Redsun Properties Group Limited — Interim / Quarterly Report 2019

Sep 26, 2019

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INTERIM REPORT 中期報告 2019

CONTENTS 目錄

●	Corporate Information	2
	公司資料
●	Financial Highlights	6
	財務摘要
●	Business Review and Outlook	7
	業務回顧及前景
●	Management Discussion and Analysis	11
	管理層討論與分析
●	Corporate Governance and Other Information	33
	企業管治及其他資料
●	Independent Review Report	50
	獨立審閱報告
●	Interim Condensed Consolidated Statement of Profit or Loss	52
	中期簡明綜合損益表
●	Interim Condensed Consolidated Statement of Comprehensive Income	53
	中期簡明綜合全面收入表
●	Interim Condensed Consolidated Statement of Financial Position	54
	中期簡明綜合財務狀況表
●	Interim Condensed Consolidated Statement of Changes in Equity	57
	中期簡明綜合權益變動表
●	Interim Condensed Consolidated Statement of Cash Flows	59
	中期簡明綜合現金流量表
●	Notes to Unaudited Interim Financial Information	63
	未經審核中期財務資料附註

CORPORATE INFORMATION 公司資料

BOARD OF DIRECTORS

Executive Directors

Mr. Zeng Huansha (曾煥沙) (Chairman) Mr. He Jie (何捷) (Chief Executive Officer) Mr. Lui Wai Pang (雷偉彬)

Non-Executive Directors

Mr. Jiang Daqiang (蔣達強) Mr. Zhang Liang (張良)

Independent Non-Executive Directors

Mr. Lee Kwok Tung Louis (李國棟) Mr. Leung Yau Wan John (梁又穩) Mr. Au Yeung Po Fung (歐陽寶豐)

AUDIT COMMITTEE

Mr. Leung Yau Wan John (梁又穩) (Chairman) Mr. Jiang Daqiang (蔣達強) Mr. Lee Kwok Tung Louis (李國棟) Mr. Au Yeung Po Fung (歐陽寶豐)

REMUNERATION COMMITTEE

Mr. Lee Kwok Tung Louis (李國棟) (Chairman) Mr. He Jie (何捷)

Mr. Zhang Liang (張良) Mr. Leung Yau Wan John (梁又穩) Mr. Au Yeung Po Fung (歐陽寶豐)

NOMINATION COMMITTEE

Mr. Zeng Huansha (曾煥沙) (Chairman) Mr. Lui Wai Pang (雷偉彬) Mr. Leung Yau Wan John (梁又穩) Mr. Lee Kwok Tung Louis (李國棟) Mr. Au Yeung Po Fung (歐陽寶豐)

董事會

執行董事

曾煥沙先生（主席） 何捷先生（行政總裁） 雷偉彬先生

非執行董事 蔣達強先生 張良先生

獨立非執行董事

李國棟先生 梁又穩先生 歐陽寶豐先生

審核委員會

梁又穩先生（主席） 蔣達強先生 李國棟先生 歐陽寶豐先生

薪酬委員會

李國棟先生（主席） 何捷先生 張良先生 梁又穩先生 歐陽寶豐先生

提名委員會

曾煥沙先生（主席） 雷偉彬先生 梁又穩先生 李國棟先生 歐陽寶豐先生

02 弘陽地產集團有限公司 二零一九年中期報告

CORPORATE INFORMATION 公司資料

AUDITOR

Ernst & Young Certified Public Accountants 22/F, CITIC Tower 1 Tim Mei Avenue Central Hong Kong

LEGAL ADVISERS

As to Hong Kong law: Paul Hastings

As to Cayman Islands law: Walkers

COMPLIANCE ADVISER

ABCI Capital Limited

CAYMAN ISLANDS PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE

Walkers Corporate Limited Cayman Corporate Centre 27 Hospital Road George Town Grand Cayman KY1-9008

HONG KONG SHARE REGISTRAR

Computershare Hong Kong Investor Services Limited Shop 1712–1716, 17th Floor Hopewell Centre 183 Queen’s Road East Wanchai Hong Kong

核數師

安永會計事務所 執業會計師 香港 中環 添美道1號 中信大廈22樓

法律顧問

有關香港法律： 普衡律師事務所

有關開曼群島法律：

Walkers

合規顧問

農銀國際融資有限公司

開曼群島主要證券登記處

Walkers Corporate Limited Cayman Corporate Centre 27 Hospital Road George Town Grand Cayman KY1-9008

香港證券登記處

香港中央證券登記有限公司 香港 灣仔 皇后大道東183號 合和中心 17樓1712-1716舖

Interim Report 2019 Redsun Properties Group Limited 03

CORPORATE INFORMATION 公司資料

REGISTERED OFFICE

Cayman Corporate Centre 27 Hospital Road George Town Grand Cayman KY1-9008 Cayman Islands

HEAD OFFICES IN THE PRC

6th Floor, Redsun Tower, Building 12, Phase 2 Zhongjun Plaza, Lane 1688, Shenchang Road Minhang District, Shanghai

26th Floor Hong Yang Building No. 9 Daqiao North Road, Pukou District, Nanjing Jiangsu Province

PRINCIPAL PLACE OF BUSINESS IN HONG KONG

Unit 3712–13, 37/F The Center No. 99 Queen’s Road Central Hong Kong

JOINT COMPANY SECRETARIES

Mr. Li Yonggang (李永剛) Mr. Yim Lok Kwan (嚴洛鈞)

AUTHORIZED REPRESENTATIVES

Mr. Zeng Huansha (曾煥沙) Mr. Yim Lok Kwan (嚴洛鈞)

註冊辦事處

Cayman Corporate Centre 27 Hospital Road George Town Grand Cayman KY1-9008 Cayman Islands

中國總部

上海市閔行區申長路1688弄 中駿廣場二期12號樓 弘陽大廈6樓

江蘇省 南京市浦口區 大橋北路9號弘陽大廈 26樓

香港主要營業地點

香港 中環 皇后大道中99號 中環中心 37樓3712-13室

聯席公司秘書

李永剛先生 嚴洛鈞先生

授權代表

曾煥沙先生 嚴洛鈞先生

04 弘陽地產集團有限公司 二零一九年中期報告

CORPORATE INFORMATION 公司資料

PRINCIPAL BANKS

Agriculture Bank of China (Pukou Branch)

China Minsheng Bank (Hongyang Branch)

CBC (Xiaguan Branch)

Bank of Communications (Nanjing City Cheng Zhong Branch)

WEBSITE

www.rsunproperty.hk

STOCK CODE

HKEx: 1996

主要往來銀行

中國農業銀行 浦口支行

民生銀行 弘陽支行

中國工商銀行 下關支行

交通銀行 南京市城中支行

網站

www.rsunproperty.hk

股份代號

港交所：1996

Interim Report 2019 Redsun Properties Group Limited 05

FINANCIAL HIGHLIGHTS 財務摘要

• The board (the “ Board ”) of directors (the “ Directors ”) of Redsun Properties Group Limited (the “ Company ”, together with its subsidiaries, the “ Group ”) is pleased to present the interim report together with the unaudited condensed consolidated financial information of the Group for the six months ended 30 June 2019.

• Contracted sales reached RMB30.25 billion, representing a significant year-on-year increase of 42.7%. Contracted sales area increased from 1.546 million sq.m. in the corresponding period of 2018 to 2.292 million sq.m. in the first half of 2019, representing a significant year-on-year increase of 48.3%.

• As at 30 June 2019, the Group’s land bank was approximately 15.69 million sq.m.. During the first half of 2019, the Group acquired land bank of 4.07 million sq.m..

• Revenue slightly increased by 1.1% to RMB3,907.5 million as compared to the corresponding period of 2018. Revenue from commercial operations and hotel operations increased by 20.5% to RMB204.3 million (1H of 2018: RMB169.6 million).

• Gross profit and gross profit margin were RMB1,132.3 million and 29.0%, respectively.

• Net profit increased by 15.2% to RMB724.5 million, as compared to the corresponding period of 2018. Net profit margin reached to 18.5%.

• Net profit attributable to shareholders increased by 14.1% to RMB743.1 million (1H of 2018: RMB651.5 million) as compared to the corresponding period of 2018.

• As of 30 June 2019, net gearing ratio was 76.0%, at a stable level. The Group had sufficient cash on hand of approximately RMB16.95 billion.

• 弘陽地產集團有限公司（「 本公司 」）董事（「 董 事 」）會（「 董事會 」）欣然提呈本公司及其附屬公 司（「 本集團 」）截至2019年6月30日止六個月的中 期報告及未經審核簡明綜合財務資料。

• 合約銷售金額達人民幣302.5億元，同比大幅上 升42.7%。簽約面積由2018年同期的154.6萬平方 米增加至2019年上半年的229.2萬平方米，同比 大幅上升48.3%。

• 於2019年6月30日，本集團的土地儲備約為1,569 萬平方米。於2019年上半年，本集團新增土地 儲備407萬平方米。

• 營業額為人民幣3,907.5百萬元，較2018年同期略 增1.1%。商業經營及酒店經營收入上升20.5%至 人民幣204.3百萬元（2018年上半年：人民幣169.6 百萬元）。

• 毛利和毛利率分別為人民幣1,132.3百萬元及 29.0%。

• 淨利潤為人民幣724.5百萬元，較2018年同期增 加15.2%。淨利潤率達18.5%。

• 股東應佔淨利潤較2018年同期上升14.1%至人民 幣743.1百萬元（2018年上半年：人民幣651.5百萬 元）。

• 截至2019年6月30日的淨負債率為76.0%，處於 穩健水平。本集團手頭現金充裕，約為人民幣 169.5億元。

06 弘陽地產集團有限公司 二零一九年中期報告

BUSINESS REVIEW AND OUTLOOK 業務回顧及前景

REVIEW FOR THE FIRST HALF OF 2019

2019年上半年回顧

In the first half of 2019, the macro-economy was exposed to constant pressure. “Houses are for living, not for speculation” remained as the major policy keynotes in respect of the real estate industry from the central government, along with the stable industrial policies as a whole. In the first half of 2019, the real estate transactions continued to grow at a slowing growth rate.

2019年上半年宏觀經濟持續承壓，「房住不炒」依然是 中央針對地產的主要政策基調，行業政策總體平穩， 2019年上半年，房地產行業成交量持續增長，增速有 所放緩。

As shown in the statistics from the National Bureau of Statistics of China, in the first half of 2019, the sales area of commodity housing across the country reached 757.86 million sq.m., representing a yearon-year decrease of 1.8%. The sales of commodity housing achieved RMB7,069.8 billion, representing a year-on-year increase of 5.6%. Transaction volumes and prices were both on an upward trend in major second tier cities, while the situation in some third and fourth tier cities was the opposite, which delivering the differentiation in cities on an ongoing basis.

國家統計局數據顯示，於2019年上半年，全國商品房 銷售面積75,786萬平方米，同比下降1.8%。商品房銷 售額人民幣70,698億元，同比增長5.6%。主要二線城 市量價齊升，部分三線和四線城市遇冷，分化格局持 續。

Adhering to its core value philosophy of “keeping people-oriented and integrity-based”, the Group is principally engaged in property development and sales, commercial property investment and operations and hotel operations, of which property development and sales is our core business. Our revenue is generated from the sales of our developed residential properties and supporting retail stores, rental income from commercial properties investment and operations, and service fee income from our hotel operations.

本集團秉承「在商言人，誠者致遠」的核心價值理念， 主要業務包括房地產開發與銷售、商業物業投資與運 營、酒店運營三個部分，其中核心業務為房地產開發 與銷售。收入來自本集團開發的住宅物業及配套零售 商鋪銷售、商業物業投資與經營的租金、以及酒店業 務的服務費。

During the reporting period, the contracted sales reached RMB30.25 billion, representing an increase of 42.7% as compared to the same period last year. The total contracted sales area amounted to 2,292,335 sq.m., with an average selling price of RMB12,889 per sq.m.. During the reporting period, revenue of the Group reached RMB3,907.5 million, representing an increase of approximately 1.1% as compared to the same period last year. Net profit attributable to the Group was approximately RMB743.1 million, representing an increase of approximately 14.1% as compared to the same period last year.

於報告期間，本集團實現合約銷售額人民幣302.5億 元，較上年同期增加 42.7%；累計合約銷售面積 2,292,335平方米，平均銷售價格為每平方米人民幣 12,889元。於報告期間，本集團的營業額為人民幣 3,907.5百萬元，較上年同期增加約1.1%；實現歸屬本 集團淨利潤約人民幣743.1百萬元，較上年同期增加約 14.1%。

Interim Report 2019 Redsun Properties Group Limited 07

BUSINESS REVIEW AND OUTLOOK 業務回顧及前景

1. Property Development

During the reporting period, the Group’s realized sales income from its property business was RMB3,703.2 million.

During the reporting period, the Group strictly implemented the regional layout strategy of “penetrating Jiangsu, strengthening foothold in Yangtze River Delta region and expanding into metropolitan areas”, focused on the existing regions and expanded to dynamic hub cities. We entered cities such as Xi’an, Changsha, Yancheng, Xiangyang, Fuyang, Jiangmen and Wenzhou in the first half of 2019, and we currently have established our presence in the Yangtze River Delta, southwest China, south China, central China and northwest China regions, realized our national expansion basically and changed from a regional real estate company into a nationwide real estate company.

At the end of the reporting period, the Group’s aggregate gross floor area of land bank was approximately 15,687,297 sq.m. (gross floor area of land bank attributable to the Group was approximately 8,160,739 sq.m.), representing an increase of 19.9% as compared to that of 13,084,376 sq.m. as of 31 December 2018. This provides sufficient support for our future development.

2. Commercial Operations

During the reporting period, the Group achieved sales income of RMB186.4 million from commercial operations.

Up to now, the Group has three Hong Yang Plaza, which are located in Nanjing in Jiangsu, Changzhou in Jiangsu and Yantai in Shandong respectively. We are now preparing the opening of twelve Hong Yang Plaza in Hefei, Hengyang, Yangzhou, Xuzhou, Yanjiao, Tianjin, Liu’an, Jining, Tengzhou, Fushan in Yantai, Lekai in Yantai and Mingli in Changzhou, signifying a promotion of the “Hong Yang Plaza” brand.

1. 房地產業務情況

於報告期間，本集團實現房地產業務銷售收入 人民幣3,703.2百萬元。

報告期內，本集團嚴格執行做透大江蘇，深耕 長三角，佈局都市圈的區域佈局策略，深耕聚 焦現有區域，同時拓展具有經濟活力的節點性 核心城市，2019年上半年進入了西安、長沙、 鹽城、襄陽、阜陽、江門、溫州，目前已進入長 三角、西南、華南、華中、西北區域，基本完成 全國化佈局，由區域性房企轉變為全國性綜合 房企。

報告期末，本集團土地儲備總建築面積約為 15,687,297平方米（本集團應佔土地儲備建築面 積約為8,160,739平方米），較截至2018年12月31 日的13,084,376平方米增加19.9%，為未來發展提 供了充足的支持。

2. 商業經營業務情況

於報告期間，本集團實現商業經營業務銷售收 入人民幣186.4百萬元。

截至目前，本集團已開業三座弘陽廣場，分別 坐落於江蘇南京、江蘇常州、山東煙台。目前 正在籌備開設合肥、衡陽、揚州、徐州、燕郊、 天津、六安、濟寧、滕州、煙台福山、煙台樂 凱、常州名力十二座弘陽廣場，推廣「弘陽廣 場」品牌。

08 弘陽地產集團有限公司 二零一九年中期報告

BUSINESS REVIEW AND OUTLOOK 業務回顧及前景

3. Hotel Operations

During the reporting period, the Group achieved sales income of RMB17.9 million from hotel operations.

Up to now, the Group has two hotels, Nanjing Hong Yang Hotel and Wuxi Hong Yang Lakefort Hotel, as well as Ibis Hotel under entrusted management model.

OUTLOOK FOR THE SECOND HALF OF 2019

The central government pointed out for the first time that “properties should not be taken as the short-term economic incentives”, indicating that the policy of “houses are for living, not for speculation” still remains, with clear tendency of tightening policy controls and more stringent long-term controls in the future.

The country will intensify its control of the real estate market based on its basic principle of “city-specific policies”. The transaction volumes in the real estate industry are expected to be stable, with differentiated market performance at regional levels and the monetary policies will remain robust and neutral.

The commercial property industry has entered the era of inventory competition, which provides diversified and innovative platform for the commercial property operators. In the future, only those commercial property operators with differentiated competitive edges can be distinguished from others.

3. 酒店經營業務情況

• 於報告期間，本集團實現酒店經營業務銷售收 入人民幣17.9百萬元。

截至目前，本集團已擁有兩間酒店，分別為南 京弘陽酒店及無錫弘陽洛克菲花園酒店，同時 通過委託管理方式開業一家宜必思酒店。

2019年下半年展望

中央政府對房地產首次提出「不將房地產作為短期刺 激經濟的手段」，房住不炒的定位不會改變，政策調 控從緊的趨勢非常明顯，未來更多的長期調控會不斷 加強。

國家將按照「因城施策」的基本原則，持續加強對房地 產市場的管控，房地產行業成交量穩定，區域市場表 現分化，貨幣政策維持穩健中性。

商業地產進入存量競爭時代，給商業地產運營商提供 了多樣化創新的舞台，未來只有獲得差異化競爭優勢 的商業地產運營商才能夠脫穎而出。

Interim Report 2019 Redsun Properties Group Limited 09

BUSINESS REVIEW AND OUTLOOK 業務回顧及前景

For the second half of 2019, the Group will continue to adhere to the “Property + Commercial” dual-driven strategy. In terms of property development, the Group will strictly adopt the regional strategy of “penetrating Jiangsu, strengthening foothold in the Yangtze River Delta region and expanding into metropolitan areas” (做透大江蘇、 深耕長三角、佈局都市圈), focusing on the existing areas and exploring other dynamic key hub cities. Through bidding invitation, auction or listing, merger and acquisition and joint venture cooperation, the Group will implement sound investment policies and realize high-quality rapid growth. In terms of the commercial real estate, the Group will expand its business through diversified models such as entrusted management, self-leasing and holding. With its extensive asset management experience and advanced management tools, the Group enhances its return on assets by continuously benefiting our merchants and improving customers’ shopping experience. Meanwhile, it endeavors to enhance its linkage with the property development business to achieve dual driven coordinated development.

The Group is a comprehensive property enterprise with established presence in the Yangtze River Delta region and keen on national expansion. Guided by our mechanism and culture, the Group establishes a team of talents with high efficiency, so as to create a highly efficient operation system and improve the use of funds, which in turn gives solid supports to the Group’s development. Capitalizing on the listing platform of Hong Kong and various financing channels such as bonds issuance, the Group will contribute to the industry development, while creating returns to each of the shareholders.

2019年下半年，本集團將繼續堅持「地產+商業」雙輪 驅動的戰略。在地產開發方面，本集團嚴格執行「做 透大江蘇，深耕長三角，佈局都市圈」的區域佈局策 略，深耕聚焦現有區域，同時拓展具有經濟活力的節 點性核心城市。實施穩健的投資政策，通過招拍掛、 收併購、合資合作等方式實現有質量的跨越式增長。 在商業地產方面，將通過委託管理、租賃、自持等多 元化模式進行業務拓展，運用豐富的資產管理經驗， 以及先進的管理工具，持續賦能商戶、優化消費體 驗、提升資產回報水平，同時著力加強和地產開發業 務的聯動，實現雙輪驅動，協同發展。

本集團為深耕長三角、並進行全國化佈局的綜合性房 企，以機制和文化為引領，建立高效能的組織人才體 系，通過著力打造高效運營體系，提升資金使用效 率，為本集團的發展提供堅實保障。本集團將充分利 用香港上市平台，綜合發債等多種融資方式，助力業 務發展，回饋每位股東。

10 弘陽地產集團有限公司 二零一九年中期報告

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論與分析

BUSINESS REVIEW

業務回顧

1. Sales of Properties

During the first half of 2019, the Group achieved contracted sales of approximately RMB30.25 billion, representing an increase of 42.7% as compared to RMB21.20 billion in the same period last year. The gross floor area of contracted sales of the Group was approximately 2,292,335 sq.m., representing an increase of 48.3% as compared to approximately 1,545,710 sq.m. in the same period last year. The increase was due to the fast expansion of the Group resulting in the gradual realization of sales from the projects acquired before.

1. 房地產銷售

於2019年上半年，本集團實現合約銷售金額約 人民幣302.5億元，較去年同期的人民幣212.0億 元增長42.7%。本集團合約銷售建築面積約為 2,292,335平方米，較去年同期約1,545,710平方米 增長48.3%，增長原因為本集團快速擴張，前期 獲取項目陸續實現銷售所致。

Projects under construction

As of 30 June 2019, there were a total of 123 projects under construction with an aggregate planned gross floor area of 10,328,251 sq.m..

在建項目

截至2019年6月30日，本集團共計123個項目在 建設中，計劃總建築面積為10,328,251平方米。

As of 30 June 2019, there were a total of 43 properties for future development with an aggregate planned gross floor area of 4,675,840 sq.m..

截至2019年6月30日，本集團共計43個未來開發 物業，計劃總建築面積為4,675,840平方米。

Interim Report 2019 Redsun Properties Group Limited 11

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論與分析

Details of the contracted sales of the Group as of 30 June 2019 are set out as below:

本集團於2019年6月30日的合約銷售明細：

				Average
		Contracted Sales		Contracted
Region		Gross Floor Area	Contracted Sales	Selling Price
		合約銷售	合約銷售	平均合約
地區		建築面積	金額	銷售價格
		(sq.m.)	(RMB’000)	(RMB/sq.m.)
				（人民幣╱
		（平方米）	（人民幣千元）	平方米）
Suzhou	蘇州	545,116	8,561,768	15,706
Nanjing	南京	301,315	4,931,991	16,368
Chongqing	重慶	128,509	871,000	6,778
Wuhan	武漢	34,195	579,288	16,941
Hangzhou	杭州	18,296	465,076	25,420
Xi’an	西安	1,266	9,288	7,336
Wuxi	無錫	368,523	4,074,878	11,057
Changzhou	常州	199,957	3,247,452	16,241
Xuzhou	徐州	143,538	1,402,265	9,769
Nantong	南通	143,363	1,789,121	12,480
Bozhou	亳州	72,374	666,782	9,213
Zhenjiang	鎮江	70,676	588,175	8,322
Kaifeng	開封	55,261	461,719	8,355
Chengdu	成都	53,083	540,688	10,186
Nanchang	南昌	50,114	778,605	15,537
Foshan	佛山	34,249	495,555	14,469
Bengbu	蚌埠	33,101	248,780	7,516
Hefei	合肥	29,176	361,420	12,388
Huzhou	湖州	5,790	87,660	15,140
Zhuji	諸暨	4,433	91,489	20,638
Total	合計	2,292,335	30,253,000	12,889

12 弘陽地產集團有限公司 二零一九年中期報告

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論與分析

2. Land Bank

As of 30 June 2019, the Group’s total gross floor area of land bank was approximately 15,687,297 sq.m. (gross floor area of land bank attributable to the Group was approximately 8,160,739 sq.m.), representing an increase of 19.9% from that of 13,084,376 sq.m. as at 31 December 2018. As of 30 June 2019, completed properties totaled 108,164 sq.m., properties under development totaled 10,328,251 sq.m., properties for future development totaled 4,675,840 sq.m. and investment properties totaled 575,042 sq.m..

2. 土地儲備

截至2019年6月30日，本集團土地儲備總建築面 積約為15,687,297平方米（本集團應佔土地儲備 建築面積約為8,160,739平方米），較截至2018年 12月31日的13,084,376平方米增加19.9%。其中於 2019年6月30日，已竣工物業108,164平方米，開 發中物業 10,328,251 平方米，未來開發物業 4,675,840平方米，投資物業575,042平方米。

Details of the land bank of the Group as of 30 June 2019 are set out as below:

本集團截至2019年6月30日的土地儲備明細載列 如下：

			Completed			Planned Gross
			Unsold Saleable	Rentable Area	Total Gross Floor	Floor Area for
			Total Gross	Held for	Area Under	Future	Total Area of	The Group’s
Region	Name of Project	Area of Land	Floor Area	Investment	Development	Development	Land Bank	Interests
			已竣工未售可	持作投資的	開發中	未來開發規劃	土地儲備
地區	項目名稱	土地面積	銷售總建築面積	可租用面積	總建築面積	建築面積	面積合計	本集團權益
		(sq.m.)	(sq.m.)	(sq.m.)	(sq.m.)	(sq.m.)	(sq.m.)	(%)
		（平方米）	（平方米）	（平方米）	（平方米）	（平方米）	（平方米）	(%)
Nanjing	Garden in the East (領東苑)	67,810	—	—	249,444	—	249,444	33%
南京	領東苑
Nanjing	Nanjing Land Lot No. 2017G27	68,644	—	—	136,008	—	136,008	20%
	(南京‧2017G27地塊)
南京	南京• 2017G27地塊
Nanjing	Nanjing Land Lot No. 2017G36	54,173	—	—	175,709	—	175,709	20%
	(南京‧2017G36地塊)
南京	南京• 2017G36地塊
Nanjing	Land Lot No. 2017G57 (2017G57地塊)	58,024	—	—	79,420	—	79,420	100%
南京	2017G57地塊
Nanjing	Gaochun Land Lot No. 02–03	102,787	—	—	159,130	—	159,130	13%
	(高淳02–03地塊)
南京	高淳02–03地塊
Nanjing	Solaris Loving City Section 8	40,552	—	—	74,249	158,788	233,037	100%
	(旭日愛上城八區)
南京	旭日愛上城八區
Nanjing	Yizheng No.38 (儀徵38)	69,788	—	—	137,929	—	137,929	50%
南京	儀徵38
Nanjing	Lukou Project (祿口項目)	73,686	—	—	10,328	101,209	111,537	49%
南京	祿口項目

Interim Report 2019 Redsun Properties Group Limited 13

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論與分析

			Completed			Planned Gross
			Unsold Saleable	Rentable Area	Total Gross Floor	Floor Area for
			Total Gross	Held for	Area Under	Future	Total Area of	The Group’s
Region	Name of Project	Area of Land	Floor Area	Investment	Development	Development	Land Bank	Interests
			已竣工未售可	持作投資的	開發中	未來開發規劃	土地儲備
地區	項目名稱	土地面積	銷售總建築面積	可租用面積	總建築面積	建築面積	面積合計	本集團權益
		(sq.m.)	(sq.m.)	(sq.m.)	(sq.m.)	(sq.m.)	(sq.m.)	(%)
		（平方米）	（平方米）	（平方米）	（平方米）	（平方米）	（平方米）	(%)
Nanjing	Royal Creek (玉瀾府)	44,784	—	—	135,758	—	135,758	33%
南京	玉瀾府
Nanjing	Shiqiu Project (石湫項目)	41,931	—	—	99,841	—	99,841	51%
南京	石湫項目
Nanjing	Yizheng No.39 (儀徵39)	66,358	—	—	118,706	—	118,706	50%
南京	儀徵39
Nanjing	Golden Space and Watery Court (金域瀾庭)	66,267	—	—	160,594	—	160,594	9%
南京	金域瀾庭
Nanjing	Garden of Joy and Elegance (昕悅雅苑)	32,246	—	—	87,321	—	87,321	49%
南京	昕悅雅苑
Nanjing	Star Joy World Square (星悅天地廣場)	27,428	—	—	110,672	—	110,672	30%
南京	星悅天地廣場
Nanjing	Puzhu North Road Project (浦珠北路項目)	7,025	—	—	—	21,086	21,086	70%
南京	浦珠北路項目
Nanjing	Nanjing No. 2018G01 (南京2018G01)	7,025	—	—	20,598	—	20,598	30%
南京	南京2018G01
Nanjing	New No.1 Commercial Plaza (新壹商業廣場)	23,810	4,820	—	—	—	4,820	33%
南京	新壹商業廣場
Nanjing	Mountain and Lake View Garden In Times	14,338	—	—	31,377	—	31,377	25%
	(時光山湖花園)
南京	時光山湖花園
Nanjing	Wave of Swallow New Garden (燕瀾新苑)	61,145	8,640	—	—	—	8,640	50%
南京	燕瀾新苑
Nanjing	Residence of Bamboo and Water (竹水居)	52,763	8,343	—	—	—	8,343	50%
南京	竹水居
Nanjing	Great Time at Joy Peak West District	73,065	—	—	8,330	—	8,330	50%
	(悅峰時光裡西區)
南京	悅峰時光裡西區
Nanjing	Spring on West River (春上西江)	27,962	—	—	4,651	—	4,651	100%
南京	春上西江
Nanjing	Loving Garden (愛上花園)	77,367	85	—	3,093	—	3,178	100%
南京	愛上花園

14 弘陽地產集團有限公司 二零一九年中期報告

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論與分析

			Completed			Planned Gross
			Unsold Saleable	Rentable Area	Total Gross Floor	Floor Area for
			Total Gross	Held for	Area Under	Future	Total Area of	The Group’s
Region	Name of Project	Area of Land	Floor Area	Investment	Development	Development	Land Bank	Interests
			已竣工未售可	持作投資的	開發中	未來開發規劃	土地儲備
地區	項目名稱	土地面積	銷售總建築面積	可租用面積	總建築面積	建築面積	面積合計	本集團權益
		(sq.m.)	(sq.m.)	(sq.m.)	(sq.m.)	(sq.m.)	(sq.m.)	(%)
		（平方米）	（平方米）	（平方米）	（平方米）	（平方米）	（平方米）	(%)
Nanjing	Hong Yang Upper Yard (弘陽上院)	66,805	—	—	2,716	—	2,716	100%
南京	弘陽上院
Nanjing	Solaris Loving City Section 6	75,237	—	—	2,766	—	2,766	100%
	(旭日愛上城六區)
南京	弘陽旭日愛上城六區
Nanjing	Solaris Institution (旭日學府)	38,976	—	—	1,863	—	1,863	100%
南京	旭日學府
Nanjing	Solaris Loving City Creation Wings Garden	82,693	—	—	941	—	941	100%
	(旭日愛上城創翼園)
南京	旭日愛上城創翼園
Nanjing	Solaris Upper City Section 3 (旭日上城三區)	189,012	—	—	907	—	907	100%
南京	旭日上城三區
Nanjing	Solaris Upper City Section 2 (旭日上城二區)	163,341	—	—	496	—	496	100%
南京	旭日上城二區
Nanjing	Solaris Upper City Section 1 (旭日上城一區)	198,497	—	—	357	—	357	100%
南京	旭日上城一區
Nanjing	Solaris Elegant Architecture (旭日雅築)	15,524	40	—	—	—	40	100%
南京	旭日雅築
Nanjing	Solaris Loving City Section 7	12,999	40	—	—	—	40	100%
	(旭日愛上城七區)
南京	弘陽旭日愛上城七區
Nanjing	Sea Joy Garden (海悅花園)	57,503	—	—	94,209	—	94,209	49%
南京	海悅花園
Nanjing	Solaris Jingcheng Store (旭日景城商舖)	1,371	—	4,450	—	—	4,450	100%
南京	旭日景城商舖
Nanjing	Solaris Loving City Section 6 Store	989	—	7,301	—	—	7,301	100%
	(旭日愛上城六區商舖)
南京	旭日愛上城六區商舖
Nanjing	Nanjing Hong Yang Plaza (南京弘陽廣場)	230,871	—	435,165	—	—	435,165	100%
南京	南京弘陽廣場
Suzhou	Runyuan Masterpiece Garden (潤元名著花園)	80,669	—	—	102,867	—	102,867	49%
蘇州	潤元名著花園

Interim Report 2019 Redsun Properties Group Limited 15

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論與分析

			Completed			Planned Gross
			Unsold Saleable	Rentable Area	Total Gross Floor	Floor Area for
			Total Gross	Held for	Area Under	Future	Total Area of	The Group’s
Region	Name of Project	Area of Land	Floor Area	Investment	Development	Development	Land Bank	Interests
			已竣工未售可	持作投資的	開發中	未來開發規劃	土地儲備
地區	項目名稱	土地面積	銷售總建築面積	可租用面積	總建築面積	建築面積	面積合計	本集團權益
		(sq.m.)	(sq.m.)	(sq.m.)	(sq.m.)	(sq.m.)	(sq.m.)	(%)
		（平方米）	（平方米）	（平方米）	（平方米）	（平方米）	（平方米）	(%)
Suzhou	Upper Sunny Masterpiece Garden (上熙名苑)	44,701	—	—	95,325	—	95,325	100%
蘇州	上熙名苑
Suzhou	Violet Cloud Residence (紫雲名邸)	53,753	3,456	—	65,151	—	68,607	33%
蘇州	紫雲名邸
Suzhou	Luyuan Architecture (甪源名築)	60,961	2,264	—	65,825	—	68,089	100%
蘇州	甪源名築
Suzhou	The River City Origin (江城源著)	69,982	—	—	116,899	—	116,899	13%
蘇州	江城源著
Suzhou	Star Great Tang Masterpiece Residence	36,829	—	—	88,860	—	88,860	50%
	(星盛唐名邸)
蘇州	星盛唐名邸
Suzhou	Lake View Watery Court (湖閱瀾庭)	59,235	—	—	158,657	—	158,657	18%
蘇州	湖閱瀾庭
Suzhou	Sunrise Joy Masterpiece Residence (昕悅名邸)	47,706	—	—	101,050	—	101,050	70%
蘇州	昕悅名邸
Suzhou	Beautiful in Ten (十里錦繡)	98,783	—	—	130,016	—	130,016	16%
蘇州	十里錦繡
Suzhou	Shang Jun Hua Court (尚雋華庭)	39,410	—	—	69,937	—	69,937	50%
蘇州	尚雋華庭
Suzhou	Changshu No. 005 (常熟005)	17,361	—	—	35,869	—	35,869	33%
蘇州	常熟005
Suzhou	Hefeng Architecture in Xinhua Road	45,742	—	—	9,450	88,526	97,976	45%
	(新華路和風名築)
蘇州	新華路和風名築
Suzhou	Tang Qiao Fumin Road Project	40,317	—	—	7,236	63,121	70,357	50%
	(塘橋富民路項目)
蘇州	塘橋富民路項目
Chengdu	Central Road Project (中環路項目)	72,114	—	—	16,673	208,507	225,180	50%
成都	中環路項目
Chengdu	Qionglai Chang’an Avenue Project	39,809	—	—	9,923	90,819	100,742	100%
	(邛崍長安大道項目)
成都	邛崍長安大道項目

16 弘陽地產集團有限公司 二零一九年中期報告

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論與分析

			Completed			Planned Gross
			Unsold Saleable	Rentable Area	Total Gross Floor	Floor Area for
			Total Gross	Held for	Area Under	Future	Total Area of	The Group’s
Region	Name of Project	Area of Land	Floor Area	Investment	Development	Development	Land Bank	Interests
			已竣工未售可	持作投資的	開發中	未來開發規劃	土地儲備
地區	項目名稱	土地面積	銷售總建築面積	可租用面積	總建築面積	建築面積	面積合計	本集團權益
		(sq.m.)	(sq.m.)	(sq.m.)	(sq.m.)	(sq.m.)	(sq.m.)	(%)
		（平方米）	（平方米）	（平方米）	（平方米）	（平方米）	（平方米）	(%)
Chengdu	Shuangliu Heyuan Project (雙流合園項目)	19,794	—	—	2,687	29,536	32,223	33%
成都	雙流合園項目
Chengdu	Dujiangyan DJY2017–10 (都江堰DJY2017–10)	39,064	—	—	76,022	—	76,022	100%
成都	都江堰DJY2017–10
Chengdu	Dujiangyan DJY2017–09 (都江堰DJY2017–09)	26,393	—	—	52,583	—	52,583	100%
成都	都江堰DJY2017–09
Chongqing	Beipei Project (北碚項目)	109,540	—	—	24,989	164,310	189,299	49%
重慶	北碚項目
Chongqing	Bishan 295 (璧山295)	106,259	—	—	167,193	43,495	210,688	100%
重慶	璧山295
Chongqing	Cypress View. Seattle (柏景‧西雅圖)	89,273	—	—	264,281	—	264,281	100%
重慶	柏景‧西雅圖
Chongqing	Shapingba District Dayangshi Group Subregion	8,749	—	—	20,045	—	20,045	100%
	C No. C11–1/03
	(沙坪壩區大楊石組團C分區C11–1/03號)
重慶	沙坪壩區大楊石組團C分區C11–1/03號
Chongqing	Guan Yin Tang (觀音塘)	14,785	—	—	41,305	—	41,305	49%
重慶	觀音塘
Hangzhou	Hangxing Road Project (杭行路項目)	18,703	—	—	5,130	41,147	46,277	30%
杭州	杭行路項目
Hangzhou	Yu Zheng Chu Chu [2018] No.9	50,888	—	—	61,066	—	61,066	33%
	(余政儲出[2018]9號)
杭州	余政儲出[2018]9號
Changsha	Black Stone Project (黑石項目)	32,684	—	—	8,613	109,385	117,998	100%
長沙	黑石項目
Changsha	Deyi In Times (德一時光裡)	12,956	—	—	5,778	58,300	64,078	70%
長沙	德一時光裡
Wuhan	Yin Yue Residence (印月府)	106,207	—	—	378,477	24,975	403,452	100%
武漢	印月府
Xi’an	Yan Liang Sunrise Joy Residence	24,649	—	—	70,174	—	70,174	51%
	(閻良昕悅府)
西安	閻良昕悅府

Interim Report 2019 Redsun Properties Group Limited 17

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論與分析

			Completed			Planned Gross
			Unsold Saleable	Rentable Area	Total Gross Floor	Floor Area for
			Total Gross	Held for	Area Under	Future	Total Area of	The Group’s
Region	Name of Project	Area of Land	Floor Area	Investment	Development	Development	Land Bank	Interests
			已竣工未售可	持作投資的	開發中	未來開發規劃	土地儲備
地區	項目名稱	土地面積	銷售總建築面積	可租用面積	總建築面積	建築面積	面積合計	本集團權益
		(sq.m.)	(sq.m.)	(sq.m.)	(sq.m.)	(sq.m.)	(sq.m.)	(%)
		（平方米）	（平方米）	（平方米）	（平方米）	（平方米）	（平方米）	(%)
Ningbo	Ningbo Yinzhou Land Lot No. L5	11,368	—	—	23,583	—	23,583	50%
	(寧波鄞州L5地塊)
寧波	寧波鄞州L5地塊
Changzhou	Phoenix East Project (鳳凰東項目)	115,615	—	—	19,049	188,440	207,489	49%
常州	鳳凰東項目
Changzhou	Sang Ma Land Lot CD (桑麻CD地塊)	156,115	—	—	65,549	181,048	246,597	70%
常州	桑麻CD地塊
Changzhou	Commercial and Trading Peak (商貿雲峰)	50,921	—	—	92,645	61,809	154,454	60%
常州	商貿雲峰
Changzhou	San Mao Land Lot (三毛地塊)	108,486	—	—	65,426	152,218	217,644	33%
常州	三毛地塊
Changzhou	Golden Seal and Heaven Shire (金璽天郡)	88,719	—	—	322,156	—	322,156	50%
常州	金璽天郡
Changzhou	Emperor Looks at the First Court	67,225	—	—	143,969	—	143,969	40%
	(君望甲第)
常州	君望甲第
Changzhou	The Bund No.1 Garden (外灘一號花園)	126,695	—	—	80,956	15,591	96,547	85%
常州	外灘一號花園
Changzhou	Phases I to III of Hong Yang Upper City	111,700	15,912	—	—	—	15,912	100%
	(弘陽上城一—三期)
常州	弘陽上城一 — 三期
Changzhou	Sang Ma Land Lot A (桑麻A地塊)	44,524	—	—	—	14,765	14,765	70%
常州	桑麻A地塊
Changzhou	Changzhou Hong Yang Plaza (常州弘陽廣場)	43,590	—	128,126	—	—	128,126	100%
常州	常州弘陽廣場
Nantong	Wan Shou Road Project (萬壽路項目)	89,669	—	—	22,883	211,434	234,317	30%
南通	萬壽路項目
Nantong	Left Bank Residence in Jianghai Road	75,028	—	—	12,920	109,875	122,795	34%
	(江海路左岸公元)
南通	江海路左岸公元

18 弘陽地產集團有限公司 二零一九年中期報告

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論與分析

			Completed			Planned Gross
			Unsold Saleable	Rentable Area	Total Gross Floor	Floor Area for
			Total Gross	Held for	Area Under	Future	Total Area of	The Group’s
Region	Name of Project	Area of Land	Floor Area	Investment	Development	Development	Land Bank	Interests
			已竣工未售可	持作投資的	開發中	未來開發規劃	土地儲備
地區	項目名稱	土地面積	銷售總建築面積	可租用面積	總建築面積	建築面積	面積合計	本集團權益
		(sq.m.)	(sq.m.)	(sq.m.)	(sq.m.)	(sq.m.)	(sq.m.)	(%)
		（平方米）	（平方米）	（平方米）	（平方米）	（平方米）	（平方米）	(%)
Nantong	Upper Joy Garden (上悅花園)	82,741	—	—	254,565	—	254,565	25%
南通	上悅花園
Nantong	Oriental Cloud Garden (東方雲苑)	86,652	—	—	254,608	—	254,608	17%
南通	東方雲苑
Nantong	New Metropolis Garden (新都花園)	109,890	—	—	195,024	—	195,024	13%
南通	新都花園
Nantong	Sutong (蘇通)	47,405	—	—	72,257	—	72,257	38%
南通	蘇通
Nantong	Esteeming Virtues Garden (尚德苑)	37,348	—	—	48,559	—	48,559	33%
南通	尚德苑
Nantong	Center Creation Metropolis Garden	47,963	—	—	87,375	—	87,375	24%
	(中創都市花苑)
南通	中創都市花苑
Nantong	Best Time Garden (佳期花苑)	134,049	—	—	119,428	—	119,428	33%
南通	佳期花苑
Hefei	Longzi Lake Times (龍子湖湖語時光)	64,461	—	—	12,650	138,118	150,768	30%
合肥	龍子湖湖語時光
Hefei	Yaohai Prosper and Joy (瑤海豐樂)	59,233	—	—	38,485	99,965	138,450	34%
合肥	瑤海豐樂
Hefei	Mountain View Yard (望麓別院)	139,536	—	—	417,794	—	417,794	25%
合肥	望麓別院
Hefei	Moon Bay Joy and Magnificence	26,380	—	—	62,325	—	62,325	40%
	(月亮灣和悅風華)
合肥	月亮灣和悅風華
Hefei	Sunrise Joy Garden (昕悅花園)	37,254	—	—	104,118	—	104,118	80%
合肥	昕悅花園
Hefei	In Times (時光裡)	42,621	9,680	—	—	—	9,680	100%
合肥	時光裡
Hefei	Purple Breeze (紫氣東來)	28,081	—	—	64,219	—	64,219	51%
合肥	紫氣東來
Wuxi	Liyuan Project (利源項目)	39,021	—	—	7,952	76,381	84,333	30%
無錫	利源項目

Interim Report 2019 Redsun Properties Group Limited 19

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論與分析

			Completed			Planned Gross
			Unsold Saleable	Rentable Area	Total Gross Floor	Floor Area for
			Total Gross	Held for	Area Under	Future	Total Area of	The Group’s
Region	Name of Project	Area of Land	Floor Area	Investment	Development	Development	Land Bank	Interests
			已竣工未售可	持作投資的	開發中	未來開發規劃	土地儲備
地區	項目名稱	土地面積	銷售總建築面積	可租用面積	總建築面積	建築面積	面積合計	本集團權益
		(sq.m.)	(sq.m.)	(sq.m.)	(sq.m.)	(sq.m.)	(sq.m.)	(%)
		（平方米）	（平方米）	（平方米）	（平方米）	（平方米）	（平方米）	(%)
Wuxi	Yunting Primary School Project	92,953	—	—	12,960	185,906	198,866	50%
	(雲亭小學項目)
無錫	雲亭小學項目
Wuxi	Jing Garden of Superior Class (上品璟苑)	203,609	—	—	77,110	243,739	320,849	20%
無錫	上品璟苑
Wuxi	Yangjian Project (羊尖項目)	63,050	—	—	107,972	—	107,972	40%
無錫	羊尖項目
Wuxi	Sunrise Joy Residence (昕悅府)	138,902	—	—	157	286,885	287,042	100%
無錫	昕悅府
Wuxi	Wuxi Sanwan Qing (無錫三萬頃)	800,000	—	—	73,225	—	73,225	100%
無錫	無錫三萬頃
Wuxi	Sunrise Joy Court (昕悅棠)	85,122	—	—	214,006	—	214,006	100%
無錫	昕悅棠
Nanchang	Yao Lake Times Sky Shade (瑤湖時光天樾)	102,269	—	—	20,844	202,100	222,944	46%
南昌	瑤湖時光天樾
Nanchang	New Power Hong Yang Residence	43,410	—	—	101,884	—	101,884	49%
	(新力弘陽府)
南昌	新力弘陽府
Nanchang	Clear Cloud Scroll (青雲譜)	29,452	—	—	38,188	52,508	90,696	49%
南昌	青雲譜
Nanchang	Wanli (灣裡)	13,717	—	—	19,693	7,133	26,826	100%
南昌	灣裡
Xuzhou	Metropolitan City in Xinyuan Avenue	90,236	—	—	10,881	213,318	224,199	40%
	(新元大道大都會)
徐州	新元大道大都會
Xuzhou	East Lake Joy Residence in Pengzu Avenue	70,905	—	—	106,211	71,027	177,238	20%
	(彭祖大道東湖悅府)
徐州	彭祖大道東湖悅府
Xuzhou	Xuzhou Landscape of the Peach Garden	104,284	—	—	107,997	—	107,997	80%
	(徐州山水桃花源)
徐州	徐州山水桃花源
Xuzhou	Nine Pleasures Splendid Residence (九悅華府)	181,244	—	—	308,764	—	308,764	33%
徐州	九悅華府

20 弘陽地產集團有限公司 二零一九年中期報告

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論與分析

			Completed			Planned Gross
			Unsold Saleable	Rentable Area	Total Gross Floor	Floor Area for
			Total Gross	Held for	Area Under	Future	Total Area of	The Group’s
Region	Name of Project	Area of Land	Floor Area	Investment	Development	Development	Land Bank	Interests
			已竣工未售可	持作投資的	開發中	未來開發規劃	土地儲備
地區	項目名稱	土地面積	銷售總建築面積	可租用面積	總建築面積	建築面積	面積合計	本集團權益
		(sq.m.)	(sq.m.)	(sq.m.)	(sq.m.)	(sq.m.)	(sq.m.)	(%)
		（平方米）	（平方米）	（平方米）	（平方米）	（平方米）	（平方米）	(%)
Xuzhou	Joyful Beautiful Scenery Harmonious Residence	26,646	—	—	51,693	—	51,693	33%
	(欣欣麗景和府)
徐州	欣欣麗景和府
Foshan	Hong Yang Mountain Comfort Garden	63,132	—	—	152,447	—	152,447	100%
	(弘陽山馨花園)
佛山	弘陽山馨花園
Foshan	Benevolence Lake Project (博愛湖項目)	44,156	—	—	9,599	79,479	89,078	100%
佛山	博愛湖項目
Wenzhou	Huichang River B03 Project (會昌河B03項目)	25,721	—	—	7,439	68,160	75,599	50%
溫州	會昌河B03項目
Wenzhou	Huichang River B07 Project (會昌河B07項目)	19,967	—	—	6,089	55,908	61,997	50%
溫州	會昌河B07項目
Yangzhou	Begonia Court (棠苑)	72,660	—	—	133,809	—	133,809	50%
揚州	棠苑
Zhuji	Zhuji Land Lot No. 2018–11	49,492	—	—	49,616	—	49,616	100%
	(諸暨2018–11地塊)
諸暨	諸暨2018–11地塊
Zhenjiang	Land Lot No. 2018-J1–06	72,609	—	—	129,290	—	129,290	33%
	(2018-J1–06號地塊)
鎮江	2018-J1–06號地塊
Zhenjiang	Phoenix Terrace (鳳熹台)	88,498	—	—	210,882	—	210,882	20%
鎮江	鳳熹台
Zhenjiang	Jurong Land Lot No. B (句容B地塊)	38,731	—	—	68,796	—	68,796	19%
鎮江	句容B地塊
Zhenjiang	Zhoujiazhuang Project (周家莊項目)	16,184	—	—	2,579	40,192	42,771	51%
鎮江	周家莊項目
Chuzhou	Garden with Art Atmosphere (藝境花園)	60,189	54,884	—	80,601	—	135,485	33%
滁州	藝境花園
Chuzhou	Glory Residence (正榮府)	80,867	—	—	149,298	—	149,298	30%
滁州	正榮府
Chuzhou	Garden In Times (Chuzhou Times Billow)	89,886	—	—	180,735	—	180,735	40%
	(時光里花園(滁州時光瀾庭))
滁州	時光裡花園（滁州時光瀾庭）

Interim Report 2019 Redsun Properties Group Limited 21

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論與分析

			Completed			Planned Gross
			Unsold Saleable	Rentable Area	Total Gross Floor	Floor Area for
			Total Gross	Held for	Area Under	Future	Total Area of	The Group’s
Region	Name of Project	Area of Land	Floor Area	Investment	Development	Development	Land Bank	Interests
			已竣工未售可	持作投資的	開發中	未來開發規劃	土地儲備
地區	項目名稱	土地面積	銷售總建築面積	可租用面積	總建築面積	建築面積	面積合計	本集團權益
		(sq.m.)	(sq.m.)	(sq.m.)	(sq.m.)	(sq.m.)	(sq.m.)	(%)
		（平方米）	（平方米）	（平方米）	（平方米）	（平方米）	（平方米）	(%)
Chuzhou	New City Hong Yang Garden at Mingfa North	8,782	—	—	17,745	—	17,745	100%
	(明發北站新城弘陽苑)
滁州	明發北站新城弘陽苑
Huzhou	Huzhou 2018–43 (湖州2018–43)	48,652	—	—	66,040	—	66,040	51%
湖州	湖州2018–43
Huzhou	Huzhou Ren Huang No. 58# (湖州仁皇58#)	102,218	—	—	66,575	67,705	134,280	51%
湖州	湖州仁皇58#
Huzhou	Green Jade Bay (玉翠灣)	46,488	—	—	97,708	—	97,708	35%
湖州	玉翠灣
Yancheng	Begonia View Residence in Yanzhen Road	69,049	—	—	12,825	147,049	159,874	33%
	(鹽枕路觀棠府)
鹽城	鹽枕路觀棠府
Taizhou	Wave of Swallow Garden (燕瀾花園)	56,230	—	—	159,993	—	159,993	100%
泰州	燕瀾花園
Fuyang	Yingzhou Hong Yang Residence (潁州弘陽府)	38,297	—	—	7,547	76,594	84,141	100%
阜陽	穎州弘陽府
Xiangyang	Prime Watery Court (襄御瀾庭)	45,761	—	—	8,816	152,694	161,510	30%
襄陽	襄御瀾庭
Bengbu	Bengbu Xin Hong (蚌埠新弘)	32,646	—	—	70,738	—	70,738	50%
蚌埠	蚌埠新弘
Jiangmen	Liyue Project (禮樂項目)	28,205	—	—	12,137	70,513	82,650	33%
江門	禮樂項目
Ma’anshan	Sunny Side of the Yangtze River Peacock City	97,340	—	—	254,285	—	254,285	20%
	(長江熙岸孔雀城)
馬鞍山	長江熙岸孔雀城
Kaifeng	Kaifeng Yan Lan Residence (開封燕瀾府)	63,533	—	—	181,720	—	181,720	100%
開封	開封燕瀾府
Bozhou	Bozhou Land Lot No. 2017–217	201,216	—	—	191,368	202,082	393,450	40%
	(亳州2017–217號地塊)
亳州	亳州2017–217號地塊
合計	Total	9,438,710	108,164	575,042	10,328,251	4,675,840	15,687,297

22 弘陽地產集團有限公司 二零一九年中期報告

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論與分析

3. Commercial Operations

The rental income of the Group for the six months ended 30 June 2019 was approximately RMB186.4 million, representing an increase of 22.6% as compared to the same period last year. The increase was mainly due to an increase in rental income levels from Nanjing Hong Yang Plaza and Changzhou Hong Yang Plaza.

3. 商業經營

• 本集團截至2019年6月30日止六個月的租金收入 約為人民幣186.4百萬元，相比上年同期增加 22.6%。增加乃主要由於南京弘陽廣場及常州弘 陽廣場租金水平上漲所致。

4. Hotel Operations

The Group’s income from hotel operations for the six months ended 30 June 2019 was approximately RMB17.9 million, representing an increase of 2.3% as compared to the same period last year. The increase was mainly due to an improvement of performance of the Nanjing Hong Yang Hotel and Wuxi Hong Yang Lakefort Hotel.

4. 酒店經營

• 本集團截至2019年6月30日止六個月的酒店經營 收入約為人民幣17.9百萬元，相比去年同期增加 2.3%。增加乃主要由於南京弘陽酒店及無錫弘 陽洛克菲花園酒店表現有所改善。

Interim Report 2019 Redsun Properties Group Limited 23

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論與分析

FINANCIAL REVIEW

財務回顧

1. Revenue

The Group’s revenue during the six months ended 30 June 2019 amounted to approximately RMB3,907.5 million, representing a slight increase of 1.1% from approximately RMB3,863.8 million for the same period last year. The revenue mainly included income generated from property sales, commercial operations and hotel operations, of which income generated from: (i) property sales increased by 0.2% to approximately RMB3,703.2 million, accounting for 94.8% of the total recognized revenue; (ii) commercial operations increased by 22.6% to approximately RMB186.4 million as compared to the same period last year; and (iii) hotel operations increased by 2.3% to approximately RMB17.9 million as compared to the same period last year.

1. 收入

截至2019年6月30日止六個月，本集團收入約為 人民幣3,907.5百萬元，較去年同期約為人民幣 3,863.8百萬元略為增加1.1%。收入來源主要包括 物業銷售、商業經營及酒店經營收入。其中，(i) 物業銷售所得收入較去年同期增加0.2%至約為 人民幣3,703.2百萬元，佔已確認收入總額的 94.8%；(ii)商業經營所得收入較去年同期增加 22.6%至約為人民幣186.4百萬元；及(iii)酒店經營 所得收入較去年同期增加2.3%至約為人民幣17.9 百萬元。

Details of recognized revenue for the six months ended 30 June 2019:

截至2019年6月30日止六個月已確認收入明細：

		Six month	ended	Six month	ended
		30 June	2019	30 June	2018
		截至2019年6月30日		截至2018年6月30日
		止六個月		止六個月
			Percentage		Percentage
			in Total		in Total
		Recognized	Recognized	Recognized	Recognized	Year-on-
		Revenue	Revenue	Revenue	Revenue	year change
			佔已確認		佔已確認
			收入總額的		收入總額的
		已確認收入	百分比	已確認收入	百分比	按年變動
		(RMB’000)	(%)	(RMB’000)	(%)	(%)
		（人民幣千元）	(%)	（人民幣千元）	(%)	(%)
Property sales	物業銷售	3,703,189	94.8	3,694,202	95.6	0.2
Commercial operations	商業經營	186,413	4.7	152,063	3.9	22.6
Hotel operations	酒店經營	17,899	0.5	17,489	0.5	2.3
Total	總計	3,907,501	100	3,863,754	100	1.1

24 弘陽地產集團有限公司 二零一九年中期報告

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論與分析

2. Cost of sales

The cost of sales of the Group during the six months ended 30 June 2019 was approximately RMB2,775.2 million, representing an increase of 2.9% as compared to that of approximately RMB2,695.8 million in the same period last year. The increase was primarily due to an increase of land costs.

2. 銷售成本

本集團於截至2019年6月30日止六個月的銷售成 本約為人民幣2,775.2百萬元，較去年同期約為 人民幣2,695.8百萬元增加2.9%。增加原因主要為 土地成本有所上升。

3. Fair value gains on investment properties

For the six months ended 30 June 2019, the Group recognized fair value gains on investment properties of approximately RMB284.6 million, representing an increase of 28.9% as compared to that of approximately RMB220.7 million in the same period last year. The fair value gains on investment properties recorded were primarily due to an appreciation of the overall capital value and/or rental values.

1. 投資物業公允價值收益

   • 截至2019年6月30日止六個月，本集團確認投資 物業公允價值收益約為人民幣284.6百萬元，較 去年同期約為人民幣220.7百萬元增加28.9%。投 資物業錄得公允價值收益主要由於整體資本價 值及╱或租金增值所致。

2. Selling and distribution expenses

The selling and distribution expenses of the Group increased from approximately RMB145.3 million in the same period last year to approximately RMB263.3 million for the six months ended 30 June 2019, representing an increase of 81.2%. The increase was due to new launches of property projects available for pre-sale in 2019. For the six months ended 30 June 2019, the selling and distribution expenses accounted for approximately 0.9% of contracted sales.

1. 銷售及分銷開支 截至2019年6月30日止六個月，本集團銷售及分 銷開支約為人民幣263.3百萬元，較去年同期約 為人民幣145.3百萬元增加81.2%，此增長是由於 本集團於2019年推出新物業項目以供預售所導 致。截至2019年6月30日止六個月，銷售及分銷 開支佔合約銷售的比例約為0.9%。

5. Administrative expenses

The administrative expenses of the Group increased from approximately RMB252.8 million in the same period last year to approximately RMB361.3 million for the six months ended 30 June 2019, representing an increase of 42.9%. The increase was mainly due to the business expansion of the Group. For the six months ended 30 June 2019, the administrative expenses accounted for approximately 1.2% of contracted sales.

5. 行政開支

• 截至2019年6月30日止六個月，本集團行政開支 約為人民幣361.3百萬元，較去年同期約為人民 幣252.8百萬元增加42.9%，此增長主要由於本集 團的業務擴充所導致。截至2019年6月30日止六 個月，行政開支佔合約銷售額的比例約為1.2%。

Interim Report 2019 Redsun Properties Group Limited 25

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論與分析

6. Share of profits and losses of joint ventures and associates

The Group’s share of profit and losses of joint ventures and associates during the six months ended 30 June 2019 was approximately RMB211.2 million, representing an increase of 146.9% as compared to that of approximately RMB85.5 million in the same period last year. The increase was due to recognition of profits carried forward in respect of Violet Cloud Residence, New No.1 Commercial Plaza and Best Time Garden.

7. Finance costs

The finance costs expended by the Group during the six months ended 30 June 2019 were approximately RMB183.8 million, representing an increase of 54.1% as compared to that of approximately RMB119.3 million in the same period last year. The change in finance costs was mainly due to an increase in the borrowings as a result of the acquisition of land and the expansion of property development for the Group during the reporting period.

8. Income tax expense

The income tax expense of the Group decreased by 18.7%, from approximately RMB392.0 million in the same period last year to approximately RMB318.7 million during the six months ended 30 June 2019. The Group’s income tax expense included the payment and provision for enterprise income tax and land appreciation tax less deferred taxation during the period. The Group’s effective income tax rate during the six months ended 30 June 2019 was 30.5%, while that in the same period last year was 38.4%.

During the six months ended 30 June 2019, the provision made for land appreciation tax by the Group was approximately RMB142.8 million, while that in the same period last year was approximately RMB176.0 million.

6. 應佔合營企業及聯營公司利潤及虧損

截至2019年6月30日止六個月，本集團應佔合營 企業及聯營公司利潤及虧損約為人民幣211.2百 萬元，較去年同期約為人民幣85.5百萬元增加 146.9%，此增長是由於確認紫雲名邸、新壹商業 廣場和佳期花苑的結轉利潤所導致。

7. 融資成本

• 本集團於截至2019年6月30日止六個月支銷的融 資成本約為人民幣183.8百萬元，較去年同期約 為人民幣119.3百萬元增加54.1%。融資成本的變 動主要由於報告期間內本集團土地獲取及物業 開發擴張導致借貸增加所致。

8. 所得稅開支

• 本集團所得稅開支由去年同期約為人民幣392.0 百萬元減少18.7%至截至2019年6月30日止六個 月約為人民幣318.7百萬元。本集團所得稅開支 包括期內就企業所得稅及土地增值稅減遞延稅 項所作出的付款及撥備。本集團截至2019年6月 30日止六個月的實際所得稅率為30.5%，而去年 同期則為38.4%。

於截至2019年6月30日止六個月，本集團作出土 地增值稅撥備約為人民幣142.8百萬元，相應於 去年同期則約為人民幣176.0百萬元。

26 弘陽地產集團有限公司 二零一九年中期報告

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論與分析

9. Profit for the reporting period

As a result of the factors described above, the Group’s profit during the reporting period increased by 15.2%, from approximately RMB628.7 million in the same period last year to approximately RMB724.5 million during the six months ended 30 June 2019. The Group’s net profit attributable to shareholders increased by 14.1%, from approximately RMB651.5 million in the same period last year to approximately RMB743.1 million during the six months ended 30 June 2019.

1. 報告期間利潤

2. 基於上述因素，本集團報告期間利潤由去年同 期約為人民幣628.7百萬元增加15.2%至截至2019 年6月30日止六個月約為人民幣724.5百萬元。本 集團之股東應佔淨利潤由去年同期約為人民幣 651.5百萬元增加14.1%至截至2019年6月30日止 六個月約為人民幣743.1百萬元。

During the reporting period, net profit from core business attributable to shareholders increased by 3.4%, from approximately RMB485.9 million in the same period last year to approximately RMB502.3 million during the six months ended 30 June 2019. During the six months ended 30 June 2019, the net profit margin from core business attributable to shareholders increased to 12.9% from 12.6% in the same period last year.

於報告期間，股東應佔核心淨利潤由去年同期 約為人民幣485.9百萬元增加3.4%至截至2019年 6月30日止六個月期間約為人民幣502.3百萬元。 截至2019年6月30日止六個月期間，股東應佔核 心淨利潤率由去年同期的12.6%上升至12.9%。

LIQUIDITY, FINANCE AND CAPITAL

流動資金、財務及資本

1. Cash position

As of 30 June 2019, the Group’s cash and bank balances were approximately RMB16.95 billion (31 December 2018: approximately RMB12.46 billion), including, the restricted cash amounted to approximately RMB2.73 billion (31 December 2018: approximately RMB2.64 billion), and the pledged deposits amounted to approximately RMB5.27 billion (31 December 2018: approximately RMB3.58 billion).

1. 現金狀況

2. 截至2019年6月30日，本集團擁有現金及銀行結 餘約為人民幣169.5億元（2018年12月31日：約為 人民幣124.6億元），其中，受限制現金約為人民 幣27.3億元（2018年12月31日：約為人民幣26.4 億元），及已抵押存款約為人民幣52.7億元（2018 年12月31日：約為人民幣35.8億元）。

2. Indebtedness and charges on assets

As of 30 June 2019, the Group’s total borrowings (including interest-bearing bank loans and other borrowings, senior notes) amounted to approximately RMB28.38 billion (31 December 2018: approximately RMB21.92 billion), of which interest-bearing bank loans and other borrowings were approximately RMB21.84 billion (31 December 2018: approximately RMB19.33 billion), senior notes were approximately RMB6.54 billion (31 December 2018: approximately RMB2.59 billion).

2. 債務及抵押資產

• 本集團於截至2019年6月30日的總借貸（包括計 息銀行貸款及其他借款及優先票據）約為人民幣 283.8億元（2018年12月31日：約為人民幣219.2億 元），其中計息銀行貸款及其他借款約為人民幣 218.4億元（於2018年12月31日：約人民幣193.3 億元），優先票據約為人民幣65.4億元（於2018年 12月31日：約人民幣25.9億元）。

Interim Report 2019 Redsun Properties Group Limited 27

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論與分析

The Group’s total borrowings were repayable as follows:

本集團總借貸償還情況如下：

		30 June	31 December
		2019	2018
		2019年	2018年
		6月30日	12月31日
		RMB’000	RMB’000
		人民幣千元	人民幣千元
		(Unaudited)	(Audited)
		（未經審核）	（經審核）
Interest-bearing bank loans and other	計息銀行借款及其他借款：
borrowings:
Repayable within one year	須於一年內償還	10,898,752	8,233,697
Repayable in the second year	須於第二年償還	5,738,072	4,259,278
Repayable within two to five years	須於二至五年內償還	4,086,298	5,752,917
Repayable after fiveyears	須於五年後償還	1,115,118	1,080,609
		21,838,240	19,326,501
Senior notes:	優先票據：
Repayable within one year	須於一年內償還	2,576,310	2,592,868
Repayable in the second year	須於第二年償還	1,993,626	—
Repayable within two to fiveyears	須於二至五年內償還	1,973,499	—
		6,543,435	2,592,868
Total borrowings	總借貸	28,381,675	21,919,369

Among the Group’s total borrowings, RMB7,620,444,000 was borrowings with floating interest rate as at 30 June 2019 (31 December 2018: RMB9,573,911,000).

截至2019年6月30日，本集團的總借貸中浮息借 貸達人民幣7,620,444,000元（2018年12月31日： 人民幣9,573,911,000元）。

As at 30 June 2019, assets with an aggregate value of approximately RMB30,132,404,000 (31 December 2018: approximately RMB25,289,524,000) have been pledged to banks and other financial institutions to secure the credit facilities granted to the Group.

於 2 0 1 9 年 6 月 3 0 日，總值約為人民幣 30,132,404,000元（2018年12月31日：約人民幣 25,289,524,000元）之資產已抵押予銀行及其他金 融機構，作為本集團獲授信貸融資之抵押。

28 弘陽地產集團有限公司 二零一九年中期報告

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論與分析

3. Financing activities

On 4 March 2019, the Group issued 2-year senior notes of US$300,000,000 with interest rate of 11.5%. Please refer to the Company’s announcement dated 25 February 2019 for further details.

3. 融資活動

本集團於2019年3月4日發行2年期利率為11.5% 的3億美元優先票據。有關進一步詳情請參閱本 公司日期為2019年2月25日的公告。

On 11 April 2019, the Group issued 3-year senior notes of US$300,000,000 with interest rate of 9.95%. Please refer to the Company’s announcement dated 8 April 2019 for further details.

本集團於2019年4月11日發行3年期利率為9.95% 的3億美元優先票據。有關進一步詳情請參閱本 公司日期為2019年4月8日的公告。

In view of the steady operating and financial performance, the Group maintained its ratings granted from various credit rating agencies. Standard & Poor’s maintained the Group’s long-term corporate credit rating as “B” with stable outlook. Fitch Ratings maintained the Group’s long-term corporate credit rating as “B” with positive outlook. In April 2019, the Group was granted “BB-” initial global scale long-term issuer rating with stable outlook by Lianhe Ratings Global Limited. In addition, Nanjing Redsun Real Estate Development Co., Ltd., a wholly-owned subsidiary of the Company, was granted “AA+” rating with stable outlook by China Chengxin Securities Rating Co., Ltd. and United Ratings Co., Ltd. in June 2019.

有鑒於本集團穩健的運營及財務表現，多家信 用評級機構均維持本集團的評級。標準普爾維 持本集團的長期公司信用評級為「B」，展望穩 定。惠譽維持本集團的長期公司信用評級為 「B」，展望正面。2019年4月，本集團獲聯合評 級國際有限公司授予「BB-」國際長期發行人評 級，展望穩定；另外，本公司全資附屬公司南 京紅太陽房地產開發有限公司於2019年6月獲得 中誠信證券評估有限公司及聯合信用評級有限 公司的主體長期信用等級為「AA+」，評級展望 為穩定。

4. Gearing ratio

As of 30 June 2019, the Group’s net gearing ratio (total indebtedness net of cash and bank balances divided by total equity) was approximately 76.0%, as compared to approximately 68.3% as of 31 December 2018. The Group’s gearing ratio (total indebtedness divided by total assets) was approximately 82.7% as of 30 June 2019 as compared to approximately 79.6% as of 31 December 2018. The Group’s current ratio (current assets divided by current liabilities) was approximately 1.30 times as of 30 June 2019, and was approximately 1.34 times as of 31 December 2018.

4. 負債比率

本集團的淨負債率（債務總額減現金及銀行結餘 再除以權益總額）於2019年6月30日約為76.0%， 於2018年12月31日則約為68.3%。本集團負債資 產比率（債務總額除以總資產）於截至2019年6月 30日約為82.7%，截至2018年12月31日則約為 79.6%。本集團的流動比率（流動資產除以流動 負債）於截至2019年6月30日約為1.30倍，截至 2018年12月31日則約為1.34倍。

As of 30 June 2019, cash and bank balances to short-term debt ratio was approximately 1.26 times and was approximately 1.15 times as of 31 December 2018.

於2019年6月30日，現金短債比（現金及銀行結 餘除以短期借款）約為1.26倍，截至2018年12月 31日則約1.15倍。

Interim Report 2019 Redsun Properties Group Limited 29

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論與分析

5. Capital and Property Development Expenditure Commitments

As of 30 June 2019, the Group had contracted capital and property development expenditure but not provided for amounted to approximately RMB11.51 billion (31 December 2018: approximately RMB5.96 billion).

6. Contingent liabilities

Pursuant to the mortgage contracts, the banks require the Group to provide guarantee in respect of purchasers’ mortgage loans. The purchaser mortgage guarantees are typically released when the title deeds of the respective properties are pledged to the banks as security to continue to support the mortgage loans, which generally takes place after the properties are delivered to the purchasers. If purchasers default on a mortgage loan, the Group shall be liable to repay the outstanding mortgage principal together with accrued interest and penalties owed by the defaulting purchasers to the banks and the Group is entitled to take over the legal title and possession of the related properties.

As of 30 June 2019, the Group had provided guarantees of approximately RMB10.08 billion for the mortgage loans granted by certain banks to certain purchasers of the Group’s properties (as at 31 December 2018: approximately RMB5.80 billion).

As at 30 June 2019, the Group provided guarantees of approximately RMB3.40 billion to related companies (as at 31 December 2018: approximately RMB1.78 billion). Save as disclosed in this interim report, the Group had no other material contingent liabilities as at 30 June 2019.

MATERIAL ACQUISITIONS AND DISPOSALS

On 26 February 2019, Nanjing Redsun Real Estate Development Co., Ltd. (a wholly-owned subsidiary of the Company), Nanjing Tai Ya Department Store Management Co., Ltd. and Mingliu Properties Wuhan Co., Ltd. entered into an equity transfer agreement and proceeded to acquire 39.75% of the equity interest in Mingliu Properties Wuhan Co., Ltd. at a total consideration of RMB1,177,817,000. Please refer to the Company’s announcement dated 26 February 2019 for further details.

5. 資本及物業開發開支承擔

於截至2019年6月30日，本集團就資本及物業開 發開支之已訂約但未撥備之承擔付款約為人民 幣115.1億元（於2018年12月31日：約人民幣59.6 億元）。

6. 或然負債

根據按揭合約，銀行要求本集團向買家的按揭 貸款提供擔保。此等買家按揭擔保通常在相關 物業的產權證書質押予銀行以繼續擔保按揭貸 款時（通常於相關物業交付予買家後）解除。倘 買家拖欠按揭貸款，則本集團須負責償還餘下 之按揭本金連同拖欠之買方欠付銀行之應計利 息及罰金，及本集團有權接管相關物業的法定 業權及所有權。

截至2019年6月30日，本集團已向若干銀行作出 金額約人民幣100.8億元的擔保，作為授予部分 買家購買本集團物業之按揭貸款的擔保（於2018 年12月31日，約人民幣58.0億元）。

於2019年6月30日，本集團向關聯公司提供約為 人民幣34.0億元之擔保提前（於2018年12月31 日：約人民幣17.8億元）。除本中期報告所披露 者外，本集團於2019年6月30日並無其他重大或 然負債。

重大收購及出售事項

於2019年2月26日，本公司的全資附屬公司南京紅太 陽房地產開發有限公司與南京台亞百貨市場管理有限 公司、名流置業武漢有限公司訂立股權轉讓協議，繼 續收購名流置業武漢有限公司39.75%股權，總代價為 人民幣1,177,817,000元。有關進一步詳情請參閱本公 司日期為2019年2月26日的公告。

30 弘陽地產集團有限公司 二零一九年中期報告

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論與分析

Save as the aforesaid, there was no other material acquisition and disposal of subsidiaries, associated companies or joint ventures by the Group during the reporting period.

USE OF FUNDS RAISED FROM INITIAL PUBLIC OFFERING AND OVERALLOTMENT OPTION

The net proceeds received from the Company’s global offering were approximately HK$2,055,279,000, including the net proceeds received from the full exercise of the over-allotment option as set out in the prospectus. As of 30 June 2019, the Company has applied all of the proceeds raised in the global offering toward the uses as disclosed in the prospectus.

CURRENCY RISK

The Group primarily operates in the PRC and the majority of the Group’s transactions were denominated and settled in RMB. As at 30 June 2019, the Group has not entered into any hedging activities aimed at or intended to manage our exposure to foreign exchange risk. The Group will continue to monitor foreign exchange activities and safeguard the cash value of the Group with its best efforts.

EMPLOYMENT AND REMUNERATION POLICIES

As of 30 June 2019, the Group had 3,089 employees in total, in which 2,345 employees were engaged in the real estate development business, 593 employees were engaged in the commercial operations and 151 employees were engaged in the hotel operations.

The emolument of the employees of the Group is mainly determined based on the prevailing market level of remuneration and the individual performance and work experience of the employees. Bonuses are also distributed based on the performance of the employees. The Group provides employees with career development opportunities and considers if their remuneration should be raised or if they should be promoted with reference to their individual performance and potential. Other benefits provided by the Group include medical benefits and specialized training schemes.

除上述者外，於報告期間，本集團並無其他重大收購 及出售附屬公司、聯營公司或合營企業。

來自首次公開發售及超額配股權的所得資金 用途

本公司自全球發售所得款項淨額約2,055,279,000港元， 包括載於招股章程中自全面行使超額配股權的所得款 項淨額。截至2019年6月30日，本公司已按招股章程 所披露用途應用全部自全球發售籌集所得款項餘額。

外幣風險

本集團主要在中國經營業務。本集團用以計值及對絕 大部分交易進行清算的貨幣為人民幣。於2019年6月 30日，本集團並未從事旨在或意在管理外匯匯率風險 的對沖活動。本集團將繼續監察外匯活動，以盡量保 障本集團的現金價值。

僱員及薪酬政策

截至2019年6月30日，本集團共有3,089名僱員，其中 2,345名僱員從事房地產開發業務，593名僱員從事商 業經營業務，151名僱員從事酒店經營業務。

本集團僱員之薪酬主要根據市場現行薪酬水平、僱員 個人業績表現及工作經驗而決定，獎金亦按僱員業績 表現進行發放。本集團為僱員提供職業發展機會，參 照僱員個人業績表現及潛力確定是否增加其薪酬或提 拔升職。本集團其他福利包括醫療福利及專項培訓計 劃。

Interim Report 2019 Redsun Properties Group Limited 31

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論與分析

EVENTS AFTER THE REPORTING PERIOD

On 3 July 2019, the Group issued US$250,000,000 with interest rate of 10.5% senior notes due 3 October 2022. Please refer to the Company’s announcement dated 25 June 2019 for further details.

On 26 July 2019, Xuzhou Hongshuo Property Development Co., Ltd. (an indirect wholly-owned subsidiary of the Group), Xuzhou Xincheng Chuangyu Real Estate Co., Ltd., Nanjing Xincheng Wanjia Real Estate Co., Ltd., Nanjing Redsun Real Estate Development Co., Ltd. and Xuzhou Xincheng Yihui Property Development Co., Ltd. entered into an equity transfer agreement. Xuzhou Hongshuo Property Development Co., Ltd. acquired 100% equity interest in Xuzhou Xincheng Yihui Property Development Co., Ltd. at a consideration of RMB552,910,000. Xuzhou Hongyao Property Development Co., Ltd., Xuzhou Xincheng Chuangyu Real Estate Co., Ltd., Xuzhou Honghou Property Development Co., Ltd., Nanjing Redsun Real Estate Development Co., Ltd. and Xuzhou Xincheng Hongyang Property Development Co., Ltd. entered into an equity transfer agreement. Xuzhou Hongyao Property Development Co., Ltd. acquired 60% equity interest in Xuzhou Xincheng Hongyang Property Development Co., Ltd. at a consideration of RMB1,157,750,000.

Please refer to the Company’s announcement dated 26 July 2019 for further details.

報告期間後事項

於2019年7月3日，本集團發行於2022年10月3日到期 金額為2.5億美元的10.5%優先票據。有關進一步詳情 請參閱本公司日期為2019年6月25日的公告。

於2019年7月26日，本集團的間接全資附屬公司徐州 弘碩房地產開發有限公司與徐州新城創域房地產有限 公司、南京新城萬嘉房地產有限公司、南京紅太陽房 地產開發有限公司、徐州新城億輝房地產有限公司簽 訂股權轉讓協議，徐州弘碩房地產開發有限公司收購 徐州新城億輝房地產有限公司100%股權，代價為人民 幣552,910,000元。徐州弘耀房地產開發有限公司與徐 州新城創域房地產有限公司、徐州泓厚房地產開發有 限公司、南京紅太陽房地產開發有限公司、徐州新城 弘陽房地產開發有限公司簽訂股權轉讓合同，徐州弘 耀房地產開發有限公司收購徐州新城弘陽房地產開發 有限公司60%股權，代價為人民幣1,157,750,000元。

有關進一步詳情請參閱本公司日期為2019年7月26日 的公告。

32 弘陽地產集團有限公司 二零一九年中期報告

CORPORATE GOVERNANCE AND OTHER INFORMATION 企業管治及其他資料

CORPORATE GOVERNANCE

企業管治

The Group is committed to implementing high standards of corporate governance to safeguard the interests of the shareholders of the Company and enhance the corporate value as well as the responsibility commitments. The Company has adopted the Corporate Governance Code (the “ CG Code ”) as set out in Appendix 14 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “ Listing Rules ”) as its own code of corporate governance.

本集團致力於實現高標準企業管治，以保障本公司股 東權益及提高企業價值與責任承擔。本公司已採納香 港聯合交易所有限公司證券上市規則（「 上市規則 」）附 錄十四所載企業管治守則（「 企業管治守則 」）作為其本 身的企業管治守則。

To the knowledge of the Directors, the Company has complied with all applicable code provisions of the CG Code during the reporting period, and the Directors will use their best endeavors to procure the Company to continue to comply with the CG Code.

據董事所知，於報告期間本公司已遵守企業管治守則 所有適用守則條文，董事並將盡全力促使本公司繼續 遵守企業管治守則。

COMPLIANCE WITH THE MODEL CODE FOR

SECURITIES TRANSACTIONS BY DIRECTORS OF LISTED ISSUERS

遵守上市發行人董事進行證券交易的標準守 則

The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the “ Model Code ”) set out in Appendix 10 to the Listing Rules as its code for dealing in securities in the Company by the Directors. After specific enquiries made to all Directors, Directors have confirmed compliance with the required standard set out in the Model Code as of 30 June 2019.

本公司已採納上市規則附錄十所載《上市發行人董事 進行證券交易的標準守則》（「 標準守則 」）作為董事買 賣本公司證券的守則。截至2019年6月30日，經向各 董事作出具體查詢後，董事確認，彼等已遵守標準守 則所載規定準則。

CHANGES IN INFORMATION OF DIRECTORS AND CHIEF EXECUTIVE OFFICER

董事及主要行政人員資料變更

On 15 April 2019, Mr. Lee Kwok Tung Louis (“ Mr. Lee ”) has been appointed as an independent non-executive director of Fusen Pharmaceutical Company Limited (Stock code: 1652.HK). On 28 June 2019, Mr. Lee has resigned as an independent non-executive director of WORLDGATE GLOBAL LOGISTICS LTD (Stock code: 8292.HK).

於2019年4月15日，李國棟先生（「 李先生 」）獲委任為 福森藥業有限公司（股份代號：1652.HK）獨立非執行 董事。於2019年6月28日，李先生辭任盛良物流有限 公司（股份代號：8292.HK）獨立非執行董事。

On 19 June 2019, Mr. Au Yeung Po Fung has been appointed as an independent non-executive director of Zhongliang Holdings Group Company Limited (its shares were listed on the Main Board of the Stock Exchange on 16 July 2019, Stock code: 2772.HK).

於2019年6月19日，歐陽寶豐先生獲委任為中梁控股 集團有限公司（其股份於2019年7月16日於聯交所主板 上市，股份代號：2772.HK）獨立非執行董事。

Save as disclosed above, as of the date of this interim report, there were no changes in the Directors’ information which are required to be disclosed pursuant to Rule 13.51B(1) of the Listing Rules.

除上文披露者外，於本中期報告日期，概無根據上市 規則第13.51B(1)條須作披露的董事資料變更。

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CORPORATE GOVERNANCE AND OTHER INFORMATION 企業管治及其他資料

SHARE OPTION SCHEMES

The Company approved and adopted a pre-IPO share option scheme (the “ Pre-IPO Share Option Scheme ”) on 14 June 2018 and a postIPO share option scheme (the “ Post-IPO Share Option scheme ”) on 25 June 2018. The terms of the Pre-IPO Share Option Scheme are not subject to the provisions of Chapter 17 of the Listing Rules as the Pre-IPO Share Option Scheme will not involve the grant of options by the Company to subscribe for shares after the listing of the shares of the Company (the “ Share(s) ”). The Post-IPO Share Option Scheme is subject to the requirements under Chapter 17 of the Listing Rules.

Pre-IPO Share Option Scheme

(1) Purpose

The purpose of the Pre-IPO Share Option Scheme is to provide selected participants with the opportunity to acquire proprietary interest in the Company and to encourage selected participants to work toward enhancing the value of the Company and its Shares for the benefit of the Company and its shareholders as a whole. The Pre-IPO Share Option Scheme provides the Company with a flexible means of retaining, incentivizing, rewarding, remunerating, compensating and/or providing benefits to the selected participants.

(2) Participants

The Board may determine any Directors and employees of any member of the Group and Hong Yang Group Company Limited (“ Hong Yang Group Company ”), which the Board considers, in its sole discretion, have contributed to the Group, to take up options to subscribe for Shares.

(3) The maximum number of shares

The overall limit on the number of Shares which may be issued upon exercise of all outstanding options granted and yet to be exercised under the Pre-IPO Share Option Scheme at any time shall not exceed 112,000,000 Shares, representing 3.5% of the total issued share capital of the Company on the date the Shares commenced trading on The Stock Exchange of Hong Kong Limited (the “ Stock Exchange ”), and 3.37% of the total issued share capital of the Company as of 30 June 2019.

購股權計劃

本公司於2018年6月14日批准並採納首次公開發售前 購股權計劃（「 首次公開發售前購股權計劃 」）及於2018 年6月25日採納首次公開發售後購股權計劃（「 首次公 開發售後購股權計劃 」）。首次公開發售前購股權計劃 的條款毋須受限於上市規則第十七章的條文，原因為 首次公開發售前購股權計劃將不會涉及本公司授出購 股權以於本公司股份（「 股份 」）上市後認購股份。首次 公開發售後購股權計劃受上市規則第十七章的條文規 限。

首次公開發售前購股權計劃

(1) 目的

• 首次公開發售前購股權計劃旨在為選定參與者 提供機會購買本公司所有人權益，並激勵該等 人士為本公司及其股東的整體利益作出努力， 提升本公司及其股份價值。首次公開發售前購 股權計劃使本公司靈活留任、激勵、獎勵選定 參與者並給予酬勞、補償及╱或福利。

(2) 參與者

董事會可決定邀請董事會全權酌情認為已為本 集團作出貢獻的本集團及弘陽集團有限公司 （「 弘陽集團 」）任何成員公司的任何董事及僱員 接納購股權以認購股份。

(3) 股份數目上限

因根據首次公開發售前購股權計劃授出但尚未 行使的所有發行在外購股權獲行使而可予發行 的股份數目整體限額，於任何時候不得超過 112,000,000股股份（佔股份開始在香港聯合交易 所有限公司（「 聯交所 」）買賣當日本公司已發行 股本總數3.5%及截至2019年6月30日本公司已發 行股本總數3.37%）。

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(4) Exercise of option

Any option may be exercised in accordance with the terms of the Pre-IPO Share Option Scheme at any time during a period to be determined and notified by the Directors to each grantee, which period may commence on a day after the date upon which the offer for the grant of options is made but shall end in any event not later than 10 years from the date of grant of the option subject to the provisions for early termination under the Pre-IPO Share Option Scheme.

(5) Subscription price for shares and consideration for the option

The subscription price in relation to each option granted under the Pre-IPO Share Option Scheme shall be 80% of the offer price of the Shares at the global offering of the Company.

A nominal consideration of RMB1.00 is payable by a grantee upon acceptance of the grant of options.

(6) Vesting Period

The underlying Shares in respect of the options shall be vested in the grantees in accordance with the vesting schedule set out below, subject to the satisfaction of performance condition as determined by the Board at its discretion.

Notwithstanding the above, the Board may in its sole discretion amend the vesting schedule and vest any percentage of the underlying Shares in respect of the options.

Maximum percentage of underlying Shares Vesting date in respect of the options may be granted

1	July	2019	25%
1	July	2020	25%
1	July	2021	25%
1	July	2022	25%

(4) 行使購股權

購股權可於董事釐定及知會各承授人的期間內， 根據首次公開發售前購股權計劃的條款隨時行 使，該期間可於建議授出購股權日期翌日開始， 但在任何情況下須於授出購股權日期起計十年 內結束，惟可根據首次公開發售前購股權計劃 的條文提前終止。

(5) 股份認購價及購股權代價

根據首次公開發售前購股權計劃授出的各購股 權之認購價為本公司全球發售的股份發售價的 80%。

承授人接納授出的購股權後，須支付人民幣1.00 元的名義代價。

(6) 歸屬期

有關購股權的相關股份根據下文所載歸屬時間 表歸屬於承授人，惟須達成董事會酌情釐定的 表現條件。

儘管如此，董事會仍可全權酌情修訂歸屬時間 表及歸屬有關購股權的相關股份的任何百分比。

		可能獲行使之有關購股權的
	歸屬日期	相關股份的最高百分比
	2019年7月1日	25%
	2020年7月1日	25%
	2021年7月1日	25%
	2022年7月1日	25%

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(7) Duration

The Pre-IPO Share Option Scheme shall be valid and effective for the period commencing on 14 June 2018 and ending on 20 June 2018, after which no further options shall be offered, or granted, but in all other respects the provisions of the PreIPO Share Option Scheme shall remain in full force and effect to the extent necessary to give effect to the exercise of any options granted prior thereto or otherwise as may be required in accordance with the provisions of the Pre-IPO Share Option Scheme. The option period shall not expire later than 10 years from the date of the grant of the option subject to the provisions of early termination under the Pre-IPO Share Options Scheme.

(7) 期限

首次公開發售前購股權計劃於2018年6月14日起 至2018年6月20日止期間有效及具效力（此後不 得根據首次公開發售前購股權計劃提呈或授出 其他購股權），但首次公開發售前購股權計劃的 條文在所有其他方面將仍具全面效力，惟須以 有效行使首次公開發售前購股權計劃屆滿前所 授出的任何購股權或首次公開發售前購股權計 劃規則條文規定的其他情況為限。根據首次公 開發售前購股權計劃，購股權期限不得超過授 出購股權日期起計10年，並受提早終止的條文 規限。

Details of the Pre-IPO Share Options Granted

The table below sets out the movement during the six months ended 30 June 2019 of the share options granted under the Pre-IPO Share Option Scheme:

已授出的首次公開發售前購股權詳情

下表列示於截至2019年6月30日止六個月，根據首次 公開發售前購股權計劃授出的購股權的變動：

			Number	of underlying	Shares comprised in share options	Shares comprised in share options	Shares comprised in share options
				購股權涉及之相關股份數目
		Balance	Granted	Exercised	Cancelled	Lapsed	Balance	Exercise
Name of		as at	during the	during the	during the	during the	as at	price per
Grantee	Date of grant	01/01/2019	period	period	period	period	30/06/2019	share	Option period
		於2019年					於2019年
		1月1日的					6月30日的
承授人名稱	授出日期	結餘於期內授出於期內行使於期內註銷於期內失效					結餘每股行使價		購股權期間
								HK$
								港元
Directors
董事
Jiang Daqiang	14/06/2018	11,814,000	—	—	—	—	11,814,000	1.824	From the respective
									vesting date to
									30 June 2024
蔣達強	2018年6月14日								自相應歸屬日期至
									2024年6月30日
Zhang Liang	14/06/2018	9,845,000	—	—	—	—	9,845,000	1.824	From the respective
									vesting date to
									30 June 2024
張良	2018年6月14日								自相應歸屬日期至
									2024年6月30日

36 弘陽地產集團有限公司 二零一九年中期報告

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			Number	of underlying	Shares comprised in share options	Shares comprised in share options	Shares comprised in share options
				購股權涉及之相關股份數目
		Balance	Granted	Exercised	Cancelled	Lapsed	Balance	Exercise
Name of		as at	during the	during the	during the	during the	as at	price per
Grantee	Date of grant	01/01/2019	period	period	period	period	30/06/2019	share	Option period
		於2019年					於2019年
		1月1日的					6月30日的
承授人名稱	授出日期	結餘於期內授出於期內行使於期內註銷於期內失效					結餘每股行使價		購股權期間
								HK$
								港元
He Jie	14/06/2018	7,357,000	—	—	—	—	7,357,000	1.824	From the respective
									vesting date to
									30 June 2024
何捷	2018年6月14日								自相應歸屬日期至
									2024年6月30日
Total		29,016,000	—	—	—	—	29,016,000	—	—
總計
Other		82,984,000	—	—	—	—	82,984,000	—	—
employees
其他僱員
Total		112,000,000	—	—	—	—	112,000,000	—	—
總計

Save as set out above, no other options had been granted or agreed to be granted by the Company under the Pre-IPO Share Option Scheme and no further options will be granted under the Pre-IPO Share Option Scheme. In order to facilitate the administration of the Pre-IPO Share Option Scheme, the Company has established a PreIPO Share Option Scheme trust by entering into a trust deed with Acheson Limited, as trustee of the trust.

除上文所載者外，本公司概無根據首次公開發售前購 股權計劃授出或同意授出其他購股權，且將不會根據 首次公開發售前購股權計劃授出進一步購股權。為便 於首次公開發售前購股權計劃的行政管理，本公司已 通過與Acheson Limited（作為信託的受託人）訂立信託 契據成立首次公開發售前購股權計劃信託。

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CORPORATE GOVERNANCE AND OTHER INFORMATION 企業管治及其他資料

Post-IPO Share Option Scheme

(1) Purpose

The purpose of the Post-IPO Share Option Scheme is to provide selected participants with the opportunity to acquire proprietary interest in the Company and to encourage selected participants to work toward enhancing the value of the Company and its Shares for the benefit of the Company and its shareholders as a whole. The Post-IPO Share Option Scheme provides the Company with a flexible means of retaining, incentivizing, rewarding, remunerating, compensating and/or providing benefits to the selected participants.

(2) Participants

Any individual, being an employee, director, officer, consultant, advisor, distributor, contractor, customer, supplier, agent, business partner, joint venture business partner or service provider of any member of the Group or any affiliate who the Board or its delegate(s) considers, in their sole discretion, to have contributed or will contribute to the Group is entitled to be offered and grant options. However, no individual who is resident in a place where the grant, acceptance or exercise of options pursuant to the Post-IPO Share Option Scheme is not permitted under the laws and regulations of such place or where, in the view of the Board or its delegate(s), compliance with applicable laws and regulations in such place makes it necessary or expedient to exclude such individual, is eligible to be offered or grant options.

(3) Maximum number of shares available for issue

The total number of Shares which may be issued upon exercise of all options to be granted under the Post-IPO Share Option Scheme and any other schemes is 320,000,000, being no more than 10% of the Shares in issue on the date the Shares commence trading on the Stock Exchange (the “ Option Scheme Mandate Limit ”) and 9.6% of the total issued share capital of the Company as of 30 June 2019. Options which have lapsed in accordance with the terms of the rules of the Post-IPO Share Option Scheme (or any other share option schemes of the Company) shall not be counted for the purpose of calculating the Option Scheme Mandate Limit.

首次公開發售後購股權計劃

• (1) 目的 首次公開發售後購股權計劃旨在為選定參與者 提供機會獲取本公司自有權益，並激勵選定參 與者為本公司及其股東的整體利益作出努力， 提升本公司及其股份價值。首次公開發售後購 股權計劃將使本公司靈活留任、激勵、獎勵選 定參與者並給予酬勞、補償及╱或福利。

• (2) 參與者

• 董事會或其代表全權酌情認為已或將為本集團 作出貢獻之個人（即本集團任何成員公司或任何 聯屬公司的僱員、董事、高級人員、專家、顧 問、分銷商、承包商、客戶、供應商、代理、業 務夥伴、合營業務夥伴或服務供應商）有權獲提 供及獲授購股權。惟倘任何個人，其所處居住 地之法律法規禁止授出、接納或行使首次公開 發售後購股權計劃項下之購股權，或董事會或 其代表認為，為遵守該地適用法律法規而排除 有關個人屬必要或合適，則有關個人無權獲提 供或獲授購股權。

(3) 可供發行的股份數目上限

• 因根據首次公開發售後購股權計劃及任何其他 計劃將授出的全部購股權獲行使而可予發行的 股份總數為320,000,000股，即不超過於股份開始 在聯交所買賣之日已發行股份的10%（「 購股權 計劃授權上限 」）及截至2019年6月30日本公司已 發行股本總數的9.6%。計算購股權計劃授權上 限時，不應計及根據首次公開發售後購股權計 劃（或本公司任何其他購股權計劃）規則條款已 失效的購股權。

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The overall limit on the number of Shares which may be issued upon exercise of all outstanding options granted and yet to be exercised under the Post-IPO Share Option Scheme and any other share option schemes of the Company at any time (and to which the provisions of Chapter 17 of the Listing Rules are applicable) must not exceed 30% of the Shares in issue from time to time (the “ Option Scheme Limit ”). No options may be granted under any schemes of the Company (or its subsidiaries) if this will result in the Option Scheme Limit being exceeded.

The Option Scheme Mandate Limit may be refreshed at any time by obtaining prior approval of the shareholders of the Company in general meeting and/or such other requirements prescribed under the Listing Rules from time to time. However, the refreshed Share Option Scheme Limit cannot exceed 10% of the Shares in issue at the date of such approval. Options previously granted under the Post-IPO Share Option Scheme and any other share option schemes of the Company (and to which provisions of Chapter 17 of the Listing Rules are applicable) (including those outstanding, cancelled or lapsed in accordance with its terms or exercised), shall not be counted for the purpose of calculating the refreshed Option Scheme Mandate Limit.

The Company may also grant options in excess of the Option Scheme Mandate Limit, provided such grant is to specifically identified participant and is first approved by shareholders in general meeting.

(4) The maximum entitlement of each participant

Unless approved by the Shareholders in the manner set out in the Post-IPO Share Option Scheme, the total number of shares issued and to be issued upon exercise of the options granted and to be granted under the Post-IPO Share Option Scheme to each Participant (including both exercised and outstanding options) in any 12 months period shall not exceed 1% of the total number of shares in issue.

因根據首次公開發售後購股權計劃及本公司於 任何時候的任何其他購股權計劃（《上市規則》第 十七章之條文適用於該等計劃）已授出但尚未行 使的全部發行在外購股權獲行使而可予發行的 股份整體數目上限不得超過不時已發行股份的 30%（「 購股權計劃上限 」）。倘授出購股權會導致 超出購股權計劃上限，則不得根據本公司（或其 附屬公司）之任何計劃授出購股權。

購股權計劃授權上限可隨時根據本公司股東於 股東大會上的事先批准及╱或《上市規則》不時 規定之其他要求予以更新。惟經更新購股權計 劃上限不得超過取得批准當日已發行股份的 10%。計算經更新購股權計劃授權上限時，不應 計及之前根據首次公開發售後購股權計劃及本 公司任何其他購股權計劃（《上市規則》第十七章 之條文適用於相關計劃）授出的購股權（包括尚 未行使、根據購股權條款已註銷或失效或已行 使的相關購股權）。

本公司亦可超逾購股權計劃授權上限授出購股 權，惟有關購股權乃授予具體指定之參與者且 應首先於股東大會上取得股東批准。

(4) 每名參與者可獲授權益上限

除非股東按照首次公開發售後購股權計劃所載 方式批准，否則於任何十二個月期間，因根據 首次公開發售後購股權計劃向每名參與者已授 出及將予授出的購股權（包括已行使及尚未行使 者）獲行使而已發行及將予發行的股份總數，不 得超過當時已發行股份總數1%。

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CORPORATE GOVERNANCE AND OTHER INFORMATION 企業管治及其他資料

(5) Exercise of option

An option may, subject to the terms and conditions upon which such option is granted, be exercised in whole or in part by the grantee giving notice in writing to the Company in such form as the Board may from time to time determine stating that the option is thereby exercised and the number of Shares in respect of which it is exercised.

(6) Subscription price for shares and consideration for the option

The amount payable for each share to be subscribed for under an option in the event of the option being exercised shall be determined by the Board but shall be not less than the greater of:

• (i) the closing price of a share as stated in the daily quotations sheet issued by the Stock Exchange on the date of grant;

• (ii) the average closing price of the shares as stated in the daily quotations sheets issued by the Stock Exchange for the five business days immediately preceding the date of grant; and

• (iii) the nominal value of a share on the date of grant.

A nominal consideration of HK$1.00 is payable by a grantee upon acceptance of the grant of options.

(5) 行使購股權

於不違反授出購股權之條款及條件的情況下， 承授人可按董事會可能不時決定之形式向本公 司寄發書面通知，其中說明藉此行使購股權及 所行使的購股權所涉及的股份數目，以行使全 部或部分購股權。

(6) 股份認購價及購股權代價

於行使購股權時，認購購股權項下每股股份應 付之金額由董事會釐定，但不得低於下列各項 中最高者：

• (i) 股份於授出日期在聯交所發出的每日報價 表所列明的收市價；

• (ii) 股份於緊接授出日期前的五個營業日在聯 交所發出的每日報價表所列明的平均收市 價；及

• (iii) 股份於授出日期的面值。

承授人於接納授出購股權時須支付1.00港元的象 徵式代價。

40 弘陽地產集團有限公司 二零一九年中期報告

CORPORATE GOVERNANCE AND OTHER INFORMATION 企業管治及其他資料

(7) Duration

The Post-IPO Share Option Scheme shall be valid and effective for the period of 10 years commencing on 12 July 2018 (after which, no further options shall be offered or granted under the Post-IPO Share Option Scheme), but in all other respects the provisions of the Post-IPO Share Option Scheme shall remain in full force and effect to the extent necessary to give effect to the exercise of any options granted prior thereto or otherwise as may be required in accordance with the provisions of the rules of the Post-IPO Share Option Scheme.

As of 30 June 2019, no option had been granted under the Post-IPO Share Option Scheme.

(7) 期限

首次公開發售後購股權計劃於2018年7月12日起 計10年期間有效及具效力（此後不得根據首次公 開發售後購股權計劃提呈或授出其他購股權）， 但首次公開發售後購股權計劃的條文在所有其 他方面將仍具全面效力，惟須以有效行使首次 公開發售後購股權計劃屆滿前所授出的任何購 股權或首次公開發售後購股權計劃規則條文規 定的其他情況為限。

截至2019年6月30日，概無根據首次公開發售後 購股權計劃授出購股權。

Interim Report 2019 Redsun Properties Group Limited 41

CORPORATE GOVERNANCE AND OTHER INFORMATION 企業管治及其他資料

DIRECTORS’ AND CHIEF EXECUTIVE’S INTERESTS AND SHORT POSITIONS IN SHARES, UNDERLYING SHARES AND DEBENTURES OF THE COMPANY OR ITS ASSOCIATED CORPORATIONS

董事及最高行政人員於本公司及其相聯法團 的股份、相關股份及債權證中的權益及淡倉

As of 30 June 2019, the interests and short positions of the Directors and the chief executives of the Company in the Shares, underlying Shares and debentures of the Company or its associated corporation (within the meaning of Part XV of the Securities and Futures Ordinance (the “ SFO ”), Chapter 571 of the laws of Hong Kong) which were required to be entered in the register kept by the Company pursuant to section 352 of the SFO, or which were otherwise required, to be notified to the Company and the Stock Exchange pursuant to the Model Code, are set out below:

截至2019年6月30日，董事及本公司最高行政人員於 本公司或其相聯法團（定義見香港法例第571章證券及 期貨條例（「 證券及期貨條例 」）第XV部）的股份、相關 股份及債權證中，擁有須於本公司根據《證券及期貨 條例》第352條存置的登記冊中登記或根據標準守則須 通知本公司及聯交所的權益及淡倉如下：

Long position in the Shares of the Company

於本公司股份之好倉

			Percentage of
Name of Director	Nature of interest	Number of Shares	shareholding
董事名稱	權益性質	股份數目	股權的百分比
Mr. Zeng Huansha(1)	Interest in controlled corporation	2,400,000,000	72.29%
曾煥沙先生(1)	受控法團權益

Note:

附註：

• (1) Redsun Properties Group (Holdings) Limited (“ Redsun Properties Group (Holdings) ”) is wholly owned by Hong Yang Group Company, which in turn is wholly owned by Hong Yang International Limited (“ Hong Yang International ”), which in turn is owned as to 50% and 50% by Hong Yang Group (Holdings) Limited (“ Hong Yang Group (Holdings) ”) (a company wholly owned by Mr. Zeng Huansha) and Mr. Zeng Huansha, respectively. Accordingly, each of Hong Yang Group Company, Hong Yang International, Hong Yang Group (Holdings) and Mr. Zeng Huansha is deemed to be interested in the Shares held by Redsun Properties Group (Holdings) by virtue of the SFO.

• (1) 弘陽地產集團（控股）有限公司（「 弘陽地產集團（控 股） 」）由弘陽集團全資擁有，而弘陽集團由弘陽國際 有限公司（「 弘陽國際 」）全資擁有。弘陽國際由弘陽集 團（控股）有限公司（「 弘陽集團（控股） 」）（曾煥沙先生 全資擁有的公司）及曾煥沙先生分別擁有50%及50%。 因此，根據《證券及期貨條例》，弘陽集團、弘陽國 際、弘陽集團（控股）及曾煥沙先生均被視為於弘陽地 產集團（控股）持有的股份中擁有權益。

42 弘陽地產集團有限公司 二零一九年中期報告

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Long positions in Underlying Shares

相關股份之好倉

Number of

		Number of
		underlying Shares
		subject to the	Approximate
		Pre-IPO Share	percentage of
Name of Director	Nature of interest	Options	shareholding
		首次公開發售前購股
董事名稱	權益性質	權所涉相關股份數目	股權概約百分比
Jiang Daqiang	Beneficial owner	11,814,000	0.37%
蔣達強	實益擁有人
Zhang Liang	Beneficial owner	9,845,000	0.31%
張良	實益擁有人
He Jie	Beneficial owner	7,357,000	0.23%
何捷	實益擁有人

Long positions in the shares of Associated Corporations

於相聯法團股份之好倉

		Percentage of
Nature of interest	Name of associated corporation	shareholding
權益性質	相聯法團名稱	股權概約百分比
Interest in controlled corporation	Redsun Properties Group (Holdings)	100%
受控法團權益	弘陽地產集團（控股）
Interest in controlled corporation	Hong Yang Group Company	100%
受控法團權益	弘陽集團
Interest in controlled corporation	Hong Yang International	100%
受控法團權益	弘陽國際
Interest in controlled corporation	Hong Seng Limited(1)	100%
受控法團權益	弘昇有限公司(1)
Interest in controlled corporation	Huaibei Hong Yang Furniture	100%
	Management Co., Ltd.(1)
受控法團權益	淮北弘陽家居管理有限公司(1)
Interest in controlled corporation	Jiangsu Hong Yang Furniture Co., Ltd.(1)	100%
受控法團權益	江蘇弘陽家居有限公司(1)
Interest in controlled corporation	Nanjing Hong Life Real Estate	100%
	Consulting Co., Ltd.(1)
受控法團權益	南京弘生活置業顧問有限公司(1)
Interest in controlled corporation	Yantai Hong Yang Furniture Co., Ltd.(1)	100%
受控法團權益	煙台市弘陽家居有限公司(1)
Interest in controlled corporation	Qingdao Hong Yang Furniture	100%
	Co., Ltd.(1)
受控法團權益	青島弘陽家居有限公司(1)

Name of Director Nature of interest 董事姓名 權益性質

Mr. Zeng Huansha Interest in controlled corporation 曾煥沙先生 受控法團權益

受控法團權益

Interim Report 2019 Redsun Properties Group Limited 43

CORPORATE GOVERNANCE AND OTHER INFORMATION 企業管治及其他資料

			Percentage of
Name of Director	Nature of interest	Name of associated corporation	shareholding
董事姓名	權益性質	相聯法團名稱	股權概約百分比
	Interest in controlled corporation	Jiangsu Red Sun Industrial Raw	100%
		Materials City Co., Ltd..(1)
	受控法團權益	江蘇紅太陽工業原料城有限公司(1)
	Interest in controlled corporation	Chuzhou Hong Yang Furniture	100%
		Co., Ltd.(1)
	受控法團權益	滁州弘陽環滁家居有限公司(1)
	Interest in controlled corporation	Nanjing Hong Yang Furniture	100%
		Co., Ltd.(1)
	受控法團權益	南京弘陽家居有限公司(1)
	Interest in controlled corporation	Hong Life Property Management	100%
		Co., Ltd.(1)
	受控法團權益	弘生活物業服務管理有限公司(1)
	Interest in controlled corporation	Nanjing Hong Life Investment	100%
		Management Co., Ltd.(1)
	受控法團權益	南京弘生活投資管理有限公司(1)
	Interest in controlled corporation	Nanjing Hong Life Info Tech Ltd.(1)	100%
	受控法團權益	南京弘生活信息科技有限公司(1)
	Interest in controlled corporation	Nanjing Hong Life Pension Service	100%
		corporation Co., Ltd.(1)
	受控法團權益	南京弘生活養老服務有限公司(1)
	Interest in controlled corporation	Bengbu Hong Yang Commercial	100%
		Management Co., Ltd.(1)
	受控法團權益	蚌埠弘陽商業管理有限公司(1)
	Interest in controlled corporation	Wuhu Hong Yang Furniture Co., Ltd.(1)	100%
	受控法團權益	蕪湖弘陽家居有限公司(1)
	Interest in controlled corporation	Tianjin Hong Yang Furniture Co., Ltd.(1)	100%
	受控法團權益	天津弘陽家居有限公司(1)
	Interest in controlled corporation	Shanghai Hong Yang Info Tech	100%
		Development Co., Ltd.(1)
	受控法團權益	上海弘陽信息科技發展有限公司(1)
	Interest in controlled corporation	Nanjing Zhi Cheng Info Tech Co., Ltd.(1)	100%
	受控法團權益	南京智誠信息科技有限公司(1)
	Interest in controlled corporation	Hong Yang Commercial Factoring	100%
		(Shenzhen) Co., Ltd.(1)
	受控法團權益	弘陽商業保理（深圳）有限公司(1)
	Interest in controlled corporation	Nanjing Nan Hui Enterprise	100%
		Management and Consulting Co., Ltd.(1)
	受控法團權益	南京南慧企業管理諮詢有限公司(1)

44 弘陽地產集團有限公司 二零一九年中期報告

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			Percentage of
Name of Director	Nature of interest	Name of associated corporation	shareholding
董事姓名	權益性質	相聯法團名稱	股權概約百分比
	Interest in controlled corporation	Nanjing Hong Bang Enterprise	100%
		Management and Consulting Co., Ltd.(1)
	受控法團權益	南京宏邦企業管理諮詢有限公司(1)
	Interest in controlled corporation	Jiangsu Feng He Construction	100%
		Management Co., Ltd.(1)
	受控法團權益	江蘇豐和建設管理有限公司(1)
	Interest in controlled corporation	Nanjing Hong Cheng Property	100%
		Management Co., Ltd.(1)
	受控法團權益	南京弘誠物業管理有限公司(1)
	Interest in controlled corporation	Zhejiang Hong Han Marketing Services	100%
		Co., Ltd.(1)
	受控法團權益	浙江弘瀚營銷服務有限公司(1)
	Interest in controlled corporation	Jiangsu Hong Yang Small Town	100%
		Operation and Development Co., Ltd.(1)
	受控法團權益	江蘇弘陽小鎮運營發展有限公司(1)
	Interest in controlled corporation	Nanjing Hong Yang E-Commerce	100%
		Co., Ltd.(1)
	受控法團權益	南京弘陽電子商務有限公司(1)
	Interest in controlled corporation	Nanjing Hong Yang Enterprise	100%
		Management Co., Ltd.(1)
	受控法團權益	南京弘陽企業管理有限公司(1)
	Interest in controlled corporation	Nanjing Hong Yang Life Commercial	100%
		Management Co., Ltd.(1)
	受控法團權益	南京弘陽全生活商業管理有限公司(1)
	Interest in controlled corporation	Nanjing Hong Yang Property	100%
		Management Co., Ltd.(1)
	受控法團權益	南京弘陽物業管理有限公司(1)
	Interest in controlled corporation	Wuxi Hong Yang Commercial	100%
		Management Co., Ltd.(1)
	受控法團權益	無錫弘陽商業管理有限公司(1)

Interim Report 2019 Redsun Properties Group Limited 45

CORPORATE GOVERNANCE AND OTHER INFORMATION 企業管治及其他資料

Note:

附註：

(1) These companies are subsidiaries of Hong Yang Group Company.

(1) 該等公司為弘陽集團的附屬公司。

Save as disclosed above, as of 30 June 2019, none of the Directors and chief executives of the Company had any interests or short positions in the Shares, underlying Shares and debentures of the Company or its associated corporations, recorded in the register required to be kept under section 352 of the SFO or required to be notified to the Company and the Stock Exchange pursuant to the Model Code.

除上文披露者外，截至2019年6月30日，概無董事及 本公司最高行政人員於本公司或其相聯法團的股份、 相關股份及債權證中，擁有須於本公司根據《證券及 期貨條例》第352條存置的登記冊中登記或根據標準守 則須通知本公司及聯交所的任何權益及淡倉。

Substantial Shareholders’ Interests and Short Positions in the Shares and Underlying Shares of the Company

So far as is known to the Company, as of 30 June 2019, as recorded in the register required to be kept by the Company under section 336 of the SFO, the following persons, other than a Director or chief executive of the Company, had an interest of 5% or more in the Shares or underlying Shares:

主要股東於本公司股份及相關股份的權益及淡 倉

就本公司所知，截至2019年6月30日，誠如本公司根 據《證券及期貨條例》第336條規定須存置的登記冊所 記錄，除董事或本公司最高行政人員外，下列人士於 股份或相關股份中擁有5%或以上權益：

Long positions in the Shares of the Company

於本公司股份之好倉

			Approximate
		Number of shares	percentage of
Name of Substantial Shareholder	Nature of Interest	interested	shareholding
主要股東名稱	權益性質	擁有權益的股份數目	股權的概約百分比
Redsun Properties Group (Holdings)(Note 1)	Beneficial owner	2,400,000,000	72.29%
弘陽地產集團（控股） （附註1）	實益擁有人
Hong Yang Group Company(Note 1)	Interest in controlled corporation	2,400,000,000	72.29%
弘陽集團（附註1）	受控法團權益
Hong Yang International(Note 1)	Interest in controlled corporation	2,400,000,000	72.29%
弘陽國際（附註1）	受控法團權益
Hong Yang Group (Holdings)(Note 1)	Interest in controlled corporation	2,400,000,000	72.29%
弘陽集團（控股） （附註1）	受控法團權益
Ms. Chen Sihong(Note 2)	Interest of spouse	2,400,000,000	72.29%
陳思紅女士（附註2）	配偶權益

46 弘陽地產集團有限公司 二零一九年中期報告

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Notes:

• (1) Redsun Properties Group (Holdings) is wholly owned by Hong Yang Group Company, which in turn is wholly owned by Hong Yang International, which in turn is owned as to 50% and 50% by Hong Yang Group (Holdings) (a company wholly owned by Mr. Zeng Huansha) and Mr. Zeng Huansha, respectively. Accordingly, each of Hong Yang Group Company, Hong Yang International, Hong Yang Group (Holdings) and Mr. Zeng Huansha is deemed to be interested in the Shares held by Redsun Properties Group (Holdings) by virtue of the SFO.

• (2) Ms. Chen Sihong is the spouse of Mr. Zeng Huansha and is therefore deemed to be interested in the shares in which Mr. Zeng Huansha is interested by virtue of the SFO.

Save as disclosed above, as of 30 June 2019, the Company had not been notified of any persons (other than a Director or chief executive of the Company) who had an interest or short position in the Shares or underlying Shares that were recorded in the register required to be kept under section 336 of the SFO.

INTERIM DIVIDEND

The Board of Directors has resolved that the Company will not declare any interim dividends for the six months ended 30 June 2019 (six months ended 30 June 2018: nil).

PURCHASE, SALE OR REDEMPTION OF ANY OF THE COMPANY’S LISTED SECURITIES

Neither the Company nor any of its subsidiaries has purchased, sold or redeemed any of the Company’s listed securities during the reporting period.

附註：

• (1) 弘陽地產集團（控股）由弘陽集團全資擁有，而弘陽集 團由弘陽國際全資擁有。弘陽國際由弘陽集團（控股）

• （曾煥沙先生全資擁有的公司）及曾煥沙先生分別擁有 50%及50%。因此，根據《證券及期貨條例》，弘陽集 團、弘陽國際、弘陽集團（控股）及曾煥沙先生被視為 於弘陽地產集團（控股）持有的股份中擁有權益。

• (2) 陳思紅女士乃曾煥沙先生的配偶，因此根據《證券及 期貨條例》，被視為於曾煥沙先生擁有權益的股份中 擁有權益。

除上文所披露者外，截至2019年6月30日，本公司並 無獲知會任何人士（董事或本公司最高行政人員除外） 於股份或相關股份中擁有須於本公司根據《證券及期 貨條例》第336條存置的登記冊中登記的權益或淡倉。

中期股息

董事會已議決本公司不會宣派截至2019年6月30日止 六個月的任何中期股息（截至2018年6月30日止六個 月：零）。

購買、出售或贖回本公司之任何上市證券

於報告期間，本公司及其任何附屬公司概無購買、出 售或贖回本公司任何上市證券。

Interim Report 2019 Redsun Properties Group Limited 47

CORPORATE GOVERNANCE AND OTHER INFORMATION 企業管治及其他資料

SUFFICIENCY OF PUBLIC FLOAT

Rule 8.08 of the Listing Rules requires there to be an open market in the securities for which listing is sought and a sufficient public float of an issuer’s listed securities to be maintained. This normally means that at least 25% of the issuer’s total issued share capital must at all times be held by the public.

Based on the information that is publicly available to our Company and the knowledge of the Directors as at the latest practicable date prior to the issue of this interim report, the Company has maintained sufficient public float under the Listing Rules.

Dividend Policy

The Company has adopted a dividend policy (the “ Dividend Policy ”), pursuant to which the Board has absolute discretion in determining whether to pay dividend, subject to the approval of the Shareholders (if applicable). The Dividend Policy aims to enable the Shareholders to participate in the profits of the Company and for the Company to retain adequate liquidity for grasping future growth opportunities. In determining whether to recommend a declaration of dividend and the amount of dividend to be paid, the Board will evaluate the Company’s earnings, cash flow, financial condition, capital requirements, prevailing economic conditions, future prospects and any other factors that the Directors deem relevant. The Board may pay dividend as appeared to the Board to be justified by the profits of the Company. The Board may also from time to time pay interim dividend or special dividend. The Board will review the Dividend Policy from time to time and may make appropriate changes if considered necessary.

足夠公眾持股量

上市規則第8.08條規定尋求上市的證券必須有公開市 場且發行人的上市證券須維持足夠公眾持股量。該規 定通常表示在任何時間發行人的已發行股本總數最少 25%必須由公眾持有。

基於本公司所獲公開資料及就董事所知，於刊發本中 期報告前的最後實際可行日期，本公司已維持上市規 則規定的足夠公眾持股量。

股息政策

本公司已採納股息政策（「 股息政策 」），據此，董事會 可全權決定是否派付股息，惟須經股東批准（如適 用）。股息政策旨在使股東分享本公司溢利，同時保 留本公司的流動資金以把握未來增長機遇。在決定是 否建議宣派股息及將予派付的股息數額將取決於本公 司的盈利、現金流量、財務狀況、資本需求、當前經 濟狀況、未來前景及董事認為相關的任何其他因素。 董事可向股東派付彼等認為就本公司的溢利而言屬合 理的股息。董事會亦可不時支付中期股息或特別股 息。董事會將不時檢討股息政策並可能於必要時作出 適當變動。

48 弘陽地產集團有限公司 二零一九年中期報告

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AUDIT COMMITTEE

Our Board has established an audit committee in compliance with Rules 3.21 and 3.22 of the Listing Rules and Code C.3 of the CG Code, and has adopted written terms of reference.

The primary duties of our audit committee are to review and monitor the Group’s financial reporting process, risk management and internal control system, to oversee the audit process, to provide advice and comments to our Board, and to perform other duties and responsibilities as may be assigned by the Board. Our audit committee currently consists of four members, including Mr. Leung Yau Wan John, Mr. Jiang Daqiang, Mr. Lee Kwok Tung Louis and Mr. Au Yeung Po Fung. Our audit committee is currently chaired by Mr. Leung Yau Wan John, who possesses suitable professional qualifications. Our audit committee has reviewed the Company’s unaudited condensed consolidated interim results for the six months ended 30 June 2019 and confirmed that it has complied all applicable accounting principles, standards and requirements, and made sufficient disclosures. The audit committee has also discussed the matters of audit and financial reporting. The interim results for the six months ended 30 June 2019 have not been audited, but have been reviewed by the Company’s auditor, Ernst & Young, in accordance with the International Standard on Review Engagements 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the International Auditing and Assurance Standards Board.

On behalf of the Board

Redsun Properties Group Limited Zeng Huansha Chairman

Hong Kong, 28 August 2019

審核委員會

董事會已遵照上市規則第3.21條及3.22條及企業管治 守則的守則條文第C.3條成立審核委員會，並設定書面 職權範圍。

審核委員會的主要職責為審閱及監察本集團的財務匯 報程序、風險管理及內部控制系統、監督審核程序、 向董事會提出建議及意見，並履行其他可能由董事會 指派的職責及責任。審核委員會目前包括四名成員， 即梁又穩先生、蔣達強先生、李國棟先生及歐陽寶豐 先生。審核委員會主席目前為具備合適專業資格的梁 又穩先生。審核委員會已審閱本公司截至2019年6月 30日止六個月的未經審核簡明綜合中期業績，並確認 已遵從所有適用的會計原則、準則及規定及已作出足 夠披露。審核委員會亦已討論審計及財務報告事宜。 截至2019年6月30日止六個月的中期業績未經審計， 但已由本公司核數師安永會計師事務所根據國際審計 與鑑證準則理事會頒佈的國際審閱委聘準則第2410號 「由實體的獨立核數師執行的中期財務資料審閱」審 閱。

代表董事會 弘陽地產集團有限公司 曾煥沙 主席 香港，2019年8月28日

Interim Report 2019 Redsun Properties Group Limited 49

INDEPENDENT REVIEW REPORT 獨立審閱報告

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To the board of directors of Redsun Properties Group Limited

(Incorporated in the Cayman Islands with limited liability)

INTRODUCTION

We have reviewed the interim financial information set out on pages 52 to 116, which comprises the condensed consolidated statement of financial position of Redsun Properties Group Limited (the “ Company ”) and its subsidiaries (the “ Group ”) as at 30 June 2019 and the related condensed consolidated statements of profit or loss, comprehensive income, changes in equity and cash flows for the six months then ended, and other explanatory notes. The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited require the preparation of a report on interim financial information to be in compliance with the relevant provisions thereof and International Accounting Standard 34 Interim Financial Reporting (“ IAS 34 ”) issued by the International Accounting Standards Board (the “ IASB ”). The directors of the Company are responsible for the preparation and presentation of this interim financial information in accordance with IAS 34. Our responsibility is to express a conclusion on this interim financial information based on our review. Our report is made solely to you, as a body, in accordance with our agreed terms of engagement, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report.

致弘陽地產集團有限公司董事會

（於開曼群島註冊成立的有限公司）

緒言

我們已審閱載於第52至116頁弘陽地產集團有限公司 （「 貴公司 」）及其附屬公司（統稱「 貴集團 」）的中期財務 資料，其中包括於2019年6月30日的簡明綜合財務狀 況表及截至當日止六個月的相關簡明綜合損益表、簡 明綜合全面收益表、簡明綜合權益變動表及簡明綜合 現金流量表以及其他說明附註。香港聯合交易所有限 公司證券上市規則規定中期財務資料報告須根據上市 規則相關條文及國際會計準則理事會（「 國際會計準則 理事會 」）頒佈之國際會計準則第34號中期財務報告 （「 國際會計準則第34號 」）進行編製。 貴公司董事負 責根據國際會計準則第34號編製及呈列本中期財務資 料。我們的責任為根據我們的審閱對中期財務資料作 出結論並根據雙方協定的委聘條款僅向 閣下報告我 們結論。除此之外本報告不作其他用途。我們概不就 本報告之內容向任何其他人士負責或承擔責任。

50 弘陽地產集團有限公司 二零一九年中期報告

INDEPENDENT REVIEW REPORT 獨立審閱報告

SCOPE OF REVIEW

We conducted our review in accordance with Hong Kong Standard on Review Engagements 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Hong Kong Institute of Certified Public Accountants. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Hong Kong Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

CONCLUSION

Based on our review, nothing has come to our attention that causes us to believe that the interim financial information is not prepared, in all material respects, in accordance with IAS 34.

Ernst & Young

Certified Public Accountants Hong Kong

28 August 2019

審閱範圍

我們已根據香港會計師公會頒佈之香港審閱委聘準則 第2410號由實體的獨立核數師執行中期財務資料審閱 進行我們的審閱。執行中期財務資料審閱工作包括主 要向負責財務和會計事務的人員作出查詢，並應用分 析性和其他審閱程序。由於審閱的範圍遠少於按照香 港核數準則進行審核的範圍，故不能保證我們會注意 到在審核中可能會被發現的所有重大事宜。因此，我 們不會發表任何審核意見。

結論

根據我們的審閱，我們並無發現任何事項，令我們相 信中期財務資料在各重大方面未有根據國際會計準則 第34號編製。

安永會計師事務所

執業會計師 香港

2019年8月28日

Interim Report 2019 Redsun Properties Group Limited 51

INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS 中期簡明綜合損益表

For the six months ended 30 June 2019 截至2019年6月30日止六個月

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For the six months ended
June 30,
截至6月30日止六個月
2019 2018
2019年 2018年
(Unaudited) (Unaudited)
（未經審核） （未經審核）
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
REVENUE 收入 5 3,907,501 3,863,754
Cost of sales 銷售成本 (2,775,162) (2,695,820)
Gross profit 毛利 1,132,339 1,167,934
Other income and gains 其他收入及收益 5 243,959 110,534
Selling and distribution expenses 銷售及分銷開支 (263,333) (145,298)
Administrative expenses 行政開支 (361,312) (252,821)
Other expenses 其他開支 (20,379) (46,686)
Fair value gains on investment properties 投資物業公允價值收益 284,576 220,738
Finance costs 融資成本 7 (183,826) (119,257)
Share of profits and losses of: 應佔以下單位利潤及虧損：
Joint Ventures 合營企業 20,318 5,369
Associates 聯營公司 190,861 80,173
PROFIT BEFORE TAX 稅前利潤 6 1,043,203 1,020,686
Income tax expense 所得稅開支 8 (318,670) (391,996)
PROFIT FOR THE PERIOD 期內利潤 724,533 628,690
Attributable to: 以下各方應佔：
Owners of the parent 母公司擁有人 743,053 651,455
Non-controlling interests 非控股權益 (18,520) (22,765)
724,533 628,690
EARNINGS PER SHARE ATTRIBUTABLE TO 母公司普通權益持有人應佔
ORDINARY EQUITY HOLDERS OF THE 每股盈利
PARENT
Basic — for profit for the period 基本 — 期內利潤 RMB0.22 RMB0.66
10 人民幣0.22元 人民幣0.66元
Diluted — for profit for the period 攤薄 — 期內利潤 RMB0.22 RMB0.66
10 人民幣0.22元 人民幣0.66元
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52 弘陽地產集團有限公司 二零一九年中期報告

INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 中期簡明綜合全面收入表

For the six months ended 30 June 2019 截至2019年6月30日止六個月

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For the six months ended
June 30,
截至6月30日止六個月
2019 2018
2019年 2018年
(Unaudited) (Unaudited)
（未經審核） （未經審核）
RMB’000 RMB’000
人民幣千元 人民幣千元
PROFIT FOR THE PERIOD 期內利潤 724,533 628,690
Other comprehensive income 其他全面收入 — —
Net other comprehensive income 其他全面收入淨額 — —
OTHER COMPREHENSIVE INCOME 期內其他全面收入，扣除稅項
FOR THE PERIOD, NET OF TAX — —
TOTAL COMPREHENSIVE INCOME 期內全面收入總額
FOR THE PERIOD 724,533 628,690
Attributable to: 以下各方應佔：
Owners of the parent 母公司擁有人 743,053 651,455
Non-controlling interests 非控股權益 (18,520) (22,765)
724,533 628,690
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Interim Report 2019 Redsun Properties Group Limited 53

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 中期簡明綜合財務狀況表

30 June 2019 2019年6月30日

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30 June 31 December
2019 2018
2019年 2018年
6月30日 12月31日
(Unaudited) (Audited)
（未經審核） （經審核）
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
NON-CURRENT ASSETS 非流動資產
Property, plant and equipment 物業、廠房及設備 11 914,563 988,556
Investment properties 投資物業 12 10,876,469 9,397,000
—
Right-of-use assets 使用權資產 173,462
—
Prepaid land lease payments 預付土地租賃款項 28,903
Other intangible assets 其他無形資產 12,406 11,998
Investments in joint ventures 於合營企業的投資 1,116,068 1,026,466
Investments in associates 於聯營公司的投資 3,423,362 1,712,839
Deferred tax assets 遞延稅項資產 620,940 443,060
Total non-current assets 非流動資產總值 17,137,270 13,608,822
CURRENT ASSETS 流動資產
Properties under development 開發中物業 34,469,724 29,702,386
Completed properties held for sale 持作出售的已完工物業 2,789,002 1,162,901
Trade and bills receivables 貿易應收款項及應收票據 13 24,346 23,728
Due from related companies 應收關聯公司款項 21 7,682,893 6,949,865
Prepayments, deposits and other 預付款項、按金及其他
receivables 應收款項 5,672,368 2,576,011
Contract assets 合約資產 121,585 67,851
Tax recoverable 可收回稅項 406,107 239,800
Financial assets at fair value through 按公允價值計入損益的
profit or loss 金融資產 1,207,819 1,130,607
Inventories 存貨 4,296 4,054
Restricted cash 受限制現金 14 2,733,557 2,644,723
Pledged deposits 已質押存款 14 5,270,669 3,578,720
Cash and cash equivalents 現金及現金等價物 14 8,941,708 6,232,596
Total current assets 流動資產總值 69,324,074 54,313,242
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54 弘陽地產集團有限公司 二零一九年中期報告

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 中期簡明綜合財務狀況表

30 June 2019 2019年6月30日

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30 June 31 December
2019 2018
2019年 2018年
6月30日 12月31日
(Unaudited) (Audited)
（未經審核） （經審核）
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
CURRENT LIABILITIES 流動負債
Trade and bills payables 貿易應付款項及應付票據 15 2,498,582 2,885,646
Other payables and accruals 其他應付款項及應計費用 4,765,802 3,752,834
Contract liabilities 合約負債 23,540,768 16,639,157
Due to related companies 應付關聯公司款項 21 7,258,145 4,941,489
Interest-bearing bank loans and 計息銀行貸款及其他借款
other borrowings 16 10,898,752 8,233,697
Senior notes 優先票據 17 2,576,310 2,592,868
Tax payable 應繳稅項 1,575,333 1,603,664
—
Lease liabilities 租賃負債 51,636
Total current liabilities 流動負債總額 53,165,328 40,649,355
NET CURRENT ASSETS 流動資產淨值 16,158,746 13,663,887
TOTAL ASSETS LESS CURRENT 總資產減流動負債
LIABILITIES 33,296,016 27,272,709
NON-CURRENT LIABILITIES 非流動負債
Interest-bearing bank loans and other 計息銀行貸款及其他借款
borrowings 16 10,939,488 11,092,804
Senior notes 優先票據 17 3,967,125 —
Deferred tax liabilities 遞延稅項負債 2,320,403 2,330,160
—
Lease liabilities 租賃負債 1,013,924
Total non-current liabilities 非流動負債總額 18,240,940 13,422,964
NET ASSETS 資產淨值 15,055,076 13,849,745
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Interim Report 2019 Redsun Properties Group Limited 55

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 中期簡明綜合財務狀況表

30 June 2019 2019年6月30日

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30 June 31 December
2019 2018
2019年 2018年
6月30日 12月31日
(Unaudited) (Audited)
（未經審核） （經審核）
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
EQUITY 權益
Equity attributable to owners of the 母公司擁有人應佔權益
Parent
Share capital 股本 18 28,254 28,254
Share premium 股本溢價 2,619,424 2,931,914
Other reserves 其他儲備 10,469,825 9,734,737
13,117,503 12,694,905
Non-controlling interests 非控股權益 1,937,573 1,154,840
TOTAL EQUITY 權益總額 15,055,076 13,849,745
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Mr. Zeng Huansha Mr. He Jie 曾煥沙先生 何捷先生 Director Director 董事 董事

56 弘陽地產集團有限公司 二零一九年中期報告

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 中期簡明綜合權益變動表

For the six months ended 30 June 2019 截至2019年6月30日止六個月

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Attributable to owners of the parent
母公司擁有人應佔
Merger and Statutory Share Non-
Share Share other surplus option Retained controlling Total
capital premium reserves reserves reserves profits Total interests equity
合併及 法定盈餘 購股權 非控股
股本 股份溢價 其他儲備 儲備 儲備 保留利潤 總計 權益 權益總額
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元
As at 31 December 2018 於2018年12月31日
and 1 January 2019 及2019年1月1日
(audited) （經審核） 28,254 2,931,914 2,106,855 880,534 24,326 6,723,022 12,694,905 1,154,840 13,849,745
Total comprehensive 期內全面收益總額
income for the period — — — — — 743,053 743,053 (18,520) 724,533
Equity-settled share option 以股權結算之購股權
— — — — — —
arrangements 安排 16,929 16,929 16,929
Capital injection from 非控股股東注資
non-controlling
shareholders — — (28,463) — — — (28,463) 1,643,637 1,615,174
— — — — — — —
Disposal of a subsidiary 出售一間附屬公司 (18,747) (18,747)
Acquisition of non- 收購非控股權益
controlling interests — — 3,569 — — — 3,569 (823,637) (820,068)
Final 2018 dividend 宣派2018年末期股息
declared — (312,490) — — — — (312,490) — (312,490)
As at 30 June 2019 於2019年6月30日
(unaudited) （未經審核） 28,254 2,619,424 2,081,961 880,534 41,255 7,466,075 13,117,503 1,937,573 15,055,076
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• As at 30 June 2019, these other reserve accounts comprised the total consolidated reserves of RMB10,469,825,000 (31 December 2018: RMB9,734,737,000) in the interim condensed consolidated statements of financial position.

• 於2019年6月30日，該等其他儲備賬目包括於中期簡 明綜合財務狀況表中的綜合儲備總額人民幣 1 0 , 4 6 9 , 8 2 5 , 0 0 0 元（ 2 0 1 8 年 1 2 月 3 1 日：人民幣 9,734,737,000元）。

Interim Report 2019 Redsun Properties Group Limited 57

For the six months ended 30 June 2018 截至2018年6月30日止六個月

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 中期簡明綜合權益變動表

	Attributable to owners of the parent 母公司擁有人應佔 Share capital Share premium Merger and other reserves Statutory surplus reserves Retained profits Total Non- controlling interests Total equity 股本 股份溢價 合併及 其他儲備 法定盈餘 儲備 保留利潤 總計 非控股 權益 權益總額 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元
As at 31 December 2017 and 1 January 2018 (audited) 於2017年12月31日 及2018年1月1日 （經審核）	— — 2,106,855 719,602 5,471,690 8,298,147 158,719 8,456,866
Total comprehensive income for the period 期內全面收益總額	— — — — 651,455 651,455 (22,765) 628,690
Issuance of new shares 發行新股份	— 1,202,362 — — — 1,202,362 — 1,202,362
Capital injection from non-controlling shareholders 非控股股東注資	— — — — — — 23,452 23,452
As at 30 June 2018 (unaudited) 於2018年6月30日 （未經審核）	— 1,202,362 2,106,855 719,602 6,123,145 10,151,964 159,406 10,311,370

58 弘陽地產集團有限公司 二零一九年中期報告

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 中期簡明綜合現金流量表

For the six months ended 30 June 2019 截至2019年6月30日止六個月

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For the six months ended
30 June
截至6月30日止六個月
2019 2018
2019年 2018年
(Unaudited) (Unaudited)
（未經審核） （未經審核）
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
CASH FLOWS FROM OPERATING 經營活動所得現金流量
ACTIVITIES
Profit before tax 稅前利潤 1,043,203 1,020,686
Adjustments for: 調整項目：
Depreciation of property, plant and 物業、廠房及設備折舊
equipment 6 30,619 30,951
Depreciation of right-of-use assets 使用權資產折舊 6 20,112 —
Amortisation of prepaid land lease 預付土地租賃款項攤銷
payments — 140
Amortisation of other intangible assets 其他無形資產攤銷 6 3,180 2,832
—
Equity-settled share option expense 股權結算購股權開支 16,929
(Gain)/loss on disposal of items of 出售物業、廠房及設備項目
property, plant and equipment, net 的（收益）╱虧損淨額 (592) 266
—
Gain on bargain purchase 議價購買收益 (701)
Share of profits and losses of: 應佔以下單位利潤及虧損：
Joint venture 合營企業 (20,318) (5,369)
Associates 聯營公司 (190,861) (80,173)
Changes in fair value of investment 投資物業公允價值變動
properties (284,576) (220,738)
Impairment losses recognised for 就開發中物業及持作出售的
properties under development and 已完工物業確認的減值
—
completed properties held for sale 虧損 87,267
Impairment losses write-off for properties 持作出售的已完工物業減值
completed held for sale 虧損撇銷 6 (168,040) (37,593)
Impairment losses of financial assets 金融資產減值虧損 6 9,698 —
Net foreign exchange gain 外匯淨收益 5 (13,079) —
Finance costs 融資成本 7 183,826 119,257
Interest income 利息收入 (89,433) (72,027)
Investment income 投資收入 5 (25,206) (16,098)
Fair value gain on financial assets at fair 按公允價值計入損益的金融
value through profit or loss 資產公允價值收益 5 (40,338) —
Others 其他 — (12,683)
475,124 816,017
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Interim Report 2019 Redsun Properties Group Limited 59

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 中期簡明綜合現金流量表

For the six months ended 30 June 2019 截至2019年6月30日止六個月

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For the six months ended
30 June
截至6月30日止六個月
2019 2018
2019年 2018年
(Unaudited) (Unaudited)
（未經審核） （未經審核）
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
Increase in properties for development and 待開發及待售物業增加
for sale (5,156,836) (480,615)
(Increase)/decrease in inventories 存貨（增加）╱減少 (187) 186
Increase in contract assets 合約資產增加 (53,734) —
Increase in restricted cash 受限制現金增加 (88,834) (463,200)
Increase in pledged deposits 已質押存款增加 (19,019) (338,777)
Increase in trade receivables 貿易應收款增加 (618) (12,065)
Increase in prepayments, deposits and other 預付款項、按金及其他應收款
receivables 項增加 (2,714,445) (519,740)
Decrease in trade and bills payables 貿易應付款項及應付票據減少 (379,596) (44,314)
Increase/(Decrease) in other payables and 其他應付款項及應計費用
accruals 增加╱（減少） 250,138 (1,144,147)
Increase in contract liabilities 合約負債增加 6,791,959 1,279,662
Decrease in amounts due from related 應收關聯公司款項減少
companies 126,838 86,970
Increase/(decrease) in amounts due to 應付關聯公司款項
related companies 增加╱（減少） 302 (3,093)
Cash used in operations 經營所用現金 (768,908) (823,116)
Interest received 已收利息 23,669 85,987
Interest paid 已付利息 (1,067,304) (417,392)
Tax paid 已繳稅項 (701,994) (348,884)
Net cash flows used in operating 經營活動所用現金流量淨額
activities (2,514,537) (1,503,405)
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60 弘陽地產集團有限公司 二零一九年中期報告

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 中期簡明綜合現金流量表

For the six months ended 30 June 2019 截至2019年6月30日止六個月

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----- Start of picture text -----

For the six months ended
30 June
截至6月30日止六個月
2019 2018
2019年 2018年
(Unaudited) (Unaudited)
（未經審核） （未經審核）
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
CASH FLOWS FROM INVESTING 投資活動所得現金流量
ACTIVITIES
Proceeds from disposal of items of property, 出售物業、廠房及設備項目的
plant and equipment 所得款項 3,615 25
Purchases of items of property, plant and 購買物業、廠房及設備項目
equipment (46,201) (254,586)
Purchase of other intangible assets 購買其他無形資產 (3,588) (1,085)
Purchase of investment properties 購買投資物業 (202,791) (285,203)
Acquisition of subsidiaries 收購附屬公司 (1,373) (201,928)
Investment in joint ventures and associates 於合營企業及聯營公司的投資 (1,597,995) (527,434)
—
Disposal of a subsidiary 出售一間附屬公司 (146,272)
Purchase of financial assets at fair value 購買按公允價值計入損益的
through profit or loss 金融資產 (1,842,933) (4,027,918)
Disposal of financial assets at fair value 出售按公允價值計入損益的
through profit or loss 金融資產 1,831,264 5,471,671
—
Advance to other related companies 向其他關聯公司作出的墊款 (183,861)
Repayment of advances to other related 向其他關聯公司償還墊款
companies 3,125 175,442
Decrease/(Increase) in loans to joint 向合營企業及聯營公司貸款
ventures and associates 減少╱（增加） 1,768,560 (1,598,113)
Net cash flows used in investing activities 投資活動所用現金流量淨額 (234,589) (1,432,990)
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Interim Report 2019 Redsun Properties Group Limited 61

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 中期簡明綜合現金流量表

For the six months ended 30 June 2019 截至2019年6月30日止六個月

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----- Start of picture text -----

For the six months ended
30 June
截至6月30日止六個月
2019 2018
2019年 2018年
(Unaudited) (Unaudited)
（未經審核） （未經審核）
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
CASH FLOWS FROM FINANCING 融資活動所得現金流量
ACTIVITIES
Capital injection by non-controlling 非控股股東注資
shareholders 1,615,174 14,986
—
Acquisition of non-controlling interests 收購非控股權益 (820,068)
—
Principal portion of lease payments 租賃款項本金部分 (23,006)
Proceeds from issue of new shares 發行新股份所得款項 — 1,202,362
—
Advance from other related companies 其他關聯公司墊款 766,486
Repayment of advances from other related 償還其他關聯公司墊款
companies (278,950) (754,049)
(Increase)/decrease in pledged deposits 已質押存款（增加）╱減少 (1,672,930) 276,970
—
Proceeds from the issuance of senior notes 發行優先票據所得款項 3,926,918
Proceeds from interest-bearing bank loans 計息銀行貸款及其他借款所得
and other borrowings 款項 10,763,841 3,432,040
Repayment of interest-bearing bank loans 償還計息銀行貸款及其他借款
and other borrowings (8,059,862) (2,228,024)
Net cash flows from financing activities 融資活動所得現金流量淨額 5,451,117 2,710,771
NET INCREASE/(DECREASE) IN CASH AND 現金及現金等價物增加╱
CASH EQUIVALENTS （減少）淨額 2,701,991 (225,624)
Cash and cash equivalents at beginning of 期初現金及現金等價物
the period 6,232,596 2,478,063
—
Effect of foreign exchange rate changes, net 外匯匯率變動的影響淨額 7,121
CASH AND CASH EQUIVALENTS AT END 期末現金及現金等價物
OF PERIOD 8,941,708 2,252,439
ANALYSIS OF BALANCES OF CASH AND 現金及現金等價物結餘分析
CASH EQUIVALENTS
Cash and bank balances 現金及銀行結餘 16,945,934 4,510,257
Less: Restricted cash 減：受限制現金 2,733,557 1,204,773
Pledged deposits 已質押存款 5,270,669 1,053,045
CASH AND CASH EQUIVALENTS AS 簡明綜合現金流量表所列的現
STATED IN THE CONDENSED 金及現金等價物
CONSOLIDATED STATEMENTS OF
STATEMENTS OF CASH FLOWS 8,941,708 2,252,439
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62 弘陽地產集團有限公司 二零一九年中期報告

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註

30 June 2019 2019年6月30日

1. CORPORATE INFORMATION

1. 公司資料

The Company is a limited liability company incorporated in the Cayman Islands. The registered office address of the Company is Walkers Corporate Limited, Cayman Corporate Centre, 27 Hospital Road, George Town, Grand Cayman, KY1-9008, Cayman Islands. The Company’s shares were listed on the Main Board of the Stock Exchange of Hong Kong Limited (the “ Hong Kong Stock Exchange ”) on 12 July 2018.

本公司是於開曼群島註冊成立的有限責任公司。 本公司註冊辦事處位於Walkers Corporate Limited, Cayman Corporate Centre, 27 Hospital Road, George Town, Grand Cayman, KY1-9008, Cayman Islands。本公司股份於2018年7月12日於香港聯 合交易所有限公司（「 香港聯交所 」）主板上市。

The Company is an investment holding company. During the six months ended 30 June 2019, the Group is principally engaged in property development, commercial property investment and operation, and hotel operation.

本公司為投資控股公司。截至2019年6月30日止 六個月，本集團主要從事物業開發、商業物業 投資與經營以及酒店經營業務。

In the opinion of the directors of the Company, the immediate holding company of the Company is Redsun Properties Group (Holdings) Limited.

本公司董事認為，本公司的直接控股公司為弘 陽地產集團（控股）有限公司。

2. BASIS OF PREPARATION

2. 編製基準

The interim condensed consolidated financial information for the six months ended 30 June 2019 has been prepared in accordance with IAS 34 Interim Financial Reporting. The interim condensed consolidated financial information does not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group’s annual consolidated financial statements for the year ended 31 December 2018.

截至2019年6月30日止六個月的中期簡明綜合財 務資料乃根據國際會計準則第34號中期財務報 告編製。中期簡明綜合財務資料並不包括年度 財務報表規定的所有資料及披露，故須與本集 團截至2018年12月31日止年度的年度綜合財務 報表一併閱讀。

Interim Report 2019 Redsun Properties Group Limited 63

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註 30 June 2019 2019年6月30日

3. SIGNIFICANT ACCOUNTING POLICIES

3. 重要會計政策

The accounting policies adopted in the preparation of the interim condensed consolidated financial information are consistent with those applied in the preparation of the Group’s annual consolidated financial statements for the year ended 31 December 2018, except for the adoption of the new and revised International Financial Reporting Standards (“ IFRS ”) effective as of 1 January 2019.

於編製中期簡明綜合財務資料所採納的會計政 策與編製本集團截至2018年12月31日止年度的 年度綜合財務報表所應用者一致，惟已採納於 2019年1月1日生效的新訂及經修訂國際財務報 告準則（「 國際財務報告準則 」）除外。

Amendments to IFRS 9 Prepayment Features with 國際財務報告準則 具有負補償的預付款項 Negative Compensation 第9號的修訂 特性 IFRS 16 Leases 國際財務報告準則 租賃 第16號 Amendments to IAS 19 Plan Amendment, Curtailment or 國際會計準則 計劃調整、削減或結算 Settlement 第19號的修訂 Amendments to IAS 28 Long-term Interests in Associates 國際會計準則 於聯營公司及合營企業 and Joint Ventures 第28號的修訂 之長期權益 IFRIC 23 Uncertainty over Income Tax 國際財務報告詮釋 所得稅處理之不確定性 Treatments 委員會第23號 Annual Improvements Amendments to IFRS 3, IFRS 11, 2015年至2017年 國際財務報告準則第3 2015–2017 Cycle IAS 12 and IAS 23 週期的年度改進 號、國際財務報告準 則第11號、國際會計 準則第12號及國際會 計準則第23號的修訂

64 弘陽地產集團有限公司 二零一九年中期報告

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註

30 June 2019 2019年6月30日

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Other than as explained below regarding the impact of IFRS 16 Leases, Amendments to IAS 28 Long-term Interests in Associates and Joint Ventures and IFRIC 23 Uncertainty over Income Tax Treatments, the new and revised standards are not relevant to the preparation of the Group’s interim condensed consolidated financial information. The nature and impact of the new and revised IFRSs are described below:

• (a) IFRS 16 replaces IAS 17 Leases, IFRIC 4 Determining whether an Arrangement contains a Lease, SIC 15 Operating Leases — Incentives and SIC 27 Evaluating the Substance of Transactions involving the legal form of a lease. The standard sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to account for all leases under a single on-balance sheet model. Lessor accounting under IFRS 16 is substantially unchanged from IAS 17. Lessors will continue to classify leases as either operating or finance leases using similar principles as in IAS 17. Therefore, IFRS 16 did not have any financial impact on leases where the Group is the lessor.

The Group adopted IFRS 16 using the modified retrospective method of adoption with the date of initial application of 1 January 2019. Under this method, the standard is applied retrospectively with the cumulative effect of initial adoption as an adjustment to the opening balance of retained earnings at 1 January 2019, and the comparative information for 2018 was not restated and continues to be reported under IAS 17.

3. 重要會計政策（續）

除下文所闡述有關國際財務報告準則第16號租 賃、國際會計準則第28號的修訂於聯營公司及 合營企業之長期權益及國際財務報告詮釋委員 會第23號所得稅處理之不確定性的影響外，新 訂及經修訂準則與編製本集團中期簡明綜合財 務資料並不相關。新訂及經修訂國際財務報告 準則的性質及影響說明如下：

• (a) 國際財務報告準則第16號取代國際會計準 則第17號租賃、國際財務報告詮釋委員會 第4號確定一項安排是否包含租賃、準則 詮釋委員會第15號經營租賃 — 優惠以及 準則詮釋委員會第27號評估涉及租賃法律 形式的交易實質。該準則載列租賃確認、 計量、呈列及披露原則，並要求承租人在 單一資產負債表模式中入賬所有租賃。國 際財務報告準則第16號項下的出租人會計 法與國際會計準則第17號項下者並無大幅 改變。出租人將繼續按照與國際會計準則 第17號相類似的原則將租賃分類為經營租 賃或融資租賃。因此，國際財務報告準則 第16號並無對本集團為出租人的租賃產生 任何財務影響。

本集團採用修訂追溯採納法採納國際財務 報告準則第16號，首次應用日期為2019年 1月1日。根據該方法，該準則予以追溯應 用，而首次採納的累計影響為對保留盈利 於2019年1月1日期初結餘的調整。2018年 的比較資料不予重列，並繼續根據國際會 計準則第17號呈報。

Interim Report 2019 Redsun Properties Group Limited 65

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註 30 June 2019 2019年6月30日

3. SIGNIFICANT ACCOUNTING POLICIES

3. 重要會計政策（續）

(Continued)

(a) (Continued)

New definition of a lease

Under IFRS 16, a contract is, or contains a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. Control is conveyed where the customer has both the right to obtain substantially all of the economic benefits from use of identified asset and the right to direct the use of the identified asset. The Group elected to use the transition practical expedient allowing the standard to be applied only to contracts that were previously identified as leases applying IAS 17 and IFRIC 4 at the date of initial application. Contracts that were not identified as leases under IAS 17 and IFRIC 4 were not reassessed. Therefore, the definition of a lease under IFRS 16 has been applied only to contracts entered into or changed on or after 1 January 2019.

At inception or on reassessment of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease and nonlease component on the basis of their standard-alone prices. A practical expedient is available to a lessee, which the Group has adopted, not to separate non-lease components and to account for the lease and the associated non-lease components (e.g., property management services for leases of properties) as a single lease component.

(a) （續）

租賃的新定義

根據國際財務報告準則第16號，若合約表 明在一段時間內為換取代價而擁有控制一 項已識別資產的使用權，則該合約為租賃 或包含租賃。倘客戶有權從使用已識別資 產中獲取絕大部分經濟利益及有權主導已 識別資產的使用，則表示擁有控制權。本 集團選擇使用過渡可行權宜方法，僅在首 次應用日期對先前應用國際會計準則第17 號及國際財務報告詮釋委員會第4號識別 為租賃的合約應用該準則。根據國際會計 準則第17號及國際財務報告詮釋委員會第 4號並無識別為租賃的合約不予重估。因 此，國際財務報告準則第16號項下租賃的 定義僅適用於在2019年1月1日或之後訂立 或變更的合約。

在包含租賃組成部分的合約開始時或該等 合約獲重估時，本集團將該等合約的代價 分配至各租賃組成部分和非租賃組成部分 （以其獨立價格為基準）。承租人可採用可 行權宜方法（而本集團已採用此方法）不將 非租賃組成部分（如租賃物業的物業管理 服務）分開，而將租賃組成部分與相關的 非租賃組成部分作為一項單一租賃組成部 分入賬。

66 弘陽地產集團有限公司 二零一九年中期報告

30 June 2019 2019年6月30日

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註

3. SIGNIFICANT ACCOUNTING POLICIES

3. 重要會計政策（續）

(Continued)

(a) (Continued)

As a lessee[—] Leases previously classified as operating leases

Nature of the effect of adoption of IFRS 16

The Group has lease contracts for various properties. As a lessee, the Group previously classified leases as either finance leases or operating leases based on the assessment of whether the lease transferred substantially all the rewards and risks of ownership of assets to the Group. Under IFRS 16, the Group applies a single approach to recognise and measure right-of-use assets and lease liabilities for all leases, except for two elective exemptions for leases of low value assets (elected on lease by lease basis) and short-term leases (elected by class of underlying asset). The Group has elected not to recognise right-of-use assets and lease liabilities for (i) leases of low-value assets (e.g., laptop computers and telephones); and (ii) leases, that at the commencement date, have a lease term of 12 months or less. Instead, the Group recognises the lease payments associated with those leases as an expense on a straight-line basis over the lease term.

Impacts on transition

Lease liabilities at 1 January 2019 were recognised based on the present value of the remaining lease payments, discounted using the incremental borrowing rate at 1 January 2019.

The right-of-use assets were measured at the amount of the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to the lease recognised in the statement of financial position immediately before 1 January 2019. All these assets were assessed for any impairment based on IAS 36 on that date. The Group elected to present the right-of-use assets separately in the statement of financial position. No lease assets were recognised under finance leases previously.

(a) （續）

作為承租人[—] 先前分類為經營租賃的 租賃

採納國際財務報告準則第16號的影響性 質

本集團擁有多項物業的租賃合約。作為承 租人，本集團先前按該租賃是否評估為已 將其資產所有權的絕大部分回報和風險轉 予本集團，將租賃分類為融資租賃或經營 租賃。根據國際財務報告準則第16號，本 集團就所有租賃應用單一的方法確認和計 量使用權資產和租賃負債，惟就低價值資 產租賃（按個別租賃基準選擇）和短期租賃 （按相關資產類別選擇）的兩種選擇性豁免 除外。本集團已選擇不就(i)低價值資產 （如筆記本電腦及電話）租賃；和(ii)在開始 日期租賃期為12個月或以下的租賃確認使 用權資產及租賃負債。取而代之，本集團 將有關該等租賃的租賃付款在租賃期內按 直線法確認為開支。

過渡的影響

於2019年1月1日的租賃負債經使用2019年 1月1日的增量借賃利率貼現後按剩餘租賃 付款的現值確認。

使用權資產按租賃負債的金額計量，並以 任何緊接2019年1月1日前在財務狀況表確 認的租賃有關的預付或應計租賃付款的金 額予以調整。所有此等資產均於該日期按 國際會計準則第36號作減值評估。本集團 選擇在財務狀況表內獨立呈列使用權資 產。先前概無租賃資產獲確認為融資租 賃。

Interim Report 2019 Redsun Properties Group Limited 67

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註 30 June 2019 2019年6月30日

3. SIGNIFICANT ACCOUNTING POLICIES

3. 重要會計政策（續）

(Continued)

(a) (Continued)

As a lessee[—] Leases previously classified as operating leases (Continued)

Impacts on transition (Continued)

For the leasehold land and buildings (that were held to earn rental income) previously included in investment properties and measured at fair value, the Group included them as investment properties at 1 January 2019. They are measured at fair value applying IAS 40.

The Group has used the following elective practical expedients when applying IFRS 16 at 1 January 2019:

• Applied the short-term lease exemptions to leases with a lease term that ends within 12 months from the date of initial application

• Used hindsight in determining the lease term where the contract contains options to extend/ terminate the lease

(a) （續）

• 作為承租人[—] 先前分類為經營租賃的 租賃（續）

過渡的影響（續）

就先前計入投資物業並按公允價值計量的 租賃土地及樓宇（持作賺取租金收入）而 言，本集團將其計入於2019年1月1日的投 資物業，並應用國際會計準則第40號按公 允價值計量。

在2019年1月1日應用國際財務報告準則第 16號時，本集團已應用以下選擇性可行權 宜方法：

• 對租賃期由首次應用日期起12個月 內終止的租賃應用短期租賃豁免

• 倘合約包含延期╱終止租賃的選擇 權，則使用事後方式釐定租賃期

68 弘陽地產集團有限公司 二零一九年中期報告

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註

30 June 2019 2019年6月30日

3. SIGNIFICANT ACCOUNTING POLICIES

3. 重要會計政策（續）

(Continued)

(a) (Continued)

As a lessee[—] Leases previously classified as operating leases (Continued)

Impacts on transition (Continued)

The impacts arising from the adoption of IFRS 16 as at 1 January 2019 are as follows:

(a) （續）

• 作為承租人[—] 先前分類為經營租賃的 租賃（續）

過渡的影響（續）

於2019年1月1日採納國際財務報告準則第 16號產生的影響如下：

Increase/ (decrease) 增加╱（減少） RMB’000 人民幣千元 (Unaudited) （未經審核）

==> picture [447 x 191] intentionally omitted <==

----- Start of picture text -----

Assets 資產
Increase in right-of-use assets 使用權資產增加 171,086
Increase in investment properties 投資物業增加 763,200
Decrease in property, plant and equipment 物業、廠房及設備減少 (20,397)
Decrease in prepaid land lease payments 預付土地租賃付款減少 (28,903)
Decrease in prepayments, other receivables and 預付款項、其他應收款項及
other assets 其他資產減少 (17,023)
Increase in total assets 總資產增加 867,963
Liabilities 負債
Increase in leases liabilities 租賃負債增加 867,963
----- End of picture text -----

Interim Report 2019 Redsun Properties Group Limited 69

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註 30 June 2019 2019年6月30日

3. SIGNIFICANT ACCOUNTING POLICIES

3. 重要會計政策（續）

(Continued)

(a) (Continued)

As a lessee[—] Leases previously classified as operating leases (Continued)

Impacts on transition (Continued)

The lease liabilities as at 1 January 2019 reconciled to the operating lease commitments as at 31 December 2018 is as follows:

(a) （續）

作為承租人[—] 先前分類為經營租賃的 租賃（續）

過渡的影響（續）

於2019年1月1日的租賃負債與於2018年12 月31日的經營租賃承擔對賬如下：

==> picture [447 x 271] intentionally omitted <==

----- Start of picture text -----

RMB’000
人民幣千元
(Unaudited)
（未經審核）
Operating lease commitments as at 31 December 2018 於2018年12月31日的經營
租賃承擔 1,323,942
Weighted average incremental borrowing rate as at 於2019年1月1日的加權平均
1 January 2019 增量借貸利率 4.93%
Discounted operating lease commitments as at 於2019年1月1日的貼現經營
1 January 2019 租賃承擔 868,482
Less: Commitments relating to short-term leases and 減：有關短期租賃及餘下租賃
those leases with a remaining lease term ending 期於2019年12月31日或
on or before 31 December 2019 之前結束的租賃承擔 (476)
Commitments relating to leases of low-value assets 有關低價值資產租賃的
承擔 (43)
Lease liabilities as at 1 January 2019 於2019年1月1日的租賃負債 867,963
----- End of picture text -----

Summary of new accounting policies

The accounting policy for leases as disclosed in the annual financial statements for the year ended 31 December 2018 is replaced with the following new accounting policies upon adoption of IFRS 16 from 1 January 2019.

新會計政策概要

自2019年1月1日採納國際財務報告準則第 16號起，截至2018年12月31日止年度的年 度財務報表所披露有關租賃的會計政策由 以下新會計政策取代。

70 弘陽地產集團有限公司 二零一九年中期報告

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註

30 June 2019 2019年6月30日

3. SIGNIFICANT ACCOUNTING POLICIES

3. 重要會計政策（續）

(Continued)

(a) (Continued)

Summary of new accounting policies (Continued) Right-of-use assets

Right-of-use assets are recognised at the commencement date of the lease. Right-of-use assets are measured at cost, less any accumulated depreciation and any impairment losses, and adjusted for any remeasurement of lease liabilities. When the right-of-use assets relate to interests in leasehold land held as inventories, they are subsequently measured at the lower of cost and net realisable value subsequently measured at the lower of cost and net realisable value in accordance with the Group’s policy for “inventories”. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised rightof-use assets are depreciated on a straight-line basis over the shorter of the estimated useful life and the lease term. When a right-of-use asset meets the definition of investment property, it is included in investment properties. The corresponding right-of-use asset is initially measured at cost, and subsequently measured at fair value, in accordance with the Group’s policy for ‘investment properties’.

(a) （續）

新會計政策概要（續）

使用權資產

於租賃開始日期確認使用權資產。使用權 資產按成本減任何累計折舊及任何減值虧 損計量，並就任何重新計量租賃負債作出 調整。當使用權資產與作為存貨持有的租 賃土地的權益相關時，彼等其後根據本集 團的「存貨」政策按成本與可變現淨值的較 低者計量。使用權資產成本包括已確認租 賃負債金額、已產生的初步直接成本及於 開始日期或之前作出的租賃付款減任何已 收取租賃優惠。除非本集團合理確定於租 賃期結束時取得租賃資產所有權，否則已 確認使用權資產於其估計可使用年期及租 賃期（以較短者為準）內按直線法折舊。當 使用權資產符合投資物業的定義時，則計 入投資物業中。相應的使用權資產初始按 成本計量，其後根據本集團的「投資物業」 政策按公允價值計量。

Interim Report 2019 Redsun Properties Group Limited 71

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註 30 June 2019 2019年6月30日

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

(a) (Continued)

Summary of new accounting policies (Continued)

Lease liabilities

Lease liabilities are recognised at the commencement date of the lease at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for termination of a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognised as an expense in the period in which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in future lease payments arising from change in an index or rate, a change in the lease term, a change in the in-substance fixed lease payments or a change in assessment to purchase the underlying asset.

3. 重要會計政策（續）

(a) （續）

新會計政策概要（續）

租賃負債

於租賃開始日期按租賃期內將作出的租賃 付款現值確認租賃負債。租賃付款包括固 定付款（包括實質固定付款）減任何租賃優 惠應收款項、取決於指數或利率的可變租 賃款項以及預期根據剩餘價值擔保支付的 金額。租賃付款亦包括本集團合理確定行 使的購買選擇權的行使價及支付終止租賃 的罰款（倘租賃條款反映本集團行使選擇 權終止租賃）。並非取決於指數或利率的 可變租賃付款在出現導致付款的事件或條 件所發生期間內確認為開支。

於計算租賃付款的現值時，倘租賃中所隱 含的利率不易確定，則本集團於租賃開始 日期使用增量借貸利率。於開始日期後， 租賃負債金額的增加反映了利息的增長及 減少租賃付款。此外，倘存在租賃期的修 改、由指數或利率變動引致的未來租賃付 款變動、租期變動、實質固定租賃付款變 動或購買相關資產的評估變動，則重新計 量租賃負債的賬面值。

72 弘陽地產集團有限公司 二零一九年中期報告

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註

30 June 2019 2019年6月30日

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 重要會計政策（續）

(a) (Continued)

Significant judgement in determining the lease term of contracts with renewal options

The Group determines the lease term as the noncancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised.

(a) （續）

釐定有重續選擇權合約的租賃期時所用 重大判斷

本集團將租賃期釐定為不可撤銷租賃期 限，倘能合理確定將行使延長租賃的選擇 權，租期還應包括該選擇權所涵蓋的任何 期間，或在合理確定將不會行使終止租賃 的選擇權時，還應包括該選擇權所涵蓋的 任何期間。

Amounts recognised in the interim condensed consolidated statement of financial position and profit or loss

The carrying amounts of the Group’s right-of-use assets and lease liabilities, and the movement during the period are as follow:

於中期簡明綜合財務狀況表及中期簡明 綜合損益表中確認之金額

下列為本集團使用權資產及租賃負債的賬 面值及於本期間的變動：

==> picture [447 x 239] intentionally omitted <==

----- Start of picture text -----

Right-of-use assets
使用權資產
Prepaid
land lease Investment Lease
Buildings payments Sub-total properties liabilities
預付土地
樓宇 租賃付款 小計 投資物業 租賃負債
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元
As at 1 January 2019 於2019年1月1日 142,183 28,903 171,086 763,200 867,963
Additions 添置 22,488 — 22,488 222,620 196,607
— —
Depreciation charge 折舊費用 (19,524) (588) (20,112)
— — — —
Interest expenses 利息開支 23,996
Decrease in fair value 公允價值減少 — — — (28,120) —
— — — —
Payments 付款 (23,006)
As at 30 June 2019 於2019年6月30日 145,147 28,315 173,462 957,700 1,065,560
----- End of picture text -----

The Group recognised rental expenses from short-term leases of RMB642,000 and leases of low-value assets of RMB275,000 respectively. There are no variable lease payments, and rental income generated from subleasing right-of-use assets arrangements was at amount of RMB3,112,000 for the six months ended 30 June 2019.

本集團確認短期租賃人民幣642,000元及低 價值資產租賃人民幣275,000元的租賃開 支。截至2019年6月30日止六個月，概無 可變租賃付款，及來源於分租使用權資產 產生的租金收入為人民幣3,112,000元。

Interim Report 2019 Redsun Properties Group Limited 73

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註 30 June 2019 2019年6月30日

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

• (b) Amendments to IAS 28 clarify that the scope exclusion of IFRS 9 only includes interests in an associate or joint venture to which the equity method is applied and does not include long-term interests that in substance form part of the net investment in the associate or joint venture, to which the equity method has not been applied. Therefore, an entity applies IFRS 9, rather than IAS 28, including the impairment requirements under IFRS 9, in accounting for such long-term interests. IAS 28 is then applied to the net investment, which includes the long-term interests, only in the context of recognising losses of an associate or joint venture and impairment of the net investment in the associate or joint venture. The Group assessed its business model for its long-term interests in associates and joint ventures upon adoption of the amendments on 1 January 2019 and concluded that the long-term interests in associates and joint ventures continue to be measured at amortised cost in accordance with IFRS 9. Accordingly, the amendments did not have any impact on the Group’s interim condensed consolidated financial information.

3. 重要會計政策（續）

• (b) 國際會計準則第28號的修訂明確說明國際 財務報告準則第9號的豁免範圍僅包括就 此應用權益法的於聯營公司或合營企業的 權益，而不包括實質上構成於聯營公司或 合營企業的投資淨額一部分的長期權益

• （並無就此應用權益法）。因此，實體應用 國際財務報告準則第9號而非國際會計準 則第28號（包括國際財務報告準則第9號項 下的減值規定）將該等長期權益入賬。僅 就確認聯營公司或合營企業的虧損及於聯 營公司或合營企業的投資淨額的減值而 言，國際會計準則第28號繼而應用於投資 淨額（包括長期權益）。於2019年1月1日採 納該等修訂後，本集團評估其於聯營公司 及合營企業的長期權益的業務模式，並得 出結論認為，聯營公司及合營企業的長期 權益繼續按照國際財務報告準則第9號按 攤銷成本計量。因此，該等修訂對本集團 的中期簡明綜合財務資料並無任何影響。

74 弘陽地產集團有限公司 二零一九年中期報告

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註

30 June 2019 2019年6月30日

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

• (c) IFRIC 23 addresses the accounting for income taxes (current and deferred) when tax treatments involve uncertainty that affects the application of IAS 12 (often referred to as “ uncertain tax positions ”). The interpretation does not apply to taxes or levies outside the scope of IAS 12, nor does it specifically include requirements relating to interest and penalties associated with uncertain tax treatments. The interpretation specifically addresses (i) whether an entity considers uncertain tax treatments separately; (ii) the assumptions an entity makes about the examination of tax treatments by taxation authorities; (iii) how an entity determines taxable profits or tax losses, tax bases, unused tax losses, unused tax credits and tax rates; and (iv) how an entity considers changes in facts and circumstances. Upon adoption of the interpretation, the Group considered whether it has any uncertain tax positions arising from the transfer pricing on its intergroup sales. Based on the Group’s tax compliance and transfer pricing study, the Group determined that it is probable that its transfer pricing policy will be accepted by the tax authorities. Accordingly, the interpretation did not have any significant impact on the Group’s interim condensed consolidated financial information.

4. OPERATING SEGMENT INFORMATION

For management purpose, the Group is organised into the following reportable operating segments:

• Property development

• Commercial property investment and operation

• Hotel operations

3. 重要會計政策（續）

• (c) 國際財務報告詮釋委員會第23號處理倘稅 項處理涉及影響國際會計準則第12號的應 用的不確定性（通常指「 不確定的稅務狀 況 」）時的所得稅（即期及遞延）會計處理 方法。該詮釋不適用於國際會計準則第12 號範圍外的稅項或徵稅，且其亦無特別包 括與不確定稅項處理相關的利息及處罰相 關規定。詮釋具體處理(i)實體是否單獨考 慮不確定稅項處理；(ii)實體對稅務機關的 稅項處理檢查所作的假設；(iii)實體如何釐 定應課稅利潤或稅項虧損、稅基、未動用 稅項虧損、未動用稅項抵免及稅率；及 (iv) 實體如何考慮事實及情況變動。於採納該 詮釋後，本集團已考慮是否存在集團內公 司間銷售之轉讓定價產生之任何不確定的 稅務狀況。基於本集團之稅務合規及轉讓 定價研究，本集團釐定，其轉讓定價政策 可能將獲稅務機關接納。因此，詮釋對本 集團之中期簡明綜合財務資料並無任何重 大影響。

4. 經營分部資料

• 就管理目的而言，本集團設有以下可報告經營 分部：

• 物業開發

• 商業物業投資與經營

• 酒店經營

Interim Report 2019 Redsun Properties Group Limited 75

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註 30 June 2019 2019年6月30日

4. OPERATING SEGMENT INFORMATION

4. 經營分部資料（續）

(Continued)

The Group’s operations are mainly conducted in Mainland China. Management considered there is no reportable geographic segment as all revenues from external customers are generated in Mainland China and the Group’s significant non-current assets are located in Mainland China.

本集團的業務主要在中國內地進行。管理層認 為並無可報告地域分部，原因為來自外部客戶 的所有收入均來自中國內地，且本集團的主要 非流動資產位於中國內地。

==> picture [471 x 462] intentionally omitted <==

----- Start of picture text -----

Commercial
property
Property investment Hotel
Six months ended 30 June 2019 development and operation operations Total
商業物業
截至2019年6月30日止六個月 物業開發 投資與經營 酒店經營 總計
RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元 人民幣千元
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
（未經審核） （未經審核） （未經審核） （未經審核）
Segment revenue: 分部收入：
Sales to external customers 銷售予外部客戶 3,703,189 186,413 17,899 3,907,501
— —
Intersegment sales 分部間銷售 18,183 18,183
3,721,372 186,413 17,899 3,925,684
Reconciliation: 對賬：
Elimination of intersegment sales 對銷分部間銷售 (18,183)
Revenue 收入 3,907,501
Segment results 分部業績 746,571 394,347 (7,222) 1,133,696
Reconciliation: 對賬：
Bank interest income 銀行利息收入 23,669
Fair value gain on financial assets 按公允價值計入損益的
at fair value through profit or 金融資產公允價值
loss 收益 40,338
Net foreign exchange gains 外匯淨收益 13,079
Investment income 投資收入 25,206
Finance costs 融資成本 (183,826)
Corporate and other unallocated 企業及其他未分配開支
expenses (8,959)
Profit before tax 稅前利潤 1,043,203
----- End of picture text -----

76 弘陽地產集團有限公司 二零一九年中期報告

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註

30 June 2019 2019年6月30日

4. OPERATING SEGMENT INFORMATION 4. 經營分部資料（續）

(Continued)

		Commercial
		property
	Property	investment and	Hotel
Six months ended 30 June 2018	development	operation	operations	Total
		商業物業
截至2018年6月30日止六個月	物業開發	投資與經營	酒店經營	總計
	RMB’000	RMB’000	RMB’000	RMB’000
	人民幣千元	人民幣千元	人民幣千元	人民幣千元
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
	（未經審核）	（未經審核）	（未經審核）	（未經審核）
Segment revenue: Sales to external customers Intersegment sales	分部收入： 銷售予外部客戶 3,694,202 分部間銷售 9,302	152,063 —	17,489 —	3,863,754 9,302
Reconciliation: Elimination of intersegment sales	3,703,504 對賬： 對銷分部間銷售	152,063	17,489	3,873,056 (9,302)
Revenue	收入			3,863,754
Segment results Reconciliation: Bank interest income Investment income Finance costs Corporate and other unallocated expenses	分部業績 846,734 對賬： 銀行利息收入 投資收入 融資成本 企業及其他未分配開支	282,271	(16,989)	1,112,016 20,378 16,098 (119,257) (8,549)
Profit before tax	稅前利潤			1,020,686

Interim Report 2019 Redsun Properties Group Limited 77

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註 30 June 2019 2019年6月30日

4. OPERATING SEGMENT INFORMATION

4. 經營分部資料（續）

(Continued)

The following table presents the asset and liability information of the Group’s operating segments as at 30 June 2019 and 31 December 2018, respectively.

下表呈列本集團經營分部分別於2019年6月30日 及2018年12月31日之資產及負債資料。

==> picture [471 x 331] intentionally omitted <==

----- Start of picture text -----

Commercial
property
Property investment Hotel
development and operation operations Total
商業物業
物業開發 投資與經營 酒店經營 總計
RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元 人民幣千元
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
（未經審核） （未經審核） （未經審核） （未經審核）
Segment assets 分部資產
30 June 2019 2019年6月30日 73,419,012 11,444,392 360,498 85,223,902
Reconciliation: 對賬：
Corporate and other unallocated 企業及其他未分配資產
assets 1,237,442
Total assets 總資產 86,461,344
Segment liabilities 分部負債
30 June 2019 2019年6月30日 69,285,487 917,127 28,403 70,231,017
Reconciliation: 對賬：
Corporate and other unallocated 企業及其他未分配負債
liabilities 1,175,251
Total liabilities 負債總值 71,406,268
----- End of picture text -----

78 弘陽地產集團有限公司 二零一九年中期報告

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註

30 June 2019 2019年6月30日

4. OPERATING SEGMENT INFORMATION (Continued)

4. 經營分部資料（續）

==> picture [471 x 332] intentionally omitted <==

----- Start of picture text -----

Commercial
property
Property investment Hotel
development and operation operations Total
商業物業
物業開發 投資與經營 酒店經營 總計
RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元 人民幣千元
(Audited) (Audited) (Audited) (Audited)
（經審核） （經審核） （經審核） （經審核）
Segment assets 分部資產
31 December 2018 2018年12月31日 56,313,799 9,911,499 356,294 66,581,592
Reconciliation: 對賬：
Corporate and other unallocated 企業及其他未分配資產
assets 1,340,472
Total assets 總資產 67,922,064
Segment liabilities 分部負債
31 December 2018 2018年12月31日 53,784,844 105,570 8,047 53,898,461
Reconciliation: 對賬：
Corporate and other unallocated 企業及其他未分配負債
liabilities 173,858
Total liabilities 負債總值 54,072,319
----- End of picture text -----

Information about major customers

No sales to a single customer or a group of customers under common control accounted for 10% or more of the Group’s revenue during the six months ended 30 June 2019 and 30 June 2018.

有關主要客戶的資料

截至2019年6月30日及2018年6月30日止六個 月，對單一客戶或共同控制下的一組客戶的銷 售概無佔本集團收入的10%或以上。

Interim Report 2019 Redsun Properties Group Limited 79

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註 30 June 2019 2019年6月30日

5. REVENUE, OTHER INCOME AND GAINS

5. 收入、其他收入及收益

An analysis of revenue is as follows:

收入的分析如下：

For the six months ended

==> picture [471 x 271] intentionally omitted <==

----- Start of picture text -----

30 June
截至6月30日止六個月
2019 2018
2019年 2018年
RMB’000 RMB’000
人民幣千元 人民幣千元
(Unaudited) (Unaudited)
（未經審核） （未經審核）
Revenue from contracts with customers 客戶合同收入
Sale of properties 物業銷售 3,703,189 3,694,202
Hotel operations 酒店經營 17,899 17,489
Others 其他 34,510 20,880
Revenue from other sources 來自其他來源的收入
Gross rental income from: 來自下列各項的總租金收入：
Lease of self-owned properties 租賃自有物業 148,791 131,183
Sub-lease of leased properties 分租租賃物業 3,112 —
3,907,501 3,863,754
----- End of picture text -----

80 弘陽地產集團有限公司 二零一九年中期報告

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註

30 June 2019 2019年6月30日

5. REVENUE, OTHER INCOME AND GAINS

5. 收入、其他收入及收益（續）

(Continued)

Disaggregated revenue information for revenue from contracts with customers

For the six months ended 30 June 2019

客戶合同收入的收入資料明細

截至2019年6月30日止六個月

==> picture [471 x 341] intentionally omitted <==

----- Start of picture text -----

Commercial
property
investment
Property and Hotel
Segments development operations operations Total
商業物業
分部 物業開發 投資與經營 酒店經營 總計
RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元 人民幣千元
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
（未經審核） （未經審核） （未經審核） （未經審核）
Type of goods or services 商品或服務類型
— —
Sale of properties 物業銷售 3,703,189 3,703,189
— —
Hotel operations 酒店經營 17,899 17,899
Others 其他 — 34,510 — 34,510
Total revenue from contracts 客戶合同收入總額
with customers 3,703,189 34,510 17,899 3,755,598
Timing of revenue recognition 收入確認時間
Sale of properties transferred 物業銷售於某一時間
— —
at a point in time 點轉移 3,703,189 3,703,189
Services transferred over time 服務隨時間轉移 — 34,510 17,899 52,409
Total revenue from contracts 客戶合同收入總額
with customers 3,703,189 34,510 17,899 3,755,598
----- End of picture text -----

Interim Report 2019 Redsun Properties Group Limited 81

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註 30 June 2019 2019年6月30日

5. REVENUE, OTHER INCOME AND GAINS (Continued)

5. 收入、其他收入及收益（續）

Disaggregated revenue information for revenue from contracts with customers (Continued)

For the six months ended 30 June 2018

客戶合同收入的收入資料明細（續）

截至2018年6月30日止六個月

		Commercial
		property
		investment
	Property	and	Hotel
Segments	development	operations	operations	Total
		商業物業
分部	物業開發	投資與經營	酒店經營	總計
	RMB’000	RMB’000	RMB’000	RMB’000
	人民幣千元	人民幣千元	人民幣千元	人民幣千元
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
	（未經審核）	（未經審核）	（未經審核）	（未經審核）
Type of goods or services Sale of properties Hotel operations Others	商品或服務類型 物業銷售 3,694,202 酒店經營 — 其他 —	— — 20,880	— 17,489 —	3,694,202 17,489 20,880
Total revenue from contracts with customers	客戶合同收入總額 3,694,202	20,880	17,489	3,732,571
Timing of revenue recognition Sale of properties transferred at a point in time Services transferred over time	收入確認時間 物業銷售於某一時間點 轉移 3,694,202 服務隨時間轉移 —	— 20,880	— 17,489	3,694,202 38,369
Total revenue from contracts with customers	客戶合同收入總額 3,694,202	20,880	17,489	3,732,571

82 弘陽地產集團有限公司 二零一九年中期報告

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註

30 June 2019 2019年6月30日

5. REVENUE, OTHER INCOME AND GAINS (Continued)

5. 收入、其他收入及收益（續）

Disaggregated revenue information for revenue from contracts with customers (Continued)

An analysis of the Group’s other income and gains is as follows:

客戶合同收入的收入資料明細（續）

本集團其他收入及收益的分析如下：

==> picture [471 x 341] intentionally omitted <==

----- Start of picture text -----

For the six months ended
30 June
截至6月30日止六個月
2019 2018
2019年 2018年
RMB’000 RMB’000
人民幣千元 人民幣千元
(Unaudited) (Unaudited)
（未經審核） （未經審核）
Bank interest income 銀行利息收入 23,669 20,378
Interest income from borrowings to joint 向合營企業及聯營公司借款的
ventures and associates 利息收入 65,764 51,649
Investment income 投資收入 25,206 16,098
Management consulting service fees charged to 向合營企業及聯營公司收取的
—
joint ventures and associates 管理諮詢服務費 61,295
Forfeiture of deposit 沒收按金 1,883 604
Government grants 政府補助 104 1,015
Fair value gain on financial assets at fair value 按公允價值計入損益的金融
—
through profit or loss 資產公允價值收益 40,338
—
Net foreign exchange gains 外匯淨收益 13,079
Others 其他 12,621 20,790
243,959 110,534
----- End of picture text -----

Interim Report 2019 Redsun Properties Group Limited 83

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註 30 June 2019 2019年6月30日

6. PROFIT BEFORE TAX

6. 稅前利潤

==> picture [471 x 534] intentionally omitted <==

----- Start of picture text -----

For the six months ended
30 June
截至6月30日止六個月
2019 2018
2019年 2018年
RMB’000 RMB’000
人民幣千元 人民幣千元
(Unaudited) (Unaudited)
（未經審核） （未經審核）
Cost of inventories sold 已售存貨成本 2,885,034 2,559,583
Impairment losses write-off for properties 持作出售的已完工物業的減值
completed held for sale 虧損撇銷 (168,040) (37,593)
Impairment losses recognised for properties 就開發中物業及持作出售的
under development and completed properties 已完工物業確認的減值虧損
held for sale — 87,267
—
Impairment losses of financial assets 金融資產減值虧損 9,698
Depreciation of items of property, plant and 物業、廠房及設備折舊
equipment 30,619 30,951
—
Depreciation of right-of-use assets 使用權資產折舊 20,112
Amortisation of prepaid land lease payments 預付土地租賃款項攤銷 — 140
Amortisation of other intangible assets 其他無形資產攤銷 3,180 2,832
Fair value gains on investment properties 投資物業公允價值收益 (284,576) (220,738)
Fair value gains on financial assets at fair value 按公允價值計入損益的金融
—
through profit or loss 資產公允價值收益 (40,338)
(Gains)/losses on disposal of items of property 出售物業、廠房及設備項目的
plant and equipment （收益）╱虧損 (592) 266
—
Gain on bargain purchase 議價購買收益 (701)
Share of profits and losses of: 應佔以下單位利潤及虧損：
Joint ventures 合營企業 (20,318) (5,369)
Associates 聯營公司 (190,861) (80,173)
—
Listing expenses 上市開支 26,901
—
Equity settled share option expense 股權結算購股權開支 16,929
Employee benefit expense (including directors’ 僱員福利開支（包括董事及
and chief executive’s remuneration): 最高行政人員薪酬）：
Wages and salaries 工資及薪金 226,755 128,210
Pension scheme contributions and social 養老金計劃供款及社會福利
welfare 21,070 12,803
----- End of picture text -----

84 弘陽地產集團有限公司 二零一九年中期報告

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註

30 June 2019 2019年6月30日

7. FINANCE COSTS

7. 融資成本

An analysis of finance costs is as follows:

融資成本分析如下：

For the six months ended

30 June

==> picture [471 x 216] intentionally omitted <==

----- Start of picture text -----

截至6月30日止六個月
2019 2018
2019年 2018年
RMB’000 RMB’000
人民幣千元 人民幣千元
(Unaudited) (Unaudited)
（未經審核） （未經審核）
Interest on bank loans, other borrowings, 銀行貸款、其他借款及優先
senior notes 票據的利息 1,153,058 419,332
—
Interest on lease liabilities 租賃負債的利息 23,996
Interest expense arising from revenue contracts 合同收入的利息支出 473,521 238,910
Less: Interest capitalized 減：資本化利息 1,466,749 538,985
183,826 119,257
----- End of picture text -----

Interim Report 2019 Redsun Properties Group Limited 85

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註 30 June 2019 2019年6月30日

8. INCOME TAX

The Group is subject to income tax on an entity basis on profits arising in or derived from the tax jurisdictions in which members of the Group are domiciled and operate. Pursuant to the rules and regulations of the Cayman Islands and British Virgin Islands, the Group’s subsidiaries incorporated in the Cayman Islands and British Virgin Islands are not subject to any income tax. The Group’s subsidiaries incorporated in Hong Kong are not liable for income tax as they did not have any assessable income currently arising in Hong Kong for the six months ended 30 June 2019.

Subsidiaries of the Group operating in Mainland China are subject to the PRC corporate income tax rate of 25% for the period.

Land Appreciation Tax (“ LAT ”) is levied at progressive rates ranging from 30% to 60% on the appreciation of land value, being the proceeds from sale of properties less deductible expenditures including land costs, borrowing costs and other property development expenditures. The Group has estimated, made and included in taxation a provision for LAT according to the requirements set forth in the relevant Mainland China tax laws and regulations. The LAT provision is subject to the final review and approval by the local tax bureau.

8. 所得稅

本集團須就本集團成員公司註冊及經營所在稅 務司法管轄區產生或源自其的利潤按實體基準 繳納所得稅。根據開曼群島及英屬維爾京群島 的規則及法規，本集團於開曼群島及英屬維爾 京群島註冊成立的附屬公司毋須繳納任何所得 稅。本集團於香港註冊成立的附屬公司毋須繳 納所得稅，因為該等公司於截至2019年6月30日 止六個月並無現時於香港產生的任何應課稅收 入。

期內，本集團於中國內地經營的附屬公司須按 25%的稅率繳納中國企業所得稅。

土地增值稅乃按照30%至60%的累進稅率對土地 增值額徵收，土地增值額為出售物業所得款項 減可扣減開支（包括土地成本、借款成本及其他 物業發展開支）。本集團根據有關中國內地稅務 法律法規的規定為土地增值稅估計、作出及計 提稅項撥備。土地增值稅撥備須由地方稅務機 關進行最終審核及批准。

86 弘陽地產集團有限公司 二零一九年中期報告

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註

30 June 2019 2019年6月30日

8. INCOME TAX (Continued)

8. 所得稅（續）

For the six months ended 30 June

==> picture [471 x 202] intentionally omitted <==

----- Start of picture text -----

截至6月30日止六個月
2019 2018
2019年 2018年
RMB’000 RMB’000
人民幣千元 人民幣千元
(Unaudited) (Unaudited)
（未經審核） （未經審核）
Current tax: 即期稅項：
Corporate income tax 企業所得稅 367,092 244,339
LAT 土地增值稅 142,774 176,037
Deferred tax 遞延稅項 (191,196) (28,380)
Total tax charge for the period 期內稅項支出總額 318,670 391,996
----- End of picture text -----

9. DIVIDENDS

9. 股息

The proposed 2018 final dividend of HK$10.7 cents per share, totalling HK$355,240,000 (equivalent to approximately RMB312,490,000), was approved by the Company’s shareholders at the annual general meeting on 21 June 2019. It was recorded in “Other payables and accruals” in the interim condensed consolidated statement of financial position and was subsequently distributed in July 2019.

2018年的建議末期股息為每股10.7港仙，總計 355,240,000港元（約為人民幣312,490,000元）已於 2019年6月21日舉行的股東週年大會上獲本公司 股東批准。有關股息計入中期簡明綜合財務狀 況表的「其他應付款項及應計費用」，並隨後於 2019年7月派付。

The board of directors has resolved not to pay an interim dividend for the six months ended 30 June 2019 (six months ended 30 June 2018: Nil).

董事會已議決不派付截至2019年6月30日止六個 月的中期股息（截至2018年6月30日止六個月： 無）。

Interim Report 2019 Redsun Properties Group Limited 87

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註 30 June 2019 2019年6月30日

10. EARNINGS PER SHARE

10. 每股盈利

The calculation of the basic earnings per share amount is based on the profit for the period attributable to ordinary equity holders of the parent of RMB743,053,000 (six months ended 30 June 2018: RMB651,455,000), and the weighted average number of ordinary shares of 3,320,000,000 (six months ended 30 June 2018: 991,756,906) shares in issue during the period, as adjusted to reflect the rights issue during the period.

每股基本盈利金額乃根據母公司普通權益持有 人應佔期內利潤人民幣743,053,000元（截至2018 年6月30日止六個月：人民幣651,455,000元）及期 內已發行普通股的加權平均數3,320,000,000股 （截至2018年6月30日止六個月：991,756,906股） 計算，並就反映期內的供股作出調整。

The calculation of the diluted earnings per share amounts is based on the profit for the period attributable to ordinary equity holders of the parent. The weighted average number of ordinary shares used in the calculation is the number of ordinary shares in issue during the period, as used in the basic earnings per share calculation, and the weighted average number of ordinary shares assumed to have been issued at no consideration on the deemed exercise of all dilutive potential ordinary shares into ordinary shares.

每股攤薄盈利金額乃根據母公司普通權益持有 人應佔期內利潤計算。計算時所採用的普通股 加權平均數為期內發行的普通股數量，即與計 算每股基本盈利時採用的數量相同，並假設普 通股加權平均數已因全部攤薄潛在普通股被視 為已行使為普通股，而按零代價發行。

==> picture [471 x 180] intentionally omitted <==

----- Start of picture text -----

For the six months ended
30 June
截至6月30日止六個月
2019 2018
2019年 2018年
RMB’000 RMB’000
人民幣千元 人民幣千元
(Unaudited) (Unaudited)
（未經審核） （未經審核）
Earnings 盈利
Profit attributable to ordinary equity holders 用於計算每股基本盈利的母
of the parent, used in the basic earnings 公司普通權益持有人應佔
per share calculation 利潤 743,053 651,455
----- End of picture text -----

88 弘陽地產集團有限公司 二零一九年中期報告

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註

30 June 2019 2019年6月30日

10. EARNINGS PER SHARE (Continued)

10. 每股盈利（續）

==> picture [471 x 234] intentionally omitted <==

----- Start of picture text -----

For the six months ended
30 June
截至6月30日止六個月
2019 2018
2019年 2018年
(Unaudited) (Unaudited)
（未經審核） （未經審核）
Shares 股份
Weighted average number of ordinary 用於計算每股基本盈利的
shares in issue during the period used in 期內已發行普通股加權
the basic earnings per share calculation 平均數 3,320,000,000 991,756,906
Effect of dilution [—] weighted average 攤薄之影響 [—] 普通股加權
number of ordinary shares: 平均數：
—
Share options 購股權 35,305,415
3,355,305,415 991,756,906
----- End of picture text -----

11. PROPERTY, PLANT AND EQUIPMENT

11. 物業、廠房及設備

During the six months ended 30 June 2019, the Group acquired items of property, plant and equipment at a total cost of RMB46,201,000 (30 June 2018: RMB254,750,000) and disposed of or wrote off items of property, plant and equipment with a total net carrying amount of RMB3,023,000 (30 June 2018: RMB291,000).

截至2019年6月30日止六個月，本集團以總成本 人民幣46,201,000元（2018年6月30日：人民幣 254,750,000元）收購物業、廠房及設備項目，並 出售或撇銷賬面淨值總額為人民幣3,023,000元 （2018年6月30日：人民幣291,000元）的物業、廠 房及設備項目。

As at 30 June 2019, certain of the Group’s property, plant and equipment with an aggregate carrying amount of approximately RMB493,665,000 (31 December 2018: RMB631,914,000) have been pledged to only secure bank and other borrowings granted to the Group (note 16).

於2019年6月30日，本集團總賬面值約人民幣 493,665,000 元（ 2018 年 12 月 31 日：人民幣 631,914,000元）的若干物業、廠房及設備已質 押，僅為本集團獲授的銀行及其他借款作抵押 （附註16）。

Interim Report 2019 Redsun Properties Group Limited 89

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註 30 June 2019 2019年6月30日

12. INVESTMENT PROPERTIES

12. 投資物業

		Under		Right-of-use
		construction	Completed	assets	Total
		在建	已完工	使用權資產	總計
		RMB’000	RMB’000	RMB’000	RMB’000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元
Carrying amount at	於2018年1月1日的賬
1 January 2018 (audited)	面值（經審核）	836,459	7,886,400	—	8,722,859
Additions	添置	245,162	168,176	—	413,338
Transfer	轉撥	(659,645)	659,645	—	—
Net gain from a fair value	公允價值調整所得
adjustment	收益淨額	17,824	242,979	—	260,803
Carrying amount at	於2018年12月31日的
31 December 2018 (audited)	賬面值（經審核）	439,800	8,957,200	—	9,397,000
Effect of adoption of	採納國際財務報告準
IFRS 16	則第16號的影響	—	—	763,200	763,200
Carrying amount at	於2019年1月1日的賬
1 January 2019 (unaudited)	面值（未經審核）	439,800	8,957,200	763,200	10,160,200
Additions	添置	11,919	142,371	222,620	376,910
Transfer from property, plant	轉撥自物業、廠房及
and equipment	設備	—	54,783	—	54,783
Net gain from a fair value	公允價值調整所得
adjustment	收益淨額	39,481	273,215	(28,120)	284,576
Carrying amount at	於2019年6月30日的
30 June 2019 (unaudited)	賬面值（未經審核）	491,200	9,427,569	957,700	10,876,469

90 弘陽地產集團有限公司 二零一九年中期報告

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註

30 June 2019 2019年6月30日

12. INVESTMENT PROPERTIES (Continued)

12. 投資物業（續）

The Group’s engaged Savills Real Estate Valuation (Beijing) Company Limited and Lance (Beijing) Assets Valuation Co., Ltd., to value the investment properties, the fair value as at 30 June 2019 was RMB10,876,469,000 (31 December 2018: RMB9,397,000,000) on an open market, existing use basis.

本集團委聘北京第一太平戴維斯房地產與土地 評估有限公司及藍策（北京）資產評估有限公司 按公開市場當前用途基準對投資物業進行評估， 於 2019 年 6 月 30 日，其公允價值為人民幣 10,876,469,000 元（2018 年 12 月 31 日：人民幣 9,397,000,000元）。

		Fair value measurement as at 30 June 2019 截至2019年6月30日的公允價值計量 Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Total 於活躍市場 的報價 （第1級） 重大可觀察 輸入數據 （第2級） 重大不可觀察 輸入數據 （第3級） 合計 RMB’000 RMB’000 RMB’000 RMB’000 人民幣千元 人民幣千元 人民幣千元 人民幣千元
Recurring fair value	就以下項目進行的經常
measurement for:	性公允價值計量：
Right-of-use assets	使用權資產	— — 957,700 957,700
Completed commercial	已完工商業物業
properties		— — 9,427,569 9,427,569
Commercial properties	在建商業物業
under construction		— — 491,200 491,200
		— — 10,876,469 10,876,469

Interim Report 2019 Redsun Properties Group Limited 91

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註 30 June 2019 2019年6月30日

12. INVESTMENT PROPERTIES (Continued)

12. 投資物業（續）

		Fair value measurement	Fair value measurement	as at 31 December 2018	as at 31 December 2018
			截至2018年12月31日的公允價值計量
		Quoted prices	Significant	Significant
		in active	observable	unobservable
		markets	inputs	inputs
		(Level 1)	(Level 2)	(Level 3)	Total
		於活躍市場	重大可觀察	重大不可觀察
		的報價	輸入數據	輸入數據
		（第1級）	（第2級）	（第3級）	合計
		RMB’000	RMB’000	RMB’000	RMB’000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元
Recurring fair value	就以下項目進行的經常
measurement for:	性公允價值計量：
Completed commercial	已完工商業物業
properties		—	—	8,957,200	8,957,200
Commercial properties	在建商業物業
under construction		—	—	439,800	439,800
		—	—	9,397,000	9,397,000

92 弘陽地產集團有限公司 二零一九年中期報告

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註

30 June 2019 2019年6月30日

12. INVESTMENT PROPERTIES (Continued)

12. 投資物業（續）

During the six months ended 30 June 2019, there were no transfers of fair value measurements between Level 1 and Level 2 and no transfers into or out of Level 3 (2018: Nil).

截至2019年6月30日止六個月，第1級與第2級之 間並無公允價值計量的轉撥，亦無轉入或轉出 第3級（2018年：零）。

	Valuation techniques	Significant unobservable inputs	Range or weighted average	Range or weighted average	Range or weighted average
	估值技術	重大不可觀察輸入數據	範圍或加權平均數
			30 June	31 December
			2019		2018
			2019年	2018年
			6月30日	12月31日
Right-of-use assets	Income capitalisation	Estimated rental value (RMB	40–148		—
	method	per sq.m. and per month)
使用權資產	收入資本化法	估計租值（每平方米及每月
		人民幣元）
		Capitalisation rate	4%–5%		—
		資本化率
		Long term vacancy rate	10%–25%		—
		長期空置率
Completed commercial	Income capitalisation	Estimated rental value (RMB	63–273	55–273
properties	method	per sq.m. and per month)
已完工商業物業	收入資本化法	估計租值（每平方米及每月
		人民幣元）
		Capitalisation rate	4%–6.5%	4%–6.5%
		資本化率
		Long term vacancy rate	3%–5%	5%–15%
		長期空置率
Commercial properties	Comparison method	Estimated land price	3,300–	3,200–
under construction			4,800	4,600
在建商業物業	比較法	預期土地價格

Interim Report 2019 Redsun Properties Group Limited 93

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註 30 June 2019 2019年6月30日

12. INVESTMENT PROPERTIES (Continued)

The fair value of completed commercial properties is determined by the income capitalisation method by taking into account the net rental income of the properties derived from the existing leases and/or achievable in the existing market with due allowance for the reversionary income potential of the leases, which have been then capitalised to determine the fair value at an appropriate capitalisation rate. Where appropriate, reference has also been made to the comparable sales transactions as available in the relevant market.

A significant increase in the estimated rental value would result in a significant increase in the fair value of the investment properties. A significant increase (decrease) in the long term vacancy rate and the capitalisation rate in isolation would result in a significant decrease (increase) in the fair value of the investment properties.

The fair value of commercial properties under construction is determined by using the comparison method, with reference to sales transactions as available in the relevant market, comparable land in close proximity have been selected and adjustments have been made to account for the difference in factors such as location and property size.

The higher the estimated land price, the higher the fair value of the investment properties under construction.

As at 30 June 2019, certain of the Group’s investment properties with an aggregate carrying amount of approximately RMB9,081,669,000 (31 December 2018: RMB8,520,150,000) have been pledged to only secure bank and other borrowings granted to the Group (note 16).

12. 投資物業（續）

已完工商業物業的公允價值乃通過收入資本化 法釐定，方法是通過計及有關物業因現有租約 而產生及╱或在現行市況下可能取得的租金收 入淨額（就租約的潛在復歸收入作出充分撥 備），然後加以資本化，以按適當的資本化比率 釐定公允價值。亦會在適當情況下參考相關市 場上可獲得的可資比較銷售交易。

估計租值大幅增加將導致投資物業的公允價值 大幅增加。長期空置率及資本化比率單獨大幅 增加（減少）將導致投資物業的公允價值大幅減 少（增加）。

在建商業物業的公允價值使用比較法釐定，經 參考相關市場上可獲得的銷售交易，並選用附 近可資比較土地以進行比較，以及就地點及物 業規模等因素的差異作出調整。

估計土地價格越高，在建投資物業公允價值越 高。

於2019年6月30日，本集團總賬面值約人民幣 9,081,669,000 元（2018 年 12 月 31 日：人民幣 8,520,150,000元）的投資物業已質押，僅為本集 團獲授的銀行及其他借款作抵押（附註16）。

94 弘陽地產集團有限公司 二零一九年中期報告

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註

30 June 2019 2019年6月30日

13. TRADE AND BILLS RECEIVABLES

13. 貿易應收款項及應收票據

An ageing analysis of the trade and bill receivables as at the end of the reporting period, based on the invoice date and net of loss allowance, is as follows:

於報告期末，根據發票日期呈列的貿易應收款 項及應收票據（扣除虧損撥備）的賬齡分析如下：

==> picture [471 x 193] intentionally omitted <==

----- Start of picture text -----

30 June 31 December
2019 2018
2019年 2018年
6月30日 12月31日
RMB’000 RMB’000
人民幣千元 人民幣千元
(Unaudited) (Audited)
（未經審核） （經審核）
Within 1 year 一年以內 24,074 23,220
Over 1 year 一年以上 272 508
24,346 23,728
----- End of picture text -----

14. CASH AND CASH EQUIVALENTS AND PLEDGED DEPOSITS

14. 現金及現金等價物以及已質押存款

==> picture [471 x 206] intentionally omitted <==

----- Start of picture text -----

30 June 31 December
2019 2018
2019年 2018年
6月30日 12月31日
RMB’000 RMB’000
人民幣千元 人民幣千元
(Unaudited) (Audited)
（未經審核） （經審核）
Cash and bank balances 現金及銀行結餘 16,945,934 12,456,039
Less: Restricted cash 減：受限制現金 2,733,557 2,644,723
Pledged deposits 已質押存款 5,270,669 3,578,720
Cash and cash equivalents 現金及現金等價物 8,941,708 6,232,596
----- End of picture text -----

Interim Report 2019 Redsun Properties Group Limited 95

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註 30 June 2019 2019年6月30日

14. CASH AND CASH EQUIVALENTS AND PLEDGED DEPOSITS (Continued)

14. 現金及現金等價物以及已質押存款（續）

Pursuant to relevant regulations in PRC, certain property development companies of the Group are required to place certain amounts of cash in designated bank accounts for specified use. As at 30 June 2019, such amounts of restricted cash amounted to RMB2,733,557,000 (31 December 2018: RMB2,644,723,000).

根據有關中國法規，本集團的若干房地產開發 公司須將若干現金款項存置於指定銀行賬戶作 特定用途。於2019年6月30日，該等受限制現金 為人民幣2,733,557,000元（2018年12月31日：人 民幣2,644,723,000元）。

As at 30 June 2019, bank deposits of RMB5,199,076,000 (31 December 2018: RMB3,526,146,000) were pledged as security for bank and other borrowings. As at 30 June 2019, bank deposits of RMB71,593,000 (31 December 2018: RMB52,574,000) were pledged as security for purchasers’ mortgage loans, construction of projects, or pledged to banks as collateral for issuance of bank acceptance notes.

於 2 0 1 9 年 6 月 3 0 日，已質押為數人民幣 5,199,076,000 元（2018 年 12 月 31 日：人民幣 3,526,146,000元）的銀行存款，作為銀行及其他 借款的抵押品。於2019年6月30日，已質押為數 人民幣71,593,000元（2018年12月31日：人民幣 52,574,000元）的銀行存款，作為買方按揭貸款、 項目建設的抵押品，或質押予銀行作為發行銀 行承兌票據的抵押品。

==> picture [471 x 221] intentionally omitted <==

----- Start of picture text -----

30 June 31 December
2019 2018
2019年 2018年
6月30日 12月31日
RMB’000 RMB’000
人民幣千元 人民幣千元
(Unaudited) (Audited)
（未經審核） （經審核）
Cash and cash equivalents 現金及現金等價物
Denominated in RMB 以人民幣計值 6,908,416 6,040,006
Denominated in HK$ 以港元計值 66,910 733
Denominated in US$ 以美元計值 1,966,382 191,857
8,941,708 6,232,596
----- End of picture text -----

The RMB is not freely convertible into other currencies, however, under Mainland China’s Foreign Exchange Control Regulations and Administration of Settlement, Sale and Payment of Foreign Exchange Regulations, the Group is permitted to exchange RMB for other currencies through banks authorized to conduct foreign exchange business.

人民幣不得自由兌換為其他貨幣，但根據中國 內地的《外匯管理條例》及《結匯、售匯及付匯管 理規定》，本集團可通過獲授權進行外匯業務的 銀行將人民幣兌換為其他貨幣。

96 弘陽地產集團有限公司 二零一九年中期報告

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註

30 June 2019 2019年6月30日

15. TRADE AND BILLS PAYABLES

15. 貿易應付款項及應付票據

An aged analysis of the trade and bills payables based on the invoice date is as follows:

基於發票日期的貿易應付款項及應付票據賬齡 分析如下：

==> picture [471 x 193] intentionally omitted <==

----- Start of picture text -----

30 June 31 December
2019 2018
2019年 2018年
6月30日 12月31日
RMB’000 RMB’000
人民幣千元 人民幣千元
(Unaudited) (Audited)
（未經審核） （經審核）
Within 1 year 一年以內 2,198,939 2,380,523
Over 1 year 一年以上 299,643 505,123
2,498,582 2,885,646
----- End of picture text -----

Trade payables are unsecured and interest-free and are normally settled based on the progress of construction.

貿易應付款項為無抵押及免息，一般基於工程 進度結算。

Interim Report 2019 Redsun Properties Group Limited 97

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註 30 June 2019 2019年6月30日

16. INTERESTBEARING BANK AND OTHER BORROWINGS

16. 計息銀行及其他借款

==> picture [471 x 328] intentionally omitted <==

----- Start of picture text -----

30 June 2019 31 December 2018
2019年6月30日 2018年12月31日
Effective Effective
interest interest
rate (%) Maturity RMB’000 rate (%) Maturity RMB’000
實際利率(%) 到期情況 人民幣千元 實際利率(%) 到期情況 人民幣千元
Current 流動
Bank loans [—] secured 銀行貸款 [—] 已抵押 4.20 [–] 6.00 2019 [–] 20 5,205,574 4.35 [–] 6.25 2019 3,121,497
Other loans [—] secured 其他貸款 [—] 已抵押 8.00 [–] 15.00 2019 [–] 20 3,083,164 8.00 [–] 15.00 2019 2,267,200
Other loans [—] unsecured 其他貸款 [—] 無抵押 12.20 2019 69,410 12.20 2019 69,410
Current portion of long term bank loans 長期銀行貸款即期部分
— secured — 已抵押 4.74 [–] 9.54 2019 [–] 20 1,442,694 4.46 [–] 6.65 2019 1,519,421
Current portion of long term bank loans 長期銀行貸款即期部分
— unsecured — 無抵押 5.25 2019 [–] 20 100,000 5.25 2019 42,188
Current portion of long term other loans 長期其他貸款即期部分
— secured — 已抵押 6.47 [–] 12.11 2019 [–] 20 997,910 6.48 [–] 12.07 2019 1,213,981
10,898,752 8,233,697
Non-current 非流動
Bank loans [—] secured 銀行貸款 [—] 已抵押 4.42 [–] 11.73 2020 [–] 31 7,124,006 4.46 [–] 11.68 2020 [–] 31 8,700,105
Bank loans [—] unsecured 銀行貸款 [—] 無抵押 5.04 [–] 5.25 2021 235,000 4.99 [–] 5.25 2021 242,813
Other loans [—] secured 其他貸款 [—] 已抵押 6.47 [–] 14.80 2020 [–] 21 3,580,482 6.48 [–] 14.5 2020 [–] 21 2,149,886
10,939,488 11,092,804
21,838,240 19,326,501
----- End of picture text -----

98 弘陽地產集團有限公司 二零一九年中期報告

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註

30 June 2019 2019年6月30日

16. INTERESTBEARING BANK AND OTHER BORROWINGS (Continued)

16. 計息銀行及其他借款（續）

==> picture [471 x 283] intentionally omitted <==

----- Start of picture text -----

30 June 31 December
2019 2018
2019年 2018年
6月30日 12月31日
RMB’000 RMB’000
人民幣千元 人民幣千元
(Unaudited) (Audited)
（未經審核） （經審核）
Bank loans and other borrowings 銀行貸款及其他借款
Repayable within one year 須於一年內償還 10,898,752 8,233,697
Repayable in the second year 須於第二年償還 5,738,072 4,259,278
Repayable within two to five years 須於二至五年內償還 4,086,298 5,752,917
Repayable more than five years 須於五年後償還 1,115,118 1,080,609
Subtotal 小計 10,939,488 11,092,804
21,838,240 19,326,501
----- End of picture text -----

The Group’s borrowings are all denominated in RMB.

本集團的借款均以人民幣計值。

The Group’s borrowings up to RMB7,620,444,000 as at 30 June 2019 (31 December 2018: RMB9,573,911,000) were borrowings with floating interest rate.

於2019年6月30日，本集團的借款最高為人民幣 7,620,444,000 元（2018 年 12 月 31 日：人民幣 9,573,911,000元），為浮息借款。

Interim Report 2019 Redsun Properties Group Limited 99

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註 30 June 2019 2019年6月30日

16. INTERESTBEARING BANK AND OTHER BORROWINGS (Continued)

16. 計息銀行及其他借款（續）

Certain of the Group’s bank and other borrowings are secured by the pledged deposits and other pledges of the following assets with carrying values as at 30 June 2019 and 31 December 2018 as follows:

本集團為獲授若干銀行及其他借款以已質押存 款及下列資產作抵押，有關資產之賬面值於2019 年6月30日及2018年12月31日如下：

==> picture [471 x 291] intentionally omitted <==

----- Start of picture text -----

30 June 31 December
2019 2018
2019年 2018年
6月30日 12月31日
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
(Unaudited) (Audited)
（未經審核） （經審核）
Property, plant and equipment 物業、廠房及設備 11 493,665 631,914
Investment properties 投資物業 12 9,081,669 8,520,150
—
Right-of-use assets 使用權資產 22,840
—
Prepaid land lease payments 預付土地租賃款項 22,473
Interests in joint ventures 於合營企業的權益 179,534 37,142
Properties under development 開發中物業 19,627,313 15,636,245
—
Completed properties held for sale 持作出售的已完工物業 136,987
Financial assets at fair value through 按公允價值計入損益的金融
profit or loss 資產 590,396 441,600
30,132,404 25,289,524
----- End of picture text -----

100 弘陽地產集團有限公司 二零一九年中期報告

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註

30 June 2019 2019年6月30日

16. INTERESTBEARING BANK AND OTHER BORROWINGS (Continued)

16. 計息銀行及其他借款（續）

At 30 June 2019, equity interests of certain subsidiaries of the Group were pledged as security for certain of the Group’s interest-bearing bank and other borrowings with an aggregate amount of RMB5,667,055,000 (31 December 2018: RMB5,098,585,000). Detail of the pledge of equity interests are as follows:

於2019年6月30日，已質押本集團若干附屬公司 的股權，作為總額人民幣5,667,055,000元（2018 年12月31日：人民幣5,098,585,000元）的本集團 若干計息銀行及其他借款的抵押品。質押股權 的詳情如下：

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----- Start of picture text -----

30 June 31 December
2019 2018
2019年 2018年
6月30日 12月31日
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
(Unaudited) (Audited)
（未經審核） （經審核）
80% equity interest in Anhui Hong Peng 安徽弘鵬置業有限公司
Properties Co., Ltd 的80%股權
—
(安徽弘鵬置業有限公司) 210,400
51% equity interest in Huzhou Hong Rui 湖州弘瑞房地產開發有限
Real Estate Development Co., Ltd. 公司的51%股權
—
(湖州弘瑞房地產開發有限公司) 310,000
100% equity interest in Suzhou Hong 蘇州弘陽投資有限公司的
Yang Investment Co., Ltd. 100%股權
(蘇州弘陽投資有限公司) 300,000 300,000
100% equity interest in Zhuji Hong Yang 諸暨弘陽房地產開發有限
Real Estate Development Co., Ltd. 公司的100%股權
(諸暨弘陽房地產開發有限公司) 320,000 320,000
95% equity interest in Mingliu Properties 名流置業武漢有限公司
Wuhan Co., Ltd. （「 名流置業武漢 」）的95%
(名流置業武漢有限公司) 股權
(“ Mingliu Properties Wuhan ”) (i) 1,212,717 943,034
30% equity interest in Zhongshan Hong 中山市弘鼎房地產開發有限
Ding Real Estate Development Co., Ltd. 公司的30%股權
(中山市弘鼎房地產開發有限公司) 27,100 200,000
36% equity interest in Changshu Hong 常熟弘陽房地產開發有限
Yang Real Estate Development Co., Ltd. 公司（「 常熟弘陽 」）的36%
(常熟弘陽房地產開發有限公司) 股權
(“ Changshu Hong Yang ”) (ii) 54,000 60,000
100% equity interest in Nanjing Rui 南京銳晟房地產開發有限
Sheng Real Estate Development Co., 公司的100%股權
Ltd. (南京銳晟房地產開發有限公司) 800,000 802,864
----- End of picture text -----

Interim Report 2019 Redsun Properties Group Limited 101

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註 30 June 2019 2019年6月30日

16. INTERESTBEARING BANK AND OTHER BORROWINGS (Continued)

16. 計息銀行及其他借款（續）

==> picture [471 x 561] intentionally omitted <==

----- Start of picture text -----

30 June 31 December
2019 2018
2019年 2018年
6月30日 12月31日
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
(Unaudited) (Audited)
（未經審核） （經審核）
100% equity interest in Chongqing Bai 重慶柏景銘廈置業有限公司
Jing Ming Xia Properties Co., Ltd. 的100%股權
(重慶柏景銘廈置業有限公司) 200,000 463,887
100% equity interest in Wuxi Xu Yang 無錫煦陽房地產開發有限
Real Estate Development Co., Ltd. 公司的100%股權
(無錫煦陽房地產開發有限公司) 597,300 560,200
100% equity interest in Chongqing Hong 重慶弘璟實業有限公司的
Jing Industrial Co., Ltd. 100%股權
(重慶弘璟實業有限公司) 500,000 428,900
100% equity interest in Chongqing Hong 重慶弘嘉實業有限公司的
Jia Industrial Co., Ltd. 100%股權
(重慶弘嘉實業有限公司) 140,000 140,000
100% equity interest in Chengdu Hong 成都市弘陽蜀興房地產開發
Yang Shu Xing Real Estate 有限公司的100%股權
Development Co., Ltd.
(成都市弘陽蜀興房地產開發
有限公司) 259,300 259,300
100% equity interest in Foshan Hong 佛山市弘升房地產開發有限
Sheng Real Estate Development Co., 公司的100%股權
Ltd. (佛山市弘升房地產開發
—
有限公司) 449,038
100% equity interest in Foshan Hong 佛山市弘堅房地產開發有限
Jian Real Estate Development Co., Ltd. 公司的100%股權
—
(佛山市弘堅房地產開發有限公司) 412,600
100% equity interest in Nanchang Hong 南昌弘陽房地產開發有限
Yang Real Estate Development Co., Ltd. 公司的100%股權
—
(南昌弘陽房地產開發有限公司) 50,000
100% equity interest in Fuyang Hong 阜陽弘壯房地產開發有限
Zhuang Real Estate Development Co., 公司的100%股權
—
Ltd. (阜陽弘壯房地產開發有限公司) 245,000
50% equity interest in Bengbu Xin Hong 蚌埠新弘房地產有限公司的
Real Estate Co., Ltd. 50%股權
(蚌埠新弘房地產有限公司) 100,000 100,000
5,667,055 5,098,585
----- End of picture text -----

102 弘陽地產集團有限公司 二零一九年中期報告

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註

30 June 2019 2019年6月30日

16. INTERESTBEARING BANK AND OTHER BORROWINGS (Continued)

16. 計息銀行及其他借款（續）

Notes:

附註：

• (i) As at 30 June 2019, an 95% equity interest in Mingliu Properties Wuhan was pledged as security for interest-bearing bank and other borrowings with an aggregate amount of RMB1,212,717,000 (31 December 2018: 55.25% equity interest in Mingliu Preperties Wuhan was pledged as security for interestbearing bank and other borrowings with an aggregate amount of RMB943,034,000).

• (i) 於2019年6月30日，已質押名流置業武漢的95% 股權作為總額人民幣1,212,717,000元的計息銀行 及其他借款的抵押品（2018年12月31日：已質 押名流置業武漢的55.25%股權作為總額人民幣 943,034,000元的計息銀行及其他借款的抵押 品）。

• (ii) As at 30 June 2019, an 36% equity interest in Changshu Hong Yang was pledged as security for interest-bearing bank and other borrowings with an aggregate amount of RMB54,000,000 (31 December 2018: 40% equity interest in Changshu Hong Yang was pledged as security for interest-bearing bank and other borrowings with an aggregate amount of RMB60,000,000).

• (ii) 於2019年6月30日，已質押常熟弘陽的36%股權 作為總額人民幣54,000,000元的計息銀行及其他 借款的抵押品（2018年12月31日：已質押常熟 弘陽的40%股權作為總額人民幣60,000,000元的 計息銀行及其他借款的抵押品）。

17. SENIOR NOTES

17. 優先票據

==> picture [471 x 281] intentionally omitted <==

----- Start of picture text -----

30 June 2019 31 December 2018
2019年6月30日 2018年12月31日
Principal at Principal at
original Contractual original Contractual
currency interest rate currency interest rate
Notes US$’000 (%) Maturity RMB’000 US$’000 (%) Maturity RMB’000
以原貨幣的 以原貨幣的
本金 合約利率 本金 合約利率
附註 千美元 (%) 到期 人民幣千元 千美元 (%) 到期 人民幣千元
Senior notes due 2020 I 2020年到期的優先票據I (i)
(“ 2020 Notes I ”) （「 2020票據I 」） 180,000 13.5% 2020 1,220,358 180,000 13.5% 2020 1,220,174
Senior notes due 2020 II 2020年到期的優先票據II (ii)
(“ 2020 Notes II ”) （「 2020票據II 」） 200,000 13.5% 2020 1,355,952 200,000 13.5% 2020 1,372,694
Senior notes due 2021 I 2021年到期的優先票據I (iii)
(“ 2021 Notes I ”) （「 2021票據I 」） 300,000 11.5% 2021 1,993,626 — — — —
Senior notes due 2022 I 2022年到期的優先票據I (iv)
(“ 2022 Notes I ”) （「 2022票據I 」） 300,000 9.95% 2022 1,973,499 — — — —
6,543,435 2,592,868
Less: current portion 減：即期部分 2,576,310 2,592,868
Non-current portion 非即期部分 3,967,125 —
----- End of picture text -----

Interim Report 2019 Redsun Properties Group Limited 103

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註 30 June 2019 2019年6月30日

17. SENIOR NOTES (Continued)

17. 優先票據（續）

==> picture [471 x 297] intentionally omitted <==

----- Start of picture text -----

30 June 31 December
2019 2018
2019年 2018年
6月30日 12月31日
RMB’000 RMB’000
人民幣千元 人民幣千元
(Unaudited) (Audited)
（未經審核） （經審核）
The Group’s senior notes were 本集團的優先票據償還情況如下：
repayable as follows:
Repayable within one year 須於一年以內償還 2,576,310 2,592,868
—
Repayable in the second year 須於第二年償還 1,993,626
Repayable within two to five years 須於二至五年內償還 1,973,499 —
—
Subtotal 小計 3,967,125
6,543,435 2,592,868
----- End of picture text -----

(i) On 3 December 2018, the Company issued 2020 Notes I at a coupon rate of 13.5% due on 3 December 2020 with an aggregate principal amount of US$180,000,000. The Company raised net proceeds of US$175,898,000 (after deduction of underwriting discount and commissions and other expenses).

(i) 於2018年12月3日，本公司發行2020年12 月3日到期、票面利率為13.5%、本金總額 為180,000,000美元的2020年票據I。本公司 籌得所得款項淨額175,898,000美元（經扣 除包銷折扣及佣金及其他開支）。

104 弘陽地產集團有限公司 二零一九年中期報告

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註

30 June 2019 2019年6月30日

17. SENIOR NOTES (Continued)

• (ii) On 20 December 2018, the Company issued 2020 Notes II at a coupon rate of 13.5% due on 3 December 2020 with an aggregate principal amount of US$200,000,000. The Company raised net proceeds of US$197,885,000 (after deduction of underwriting discount and commissions and other expenses).

Holders of the 2020 Notes have the right, at their option, to require the Company to repurchase for cash all of their 2020 Notes, or any portion of the principal thereof that is equal to US$1,000 or integral multiple of US$1,000, on 3 December 2019 at the repurchase price equal to 101.56% of the principal amount of the 2020 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, 3 December 2019.

• (iii) On 4 March 2019, the Company issued 2021 Notes I at a coupon rate of 11.5% due on 4 March 2021 with an aggregate principal amount of US$300,000,000. The Company raised net proceeds of US$290,600,225 (after deduction of underwriting discount and commissions and other expenses).

• (iv) On 11 April 2019, the Company issued 2022 Notes I at a coupon rate of 9.95% due on 11 April 2022 with an aggregate principal amount of US$300,000,000. The Company raised net proceeds of US$287,342,755 (after deduction of underwriting discount and commissions and other expenses).

The above senior notes are guaranteed by Redsun Properties Investment (Holdings) Limited and Hong Yang Properties Investment Limited.

17. 優先票據（續）

• (ii) 於2018年12月20日，本公司發行2020年12 月3日到期、票面利率為13.5%、本金總額 為200,000,000美元的2020年票據II。本公 司籌得所得款項淨額197,885,000美元（經 扣除包銷折扣及佣金及其他開支）。

2020年票據的持有人有權選擇要求本公司 於2019年12月3日按相當於將予購回的 2020 年票據本金額 101.56%，另加截至 2019年12月3日（但不包括該日）的應計未 付利息，以現金購回彼等的所有2020年票 據，或任何相當於1,000美元或1,000美元 完整倍數的本金部分。

• (iii) 於2019年3月4日，本公司發行2021年3月 4日到期、票面利率為11.5%、本金總額為 300,000,000美元的2021年票據I。本公司籌 得所得款項淨額290,600,225美元（經扣除 包銷折扣及佣金及其他開支）。

• (iv) 於2019年4月11日，本公司發行2022年4月 11日到期、票面利率為9.95%、本金總額 為300,000,000美元的2022年票據I。本公司 籌得所得款項淨額287,342,755美元（經扣 除包銷折扣及佣金及其他開支）。

上述優先票據由弘陽地產投資（控股）有限 公司及弘陽地產投資有限公司擔保。

Interim Report 2019 Redsun Properties Group Limited 105

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註 30 June 2019 2019年6月30日

18. SHARE CAPITAL

18. 股本

==> picture [471 x 207] intentionally omitted <==

----- Start of picture text -----

30 June 31 December
Share 2019 2018
2019年 2018年
股份 6月30日 12月31日
HK$ HK$
港元 港元
Authorised: 法定︰
100,000,000,000(2018:100,000,000,000) 100,000,000,000股每股面值0.01港元的
ordinary shares of HK$0.01 each 普通股（2018年：100,000,000,000股） 1,000,000,000 1,000,000,000
Issued and fully paid: 已發行及繳足：
3,320,000,000 (2018: 3,320,000,000) 3,320,000,000股每股面值0.01港元的
ordinary shares of HK$0.01 each 普通股（2018年：3,320,000,000股） 28,254 28,254
----- End of picture text -----

19. CONTINGENT LIABILITIES

19. 或有負債

At the end of the reporting period, contingent liabilities not provided for in the condensed consolidated statement of financial position were as follows:

於報告期末，並未於簡明綜合財務狀況表內就 下列各項撥備或有負債：

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----- Start of picture text -----

30 June 31 December
2019 2018
2019年 2018年
6月30日 12月31日
RMB’000 RMB’000
人民幣千元 人民幣千元
(Unaudited) (Audited)
（未經審核） （經審核）
Guarantees given to banks in connection 就授予本集團物業買家的 (i)
with facilities granted to purchasers of 融資而向銀行作出的擔保
the Group’s properties 10,081,827 5,800,192
Guarantees given to banks and other 就授予關聯公司的融資而向 (ii)
institutions in connection with 銀行及其他機構作出的
facilities granted to related companies 擔保 3,398,160 1,784,700
13,479,987 7,584,892
----- End of picture text -----

106 弘陽地產集團有限公司 二零一九年中期報告

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註

30 June 2019 2019年6月30日

19. CONTINGENT LIABILITIES (Continued)

• (i) The Group provided guarantees in respect of mortgage facilities granted by certain banks to the purchasers of the Group’s completed properties held for sale. Pursuant to the terms of the guarantee arrangements, in case of default on mortgage payments by the purchasers, the Group is responsible to repay the outstanding mortgage principals together with any accrued interest and penalties owed by the defaulted purchasers to those banks.

Under the above arrangement, the related properties were pledged to the banks as collateral for the mortgage loans, upon default on mortgage repayments by these purchasers, the banks are entitled to take over the legal titles and will realise the pledged properties through open auction.

The Group’s guarantee period starts from the dates of grant of the relevant mortgage loans and ends upon the issuance and registration of property ownership certificates to the purchasers, which will generally be available within one to two years after the purchasers take possession of the relevant properties.

The Group did not incur any material losses during the period in respect of the guarantees provided for mortgage facilities granted to purchasers of the Group’s completed properties held for sale. The directors of the Company considered that in case of default on payments, the net realisable value of the related properties would be sufficient to repay the outstanding mortgage loans together with any accrued interest and penalty, and therefore no provision has been made in connection with the guarantees.

• (ii) The Group provided guarantees to banks and other institutions in connection with financial facilities granted to joint ventures and associates.

19. 或有負債（續）

• (i) 本集團就若干銀行向本集團持作出售的已完工 物業買家授出的按揭融資提供擔保。根據擔保 安排的條款，如買家拖欠按揭付款，本集團負 責向該等銀行償還未償還按揭本金及違約買家 所欠的任何應計利息及罰款。

根據上述安排，相關物業已質押予該等銀行作 為按揭貸款的抵押品；倘該等買家拖欠按揭還 款，該等銀行有權接管有關法定業權，並通過 公開拍賣將抵押物業變現。

本集團的擔保期由授出相關按揭貸款日期起至 買家獲發物業所有權證及辦理登記止，有關證 明一般會於買家接管相關物業後的一至兩年內 取得。

期內，本集團並未就向本集團持作出售的已完 工物業買家授出的按揭融資提供擔保產生任何 重大損失。本公司董事認為如出現違約付款， 相關物業的可變現淨值可足以償還未償還按揭 貸款連同任何應計利息及罰款，故並無對擔保 計提撥備。

• (ii) 本集團就授予合營企業及聯營公司的財務融資 向銀行及其他機構提供擔保。

Interim Report 2019 Redsun Properties Group Limited 107

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註 30 June 2019 2019年6月30日

20. COMMITMENTS

20. 承擔

The Group had the following capital commitments at the end of the reporting period:

本集團於報告期末擁有以下資本承擔：

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----- Start of picture text -----

30 June 31 December
2019 2018
2019年 2018年
6月30日 12月31日
RMB’000 RMB’000
人民幣千元 人民幣千元
(Unaudited) (Audited)
（未經審核） （經審核）
Contracted, but not provided for: 已訂約但尚未撥備：
Property development activities 物業開發活動 9,092,606 5,274,248
Acquisition of land use rights 收購土地使用權 1,121,867 338,400
Property, plant and equipment 物業、廠房及設備 23,104 12,245
Investment properties 投資物業 141,850 193,428
Capital contributions payable to 向以下公司注資
Joint ventures 合營企業 44,000 —
Associates 聯營公司 1,088,683 145,386
11,512,110 5,963,707
----- End of picture text -----

108 弘陽地產集團有限公司 二零一九年中期報告

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註

30 June 2019 2019年6月30日

21. RELATED PARTY TRANSACTIONS

21. 關聯方交易

(a) Related party transactions

In addition to the transactions detailed elsewhere in these financial statements, the Group had the following transactions with related parties during the period:

• (a) 關聯方交易

• 除此等財務報表其他部分詳述的交易外， 本集團於期內與關聯方進行以下交易：

For the six months ended

30 June

截至6月30日止六個月

==> picture [447 x 246] intentionally omitted <==

----- Start of picture text -----

2019 2018
2019年 2018年
RMB’000 RMB’000
人民幣千元 人民幣千元
(Unaudited) (Unaudited)
（未經審核） （未經審核）
Rental income from related parties 自關聯方所收的租金收入 (i) 102,642 102,870
Management consulting services 自合營企業及聯營公司所收 (ii)
income from joint ventures and 管理諮詢服務收入
associates 61,295 —
Property management services to 向關聯方提供的物業管理 (iii)
related parties 服務 41,740 12,511
Raw materials purchased from 購自關聯方的原材料 (iv)
related parties 22,881 54,511
Interest income from joint 自合營企業及聯營公司所收 (v)
ventures and associates 利息收入 65,764 51,649
----- End of picture text -----

• (i) The income was derived from the leasing of the Group’s investment properties to related companies controlled by Mr. Zeng huansha, the controlling shareholder, at rates similar to the terms and conditions set out in the rental agreements entered into with other tenants of the Group.

• (i) 收入乃來自向控股股東曾煥沙先生 控制的關聯公司出租本集團的投資 物業，其費率與本集團與其他租戶 訂立的租賃協議所載條款及條件相 若。

• (ii) The income was derived from management consulting services from joint ventures and associates at rates similar to the terms and conditions set out in the contracts entered into with the other major customers of the Group.

• (ii) 收入來自合營企業及聯營公司提供 的管理諮詢服務，其費率與本集團 與其他主要客戶訂立的合約所載條 款及條件相若。

Interim Report 2019 Redsun Properties Group Limited 109

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註 30 June 2019 2019年6月30日

21. RELATED PARTY TRANSACTIONS (Continued)

• (a) Related party transactions (Continued)

• (iii) Property management services charges from related parties at rates similar to terms and conditions set out in the contracts entered into with other suppliers.

• (iv) The Company purchased certain raw materials and services from related parties in the ordinary course of business.

• (v) This represented the interest income form the associates and joint ventures, which is after the elimination of interest between the Group and associates or joint ventures. The Group has provided funds to associates and joint ventures.

• Note: These transactions were carried out in accordance with the terms and conditions mutually agreed by the parties involved.

• (b) Other transactions with related parties

• (i) As at 30 June 2019, the Group has guaranteed banking facilities granted to certain joint ventures and associates. Guarantee of RMB3,398,160,000 (31 December 2018: RMB1,784,700,000) was utilised. As at 30 June 2019, the outstanding balance of these interest-bearing loans guaranteed by the Group of certain joint ventures and associates was in an aggregated amount of RMB3,282,860,000 (31 December 2018: RMB1,574,400,000).

• (ii) As at 30 June 2019, the Group’s related parties has guaranteed certain of the Group’s bank loans up to RMB7,158,578,000 (31 December 2018: RMB4,727,631,000).

21. 關聯方交易（續）

• (a) 關聯方交易（續）

• (iii) 關聯方的物業管理服務費率與本集 團與其他供應商簽訂的合約所載的 條款及條件相若。

• (iv) 本公司於日常營運過程中向關聯方 購買若干原材料及服務。

• (v) 此指來自聯營公司及合營企業的利 息收入，且於本集團與聯營公司或 合營企業之間的利息抵銷後。本集 團一直向聯營公司及合營企業提供 資金。

• 附註：該等交易乃根據參與各方共同協議的條 款及條件進行。

• (b) 與關聯方的其他交易

• (i) 於2019年6月30日，本集團擔保銀行 融資，授予若干合營企業及聯營公 司，動用了人民幣3,398,160,000元

  • （ 2 0 1 8 年 1 2 月 3 1 日︰人民幣 1,784,700,000元）的擔保。於2019年6 月30日，若干合營企業及聯營公司 由本集團擔保的計息貸款未付結餘 的總額為人民幣 3,282,860,000 元

  • （ 2 0 1 8 年 1 2 月 3 1 日︰人民幣 1,574,400,000元）。

• (ii) 於2019年6月30日，本集團的關聯方 擔保若干本集團的銀行貸款最高為 人民幣7,158,578,000元（2018年12月 31日︰人民幣4,727,631,000元）。

110 弘陽地產集團有限公司 二零一九年中期報告

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註

30 June 2019 2019年6月30日

21. RELATED PARTY TRANSACTIONS (Continued)

21. 關聯方交易（續）

(c) Outstanding balances with related parties

(c) 與關聯方的未付結餘

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30 June 31 December
2019 2018
2019年 2018年
6月30日 12月31日
RMB’000 RMB’000
人民幣千元 人民幣千元
(Unaudited) (Audited)
（未經審核） （經審核）
Due from joint ventures and 應收合營企業及聯營公司款項：
associates:
Non-trade related 非貿易相關 7,665,626 6,802,635
Due from other related parties: 應收其他關聯方款項：
Non-trade related 非貿易相關 — 3,125
Trade related 貿易相關 17,267 144,105
Due to joint ventures and associates: 應付合營企業及聯營公司款項：
Non-trade related 非貿易相關 7,173,755 4,578,451
Due to other related parties: 應付其他關聯方款項：
Non-trade related 非貿易相關 50,045 328,995
Trade related 貿易相關 34,345 34,043
----- End of picture text -----

Interim Report 2019 Redsun Properties Group Limited 111

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註 30 June 2019 2019年6月30日

21. RELATED PARTY TRANSACTIONS (Continued)

21. 關聯方交易（續）

• (d) Compensation for key management personnel (including directors) of the Group:

• (d) 本集團主要管理人員（包括董事）薪 酬：

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For the six months ended
30 June
截至6月30日止六個月
2019 2018
2019年 2018年
RMB’000 RMB’000
人民幣千元 人民幣千元
(Unaudited) (Unaudited)
（未經審核） （未經審核）
Salaries, allowances and benefits 工資、津貼及實物福利
in kind 7,519 7,412
Pension scheme contributions and 養老金計劃供款及社會福利
social welfare 177 286
Total compensation paid to key 向主要管理人員支付的薪酬總額
management personnel 7,696 7,698
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112 弘陽地產集團有限公司 二零一九年中期報告

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註

30 June 2019 2019年6月30日

22. FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS

22. 金融工具的公允價值及公允價值層級

The carrying amounts and fair values of the Group’s financial instruments, other than those with carrying amounts that reasonably approximate to fair values, are as follows:

本集團金融工具（不包括該等賬面值與公允價值 合理相若的金融工具）的賬面值及公允價值如 下：

==> picture [471 x 363] intentionally omitted <==

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Carrying amounts Fair values
賬面值 公允價值
30 June 31 December 30 June 31 December
2019 2018 2019 2018
2019年 2018年 2019年 2018年
6月30日 12月31日 6月30日 12月31日
RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元 人民幣千元
Financial assets 金融資產
Financial assets at fair 按公允價值計入損益
value through profit 的金融資產
or loss 1,207,819 1,130,607 1,207,819 1,130,607
1,207,819 1,130,607 1,207,819 1,130,607
Financial liabilities 金融負債
Interest-bearing bank 計息銀行貸款及其他
loans and other 借款
borrowings 21,838,240 19,326,501 21,829,239 19,174,923
Senior notes 優先票據 6,543,435 2,592,868 6,898,896 2,612,371
28,381,675 21,919,369 28,728,135 21,787,294
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Management has assessed that the fair values of cash and cash equivalents, pledged deposits, restricted cash, trade receivables, trade and bills payables, financial assets included in prepayments, other receivables and other assets, financial liabilities included in other payables and accruals, and amounts due from/to related companies approximate to their carrying amounts largely due to the short term maturities of these instruments.

管理層已評估現金及現金等價物、已質押存款、 受限制現金、貿易應收款項、貿易應付款項及 應付票據、計入預付款項、其他應收款項及其 他資產的金融資產、計入其他應付款項及應計 費用的金融負債及應收╱應付關聯公司款項的 公允價值很大程度與其賬面值相若，這是由於 該等工具的到期日較短所致。

Interim Report 2019 Redsun Properties Group Limited 113

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註 30 June 2019 2019年6月30日

22. FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS (Continued)

The Group’s finance department headed by the finance manager is responsible for determining the policies and procedures for the fair value measurement of financial instruments. The finance manager reports directly to the chief financial officer. At each reporting date, the finance department analyses the movements in the values of financial instruments and determines the major inputs applied in the valuation. The valuation is reviewed and approved by the chief financial officer.

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values:

The fair values of interest-bearing bank loans and other borrowings have been calculated by discounting the expected future cash flows using rates currently available for instruments with similar terms, credit risk and remaining maturities. The Group’s own non-performance risk for interest-bearing bank loans and other borrowings as at 30 June 2019 was assessed to be insignificant.

The fair values of senior notes are based on quoted market prices.

The fair values of listed equity investments are based on quoted market prices.

22. 金融工具的公允價值及公允價值層級 （續）

本集團財務部門由財務經理帶領，負責釐定金 融工具公允價值計量的政策及程序。財務經理 直接向財務總監彙報。於各報告日期，財務部 門分析金融工具價值的變動，確定估值採用的 主要輸入數據。估值由財務總監審批。

金融資產及負債的公允價值以該工具自願交易 方（強迫或清盤出售除外）當前交易下可交易金 額入賬。

以下方法及假設均用來估算公允價值：

計息銀行貸款及其他借款的公允價值已就預期 未來現金流量按條款、信貸風險及剩餘到期情 況相類似的工具的目前可用比率貼現計算。截 至2019年6月30日，本集團計息銀行貸款及其他 借款的未履約風險被評定為不重大。

優先票據的公允價值乃基於市場報價。

上市股本投資的公允價值乃基於市場報價。

114 弘陽地產集團有限公司 二零一九年中期報告

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註

30 June 2019 2019年6月30日

22. FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS (Continued)

22. 金融工具的公允價值及公允價值層級 （續）

Fair value hierarchy

The following tables illustrate the fair value measurement hierarchy of the Group’s financial instruments:

公允價值層級

下表說明本集團金融工具的公允價值層級：

Assets measured at fair value:

As at 30 June 2019

以公允價值計量的資產：

截至2019年6月30日

		Fair value measurement using 使用下列數據的公允價值計量 Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) 於活躍市場 的報價 （第1級） 重大可觀察 輸入數據 （第2級） 重大不可觀察 輸入數據 （第3級） RMB’000 RMB’000 RMB’000 人民幣千元 人民幣千元 人民幣千元	Fair value measurement using 使用下列數據的公允價值計量 Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) 於活躍市場 的報價 （第1級） 重大可觀察 輸入數據 （第2級） 重大不可觀察 輸入數據 （第3級） RMB’000 RMB’000 RMB’000 人民幣千元 人民幣千元 人民幣千元	Fair value measurement using 使用下列數據的公允價值計量 Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) 於活躍市場 的報價 （第1級） 重大可觀察 輸入數據 （第2級） 重大不可觀察 輸入數據 （第3級） RMB’000 RMB’000 RMB’000 人民幣千元 人民幣千元 人民幣千元	Total 合計 RMB’000 人民幣千元
Financial assets at fair value	按公允價值計入損益的
through profit or loss	金融資產	132,396	1,075,423	—	1,207,819
As at 31 December 2018			截至2018年12月31日
			Fair value measurement using
			使用下列數據的公允價值計量
		Quoted prices	Significant	Significant
		in active	observable	unobservable
		markets	inputs	inputs
		(Level 1)	(Level 2)	(Level 3)	Total
		於活躍市場	重大可觀察	重大不可觀察
		的報價	輸入數據	輸入數據
		（第1級）	（第2級）	（第3級）	合計
		RMB’000	RMB’000	RMB’000	RMB’000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元
Financial assets at fair value	按公允價值計入損益的
through profit or loss	金融資產	—	1,130,607	—	1,130,607

Interim Report 2019 Redsun Properties Group Limited 115

NOTES TO UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料附註 30 June 2019 2019年6月30日

22. FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS (Continued)

Assets measured at fair value: (Continued)

During the period, the Group did not have any financial liabilities measured at fair value as at 30 June 2019 (31 December 2018: nil).

During the period, there were no transfers of fair value measurements between Level 1 and Level 2 and no transfers into or out of Level 3 for both financial assets and financial liabilities (six months ended 30 June 2018: nil).

23. EVENTS SUBSEQUENT TO FINANCIAL STATEMENTS

On 3 July 2019, the Company issued senior notes with a principal amount of US$250,000,000 due in 2022. The senior notes are interest-bearing at 10.5% per annual which is payable semi-annually in arrears. The maturity date of the senior notes is October 3, 2022.

On 26 July 2019, the Group entered into the equity transfer agreement with Xuzhou Xincheng Chuangyu Real Estate Company Limited (徐州新城創域房地產有限公司) to acquire the 100.00% equity interest in Xuzhou Xincheng Yihui Property Development Company Limited (徐州新城億輝房地產開發有 限公司) at the consideration of RMB552,910,000.

On 26 July 2019, the Group entered into the equity transfer agreement with Xuzhou Xincheng Chuangyu Real Estate Company Limited to acquire the 60.00% equity interest in Xuzhou Xincheng Hongyang Property Development Company Limited ( 徐州新城弘陽房地產開發有限公司 ) at the consideration of RMB1,157,750,000.

24. APPROVAL OF THE UNAUDITED INTERIM FINANCIAL INFORMATION

The unaudited interim financial information was approved and authorised for issue by the Board on 28 August 2019.

22. 金融工具的公允價值及公允價值層級 （續）

以公允價值計量的資產：（續）

期內，截至2019年6月30日，本集團並無按公允 價值計量任何金融負債（2018年12月31日︰無）。

期內，第1級與第2級之間並無公允價值計量的 轉撥，亦無金融資產及金融負債轉入或轉出第 3級（截至2018年6月30日止六個月︰無）。

23. 財務報表後事項

於2019年7月3日，本公司發行於2022年到期本 金額為250,000,000美元的優先票據。優先票據按 10.5%年利率計息，每半年支付一次。優先票據 的到期日為2022年10月3日。

於2019年7月26日，本集團與徐州新城創域房地 產有限公司簽訂股權轉讓協議，以收購徐州新 城億輝房地產開發有限公司100.00%股權，代價 為人民幣552,910,000元。

於2019年7月26日，本集團與徐州新城創域房地 產有限公司簽訂股權轉讓協議，以收購徐州新 城弘陽房地產開發有限公司60.00%股權，代價 為人民幣1,157,750,000元。

24. 批准未經審核中期財務資料

未經審核中期財務資料已於2019年8月28日獲董 事會批准及授權刊發。

116 弘陽地產集團有限公司 二零一九年中期報告

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