截至2021年12月31日止年度的
未經審計
全年業績公告
及進一步延遲派付
2021年中期股息
全年財務摘要
• 截至2021年12月31日止年度
的合同銷售金額為約人民幣
37,百萬元及合同建築面積
為2,249,555平方米，較2020年同
期分別增長約%及%
• 截至2021年12月31日止年度，收
益為約人民幣5,百萬元，而
截至2020年12月31日止年度為約
人民幣9,百萬元
THE CONTENT OF THIS ANNOUNCEMENT HAS
BEEN PUBLISHED USING EQUITY STOCK CODE
(STOCK CODE: 6111) ON 31 MARCH 2022 AND IS
NOW REPUBLISHED USING DEBT STOCK CODE
(STOCK CODE: 40894, 40328) FOR THE DEBT
HOLDERS INFORMATION
Hong Kong Exchanges and Clearing Limited and The Stock
Exchange of Hong Kong Limited take no responsibility for the
contents of this announcement, make no representation as to its
accuracy or completeness and expressly disclaim any liability
whatsoever for any loss howsoever arising from or in reliance upon
the whole or any part of the contents of this announcement.
DaFa Properties Group Limited
大發地產集團有限公司
(Incorporated in the Cayman Islands with limited liability)
（於開曼群島註冊成立的有限公司）
(Stock Code 股份代號: 6111)
ANNOUNCEMENT OF UNAUDITED
ANNUAL RESULTS FOR THE YEAR
ENDED 31 DECEMBER 2021
AND FURTHER POSTPONEMENT OF
PAYMENT OF 2021 INTERIM DIVIDEND
ANNUAL FINANCIAL HIGHLIGHTS
• Contracted sales amounted to approximately
RMB37, million and contracted GFA
was 2,249,555 . for the year ended 31
December 2021, representing an increase of
approximately % and %, respectively,
compared to the same period of 2020
• Revenue amounted to approximately
RMB5, million for the year ended 31
December 2021 as compared to approximately
RMB9, million for the year ended 31
December 2020
本公告之內容已於2022年3月31日以股本
證券代號（股份代號：6111）刊發，而現
時以債券證券代號（股份代號：40894、
40328）重新刊發，以供債券持有人參考
香港交易及結算所有限公司及香港聯合交易所有
限公司對本公告之內容概不負責，對其準確性或
完整性亦不發表任何聲明，並明確表示，概不對
因本公告全部或任何部份內容而產生或因倚賴該
等內容而引致之任何損失承擔任何責任。
1
• 截至2021年12月31日止年度，
年內虧損為約人民幣百萬
元，而截至2020年12月31日止年
度的年內利潤為約人民幣
百萬元
• 於2021年12月31日，本集團的
總資產為約人民幣41,百萬
元，較2020年12月31日的約人民
幣35,百萬元增加約%
• 本集團的總債項由2020年12月31
日的約人民幣12,百萬元輕
微減少至2021年12月31日的約人
民幣12,百萬元
由於(i)中國近期發生的新型冠狀病毒疫
情，本集團若干管理層及員工被隔離檢
疫；及(ii)在獲得於中國的銀行及金融機
構的若干確認方面存在延遲，其亦披露
於本公告「安永會計師事務所工作範圍」
一節中，截至2021年12月31日止年度全
年業績的審計程序尚未完成，本公告所
載的未經審計全年業績未獲本公司審計
師同意。大發地產集團有限公司（「本公
司」，連同其子公司，統稱「本集團」）董事
（「董事」）會（「董事會」）欣然宣佈本集團截
至2021年12月31日止年度的未經審計綜
合業績。根據本公司目前所獲資料，本
公司估計本集團截至2021年12月31日止
年度的經審計全年業績將於2022年4月15
日或之前公佈。
以下討論應與本公告財務資料部分所載
的本集團綜合財務資料（包括有關附註）一
併閱讀。
• Loss for the year was approximately
million for the year ended 31 December
2021, as compared to a profit for the year of
approximately million for the year
ended 31 December 2020
• Total assets of the Group as at 31 December
2021 was approximately RMB41, million,
representing an increase of approximately
% as compared to approximately
RMB35, million as at 31 December 2020
• Total indebtedness of the Group slightly
decreased from approximately RMB12,
million as at 31 December 2020 to
approximately RMB12, million as at 31
December 2021
As (i) certain management and employees of the Group
have been placed under quarantine under the recent
COVID-19 pandemic in China; and (ii) there has been a
delay in obtaining certain confirmations from banks and
financial institutions in China, which is also disclosed
under the section headed “Scope of work of Ernst &
Young” of this announcement, the auditing process
for the annual results for the year ended 31 December
2021 has not been completed, the unaudited annual
results contained herein have not been agreed with
the Company’s auditors. The board (the “Board”) of
directors (the “Directors”) of DaFa Properties Group
Limited (the “Company”, together with its subsidiaries,
the “Group”) is pleased to announce the unaudited
consolidated results of the Group for the year ended 31
December 2021. Based on the information currently
available to the Company, the Company estimates that
the audited annual results of the Group for the year ended
31 December 2021 will be published on or before 15
April 2022.
The following discussion should be read in conjunction
with the consolidated financial information of the Group,
including the related notes, set forth in the financial
information section of this announcement.
2
綜合損益表
截至2021年12月31日止年度
CONSOLIDATED STATEMENT OF PROFIT
OR LOSS
For the year ended 31 December 2021
2021 2020
2021年 2020年
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
(Unaudited) (Audited)
（未經審計） （經審計）
REVENUE 收益 4 5,911,260 9,188,494
Cost of sales 銷售成本 (5,055,541) (7,270,798)
Gross profit 毛利 855,719 1,917,696
Finance income 融資收入 66,047 26,151
Other income and gains 其他收入及收益 4 219,232 345,471
Selling and distribution expenses 銷售及分銷開支 (271,851) (289,666)
Administrative expenses 行政開支 (445,436) (449,526)
Other expenses 其他開支 (24,467) (26,110)
Impairment losses on financial assets, net 淨金融資產減值虧損 (1,993) (2,639)
Fair value losses net: 公允價值淨虧損：
Financial assets at fair value through
profit or loss
按公允價值計入損益的
金融資產 (163,682) (2,893)
Fair value gains/(losses) on investment
properties
投資物業的公允價值
收益╱（虧損） 20,799 (8,164)
Finance costs 融資成本 6 (465,613) (235,457)
Share of profits and losses of: 分佔利潤及虧損：
Joint ventures 合營企業 (5,110) (15,364)
Associates 聯營公司 27,730 (9,277)
3
2021 2020
2021年 2020年
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
(Unaudited) (Audited)
（未經審計） （經審計）
(LOSS)/PROFIT BEFORE TAX 除稅前（虧損）╱利潤 5 (188,625) 1,250,222
Income tax expense 所得稅費用 7 (240,146) (534,888)
(LOSS)/PROFIT FOR THE YEAR 年內（虧損）╱利潤 (428,771) 715,334
Attributable to: 以下人士應佔：
Owners of the parent 母公司擁有人 (480,401) 338,859
Non-controlling interests 非控股權益 51,630 376,475
(428,771) 715,334
(LOSS)/EARNINGS PER SHARE
ATTRIBUTABLE TO ORDINARY
EQUITY HOLDERS OF THE PARENT
母公司普通權益持有人應佔
每股（虧損）╱盈利
Basic and diluted 基本及攤薄 9 RMB()
人民幣()元 人民幣元
4
綜合全面收入表
截至2021年12月31日止年度
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
For the year ended 31 December 2021
2021 2020
2021年 2020年
RMB’000 RMB’000
人民幣千元 人民幣千元
(Unaudited) (Audited)
（未經審計） （經審計）
(LOSS)/PROFIT FOR THE YEAR 年內（虧損）╱利潤 (428,771) 715,334
Other comprehensive income/(loss) that
will not be reclassified to profit or loss in
subsequent periods:
後續期間並無重新分類為
損益的其他全面收入╱
（虧損）：
Equity investments designated at fair value
through other comprehensive income:
指定為按公允價值計入
其他全面收入的股權
投資：
Changes in fair value 公允價值變動 36,040 (20,641)
Income tax effect 所得稅項影響 (9,010) 5,160
Net other comprehensive income/(loss) that
will not be reclassified to profit or loss in
subsequent periods
後續期間並無重新分類
為損益的其他淨全面
收入╱（虧損） 27,030 (15,481)
OTHER COMPREHENSIVE INCOME/
(LOSS) FOR THE YEAR, NET OF TAX
年內其他全面收入╱
（虧損），扣除稅項 27,030 (15,481)
TOTAL COMPREHENSIVE (LOSS)/
INCOME FOR THE YEAR
年內總全面（虧損）╱收入
(401,741) 699,853
Attributable to: 以下人士應佔：
Owners of the parent 母公司擁有人 (453,371) 323,378
Non-controlling interests 非控股權益 51,630 376,475
(401,741) 699,853
5
綜合財務狀況表
2021年12月31日
CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
31 December 2021
2021 2020
2021年 2020年
Note RMB’000 RMB’000
附註 人民幣千元 人民幣千元
(Unaudited) (Audited)
（未經審計） （經審計）
NON-CURRENT ASSETS 非流動資產
Property, plant and equipment 物業、廠房及設備 108,865 112,938
Investment properties 投資物業 2,775,500 2,723,700
Right-of-use assets 使用權資產 3,710 5,064
Intangible assets 無形資產 16,913 14,971
Investments in joint ventures 於合營企業的投資 1,119,699 403,777
Investments in associates 於聯營公司的投資 2,774,150 1,876,466
Equity investments designated at fair
value through other comprehensive
income
指定為按公允價值計入其
他全面收入的股權投資
131,140 95,100
Deferred tax assets 遞延稅項資產 292,904 228,485
Total non-current assets 總非流動資產 7,222,881 5,460,501
CURRENT ASSETS 流動資產
Properties under development 在建物業 17,621,680 12,676,017
Completed properties held for sale 已竣工持作銷售物業 946,189 2,042,689
Trade receivables 貿易應收款項 10 14,632 13,860
Due from related companies 應收關聯公司款項 3,670,172 2,204,035
Prepayments, other receivables and
other assets
預付款項、其他應收款項
及其他資產 6,561,691 4,202,111
Tax recoverable 可收回稅項 354,825 258,105
Financial assets at fair value through
profit or loss
按公允價值計入損益的金
融資產 856,388 937,053
Cash and bank balances 現金及銀行結餘 3,859,218 7,276,076
Total current assets 總流動資產 33,884,795 29,609,946
6
2021 2020
2021年 2020年
Note RMB’000 RMB’000
附註 人民幣千元 人民幣千元
(Unaudited) (Audited)
（未經審計） （經審計）
CURRENT LIABILITIES 流動負債
Trade and bills payables 貿易應付款項及應付票據 11 2,255,389 2,289,005
Other payables and accruals 其他應付款項及應計費用 4,321,421 2,329,049
Contract liabilities 合同負債 10,589,836 7,073,740
Due to related companies 應付關聯公司款項 1,444,271 780,294
Interest-bearing bank and other
borrowings
計息銀行及其他借貸
3,238,375 1,887,593
Senior notes 優先票據 3,501,609 3,217,164
Lease liabilities 租賃負債 2,554 2,008
Tax payable 應付稅項 750,125 686,423
Provision for financial guarantee
contracts
財務擔保合同撥備
25,500 –
Total current liabilities 總流動負債 26,129,080 18,265,276
NET CURRENT ASSETS 淨流動資產 7,755,715 11,344,670
TOTAL ASSETS LESS CURRENT
LIABILITIES
總資產減流動負債
14,978,596 16,805,171
NON-CURRENT LIABILITIES 非流動負債
Interest-bearing bank and
other borrowings
計息銀行及其他借貸
5,267,314 5,198,726
Senior notes 優先票據 641,208 2,345,678
Lease liabilities 租賃負債 1,433 3,073
Deferred tax liabilities 遞延稅項負債 471,415 471,126
Total non-current liabilities 總非流動負債 6,381,370 8,018,603
Net assets 淨資產 8,597,226 8,786,568
EQUITY 權益
Equity attributable to owners of
the parent
母公司擁有人應佔權益
Share capital 股本 730 730
Reserves 儲備 3,122,035 3,660,920
3,122,765 3,661,650
Non-controlling interests 非控股權益 5,474,461 5,124,918
Total equity 總權益 8,597,226 8,786,568
7
財務報表附註
2021年12月31日
1. 公司及集團資料
本公司於2017年12月18日在開曼群島註冊
成立為獲豁免有限公司。本公司股份於
2018年10月11日在香港聯合交易所有限公
司（「聯交所」）主板上市。本公司的註冊辦
事處地址為190 Elgin Avenue, George Town,
Grand Cayman KY1–9008, Cayman Islands。
年內，本集團主要從事物業開發、物業租
賃、提供物業管理服務及管理諮詢服務。
董事認為，本公司的控股公司及最終控股
公司為Splendid Sun Limited，該公司於英屬
處女群島註冊成立。
編製基準
該等財務報表乃根據國際會計準則理事會
（「國際會計準則理事會」）批准的國際財務報
告準則（「國際財務報告準則」）（包括所有國
際財務報告準則、國際會計準則（「國際會
計準則」）及常務詮釋委員會詮釋）及香港公
司條例的披露規定編製。其乃根據歷史成
本法編製，惟已按公允價值計量的投資物
業、按公允價值計入損益的金融資產、指
定為按公允價值計入其他全面收入的股權
投資及其他金融負債除外。該等財務報表
以人民幣（「人民幣」）呈列，除文義另有所指
外，所有金額均經四捨五入調整至最接近
的千位數。
持續經營基準
截至2021年12月31日止年度，本集團產
生淨虧損人民幣428,771,000元。於2021年
12月31日，本集團的總債項及即期債項
分別為人民幣12,648,506,000元及人民幣
6,739,984,000元，而其現金及現金等價物僅
為人民幣1,051,775,000元。
NOTES TO THE FINANCIAL STATEMENTS
31 December 2021
1. CORPORATE AND GROUP INFORMATION
The Company was incorporated as an exempted company
with limited liability in the Cayman Islands on 18 December
2017. The Company’s shares were listed on the Main Board
of the Stock Exchange of Hong Kong Limited (the “Stock
Exchange”) on 11 October 2018. The registered office of
the Company is located at 190 Elgin Avenue, George Town,
Grand Cayman KY1–9008, Cayman Islands.
During the year, the Group was principally involved in
property development, property leasing, providing property
management services and management consulting services.
In the opinion of the directors, the holding company and the
ultimate holding company of the Company is Splendid Sun
Limited, which is incorporated in the British Virgin Islands.
BASIS OF PREPARATION
These financial statements have been prepared in accordance
with International Financial Reporting Standards (“IFRSs”)
(which include all International Financial Reporting
Standards, International Accounting Standards (“IASs”)
and Standing Interpretations Committee interpretations)
approved by the International Accounting Standards Board
(the “IASB”) and the disclosure requirements of the Hong
Kong Companies Ordinance. They have been prepared
under the historical cost convention, except for investment
properties, financial assets at fair value through profit or
loss, equity investments designed at fair value through other
comprehensive income and other financial liabilities which
have been measured at fair value. These financial statements
are presented in Renminbi (“RMB”) and all values are
rounded to the nearest thousand except when otherwise
indicated.
Going concern basis
The Group incurred a net loss of RMB428,771,000 for the
year ended 31 December 2021. As at 31 December 2021,
the Group’s total and current indebtedness amounted to
RMB12,648,506,000 and RMB6,739,984,000 respectively,
whi le i t s cash and cash equ iva len ts amounted to
RMB1,051,775,000 only.
8
於2021年12月31日後，本集團違反本金總
額40,360,000美元且未於到期日2022年1月
18日悉數結算之優先票據相關協議的條款
及條件。這導致就本金額15,000,000美元
（另加應計而未付利息）之若干未償還優先
票據在香港特別行政區高等法院向本公司
提出清盤呈請並向垠壹香港有限公司（本公
司的間接全資子公司）提出單獨的清盤呈
請。此亦導致（倘貸款人要求）合共人民幣
117,280,000元之計息銀行及其他借貸（統稱
「交叉違約借貸」）於2022年1月18日須立即償
還。
此外，本公司未支付本公司所發行2022年
7月到期%優先票據（「2020年7月票
據」）項下於2022年1月30日到期應付的利息
22,275,000美元，以透過避免選擇性還款的
情況確保對所有債權人公平。本公司有30
天的寬免期支付利息。本公司未於寬免期
屆滿前支付款項。這導致2020年7月票據項
下的本金額總360,000,000美元的違約。
上述所有情況顯示存在多重不確定性，可
能對本集團持續經營的能力構成重大疑
問。
鑒於該等情況，本公司董事已審慎考慮本
集團的未來流動資金及表現以及其可持續
經營的財務資源來源。為改善本集團的流
動資金及現金流量以維持本集團持續經
營，本集團已實施或正在實施以下主要計
劃及措施：
(i) 本集團已分別委任財務及法律顧問
協助其全面重組離岸債務，以便盡
快與所有利益相關者達成一致的解
決方案；
(ii) 本集團一直與多家商業銀行積極磋
商重續，延展及置換銀行貸款及信
貸融資；
Subsequent to 31 December 2021, the Group was in default
under the terms and conditions of the relevant agreement
of the senior notes for an aggregate principal amount of
US$40,360,000 that were not settled in full on the maturity
date of 18 January 2022. This resulted in a winding-up
petition was filed against the Company, and a separate
winding-up petition was filed against YinYi Holdings (Hong
Kong) Limited, a subsidiary of the Company, respectively
at the High Court of the Hong Kong Special Administrative
Region in relation to certain outstanding senior notes in
the principal amount of US$15,000,000 (plus accrued and
unpaid interest). This also resulted in interest-bearing bank
and other borrowings amounted to RMB117,280,000 in total
(collectively “Cross-default Borrowings”) as at 18 January
2022 becoming immediately repayable if requested by the
lenders.
In addition, the Company did not pay interest in due and
payable on 30 January 2022 in the amount of US$22,275,000
under the % senior notes due July 2022 (“July 2020
Notes”) issued by the Company as to ensure the fairness to
all creditors by avoiding selective repayment in the situation.
The Company had a grace period of 30 days to pay the
interest. The Company did not make the payment before the
expiry of the grace period. This resulted in the default for an
aggregate principal amount of US$360,000,000 under July
2020 Notes.
All of the above conditions indicate the existence of multiple
uncertainties which may cast significant doubt on the Group’s
ability to continue as a going concern.
In view of these circumstances, the directors of the Company
have given careful consideration to the future liquidity
and performance of the Group and its available sources of
financial resources to continue as a going concern. In order to
improve the Group’s liquidity and cash flows to sustain the
Group as a going concern, the Group has implemented, or is
in the process of implementing, the following key plans and
measures:
(i) The Group has appointed financial and legal advisers
respectively to assist it with a holistic restructuring
of its offshore debt, in order to reach a consensual
solution with all the stakeholders as soon as practical;
(ii) The Group has been actively negotiating with a
number of commercial banks for renewal, extension
and replacement of bank loans and credit facilities;
9
(iii) 此外，本集團亦正與多家金融機構
磋商及物色不同融資選擇，藉以於
可見將來為本集團的營運資金及承
擔提供資金。於2022年1月，本公司
成功排除因2021年1月票據導致的違
約或違約事件而導致各未償還系列
票據的任何違約或違約事件；
(iv) 本集團將尋求加快預售及銷售其在
建物業及已竣工物業，包括物業項
目的尾盤房源及可售車庫等；
(v) 本集團已制定措施加快未收的銷售
所得款項的回籠；及
(vi) 管理層將考慮其他融資安排，以改
善本集團的流動資金及財務狀況。
本公司董事（包括審核委員會成員）已審閱
管理層所編製本集團的現金流量預測。該
現金流量預測涵蓋自報告期末起計12個月
期間。本公司董事認為，經考慮上述計劃
及措施，本集團將有足夠營運資金為其營
運提供資金，並能夠履行其自報告期末起
計12個月內到期的財務責任。因此，本公
司董事信納按持續經營基準編製本集團截
至2021年12月31日止年度的該等未經審計
綜合財務報表屬適當。
儘管如此，本集團能否持續經營存在重大
不確定因素，而該等因素將取決於本集團
透過下列各項以產生充足財務及經營現金
流量的能力：
(i) 成功與貸款人進行磋商，以重續或
延長尚未償還借貸（包括逾期本金額
及利息）之還款期；
(ii) 在需要時成功另行獲取新的資金來
源；
(iii) In addition, the Group is also negotiating with
various financial institutions and identifying various
options for financing the Group’s working capital
and commitments in the foreseeable future. In
January 2022, the Company succeeded in carving
out any default or event of default in respect of each
outstanding Series of Notes as a result of a default
or event of default occurring under the January 2021
Notes;
(iv) The Group will seek to accelerate the pre-sales
and sales of its properties under development and
completed properties, including remaining units of
property projects and saleable car parks;
(v) The Group has implemented measures to speed up the
collection of outstanding sales proceeds; and
(vi) Managemen t w i l l cons ide r o the r f i nanc ing
arrangements with a view to improving the Group’s
liquidity and financial position.
The directors of the Company, including the members of
the audit committee, have reviewed the Group’s cash flow
forecast prepared by management. The cash flow forecast
covers a period of 12 months from the end of the reporting
period. The directors of the Company are of the opinion that,
taking into account the above-mentioned plans and measures,
the Group will have sufficient working capital to finance its
operations and meet its financial obligations as and when
they fall due within the next 12 months from the end of the
reporting period. Accordingly, the directors of the Company
are satisfied that it is appropriate to prepare these unaudited
consolidated financial statements of the Group for the year
ended 31 December 2021 on a going concern basis.
Notwithstanding the above, significant uncertainties exist
as to whether the Group will be able to continue as a going
concern, which will depend upon the Group’s ability to
generate adequate financial and operating cash flows through
the following:
(i) the successful negotiations with the lenders for the
renewal of or extension for repayment of outstanding
borrowings, including those with overdue principals
and interests;
(ii) the successful obtaining of additional new sources of
financing as and when needed;
10
(iii) 成功加快預售及銷售其在建物業及
已竣工物業，以及加快未收的銷售
所得款項的回籠，並控製成本及節
約資本開支，藉以產生足夠的淨現
金流入；及
(iv) 成功獲得其他財務資源，包括但不
限於來自其主要股東的額外資金，
以使本集團擁有充足營運資金為其
營運提供資金及能夠履行其自報告
期末起計至少未來12個月到期的財
務責任。
倘有關持續經營的假設並不適當，則可能
需要作出調整以將資產的價值撇減至其可
收回金額，為可能產生的任何進一步負債
作出撥備，並將非流動資產及非流動負債
分別重新分類為流動資產及流動負債。該
等調整的影響並未於綜合財務報表中反
映。
綜合基準
未經審計綜合財務報表包括本集團截至
2021年12月31日止年度的財務報表。子公
司指由本公司直接或間接控制的實體（包括
結構性實體）。當本集團對參與投資對象業
務的可變回報承擔風險或享有權利以及能
通過對投資對象的權力（即本集團獲賦予現
有能力以主導投資對象有關活動的既存權
利）影響該等回報時，即取得控制權。
倘本公司直接或間接擁有少於投資對象大
多數投票或類似權利，則本集團於評估其
是否擁有對投資對象的權力時會考慮一切
相關事實及情況，包括：
(a) 與投資對象的其他投票權持有人的
合同安排；
(b) 其他合同安排所產生的權利；及
(c) 本集團的投票權及潛在投票權。
(iii) successfully accelerating the pre-sales and sales
of properties under development and completed
propert ies and speeding up the col lect ion of
outstanding sales proceeds; and controlling costs
and containing capital expenditure so as to generate
adequate net cash inflows; and
(iv) successfully obtaining other financial resources,
including but not limited to additional funding from
its substantial shareholder so as to enable the Group
to have sufficient working capital to finance its
operations and be able to meet its financial obligations
as and when they fall due for at least the next 12
months from the end of the reporting period.
Should the going concern assumptions be inappropriate,
adjustments may have to be made to write down the values of
assets to their recoverable amounts, to provide for any further
liabilities that might arise, and to reclassify non-current
assets and non-current liabilities as current assets and current
liabilities, respectively. The effects of these adjustments have
not been reflected in the consolidated financial statements.
Basis of consolidation
The unaudited consolidated financial statements include
the financial statements of the Group for the year ended
31 December 2021. A subsidiary is an entity (including a
structured entity), directly or indirectly, controlled by the
Company. Control is achieved when the Group is exposed,
or has rights, to variable returns from its involvement with
the investee and has the ability to affect those returns through
its power over the investee (., existing rights that give the
Group the current ability to direct the relevant activities of the
investee).
When the Company has, directly or indirectly, less than a
majority of the voting or similar rights of an investee, the
Group considers all relevant facts and circumstances in
assessing whether it has power over an investee, including:
(a) the contractual arrangement with the other vote
holders of the investee;
(b) rights arising from other contractual arrangements;
and
(c) the Group’s voting rights and potential voting rights.
11
子公司與本公司之財務報表報告期相同，
並採用一致之會計政策編製。子公司之業
績由本集團獲得控制權當日起綜合入賬，
並繼續綜合入賬直至有關控制權終止當日
為止。
損益及其他全面收入之各個組成部分歸屬
於本集團母公司之擁有人及非控股權益，
即使此舉會導致非控股權益產生虧絀結
餘。所有有關本集團各成員公司間交易之
集團內部資產及負債、權益、收入、開支
及現金流量均會於綜合入賬時全數抵銷。
倘事實及情況顯示上述三項控制因素之一
項或多項出現變化，本集團會重新評估其
是否控制投資對象。於子公司的所有權權
益變動，惟並無失去控制權，則以權益交
易入賬。
倘本集團失去對子公司之控制權，則終止
確認(i)該子公司之資產（包括商譽）及負債、
(ii)任何非控股權益之賬面值，及(iii)於權益
內記錄之累計交易差額；及確認(i)已收代
價之公允價值、(ii)所保留任何投資之公允
價值及(iii)損益中任何因此產生之盈餘或虧
損。先前已於其他全面收入內確認之本集
團應佔部分重新分類至損益或保留利潤（如
適當），基準與本集團直接出售相關資產或
負債所需使用之基準相同。
會計政策的變動及披露
本集團已就本年度之財務報表首次採納下
列經修訂國際財務報告準則。
The financial statements of the subsidiaries are prepared
for the same reporting period as the Company, using
consistent accounting policies. The results of subsidiaries
are consolidated from the date on which the Group obtains
control, and continue to be consolidated until the date that
such control ceases.
Profit or loss and each component of other comprehensive
income are attributed to the owners of the parent of the Group
and to the non-controlling interests, even if this results in the
non-controlling interests having a deficit balance. All intra-
group assets and liabilities, equity, income, expenses and cash
flows relating to transactions between members of the Group
are eliminated in full on consolidation.
The Group reassesses whether or not it controls an investee
if facts and circumstances indicate that there are changes to
one or more of the three elements of control described above.
A change in the ownership interest of a subsidiary, without a
loss of control, is accounted for as an equity transaction.
If the Group loses control over a subsidiary, it derecognises
(i) the assets (including goodwill) and liabilities of the
subsidiary, (ii) the carrying amount of any non-controlling
interest and (iii) the cumulative translation differences
recorded in equity; and recognises (i) the fair value of the
consideration received, (ii) the fair value of any investment
retained and (iii) any resulting surplus or deficit in profit or
loss. The Group’s share of components previously recognised
in other comprehensive income is reclassified to profit or loss
or retained profits, as appropriate, on the same basis as would
be required if the Group had directly disposed of the related
assets or liabilities.
CHANGES IN ACCOUNTING POLICIES AND
DISCLOSURES
The Group has adopted the following revised IFRSs for the
first time for the current year’s financial statements.
Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4
and IFRS 16
Interest Rate Benchmark Reform – Phase 2
國際財務報告準則第9號、國際會計準則
第39號、國際財務報告準則第7號、
國際財務報告準則第4號及國際財務
報告準則第16號的修訂
利率基準改革 – 第二階段
Amendment to IFRS 16 Covid-19-Related Rent Concessions beyond 30 June 2021 (early
adopted)
國際財務報告準則第16號的修訂 2021年6月30日以後之新型冠狀病毒相關租金減免（提早採納）
12
經修訂國際財務報告準則的性質及影響載
列如下：
(a) 當現有利率基準被可替代無風險利
率（「無風險利率」）取代時，國際財務
報告準則第9號、國際會計準則第39
號、國際財務報告準則第7號、國際
財務報告準則第4號及國際財務報告
準則第16號的修訂解決先前影響財
務報告的修訂中未處理的問題。該
等修訂提供可行權宜方法，於入賬
釐定金融資產及負債的合同現金流
量的基準變動時，倘變動因利率基
準改革直接引致，且釐定合同現金
流量的新基準經濟上相當於緊接變
動前的先前基準，則在不調整金融
資產及負債的賬面值的情況下更新
實際利率。此外，該等修訂允許利
率基準改革要求就對沖指定項目及
對沖文件作出的變動，而不中斷對
沖關係。過渡期間可能產生的任何
損益均透過國際財務報告準則第9號
的正常要求進行處理，以衡量及確
認對沖無效性。當無風險利率被指
定為風險組成部分時，該等修訂亦
暫時寬免實體須符合可單獨識別的
規定。寬免允許實體於指定對沖時
假設符合可單獨識別的規定，前提
是實體合理預期無風險利率風險部
分於未來24個月內將可單獨識別。
此外，該等修訂亦要求實體披露其
他資料，以使財務報表的使用者能
夠了解利率基準改革對實體金融工
具及風險管理策略的影響。本集團
於2021年12月31日持有根據中國人民
銀行所報匯率以人民幣及外幣計值
的若干計息銀行借貸。由於期內該
等借貸的利率並無被無風險利率代
替，故該修訂對本集團的財務狀況
及表現並無任何影響。倘該等借貸
的利率於未來期間由無風險利率代
替，本集團將於滿足「經濟上相當」條
件修改有關借貸時採用此可行權宜
方法。
The nature and the impact of the revised IFRSs are described
below:
(a) Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and
IFRS 16 address issues not dealt with in the previous
amendments which affect financial reporting when an
existing interest rate benchmark is replaced with an
alternative risk-free rate (“RFR”). The amendments
provide a practical expedient to allow the effective
interest rate to be updated without adjusting the
carrying amount of financial assets and liabilities when
accounting for changes in the basis for determining
the contractual cash flows of financial assets and
liabilities, if the change is a direct consequence of the
interest rate benchmark reform and the new basis for
determining the contractual cash flows is economically
equivalent to the previous basis immediately preceding
the change. In addition, the amendments permit
changes required by the interest rate benchmark
reform to be made to hedge designations and hedge
documentation without the hedging relationship
being discontinued. Any gains or losses that could
arise on transition are dealt with through the normal
requirements of IFRS 9 to measure and recognise
hedge ineffectiveness. The amendments also provide
a temporary relief to entities from having to meet the
separately identifiable requirement when an RFR is
designated as a risk component. The relief allows
an entity, upon designation of the hedge, to assume
that the separately identifiable requirement is met,
provided the entity reasonably expects the RFR risk
component to become separately identifiable within
the next 24 months. Furthermore, the amendments
require an entity to disclose additional information
to enable users of financial statements to understand
the effect of interest rate benchmark reform on an
entity’s financial instruments and risk management
strategy. The Group had certain interest-bearing
bank borrowings denominated in RMB and foreign
currencies based on the exchange rates quoted by
the People’s Bank of China as at 31 December 2021.
Since the interest rates of these borrowings were not
replaced by RFRs during the period, the amendments
did not have any impact on the financial position and
performance of the Group. If the interest rates of these
borrowings are replaced by RFRs in a future period,
the Group will apply this practical expedient upon the
modification of these borrowings provided that the
“economically equivalent” criterion is met.
13
(b) 於2021年4月頒佈的國際財務報告準
則第16號的修訂將承租人可選擇實
際權宜之計不就新型冠狀病毒疫情
直接導致的租金減免應用租賃修訂
會計處理延長了12個月。因此，該
實際權宜之計適用於租賃付款的任
何減免僅影響原到期日為2022年6月
30日或之前的付款的租金減免，前
提是應用實際權宜之計的其他條件
獲達成。該修訂於2021年4月1日或之
後開始的年度期間追溯生效，首次
應用該修訂的任何累計影響確認為
對當前會計期間開始時保留利潤期
初結餘的調整。允許提早應用。
本集團已於2021年1月1日提早採納有
關修訂，並選擇就截至2021年12月31
日止年度出租人因新型冠狀病毒疫
情給予的所有租金減免不應用租賃
修訂會計處理，原因為租賃付款的
減免微乎其微。該等修訂並無對本
集團的財務狀況及表現造成任何重
大影響。
於本年度，本集團已變更其會計政策，將
綜合現金流量表中的已付利息由經營活動
分類為融資活動（「政策變動」），以就金融負
債產生的現金流量提供可靠及更相關的資
料。本公司董事認為，將本集團借貸的所
有現金流量分類為綜合現金流量表中的融
資活動更為合適，且政策變動將產生一致
的呈列方式，這將有利於財務報表的使用
者了解同一金融負債的所有相關現金流量
並提供更多行業同行的可比較資料。
(b) Amendment to IFRS 16 issued in April 2021 extends
the availability of the practical expedient for lessees
to elect not to apply lease modification accounting for
rent concessions arising as a direct consequence of
the covid-19 pandemic by 12 months. Accordingly,
the practical expedient applies to rent concessions
for which any reduction in lease payments affects
only payments originally due on or before 30 June
2022, provided the other conditions for applying
the practical expedient are met. The amendment is
effective retrospectively for annual periods beginning
on or after 1 April 2021 with any cumulative effect
of initially applying the amendment recognised as an
adjustment to the opening balance of retained profits at
the beginning of the current accounting period. Earlier
application is permitted.
The Group has early adopted the amendment on
1 January 2021 and elected not to apply lease
modification accounting for all rent concessions
granted by the lessors as a result of the covid-19
pandemic for the year ended 31 December 2021 as the
reduction in the lease payments was insignificant. The
amendment did not have any significant impact on the
financial position and the performance of the Group.
The Group has changed its accounting policy for the
classification of the interest paid in the consolidated
statement of cash flows from operating activities to financing
activities during the current year (the “Policy Change”) so
as to provide reliable and more relevant information of cash
flows generated from financial liabilities. In the opinion
of the directors of the Company, it is more appropriate to
classify all cash flows of the Group’s borrowings as financing
activities in the consolidated statement of cash flows and the
Policy Change can result in a consistent presentation which
is beneficial to users of the financial statements to understand
all the related cash flows of the same financial liabilities and
provides more comparable information with industry peers.
14
下表載列截至2021年及2020年12月31日止
年度因政策變動而受影響的各財務報表細
目金額：
採納政策變動對綜合損益表、綜合全面收
入表、綜合財務狀況表及綜合權益變動表
並無影響。
Set out below are the amounts by which each financial
statement line item was affected for the years ended 31
December 2021 and 2020 as a result of the Policy Change:
2021 2020
2021年 2020年
RMB’000 RMB’000
人民幣千元 人民幣千元
(Unaudited) (Audited)
（未經審計） （經審計）
CASH FLOWS FROM OPERATING
ACTIVITIES
經營活動產生的現金流量
Interest paid 已付利息 1,438,251 1,211,909
Increase in cash flows related to operating
activities
經營活動相關的現金流量
增加 1,438,251 1,211,909
CASH FLOWS FROM FINANCING
ACTIVITIES
融資活動產生的現金流量
Interest paid 已付利息 (1,438,251) (1,211,909)
Decrease in cash flows related to financing
activities
融資活動相關的現金流量
減少 (1,438,251) (1,211,909)
NET (DECREASE)/INCREASE IN CASH
AND CASH EQUIVALENTS
現金及現金等價物淨（減少）
╱增加 – –
The adoption of the Policy Change has had no impact on
the consolidated statements of profit or loss, comprehensive
income, financial position and changes in equity.
15
已頒佈但未生效的國際財務報告準則
本集團於該等財務報表中並未採納下列已
頒佈但尚未生效的新訂及經修訂國際財務
報告準則。
1 於2022年1月1日或之後開始的年度期間生
效
2 於2023年1月1日或之後開始的年度期間生
效
3 尚未釐定強制生效日期，惟可供採納
4 由於國際會計準則第1號的修訂，國際財
務報告詮釋第5號呈列財務報表 – 借款人對
包含按要求償還條款之有期貸款之分類於
2020年10月修訂，使相應措詞保持一致而
結論不變
5 由於2020年6月刊發國際財務報告準則第17
號的修訂，國際財務報告準則第4號已修訂
以延長臨時豁免，允許保險人於2023年1月
1日前開始的年度期間採用國際會計準則第
39號而非國際財務報告準則第9號
ISSUED BUT NOT YET EFFECTIVE IFRSs
The Group has not applied the following new and revised
IFRSs, that have been issued but are not yet effective, in these
financial statements.
Amendments to IFRS 3 Reference to the Conceptual Framework1
國際財務報告準則第3號的修訂 概念框架的提述1
Amendments to IFRS 10 and IAS 28 (2011) Sale or Contribution of Assets between an Investor and its Associate
or Joint Venture3
國際財務報告準則第10號及
國際會計準則第28號（2011年）的修訂
投資者與其聯營公司或合營企業之間的資產出售或注資3
IFRS 17 Insurance Contracts2
國際財務報告準則第17號 保險合同2
Amendments to IFRS 17 Insurance Contracts2,5
國際財務報告準則第17號的修訂 保險合同2、5
Amendments to IAS 1 Classification of Liabilities as Current or Non-current2,4
國際會計準則第1號的修訂 將負債分類為即期或非即期2、4
Amendments to IAS 1 and IFRS Practice
Statement 2
Disclosure of Accounting Policies2
國際會計準則第1號及國際財務報告準則
實務報告第2號的修訂
會計政策披露2
Amendments to IAS 8 Definition of Accounting Estimates2
國際會計準則第8號的修訂 會計估計的定義2
Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single
Transaction2
國際會計準則第12號的修訂 與單一交易產生之資產及負債有關的遞延稅項2
Amendments to IAS 16 Property, Plant and Equipment: Proceeds before Intended Use1
國際會計準則第16號的修訂 物業、廠房及設備：作擬定用途前的所得款項1
Amendments to IAS 37 Onerous Contracts – Cost of Fulfilling a Contract1
國際會計準則第37號的修訂 虧損性合同 – 履行合同的成本1
Annual Improvements to IFRSs 2018–2020 Amendments to IFRS 1, IFRS 9, Illustrative
Examples accompanying IFRS 16, and IAS 411
國際財務報告準則的年度改進
（2018年至2020年）
國際財務報告準則第1號、國際財務報告準則第9號、
國際財務報告準則第16號隨附之範例的修訂及
國際會計準則第41號1
1 Effective for annual periods beginning on or after 1
January 2022
2 Effective for annual periods beginning on or after 1
January 2023
3 No mandatory effective date yet determined but
available for adoption
4 As a consequence of the amendments to IAS 1,
International Financial Reporting Interpretation 5
Presentation of Financial Statements – Classification
by the Borrower of a Term Loan that Contains a
Repayment on Demand Clause was revised in October
2020 to align the corresponding wording with no
change in conclusion
5 As a consequence of the amendments to IFRS 17
issued in June 2020, IFRS 4 was amended to extend
the temporary exemption that permits insurers to
apply IAS 39 rather than IFRS 9 for annual periods
beginning before 1 January 2023
16
預期將適用於本集團的該等國際財務報告
準則的進一步資料如下。
國際財務報告準則第3號的修訂旨在以2018
年3月發佈的財務報告概念框架的提述取代
先前編製及呈列財務報表的框架提述，而
無需重大改變其要求。該等修訂亦為國際
財務報告準則第3號增加確認原則的例外，
實體可參考概念框架釐定資產或負債的構
成要素。該例外情況規定，對於單獨而非
於業務合併中承擔且屬於國際會計準則第
37號或國際財務報告詮釋委員會詮釋第21
號的負債及或然負債，採用國際財務報告
準則第3號的實體應分別提述國際會計準則
第37號或國際財務報告詮釋委員會詮釋第
21號，而非概念框架。此外，該等修訂澄
清或然資產於收購日期不符合確認資格。
本集團預期自2022年1月1日起前瞻性地採
納該等修訂。由於該等修訂預期適用於收
購日期為首次應用日期或之後的業務合
併，故本集團於過渡日期將不受該等修訂
影響。
國際財務報告準則第10號及國際會計準則
第28號（2011年）的修訂處理國際財務報告
準則第10號及國際會計準則第28號於處理
投資者與其聯營公司或合營企業間之資產
出售或注資方面之規定之不一致情況。該
等修訂規定，當投資者與其聯營公司或
合營企業間之資產出售或注資構成一項業
務時，須全面確認收益或虧損。對於涉及
並無構成一項業務之資產之交易而言，該
項交易產生之收益或虧損於投資者之損益
中確認，惟僅以不相關投資者於該聯營公
司或合營企業之權益為限。該等修訂將按
前瞻基準應用。國際會計準則理事會已於
2015年12月剔除國際財務報告準則第10號
及國際會計準則第28號的修訂的以往強制
生效日期，而新的強制生效日期將於對聯
營公司及合營企業的會計處理完成更廣泛
的檢討後釐定。然而，該等修訂可於現時
採納。
Further information about those IFRSs that are expected to be
applicable to the Group is described below.
Amendments to IFRS 3 are intended to replace a reference
to the previous Framework for the Preparation and
Presentation of Financial Statements with a reference to the
Conceptual Framework for Financial Reporting issued in
March 2018 without significantly changing its requirements.
The amendments also add to IFRS 3 an exception to its
recognition principle for an entity to refer to the Conceptual
Framework to determine what constitutes an asset or a
liability. The exception specifies that, for liabilities and
contingent liabilities that would be within the scope of IAS
37 or IFRIC 21 if they were incurred separately rather than
assumed in a business combination, an entity applying IFRS 3
should refer to IAS 37 or IFRIC 21 respectively instead of the
Conceptual Framework. Furthermore, the amendments clarify
that contingent assets do not qualify for recognition at the
acquisition date. The Group expects to adopt the amendments
prospectively from 1 January 2022. Since the amendments
apply prospectively to business combinations for which the
acquisition date is on or after the date of first application, the
Group will not be affected by these amendments on the date
of transition.
Amendments to IFRS 10 and IAS 28(2011) address an
inconsistency between the requirements in IFRS 10 and
in IAS 28 in dealing with the sale or contribution of assets
between an investor and its associate or joint venture. The
amendments require a full recognition of a gain or loss when
the sale or contribution of assets between an investor and
its associate or joint venture constitutes a business. For a
transaction involving assets that do not constitute a business,
a gain or loss resulting from the transaction is recognised in
the investor’s profit or loss only to the extent of the unrelated
investor’s interest in that associate or joint venture. The
amendments are to be applied prospectively. The previous
mandatory effective date of amendments to IFRS 10 and
IAS 28 was removed by the IASB in December 2015 and a
new mandatory effective date will be determined after the
completion of a broader review of accounting for associates
and joint ventures. However, the amendments are available
for adoption now.
17
國際會計準則第1號的修訂將負債分類為
即期或非即期澄清劃分負債為流動或非流
動的規定。該等修訂載明，倘實體推遲清
償負債的權利受限於該實體須符合特定條
件，則倘該實體符合當日之條件，其有權
於報告期末推遲清償負債。負債的分類不
受實體行使其權利延遲清償負債的可能性
的影響。該等修訂亦澄清被認為清償負債
的情況。該等修訂於2023年1月1日或之後
開始的年度期間生效，須追溯應用，並允
許提早應用。預期該等修訂將不會對本集
團財務報表造成任何重大影響。
國際會計準則第1號的修訂會計政策的披露
要求實體披露重大會計政策資料，而非重
大會計政策。倘連同實體財務報表內其他
資料一併考慮，會計政策資料可以合理預
期會影響通用財務報表的主要使用者根據
該等財務報表所作出的決定，則該會計政
策資料屬重大。國際財務報告準則實務報
告第2號的修訂就如何將重要性概念應用於
會計政策披露提供非強制性指引。國際會
計準則第1號的修訂於2023年1月1日或之後
開始的年度期間生效，並允許提早應用。
由於國際財務報告準則實務報告第2號的修
訂提供的指引屬非強制性，故該等修訂的
生效日期並無必要。本集團目前正在評估
該等修訂對本集團會計政策披露的影響。
國際會計準則第8號的修訂澄清會計估計
變動與會計政策變動之間的區別。會計估
計界定為財務報表內的貨幣金額，受到計
量不確定性的影響。該等修訂亦澄清實體
如何運用計量技術及輸入數據作出會計估
計。該等修訂於2023年1月1日或之後開始
的年度報告期生效，並應用於該期間開始
時或之後發生的會計政策變動及會計估計
變動。允許提早應用。該等修訂預期不會
對本集團的財務報表產生任何重大影響。
Amendments to IAS 1 Classification of Liabilities as Current
or Non-current clarify the requirements for classifying
liabilities as current or non-current. The amendments specify
that if an entity’s right to defer settlement of a liability is
subject to the entity complying with specified conditions, the
entity has a right to defer settlement of the liability at the end
of the reporting period if it complies with those conditions
at that date. Classification of a liability is unaffected by
the likelihood that the entity will exercise its right to defer
settlement of the liability. The amendments also clarify the
situations that are considered a settlement of a liability. The
amendments are effective for annual periods beginning on
or after 1 January 2023 and shall be applied retrospectively.
Earlier application is permitted. The amendments are not
expected to have any significant impact on the Group’s
financial statements.
Amendments to IAS 1 Disclosure of Accounting Policies
require entities to disclose their material accounting
policy information rather than their significant accounting
policies. Accounting policy information is material if, when
considered together with other information included in an
entity’s financial statements, it can reasonably be expected to
influence decisions that the primary users of general purpose
financial statements make on the basis of those financial
statements. Amendments to IFRS Practice Statement 2
provide non-mandatory guidance on how to apply the concept
of materiality to accounting policy disclosures. Amendments
to IAS 1 are effective for annual periods beginning on or
after 1 January 2023 and earlier application is permitted.
Since the guidance provided in the amendments to IFRS
Practice Statement 2 is non-mandatory, an effective date for
these amendments is not necessary. The Group is currently
assessing the impact of the amendments on the Group’s
accounting policy disclosures.
Amendments to IAS 8 clarify the distinction between changes
in accounting estimates and changes in accounting policies.
Accounting estimates are defined as monetary amounts
in financial statements that are subject to measurement
uncertainty. The amendments also clarify how entities use
measurement techniques and inputs to develop accounting
estimates. The amendments are effective for annual reporting
periods beginning on or after 1 January 2023 and apply to
changes in accounting policies and changes in accounting
estimates that occur on or after the start of that period. Earlier
application is permitted. The amendments are not expected
to have any significant impact on the Group’s financial
statements.
18
國際會計準則第12號的修訂縮小初步確認
例外情況的範圍，使其不再適用於產生相
同的應課稅及可扣減暫時差額的交易（如租
賃及棄置責任）。因此，實體須就該等交易
產生的暫時差額確認一項遞延稅項資產及
一項遞延稅項負債。該等修訂於2023年1月
1日或之後開始的年度報告期生效，並須適
用於在呈列的最早比較期間期初與租賃及
棄置責任相關的交易，任何累積影響確認
為對該日保留溢利期初餘額或其他權益組
成部分（如適當）的調整。此外，該等修訂
應前瞻性地應用於租賃及棄置責任以外的
交易。允許提早應用。
本集團已於2021年1月1日提早採納有關修
訂並確認租賃活動產生的遞延稅項資產與
遞延稅項負債之暫時差額。該等修訂並無
對本集團的財務狀況及表現造成任何重大
影響。
國際會計準則第16號的修訂禁止實體從物
業、廠房及設備項目成本中扣除資產達到
管理層預定的可運營狀態（包括位置與條
件）過程中出售項目產生的任何所得款項。
相反，實體須將出售任何有關項目的所得
款項及其成本計入損益。該等修訂自2022
年1月1日或之後開始的年度期間生效，僅
對實體首次應用有關修訂的財務報表呈列
的最早期間開始時或之後可供使用的物
業、廠房及設備項目追溯應用，並允許提
早應用。預期該等修訂將不會對本集團財
務報表造成任何重大影響。
Amendments to IAS 12 narrow the scope of the initial
recognition exception so that it no longer applies to
transactions that give rise to equal taxable and deductible
temporary differences, such as leases and decommissioning
obligations. Therefore, entities are required to recognise a
deferred tax asset and a deferred tax liability for temporary
differences arising from these transactions. The amendments
are effective for annual reporting periods beginning on or
after 1 January 2023 and shall be applied to transactions
related to leases and decommissioning obligations at the
beginning of the earliest comparative period presented, with
any cumulative effect recognised as an adjustment to the
opening balance of retained profits or other component of
equity as appropriate at that date. In addition, the amendments
shall be applied prospectively to transactions other than
leases and decommissioning obligations. Earlier application
is permitted.
The Group has early adopted the amendment on 1 January
2021 and recognised a deferred tax asset and a deferred
tax liability for temporary differences arising from lease
activities. The amendment did not have any significant impact
on the financial position and the performance of the Group.
Amendments to IAS 16 prohibit an entity from deducting
from the cost of an item of property, plant and equipment
any proceeds from selling items produced while bringing
that asset to the location and condition necessary for it to be
capable of operating in the manner intended by management.
Instead, an entity recognises the proceeds from selling any
such items, and the cost of those items, in profit or loss. The
amendments are effective for annual periods beginning on or
after 1 January 2022 and shall be applied retrospectively only
to items of property, plant and equipment made available for
use on or after the beginning of the earliest period presented
in the financial statements in which the entity first applies
the amendments. Earlier application is permitted. The
amendments are not expected to have any significant impact
on the Group’s financial statements.
19
Amendments to IAS 37 clarify that for the purpose of
assessing whether a contract is onerous under IAS 37, the
cost of fulfilling the contract comprises the costs that relate
directly to the contract. Costs that relate directly to a contract
include both the incremental costs of fulfilling that contract
(., direct labour and materials) and an allocation of other
costs that relate directly to fulfilling that contract (., an
allocation of the depreciation charge for an item of property,
plant and equipment used in fulfilling the contract as well
as contract management and supervision costs). General
and administrative costs do not relate directly to a contract
and are excluded unless they are explicitly chargeable to
the counterparty under the contract. The amendments are
effective for annual periods beginning on or after 1 January
2022 and shall be applied to contracts for which an entity
has not yet fulfilled all its obligations at the beginning
of the annual reporting period in which it first applies
the amendments. Earlier application is permitted. Any
cumulative effect of initially applying the amendments shall
be recognised as an adjustment to the opening equity at the
date of initial application without restating the comparative
information. The amendments are not expected to have any
significant impact on the Group’s financial statements.
Annual Improvements to IFRS Standards 2018–2020 sets
out amendments to IFRS 1, IFRS 9, Illustrative Examples
accompanying IFRS 16, and IAS 41. Details of the
amendments that are expected to be applicable to the Group
are as follows:
• IFRS 9 Financial Instruments: clarifies the fees that an
entity includes when assessing whether the terms of
a new or modified financial liability are substantially
different from the terms of the original financial
liability. These fees include only those paid or received
between the borrower and the lender, including fees
paid or received by either the borrower or lender on
the other’s behalf. An entity applies the amendment to
financial liabilities that are modified or exchanged on
or after the beginning of the annual reporting period
in which the entity first applies the amendment. The
amendment is effective for annual periods beginning
on or after 1 January 2022. Earlier application is
permitted. The amendment is not expected to have a
significant impact on the Group’s financial statements.
• IFRS 16 Leases: removes the illustration of payments
from the lessor relating to leasehold improvements in
Illustrative Example 13 accompanying IFRS 16. This
removes potential confusion regarding the treatment of
lease incentives when applying IFRS 16.
國際會計準則第37號的修訂澄清，就根據
國際會計準則第37號評估合同是否屬虧損
性而言，履行合同的成本包括與合同直接
相關的成本。與合同直接相關的成本包括
履行該合同的增量成本（例如直接勞工及材
料）及與履行合同直接相關的其他成本分
配（例如分配履行合同所用物業、廠房及
設備項目的折舊開支以及合同管理與監督
成本）。一般及行政成本與合同並無直接關
係，除非合同明確向對手方收費，否則將
其排除在外。該等修訂於2022年1月1日或
之後開始的年度期間生效，適用於實體首
次應用有關修訂的年度報告期開始時實體
尚未履行其全部責任的合同，並允許提早
應用。初步應用修訂的任何累積影響應於
初始應用日期確認為期初權益的調整，且
毋須重列比較資料。預期該等修訂將不會
對本集團財務報表造成任何重大影響。
國際財務報告準則的年度改進（2018年至
2020年）載列國際財務報告準則第1號、國
際財務報告準則第9號、國際財務報告準則
第16號隨附之範例的修訂及國際會計準則
第41號。預期將適用於本集團的該等修訂
詳情如下：
• 國際財務報告準則第9號金融工具：
澄清於實體評估是否新訂或經修改
金融負債的條款與原金融負債的條
款存在實質差異時所包含的費用。
該等費用僅包括借款人與貸款人
之間已支付或收取的費用，包括借
款人或貸款人代表其他方支付或收
取的費用。實體將有關修訂應用於
實體首次應用有關修訂的年度報告
期開始或之後修改或交換的金融負
債。該修訂於2022年1月1日或之後開
始的年度期間生效，並允許提早應
用。預期該修訂將不會對本集團財
務報表造成重大影響。
• 國際財務報告準則第16號租賃：刪
除國際財務報告準則第16號隨附之
範例13中有關租賃物業裝修的出租
人付款說明。此舉消除於採用國際
財務報告準則第16號有關租賃激勵
措施處理方面的潛在混淆。
20
3. 經營分部資料
管理層按項目位置監控本集團業務（包括物
業開發及租賃及商業物業管理）的經營業
績，以就資源分配及表現評估作出決策，
而並無任何單一位置的收益、淨虧損或總
資產分別超過本集團綜合收益、淨虧損或
總資產的10%。因所有位置具備類似經濟
特徵及物業開發及租賃與管理的性質、上
述業務流程的性質、上述業務的客戶類型
或級別以及分配財產或提供服務所用方法
類似，所有位置被歸總為一個可報告經營
分部。
地區資料
由於本集團來自外部客戶的收益僅來自其
於中國內地的經營所得且本集團並無非流
動資產位於中國內地境外，故並無呈列地
區資料。
有關主要客戶的資料
於報告期結束時，對單一客戶或共同控制
下的一組客戶的銷售並無佔本集團收益的
10%或以上。
3. OPERATING SEGMENT INFORMATION
Management monitors the operating results of the Group’s
business which includes property development and leasing
and commercial property management by project locations
for the purpose of making decisions about resource allocation
and performance assessment, while no single location’s
revenue, net loss or total assets exceed 10% of the Group’s
consolidated revenue, net loss or total assets, respectively. As
the economic characteristics are similar in all the locations,
where the nature of property development and leasing and
management are similar, and the nature of the aforementioned
business processes, the type or class of customer for the
aforementioned business and the methods used to distribute
the properties or provide the services are similar as well,
all locations were aggregated as one reportable operating
segment.
Geographical information
No geographical information is presented as the Group’s
revenue from the external customers is derived solely from its
operation in Mainland China and no non-current assets of the
Group are located outside Mainland China.
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 at the end of the reporting period.
21
4. 收益、其他收入及收益
對收益的分析如下：
客戶合同收益
(i) 分列收益資料
4. REVENUE, OTHER INCOME AND GAINS
An analysis of revenue is as follows:
2021 2020
2021年 2020年
RMB’000 RMB’000
人民幣千元 人民幣千元
(Unaudited) (Audited)
（未經審計） （經審計）
Revenue from contracts with customers 客戶合同收益 5,859,587 9,138,944
Revenue from other sources 其他來源收益
Gross rental income from investment property
operating leases:
投資物業經營租賃租金收入
總額：
Lease payments, including fixed payments 租賃付款，包括定額付款 51,673 49,550
5,911,260 9,188,494
Revenue from contracts with customers
(i) Disaggregated revenue information
2021 2020
2021年 2020年
RMB’000 RMB’000
人民幣千元 人民幣千元
(Unaudited) (Audited)
（未經審計） （經審計）
Types of goods or services: 商品或服務類型：
Sale of properties 物業銷售 5,819,943 9,085,255
Property management service income 物業管理服務收入 7,291 9,000
Management consulting service income 管理諮詢服務收入 32,353 44,689
Total revenue from contracts with
customers
客戶合同總收益
5,859,587 9,138,944
Timing of revenue recognition: 收益確認時間：
Properties transferred at a point in time 於某一時點轉讓的物業 5,819,943 9,085,255
Services transferred over time 於一段時間內轉讓的
服務 39,644 53,689
Total revenue from contracts with
customers
客戶合同總收益
5,859,587 9,138,944
22
下表載列於本報告期間確認並於報
告期初計入合同負債的收益金額及
因過往期間履行履約責任而確認的
收益金額：
(ii) 履約責任
本集團的履約責任與物業銷售合
同、物業管理服務合同及管理諮詢
服務合同有關。對於物業銷售合
同，本集團於買方獲得已竣工物業
的實物所有權或法定所有權時確認
等於合同金額的收益。對於物業管
理服務及管理諮詢服務合同，本集
團於按月基準的收益與本集團迄今
為止對客戶的履約價值直接相符一
致時確認等於有權收取的發票金額
的收益。大多數物業管理服務合同
並無固定期限。本集團已選擇不披
露此兩種合同的剩餘履約責任的可
行權宜方法。
於2021年12月31日分配予剩餘履約責
任（未履行或部分未履行）的交易價格
為人民幣12,725,546,000元（2020年：
人民幣12,007,781,000元）。
管理層預期，該金額的54%及46%將
分別於一年內或一年後於損益確認
（2020年：34%於一年內確認及66%
於一年後確認）。上述所披露金額並
不包括與原期限為一年或以下的本
集團客戶合同有關的未履行履約責
任。
The following table shows the amounts of revenue
recognised in the current reporting period that were
included in the contract liabilities at the beginning of
the reporting period and recognised from performance
obligations satisfied in previous periods:
2021 2020
2021年 2020年
RMB’000 RMB’000
人民幣千元 人民幣千元
(Unaudited) (Audited)
（未經審計） （經審計）
Revenue recognised that was included in
contract liabilities at the beginning of the
reporting period:
計入報告期初合同負債的
已確認收益：
3,521,528 5,724,724
(ii) Performance obligations
The Group’s performance obligations are related
to property sales contracts, property management
service contracts and management consulting service
contracts. For property sales contracts, the Group
recognises revenue equal to the contract amount when
the purchaser obtains the physical possession or the
legal title of the completed property. For property
management service and management consulting
service contracts, the Group recognises revenue equal
to the right-to-invoice amount when it corresponds
directly with the value to the customer of the Group’s
performance to date, on a monthly basis. The majority
of the property management service contracts do not
have a fixed term. The Group has elected the practical
expedient not to disclose the remaining performance
obligations for both types of contracts.
The transaction price allocated to the remaining
performance obligations (unsatisfied or partially
unsatisfied) as at 31 December 2021 amounted to
RMB12,725,546,000 (2020: RMB12,007,781,000).
Management expects that 54% and 46% of the amount
will be recognised in profit or loss within one year
and in more than one year, respectively (2020: 34%
recognised within one year and 66% recognised in
more than one year). The amount disclosed above does
not include unsatisfied performance obligations that
were related to the Group’s contracts with customers
with an original duration of one year or less.
23
所有物業管理服務及管理咨詢服務期限均
為一年或以下。如國際財務報告準則第15
號所許可，並無披露分配予該等未履行合
同的交易價格。
All property management services and management
consulting services are for periods of one year or less.
As permitted under IFRS 15, the transaction price
allocated to these unsatisfied contracts is not disclosed.
2021 2020
2021年 2020年
RMB’000 RMB’000
人民幣千元 人民幣千元
(Unaudited) (Audited)
（未經審計） （經審計）
Other income 其他收入
Others 其他 1,303 5,597
Gains 收益
Gain on disposal of subsidiaries 出售子公司收益 66,153 103,745
Remeasurement gain on investments in joint
ventures and an associate held before
business combination
業務合併前所持於合營
企業及聯營公司的
投資的重新計量收益 189 18,631
Foreign exchange differences, net 淨匯兌差額 67,530 200,414
Gain on disposal of associates 出售聯營公司收益 33,618 463
Deposit forfeiture 按金沒收 4,510 2,610
Dividend income from equity investments
designated at FVOCI and financial assets
at FVTPL
指定為按公允價值計入其
他全面收入的股權投資
及按公允價值計入損益
的金融資產的股息收入 33,002 6,561
Government grants 政府補助 10,948 7,160
Gain on bargain purchase 議價購買收益 8 267
Gain on disposal of items of property, plant
and equipment
出售物業、廠房及設備
項目收益 1,971 23
217,929 339,874
219,232 345,471
24
5. 除稅前（虧損）╱利潤
本集團除稅前（虧損）╱利潤乃自以下各項
扣除後達致：
5. (LOSS)/PROFIT BEFORE TAX
The Group’s (loss)/profit before tax is arrived at after
charging:
2021 2020
2021年 2020年
RMB’000 RMB’000
人民幣千元 人民幣千元
(Unaudited) (Audited)
（未經審計） （經審計）
Cost of properties sold 已出售物業成本 4,950,542 7,236,342
Impairment losses recognised for
properties under development
就在建物業確認的減值
虧損 7,918 –
Impairment losses recognised for
completed properties held for sale
就已竣工持作銷售物業
確認的減值虧損 70,852 –
Cost of rental service 租賃服務成本 7,074 6,588
Cost of property management service 物業管理服務成本 1,380 1,264
Cost of management consulting service 管理諮詢服務成本 17,775 26,604
Depreciation of items of property, plant
and equipment
物業、廠房及設備項目
折舊 13,593 16,968
Depreciation of right-of-use assets 使用權資產折舊 6,295 6,327
Amortisation of intangible assets 無形資產攤銷 2,413 1,849
Loss on disposal of items of property,
plant and equipment
出售物業、廠房及設備
項目虧損 3 46
Lease payments not included in the
measurement of lease liabilities
未計入租賃負債計量的
租賃付款 5,465 5,613
Auditor’s remuneration 審計師酬金 4,550 4,450
Employee benefit expense (including
directors’ and chief executives’
remuneration):
僱員福利開支（包括董事及
最高行政人員薪酬）：
Wages and salaries 工資及薪金 267,879 297,882
Pension scheme contributions and
social welfare
退休金計劃供款及社會
福利 55,530 61,847
25
6. 融資成本
融資成本的分析如下：
7. 所得稅費用
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及源自其的利潤按
實體基準繳納所得稅。根據開曼群島及英
屬處女群島的規則及規例，本公司及本集
團於開曼群島及英屬處女群島註冊成立的
子公司無須繳納任何所得稅。本集團於香
港註冊成立的子公司無須繳納所得稅，因
為該公司於截至2021年12月31日止年度並
無於香港產生的任何應課稅利潤。
本集團於中國內地經營的子公司於截至
2021年12月31日止年度須按25%的稅率繳納
中國企業所得稅。
6. FINANCE COSTS
An analysis of finance costs is as follows:
2021 2020
2021年 2020年
RMB’000 RMB’000
人民幣千元 人民幣千元
(Unaudited) (Audited)
（未經審計） （經審計）
Interest on bank and other borrowings and senior
notes
銀行及其他借貸及優先票據
的利息 1,437,852 1,200,744
Interest expense arising from revenue contracts 收益合同產生的利息開支 229,331 160,045
Interest on lease liabilities 租賃負債的利息 550 870
Total interest expense on financial liabilities not
at fair value through profit or loss
並非按公允價值計入損益的
金融負債的利息總開支 1,667,733 1,361,659
Less: Interest capitalised 減：資本化利息 (1,202,120) (1,126,202)
465,613 235,457
7. INCOME TAX EXPENSE
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 Company and the Group’s
subsidiaries incorporated in the Cayman Islands and British
Virgin Islands are not subject to any income tax. The Group’s
subsidiary incorporated in Hong Kong was not liable for
income tax as it did not have any assessable profits arising in
Hong Kong for the year ended 31 December 2021.
Subsidiaries of the Group operating in Mainland China were
subject to the PRC corporate income tax rate of 25% for the
year ended 31 December 2021.
26
土地增值稅乃按照介乎30%至60%的累進
稅率對土地增值額徵收，土地增值額為物
業銷售所得款項減可扣減開支（包括土地成
本、借貸成本及其他物業開發開支）。本集
團根據有關中國內地稅務法律及法規的規
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當地稅務機關進
行最終審核及批准。
本公司及其大部分子公司註冊所在司法管
轄區按法定稅率計算的除稅前利潤適用的
所得稅費用與按實際所得稅率計算的所得
稅費用對賬如下：
LAT is levied at progressive rates ranging from 30% to 60%
on the appreciation of land value, being the proceeds from
the 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.
2021 2020
2021年 2020年
RMB’000 RMB’000
人民幣千元 人民幣千元
(Unaudited) (Audited)
（未經審計） （經審計）
Current tax: 即期稅項：
PRC CIT 中國企業所得稅 337,685 464,352
PRC LAT 中國土地增值稅 4,187 74,078
Deferred tax 遞延稅項 (101,726) (3,542)
Total tax charge for the year 年內總稅項支出 240,146 534,888
A reconciliation of income tax expense applicable to profit
before tax at the statutory rate for the jurisdictions in
which the Company and the majority of its subsidiaries are
domiciled to the income tax expense at the effective income
tax rate is as follows:
2021 2020
2021年 2020年
RMB’000 RMB’000
人民幣千元 人民幣千元
(Unaudited) (Audited)
（未經審計） （經審計）
(Loss)/Profit before tax 除稅前（虧損）╱利潤 (188,625) 1,250,222
Tax at the statutory income tax rate 按法定所得稅率計算的稅項 (47,156) 312,556
Profits and losses attributable to joint ventures
and associates
合營企業及聯營公司應佔
利潤及虧損 (5,655) 6,160
Income not subject to tax 無須課稅收入 (6,842) (47,401)
Expenses not deductible for tax 不可扣稅開支 9,528 6,804
Tax losses and deductible temporary differences
utilised from previous years
過往年度利用的稅項虧損及
可扣減暫時差額 (17,687) (17,937)
Tax losses and deductible temporary differences
not recognised
未確認稅項虧損及可扣減
暫時差額 304,818 219,148
Provision for LAT 土地增值稅撥備 4,187 74,078
Tax effect on LAT 土地增值稅的稅務影響 (1,047) (18,520)
Tax charge at the Group’s effective rate 按本集團實際稅率計算的
稅項支出 240,146 534,888
27
截至2021年12月31日止年度，分佔合營
企業及聯營公司應佔稅項支出為人民幣
43,161,000元（2020年：人民幣13,607,000
元），計入綜合損益表內「分佔合營企業及
聯營公司利潤及虧損」項下。截至2021年12
月31日止年度，分佔合營企業及聯營公司
應佔稅項抵免為人民幣35,621,000元（2020
年：人民幣21,821,000元），計入綜合損益
表內「分佔合營企業及聯營公司利潤及虧
損」項下。
以下為綜合財務狀況表內的應付稅項：
8. 股息
於2021年8月，董事會決議宣派截至2021年
6月30日止六個月之中期股息（「2021年中期
股息」）每股普通股人民幣分（相當於港
仙），共計人民幣39,738,000元。於2022年3
月，董事會已決議將2021年中期股息的派
付進一步推遲至2022年7月6日（星期三）或前
後。
董事會已決議，不宣派截至2021年12月31
日止年度的任何股息。
The share of tax charge attributable to joint ventures and
associates amounting to RMB43,161,000 is included in “Share
of profits and losses of joint ventures and associates” in the
consolidated statement of profit or loss for the year ended 31
December 2021 (2020: RMB13,607,000). The share of tax
credit attributable to joint ventures and associates amounting
to RMB35,621,000 is included in “ Share of profits and losses
of joint ventures and associates” in the consolidated statement
of profit or loss for the year ended 31 December 2021 (2020:
RMB21,821,000).
Tax payable in the consolidated statement of financial
position represents the following:
2021 2020
2021年 2020年
RMB’000 RMB’000
人民幣千元 人民幣千元
(Unaudited) (Audited)
（未經審計） （經審計）
PRC CIT payable 應付中國企業所得稅 654,061 579,675
PRC LAT payable 應付中國土地增值稅 96,064 106,748
Total tax payable 應付總稅項 750,125 686,423
8. DIVIDENDS
2021 2020
2021年 2020年
RMB’000 RMB’000
人民幣千元 人民幣千元
(Unaudited) (Audited)
（未經審計） （經審計）
Interim – cents (2020: cents)
per ordinary share
中期股息 – 每股普通股人民幣
分（2020年：人民幣分） 39,738 28,148
Proposed final – Nil (2020: cents) per
ordinary share
建議末期股息 – 每股普通股零
（2020年：人民幣分） – 39,738
39,738 67,886
In August 2021, the Board resolved to declare the payment
of an interim dividend (“the 2021 Interim Dividend”) of
cents (equivalent to HK cents) per ordinary
share for the six months ended 30 June 2021 in the form of
cash, amounting to a total of RMB39,738,000. In March
2022, the Board has resolved to further postpone the payment
of the 2021 Interim Dividend to on or about Wednesday, 6
July 2022.
The Board has resolved not to declare any dividend for the
year ended 31 December 2021.
28
9. (LOSS)/EARNINGS PER SHARE ATTRIBUTABLE
TO ORDINARY EQUITY HOLDERS OF THE
PARENT
The calculation of the basic (loss)/earnings per share amount
is based on the (loss)/earnings for the year attributable to
ordinary equity holders of the parent, and the weighted
average number of ordinary shares of 827,880,000 (2020:
827,880,000) in issue during the year.
No adjustment has been made to the basic (loss)/earnings per
share amounts presented for the years ended 31 December
2021 and 2020 in respect of a dilution as the Group had no
potentially dilutive ordinary shares in issue during the years
ended 31 December 2021 and 2020.
The calculation of the basic and diluted (loss)/earnings per
share amounts is based on:
2021 2020
2021年 2020年
(Unaudited) (Audited)
（未經審計） （經審計）
(Loss)/Earnings （虧損）╱盈利
(Loss)/Profit attributable to ordinary equity
holders of the parent (RMB’000)
母公司普通權益持有人應佔
（虧損）╱利潤（人民幣千元） (480,401) 338,859
Shares 股份
Weighted average number of ordinary shares in
issue during the year
年內已發行普通股的加權
平均數 827,880,000 827,880,000
(Loss)/Earnings per share 每股（虧損）╱盈利
Basic and diluted 基本及攤薄 RMB()
人民幣()元 人民幣元
10. TRADE RECEIVABLES
2021 2020
2021年 2020年
RMB’000 RMB’000
人民幣千元 人民幣千元
(Unaudited) (Audited)
（未經審計） （經審計）
Trade receivables 貿易應收款項 14,632 13,860
Impairment 減值 – –
14,632 13,860
9. 母公司普通權益持有人應佔每股（虧
損）╱盈利
每股基本（虧損）╱盈利乃根據母公司普通
權益持有人應佔年內（虧損）╱盈利以及年
內已發行普通股加權平均數827,880,000股
（2020年：827,880,000股）計算。
由於本集團於截至2021年及2020年12月31
日止年度並無已發行潛在攤薄普通股，故
並未就截至2021年及2020年12月31日止年
度呈列之每股基本（虧損）╱盈利作出攤薄
調整。
每股基本及攤薄（虧損）╱盈利的計算乃基
於：
10. 貿易應收款項
29
Trade receivables mainly represent rentals receivable from
tenants. The Group seeks to maintain strict control over its
outstanding receivables and has a credit control department to
minimise credit risk. Overdue balances are reviewed regularly
by management. In view of the aforementioned, there is no
significant concentration of credit risk. The Group does not
hold any collateral or other credit enhancements over its trade
receivable balances. Trade receivables are unsecured and
non-interest-bearing.
The carrying amounts of trade receivables in the consolidated
statement of financial position approximate to their fair
values.
An ageing analysis of the trade receivables as at the end of
the reporting period, based on the invoice date, is as follows:
2021 2020
2021年 2020年
RMB’000 RMB’000
人民幣千元 人民幣千元
(Unaudited) (Audited)
（未經審計） （經審計）
Less than 1 year 少於一年 14,632 13,860
Receivables that were neither past due nor impaired relate to
a large number of diversified customers for whom there was
no recent history of default.
The Group applies the simplified approach to providing for
expected credit losses prescribed by IFRS 9, which permits
the use of the lifetime expected loss provision for all trade
receivables. To measure the expected credit losses, trade
receivables have been grouped based on shared credit risk
characteristics and the days past due. The expected loss
rate of trade receivables is assessed to be %. Based on
evaluation on the expected loss rate and gross carrying
amount, meanwhile, given all receivables are in the credit
term, the directors of the Company are of the opinion that
the ECL in respect of these balances is considered to be
immaterial, and therefore, there has not been a loss allowance
provision.
貿易應收款項主要指應收租戶租金。本集
團尋求對其未收回應收款項維持嚴格控制
並設有信用控制部門以將信貸風險最小
化。管理層會定期審閱逾期結餘。鑒於以
上所述，並無重大信貸風險集中情況。本
集團並無就其貿易應收款項結餘持有任何
抵押物或其他信用增強手段。貿易應收款
項為無抵押且不計息。
綜合財務狀況表中貿易應收款項的賬面值
與其公允價值相若。
於報告期結束時，基於發票日期的貿易應
收款項賬齡分析如下：
未逾期亦未減值應收款項涉及大量無近期
違約記錄的不同類型客戶。
本集團採用簡化辦法，計提國際財務報告
準則第9號規定的預期信貸虧損，有關條文
允許為所有貿易應收款項計提整個存續期
的預期虧損撥備。為計量預期信貸虧損，
貿易應收款項根據共同信貸風險特徵和逾
期天數進行分組。貿易應收款項的預期虧
損率估計為%。根據對預期虧損率及總
賬面值的評估，同時由於全部應收款項均
處於信貸期內，本公司董事認為，該等結
餘的預期信貸虧損並不重大，故並無計提
虧損撥備。
30
11. TRADE AND BILLS PAYABLES
An ageing analysis of the trade and bills payables as at the
end of the reporting period, based on the invoice date, is as
follows:
2021 2020
2021年 2020年
RMB’000 RMB’000
人民幣千元 人民幣千元
(Unaudited) (Audited)
（未經審計） （經審計）
Less than 1 year 少於一年 2,235,397 2,279,941
Over 1 year 一年以上 19,992 9,064
2,255,389 2,289,005
Trade and bills payables are unsecured, interest-free and are
normally settled based on the progress of construction.
The fair values of trade and bills payables as at the end of the
reporting period approximated to their corresponding carrying
amounts due to their relatively short maturity terms.
11. 貿易應付款項及應付票據
於報告期結束時，基於發票日期的貿易應
付款項及應付票據賬齡分析如下：
貿易應付款項及應付票據為無抵押、免息
且一般基於施工進度結算。
由於貿易應付款項及應付票據到期期限相
對較短，因此貿易應付款項及應付票據於
報告期結束時的公允價值與其相應賬面值
相若。
31
MANAGEMENT DISCUSSION AND ANALYSIS
MARKET OVERVIEW
In 2021, the central government stuck to the keynote
of “houses are for living but not for speculation,
and adjusting policies based on different cities” and
constantly optimised the regulatory regime over the
real estate sector. The cumulative number of real estate
regulatory controls adopted during the year reached
651, indicating the government’s determination in
precisely controlling the real estate market in China,
urging the industry to return to rationality and promoting
the healthy and stable development of the real estate
market. Under the ongoing guidance of policies, the
pace of reform in the real estate industry is speeding up.
The official implementation of austerity policies such
as “Three Red Lines” and “Centralised Land Supply”
in early 2021, brought about significant changes to the
real estate industry, obviously cooled down the sales of
real estate. According to the data from the NBSC, sales
of commodity houses followed a up and down trend in
2021. In the first half of the year, both sales area and
amount of commodity houses hit a record high for the
same period, while the growth momentum got hampered
obviously in the second half. Yet, the sales and sales area
of commodity houses ended the year with a full-year
sales growth. The sales of commodity houses amounted
to RMB1,820 million in 2021, representing a year-on-
year increase of %; and the sales area of commodity
houses was 1,790 million ., representing a year-
on-year increase of %, which indicated that China’s
residential demand was still strong.
管理層討論及分析
市場回顧
2021年，中央政府堅持以「房住不炒、因
城施策」為主調，不斷完善房地產調控機
制，年內累計房地產調控次數高達651
次，精準把控全國房地產市場，行業回
歸理性並促進房地產市場的健康平穩發
展。在政策的持續引導下，房地產行業
變革的步伐正在加速。隨著「三道紅線」
和「集中供地」等調控政策在2021年初正
式實行，房地產行業迎來重大變化，房
地產銷售出現明顯降溫。根據國家統計
局數據顯示，2021年商品房銷售額走勢
前高後低，上半年商品房銷售面積和金
額均創歷史同期新高，下半年增速明顯
收窄，儘管如此，全年商品房銷售額及
銷售面積仍保持增長水平。2021年商品
房銷售額達人民幣億元，同比增長
%。商品房銷售面積為億平方米，
同比增長%，可見中國住宅需求仍然
殷切。
32
In 2021, an obvious indication of downward trend began
to appear on the entire land market in the second half
of the year, which ran at high levels in the first half.
With transactions on the real estate market cooling
down, coupled with mortgage resources and loan
interest rates being tightened up, and the strengthening
of supervision over proceeds from pre-sales, real estate
enterprises are facing increasingly large pressure on
their capital chains. The centralised land supply policy
changed the land acquisition and development pace
of real estate enterprises, and is also regarded as one
of the biggest market changes to the real estate sector
in 2021. In addition, austerity policies such as pricing
restrictions, sales restrictions and purchase restrictions
were introduced intensively during the year, continuously
releasing signals of the tightening industry-wide austerity
efforts. Abiding by national policies and regulatory
requirements, DaFa Properties will promote the sound
and healthy development of the real estate industry,
while strengthening its self-construction and adjusting
development strategies in a timely manner, so as to
maintain a stable and balanced development of the
Group.
BUSINESS REVIEW
For the year ended 31 December 2021, the principal
activities of the Group are property development and
property investment, among which, property development
is the main source of the income for the Group.
2021年，土地市場在上半年高位運行
後，下半年整體土地市場開始出現了明
顯的下調跡象，隨著房地產市場成交降
溫，加上按揭資源及貸款利率收緊，及
預售資金監管的加强，房企的資金鏈壓
力也越來越大。集中供地政策改變了
房企的拿地及開發節奏，也被視為2021
年房地產最大市場變化之一。另外，各
類限價、限售、限購等調控政策於年內
密集出台，行業調控加碼信號不斷被釋
放。大發地產將恪守國家政策和監管
要求，促進房地產行業的良好及健康發
展，同時加強自身建設，適時調整發展
戰略，維持集團穩健均衡的發展。
業務回顧
截至2021年12月31日止年度，本集團的
主要業務為物業開發及物業投資。其
中，物業開發為本集團主要收入來源。
33
PROPERTY DEVELOPMENT
Contracted sales
For the year ended 31 December 2021, the Group,
together with its joint ventures and associates, recorded
accumulated contracted sales of approximately
RMB37, million, increased by approximately
% as compared to approximately RMB30,
million in 2020. Such increase was mainly due to the
fact that the Group, together with its joint ventures and
associates, has been intensively penetrating into the real
estate market in the Yangtze River Delta Region and
Chengdu-Chongqing Metropolitan Area, resulting in
an increase of its accumulated saleable gross floor area
(“GFA”).
During the year ended 31 December 2021, the
accumulated contracted GFA of the Group, together
with its joint ventures and associates, recorded a growth
of approximately % from 2,045,067 . in 2020
to 2,249,555 . in 2021. The contracted average
selling price (“ASP”) increased by approximately %
to approximately RMB16,698 per . for the year
ended 31 December 2021 as compared to approximately
RMB14,826 per . in 2020.
Revenue recognized from sale of properties
Revenue recognized from sale of properties for the year
ended 31 December 2021 amounted to approximately
RMB5, million, representing a decrease of
approximately % from approximately RMB9,
million in 2020, accounting for approximately % of
the Group’s total revenue. The Group’s total completed
and delivered GFA amounted to 467,447 . for
the year ended 31 December 2021, decreased by
approximately % from 673,189 . for the same
period of 2020.
The decrease in revenue recognized from sales of
properties was primarily due to a decrease in completed
and delivered GFA during the year ended 31 December
2021.
物業開發
合同銷售
截至2021年12月31日止年度，本集團連
同其合營企業及聯營公司錄得累計合同
銷售金額約人民幣37,百萬元，較
2020年的約人民幣30,百萬元增長約
%。此增長乃主要由於本集團連同其
合營企業及聯營公司一直專注於深耕長
三角地區及成渝都市圈的房地產市場，
導致其累計可銷售建築面積（「建築面積」）
增加所致。
截至2021年12月31日止年度，本集團連
同其合營企業及聯營公司累計合同建築
面積由2020年的2,045,067平方米，上升
約%至2021年的2,249,555平方米。截
至2021年12月31日止年度，合同平均售
價（「平均售價」）約人民幣16,698元╱平方
米，較2020年的約人民幣14,826元╱平方
米增加約%。
銷售物業已確認收益
截至2021年12月31日止年度，銷售物業
已確認收益為約人民幣5,百萬元，
較2020年的約人民幣9,百萬元減少
約%，佔本集團總收益的約%。
本集團截至2021年12月31日止年度已竣
工及已交付的總建築面積為467,447平方
米，較2020年同期的673,189平方米減少
約%。
銷售物業已確認收益減少，主要歸因於
截至2021年12月31日止年度，已竣工及
已交付的建築面積減少所致。
34
已竣工持作銷售物業
已竣工持作銷售物業指於各財政年度結
束仍未出售的已竣工物業，按成本與可
變現淨值的較低者列賬。已竣工持作銷
售物業的成本乃根據未出售物業應佔所
產生相關成本的比例釐定。
本集團已竣工持作銷售物業由截至2020
年12月31日的約人民幣2,百萬元減少
約%至截至2021年12月31日的約人民
幣百萬元。該減少主要是由於截至
2021年12月31日止年度向客戶交付已竣
工物業。
在建物業
在建物業擬於竣工後持作銷售。在建物
業按成本與可變現淨值的較低者列賬，
成本包括土地成本、建設成本、資本化
利息及於開發期內直接因有關物業而產
生的其他成本。物業於竣工時轉至已竣
工持作銷售物業。
本集團的在建物業金額由截至2020年12
月31日的約人民幣12,百萬元增加約
%至截至2021年12月31日的約人民幣
17,百萬元。該增加主要是由於截至
2021年12月31止年度收購及在建的新地
塊。
Completed properties held for sale
Completed properties held for sale represent completed
properties remaining unsold at the end of each financial
year and are stated at the lower of cost and net realizable
value. Cost of completed properties held for sale is
determined by an apportionment of related costs incurred
attributable to the unsold properties.
The Group’s completed properties held for sale
decreased by approximately % from approximately
RMB2, million as of 31 December 2020 to
approximately million as of 31 December
2021. The decrease was mainly due to the delivery of
completed properties to customers during the year ended
31 December 2021.
Properties under development
Properties under development are intended to be held
for sale after completion. Properties under development
are stated at the lower of cost comprising land costs,
construction costs, capitalized interests and other costs
directly attributable to such properties incurred during
the development period and net realizable value. Upon
completion, the properties are transferred to completed
properties held for sale.
The Group’s properties under development increased by
approximately % from approximately RMB12,
million as of 31 December 2020 to approximately
RMB17, million as of 31 December 2021. The
increase was mainly due to the new land parcels acquired
and under development during the year ended 31
December 2021.
35
於2021年12月31日，本集團的主營業務
仍在長三角地區及成渝都市圈，同時還
選擇性地進軍其他具有高發展潛力的重
點城市。本集團連同其合營企業及聯營
公司共有81個在建及已竣工項目，其中
66個位於長三角地區。
物業投資
於2021年12月31日，本集團主要於上海
及南京擁有兩棟商業綜合樓：
• 上海艾尚天地（前稱上海凱鴻廣
場），位於中國上海市虹口區四川北
路1611號及1661號與東寶興路258弄
1至3號，特色是高端、專業及正派
風格以及具備倡導休閒、娛樂及家
庭關係的親子設施及商舖。
• 南京艾尚天地，位於中國江蘇省南
京市玄武區中山路100號及132號，
特色是朝氣蓬勃、現代及個人主義
風格，目標人群是享受社交、探尋
新尖端事物及消費其認為有價值的
事物的都市居民。
As at 31 December 2021, the Group’s core business
remains in the Yangtze River Delta Region and Chengdu-
Chongqing Metropolitan Area, while selectively
penetrating its business into other key cities with high
development potential. The Group, together with its
joint ventures and associates, had 81 projects under
development and completed projects, 66 of which are
located in the Yangtze River Delta Region.
PROPERTY INVESTMENT
As at 31 December 2021, the Group mainly owned two
commercial complexes in Shanghai and Nanjing as per
below:
• Shanghai IST Mall (formerly known as Shanghai
Kai Hong Plaza), located at Nos. 1611 and 1661
Sichuan North Road and Nos. 1–3, Lane 258,
Dongbaoxing Road, Hongkou District, Shanghai,
the PRC, features high-end, professional and
decent style, as well as family-friendly facilities
and businesses that promote leisure, joy and family
bonding.
• Nanjing IST Mall, located at Nos. 100 and 132
Zhongshan Road, Xuanwu District, Nanjing
City, Jiangsu Province, the PRC, features vibrant,
modern and individualistic style that targets urban
residents who enjoy socializing, exploring new
frontiers and consuming for what they believe to be
valuable.
36
土地儲備
截至2021年12月31日止年度，本集團結
合本公司發展需求和行業趨勢，在深耕
長三角地區、佈局國家黃金城市群的戰
略指引下，進一步明確了「1+1+X」的佈局
體系。本集團在深耕長三角地區核心區
域的同時，輻射到成渝都市圈，並戰略
性地持續關注其他具高發展潛力的重點
城市，以合理且具有吸引力的土地成本
積極深耕佈局，保障本集團土地儲備的
可持續發展。
於2021年12月31日，本集團連同其合營
企業及聯營公司持有共計81個項目，分
佈在29座城市。
截至2021年12月31日止年度，本集團連
同其合營企業及聯營公司購入7塊新地
塊，估計總規劃建築面積約百萬平方
米。
LAND RESERVES
During the year ended 31 December 2021, combining
development needs of the Company and industry trends,
the Group further specified the “1+1+X” layout system
under the strategic guidance of deep penetration of the
Yangtze River Delta Region and positioned its presence
in the golden metropolitan clusters nationwide. While
intensively penetrating the core areas of the Yangtze
River Delta Region, the Group extended its presence
into Chengdu-Chongqing Metropolitan Area, and
maintained its strategic focus on other key cities with
high development potential, and actively penetrated the
presence with reasonable and attractive land costs to
ensure the sustainable development of the Group’s land
reserves.
As at 31 December 2021, the Group together with its
joint ventures and associates owned a total of 81 projects
distributed in 29 cities.
During the year ended 31 December 2021, the Group
together with its joint ventures and associates acquired 7
new land parcels with an estimated total planned GFA of
approximately million ..
37
下表載列本集團連同其合營企業及聯營
公司於截至2021年12月31日止年度的新
增地塊詳情：
The table below sets forth the details of the new land
parcels of the Group together with its joint ventures and
associates for the year ended 31 December 2021:
No. Project name City
Type of
product
Total site
area
(.)
Estimated
total GFA
(.)
序號 項目案名 城市 產品類型
總佔地面積
（平方米）
估計總建築
面積
（平方米）
1 Wenzhou Hanlin Jiujing Wenzhou Residential 104,207 427,908
溫州•翰林九境 溫州 住宅
2 Lishui Tianzuan Lishui Residential 43,435 111,323
麗水•天鑽 麗水 住宅
3 Chongqing Tao Li Xu Chongqing Residential 27,932 59,188
重慶•桃李序 重慶 住宅
4 Wuhu Puyue Guangnian
(A)
Wuhu Residential 88,270 169,573
蕪湖•璞悅光年(A) 蕪湖 住宅
5 Wuhu Puyue Guangnian
(B)
Wuhu Residential 74,175 145,228
蕪湖•璞悅光年(B) 蕪湖 住宅
6 Chengdu Qingbaijiang
District Project
Chengdu Residential 36,325 126,354
成都市青白江區項目 成都 住宅
7 Qionglai Yuanshu Yihao
Yuan
Chengdu Residential 37,289 100,499
邛崍•原墅壹號院 成都 住宅
Total
總計 411,633 1,140,073
38
財務回顧
收益
本集團的收益由截至2020年12月31日止
年度的約人民幣9,百萬元減少約
%至截至2021年12月31日止年度的約
人民幣5,百萬元。有關減少主要由
於銷售物業已確認收益減少所致。
截至2021年12月31日止年度，銷售物業
已確認收益佔總收益的約%，而物業
租賃收入、物業管理服務及管理諮詢服
務收入僅佔總收益的約%。
FINANCIAL REVIEW
Revenue
The revenue of the Group decreased by approximately
% from approximately RMB9, million for
the year ended 31 December 2020 to approximately
RMB5, million for the year ended 31 December
2021. The decrease was mainly attributable to the
decrease in revenue recognised from sales of properties.
For the year ended 31 December 2021, revenue
recognised from sales of properties accounted for
approximately % of the total revenue, whereas the
property lease income, property management services
and management consulting service income accounted
for only approximately % of the total revenue.
For the year ended 31 December
截至12月31日止年度
2021 2020
2021年 2020年
Revenue
% of total
revenue Revenue
% of total
revenue
收益
佔總收益
百分比 收益
佔總收益
百分比
RMB in million % RMB in million %
人民幣百萬元 % 人民幣百萬元 %
(Unaudited) (Audited)
（未經審計） （經審計）
Sales of properties 物業銷售 5, 9,
Property lease income 物業租賃收入
Property management services
and management consulting
service income
物業管理服務及
管理諮詢服務收入
Total 總計 5, 9,
39
銷售成本
本集團的銷售成本由截至2020年12月31
日止年度的約人民幣7,百萬元減少
約%至截至2021年12月31日止年度的
約人民幣5,百萬元，主要由於截至
2021年12月31日止年度已交付物業總建
築面積減少所致。
毛利及毛利率
本集團的毛利由截至2020年12月31日止
年度的約人民幣1,百萬元減少約
%至截至2021年12月31日止年度的
約人民幣百萬元，主要由於(i)截至
2021年12月31日止年度銷售物業已確認
收益減少；及(ii)截至2021年12月31日止
年度毛利率減少及存貨減值撥備增加所
致。
Cost of sales
The cos t o f s a l e s o f t he Group dec reased by
approximately % from approximately RMB7,
million for the year ended 31 December 2020 to
approximately RMB5, million for the year ended
31 December 2021, which was primarily attributable to
the decrease in total GFA of properties delivered during
the year ended 31 December 2021.
Gross profit and gross profit margin
The gross profit of the Group decreased by approximately
% from approximately RMB1, million for
the year ended 31 December 2020 to approximately
million for the year ended 31 December
2021, which was primarily attributable to (i) the decrease
in revenue recognized from sales of properties during
the year ended 31 December 2021; and (ii) the decrease
in gross profit margin and the increase in impairment
provision for inventory during the year ended 31
December 2021.
40
毛利率由截至2020年12月31日止年度的
約%減少至截至2021年12月31日止年
度的約%，主要由於受到新冠疫情及
不利宏觀市場環境影響，物業項目的平
均售價下降。
融資收入
融資收入包括銀行存款利息收入。本集
團的融資收入由截至2020年12月31日止
年度的約人民幣百萬元增加約%
至截至2021年12月31日止年度的約人民
幣百萬元，主要由於截至2021年12月
31日止年度若干定期銀行存款產生的利
息收入增加所致。
The gross profit margin decreased from approximately
% for the year ended 31 December 2020 to
approximately % for the year ended 31 December
2021, primarily due to the decrease in average selling
prices of property projects, which was affected by the
COVID-19 pandemic and unfavourable macro market
environment.
For the year ended 31 December
截至12月31日止年度
2021 2020
2021年 2020年
Gross
profit
Gross profit
margin
Gross
profit
Gross profit
margin
毛利 毛利率 毛利 毛利率
RMB in million % RMB in million %
人民幣百萬元 % 人民幣百萬元 %
(Unaudited) (Audited)
（未經審計） （經審計）
Sales of properties 物業銷售 1,
Property lease income 物業租賃收入
Property management services
and management consulting
service income
物業管理服務及
管理諮詢服務收入
Total 總計 1,
Finance income
Finance income consists of interest income on bank
deposits. The finance income of the Group increased by
approximately % from approximately
million for the year ended 31 December 2020 to
approximately million for the year ended 31
December 2021, mainly due to the increase in interest
income generated from certain fixed bank deposits during
the year ended 31 December 2021.
41
其他收入及收益
本集團的其他收入及收益由截至2020年
12月31日止年度的約人民幣百萬元
減少約%至截至2021年12月31日止年
度的約人民幣百萬元。該減少乃主
要由於較截至2020年12月31日止年度匯
兌收益減少約人民幣百萬元。
銷售及分銷開支
本集團的銷售及分銷開支由截至2020年
12月31日止年度的約人民幣百萬元
減少約%至截至2021年12月31日止年
度的約人民幣百萬元，主要由於本
集團採取了有效的成本控制措施。
行政開支
本集團的行政開支由截至2020年12月31
日止年度的約人民幣百萬元減少約
%至截至2021年12月31日止年度的約
人民幣百萬元，主要由於本集團採
取了有效的成本控制措施。
其他開支
其他開支主要包括慈善捐款及其他雜項
開支。
本集團的其他開支由截至2020年12月31
日止年度的約人民幣百萬元減少約
%至截至2021年12月31日止年度的約
人民幣百萬元，主要由於本集團採取
了有效的成本控制措施。
Other income and gains
Other income and gains of the Group decreased by
approximately % from approximately
million for the year ended 31 December 2020 to
approximately million for the year ended 31
December 2021. The decrease was primarily due to the
decrease of gain on foreign exchange by approximately
million when compared to the year ended 31
December 2020.
Selling and distribution expenses
The selling and distribution expenses of the Group
decreased by approximately % from approximately
million for the year ended 31 December 2020
to approximately million for the year ended
31 December 2021, primarily due to the effective cost
control measures imposed by the Group.
Administrative expenses
The administrative expenses of the Group decreased by
approximately % from approximately
million for the year ended 31 December 2020 to
approximately million for the year ended 31
December 2021, mainly due to the effective cost control
measures imposed by the Group.
Other expenses
Other expenses primarily consist of charitable donations
and other miscellaneous expenses.
Other expenses of the Group decreased by approximately
% from approximately million for the year
ended 31 December 2020 to approximately
million for the year ended 31 December 2021, mainly
due to the effective cost control measures imposed by the
Group.
42
按公允價值計入損益的金融資產
本集團於截至2021年12月31日止年度按
公允價值計入損益的金融資產公允價值
虧損主要指按公允價值計入損益的金融
資產的已變現收益╱虧損、未變現資本
增值╱減值及匯兌收益╱虧損約人民幣
百萬元（截至2020年12月31日止年
度：約人民幣百萬元）。公允價值虧損
主要由於本集團就投資所持上市證券的
市場價值下跌。
於2021年12月31日，本集團按公允價值
計入損益的金融資產的投資組合為約人
民幣百萬元（2020年12月31日：約人
民幣百萬元），乃持作資本增值及投
資收入。
投資物業的公允價值收益
本集團投資物業的公允價值收益由截至
2020年12月31日止年度的投資物業的公
允價值虧損約人民幣百萬元變為截至
2021年12月31日止年度的公允價值收益
約人民幣百萬元。錄得公允價值收益
的投資物業主要位於南京及上海。
融資成本
本集團的融資成本由截至2020年12月31
日止年度的約人民幣百萬元增加約
%至截至2021年12月31日止年度的約
人民幣百萬元，主要由於開發物業
項目所產生的借貸的利息資本化率下降
所致。
Financial assets at fair value through profit or loss
The Group’s fair value losses on financial assets at fair
value through profit or loss during the year ended 31
December 2021 mainly represented the realized gain/loss,
unrealized capital appreciation/impairment and exchange
gain/loss on financial assets at fair value through profit
or loss of approximately million (for the
year ended 31 December 2020: approximately
million). The fair value losses were primarily due to the
decrease in the market prices of listed securities held by
the Group for investment purpose.
As at 31 December 2021, the Group’s portfolio of
investment in financial assets at fair value through
profit or loss was approximately million (31
December 2020: approximately million),
which were held for capital appreciation and investment
income.
Fair value gains on investment properties
Fair value gains on investment properties of the Group
turnaround from fair value losses on investment
properties of approximately million for the
year ended 31 December 2020 to fair value gains of
approximately million for the year ended
31 December 2021. The investment properties which
recorded fair value gains primarily located in Nanjing
and Shanghai.
Finance costs
The f inance cos t s o f the Group inc reased by
approximately % from approximately
million for the year ended 31 December 2020 to
approximately million for the year ended
31 December 2021, primarily due to the decrease of the
interest capitalisation rate for the borrowings attributable
to development of the property projects.
43
Share of profits and losses of joint ventures and
associates
The Group recorded a share of gains (net) of joint
ventures and associates of approximately
million for the year ended 31 December 2021 (for the
year ended 31 December 2020: losses of approximately
million). The share of gains (net) for the year
ended 31 December 2021 were primarily due to the
increase of revenue recognized from sales of properties
of the joint ventures and associates during the year ended
31 December 2021.
Income tax expense
The Group’s income tax expense represents corporate
income tax and land appreciation tax payable by the
Group’s subsidiaries in the PRC.
The Group’s income tax expense decreased by
approximately % from approximately
million for the year ended 31 December 2020 to
approximately million for the year ended
31 December 2021 mainly due to the decrease in the
Group’s taxable profit for the year ended 31 December
2021.
Loss for the year
As a result of the foregoing, the Group recorded a loss
for the year ended 31 December 2021 of approximately
million when compared to a profit for the
year of approximately million for the year
ended 31 December 2020. The Group also recorded a
loss attributable to owners of the parent of approximately
million for the year ended 31 December 2021
when compared to a profit attributable to owners of the
parent of approximately million for the year
ended 31 December 2020.
分佔合營企業及聯營公司利潤及虧損
截至2021年12月31日止年度，本集團錄
得分佔合營企業及聯營公司利潤（淨額）約
人民幣百萬元（截至2020年12月31日
止年度：虧損約人民幣百萬元）。截
至2021年12月31日止年度分佔利潤（淨額）
主要由於截至2021年12月31日止年度來
自合營企業及聯營公司的銷售物業確認
收益增加。
所得稅費用
本集團的所得稅費用指本集團的中國子
公司應付的企業所得稅及土地增值稅。
本集團的所得稅費用由截至2020年12月
31日止年度的約人民幣百萬元減少
約%至截至2021年12月31日止年度的
約人民幣百萬元，主要由於本集團
截至2021年12月31日止年度的應課稅利
潤減少。
年內虧損
由於上述因素，本集團較截至2020年12
月31日止年度的利潤約人民幣百萬
元錄得截至2021年12月31日止年度的虧
損約人民幣百萬元。本集團較截至
2020年12月31日止年度的母公司擁有人
應佔利潤約人民幣百萬元亦錄得截
至2021年12月31日止年度的母公司擁有
人應佔虧損約人民幣百萬元。
44
流動性、財務及資本資源
本集團一貫奉行審慎資金管理政策及積
極管理其流動資金狀況，以應付日常營
運和未來發展的任何資金需求。
本集團過往並預期將繼續主要以經營所
得現金（主要包括物業預售及銷售所得款
項及收取租金收入）以及發行債券、銀行
貸款及金融機構借貸撥付營運。日後，
本集團亦可能尋求額外融資機會。
現金狀況
於2021年12月31日，本集團的現金及現
金等價物約為人民幣1,百萬元（2020
年12月31日：約人民幣3,百萬元），
已質押存款約人民幣1,百萬元（2020
年12月31日：約人民幣1,百萬元）及
受限制現金約人民幣1,百萬元（2020
年12月31日：約人民幣2,百萬元）。
本集團的現金及現金等價物以人民幣為
主要貨幣單位，其他以美元及港元為貨
幣單位。
計息銀行及其他借貸
於2021年12月31日，本集團的計息銀行
及其他借貸總額為約人民幣8,百萬
元（2020年12月31日：約人民幣7,百
萬元），其中，本集團之固定利率借貸佔
比為約%。本集團的計息銀行及其他
借貸以人民幣、美元及港元列值。
LIQUIDITY, FINANCIAL AND CAPITAL
RESOURCES
The Group has always pursued a prudent treasury
management policy and actively manages its liquidity
position to cope with daily operation and any demands
for capital for future development.
The Group funded and is expected to continue to fund
its operations principally from cash generated from its
operations, mainly including proceeds from pre-sales and
sales of our properties, receipt of rental income, as well
as issuance of bonds, bank loans and borrowings from
financial institutions. Going forward, the Group may also
look for additional financing opportunities.
Cash position
As at 31 December 2021, the Group had cash and cash
equivalents of approximately RMB1, million (31
December 2020: approximately RMB3, million),
pledged deposits of approximately RMB1, million
(31 December 2020: approximately RMB1, million)
and restricted cash of approximately RMB1,
million (31 December 2020: approximately RMB2,
million).
Cash and cash equivalents of the Group are mainly
denomina ted in Renminbi wi th the remain ing
denominated in US dollars and Hong Kong dollars.
Interest-bearing bank and other borrowings
As at 31 December 2021, the total interest-bearing bank
and other borrowings of the Group were approximately
RMB8, million (31 December 2020: approximately
RMB7, million), of which, the Group’s fixed-rate
borrowings accounted for approximately %. The
Group’s interest-bearing bank and other borrowings were
denominated in Renminbi, US dollars and Hong Kong
dollars.
45
本集團若干借貸由本集團的在建物業、
已竣工持作銷售物業、投資物業、物
業、廠房及設備、已質押存款及按公
允價值計入損益的金融資產作抵押。
於2021年12月31日，總值約為人民幣
11,百萬元（2020年12月31日：約人民
幣12,百萬元）的資產已質押予銀行及
其他金融機構，以為本集團借貸提供擔
保。
優先票據
於2019年7月11日及2019年11月13日，
本公司發行於2021年到期的本金總額為
300,000,000美元，票面利率為厘的
票據（「2019年7月票據」）。本公司募得淨
所得款項約290,084,000美元。於2021年7
月11日前，本公司可隨時選擇以預定的
贖回價格贖回2019年7月票據。
截至2020年12月31日止年度，本公司購
回及註銷本金總額為20,000,000美元的
2019年7月票據。截至2021年12月31日止
年度，本公司進一步購回並註銷本金總
額為80,000,000美元的2019年7月票據。於
2021年7月12日，本公司已悉數償還2019
年7月票據的未償還本金額及利息。
於2020年1月29日，本公司發行於2021年
到期的本金總額為200,000,000美元，票面
利率為厘的票據（「2020年1月票據」）。
本公司募得淨所得款項約196,573,000美元
（經扣除包銷折扣及佣金以及其他開支）。
於2021年1月27日，本公司已悉數償還
2020年1月票據的未償還本金額及利息。
Certain borrowings of the Group were secured by
properties under development, completed properties
held for sale, investment properties, property, plant
and equipment, pledged deposits and financial assets
at fair value through profit or loss of the Group. As at
31 December 2021, assets with an aggregate value of
approximately RMB11, million (31 December
2020: approximately RMB12, million) have been
pledged to banks and other financial institutions to secure
the borrowings of the Group.
Senior notes
On 11 July 2019 and 13 November 2019, the Company
issued notes at a coupon rate of % due 2021 with
an aggregate principal amount of US$300,000,000 (the
“July 2019 Notes”). The Company raised net proceeds
of approximately US$290,084,000. At any time prior to
11 July 2021, the Company may at its option redeem the
July 2019 Notes at a pre-determined redemption price.
For the year ended 31 December 2020, the Company
repurchased and cancelled an aggregate principal
amount of US$20,000,000 of the July 2019 Notes. For
the year ended 31 December 2021, the Company further
repurchased and cancelled an aggregate principal amount
of US$80,000,000 of the July 2019 Notes. On 12 July
2021, the Company repaid in full all the outstanding
principal and interest of the July 2019 Notes.
On 29 January 2020, the Company issued notes at
a coupon rate of % due 2021 with an aggregate
principal amount of US$200,000,000 (the “January
2020 Notes”). The Company raised net proceeds of
approximately US$196,573,000 (after deduction of
an underwriting discount and commissions and other
expenses). On 27 January 2021, the Company repaid
in full all the outstanding principal and interest of the
January 2020 Notes.
46
於2020年7月30日、2020年10月21日及
2020年12月17日，本公司發行於2022年到
期的本金總額為360,000,000美元，票面利
率為厘的票據（「2020年7月票據」）。
本公司募得淨所得款項約347,084,000美元
（經扣除包銷折扣及佣金以及其他開支）。
於2022年7月30日前，本公司可隨時選擇
按預定的贖回價格贖回2020年7月票據。
於2021年1月19日及2021年6月10日，本
公司發行於2022年到期的本金總額為
280,000,000美元，票面利率為厘的票
據（「2021年1月票據」）。本公司募得淨所
得款項約268,748,000美元（經扣除包銷折
扣及佣金以及其他開支）。於2022年1月18
日前，本公司可隨時選擇按預定的贖回
價格贖回2021年1月票據。於2021年10月
29日，本公司購回本金總額為95,500,000
美元的2021年1月票據（「回購票據」）。於
2021年12月31日，回購票據已註銷。於
有關註銷後，2021年1月票據的未償還本
金額於2021年12月31日為184,500,000美
元。
於2021年10月28日，本公司發行於2023
年到期的本金總額為100,000,000美元，
票面利率為13 .5厘的票據（「2021年10
月票據」）。本公司募得淨所得款項約
97,872,000美元（經扣除包銷折扣及佣金以
及其他開支）。於2023年4月28日前，本
公司可隨時選擇按預定的贖回價格贖回
2021年10月票據。
該等所得全部款項主要用於本集團現有
債項的再融資。
2020年7月票據、2021年1月票據及2021年
10月票據提前贖回選擇權的公允價值並
不重大，因此本集團於設立時及2021年
12月31日均無對其進行確認。
On 30 July 2020, 21 October 2020 and 17 December
2020, the Company issued notes at a coupon rate of
% due 2022 with an aggregate principal amount of
US$360,000,000 (the “July 2020 Notes”). The Company
raised net proceeds of approximately US$347,084,000
(after deduction of an underwriting discount and
commissions and other expenses). At any time prior to
30 July 2022, the Company may at its option redeem the
July 2020 Notes at a pre-determined redemption price.
On 19 January 2021 and 10 June 2021, the Company
issued notes at a coupon rate of % due 2022 with
an aggregate principal amount of US$280,000,000
(the “January 2021 Notes”). The Company raised
net proceeds of approximately US$268,748,000 (after
deduction of an underwriting discount and commissions
and other expenses). At any time prior to 18 January
2022, the Company may at its option redeem the January
2021 Notes at a pre-determined redemption price. On 29
October 2021, the Company repurchased an aggregate
principal amount of US$95,500,000 of the January 2021
Notes (the “Repurchased Notes”). The Repurchased
Notes were cancelled as at 31 December 2021. After
such cancellation, the principal amount of the January
2021 Notes outstanding was US$184,500,000 as at 31
December 2021.
On 28 October 2021, the Company issued notes at
a coupon rate of % due 2023 with an aggregate
principal amount of US$100,000,000 (the “October
2021 Notes”). The Company raised net proceeds of
approximately US$97,872,000 (after deduction of
an underwriting discount and commissions and other
expenses). At any time prior to 28 April 2023, the
Company may at its option redeem the October 2021
Notes at a pre-determined redemption price.
The proceeds were fully used primarily for refinancing
the existing indebtedness of the Group.
The fair values of the early redemption options of the
July 2020 Notes, the January 2021 Notes and the October
2021 Notes were not significant and therefore was
not recognised by the Group on inception and as at 31
December 2021.
47
Total indebtedness
As at 31 December 2021, total indebtedness, which
includes interest-bearing bank and other borrowings and
senior notes, amounted to approximately RMB12,
m i l l i o n ( 3 1 D e c e m b e r 2 0 2 0 : a p p r o x i m a t e l y
RMB12, million).
2021 2020
2021年 2020年
RMB’000 RMB’000
人民幣千元 人民幣千元
(Unaudited) (Audited)
（未經審計） （經審計）
Current 即期
Bank loans – secured 銀行貸款 – 有抵押 325,987 421,930
Other loans – secured 其他貸款 – 有抵押 272,650 915,409
Current portion of long term bank loans
– secured
長期銀行貸款的即期部分
– 有抵押 982,741 418,524
Current portion of long term other loans
– secured
其他長期貸款的即期部分
– 有抵押 1,656,997 126,730
Current portion of long term other loans
– unsecured
其他長期貸款的即期部分
– 無抵押 – 5,000
Senior notes 優先票據 3,501,609 3,217,164
Subtotal 小計 6,739,984 5,104,757
Non-current 非即期
Bank loans – secured 銀行貸款 – 有抵押 3,905,957 4,197,119
Other loans – secured 其他貸款 – 有抵押 1,361,357 937,963
Other loans – unsecured 其他貸款 – 無抵押 – 63,644
Senior notes 優先票據 641,208 2,345,678
Subtotal 小計 5,908,522 7,544,404
Total 總計 12,648,506 12,649,161
總債項
於2021年12月31日，總債項約為人民幣
12,百萬元（2020年12月31日：約人民
幣12,百萬元），其包括計息銀行及其
他借貸及優先票據。
48
淨負債率
本集團的淨負債率由2020年12月31日
的約%增加至2021年12月31日的約
102 .2%，主要是由於現金及銀行結餘
於2021年12月31日減少。淨負債率乃按
總債項減現金及銀行結餘除以總權益計
算。
2021 2020
2021年 2020年
RMB’000 RMB’000
人民幣千元 人民幣千元
(Unaudited) (Audited)
（未經審計） （經審計）
Bank loans repayable: 應償還銀行貸款：
Within one year or on demand 一年內或按要求 1,308,728 840,454
In the second year 於第二年 1,572,545 1,564,256
In the third to fifth years, inclusive 於第三至第五年
（包括首尾兩年） 836,436 1,177,420
Beyond five years 五年以上 1,496,976 1,455,443
Subtotal 小計 5,214,685 5,037,573
Other borrowings repayable: 應償還其他借貸：
Within one year or on demand 一年內或按要求 1,929,647 1,047,139
In the second year 於第二年 1,361,357 667,767
In the third to fifth years, inclusive 於第三至第五年
（包括首尾兩年） – 333,840
Subtotal 小計 3,291,004 2,048,746
Senior notes 優先票據
Within one year 一年內 3,501,609 3,217,164
In the second year 於第二年 641,208 2,345,678
Subtotal 小計 4,142,817 5,562,842
Total 總計 12,648,506 12,649,161
Net gearing ratio
The Group’s ne t gear ing ra t io increased f rom
approximately % as at 31 December 2020 to
approximately % as at 31 December 2021,
primarily due to the decrease in cash and bank balances
as at 31 December 2021. Net gearing ratio was calculated
as total indebtedness less cash and bank balances divided
by total equity.
49
或然負債
本集團(1)就銀行提供予本集團客戶的按
揭貸款向其提供按揭擔保，以確保該等
客戶的還款責任。該等按揭擔保自授予
相關按揭貸款之日起發出，並於下列較
早者解除：(i)相關不動產所有權證過戶
予客戶、或 ( i i )客戶結清按揭貸款。倘
買方拖欠按揭貸款，本集團一般須通過
付清按揭貸款的方式回購相關物業。倘
未能付清按揭貸款，按揭銀行將拍賣相
關物業，而若未償還貸款款項超過淨止
贖權銷售所得款項，則由本集團支付餘
額；及(2)就授予本集團合營企業、聯營
公司及獨立第三方公司的融資向銀行及
其他機構提供擔保。截至2021年12月31
日，為合營企業及聯營公司提供擔保計
提撥備約人民幣25,500,000元（2020年12
月31日：零）
於2021年12月31日，本集團的或然負債
如下：
Contingent liabilities
The Group provides (1) mortgage guarantees to banks
in respect of the mortgage loans they provided to the
Group’s customers in order to secure the repayment
obligations of such customers. The mortgage guarantees
are issued from the date of grant of the relevant mortgage
loans and released upon the earlier of (i) the transfer
of the relevant real estate ownership certificates to the
customers, or (ii) the settlement of mortgage loans by
the customers. If a purchaser defaults on the mortgage
loan, the Group is typically required to repurchase the
underlying property by paying off the mortgage loan.
If it fails to do so, the mortgagee banks will auction the
underlying property and recover the balance from the
Group if the outstanding loan amount exceeds the net
foreclosure sale proceeds; and (2) guarantees to bank and
other institutions in connection with facilities granted
to the joint ventures, associates and independent third
party companies of the Group. As of 31 December 2021,
an allowance of approximately RMB25,500,000 (31
December 2020: Nil) was provided for as a result of the
guarantees provided to the joint ventures and associates.
As at 31 December 2021, the Group’s contingent
liabilities were as follows:
2021 2020
2021年 2020年
RMB’000 RMB’000
人民幣千元 人民幣千元
(Unaudited) (Audited)
（未經審計） （經審計）
Guarantees given to banks in connection
with facilities granted to purchasers of
the Group’s properties
向銀行作出的有關授予本集
團物業買方融資的擔保
6,404,332 4,497,483
Guarantees given to financial institutions in
connection with facilities granted to joint
ventures, associates and independent
third party companies
向金融機構作出的有關授予
合營企業、聯營公司及
獨立第三方公司融資的
擔保 3,206,869 1,858,500
Total 總計 9,611,201 6,355,983
50
承擔
於2021年12月31日，本集團的承擔如
下：
重大投資、重大收購及出售
截至2021年12月31日止年度，本集團已
訂立以下重大出售及收購：
於2021年6月9日，(i)上海大發房地產集
團有限公司（「上海大發」）（本公司的間接
全資子公司）與成都坤發房地產開發有限
公司（「成都坤發」）訂立股權轉讓協議，
據此，上海大發同意出售而成都坤發同
意購買重慶融闕置業有限公司的%
股權，代價為人民幣12,127,000元；及
(ii)上海大發與成都坤發訂立股權轉讓協
議，據此，上海大發同意出售而成都坤
發同意購買上海瀚顏實業發展有限公司
的100%股權，代價為人民幣70,049,000
元。有關更多詳情，請參閱本公司日期
為2021年6月9日的公告。
Commitments
As at 31 December 2021, the Group had the following
commitments:
2021 2020
2021年 2020年
RMB’000 RMB’000
人民幣千元 人民幣千元
(Unaudited) (Audited)
（未經審計） （經審計）
Contracted, but not provided for: 已訂約但未撥備：
Property development activities 物業開發活動 1,678,121 2,877,994
Acquisition of land use rights 收購土地使用權 277,133 –
Capital contributions payable to joint
ventures and associates
應付合營企業及聯營公司
注資 635,739 1,468,935
Total 總計 2,590,993 4,346,929
Significant investments, major acquisitions and
disposals
For the year ended 31 December 2021, the Group
had entered into the following material disposals and
acquisition:
On 9 June 2021, (i) Shanghai Dafa Land Group Co., Ltd.
(“Shanghai Dafa”) (an indire
