[中报]深物业B(200011):2022年半年度报告（英文版）
原标题:深物业B:2022年半年度报告（英文版） INTERIMREPORT2022 （AnnouncementNo.2022-36） August2022 PartIImportantNotes,TableofContentsandDefinitions TheBoardofDirectors(orthe“Board”),theSupervisoryCommitteeaswellasthedirectors,supervisors and senior management of ShenZhen Properties & Resources Development(Group)Ltd.(hereinafterreferredtoasthe“Company”)herebyguaranteethefactuality,accuracyandcompletenessofthecontentsofthisReportanditssummary,andshallbejointlyandseverallyliableforanymisrepresentations,misleadingstatementsormaterialomissionstherein. Liu Shengxiang, the Company’s legal representative, Cai Lili, the Company’s head offinancialaffairs,andLiuQiang,headoftheCompany’sfinancialdepartment(equivalenttofinancialmanager)herebyguaranteethattheFinancialStatementscarriedinthisReportarefactual,accurateandcomplete. AlltheCompany’sdirectorshaveattendedtheBoardmeetingforthereviewofthisReportanditssummary. The Company is subject to the Guideline No. 3 of the Shenzhen Stock Exchange onInformationDisclosurebyIndustry—forListedCompaniesEngaginginRealEstate.TheCompanyhasdescribedindetailinthisReportthepossiblerisksfacingit,alongwithcountermeasures.Pleasereferto“XRisksFacingtheCompanyandCountermeasures”in“PartIIIManagementDiscussionandAnalysis”ofthisReport. TheCompanyhasnointerimdividendplan,eitherintheformofcashorstock.ThisReportanditssummaryhavebeenpreparedinbothChineseandEnglish.Shouldtherebeanydiscrepanciesormisunderstandingsbetweenthetwoversions,theChineseversionsshallprevail. TableofContents PartIImportantNotes,TableofContentsandDefinitions...........................................................2 PartIICorporateInformationandKeyFinancialInformation...................................................6 PartIIIManagementDiscussionandAnalysis................................................................................9 PartIVCorporateGovernance.......................................................................................................29 PartVEnvironmentalandSocialResponsibility..........................................................................31 PartVISignificantEvents...............................................................................................................34 PartVIIShareChangesandShareholderInformation................................................................45 PartVIIIPreferredShares..............................................................................................................49 PartIXBonds...................................................................................................................................50 PartXFinancialStatements............................................................................................................51 DocumentsAvailableforReference I.ThefinancialstatementswiththesignaturesandstampsoftheCompany’slegalrepresentative,headoffinancialaffairsandheadofthefinancialdepartment;and II.TheoriginalsofalltheCompany’sdocumentsandannouncementsdisclosedtothepublicvianewspapersdesignatedbytheCSRCintheReportingPeriod. Definitions
ICorporateInformation
1.ContactInformationoftheCompany Indicatebytickmarkwhetheranychangeoccurredtotheregisteredaddress,officeaddressandtheirzipcodes,websiteaddress andemailaddressoftheCompanyintheReportingPeriod. □Applicable?Notapplicable NochangeoccurredtothesaidinformationintheReportingPeriod,whichcanbefoundinthe2021AnnualReport.2.MediaforInformationDisclosureandPlacewherethisReportisKeptIndicatebytickmarkwhetheranychangeoccurredtotheinformationdisclosuremediaandtheplaceforkeepingtheCompany’s periodicreportsintheReportingPeriod. □Applicable?Notapplicable ThenewspapersdesignatedbytheCompanyforinformationdisclosure,thewebsitedesignatedbytheCSRCfordisclosingthe Company’speriodicreportsandtheplaceforkeepingsuchreportsdidnotchangeintheReportingPeriod.Thesaidinformation canbefoundinthe2021AnnualReport. 3.OtherInformation IndicatebytickmarkwhetheranychangeoccurredtootherinformationintheReportingPeriod.□Applicable?Notapplicable IVKeyFinancialInformation Indicatebytickmarkwhetherthereisanyretrospectivelyrestateddatuminthetablebelow.?Yes□No Reasonforretrospectiverestatement: Businesscombinationinvolvingentitiesundercommoncontrol.
1.NetProfitandEquityDifferencesunderCASandIFRS □Applicable?Notapplicable NosuchdifferencesfortheReportingPeriod. 2.NetProfitandEquityDifferencesunderCASandForeignAccountingStandards□Applicable?Notapplicable NosuchdifferencesfortheReportingPeriod. VIExceptionalGainsandLosses Unit:RMB
NosuchcasesfortheReportingPeriod. ExplanationofwhytheCompanyreclassifiesasrecurrentanexceptionalgain/lossitemlistedintheExplanatoryAnnouncement No.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic—ExceptionalGain/LossItems: □Applicable?Notapplicable NosuchcasesfortheReportingPeriod. PartIIIManagementDiscussionandAnalysis IPrincipalActivityoftheCompanyintheReportingPeriod (I)CoreBusinessOverview Establishedin1982,theCompanywasoriginallyknownas"LuohuEngineeringandConstructionHeadquarters"andrenamed "ShenzhenMunicipalPropertyDevelopmentCorporation"inAugust1985.TheCompanywasdeterminedasthesecondbatchof pilotunitsforjoint-stockreformofstate-ownedenterprisesin1988.Approvedbythemunicipalgovernment,theCompanyrenamed toShenZhenProperties&ResourcesDevelopment(Group)Ltd.in1990.Thestockofthegroupcompany(stockname:SZPRD,A/B; stockcode:000011,200011)wasofficiallylistedinShenzhenStockExchangeinMarch1992.TheCompanycontractedandbuiltShenzhenInternationalTradeCenterBuildingasPartyAandcreated,planned,andorganizedthe world-famous"ShenzhenSpeed".ThebuildingwastheplacewhereChairmanDengXiaopinggavetalksinhisinspectiontothe south.SZPRDcameintobeingbecauseofthebuildingandhasrisenamidtheReformandOpeningupcampaign.Emergingand growingtogetherwithShenzhen,acityofmiracles,theCompanyhasbeen“aloyalpractitionerofthespiritoftheox”andovercome difficultiesinproposingnewservicesinthenewera.Inthepastfourdecadesoftrialsandhardships,generationsofSZPRD employeeshavemanifestedtheenterprisespiritof"goingaheadandreforming"andcenteredonthefunctionalpositioningasstate assetsof"servingnationaleconomicandsocialdevelopment,thecity,theindustry,andthepeople".TheCompanyhasadheredtothe originalaspirationandstrivenaheadtobeapioneer.Therefore,ithasmaderemarkableachievementsindevelopmentspeedand quality.Sofar,theCompanyhasgrownintoalargecomprehensiveindustrialgroupfromtheprojectcompanythatbuiltShenzhen InternationalTradeCenterBuilding.Inthenewera,theCompanysizesupthesituation,seizesthemomentumandforgesahead towardthegoalandvisionofbecominga"leadingsmartoperatorofindustry-cityspaceinChina".2022isakeyyeartocarryonwiththeGroup’s14thFive-YearPlan.DuringtheReportingPeriod,facingtheabruptCOVID-19and deepregulationandcontrolinrealestate,theCompanyfaceduptothedifficultiesandcontinuedtomakeeffortsinfourbusiness sectors, including industry-city space development, property management services, industrial ecosystem operation, and main businessecosysteminvestmentinitsmainbusiness.TheCompanyendeavoredtofurtherconsolidateandhighlightitsadvantagesof industry-cityintegrationandthewholeindustrychainthroughexpandingthemainbusinessandmakingbreakthroughsinother businesses. 1.Industrial&urbanspacedevelopment Intermsofthespacedevelopmentsegment,theCompanyisspecializedindevelopingtheresidence,thehi-endapartment,theoffice building,andtheindustrialparkandhasdevelopedabatchofbrandprojects,includingShenzhenInternationalTradeCenter Building,HuanggangPort,Tian'anInternationalBuilding,QianhaiGangwanGarden,andGoldenCollarHoliday.Basedonits presentrealestatedevelopmentbusiness,theCompanywillimproveitsexistingportfolioandplanfornewbusinesses.Itwillengage anumberofsubsidiariesinpropertydevelopmentandurbanrenewals,includingHuangchengRealEstate,RongyaoRealEstate,the UrbanRenewalCompany,DongguanWuhe,XuzhouCompany,andYangzhouCompany,strengthencapitaloperationviathelisting platform,andmakeareasonablelayoutofthecityspacedevelopmentsegment.IntheReportingPeriod,SZPRDmademultiple effortsforthissegment.Forinstance,itsteadilyadvancedtheexistingdevelopmentprojectsinsideandoutsideShenzhen,accelerated thesalesofexistingprojects,andspedupcashinflow.Moreover,itfocusedonthedevelopmentandconstructionofindustry-city complexesandacceleratedtocreateanintegratedandco-existingmodelforthedevelopmentofboutiqueurbanresidencesandhigh- endindustryspace. 2.Propertymanagementservices TheCompany'spropertymanagementsegmenttakesITCPropertyManagementasitsplatform.AsChina’sfirstbatchoffirst-class qualifiedenterprisesinpropertymanagement,ITCPropertyManagement,aftermorethan30yearsofdevelopment,hasbecomea "Top100NationalPropertyManagementEnterprises"and"ExcellentEnterpriseofPropertyManagementinChina'sIndustrial Parks"formanyyearsinarow.Theprojectsunderitsmanagementarealloverthecountry,anditsbusinessradiatestovarious regionsinChina,suchasSouthChina,SouthwestChina,EastChinaandNorthChina,aswellastheChina-VietnamCooperation ZoneinVietnam.TheCompany'sexistingbusinesshascoveredindustrialparks,culturaltourismscenicspots,governmentagencies, railtransportation,housing,hospitals,schools,hotelsandothervariousbusinessmodels,andisplanningtodevelopthebusinessof grassrootssocialgovernance.TheCompanycollaboratedwiththegovernmenttocreateasafe,harmonious,civilizedandorderly urbanenvironment,basicallyformingapatternofintegrateddevelopmentofmultiplebusinessmodels.Therearemorethan20 subsidiariesunderITCPropertyManagement,andwiththefunctionaldepartmentsoftheheadquartersastheplatform,ithasactively builtthreecentersof"market,empowermentandsupervision",andformedthreebusinesscentersandprofitcentersofspecialized businessmodelcompanies,specializedcompaniesandcompaniesinotherregions,soastocontinuouslyandeffectivelyrealizethe newpatternofcoordinateddevelopmentof"1+1>2". 3.Industrialecosystemoperation Withrespecttotheindustrialecosystemoperationsegment,theCompanygavefullplaytoitsfoundationinthethreebasicindustries, namely,realestatedevelopment,propertymanagement,andleasingandtheadvantageofthewholeindustrychain,focusedonthe twomajorstrategiesof“value-addedoperationofexistingassets”and“light-assetoperationoutput”,anddeepenedinternaland external strategiccooperation.Itiscommitted tocreatingaclosedloopofthewholeindustrialecosystem, coveringproject developmentservices,parkoperationservices,andsupportingrentaloperations,andkeepingimprovingthespaceserviceandrental ecosystemintheindustrialpark.Auniqueandmaturebusinessdevelopmentmodelhasbeenputinplacewiththecapabilityand experienceofthewholechainofplanning,dismantling,constructioncontrol,businessinvitation,operation,andon-sitemanagement withrespecttovariousassets.TheCompanyisexpeditingthestocktakingandassessmentofitspropertiesinstockandstrengthening themanagementoverthem.Inthefuture,itwillgraduallyexpandthescopeofleasingandraisethedevelopmentcapabilityof propertyrental.Moreover,theCompanygraduallyshiftsthefocusofindustrialecosystemoperationtosci-techparks,provides supportingservicescoveringthewholevaluechain,suchastheimportofindustrialecosystem,projectdevelopmentservices,and parkoperationservices,andservestheroleof"spaceserviceprovider"centeringonsci-techparks.4.Otherbusiness IntheReportingPeriod,theCompany'sbusinessesalsoincludedcateringserviceandprojectsupervisionservice.Thecatering serviceisoperatedbyShenzhenGuomaoCateringCo.,Ltd.GuomaoCateringCo.,Ltd.,establishedin1986,becamefamousat homeandabroad,asitwastheplacewherePresidentDengXiaopinggavetalksduringhisinspectiontothesouthin1992.Sinceits establishment,ithasreceivedmorethan600countryleaders,famouspeople,andnumerousdomesticandoverseasguests,withits reputationspreadingallovertheworld.Theprojectsupervisionserviceishandledbythesubordinatedsupervisioncompanyofthe Group.ThecompanyhastheGradeAsupervisionqualificationofbuildingworksoftheMinistryofHousingandUrban-Rural Development(MOHURD).ItwasoriginallyknownasShenzhenPropertyEngineeringManagementDepartment,andtakespartin theconstructionandmanagementworkofShenzhenInternationalTradeCenterBuilding.Itisawitnessofthewholeprocessof "Shenzhenspeed",andmainlyservesforthedevelopmentprojectoftheGroup.(II)IndustryDevelopmentProgress 1.Realestateindustry Inthefirsthalfof2022,themacro-economicoperationcontinuedthedevelopmenttrendofoverallstabilityandsteadyprogress. Specifically,significantpotentialwasseenindemandrecovery,productionrallywaswellsupportedandmacropolicieswell guaranteed,innovativedevelopmentgainedmomentumforeconomicgrowth,people'slivingstandardandqualitycontinuedto improve,andhigh-qualitydevelopmentwaspromotedbyanincreasingnumberofpositivefactors.Since2021,realestateregulation hasmaintainedtheorientationthat"housesareforlivingin,notforspeculation",andclearlyupheldtheprinciplesof"implementing city-specific policies" and "supporting people's demand for housing improvement". In January, the National Housing and ConstructionConferencecalledforstickingtothebottomlineofzerosystemicriskandfullyreleasingresidents'housingdemands. encouragebothhousingrentalsandpurchases,movefastertodevelopthelong-termrentalmarket,promotetheconstructionof government-subsidizedhousing,assistthecommodityhousingmarketinbettermeetingthereasonablehousingneedsofhome buyers,andkeeplandcosts,housingpricesandmarketexpectationsstable,soastofacilitatethestableandhealthydevelopmentof therealestatemarket.InApril,theCentralBankandtheBankingandInsuranceRegulatoryCommissionindicatedthattheywould providefinancialservicesformergersandacquisitionsofriskdisposalprojectsbykeyrealestatecompanies.InMay,thePeople's BankofChinaissuedanoticetolowertheinterestratefloorforindividualhousingloanswithaviewtoofferingcreditsupportto homebuyers.ChinaSecuritiesRegulatoryCommissionproposedtosupportthenormalfinancingofrealestateenterprises,allow high-qualityrealestateenterprisestofurtherbroadentheuseoffundsraisedbybonds,andencouragehigh-qualityrealestate enterprisestoissuecorporatebondsformergerandacquisitionofprojectsinthechargeofrealestateenterpriseswithanyinsurance accident.Aseriesofmeasuresadoptedwillbeconductivetothevirtuouscirculationandsounddevelopmentoftherealestate industry. Fromtheperspectiveofregionalmarket,inthefirsthalfof2022,ShenzhenexperiencedrepeatedoutbreaksofCOVID-19,in responsetowhichthegovernmentintroducedanumberofmeasurestostabilizegrowth.InFebruary,theMinistryofHousingand Urban-RuralDevelopmentheldapressconferenceinthethemeof"promotinghigh-qualitydevelopmentofhousingandurban-rural construction",indicatingthatitwouldstrivetoplayapositiveroleinmaintainingstablemacroeconomicperformanceandcontinueto strengthen the construction and supply of public housing; in June, the four departments of Shenzhen jointly issued the "Implementation Plan for Further Strengthening Financial Services to Support Epidemic Prevention and Control", Promote EconomicRecovery,MeetBasicLivingNeedsandStabilizeDevelopment,clarifyingtheneedtofurtherstrengthenthemitigationof risksfacedbyrealestateenterprises,optimizetheconditionsforwithdrawalofadvancesalesupervisionfundsunderthepremiseof "ensuringdeliveryofbuildings",andpromotethevirtuouscirculationofenterprisefunds.Inthefirsthalfof2022,thesupplyofhousinginShenzhennewhousingmarketwasmainlyconcentratedinthesecondquarter. AffectedbypoliciesandtheCOVID-19pandemic,thetransactionvolumeofthenewhousingmarketdecreasedby30%yearonyear, andtheoveralltransactionvolumewas1,657,500squaremeters.Intermsoflandmarket,inthefirsthalfoftheyear,Shenzhen launchedatotalof35landplots,withatotalplannedareaof5,648,000squaremeters,includingeightresidentiallandplotswitha plannedbuildingareaof1,071,000squaremeters,andfivecommerciallandplotswithaplannedareaof205,000squaremeters.In thefirsthalfoftheyear,thetotaltransactionvolumeinbuildingareawas3,554,000squaremeters,witheightresidentiallandplots achievingthehighestpossibletransactionpriceandthepricelimitsonnewhousingraised,whichsendsapositivesignaltothe market. Inthefaceofchangesinindustrypoliciesanddevelopmenttrends,mainstreamrealestateenterprisesaregraduallymakingeffortsin diversifiedbusinesslayouts.Atpresent,mainstreamrealestateenterpriseshavealreadyenteredandformedstableindustrypatternin manyrelevantfieldsotherthanresidentialdevelopmentandsales,suchaspropertymanagement,commercialproperty,long-term rentalandlogisticsrealestate.Additionally,sub-industriessuchaselderlycare,educationandagencyconstructionhavealso achievedrapiddevelopment.Theindustryhasaccelerateditstransformationfromrealestatetoimmovableproperty,gradually shiftingfromthescale-drivenadvantageformedbyresidentialdevelopmentandsalestotheintegrationofdevelopment,operation andservice. 2.Propertymanagementindustry Inrecentyears,drivenbycontinuedurbanization,consumptionupgradeandencouragingpolicies,andoverlaidwithtechnological empowermentandcapitaldividends,thepropertymanagementindustryhasenteredaperiodofrapiddevelopment.Withtherising socialstatusofthepropertymanagementindustry,inearly2022,theGeneralOfficeoftheStateCouncilissuedtheNoticeonthe ConstructionPlanfortheCommunityServiceSysteminUrbanandRuralAreasDuringthe14thFive-YearPlanPeriod,aimingto guidethemarketandsocialforcestodevelopservicessuchaschildcareandeldercareincommunities,andencouragethe developmentofhouseholdservicessuchaspropertymanagement,maintenance,housekeeping,cateringandretailincommunities, andencouragelocalitieswhereconditionspermittointroducespecializedpropertyservices,andestablishandimproveatwo-way selectionmechanismbetweenpropertyownersandpropertyserviceenterprises.Urbanservicesareanewfieldintheproperty managementindustrythisyear.Therevisionofservicestandardsrelatedtourbanenvironmentalsanitationhasprovidedrelevant normsandguidelinesforthepropertymanagementindustry.Moreover,aseriesofmeasuresadoptedhavecreated favorable conditionsfortherapidgrowthandstandardizeddevelopmentofthepropertymanagementindustry.Scaleandboundaryexpansionremainsthemainthemeinthedevelopmentofthepropertymanagementindustry.Inthefirsthalfof 2022,therewerenearly20mergerandacquisition(M&A)casesinthepropertymanagementindustry,involvingtransactionamount totalingRMB8billion.Thecomparisonwith2021presentsthefollowingcharacteristics:First,M&Asaremoreprudentoverall, mainlyfocusingonthequalityofM&Aobjectsandstrategiccoordinationandprofitability.Second,state-ownedenterprisesbecome moreactiveandplayadominantroleintheM&Amarket.Amongthe20M&Acasesinthefirsthalfoftheyear,theM&Aentitiesof fiveonesarestate-ownedpropertycompanieswithadisclosedtransactionamountofapproximatelyRMB4,314million,accounting for53.9%ofthetotaltransactionamount.Inthemediumandlongterm,M&Awillvigorouslypromotethefurtherimprovementof industryconcentration,andpropertymanagementcompanieswiththedeveloperbackgroundhavemoreadvantagesinthisregard. Thepropertymanagemententerpriselistingboomcontinues,withthreemorepropertymanagemententerprisesenteringthecapital marketduringJanuary-April.Asat17June2022,atotalof59propertymanagemententerpriseswerelisted,including55onthe MainBoardofHongKongandfourontheA-share,withatotalmarketcapitalizationofoverRMB1trillion.Improvingthelevelof intelligenceandbuildingsmartcommunitiesisstilloneoftheimportantdirectionsforenterprisedevelopment.Inthefirsthalfofthe year, major property management companies launched and upgraded their new intelligent property management systems to implementintegratedpropertymanagementandprovideservicessuchaspropertynotification,warranty,visitornotificationandlife paymentinamoreconvenientway.SomeenterprisesactivelycooperatedwithInternetcompaniestoexploretheapplicationofsmart technologyinpropertyservicescenariosandimprovevalue-addedservices.(III)OperatingPerformanceoftheCompanyintheReportingPeriod In2022,theCompanycloselyfocusedontheimplementationofthekeyworkdeploymentformulatedatthebeginningoftheyear. Inthefirsthalfoftheyear,alltheCompany'sworkwasconductedinstrictaccordancewiththeprincipleof"seekingprogressin stability,maintainingstabilityinprogress,andpromotingprogressinaninnovativeandprudentmanner".TheRealEstate Companytookexpansionasthegoal,andmadeeffortstoseekabreakthroughinprojectexpansion.ThePropertyManagement Companytookstrategictransformationastheguidetoenhancetheempowermentvalueandbrandvalue.TheCommercialOperationCompanyaimedatimprovingqualityandefficiency,andcontinuedtoinnovatetheoperationandmanagementmode, andeachbusinesssegmenthasmaintainedastableandhealthydevelopmenttrend.DuringtheReportingPeriod,theCompany achievedoperatingrevenueofapproximatelyRMB1.988billionandanetprofitattributabletotheCompanyastheparentof approximatelyRMB251million,andallotherindicatorssuchasexpensesandtotalremunerationswereundereffectivecontrol. First,theindustry-cityspacedevelopmentsegmentmaintainedstableperformance,withprojectconstructionbeingactively promoted.Inthefirsthalfoftheyear,therealestatebusinessrecordedoperatingrevenueofRMB1,156million,accountingfor 58.15%ofthetotalrevenue.DuringtheReportingPeriod,therealestatesegmentoftheCompanycontinuedtostrengthenthe synergyofnodaltargetsandresourceguaranteetoachieveacomprehensivelyacceleratedturnoverofprojectsunderconstruction, fullycoordinatedtheannualsalesoftheGoldenCollarHolidayproject,andadvancedthesales,paymentcollectionandfine decorationpartnershipofBuildingAinanorderlymanner,providingastrongsupportforthegrowthofrevenueandprofit.Moreover, theGroup,togetherwithYangzhouLvfaRealEstateCo.,Ltd.,successfullywonthefirstbatchofplot(GZ342)forYangzhouSlender WestLakeScienceandTechnologyInnovationCityProject.Adheringtothemarket-orientedmanagementconcept,theGroup quicklycarriedoutpreparatoryworksuchascooperationagreementdraftingandtenderinvitationanddetermination;Yutangshangfu ProjectofShenzhenGuangmingWuheRealEstateCo.,Ltd.(hereinafterreferredtoas"GuangmingYutangshangfuProject")and DongguanHumenProjectgotstartedinthefirstquarter,andtheoverallprogressthereofwasorderlyandcontrollable;Fuchang PhaseIIProject,HumenCoastalPortProjectandotherprojectsareprogressinginanorderlymanner.Second,thepropertymanagementsegmentgrewsteadilyandcontinuedtoacceleratemarketexpansion.Inthefirsthalfofthe year,thepropertymanagementbusinessrecordedoperatingrevenueofRMB778million,accountingfor39.15%ofthetotalrevenue. Thepropertymanagementsegmentexpandedtotally26projectsinthefirsthalfoftheyear,suchasLinbangliandKaiyuanBuilding projects,withtheexpansionareatotalingapproximately1,213,000squaremeters.Inordertoimplementthestrategiclayoutof informatization,inthefirsthalfoftheyear,ITCPropertyManagementcompletedsuchworkasconstructionschemedraftingand costinvestigationfor itsscientificandtechnological intelligent digitalplatformsystem composedofanintelligent operation managementandcontrolplatformandadatamiddleoffice.InformatizationprojectsofITCPropertyManagementsuchasthe integrationandupgradeofthechargingsystemandtheconstructionoftheintelligentparkingmanagementandcontrolplatformare allprogressinginanorderlymanner. Third,theindustrialecologicaloperationandothersegmentsimprovedqualityandefficiency,andcultivatedcoreoperational capabilities.Inthefirsthalfoftheyear,affectedbythesluggishperformanceofexternalrentalmarketandtheshort-termimpactof theoutbreakofCOVID-19,therentaloperationbusinessrecordedoperatingrevenueofRMB54million.Inactiveresponsetopolicy call,theCompanyimplementedrentalreductionandexemptionforstate-ownedhousestorelievetheoperatingpressureofcustomers, whichfullydemonstratesthemissionandresponsibilityoftheCompanyasastate-ownedenterprise.TheCompanytookvarious stepstoaccelerateitstransformationandupgrade,andexploredsuchmeasuresasestablishinganincrementalsharingmechanismand intensifying effortsonproject expansion.Additionally,coreoperatingcapabilities were cultivated inmultiplepaths,and the transformationofthecurrentpurerentalbusinessmodetoacommercialoperationmodewaspromoted,therebyboostingthe developmentandgrowthoftheindustrialecologicaloperationsegment.Moreover,theCompanyactivelypromotedthebuildingof thekeyindexsystemfortherealestatesegment,theinformatizationofintelligentconstructionsiteandtheconstructionofthe engineeringqualityanddesignmanagementsystem.ThesupervisionoverrelevantprojectssuchastheFuchangPhaseIIProject, DongguanHumenProjectandGuangmingYutangshangfuProjectwasinorderlyprogress.Variousworkwascarriedoutinstrict accordancewiththestandardizedproceduresforsupervisionandtheCompany'srelevantrequirementsforinternalcontrolto successfullycompletethesupervisionofexistingprojects. (IV)Progressofkeyconstructioninprogress TheCompanyissubjecttotheGuidelineNo.3oftheShenzhenStockExchangeonInformationDisclosurebyIndustry—forListed CompaniesEngaginginRealEstate. 1.Newadditionstothelandbank
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