross profit from operations			1,829,930	25	1,380,206	24
	Operating expenses	6(29) and 7
6100	Selling expenses		(	340,529) (	4) (	325,022) (
6200	Administrative expenses		(	710,037) (	10) (	750,591) (	13)
6450	Impairment loss (impairment gain and	12(2)
	reversal of impairment loss) determined
	in accordance with IFRS 9			-	- (	29)
6000	Operating expenses		(	1,050,566) (	14) (	1,075,642) (	19)
6900	Net operating income			779,364	11	304,564
	Non-operating income and expenses
7100	Interest income	6(25)		3,273	-	4,099
7010	Other income	6(26)		264,706 30,214	4 -	264,940 2,713
7020 7050	Other gains and losses Finance costs	6(2)(27) 6(6)(28)	(	162,245) (	2) (	185,984) (
7070	Share of profit of associates and joint	6(7)
	ventures accounted for using equity
	method			26,160	-	628,202	11
7000	Non-operating income and expenses			162,108	2	713,970	13
7900	Profit before income tax			941,472	13	1,018,534	18
7950	Income tax expense	6(30)	(	147,590) (	2) (	65,767) (
8000	Profit from continuing operations			793,882	11	952,767	17
8200	Profit		\$	793,882	11 \$	952,767	17
	Other comprehensive income
	Components of other comprehensive
	income that will not be reclassified to
	profit or loss
8311	Losses on remeasurements of defined	6(18)
	benefit plans		( \$	1,187)	- ( \$	295)	-
8316	Unrealised gains from investments in	6(3)(22)
	equity instruments measured at fair value
	through other comprehensive income			300,508	4	87,356	1
8330	Share of other comprehensive income of
	associates and joint ventures accounted
	for using equity method, components of
	other comprehensive income that will not
	be reclassified to profit or loss			64,052	1 (	2,638)
8310	Components of other comprehensive
	income that will not be reclassified to profit or loss			363,373	5	84,423	1
8300	Other comprehensive income		\$	363,373	5 \$	84,423
8500	Total comprehensive income		\$	1,157,255	16 \$	1,037,190	1 18

	Basic earnings per share	6(31)
9750	Basic earnings per share		\$		0.49 \$		0.59
9850	Diluted earnings per share		\$		0.49 \$		0.58
	Assuming the Company treated the stocks held by a subsidiary as long-term investments rather than treasury stock, the proforma information is as
	follows: Comprehensive income		\$		793,882 \$		952,767
	Earnings per share
	Basic earnings per share		\$		0.49 \$		0.59
	Diluted earnings per share		\$		0.49 \$		0.58

PRINCE HOUSING & DEVELOPMENT CORP.
PARENT COMPANY ONLY STATEMENTS OF COMPREHENSIVE INCOME
YEARS ENDED DECEMBER 31, 2020 AND 2019 PRINCE HOUSING & DEVELOPMENT CORP.

YEARS ENDED DECEMBER 31, 2020 AND 2019 (Expressed in thousands of New Taiwan dollars, except for earnings per share)

PRINCE HOUSING & DEVELOPMENT CORP. PARENT COMPANY ONLY BALANCE SHEETS DECEMBER 31, 2020 AND 2019 PRINCE HOUSING & DEVELOPMENT CORP. PARENT COMPANY ONLY BALANCE SHEETS

(Expressed in thousands of New Taiwan dollars) DECEMBER 31, 2020 AND 2019

The accompanying notes are an integral part of these parent company only financial statements. ~10~

			December 31, 2020		December 31, 2019
	Liabilities and Equity	Notes	AMOUNT	%	AMOUNT	%
	Current liabilities
2100	Short-term borrowings	6(13) and 8	\$ 1,275,000		4 \$ 1,949,000	5
2110	Short-term notes and bills payable	6(14) and 8	-	-	49,925	-
2130	Current contract liabilities	6(24)	518,724	2	551,520	1
2150	Notes payable		-	-	1,940	-
2170	Accounts payable		799,306	2	941,127	2
2180	Accounts payable - related parties	7	4,025	-	31,006	-
2200	Other payables		357,169	1	375,656	1
2230	Current income tax liabilities		121,831	-	-	-
2280	Current lease liabilities	7	30,807	-	29,698	-
2310	Receipts in advance		44,298	-	66,565	-
2320	Long-term liabilities, current portion 6(16) and 8		889,177	2	4,629,401	11
2399	Other current liabilities		121,607	-	31,513	-
21XX	Total current Liabilities		4,161,944	11	8,657,351	20
	Non-current liabilities
2530	Bonds payable	6(15)	4,500,000	12	4,500,000	11
2540	Long-term borrowings	6(16) and 8	4,654,060	12	4,326,523	10
2550	Provisions for liabilities - non-current 6(17)		113,024	-	102,554	-
2580	Non-current lease liabilities	7	125,525	-	155,362	1
2640	Net defined benefit liabilities - non	6(18)
	current		58,146	-	61,556	-
2645	Guarantee deposits received		150,995	1	141,469	-
2670	Other non-current liabilities	6(7)	297,652	1	297,509	1
25XX	Total non-current liabilities		9,899,402	26	9,584,973	23
2XXX	Total Liabilities		14,061,346	37	18,242,324	43
	Equity
	Share capital	6(19)
3110	common stock		16,233,261	42	16,233,261	39
	Capital surplus	6(20)
3200	Capital surplus		2,260,513	6	2,260,513	5
	Retained earnings	6(21)
3310	Legal reserve		2,153,743 2,313,465	6 6	2,058,870 2,428,513	5 6
3350	Unappropriated retained earnings Other equity interest	6(22)
3400	Other equity interest		1,242,257	3	876,490	2
3500	Treasury stocks	6(19)	( 1,003)	- (	1,003)	-
3XXX	Total equity		24,202,236	63	23,856,644	57
	Significant contingent liabilities and	9
	unrecognised contract commitments
3X2X	Total liabilities and equity		\$ 38,263,582	100 \$	42,098,968	100

			The accompanying notes are an integral part of these parent company only financial statements.

The accompanying notes are an integral part of these parent company only financial statements.

Financial Information

CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax		\$	941,472	\$	1,018,534
Adjustments
Adjustments to reconcile profit (loss)
Net gain on financial assets at fair value through	6(2)(27)
profit or loss		(	3,828 )	(	4,059
Expected credit loss	12(2)		-		29
Share of profit of associates and joint ventures	6(7)
accounted for under equity method		(	26,160 )	(	628,202
(Gain) loss on disposal of property, plant and	6(27)
equipment		(	25,783 )		80
Gain on disposal of investment property	6(27)	(	683 )	(	182
Property, plant and equipment transferred to expenses			20		278
Depreciation	6(8)(9)(11)(29)		137,228		141,763
Amortization	6(12)(29)		61,253		61,253
Interest expense	6(28)		162,245		185,984
Interest income	6(25)	(	3,273 )	(	4,099
Dividend income	6(3)(26)	(	67,085 )	(	74,866
Changes in operating assets and liabilities
Changes in operating assets
Financial assets at fair value through profit or loss -
current			205,533	(	368,188
Notes receivable			32,616		13,661
Accounts receivable		(	281,401 )		982,789
Other receivables			157		86,171
Inventories			3,269,510		1,975,052
Prepayments			28,003		139,235
Other current assets		(	38 )		41,056
Changes in operating liabilities
Current contract liabilities		(	32,796 )		63,545
Notes payable		(	1,940 )	(	2,588
Accounts payable		(	141,821 )	(	404,077
Accounts payable - related parties		(	26,981 )	(	89,230
Other payables		(	15,291 )	(	164,345
Receipts in advance		(	22,267 )		2,505
Other current liabilities			90,094	(	47,618
Provisions for liabilities - non -current			10,470		15,358
Net defined benefit liabilities - non -current		(	4,597 )		146
Cash inflow generated from operations			4,284,657		2,939,985
Interest received			3,273		4,099
Cash dividend received			540,549		642,422
Interest paid		(	165,441 )	(	186,668
Income tax paid		(	28,837 )	(	89,028
Net cash flows from operating activities			4,634,201		3,310,810

			Year ended December 31
	Notes		2020		2019

CASH FLOWS FROM OPERATING ACTIVITIES
		\$	941,472	\$	1,018,534

Adjustments to reconcile profit (loss)
Net gain on financial assets at fair value through	6(2)(27)	(	3,828 )	(	4,059 )
profit or loss Expected credit loss	12(2)		-		29
Share of profit of associates and joint ventures	6(7)
accounted for under equity method		(	26,160 )	(	628,202 )
(Gain) loss on disposal of property, plant and	6(27)
equipment		(	25,783 )		80
Gain on disposal of investment property	6(27)	(	683 )	(	182 )
Property, plant and equipment transferred to expenses			20		278
Depreciation	6(8)(9)(11)(29)		137,228		141,763
Amortization	6(12)(29)		61,253		61,253
Interest expense	6(28)		162,245		185,984
Interest income	6(25)	(	3,273 )	(	4,099 )
Dividend income	6(3)(26)	(	67,085 )	(	74,866 )
Changes in operating assets and liabilities
Changes in operating assets
Financial assets at fair value through profit or loss -
current			205,533	(	368,188 )
Notes receivable			32,616		13,661
Accounts receivable		(	281,401 )		982,789
Other receivables			157		86,171
Inventories			3,269,510		1,975,052
Prepayments		(	28,003 38 )		139,235 41,056
Other current assets Changes in operating liabilities
Current contract liabilities		(	32,796 )		63,545
Notes payable		(	1,940 )	(	2,588 )
Accounts payable		(	141,821 )	(	404,077 )
Accounts payable - related parties		(	26,981 )	(	89,230 )
Other payables		(	15,291 )	(	164,345 )
Receipts in advance		(	22,267 )		2,505
Other current liabilities			90,094	(	47,618 )
Provisions for liabilities - non -current			10,470		15,358
Net defined benefit liabilities - non -current		(	4,597 )		146
Cash inflow generated from operations			4,284,657		2,939,985
Interest received			3,273		4,099
Cash dividend received			540,549		642,422
Interest paid		(	165,441 )	(	186,668 )
Income tax paid		(	28,837 )	(	89,028 )
Net cash flows from operating activities			4,634,201		3,310,810

PRINCE HOUSING & DEVELOPMENT CORP. PARENT COMPANY ONLY STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2020 AND 2019 PRINCE HOUSING & DEVELOPMENT CORP. PARENT COMPANY ONLY STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2020 AND 2019 (Expressed in thousands of New Taiwan dollars)

	Total equity	\$23,874,616 952,767	84,423	1,037,190	1,055,162) \$23,856,644 - (	\$23,856,644 793,882	363,373	1,157,255	811,663) \$24,202,236 - (
	Treasury stocks	1,003) - (\$	-	-	1,003) - - (\$	1,003) - (\$	-	-	1,003) - - (\$
Other equity interest	Unrealised gains measured at fair comprehensive financial assets or losses from value through income other	788,079 - \$	88,459	88,459	876,538 - - \$	876,538 - \$	365,767	365,767	\$ 1,242,305 - -
	differences of statements translation Financial operations foreign	48) - (\$	-	-	48) - - (\$	48) - (\$	-	-	48) - - (\$	The accompanying notes are an integral part of these parent company only financial statements.
Retained earnings	Unappropriated retained earnings	2,660,209 952,767 \$	4,036) (	948,731	125,265) 1,055,162) 2,428,513 \$ ( (	2,428,513 793,882 \$	2,394) (	791,488	94,873) 811,663) 2,313,465 \$ ( (
	Legal reserve	\$ 1,933,605 -	-	-	125,265 2,058,870 - \$	2,058,870 - \$	-	-	94,873 2,153,743 - \$
	Capital surplus	2,260,513 - \$	-	-	2,260,513 - - \$	2,260,513 - \$	-	-	2,260,513 - - \$
	common stock Share capital -	\$16,233,261 -	-	-	\$16,233,261 - -	\$16,233,261 -	-	-	\$16,233,261 - -
	Notes	6(31)	6(3)(18)(22 )		6(21)	6(31)	6(3)(18)(22 )		6(21)
		Year ended December 31, 2019 Balance at January 1, 2019 Profit for the year	Other comprehensive (loss) income for the year	Appropriations and distribution of Total comprehensive income for the year	Balance at December 31, 2019 Year ended December 31, 2020 Cash dividends Legal reserve 2018 earnings:	Balance at January 1, 2020 Profit for the year	Other comprehensive (loss) income Total comprehensive income for for the year	Appropriations and distribution of 2019 earnings: the year	Balance at December 31, 2020 Cash dividends Legal reserve

PRINCE HOUSING & DEVELOPMENT CORP. PARENT COMPANY ONLY STATEMENTS OF CHANGES IN EQUITY YEARS ENDED DECEMBER 31, 2020 AND 2019 PRINCE HOUSING & DEVELOPMENT CORP. PARENT COMPANY ONLY STATEMENTS OF CHANGES IN EQUITY YEARS ENDED DECEMBER 31, 2020 AND 2019 (Expressed in thousands of New Taiwan dollars)

(Continued) (Continued)

~12~ The accompanying notes are an integral part of these parent company only financial statements.

	Effective date by International Accounting
New Standards, Interpretations and Amendments	Standards Board
Amendments to IAS 1 and IAS 8, 'Disclosure initiative-definition of Material'	January 1, 2020
Amendments to IFRS 3, 'Definition of a business'	January 1, 2020
Amendments to IFRS 9, IAS 39 and IFRS 7 ,'Interest rate benchmark reform'	January 1, 2020
Amendment to IFRS 16, 'Covid-19-related rent concessions'	June 1, 2020 (Note)
Note:Earlier application from January 1, 2020 is allowed by FSC.

PRINCE HOUSING & DEVELOPMENT CORP. AND SUBSIDIARIES PRINCE HOUSING & DEVELOPMENT CORP. AND SUBSIDIARIES NOTES TO THE PARENT COMPANY ONLY FINANCIAL STATEMENTS DECEMBER 31, 2020 AND 2019

NOTES TO THE PARENT COMPANY ONLY FINANCIAL STATEMENTS DECEMBER 31, 2020 AND 2019 (Expressed in thousands of New Taiwan dollars, except as otherwise indicated)

(Expressed in thousands of New Taiwan dollars, except as otherwise indicated) 1. HISTORY AND ORGANIZATION

HISTORY AND ORGANIZATION Prince Housing & Development Corp. (the "Company") was established in September 1973, under the Company Act and other related regulations. The Company is primarily engaged in the construction, leasing and sale of public housing, commercial building, tourism/recreation place (children's playground, Prince Housing & Development Corp. (the "Company") was established in September 1973, under the Company Act and other related regulations. The Company is primarily engaged in the construction, leasing and sale of public housing, commercial building, tourism/recreation place (children's playground, water park, etc.) and parking lot/parking tower, and leasing and sale of real estate. The common shares of the Company have been listed on the Taiwan Stock Exchange since April 1991.

of the Company have been listed on the Taiwan Stock Exchange since April 1991. 2. THE DATE OF AUTHORIZATION FOR ISSUANCE OF THE PARENT COMPANY ONLY 2. THE DATE OF AUTHORIZATION FOR ISSUANCE OF THE PARENT COMPANY ONLY FINANCIAL STATEMENTS AND PROCEDURES FOR AUTHORIZATION

FINANCIAL STATEMENTS AND PROCEDURES FOR AUTHORIZATION These parent company only financial statements were authorized for issuance by the Board of Directors These parent company only financial statements were authorized for issuance by the Board of Directors on March 18, 2021.

		Year ended December 31
	Notes		2020		2019
CASH FLOWS FROM INVESTING ACTIVITIES
Decrease in financial assets at amortised cost - current		\$	-	\$	240,251
Acquisition of property, plant and equipment	6(8)	(	12,012 ) (		6,870 )
Proceeds from disposal of property, plant and equipment			26,922		20
Proceeds from disposal of investment properties			4,783		1,855
Decrease in refundable deposits			2,617		100,089
Decrease (increase) in financial assets at amortised cost
non-current			381,965	(	33,290 )
Net cash flows from investing activities			404,275		302,055
CASH FLOWS FROM FINANCING ACTIVITIES
(Decrease) increase in short-term borrowings	6(33)	(	674,000 )		1,219,000
Decrease in short-term notes and bills payable	6(33)	(	49,925 ) (		151,809 )
Repayment of long-term borrowings	6(33)	(	36,693,015 ) (		31,212,652 )
Proceeds from long-term borrowings	6(33)		33,280,328		29,614,922
Increase in guarantee deposits received	6(33)		9,526		11,814
Payments of lease liabilities	6(33)	(	30,219 ) (		29,512 )
Cash dividends paid	6(21)	(	811,663 ) (		1,055,162 )
Net cash flows used in financing activities		(	4,968,968 ) (		1,603,399 )
Net increase in cash and cash equivalents			69,508		2,009,466
Cash and cash equivalents at beginning of year			4,113,430		2,103,964
Cash and cash equivalents at end of year		\$	4,182,938	\$	4,113,430

PRINCE HOUSING & DEVELOPMENT CORP. PARENT COMPANY ONLY STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2020 AND 2019 PRINCE HOUSING & DEVELOPMENT CORP. PARENT COMPANY ONLY STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2020 AND 2019 (Expressed in thousands of New Taiwan dollars)

3. APPLICATION OF NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS 3. APPLICATION OF NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS

(1) Effect of the adoption of new issuances of or amendments to International Financial Reporting Standards ("IFRS") as endorsed by the Financial Supervisory Commission ("FSC") New standards, interpretations and amendments endorsed by FSC effective from 2020 are as follows: Standards ("IFRS") as endorsed by the Financial Supervisory Commission ("FSC") New standards, interpretations and amendments endorsed by FSC effective from 2020 are as follows:

The above standards and interpretations have no significant impact to the Company's financial Note: Earlier application from January 1, 2020 is allowed by FSC.

condition and financial performance based on the Company's assessment. The above standards and interpretations have no significant impact to the Company's financial condition and financial performance based on the Company's assessment.

The accompanying notes are an integral part of these parent company only financial statements.

(1) Effect of the adoption of new issuances of or amendments to International Financial Reporting

(2) Effect of new issuances of or amendments to IFRSs as endorsed by the FSC but not yet adopted

by the Group

New standards, interpretations and amendments endorsed by the FSC effective from 2021 are as follows:

The above standards and interpretations have no significant impact to the Company's financial

Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16, 'Interest Rate

January 1, 2021

the Group	Effective date by
New standards, interpretations and amendments endorsed by the FSC effective from 2021 are as follows:	International Accounting
New Standards, Interpretations and Amendments	Standards Board Effective date by
Amendments to IFRS 4, 'Extension of the temporary exemption from applying IFRS 9' New Standards, Interpretations and Amendments	January 1, 2021 International Accounting Standards Board
Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16, 'Interest Rate Amendments to IFRS 4, 'Extension of the temporary exemption from Benchmark Reform— Phase 2' applying IFRS 9'	January 1, 2021 January 1, 2021

The above standards and interpretations have no significant impact to the Company's financial Benchmark Reform— Phase 2' condition and financial performance based on the Company's assessment. (3) IFRSs issued by IASB but not yet endorsed by the FSC The above standards and interpretations have no significant impact to the Company's financial condition and financial performance based on the Company's assessment.

The above standards and interpretations have no significant impact to the Company's financial

condition and financial performance based on the Company's assessment. (3) IFRSs issued by IASB but not yet endorsed by the FSC endorsed by the FSC are as follows: (3) IFRSs issued by IASB but not yet endorsed by the FSC

New standards, interpretations and amendments issued by IASB but not yet included in the IFRSs as endorsed by the FSC are as follows: Effective date by New standards, interpretations and amendments issued by IASB but not yet included in the IFRSs as endorsed by the FSC are as follows:

New Standards, Interpretations and Amendments	Standards Board Effective date by
Amendments to IFRS 3, 'Reference to the conceptual framework'	January 1, 2022 International Accounting
Amendments to IFRS 10 and IAS 28, 'Sale or contribution of assets New Standards, Interpretations and Amendments	To be determined by Standards Board
between an investor and its associate or joint venture' Amendments to IFRS 3, 'Reference to the conceptual framework'	International Accounting January 1, 2022
Amendments to IFRS 10 and IAS 28, 'Sale or contribution of assets	Standards Board To be determined by
IFRS 17, 'Insurance contracts' between an investor and its associate or joint venture' Amendments to IFRS 17, 'Insurance contracts'	January 1, 2023 International Accounting January 1, 2023 Standards Board
IFRS 17, 'Insurance contracts' Amendments to IAS 1, 'Classification of liabilities as current or non-current'	January 1, 2023 January 1, 2023
Amendments to IAS 1, 'Disclosure of accounting policies' Amendments to IFRS 17, 'Insurance contracts'	January 1, 2023 January 1, 2023
Amendments to IAS 8, 'Definition of accounting estimates' Amendments to IAS 1, 'Classification of liabilities as current or non-current'	January 1, 2023 January 1, 2023
Amendments to IAS 16, 'Property, plant and equipment:proceeds before Amendments to IAS 1, 'Disclosure of accounting policies'	January 1, 2023 January 1, 2022
intended use' Amendments to IAS 8, 'Definition of accounting estimates'	January 1, 2023
Amendments to IAS 37, 'Onerous contracts—cost of fulfilling a contract' Amendments to IAS 16, 'Property, plant and equipment:proceeds before Annual improvements to IFRS Standards 2018–2020 intended use'	January 1, 2022 January 1, 2022 January 1, 2022
Amendments to IAS 37, 'Onerous contracts—cost of fulfilling a contract' The above standards and interpretations have no significant impact to the Company's financial	January 1, 2022
Annual improvements to IFRS Standards 2018–2020 condition and financial performance based on the Company's assessment.	January 1, 2022

~16~ The principal accounting policies applied in the preparation of these parent company only financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(1) Compliance statement

These parent company only financial statements are prepared by the Company in accordance with the "Regulations Governing the Preparation of Financial Reports by Securities Issuers".

(2) Basis of preparation

These parent company only financial statements are prepared by the Company in accordance with

the "Regulations Governing the Preparation of Financial Reports by Securities Issuers".

A. Except for the following items, these parent company only financial statements have been prepared under the historical cost convention: (a) Financial assets (including derivative instruments) at fair value through profit or loss. (b) Financial assets at fair value through other comprehensive income.
(c) Defined benefit liabilities recognised based on the net amount of pension fund assets less unrecognised actuarial gains and present value of defined benefit obligation.
B. The preparation of financial statements in conformity with International Financial Reporting Standards, International Accounting Standards, IFRIC Interpretations, and SIC Interpretations as endorsed by the FSC (collectively referred herein as the "IFRSs") requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the parent company only financial statements are disclosed in Note 5.

(3) Foreign currency translation

The parent company only financial statements are presented in New Taiwan dollars, which is the Company's functional and presentation currency. A. Foreign currency transactions and balances

(a) Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions are recognized in profit or loss in the period in which they arise.
(b) Monetary assets and liabilities denominated in foreign currencies at the period end are retranslated at the exchange rates prevailing at the balance sheet date. Exchange differences arising upon re-translation at the balance sheet date are recognized in profit or loss.
(c) Non-monetary assets and liabilities denominated in foreign currencies held at fair value through profit or loss are re-translated at the exchange rates prevailing at the balance sheet date; their translation differences are recognized in profit or loss. Non-monetary assets and liabilities denominated in foreign currencies held at fair value through other comprehensive income are re-translated at the exchange rates prevailing at the balance sheet date; their translation differences are recognized in other comprehensive income. However, non-monetary assets and liabilities denominated in foreign currencies that are not measured at fair value are translated using the historical exchange rates at the dates of the initial transactions.
(d) All foreign exchange gains and losses are presented in the statement of comprehensive income within 'other gains and losses'.
B. Translation of foreign operations
(a) The operating results and financial position of all the Company entities, associates and jointly controlled entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows:
- i. Assets and liabilities for each balance sheet presented are translated at the closing exchange rate at the date of that balance sheet;

Financial Information

ii. Income and expenses for each statement of comprehensive income are translated at average exchange rates of that period; and
iii. All resulting exchange differences are recognized in other comprehensive income.
(b) When the foreign operation partially disposed of or sold is an associate or jointly controlled entity, exchange differences that were recorded in other comprehensive income are proportionately reclassified to profit or loss as part of the gain or loss on sale. In addition, even when the Company still retains partial interest in the former foreign associate or jointly controlled entity after losing significant influence over the former foreign associate, or losing joint control of the former jointly controlled entity, such transactions should be accounted for as disposal of all interest in these foreign operations.
(c) When the foreign operation partially disposed of or sold is a subsidiary, cumulative exchange differences that were recorded in other comprehensive income are proportionately transferred to the non-controlling interest in this foreign operation. In addition, if the Company retains partial interest in the former foreign subsidiary after losing control of the former foreign subsidiary, such transactions should be accounted for as disposal of all interest in the foreign operation.

(4) Classification of current and non-current items

A. If assets and liabilities are related to the construction business, they are classified as current or non-current according to their operating cycle; if they are not related to the construction business, they are classified by annual basis.
B. Assets that meet one of the following criteria are classified as current assets; otherwise they are classified as non-current assets:
(a) Assets arising from operating activities that are expected to be realised, or are intended to be sold or consumed within the normal operating cycle;
(b) Assets held mainly for trading purposes;
(c) Assets that are expected to be realised within twelve months from the balance sheet date;
(d) Cash and cash equivalents, excluding restricted cash and cash equivalents and those that are to be exchanged or used to pay off liabilities more than twelve months after the balance sheet date.
C. Liabilities that meet one of the following criteria are classified as current liabilities; otherwise they are classified as non-current liabilities:
(a) Liabilities that are expected to be settled within the normal operating cycle;
(b) Liabilities arising mainly from trading activities;
(c) Liabilities that are to be settled within twelve months from the balance sheet date;
(d) Liabilities for which the repayment date cannot be extended unconditionally to more than twelve months after the balance sheet date. Terms of a liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification.
(5) Cash equivalents

cash equivalents.

A. Financial assets at fair value through profit or loss are financial assets that are not measured at

B. On a regular way purchase or sale basis, financial assets at fair value through profit or loss are

(6) Financial assets at fair value through profit or loss
amortised cost or fair value through other comprehensive income.
recognised and derecognised using trade date accounting.
financial liabilities at fair value with any gain or loss recognised in profit or loss.
the dividend can be measured reliably.

C. At initial recognition, the Company measures the financial liabilities at fair value. All related transaction costs are recognised in profit or loss. The Company subsequently measures these

D. Dividends are recognised as revenue when the right to receive payment is established, future economic benefits associated with the dividend will flow to the Company and the amount of

(7) Financial assets at fair value through other comprehensive income

A. Financial assets at fair value through other comprehensive income comprise equity securities which are not held for trading, and for which the Company has made an irrevocable election at initial recognition to recognise changes in fair value in other comprehensive income.

B. On a regular way purchase or sale basis, financial assets at fair value through other

C. At initial recognition, the Company measures the financial assets at fair value plus transaction

comprehensive income are recognised and derecognised using trade date accounting.
costs. The Company subsequently measures the financial assets at fair value: flow to the Company and the amount of the dividend can be measured reliably.

(8) Financial assets at amortised cost

(a) The objective of the Company's business model is achieved by collecting contractual cash

(b) The assets' contractual cash flows represent solely payments of principal and interest.

A. Financial assets at amortised cost are those that meet all of the following criteria: flows.
B. On a regular way purchase or sale basis, financial assets at amortised cost are recognised and derecognised using trade date accounting.
derecognised or impaired.

C. At initial recognition, the Company measures the financial assets at fair value plus transaction costs. Interest income from these financial assets is included in finance income using the effective interest method. A gain or loss is recognised in profit or loss when the asset is

(9) Accounts and notes receivable

A. Accounts and notes receivable entitle the Company a legal right to receive consideration in

B. The short-term accounts and notes receivable without bearing interest are subsequently

exchange for transferred goods or rendered services.
measured at initial invoice amount as the effect of discounting is immaterial.

(10) Impairment of financial assets

For financial assets at amortised cost, at each reporting date, the Company recognises the impairment provision for 12 months expected credit losses if there has not been a significant increase in credit risk since initial recognition or recognises the impairment provision for the lifetime expected credit losses (ECLs) if such credit risk has increased since initial recognition after taking into consideration all reasonable and verifiable information that includes forecasts. On the other hand, for accounts receivable or contract assets that do not contain a significant financing component, the Company recognises the impairment provision for lifetime ECLs.

(11) Derecognition of financial assets

The Company derecognises a financial asset when one of the following conditions is met:

A. The contractual rights to receive the cash flows from the financial asset expire.
B. The contractual rights to receive cash flows of the financial asset have been transferred and the Company has transferred substantially all risks and rewards of ownership of the financial asset.
C. The contractual rights to receive cash flows of the financial asset have been transferred; however, the Company has not retained control of the financial asset.

(12) Leasing arrangements (lessor)-operating leases

Lease income from an operating lease (net of any incentives given to the lessee) is recognised in profit or loss on a straight-line basis over the lease term.

(13) Inventories

Inventories including "land held for construction", "construction in progress", and "buildings and land held for sale" are stated at cost and evaluated at the lower of cost or net realisable value at the end of period. The individual item approach is used in the comparison of cost and net realisable value. The calculation of net realisable value is based on the estimated selling price in the normal course of business, net of estimated costs of completion and related adjusted selling expenses. The interest costs related to construction in progress are capitalised during the construction.

(14) Investments accounted for using equity method / subsidiaries, associates

A. Subsidiaries are all entities (including structured entities) controlled by the Company. The Company controls an entity when the Company is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.
B. Unrealised profit (loss) arising from the transactions between the Company and subsidiaries have been offset. The accounting policies of the subsidiaries have been adjusted where necessary to ensure consistency with the policies adopted by the Company.
C. The Company's share of its subsidiaries' post-acquisition profits or losses is recognized in profit or loss, and its share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income. When the Company's share of losses in a subsidiary equals or exceeds its interest in the subsidiary, the Company continues to recognise losses proportionate to its ownership.
D. If changes in shareholdings in subsidiaries do not result to a loss on control (transaction with

non-controlling interest), transactions shall be considered as equity transactions, which are transactions between owners. Difference of adjustment of non-controlling interest and fair value of consideration paid or received is recognized in equity.

E. When the Company loses its control in a subsidiary, the Company revalues the remaining investment in the prior subsidiary at fair value, that fair value is regarded as the fair value on initial recognition of a financial asset or the cost on initial recognition of the associate or joint venture, and recognises the difference between fair value and book value in the profit or loss for the period. The accounting treatment on the previously recognized amount related to the subsidiary in other comprehensive income is the same as the basis if the Company directly disposes related assets or liabilities, which means if the Company has recognized gain or loss in other comprehensive income, the Company should reclassify the gain or loss on disposal of related assets or liabilities to profit or loss; and when the Company loses control in the

F. Associates are all entities over which the Company has significant influence but not control. In general, it is presumed that the investor has significant influence, if an investor holds, directly or indirectly 20 percent or more of the voting power of the investee. Investments in associates

G. The Company's share of its associates' post-acquisition profits or losses is recognized in profit or loss, and its share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income. When the Company's share of losses in an associate equals or exceeds its interest in the associate, the Company does not recognise further losses, unless it has incurred legal or constructive obligations or made payments on

H. When changes in an associate's equity are not recognized in profit or loss or other comprehensive income of the associate and such changes do not affect the Company's ownership percentage of the associate, the Company recognises the Company's share of

subsidiary, the gain or loss should be reclassified from equity to profit or loss.
are accounted for using the equity method and are initially recognized at cost.
behalf of the associate.
change in equity of the associate in 'capital surplus' in proportion to its ownership.
policies adopted by the Company.
relevant assets or liabilities were disposed of.
carrying amount is recognized in profit or loss.

I. Unrealised gains on transactions between the Company and its associates are eliminated to the extent of the Company's interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been adjusted where necessary to ensure consistency with the

J. In the case that an associate issues new shares and the Company does not subscribe or acquire new shares proportionately, which results in a change in the Company's ownership percentage of the associate but maintains significant influence on the associate, then 'capital surplus' and 'investments accounted for under the equity method' shall be adjusted for the increase or decrease of its share of equity interest. If the above condition causes a decrease in the Company's ownership percentage of the associate, in addition to the above adjustment, the amounts previously recognized in other comprehensive income in relation to the associate are reclassified to profit or loss proportionately on the same basis as would be required if the

K. Upon loss of significant influence over an associate, the Company remeasures any investment retained in the former associate at its fair value. Any difference between fair value and

L. When the Company disposes its investment in an associate and loses significant influence

(16) Leasing arrangements (lessee)-right-of-use assets/ lease liabilities

Buildings and structures	50 ~ 60 years
Computer and communication equipment	5 years
Transportation equipment	5 years
Office equipment	5 ~ 10 years
Leasehold improvements	5 ~ 20 years
Other equipment	5 ~ 10 years

over this associate, the amounts previously recognized in other comprehensive income in relation to the associate, are reclassified to profit or loss, on the same basis as would be required if the relevant assets or liabilities were disposed of. If it retains significant influence over this associate, the amounts previously recognized in other comprehensive income in relation to the associate are reclassified to profit or loss proportionately in accordance with the aforementioned approach.

M. When the Company disposes its investment in an associate and loses significant influence over this associate, the amounts previously recognized as capital surplus in relation to the associate are transferred to profit or loss. If it retains significant influence over this associate, then the amounts previously recognized as capital surplus in relation to the associate are transferred to profit or loss proportionately.
N. Pursuant to the "Regulations Governing the Preparation of Financial Reports by Securities Issuers," profit (loss) of the current period and other comprehensive income in the parent company only financial statements shall equal to the amount attributable to owners of the parent in the financial statements prepared with basis for consolidation. Owners' equity in the parent company only financial statements shall equal to equity attributable to owners of the parent in the financial statements prepared with basis for consolidation.

(15) Property, plant and equipment

A. Property, plant and equipment are initially recorded at cost. Borrowing costs incurred during the construction period are capitalised.
B. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred.
C. Land is not depreciated. Other property, plant and equipment apply cost model and are depreciated using the straight-line method to allocate their cost over their estimated useful lives. Each part of an item of property, plant, and equipment with a cost that is significant in relation to the total cost of the item must be depreciated separately.
D. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each balance sheet date. If expectations for the assets' residual values and useful lives differ from previous estimates or the patterns of consumption of the assets' future economic benefits embodied in the assets have changed significantly, any change is accounted for as a change in estimate under IAS 8, 'Accounting Policies, Changes in Accounting Estimates and Errors', from the date of the change. The estimated useful lives of property, plant and equipment are as follows: D. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each balance sheet date. If expectations for the assets' residual values and useful lives differ from previous estimates or the patterns of consumption of the assets' future economic benefits embodied in the assets have changed significantly, any change is accounted for as a change in estimate under IAS 8, 'Accounting Policies, Changes in Accounting Estimates and Errors', from the date of the change. The estimated useful lives of property, plant and equipment are as follows:

(16) Leasing arrangements (lessee)-right-of-use assets/ lease liabilities

A. Leases are recognised as a right-of-use asset and a corresponding lease liability at the date at which the leased asset is available for use by the Company. For short-term leases or leases of low-value assets, lease payments are recognised as an expense on a straight-line basis over the

B. Lease liabilities include the net present value of the remaining lease payments at the commencement date, discounted using the incremental borrowing interest rate. Lease

The Company subsequently measures the lease liability at amortised cost using the interest method and recognises interest expense over the lease term. The lease liability is remeasured and the amount of remeasurement is recognised as an adjustment to the rightof-use asset when there are changes in the lease term or lease payments and such changes

lease term.
payments are comprised of the following: (a) Fixed payments, less any lease incentives receivable; and
(b) Variable lease payments that depend on an index or a rate. do not arise from contract modifications.
measurement of lease liability.
as an adjustment to the right-of-use asset.

C. At the commencement date, the right-of-use asset is stated at cost comprising the initial

(17) Investment property

(18) Intangible assets

Intangible assets consist of service concession, which are stated at acquisition cost and amortised on a straight line basis over its useful life of 44 years.

(19) Impairment of non-financial assets

The Company assesses at each balance sheet date the recoverable amounts of those assets where there is an indication that they are impaired. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell or value in use. When the circumstances or reasons for recognising impairment loss for an asset in prior years no longer exist or diminish, the impairment loss is reversed. The increased carrying amount due to reversal should not be more than what the depreciated or amortised historical cost would have been if the impairment had not been recognised.

(20) Borrowings

redemption value is recognised in profit or loss over the period of the borrowings using the effective interest method.

B. Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates.

(21) Notes and accounts payable

A. Accounts payable are liabilities for purchases of raw materials, goods or services and notes payable are those resulting from operating and non-operating activities.
B. The short-term notes and accounts payable without bearing interest are subsequently measured at initial invoice amount as the effect of discounting is immaterial.

(22) Bonds payable

Ordinary corporate bonds issued by the Company are initially recognised at fair value less transaction costs. Any difference between the proceeds (net of transaction costs) and the redemption value is presented as an addition to or deduction from bonds payable, which is amortised to profit or loss over the period of bond circulation using the effective interest method as an adjustment to 'finance costs'.

(23) Derecognition of financial liabilities

A financial liability is derecognised when the obligation under the liability specified in the contract is discharged or cancelled or expires.

(24) Offsetting financial instruments

Financial assets and liabilities are offset and reported in the net amount in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.

(25) Provisions

Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events, and it is probable that an outflow of economic resources will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation on the balance sheet date, which is discounted using a pre-tax discount rate that reflects the current market assessments of the time value of money and the risks specific to the obligation. When discounting is used, the increase in the provision due to passage of time is recognized as interest expense. Provisions are not recognized for future operating losses.

(26) Employee benefits

A. Short-term employee benefits

Short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in respect of service rendered by employees in a period and should be recognized as expenses in that period when the employees render service.

B. Pensions

(a) Defined contribution plan

For defined contribution plan, the contributions are recognized as pension expenses when they are due on an accrual basis. Prepaid contributions are recognized as an asset to the extent of a cash refund or a reduction in the future payments. (b) Defined benefit plan

i. Net obligation under a defined benefit plan is defined as the present value of an amount of pension benefits that employees will receive on retirement for their services with the Company in current period or prior periods. The liability recognized in the balance sheet in respect of the defined benefit pension plan is the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets. The defined benefit net obligation is calculated annually by independent actuaries using the projected unit credit method. The rate used to discount is determined by using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability; when there is no deep market in high-quality corporate bonds, the Company uses interest rates of government bonds (at the balance sheet

ii. Actuarial gains and losses arising on defined benefit plans are recognized in other

date) instead.
comprehensive income in the period in which they arise.
C. Employees' compensation and directors' and supervisors' remuneration resolution.

Employees' compensation and directors' and supervisors' remuneration are recognized as expenses and liabilities, provided that such recognition is required under legal or constructive obligation and those amounts can be reliably estimated. Any difference between the resolved amounts and the subsequently actual distributed amounts is accounted for as changes in estimates. If employee compensation is distributed by shares, the Company calculates the number of shares based on the closing price at the previous day of the board meeting

(27) Income tax

profit or loss, except to the extent that it relates to items recognized in other comprehensive income or items recognized directly in equity, in which cases the tax is recognized in other

A. The tax expense for the period comprises current and deferred tax. Tax is recognized in comprehensive income or equity.
and is recorded as income tax expense in the year the stockholders resolve to retain the earnings.

B. The current income tax expense is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in accordance with applicable tax regulations. It establishes provisions where appropriate based on the amounts expected to be paid to the tax authorities. An additional tax is levied on the unappropriated retained earnings

C. Deferred income tax is recognized, using the balance sheet liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the non-consolidated balance sheet. However, the deferred income tax is not accounted

for if it arises from initial recognition of goodwill or of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.

D. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. At each balance sheet date, unrecognised and recognized deferred income tax assets are reassessed.
E. Current income tax assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. Deferred income tax assets and liabilities are offset on the balance sheet when the entity has the legally enforceable right to offset current tax assets against current tax liabilities and they are levied by the same taxation authority on either the same entity or different entities that intend to settle on a net basis or realise the asset and settle the liability simultaneously.
F. A deferred tax asset shall be recognized for the carryforward of unused tax credits resulting from equity investments to the extent that it is possible that future taxable profit will be available against which the unused tax credits can be utilised.

(28) Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or stock options are shown in equity as a deduction, net of tax, from the proceeds.

(29) Dividends

Dividends are recorded in the Company's financial statements in the period in which they are approved by the Company's shareholders. Cash dividends are recorded as liabilities; stock dividends are recorded as stock dividends to be distributed and are reclassified to ordinary share on the effective date of new shares issuance.

(30) Revenue recognition

A. Land development and resale
(a) The Company develops and sells residential properties. Revenue is recognised when control over the property has been transferred to the customer. The properties have generally no alternative use for the Company due to contractual restrictions. However, an enforceable right to payment does not arise until legal title has passed to the customer. Therefore, revenue is recognised at a point in time when the legal title has passed to the customer.
(b) The revenue is measured at an agreed upon amount under the contract. The consideration is due when legal title has been transferred. While deferred payment terms may be agreed in rare circumstances, the deferral never exceeds twelve months. The transaction price

is therefore not adjusted because the contract does not include a significant financing

component.

B. Hospitality service revenue

The Company provides related service, such as room and accommodation service. Sales revenue will be recognised when services are provided or goods are sold. Consideration is collected when customers purchase goods or services.

C. Service concession revenue Information on service concession revenue is provide in Note 4(31).
D. Rental revenue

The Company leases offices and dormitories. Rental revenue is recognised in profit or loss on

a straight-line basis over the lease term.

E. Incremental costs of obtaining a contract The Company recognises an asset (shown as 'other current assets') the incremental costs to receive less the costs that have not been recognised as expenses.

(mainly comprised of sales commissions) of obtaining a contract with a customer if the Company expects to recover those costs. The recognised asset is amortised on a systematic basis that is consistent with the transfers to the customer of the goods or services to which the asset relates. The Company recognises an impairment loss to the extent that the carrying amount of the asset exceeds the remaining amount of consideration that the Company expects

(31) Service concession arrangements

concession arrangement are accounted for in accordance with IFRS 15, 'Revenue from

B. Costs incurred on provision of construction services or upgrading services under a service contracts with customers'.
intangible asset to the extent that it receives a right (a licence) to charge users of the public service.

5. CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND KEY SOURCES OF ASSUMPTION UNCERTAINTY

The preparation of these parent company only financial statements requires management to make critical judgements in applying the Company's accounting policies and make critical assumptions and estimates concerning future events. Assumptions and estimates are continually evaluated and adjusted based on historical experience and other factors. Such assumptions and estimates have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. The above information is addressed below:

(1) Critical judgements in applying the Company's accounting policies a material adjustment to the carrying amounts of assets and liabilities within the next financial year. The a material adjustment to the carrying amounts of assets and liabilities within the next financial year. The

Investment property above information is addressed below: above information is addressed below:

The Company uses a portion of the property for its own use and another portion to earn rentals or for capital appreciation. When these portions cannot be sold separately and cannot be leased out separately under a finance lease, the property is classified as investment property only if the ownuse portion accounts for less insignificant portion of the property. (1) Critical judgements in applying the Company's accounting policies Investment property The Company uses a portion of the property for its own use and another portion to earn rentals or for capital appreciation. When these portions cannot be sold separately and cannot be leased out (1) Critical judgements in applying the Company's accounting policies Investment property The Company uses a portion of the property for its own use and another portion to earn rentals or for capital appreciation. When these portions cannot be sold separately and cannot be leased out

(2) Critical accounting estimates and assumptions separately under a finance lease, the property is classified as investment property only if the own-use separately under a finance lease, the property is classified as investment property only if the own-use

No assumptions and estimates have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. portion accounts for less insignificant portion of the property. (2) Critical accounting estimates and assumptions portion accounts for less insignificant portion of the property. (2) Critical accounting estimates and assumptions

A. The Company transacts with a variety of financial institutions all with high credit quality to

6. DETAILS OF SIGNIFICANT ACCOUNTS 6. DETAILS OF SIGNIFICANT ACCOUNTS 6. DETAILS OF SIGNIFICANT ACCOUNTS

(1) Cash and cash equivalents (1) Cash and cash equivalents (1) Cash and cash equivalents

A. The Company transacts with a variety of financial institutions all with high credit quality to disperse credit risk, so it expects that the probability of counterparty default is remote. disperse credit risk, so it expects that the probability of counterparty default is remote. B. The repurchase bonds held by the Company has high liquidity, so they were classified as cash A. The Company transacts with a variety of financial institutions all with high credit quality to disperse credit risk, so it expects that the probability of counterparty default is remote. B. The repurchase bonds held by the Company has high liquidity, so they were classified as cash
B. The repurchase bonds held by the Company has high liquidity, so they were classified as cash equivalents. equivalents. C. Details of trust fund of pre-sale construction and borrowings compensation account pledged to equivalents. C. Details of trust fund of pre-sale construction and borrowings compensation account pledged to
C. Details of trust fund of pre-sale construction and borrowings compensation account pledged to others as collateral which were classified as financial assets at amortised cost, are provided in Note 6(4). others as collateral which were classified as financial assets at amortised cost, are provided in Note 6(4). others as collateral which were classified as financial assets at amortised cost, are provided in Note 6(4).
D. Details of the interest income from the aforementioned pledged bank deposits which was recognised under interest income, are provided in Note 6(25). D. Details of the interest income from the aforementioned pledged bank deposits which was recognised under interest income, are provided in Note 6(25). D. Details of the interest income from the aforementioned pledged bank deposits which was recognised under interest income, are provided in Note 6(25).

		December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019
Cash on hand and revolving funds Cash on hand and revolving funds	\$ \$ 2,731 \$	2,731 \$ 2,888 2,888
Checking accounts and demand deposits Checking accounts and demand deposits	3,880,149 3,880,149	3,609,051 3,609,051
Repurchase bonds Repurchase bonds	300,058 300,058	501,491 501,491
	\$ \$ 4,182,938 \$ 4,182,938 \$	4,113,430 4,113,430

(2) Financial assets at fair value through profit or loss

A. The Company recognised net gain of \$3,828 and \$4,059 on financial assets at fair value through

investments amounted to \$2,096,142 and \$1,795,634 as at December 31, 2020 and 2019,

A. The Company recognised net gain of \$3,828 and \$4,059 on financial assets at fair value through

investments amounted to \$2,096,142 and \$1,795,634 as at December 31, 2020 and 2019,

Designation of equity instrument

Financial assets mandatorily measured at fair value through profit or loss Financial assets mandatorily measured at fair value through profit or loss Non-current items: Financial assets mandatorily measured at fair value through Non-current items: Financial assets mandatorily measured at fair value through
profit or loss for the years ended December 31, 2020 and 2019, respectively. profit or loss for the years ended December 31, 2020 and 2019, respectively. through profit or loss for the years ended December 31, 2020 and 2019, respectively.
collateral are provided in Note 8. (3) Financial assets at fair value through other comprehensive income collateral are provided in Note 8. (3) Financial assets at fair value through other comprehensive income as collateral are provided in Note 8. profit or loss for the years ended December 31, 2020 and 2019, respectively. B. Details of the Company's financial assets at fair value through profit or loss pledged to others as profit or loss for the years ended December 31, 2020 and 2019, respectively. B. Details of the Company's financial assets at fair value through profit or loss pledged to others as
Non-current items: Non-current items: (3) Financial assets at fair value through other comprehensive income collateral are provided in Note 8. collateral are provided in Note 8.

B. Details of the Company's financial assets at fair value through profit or loss pledged to others as B. Details of the Company's financial assets at fair value through profit or loss pledged to others as A. The Company recognised net gain of \$3,828 and \$4,059 on financial assets at fair value A. The Company recognised net gain of \$3,828 and \$4,059 on financial assets at fair value through \$ 79,712 \$ 79,342 A. The Company recognised net gain of \$3,828 and \$4,059 on financial assets at fair value through \$ 79,712 \$ 79,342

B. Details of the Company's financial assets at fair value through profit or loss pledged to others

Current items: Financial assets mandatorily measured at fair value through profit or loss Current items: Financial assets mandatorily measured at fair value through profit or loss (2) Financial assets at fair value through profit or loss Current items: Financial assets mandatorily measured at fair value through (2) Financial assets at fair value through profit or loss Current items: Financial assets mandatorily measured at fair value through

Designation of equity instrument Designation of equity instrument Items Items	December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019
Listed stocks Listed stocks Non-current items: Non-current items:	\$ \$ 103,523 \$ 103,523 \$ 103,523	103,523
Unlisted stocks Unlisted stocks Designation of equity instrument Designation of equity instrument	872,802 872,802 872,802	872,802
Listed stocks Listed stocks	976,325 976,325 976,325 \$ \$ 103,523 \$ 103,523 \$ 103,523	976,325 103,523
Valuation adjustment Valuation adjustment Unlisted stocks Unlisted stocks	1,119,817 1,119,817 819,309 872,802 872,802 872,802	819,309 872,802
	\$ \$ 2,096,142 \$ 2,096,142 \$ 1,795,634 976,325 976,325 976,325	1,795,634 976,325
Valuation adjustment Valuation adjustment	1,119,817 1,119,817 819,309 A. The Company has elected to classify stocks that are considered to be strategic investments as A. The Company has elected to classify stocks that are considered to be strategic investments as	819,309
	\$ \$ 2,096,142 \$ 2,096,142 \$ 1,795,634 financial assets at fair value through other comprehensive income. The fair value of such financial assets at fair value through other comprehensive income. The fair value of such	1,795,634

Items Items		December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019
Current items: Current items:
(2) Financial assets at fair value through profit or loss (2) Financial assets at fair value through profit or loss Financial assets mandatorily Financial assets mandatorily
Items Items measured at fair value through measured at fair value through		December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019
Current items: Current items: profit or loss profit or loss
Financial assets mandatorily Financial assets mandatorily Beneficiary certificates Beneficiary certificates	\$ \$	698,578 \$	698,578 \$	900,633 900,633
measured at fair value through measured at fair value through Valuation adjustments Valuation adjustments		4,241	4,241	4,261 4,261
profit or loss profit or loss	\$ \$	702,819 \$	702,819 \$	904,894 904,894
Beneficiary certificates Beneficiary certificates Non-current items: Non-current items:	\$ \$	698,578 \$	698,578 \$	900,633 900,633
Valuation adjustments Valuation adjustments Financial assets mandatorily Financial assets mandatorily		4,241	4,241	4,261 4,261
measured at fair value through measured at fair value through	\$ \$	702,819 \$	702,819 \$	904,894 904,894
Non-current items: Non-current items: profit or loss profit or loss
Financial assets mandatorily Financial assets mandatorily Beneficiary certificates Beneficiary certificates	\$ \$	76,000 \$	76,000 \$	76,000 76,000
measured at fair value through measured at fair value through Valuation adjustments Valuation adjustments		3,712	3,712	3,342 3,342
profit or loss profit or loss Beneficiary certificates Beneficiary certificates	\$ \$ \$ \$	79,712 \$ 76,000 \$	79,712 \$ 76,000 \$	79,342 79,342 76,000 76,000

B. Amounts recognised in profit or loss and other comprehensive income in relation to the financial B. Amounts recognised in profit or loss and other comprehensive income in relation to the financial A. The Company has elected to classify stocks that are considered to be strategic investments as financial assets at fair value through other comprehensive income. The fair value of such investments amounted to \$2,096,142 and \$1,795,634 as at December 31, 2020 and 2019, A. The Company has elected to classify stocks that are considered to be strategic investments as financial assets at fair value through other comprehensive income. The fair value of such investments amounted to \$2,096,142 and \$1,795,634 as at December 31, 2020 and 2019, A. The Company has elected to classify stocks that are considered to be strategic investments as financial assets at fair value through other comprehensive income. The fair value of such investments amounted to \$2,096,142 and \$1,795,634 as at December 31, 2020 and 2019,

respectively. assets at fair value through other comprehensive income are listed below: respectively. assets at fair value through other comprehensive income are listed below: respectively. respectively. respectively.
~31~ assets at fair value through other comprehensive income are listed below: assets at fair value through other comprehensive income are listed below: financial assets at fair value through other comprehensive income are listed below:

~31~ B. Amounts recognised in profit or loss and other comprehensive income in relation to the financial B. Amounts recognised in profit or loss and other comprehensive income in relation to the financial B. Amounts recognised in profit or loss and other comprehensive income in relation to the

Valuation adjustments 3,712 3,342

Financial Information

\$ 24,382 \$ 369,981 \$ 56,998 \$ 92,169

(4) Financial assets at amortised cost (4) Financial assets at amortised cost (4) Financial assets at amortised cost pledged to others as collateral are provided in Note 8. pledged to others as collateral are provided in Note 8.

A. As at December 31, 2020 and 2019, without taking into account any collateral held or other credit enhancements, the maximum exposure to credit risk in respect of the amount that best represents the financial assets at amortised cost held by the Company was \$528,573 and \$910,538, respectively. A. As at December 31, 2020 and 2019, without taking into account any collateral held or other credit enhancements, the maximum exposure to credit risk in respect of the amount that best represents the financial assets at amortised cost held by the Company was \$528,573 and \$910,538, respectively. enhancements, the maximum exposure to credit risk in respect of the amount that best represents the financial assets at amortised cost held by the Company was \$528,573 and \$910,538, respectively. B. Details of the Company's financial assets at amortised cost pledged to others as collateral are enhancements, the maximum exposure to credit risk in respect of the amount that best represents the financial assets at amortised cost held by the Company was \$528,573 and \$910,538, respectively. B. Details of the Company's financial assets at amortised cost pledged to others as collateral are A. As at December 31, 2020 and 2019, without taking into account any collateral held or other credit enhancements, the maximum exposure to credit risk in respect of the amount that best represents the financial assets at amortised cost held by the Company was \$528,573 and \$910,538, respectively. A. As at December 31, 2020 and 2019, without taking into account any collateral held or other credit enhancements, the maximum exposure to credit risk in respect of the amount that best represents the financial assets at amortised cost held by the Company was \$528,573 and \$910,538, A. As at December 31, 2020 and 2019, without taking into account any collateral held or other credit enhancements, the maximum exposure to credit risk in respect of the amount that best represents the financial assets at amortised cost held by the Company was \$528,573 and \$910,538,

C. Details of the Company's financial assets at fair value through other comprehensive income C. Details of the Company's financial assets at fair value through other comprehensive income C. Details of the Company's financial assets at fair value through other comprehensive income pledged to others as collateral are provided in Note 8. C. Details of the Company's financial assets at fair value through other comprehensive income pledged to others as collateral are provided in Note 8. C. Details of the Company's financial assets at fair value through other comprehensive income pledged to others as collateral are provided in Note 8. Dividend income recognised in profit or loss held at end of period \$ 67,085 \$ 74,866 Dividend income recognised in profit or loss held at end of period \$ 67,085 \$ 74,866

B. Details of the Company's financial assets at amortised cost pledged to others as collateral are provided in Note 8. B. Details of the Company's financial assets at amortised cost pledged to others as collateral are provided in Note 8. provided in Note 8. provided in Note 8. B. Details of the Company's financial assets at amortised cost pledged to others as collateral are provided in Note 8. respectively. respectively.
C. Information relating to credit risk of financial assets at amortised cost is provided in Note 12(2). C. Information relating to credit risk of financial assets at amortised cost is provided in Note 12(2). C. Information relating to credit risk of financial assets at amortised cost is provided in Note 12(2). (5) Notes and accounts receivable C. Information relating to credit risk of financial assets at amortised cost is provided in Note 12(2). (5) Notes and accounts receivable C. Information relating to credit risk of financial assets at amortised cost is provided in Note 12(2). B. Details of the Company's financial assets at amortised cost pledged to others as collateral are provided in Note 8. B. Details of the Company's financial assets at amortised cost pledged to others as collateral are provided in Note 8.

	2020 2020	2019 2019
Equity instruments at fair value through other Equity instruments at fair value through other	2020 2020	2019 2019
Equity instruments at fair value through other Equity instruments at fair value through other comprehensive income comprehensive income	2020 2020	2019 2019
comprehensive income comprehensive income Fair value change recognised in other Fair value change recognised in other Equity instruments at fair value through other Equity instruments at fair value through other comprehensive income comprehensive income Fair value change recognised in other Fair value change recognised in other comprehensive income comprehensive income	\$ \$ 300,508 \$ 300,508 \$ \$ \$ 300,508 \$	87,356 87,356 300,508 \$ 87,356 87,356
comprehensive income comprehensive income Dividend income recognised in profit or Dividend income recognised in profit or Fair value change recognised in other Fair value change recognised in other Dividend income recognised in profit or loss held at end of period loss held at end of period Dividend income recognised in profit or comprehensive income comprehensive income loss held at end of period loss held at end of period	\$ \$ 67,085 \$ 67,085 \$ \$ \$ 300,508 \$ \$ \$ 67,085 \$	74,866 74,866 300,508 \$ 87,356 87,356 67,085 \$ 74,866 74,866

Items Items Items Items (4) Financial assets at amortised cost (4) Financial assets at amortised cost Non-current items: Non-current items:	December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019
Non-current items: Non-current items: Compensation account Compensation account Items Items	\$ \$ 528,573 \$ 528,573 \$ 910,538 910,538 December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019
Compensation account Compensation account Non-current items: Non-current items:	\$ \$ 528,573 \$ 528,573 \$ 910,538 910,538
	A. As at December 31, 2020 and 2019, without taking into account any collateral held or other credit A. As at December 31, 2020 and 2019, without taking into account any collateral held or other credit

Notes receivable Notes receivable Accounts receivable Accounts receivable	\$ \$ \$	\$ 24,382 \$ December 31, 2020 December 31, 2019 369,981 \$ 369,981 \$	24,382 \$	56,998 56,998 December 31, 2020 December 31, 2019 92,169 92,169
Accounts receivable Accounts receivable Less: Allowance for doubtful accounts Less: Allowance for doubtful accounts Notes receivable Notes receivable	\$ ( ( \$	\$ 369,981 \$ 154) ( \$ 24,382 \$	369,981 \$ 154) ( 24,382 \$	92,169 92,169 3,743) 3,743) 56,998 56,998
Less: Allowance for doubtful accounts Less: Allowance for doubtful accounts Accounts receivable Accounts receivable	( \$ \$ \$	( 154) ( 369,827 \$ 369,827 \$ \$ 369,981 \$	154) ( 369,981 \$	3,743) 3,743) 88,426 88,426 92,169 92,169
Less: Allowance for doubtful accounts Less: Allowance for doubtful accounts	\$ (	\$ 369,827 \$ ( 154) (	369,827 \$ 154) (	88,426 88,426 3,743) 3,743)
	\$	\$ 369,827 \$	369,827 \$	88,426 88,426

A.The ageing analysis of notes receivable and accounts receivable that were past due but not impaired	December 31, 2020 December 31, 2020			December 31, 2019 December 31, 2019
is as follows:	Notes Notes	Accounts Accounts	Notes Notes	Accounts Accounts
	receivable receivable	receivable receivable December 31, 2020	receivable receivable December 31, 2019	receivable receivable
Without past due Without past due	Notes	\$ 24,382 \$ 369,687 \$ 56,998 \$ 87,530 Accounts	Notes	\$ 24,382 \$ 369,687 \$ 56,998 \$ 87,530 Accounts
Up to 30 days Up to 30 days	- receivable	- - receivable	- - receivable	- - - receivable
31 to 60 days Without past due 31 to 60 days	-	\$ 24,382 \$ 369,687 \$ 56,998 \$ 87,530 - -	- -	- - -
Up to 30 days 61 to 90 days 61 to 90 days	- -	- - -	- - -	- - - -
31 to 60 days Over 90 days Over 90 days	- -	- - 294	- 294 -	- - 4,639 4,639
61 to 90 days	-	- \$ 24,382 \$ 369,981 \$ 56,998 \$ 92,169	-	- \$ 24,382 \$ 369,981 \$ 56,998 \$ 92,169

B. As of December 31, 2020, December 31, 2019, and January 1, 2019, the balances of receivables (including notes receivable) from contracts with customers amounted to \$368,928, \$94,000 and (including notes receivable) from contracts with customers amounted to \$368,928, \$94,000 and B. As of December 31, 2020, December 31, 2019, and January 1, 2019, the balances of receivables (including notes receivable) from contracts with customers amounted to \$368,928,

The above ageing analysis was based on past due date. (including notes receivable) from contracts with customers amounted to \$368,928, \$94,000 and \$1,091,483, respectively. \$1,091,483, respectively. \$94,000 and \$1,091,483, respectively.
\$1,091,483, respectively. C. As at December 31, 2020 and 2019, without taking into account any collateral held or other credit \$369,827 and \$88,426, respectively. C. As at December 31, 2020 and 2019, without taking into account any collateral held or other credit \$369,827 and \$88,426, respectively. accounts receivable were \$369,827 and \$88,426, respectively.
\$369,827 and \$88,426, respectively. D. Information relating to credit risk of notes receivable and accounts receivable is provided in Note 12(2). D. Information relating to credit risk of notes receivable and accounts receivable is provided in Note 12(2). D. Information relating to credit risk of notes receivable and accounts receivable is provided in Note 12(2). Note 12(2).
E. The Company does not hold any collateral pledged for notes and accounts receivable. E. The Company does not hold any collateral pledged for notes and accounts receivable. E. The Company does not hold any collateral pledged for notes and accounts receivable.

C. As at December 31, 2020 and 2019, without taking into account any collateral held or other credit enhancements, the maximum exposure to credit risk in respect of the amount that best represents the Company's notes receivable were \$24,382 and \$56,998, respectively; the maximum exposure to credit risk in respect of the amount that best represents the Company's accounts receivable were enhancements, the maximum exposure to credit risk in respect of the amount that best represents the Company's notes receivable were \$24,382 and \$56,998, respectively; the maximum exposure to credit risk in respect of the amount that best represents the Company's accounts receivable were enhancements, the maximum exposure to credit risk in respect of the amount that best represents the Company's notes receivable were \$24,382 and \$56,998, respectively; the maximum exposure to credit risk in respect of the amount that best represents the Company's accounts receivable were C. As at December 31, 2020 and 2019, without taking into account any collateral held or other credit enhancements, the maximum exposure to credit risk in respect of the amount that best represents the Company's notes receivable were \$24,382 and \$56,998, respectively; the maximum exposure to credit risk in respect of the amount that best represents the Company's

	December 31, 2020 Allowance for Allowance for
	Cost Cost	Allowance for valuation loss valuation loss	Book value Book value
Land held for construction site Land held for construction site	Cost \$ \$ 6,455,958 (\$ 6,455,958 (\$	valuation loss 62,573) \$	Book value 62,573) \$ 6,393,385 6,393,385
Land held for construction site Construction in progress Construction in progress	\$ 6,455,958 (\$ 1,630,307 1,630,307	62,573) \$	6,393,385 - - 1,630,307 1,630,307
Construction in progress Buildings and land held for sale Buildings and land held for sale	1,630,307 7,881,601 ( 7,881,601 (	- 11,072)	1,630,307 11,072) 7,870,529 7,870,529
Buildings and land held for sale Prepayment for land Prepayment for land	7,881,601 ( 228,635 228,635	11,072)	7,870,529 - - 228,635 228,635
Prepayment for land Merchandise Merchandise	228,635 1,438	- 1,438	228,635 - - 1,438 1,438
Merchandise	1,438 \$ \$ 16,197,939 (\$ 16,197,939 (\$	- 73,645) \$	1,438 73,645) \$ 16,124,294 16,124,294
	\$ 16,197,939 (\$	73,645) \$	16,124,294

Notes receivable \$ 24,382 \$ 56,998 Notes receivable \$ 24,382 \$ 56,998 (5) Notes and accounts receivable (5) Notes and accounts receivable (5) Notes and accounts receivable

(6) Inventories (6) Inventories

and held for construction site
Construction in progress
Buildings and land held for sale
Prepayment for land
Aerchandise

Compensation account \$ 528,573 \$ 910,538

A. The ageing analysis of notes receivable and accounts receivable that were past due but not impaired is as follows:

The above ageing analysis was based on past due date. B. As of December 31, 2020, December 31, 2019, and January 1, 2019, the balances of receivables B. As of December 31, 2020, December 31, 2019, and January 1, 2019, the balances of receivables The above ageing analysis was based on past due date.

The above ageing analysis was based on past due date.

D. Information relating to credit risk of notes receivable and accounts receivable is provided in

Financial Information

Total buildings and land in process \$ 5,767,257 \$ 9,069,556

Taichung branch Taichung branch

Tainan branch Tainan branch

Total buildings and land in process \$ 5,767,257 \$ 9,069,556

1.86%-2.22% 1.53%-2.50%

Annual interest rate used for capitalization

1.86%-2.22% 1.53%-2.50%

Annual interest rate used for capitalization

Tainan branch Tainan branch	December 31, 2020 December 31, 2020	December 31, 2019 December 31, 2019
Jin Hua Section No. 1361 Jin Hua Section No. 1361	\$ \$ 689,315 \$	689,315 \$ 688,265	688,265
Tainan branch Tainan branch Shan Chia Section No. 939, etc. Shan Chia Section No. 939, etc.	December 31, 2020 156,281	December 31, 2020 December 31, 2019 December 31, 2019 156,281 155,943	155,943
Jin Hua Section No. 1361 Jin Hua Section No. 1361 Prince Feng Yun (Hsin Ying Section No. 841-9) Prince Feng Yun (Hsin Ying Section No. 841-9)	\$ \$ 689,315 \$ -	689,315 \$ 688,265 - 1,258,574 1,258,574	688,265
Shan Chia Section No. 939, etc. Shan Chia Section No. 939, etc. Others Others	156,281 3,738	156,281 155,943 3,738 3,738	155,943 3,738
Prince Feng Yun (Hsin Ying Section No. 841-9) Prince Feng Yun (Hsin Ying Section No. 841-9)	- 849,334	- 1,258,574 1,258,574 849,334 2,106,520 2,106,520
Others Others	3,738	3,738 3,738	3,738
Kaohsiung branch Kaohsiung branch	849,334	849,334 2,106,520 2,106,520
Prince Cloud E Prince Cloud E (Ren Wu New Hougang West Section No .90, etc. ) (Ren Wu New Hougang West Section No .90, etc. ) Kaohsiung branch Kaohsiung branch	696,080	696,080 448,871	448,871
Prince Cloud B Prince Cloud B Prince Cloud E Prince Cloud E (Ren Wu New Hougang West Section No .42, etc.) (Ren Wu New Hougang West Section No .42, etc.) (Ren Wu New Hougang West Section No .90, etc. ) (Ren Wu New Hougang West Section No .90, etc. )	364,370 696,080	364,370 364,370 696,080 448,871	364,370 448,871
Ren Wu New Hougang West Section No. 88 Ren Wu New Hougang West Section No. 88 Prince Cloud B Prince Cloud B experimental house experimental house (Ren Wu New Hougang West Section No .42, etc.) (Ren Wu New Hougang West Section No .42, etc.)	364,370 72,933	364,370 364,370 72,933 72,933	364,370 72,933
Prince Castle (Building) Prince Castle (Building) Ren Wu New Hougang West Section No. 88 Ren Wu New Hougang West Section No. 88 (Nanzi Subsection No. 158, etc.) (Nanzi Subsection No. 158, etc.) experimental house experimental house	- 72,933	- 1,572,455 1,572,455 72,933 72,933	72,933
Prince Castle (Building) Prince Castle (Building)	1,133,383	1,133,383 2,458,629 2,458,629
(Nanzi Subsection No. 158, etc.) (Nanzi Subsection No. 158, etc.) Total buildings and land in process Total buildings and land in process	- \$ \$ 5,767,257 \$	- 1,572,455 1,572,455 5,767,257 \$ 9,069,556 9,069,556
	1,133,383	1,133,383 2,458,629 2,458,629

	December 31, 2019 Allowance for Allowance for
	Cost Cost	Allowance for December 31, 2019 valuation loss valuation loss	Book value Book value
	Cost	valuation loss Allowance for	Book value
Land held for construction site Land held for construction site \$ Land held for construction site	\$ 6,990,434 6,990,434 (\$ \$ 6,990,434 (\$ Cost	(\$ 64,249) 64,249) \$ valuation loss	64,249) \$ \$ 6,926,185 6,926,185 6,926,185 Book value
Construction in progress Construction in progress Construction in progress Land held for construction site	4,385,175 4,385,175 4,385,175 \$ 6,990,434 (\$	- 64,249) \$	- 4,385,175 4,385,175 - 4,385,175 6,926,185
Buildings and land held for sale Buildings and land held for sale Buildings and land held for sale Construction in progress	7,259,621 7,259,621 ( 7,259,621 ( 4,385,175	( 12,258) 12,258)	12,258) 7,247,363 7,247,363 7,247,363 - 4,385,175
Prepayment for land Prepayment for land Prepayment for land Buildings and land held for sale	223,135 223,135 223,135 7,259,621 (	- 12,258)	- 223,135 - 223,135 7,247,363
Prepayment for buildings and land Prepayment for buildings and land Prepayment for buildings and land Prepayment for land	552,085 552,085 552,085 223,135	-	- 552,085 - 552,085 - 223,135
Merchandise Prepayment for buildings and land Merchandise Merchandise	1,388 552,085 1,388	1,388 -	- 1,388 - 552,085 - 1,388
Merchandise \$	\$ 19,411,838 (\$ 1,388 19,411,838 \$ 19,411,838 (\$	76,507) \$ (\$ 76,507)	19,335,331 - 1,388 76,507) \$ 19,335,331 \$ 19,335,331

A. The cost of inventories recognised as expense for the years ended December 31, 2020 and 2019 was \$5,328,929 and \$4,152,592, respectively, including the amounts of \$2,862 and \$404, respectively, that the Company wrote down from cost to net realisable value accounted for as cost of goods sold. A. The cost of inventories recognised as expense for the years ended December 31, 2020 and 2019 was \$5,328,929 and \$4,152,592, respectively, including the amounts of \$2,862 and \$404, respectively, that the Company wrote down from cost to net realisable value accounted for as cost of goods sold. A. The cost of inventories recognised as expense for the years ended December 31, 2020 and 2019 was \$5,328,929 and \$4,152,592, respectively, including the amounts of \$2,862 and \$404, respectively, that the Company wrote down from cost to net realisable value accounted for as cost of goods sold. \$5,328,929 and \$4,152,592, respectively, including the amounts of \$2,862 and \$404, respectively, that the Company wrote down from cost to net realisable value accounted for as cost of goods sold. B. Details of the Company's inventories pledged to others as collateral are provided in Note 8. A. The cost of inventories recognised as expense for the years ended December 31, 2020 and 2019 was\$5,328,929 and \$4,152,592, respectively, including the amounts of \$2,862 and \$404, respectively, that the Company wrote down from cost to net realisable value accounted for as cost of goods sold.

	2020 2019 Years ended December 31, Years ended December 31, Years ended December 31,
Interest paid before capitalization	\$ 259,846 \$ 2020	344,946 2019
Interest capitalized Interest paid before capitalization	2020 2020 \$ 97,601 \$ \$ 259,846 \$	2019 2019 158,962 344,946
\$ Interest paid before capitalization Interest paid before capitalization Annual interest rate used for capitalization Interest capitalized	\$ 259,846 259,846 \$ 1.86%-2.22% \$ 97,601 \$	\$ 344,946 344,946 1.53%-2.50% 158,962
\$ Interest capitalized Interest capitalized Annual interest rate used for capitalization D. Details of significant inventories:	\$ 97,601 \$ 1.86%-2.22%	97,601 \$ 158,962 158,962 1.53%-2.50%

B. Details of the Company's inventories pledged to others as collateral are provided in Note 8. B. Details of the Company's inventories pledged to others as collateral are provided in Note 8. B. Details of the Company's inventories pledged to others as collateral are provided in Note 8. C. The interest capitalized as cost of inventory is as follows: B. Details of the Company's inventories pledged to others as collateral are provided in Note 8.

C. The interest capitalized as cost of inventory is as follows: C. The interest capitalized as cost of inventory is as follows: C. The interest capitalized as cost of inventory is as follows: C. The interest capitalized as cost of inventory is as follows:

D. Details of significant inventories: D. Details of significant inventories: (a)Buildings and land in progress Taipei branch December 31, 2020 December 31, 2019 D. Details of significant inventories:

D. Details of significant inventories:

(a)Buildings and land in progress (a)Buildings and land in progress Taipei branch December 31, 2020 December 31, 2019 Ling Ko Li Shing Section No. 1209, etc. \$ 2,123,820 \$ 1,975,394 (a) Buildings and land in progress

Bali Dist Chung Chang Section No.222 and Taipei branch Taipei branch	December 31, 2020 December 31, 2020 2,813,247	December 31, 2019 December 31, 2019 2,664,803
211-1, etc. Ling Ko Li Shing Section No. 1209, etc. Ling Ko Li Shing Section No. 1209, etc.	689,427 \$ \$ 2,123,820 \$	689,409 2,123,820 \$ 1,975,394 1,975,394
Bali Dist Chung Chang Section No.222 and Bali Dist Chung Chang Section No.222 and Taichung branch 211-1, etc. 211-1, etc. Beitun Dist. Rong-De Lot No.129, etc. Taichung branch	2,813,247 689,427 759,030	2,664,803 689,427 689,409 689,409 -
Jin Shuei Dist. Wu Show Section No. 1037, No. Beitun Dist. Rong-De Lot No.129, etc. 1038, No. 1040, etc.	2,813,247 759,030 212,263	2,813,247 2,664,803 2,664,803 - 212,248
Jin Shuei Dist. Wu Show Section No. 1037, No. Prosperous New World 1038, No. 1040, etc. Taichung branch Taichung branch (Taiping Dist. Ping Hsin Section No. 694, etc.)	212,263	212,248 - 1,627,356
Prosperous New World Beitun Dist. Rong-De Lot No.129, etc. Beitun Dist. Rong-De Lot No.129, etc.	759,030 971,293	759,030 - - 1,839,604 - 1,627,356
(Taiping Dist. Ping Hsin Section No. 694, etc.) Jin Shuei Dist. Wu Show Section No. 1037, No. Jin Shuei Dist. Wu Show Section No. 1037, No. 1038, No. 1040, etc. 1038, No. 1040, etc.	971,293 212,263	1,839,604 212,263 212,248 212,248
Prosperous New World Prosperous New World
(Taiping Dist. Ping Hsin Section No. 694, etc.) (Taiping Dist. Ping Hsin Section No. 694, etc.) ~34~	-	- 1,627,356 1,627,356
	971,293	971,293 1,839,604 1,839,604

Others Taipei branch	December 31, 2020	December 31, 2020 5,978	December 31, 2019 5,978	December 31, 2019 5,978
Zhong Li Pu Ren Lot No. 720, etc. Zhong Li Pu Ren Lot No. 720, etc.	\$	146,134 \$ 140,156 \$	146,134 140,156 \$	146,134 140,156
Others Taichung branch Taichung branch		5,978	5,978	5,978
Wu Feng Lot No. 365~855 etc. Wu Feng Lot No. 365~855 etc.		146,134 175,661	146,134 175,661	146,134 175,661
Taichung branch Taichung branch Song Quan Lot No. 164 etc. Song Quan Lot No. 164 etc.		137,697	137,697	137,697
Wu Feng Lot No. 365~855 etc. Wu Feng Lot No. 365~855 etc. Tu Ku Section No. 9-7, etc. Tu Ku Section No. 9-7, etc.		175,661 55,167	175,661 55,167	175,661 55,167
Song Quan Lot No. 164 etc. Song Quan Lot No. 164 etc. Song Chang Lot No. 577 etc. Song Chang Lot No. 577 etc.		137,697 19,912	137,697 19,912	137,697 19,912
Tu Ku Section No. 9-7, etc. Tu Ku Section No. 9-7, etc. Hou Long Zi Section No. 133-004 Hou Long Zi Section No. 133-004		55,167 19,513	55,167 19,513	55,167 19,513
Song Chang Lot No. 577 etc. Song Chang Lot No. 577 etc. Taiping Lot No. 112-54 etc. Taiping Lot No. 112-54 etc.		19,912 2,748	19,912 2,748	19,912 2,766
Hou Long Zi Section No. 133-004 Hou Long Zi Section No. 133-004 Others		11,713 19,513	11,713 19,513	11,713 19,513
Taiping Lot No. 112-54 etc. Taiping Lot No. 112-54 etc.		422,411 2,748	422,411 2,748	422,429 2,766
Others		11,713	11,713	11,713
Tainan branch Shan Zhong Lot No. 1468, No. 1475 & No. 1476 etc. Shan Zhong Lot No. 1468, No. 1475 & No. 1476 etc.		422,411 234,699	422,411 234,699	422,429 234,699
Tainan branch Tainan branch Xue Zhong Lot No. 679, etc. Xue Zhong Lot No. 679, etc.		50,798	50,798	50,798
Shan Zhong Lot No. 1468, No. 1475 & No. 1476 etc. Shan Zhong Lot No. 1468, No. 1475 & No. 1476 etc. Yong Kang Ding An Lot No. 879, etc. Yong Kang Ding An Lot No. 879, etc.		234,699 28,610	234,699 28,610	234,699 28,610
Xue Zhong Lot No. 679, etc. Xue Zhong Lot No. 679, etc. Bei An Section No. 54-3, etc. Bei An Section No. 54-3, etc.		50,798 28,317	50,798 28,317	50,798 15,344
Yong Kang Ding An Lot No. 879, etc. Yong Kang Ding An Lot No. 879, etc. Chin An Section No. 373~377 Chin An Section No. 373~377		28,610 15,139	28,610 15,139	28,610 15,139
Bei An Section No. 54-3, etc. Bei An Section No. 54-3, etc. Bao An Lot No. 882, etc. Bao An Lot No. 882, etc.		28,317 10,325	28,317 10,325	15,344 10,325
Chin An Section No. 373~377 Chin An Section No. 373~377 Others		15,139 14,550	15,139 14,550	15,139 14,550
Bao An Lot No. 882, etc. Bao An Lot No. 882, etc.		10,325 382,438	10,325 382,438	10,325 369,465
Others		14,550	14,550	14,550
		382,438	382,438	369,465

\$ 19,411,838 (\$ 76,507) \$ 19,335,331

(a)Buildings and land in progress

(b)Land held for construction site

Kaohsiung branch Kaohsiung branch

(b)Land held for construction site

Taipei branch December 31, 2020 December 31, 2019 Taipei branch December 31, 2020 December 31, 2019 (b) Land held for construction site

(7) Investments accounted for under equity method

(d)Prepayment for land Tainan branch Tainan branch

(e)Prepayment for buildings and land (7) Investments accounted for under equity method (7) Investments accounted for under equity method

Name of subsidiaries and associates Name of subsidiaries and associates Uni-President Development Corp. Uni-President Development Corp. \$	December 31, 2020 Carrying amount Carrying amount 1,136,641 \$ 1,136,641	ownership ownership 30.00% \$	December 31, 2019 Carrying amount Carrying amount 30.00% \$ 1,146,288 1,146,288	ownership ownership 30.00% 30.00%
		Percentage of		Percentage of
Uni-President Development Corp. Uni-President Development Corp. \$ Cheng-shi Investment Holdings Co., Ltd. Cheng-shi Investment Holdings Co., Ltd. Name of subsidiaries and associates	1,136,641 \$ 1,136,641 1,472,853 1,472,853 Carrying amount	30.00% \$ 100.00% 100.00% ownership	30.00% \$ 1,146,288 1,146,288 1,133,975 1,133,975 Carrying amount	30.00% 30.00% 100.00% 100.00% ownership
Cheng-shi Investment Holdings Co., Ltd. Cheng-shi Investment Holdings Co., Ltd. Time Square International Investment Time Square International Investment Uni-President Development Corp.	1,472,853 1,472,853 553,488 553,488 \$ 1,136,641	100.00% 100.00% 100.00% 100.00% 30.00% \$	1,133,975 1,133,975 992,375 1,146,288	100.00% 100.00% 992,375 100.00% 100.00% 30.00%
Time Square International Investment Time Square International Investment Holdings Co., Ltd. Holdings Co., Ltd. Cheng-shi Investment Holdings Co., Ltd.	553,488 553,488 1,472,853	100.00% 100.00% 100.00%	992,375 1,133,975	992,375 100.00% 100.00% 100.00%
Holdings Co., Ltd. Holdings Co., Ltd. Prince Real Estate Co., Ltd. Prince Real Estate Co., Ltd. Time Square International Investment	688,288 688,288 553,488	99.68% 100.00%	99.68% 912,198 992,375	912,198 99.68% 99.68% 100.00%
Prince Real Estate Co., Ltd. Prince Real Estate Co., Ltd. Prince Housing Investment Co., Ltd. Prince Housing Investment Co., Ltd. Holdings Co., Ltd.	688,288 688,288 558,982 558,982	99.68% 100.00%	99.68% 912,198 100.00% 525,031	912,198 99.68% 99.68% 525,031 100.00% 100.00%
Prince Housing Investment Co., Ltd. Prince Housing Investment Co., Ltd. Geng-Ding Co., Ltd. Geng-Ding Co., Ltd. Prince Real Estate Co., Ltd.	558,982 558,982 304,626 304,626 688,288	100.00% 30.00% 99.68%	100.00% 525,031 30.00% 307,140 912,198	525,031 100.00% 100.00% 307,140 30.00% 30.00% 99.68%
Geng-Ding Co., Ltd. Geng-Ding Co., Ltd. The Splendor Hotel Taichung The Splendor Hotel Taichung Prince Housing Investment Co., Ltd.	304,626 304,626 220,509 220,509 558,982	30.00% 50.00% 100.00%	30.00% 307,140 50.00% 284,831 525,031	307,140 30.00% 30.00% 284,831 50.00% 50.00% 100.00%
The Splendor Hotel Taichung The Splendor Hotel Taichung Prince Property Management Consulting Prince Property Management Consulting Geng-Ding Co., Ltd.	220,509 220,509 264,510 264,510 304,626	50.00% 100.00% 30.00%	50.00% 284,831 100.00% 262,006 307,140	284,831 50.00% 50.00% 262,006 100.00% 100.00% 30.00%
Prince Property Management Consulting Prince Property Management Consulting The Splendor Hotel Taichung Co., Ltd.	264,510 264,510 220,509	100.00% 50.00%	100.00% 262,006 284,831	262,006 100.00% 100.00% 50.00%
Co., Ltd. Prince Property Management Consulting Ming-Da Enterprise Co., Ltd Ming-Da Enterprise Co., Ltd	264,510 8,042 8,042	100.00% 20.00%	262,006 20.00% 27,152	100.00% 27,152 20.00% 20.00%
Co., Ltd. Ming-Da Enterprise Co., Ltd Ming-Da Enterprise Co., Ltd Jin Yi Xing Plywood Co., Ltd.(Note) Jin Yi Xing Plywood Co., Ltd.(Note)	8,042 8,042 -	20.00% - 99.65%	20.00% 27,152 99.65% -	27,152 20.00% 20.00% - 99.65% 99.65%
Ming-Da Enterprise Co., Ltd Jin Yi Xing Plywood Co., Ltd.(Note) Jin Yi Xing Plywood Co., Ltd.(Note) Prince Industrial Co., Ltd. Prince Industrial Co., Ltd.	8,042 - 9,303 9,303	20.00% - 99.65% 100.00%	27,152 99.65% - 100.00% 9,355	20.00% - 99.65% 99.65% 9,355 100.00% 100.00%
Jin Yi Xing Plywood Co., Ltd.(Note) Prince Industrial Co., Ltd. Prince Industrial Co., Ltd. \$	- 9,303 9,303 5,217,242 \$ 5,217,242	99.65% 100.00% \$	- 100.00% 9,355 5,600,351 \$ 5,600,351	99.65% 9,355 100.00% 100.00%
Prince Industrial Co., Ltd. \$	9,303 5,217,242 \$ 5,217,242	100.00% \$	9,355 5,600,351 \$ 5,600,351	100.00%
Note: As of December 31, 2020 Note: As of December 31, 2020	and 2019, the book value of the Company's investment in Jin Yi and 2019, the book value of the Company's investment in Jin Yi \$ 5,217,242		\$ 5,600,351

 Holdings Co., Ltd.
            Co., Ltd.
Holdings Co., Ltd.
          Holdings Co., Ltd.
          Co., Ltd.
Holdings Co., Ltd.
          Holdings Co., Ltd.
          Co., Ltd.

(e)Prepayment for buildings and land

Tainan branch Tainan branch

(e)Prepayment for buildings and land

(7) Investments accounted for under equity method A. Details of investments accounted for under the equity method are set forth below: December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Percentage of Percentage of December 31, 2020 December 31, 2019 Percentage of Percentage of December 31, 2020 December 31, 2019 (7) Investments accounted for under equity method A. Details of investments accounted for under the equity method are set forth below:

Note: As of December 31, 2020 and 2019, the book value of the Company's investment in Jin Yi Xing Plywood Co., Ltd. ,was below zero. Thus, the investments were transferred to other Xing Plywood Co., Ltd. ,was below zero. Thus, the investments were transferred to other Xing Plywood Co., Ltd. ,was below zero. Thus, the investments were transferred to other Note: As of December 31, 2020 and 2019, the book value of the Company's investment in Jin Yi Xing Plywood Co., Ltd. ,was below zero. Thus, the investments were transferred to other non-current liabilities at \$297,652

Tainan branch (e)Prepayment for buildings and land (e)Prepayment for buildings and land (e) Prepayment for buildings and land

non-current liabilities at \$297,652 and \$297,509, respectively. non-current liabilities at \$297,652 and \$297,509, respectively. non-current liabilities at \$297,652 and \$297,509, respectively. non-current liabilities at \$297,652 and \$297,509, respectively. non-current liabilities at \$297,652 and \$297,509, respectively. and \$297,509, respectively.
B. Subsidiaries
~37~ subsidiaries' information.
C. Associates
as follows:
- Balance sheet

Total land held for construction site \$ 2,319,008 \$ 2,306,053

Kaohsiung branch Kaohsiung branch	December 31, 2020	December 31, 2020 December 31, 2019 December 31, 2019
Kaohsiung branch Kaohsiung branch Ren Wu New Hougang West Section No. 53, etc. Ren Wu New Hougang West Section No. 53, etc.	December 31, 2020 December 31, 2020 \$ \$ 905,077 \$	December 31, 2019 December 31, 2019 905,077 \$ 905,077 905,077
Ren Wu New Ren Wu New Hougang West Section No. 53, etc. Ren Wu New Hougang West Section No. 53, etc. Ren Wu New Section No. 30 & No. 52-74 No. 30 & No. 52-74	\$ \$ 905,077 \$ 407,357	905,077 \$ 905,077 905,077 407,357 407,357
Ren Wu New Hougang West Section No. 30 & No. 52-74 Ren Wu New Hougang West Section No. 30 & No. 52-74 Ren Wu Xiahai Section No. 642, No. 669 & No. 940, etc. Ren Wu Xiahai Section No. 642, No. 669 & No. 940, etc.	407,357 41,668	407,357 407,357 41,668 41,668
Ren Wu Xiahai Section No. 642, No. 669 & No. 940, etc. Ren Wu Xiahai Section No. 642, No. 669 & No. 940, etc. Da Hua Lot No. 434 & No. 436 Da Hua Lot No. 434 & No. 436	13,923 41,668	13,923 13,923 41,668 41,668
Da Hua Lot No. 434 & No. 436 Da Hua Lot No. 434 & No. 436	13,923 1,368,025	13,923 13,923 1,368,025 1,368,025 1,368,025
Total land held for construction site Total land held for construction site	\$ \$ 2,319,008 \$ 1,368,025	1,368,025 2,319,008 \$ 2,306,053 1,368,025 1,368,025 2,306,053

(c)Buildings and land held for sale (c)Buildings and land held for sale Taipei branch December 31, 2020 December 31, 2019 Taipei branch December 31, 2020 December 31, 2019 (c) Buildings and land held for sale

(c)Buildings and land held for sale

(d)Prepayment for land (d)Prepayment for land (d) Prepayment for land

(c)Buildings and land held for sale

~37~ Please refer to Note 4(3) of the Company's consolidated financial statements for the

Prince Hua Wei Prince Hua Wei Taipei branch Taipei branch	\$ \$ 939,597 \$ 939,597 \$ 936,352 December 31, 2020 December 31, 2020 December 31, 2019 December 31, 2019
Prince Shin Yi (Xin Zhuang Fuduxin) Prince Shin Yi (Xin Zhuang Fuduxin) Prince Hua Wei Prince Hua Wei	863,365 863,365 1,203,294 \$ \$ 939,597 \$ 939,597 \$ 936,352
Prince W Prince Shin Yi (Xin Zhuang Fuduxin) Prince Shin Yi (Xin Zhuang Fuduxin)	138,082 138,082 908,965 863,365 863,365 1,203,294
Prince Pine Garden Prince Pine Garden Prince W	106,265 106,265 512,426 138,082 138,082 908,965
Prince Da Din Prince Da Din Prince Pine Garden Prince Pine Garden	12,025 12,025 12,025 106,265 106,265 512,426
Prince Guo Boa Prince Guo Boa Prince Da Din Prince Da Din	5,738 5,738 5,738 12,025 12,025 12,025
Prince Fu III Prince Fu III Prince Guo Boa Prince Guo Boa	- - 89,346 5,738 5,738 5,738
Others Prince Fu III Prince Fu III	546 546 546 - - 89,346
Others	2,065,618 2,065,618 3,668,692 546 546 546
Taichung branch Taichung branch	2,065,618 2,065,618 3,668,692
Prince Xian Heng Prince Xian Heng Taichung branch Taichung branch	888,888 888,888 1,223,688
Prosperous New World Prosperous New World Prince Xian Heng Prince Xian Heng	789,498 789,498 - 888,888 888,888 1,223,688
Prince Holiday Mansion Prince Holiday Mansion Prosperous New World Prosperous New World	9,058 9,058 9,058 789,498 789,498 -
W Epoch Prince Holiday Mansion Prince Holiday Mansion	- - 339,089 9,058 9,058 9,058
Ching Feng Jin Ching Feng Jin W Epoch	- - 20,759 - - 339,089
Others Ching Feng Jin Ching Feng Jin	6,118 6,118 6,118 - - 20,759
Others	1,693,562 1,693,562 1,598,712 6,118 6,118 6,118
Tainan branch Tainan branch	1,693,562 1,693,562 1,598,712
World of Peak Tainan branch Tainan branch World of Peak	781,168 781,168 -
Prince Flower Bo Five World of Peak World of Peak Prince Flower Bo Five	309,642 781,168 309,642 781,168 578,935 -
Jun Chan LV Prince Flower Bo Five Prince Flower Bo Five Jun Chan LV	309,642 19,725 309,642 19,725 578,935 19,725
Prince WIN2 Future Jun Chan LV Jun Chan LV Prince WIN2 Future	11,837 19,725 19,725 11,837 80,640 19,725
Prince WIN2 Future Prince WIN2 Future Prince Golden Age Prince Golden Age	11,837 11,837 80,640 4,145 4,145 5,302
Prince Jun Fon Huei Prince Golden Age Prince Golden Age Prince Jun Fon Huei	4,145 - 4,145 - 15,208 5,302
Prince Jun Fon Huei Prince Jun Fon Huei Others	2,292 2,292 2,292 - - 15,208
Others	2,292 2,292 2,292 1,128,809 1,128,809 702,102
	1,128,809 1,128,809 702,102
Kaohsiung branch Kaohsiung branch	December 31, 2020 December 31, 2020 December 31, 2019 December 31, 2019
Prince Castle (Building) Prince Castle (Building)	\$ \$ 1,937,118 \$ 1,937,118 \$ -
Prince Castle (Townhouse) Prince Castle (Townhouse)	1,000,234 1,000,234 1,204,509 1,204,509
Prince Cloud C apartment Prince Cloud C apartment	27,536 27,536 28,347
Prince Cloud D Prince Cloud D	22,206 22,206 22,206
Prince Dai Din Prince Dai Din	6,518 6,518 7,170
Prince Hua Yang Prince Hua Yang	- - 27,883
	2,993,612 2,993,612 1,290,115 1,290,115
Total buildings and land held for sale Total buildings and land held for sale	\$ \$ 7,881,601 \$ 7,881,601 \$ 7,259,621 7,259,621

(d)Prepayment for land

(a) The summarized financial information of the associate that is material to the Company is

G. Details of the Company's investments accounted for under equity method pledged to others as collateral are provided in Note 8. as collateral are provided in Note 8.
(8) Property, plant and equipment (8) Property, plant and equipment
A. Details of book values are as follows: A. Details of book values are as follows:
- equipment Construction in progress and

\$ 182,481 \$	182,890
241,126	248,818
2,591	2,184

2,028	3,136
	21,452
19,015	20,342
198	218

-	5,670
\$ 481,803 \$	484,710
	December 31, 2020 December 31, 2019 34,364

(a) The summarized financial information of the associate that is material to the Company is as follows:

Share in associate's net assets \$ 1,136,641 \$ 1,146,288

Dividends received from associates \$ 42,120 \$ 31,428

	Uni President Development Corp.
Balance sheet		December 31, 2020 December 31, 2019
Current assets	\$	Uni President Development Corp. 60,122 \$	221,434
Non-current assets		December 31, 2020 December 31, 2019 7,463,340	7,843,948
Current assets Current liabilities	\$ (	60,122 \$ 3,085,745) (	221,434 3,318,190)
Non-current assets Non-current liabilities	(	7,463,340 648,912) (	7,843,948 926,233)
Current liabilities Total net assets	( \$	3,085,745) ( 3,788,805 \$	3,318,190) 3,820,959
Non-current liabilities Share in associate's net assets	( \$	648,912) ( 1,136,641 \$	926,233) 1,146,288
Total net assets Statements of comprehensive income	\$	3,788,805 \$	3,820,959

(b) The carrying amount of the Company's interests in all individually immaterial associates and the Company's share of the operating results are summarized below: the Company's share of the operating results are summarized below: As of December 31, 2020 and 2019, the carrying amount of the Company's individually (b) The carrying amount of the Company's interests in all individually immaterial associates and the Company's share of the operating results are summarized below:

(b) The carrying amount of the Company's interests in all individually immaterial associates and

Statements of comprehensive income	Uni President Development Corp.
		Years ended December 31,
	2020	Uni President Development Corp. 2019
Revenue	\$ 855,774 \$	Years ended December 31, 973,047
Profit for the period from continuing operations \$	2020 108,246 \$	2019 156,197
Revenue Total comprehensive income	\$ 855,774 \$ \$ 108,246 \$	973,047 156,197
Profit for the period from continuing operations \$ Dividends received from associates	108,246 \$ \$ 42,120 \$	156,197 31,428
Total comprehensive income	\$ 108,246 \$	156,197

As of December 31, 2020 and 2019, the carrying amount of the Company's individually immaterial associates amounted to \$312,668 and \$334,292, respectively. Years ended December 31, As of December 31, 2020 and 2019, the carrying amount of the Company's individually immaterial associates amounted to \$312,668 and \$334,292, respectively.

	2020 2019 Years ended December 31,
Income for the year from continuing operations \$		10,384 \$ 2020	82,899 2019
Other comprehensive loss, net of tax Income for the year from continuing operations \$	(	925) ( 10,384 \$	3,200) 82,899
Total comprehensive income Other comprehensive loss, net of tax	\$ (	9,459 \$ 925) (	79,699 3,200)
Total comprehensive income	\$	9,459 \$	79,699

~38~ E. The Company's share of profit of subsidiaries, associates and joint ventures accounted for using equity method for the years ended December 31, 2020 and 2019 was \$26,160 and \$628,202, respectively.
~38~ F. The investment income of certain investees for the years ended December 31, 2020 and 2019 accounted for under the equity method was based on their financial statements for the corresponding periods, which were audited by other auditors. The investment income (loss) recognized for these investees for the years ended December 31, 2020 and 2019 was \$3,164 and\$22,337, respectively. As of December 31, 2020 and 2019, investment balance accounted for under the equity method in these investees were \$304,626 and \$307,140, respectively. The investees whose financial statements were audited by other auditors for the years ended December 31, 2020 and 2019 were as follows: Geng-Ding Co., Ltd.

D. The Company's investments had no quoted market price.

G. Details of the Company's investments accounted for under equity method pledged to others

B. Changes in property, plant and equipment for the period are as follows: B. Changes in property, plant and equipment for the period are as follows:

		Opening net					Closing net
Cost		book amount	Additions		Disposals	Reclassifications	book amount
Land	\$	182,890 \$		- (\$	409) \$	- \$	182,481
Buildings and structures		388,893	~39~	- (	1,227)	-	387,666
Computer and communication equipment		60,261	150 (		140)	1,401	61,672
Transportation equipment		10,567		- (	2,200)	-	8,367
Office equipment		192,346		- (	2,861)	21,464	210,949
Leasehold improvements		73,532		-	-	-	73,532
Other equipment		1,868		- (	20)	-	1,848
Construction in progress and
equipment under acceptance		5,670	11,862		- (	17,532)	-
	\$	916,027 \$	12,012 (\$		6,857) \$	5,333 \$	926,515

Year ended December 31, 2020

	Opening net				Closing net
Cost	book amount	Additions	Disposals	Reclassifications	book amount
Land	\$ 191,884 \$		- \$	- (\$ 8,994) \$	182,890
Buildings and structures	438,331		- - (	49,438)	388,893
Computer and communication equipment	60,113		- ( 57)	205	60,261
Transportation equipment	11,567	1,200 (	2,200)	-	10,567
Office equipment	185,229		- ( 3,270)	10,387	192,346
Leasehold improvements	73,532		- -	-	73,532
Other equipment	1,891		- ( 23)	-	1,868
Construction in progress and
equipment under acceptance	-	5,670	-	-	5,670
	\$ 962,547 \$	6,870 (\$	5,550) (\$	47,840) \$	916,027

Year ended December 31, 2019

Financial Information

Years ended December 31,
2020		2019

\$		2019 4,432
		665
		4,432 157 665
\$	D. Information on profit or loss in relation to lease contracts is as follows: 2020	Years ended December 31, 3,812 \$ 610 3,812 \$ 147 610

E. For the years ended December 31, 2020 and 2019, the Company's total cash outflow for leases

Rent income	Years ended December 31, \$ 409,390 \$ 394,538
Rent income arising from	2020		2019
Rent income variable lease payments	\$ \$	409,390 \$ 30,834 \$	394,538 49,503
Rent income arising from
variable lease payments	\$	30,834 \$	49,503

in Note 8.

C. For the years ended December 31, 2020 and 2019, the additions to right-of-use assets were \$1,491

E. For the years ended December 31, 2020 and 2019, the Company's total cash outflow for leases E. For the years ended December 31, 2020 and 2019, the Company's total cash outflow for

(a) Extension options are included in approximately 50% of the Company's lease contracts pertaining to offices and cafeterias. These terms and conditions aim to maximise optional pertaining to offices and cafeterias. These terms and conditions aim to maximise optional (a) Extension options are included in approximately 50% of the Company's lease contracts pertaining to offices and cafeterias. These terms and conditions aim to maximise optional

amounted to \$34,788 and \$34,766, respectively. Expense on lease of low-value assets 147 157 amounted to \$34,788 and \$34,766, respectively. F. Extension and termination options leases amounted to \$34,788 and \$34,766, respectively.
F. Extension and termination options (a) Extension options are included in approximately 50% of the Company's lease contracts flexibility in terms of managing contracts. (b) In determining the lease term, the Company takes into consideration all facts and F. Extension and termination options flexibility in terms of managing contracts.
flexibility in terms of managing contracts. event occurs which affects the assessment. (10) Leasing arrangements – lessor event occurs which affects the assessment.

(b) In determining the lease term, the Company takes into consideration all facts and circumstances that create an economic incentive to exercise an extension option or not to exercise a termination option. The assessment of lease period is reviewed if a significant circumstances that create an economic incentive to exercise an extension option or not to exercise a termination option. The assessment of lease period is reviewed if a significant (b)In determining the lease term, the Company takes into consideration all facts and circumstances that create an economic incentive to exercise an extension option or not to exercise a termination option. The assessment of lease period is reviewed if a significant

(10) Leasing arrangements – lessor Rental contracts are typically made for periods of 0.5 and 23 years. Lease terms are negotiated (10) Leasing arrangements – lessor

A. The Company leases various assets including offices, dormitories and long-term rental suites. Rental contracts are typically made for periods of 0.5 and 23 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. To secure lease assets, the lessee may be asked that leased assets may not be used as security for borrowing purposes or cannot be lent, subleased, sold or granted in any different form to the third parties on an individual basis and contain a wide range of different terms and conditions. To secure lease assets, the lessee may be asked that leased assets may not be used as security for borrowing purposes or cannot be lent, subleased, sold or granted in any different form to the third parties B. Gain arising from operating lease agreements for the years ended December 31, 2020 and 2019 A. The Company leases various assets including offices, dormitories and long-term rental suites. Rental contracts are typically made for periods of 0.5 and 23 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. To secure lease assets, the lessee may be asked that leased assets may not be used as security for borrowing purposes or cannot be lent, subleased, sold or granted in any different form to

	Opening net	Year ended December 31, 2019 Closing net
Accumulated depreciation	Opening net book amount	Additions	Disposals	Reclassifications	Closing net book amount
Accumulated depreciation Buildings and structures	book amount \$ 152,273 \$	Additions 8,078 \$	Disposals	Reclassifications - (\$ 20,276) \$	book amount 140,075
Buildings and structures Computer and communication	\$ 152,273 \$	8,078 \$ ~40~		- (\$ 20,276) \$	140,075
Computer and communication equipment equipment Transportation equipment	56,373 56,373 8,323	1,761 ( 1,761 ( 1,208 (	57) 2,100)	57) -	- 58,077 58,077 - 7,431
Transportation equipment Office equipment	8,323 161,745	1,208 ( 12,164 (	2,100) 3,015)	-	7,431 - 170,894
Office equipment Leasehold improvements	161,745 51,863	12,164 ( 1,327	3,015)	- -	170,894 - 53,190
Leasehold improvements Other equipment	51,863 1,650	1,327	- -	- -	53,190 - 1,650
Other equipment	1,650 \$ 432,227 \$	- 24,538 (\$	- 5,172) (\$	- 20,276) \$	1,650 431,317
C. Details of the Company's property, plant and equipment pledged to others as collateral are provided	\$ 432,227 \$	24,538 (\$	5,172) (\$	20,276) \$	431,317

B. Gain arising from operating lease agreements for the years ended December 31, 2020 and 2019 Years ended December 31, B. Gain arising from operating lease agreements for the years ended December 31, 2020 and

by the lessors. by the lessors. are as follows: the third parties by the lessors.
are as follows: 2019 are as follows:

(9) Leasing arrangements - lessee in Note 8. (9) Leasing arrangements - lessee

A. The Company leases various assets including offices, cafeterias and vehicles. Rental contracts are typically made for periods of 2 to 20 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose covenants, but leased assets may not be used as security for borrowing purposes, and all or certain assets leased from associations and other related parties can be subleased to associations under the lessors' agreement. Remaining lease assets cannot be lent, subleased, sold or granted in any different form to the third parties. (9) Leasing arrangements - lessee A. The Company leases various assets including offices, cafeterias and vehicles. Rental contracts are typically made for periods of 2 to 20 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose covenants, but leased assets may not be used as security for borrowing purposes, and all or certain assets leased from associations and other related parties can be subleased to associations under the lessors' agreement. Remaining lease assets cannot be lent, subleased, sold or granted in any A. The Company leases various assets including offices, cafeterias and vehicles. Rental contracts are typically made for periods of 2 to 20 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose covenants, but leased assets may not be used as security for borrowing purposes, and all or certain assets leased from associations and other related parties can be subleased to associations under the lessors' agreement. Remaining lease assets cannot be lent, subleased, sold or granted in any different form to the third parties.
B. The carrying amount of right-of-use assets and the depreciation charge are as follows: different form to the third parties. B. The carrying amount of right-of-use assets and the depreciation charge are as follows:

		Year ended December 31, 2020
	Opening net				Closing net
Accumulated depreciation	book amount	Additions	Disposals	Reclassifications	book amount
Buildings and structures	\$ 140,075 \$	7,174 (\$	709) \$		- \$ 146,540
Computer and communication equipment	58,077	1,144 (	140)		- 59,081
Transportation equipment	7,431	908 (	2,000)		- 6,339
Office equipment	170,894	8,540 (	2,849)		- 176,585
Leasehold improvements	53,190	1,327	-		- 54,517
Other equipment	1,650		- -		- 1,650
	\$ 431,317 \$	19,093 (\$	5,698) \$		- \$ 444,712

December 31, 2020	December 31, 2019
Book value	December 31, 2019 Book value
\$	Book value 181,626
	181,626
	1,046
\$	1,046 182,672
	182,672 Years ended December 31,
2020	2019
	2019 Depreciation expense Depreciation expense
\$	31,458
	31,458
	442
534	442 32,007 \$ 31,900
	B. The carrying amount of right-of-use assets and the depreciation charge are as follows: December 31, 2020 Book value 151,644 \$ \$ 151,644 \$ 512 512 152,156 \$ \$ 152,156 \$ Years ended December 31, 2020 Depreciation expense Depreciation expense 31,473 \$ \$ 31,473 \$ 534

C. Details of the Company's property, plant and equipment pledged to others as collateral are provided

C. For the years ended December 31, 2020 and 2019, the additions to right-of-use assets were

\$1,491 and \$923, respectively.
D. Information on profit or loss in relation to lease contracts is as follows: D. Information on profit or loss in relation to lease contracts is as follows:

Financial Information

D. As of December 31, 2020 and 2019, the fair value of the investment property held by the

\$ 5,592,141 \$ 5,740,842

	December 31, 2020
C. The maturity analysis of the lease payments under the operating leases is as follows: January 1, 2021 to December 31, 2021 C. The maturity analysis of the lease payments under the operating leases is as follows:	\$	304,066
January 1, 2022 to December 31, 2026	December 31, 2020	375,000 December 31, 2020
January 1, 2021 to December 31, 2021 After January 1, 2027 January 1, 2021 to December 31, 2021	\$ \$	304,066 115,321 304,066
January 1, 2022 to December 31, 2026 January 1, 2022 to December 31, 2026	\$	375,000 794,387 375,000
After January 1, 2027 After January 1, 2027	December 31, 2019	115,321 115,321
January 1, 2020 to December 31, 2020	\$ \$ \$	794,387 345,637 794,387
January 1, 2021 to December 31, 2025	December 31, 2019	512,790
January 1, 2020 to December 31, 2020 After January 1, 2026	\$	December 31, 2019 345,637 148,330
January 1, 2020 to December 31, 2020 January 1, 2021 to December 31, 2025	\$ \$	345,637 512,790 1,006,757
January 1, 2021 to December 31, 2025 After January 1, 2026 (11) Investment property		512,790 148,330

A. Details of book values are as follows: Leased assets-land		December 31, 2020 December 31, 2019 2,574,950	2,575,020
Land Leased assets-buildings	\$	207,077 \$ 2,810,114	265,550 December 31, 2020 December 31, 2019 2,900,272
Leased assets-land Land	\$ \$	2,574,950 207,077 \$ 5,592,141 \$	2,575,020 265,550 5,740,842
Leased assets-buildings Leased assets-land		2,810,114 2,574,950	2,900,272 2,575,020
B. Changes in investment property for the period are as follows: Leased assets-buildings	\$	5,592,141 \$ 2,810,114 Year ended December 31, 2020	5,740,842 2,900,272

(11) Investment property A. Details of book values are as follows: A. Details of book values are as follows:

Leased assets-land Cost	Opening net Closing net Year ended December 31, 2020 2,575,020 - ( 70) - 2,574,950 book amount Additions Disposals Reclassifications book amount
Leased assets-buildings Land	3,999,349 Opening net \$ 265,550 \$		- ( 5,441) - \$ - (\$	- 58,473) \$	3,993,908 Closing net 207,077
Cost Leased assets-land	\$ 6,839,919 \$ book amount 2,575,020	Additions	- (\$ 5,511) (\$ Disposals - ( 70)	Reclassifications -	58,473) \$ 6,775,935 book amount 2,574,950
Land Leased assets-buildings	\$ 265,550 \$ 3,999,349		- \$ Year ended December 31, 2019 - ( 5,441)	- (\$ 58,473) \$ -	207,077 3,993,908
Leased assets-land	2,575,020 \$ 6,839,919 \$ Opening net		- ( 70) - (\$ 5,511) (\$	-	2,574,950 58,473) \$ 6,775,935 Closing net
Cost Leased assets-buildings	book amount 3,999,349	Additions	- ( Disposals 5,441) Year ended December 31, 2019	Reclassifications -	book amount 3,993,908
Land	\$ \$ 6,839,919 \$ 265,550 Opening net		- \$ - (\$ 5,511) (\$ - \$	- \$	58,473) \$ 6,775,935 265,550 Closing net
Leased assets-land Cost	2,566,054 book amount	Additions	- ( 28) Disposals Year ended December 31, 2019	8,994 Reclassifications	2,575,020 book amount
Leased assets-buildings Land	3,952,087 \$ 265,550 \$ Opening net		- ( 2,176) - \$ - \$	49,438 - \$	3,999,349 265,550 Closing net
Leased assets-land Cost	\$ 6,783,691 \$ 2,566,054 book amount	Additions	- (\$ 2,204) \$ - ( 28) Disposals	8,994 Reclassifications	58,432 \$ 6,839,919 2,575,020 book amount
Leased assets-buildings Land	3,952,087 \$ 265,550 \$		- ( 2,176) Year ended December 31, 2020 - \$	49,438 - \$	3,999,349 - \$ 265,550
Leased assets-land	\$ 6,783,691 \$ 2,566,054 Opening net		- (\$ 2,204) \$ - ( 28)	8,994	58,432 \$ 6,839,919 2,575,020 Closing net
Accumulated depreciation Leased assets-buildings	book amount 3,952,087	Additions	- ( Disposals 2,176) Year ended December 31, 2020	Reclassifications 49,438	book amount 3,999,349
Leased assets-buildings	\$ 1,099,077 \$ \$ 6,783,691 \$ Opening net	86,128 (\$	1,411) \$ - (\$ 2,204) \$		- \$ 1,183,794 58,432 \$ 6,839,919 Closing net
Accumulated depreciation	book amount	Additions	Disposals Year ended December 31, 2020	Reclassifications	book amount
Leased assets-buildings	\$ 1,099,077 \$ Opening net	86,128 (\$	1,411) \$		- \$ 1,183,794 Closing net
Accumulated depreciation	book amount	Additions ~43~	Disposals	Reclassifications	book amount
Leased assets-buildings	\$ 1,099,077 \$	86,128 (\$	1,411) \$		- \$ 1,183,794
		~43~

(11) Investment property (11) Investment property

B. Changes in investment property for the period are as follows: Year ended December 31, 2020 Cost book amount Additions Disposals Reclassifications book amount B. Changes in investment property for the period are as follows:

	Year ended December 31, 2019
	Opening net		Year ended December 31, 2019		Closing net
Accumulated depreciation	book amount Opening net	Additions	Disposals	Reclassifications	book amount Closing net
Accumulated depreciation Leased assets-buildings	book amount \$ 994,007 \$	Additions 85,325 (\$	Disposals 531) \$	Reclassifications	book amount 20,276 \$ 1,099,077
Leased assets-buildings	\$ 994,007 \$	85,325 (\$	Year ended December 31, 2019 Year ended December 31, 2019	531) \$	20,276 \$ 1,099,077
C. Rental income from the lease of the investment property and direct operating expenses arising	Opening net				Closing net

Opening net Closing net

C. The maturity analysis of the lease payments under the operating leases is as follows: C. The maturity analysis of the lease payments under the operating leases is as follows:

C. Rental income from the lease of the investment property and direct operating expenses arising from the investment property are shown below: from the investment property are shown below: C. Rental income from the lease of the investment property and direct operating expenses arising from the investment property are shown below: Accumulated depreciation book amount Additions Disposals Reclassifications book amount Leased assets-buildings \$ 994,007 \$ 85,325 (\$ 531) \$ 20,276 \$ 1,099,077 Opening net Closing net Accumulated depreciation book amount Additions Disposals Reclassifications book amount Leased assets-buildings \$ 994,007 \$ 85,325 (\$ 531) \$ 20,276 \$ 1,099,077

the fair value hierarchy. E. Information about the investment property that was pledged to others as collateral is provided in the fair value hierarchy. E. Information about the investment property that was pledged to others as collateral is provided in Level 3 in the fair value hierarchy. the fair value based on market evidence on transaction price of similar property and assessed value. Valuations were made using the income approach which is categorised within Level 3 in the fair value based on market evidence on transaction price of similar property and assessed investment property that did not generate
Note 8. (12) Intangible assets Note 8. (12) Intangible assets in Note 8. the fair value hierarchy. E. Information about the investment property that was pledged to others as collateral is provided in the fair value hierarchy.

Company was \$12,594,174 and \$12,714,352, respectively. The Company management estimated the fair value based on market evidence on transaction price of similar property and assessed value. Valuations were made using the income approach which is categorised within Level 3 in Company was \$12,594,174 and \$12,714,352, respectively. The Company management estimated the fair value based on market evidence on transaction price of similar property and assessed value. Valuations were made using the income approach which is categorised within Level 3 in D. As of December 31, 2020 and 2019, the fair value of the investment property held by the Company was \$12,594,174 and \$12,714,352, respectively. The Company management estimated the fair value based on market evidence on transaction price of similar property and assessed value. Valuations were made using the income approach which is categorised within D. As of December 31, 2020 and 2019, the fair value of the investment property held by the Company was \$12,594,174 and \$12,714,352, respectively. The Company management estimated rental income in the period \$ - \$ - D. As of December 31, 2020 and 2019, the fair value of the investment property held by the Company was \$12,594,174 and \$12,714,352, respectively. The Company management estimated rental income in the period \$ - \$ -

B. Changes in intangible assets for the period are as follows: B. Changes in intangible assets for the period are as follows: Service concession	A. Details of book values are as follows:		\$ Year ended December 31, 2020	1,994,175 \$	December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 2,055,428
Service concession B. Changes in intangible assets for the period are as follows: Cost B. Changes in intangible assets for the period are as follows: B. Changes in intangible assets for the period are as follows: Cost Service concession	Opening net Opening net book amount book amount \$ 2,868,372 \$	Additions Additions	Year ended December 31, 2020 \$ Disposals Disposals - \$ Year ended December 31, 2020	1,994,175 \$ Reclassifications Reclassifications - \$	2,055,428 Closing net Closing net book amount book amount - \$ 2,868,372
Service concession	\$ 2,868,372 \$ Opening net		- \$ Year ended December 31, 2020	- \$	- \$ 2,868,372 Closing net
Cost	book amount Opening net	Additions	Year ended December 31, 2019 Disposals Year ended December 31, 2019	Reclassifications	book amount Closing net
Cost Service concession	Opening net book amount \$ 2,868,372 \$ Opening net	Additions	- \$ Disposals	Reclassifications - \$	Closing net - \$ book amount 2,868,372 Closing net
Cost Service concession Cost	book amount \$ 2,868,372 \$ book amount \$ 2,868,372 \$	Additions Additions	Disposals - \$ Disposals - \$	Reclassifications - \$ Reclassifications - \$	book amount - \$ 2,868,372 book amount - \$ 2,868,372
Service concession Service concession	\$ 2,868,372 \$ Opening net		Year ended December 31, 2019 - \$ Year ended December 31, 2019	- \$	- \$ 2,868,372 Closing net
Cost	book amount Opening net	Additions	Disposals	Reclassifications	book amount Closing net
Service concession Cost	\$ 2,868,372 \$ book amount	Additions	- \$ Disposals	- \$ Reclassifications	- \$ 2,868,372 book amount
	\$ 2,868,372 \$	~44~ ~44~	- \$	- \$	- \$ 2,868,372

C. Rental income from the lease of the investment property and direct operating expenses arising C. Rental income from the lease of the investment property and direct operating expenses arising	Years ended December 31, 2020 2019
from the investment property are shown below: from the investment property are shown below: Rental revenue from the lease of the	2020	2019
Rental revenue from the lease of the investment property investment property Direct operating expenses arising from the	\$ 440,224 \$ Years ended December 31, \$ 440,224 \$ 2020	Years ended December 31, 444,041 444,041 2019
Direct operating expenses arising from the investment property that generated rental Rental revenue from the lease of the Rental revenue from the lease of the investment property that generated rental income in the period investment property investment property income in the period Direct operating expenses arising from the	2020 \$ 150,370 \$ \$ 440,224 \$ \$ 440,224 \$ \$ 150,370 \$	2019 163,279 444,041 444,041 163,279
Direct operating expenses arising from the Direct operating expenses arising from the Direct operating expenses arising from the investment property that did not generate investment property that generated rental investment property that did not generate investment property that generated rental rental income in the period income in the period rental income in the period income in the period Direct operating expenses arising from the D. As of December 31, 2020 and 2019, the fair value of the investment property held by the	\$ \$ 150,370 \$ \$ \$ 150,370 \$	- \$ - 163,279 - \$ - 163,279

Service concession \$ 1,994,175 \$ 2,055,428 A. Details of book values are as follows: A. Details of book values are as follows: (12) Intangible assets

E. Information about the investment property that was pledged to others as collateral is provided value. Valuations were made using the income approach which is categorised within Level 3 in

(12) Intangible assets Note 8. (12) Intangible assets Note 8.

investment property that did not generate

Direct operating expenses arising from the

B. Changes in intangible assets for the period are as follows: B. Changes in intangible assets for the period are as follows:

Cost	Opening net book amount
Service concession	2,868,372	S
	Opening net
Cost	book amount
Service concession	2,868,372	S

VI

A. For details of restrictive covenants, please refer to Note 9.

	December 31, 2020 December 31, 2019
Secured bank borrowings	\$ 4,003,667 \$	7,156,383
Unsecured bank borrowings	740,000	728,400
	4,743,667	7,884,783
Less: Current portion	( 889,177) (	4,477,788)
	3,854,490	3,406,995
Commerical papers	800,000	1,071,900
Less: Unamortized discount	( 430) (	759)
	799,570	1,071,141
Less: Current protion	- (	151,613)
	799,570	919,528
Total	\$ 4,654,060 \$	4,326,523
Range of maturity dates	2021.07.01~2027.11.02 2020.04.02~2027.11.02
Range of maturity rates	0.40%~2.15%	0.64%~2.41%

Service concession \$ 812,944 \$ 61,253 \$ - \$ - \$ 874,197

\$ - \$ 49,925

For details of pledged assets, please refer to Note 8.

(a)Total issue amount: \$2,000,000

(d)Terms of interest repayment: The bonds interest is calculated on simple rate every year starting September 2017 based on the coupon rate. starting September 2017 based on the coupon rate. (e) Repayment term: The bonds are repaid upon the maturity of the bonds. (f) Period: 5 years, from June 19, 2017 to June 19, 2022.
(e)Repayment term: The bonds are repaid upon the maturity of the bonds. (f)Period: 5 years, from June 19, 2017 to June 19, 2022. (g)The way of security: Secured by Bank of Taiwan.
(g)The way of security: Secured by Bank of Taiwan. (h)Guarantee Bank: The bonds are guaranteed by Taipei Fubon Commercial Bank. B.The Company issued secured ordinary bonds payable in June 2018. The significant terms of the the bonds are as follows: (a) Total issue amount: \$2,500,000

(c)Coupon rate: 1.05%

bonds are as follows: (b)Issue price: At par value of \$1,000 per bond

		Year ended December 31, 2020
	Opening net		Year ended December 31, 2020		Closing net
Accumulated Amortization	book amount Opening net	Additions	Disposals	Reclassifications	book amount Closing net
Service concession Accumulated Amortization	\$ 812,944 \$ book amount	61,253 \$ Additions	Year ended December 31, 2020 Disposals	- \$ Reclassifications	- \$ 874,197 book amount
Service concession	\$ 812,944 \$ Opening net	61,253 \$	Year ended December 31, 2020	- \$	- \$ 874,197 Closing net
Accumulated Amortization	Opening net book amount	Additions	Year ended December 31, 2019 Disposals	Reclassifications	Closing net book amount
Accumulated Amortization Service concession	book amount Opening net \$ 812,944 \$	Additions 61,253 \$	Year ended December 31, 2019 Disposals	Reclassifications - \$	book amount Closing net - \$ 874,197
Accumulated Amortization Service concession	book amount \$ 812,944 \$ Opening net	Additions 61,253 \$	Year ended December 31, 2020 Disposals	Reclassifications - \$	book amount -\$ 874,197 Closing net
Service concession Accumulated Amortization	Opening net \$ 751,691 \$ book amount	61,253 \$ Additions	Year ended December 31, 2019 Disposals	- \$ Reclassifications	Closing net -\$ 812,944 book amount
Accumulated Amortization Service concession	book amount \$ 751,691 \$ Opening net	Additions 61,253 \$	Disposals Year ended December 31, 2019	Reclassifications - \$	book amount - \$ 812,944 Closing net

(13) Short-term borrowings Secured bank borrowings	\$	2020 130,000 1,275,000 \$	2019 December 31, 2020 December 31, 2019 130,000 1,949,000
Operating costs-amortization expenses Unsecured bank borrowings Interest rate range	\$ \$ \$	61,253 \$ 1,145,000 \$ 1,275,000 \$ 1.10%~1.77%	61,253 December 31, 2020 December 31, 2019 1,819,000 1,949,000 1.48%~1.98%
Unsecured bank borrowings (13) Short-term borrowings Secured bank borrowings Interest rate range	\$	1,145,000 \$ 130,000 1.10%~1.77%	1,819,000 130,000 1.48%~1.98%
For details of pledged assets, please refer to Note 8. Secured bank borrowings	\$	130,000 1,275,000 \$	130,000 December 31, 2020 December 31, 2019 1,949,000
For details of pledged assets, please refer to Note 8. (14) Short-term notes and bills payable Unsecured bank borrowings Interest rate range (14) Short-term notes and bills payable Interest rate range Secured bank borrowings	\$ \$	1,275,000 \$ 1,145,000 \$ 1.10%~1.77% 1.10%~1.77% 130,000	1,949,000 1,819,000 1.48%~1.98% December 31, 2020 December 31, 2019 1.48%~1.98% 130,000

(a)Total issue amount: \$2,500,000 (c) Coupon rate: 0.84%
(b)Issue price: At par value of \$1,000 per bond (c)Coupon rate: 0.84% starting September 2018 based on the coupon rate.

(d)Terms of interest repayment: The bonds interest is calculated on simple rate every year starting (e) Repayment term: The bonds are repaid upon the maturity of the bonds.

Less: Unamortized discount For details of pledged assets, please refer to Note 8. Commercial papers	\$ \$	- ( - \$ December 31, 2020 December 31, 2019 - \$	75) 49,925 50,000
Interest rate range Commercial papers (14) Short-term notes and bills payable Less: Unamortized discount	\$ \$	- \$ - - \$ - (	49,925 1.19% 50,000 75)
Interest rate range A.The above commercial papers were issued by bills financial institutions. Less: Unamortized discount	\$	- - ( December 31, 2020 December 31, 2019 - \$	1.19% 75) 49,925
A.The above commercial papers were issued by bills financial institutions. B. For details of pledged assets, please refer to Note 8. Commercial papers Interest rate range	\$ \$	- \$ - \$ -	49,925 50,000 1.19%
B. For details of pledged assets, please refer to Note 8. (15) Bonds payable Interest rate range Less: Unamortized discount A.The above commercial papers were issued by bills financial institutions.		- - (	1.19% 75)

(13) Short-term borrowings Unsecured bank borrowings \$ 1,145,000 \$ 1,819,000 Unsecured bank borrowings \$ 1,145,000 \$ 1,819,000 Secured bank borrowings 130,000 130,000 (13) Short-term borrowings

September 2018 based on the coupon rate. (e)Repayment term: The bonds are repaid upon the maturity of the bonds. (f)Period: 5 years, from June 15, 2018 to June 15, 2023. (f) Period: 5 years, from June 15, 2018 to June 15, 2023. (g)The way of security: Secured by Bank of Taiwan. (h) Guarantee Bank: The bonds are guaranteed by Taipei Fubon Commercial Bank.

\$ 751,691 \$ Service concession	Year ended December 31, 2019 61,253 \$	Years ended December 31, 2020 - \$	- \$	2019 812,944
Opening net C. Details of amortization on intangible assets are as follows: Operating costs-amortization expenses Accumulated Amortization book amount Additions	\$ Disposals	2020 61,253 \$ Reclassifications		Closing net 2019 61,253 book amount
C. Details of amortization on intangible assets are as follows: Operating costs-amortization expenses (13) Short-term borrowings \$ 751,691 \$ Service concession	\$ 61,253 \$	Years ended December 31, 61,253 \$ - \$ Years ended December 31,	- \$	61,253 812,944
(13) Short-term borrowings C. Details of amortization on intangible assets are as follows:		2020 December 31, 2020 December 31, 2019 2020		2019 2019
Operating costs-amortization expenses Unsecured bank borrowings Operating costs-amortization expenses	\$ \$ \$	61,253 \$ December 31, 2020 December 31, 2019 1,145,000 \$ 61,253 \$ Years ended December 31,		61,253 1,819,000 61,253

A.The above commercial papers were issued by bills financial institutions. 2017 1st secured ordinary bonds payable 2018 1st secured ordinary bonds payable (15) Bonds payable B. For details of pledged assets, please refer to Note 8.

(h)Guarantee Bank: The bonds are guaranteed by Taipei Fubon Commercial Bank. (16) Long-term borrowings

(15) Bonds payable 2017 1st secured ordinary bonds payable 2017 1st secured ordinary bonds payable (15) Bonds payable

B. The Company and financial institutions entered into a contract for a syndicated borrowing. The A. For details of restrictive covenants, please refer to Note 9.

A.The Company issued secured ordinary bonds payable in June 2017. The significant terms of the bonds are as follows: (a)Total issue amount: \$2,000,000 (b)Issue price: At par value of \$1,000 per bond (c)Coupon rate: 1.05% ~45~ (a)Total issue amount: \$2,000,000 (b)Issue price: At par value of \$1,000 per bond (c)Coupon rate: 1.05% A. The Company issued secured ordinary bonds payable in June 2017. The significant terms of the bonds are as follows: (a) Total issue amount: \$2,000,000

December 31, 2020 December 31, 2019

(b)Issue price: At par value of \$1,000 per bond ~45~ ~45~ (b)Issue price: At par value of \$1,000 per bond

(c)Coupon rate: 1.05% (c) Coupon rate: 1.05%

Company shall redraw the revolving credit line to issue abovementioned commercial paper B. The Company and financial institutions entered into a contract for a syndicated borrowing. The Company shall redraw the revolving credit line to issue abovementioned commercial paper during the credit term. For the related information, please refer to Notes 9(10) to 9(11).

during the credit term. For the related information, please refer to Notes 9(10) to 9(11).
C. For details of pledged assets, please refer to Note 8. C. For details of pledged assets, please refer to Note 8.

Interest rate range 1.10%~1.77% 1.48%~1.98% (14) Short-term notes and bills payable Commercial papers \$ - \$ 50,000 Less: Unamortized discount - ( 75) (14) Short-term notes and bills payable (14) Short-term notes and bills payable

2018 1st secured ordinary bonds payable A.The Company issued secured ordinary bonds payable in June 2017. The significant terms of the 2018 1st secured ordinary bonds payable A.The Company issued secured ordinary bonds payable in June 2017. The significant terms of the bonds are as follows:	\$	2,500,000 2,500,000 December 31, 2020 December 31, 2019 4,500,000 \$	2,500,000 2,500,000 4,500,000
2017 1st secured ordinary bonds payable	\$ \$	2,000,000 \$ 4,500,000 \$	2,000,000 4,500,000
bonds are as follows: (a)Total issue amount: \$2,000,000 A.The Company issued secured ordinary bonds payable in June 2017. The significant terms of the 2018 1st secured ordinary bonds payable (a)Total issue amount: \$2,000,000 (b)Issue price: At par value of \$1,000 per bond		2,500,000	2,500,000
A.The Company issued secured ordinary bonds payable in June 2017. The significant terms of the bonds are as follows: (b)Issue price: At par value of \$1,000 per bond	\$	4,500,000 \$	4,500,000

Interest rate range - 1.19% B. For details of pledged assets, please refer to Note 8. (15) Bonds payable December 31, 2020 December 31, 2019 \$ 2,000,000 \$ 2,000,000 2017 1st secured ordinary bonds payable A.The above commercial papers were issued by bills financial institutions. B. For details of pledged assets, please refer to Note 8. A. The above commercial papers were issued by bills financial institutions.

Accumulated Amortization book amount Additions Disposals Reclassifications book amount Service concession \$ 751,691 \$ 61,253 \$ - \$ - \$ 812,944 C. Details of amortization on intangible assets are as follows: C. Details of amortization on intangible assets are as follows: C. Details of amortization on intangible assets are as follows: Accumulated Amortization book amount Additions Disposals Reclassifications book amount

Commercial papers \$ - \$ 50,000

December 31, 2020 December 31, 2019

(d)Terms of interest repayment: The bonds interest is calculated on simple rate every year

(h) Guarantee Bank: The bonds are guaranteed by Taipei Fubon Commercial Bank.

B. The Company issued secured ordinary bonds payable in June 2018. The significant terms of

(d)Terms of interest repayment: The bonds interest is calculated on simple rate every year

Financial Information

Balance at December 31 (\$ 121,777) \$ 60,221 (\$ 61,556)

(c) Changes in net defined benefit liability are as follows: (c) Changes in net defined benefit liability are as follows:		Present value of
		defined benefit Present value of Present value of	Fair value		Net defined
		obligations defined benefit defined benefit	of plan assets Fair value Fair value		benefit liability Net defined Net defined
2020		obligations obligations	of plan assets of plan assets		benefit liability benefit liability
Balance at January 1 2020 2020	(\$	121,777) \$	60,221 (\$		61,556)
Current service cost Balance at January 1 Balance at January 1	( (\$ (\$	221) 121,777) \$ 121,777) \$	60,221 (\$ 60,221 (\$	- (	221) 61,556) 61,556)
Interest (expense) income Current service cost Current service cost	( ( (	853) 221) 221)	422 ( - (	- (	431) 221) 221)
Interest (expense) income Interest (expense) income	( ( (	122,851) 853) 853)	60,643 ( 422 ( 422 (		62,208) 431) 431)
Remeasurements:	( (	122,851) 122,851)	60,643 ( 60,643 (		62,208) 62,208)
Change in financial assumptions Remeasurements: Remeasurements:	(	3,926)		- (	3,926)
Experience adjustments Change in financial assumptions Change in financial assumptions	( (	585 3,926) 3,926)	2,154 - (	- (	2,739 3,926) 3,926)
Experience adjustments Experience adjustments	(	3,341) 585 585	2,154 ( 2,154 2,154		1,187) 2,739 2,739
Pension fund contribution	( (	- 3,341) 3,341)	5,249 2,154 ( 2,154 (		5,249 1,187) 1,187)
Paid pension Pension fund contribution Pension fund contribution		- - -	5,249 5,249	-	- 5,249 5,249
Balance at December 31 Paid pension Paid pension	(\$	126,192) \$ - -	68,046 (\$ -	-	58,146) - -
2019 Balance at December 31 Balance at December 31	(\$ (\$	126,192) \$ 126,192) \$	68,046 (\$ 68,046 (\$		58,146) 58,146)
Balance at January 1 2019 2019	(\$	122,774) \$	61,659 (\$		61,115)
Current service cost Balance at January 1 Balance at January 1	( (\$ (\$	290) 122,774) \$ 122,774) \$	61,659 (\$ 61,659 (\$	- (	290) 61,115) 61,115)
Interest (expense) income Current service cost Current service cost	( ( (	1,105) 290) 290)	555 ( - (	- (	550) 290) 290)
Interest (expense) income Interest (expense) income	( ( (	124,169) 1,105) 1,105)	62,214 ( 555 ( 555 (		61,955) 550) 550)
Remeasurements:	( (	124,169) 124,169)	62,214 ( 62,214 (		61,955) 61,955)
Change in financial assumptions Remeasurements: Remeasurements:	(	2,079)		- (	2,079)
Experience adjustments Change in financial assumptions Change in financial assumptions	( ( (	265) 2,079) 2,079)	2,049 - (	- (	1,784 2,079) 2,079)
Experience adjustments Experience adjustments	( ( (	2,344) 265) 265)	2,049 ( 2,049 2,049		295) 1,784 1,784
Pension fund contribution	( (	- 2,344) 2,344)	694 2,049 ( 2,049 (		694 295) 295)
Paid pension Pension fund contribution Pension fund contribution		4,736 ( - -	4,736) 694 694		- 694 694
Balance at December 31 Paid pension Paid pension	(\$	121,777) \$ 4,736 ( 4,736 (	60,221 (\$ 4,736) 4,736)		61,556) - -
(d) The principal actuarial assumptions used were as follows:

Balance at December 31 (\$ 121,777) \$ 60,221 (\$ 61,556)

	2020 Years ended December 31,	2019 Years ended December 31,
Discount rate	0.30% 0.70% 2020 2020 2019 2019
Future salary increases	1.50%	1.50%
Discount rate	0.30%	0.70%
Discount rate	0.30%	0.70%
Future salary increases	1.50%	1.50%
Future salary increases	1.50%	1.50%

Years ended December 31,

(d) The principal actuarial assumptions used were as follows: (d) The principal actuarial assumptions used were as follows: (d) The principal actuarial assumptions used were as follows:

(17) Provisions-replacement cost (17) Provisions-replacement cost

A. (a) The Company has a defined benefit pension plan in accordance with the Labor Standards Law, (18) Pension (18) Pension

(c) Changes in net defined benefit liability are as follows: (c) Changes in net defined benefit liability are as follows:

~48~ Future mortality rate was estimated based on the 5th Taiwan Standard Ordinary Experience Mortality Table. Because the main actuarial assumption changed, the present value of defined benefit obligation is affected. The analysis was as follows:

(17) Provisions-replacement cost		2020	2019
At January 1	\$	102,554 \$	87,196
Additions		2020 39,576	2019 49,427
At January 1 Used	\$ (	102,554 \$ 29,106) (	87,196 34,069)
Additions At December 31	\$	39,576 113,024 \$	49,427 102,554
Used (18) Pension	(	29,106) (	34,069)

covering all regular employees' service years prior to the enforcement of the Labor Pension Act on July 1, 2005 and service years thereafter of employees who chose to continue to be subject to the pension mechanism under the Law. Under the defined benefit pension plan, two units are accrued for each year of service for the first 15 years and one unit for each additional year thereafter, subject to a maximum of 45 units. Pension benefits are based on the number of units accrued and the average monthly salaries and wages of the last 6 months prior to retirement. The Company contributes monthly an amount equal to 2% of the employees' monthly salaries and wages to the retirement fund deposited with Bank of Taiwan, the trustee, under the name of the independent retirement fund committee. Also, the Company would assess the balance in the aforementioned labor pension reserve account by December 31, every year. If the account balance is insufficient to pay the pension calculated by the aforementioned method to the employees expected to qualify for retirement in the following year, the Company will make contributions to cover the deficit by next March. (b) The amounts recognized in the balance sheet are determined as follows: A. (a) The Company has a defined benefit pension plan in accordance with the Labor Standards Law, covering all regular employees' service years prior to the enforcement of the Labor Pension Act on July 1, 2005 and service years thereafter of employees who chose to continue to be subject to the pension mechanism under the Law. Under the defined benefit pension plan, two units are accrued for each year of service for the first 15 years and one unit for each additional year thereafter, subject to a maximum of 45 units. Pension benefits are based on the number of units accrued and the average monthly salaries and wages of the last 6 months prior to retirement. The Company contributes monthly an amount equal to 2% of the employees' monthly salaries and wages to the retirement fund deposited with Bank of Taiwan, the trustee, under the name of the independent retirement fund committee. Also, the Company would assess the balance in the aforementioned labor pension reserve account by December 31, every year. If the account balance is insufficient to pay the pension calculated by the aforementioned method to the employees expected to qualify for retirement in the following year, the Company will make contributions to cover the deficit by next March. A. (a) The Company has a defined benefit pension plan in accordance with the Labor Standards Law, covering all regular employees' service years prior to the enforcement of the Labor Pension Act on July 1, 2005 and service years thereafter of employees who chose to continue to be subject to the pension mechanism under the Law. Under the defined benefit pension plan, two units are accrued for each year of service for the first 15 years and one unit for each additional year thereafter, subject to a maximum of 45 units. Pension benefits are based on the number of units accrued and the average monthly salaries and wages of the last 6 months prior to retirement. The Company contributes monthly an amount equal to 2% of the employees' monthly salaries and wages to the retirement fund deposited with Bank of Taiwan, the trustee, under the name of the independent retirement fund committee. Also, the Company would assess the balance in the aforementioned labor pension reserve account by December 31, every year. If the account balance is insufficient to pay the pension calculated by the aforementioned method to the employees expected to qualify for retirement in the following year, the Company will make contributions to cover the deficit by next March.
December 31, 2020 December 31, 2019 (b) The amounts recognized in the balance sheet are determined as follows: (b) The amounts recognized in the balance sheet are determined as follows:

Present value of defined benefit obligations	(\$	126,192) (\$ December 31, 2020 December 31, 2019	121,777)
Fair value of plan assets Present value of defined benefit obligations Net defined benefit liability	(\$ (\$	68,046 126,192) (\$ 58,146) (\$	60,221 121,777) 61,556)
Fair value of plan assets		68,046	60,221
Net defined benefit liability	(\$	58,146) (\$	61,556)

		Capital surplus
	Share	Treasury share
2020	premium	transaction	Others	Total
At January 1, 2020 (At December 31, 2020)	\$ 1,375,442 \$	877,839 \$		7,232 \$ 2,260,513
		Capital surplus
	Share	Treasury share
2019	premium	transaction	Others	Total
At January 1, 2019 (At December 31, 2019)	\$ 1,375,442 \$	877,839 \$		7,232 \$ 2,260,513
(21) Retained earnings

(20) Capital surplus (20) Capital surplus

	Discount rate	Increase 0.25% Decrease 0.25% Increase 0.25% Decrease 0.25%		Future salary increases Increase 0.25% Decrease 0.25% Increase 0.25% Decrease 0.25%
December 31, 2020 December 31, 2020		Increase 0.25% Decrease 0.25% Increase 0.25% Decrease 0.25%
December 31, 2020 Effect on present value of defined Effect on present value of defined
benefit obligation benefit obligation Effect on present value of defined benefit obligation	(\$ (\$ 2,476) \$ 2,476) \$ (\$ 2,476) \$ Discount rate	2,554 \$ 2,554 \$ Discount rate	2,554 \$ 2,200 (\$ 2,200 (\$	2,200 (\$ 2,148) 2,148) 2,148) Future salary increases Future salary increases

	Discount rate			Future salary increases
December 31, 2019 December 31, 2019		Increase 0.25% Decrease 0.25% Increase 0.25% Decrease 0.25% Increase 0.25% Decrease 0.25% Increase 0.25% Decrease 0.25%		Increase 0.25% Decrease 0.25% Increase 0.25% Decrease 0.25%
Effect on present value of defined Effect on present value of defined December 31, 2019	(\$ (\$ 2,590) \$ 2,590) \$	2,674 \$	2,674 \$ 2,341 (\$	2,341 (\$ 2,282) 2,282)

Pursuant to the R.O.C. Company Act, capital surplus arising from paid-in capital in excess of par value on issuance of common stocks and donations can be used to cover accumulated deficit or to issue new stocks or cash to shareholders in proportion to their share ownership, provided that the Company has no accumulated deficit. Further, the R.O.C. Securities and Exchange Law requires that the amount of capital surplus to be capitalized mentioned above should not exceed 10% of the paid-in capital each year. Capital surplus should not be used to cover accumulated deficit unless the legal reserve is insufficient. Pursuant to the R.O.C. Company Act, capital surplus arising from paid-in capital in excess of par value on issuance of common stocks and donations can be used to cover accumulated deficit or to issue new stocks or cash to shareholders in proportion to their share ownership, provided that the Company has no accumulated deficit. Further, the R.O.C. Securities and Exchange Law requires that the amount of capital surplus to be capitalized mentioned above should not exceed 10% of the paid-in capital each year. Capital surplus should not be used to cover accumulated deficit unless the legal reserve is insufficient.

assumption is changed. In practice, more than one assumption may change all at once. The method of analysing sensitivity and the method of calculating net pension liability in the balance sheet are the same. (e) Expected contributions to the defined benefit pension plans of the Company for the year assumption is changed. In practice, more than one assumption may change all at once. The method of analysing sensitivity and the method of calculating net pension liability in the balance sheet are the same. (e) Expected contributions to the defined benefit pension plans of the Company for the year The sensitivity analysis above is based on other conditions that are unchanged but only one assumption is changed. In practice, more than one assumption may change all at once. The method of analysing sensitivity and the method of calculating net pension liability in the balance sheet are the same. The sensitivity analysis above is based on other conditions that are unchanged but only one assumption is changed. In practice, more than one assumption may change all at once. The method of analysing sensitivity and the method of calculating net pension liability in the balance sheet are the same.

consideration its future business plans and capital expenditures in determining the amount of (21) Retained earnings

ending December 31, 2021 amounts to \$696. ending December 31, 2021 amounts to \$696. (e) Expected contributions to the defined benefit pension plans of the Company for the year ending December 31, 2021 amounts to \$696. (e) Expected contributions to the defined benefit pension plans of the Company for the year ending December 31, 2021 amounts to \$696.
(f) As of December 31, 2020, the weighted average duration of that retirement plan is 8 years. (f) As of December 31, 2020, the weighted average duration of that retirement plan is 8 years. (f) As of December 31, 2020, the weighted average duration of that retirement plan is 8 years.
B. (a) Effective July 1, 2005, the Company has established a defined contribution pension plan (the "New Plan") under the Labor Pension Act (the "Act"), covering all regular employees with R.O.C. nationality. Under the New Plan, the Company contributes monthly an amount based on 6% of the employees' monthly salaries and wages to the employees' individual pension accounts at the Bureau of Labor Insurance. The benefits accrued are paid monthly or in lump sum upon termination of employment. B. (a) Effective July 1, 2005, the Company has established a defined contribution pension plan (the "New Plan") under the Labor Pension Act (the "Act"), covering all regular employees with R.O.C. nationality. Under the New Plan, the Company contributes monthly an amount based on 6% of the employees' monthly salaries and wages to the employees' individual pension accounts at the Bureau of Labor Insurance. The benefits accrued are paid monthly or in lump sum upon termination of employment. (f) As of December 31, 2020, the weighted average duration of that retirement plan is 8 years. B. (a) Effective July 1, 2005, the Company has established a defined contribution pension plan (the "New Plan") under the Labor Pension Act (the "Act"), covering all regular employees with R.O.C. nationality. Under the New Plan, the Company contributes monthly an amount based on 6% of the employees' monthly salaries and wages to the employees' individual pension accounts at the Bureau of Labor Insurance. The benefits accrued are paid monthly or in lump B. (a) Effective July 1, 2005, the Company has established a defined contribution pension plan (the"New Plan") under the Labor Pension Act (the "Act"), covering all regular employees with R.O.C. nationality. Under the New Plan, the Company contributes monthly an amount based on 6% of the employees' monthly salaries and wages to the employees' individual pension accounts at the Bureau of Labor Insurance. The benefits accrued are paid monthly or in lump sum upon termination of employment.
(b) The pension costs under the defined contribution pension plans of the Company for the years (b) The pension costs under the defined contribution pension plans of the Company for the years sum upon termination of employment. (b) The pension costs under the defined contribution pension plans of the Company for the years (b) The pension costs under the defined contribution pension plans of the Company for the years ended December 31, 2020 and 2019 were \$7,025 and \$7,273, respectively.

	2020 2020	2019 2019
Shares at January 1 and December 31 Shares at January 1 and December 31	2020 1,622,671 1,622,671	2019 1,622,671 1,622,671

earnings to be retained and to be distributed. In accordance with the Company Law, 10% of the current year's earnings, after payment of all taxes and after offsetting accumulated deficit, shall be set aside as legal reserve until the balance of legal reserve is equal to that of issued share capital. Afterwards, an amount shall be appropriated or reversed as special reserve in accordance with applicable legal or regulatory requirements, along with prior years' accumulated unappropriated retained earnings, and then distribution should be in the following order: stock dividend and bonus to shareholders are no less than 20% of the accumulated distributable earnings, in current period and cash dividend is at least 30% of the total stock dividend and bonus; the appropriation of earnings is proposed by the Board of Directors and resolved by the A. In accordance with the Company's Articles of Incorporation, the Company will take into consideration its future business plans and capital expenditures in determining the amount of earnings to be retained and to be distributed. In accordance with the Company Law, 10% of the current year's earnings, after payment of all taxes and after offsetting accumulated deficit, shall be set aside as legal reserve until the balance of legal reserve is equal to that of issued share capital. Afterwards, an amount shall be appropriated or reversed as special reserve in accordance with applicable legal or regulatory requirements, along with prior years' accumulated unappropriated retained earnings, and then distribution should be in the following order: stock dividend and bonus to shareholders are no less than 20% of the accumulated distributable earnings, in current period and cash dividend is at least 30% of the total stock dividend and bonus; the appropriation of earnings is proposed by the Board of

(19) Share capital (19) Share capital ended December 31, 2020 and 2019 were \$7,025 and \$7,273, respectively. (19) Share capital

A. Movements in the number of the Company's ordinary shares outstanding are as follows: (Units: in thousand shares) A. Movements in the number of the Company's ordinary shares outstanding are as follows: (Units: in thousand shares) (19) Share capital A. Movements in the number of the Company's ordinary shares outstanding are as follows: A. Movements in the number of the Company's ordinary shares outstanding are as follows:(Units: in thousand shares)

shareholders. Directors and resolved by the shareholders.
~50~ the portion in excess of 25% of the Company's paid-in capital.
share.
B. As of December 31, 2020 the Company's authorized capital was \$20,000,000, and the paidin capital was \$16,233,261 with a par value of NT\$10 per share, consisting of 1,623,326 thousand shares of ordinary stock.
~49~ ~49~ ~49~ C. As of December 31, 2020 and 2019, the Company's subsidiary, Prince Apartment Management Maintain Co., Ltd., held the Company's stocks to maintain equity interest in the Company. The amount of shares held by the subsidiary was all 655 thousand shares, the average par value was all NT\$1.53 per share, and the fair value was NT\$ 11.50 and NT\$11.25 per share, respectively.

B. Except for covering accumulated deficit or issuing new stocks or cash to shareholders in proportion to their share ownership, the legal reserve shall not be used for any other purpose. The use of legal reserve for the issuance of stocks or cash to shareholders in proportion to their share ownership is permitted, provided that the distribution of the reserve is limited to

C. The Company recognised dividends distributed to owners amounting to \$811,663 (\$0.50 (in dollars) per share) and \$1,055,162 (\$0.65 (in dollars) per share) for the years ended December 31, 2020 and 2019, respectively. On March 18, 2021, the Board of Directors proposed that total dividends for the distribution of earnings for 2020 was \$649,330 at \$0.4 (in dollars) per

				January 1, 2019



\$				436,595

				50,105

				1,275
\$				487,975
hotel management contracts	~52~ ~52~	458,386 \$ 59,851 487 518,724 \$	December 31, 2020 December 31, 2019	496,296 \$ 53,969 1,255 551,520 \$

\$ 7,306,687 \$ 5,680,054

(24) Operating revenue	Years ended December 31,
		2020 Years ended December 31,	2019
Revenue from contracts with customers	\$	6,866,463 \$ 2020	5,236,013 2019
Other - rental revenue Revenue from contracts with customers	\$	440,224 6,866,463 \$	444,041 5,236,013
Other - rental revenue	\$	7,306,687 \$ 440,224	5,680,054 444,041

A. The revenue from contracts with customers arises from the transfer of goods and services over

Revenue from external Year ended December 31, 2020 customer contracts	Building and land sales \$ 6,567,877 \$	Hotel operation 40,985 \$	BOT business 257,601 \$	Total 6,866,463
Revenue from external Timing of revenue recognition
customer contracts At a point in time	\$ 6,567,877 \$ \$ 6,567,877 \$	40,985 \$ - \$	257,601 \$ - \$	6,866,463 6,567,877
Timing of revenue recognition Over time	-	40,985	257,601	298,586
At a point in time	\$ 6,567,877 \$ \$ 6,567,877 \$	40,985 \$	- \$ - \$ 257,601 \$	6,567,877 6,866,463
Over time	-	40,985	257,601	298,586
Year ended December 31, 2019 Revenue from external	Building and land sales \$ 6,567,877 \$	Hotel operation 40,985 \$	BOT business 257,601 \$	Total 6,866,463
Year ended December 31, 2019 customer contracts	Building and land sales \$ 4,917,111 \$	Hotel operation 61,385 \$	BOT business 257,517 \$	Total 5,236,013
Revenue from external Timing of revenue recognition
customer contracts At a point in time	\$ 4,917,111 \$ \$ 4,917,111 \$	61,385 \$ - \$	257,517 \$ - \$	5,236,013 4,917,111
Timing of revenue recognition Over time	-	61,385	257,517	318,902
At a point in time	\$ \$ 4,917,111 \$ 4,917,111 \$	61,385 \$	- \$ 257,517 \$ - \$	5,236,013 4,917,111
Over time	-	61,385	257,517	318,902

B. Contract liabilities B. Contract liabilities

The Company has recognised the following revenue-related contract liabilities: The Company has recognised the following revenue-related contract liabilities:

Revenue recognised that was included in the contract liability balance at the beginning of the year: Revenue recognised that was included in the contract liability balance at the beginning of the year:

A. The revenue from contracts with customers arises from the transfer of goods and services over time and at a point in time in the following business lines: time and at a point in time in the following business lines: Year ended December 31, 2020 Building and land sales Hotel operation BOT business Total A. The revenue from contracts with customers arises from the transfer of goods and services over time and at a point in time in the following business lines:

At December 31, 2019 \$ 876,538 (\$ 48) \$ 876,490

(24) Operating revenue (24) Operating revenue

31, 2020 and 2019, respectively. On March 18, 2021, the Board of Directors proposed that total dividends for the distribution of earnings for 2020 was \$649,330 at \$0.4 (in dollars) per share. (22) Other equity items (22) Other equity items

(22) Other equity items	Unrealised gains	Currency
	(losses) on valuation	translation	Total
At January 1, 2020	Unrealised gains \$ 876,538 (\$	Currency 48) \$	876,490
Revaluation - gross	(losses) on valuation 365,767	translation -	Total 365,767
At January 1, 2020 At December 31, 2020	\$ 876,538 (\$ \$ 1,242,305 (\$	48) \$ 48) \$	876,490 1,242,257
Revaluation - gross	365,767	-	365,767
At December 31, 2020	\$ 1,242,305 (\$ Unrealised gains	48) \$ Currency	1,242,257
	(losses) on valuation	translation	Total
At January 1, 2019	Unrealised gains \$ 788,079 (\$	Currency 48) \$	788,031
Revaluation - gross	(losses) on valuation 88,459	translation -	Total 88,459
At January 1, 2019 At December 31, 2019	\$ 788,079 (\$ \$ 876,538 (\$	48) \$ 48) \$	788,031 876,490
Revaluation - gross	88,459	-	88,459

(23) Maturity analysis of assets and liabilities The construction related assets and liabilities are classified as current and non-current based on the (23) Maturity analysis of assets and liabilities

The construction related assets and liabilities are classified as current and non-current based on the operating cycle. Related recognised amount expected to be recovered or repaid within or after 12 months from the balance sheet date is as follows: operating cycle. Related recognised amount expected to be recovered or repaid within or after 12 months from the balance sheet date is as follows: Within 12 months Over 12 months Total The construction related assets and liabilities are classified as current and non-current based on the operating cycle. Related recognised amount expected to be recovered or repaid within or after 12 months from the balance sheet date is as follows:

(23) Maturity analysis of assets and liabilities

			Total

			19,570
\$			368,858 19,570
			368,858

\$
			458,386
\$			782,610 458,386
			782,610
\$
			Total


\$			37,798
			85,775

\$

\$			- \$ 496,296
			1,940
			946,839
\$
\$ \$ \$ Accounts payable (including related parties) \$ Accounts payable (including related parties) ~51~ ~51~ Accounts payable (including related parties)	368,858 19,390 \$ 368,858 278,914 458,386 \$ 278,914 737,300 \$ 35,854 \$ 82,186 10,358,230 496,296 \$ 1,940 528,000 1,026,236 \$	Within 12 months Over 12 months 19,390 \$ 458,386 \$ 737,300 \$ Within 12 months Over 12 months	180 \$ - 180 \$ 4,657,059 11,465,797 16,122,856 - 5,045,307 \$ 11,465,977 \$ 16,511,284 4,657,059 11,465,797 16,122,856 5,045,307 \$ 11,465,977 \$ 16,511,284 - \$ 503,696 - \$ 503,696 \$ 1,240,996 503,696 503,696 \$ 1,240,996 1,944 \$ 3,589 8,975,713 19,333,943 10,476,270 \$ 8,981,246 \$19,457,516 - 418,839 418,839 \$ 1,445,075

(24) Operating revenue

Financial Information

228 Prince Housing & Development Corp. 229 that account for at least 2% and no higher than 3%, respectively, of distributable profit of the current period. If a company has accumulated deficit, earnings should be channeled to cover losses. that account for at least 2% and no higher than 3%, respectively, of distributable profit of the current period. If a company has accumulated deficit, earnings should be channeled to cover losses.

	Operating costs Operating costs	Operating expenses Operating expenses	Total Total
Employee benefit expense Employee benefit expense
Wages and salaries Wages and salaries	\$ \$ - \$	- \$ 217,184 \$ 217,184 \$	217,184 217,184
Labor and health insurance fees Labor and health insurance fees	- -	16,378 16,378	16,378 16,378
Pension costs Pension costs	- -	7,677 7,677	7,677 7,677
Directors' remuneration Directors' remuneration	- - ~54~	40,064 40,064	40,064 40,064
Other employee benefit expense Other employee benefit expense	- -	14,273 14,273	14,273 14,273
	\$ \$ - \$	- \$ 295,576 \$ 295,576 \$	295,576 295,576
Depreciation charges Depreciation charges	\$ \$ 86,128 \$ 86,128 \$	51,100 \$ 51,100 \$	137,228 137,228
Amortization charges Amortization charges	\$ \$ 61,253 \$ 61,253 \$	- \$	- \$ 61,253 61,253
		Year ended December 31, 2019 Year ended December 31, 2019
	Operating costs Operating costs	Operating expenses Operating expenses	Total Total
Employee benefit expense Employee benefit expense
Wages and salaries Wages and salaries	\$ \$ - \$	- \$ 225,852 \$ 225,852 \$	225,852 225,852
Labor and health insurance fees Labor and health insurance fees	- -	17,574 17,574	17,574 17,574
Pension costs Pension costs	- -	8,113 8,113	8,113 8,113
Directors' remuneration Directors' remuneration	- -	42,140 42,140	42,140 42,140
Other employee benefit expense Other employee benefit expense	- -	18,342 18,342	18,342 18,342
	\$ \$ - \$	- \$ 312,021 \$ 312,021 \$	312,021 312,021
Depreciation charges Depreciation charges	\$ \$ 85,325 \$ 85,325 \$	56,438 \$ 56,438 \$	141,763 141,763
	\$ \$ 61,253 \$ 61,253 \$	- \$	- \$ 61,253 61,253

Year ended December 31, 2020 Year ended December 31, 2020

		Years ended December 31,
	2020		2019
Interest expense:
Bank borrowings	\$	87,334	\$ 109,125
Lease liability		3,812	4,432
Commercial paper		12,591	13,733
Ordinary bonds		46,643	41,001
Endorsements and guarantees		10,338	15,463
Others		1,527	2,230
	\$	162,245 \$	185,984

(29) Expenses by nature (29) Expenses by nature (29) Expenses by nature

respectively. There were 14 non-employee directors for both years. respectively. There were 14 non-employee directors for both years. respectively. There were 14 non-employee directors for both years.
of average employee salaries was 0%. of average employee salaries was 0%. adjustments of average employee salaries was 0%.

B. Average employee benefit expense in 2020 and 2019 were \$1,167 and \$1,189, respectively. Average employee salaries in 2020 and 2019 were \$992 and \$995, respectively; and adjustments B. Average employee benefit expense in 2020 and 2019 were \$1,167 and \$1,189, respectively. Average employee salaries in 2020 and 2019 were \$992 and \$995, respectively; and adjustments B. Average employee benefit expense in 2020 and 2019 were \$1,167 and \$1,189, respectively. Average employee salaries in 2020 and 2019 were \$992 and \$995, respectively; and

C. According to the Articles of Incorporation of the Company, when distributing earnings, the Company shall distribute compensation to the employees and pay remuneration to the directors C. According to the Articles of Incorporation of the Company, when distributing earnings, the Company shall distribute compensation to the employees and pay remuneration to the directors C. According to the Articles of Incorporation of the Company, when distributing earnings, the Company shall distribute compensation to the employees and pay remuneration to the

\$ 542,108 \$ 398,245

Revenue recognised that was included in the contract liability balance at the beginning of the year:	Years ended December 31,
	2020	2019 Years ended December 31,
Revenue recognised that was included in the contract	2020	2019
liability balance at the beginning of the year Revenue recognised that was included in the contract
Building and land sales contracts liability balance at the beginning of the year	\$ 488,041 \$	348,046
BOT business contracts Building and land sales contracts	\$ 53,969 488,041 \$	50,105 348,046
Hotel management contracts BOT business contracts	98 53,969	94 50,105
Hotel management contracts	\$ 542,108 \$ 98	398,245 94

C. The amortisation amounts recognised for the years ended December 31, 2020 and 2019 relating to the incremental costs of obtaining contracts (deferred sales commissions which were shown as other current assets) for the years ended December 31, 2020 and 2019 were \$16,308 and C. The amortisation amounts recognised for the years ended December 31, 2020 and 2019 relating to the incremental costs of obtaining contracts (deferred sales commissions which were shown as other current assets) for the years ended December 31, 2020 and 2019 were \$16,308 and \$41,056, respectivley. (25) Interest income C. The amortisation amounts recognised for the years ended December 31, 2020 and 2019 relating to the incremental costs of obtaining contracts (deferred sales commissions which were shown as other current assets) for the years ended December 31, 2020 and 2019 were \$16,308 and\$41,056, respectivley.

(25) Interest income (25) Interest income

	2020 Years ended December 31,	2019
Interest income from bank deposits	\$ 1,611 \$ 2020	2,426 2019
Other interest income Interest income from bank deposits	\$ 1,662 1,611 \$	1,673 2,426
Other interest income	\$ 3,273 \$ 1,662	4,099 1,673
	\$ 3,273 \$	4,099

(28) Finance costs (28) Finance costs

(27) Other gains and losses

(26) Other income (26) Other income

(26) Other income	Years ended December 31,
~53~	2020	2019 Years ended December 31,
Dividend income ~53~	\$ 67,085 \$ 2020		74,866 2019
Payables transferred to other income Dividend income	\$ 154,872 67,085 \$		128,076 74,866
Income from confiscated guarantee due to a default Payables transferred to other income	488 154,872		38,551 128,076
Compensation for road expropriations Income from confiscated guarantee due to a default	10,628 488		- 38,551
Others Compensation for road expropriations	31,633 10,628		23,447 -
Others	\$ 264,706 \$ 31,633		264,940 23,447

Years ended December 31,

		2020 2019 Years ended December 31,
Net gain on financial assets at fair value through		2020		2019
profit or loss Net gain on financial assets at fair value through	\$	3,828	\$	4,059
Gain on disposal of property, plant and profit or loss	\$	3,828	\$	4,059
equipment (including investment property) Gain on disposal of property, plant and Others	(	26,466 80) (		102 1,448)
equipment (including investment property)	\$	26,466 30,214 \$		102 2,713
Others	(	80) (		1,448)
(28) Finance costs	\$	30,214 \$		2,713

(28) Finance costs

\$ 264,706 \$ 264,940

(27) Other gains and losses (27) Oher gains and losses

A. As of December 31, 2020 and 2019, the Company had approximately 233 and 241 employees,

Financial Information

		Years ended December 31,
(b) Reconciliation between income tax expense and accounting profit:		2020	2019
Tax calculated based on profit before tax and statutory tax rate	\$	Years ended December 31, 188,294 \$ 2020	203,707 2019
Tax calculated based on profit before tax and Effect recognized from adjustments under tax statutory tax rate regulations	\$ (	188,294 \$ 65,326) (	203,707 169,417)
Effect recognized from adjustments under tax Tax on undistributed surplus earnings	(	65,326) ( 2,110	169,417) 3,671
regulations Effect from investment tax credits		-	16
Tax on undistributed surplus earnings (Over) under provision of prior year's income tax (		2,110 3,549)	3,671 3,537
Effect from investment tax credits Land value increment tax		- 26,061	16 24,253
(Over) under provision of prior year's income tax ( Income tax expense Land value increment tax	\$	3,549) 147,590 \$ 26,061	3,537 65,767 24,253

		January 1 Recognised in profit or loss December 31 2020
Temporary differences:		January 1 Recognised in profit or loss December 31
-Deferred tax assets: Temporary differences:
Effects of lease liabilities -Deferred tax assets:	\$	471 (\$ 471) \$	-
Effects of lease liabilities	\$ 471 (\$	2019 471) \$	-
		January 1 Recognised in profit or loss December 31 2019
Temporary differences:		January 1 Recognised in profit or loss December 31
-Deferred tax assets: Temporary differences:
Unrealised compensation losses \$ 26,332 (\$ -Deferred tax assets:		26,332) \$ - 471	- 471
Effects of lease liabilities Unrealised compensation losses \$ 26,332 (\$	\$ 26,332 (\$	26,332) \$ 25,861) \$	- 471
Effects of lease liabilities		- 471	471
C. The Company's income tax returns through 2018 have been assessed and approved by the	\$ 26,332 (\$	25,861) \$	471
Tax Authority. C. The Company's income tax returns through 2018 have been assessed and approved by the

B. Amounts of deferred tax assets or liabilities as a result of temporary differences are as follows: Income tax expense \$ 147,590 \$ 65,767 B. Amounts of deferred tax assets or liabilities as a result of temporary differences are as follows: 2020 B. Amounts of deferred tax assets or liabilities as a result of temporary differences are as follows:

Tax Authority. C. The Company's income tax returns through 2018 have been assessed and approved by the Tax Authority.

(b) Reconciliation between income tax expense and accounting profit: (b) Reconciliation between income tax expense and accounting profit:

Abovementioned distributable profit of the current period refers to the pre-tax profit before deduction of employees' compensation and directors' remuneration. D. The Remuneration Policy of the Company: Directors and managers are remunerated based on the services provided, risk assumption and the extent of contribution by reference to the general pay level in the same industry. Employees are compensated based on their education and work background, professional expertise, professional seniority and personal performance. The Company also provides flexible compensation according to the operational situation to timely motivate morale and retain outstanding employees. Annual salary adjustments are based on the employee's position and D. The Remuneration Policy of the Company: Directors and managers are remunerated based on the services provided, risk assumption and the extent of contribution by reference to the general pay level in the same industry. Employees are compensated based on their education and work background, professional expertise, professional seniority and personal performance. The Company also provides flexible compensation according to the operational situation to timely motivate morale and retain outstanding employees. Annual salary adjustments are based on the employee's position and performance assessment to determine the items and amounts for salary adjustments.
performance assessment to determine the items and amounts for salary adjustments. E. For the years ended December 31, 2020 and 2019, employees' compensation was accrued at \$94,147 and \$101,854, respectively; while directors' remuneration was accrued at \$32,029 and \$34,651, respectively. The aforementioned amounts were recognised in salary expenses. The employees' compensation and directors' remuneration were accrued based on the percentage as prescribed in the Company's Articles of Incorporation and distributable profit of current period for the year ended December 31, 2020. The distributed amounts resolved by the Board of Directors were in agreement with the accrued amounts. The employees' compensation will be E. For the years ended December 31, 2020 and 2019, employees' compensation was accrued at\$94,147 and \$101,854, respectively; while directors' remuneration was accrued at \$32,029 and\$34,651, respectively. The aforementioned amounts were recognised in salary expenses. The employees' compensation and directors' remuneration were accrued based on the percentage as prescribed in the Company's Articles of Incorporation and distributable profitof current period for the year ended December 31, 2020. The distributed amounts resolved by the Board of Directors were in agreement with the accrued amounts. The employees' compensation will be distributed in the form of cash.

	Years ended December 31,
		2020	2019
Current tax:
Current tax on profits for the year	\$	122,497 \$	8,445
Tax on undistributed surplus earnings		2,110	3,671
(Over) under provision of prior year's income tax (		3,549)	3,537
Land value increment tax recognised in
income tax for the year		26,061	24,253
Total current tax		147,119	39,906
Deferred tax:
Origination and reversal of temporary differences		471	25,861
Income tax expense	\$	147,590 \$	65,767

directors that account for at least 2% and no higher than 3%, respectively, of distributable profit of the current period. If a company has accumulated deficit, earnings should be channeled to cover losses. Employees' compensation can be distributed in the form of shares or in cash. Qualified employees, including the employees of subsidiaries of the company meeting certain specific requirements, are entitled to receive aforementioned stock or cash. Abovementioned distributable profit of the current period refers to the pre-tax profit before deduction of employees' compensation and directors' remuneration.

distributed in the form of cash. Employees' compensation and directors' remuneration of 2019 as resolved at the meeting of Board of Directors were in agreement with those amounts recognised in the 2019 financial statements. Information about employees' compensation and directors' remuneration of the Company as resolved at the meeting of Board of Directors will be posted in the "Market Observation Post System" at the website of the Taiwan Stock Exchange. Employees' compensation and directors' remuneration of 2019 as resolved at the meeting of Board of Directors were in agreement with those amounts recognised in the 2019 financial statements. Information about employees' compensation and directors' remuneration of the Company as resolved at the meeting of Board of Directors will be posted in the "Market Observation Post System" at the website of the Taiwan Stock Exchange.

(30) Income tax (30) Income tax

A. Income tax expense A. Income tax expense

(a) Components of income tax expense: (a) Components of income tax expense:

Financial Information

Property, plant and equipment transferred to

(32) Supplemental cash flow information	Years ended December 31,
Investing activities with no cash flow effects:	2020	2019
Prepayment transferred to property,		Years ended December 31,
plant and equipment	\$ 5,333 \$ 2020	10,592 2019
Investment properties transferred to land held Prepayment transferred to property,
for construction site plant and equipment	\$ 58,473 \$ \$ 5,333 \$	- 10,592
Property, plant and equipment transferred to Investment properties transferred to land held
investment properties for construction site	\$ \$ 58,473 \$	- \$ 38,156 -

(33) Changes in liabilities from financing activities			flow from financing Changes in other non
	January 1, 2020	activities Changes in cash	cash items (Note)	December 31, 2020
Short-term borrowings	\$ 1,949,000 (\$	674,000) \$	flow from financing Changes in other non	- \$ 1,275,000
Short-term notes and bills payable	49,925 ( January 1, 2020	49,925) activities	- cash items (Note)	- December 31, 2020
Bonds payable Short-term borrowings	4,500,000 \$ 1,949,000 (\$	- 674,000) \$	-	4,500,000 - \$ 1,275,000
Long-term borrowings Short-term notes and bills payable	8,955,924 ( 49,925 (	3,412,687) 49,925)	- -	5,543,237 -
Guarantee deposits received Bonds payable	141,469 4,500,000	9,526 -	- -	150,995 4,500,000
Lease liability Long-term borrowings	185,060 ( 8,955,924 (	30,219) 3,412,687)	1,491 -	156,332 5,543,237
Liabilities from financing Guarantee deposits received	141,469	9,526	-	150,995
activities-gross Lease liability	\$ 15,781,378 (\$ 185,060 (	4,157,305) \$ 30,219)	1,491 \$ 1,491	11,625,564 156,332
Liabilities from financing		Changes in cash
activities-gross	\$ 15,781,378 (\$	4,157,305) \$	flow from financing Changes in other non 1,491 \$	11,625,564
	January 1, 2019	activities Changes in cash	cash items (Note)	December 31, 2019
Short-term borrowings	\$ 730,000 \$	1,219,000 \$	flow from financing Changes in other non	- \$ 1,949,000
Short-term notes and bills payable	201,734 ( January 1, 2019	151,809) activities	- cash items (Note)	49,925 December 31, 2019
Bonds payable Short-term borrowings	4,500,000 \$ 730,000 \$	- 1,219,000 \$	-	4,500,000 - \$ 1,949,000
Long-term borrowings Short-term notes and bills payable	10,553,654 ( 201,734 (	1,597,730) 151,809)	- -	8,955,924 49,925
Guarantee deposits received Bonds payable	129,655 4,500,000	11,814 -	- -	141,469 4,500,000
Lease liability Long-term borrowings	213,649 ( 10,553,654 (	29,512) 1,597,730)	923 -	185,060 8,955,924
Liabilities from financing Guarantee deposits received	129,655	11,814	-	141,469
activities-gross Lease liability	\$ 16,328,692 (\$ 213,649 (	548,237) \$ 29,512)	923 \$ 923	15,781,378 185,060
Note: Changes in other non-cash items arose from the additions to lease liabilities. Liabilities from financing
activities-gross	\$ 16,328,692 (\$	548,237) \$	923 \$	15,781,378
Note: Changes in other non-cash items arose from the additions to lease liabilities.

Investing activities with no cash flow effects:

(33) Changes in liabilities from financing activities

(32) Supplemental cash flow information (31) Earnings per share (32) Supplemental cash flow information

(31) Earnings per share

		Year ended December 31, 2020
		Weighted average
		number of ordinary Earnings
		shares outstanding	per share
Basic earnings per share		Amount after tax (shares in thousands) (in dollars)
Profit attributable to ordinary shareholders of the parent	\$ 793,882	1,622,671 \$	0.49
Diluted earnings per share
Profit attributable to ordinary shareholders of the parent	\$ 793,882	1,622,671
Assumed conversion of all dilutive
potential ordinary shares
Employees' compensation		- 10,571
Profit attributable to ordinary shareholders of the parent plus assumed conversion
of all dilutive potential ordinary shares	\$ 793,882	1,633,242 \$	0.49
		Year ended December 31, 2019
		Weighted average
		number of ordinary Earnings
		shares outstanding	per share
Basic earnings per share		Amount after tax (shares in thousands) (in dollars)
Profit attributable to ordinary shareholders of the parent	\$ 952,767	1,622,671 \$	0.59
Diluted earnings per share
Profit attributable to ordinary shareholders of the parent	\$ 952,767	1,622,671
Assumed conversion of all dilutive potential ordinary shares
Employees' compensation		- 11,641

Profit attributable to ordinary shareholders
of the parent plus assumed conversion of all dilutive potential ordinary shares	\$ 952,767	1,634,312 \$	0.58

(33) Changes in liabilities from financing activities

Note: Changes in other non-cash items arose from the additions to lease liabilities.

The Company subcontracted building construction and utilities engineering to related parties,

(a) Details of the Company's subcontracting to related parties and its purchases from related (a) Details of the Company's subcontracting to related parties and its purchases from related

The Company subcontracted building construction and utilities engineering to related parties,

	Years ended December 31, Years ended December 31,
		2020 2020		2019 2019
Construction subcontracting: Construction subcontracting:
-Cheng-Shi Construction -Cheng-Shi Construction	\$ \$	124,927 \$ 124,927 \$		267,834 267,834
-Prince Utility -Prince Utility		77,722 77,722		108,487 108,487
Purchases of services: Purchases of services:
-Subsidiaries -Subsidiaries		62,580 62,580		56,758 56,758
Purchases of goods: Purchases of goods:
-Subsidiaries -Subsidiaries		-	-	55 55
	\$ \$	265,229 \$ 265,229 \$		433,134 433,134

B. Purchases B. Purchases B. Purchases

parties are as follows: parties are as follows: (a) Details of the Company's subcontracting to related parties and its purchases from related parties are as follows:

Ta-Chen Construction Company and Prince Utility Company and Chen-Shi Construction Company. Under those subcontracts, acceptance would be done according to the progress of the construction and engineering; payments would be made based on agreed-upon terms of the two parties. Purchases from related parties, Prince Security Company, Prince Apartment and Chen-shi, Construction Company, are based on negotiated terms because the related purchase transactions are unique and not available from third parties. (b) As of December 31, 2020 and 2019, unsettled construction contracts that were signed by the Company and Chen-Shi Construction Company totaled \$1,010,544 and \$1,778,514, Ta-Chen Construction Company and Prince Utility Company and Chen-Shi Construction Company. Under those subcontracts, acceptance would be done according to the progress of the construction and engineering; payments would be made based on agreed-upon terms of the two parties. Purchases from related parties, Prince Security Company, Prince Apartment and Chen-shi, Construction Company, are based on negotiated terms because the related purchase transactions are unique and not available from third parties. (b) As of December 31, 2020 and 2019, unsettled construction contracts that were signed by the The Company subcontracted building construction and utilities engineering to related parties, Ta-Chen Construction Company and Prince Utility Company and Chen-Shi Construction Company. Under those subcontracts, acceptance would be done according to the progress of the construction and engineering; payments would be made based on agreed-upon terms of the two parties. Purchases from related parties, Prince Security Company, Prince Apartment and Chen-shi, Construction Company, are based on negotiated terms because the related purchase transactions are unique and not available from third parties.

	Years ended December 31,
Rental income:	2020 2019
-President Chain Store	\$ 53,742 \$	51,578
~60~ -Subsidiaries	1,805	2,013
	\$ 55,547 \$	53,591

respectively; payments already made for those contracts amounted to \$301,200 and \$942,800, respectively; and future payments required under those contracts amounted to \$709,344 and Company and Chen-Shi Construction Company totaled \$1,010,544 and \$1,778,514, respectively; payments already made for those contracts amounted to \$301,200 and \$942,800, respectively; and future payments required under those contracts amounted to \$709,344 and (b) As of December 31, 2020 and 2019, unsettled construction contracts that were signed by the Company and Chen-Shi Construction Company totaled \$1,010,544 and \$1,778,514, respectively; payments already made for those contracts amounted to \$301,200 and \$942,800, respectively; and future payments required under those contracts amounted to

\$835,714, respectively. \$835,714, respectively. \$709,344 and\$835,714, respectively.
~61~ and \$183,818, respectively.

~61~ (c) As of December 31, 2020 and 2019, unsettled construction contracts that were signed by the Company and Prince Utility Company totaled \$184,388 and \$491,418, respectively; payments already made for those contracts amounted to \$130,100 and \$307,600, respectively; and future payments required under those contracts amounted to \$54,288

(2) Significant related party transactions and balances (2) Significant related party transactions and balances

A. Sales of goods: A. Sales of goods:

Rent is determined by mutual agreements and is collected monthly. Rent is determined by mutual agreements and is collected monthly.

7. RELATED PARTY TRANSACTIONS 7. RELATED PARTY TRANSACTIONS

(1) Names of related parties and relationship with the Company (1) Names of related parties and relationship with the Company

Names of related parties	Relationship with the Company
Times Square International Investment Holdings Co., Ltd. The Company's subsidiary
(Times Square International Investment Holdings)
Times Square International Co., Ltd.	The subsidiary of TSIIHC
Times Square International Stays Corp.	The subsidiary of TSIIHC
Prince Industrial Co., Ltd.	The Company's subsidiary
Prince Real Estate Co., Ltd.	The Company's subsidiary
The Splendor Hotel Taichung (The Splendor)	The Company's subsidiary
Cheng-Shi Investment Holdings Co., Ltd	The Company's subsidiary
(Cheng-Shi Investment Holdings)
Prince Property Management Consulting Co., Ltd.	The Company's subsidiary
(Prince Property Management Consulting)
Ta-Chen Construction & Engineering Corp.	The subsidiary of CSIHC
(Ta-Chen Construction & Engineering)
Prince Utility Co., Ltd. (Prince Utility)	The subsidiary of CSIHC
Cheng-Shi Construction Co., Ltd.	The subsidiary of CSIHC
(Cheng-Shi Construction)
Prince Security Co., Ltd. (Prince Security)	The subsidiary of PPMCC
Prince Apartment Management Maintain Co., Ltd.	The subsidiary of PPMCC
(Prince Apartment)
President International Development Corp.	The Company's other related parties
(President International Development)
Tainan Spinning Co., Ltd. (Tainan Spinning) (Note)	The Company's other related parties
President Chain Store Corp. (President Chain Store)	The Company's other related parties

(Note) It is no longer a related party after the re-election of directors of the Company on June 21, 2019. For other related parties over which the Company exercises significant influence but with which the Company had no material transaction, please refer to Note 13 for related information. (Note) It is no longer a related party after the re-election of directors of the Company on June 21, 2019. For other related parties over which the Company exercises significant influence but with which the Company had no material transaction, please refer to Note 13 for related information.

C. Other assets

(a) On June 20, 2006, the Company and China Metal Products Co., Ltd. ("A party") jointly signed a creditor's rights transfer contract with Amida Trustlink Assets Management Co., Ltd. ("B party"). Under the contract, the Company and A party should pay \$2,100,000 each (totaling\$4,200,000) to jointly acquire whole creditor's rights of mortgages, security interests and other dependent claims (collectively referred herein as the creditor's rights) on the Splendor Hotel Taichung Building, and each bears 50% rights and obligations of this acquisition; when all creditor's rights of this object turn into property rights, the Company and A party should pay B party totaling \$1,000,000 as the cost and reward of B party for it is entrusted with the task to help turn the creditor's rights as stated above into property rights, but any excess cost over\$1,000,000 if incurred on this task shall be borne by B party on its own; the Company should pay B party \$300,000 before

Financial Information

PLEDGED ASSETS

Other related parties - 1,080

		Years ended December 31,
ii. Interest expense: ~63~	2020		2019
Interest expense: ~63~		Years ended December 31,
President International Development Corp.	\$	1,561 \$ 2020		2,090 2019
Other related parties Interest expense:		-		1,080
President International Development Corp.	\$ \$	1,561 \$ 1,561 \$		3,170 2,090

Salaries and other short-term employee benefits	Years ended December 31, \$ 50,898 \$ 59,918
Termination benefit	2020	- 2019 -
Post-employment benefits Salaries and other short-term employee benefits	\$ 50,898 \$	- - 59,918
Other long-term benefits Termination benefit		- - - -
Share-based payment Post-employment benefits		- - - -
Other long-term benefits	\$ 50,898 \$	59,918 - -
Share-based payment 8. PLEDGED ASSETS		- -
The Company's assets pledged as collateral are as follows:	\$ 50,898 \$	59,918

236 Prince Housing & Development Corp. 237 Investments accounted for under equity method 1,136,641 1,146,288 Short-term borrowings, notes and bills payable Buildings 185,923 168,785 Short-term borrowings, notes and bills payable

\$ 975,000

F. The information on endorsement and guarantees among related parties are described in Note 9(1). \$ 1,561 \$ 3,170 F. The information on endorsement and guarantees among related parties are described in Note 9(1). (3) Key management compensation F. The information on endorsement and guarantees among related parties are described in Note 9(1).

\$ 975,000

(3) Key management compensation (3) Key management compensation

as follows: as follows: 2006 2006	\$ \$ 225,000 225,000
2006 2006 2008 2008	\$ \$ 225,000 225,000 105,000 105,000
2008 2008 2009 2009	105,000 105,000 615,000 615,000
2009 2009 2010 2010	615,000 615,000 30,000 30,000
2010 2010	\$ 30,000 30,000 \$ 975,000 975,000

D. Accounts payable

	December 31, 2020 December 31, 2019	December 31, 2020 December 31, 2019
Subsidiaries Subsidiaries	December 31, 2020 December 31, 2019 \$ \$ 4,025 \$ 4,025 \$	December 31, 2020 December 31, 2019 31,006 31,006
Subsidiaries Subsidiaries	\$ \$ 4,025 \$	4,025 \$ 31,006 31,006
E. Lease transactions - lessee E. Lease transactions - lessee

ii. Interest expense: ii. Interest expense:

(c) Details of the Company's capital investment in The Splendor Hotel Taichung in the past are (c) Details of the Company's capital investment in The Splendor Hotel Taichung in the past are (c) Details of the Company's capital investment in The Splendor Hotel Taichung in the past are as follows: (c) Details of the Company's capital investment in The Splendor Hotel Taichung in the past are as follows: (c) Details of the Company's capital investment in The Splendor Hotel Taichung in the past are as follows:

D. Accounts payable D. Accounts payable D. Accounts payable D. Accounts payable

E. Lease transactions - lessee E. Lease transactions - lessee (a) (a) E. Lease transactions - lessee

(a) (a)

i.The Company leases office from a related party, President International Development Corp. These leases have terms expiring between 2018 and 2023, and all these lease agreements are renewable at the end of the lease period. i.The Company leases office from a related party, President International Development Corp. These leases have terms expiring between 2018 and 2023, and all these lease agreements are renewable at the end of the lease period. i.The Company leases office from a related party, President International Development Corp. These leases have terms expiring between 2018 and 2023, and all these lease agreements are renewable at the end of the lease period. i.The Company leases office from a related party, President International Development Corp. These leases have terms expiring between 2018 and 2023, and all these lease agreements are renewable at the end of the lease period. i. The Company leases office from a related party, President International Development Corp. These leases have terms expiring between 2018 and 2023, and all these lease agreements are renewable at the end of the lease period.
ii.TheCompany leases office from the other related parties. These leases have terms expiring between 2015 and 2035, and all these lease agreements are not renewable at the end of the lease period. ii.TheCompany leases office from the other related parties. These leases have terms expiring between 2015 and 2035, and all these lease agreements are not renewable at the end of the lease period. ii.TheCompany leases office from the other related parties. These leases have terms expiring between 2015 and 2035, and all these lease agreements are not renewable at the end of the lease period. (b) Acquisition of right-of-use assets: ii.TheCompany leases office from the other related parties. These leases have terms expiring between 2015 and 2035, and all these lease agreements are not renewable at the end of the lease period. (b) Acquisition of right-of-use assets: ii. The Company leases office from the other related parties. These leases have terms expiring between 2015 and 2035, and all these lease agreements are not renewable at the end of the lease period.

(b) Acquisition of right-of-use assets: (b) Acquisition of right-of-use assets: For the years ended December 31, 2020 and 2019, there was no 'right-of-use asset' obtained For the years ended December 31, 2020 and 2019, there was no 'right-of-use asset' obtained (b) Acquisition of right-of-use assets:

For the years ended December 31, 2020 and 2019, there was no 'right-of-use asset' obtained from related parties. Due to the Company has elected to apply IFRS 16, 'right-of-use asset' was increased on January 1, 2019 as follows: For the years ended December 31, 2020 and 2019, there was no 'right-of-use asset' obtained from related parties. Due to the Company has elected to apply IFRS 16, 'right-of-use asset' was increased on January 1, 2019 as follows: from related parties. Due to the Company has elected to apply IFRS 16, 'right-of-use asset' was increased on January 1, 2019 as follows: Tainan Spinning Co., Ltd. \$ 106,933 from related parties. Due to the Company has elected to apply IFRS 16, 'right-of-use asset' was increased on January 1, 2019 as follows: Tainan Spinning Co., Ltd. \$ 106,933 For the years ended December 31, 2020 and 2019, there was no 'right-of-use asset' obtained from related parties. Due to the Company has elected to apply IFRS 16, 'rightof-use asset' was increased on January 1, 2019 as follows:

\$ Subsidiaries \$ Subsidiaries E. Lease transactions - lessee E. Lease transactions - lessee (a) (a) i.The Company leases office from a related party, President International Development Corp. These leases have terms expiring between 2018 and 2023, and all these lease agreements i.The Company leases office from a related party, President International Development Corp.	December 31, 2020 December 31, 2019 4,025 \$ 4,025 \$	31,006 31,006
are renewable at the end of the lease period. These leases have terms expiring between 2018 and 2023, and all these lease agreements are renewable at the end of the lease period. ii.TheCompany leases office from the other related parties. These leases have terms expiring between 2015 and 2035, and all these lease agreements are not renewable at the end of the lease period. ii.TheCompany leases office from the other related parties. These leases have terms expiring between 2015 and 2035, and all these lease agreements are not renewable at the end of the lease period. (b) Acquisition of right-of-use assets: (b) Acquisition of right-of-use assets: For the years ended December 31, 2020 and 2019, there was no 'right-of-use asset' obtained from related parties. Due to the Company has elected to apply IFRS 16, 'right-of-use asset' For the years ended December 31, 2020 and 2019, there was no 'right-of-use asset' obtained
was increased on January 1, 2019 as follows: from related parties. Due to the Company has elected to apply IFRS 16, 'right-of-use asset' was increased on January 1, 2019 as follows: Tainan Spinning Co., Ltd. President International Development Corp. Tainan Spinning Co., Ltd. President International Development Corp. (c) Lease liabilities	\$ \$ \$ \$	106,933 105,352 106,933 212,285 105,352 212,285

Lease liabilities - current:	December 31, 2020	December 31, 2019
Lease liabilities - current: President International Development Corp.	\$ 24,732 \$	24,192
President International Development Corp. Lease liabilities - non - current:	\$ 24,732 \$	24,192
Lease liabilities - non - current: President International Development Corp.	\$ 32,764 \$	57,496
President International Development Corp.	\$ 32,764 \$	57,496

June 30, 2006, and the Company and A party should jointly issue a promissory note of \$1,800,000 to B party on the signing date; payment should be done before July 15, 2006. The title to the creditor's rights as stated above had been transferred to the Company and A party on August 2, 2006. Total acquisition price of the creditor's rights amounted to \$5,200,000, which the Company and A party bear 50% of the price each. The Company had paid its share. Furthermore, the Company and A party jointly established the Splendor Hotel Taichung and \$450,000 invested in the share capital was drawn down from the abovementioned price of the creditor's rights.

(b) The Company and China Metal Products Co., Ltd. jointly established The Splendor Hotel Taichung ("A party") by contributing 50% of the investment each. On November 1, 2006, A party signed a certain assets transfer contract with The Splendor Hotel Chunggang ("B party"). Under the contract, A party should pay B party for employees' services, goods purchases and taxes. The above payments of \$352,310 required of A party were made from the share capital of its initial establishment.

The Company's creditor's rights above amounting to \$2,375,000 were originally receivable from B party. After B party and A party signed a certain assets transfer contract in December, 2006, the creditor's right to the above receivables were transferred to A party. And A party repaid \$1,800,000 to the Company in June 2007. As of December 31, 2020 and 2019, the Company's creditor's rights receivable from A party both amounted to \$575,000(shown as 'other non-current assets – others').

	December 31, 2020 Total endorsement Total endorsement	December 31, 2020	December 31, 2019 December 31, 2019 Total endorsement Total endorsement
Name of company Name of company	amount amount Total endorsement Total endorsement	Amount drawn Amount drawn	amount amount Total endorsement Total endorsement	Amount drawn Amount drawn
Name of company Name of company The Splendor Hotel Taichung(Note) The Splendor Hotel Taichung(Note)	\$ amount \$ 1,875,000 \$ amount	1,875,000 \$ Amount drawn 1,875,000 \$ Amount drawn	1,875,000 \$ amount 2,150,000 \$ amount	2,150,000 \$ Amount drawn 1,900,000 Amount drawn 1,900,000
The Splendor Hotel Taichung(Note) The Splendor Hotel Taichung(Note)	\$ \$ 1,875,000 \$	1,875,000 \$ 1,875,000 \$	1,875,000 \$ 2,150,000 \$	2,150,000 \$ 1,900,000 1,900,000
Note: The Company and China Metal Products Co., Ltd. provided endorsements and guarantees Note: The Company and China Metal Products Co., Ltd. provided endorsements and guarantees

B. Summary B. Summary of endorsements and guarantees provided by subsidiaries to the Company of endorsements and guarantees provided by subsidiaries to the Company				is as follows: is as follows:
	December 31, 2020	December 31, 2020	December 31, 2019	December 31, 2019
	December 31, 2020 Total endorsement Total endorsement	December 31, 2020	December 31, 2019 Total endorsement Total endorsement	December 31, 2019
Name of company Name of company	amount amount Total endorsement Total endorsement	Amount drawn Amount drawn	amount amount Total endorsement Total endorsement	Amount drawn Amount drawn
Prince Real Estate Co., Ltd. Name of company Prince Real Estate Co., Ltd. Name of company	\$ \$ 800,000 \$ amount amount	800,000 \$ 800,000 \$ Amount drawn Amount drawn	800,000 \$ 1,352,085 \$ amount amount	1,352,085 \$ 1,352,085 Amount drawn Amount drawn	1,352,085

9. SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNISED CONTRACT COMMITMENTS 9. SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNISED CONTRACT COMMITMENTS 9. SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNISED CONTRACT COMMITMENTS

(1) Summary of endorsements and guarantees is as follows: (1) Summary of endorsements and guarantees is as follows: 9. SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNISED CONTRACT COMMITMENTS 9. SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNISED CONTRACT COMMITMENTS (1) Summary of endorsements and guarantees is as follows:
A. Summary of endorsements and guarantees provided by the Company to subsidiaries is as follows: A. Summary of endorsements and guarantees provided by the Company to subsidiaries is as follows: (1) Summary of endorsements and guarantees is as follows: A. Summary of endorsements and guarantees provided by the Company to subsidiaries is as follows: (1) Summary of endorsements and guarantees is as follows: A. Summary of endorsements and guarantees provided by the Company to subsidiaries is as follows: A. Summary of endorsements and guarantees provided by the Company to subsidiaries is as follows:

in equal proportions of 50% ownership each for the Splendor Hotel Taichung's short-term borrowings, short-term notes and bills payable, long-term notes payable and syndication in equal proportions of 50% ownership each for the Splendor Hotel Taichung's short-term borrowings, short-term notes and bills payable, long-term notes payable and syndication Note: The Company and China Metal Products Co., Ltd. provided endorsements and guarantees in equal proportions of 50% ownership each for the Splendor Hotel Taichung's short-term Note: The Company and China Metal Products Co., Ltd. provided endorsements and guarantees in equal proportions of 50% ownership each for the Splendor Hotel Taichung's short-term Note: The Company and China Metal Products Co., Ltd. provided endorsements and guarantees in equal proportions of 50% ownership each for the Splendor Hotel Taichung's short-term borrowings, short-term notes and bills payable, long-term notes payable and syndication loan of long-term borrowings.

Prince Real Estate Co., Ltd. \$ 800,000 \$ 800,000 \$ 1,352,085 \$ 1,352,085

loan of long-term borrowings. B. Summary of endorsements and guarantees provided by subsidiaries to the Company is as follows: loan of long-term borrowings. B. Summary of endorsements and guarantees provided by subsidiaries to the Company is as follows: borrowings, short-term notes and bills payable, long-term notes payable and syndication loan of long-term borrowings. borrowings, short-term notes and bills payable, long-term notes payable and syndication loan of long-term borrowings. B. Summary of endorsements and guarantees provided by subsidiaries to the Company is as follows:

C. The accumulated operating losses of the subsidiary, the Splendor Hotel Taichung, had exceeded 50% of its paid-in capital and its current liabilities were greater than its current assets. The Company was committed to provide the endorsement and guarantees for all Splendor Hotel's borrowings in its ownership proportion of 50%. C. The accumulated operating losses of the subsidiary, the Splendor Hotel Taichung, had exceeded 50% of its paid-in capital and its current liabilities were greater than its current assets. The Company was committed to provide the endorsement and guarantees for all Splendor Hotel's borrowings in its ownership proportion of 50%. C. The accumulated operating losses of the subsidiary, the Splendor Hotel Taichung, had exceeded 50% of its paid-in capital and its current liabilities were greater than its current assets. The Company was committed to provide the endorsement and guarantees for all Splendor Hotel's C. The accumulated operating losses of the subsidiary, the Splendor Hotel Taichung, had exceeded 50% of its paid-in capital and its current liabilities were greater than its current assets. The Company was committed to provide the endorsement and guarantees for all Splendor Hotel's C. The accumulated operating losses of the subsidiary, the Splendor Hotel Taichung, had exceeded 50% of its paid-in capital and its current liabilities were greater than its current assets. The Company was committed to provide the endorsement and guarantees for all Splendor Hotel's borrowings in its ownership proportion of 50%.

December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 (2) Capital expenditures contracted for at the balance sheet date but not yet incurred are as follows: (2) Capital expenditures contracted for at the balance sheet date but not yet incurred are as follows: (2) Capital expenditures contracted for at the balance sheet date but not yet incurred are as follows:

Prince Real Estate Co., Ltd. \$ 800,000 \$ 800,000 \$ 1,352,085 \$ 1,352,085

8. PLEDGED ASSETS 8. PLEDGED ASSETS 8. PLEDGED ASSETS

The Company's assets pledged as collateral are as follows: The Company's assets pledged as collateral are as follows: The Company's assets pledged as collateral are as follows:

Pledged asset Pledged asset		December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019	Purpose Purpose
Time deposits, demand deposits and checking Time deposits, demand deposits and checking	\$ \$ 528,573 \$	528,573 \$	910,538 Performance guarantee,short-term and long-term 910,538 Performance guarantee,short-term and long-term
deposits (shown as "financial assets at amortised deposits (shown as "financial assets at amortised			borrowings. borrowings.
cost") cost")
Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss	79,712	79,712	79,342 Long-term borrowings 79,342 Long-term borrowings
Land held for construction site Land held for construction site	2,568,125	2,568,125	3,493,345 Short-term borrowings, notes and bills payable 3,493,345 Short-term borrowings, notes and bills payable
			and long-term borrwings and long-term borrwings
Construction in progress Construction in progress	840,748	840,748	3,834,017 Short-term borrowings, notes and bills payable 3,834,017 Short-term borrowings, notes and bills payable
			and long-term borrwings and long-term borrwings
Financial assets at fair value through other Financial assets at fair value through other	1,293,634	1,293,634	1,152,004 Issued long-term notes and bills 1,152,004 Issued long-term notes and bills
comprehensive income comprehensive income
Investments accounted for under equity method Investments accounted for under equity method	1,136,641	1,136,641	1,146,288 Short-term borrowings, notes and bills payable 1,146,288 Short-term borrowings, notes and bills payable
Land	165,975	165,975	82,788 Short-term borrowings, notes and bills payable 82,788 Short-term borrowings, notes and bills payable
			and long-term borrwings and long-term borrwings
Buildings Buildings	185,923	185,923	168,785 Short-term borrowings, notes and bills payable 168,785 Short-term borrowings, notes and bills payable
			and long-term borrwings and long-term borrwings
Investment property Investment property	4,812,792	4,812,792	3,919,326 Short-term borrowings, notes and bills payable 3,919,326 Short-term borrowings, notes and bills payable
			and long-term borrwings and long-term borrwings

	\$ \$ 11,612,123 \$	11,612,123 \$ 14,786,433 14,786,433

(3) Information on the commitments of the Company relating to financial support to related parties is

~65~ A. Under the contract, B party should be responsible for acquiring the ownership or land-use right for this project, and let A party use the land; A party must complete the construction within 3 years from the registration of the superficies, and may operate the dormitories for 44 years, collect dormitory rentals and use fees of other facilities from students, and should

(6) On March 17, 2005, the Company ("A party") signed a contract with National Taiwan University ("B party") relating to the construction and operation of dormitories on Chang-Hsing St. and (6) On March 17, 2005, the Company ("A party") signed a contract with National Taiwan University ("B party") relating to the construction and operation of dormitories on Chang-Hsing St. and (5) According to the sale contracts, the Company should provide warranty on the house structure and major facilities for one year from the handover day for the houses it sold. However, any damage to the houses caused by disasters, additions to the houses made by the buyers, or events that are

(3) Information on the commitments of the Company relating to financial support to related parties is

		December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019
Property, plant and equipment	\$ 1,100 \$		3,382
Property, plant and equipment	\$ 1,100 \$		3,382

described in Note 7(2). (4) Operating lease agreement: described in Note 7(2). (4) Operating lease agreement: described in Note 7(2).
(5) According to the sale contracts, the Company should provide warranty on the house structure and major facilities for one year from the handover day for the houses it sold. However, any damage to (5) According to the sale contracts, the Company should provide warranty on the house structure and major facilities for one year from the handover day for the houses it sold. However, any damage to (4) Operating lease agreement: Please refer to Note 6(9) for related information.
attributed to the Company is not included in the scope of warranty. Shui-Yuan Campus. The major terms of the contract are as follows: attributed to the Company is not included in the scope of warranty. Shui-Yuan Campus. The major terms of the contract are as follows: not attributed to the Company is not included in the scope of warranty.
Shui-Yuan Campus. The major terms of the contract are as follows:
~65~ return the related assets to B party on the expiry of the contract.
the bank, all amounting to \$30,000.
facilities collected from students.
D. Terms of restrictions for A party:
project should be at least 30%;
least 25%; and current ratio (current assets/current liabilities) should be at least 100%;
liability/obligation or become an executed object of civil litigation.
alumni hall. The major terms of the contract are as follows:

(3) Information on the commitments of the Company relating to financial support to related parties is

(6) On March 17, 2005, the Company ("A party") signed a contract with National Taiwan University ("B party") relating to the construction and operation of dormitories on Chang-Hsing St. and

(a) The ratio of A party's own capital utilized in this project to total construction cost of this

(b) During the operation period, the ratio of shareholders' equity to total assets should be at

(c) All rights acquired by A party under the contract, except for other conditions specified in the contract and approved by B party, should not be transferred, leased, registered as a

(7) On May 10, 2005, the Company ("A party") signed a contract with National Cheng Kung University ("B party") relating to the construction and operation of student dormitories and

A. Under the contract, B party should be responsible for acquiring the ownership or land-use right for this project, and let A party use the land by way of registration of the superficies; A

party must obtain the user license within 3 years after the signing date, and may operate the dormitories and motorcycle parking lots for 35 years from the start of operation and collect dormitory rentals and use fees of other facilities from students for 50 years from the start of construction, and should return the related assets to B party on the expiry of the contract.

B. A party should give B party performance guarantee of \$50,000 for this project on the signing date, which will be returned in installment according to the contractual terms. As of December 31, 2020 and 2019, A party had provided performance guarantee with a guarantee letter issued by the bank, amounting to \$10,000 and \$20,000, respectively.
C. During the operation period, A party should pay B party dormitory operating royalties based on the specified proportion of annual operating revenue of the dormitories and auxiliary facilities operating royalties based on the specified proportion of annual operating revenue of the auxiliary facilities. A party should pay such operating royalties for prior year before the end of June every year. Further, according to the superficies contract signed by the two parties, A party should pay B party land rentals from the registration of superficies.
D. All rights acquired by A party under the contract, except for other conditions specified in the contract and approved by B party, should not be transferred, leased, registered as a liability/ obligation or become an executed object of civil litigation.
(8) The Company signed a syndicated loan contract with 7 banks Mega International Commercial Bank as the lead bank for a credit line of \$2.16 billion. The syndicated loans include longterm (secured) loans and guarantee payments receivable (secured), which are used to fund the construction of dormitories in Changxing St. Campus and Shuiyuan Campus of National Taiwan University. During the loan period, the Company should maintain financial commitments such as current ratio, liability ratio and interest coverage; those financial ratios/restrictions shall be reviewed at least once every year, based on the Company's audited annual non-consolidated financial statements. If the Company violates the above financial commitments, it shall improve its financial position by capital increase or other ways before the end of October of the following year from the year of violation; it would not be regarded as a default if the managing bank confirms that its financial position has improved completely. In case of violation, interest on the loans would be charged at the loan rate specified in the contract plus additional 0.25% per annum from the notification date of the managing bank to the completion date of financial improvement or to the date the Company gains the relief from the consortium for its violation.
(9) The Company signed a loan contract with Mega International Commercial Bank for a credit line of\$785 million. The loans include long-term (secured) loans and guarantee payments receivable (secured), which are used to fund the construction of student dormitories and alumnus hall of National Cheng Kung University. During the loan period, the Company should maintain financial commitments such as current ratio, liability ratio and interest coverage; those financial ratios/ restrictions shall be reviewed at least once every year. Current ratio and liability ratio shall be reviewed based on the Company's audited annual non-consolidated financial statements, and interest coverage based on the Company's revenue and expenditure table for the related project. If the Company violates the above financial commitments, it shall improve its financial position by capital increase or other ways before the end of October of the following year from the year of violation; it would not be regarded as a default if the bank confirms that its financial position has improved completely. In case of violation, interest on the loans would be charged at the loan rate specified in the contract plus additional 0.25% per annum from the notification date of the bank

to the completion date of financial improvement or to the date the Company obtains a waiver from the bank for its violation.

(10) The Company signed a syndicated loan contract with 4 financial institutions – Bank of Taiwan Co., Ltd. as the lead bank for a credit line of \$3.221 billion. The syndicated loans include medium-term guarantee payments receivable (secured) and medium-term commercial paper guarantees. Bank of Taiwan and Agricultural Bank of Taiwan provided medium-term guarantee payments receivable (secured) with a credit line of \$2.021 billion which are used by the Company to apply for the guarantee of corporate bond issued by the bank and pay off 2012 1st secured ordinary bonds payable. China Bills Finance Corp, Mega Bills Finance Corp and Taiwan Cooperative Finance Cop. provides medium-term commercial paper guarantees with a credit line of \$1.2 billion which are used by the Company to apply for the guarantee of commercial paper guarantees and enrich operational working capital. These three financial institutions shall renew the contract with the Company for another 1 year based on their individual commitments and establish the facility documentation, which is similar to the commercial paper guarantees, letter of purchase contract and others. In addition, no matter whether the bondholders receive the payment or not, the banks' guarantee responsibility will be released after the debtor returns the payables to the agency.

(11) The Company signed a syndicated loan contract with 2 financial institutions – Bank of Taiwan Co., Ltd. as the lead bank for a credit line of \$3.121 billion. The syndicated loans include medium-term guarantee payments receivable (secured) and medium-term commercial paper guarantees. Bank of Taiwan and Agricultural Bank of Taiwan provided medium-term guarantee payments receivable (secured) with a credit line of \$2.521 billion which are used by the Company to apply for the guarantee of corporate bond issued by the bank and pay off 2013 1st secured ordinary bonds payable. International Bills Finance Corp provides medium-term commercial paper guarantees with a credit line of \$600 million which are used by the Company to apply for the guarantee of commercial paper guarantees and enrich operational working capital. These three financial institutions shall renew the contract with the Company for another 1 year based on their individual commitments and establish the facility documentation, which is similar to the commercial paper guarantees, letter of purchase contract and others. In addition, no matter whether the bondholders receive the payment or not, the banks' guarantee responsibility will be

(12)On January 20, February 10 and December 27, 2014, the Company signed a contract with Taiwan Sugar Corporation ("TSC") in relation to cooperative construction of houses. According to the contracts, TSC shall provide Taichung City Koan An Section No. 591-1 and Tainan City Hou Guan Section No.34 and Nanzi Dist., Kaohsiung City Nanzi 1st Section No. 158, etc; the Company shall provide funding for those projects and repurchase houses and land allocated to TSC amounting to\$638,763, \$830,889 and \$1,255,300, and shall bear all improvement fees of houses, public facilities and land, selling expenses, and other expenses or contributed expenses required under the decrees. The Company shall not ask for any compensation for price fluctuations or other reasons. Further, under the contract, the Company shall give TSC performance guarantee amounting to \$63,880,\$83,080 and \$125,540, respectively, on the signing date, which will be returned in instalments according to the contractual terms. The Company had

released after the debtor returns the payables to the agency.
provided such performance guarantee with guarantee letter of the bank as follows:

None.

OTHERS

(2) Financial instruments

Nanzi Dist., Kaohsiung City

December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Nanzi 1st Section No. 158 etc \$ - \$ 55,210

10. SIGNIFICANT DISASTER LOSS 10. SIGNIFICANT DISASTER LOSS 11. SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE 10. SIGNIFICANT DISASTER LOSS

11. SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE 11. SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE (1) Capital management 11. SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE

(1) Capital management (1) Capital management dividend distribution. The Company adjusts borrowing amount in accordance with construction progress and capital needed for operations. 12. OTHERS

The Company's capital management is to ensure it has sufficient financial resource and operating The Company's capital management is to ensure it has sufficient financial resource and operating (1) Capital management

comprehensive income	December 31, 2020 December 31, 2020	December 31, 2019 December 31, 2019
Financial assets Financial assets Designation of equity instrument	2,096,142	1,795,634
Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss Financial assets at amortised cost
Cash and cash equivalents Financial assets mandatorily measured at fair Financial assets mandatorily measured at fair	4,182,938	4,113,430
Financial assets at amortised cost value through profit or loss value through profit or loss	528,573 \$ \$ 782,531 \$	910,538 782,531 \$ 984,236 984,236
Notes receivable Financial assets at fair value through other Financial assets at fair value through other	24,382	56,998
Accounts receivable comprehensive income comprehensive income Other receivables	369,827 12,483	88,426 1,963
Designation of equity instrument Designation of equity instrument Refundable deposits	2,096,142 10,450	2,096,142 1,795,634 1,795,634 13,067
Financial assets at amortised cost Financial assets at amortised cost	\$ 8,007,326 \$	7,964,292
Cash and cash equivalents Cash and cash equivalents	4,182,938	4,182,938 4,113,430 4,113,430
Financial assets at amortised cost Financial assets at amortised cost	528,573	528,573 910,538 910,538
Notes receivable Notes receivable	24,382	24,382 56,998 56,998
Accounts receivable Accounts receivable	369,827	369,827 88,426 88,426
Other receivables Other receivables	12,483	12,483 1,963 1,963
Refundable deposits Refundable deposits	10,450	10,450 13,067 13,067
	\$ \$ 8,007,326 \$	8,007,326 \$ 7,964,292 7,964,292

plans to meet operational capital for future needs, capital expenditure, obligation repayment and dividend distribution. The Company adjusts borrowing amount in accordance with construction progress and capital needed for operations. plans to meet operational capital for future needs, capital expenditure, obligation repayment and dividend distribution. The Company adjusts borrowing amount in accordance with construction progress and capital needed for operations. (2) Financial instruments A. Financial instruments by category Financial assets The Company's capital management is to ensure it has sufficient financial resource and operating plans to meet operational capital for future needs, capital expenditure, obligation repayment and dividend distribution. The Company adjusts borrowing amount in accordance with construction progress and capital needed for operations.

A. Financial instruments by category A. Financial instruments by category value through profit or loss \$ 782,531 \$ 984,236 A. Financial instruments by category

SIGNIFICANT DISASTER LOSS

None. None. None.

None. The Company's capital management is to ensure it has sufficient financial resource and operating None.

December 31, 2020 December 31, 2019

Nanzi Dist., Kaohsiung City

Financial assets mandatorily measured at fair (2) Financial instruments

B. Financial risk management policies

(a)The Company's activities expose it to a variety of financial risks: market risk (including (a)The Company's activities expose it to a variety of financial risks: market risk (including B. Financial risk management policies

foreign exchange risk, price risk and interest rate risk), credit risk and liquidity risk. foreign exchange risk, price risk and interest rate risk), credit risk and liquidity risk. (a) The Company's activities expose it to a variety of financial risks: market risk (including foreign exchange risk, price risk and interest rate risk), credit risk and liquidity risk.

accounting division) under policies approved by the Board of Directors. Company's finance & accounting division evaluates and hedges financial risks in close cooperation with the Company's operating units. The Board provides written principles for overall risk management, as well as written policies covering specific areas and matters, such as interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial accounting division) under policies approved by the Board of Directors. Company's finance & accounting division evaluates and hedges financial risks in close cooperation with the Company's operating units. The Board provides written principles for overall risk management, as well as written policies covering specific areas and matters, such as interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial (b) Risk management is carried out by a central treasury department (Company's finance & accounting division) under policies approved by the Board of Directors. Company's finance & accounting division evaluates and hedges financial risks in close cooperation with the Company's operating units. The Board provides written principles for overall risk management, as well as written policies covering specific areas and matters, such as interest rate risk, credit risk, use of derivative financial instruments and non-derivative

(b) Risk management is carried out by a central treasury department (Company's finance & (b) Risk management is carried out by a central treasury department (Company's finance &
instruments, and investment of excess liquidity. instruments, and investment of excess liquidity. financial instruments, and investment of excess liquidity.
C. Significant financial risks and degrees of financial risks C. Significant financial risks and degrees of financial risks C. Significant financial risks and degrees of financial risks (a) Market risk

Financial liabilities Financial liabilities

Financial liabilities at amortised cost Financial liabilities at amortised cost

(a) Market risk (a) Market risk Foreign exchange risk

	December 31, 2020 December 31, 2019	December 31, 2020 December 31, 2019
Financial liabilities Financial liabilities
Financial liabilities at amortised cost Financial liabilities at amortised cost
Short-term borrowings Short-term borrowings	\$ 1,275,000 \$ \$	1,275,000 \$ 1,949,000 1,949,000
Short-term notes and bills payable Short-term notes and bills payable	-	- 49,925 49,925
Notes payable Notes payable	-	- 1,940 1,940
Accounts payable (including related parties) Accounts payable (including related parties)	803,331	803,331 972,133 972,133
Other payables Other payables	357,169	357,169 375,656 375,656
Corporate bonds payable Corporate bonds payable	4,500,000	4,500,000 4,500,000 4,500,000
Long-term borrowings (including current portion) Long-term borrowings (including current portion)	5,543,237	5,543,237 8,955,924 8,955,924
Guarantee deposits received Guarantee deposits received	150,995	150,995 141,469 141,469
	\$ 12,629,732 \$ \$	12,629,732 \$ 16,946,047 16,946,047
Lease liabitity Lease liabitity	\$ \$ 156,332 \$	156,332 \$ 185,060 185,060

Foreign exchange risk The Company's businesses do not involve non-functional currency operations, thus would not be materially affected by the exchange rate fluctuations. Foreign exchange risk The Company's businesses do not involve non-functional currency operations, thus would not be materially affected by the exchange rate fluctuations. The Company's businesses do not involve non-functional currency operations, thus would not be materially affected by the exchange rate fluctuations. Price risk

Accounts payable (including related parties) 803,331 972,133
Long-term borrowings (including current portion) 5,543,237 8,955,924 Long-term borrowings (including current portion) 5,543,237 8,955,924
Price risk
accordance with the limits set by the Company. accordance with the limits set by the Company.

i. The Company's equity securities, which are exposed to price risk, are the held financial assets at fair value through profit or loss and financial assets at fair value through other comprehensive income. To manage its price risk arising from investments in equity i. The Company's equity securities, which are exposed to price risk, are the held financial assets at fair value through profit or loss and financial assets at fair value through other comprehensive income. To manage its price risk arising from investments in equity i. The Company's equity securities, which are exposed to price risk, are the held financial assets at fair value through profit or loss and financial assets at fair value through other comprehensive income. To manage its price risk arising from investments in equity securities, the Company diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Company.

securities, the Company diversifies its portfolio. Diversification of the portfolio is done in ii. Shares and open-end funds issued by the domestic companies. The prices of equity securities would change due to the change of the future value of investee companies. If the prices of these equity securities had increased/decreased by 10% with all other variables held constant, post-tax profit for the years ended December 31, 2020 and 2019 would have securities, the Company diversifies its portfolio. Diversification of the portfolio is done in ii. Shares and open-end funds issued by the domestic companies. The prices of equity securities would change due to the change of the future value of investee companies. If the prices of these equity securities had increased/decreased by 10% with all other variables held constant, post-tax profit for the years ended December 31, 2020 and 2019 would have increased/decreased by \$78,253 and \$98,424, respectively, as a result of gains/losses on ii. Shares and open-end funds issued by the domestic companies. The prices of equity securities would change due to the change of the future value of investee companies. If the prices of these equity securities had increased/decreased by 10% with all other variables held constant, post-tax profit for the years ended December 31, 2020 and 2019 would have increased/decreased by \$78,253 and \$98,424, respectively, as a result of gains/losses on equity securities classified as at fair value through profit or loss. Other components of equity would have increased/decreased by \$209,614 and \$179,563, respectively, as a result of other comprehensive income classified as equity

The Company's interest rate risk mainly arose from short-term and long-term (excluding investment at fair value through other comprehensive income.

commercial papers) borrowings issued at variable rates and exposed the Company to cash Cash flow and fair value interest rate risk

flow interest rate risk which is partially offset by cash and cash equivalents held at variable rates. Borrowings issued at fixed rates expose the Company to fair value interest rate risk. The Company's borrowings at floating rate were calculated by NTD, if interest rates on borrowings had been 0.1% basis point higher/lower with all other variables held constant, profit before tax for the years ended December 31, 2020 and 2019 would have been \$6,019 and \$9,834 lower/higher, respectively. (b) Credit risk The Company's interest rate risk mainly arose from short-term and long-term (excluding commercial papers) borrowings issued at variable rates and exposed the Company to cash flow interest rate risk which is partially offset by cash and cash equivalents held at variable rates. Borrowings issued at fixed rates expose the Company to fair value interest rate risk. The Company's borrowings at floating rate were calculated by NTD, if interest rates on borrowings had been 0.1% basis point higher/lower with all other variables held constant, profit before tax for the years ended December 31, 2020 and 2019 would have been \$6,019 and \$9,834 lower/higher, respectively.

Credit risk refers to the risk of financial loss to the Company arising from default by the (b) Credit risk

	Without		Up to 30 days
	past due		past due		Over 31-60 days Over 61-90 days Over 90 days					Total
December 31, 2020
Expected loss rate	0.01%		10%		25%		50%		100%
Total book value	\$ 369,687 \$			- \$		- \$		- \$	294 \$	369,981
Loss allowance	\$	- \$		- \$		- \$		- \$	154 \$	154
December 31, 2019
Expected loss rate	0.01%		10%		25%		50%		100%
Total book value	\$ 87,530 \$			- \$		- \$		- \$	4,639 \$	92,169
Loss allowance	\$	- \$		- \$		- \$		- \$	3,743 \$	3,743

clients or counterparties of financial instruments on the contract obligations. For banks and financial institutions, only independently rated parties with a minimum rating of 'A' are accepted, so it expects that the probability of counterparty default is remote. Credit risk arises from outstanding receivables (including contract assets). Accounts receivable Credit risk refers to the risk of financial loss to the Company arising from default by the clients or counterparties of financial instruments on the contract obligations. For banks and financial institutions, only independently rated parties with a minimum rating of 'A' are accepted, so it expects that the probability of counterparty default is remote. Credit risk arises from outstanding receivables (including contract assets).

i. The Company's accounts receivable mainly arose from mortgage and credit card payment loaned to financial institutions, so it expects that the credit risk is remote. i. The Company's accounts receivable mainly arose from mortgage and credit card payment loaned to financial institutions, so it expects that the credit risk is remote.
ii. The Company adopts the assumptions under IFRS 9, the default occurs when the contract payments are past due over 90 days. ii. The Company adopts the assumptions under IFRS 9, the default occurs when the contract payments are past due over 90 days.
iii. The Company adjusted the provision matrix with the historical loss of accounts receivable and forecastability, which considered the economic condition of the next months. The provision matrix in accordance with above estimation are as follows: iii. The Company adjusted the provision matrix with the historical loss of accounts receivable and forecastability, which considered the economic condition of the next months. The provision matrix in accordance with above estimation are as follows:

iv. Movements in relation to the Company applying the simplified approach to provide loss allowance for accounts receivable are as follows: iv. Movements in relation to the Company applying the simplified approach to provide loss allowance for accounts receivable are as follows:

Accounts receivable

	2020			2019
~71~		Accounts receivable		Accounts receivable
At January 1	\$	3,743 \$		3,743
Provision for impairment loss			-	29
Derecognised	(	3,589) (		29)
At December 31	\$	154 \$		3,743

v. The estimation of expected credit loss on financial assets at amortised cost, excluding

For financial assets at amortised cost, at each reporting date, the Company recognises the impairment provision for 12 months expected credit losses if there has not been a significant increase in credit risk since initial recognition or recognises the impairment provision for the lifetime expected credit losses (ECLs) if such credit risk has increased since initial recognition after taking into consideration all reasonable and significant increase in credit risk since initial recognition or recognises the impairment provision for the lifetime expected credit losses (ECLs) if such credit risk has increased since initial recognition after taking into consideration all reasonable and verifiable

accounts receivable, is as follows: verifiable information that includes forecasts. (c) Liquidity risk For financial assets at amortised cost, at each reporting date, the Company recognises the impairment provision for 12 months expected credit losses if there has not been a information that includes forecasts. (c) Liquidity risk

i. Cash flow forecasting is performed by the Company's finance & accounting division. The Company's finance & accounting division monitors rolling forecasts of the Company's liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed borrowing i. Cash flow forecasting is performed by the Company's finance & accounting division. The Company's finance & accounting division monitors rolling forecasts of the Company's liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed borrowing facilities at all times.

ii. The table below analyses the Company's non-derivative financial liabilities into relevant maturity Companyings based on the remaining period at the balance sheet date to the contractual maturity date for non-derivative financial liabilities. The amounts disclosed in the table are the contractual undiscounted cash flows. ii. The table below analyses the Company's non-derivative financial liabilities into relevant maturity Companyings based on the remaining period at the balance sheet date to the contractual maturity date for non-derivative financial liabilities. The amounts disclosed in

facilities at all times.
the table are the contractual undiscounted cash flows.

Non-derivative financial liabilities:

iii. The Company does not expect the timing of occurrence of the cash flows estimated

		December 31, 2020
		Within 1 year Between 1 to 3 years Over 3 years
Non-derivative financial liabilities:
Short-term borrowings	\$ 1,285,227 \$	- \$	-
Accounts payable (including related parties)	299,635	503,696	-
Lease liability	33,952	48,572	92,308
Other payables	357,169	-	-
Guarantee deposits received	88,293	38,453	24,249
Bonds payable	42,000	4,542,000	-
Long-term borrowings
(including current portion)	904,686	4,876,767	790,525
		December 31, 2019
		Within 1 year Between 1 to 3 years Over 3 years
Non-derivative financial liabilities:
Short-term borrowings	\$ 1,969,280 \$		- \$ -
~72~ Short-term notes and bills payable	50,000	-	-
Notes payable	1,940	-	-
Accounts payable (including related parties)	553,294	418,839	-
Lease liability	33,486	66,573	107,269
Other payables	375,656	-	-
Guarantee deposits received	75,429	13,750	52,290
Bonds payable	42,000		2,084,000 2,521,000
Long-term borrowings
(including current portion)	4,680,842		3,688,736 1,267,432

through the maturity date analysis will be significantly earlier, nor expect the actual cash flow amount will be significantly different. (3) Fair value information iii. The Company does not expect the timing of occurrence of the cash flows estimated through the maturity date analysis will be significantly earlier, nor expect the actual cash flow amount will be significantly different.

Non-derivative financial liabilities:

	2020	2019
	Non-derivative equity Non-derivative equity
	instruments	instruments
At January 1	\$ 916,877 \$	912,008
Gain recognised in other comprehensive
income (Note)	9,291	4,869
At December 31	\$ 926,168 \$	916,877

Gain recognised in other comprehensive

	Listed shares	Open-end fund
Market quoted price	Closing price	Net asset value

(3) Fair value information

(b)The methods and assumptions the Company used to measure fair value are as follows: i. The instruments the Company used market quoted prices as their fair values (that is, Level (b) The methods and assumptions the Company used to measure fair value are as follows: i. CThe instruments the Company used market quoted prices as their fair values (that is,

- 1) are listed below by characteristics: Level are listed below by characteristics:

Note: Shown as unrealised gain or loss on financial assets at fair value through other Note: Shown as unrealised gain or loss on financial assets at fair value through other comprehensive

G. For the years ended December 31, 2020 and 2019, there was no transfer into or out from Level 3. G. For the years ended December 31, 2020 and 2019, there was no transfer into or out from Level

A. The different levels that the inputs to valuation techniques are used to measure fair value of financial and non-financial instruments have been defined as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date. A market is regarded as active where a market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. The fair value of the Company's investment in listed stocks and beneficiary certificates is included in Level 1.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3: Unobservable inputs for the asset or liability. The fair value of the Company's investment in equity without active market is included in Level 3.
B. Fair value information of investment property at cost is provided in Note 6(11).
C. Financial instruments not measured at fair value

ii. Except for financial instruments with active markets, the fair value of other financial instruments is measured by using valuation techniques or by reference to counterparty quotes. The fair value of financial instruments measured by using valuation techniques can be referred to current fair value of instruments with similar terms and characteristics in substance, discounted cash flow method or other valuation methods, including calculated by applying model using market information available at the balance sheet date. ii. Except for financial instruments with active markets, the fair value of other financial instruments is measured by using valuation techniques or by reference to counterparty quotes. The fair value of financial instruments measured by using valuation techniques can be referred to current fair value of instruments with similar terms and characteristics in substance, discounted cash flow method or other valuation methods, including calculated by applying model using market information available at the

being categorised within Level 3, which is to verify independent fair value of financial instruments. Such assessment is to ensure the valuation results are reasonable by applying independent information to make results close to current market conditions, confirming the resource of information is independent, reliable and in line with other resources and represented as the exercisable price, and frequently assessing valuation results and making any other I. The following is the qualitative information of significant unobservable inputs and sensitivity H. Finance and Accounting segment is in charge of valuation procedures for fair value measurements being categorised within Level 3, which is to verify independent fair value of financial instruments. Such assessment is to ensure the valuation results are reasonable by applying independent information to make results close to current market conditions, confirming the resource of information is independent, reliable and in line with other resources and represented as the exercisable price, and frequently assessing valuation results and making

comprehensive income. income.
H. Finance and Accounting segment is in charge of valuation procedures for fair value measurements 3.
necessary adjustments to the fair value. any other necessary adjustments to the fair value.
value measurement: value measurement:
E. For the years ended December 31, 2020 and 2019, there was no transfer between Level 1 and Level 2. balance sheet date.
Level 2.
F. The following chart is the movement of Level 3 for the years ended December 31, 2020 and 2019: 2019:

analysis of changes in significant unobservable inputs to valuation model used in Level 3 fair I. The following is the qualitative information of significant unobservable inputs and sensitivity analysis of changes in significant unobservable inputs to valuation model used in Level 3 fair

The carrying amounts of the Company's cash and cash equivalents, financial instruments at amortised cost (including financial assets at amortised cost, notes receivable, accounts receivable, other payables, refundable deposits, short-term borrowings, short-term notes payable, notes payable, accounts payable (including related parties), other payables, lease liability, corporate bonds payables, long-term-borrowings, and guarantee deposits received) are approximate to their fair values. D. The related information of financial and non-financial instruments measured at fair value by level

D. The related information of financial and non-financial instruments measured at fair value by level on the basis of the nature, characteristics and risks of the assets and liabilities at December 31, 2020 and 2019 are as follows: on the basis of the nature, characteristics and risks of the assets and liabilities at December 31, 2020 and 2019 are as follows:
(a) The related information of natures of the assets and liabilities is as follows: (a)The related information of natures of the assets and liabilities is as follows:

E. For the years ended December 31, 2020 and 2019, there was no transfer between Level 1 and

		F. The following chart is the movement of Level 3 for the years ended December 31, 2020 and
--	--	---------------------------------------------------------------------------------------------	--	--	--	--	--	--

(b)The methods and assumptions the Company used to measure fair value are as follows:

December 31, 2020	Level 1	Level 2		Level 3	Total
Assets
Recurring fair value measurements
Financial assets at fair value
through profit or loss
Equity securities	\$ 782,531 \$		- \$		- \$ 782,531
Financial assets at fair value through
other comprehensive income
Equity securities	1,169,974	-			926,168 2,096,142
	\$ 1,952,505 \$			- \$ 926,168 \$ 2,878,673


December 31, 2019	Level 1	Level 2		Level 3	Total
Assets
Recurring fair value measurements
Financial assets at fair value
through profit or loss
Equity securities	\$ 984,236 \$		- \$		- \$ 984,236
Financial assets at fair value through
other comprehensive income
Equity securities	878,757	-			916,877 1,795,634

Financial Information

			December 31, 2020
			Recognised in other Recognised in profit or loss comprehensive income
	Input	Change	Favourable change	Unfavourable change	Favourable change	Unfavourable change
Financial assets
Equity instruments	926,168	±1%	\$	- \$	- \$ 9,262 (\$	9,262)
					December 31, 2019
					Recognised in other
				Recognised in profit or loss	comprehensive income
			Favourable	Unfavourable	Favourable	Unfavourable
	Input	Change	change	change	change	change
Financial assets
Equity instruments	916,877	±1%	\$	- \$	- \$ 9,169 (\$	9,169)

J. The Company has carefully assessed the valuation models and assumptions used to measure fair value. However, use of different valuation models or assumptions may result in different measurement. The following is the effect of profit or loss or of other comprehensive income from financial assets and liabilities categorized within Level 3 if the inputs used to valuation models have changed: ~75~ J. The Company has carefully assessed the valuation models and assumptions used to measure fair value. However, use of different valuation models or assumptions may result in different measurement. The following is the effect of profit or loss or of other comprehensive income from financial assets and liabilities categorized within Level 3 if the inputs used to valuation models have changed:

	Fair value at December 31, 2020	Valuation technique	Significant unobservable input	Range (weighted average)	Relationship of inputs to fair value
Non-derivative equity
Unlisted shares	\$	926,168 Discounted cash flow	Weighted average cost of capital	0.40%- 2.15%	The higher the weighted average cost of capital, the lower the fair value
			Discount for 30% lack of marketability	30%	The higher the net asset value, the higher the fair value
				Range
	Fair value at December 31, 2019	Valuation technique	Significant unobservable input	(weighted average)	Relationship of inputs to fair value
Non-derivative equity Unlisted shares	\$	916,877 Discounted cash flow	Weighted average cost of capital	0.64%- 2.41%	The higher the weighted average cost of capital, the lower the fair value
			Discount for 30% lack of marketability	30%	The higher the net asset value, the higher the fair value

13. SUPPLEMENTARY DISCLOSURES

C. Holding of marketable securities at the end of the period (not including subsidiaries, associates

D. Acquisition or sale of the same security with the accumulated cost exceeding \$300 million or

E. Acquisition of real estate reaching \$300 million or 20% of paid-in capital or more: Please

(1) Significant transactions information
A. Loans to others: Please refer to table 1.
B. Provision of endorsements and guarantees to others: Please refer to table 2.
and joint ventures): Please refer to table 3.
20% of the Company's paid-in capital: Please refer to table 4.
refer to table 5.
F. Disposal of real estate reaching \$300 million or 20% of paid-in capital or more: None.
capital or more: Please refer to table 6.
Please refer to table 7.
I. Trading in derivative instruments undertaken during the reporting periods: None.
(2) Information on investees

G. Purchases or sales of goods from or to related parties reaching \$100 million or 20% of paid-in

H. Receivables from related parties reaching \$100 million or 20% of paid-in capital or more:

J. Significant inter-company transactions during the reporting periods: Please refer to table 8.

Names, locations and other information of investee companies (not including investees in Mainland China): Please refer to table 9.

(3) Information on investments in Mainland China None.
(4) Major shareholders information

Major shareholders information: Please refer to table 10.

14. SEGMENT INFORMATION

None.

Items	Description	Amount
Cash on hand and revolving funds		\$ 2,731
Chenking accounts		2,492,197
Demand deposits - NTD deposits		1,387,949
- USD deposits	;exchange rate 28 (USD105 .22 thousand .43 )	3
Repurchase bonds	(Interest rate : 0.26%)
	(Maturity date: January 8, 2021)	300,058
		\$ 4,182,938

PRINCE HOUSING & DEVELOPMENT CORP. CASH AND CASH EQUIVALENTS DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS) PRINCE HOUSING & DEVELOPMENT CORP. CASH AND CASH EQUIVALENTS DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS)

(Remainder of page intentionally left blank) (Remainder of page intentionally left blank)

PRINCE HOUSING & DEVELOPMENT CORP.

FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS-CURRENT DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS) PRINCE HOUSING & DEVELOPMENT CORP. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS-CURRENT DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS) Price Price Name of financial instruments Description Number of shares (in dollar) Total amount Interest rate Acquisition cost (in dollar) Total price Notes Beneficiary certificates Jin Sun Money Market Fund 20,080,321 10 \$ 200,803 \$ - 298,565 \$ 14.95 \$ 300,201 \$

Prudential Financial Money Market Fund 12,593,359 10 125,934 - 200,000 15.95 200,926 Yuanta De-Li Money Market Fund 12,269,203 10 122,692 - 200,013 16.44 201,692 698,578 702,819 \$

Add:Valuation adjustment for financial assets 4,241

702,819

(Remainder of page intentionally left blank) (Remainder of page intentionally left blank)

PRINCE HOUSING & DEVELOPMENT CORP. INVENTORIES DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS) PRINCE HOUSING & DEVELOPMENT CORP. INVENTORIES DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS)

(Remainder of page intentionally left blank)

				Amount
Items	Description		Cost	Net realisable value	Notes
Land held for construction site		\$	6,455,958 \$	6,943,761	Note
Construction in progress			1,630,307	1,968,119	Note
Buildings and land held for sale			7,881,601	10,626,984	Note
Prepayment for land			228,635	228,635	Note
Merchandise			1,438	1,438	Note
			16,197,939 \$	19,768,937
Less :Allowance for inventory
valuation losses		(	73,645)
		\$	16,124,294

Note :Use the replacement cost to be the market price. Note: Use the replacement cost to be the market price.

PRINCE HOUSING & DEVELOPMENT CORP. CONSTRUCTION IN PROGRESS FOR THE YEAR ENDED DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS) PRINCE HOUSING & DEVELOPMENT CORP. CONSTRUCTION IN PROGRESS FOR THE YEAR ENDED DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS)

Balance at Capitalised interest Transfer of Balance at

Name of construction January 1,2020 Cost incurred payment completed construction December 31, 2020

Ling Ko Li Shing Section No. 1209, etc. 663,806 \$ 108,110 \$ 40,316 \$ - \$ 812,232 \$ Bali Dist Chung Chang Section No. 222 and 211-2,etc. 15,493 18 - - 15,511

Prosperous New World (Taiping Dist. Ping Hsin Section No. 694,

etc.) 773,882 243,816 13,291 1,030,989) ( - Beitun Dist. Rong-De Lot No.129, etc. - 2,586 - - 2,586 Jin Hua Section No. 1361 77,100 1,050 - - 78,150 Prince Feng Yun (Hsin Ying Section No. 841-9) 808,173 137,151 8,639 953,963) ( - Prince Cloud E 448,871 235,689 11,520 - 696,080

Fi na nc ia
l I nf or m at io n

Financial Information

PRINCE HOUSING & DEVELOPMENT CORP. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME - NON CURRENT FOR THE YEAR ENDED DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS) PRINCE HOUSING & DEVELOPMENT CORP. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME - NON CURRENT FOR THE YEAR ENDED DECEMBER 31, 2020

(Remainder of page intentionally left blank)

(EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS)

	Opening balance		Additions		Reductions		Ending balance
	Number of shares		Number of shares		Number of shares		Number of shares
Name	(per thousand share)	Amount	(per thousand share)	Amount	(per thousand share)	Amount	(per thousand share)	Amount	Collateral or pledged	Notes
Nantex Industry Co., Ltd.	7,565	227,706 \$	-	234,515 \$	-	- \$	7,565	462,221 \$	Note 1	Listed Company
Simplo Technology Co., Ltd.	76	23,134	-	3,588	-	-	76	26,722	No	OTC Company
Scino Pharm Taiwan Ltd.	23,606	627,918	-	53,113	-	-	23,606	681,031	Note 2	Listed Company
Universal Venture Capital Investment Corp.	1,400	11,396	-	-	-	1,114) (	1,400	10,282	No
Grand Bills Finance Corp.	49	877	-	94	-	-	49	971	No
Chipwell Tech. Corp.	344	1,209	-	-	-	279) (	344	930	No
Nanmat Technology Co., Ltd.	1,649	59,678	-	46,473	-	-	1,649	106,151	No
Southern Scirnce Joint Development	10	2,063	-	-	-	392) (	10	1,671	No
Formosoft International Co., Ltd.	7	-	-	-	-	-	7	-	No
President Energy Development Corp.	300	8,946	-	-	-	417) (	300	8,529	No
President International Development Corp.	87,746	832,707	-	-	-	35,073) (	87,746	797,634	Note 3
		1,795,634 \$		337,783 \$		37,275) (\$		2,096,142 \$

Note 2:17,276 thousand shares of outstanding common stock were used as collateral for loan. Note 3:60,000 thousand shares of outstanding common stock were used as collateral for loan. (Remainder of page intentionally left blank) Note 1: 4,088 thousand shares of outstanding common stock were used as collateral for loan. Note 2: 17,276 thousand shares of outstanding common stock were used as collateral for loan. Note 3: 60,000 thousand shares of outstanding common stock were used as collateral for loan.

PRINCE HOUSING & DEVELOPMENT CORP. FINANCIAL ASSETS AT AMORTISED COST - NON - CURRENT DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS)

The information on 'Financial assets at amortised cost - non - current 'is provided in Note 6(4).

Financial Information

(Remainder of page intentionally left blank)

PRINCE HOUSING & DEVELOPMENT CORP. CHANGES ON INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD FOR THE YEAR ENDED DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS) PRINCE HOUSING & DEVELOPMENT CORP. CHANGES ON INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD FOR THE YEAR ENDED DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS)

Note 2: As of December 31, 2020 and 2019, the book value of investment in Jin Yi Xing Plywood Co., Ltd. Were transferred to other non-current liabilities at \$297,652 and \$297,509, respectively, as the balances were below were below zero

Note 1: 108,000 thousand shares of outstanding common stock were used as collateral for loan. Note 1:108,000 thousand shares of outstanding common stock were used as collateral for loan. Note 2:As of December 31, 2020 and 2019, the book value of investment in Jin Yi Xing Plywood Co., Ltd. Were transferred to other non-current liabilities at \$297,652 and \$297,509, respectively, as the balances were below were below zero.

	Opening balance		Additions		Reductions			Ending balance		Market price or net value per share
Number of shares			Number of shares		Number of shares		Number of shares	%		Price		Collateral
(per thousand share)		Aomunt	(per thousand share)	Aomunt	(per thousand share)	Aomunt	(per thousand share)	Ownership	Aomunt	(in dollar)	Total price	or pledged	Notes
	\$ 97,505	1,133,975	-	338,878 \$	-	- \$	97,505	100.00%	1,472,853 \$	16.84 \$	1,642,193 \$	No
	17,147	262,006	-	2,504	-	-	17,147	100.00%	264,510	16.08	275,778	No
	18,000	307,140	-	-	-	2,514) (	18,000	30.00%	304,626	16.92	304,626	No
	0.4	525,031	-	33,951	-	-	0.4	100.00%	558,982	1,360,084.97	582,116	No
	108,000	1,146,288	-	-	-	9,647) (	108,000	30.00%	1,136,641	10.52	1,136,641	Note 1
	97,500	284,831	-	-	-	64,322) (	97,500	50.00%	220,509	2.26	220,509	No
	( 3,938	297,509)	-	-	-	143) (	3,938	99.65%	297,652) (	1.42	5,601	No	Note 2
	200	27,152	-	-	-	19,110) (	200	20.00%	8,042	40.21	8,042	No
	1,000	9,355	-	-	-	52) (	1,000	100.00%	9,303	9.30	9,303	No
	12,292	912,198	-	-	-	223,910) (	12,292	99.68%	688,288	65.83	809,174	No
	68,400	992,375	11,400	-	-	438,887) (	79,800	100.00%	553,488	6.94	553,488	No
		5,302,842		375,333 \$		758,585) (\$			4,919,590
Add:Shown as increase in other non-current liabilities		297,509							297,652
	\$	5,600,351							5,217,242 \$

PRINCE HOUSING & DEVELOPMENT CORP. PROPERTY, PLANT AND EQUIPMENT FOR THE YEAR ENDED DECEMBER 31, 2020

(EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS)

The information on 'Property, plant and equipment 'is provided in Note 6(8).

Financial Information

PRINCE HOUSING & DEVELOPMENT CORP. ACCUMULATED DEPRECIATION ON PROPERTY, PLANT AND EQUIPMENT FOR THE YEAR ENDED DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS)

The information on'Property, plant and equipment'is provided in Note 6(8). Please refer to Note 4(15), for the information of depreciation methods and useful lives.

(Remainder of page intentionally left blank)

(EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS)

PRINCE HOUSING & DEVELOPMENT CORP. RIGHT-OF-USE ASSETS FOR THE YEAR ENDED DECEMBER 31, 2020 PRINCE HOUSING & DEVELOPMENT CORP. RIGHT-OF-USE ASSETS FOR THE YEAR ENDED DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS)

	Opening net			Closing net
Items	book amount	Additions	Disposals	book amount	Notes
Buildings and structures	\$ 213,084 \$	1,491 (\$	502) \$	214,073
Transportation equipment	1,488		- -	1,488
	\$ 214,572 \$	1,491 (\$	502) \$	215,561

Financial Information

PRINCE HOUSING & DEVELOPMENT CORP. ACCUMULATED DEPRECIATION ON RIGHT-OF-USE ASSETS FOR THE YEAR ENDED DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS) PRINCE HOUSING & DEVELOPMENT CORP. ACCUMULATED DEPRECIATION ON RIGHT-OF-USE ASSETS FOR THE YEAR ENDED DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS)

(Remainder of page intentionally left blank)

	Opening net			Closing net
Items	book amount	Additions	Disposals	book amount	Notes
Buildings and structures	\$ 31,458 \$	31,473 (\$	502) \$	62,429
Transportation equipment	442	534	-	976
	\$ 31,900 \$	32,007 (\$	502) \$	63,405

PRINCE HOUSING & DEVELOPMENT CORP. INVESTMENT PROPERTY FOR THE YEAR ENDED DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS)

The information on'Investment property'is provided in Note 6(11).

Financial Information

PRINCE HOUSING & DEVELOPMENT CORP. ACCUMULATED DEPRECIATION ON INVESTMENT PROPERTY FOR THE YEAR ENDED DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS)

The information on'Investment property'is provided in Note 6(11). Please refer to Note 4(17), for the information of depreciation methods and useful lives.

The information on'Intangible'is provided in Note 6(12). Please refer to Note 4(18), for the information of depreciation methods and useful lives.

PRINCE HOUSING & DEVELOPMENT CORP. OTHER NON-CURRENT ASSETS, OTHERS DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS) PRINCE HOUSING & DEVELOPMENT CORP. OTHER NON -CURRENT ASSETS, OTHERS DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS)

(Remainder of page intentionally left blank) (Remainder of page intentionally left blank)

Items Description Amounts	Notes
Other assets - others The Splender Hotel Taichung's creditior right \$ 575,000
Paintings 61,640
\$ 636,640

PRINCE HOUSING & DEVELOPMENT CORP.

(Remainder of page intentionally left blank)

Note 1: Please refer to Note 8 for details.

SHORT-TERM BORROWINGS DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS) PRINCE HOUSING & DEVELOPMENT CORP. SHORT-TERM BORROWINGS DECEMBER 31, 2020 Financing limit Pledge or

Note 2: Certain short-term borrowings share the facilities with short-term notes and bills payable and long-term borrowings.

Creditor Explanation Amounts Contract period Interest rate (Note 2) guarantee Notes

UBOT Bank Collateral loan 130,000 \$ 2020.06.20-2021.06.20 1.77% 130,000 \$ Note 1

Mega Bank Unsecured borrowings 845,000 2020.08.17-2021.08.17 1.50% 947,000 Taishin Bank Unsecured borrowings 300,000 2020.04.30-2021.04.30 1.10% 301,000

1,275,000

Note 1:Please refer to Note 8 for details.

Note 2:Certain short-term borrowings share the facilities with short-term notes and bills payable and long-term borrowings.

Financial Information

PRINCE HOUSING & DEVELOPMENT CORP. CONTRACT LIABILITES-CURRENT DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS)

(Remainder of page intentionally left blank)

PRINCE HOUSING & DEVELOPMENT CORP. CONTRACT LIABILITES-CURRENT DECEMBER 31, 2020

	(EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS)
Items	Description	Amount	Notes
Advance real estate	Prince Castle (Building)	\$	185,160 Buildings and land held for sale
receipts	World of Paek		135,953 Buildings and land held for sale
	Prince Shin Yi		56,423 Buildings and land held for sale
	Prosperous New World		27,780 Buildings and land held for sale
	Prince Flower Bo Five		23,576 Buildings and land held for sale
	Others (minor amount less than 5%)	29,494
		458,386
Others		60,338
		\$ 518,724

PRINCE HOUSING & DEVELOPMENT CORP. OTHER PAYABLES DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS) PRINCE HOUSING & DEVELOPMENT CORP. OTHER PAYABLES DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS)

(Remainder of page intentionally left blank)

Items	Description	Amount	Notes






		\$ 357,169

Items	Description	Amount
Employees' compensation and directors'		\$ 126,889
remuneration payable
Advertisement expense payable		110,235
House tax payable		26,343
Dividends payable		27,639
Others (minor amount less than 5%)		66,063

PRINCE HOUSING & DEVELOPMENT CORP. LEASE LIABILITIES DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS) PRINCE HOUSING & DEVELOPMENT CORP. LEASE LIABILITIES DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS)

(Remainder of page intentionally left blank) (Remainder of page intentionally left blank)

Items	Lease term	Discount rate	Ending balance
Buildings and structures	2015.5.1~2035.4.30	2.03%~2.21%	\$ 155,812
Transportation equipment	2017.8.17~2022.9.2	2.09%~2.21%	520
			156,332
:Current portion Less			( 30,807)
			\$ 125,525

PRINCE HOUSING & DEVELOPMENT CORP. BONDS PAYABLE

(Remainder of page intentionally left blank)

DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS) PRINCE HOUSING & DEVELOPMENT CORP. BONDS PAYABLE DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS)

Note: Please refer to Note 6(15) for the information of corporate bonds payable.。 Note: Please refer to Note 6(15) for the information of corporate bonds payable.。

Collateral Repayment Balance at	or pledged method December 31, 2020	Note Note 2,000,000 \$ -	Note Note 2,500,000 -	4,500,000 \$ -
Total issued	Repayment amount	\$ 2,000,000	2,500,000	\$ 4,500,000
	Interest rate	\$ Note	Note	\$
Date of interest	payment	Note	Note
	Period	2017.06.19	2018.06.15
	Trustee	Taipei Fubon Commercial Bank	Taipei Fubon Commercial Bank
	Guarantor	Taiwan Bank	Taiwan Bank
	Name of Bond	2017 1st secured ordinary bonds payable	2018 1st secured ordinary bonds payable

Financial Information

(Remainder of page intentionally left blank)

Note 2: Please refer to long-term notes and bills payable.

PRINCE HOUSING & DEVELOPMENT CORP. LONG-TERM BORROWINGS DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS) PRINCE HOUSING & DEVELOPMENT CORP. LONG-TERM BORROWINGS

Note 3: It refers to the financing of land and buildings construction in Prince Cloud E joint construction project of the subsidiary, Prince Real Estate Co., Ltd., who is the joint guarantor and pledges with its land in first priority to Hua Nan Bank amounting to \$960,000.

Note 1: Please refer to Note 8 for details. Note 2: Please refer to long-term notes and bills payable. Note 3: It refers to the financing of land and buildings construction in Prince Cloud E joint construction project of the subsidiary, Prince Real Estate Co., Ltd., who is the joint guarantor and pledges with its land in first priority to Hua Nan Bank amounting to \$960,000.

Notes	Repayable in full at maturity	Repayable in full at maturity	Repayable in full at maturity	Repayable in full at maturity	The credit can be redrawn within the facility line during	Repayable in installments based on contract terms		Repayable in installments based on contract terms	Repayable in installments based on contract terms	Repayable in full at maturity	Repayable in installments based on contract terms	Repayable in full at maturity	Repayable in installments based on contract terms	Repayable in installments based on contract terms	Repayable in installments based on contract terms	The credit can be redrawn within the facility line during
Pledge or guarantee	Note 1	Note 1	Note 1	Note 1	Note 1	Note 1		Note 1	Note 1	Note 3	Note 3	Note 1	No	No	No	No
Interest rate	1.99%	2.05%	2.15%	1.50%	1.63%	1.75%		1.75%	1.59%	1.70%	1.62%	1.70%	1.70%	1.33%	1.55%	1.10%
Contract period	2016.06.27~2022.06.27	2015.04.02~2022.05.27	2015.05.27~2022.05.27	2019.05.31~2022.05.30	2020.07.30~2022.07.30	2007.01.09~2027.01.09		2007.11.02~2027.11.02	2019.09.19~2022.09.19	2019.06.20~2021.07.01	2019.03.11~2022.03.11	2020.10.27~2022.11.12	2020.10.27~2022.11.12	2020.8.14~2022.8.14	2020.7.20~2023.7.20	2020.4.20~2022.1.21
Amount	378,000 \$	840,000	228,200	20,000	600,000	780,000		400,134	240,000	324,000	83,333	110,000	47,500	500,000	92,500	100,000	4,743,667	889,177) (	3,854,490	799,570	799,570	4,654,060 \$
Type of borrowings	Secured borrowings	Secured borrowings	Secured borrowings	Secured borrowings	Secured borrowings	Secured borrowings		Secured borrowings	Secured borrowings	Secured borrowings	Secured borrowings	Secured borrowings	Unsecured borrowings	Unsecured borrowings	Unsecured borrowings	Unsecured borrowings
Creditor	SCSB Bank	Land Bank	Land Bank	Jih Sun Bank	Taiwan Bank	Mega Bank and syndicated	borrowings banks	Mega Bank	EBA Bank	Hua Nan Bank	Hua Nan Bank	Hwa Tai Bank	Hwa Tai Bank	Yuanta bank	Bangkok Bank	Metrobank		Less:Current portion		Commerical papers (Note 2)		Note 1: Please refer to Note 8 for details.

PRINCE HOUSING & DEVELOPMENT CORP. LONG

(Remainder of page intentionally left blank)

LONG-TERM NOTES AND BILLS PAYABLE DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS) PRINCE HOUSING & DEVELOPMENT CORP. -TERM NOTES AND BILLS PAYABLE DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS)

Guarantor	Contract period	Interest rate	Amount	guarantee	Notes
	2017.06.19~2022.06.19	1.02%	\$ 250,000	Note 1	Note 2
China Bills Finance Corp.	2017.06.19~2022.06.19	0.40%	250,000	Note 1	Note 2
Taiwan Cooperative Bills Finance Corp.	2017.06.19~2022.06.19	1.05%	100,000	Note 1	Note 2
		0.52%	200,000	Note 1	Note 2
			800,000
Less: Unamortized discount			( 430)
			\$ 799,570
	Commerical papers Mega Bills Finance Co., Ltd.	International Bills Finance Corp. 2018.11.21~2023.06.19

Note 2: This commercial paper is the contract of a syndicated borrowing facility signed by the Company with financial institutions. The credit can be Note 1: Please refer to Note 8 for details.

redrawn within the facility line during the contract period to reissue the commercial papers, please refer to Notes 9(10) to 9(11) for the details. Note 2: This commercial paper is the contract of a syndicated borrowing facility signed by the Company with financial institutions. The credit can be redrawn within the facility line during the contract period to reissue the commercial papers, please refer to Notes 9(10) to 9(11) for the details.

Financial Information

PRINCE HOUSING & DEVELOPMENT CORP. OPERATING REVENUES FOR THE YEAR ENDED DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS) PRINCE HOUSING & DEVELOPMENT CORP. OPERATING REVENUES

(Remainder of page intentionally left blank)

\$ ( - 896,124 534,486 226,490 247,390 240,650 228,705 134,895 144,127 98,790 39,992 53,952 10,667 13,257 13,124 810 3,653,640 770,181 Buildings \$ \$ 530,490 150,800 374,090 554,737 206,970 206,747 196,170 263,100 226,990 155,630 62,990 90,126 30,550 16,800 12,800 5,900 407 3,085,297 Land \$ \$ Description Prince Castle (Townhouse) Prince Castle (Building) Prosperous New World Prince Flower Bo Five Prince WIN2 Future Prince Jun Fon Huei Prince Pine Garden Prince Xian Heng Prince Hua Yang Ching Feng Jin Bei An Section Prince Shin Yi World of Peal Prince Fu III Prince W W Epoch Others			Amount
				Total


				1,426,614
				920,981
				908,576
				781,227
				454,360
				447,397
				424,875
				397,995
				371,117
				254,420
				102,982
				90,126
				84,502
				27,467
				26,057
				19,024
				1,217
				6,738,937
				171,060)
				6,567,877
				40,985
				257,601
				440,224
				\$ 7,306,687

PRINCE HOUSING & DEVELOPMENT CORP. OPERATING COSTS FOR THE YEAR ENDED DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS)

(Remainder of page intentionally left blank)

PRINCE HOUSING & DEVELOPMENT CORP. OPERATING COSTS FOR THE YEAR ENDED DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS)

Items	Description	Land		Buildings	Total
Cost of construction sales Sales cost from
buildings and land	Prosperous New World	\$	\$ 538,646	565,901	1,104,547 \$
	Prince W		447,666	323,900	771,566
	Prince Castle (Building)		137,215	507,468	644,683
	World of Peak		225,652	407,031	632,683
	Prince Pine Garden		176,785	230,137	406,922
	W Epoch		142,501	196,977	339,478
	Prince Shin Yi		192,585	146,847	339,432
	Prince Xian Heng		147,104	187,696	334,800
	Prince Flower Bo Five		145,026	127,576	272,602
	Prince Castle (Townhouse)		113,834	97,227	211,061
	Prince Fu III		49,173	40,172	89,345
	Prince WIN2 Future		19,759	50,675	70,434
	Bei An Section		45,501	-	45,501
	Prince Hua Yang		16,429	11,415	27,844
	Ching Feng Jin		6,836	13,923	20,759
	Prince Jun Fon Huei		3,185	12,223	15,408
	Others		338	2,301	2,639
		\$	\$ 2,408,235	2,921,469	5,329,704
	Less: Gain on reversal of inventory valuation losses			(	2,862)
Cost of construction sales total					5,326,842
Other operating costs					149,915
					5,476,757 \$

Financial Information

PRINCE HOUSING & DEVELOPMENT CORP. OPERATING EXPENSES FOR THE YEAR ENDED DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS) PRINCE HOUSING & DEVELOPMENT CORP. OPERATING EXPENSES FOR THE YEAR ENDED DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS)

(Remainder of page intentionally left blank)

Items	Description	Amount
Selling expenses	Advertisement expense	\$ 340,529
General & administrative	Wages and salaries	264,925
expenses	Taxes	117,086
	Security expenses	53,661
	Depreciation	51,101
	Repairs and maintenance expense	47,694
	Other expenses (minor amount less than 5%)	175,570
		710,037
		\$ 1,050,566

PRINCE HOUSING & DEVELOPMENT CORP. FINANCE COSTS FOR THE YEAR ENDED DECEMBER 31, 2020

(EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS)

For the details of employee benefits, depreciation and amortisation expenses summarised by function for the year, please refer to Note 6(28).

Financial Information

PRINCE HOUSING & DEVELOPMENT CORP. CURRENT EMPLOYEE BENEFITS, DEPRECIATION AND AMORTISATION EXPENSES SUMMARIZED BY FUNCTION FOR THE YEAR ENDED DECEMBER 31, 2020 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS)

For the details of employee benefits, depreciation and amortisation expenses summarised by function for the year, please refer to Note 6(29).

(Remainder of page intentionally left blank)

Prince Housing & Development Corp.

Loans to others Year ended December 31, 2020

Table 1

Maximum outstanding Amount of balance during Balance at transactions No. General ledger Is a related the year ended December 31, Actual amount with the Allowance for Limit on loans granted Ceiling on total

(Note 1) Creditor Borrower account party December 31, 2020 2020 drawn down Interest rate Nature of loan borrower

financing

doubtful

accounts Item Value to a single party loans granted Footnote

Prince Housing & Development Corp.

Cheng-Shi Investment Holdings Co., Ltd.

Other receivables related parties

190,000 \$ - \$ - \$ 2.7 Short-term

financing

\$ - Additional operating capital \$ - None - 500,000 \$ 9,680,894 \$ Note 4

Ta-Chen Construction & Engineering Corp.

Cheng-Shi Investment Holdings Co., Ltd.

Other receivables related parties

200,000 100,000 100,000 2.7 Short-term

financing

Additional operating capital - None - 500,000 618,480 Note 2

Cheng-Shi Construction Co., Ltd.

Cheng-Shi Investment Holdings Co., Ltd.

Other receivables related parties

90,000 86,000 86,000 2.7 Short-term

financing

Times Square Intermational Investment Holdings Co., Ltd.

Time Square International Co., Ltd.

Additional operating capital - None - 89,085 89,085 Note 3 Additional operating capital - None - 166,046 166,046 Note 5

Other receivables related parties

70,000 70,000 - 2.7 Short-term

financing

(1) The Company is '0'. (2) The subsidiaries are numbered in order starting from '1'.

Note 2: Limit on loans granted to a single party and ceiling on total loans granted as prescribed in Ta-Chen Construction & Engineering Corp. "Procedures for Provision of Loans" are as follows:

A. Ceiling on total loans to others: 40% of the Company's net worth.

B. Limit on loans to a single party:

Note 1: The numbers filled in for the loans provided by the Company or subsidiaries are as follows: Note 1: The numbers filled in for the loans provided by the Company or subsidiaries are as follows: (1) The Company is '0'.

Nature of the loan is related to business transactions: Limit to a single party is NT\$1.0 billion or the amount of business transactions between the creditor and borrower in the
Note 3: Limit on loans granted to a single party and ceiling on total loans granted as prescribed in Cheng-Shi Construction Co., Ltd. "Procedures for Provision of Loans" are as follows:
Nature of the loan is related to business transactions: The amount of business transactions between the creditor and borrower in the current year.
Note 4: Prince Housing & Development Corp. limit on loans granted to a single party and ceiling on total loans granted are as follows:
(b) Nature of loan is for short-term financing: Limit on loans to a single party is 40% of the Company's net worth.
(a) Nature of the loan is related to business transactions: Limit to a single party is NT\$1.5 billion or the amount of business transactions between the creditor and borrower in the current year.
million.
Note 3: Limit on loans granted to a single party and ceiling on total loans granted as prescribed in Cheng-Shi Construction Co., Ltd. "Procedures for Provision of Loans" are as follows:
(b) Nature of loan is for short-term financing: Limit on loans to a single party is NT\$500
(a) Nature of the loan is related to business transactions: The amount of business transactions between the creditor and borrower in the current year.
(a)Nature of the loan is related to business transactions: The amount of business transactions between the creditor and borrower in the current year.
Note 5: Times Square Intermational Investment Holdings Co., Ltd. limit on loans granted to a single party and ceiling on total loans granted are as follows:
Ceiling on total loans to others: 40% of the Company's net worth.
Ceiling on total loans to others: 40% of the Company's net worth.
Note 4: Prince Housing & Development Corp. limit on loans granted to a single party and ceiling on total loans granted are as follows::
(b) Nature of loan is for short-term financing: Limit on loans to a single party is 30% of the Company's net worth.
(b)Nature of loan is for short-term financing: Limit on loans to a single party is 40% of the Company's net worth.
(b) Nature of loan is for short-term financing: Limit on loans to a single party is NT\$500 million.
Limit on loans to a single party:
Limit on loans to a single party:
A. Ceiling on total loans to others: 40% of the Company's net worth.
A. Ceiling on total loans to others: 40% of the Company's net worth.
A. Ceiling on total loans to others: 30% of the Company's net worth.
current year.
B. Limit on loans to a single party:
B. Limit on loans to a single party:
B. Limit on loans to a single party:
(a)
(a)
A.
A.
B.
B.

Nature of the loan is related to business transactions: Limit to a single party is NT\$1.5 billion or the amount of business transactions between the creditor and borrower in the
Nature of the loan is related to business transactions: The amount of business transactions between the creditor and borrower in the current year.
Note 5: Times Square Intermational Investment Holdings Co., Ltd. limit on loans granted to a single party and ceiling on total loans granted are as follows:
(b) Nature of loan is for short-term financing: Limit on loans to a single party is 30% of the Company's net worth.
(Remainder of page intentionally left blank)
million.
(b) Nature of loan is for short-term financing: Limit on loans to a single party is NT\$500
Ceiling on total loans to others: 30% of the Company's net worth.
Limit on loans to a single party:
current year.
(a)
(a)
A.
B.

----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

(a) Nature of the loan is related to business transactions: Limit to a single party is NT\$1.0 billion or the amount of business transactions between the creditor and borrower in the current year. A. Ceiling on total loans to others: 40% of the Company's net worth.

Collateral

(b) Nature of loan is for short-term financing: Limit on loans to a single party is NT\$500 million.

Loans to others

Expressed in thousands of NTD (Except as otherwise indicated)

(2) The subsidiaries are numbered in order starting from '1'.

B. Limit on loans to a single party:

Year ended December 31, 2020

(Remainder of page intentionally left blank)

Co., Ltd.

Note 1: The numbers filled in for the endorsements/guarantees provided by the Company or subsidiaries are as follows:

Prince Housing & Development Corp. Provision of endorsements and guarantees to others Prince Housing & Development Corp. Provision of endorsements and guarantees to others

(1) The Company is '0'. Note 1: The numbers filled in for the endorsements/guarantees provided by the Company or subsidiaries are as follows:

(2) The subsidiaries are numbered in order starting from '1'. The same company will have the same number. (1) The Company is '0'.

(4)The endorser/guarantor parent company owns directly and indirectly more than 90% voting shares of the endorsed/guaranteed company. (5)Mutual guarantee of the trade made by the endorsed/guaranteed company or joint contractor as required under the construction contract. (6)Due to joint venture, all shareholders provide endorsements/guarantees to the endorsed/guaranteed company in proportion to its ownership. (2) The endorser/guarantor parent company owns directly and indirectly more than 50% voting shares of the endorsed/guaranteed subsidiary. (3) The endorsed/guaranteed company owns directly and indirectly more than 50% voting shares of the endorser/guarantor parent company. (4) The endorser/guarantor parent company owns directly and indirectly more than 90% voting shares of the endorsed/guaranteed company.

(7)Joint guarantee of the performance guarantee for pre-sold home sales contract as required under the Consumer Protection Act. (5) Mutual guarantee of the trade made by the endorsed/guaranteed company or joint contractor as required under the construction contract.

Year ended December 31, 2020

Table 2 Expressed in thousands of NTD

(Except as otherwise indicated)

Note 3:In accordance with the Company's related regulations, the limit on endorsements and guarantees for any single entity is 20% of the Company's net worth based on the latest financial statements and the limit on accumulated amount of transactions (6) Due to joint venture, all shareholders provide endorsements/guarantees to the endorsed/guaranteed company in proportion to its ownership.

of endorsements and guarantees is 50% of the Company's net worth based on the latest financial statements. (7) Joint guarantee of the performance guarantee for pre-sold home sales contract as required under the Consumer Protection Act. Note 3:In accordance with the Company's related regulations, the limit on endorsements and guarantees for any single entity is 20% of the Company's net worth based on the latest financial

Note 4: In accordance with Prince Real Estate Co., Ltd.'s related regulations, the limit of endorsements and guarantees for any single entity is \$2,500,000; the total accumulated amount is \$5,000,000. Note 5: In accordance with Prince Apartment Management Maintain Co., Ltd.'s related regulations, the limit of endorsements and guarantees for any single entity is \$20,000; the total accumulated amount is \$50,000. statements and the limit on accumulated amount of transactions of endorsements and guarantees is 50% of the Company's net worth based on the latest financial statements. Note 4: In accordance with Prince Real Estate Co., Ltd.'s related regulations, the limit of endorsements and guarantees for any single entity is \$2,500,000; the total accumulated amount is

Note 2: Relationship between the endorser/guarantor and the party being endorsed/guaranteed is classified into the following seven categories:

\$5,000,000. Note 5: In accordance with Prince Apartment Management Maintain Co., Ltd.'s related regulations, the limit of endorsements and guarantees for any single entity is \$20,000; the total

accumulated amount is \$50,000.

(Remainder of page intentionally left blank)

						As of December 31, 2020
	Marketable		Relationship with the
Securities held by	securities	Name of investee companies	securities issuer	General ledger account	Number of shares	Book value	Ownership (%)	Fair value	Footnote
Prince Housing & Development Corp.	Stock	Nantex Industry Co., Ltd.	None	Non-current financial assets at fair value through other comprehensive income	7,564,988	462,221 \$	Note 1	61.10 \$	Listed company, Note 2
	Stock	ScinoPharm Taiwan, Ltd.	None	Non-current financial assets at fair value through other comprehensive income	23,605,921	681,031	Note 1	28.85	Listed company, Note 3
	Stock	Simplo Technology Co., Ltd.	None	Non-current financial assets at fair value through other comprehensive income	76,349	26,722	Note 1	350.00	OTC company
	Stock	Universal Venture Capital Investment Corp.	None	Non-current financial assets at fair value through other comprehensive income	1,400,000	10,282	Note 1	7.34
	Stock	Grand Bills Finance Corp.	None	Non-current financial assets at fair value through other comprehensive income	48,672	971	Note 1	19.94
	Stock	Chipwell Tech. Corp.	None	Non-current financial assets at fair value through other comprehensive income	344,488	930	Note 1	2.70
	Stock	Nanmat Technology Co., Ltd.	None	Non-current financial assets at fair value through other comprehensive income	1,648,563	106,151	Note 1	64.39
	Stock	Southern Science Joint Development .	None	Non-current financial assets at fair value through other comprehensive income	10,000	1,671	10.00%	167.10
	Stock	Formosoft International Co., Ltd.	None	Non-current financial assets at fair value through other comprehensive income	7,117	-	Note 1	-
	Stock	President Energy Development Corp.	None	Non-current financial assets at fair value through other comprehensive income	300,000	8,529	6.00%	28.43
	Stock	President International Development Corp.	None	Non-current financial assets at fair value through other comprehensive income	87,745,770	797,634	6.63%	9.09	Note 4
	Fund	Mega Diamond Money Market Fund	None	Financial assets at fair value through profit or loss - non-current	6,301,406	79,712	-	12.65	Note 5
	Fund	Jih Sun Money Market Fund	None	Financial assets at fair value through profit or loss -current	20,080,321	300,201	-	14.95
	Fund	Yuanta De-Li Money Market Fund	None	Financial assets at fair value through profit or loss -current	12,269,203	201,692	-	16.44
	Fund	Prudential Financial Money Market Fund	None	Financial assets at fair value through profit or loss -current	12,593,359	200,926	-	15.95
Ta-Chen Construction & Engineering Corp.	Stock	Nantex Industry Co., Ltd.	None	Financial assets at fair value through profit or loss - non - current	13,327,483	814,309	Note 1	61.10	Listed company
	Stock	Chipwell Tech. Corp.	None	Non-current financial assets at fair value through other comprehensive income	349,990	945	Note 1	2.70
	Stock	Nanmat Technology Co., Ltd.	None	Non-current financial assets at fair value through other comprehensive income	1,848,857	119,048	5.40%	64.39

Prince Housing & Development Corp. Provision of endorsements and guarantees to others Year ended December 31, 2020 Prince Housing & Development Corp. Holding of marketable securities at the end of the year (not including subsidiaries, associates and joint ventures)

Listed company		Listed company			Listed company	OTC company
11.50		15.00	64.39	11.11	61.10	14.50	14.95
Note 1		Note 1	Note 1	-	Note 1	Note 1	-
7,537		1,833	15,873	24,000	11,871	695	177,529
655,424		122,201	246,513	2,172,949	194,282	47,968	11,874,873
Non-current financial assets at fair value through other comprehensive income		Non-current financial assets at fair value through other comprehensive income	Non-current financial assets at fair value through other comprehensive income	Financial assets at fair value through profit or loss - current	Non-current financial assets at fair value through other comprehensive income	Non-current financial assets at fair value through other comprehensive income	Financial assets at fair value through profit or loss - current
Parent company		None	None	None	None	None	None
Prince Housing & Development Corp.		Tainan Spinning Co., Ltd.	Nanmat Technology Co., Ltd.	CTBC Hwa-win Money Market Fund	Nantex Industry Co., Ltd.	Sung Gang Asset Management Co., Ltd.	Jih Sun Money Market Fund
Stock		Stock	Stock	Fund	Stock	Stock	Fund
Prince Apartment Management	Maintain Co., Ltd.		Prince Security Co., Ltd.	Prince Property Management Consulting Co., Ltd.	Prince Real Estate Co., Ltd.

Note 2: 4,088 thousand shares of outstanding common stock were used as collateral for loan.

Note 3: 17,276 thousand shares of outstanding common stock were used as collateral for loan. Note 4: 60,000 thousand shares of outstanding common stock were used as collateral for loan. Note 5: 6,301 thousand units of outstanding common stock were used as collateral for loan. Note 1: Percentage of Company's ownership is less than 5%. Note 2: 4,088 thousand shares of outstanding common stock were used as collateral for loan. Note 3: 17,276 thousand shares of outstanding common stock were used as collateral for loan. Note 4: 60,000 thousand shares of outstanding common stock were used as collateral for loan. Note 5: 6,301 thousand units of outstanding common stock were used as collateral for loan.

Table 3

Expressed in thousands of NTD (Except as otherwise indicated)

(Remainder of page intentionally left blank)

in all regions (67.13%) and interests arising from re-planning committee's borrowing from the Company to pay aforementioned expenses. Note 1: The transfer of title took place on settlement date. The Company paid \$5,500 for the current period. As of December 31, 2020, the Company has already paid \$1,175,285. Note 2: In order to purchase 67.13% of areas from the north side of the offset-expenditure land in the redevelopment zone, the transaction amount was the expected price including compensation for demolition to all land owners of north side of the offset-expenditure

Prince Housing & Development Corp. Acquisition of real estate reaching \$300 million or 20% of paid-in capital or more Year ended December 31, 2020 Prince Housing & Development Corp. Acquisition of real estate reaching \$300 million or 20% of paid-in capital or more Year ended December 31, 2020

Note 3: October 30, 2020 was the signing date of the contract. land, compensation for demolition to owners of parkland to be (67.13%), construction expenses in all regions (67.13%) and interests arising from re-planning committee's borrowing from the Company to pay aforementioned expenses.

				Other	commitments	None					None
Reason for	acquisition of	real estate and	status of the	real	estate	For operating	use				For operating	use
			Basis or reference	used in setting the	price	Note 2					- An appraised value
					Amount	- \$
			Date of the	original	transaction	-					-
If the counterparty is a related party, information as to the last transaction of the real estate is disclosed below:			Relationship between	the original owner	and the acquirer	-					-
		Original owner	who sold the real	estate to the	counterparty	-					-
			Relationship	with the	counterparty	Third party					Third party
					Counterparty	Redevelopment	zone of Xia Hai	Term, Renwu	District,	Kaohsiung City	750,138 9 individuals
				Status of	payment	1,175,285 \$
				Transaction	amount	Note 2					750,138 \$
					Date of the event	2013/06/14	(Note 1)				2020/10/30	(Note 3)
					Real estate acquired		Hai Lot No. 978, etc.					Section No.129, etc.
					Real estate acquired by	Prince Housing & Development Corp. Ren Wu Dist. Xia					Prince Housing & Development Corp. Beitun Dist. Rong-De

(Except as otherwise indicated)

Table 5 Expressed in thousands of NTD

Prince Housing & Development Corp. Purchases or sales of goods from or to related parties reaching NT\$100 million or 20% of paid-in capital or more Year ended December 31, 2020

	0%	\$	It is reasonable	It is reasonable	Payments were paid	6%	124,927 \$	Purchases	Subsidiary	Cheng-Shi Construction Co.,	Prince Housing & Development

Footnote	(payable)	Balance	Credit term	Unit price	Credit term	(sales)	Amount	(sales)	counterparty	Counterparty	Purchaser/seller
	receivable					total purchases		Purchases	Relationship with the

	notes/accounts					Percentage of

	total
	Percentage of

	Notes/accounts receivable (payable)			transactions		Transaction
			terms compared to third party
				Differences in transaction

	(Except as otherwise indicated)

Prince Housing & Development Corp. Purchases or sales of goods from or to related parties reaching NT\$100 million or 20% of paid-in capital or more Table 6 Expressed in thousands of NTD

Financial Information

Table 7

		Allowance for	doubtful accounts	- \$			- \$
	Amount collected	subsequent to the balance	sheet date	- \$			- \$
		Action	taken	-			-
Overdue			Amount	- \$			- \$
			Turnover rate	-			-
		Balance as at	December 31, 2020	Other assets	- obligation receivable	575,000 \$	Other receivables	- loans to others	100,000 \$
		Relationship with the	counterparty	Subsidiary			Affiliate
			Counterparty	The Splender Hotel Taichung			Cheng-Shi Investment Holdings Co., Ltd.
			Creditor	Prince Housing & Development Corp.			Ta-Chen Construction & Engineering Corp.

Expressed in thousands of NTD (Except as otherwise indicated)

General ledger account Amount Transaction terms

Percentage of consolidated total operating revenues or total assets

Prince Housing & Development Corp. Prince Utility Co., Ltd. The Company to the consolidated subsidiaries Construction in progress 130,100 - 0.25%

Prince Housing & Development Corp. The Splender Hotel Taichung The Company to the consolidated subsidiaries Endorsement and guarantee 1,875,000 In accordance with

endorsement and guarantee

procedures

3.59%

Prince Housing & Development Corp. The Splender Hotel Taichung The Company to the consolidated subsidiaries Other assets - obligation

receivables

575,000 Creditor's rights purchase contract

1.10%

Prince Real Estate Co., Ltd. Prince Housing & Development Corp. The consolidated subsidiaries to the Company Endorsement and guarantee 800,000 In accordance with

endorsement and guarantee

procedures

1.53%

Ta-Chen Construction & Engineering Corp. Cheng-Shi Investment Holdings Co., Ltd. The consolidated subsidiaries to the consolidated subsidiaries Loans to others 100,000 Based on Procedures

for provision of loans

0.19%

Note 2: Relationship between transaction company and counterparty is classified into the following three categories:
Note 1: The numbers filled in for the transaction company in respect of inter-company transactions are as follows:
Note 2: Relationship between transaction company and counterparty is classified into the following three categories:
Note 1: The numbers filled in for the transaction company in respect of inter-company transactions are as follows:
(2) The subsidiaries are numbered in order starting from '1'.
(2) The subsidiaries are numbered in order starting from '1'.
(2) Subsidiary to parent company.
(1) Parent company to subsidiary.
(3) Subsidiary to subsidiary.
(1) Parent company is '0'.
(1) Parent company to subsidiary.
(2) Subsidiary to parent company.
(3) Subsidiary to subsidiary.
(1) Parent company is '0'.

Note 3: Regarding percentage of transaction amount to consolidated total operating revenues or total assets, it is computed based on period-end balance of transaction to consolidated total assets
for balance sheet accounts and based on accumulated transaction amount for the period to consolidated total operating revenues for income statement accounts.
Note 3: Regarding percentage of transaction amount to consolidated total operating revenues or total assets, it is computed based on period-end balance of transaction to consolidated total assets for balance sheet accounts and based on
accumulated transaction amount for the period to consolidated total operating revenues for income statement accounts.
Note 4: The table only discloses transaction amounts of NT\$100 million or more.
Note 4: The table only discloses transaction amounts of NT\$100 million or more.

(Remainder of page intentionally left blank)

Number Company name Counterparty Relationship

Transaction

Table 8 Expressed in thousands of NTD (Except as otherwise indicated)

Prince Housing & Development Corp. Information on investees Year ended December 31, 2020 Prince Housing & Development Corp. Information on investees Year ended December 31, 2020

	Footnote	Notes 1 and 2	Notes 1 and 2	Note 2	Note 4	Note 2	Notes 1 and 2	Note 5	Note 2	Notes 1 and 2	Notes 2	Notes 2 and 3	Notes 2 and 3	Notes 2 and 3	Note 3	Note 3
	(loss) recognised by the Company for the December 31, 2020 Investment income year ended	480,814 \$	10,995	3,164 33,952	32,474	64,322)	143)	17,590)	53)	14,244)	438,887)	-	-	-	-	-
	year ended December Net profit (loss) of the investee for the 31, 2020	506,243	10,899	10,547 33,952	108,246	( 128,840)	( 143)	( 160)	( 53)	( 14,271)	( 438,887)	511,953	2,197)	1,844	38,060	71,698
	Book value	\$ 1,472,853 \$	264,761	304,626 558,982	1,136,641	( 220,509	( 297,652) (	( 8,042	( 9,303	( 688,288	( 553,488	1,546,201	( 49,558	222,713	13,507	401,781
Shares held as at December 31, 2020	Ownership (%)	100%	100%	100% 30%	30%	50%	99.65%	20%	100%	99.68%	100%	100%	100%	100%	27.30%	27.30%
	Number of shares	97,504,758	17,146,580	18,000,000 428	108,000,000	97,500,000	3,938,168	200,000	1,000,000	12,292,315	79,800,000	90,497,528	3,070,000	20,100,000	273	2,730
	December 31, 2019 Balance as at	1,146,925	181,000	120,000 140,413	1,080,000	975,000	165,410	37,378	10,000	470,784	607,270	856,566	56,025	208,027	56,945	122,034
Initial investment amount	December 31, 2020 Balance as at	\$ 1,146,925	181,000	120,000 140,413	1,080,000	975,000	165,410	37,378	10,000	470,784	607,270	856,566	56,025	208,027	56,945	122,034
	Main business activities	\$ General investment	Management and consulting	Overseas investment Hotels and catering	Leasing of buildings	Hotels and catering	Manufacture of plywoods	Real estate trading	Development of public housing and building	Real estate trading and leasing	General investment	Construction	Electricity water pipe	Construction	Overseas investment	Overseas investment
	Location	Taiwan	Taiwan	British Virgin Taiwan	Taiwan Islands	Taiwan	Taiwan	Taiwan	Taiwan	Taiwan	Taiwan	Taiwan	Taiwan	Taiwan	U.S.A	British Virgin Islands
	Investee	Cheng-Shi Investment Holdings Co., Ltd.	Prince Property Management Consulting Co., Ltd.	Prince Housing Investment Co., Ltd. Geng-Ding Co., Ltd.	Uni-President Development Corp.	The Splender Hotel Taichung	Jin Yi Xing Plywood Co., Ltd.	Ming-Da Enterprise Co., Ltd.	Prince Industrial Co., Ltd.	Prince Real Estate Co., Ltd.	Investment Holdings Co., Ltd. Times Square International	Ta-Chen Construction & Engineering Corp.	Prince Utility Co., Ltd.	Cheng-Shi Construction Co., Ltd.	PPG Investment Inc.	Queen Holdings Ltd.
	Investor	Prince Housing & Development Corp.										Cheng-Shi Investment Holdings Co., Ltd			Prince Housing Investment Co., Ltd.

(Except as otherwise indicated) Expressed in thousands of NTD

Table 9

of the investment accounted for using equity method since the effective date of dissolution.

Note 1: The difference between the income (loss) of the investee and the investment income (loss) of the investee recognised by the Company is the investment income (loss) of the investee recognised by the Company in proportion to the share ownership and unrealised gain (loss) from elimination of inter-Company transactions. Note 2: Subsidiary. Note 1: The difference between the income (loss) of the investee and the investment income (loss) of the investee recognised by the Company is the investment income (loss) of the investee recognised by the Company in proportion to the share ownership and unrealised gain (loss) from elimination of inter-Company transactions. Note 2: Subsidiary. Note 3: The amount has been included in the profit (loss) of the Company's investee accounted using equity method and has been recognised as gain (loss) on investment.

					Footnote	Notes 2 and 3	Notes 2 and 3	Note 3	Notes 2 and 3	Notes 2 and 3
	Investment income	(loss) recognised by	the Company for the	year ended	December 31, 2020	- \$	-	-	-	-
		Net profit (loss) of	the investee for the	year ended December	31, 2020	5,520 \$	5,590	758)	310,920)	128,001)
					Book value	45,871 \$	172,360	( 139,754) (	( 265,723	( 283,863
Shares held as at December 31, 2020					Ownership (%)	100%	100%	45.21%	100.00%	100.00%
					Number of shares	3,000,000	13,172,636	21,525,020	53,000,000	42,000,000
				Balance as at	December 31, 2019	67,853 \$	159,611	304,289	376,270	331,000
Initial investment amount				Balance as at	December 31, 2020	67,853 \$	159,611	304,289	443,270	430,000
					Main business activities	Management of apartments	Security	Development of public housing and building	Hotels and catering	Hotels and catering
					Location	Taiwan	Taiwan	Taiwan	Taiwan	Taiwan
					Investee	Prince Apartment Management Maintain Co., Ltd.	Prince Security Co., Ltd.	Amida Trustlink Assets Management Co., Ltd.	Time Square International Co., Ltd.	Times Square International Stays Corp.
					Investor	Prince Property Management Consulting Co., Ltd.		Princre Real Estate Co., Ltd.	Time Square International Investment Holdings Co., Ltd

Note 3: The amount has been included in the profit (loss) of the Company's investee accounted using equity method and has been recognised as gain (loss) on investment. Note 4: Provided 108,000 thousand shares as collateral. Note 5: The investee held a special meeting of shareholders on April 17, 2020 to set the effective date of dissolution on March 31, 2020. Thus, the Company did not recognise further profit or loss Note 4: Provided 108,000 thousand shares as collateral. Note 5: The investee held a special meeting of shareholders on April 17, 2020 to set the effective date of dissolution on March 31, 2020. Thus, the Company did not recognise further profit or loss of the investment accounted for using equity method since the effective date of dissolution.

Table 10

Prince Housing & Development Corp. Major shareholders information December 31, 2020 Prince Housing & Development Corp. Major shareholders information December 31, 2020

	Shares
Name of major shareholders	Number of shares held	Ownership (%)
Uni-President Enterprises Corp.	162,743,264	10.03%
Taipo Investment Co., Ltd.	96,250,587	5.93%

Chapter VII

Review and Analysis of Financial Conditions, Financial Performance and Risk Management

Annual Report 2020

VII

Year	2020	2019	Difference
Item			Amount	Percentage
Current Assets	25,420,074	29,471,850	(4,051,776)	-13.75
Financial Asset (non-current)	3,913,261	3,531,998	381,263	10.79
Equity Method Investment	1,864,597	1,884,520	(19,923)	-1.06
Property, Plant and Equipment	5,835,171	5,995,879	(160,708)	-2.68
Right-of-Use Assets	7,181,349	5,682,287	1,499,062	26.38
Investment Property	5,582,210	5,729,334	(147,124)	-2.57
Intangible Assets	1,996,776	2,056,927	(60,151)	-2.92
Other Assets	371,976	384,708	(12,732)	-3.31
Total Assets	52,165,414	54,737,503	(2,572,089)	-4.70
Current Liabilities	6,474,965	11,086,884	(4,611,919)	-41.60
Long-term Liabilities	12,204,060	11,976,523	227,537	1.90
Other Liabilities	9,061,027	7,529,284	1,531,743	20.34
Total Liabilities	27,740,052	30,592,691	(2,852,639)	-9.32
Share Capital	16,233,261	16,233,261	0	0.00
Capital Surplus	2,260,513	2,260,513	0	0.00
Retained Earnings	4,467,208	4,487,383	(20,175)	-0.45
Other Equity	1,242,257	876,490	365,767	41.73
Treasure Stock	(1,003)	(1,003)	0	0.00
Non-Controlling Interest	223,126	288,168	(65,042)	-22.57
Total Equity	24,425,362	24,144,812	280,550	1.16

VII. Review of Financial Conditions, Operating Results, and Risk Management

7.1 Financial Status

Unit: NT\$ thousand

The change exceeds 20% in the last two years:

Right-of-use assets: Mainly due to IFRS 16 was newly applied to the lease between subsidiary Times Square International Stays and Fubon Life in 2020.
Decrease in current liabilities: due to the decrease in bank loan in 2020.
Increase in other liabilities: Mainly due to IFRS 16 was newly applied to the lease between subsidiary Times Square International Stays and Fubon Life in 2020.
Increase in other equity: increase in unrealized gain on financial assets.
Decrease in non-controlling interest: due to the increased loss in The Splendor Hospitality International Co., Ltd., which the Company has 50% holdings.

The main reasons for the major changes in assets, liabilities and shareholders' equity in the last two years and their impacts. If the impact is significant, the future response plan should be explained.

7.2 Analysis on Financial Performance

Item	2020	2019	Difference Amount	Percentage of Change
Operating Revenue	12,134,519	12,472,035	(337,516)	-2.71
Less: Sales Returns and Discounts	(171,093)	(272,598)	(101,505)	-37.24
Net Operating Revenue	11,963,426	12,199,437	(236,011)	-1.93
Operating Cost	(9,746,402)	(9,136,983)	609,419	6.67
Gross Profit	2,217,024	3,062,454	(845,430)	-27.61
Operating Expenses	(2,045,316)	(2,272,358)	(227,042)	-9.99
Operating Income	171,708	790,096	(618,388)	-78.27
Interest Revenue	12,704	14,656	(1,952)	-13.32
Other Revenue	442,066	447,501	(5,435)	-1.21
Other Income and Losses	440,939	39,305	401,634	1021.84
Financial Cost	(325,674)	(327,977)	(2,303)	-0.70
Share of profit and loss of affiliated companies and joint ventures using the equity method	47,669	98,487	(50,818)	-51.60
Profit Before Tax	789,412	1,062,068	(272,656)	-25.67
Tax Benefit (Expense)	(59,899)	(123,318)	(63,419)	-51.43
Profit After Tax	729,513	938,750	(209,237)	-22.29

The change exceeds 20% in the last two years:

Sales returns and discounts decreased: Mainly due to lower market incentives for sales.
Gross profit and operating profit decreased: Due to the decrease in operating revenue from the subsidiaries in hospitality.
Other income and losses increased: Due to the increase in gain on financial assets at fair value through profit or loss and disposal of fixed assets.
Share of profit and loss of affiliated companies and joint ventures using the equity method decreased: Due to the recognition of increased loss in Geng-Ding Co., Ltd., and Ming-Da Enterprise Co., Ltd.
Tax expense decreased: Due to the tax benefit from Times Square International Hotel Corporation. 6. Profit before/after tax decrease: Mainly due to the decrease in operating income.

Unit: NT\$ thousand

The main reasons for the major changes in operating income, operating net profit and pre-tax net profit in the last two years and the expected sales volume and its basis, the possible impact on the company's future financial business and the corresponding plan.

VII

					Unit: NT\$ thousand
Opening Cash and Cash	Net Cash Flow from Operating	Cash	Cash Surplus		Remedies for Cash Deficit
Equivalent Balance (1)	Activities (2)	Outflow (3)	(Deficit) (1)+(2)-(3)	Investment Plans	Financing Plans
5,673,754	4,551,618	(4,818,771)	5,406,601	None	None
	Cash flow changed in the year of 2020: Cash inflow (outflow) from operating activities: Cash inflow (outflow) from investing activities: Cash inflow (outflow) from financing activities: Foreign exchange adjustment		4,551,618 519,916 (5,338,687)	0

7.3 Cash Flow

7.3.1 Cash Flow Analysis for the Current Year

Year Item	2020	2019	Variance
Cash Flow Ratio (%)	70.30	33.61	1.09
Cash Flow Adequacy Ratio (%)	166.75	121.08	0.38
Cash Reinvestment Ratio (%)	12.34	8.84	0.40

7.3.2 Remedy for Cash Deficit and Liquidity Analysis

The change exceeds 20% in the last two years:

The cash flow ratio: The increase in cash inflow from operating activities was mainly due to the increase in the net profit of financial assets measured at fair value through profit and loss.
The cash flow adequacy ratio: Mainly due to the increase in cash inflow from operating activities during the current period.

7.3.3 Cash Flow Analysis for the Current Year

Opening Cash and Cash	Budgeted Net Cash Flow	Budgeted Cash Outflow	Budgeted Cash	Planned Remedy for Cash Deficit
Equivalent Balance (1)	From Operating Activities (2)	(3)	Surplus (1)+(2)-(3)	Investment Plans	Financing Plans
5,406,601	4,324,037	(5,059,710)	4,670,928	None	None

A. Analysis of cash flow changes in this year:

a. Cash flow from operating activities: Due to the scheduled development plans in 2021 are affected by the global pandemic, it is estimated that cash flow from operating activities is only generated from the sales of the completed cases with existing schedule.

b. Cash flow from investing activities: No net cash outflow from major investment activities is expected in 2021.

c. Cash flow from financing activities: The estimated net cash outflow in 2021 includes repayment of bank loans and cash dividend payment.

B. Planned remedy for cash deficit and liquidity analysis: N/A.

Unit: NT\$ thousand

7.4 Impact of Major Capital Expenditures on Financial Status

The major capital expenditure for the year of 2020 was mainly due to cash inflows from operating activities.

7.5 Reinvestment Policy, the Main Reason for its Profit or Loss, Improvement Plan and Investment Plan for the Coming Year

The affiliated companies and joint ventures invested by the equity method include Geng-Ding Co., Ltd., Uni-President Development Corp., Amida Tustlink Assets Management Co., Ltd., PPG Investment Inc., Queen Holdings Ltd. and Ming-Da Enterprise Co., Ltd. etc. The purpose of the investment is mainly related to the needs of the relevant business operation and the recognition of investment income. The investment benefits recognized in 2020 is NT\$47,669 thousand dollar. There will be no major investment plan expected in the coming year.

7.6 Risks Should Be Analyzed and Evaluated in the Recent Years and the Following Matters as of the Date of Publication of the Annual Report

A. The Impact of Changes in Interest Rate, Exchange Rate, and Inflation on the Corporate Finance and Future Countermeasures

The impact of interest rate changes on the corporate finance and future countermeasures: As of the end of 2020 and the first quarter of 2021, the Company's long-term and shortterm loans amounted to NT\$14,558,237 thousand dollar and NT\$11,955,134 thousand dollar, respectively, and financial costs were NT\$325,674 thousand dollar and NT\$80,766 thousand

The business nature of the Company is mainly domestic demand industries. So far, overseas investments have had little impact on the Company's operations. The fluctuations in exchange rates have only adjusted the amount of net investment impacts on foreign operations, and have

dollar.
1. The impact of exchange rate changes on the corporate finance and future countermeasures: no significant impact on the Company's profit or loss.
1. The impact of inflation on the corporate finance and future countermeasures: bargaining and comparison to achieve the best cost-effectiveness.
Profit or Loss and the Countermeasures.

It is expected that the global economic growth will slow down in 2021, which will affect the domestic economic cycle and the demand for major construction projects. However, regional raw material supply is still time-sensitive and it is expected that the cost of various building materials and labor will fluctuate. The Company will continue to implement raw material

B. The Policies of Engaging in High-risk and Highly Leveraged Investment, Capital Lending, Endorsement and Guarantees, and Derivatives Trading, the Main Reason for the Company's

VII

1. During the year of 2020 and as of May 15, 2021, the Company did not engage in transactions related to high-risk, highly leveraged investments and derivatives trading.
1. As of the end of 2020 and the first quarter of 2021, the actual amount of the Company's capital lending to others was NT\$186,000 and NT\$186,000 in thousand dollar, respectively. The endorsements and guarantees for others was NT\$2,685,000 and NT\$1,885,000 in thousand dollar. These amounts described above are under Prince Housing & Development Corp., the subsidiaries and affiliated companies with business transactions etc., and shall be handled in accordance with Procedures for Loaning Funds to Others and Procedures for Endorsement and Guarantee Implementation.
C. Future Research & Development Plan and Budgeted Research & Development Expenses: None.
D. The Impact of Changes in Domestic and Foreign Policies and Regulations on Corporate Finance and Countermeasures.
1. The impact on the corporate finance:
- Construction: Various policies to stabilize house prices continue to be implemented, such as the suppression of taxation systems, trust management accounts, and the tightening of license examinations, etc., which have a certain degree of restrictions on the use of funds of the Company.
- Hospitality: In order to promote the development of the tourism, the Tourism Bureau of the Ministry of Communications has successively launched various tourist subsidies such as "Expanding Marketing in Ten Key Countries", "Exploiting Multiple Markets", "Travel Industry Counseling Management", "Peace of Mind Travel Subsidy", "Spring Festival Travel Project", etc. The southbound policy encourages travelers to come to Taiwan for tourism and actively promotes the development of the tourism industry.
1. Countermeasures:
- Construction: According to the regional characteristics, launch products that meet the needs of the market; at the same time, issue corporate bonds, increase other active capital sources, reduce the cost of capital and less rely on bank financing.
- Hospitality: Conform to industry trends and policies, integrate the Company's resources into real estate and tourist hotels investment, and inject long-term stable income.

E. The Impact of Changes in Technology and Industry on Corporate Finance and Countermeasures.

For the construction business, the industry is relatively mature in technology. The environmental impact of industrial prosperity is greater than changes in technology. Effective cost control, prudent investment and talent cultivation are the three arrows of the Company's fight against recession. We adhere to our industry, focus on enterprise growth and thrive on the development of diverse industries, increase profits while operating steadily, and have achieved remarkable results. Through the advanced technology and management expertise, the profits from BOT accommodation and international five-star hotels have been steadily growing, and the stable profits from the hospitality and lodging department can enhance the overall performance of the Company's operations and achieve mutual benefits.

F. Impact of Changes in Corporate Image on Corporate Crisis Management and Countermeasures

During the year of 2020 and as of May 15, 2021, the Company did not report any adverse corporate image. The Company has traditionally built a high-quality corporate image of "Three Goods and One Fair". In recent years, it has continued to build cloud systems, promote Prince's APP, Prince's Identity Card, sponsor arts and cultural activities and social care, etc., and actively maintain and enhance its corporate brand.

J. The Impact, Risks and Countermeasures of the Substantial Transfer or Replacement of Equity from Directors, Supervisors or Major Shareholders Who Hold More Than 10% of

G. Expected Benefits, Possible Risks and Countermeasures for Merger & Acquisition: None.
H. Expected Benefits, Possible Risks and Countermeasures for Plant Expansion: None.
I. Risks and Countermeasures for Centralization of Purchases or Sales: None.
the Shares: None.
K. The Impact, Risk and Countermeasures of the Change in Management Rights of the Company: None.
L. Litigation or Non-Litigation None.
M. Other Important Risks and Countermeasures security has become an important risk assessment for business operations.

In recent years, the spread of technology is changing rapidly. The popularity, speed, and impact of information circulation are not the same. Mastering information is an opportunity, and information

At the operating system level, the Company conducts annual inspection and evaluation of the network environment security and operating procedures to reasonably ensure the appropriateness and effectiveness of the Company's information security. At the same time, in accordance with the system recovery policies and system testing procedures, information recovery drills are carried out every year. The results of the drills are regularly checked by the audit office and the audit report is compiled and submitted to the Board of Directors.

VII

However, hacking techniques are constantly being introduced, and the Company still needs to be cautious about the security threats of network information and assesses the risk of damage caused by malicious attacks resulting in information damage or leakage of confidential information. For example, the Company's business secrets, confidential information of interested parties, personal information of customers or employees, or the Company may be investigated by the competent authority due to the leakage of information of customers or third parties involved in its confidentiality obligations, resulting in the risks of significant legal liabilities.

At the level of personal data security, the Company sets up an ad hoc legal team to hire experts to promote and implement education and training to all colleagues in the Company, to assist in the assessment of the Company's personal security risks, and to establish a standard operation procedure for personal information security. The collection, processing or use of personal data shall strictly abide by the relevant provisions of the Personal Data Protection Law and its enforcement rules. The Company has no suspected cases of personal information disclosure complaints, nor has any personal information disclosure confirmed and punished by the competent authority.

7.7 Other Important Matters

None.

Special Disclosure

Annual Report 2020

VIII

Special Disclosure

VIII

VIII. Special Disclosure

8.1.1 Consolidated Financial Statement of the Affiliated Enterprises

A. Organizational Structure of Affiliated Enterprises

Name of Corporation	Founded Date	Address	Capital	Major Business/ Production Items
Prince Housing & Development Corp.	1973.09.22	8F, No. 398, Section 1, Zhonghua E. Rd, East Dist., Tainan City	\$16,233,261	Residential buildings, Commercial buildings, sales or rent of parking lots
Cheng-Shi Investment Holdings Co., Ltd		2013.03.13 19F, No. 30, Zhongzheng S. Rd, Yongkang Dist., Tainan City		975,048 Investment
Ta Chen Construction & Engineering Corp		1959.05.11 19F, No. 30, Zhongzheng S. Rd, Yongkang Dist., Tainan City		904,975 Architecture design and construction
Cheng-Shi Construction Co., Ltd		1976.01.22 19F, No. 30, Zhongzheng S. Rd, Yongkang Dist., Tainan City		201,000 Construction
Prince Utility Co., Ltd.		1977.03.01 19F, No. 30, Zhongzheng S. Rd, Yongkang Dist., Tainan City		30,700 Electric power and water supply setup
Prince Property Management Consulting Co.		1992.11.09 19F, No. 30, Zhongzheng S. Rd, Yongkang Dist.t, Tainan City	171,466	Management on the leasing of residential and commercial buildings
Prince Security & Guard Co., Ltd.		2000.04.07 17F, No. 30, Zhongzheng S. Rd, Yongkang Dist., Tainan City		131,726 Security and guard service
Prince Apartment Management & Maintenance Co., Ltd.		1996.08.05 2F, No. 30, Zhongzheng S. Rd, Yongkang Dist., Tainan City	30,000	Apartment management and maintenance service
Times Square Int. Holding Company		2019.02.26 21F, No. 11, Songgao Rd, Xinyi Dist., Taipei City		798,000 Investment
Times Square Int. Hotel Corp.		2007.01.22 No. 10, Section 5, Zhongxiao E. Rd, Xinyi Dist., Taipei City		530,000 Hospitality
Times Square Int. Stays Corp.		2018.07.02 21F, No. 11, Songgao Rd, Xinyi Dist., Taipei City		420,000 Hospitality
The Splendor Hospitality Int. Co., Ltd.		2006.10.25 No. 1049 Jianxing Rd, West Dist., Taichung City		1,950,000 Hospitality
Prince Housing Investment Corp.	1996.06.27	Citco Building Wickhams Cay. PO Pox 622, Road Town, Tortol, British Virgin Islands	140,413 (Note	Overseas investment
Jin-Yi-Xing Plywood Co., Ltd.		1969.03.10 18F, No. 30, Zhongzheng S. Rd, Yongkang Dist., Tainan City		39,520 Particle board manufacture
Prince Real Estate Co., Ltd.	2015.09.24	8F, No. 398, Section 1, Zhonghua E. Rd, East Dist., Tainan City		123,317 Plywood manufacture and real estate sales
Prince Industrial Corp.		2013.02.27 21F, No. 11, Songgao Rd, Xinyi Dist., Taipei City	10,000	Development of residential and commercial buildings

B. Basic Information of Affiliated Enterprises

Unit;NT \$ thousands

Note: The affiliated company is a foreign company, and its conversion rate is the exchange rate specified in paragraph 28 of the Financial Accounting Standards Bulletin No. 14 "Accounting Standards for Foreign Currency Conversion".

VIII

Special Disclosure

C. Shareholder Information of Presumption of Having Control and Affiliation None.

D. Industries Covered by the Overall Enterprises

1. The business operations of the Company and its affiliates include construction, civil construction, power and water pipe installation, overseas investment, housing sales agency, apartment management and maintenance, security and guard services, hotels and lodges, amusement parks, plywood manufacturing and processing, etc.
1. Business relationship between the Company and its affiliated enterprises as following:
a. The engineering projects are undertaken by Ta Chen Construction & Engineering Corp. and Cheng-Shi Construction Co., Ltd. for civil engineering, and the electric power and water pipe equipment are contracted to Prince Utility Co., Ltd.
b. In order to maintain the after-sales service quality and safety management of the proposed cases, some of the cases are managed by Prince Apartment Management & Maintenance Co., Ltd. and Prince Security & Guard Co., Ltd.
E. Names of directors, supervisors and general managers of affiliated enterprises and their shareholding or capital contribution to the Company

Name of	Title	Name or Representative	Shareholding
Corporation			Shares	Percentage
	Chairman	Uni-President Enterprises Corp.	162,743,264	10.03%
	Chairman (Uni-President Rep.)	Chih-Hsien Lo	-	-
	Director	Chao-Mei Wu Tseng	42,956,030	2.65%
	Director	Uni-President Enterprises Corp.	162,743,264	10.03%
	Director (Uni-President Rep.)	Tsung-Ping Wu	-	-
	Director	Taipo Inv. Co., Ltd.	96,250,587	5.93%
	Director (Taipo Rep.)	Ping-Chih Wu	12,888,695	0.79%
	Director	Young Yuan Inv. Co., Ltd.	15,901,463	0.98%
	Director (Young Yun Rep.)	Chung-Ho Wu	5,209,847	0.32%
	Director	Taipo Inv. Co., Ltd.	96,250,587	5.93%
Prince Housing & Development Corp.	Director (Taipo Rep.)	Chien-Te Wu	9,656,943	0.59%
	Director	Hong Yao Inv. Cp., Ltd.	2,346,491	0.14%
	Director (Hong Yao Rep.)	Shih-Hung Chuang	1,687,748	0.10%
	Director	Sheng Yuan Inv. Co., Ltd.	2,086,986	0.13%
	Director (Sheng Yuan Rep.) Po-Yi Hou		13,701,215	0.84%
	Director	Yu Peng Inv. Co., Ltd.	669,975	0.04%
	Director (Yu Pong Rep.)	Po-Ming Hou	22,923,624	1.41%
	Director	Ruixing Intl. Inv. Co., Ltd.	47,584,139	2.93%
	Director (Ruixing Rep.)	Ying-Chih Chuang	310,020	0.02%
	Director	Kao Chyuan Inv. Co., Ltd.	63,474,308	3.91%
	Director (Kao Chyuan Rep. ) Hsiu-Ling Kao		425,013	0.03%
	Director	Hsin Yung Hsing Inv. Co., Ltd.	26,471,128	1.63%
	Director (Hsin Yung Hsing Rep.)	Chih-Yuan Hou	11,330	0.00%
	Independent Director	Peng-Ling Nie	16,954	0.00%
	Independent Director	Ho-Yi Hung	-	-
	Independent Director	Jung-Hsien Hou	-	-
	Director and Supervisor	Prince Housing & Development Corp.	97,504,758	100.00%
Cheng-Shi	Chairman (Prince Rep.)	Chih-Hsien Lo	-	-
Investment	Director (Prince Rep.)	Ming-Fan Xie	-	-
Holdings Co.,	Director (Prince Rep.)	Po-Ming Hou	-	-
Ltd.	Director (Prince Rep.)	Chung-Ho Wu	-	-
	Director (Prince Rep.)	Tsung-Ping Wu	-	-
	Supervisor (Prince Rep.)	June-Chen Guo	-	-

VIII

Special Disclosure

Name of	Title	Name or Representative	Shareholding
Corporation			Shares	Percentage
	Director and Supervisor	Cheng-Shi Inv. Holdings Co., Ltd.	90,497,528	100.00%
Ta Chen	Chairman (Cheng-Shi Inv. Rep.)	Rong-Tian Zhang	-	-
Construction	Director (Cheng-Shi Inv. Rep.)	Mu-Tsun Hou	-	-
& Engineering Corp.	Director (Cheng-Shi Inv. Rep.)	Chun-Cheng Kuo	-	-
	Supervisor (Cheng-Shi Inv. Rep.)	Tsun-Jen Cheng	-	-
	Director and Supervisor	Cheng-Shi Inv. Holdings Co., Ltd.	20,100,000	100.00%
Cheng-Shi	Chairman (Cheng-Shi Inv. Rep.)	Ming-Fan Xie	-	-
Construction Co.,	Director (Cheng-Shi Inv. Rep.)	Chun-Long Tsai	-	-
Ltd.	Director (Cheng-Shi Inv. Rep.)	Xiao-Yu Jiang	-	-
	Supervisor (Cheng-Shi Inv. Rep.)	Da-Chang Tai	-	-
Prince Utility Co., Ltd.	Director and Supervisor	Cheng-Shi Inv. Holdings Co., Ltd.	3,070,000	100.00%
	Chairman (Cheng-Shi Inv. Rep.)	Ming-Fan Xie	-	-
	Director (Cheng-Shi Inv. Rep.)	Xin-Hui Li	-	-
	Director (Cheng-Shi Inv. Rep.)	Jian-Ying Wu	-	-
	Director (Cheng-Shi Inv. Rep.)	Wen-Zhen Chiu	-	-
	Supervisor (Cheng-Shi Inv. Rep.)	Chun-Liang Lin	-	-
	Director and Supervisor	Prince Housing & Development Corp.	17,146,580	100.00%
	Chairman (Prince Rep.)	Ming-Fan Xie	-	-
Prince Property	Director (Prince Rep.)	Chih-Hsien Lo	-	-
Management	Director (Prince Rep.)	Tsun-Jen Cheng	-	-
Consulting Co.	Director (Prince Rep.)	Po-Ming Hou	-	-
	Director (Prince Rep.)	Chung-Ho Wu	-	-
	Supervisor (Prince Rep.)	Chun-Cheng Kuo	-	-
	Director and Supervisor	Prince Property Management Consulting Co.	13,172,636	100.00%
	Chairman (Prince Property Rep.)	Ming-Fan Xie	-	-
Prince Security	Director (Prince Property Rep.)	Tsun-Jen Cheng	-	-
& Guard Co.,	Director (Prince Property Rep.)	Wen-Zhen Chiu	-	-
Ltd.	Director (Prince Property Rep.)	Chun-Cheng Kuo	-	-
	Director (Prince Property Rep.)	Xiao-Yu Chiang	-	-
	Supervisor (Prince Property Rep.)	Da-Chang Tai	-	-

Name of			Shareholding
Corporation	Title	Name or Representative	Shares	Percentage
	Director and Supervisor	Prince Property Management Consulting Co.	3,000,000	100.00%
	Chairman (Prince Property Rep.)	Ming-Fan Xie	-	-
Prince Apartment	Director (Prince Property Rep.)	Tsun-Jen Cheng	-	-
Management	Director (Prince Property Rep.)	Wen-Zhen Chiu	-	-
& Maintenance Co., Ltd.	Director (Prince Property Rep.)	Chun-Cheng Kuo	-	-
	Director (Prince Property Rep.)	Xiao-Yu Chiang	-	-
	Supervisor (Prince Property Rep.)	Da-Chang Tai	-	-
	Director and Supervisor	Prince Housing & Development Corp.	79,800,000	100.00%
	Chairman (Prince Rep.)	Chih-Hsien Lo	-	-
	Director (Prince Rep.)	Chao-Mei Wu Tseng	-	-
	Director (Prince Rep.)	Hsiu-Ling Kao	-	-
	Director (Prince Rep.)	Po-Ming Hou	-	-
Times Square	Director (Prince Rep.)	Po-Yi Hou	-	-
Int. Holding	Director (Prince Rep.)	Chung-Ho Wu	-	-
Company.	Director (Prince Rep.)	Ying-Chih Chuang	-	-
	Director (Prince Rep.)	Chien-Te Wu	-	-
	Director (Prince Rep.)	Ping-Chih Wu	-	-
	Director (Prince Rep.)	Shih-Hung Chuang	-	-
	Director (Prince Rep.)	Tsung-Ping Wu	-	-
	Director (Prince Rep.)	Chih-Yuan Hou	-	-
	Supervisor (Prince Rep.)	Jing-Xing Chen	-	-
	Director and Supervisor	Times Square Int. Holding Co.	53,000,000	100.00%
	Chairman (Times Square Int. HLD. Rep.)	Chih-Hsien Lo	-	-
	Director (Times Square Int. HLD. Rep.)	ChihYuan Hou	-	-
	Director (Times Square Int. HLD. Rep.)	Chao-Mei Wu Tseng	-	-
Times Square	Director (Times Square Int. HLD. Rep.)	Hsiu-Ling Kao	-	-
Int. Hotel Corp.	Director (Times Square Int. HLD. Rep.)	Po-Ming Hou	-	-
	Director (Times Square Int. HLD. Rep.)	Po-Yi Hou	-	-
	Director (Times Square Int. HLD. Rep.)	Chung-Ho Wu	-	-
	Director (Times Square Int. HLD. Rep.)	Ying-Chih Chuang	-	-
	Director (Times Square Int. HLD. Rep.)	Chien-Te Wu	-	-

Special Disclosure

Name of	Title	Name or Representative	Shareholding
Corporation			Shares	Percentage
	Director (Times Square Int. HLD. Rep.)	Ping-Chih Wu	-	-
	Director (Times Square Int. HLD. Rep.)	Shih-Hung Chuang	-	-
	Director (Times Square Int. HLD. Rep.)	Tsung-Ping Wu	-	-
	Supervisor (Times Square Int. HLD. Rep.)	Jing-Xing Chen	-	-
	Director and Supervisor	Times Square Int. Holding Co.	42,000,000	100.00%
	Chairman (Times Square Int. HLD. Rep.)	Chih-Hsien Lo	-	-
Times Square Int. Stays Corp.	Director (Times Square Int. HLD. Rep.)	Po-Ming Hou	-	-
	Director (Times Square Int. HLD. Rep.)	Shih-Hung Chuang	-	-
	Supervisor (Times Square Int. HLD. Rep.)	Tsung-Ping Wu	-	-
	Chairman	Prince Housing & Development Corp.	97,500,000	50.00%
	Chairman (Prince Rep.)	Ming-Fan Xie	-	-
	Director (Prince Rep.)	Chun-Liang Lin	-	-
	Director (Prince Rep.)	Jing-Xing Chen	-	-
The Splendor	Vice Chairman	CMP Group	97,500,000	50.00%
Hospitality Int. Co., Ltd.	Vice Chairman (CMP Group Rep.)	Sheng-Wei Mai	-	-
	Director (CMP Group Rep.) Jing-Yi Lin		-	-
	Director (CMP Group Rep.) Jun-Lin Chai		-	-
	Supervisor	Tsun-Jen Cheng	-	-
	Supervisor	Shi-Gang He	-	-
Prince Housing	Director	Prince Housing & Development Corp.	428	100.00%
Inv. Corp.	Chairman (Prince Rep.)	Chun-Cheng Kuo	-	-
	Chairman	Prince Housing & Development Corp.	3,938,168	99.65%
Jin-Yi-Xing	Chairman (Prince Rep.)	Da-Chang Tai	-	-
Plywood Co.,	Director (Prince Rep.)	De-Sheng Zheng	-	-
Ltd.	Director (Prince Rep.)	Tian-Long Lu	-	-
	Supervisor	Bao-Zhu Guo	-	-

Name of	Title	Name or Representative	Shareholding
Corporation			Shares	Percentage
	Chairman	Prince Housing & Development Corp.	12,292,315	99.68%
	Chairman (Prince Rep.)	Chih-Hsien Lo	-	-
	Director (Prince Rep.)	Po-Yi Hou	-	-
	Director (Prince Rep.)	Po-Ming Hou	-	-
Prince Real	Director (Prince Rep.)	Chung-Ho Wu	-	-
Estate Co., Ltd.	Director (Prince Rep.)	Tsung-Ping Wu	-	-
	Director (Prince Rep.)	Ming-Fan Xie	-	-
	Director (Prince Rep.)	Chun-Cheng Kuo	-	-
	Director (Prince Rep.)	Tsun-Jen Cheng	-	-
	Supervisor	Jing-Xing Chen	-	-
	Supervisor	Zheng-Yang Lin	-	-
Prince Industrial	Director and Supervisor	Prince Housing & Development Corp.	1,000,000	100.00%
Corp.	Chairman (Prince Rep.)	Chun-Cheng Kuo	-	-

VIII

VIII

8.1.2 Consolidated Financial Statements of Affiliated Enterprises

The consolidated financial statements of the affiliated enterprises are the same as the Company's consolidated financial statements. Please refer to Chapter 6: Financial Information.

8.1.3 Reports of Relationship

None.

Company Name	Capital	Total Assets	Total Liabilities	Nat Value	Operating Revenue	Operating Profit	Net Income	EPS
Prince Housing & Development Corp.			16,233,261 38,263,582 14,061,346 24,202,236		7,306,687	779,364	793,882	0.49
Cheng-Shi Inv. Holdings Co., Ltd.	975,048	1,829,297		187,104 1,642,193	-	(156)	506,243	5.19
Ta Chen Construction & Engineering Corp.	904,975	2,598,544		1,052,343 1,546,201	3,087,731	41,588	511,953	5.66
Cheng-Shi Construction Co., Ltd.	201,000	348,315	125,601	222,714	124,927	(20,012)	1,844	0.09
Prince Utility Co., Ltd.	30,700	116,818	67,260	49,558	77,722	(8,343)	(2,197)	(0.72)
Prince Property Management Consulting Co.	171,466	275,811	33	275,778	-	(329)	10,899	0.64
Prince Security & Guard Co., Ltd.	131,726	217,079	44,720	172,359	279,935	5,278	5,590	0.42
Prince Apartment Management & Maintenance Co., Ltd.	30,000	58,293	12,422	45,871	108,911	6,395	5,520	1.84
Times Square International Holding Co.	798,000	553,568	80	553,488	-	(439,140)	(438,887)	(5.50)
Times Square International Hotel Corp.	530,000	6,162,259	5,896,536	265,723	725,688	(396,689)	(310,920)	(5.87)
Times Square International Stays Corp.	420,000	2,265,975	1,982,112	283,863	6,630	(108,176)	(128,001)	(3.05)
The Splendor Hospitality International Co., Ltd.	1,950,000	5,547,205	5,106,187	441,018	520,083	(85,652)	(128,840)	(0.66)
Prince Housing Investment Corp. (Note)	140,413	561,952	-	561,952	-	-		33,952 79,326.42
Jin-Yi-Xing Plywood Co., Ltd.	39,520	6,010	390	5,620	-	(145)	(143)	(0.04)
Prince Real Estate Co., Ltd.	123,317	888,059	76,288	811,771	608	(21,808)	(14,271)	(1.16)
Prince Industrial Corp.	10,000	9,304	1	9,303	-	(57)	(53)	(0.05)

Unit: NT\$ thousand; except for EPS in NT\$

8.1.2 Operation Overview of Affiliated Enterprises 8.2 Private Placement Securities in 2020 and as of the Date of this Annual Report

None.

8.3 The Status of the Company's Common Shares Acquired, Disposed of, or Held by the Subsidiaries

Name of Subsidiary Capital Source of		Fund	Shareholding Percentage of the Company	Date of Acquisition or Disposal	No. of Shares and Amount of Acquisition	No. of Shares and Amount of Disposal	Gain /Loss	No. of Shares and Amount Held as of the Date of Publication of the Annual Report	Mortgage	Endorsement and Guarantees made by the Company	Capital Lending to the Subsidiary from the Company
Prince Apartment Management	\$30,000	Working			0	0		655,424 shares	None	0	0
& Maintenance Co., Ltd.	(Note 1)	Capital	100%	None	0	0	0	\$7,537	(Note 2)	(Note 2)	(Note 2)

Note 1: Prince Apartment Management & Maintenance Co., Ltd. is the subsidiary of Prince Property Management Consulting Co., which is the subsidiary of Prince Housing & Development Corp. Note 2: As of Apr. 30, 2021.

8.4 Other Necessary Supplement

None.

8.5 Any Events in 2020 and Up to the Date of the Annual Report Published that Had Item 3 Paragraph 2 of Article 36 of Securities and Exchange Law of Taiwan

Material Impacts on Shareholders' Interests and Securities Prices as Stated in

None.

AI assistant

Prince Housing & Development Corp. — Annual Report 2020

52134_rns_2021-08-12_359b36d0-861f-4ebc-a34d-7af1ec218024.pdf

Spokesperson

Deputy Spokesperson

Stock Transfer Agent

Auditors

Headquarters, Branches and Plant Head Office

Taichung Branch

Tainan Branch

Kaohsiung Branch

Operational Highlights

Review and Analysis of Financial Conditions, Financial Performance and Risk Management

Special Disclosure

Chapter

I

Letter to Shareholders

Annual Report 2020

Business Report

I. Business Report of the Previous Year

II. Summary of the Current Business Plan

III. Future Development Strategy

II. Company Profile

2.1 Date of Incorporation: September 20, 1973 2.2 Company History

Company Profile

Annual Report 2020

III. Corporate Governance Report

Corporate Governance Report

Annual Report 2020

3.1.2 Function of Each Department

III

3.2 Directors', Supervisors' and Managers' Information

Unit: Shares; Dec. 31, 2020

Major Shareholders of the Institutional Shareholders

Dec. 31, 2020

Major Institutional Shareholders of the Company

Professional qualifications and independence analysis of directors and supervisors

III

3.2.2 Management Team

Unit: Shares; Dec. 31, 2020

3.2.3 Remuneration Paid to Directors, Independent Directors, President, and Vice Presidents

A. Remuneration of Directors and Independent Directors

Unit: NT\$ thousand; Dec. 31, 2020

III

Range of Remuneration for Directors

B. Compensation Paid to President and Vice Presidents

2020 2019 Total Unit: NT\$ thousand

Range of Remuneration

Employee Profit Sharing Granted to Management Team

the Past Two Years and Remuneration Policy for Directors, Presidents and Vice

Corporate Governance Report

3.3 Implementation of Corporate Governance

Information of Board of Directors Meeting

The Board of Directors Appraisal and Implementation Status

3.3.2 Operation in Audit Committee

3rd of Audit Committee meeting of session two (Mar. 19, 2020):

4th of Audit Committee meeting of session two (May 7, 2020):

5th of Audit Committee meeting of session two (Aug. 11, 2020):

6th of Audit Committee meeting of session two (Nov. 5, 2020):

3.3.3 Corporate Governance Implementation Status and Deviations from "the Corporate Governance Best Practice Principles for TWSE/TPEx Listed Companies"

III

Directors' and Supervisors' Continuing Education

B. Operations of the Remuneration Committee

2nd Remuneration Committee of session four (Mar. 19, 2020):

3rd Remuneration Committee of session four (May 7, 2020):

4th Remuneration Committee of session four (Nov. 5, 2020):

3.3.4 Composition, Responsibility and Operations of Remuneration Committee

A. Information of Remuneration Committee

3.3.5 Implementation of Corporate Social Responsibility and Deviations from "the Corporate Social Responsibility Best Practice Principles for TWSE/TPEx Listed Companies" and Reasons

Corporate Governance Report

3.3.6 Implementation of Ethical Corporate Management and Deviations from "the Ethical Corporate Management Best Practice Principles for TWSE/TPEx Listed Companies" and Reasons

3.3.7 Corporate Governance Guidelines and Regulations

3.3.8 Other Important Information Regarding Corporate Governance

3.3.9 Implementation of Internal Control Systems

Prince Housing and Development Corporation Declaration of Internal Control

March 18, 2021

PPrince Housing and Development Corporation Chairman: Chih-Hsien Lo President: Ming-Fan Xie

A. Major Resolutions and Executions of the 2020 General Shareholders Meeting:

B. Major Resolutions during the Board of Directors Meetings in 2020 and to the Publish Date of the Annual Report:

5th Board of Directors Meeting of session sixteen (Mar. 19, 2020)

Prince Housing & Development Corp. Annual Report 2020