Artistry is the mainstay of our expertise, Artisanal professionalism and undertakings.
Catering to clients’ needs is the motivation for our continuous pursuit of Excellent excellence.
Clients’ satisfaction is our foremost and User-Oriented ultimate goal.
Catering to clients’ needs with artistry to win their satisfaction is the cornerstone of survival and sustainable development. About Sino-Ocean Corporate Information Landbank Distribution Highlights Financial & Operation Chairman’s Statement & Analysis Management Discussion Investor Relations Sustainability Report Disclosure of Interests Corporate Governance and Other Information P.004 P.006 P.008 P.010 P.012 P.018 P.044 P.046 P.050 P.053
INTERIM REPORT SINO-OCEAN GROUP HOLDING LIMITED Contents 002 2021 INTERIM REPORT Contents SINO-OCEAN GROUP HOLDING LIMITED 003 2021 Condensed Consolidated Interim Balance Sheet Condensed Consolidated Interim Income Statement of Condensed Consolidated Interim Statement Comprehensive Income Condensed Consolidated Interim Statement of Changes in Equity Condensed Consolidated Interim Cash Flow Statement Notes to the Unaudited Condensed Consolidated Interim Financial Information List of Project Names Report on Review of Interim Financial Information P.060 P.062 P.063 P.064 P.066 P.067 P.102 P.059 INTERIM REPORT ABOUT SINO-OCEAN SINO-OCEAN GROUP HOLDING LIMITED 005 2021 With a strategic vision With a strategic of becoming the “Creator of Building Health and Social Value”, Sino- corporation focusing comprehensive on Group is committed to becoming a pragmatic Ocean investment and development while exploring related diversified new businesses. Our core development property investment property, of residential development include businesses and whole-industrial services and operation, property chain along with construction services, and estate real logistics service, living senior financing, estate in real businesses synergic etc. internet data center, Sino-Ocean owns Group projects in in currently around stages rapidly 260 different growing and Qinhuangdao Langfang, as Beijing, such regions, metropolitan and cities Chinese Shijiazhuang inthe Beijing Region; Tianjin, Dalian, Jinan and Qingdao in the Bohai Rim Zhongshan, Shenzhen, Region; Eastern in the Wuxi and Nanjing Region; Shanghai, Suzhou, Zhanjiang and Guangzhou in the Southern Region; Wuhan, Zhengzhou, Changsha and Hefei in the Central Region; Chengdu, Xi’an, Chongqing and Kunming in the Western Region.In Singapore, Indonesia, to abroad has expanded territory business Company’s the addition, of around 38 million sq.m. etc. As at 30 June 2021, we had a land reserve Sino-Ocean Sino-Ocean Group Holding Limited (“Sino-Ocean Group”) was founded in 1993 and has been September 28 since Limited Kong of Hong Exchange Stock of The Main Board on the listed Life Dajia and Limited Company Insurance Life with China 03377.HK), code: (stock 2007 substantial shareholders. Insurance Co., Ltd. as Sino-Ocean Group has been included a constituent as of Seng Hang Composite Index (HSCI), & Construction, Hang Seng Composite Industry Index — Properties Hang Seng Stock Connect High SCHK Seng Hang & MidCap Index, LargeCap Composite Seng Hang Index, Kong Hong Benchmark Index. Index and Hang Seng Corporate Sustainability Dividend Low Volatility Ocean Elite River Prospect (Shenyang)
INTERIM REPORT SINO-OCEAN GROUP HOLDING LIMITED ABOUT SINO-OCEAN 004 2021 (Chairman) (Chairman) (Chairman) Mr. SUEN Man Tak Mr. WANG Zhifeng Mr. LI Ming Mr. WANG Honghui Mr. HOU Jun Mr. CHEN Ziyang (appointed on 25 July 2021) Mr. JIN Qingjun Ms. LAM Sin Lai Judy Mr. FU Fei (resigned on 25 July 2021) Company Secretary Mr. CHUNG Kai Cheong Authorized Representatives Mr. LI Ming Mr. CHUNG Kai Cheong Nomination Committee Mr. LI Ming Mr. HAN Xiaojing Mr. WANG Zhifeng Remuneration Committee Mr. HAN Xiaojing Strategic and Investment Committee (Chairman) (appointed on 25 July 2021) (resigned on 19 March 2021) (appointed on 25 July 2021) (resigned on 19 March 2021) 1 1 1 1 (Chairman) 1 Both Mr. ZHAO persons. Peng are different Ms. HUANG Xiumei (appointed on 19 March 2021) Ms. HUANG Xiumei (appointed on 19 March Mr. ZHAO Peng Audit Committee Ms. LAM Sin Lai Judy Mr. HAN Xiaojing Mr. SUEN Man Tak Mr. WANG Zhifeng Mr. JIN Qingjun Ms. LAM Sin Lai Judy Independent Non-executive Directors Non-executive Directors 2021) Ms. HUANG Xiumei (appointed on 19 March Mr. ZHAO Peng Directors Executive Directors Mr. LI Ming Mr. WANG Honghui Mr. CUI Hongjie Mr. SUEN Man Tak Mr. JIN Qingjun Mr. ZHAO Peng Ms. LI Liling (resigned on 25 July 2021) Mr. HOU Jun Mr. CHEN Ziyang (appointed on 25 July 2021) Mr. ZHAO Peng Mr. FU Fei (resigned on 25 July 2021) Ms. LI Liling (resigned on 25 July 2021) Note: The corporate information latest practicable being the of Sino-OceanThe corporate Group Holding August 2021, Limited as of 25 of this interim report, is as follows: date prior to the issue
INTERIM REPORT SINO-OCEAN GROUP HOLDING LIMITED CORPORATE INFORMATION 006 2021 INTERIM REPORT CORPORATE INFORMATION SINO-OCEAN GROUP HOLDING LIMITED 007 2021 Listing Information The Stock Exchange of Hong Kong Limited Stock Code: 03377 Company Website www.sinooceangroup.com Investor Relations Contact [email protected] Auditor PricewaterhouseCoopers Certified Public Accountants Legal Advisor Paul Hastings Share Registrar Limited Computershare Hong Kong Investor Services Shops 1712–1716, 17th Floor Hopewell Centre 183 Queen’s Road East Wanchai Hong Kong (in alphabetical order) Agricultural Bank of China, Ltd. Bank of Beijing Co., Ltd Bank of China (Hong Kong) Limited Bank of China Limited Bank of Communications Co., Ltd. Bank of Shanghai Co., Ltd. China Bohai Bank Co., Ltd. China CITIC Bank Corporation Limited China Construction Bank Corporation China Everbright Bank Co., Ltd. China Guangfa Bank Co., Ltd. China Merchants Bank Co., Ltd. China Zheshang Bank Co., Ltd. Chong Hing Bank Limited CMB Wing Lung Bank Limited DBS Bank (Hong Kong)Ltd. Hang Seng Bank Limited Industrial and Commercial Bank of China, Ltd. Industrial Bank Co., Ltd. Ping An Bank Co., Ltd. Shanghai Pudong Development Bank Co., Ltd. The Bank of East Asia, Limited The Hongkong and Shanghai Banking Corporation Limited Principal Bankers Principal Place of Business 31–33 Floor, Tower A Ocean International Center 56 Dongsihuanzhonglu Chaoyang District Beijing PRC Registered Office Place Suite 601, One Pacific 88 Queensway Hong Kong INTERIM REPORT Landbank distribution SINO-OCEAN GROUP HOLDING LIMITED 009 2021 Region Eastern 35 Region 37 Bohai Rim Beijing Region Region 46 Region 43 Central Southern 20 Jakarta Region 27 Western 47 Sino-Ocean Group Focuses on Acquiring Sino-Ocean Group Focuses Quality Land Resources, Extended to 47 cities with Landbank Coverage all Over the PRC and Overseas. Singapore
| Guiyang | Kunming
|
Chongqing | Xi’an | Singapore | ther Region O Jakarta 70,000 sq.m. GFA: Total landbank: 70,000 sq.m. Total : 2 Number of projects rn Region Weste Chengdu Qiannan 5,034,000 sq.m. GFA: Total landbank: 3,987,000 sq.m. Total : 27 Number of projects
| | | Longyan | Taiyuan Jiangmen | |
| Foshan | Ningbo Nanchang | | Guangzhou Wenzhou | Shijiazhuang | | Hefei Xiamen Shenyang Jiaxing | | | |
Nanjing | Zhanjiang | Qingdao Maoming Changsha | Yangzhou | | | Wuxi Qinhuangdao | | Jinan | Huzhou Zhongshan Suzhou | | | Zhangzhou Zhengzhou Langfang Dalian | | | | rn Region aste Central Region Wuhan Southern Region Shenzhen Shanghai E Bohai Rim Region Bohai Tianjin Beijing Region Beijing Beijing Hangzhou 6,446,000 sq.m. GFA: Total landbank: 4,451,000 sq.m. Total : 20 Number of projects Zhangjiakou sq.m. 11,729,000 GFA: Total 9,848,000 sq.m. landbank: Total : 46 Number of projects Total GFA: 17,408,000 sq.m. GFA: Total landbank: 10,616,000 sq.m. Total : 37 Number of projects Fuzhou Total GFA: 5,516,000 sq.m. GFA: Total landbank: 3,225,000 sq.m. Total : 35 Number of projects Sanya|Hong Kong Sanya|Hong 10,895,000 sq.m. GFA: Total landbank: 5,764,000 sq.m. Total : 43 Number of projects
INTERIM REPORT SINO-OCEAN GROUP HOLDING LIMITED LANDBANK DISTRIBUTION 008 2021
– – 3% 6% 3% -3% 25% 30% -1 pt -13% -17% -17% -18% -17% -10% 12 pts -0.6 pt Changes Changes
55% 10% As at 2020 2020 4,470 1,979 1,223 2,186 1,248 0.161 0.056 0.161 23.1% 53,649 43,929 38,043 41,840 19,374 259,689 (audited) 31 December
9% 67% As at 2021 2021 4,612 1,926 1,010 2,834 1,126 0.133 0.046 0.133 22.5% 53,843 38,232 37,961 52,370 20,513 30 June 266,599 (unaudited) (%) 2 1 Including restricted bank deposits Total borrowings minus cash resources divided by total equity Total assets Equity attributable to owners of the Company Cash resources (RMB million) Net gearing ratio Landbank (’000 sq.m.) Contracted sales (RMB million) Revenue Gross profit — Diluted Dividend per share (RMB) Gross profit margin (%) Profit for the period owners of the Company Profit attributable to Earnings per share (RMB) — Basic Net profit margin (%) Saleable GFA sold (’000 sq.m.) Saleable GFA delivered (’000 sq.m.) Notes: 1 2
Six months ended 30 June (unaudited) Six months
INTERIM REPORT SINO-OCEAN GROUP HOLDING LIMITED FINANCIAL & OPERATION HIGHLIGHTS 010 2021 INTERIM REPORT Financial & operation highlights SINO-OCEAN GROUP HOLDING LIMITED 011 2021 0.200 60,000 25,000 52,370 20,513 0.161 50,000 0.160 20,000 19,374 41,840 0.133 40,000 0.120 15,000 30,000 0.80 10,000 1H2021 20,000 0.40 5,000 10,000 1H2020 0 Earnings per share (RMB) 0 Revenue (RMB million) 0 Contracted Sales (RMB million) OUTLOOK EW AND REVIEW MARKET In the first half of 2021, global economy continued to recover in a volatile environment. Production activities activities Production environment. in a volatile to recover continued global economy first half of 2021, In the economic activities and sturdy macro-measures, to pre-pandemic level. Propelled by progressive slowly returned in China kept going upwards and driving growth. As the base effect gradually ebbed, various major economic indicators, though declininghigh from a position, still pointed to a vigorous and steady direction. The economy setting as confidence continued to grow. made a solid step forward in the new development regulatory industry estate real China’s not speculation’, accommodation for of ‘housing principle the Upholding policies continued to improve and tightened. Red Lines’,‘two concentrations’ in From the ‘Three land supply, and strictly forbidding operation loans and consumption loans the from finding their ways into market, the real estate estate on real macro-measures The side. supply on the further leaned macro-measures Government’s Central and regulation finance of financing accelerated channels eight ministries continued to be in of force. In July 2021, the Central Government including the Ministry of Housing and Urban-Rural Development jointly rolled out city-specific, will be for rectification areas market, estate real in the order the to rectify efforts stronger to encourage a stable and robust development. mechanisms will be systematic and normalized In the commercial housing people’s purchase market, needs held back by the pandemic continued to be released. Despite tightening financial policies, sales of commercial housing in the first half of as remarkably 2021 increased National the to data from According proceeds. cash to generate of projects up launching sped enterprises property billion, RMB9,290 reached year half of the first in the in China housing of commercial sales of Statistics, Bureau 38.9% and 27.7% YoY. with sales of GFA 886 million sq.m., both are record high for the same period, rising by supply of land Concentration prominent. more became enterprises and cities among in competition Differentiation in cities produced visible difference in land transactions. Many land transactions were still conducted at a premium tier-one and sold in tier-two cities, while at base preferred land plots not so sought were in after cities that were passed. tended giving price or even enterprises to priority Property have similar investment strategy, to core cities and metropolitan areas. Leading state-owned enterprises and Central Government’s enterprises still enterprises, enjoyed an advantage in financing and land acquisition. As it was becoming more difficult for small to medium enterprises to acquire land, industry consolidation accelerated and market share nationwide leaned further towards major enterprises. RESULTS 2021 INTERIM million, a year-on-year RMB20,513 representing was For the six Group’s revenue monthsour 30 June 2021, ended (“YoY”) increase of 6%; gross profitmillion, RMB4,612 reached increasing compared to by 3% the corresponding period in 2020 and the gross profit margin was 22.5% (first half of 23.1%), maintained 2020: at similar level as the per share (basic and Company and earnings the of corresponding to owners period in 2020. Profit attributable diluted) decreased by 17% to RMB1,010 million and RMB0.133, respectively as compared to the corresponding period in 2020. On behalf of our Board of (the Directors “Board”), to I have the pleasure present the unaudited interim results of Sino-Ocean Group Holding Limited (“Sino-Ocean Group” or the “Company”) and its subsidiaries referred (together for the six months ended 30 June 2021. to as the “Group” or “we”)
INTERIM REPORT SINO-OCEAN GROUP HOLDING LIMITED CHAIRMAN’S STATEMENT 012 2021 INTERIM REPORT Chairman’s statement SINO-OCEAN GROUP HOLDING LIMITED 013 2021 STRATEGY EW A ND EVIEW R PERFORMANCE Property development continued to grow, product quality consistently improved product quality consistently to grow, continued development Property In the first half of 2021, the Group increased sales through more efficient sales techniques and systems, and of RMB52.37 sales contracted achieved We management. streamlined more even for categories down breaking billion, an increase of 25% YoY, contracted GFA sold was 2,834 million sq.m., up by 30% YoY. Regional distribution balanced was more as the Southern up points and Region went Western by 8 percentage YoY. In the first half of the year, the Group focused on quality management and rewarded with top prizes in the industry such as the MUSE Platinum Award and China Enterprises Builders Award for Jasper Epoch Property Benchmarking Projects in Beijing, Hongqiao Origin in Shanghai, Oriental World View in Wuhan, Seatopia in Qinhuangdao and Ocean Lake Mansion in Jiaxing. 2021 is the second year of the Group’s fifth phase of strategic development. We persevere with our strategic strategic with our persevere We development. phase of strategic fifth Group’s of the year second 2021 is the planning: streamline management on a long-term basis, focus on property development, consolidate key operational capabilities, enhance operational ensure product standards, place stringent performance, and service controls on operational risks, and with an artisan’s spirit provide services to customers to their highest satisfaction. We choose to move forward on a balanced path of survival and sustainable development. In half the next pandemic of the around the year, world the will continue to morph. is external environment As the The unbalanced. and unstable is still recovery economic domestic stark, and complicated more even becoming Politburo’s in meeting July 2021 made numerous resolutions: economic functions in the next half of to the year be progressive but in a stable manner, to work out a complete, accurate and comprehensive new development concept, to intensify structural reforms on the supply side, and to accelerate building of a new pattern for quality development. The principle of ‘housing for accommodation not speculation’ is resolute. Stability in land price, property price and expectations is essential stability for market and growth. More housing for leasing should also be built. Supportive policies such as land use and taxation are to be implemented. Policies for the real estate implementation’. policy city-specific speculation, not accommodation for to ‘housing to adhere set look industry will Government Central The sides. demand and supply on both remain will mechanisms reform Long-term continue to tighten regulation on real estate finance. Supply of housing may for leasing and tax reform real estate cities, in preferred firmly to stay policies regulatory the to ensure tasked are Municipal governments accelerate. which may push these policies to be extended to popular and tier-three tier-four cities. In the coming six months, as the base figure from last year rises and policies on the demand side finance tighten, sales growth rate will concentrated with of cities list The score. new a produce may year whole in the scale market industry’s the narrow, to curb land auctions in major cities that becoming excessively heated. land supply will hopefully be more relaxed Competition within the industry will continue in the medium to long-term. Established to be fierce will enterprises stay in a good position as less competent players are weeded out. Mergers and acquisitions and strategic partnerships will become even more common. At the same time, profitability will continue to decline as the industry becomes more ‘manufacture-like’ and ‘service-like’. Enterprises will persist on quality growth, enhance actively and business principal in the capabilities core upgrade management, streamlined through performance expansion. explore a second growth chart to support sustainable ) (the “Target “Target ) (the 司 公 限 有 展 發 業 企 龍 凱 美 星 紅 慶 * For identification purposes only. In the first six months, the Group, while actively developing landmark commercial and office projects, also also landmark commercial and office projects, while actively developing the Group, first six months, In the and acceptance Checking projects. property investment existing in capabilities operational the raised effectively procedures for Ocean Rayzone in the Lize Business District overall design in Beijing complete; for CBD Plot Z6 were and completion near was block main complex in Beijing Canal Place Grand the was also complete; in Beijing in expertise built and users for on services focused that in Hangzhou Place Canal Grand launched; successfully comprehensive services, recorded a 73% rise in sales volume YoY (up 55% from 1H 2019); sales volume in Sino- Ocean Taikoo Li Chengdu in Chengdu also recorded a 65% increase YoY (up 40% from 1H 2019). Going forward, our and developer estate real top ‘China’s of positioning the around will evolve business property investment operator’ and promote the ‘Sino-Ocean brand Property’ influence. We will on operate a ‘mid to light asset’ mode management capability. to maximize the Group’s advantage in capital deployment and build whole-chain asset In the first the Group actively up logistics half of the year, invested in building real estate and internet data centers, as well as expansion planning in important cities. In accordance with the Group’s overall requirement, two businessthese platforms set out planning, commenced work in the strategic ascertained the mid to long-term an individually, brands Data’ and ‘Sino-Ocean Logistics’ ‘Sino-Ocean the and announced strategy development data centers. indication of the Group’s new stage in the expansion of logistics real estate and internet Development and operation of investment property continued to thrive, related related to thrive, property continued and operation of investment Development businesses accelerated Prudent planning for land bank investment, remarkable regional optimization for land bank investment, remarkable Prudent planning In the first half of 2021, the Group complied with the stringent investment criteria to replenish superior land resources. We newly acquired a total of 16 residential development projects and a new land bank of approximately 3.28 million sq.m., with a total saleable value of nearly RMB50 billion. Average cost for saleable area was approximately RMB7,700/sq.m. All new projects are in cities in the top two tiers where the Group has deep penetration. At the same time, the Group continued to go ‘south and grasping opportunities west’, precisely the in projects development residential new As and Xi’an. Wuhan Xiamen, Shenzhen, in presence to establish optimized. our land is further approximately also structure The Group reached 70%, bank areas ‘south and west’ reach sq.m. 250,000 below those projects, acquired newly the Among projects. turnover’ fast and ‘small prioritized will be further enhanced. 75%, efficiency of resources In July the Group 2021, entered into with Red Star a cooperation agreement Macalline framework Holding Group Company Limited* (紅星美凱龍控股集團有限公司) through a joint venture to acquire 70% interest of Chongqing Ltd.* (重 Co., Development Enterprise Hongxing Macalline Company”) at RMB4 billion. The parties will co-operate in the future expansion and operation of the Target Company to achieve higher and broader growth. Strategically, the Target Company’s businesses in property totally are compatible commercial operationmanagement with development, and principal property the Group’s businesses. In terms of distribution, Central approximately 80% of their businesses are in Eastern Region, the Region and Western Region, again highly compatible with the Group’s go ‘south and west’ strategy. Their stock resources are worth nearly RMB100 billion, of which approximately 80% are residential, acquired mostly through auctioning and suggested fast turnover and high profitability. Financially, their balance sheet is well-structured, with cash a highly secure flow. The Group will push with forward ‘south and and ‘deep city penetration’ to west’ calibre expansion. drive an even more balanced, sturdy and high
INTERIM REPORT Chairman’s statement SINO-OCEAN GROUP HOLDING LIMITED 014 2021 INTERIM REPORT Chairman’s statement SINO-OCEAN GROUP HOLDING LIMITED 015 2021 , GFA under under GFA , 1 , net profit was approximately RMB264 RMB264 was approximately profit net , respectively, since the end of 2020. 1 1 . Contracted GFA was approximately 82.6 million sq.m. 1 , adding 11.5 and 12.3 million sq.m. 1 , representing a YoY increase of 53% a YoY increase representing , 1 Sino-Ocean Service is a subsidiary of the Group, and the data is presented before the intra-group elimination adjustments. Sino-Ocean Service is a subsidiary of the Group, and the data is presented before the intra-group elimination , representing a YoY increase of 73% a YoY increase representing , 1 1 * For identification purpose only management was 57.8 million sq.m. million Note: Sino-Ocean Service actively developed commercial sector, drove business growth to a new level property Group’s the Service”), (“Sino-Ocean Limited Holding Service of Sino-Ocean performance Half-yearly management arm, after listing was outstanding. Revenue for Sino-Ocean Service in the first six months was million RMB1,385 approximately Actively planned urban redevelopment business to create a new performance driver a new performance to create business redevelopment urban Actively planned Being one of the earliest enterprises in China to participate in urban renewal, the Group actively cultivated this in business primary development and million urban was nearly 10 Group’s reserve segment. The redevelopment sq.m., of which locked-in urban redevelopment projects in Shenzhen exceeded 4 million sq.m. This will contribute to the Group’s portfolio of high-end projects as they transform. During the period, the Group’s urban renewal business reaped fruitful results. we signed In cooperation with January 2021, a agreement the Jiangbei framework District government in Chongqing for urban renewal, to build landmark commercial complexes in Sichuan- Chongqing. In March 2021, we acquired the redevelopment project in Longhua District in Shenzhen with a GFA of approximately 278,000 sq.m., scheduled estimated to be launched in 2022. In May 2021, we signed a strategic central in the renewal urban to drive in Changsha government Tianxin District the with agreement cooperation with areas. In we signed a strategic agreement Hainan May 2021, China State Farms (Group) Corporation* (海南農 on together various including 墾實業集團) to work areas urban and renewal. Our long-term study practical work 2021. In in June award Outstanding Practitioners’ Renewal Urban Ten ‘Top the by was recognized renewal in urban the rest of the Group will 2021, continue to put resources and our expertise, word-of-mouth recommendation to a new growth driver. best use in renewing urban space and building Active outward expansion produced results. In the first half year, Sino-Ocean Service added approximately 10.9 10.9 approximately added Service Sino-Ocean half year, first In the results. produced expansion outward Active million sq.m. of contracted area externally covering residences, commercial space, offices, schools, hospitals, industrial parks, logistics parks, internet data centers, government facilities urban and spaces. the same time, At for Sino-Ocean’s services logistics Sino-Ocean management parks and provided internet Service bespokeproperty in diversified fields were further augmented. data centers. Sino-Ocean Service’s capabilities with the Group In addition, commercial operational agreement Sino-Oceaninto entered a master services Service to provide commercial operation to the Group’s and services its associates’ shopping complexes and offices, and and thus enablingbigger in a light mode, Sino-Ocean to become externally asset Service to outputservices these in and stronger commercial asset management laying a solid foundation for expanding and the commercial office market in the future. Management system further improved and streamlined Management system further improved The Group pushed forward with streamlining of management requiring the frontline to fine-tune the ‘4+8’ system the Group proved In the past two years, and business its business on projects and to raise coverage. that centered that our in strategies and management systems were line with the developments of the industry and the Group. businesses, positivity in various to motivate them, and continually improve to implement will continue We projects, lines of expertise and teams to elevate the Group’s overall operational capabilities and core competitiveness. During the first half of 2021, the Group’s whole-cost management system progressed from pilot to full pilot to full from progressed system management whole-cost Group’s the half of 2021, first the During implementation. This system was applied to all newly acquired projects and new constructions. Through a full contract planning and dynamic monitoring, of whole-cost target, liability processes cost was of management cycle also Group The and budget. planning operation full cycle of a project’s completeness the to ensure established in- more A monitoring. of dynamic initial stage at the and was system management whole-cost built an on-line depth and detailed analysis of data enabled thorough more understanding of the operation and decision-making, cost competitiveness. The Group will in accordance with the Group’s continue to upgrade the system and hence management requirements. Whole-cost management system fully implemented, cost-competitiveness enhanced implemented, fully Whole-cost management system Our favorable credit ratings helped reduce finance cost. In the first six months, the Group maintained the the maintained Group the six months, first cost. In the finance reduce helped ratings credit favorable Our by China Lianhe AAA was rated 2021 ratings (stable outlook) and in May by Moody’s and Fitch, investment grade our capital market, and a volatile on financing policies regulatory of tightening the Given onshore. Rating Credit solid and record good credit ratings indicators track were of the Company’sin edge financing. finance The Group’s that in 2020. review was approximately 5%, lower than cost in the period under had We ample financing channels and highly funds. secure the Group During was in the period full under review, an abundance status. was There of financing zone’ Red Lines’and maintained ‘green compliance the of the ‘Three channels both onshore and approved but offshore, offering unutilized facilities of approximately billion, RMB242.4 an ample credit support for the Company’s operation. In the Group June 2021, signed a RMB30 billion credit line with Ping agreement An Bank Co., Ltd. which further strengthened the Group’s financial position. The Group also always planned for loans From statistics ahead Annual maturing in years. in our 2020 Report of the the next 1-2 2021 in October billion maturing bond of RMB1.95 corporate the only in 2021, maturing billion debt RMB25.9 requires completion of re-financing as re-financing for all other short-term debts was completed. The Group is in a in the next half year and enjoys a secure cash flow. strong position to withstand risks in the market Maintained strong and secure financial position, ‘green zone’ and investment grade zone’ ‘green financial position, and secure Maintained strong ratings
INTERIM REPORT Chairman’s statement SINO-OCEAN GROUP HOLDING LIMITED 016 2021 INTERIM REPORT Chairman’s statement SINO-OCEAN GROUP HOLDING LIMITED 017 2021 health’ made advancement in both publicity and in both publicity advancement made health’ ‧ health 2030’ summit with a view to studying the health 2030’ summit with a view to studying the ‧ ‘Yangtze Opus in Wuhan and Hongqiao Origin in Shanghai’ were health’ forward and constructed benchmark human benchmark human constructed forward and health’ ‧ health, with artisanal products and services. superior ‧ practice. In April2021, the Group held the first ‘building awarded WELL interim certification. The first totally automated ultra-low energy consumption residential awarded WELL interim certification. The first totally consumption residential automated ultra-low energy community Vigorous Mansion compared to traditional in Shijiazhuang of energy building. could up to 90% save As GFA series were launched and covering a 120 projects in the Sino-Ocean’s health at June 2021, over of approximately 20 million sq.m. The Group is committed to building benchmark human habitats, guided by the concept of ‘building development of building health in China and a sustainable path for urban initiated development. We the ‘health plan development ‘double-carbon’ State’s the with in compliance practice into carbon low to put scheme’ pilot requirements. In the first half year, the Group’s In the second half of 2021, the Group will, in accordance to the planning of the fifth phase of strategic In the second half of 2021, the Group will, in accordance to the planning of the fifth phase of strategic to financial development, focus development, return on property logic,‘focus on principal products and markets, teams’, further augment key capabilities in investments, sales, costs, products and services to ensure a stable growth in property development and operational efficiency. For investment property, the development and operation of commercial and office will around spaces evolve the positioning of ‘China’s top developer real estate raise mode, asset’ ‘medium in the progress will We this segment. in capabilities to build leading and operator’, capabilities in control streamlined operation,cost management, and asset asset disposal. will We also invest more in internet data centers and logistics real estate, to acquire resources of high caliber for stronger core capabilities and complete requirements set out in the strategic planning. The Group is confident that at a time the industry is progressing from land dividend and financial dividend to management dividend, enterprises that persevere on stable operation and will and proper management governance be well-positioned to adapt to changes and grasp opportunities. LI Ming Chairman Hong Kong, 19 August 2021 APPRECIATION authorities, local investors, shareholders, to all gratitude deepest my to extend like I would Board, of the On behalf and the management directors, also to our most supportive; been who have and customers partners business could enjoyed our continued without We not have stable growth their staff for their dedicated hard work. entire unreserved support. During the first half of 2021, the Group’s brand concept ‘building concept brand Group’s the half of 2021, first the During Drove the concept of ‘building concept Drove the habitats
5% 6% -1% 46% -25% Changes
805 270 2020 2,192 16,107 19,374
203 2021 1,178 2,176 16,956 20,513 1 AL REVIEW Property investment Property development Other real estate related businessesOther real estate Property management and related services Property management Total Property management and related services represent property management services, community value-added services and value-added services to non-property owners only.
(RMB million) Hongqiao Origin (Shanghai) 1: Note The revenue of Sino-Ocean Group Holding Limited (“Sino-Ocean Group” or the “Company”) and its subsidiaries (together referred to as “our Group”, the “Group” or “We”) in the first half of 2021 was RMB20,513 million, representing a 6% increase as compared to million RMB19,374 in the first half of 2020. The development property Group’s total revenue. contributor largest which of the the accounted for approximately 83% remained segment strategic planning. During the first half of 2021, 59% of revenue from The Group pursues the 'south and west' property development was contributed by the Eastern, Southern, Central and Regions Western (first half of 2020: market single project portfolio for mitigating the risk from maintain a balanced 62%). We will persistently future our of focus stay to Group the allowing resources, of usage effective more enabling and fluctuations development plan. Property management and related services includes (i) management services; property (ii) community value-added was mainly due to (i) the and (iii) in revenue The increaseto non-property owners. services; value-added services increase in and GFA under management increase in number of properties under (ii) management; offering of new types of services such as home decoration services; and (iii) expansion of our property brokerage services, property engineering services and consultancy services during the reporting period. Revenue 30 June are analyzed as follows: unaudited revenue for six months ended The components of the FINANCI
INTERIM REPORT SINO-OCEAN GROUP HOLDING LIMITED MANAGEMENT DISCUSSION & ANALYSIS 018 2021 INTERIM REPORT Management discussion & analysis SINO-OCEAN GROUP HOLDING LIMITED 019 2021 0 1H202 (RMB million) Western Region 23.1%), maintained 19,374 Central Region 23% 28% 22.5% (first half of 2020: 13% 25% 2% Southern Region % 9 % 5 % 6 in the first half of 2020. The increase was mainly because more 21% 11% Eastern Region 27% 30% Rim Region Bohai 1 Beijing Region 20,513 1H202 Interest and other income and other gains (net) income and other Interest and million Interest other income by 19% to RMB1,120 for the six decreased months ended 30 June 2021 (first half income, interest loan in entrusted decrease the to due mainly was decrease Such million). RMB1,380 of 2020: the during rate interest and balance loan entrusted average in the decline overall the by brought was which period. Gross profit to the as compared of 3% increase an representing million, RMB4,612 was period the for profit Gross corresponding period in 2020. Gross profit margin was approximately at similar level as the corresponding period in 2020. Cost of sales In line with the increase in the recognised sales of property development, the Group's total cost of sales for the (first half of 2020: RMB14,904 million). period increased to RMB15,901 million accordingly The Group's total cost of sales was mainly the cost of property development, which mainly consisted of land cost and construction cost. Excluding car parks, average land cost per sq.m. of property development business during the period increased to 5,800 approximately compared to RMB RMB6,100 projects located in and tier-one core tier-two cities, which having are relatively higher land in delivered costs, were the first half of 2021. Average construction cost per sq.m. (excluding car parks) for property development business maintained at approximately RMB5,300 (first half of 2020: RMB5,300). Revenue contributions by geographical locations are analyzed below: locations are by geographical Revenue contributions million), of which of which million), 3.9%). will We continue to adopt strict cost control to maintain measures these The aggregate of enterprise income tax and deferred tax decreased by 30% to RMB959 million for the first half of 2021 (first (first half of 2021 first the for million RMB959 to 30% by tax decreased tax and deferred income of enterprise aggregate The rate tax in effective decrease 41%). The of 2020: half (first 33% of tax rate effective an with million), RMB1,365 of 2020: half of tax non- decrease and associates and the of net profits of the share from joint ventures was mainly due to the increase calculation the basis. impact from these during the first half of 2021, which affected Excluding the deductible expenses to RMB1,035 tax for the first half of 2021 increased land appreciation the effective tax rate was stable. In addition, factors, was mainly due to higher applicable tax rate was applied during million (first half of 2020: RMB653 million). The increase the period. Taxation Finance costs Our weighted average interest rate decreased from 5.14% for the first half of 2020 to 5.04% for the first half of obtained expenses we financing cost during the total interest As at a lower the first half 2021. resources of 2021, RMB2,338 half of 2020: (first million to RMB2,284 decreased period the for accrued paid or RMB1,039 million (first half of 2020: RMB962 million) was not capitalized and charged through condensed consolidated income statement. As the leasing market was still in the recovery phase, the Group recognized fair value losses on its investment As the leasing market was still phase, the Group recognized in the recovery fair value lossesinvestment on its and properties (before tax non-controlling interests) of million RMB57 for the first half of 2021 (first half of 2020: million). fair value losses of RMB23 Operating expenses million to RMB783 for the first half increased of 2021 (first half RMB469 Selling expenses of 2020: and marketing million). The increase for the period mainly pre-sale launched was driven by more during the first half of the 2021, due to relaxationactivities marketing sales for the first half and the of restriction of of contracted of 2021 increase the novel coronavirus pandemicthe first as compared to that for half of 2020. These costs accounted for The %). 1.1 half of 2020: (first half of 2021 first the for amount sales total contracted of the 1.5% approximately to aim for better 2021, first half of during the activities and marketing in its sales resources Group put more recognition of the Group's pursuance of quality of residential property development, investment property ultimately and services construction chain whole-industrial and services property operation, and development turn into higher revenue in the future. the Group's strict cost control Under policy, administrative slightly expenses for the first half of 2021 increased to RMB775 million (first half million), of RMB750 2020: approximately representing 3.8% of for the the total revenue first half of (first 2021 half of 2020: costs at a relatively stable and lower level. Revaluation of investment properties of investment Revaluation The Group recorded other gains (net) of RMB65 million for the period (first half of 2020: other gains (net) of of (net) gains other of 2020: half (first period the for million of RMB65 (net) gains other recorded Group The gains, million). of net exchange RMB124 effect first half mainly comprised the net gains (net) for the of 2021 Other fair value losses of financial and liabilities assets fair value through profit disposal or loss at and gains on deemed of a joint and associates. in venture other gains The decrease (net) during half the first of was mainly 2021 due to and liabilities. from fair value changes on financial assets the decrease in gains
INTERIM REPORT Management discussion & analysis SINO-OCEAN GROUP HOLDING LIMITED 020 2021 INTERIM REPORT Management discussion & analysis SINO-OCEAN GROUP HOLDING LIMITED 021 2021
32% 21% 33% 14% 100% As a percentage of total borrowings
As at 25,934 17,459 27,005 11,806 82,204 31 December 2020 31 December
23% 23% 42% 12% 100% As a percentage of total borrowings
As at 20,306 19,484 35,601 10,304 85,695 30 June 2021
(RMB million) Within 1 year 1 to 2 years 2 to 5 years Over 5 years Total During the first half of 2021, the Group continued to refine its funding structure, liquidity and credit policies to minimize its risk exposure under the ever changing financial market and global economic environment. With overwhelming support from investors, the Group successfully issued guaranteed green notes of USD400 million, million first half in the of 2021. millionnotes of RMB6,000 bonds placement private corporate of RMB2,600 and from increased borrowings Group's the level, at an appropriate borrowings the to managing committed are We of the million June 2021. Approximately 54% to RMB85,695 as at 30 2020 millionDecember RMB82,204 as at 31 Group's total borrowings denominated were in Renminbi and the remaining denominated were in and HKD USD. were made at fixed interest rate. Approximately 66% of the Group’s borrowings As at 30 June 2021, the Group had total cash resources (including cash and cash equivalents and restricted bank cash Group’s the of 92%) 2020: December 94% (31 approximately of which million, of RMB38,232 deposits) resources were denominated in Renminbi with the remaining balances denominated in other currencies. The million, RMB242,449 approximately of facilities credit unutilized with the Together 1.53 times. was ratio current the Group is confident with its liquidity. We have ample financial resources and an adaptable financial management policy to support our business expansion in the coming years. The Group maintained financial soundness with net gearing ratio (i.e. total borrowings less total cash resources divided by total equity) of approximately 67% as at 30 June 2021 (31 December 2020: 55%). Given that the Group had cash resources of RMB38,232 million as at 30 June 2021, we are satisfied with our current gearing position. Group's overall to maintain in order the stable in 2021 relatively ratio to remain gearing net will the And we strive financial healthiness. The maturities of the Group’s total borrowings are set out as follows: The maturities of the Financial resources and liquidity Financial resources Profit attributable to owners of the Company Profit attributable to as compared half of 2021, million for the first by 17% to RMB1,010 of the Company decreased Profit attributable to owners changes of the above impact mainly due to the net was decrease the last year, period corresponding million for the RMB1,223 their as return of our shareholders’ improvement the to focus on will continue Our management during the first half of 2021. on-going tasks. million (31 million (31 million). total June 2021, pledged assets accounted As at 30 for
approximately 6% of the total assets of the Group (31 December 2020: 5%). approximately 6% of the total assets of the Capital commitments The Group entered into certain agreements in respect of land acquisition, property development and investment in a joint venture. As at 30 June 2021, the Group had a total capital commitment of RMB22,963 December 2020: RMB21,833 million). In line with the prevailing commercial practice in the mainland China, the Group provides guarantees for for guarantees Group provides the In line with the prevailing commercial practice in the mainland China, the June 2021, at 30 registration. As completion mortgage before of their buyers property to extended mortgages total amount of the aforesaid guarantees provided by the Group was RMB10,178 million (31 December2020: million).RMB9,800 as the past, the Group had not incurred any material loss In providing from such guarantees, the guarantees given were as a transitional arrangement that would be terminated upon completion of the mortgage registration and were secured by the buyers’ properties. million for borrowings of joint RMB2,054 to approximately amounted guarantees Group provided the As at 30 June 2021, million). (31 December 2020: RMB3,308 ventures Contingent liabilities on assets purchasers and charge for certain facilities of mortgage in respect Guarantees to extended mortgages for to banks Group the by provided guarantees of the value the 2021, June at 30 As property buyers before completion of their mortgage registration was RMB10,178 million (31 December 2020: RMB9,800 million). During the first half of 2021, the Group had pledged some of its properties under development, completed bank loans (including portion short-term to secure current etc. the investment properties, sale, properties held for loans of bank million) and long-term RMB4,724 2020: (31 December million of RMB4,434 borrowings) of long-term RMB4,485 million 2020: RMB7,876 December (31 Other investments Other and joint ventures in such as investments portfolio, investment has a diversified Group the 2021, at 30 June As for hedging financial derivatives funds, in property investments projects, development property for associates debt financial investments in real estate area. purposes, equity and in been properly reflected the unaudited investments have The results of the above interim financial information 30 June 2021. for the six months ended
INTERIM REPORT Management discussion & analysis SINO-OCEAN GROUP HOLDING LIMITED 022 2021 INTERIM REPORT Management discussion & analysis SINO-OCEAN GROUP HOLDING LIMITED 023 2021 9,900 87,900 13,100 16,900 10,400 24,500 14,200 29,600 10,500 25,200 11,900 14,300 10,900 21,800 31,300 15,000 15,700 20,600 20,900 Average recognized selling price (RMB/sq.m.) Approximate sq.m. in the first 1,729 5,017 2,682 3,515 1,236 2,270 45,250 14,730 36,413 50,369 16,916 78,188 21,669 65,094 54,678 (sq.m.) 1,126,000 108,824 118,948 282,430 235,742 Saleable GFA delivered 5% in the first half to RMB16,956 2021 of 85 28 37 27 34 152 592 361 857 360 201 237 1,546 3,525 1,268 1,116 2,036 5,829 4,919 Revenue (RMB million) sq.m. in the first half of 2020 to approximately Cities Beijing Qinhuangdao Tianjin Shijiazhuang Taiyuan Dalian Jinan Qingdao Yantai Shanghai Suzhou Wuxi Nanjing Wenzhou Hangzhou Jiaxing per sq.m. (first half of 2020: RMB15,000 per sq.m.). The increase was mainly due to Regions Beijing Region Bohai Rim Region Eastern Region half of 2021. Excluding car park sales, average selling the price recognized in the first half of 2021 increased to approximately RMB16,700 more projects in tier-one and core tier-two cities being delivered during the first half of 2021, such as Dongtan Villa in Shanghai and Xixi Mansion in Hangzhou. during the first half of 2021 are set out as follows: Revenue and saleable GFA delivered by cities Property development Property Recognized sales increased by development segment from property The Group's revenue decreased delivered GFA Saleable in 2020. period corresponding the for million RMB16,107 to as compared million from approximately 1,248,000 by 10% ESS REVIEW SIN BU
7,900 8,800 8,600 4,700 7,800 3,900 7,700 8,600 59,900 15,400 11,400 14,600 10,100 10,500 10,700 10,700 17,300 15,100 10,600 16,700 Average recognized selling price (RMB/sq.m.) Approximate
678 1,395 9,567 16,667 13,503 44,044 26,788 25,029 65,721 32,924 84,964 16,653 15,342 55,491 (sq.m.) 143,972 128,104 108,212 116,959 981,616 Saleable 1,125,588 GFA delivered 6
12 999 107 677 127 285 140 662 347 660 178 164 558 429 2,213 1,149 1,002 16,956 16,398 Revenue (RMB million) Cities Shenzhen Zhongshan Zhanjiang Fuzhou Zhangzhou Maoming Foshan Wuhan Hefei Nanchang Chengdu Chongqing Guiyang Other projects
Regions Southern Region Central Region Western Region Total Carparks (various projects) Subtotal (excluding carparks)
INTERIM REPORT Management discussion & analysis SINO-OCEAN GROUP HOLDING LIMITED 024 2021 INTERIM REPORT Management discussion & analysis SINO-OCEAN GROUP HOLDING LIMITED 025 2021 2020 H 1 (RMB million) Western Region 16,107 Central Region 33% 26% 15% 3% Southern Region 11% 12% % % 6 5 % 7 13% Eastern Region 36% 33% Rim Region Bohai 2021 Beijing Region H Captain House (Beijing) 1 16,956 During first the halfthe Group's total of 2021, from property revenue development business for Beijing Region a developed Group the 2020. Meanwhile, in period corresponding the to 12% for to 5% as compared decreased more balanced mix of contribution the six from regions on development business its from property revenue during the period under review. are analyzed below: development by geographical locations Revenue from property
7,300 8,500 8,900 16,200 15,700 22,400 26,100 23,500 53,900 56,900 19,200 23,100 27,400 25,600 10,700 13,700 13,700 20,600 28,700 45,000 21,000 29,700 Average selling price (RMB/sq.m.) Approximate 41,840 to RMB as compared 21,200 38,600 24,800 61,900 76,200 67,700 35,300 31,200 46,600 17,400 74,700 64,600 47,900 27,200 69,600 68,500 16,100 (sq.m.) 209,300 372,300 211,700 427,700 410,500 Saleable GFA sold Approximate 155 626 389 265 154 290 951 940 332 Sales 1,384 1,990 1,593 1,904 2,652 4,014 1,725 1,771 1,226 9,530 9,001 10,693 12,197 Contracted (RMB million) Chuzhou Wuxi Nanjing Wenzhou Hangzhou Yangzhou Shanghai Suzhou Tianjin Dalian Jinan Qingdao Shenyang Zhangjiakou Taiyuan Shijiazhuang Qinhuangdao Beijing Langfang Cities Eastern Region Bohai Rim Region Beijing Region Regions Contracted sales The Group's contracted sales (including its jointand associates) ventures during the six months ended 30 June 25% increase an approximately representing million, to RMB52,370 2021 amounted million from the corresponding period in 2020. GFA sold for the first half to 2,834,300 of increased by 30% 2021 sq.m. (first half of 2020: 2,185,700 sq.m.). Excluding car park sales, the average selling price increased by per sq.m.). RMB20,800 per sq.m. (first half of 2020: RMB20,600 approximately 1% to 170 projects). half of 2020: half first of 2021 (first the during sale for available 170 projects around were There of In terms 90%). over half of 2020: (first 85% over for accounted cities and tier-two tier-one from sales Contracted distribution, 58% of the Group's sales contributed contracted were Southern, by the Eastern, and Central Western Regions in the first half of (first the Group 2021 half which implements of 50%), reflects further strategic the 2020: planning towards the 'south and west'. GFA sold by cities during the first half of 2021 are set out as follows: The contracted sales amounts and saleable
INTERIM REPORT Management discussion & analysis SINO-OCEAN GROUP HOLDING LIMITED 026 2021 INTERIM REPORT Management discussion & analysis SINO-OCEAN GROUP HOLDING LIMITED 027 2021
5,700 8,500 4,700 4,400 9,700 4,500 9,400 10,900 13,600 14,700 10,200 10,800 11,200 23,800 10,500 11,100 16,000 20,800 14,600 12,700 35,400 18,500 12,600 22,700 16,700 13,400 74,900 18,000 198,000 Average selling price (RMB/sq.m.) Approximate
5,600 2,400 19,600 51,400 44,800 12,800 27,400 42,100 80,900 25,200 63,300 13,800 24,700 15,400 25,300 21,200 19,900 72,300 16,600 (sq.m.) 130,000 408,200 259,500 116,800 156,000 124,600 524,500 405,100 Saleable GFA sold 2,426,100 2,834,300 Approximate
70 85 743 214 439 609 188 280 453 906 111 663 221 361 318 481 188 969 Sales 1,937 6,177 1,136 1,109 1,730 1,577 8,783 1,244 7,286 50,433 52,370 Contracted (RMB million) Other projects Guiyang Kunming Chongqing Xi'an Chengdu Nanchang Hefei Wuhan Zhengzhou Hong Kong Changsha Longyan Zhangzhou Maoming Xiamen Foshan Fuzhou Jiangmen Guangzhou Zhanjiang Shenzhen Zhongshan Cities
ubtotal (excluding Subtotal (excluding carparks) Carparks (various projects) Total Western Region Central Region Southern Region
Regions 2020 H 1 (RMB million) Western Region 41,840 Central Region 24% 21% 14% 29% 5% Southern Region % 7 % 4 17% 24% Eastern Region 15% 18% 22% Rim Region Bohai 2021 Beijing Region Ocean Mansion (Dalian) H 52,370 1 Contracted sales amounts by geographical locations are analyzed below: locations are sales amounts by geographical Contracted
INTERIM REPORT Management discussion & analysis SINO-OCEAN GROUP HOLDING LIMITED 028 2021 INTERIM REPORT Management discussion & analysis SINO-OCEAN GROUP HOLDING LIMITED 029 2021 (%) 28.21% 49.00% 69.80% 63.01% 49.00% 49.00% 49.00% 24.50% 49.00% Interest Interest 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% attributable to the Group % respectively % 32 39 40 47 25 34 26 18 74 199 126 175 108 555 113 151 164 % and 229 % (’000 sq.m.) (’000 to the Group Approximate Approximate 234 GFA attributable 80 40 47 52 69 54 73 112 199 181 278 108 555 113 151 164 151 acquired total GFA (’000 sq.m.) (’000 Approximate Approximate sq.m., increased by
sq.m. and 1,580,000 Dongxihu Xingou Logistics Project Chengnan Plot, Tong’an DistrictChengnan Leliu Plot, Shunde District Ocean Palace Ocean Peace Palace Plot ZX-14a-1, Central Plot Central District, Leqing ZX-14a-1, Plot in Zone, Zhangjiagang High-tech Beihu Plot Tianqiao West A, District Sino-Ocean Landscape Noble Mansion Ocean Westend Airport LogisticsWestend Project Fantastic Time Orient Ocean Southend Airport Logistics Project Gaocheng Logistics Project Yanjiao Sanhe Internet Data Center Projects Jiangkai Logistics Project Wuhan Xiamen Foshan Zhongshan Shenzhen Wenzhou Suzhou Jinan Qingdao Shenyang Tianjin Tianjin Tianjin Tianjin Shijiazhuang Langfang Cities Landbank Langfang andbank and construction progress Landbank and The Group's total GFA and total saleable GFA (including its joint ventures and associates) completed in the first approximately 2,052,000 half were of 2021 as compared to the corresponding period in 2020 and completed approximately 43% of this year's construction construction of this year's 43% approximately and completed in 2020 period corresponding to the as compared novel the to due delay project the by caused mainly was completed area in the increase significant The target. GFA enough have to in order of 2021 target construction our maintain will We in 2020. pandemic coronavirus support our growth in 2022. for delivery to achieve our target in 2021 and available for sale and As at 30 Junethe 2021, landbank of the Group (including its joint ventures and associates) slightly decreased to 37,961,000 sq.m. (as at 31 December 2020: 38,043,000 sq.m.); while landbank with attributable interest increased to 21,204,000 sq.m. (as at 31 December 2020: 19,945,000 sq.m.). During the first half of 2021, we together with our joint ventures and associates acquired 25 plots of land and 9 developed projects, of which the total GFA and newly the Among respectively. sq.m., and 3,171,000 sq.m. 4,600,000 approximately were GFA interest attributable acquired projects, there are 16 residential development projects, 17 logistics projects and 1 internet data center. The average acquisition cost per sq.m. of the newly acquired land plots for residential development was RMB7,700. In terms of saleable GFA, the average land cost per sq.m. for our landbank as at 30 June 2020: RMB7,900). approximately RMB7,700 (as at 31 December 2021 was the first half of 2021 are set out as follows: Details of the newly acquired land plots during
(%) 49.00% 49.00% 49.00% 49.00% 49.00% 49.00% 49.00% 49.00% 42.33% 49.00% 49.00% 49.00% 80.00% 51.00% 49.00% Interest Interest 8,428 3,720 100.00% 100.00% 25,813 37,961 attributable to the Group landbank Remaining (’000 sq.m.)
16 26 45 22 12 62 38 12 41 32 60 30 296 104 199 236 146 164 3,171 2,875
(’000 sq.m.) (’000 to the Group Approximate Approximate GFA 5,573 GFA attributable 19,409 17,286 42,268 (’000 sq.m.)
Approximate total saleable 33 54 91 44 24 77 25 84 66 61 604 126 104 199 558 123 182 322 4,600 3,996 acquired total GFA (’000 sq.m.) (’000 Approximate Approximate
8,428 25,813 22,857 57,098 total GFA (’000 sq.m.) Approximate Guiyang Logistics Project, Phase I Guiyang Logistics Phase Project, Chongqing II Logistics Phase Project, Chongqing I Logistics Phase Project, Hefei Logistics Project, Phase III Hefei Logistics Project, Phase II Hefei Logistics Project, Phase I Xianyang Logistics Project Caidian Logistics Project Plot Feidong FD202102, County Town Plot, XinduXindu District New Plot Wangjiapeng DK1, Jianghai Logistics Project Hefei Logistics IV Project, Phase Shunyi Logistics Project Ideal House Projects Zhongjiacun Plot, Hanyang District Guiyang Logistics Project, Phase II Guiyang Logistics Phase Project,
Qiannan is an abbreviation for Qiannan Buyi and Miao Autonomous Prefecture. 1 1. Subtotal Total Qiannan Chongqing Chongqing Hefei Total Hefei Qiannan Hefei Properties held for future development Xi’an Wuhan Properties under development Hefei Chengdu Xi’an Tianjin Hefei Developed Project Beijing Completed properties held for sales Zhengzhou Subtotal
Cities Wuhan Note: The landbank by stages of development as at 30 June 2021 are set out as follows:
INTERIM REPORT Management discussion & analysis SINO-OCEAN GROUP HOLDING LIMITED 030 2021 INTERIM REPORT Management discussion & analysis SINO-OCEAN GROUP HOLDING LIMITED 031 2021 (%) 20.00% 50.00% 25.00% 50.00% 40.00% 49.00% 11.10% 10.00% 85.72% 51.00% 31.00% 21.00% 21.00% 20.00% 51.00% 16.00% 50.00% 50.00% 50.00% 70.00% 12.82% 49.00% 11.97% 51.00% 38.00% 28.21% 19.75% 24.50% Interest Interest 100.00% 100.00% 100.00% 100.00% the Group attributable to 99 51 46 14 75 69 48 71 84 67 46 27 41 73 269 251 379 156 277 126 430 141 249 449 132 300 139 692 151 131 144 1,897 4,549 2,575 landbank Remaining (’000 sq.m.) (’000 – – – – – 99 78 91 97 50 52 41 21 180 193 334 165 206 102 344 305 276 187 458 118 383 193 207 136 554 954 100 total 4,790 1,134 (’000 sq.m.) (’000 saleable GFA Approximate Approximate 46 92 69 71 67 27 41 73 269 151 256 118 479 224 277 126 430 318 330 249 595 109 125 132 436 230 300 139 692 131 144 1,897 6,068 2,575 total GFA (’000 sq.m.) (’000 Approximate Approximate Districts Chaoyang District, Beijing Xianghe County, Langfang Jingkai District, Langfang Changping District, Beijing Daxing Beijing District, Tongzhou District, Beijing Daxing District, Beijing Daxing District, Beijing Shunyi District, Beijing Fangshan District, Beijing Mentougou District, Beijing Chaoyang District, Beijing Mentougou District, Beijing Shijingshan District, Beijing Shijingshan District, Beijing Fangshan District, Beijing Mentougou District, Beijing Chaoyang District, Beijing Shijingshan District, Beijing Daxing District, Beijing Chaoyang District, Beijing Chaoyang District, Beijing Daxing District, Beijing Tongzhou District, Beijing Daxing District, Beijing Chaoyang District, Beijing Guangyang District, Langfang Fengtai District, BeijingFengtai Chaoyang District, Beijing Guangyang District, Langfang Guangyang District, Langfang Yanjiao County, Langfang Projects Anzhen Project Jingkai Logistics Project Canal Bay Changping Park F2 Project Sci-tech Gold Mansion Grand Canal Place Grand Harmony Emerald Residence EpochJasper Jialihua Shunyi Project, District Liangxiang Project Mentougou Tanzhe Temple Project LA VIE Ocean MetropolisOcean Poetic DwellingOcean Wuliepoch Ocean World Our New Plot Mentougou Town 6002, New Royal River Villa Sino-Ocean Apple Garden No. 6 The CBD’s Private Palace World View Xanadu & Ocean Epoch Xanadu & Ocean Palace Xiji Plot E, Tongzhou District Xinchi Tower Yongjingtaoyuan Project BrilliantOcean City Captain House CBD Plot Z6 Plot Guangyang Logistics I, Project Plot Guangyang Logistics II, Project Yanjiao Sanhe Internet Data Center Cities
Beijing Langfang Regions Beijing Region The landbank details of the Group and its joint ventures and associates as at 30 June 2021 are set out as follows: 30 June 2021 are set and associates as at and its joint ventures details of the Group The landbank (%) 6.00% 28.21% 64.28% 60.00% 49.00% 49.98% 58.00% 51.00% 70.00% 51.00% 35.70% 35.70% 70.00% 80.00% 44.00% 49.00% 49.00% 42.86% 40.00% 49.00% 38.35% 40.00% 20.00% 51.00% Interest Interest 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% the Group attributable to 47 50 22 41 19 84 39 69 41 52 18 54 48 124 452 164 190 203 285 151 494 102 147 132 894 308 105 185 152 115 144 2,662 1,175 9,848 4,698 landbank Remaining (’000 sq.m.) (’000 – – – – – 3 78 25 94 66 81 34 43 369 290 126 309 333 488 163 115 317 108 728 254 385 135 140 103 171 total 2,615 1,929 1,243 8,427 7,145 (’000 sq.m.) (’000 saleable GFA Approximate Approximate 69 52 35 84 54 54 18 48 124 285 467 350 164 321 349 675 203 151 504 102 147 132 978 308 105 562 185 152 115 228 3,034 2,137 1,438 9,099 11,729 total GFA (’000 sq.m.) (’000 Approximate Approximate Beichen District, Tianjin Wuqing District, Tianjin Xiqing District, Tianjin Tianjin Binhai Area, New Dongli District, Tianjin Wuqing District, Tianjin Tianjin Binhai Area, New Dongli District, Tianjin Dongli District, Tianjin Qiaodong District, Zhangjiakou Dongli District, Tianjin Wuqing District, Tianjin Tianjin Binhai Area, New Beichen District, Tianjin Tianjin Binhai Area, New Tianjin Binhai Area, New Chang’an District, Shijiazhuang Chang’an District, Shijiazhuang Chang’an District, Shijiazhuang Chang’an Gaocheng District, Shijiazhuang Wanbailin District, Taiyuan Yingze District, Taiyuan Yangqu County, Taiyuan Dongli District, Tianjin Tianjin Binhai Area, New Districts Funing Qinhuangdao District, Jingxing County, Shijiazhuang Shijiazhuang District, Zhengding New Gaocheng District, Shijiazhuang District, ShijiazhuangChang’an District, ShijiazhuangChang’an Project Beichen Logistics Project Boda Logistics Project Ocean Great Harmony Great Ocean Orient Ocean Prospect Ocean Royal River Sino-Ocean Brilliant Courtyard Southend Airport Logistics Project Airport Logistics Project Westend Centrality Mansion Fantastic Time Happy Light Year Harmony Mansion Neo-metropolis City Ocean EpochOcean Family Park Family Phase II Park, Gaocheng Logistics Project Ocean SeasonsOcean Sino-Ocean Oriental Mansion Villa Epoch The Great Habitat Mansion House Xanadu Projects Seatopia Life Memorial Ande Park Chang’an District Redevelopment DistrictChang’an Redevelopment Harmony Palace Home Park Sino-Ocean No. 7 Vigorous Mansion Tianjin Zhangjiakou Taiyuan Cities Qinhuangdao Shijiazhuang Bohai Rim Region Regions
INTERIM REPORT Management discussion & analysis SINO-OCEAN GROUP HOLDING LIMITED 032 2021 INTERIM REPORT Management discussion & analysis SINO-OCEAN GROUP HOLDING LIMITED 033 2021 (%) 41.03% 60.00% 23.94% 60.00% 59.50% 43.00% 60.00% 66.50% 50.00% 54.35% 42.00% 58.82% 60.31% 51.00% Interest Interest 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% the Group attributable to 55 75 17 54 47 97 26 36 756 957 447 448 400 120 215 113 555 103 204 223 544 226 379 353 922 111 185 1,059 2,331 2,692 10,616 landbank Remaining (’000 sq.m.) (’000 – 53 45 32 95 86 83 87 46 52 25 279 672 345 451 313 270 507 371 190 422 172 255 540 150 total 1,645 1,345 1,049 2,087 3,803 13,831 (’000 sq.m.) (’000 saleable GFA Approximate Approximate 54 75 59 47 97 68 36 323 447 615 400 125 377 113 555 103 390 228 544 226 379 922 111 189 1,072 1,902 1,497 1,583 2,522 4,725 17,408 total GFA (’000 sq.m.) (’000 Approximate Approximate Pudong New Area, Shanghai Area, Pudong New Putuo District, Shanghai Chongming District, Shanghai Qingpu District, Shanghai Shanghai Area, Pudong New Shenbei District, Shenyang Shenbei Tiexi District, Shenyang Fushan New District, QingdaoFushan New Shibei District, Qingdao Jimo District, Qingdao Tianqiao District, Jinan Tianqiao District, Jinan Huaiyin District, Jinan Lixia District, Jinan Huaiyin District, Jinan Licheng District, Jinan Licheng District, Jinan Tianqiao District, Jinan Districts Lushunkou District, Dalian Jinzhou District, Dalian Jinzhou District, Dalian Ganjingzi District, Dalian Ganjingzi District, Dalian Ganjingzi District, Dalian Shahekou District, Dalian Ocean SeasonsOcean Yuanbo Hotel Project Hongqiao Origin Center Fortune Ocean Dongtan Villa Ocean EliteOcean River Prospect Ocean Noble Mansion Ocean Ocean Crown Ocean Ocean Great Harmony Great Ocean Sino-Ocean Landscape Beihu Plot Tianqiao District West A, Crown Ocean EpochOcean Mansion Ocean Orient Ocean PreciousOcean Land Sino-Ocean Metropolis Beihu Plot Tianqiao District A-6, Projects Ocean The Piedmont The EpochOcean WorldviewOcean Sino-Ocean Technopole Zhonghua Road Plot #2 Diamond Bay Joy of Mountain and Sea Mansion Ocean Shanghai Shenyang Qingdao Jinan Cities
Dalian Eastern Region Regions (%) 16.50% 70.00% 30.00% 34.00% 60.00% 50.00% 51.00% 16.66% 84.70% 49.00% 60.00% 70.00% 49.00% 80.00% 16.66% 15.00% 10.00% Interest Interest 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% the Group attributableto 6 21 60 72 10 49 19 44 89 56 87 40 20 24 18 43 24 59 108 170 250 123 298 182 124 413 213 743 196 211 landbank Remaining (’000 sq.m.) (’000 – – – – – – 85 77 77 40 33 66 30 52 93 147 198 196 292 100 285 510 650 404 153 121 184 584 157 154 total (’000 sq.m.) (’000 saleable GFA Approximate Approximate 49 20 56 43 44 87 40 24 54 59 104 150 108 240 105 250 609 123 395 124 648 523 213 147 234 116 196 211 1,111 1,019 total GFA (’000 sq.m.) (’000 Approximate Approximate Districts Huqiu Suzhou District, Wujiang Suzhou District, Zhangjiagang City,Suzhou Huqiu Suzhou District, Suzhou Taicang City, Wuzhong Suzhou District, Gongshu District, Hangzhou Lake District, Hangzhou West Taicang City, Suzhou Taicang City, Leqing Wenzhou City, Gongshu District, Hangzhou Gongshu District, Hangzhou Yuhang District, Hangzhou Taicang City, Suzhou Taicang City, Ouhai District, Wenzhou Leqing Wenzhou City, Zhangjiagang City, Suzhou Liuhe District, Nanjing Jiangning District, Nanjing Jiangning District, Nanjing Lishui District, Nanjing Zhangjiagang City, Suzhou Xinwu District, Wuxi Xinwu District, Wuxi Xinwu District, Wuxi Yuqin Project) Projects Easy Town Mansion Yue Zhangjiagang Zone, Plot in High-tech Park Rocker Royal Seasons Shihu Project Jiulongwan Project Canal Business Center Project Taicang Shaxi Logistics Project I Shan Hai One 1 Neo Masterpiece New Ocean Xixi Mansion Taicang Shaxi Logistics Project II District, Leqing Plot Central ZX-14a-1, Harbor Heart Zhangjiagang Data Center Internet Sino-Ocean Tangyue Landscape The One Ocean Landscape Ocean Ocean SeasonsOcean Zhangjiagang Logistics Project One Residence One Taihu Milestone known as (formerly Life in Park Cities Suzhou Hangzhou Wenzhou Nanjing Wuxi Regions
INTERIM REPORT Management discussion & analysis SINO-OCEAN GROUP HOLDING LIMITED 034 2021 INTERIM REPORT Management discussion & analysis SINO-OCEAN GROUP HOLDING LIMITED 035 2021 (%) 45.00% 30.00% 34.00% 34.00% 24.50% 51.00% 34.00% 69.80% 60.00% 80.00% 84.70% 63.25% 60.00% 63.01% 75.00% 64.30% 89.00% 16.66% 28.21% Interest Interest 100.00% 100.00% 100.00% 100.00% 100.00% the Group attributable to 8 7 2 27 10 34 25 90 49 69 94 56 63 72 56 146 119 181 156 533 145 138 278 135 1,024 1,695 3,225 1,321 landbank Remaining (’000 sq.m.) (’000 – – – 62 33 26 78 68 90 85 70 82 52 43 47 102 159 134 412 282 437 201 292 total 1,037 1,736 3,932 3,483 1,416 (’000 sq.m.) (’000 saleable GFA Approximate Approximate 83 43 34 90 72 56 96 56 63 107 103 210 135 119 181 437 156 533 556 196 115 278 401 1,172 2,083 4,639 5,516 2,235 total GFA (’000 sq.m.) (’000 Approximate Approximate Nantou Town, ZhongshanNantou Town, Nantou Town, ZhongshanNantou Town, Nantou Town, ZhongshanNantou Town, Nantou Town, ZhongshanNantou Town, Eastern District, Zhongshan Minzhong Town, Zhongshan Nantou Town, ZhongshanNantou Town, Districts Anji Huzhou County, Pinghu Jiaxing City, Yuyao City, Ningbo Yuyao City, Southern District, Zhongshan Nantou Town, ZhongshanNantou Town, ZhongshanHenglan Town, Nanshan District, Shenzhen Nanshan Longhua District, Shenzhen Longgang District, Shenzhen District, Shenzhen Nanshan District, Shenzhen Nanshan Longhua District, Shenzhen Longgang District, Shenzhen Zhongshan Town, Shenwan Eastern District, Zhongshan Guangling Yangzhou District, Guangling Yangzhou District, Suixicun Nantou) 137 Project, Suixicun Nantou) 136 Project, Suixicun Nantou) 135 Project, Project, Nantou) Project, Project, Nantou) Project, Park Zhonghui City (formerly known as Zhonghui known City (formerly Zhonghui City (formerly known as Zhonghui known City (formerly Sino-Ocean Aristocratic Family Sino-Ocean Landscape as Zhonghui known City (formerly SCity (formerly known as Suixicun 163 Projects Anji Data Center Internet Pinghu Logistics Project Ocean Palace Ocean SCity (formerly known as Suixicun 162 Ocean Emerald Ocean LongshireOcean Lishan Project Blossoms Valley Longhua District De Ai Industrial Park Express Ocean Palace Ocean SeafrontOcean Towers Peace Palace Sino-Ocean Land Dream City Ocean Grand Canal Milestone Royal Mansion Sino-Fusion Yuyao Simen Logistics Cities
Huzhou Jiaxing Shenzhen Zhongshan Yangzhou Ningbo Regions Southern Region (%) 51.00% 40.00% 49.00% 50.00% 51.00% 50.00% 51.00% 70.00% 50.00% 33.50% 51.00% 55.00% 51.00% 51.00% 67.50% 40.00% Interest Interest 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% the Group attributableto 4 3 3 10 75 80 54 85 20 14 27 51 89 99 41 219 203 219 280 267 199 295 266 307 128 414 176 131 133 459 141 5,764 landbank Remaining (’000 sq.m.) (’000 3 3 63 53 79 65 42 97 74 87 96 96 142 136 446 160 111 197 192 191 289 249 144 278 210 234 558 133 101 493 279 total 8,505 (’000 sq.m.) (’000 saleable GFA Approximate Approximate 3 3 80 75 81 82 51 89 143 137 546 203 177 274 207 259 347 299 199 350 266 307 128 763 176 131 179 133 612 141 310 10,895 total GFA (’000 sq.m.) (’000 Approximate Approximate Tseung Kwan O, Hong O, Kong Tseung Kwan Xinluo District, Longyan Jiyang District, Sanya Islands District, Hong Kong Yau Tsim Mong District, Hong Kong Shunde District, Foshan Sanshui District, Foshan Sanshui District, Foshan Maonan District, Maoming Tong’an District, Xiamen District, Xiamen Xiang’an Longwen District, Zhangzhou Zhao’an County, Zhangzhou Mawei District, Fuzhou Mawei District, Fuzhou Cangshan District, Fuzhou Mawei District, Fuzhou Pengjiang District, Jiangmen Pengjiang District, Jiangmen Districts Huadu District, Guangzhou District, Guangzhou Zengcheng Xiashan District, Zhanjiang District, Guangzhou Zengcheng District, Guangzhou Tianhe LP6 Sino-Ocean Landscape Hill Ocean Mt. La Vie Uptify Leliu Plot, Shunde District Delight River Elite Palace Sino-Ocean Landscape Top Mansion Chengnan Plot, Tong’an DistrictChengnan Sea and Star Sea Sino-Ocean Scenery East Bay East Bay Upgrade Tianfu Ocean Sino-Ocean Landscape Top Mansion Cloud Mansion Projects Hibiscus Villa Prospect Ocean Ocean City Ocean Elite Palace East Bay Hong Kong Longyan Sanya Foshan Maoming Xiamen Zhangzhou Fuzhou Jiangmen Cities Zhanjiang Guangzhou Regions
INTERIM REPORT Management discussion & analysis SINO-OCEAN GROUP HOLDING LIMITED 036 2021 INTERIM REPORT Management discussion & analysis SINO-OCEAN GROUP HOLDING LIMITED 037 2021 (%) 40.25% 36.51% 24.50% 18.38% 49.00% 28.21% 55.90% 24.50% 28.26% 80.00% 55.00% 69.30% 38.00% 17.84% 24.50% 51.00% 28.21% 30.63% 50.00% 28.21% 40.25% 70.00% 51.00% 59.29% 49.00% Interest Interest 100.00% 100.00% 100.00% the Group attributable to 71 87 21 56 89 66 70 450 201 122 112 397 176 172 182 204 156 967 482 360 115 276 139 126 199 979 178 322 120 104 4,451 2,527 1,221 landbank Remaining (’000 sq.m.) (’000 – – – – – – – 38 38 99 80 83 106 997 141 133 141 150 158 101 862 384 449 122 362 127 732 229 180 186 total 1,430 4,553 2,736 (’000 sq.m.) (’000 saleable GFA Approximate Approximate 87 71 89 43 66 450 201 112 122 276 176 172 182 204 169 156 482 567 173 139 417 199 178 322 200 104 197 1,054 1,917 1,102 6,446 1,512 4,122 total GFA (’000 sq.m.) (’000 Approximate Approximate Districts Hanyang District, Wuhan Qingbaijiang District, Chengdu Qingbaijiang District, Chengdu Dongxihu District, Wuhan Qingyang District, Chengdu Jinniu District, Chengdu Qingbaijiang District, Chengdu Jianghan District, Wuhan Jiangxia District, Wuhan Zhongmu County, Zhengzhou Jinshui District, Zhengzhou Erqi District, Zhengzhou Yingyang District, Zhengzhou Zhongmu County, Zhengzhou Xinzheng Zhengzhou City, Xinzheng Zhengzhou City, District, Changsha Wangcheng Feidong County, Hefei Wanli District, Nanchang Pidu District, Chengdu Jinjiang District, Chengdu Xindu District, Chengdu Hanyang District, Wuhan District, Wuhan Jiang’an Hanyang District, Wuhan Feidong County, Hefei Feidong County, Hefei Feidong County, Hefei Zone C Zone A Projects Citylane Dongxihu Xingou Logistics Project Qingbaijiang Internet Data Center, Qingbaijiang Internet Data Center, Ocean Luxury City Ocean Ocean Sky Glory Ocean Qingbaijiang Internet Data Center, Qingbaijiang Logistics Project Heart of Hankow Huazhong Data Industrial Big Park Fontaine Polaris Grand Apartment Ideal House Landscape CourtyardOcean MelodyOcean Prospect Ocean Rong Fu Special Mansion Special Hefei Logistics Phase IV Project, Palace Ocean Royal Mansion Sino-Ocean Taikoo Li Chengdu Town Plot, XinduXindu District New Oriental World View Opus Yantze Zhongjiacun District Plot, Hanyang Ocean Landscape Ocean Plot Feidong FD202102, County Ocean Glory Ocean Cities
Wuhan Chengdu Zhengzhou Changsha Hefei Nanchang Regions Central Region Western Region Western
(%) 28.00% 30.00% 89.80% 49.00% 39.80% 37.15% 39.80% 42.50% 50.00% 24.50% 24.50% 42.33% 49.00% 56.00% 24.50% 24.50% 49.00% 34.00% 49.00% Interest Interest 100.00% 100.00% the Group attributable to 4
70 66 33 61 99 95 37 60 40 52 77 198 356 165 125 132 192 696 321 147 558 292 102 178 3,987 1,455 37,961 landbank Remaining (’000 sq.m.) (’000 – – – – 4
61 57 75 88 71 37 210 451 135 145 218 480 125 119 964 316 111 416 208 132 total 3,408 1,051 42,268 (’000 sq.m.) (’000 saleable GFA Approximate Approximate 4
70 61 66 99 60 40 77 52 265 485 165 100 164 222 592 126 166 321 147 558 292 102 178 5,034 1,256 1,455 57,098 total GFA (’000 sq.m.) (’000 Approximate Approximate Longli County, Qiannan Greater Jakarta Greater Singapore 9, Area Shuanglong District, Guiyang New Yunyan District, Guiyang Chenggong District, Kunming Panlong District, Kunming Chenggong District, Kunming Xixian New Area, Xi’an Xixian Area, New Banan District, Chongqing Liangjiang New Area, ChongqingLiangjiang Area, New Jiulongpo District, Chongqing Shapingba District, Chongqing Districts Weiyang District, Xi’an Chanba Ecological District, Xi’an Weiyang District, Xi’an Chanba Ecological District, Xi’an Xi’an Xianyang City, Shapingba District, Chongqing District, ChongqingNan’an Jiulongpo District, Chongqing
Chenggong Project, Phase II) Chenggong Project) Data Center Center Gaomiao Project, Jiulongpo) Guiyang Logistics Project, Phase II Guiyang Logistics Phase Project, Alam Sutera Project Cairnhill 16 Sino-Ocean Aristocratic Family Sino-Ocean Prospect Sino-Ocean Mansion Esthetics In Galaxy (formerly known as known as In Galaxy (formerly Sino-Ocean Garden Poetry of Landscape In Galaxy (formerly known as known as In Galaxy (formerly Projects Emperor Chic Emperor Fontaine Island Plot Wangjiapeng DK1, Town Internet New Jinghe Sino-Ocean Sino-Ocean Landscape Royal Xianyang Logistics Project Fenghua MelodyFenghua Fontaine Island Liangjiang Town Internet Data New DistLife In Art as City (formerly known Ocean
Qiannan Jakarta Singapore Guiyang Kunming Cities Xi’an Chongqing
Total Other Region Other
Regions
INTERIM REPORT Management discussion & analysis SINO-OCEAN GROUP HOLDING LIMITED 038 2021 INTERIM REPORT Management discussion & analysis SINO-OCEAN GROUP HOLDING LIMITED 039 2021 (’000 sq.m.) Western Region 31 December 2020 31 December 38,043 Central Region 10% 27% 14% 28% 11% Southern Region 10% million), which was mainly due to the implementation of million), which was mainlyimplementation due to the of 11% 26% 12% Eastern Region 15% % 8 28% Rim Region Bohai sq.m. as at 30 June 2021. Beijing Region INDIGO II (Beijing) medium asset mode for the Group's investment properties. As at 30 June 2021, the Group (including its joint (including its the Group joint 2021, June at 30 As properties. investment Group's the for mode medium asset are properties investment Our properties. investment operating 19 than more held associates) and ventures officeshoppingcomplex and logistics good location. mainly A-grade premises, malls, commercial projects at With the completion of certain logistics projects in the first half the total of 2021, leasable of approximately area were 2,719,000 Investment properties provide a steady and reliable Investment income and cash flow to the Group in addition to the possible in the turbulence market from risk our diversify us to help also They in value. appreciation from gains capital by decreased investment from property revenue first half of 2021, During the business. property development 25% to RMB203 million (first half of 2020: RMB270 Property investment analyzed below: are 2020 and 31 December 2021 as at 30 June locations by geographical landbank The 37,961 2021 30 June
(%) 72% 10% 69% 50% 26% 35% 50% 64% 69% 70% 64% 24% 37% 50% 15% 60% 100% 100% Interest attributable to the Group
6% (%) rate 87% 94% 98% 51% 88% 93% 80% 85% 97% 68% 92% 98% 53% 65% 95% 81% 96% Occupancy
– – – – – – – – 4,000 4,000 4,000 1,000 Others 18,000 31,000 53,000 81,000 11,000 14,000 90,000 58,000 14,000 (sq.m.) 277,000 330,000
– – – – – – – – – – – – – – – – – – – – (sq.m.) projects Logistics 1,013,000 1,013,000 1,013,000
– – – – – – – 9,000 5,000 4,000 41,000 50,000 48,000 31,000 13,000 12,000 28,000 42,000 84,000 81,000 68,000 (sq.m.) 416,000 466,000 Retail Retail space
– – – – – – 7,000 Office 76,000 26,000 12,000 52,000 46,000 81,000 53,000 56,000 10,000 46,000 (sq.m.) 109,000 111,000 110,000 224,000 801,000 910,000 premises
7,000 30,000 72,000 12,000 70,000 31,000 53,000 28,000 42,000 56,000 14,000 64,000 69,000 (sq.m.) 103,000 212,000 111,000 181,000 107,000 119,000 174,000 1,376,000 2,507,000 2,719,000 Approximate leasable area leasable Districts Xicheng District, BeijingXicheng Chaoyang District, Beijing Financial District, San Francisco Chaoyang District, Beijing Haidian District, Beijing Chaoyang District, Beijing Chaoyang District, Beijing Chaoyang District, Beijing Chaoyang District, Beijing Fengtai District, BeijingFengtai Hedong District, Tianjin Binhai District, Tianjin New Hedong District, Tianjin Xuhui District, Shanghai Huangpu District, Shanghai Huangpu District, Shanghai Gongshu District, Hangzhou Jinjiang Chengdu District,
Projects Ocean Plaza (Beijing)Ocean Ocean International Ocean Center (Beijing) San Francisco Project (USA) Other projects Other Subtotal Other ChinaLife Financial (Beijing)Center E-wing Center (Beijing) INDIGO (Beijing)INDIGO Ocean International Center, Phase II Phase International Ocean Center, (Beijing) Ocean We-life Ocean Plaza (Beijing) Ocean Office Park (Beijing)Ocean Ocean Rayzone Ocean (Beijing) Ocean International (Tianjin) Ocean Center Ocean We-life Ocean (Tianjin) Ocean We-life Ocean Plaza (Tianjin) H88 Yuehong Plaza (Shanghai) Haixing Plaza (Shanghai) Sino-Ocean Tower (Shanghai) Other projects Other Subtotal Total Grand Canal Place (Hangzhou) Sino-Ocean Taikoo Li Chengdu (Chengdu) The investment properties of the Group and its joint ventures and associates as at 30 June 2021 is set out as out as is set 2021 June 30 at as associates and ventures and its joint Group of the properties investment The follows:
INTERIM REPORT Management discussion & analysis SINO-OCEAN GROUP HOLDING LIMITED 040 2021 INTERIM REPORT Management discussion & analysis SINO-OCEAN GROUP HOLDING LIMITED 041 2021 ) (the “Target 司 公 限 有 DATE 展 發 業 企 龍 凱 美 星 紅 慶 重 SHEET BALANCE THE AFTER EVENTS IMPORTANT * For identification purposes only On 18 July 2021, Sino-Ocean Holding Group (China) Limited, an indirect wholly-owned subsidiary of the Company, entered entered subsidiary of the Company, an indirect wholly-owned On 18 July 2021, Sino-Ocean Holding Group (China) Limited, investment in relation to the indirect Framework Agreement”) (the “Cooperation into a cooperation framework agreement in Chongqing Hongxing Macalline Enterprise Development Co., Ltd.* ( Cooperation in relation to investment in property development company development in property to investment in relation Cooperation Issue of USD320,000,000 2.70% guaranteed green notes due 2025 due notes green 2.70% guaranteed Issue of USD320,000,000 of amount principal 2025 in the 13 January due notes green guaranteed denominated USD the 2021, July 13 On wholly- a IV Limited, Treasure Land Sino-Ocean by issued were Notes”) Green Guaranteed “2025 (the USD320,000,000 2025 The Company. the by guaranteed and irrevocably unconditionally are and Company, of the subsidiary owned 2025 of the issue the from proceeds net annum. The of 2.70% per at a rate interest bear Notes Green Guaranteed of the Group for repayment by the used and were to approximately USD316,300,000 amounted Notes Guaranteed Green green with the and in accordance year within one of the Group due existing medium and long-term external indebtedness of the Group. framework finance July 7 Company dated announcements of the out in the set are Notes Green Details of the issue of the 2025 Guaranteed 2021, 13 July 2021 and 14 July 2021. Property management and related services management and related Property management Sino-Ocean provider for customers and the entire property is Service a comprehensive service cover to committed and are philosophy, and service-first customer-oriented to the adhere always chain. We value excellent service capabilities. creating a high-quality life for customers with property management and related services was revenue from For the period ended 30 June 2021, the Group’s which was mainly in 2020, period corresponding RMB805 million in the of 46% from an increase million, RMB1,178 and synergy with the principal business. due to the improvement in operating capacity Investment properties in progress Investment properties The Group has built a sound foundation for office complex operation and since the development of management development and operation investment property in Group has cultivated 2010. The strengths in and commercial and investment attracting construction, and development design, and planning positioning, project logistics across China, including property projects in progress commercial Group has several the project operation. To date, high quality logistics projects. shopping centers, five-star hotels and grade A offices, high-end As at 30 June 2021, the Group has approximately 2,719,000 sq.m. of commercial real estate resources in operation, with office developments about 33%, logistics projects for 37%, and others including commercial complexes, car parks and others 30%. In addition, the Group has commercial property resources pending for Canal Grand CBD, in Beijing Z6 of Plot offices include 2026. These before stages by and operation development Place (Beijing), II (Beijing) INDIGO and other high-endcommercial complexes. It will boost a strong portfolio of real logistics in the expansion the has deepened Group the Meanwhile, products. and diversified regional cross and yield investment favourable for foundation sound a provide will which center, data internet and estate profitability level in the future. Company”) by the Group through a joint venture. The maximum amount of capital contribution to be made by the Group made Group through a joint venture. The maximum amount of capital contribution to be Company”) by the Company is principally Target is RMB2 billion. The Cooperation Framework Agreement pursuant to the joint venture to the terms that the The Company considers business in the PRC. projects and related of real estate engaged in the development of the interests in the are investment indirect of the terms as the as well Agreement Framework Cooperation of the as a whole. Company and its shareholders Details of the cooperation in relation to investment in the Target Company are set out in the announcements of the Company dated 18 July 2021 and 22 July 2021. INTERIM REPORT Management discussion & analysis SINO-OCEAN GROUP HOLDING LIMITED 043 2021 EMPLOYEES AND HUMAN RESOURCES AND EMPLOYEES maintained 13,201), at similar As of the Group 2020: level as 30 June 2021, hademployees (31 December 13,078 the end of 2020. the Group At the same time, also focused on improving operational efficiency and strictly controlled various costs Group's staff cost for the the options, amortization of share into account the Taking year. first half of the in the will always Group million). The RMB1,219 half of 2020: million (first RMB1,350 half of 2021 was approximately first capabilities, governance human efficiencyand corporate to improve resource times and strive with the pace keep so that staff, talented and retain motivate to attract, programmes and development training different provide these talented staff can ultimately bring in higher return to our shareholders and investors. Risk of exposure to exchange rate fluctuations and related hedging Risk of exposure to exchange rate fluctuations As at 30 June approximately 46% of 2021, the Group’s total borrowingsdenominated were in USD and HKD. As a exposure to fluctuation non-Renminbi As Group had rates. the a net currency in foreign exchange currency result, in having borrowings Group is careful in non- the rates, subject to fluctuations of exchange borrowings are against the potential Renminbi and into has entered certain forward contracts so as to hedge exchange currencies for instruments derivative financial of any dealing in the engaged never has Group The years. loss in future speculative purposes. In view of the potential Renminbi exchange rate fluctuations, the Group will continuously consider appropriate measures including matching non-Renminbi borrowings with corresponding non-Renminbi assets and arranging appropriate level of hedging instruments. Harmony Mansion (Tianjin) The following lists out risks and the key uncertainties facing the Group. It is a non-exhaustive list and may be there key risk areas outlined below. other risks and uncertainties further to the operation Risks pertaining to the property market and businessesThe Group’s and prospects are largely on the performance of the property market in dependent mainland China. The property market in mainland China is affected by a number of factors, including changes in economic, financial, government’s in the as changes as well environment, legal and economic political, social, in changes to susceptible is also Group The policies. conservation environmental and industrial monetary, preferences. economic conditions, consumer confidence, consumption spending, and changes in consumption property development, property to distinctive factors of risk a number to subject is operation Group’s The business and strategic tenants buyers, of our part on the Default businesses. related and property investment, have may factors external other or and systems people processes, of internal failures or inadequacies partners, various levels of negative impact on the results of operations. The Group continues to monitor the above factors and work together with those stakeholders to deliver sustainable development of economic, social and environmental values. Risk of exposure to interest rate fluctuations and related hedging Certain of the Group’s borrowings with are floating interest rates. For the first half the weighted average of 2021, interest rate of the Group was 5.04%, which decreased by 10 basis points as compared to the corresponding period in 2020. The Group has implemented certain interest rate management which includes, others, among hedging instruments. close monitoring of interest rate movements and acquiring certain interest rate swap OTHER INFORMATION risk factors and uncertainties Key
INTERIM REPORT Management discussion & analysis SINO-OCEAN GROUP HOLDING LIMITED 042 2021 l ful meaning through value user’, to focus on residential development following a concept of high calibre, user’, to focus on residential development following a concept of high calibre, ‧ service ‧ ting company Promoting communication In the first half of 2021, China property industry was stable on the whole. Property enterprises continued to be be to continued enterprises Property whole. on the stable was industry China property half of 2021, first the In not accommodation for ‘properties ensuring mechanism long-term of the a result As expansion. with prudent speculation’, city-specific housing policies and concentrated land supply in 22 cities, the market continued to go finance was tightened by the towards stabilizedand expectations. hand, as On the other price land property price, Red Lines’ ‘Three and loan by the ‘Two Red concentration management Lines’, the volume of property enterprise of sluggish a period to enter is expected industry The decelerated. and growth noticeably declined financing growth, prompting property enterprises to de-leverage and raise product quality and operating capacity. As the policies take effect, the property market should see a healthier and more stable future. development of the In lightuncertaintiesand the changes in the of the of pandemic and economic environment, agile in were response and industry, we maintained continuous communication with our investors. In the first half key the Group continued to focus on the principal of residential development and raised of 2021, business capabilities to achieve quality growth. At the same time, we actively explored the driving forces for non-residential businesses to encourage growth. The Group’s refined management produced results and we enjoyeda solid financial position half the Group will to the that was widely recognized by investors. In the latter of 2021, adhere theme of ‘artisan Sino-Ocean Group Holding Limited (“Sino-Ocean Group” or the “Company”) and its subsidiaries (collectively known known (collectively subsidiaries its and “Company”) the or Group” (“Sino-Ocean Limited Holding Group Sino-Ocean “Group” to the best practice in information as the or “we”) adhere transparency disclosure in of accuracy, terms the with communication effective and sincere honest, highly maintaining to committed are We consistency. and financial community and other stakeholders. Our goals are to deepen investors’ understanding and approval of the internal management and to maximize the Company’s value. Company’s strategies, to raise the quality of steadiness and sustainability. shared our views in The Group remained connected with the capital In the first half of we a timely market. 2021, manner on the overalland informed property market investors of our various response strategic measures and planning. These active communication efforts boosted the confidence of the capital market and gained their recognition and praises. Our on-line live results announcement and video-conferences with analysts and investors
INTERIM REPORT SINO-OCEAN GROUP HOLDING LIMITED INVESTOR RELATIONS 044 2021 INTERIM REPORT INVESTOR RELATIONS SINO-OCEAN GROUP HOLDING LIMITED 045 2021
wide m a from HSBC 5th Annual Asia Credit Conference Citi Asia Pacific Property Conference 2021 June ining maintaining and nd receptively and ay M Bofa 2021 APAC Financial, Real Estate Equity and Credit Conference SWS 2021 Commercial Property Summit ns Activities Relations Investor 21 H March 2020 results investor briefing spectrum ning attentively Listening transparency ir disclosure fair Ensuring 1 We listened carefully to our shareholders’ concerns and addressed them efficiently. In May 2021, the Group held the 2021, efficiently. them In May listenedcarefully to our shareholders’ concerns and addressed We the Annual General Meeting. As always, after each meeting management representatives reserved time for individual shareholders to voice their opinions and ensuringconcerns, all given opportunity parties present were to discuss the key issues with our representatives. We will continue with our efforts to gain and more coverage obtain more recommendations from securities firms, are We interests. their as protecting as well and loyalty, confidence approval, investors’ of promoting goal with the grateful to all stakeholders for their remarkable support. If you have any questions or comments with regards to permitted [email protected]. extent please contact us at to the promise to provide answers our work, We of Hong Exchange Stock on The of Securities Listing the Governing Rules the and regulations laws, applicable by Kong Limited (the “Listing Rules”). In the first half of 2021, we maintained our high standards of information disclosure to ensure the timely timely the ensure to disclosure of information standards high our maintained we half of 2021, first the In dissemination of relevant corporate information via our official website and other channels. In addition, we published our monthly unaudited operating statistics on the Stock Exchange website and share information on the Group’s latest development via investors groups to boost transparency and to ensure proper and fair access to relevant data for all parties in the capital market. including securities firms, majority and HSBC, the 14 Citi, CICC from enjoyed coverage we first half In the of 2021, ‘hold’. of which rated Sino-Ocean Group as ‘buy’ or were rewarded with very positive feedback. These communication channels served to reinforce understanding and trust between the Group and the Group the capital Furthermore, continued market. to opportunities generate to investors firms’ in securities participated we hand, one On the individually. and investors with analysts interact organized by attended virtual conferences a continuous we dialogue.first half activities and kept In the of 2021, several securities firms. We also in-depth conducted discussions one-on-one with institutional and individual investors. On the other hand, in view of the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect, actively explored new channels we of communication with funds and securities firms in mainland China. and understanding a deeper to foster able were we channels, and formats communication various Through appreciationbusiness of the Group’s progress, policies and strategic development among fund managers, institutional and individual investors, analysts and interested other parties. Meanwhile our management also of gained knowledge better the expectations and demands of the capital on the Group. market We will seriously suggestions. consider and put into practice all constructive User-oriented”, Sino-Ocean Group continued to put its concept of Building ‧ Excellent ‧ User-oriented” to serve users with artistry, which enables us to win their satisfaction and seek ‧ Excellent ‧ Based on the theme of “Artisanal R BUILDING FO PRODUCING QUALITY PRODUCTS WITH ARTISTRY HEALTH N FOR HEALTHY MANAGEMENT METICULOUS OPERATIO We will strictly meet all the compliance requirements, with sound operation and development. On the back of its ability the two accolades of maintain solid Sino-Ocean Group received operational performance and excellent creditworthiness, to of China Real Responsibility of Social Top 10 and “2021 Developers” Estate of China Real Running of Steady Top 10 “2021 Developers”. Estate and push forward the strategies of “south Group continued to focus on its principal business Sino-Ocean first half of 2021, In the and west” and “city penetration” under high standards, acquiring premium land parcels in cities such as Chengdu, Hefei, Wuhan, Zhangjiagang and Xi’an, consolidating and enhancing its regional planning. With quality products and services as the foundation year during the and management systems its operation strengthened the Group further means, as the management and refined and decision- of its operation and quality efficiency the to improve strategy its five-phase out” under going by success of “achieving of Sino-Ocean Group. and vitality competitiveness the making and enhance Sino-Ocean Group Holding Limited (“Sino-Ocean Group” or the “Company”) and its subsidiaries (together referred to as the to as the referred (together subsidiaries and its “Company”) the or Group” (“Sino-Ocean Group Holding Limited Sino-Ocean Sino- Development Report 2020 of — Sustainable the “Working Together and Sharing Health published “Group” or “we”) (“ESG”) and Governance Social Environmental, the in accordance with was prepared Group” in April 2021. The report Ocean Main Board Listing Rules on The Stock Exchange 27 to the in Appendix Guide”) as contained (“ESG Reporting Guide Reporting of Hong Kong Limited, Guidelines on Corporate Social Responsibility Reporting for Chinese Enterprises (CASS-CSR 4.0) published Academy of Social by the Chinese Sciences, and other relevant standards, with reference to certain indicators on the expounded report (GRI). The Initiative Global Reporting by the issued Guidelines Reporting Sustainability in the specified to neutrality of carbon goal the and announced strategy, sustainability and strategy health Group’s the of implementation substance, of its process, in terms performance” “excellent with high commendation for by 2050, emissions net zero achieve sixth the for Sciences Social of Academy Chinese the from rating 5-star received which readability, comparability and balance, year. consecutive is crucial which strategy, development five-phase Group’s the out” under “going by success of achieving is a year 2021 year The to the quality and sustainable development of Sino-Ocean Group. The Group will adhere to the concept of “Artisanal subsistence and sustainable development. Meanwhile, we will continue to join hands with stakeholders to create shared value shared to create to join hands with stakeholders we will continue Meanwhile, development. subsistence and sustainable and achieve harmonious and stable development in the three areas of human health, building health and environmental health. Health into practice by intensively focusing on product quality. In March, China Life Financial Center in Beijing, jointly developed Group, Sino-Ocean by provided management project with Group and Sino-Ocean Limited Company Insurance Life China by the recognition of award demonstrated The Quality Project). received the China Construction Project Luban Award (National projects and products at national level. Group’s the quality of the boosted was further Goup Sino-Ocean by developed 1.1” independently Building System Healthy “Sino-Ocean of the value The the Sino- 2021, protection. As at the end of June of architectural space with thorough unattended in 2021 through the creation of nearly 20.0 million covering an area nationwide, in 44 cities 120 projects to over was applied Building System Healthy Ocean sq.m. As the first enterprise to introduce the WELL Building Standard into China, Sino-Ocean Group has always maintained its professionalism, leadership and continuity in pursuing healthy buildings. In May, Hongqiao Origin in Shanghai became the first domestic community-wide registered WELL v2 certifiedresidential project. With the 10 concepts of air, water, light, nourishment, exercise, thermal comfort, acoustic environment, materials, mind and community in the WELL v2 standard as as well as tailored build more to community whole the for Standard Building WELL the adopted project the points, starting Sino-Ocean of the blocks residential all addition, In of residents. experience health the enhance and space living healthier industry in the and offices apartments residences, the Certification; MF Gold WELL the obtained in Shenzhen Land Dream chains of Yangtze Opus in Wuhan successfully obtained the WELL Gold Precertification, Sino-Ocean Group healthy buildings in various industry chains. bore fruit comprehensively
INTERIM REPORT SINO-OCEAN GROUP HOLDING LIMITED SUSTAINABILITY REPORT 046 2021 INTERIM REPORT SUSTAINABILITY REPORT SINO-OCEAN GROUP HOLDING LIMITED 047 2021 Health Health ‧ Health 2030” alliance and joined hands with relevant government units, industry associations, international ‧ 2030 alliance with the theme of “Working Together to Achieve Better Cities”. More than 400 participants from over 200 200 over from participants than 400 More Cities”. Better to Achieve Together of “Working theme the with alliance 2030 supply chains in the of green the development and downstream partners along the supply chain actively promoted upstream efforts. industry with concerted real estate of marine piece A ecology. and marine of biodiversity protection to the importance also attaches Group Sino-Ocean of combination a perfect in Qinhuangdao, in Seatopia released was Fuyao Wanli called device protection environmental problems of marine attention to the environmental aiming to draw people’s protection, tourism and environmental culture, to ponder over remind people of nature, awe ocean, bring out people’s garbage such as a huge amount of plastic waste in the can The device for the protection of marine ecology. and call development, protection and sustainable environmental ecology, while playing. the environment and tourists can protect plastic bottles used to recycle be TERM EFFORTS FOR ENVIRONMENTAL CONCERTED AND LONG- HEALTH by 2030 and achieving carbon emissions of peaking goals and China’s call of the Paris Agreement to the respond To proactively emissions by 2050. Sino-Ocean zero the Group announced in April 2021 that it would achieve net by 2060, carbon neutrality considers that an important way of achieving carbon neutrality in real estate is green buildings, and therefore adopts and the reduce to in striving cities sponge and buildings prefabricated designs, building passive as such technologies promotes of construction from cycle during the entire life extent maximum possible to the energy earth’s share and consumption of the design to construction to use. The Vigorous Mansion in Shijiazhuang to be delivered in 2021 is the first high-rise commodity of conservation overall energy that can achieve designs community in China adopting fully passive building housing residential over 90%, reducing emissions carbon of approximately 1,500 tonnes every year. The project received the Ultra-low Energy Building Alliance. China Passive Building award from the develop help to tools financial green leverage to framework financial green a formulated has Group Sino-Ocean addition, In notes for green guaranteed Group issued offshore The arising from climate change. the challenges buildings and address green amount of US$720 million to date. with an issue the first time during the year, of the establishment the promoted Group officially Sino-Ocean considerations, development corporate to long-term Due “Building institutions and upstream and downstream cooperation partners along the value chain, with a view to encouraging the entire with a view to encouraging the value chain, partners along the and downstream cooperation institutions and upstream industry. On 22 April 2021, of the industry to proactively address climate change and facilitate development the low-carbon Building of the Ceremony cum Inauguration Summit First the and held for arrangements made Group Sino-Ocean Health and transformed barely-used old factory buildings barely-used Health and transformed ‧ Health in its products, but also advocates the concept of green health through the concept of green but also advocates Health in its products, ‧ into modern, liveable and healthy residential communities in the Greater Bay Area. Bay Greater in the communities residential healthy and liveable into modern, It is Sino-Ocean Group’s vision to turn old urban areas into a healthy reborn area and promote urban restructuring and quality industry in of the development the working to promote We will keep participating in urban renewal. by actively improvement buildings. and healthy of urban renewal terms abundant charity campaigns. In 2021, Sino-Ocean Group comprehensively upgraded its charity health campaigns which have Sino-Ocean Group comprehensively abundant charity campaigns. In 2021, With Sino-Ocean project. and Healthy” Green from “Old to New, and officially unveiled the Communities gone on for 15 years, Charity Foundation as a platform, Sino-Ocean Group actively responds to the implementation of the Healthy China strategy for a needs people’s transformation of old urban communities to meet promoting the and the advocacy of “comprehensively State the by issued Communities Urban Old of Renovation the Promoting on Comprehensively Guidance in the life” better Council in 2020. Sino-Ocean Group takes advantage of the platform’s resources and combine multiple resources with the has of pilot communities renovation present, At of old communities. renovation and healthy green Fund to focus on the Health basically completed. been and for Health the fifth Ocean Marathon of the “Act Together Health Day, Sino-Ocean the Earth Day and also the On 22 April, Charity” campaign was launched both online and offline, attracting a large number of participants including employees, and healthy lifestyle concept of a green the to conveying with a view suppliers and volunteers, partners, the media, customers, participants had taken part in the with more than 9,000 46 running teams from 31 cities of June, By the end to more people. of the each step donations for Foundation will allocate Charity than 11.8 million Sino-Ocean steps. more running event, participants. So far, the total donation from Ocean Marathon has exceeded RMB52,000, equivalent to the grants of education fund for 52 children for one year. Y SOCIETY WITH LOVE AND CHARIT HEALTHY Sino-Ocean Group not only adheres to Building Group not only adheres Sino-Ocean Y WITH ATTENTIVE RENEWAL CITY HEALTHY in Renewal of Urban Practitioner Group won the title of Top 10 Excellent Sino-Ocean to mutual growth with cities, Committed Heart View, World the Oriental By constructing and practice in urban renewal. June 2021 by virtue of its long-term exploration continuously Group the Land in Shenzhen, Dream and Sino-Ocean Palace Ocean Towers, Seafront Ocean in Wuhan, of Hankow in Oriental World View year, first half of the In the for urban development. serves urban construction and builds a new future Wuhan was awarded the Best Landmark Complex for Urban Renewal; Yangtze Opus in Wuhan was listed on 2021 White Paper National in the shortlisted was in Shenzhen Palace Ocean case; practice in China as a benchmarking Renewal on Urban in students college 500,000 for case a compulsory and became in 2021 Education Higher for Cases Estate of Real Textbook of Building concept China as it helped urban renewal following the ICES HEART-WARMING SERV RKPLACE WITH WO HEALTHY all-round providing While and user-focused. people-oriented being of principle to the adheres always Group Sino-Ocean services on basic resources for our business, human we also a good working create environment and service experience for (HRSSC) was Centre Service Shared Resources Human the half of 2021, first In the to details. with attention employees our of for our business for all units on basic human resources services efficient convenient and professional, to provide upgraded and an efficient information management processes standard business model, sharing service the Group through an intensive social and salary on their of information abreast keep can employees platform, self-service a comprehensive Using system. any time. at etc. insurance, commercial physical examination, leave enquiry, security, life a healthy its employees to give In order of employees. and mental health Group pays attention to the physical Sino-Ocean healthy on fitness, April. Focusing since Healthy Workplace themed of activities a series the Group has launched experience, diet and health fitness at the workplace, sports, fitness activities dance and other were held to create a privileged health service experience.
INTERIM REPORT SUSTAINABILITY REPORT SINO-OCEAN GROUP HOLDING LIMITED 048 2021 INTERIM REPORT SUSTAINABILITY REPORT SINO-OCEAN GROUP HOLDING LIMITED 049 2021 Sino-Ocean Charity Foundation has also set up a platform named Sino-Ocean Youth Volunteer League (the “Youth League”) to “Youth League”) (the League up a platform named Sino-Ocean Youth Volunteer Charity Foundation has also set Sino-Ocean travelled Youth League the from team a volunteer this year, In May services. voluntary to provide people caring more drive through the snow mountains to visit Zhuoxiao Town, Nangqian County, Yushu Prefecture, Qinghai Province, which is 4,500m above sea level. In addition to bringing the spring grants for the 2021 academic year to outstanding students funded by the painting and such as music, a broad variety of courses provided the volunteers Education Sponsorship Scheme, Partner Little paintings will be sold as creative Students’ families. of students’ needs real and joined in family visits to get to know the sports, and the studies students’ support to used be will bazaar in the fund raised and the processing, artistic after works cultural inheritance and transmission of minority culture. nature. and the an integral part of urban humanities of but more is not just living, by “health” Group means What Sino-Ocean What Sino-Ocean Group advocates by “sustainable development” is to grow together with employees, make progress ahead Looking and lush mountains. water limpid maintaining while industry the with together and develop users with together from where we stand, Sino-Ocean Group will adhere to the path of sustainable development, focus on its core business, effectiveness and development, and join hands with partners to continuously build green, healthy and beautiful cities and communities.
– – s, s, in the issued 0.008% 0.030% 0.025% 0.025% 0.025% 0.030% 1.680% 0.008% 0.196% 1.844% 0.030% 0.031% (Note iv) (Note Company’s Company’s percentage percentage are share capital Approximate Approximate h
– – Total 600,000 600,000 s in S in s 2,260,000 1,920,000 1,920,000 1,920,000 2,300,000 2,273,295 2,369,571 14,914,200 127,951,178 140,445,000 ve
ti – – – – No. of No. shares cu As at 30 June 2021 (Note i) (Note 600,000 600,000 e 1,800,000 1,800,000 1,800,000 1,800,000 2,300,000 2,000,000 2,000,000 underlying underlying 75,000,000 comprised in comprised share options Ex
– – – – – ef No. of No. 460,000 120,000 120,000 120,000 273,295 369,571 (Note ii)(Note ordinary (Note iii)(Note 14,914,200 14,914,200 65,445,000 127,951,178 127,951,178 shares of the Company held (long position)
nd Chi and ctors Beneficial owner Beneficial Beneficial owner Beneficial Beneficial owner Beneficial Beneficial owner Beneficial Beneficial owner Beneficial Nature of interest Nature Beneficiary of trust Beneficiary – Beneficial owner Beneficial Founder of discretionary trust Founder Beneficial owner Beneficial Beneficial owner Beneficial Beneficial owner Beneficial – Beneficial owner Beneficial e Dir
sts of sts re The share options were granted pursuant to the share option schemes of the Company, the details of which are set out below in the The share options were granted pursuant to the share option the details schemes of the Company, of which are set out below in the paragraph headed “Share Option Schemes”. shares are held by a discretionary trust of which Mr. LI Ming is theThe 127,951,178 founder. shares are held by a discretionary trust of which Mr. LI Ming, his spouseThe 14,914,200 and his son are the beneficiaries. Calculated based on the Company’s total number of issued ordinary shares of 7,616,095,657 shares as at 30 June 2021.
Mr. HAN Xiaojing Mr. HAN Mr. SUEN Man Tak Mr. SUEN Mr. WANG Zhifeng Mr. WANG Mr. JIN Qingjun Mr. JIN Ms. LAM Sin Lai Judy Name of Directors Name Mr. HOU Jun Ms. LI Liling (Resigned on 25 July 2021) Mr. LI Ming Mr. WANG Honghui Mr. WANG Mr. CUI Hongjie Ms. HUANG Xiumei Ms. HUANG Mr. FU Fei (Resigned on 25 July 2021) e nt I ntures Debe and Shares Underlying Notes: (i) (ii) (iii) (iv) Long position in the shares and the underlying shares of the Company Long position in the shares and the As at 30 June 2021, the interests and short positions of each of the directors (the “Directors”) and the chief the interests and short positionsAs at 30 June 2021, of the directors of each “Directors”) (the the chief and executives of Sino-Ocean Group Holding Limited (“Sino-Ocean Group” or the “Company”) in underlying the shares, of Part XV of the (within the meaning Company and its associated corporations of the shares and debentures Securities and Futures Ordinance (the “SFO”)) as recorded in the register required to be kept by the Company Kong of Hong Exchange Stock and The Company the to notified as otherwise or SFO, of the 352 Section under of Listed Directors by Transactions Securities for Code Model the to pursuant Exchange”) “Stock (the Limited Stock on the of Securities Listing the Governing Rules 10 to the out in Appendix set Code”) “Model (the Issuers Exchange (the “Listing Rules”), were as follows:
INTERIM REPORT SINO-OCEAN GROUP HOLDING LIMITED DISCLOSURE OF INTERESTS 050 2021 INTERIM REPORT DISCLOSURE OF INTERESTS SINO-OCEAN GROUP HOLDING LIMITED 051 2021 (Note) 0.021% associated total issued Approximate 30 June 2021 30 June percentage of percentage share capital of corporation as at
2021 132,000 shares of associated as at 30 June No. of ordinary No. corporation held
ntures Debe or Shares Beneficial owner Beneficial Nature of interest Nature
Purchase Gemini Investments Gemini (Holdings) Limited Name of associated Name corporation
Calculated based on (Holdings) Gemini Investments Limited‘s total number of shares as at 30 June issued shares of ordinary 635,570,000 2021. Mr. WANG Honghui Mr. WANG Name of Director Name ights to Rights Directors’ Save as disclosed in the paragraph headed “Interests of Directors and Chief Executives in Shares, Underlying Shares Shares Underlying in Shares, Executives and Chief of Directors “Interests headed paragraph in the as disclosed Save its of any or Company the was 2021 June 30 ended months six the during time no at above, Debentures” and subsidiaries a party to any arrangement that would enable the Directors to acquire benefits by means of acquisition of shares in, or debentures of, the Company or any other body corporate, and none of the Directors or any of their spouses or children under the age of 18 were granted any right to subscribe for any equity or corporate or had exercised any such right. securities of the Company or any other body debt Save as disclosed above, as at 30 June 2021, none of the Directors nor the chief executives of the Company or their their or Company of the executives chief the nor Directors the of none 2021, June 30 at as above, disclosed as Save or short positions close associates had any interests in underlying shares or debentures of the any of the shares, in the of Part XV of the SFO) as recorded meaning (within the Company or any of its associated corporations register required to be kept by the Company under Section 352 of the SFO or which are required to be notified to to the Model Code. the Company and the Stock Exchange pursuant Note: Long position in the shares of the associated corporation Long position in the 份 股 險 29.59% 29.58% 保 (Note iii) (Note 壽 capital as at issued share issued share Approximate Approximate 人 30 June 2021 30 June percentage in percentage the Company’s the 家 （大
shares of held as at held 30 June 2021 30 June the Company 2,253,459,151 2,252,646,115 No. of ordinary No.
Long/short position Long Long
Capacity Interest of controlled of controlled Interest corporation of controlled Interest corporation
(“Dajia Life Insurance”).in of Dajia Dajia Insurance was interested 99.98% Life Insurance. Dajia to be Insurance was deemed ） 司 公 限 The 2,253,459,151 shares were registered in registered the name of, and shares were beneficially owned The by, China 2,253,459,151 Life Insurance Company Limited (“China Life”). China Life Insurance Group was interested in 68.37% of China Life. China Life Insurance Group was deemed to be interested in shares these by virtue of the SFO. in registered the name of, and shares were beneficially ownedDajia by, Life The 2,252,646,115 Insurance Co., Ltd.* 有 interested in these shares by virtue of the SFO. Calculated based on the Company’s total number of issued ordinary shares of 7,616,095,657 June 2021. shares as at 30 Name of shareholders Name China Life Insurance (Group) Company China Life Insurance i) Group”) (Note (“China Life Insurance Ltd.* Group Co., Dajia Insurance （大家保險集團有限責任公司） ii) (Note (“Dajia Insurance”) For identification purposes only ns’ ersons’ P Other and Shareholders’ al Substanti and s Share in ns Positio Short and Interests Shares Underlying * Save as disclosed above, as at 30 June 2021, the Company had not been notified by any person or corporation who person any notified by Company had not been the 2021, as at 30 June above, as disclosed Save had interests or short positions in the shares or underlying shares of the Company as recorded in the register required to be kept by the Company under Section 336 of the SFO. Notes: (i) (ii) The register of substantial shareholders required to be kept by the Company under Section 336 of the SFO shows that as at 30 June 2021, the Company had been notified of the following substantial shareholders’ interests and short positions in the shares of the Company, being of in interests addition 5% or more, to those disclosed above and the chief executives of the Company: in respect of the Directors (iii)
INTERIM REPORT DISCLOSURE OF INTERESTS SINO-OCEAN GROUP HOLDING LIMITED 052 2021 INTERIM REPORT SINO-OCEAN GROUP HOLDING LIMITED CORPORATE GOVERNANCE AND OTHER INFORMATION 053 2021 Commi�ee Investment Strategic and Commi�ee Nomina�on The Board The Commi�ee Remunera�on Audit Commi�ee Auditor External CORPORATE GOVERNANCE CODE COMPLIANCE WITH THE The board (the “Board”) of “Directors”) directors (the and of the management Sino-Ocean Group Holding Limited (“Sino-Ocean Group” or the “Company”) committed to the principles are consistent of good corporate governance with prudent management and enhancement of shareholder value. These principles emphasize transparency, accountability and independence. had compliedIn the opinion of the Board, the Company with of the Corporate Governance the code provisions Stock on The Listing of Securities the Governing Rules 14 to the out in Appendix as set “CG Code”) (the Code Exchange of Hong Kong Limited (the “Listing Rules”) throughout the six months ended 30 June 2021, except for the deviation as disclosed below: The roles of the chairman (the “Chairman”) and officer (the “CEO”) of the Company served the chief executive are by Mr. LI Ming and have not been segregated as required under code provision A.2.1 of the CG Code. the Company considers that the combination of the roles of the Chairman and the CEO involve realignment of a However, of the activities business ordinary the and facilitate structure corporate existing the under authority and power Company. Although the responsibilities the Chairman in of and vested one person, all major decisions the CEO are in consultation made of the Company. The Board considers that are with the Board and the senior management position management strong a maintains arrangement current the that and of power balance is sufficient there structure current the review will Board The Company. of the activities business ordinary the facilitates also and from time to time and will make any necessary arrangement as appropriate. RE GOVERNANCE STRUCTU CORPORATE as at 2021 No. of No. shares 30 June awarded 36,048,217 outstanding
– the period No. of shares lapsed during
the period 32,615,053 No. of shares vested duringvested
– during awarded the period No. of shares
as at 2021 No. of No. shares awarded 1 January 68,663,270 outstanding
Date of award 20 March 2020
RD SCHEME RESTRICTED SHARE AWA The restricted share award scheme (the “Award Scheme”) was adopted by the Board on 22 March 2010 (the “Adoption and an incentive to retain and encourage the employees continual operation Date”) as the for development of the Group. The Award Scheme, which shall continue in full force and effect from the Adoption the expired, had Scheme Award the Although 2020. on 22 March had expired years, 10 of term a for Date scheme before its expiration remain valid. restricted shares already awarded under such is Scheme Award the under awarded be to of shares number maximum the Scheme, Award the to According 3% of shares, representing the issued shares of the Company 169,104,822 as at the Adoption Date. The restricted shares will out be purchased from the market of cash by the trustee contributed the Group by and be held in trust for the relevant selected employees until such shares are vested with the relevant selected employees in accordance with provisions the of Scheme. the Award The shares awarded to the directors and employees of the Group at no consideration one in of awarded shares will after will in years which three 40% be vested be vested shares will be vested quarterly thereafter. year from the date of award and 7.5% of awarded and trust rules of the terms to the pursuant Scheme, Award of the trustee the review, under period the During deed of the Award Scheme, had not acquired any shares of the Company. Up to 30 June 2021, 154,806,297 accumulated shares of the Company had been acquired from the market at an aggregate consideration of in lieu of cash and from receiving scrip shares transaction costs), approximately RMB527,652,548 (including the as at Company of the capital share issued of the 2.75% approximately representing trustee, the by dividend Adoption Date. Details of the number of shares awarded under the Award Scheme and during the shares vested the period under review are set out below: EE AUDIT COMMITT Ms. After LI Liling of ceased to act as a member the audit of committee the Company (the “Audit Committee”) and the Audit July 2021, from 25 with effect Audit Committee of the appointment as a member ZHAO Peng the of Mr. Committee consists of three independent non-executive Directors (“INEDs”) namely Ms. LAM Sin Lai Judy, Mr. namely Ms. Xiumei Qingjun, and Directors, HUANG Mr. JIN and two non-executive Peng. Mr. ZHAO SUEN Man Tak, is the chairman of the Audit Committee. Ms. LAM Sin Lai Judy The Audit Committee has reviewed with the management of the Company the accountingpolicies and practices adopted by the Company and its subsidiaries (the “Group”) and discussed, among other things, internal control, and financial risk management including of the unaudited reporting matters a review the Group interim results of 30 June 2021. for the six months ended
INTERIM REPORT Corporate governance and other information SINO-OCEAN GROUP HOLDING LIMITED 054 2021 INTERIM REPORT Corporate governance and other information SINO-OCEAN GROUP HOLDING LIMITED 055 2021 – – – – – – – – as at No. of No. 500,000 2,000,000 2,000,000 4,500,000 36,800,000 41,300,000 36,800,000 outstanding 30 June 2021 share options share
– – – No. of No. (500,000) (500,000) (500,000) (500,000) the period the (2,000,000) (2,400,000) (2,670,000) (6,000,000) (71,420,500) (13,070,000) (86,490,500) (73,420,500) lapsed during share options share
as at 2021 No. of No. 500,000 500,000 500,000 500,000 500,000 1 January 2,400,000 2,000,000 2,670,000 2,000,000 6,000,000 38,800,000 71,420,500 17,570,000 outstanding 127,790,500 110,220,500 share options share
4.70 3.80 4.70 3.80 3.80 3.80 3.80 4.70 3.80 4.70 3.80 3.80 (HKD) price of price Exercise Exercise share options share
24 Aug 2018 – 23 Aug 2022 13 Apr 2017 – 12 April 2021 24 Aug 2018 – 23 Aug 2022 13 Apr 2017 – 12 April 2021 13 Apr 2017 – 12 April 2021 13 Apr 2017 – 12 April 2021 13 Apr 2017 – 12 April 2021 24 Aug 2018 – 23 Aug 2022 13 Apr 2017 – 12 April 2021 24 Aug 2018 – 23 Aug 2022 13 Apr 2017 – 12 April 2021 13 Apr 2017 – 12 April 2021 Exercise period Exercise
24 Aug 2017 13 Apr 2016 24 Aug 2017 13 Apr 2016 13 Apr 2016 13 Apr 2016 13 Apr 2016 24 Aug 2017 13 Apr 2016 24 Aug 2017 13 Apr 2016 13 Apr 2016 Date of options share granted
The share options granted under the 2007 Option exercisable during are a period Scheme of commencing five years on the date of grant, of share options 70% from the date of grant, shall exercisable options of share one year become shall exercisable after 40% where become date of grant. after two years from the date of grant, and all share options shall become exercisable after three years from the During the six months ended 30 June 2021, no share options was granted, exercised or cancelled with respect to the 2007 Option Scheme. Total Subtotal Subtotal Employees Ms. LAM Sin Lai Judy Mr. JIN Qingjun Mr. JIN Mr. WANG Zhifeng Mr. WANG Mr. SUEN Man Tak Mr. SUEN Mr. WANG Honghui Mr. WANG Hongjie Mr. CUI Xiaojing Mr. HAN Directors Mr. LI Ming Category of participant Category
Share Option Schemes of the Company Share Option Schemes The 2007 Option Scheme share option ofThe former scheme the Company as adopted resolutions by shareholders’ written of the Company the of prospectus in the out set were of which details “2007 Option Scheme”, 2007 (the 3 September dated Although 2017. the September and had expired on 27 years of 10 had a term 2007) September Company dated 14 2007 Option Scheme had expired, the share options already granted under such scheme before its expiration remain valid. Particulars of share options outstanding under the 2007 Option Scheme at the beginning and at the end of the financial period for the six months ended 30 June 2021 and share options cancelled granted, exercised, or lapsed period were as follows: under the 2007 Option Scheme during such N SCHEMES SHARE OPTIO Notes: (i) (ii) as at No. of No. 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 outstanding 25,000,000 50,000,000 85,200,000 share options share 30 June 2021 30 June 204,600,000 455,528,565 660,128,565 745,328,565
as at No. of No. 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 600,000 outstanding 25,000,000 50,000,000 85,200,000 share options share 204,600,000 455,528,565 660,128,565 745,328,565 1 January 2021
3.96 3.37 3.96 3.96 3.96 3.37 3.96 3.37 3.96 3.37 3.96 3.37 3.96 3.37 3.96 3.37 (HKD) 2.106 2.106 2.106 2.106 2.106 price of price Exercise Exercise share options share Exercise period Exercise 4 Sep 2019 – 3 Sep 2023 4 Sep 27 Mar 2020 – 26 Mar 2024 2019 – 3 Sep 2023 4 Sep 2019 – 3 Sep 2023 4 Sep 2019 – 3 Sep 2023 4 Sep 27 Mar 2020 – 26 Mar 2024 25 Mar 2021 – 24 Mar 2025 4 Sep 2019 – 3 Sep 2023 4 Sep 27 Mar 2020 – 26 Mar 2024 25 Mar 2021 – 24 Mar 2025 2019 – 3 Sep 2023 4 Sep 27 Mar 2020 – 26 Mar 2024 25 Mar 2021 – 24 Mar 2025 2019 – 3 Sep 2023 4 Sep 27 Mar 2020 – 26 Mar 2024 25 Mar 2021 – 24 Mar 2025 2019 – 3 Sep 2023 4 Sep 27 Mar 2020 – 26 Mar 2024 25 Mar 2021 – 24 Mar 2025 2019 – 3 Sep 2023 4 Sep 27 Mar 2020 – 26 Mar 2024
Date of options share granted 4 Sep 2018 4 Sep 27 Mar 2019 2018 4 Sep 2018 4 Sep 2018 4 Sep 27 Mar 2019 25 Mar 2020 4 Sep 2018 4 Sep 27 Mar 2019 25 Mar 2020 2018 4 Sep 27 Mar 2019 25 Mar 2020 2018 4 Sep 27 Mar 2019 25 Mar 2020 2018 4 Sep 27 Mar 2019 25 Mar 2020 2018 4 Sep 27 Mar 2019
The share options granted under the 2018 Option exercisable during are a period Scheme of commencing five years on the date of grant, and all options of grant share months the date will exercisable 12 from become options of share after will exercisable 50% where become after 24 months from the date of grant. During the six months ended no 30 June 2021, share option lasped exercised, or cancelled was granted, with to respect the 2018 Option Scheme.
Category of participant Category Directors Mr. LI Ming Mr. FU Fei (Resigned on 25 July 2021) Ms. LI Liling (Resigned on 25 July 2021) Xiaojing Mr. HAN Mr. SUEN Man Tak Mr. SUEN Zhifeng Mr. WANG Qingjun Mr. JIN Ms. LAM Sin Lai Judy Subtotal Employees Subtotal Total Notes: (i) (ii) he 2018 Option Scheme The 2018 Option On 6 Augustshareholders 2018, of the Company approved a new share option scheme (the “2018 Option 2018 Option The 2018. 16 July dated Company of the circular out in the set were of which details Scheme”), Scheme is valid and effective for a period of until 10 years 5 August 2028, unless itis terminated early in accordance with its provisions. Particulars of share options outstanding under the 2018 Option Scheme at the beginning and at the endof the financial period the six for months ended 30 June 2021 and share options cancelled or lapsed granted, exercised, Scheme during such period were as follows: under the 2018 Option
INTERIM REPORT Corporate governance and other information SINO-OCEAN GROUP HOLDING LIMITED 056 2021 INTERIM REPORT Corporate governance and other information SINO-OCEAN GROUP HOLDING LIMITED 057 2021 9,221 95,179 16,139 (59,527) (28,734) RMB million
Non-current assets Current assets Current liabilities Non-current liabilities Net assets to RMB8,807 million. The Group’s attributable interest in the affiliated companies as at 30 June 2021 amounted The proforma combined statement of financial position of the affiliated companies has been prepared by combining of their statement financial position, after making adjustments to conform with the Group’s significant accounting policies as at 30 June 2021. TO RULE 13.22 OF THE LISTING RULES DISCLOSURE PURSUANT amount financial of aggregate the June 2021, assistance to affiliated companies at 30 by the Group exceeded As of the Listing Rules. 8% of the assets ratios as defined in Rule 14.07(1) In accordance with the requirements under Rule 13.22 of the Listing Rules, a proforma combined statement of financial position of the affiliated companies as at 30 June 2021 is presented as follows: The Company has adopted a code of conduct regarding directors’ securities transactions (the “Code of Conduct”) on terms no less exacting than those required standards set out in the Model Code. The Company has specific made enquiries with all the Directors and each of them has confirmed that he or she had complied with required standards all set out in the Model Code and the Code of Conduct throughout the six months ended 30 June 2021. BY DIRECTORS NS BY SECURITIES TRANSACTIO ANCIAL INFORMATION REVIEW OF INTERIM FIN the by reviewed been has 2021 June 30 ended six months the for information financial interim unaudited The auditors of the Company, PricewaterhouseCoopers, in accordance with Hong Kong Standard on Review of Interim Financial “Review by the Independent Auditor 2410 Information Performed of the Entity” Engagements Public Accountants, the report of which is included on page 59. issued by the Hong Kong Institute of Certified On 5 May 2021, the Company purchased its USD700,000,000 floating rate guaranteed notes due 2021 issued by Sino-Ocean Land Treasure IV Limited, a wholly-owned subsidiary of the Company, of an aggregate principal cancelled. For details offer. The purchased notes had been of the of a tender by way amount of USD214,385,000 2021. 21 April 2021, 30 April 2021 and 6 May to the announcements of the Company dated purchase, please refer Save as disclosed neither the Company nor any of above, its subsidiaries any of had purchased, sold or redeemed the Company during the period under review. the listed securities of D THE COMPANY’S LISTE ALE OR REDEMPTION OF PURCHASE, S SECURITIES Mr. ZHAO Peng has been appointed as a non-executive Director and a member of the Audit Committee of from 25 July 2021. the Company with effect Mr. CHEN Ziyang has been appointed as a non-executive Director and a member of the Strategic and effect from 25 July 2021. Investment Committee of the Company with Mr. FU Fei resigned as a non-executive Director and a member of the Strategic and Investment Committee of the Company with effect from 25 July 2021. Ms. LI Liling resigned as a non-executive Director and a member of the Audit Committee of the Company with effect from 25 July 2021. Mr. HAN Xiaojing, an INED, has been appointed as an independent non-executive director of Angelalign Exchange, on 20 May 2021. Technology Inc., a company listed on the Stock Mr. JIN Qingjun, an INED, has retired as an independent non-executive director of Guotai Junan Securities and the Shanghai Stock Exchange, on 28 June 2021. Co., Ltd., a company listed on the Stock Exchange Ms. HUANG Xiumei, a non-executive Director, has been appointed as an executive director of China Life Insurance Company Limited, a company listed on and the Stock Exchange the Shanghai Stock Exchange, on 1 July 2021.
BOOK CLOSURE BOOK INTERIM DIVIDEND AND The Board has declared an interim dividend of RMB0.046 per share (equivalent to HKD0.055 per share, rounded to the nearest three decimal places) (2020: RMB0.056 per share, equivalent to HKD0.062 per share) to shareholders close of at the of members of the Company (the “Shareholders”) appear on the Company’s register whose names business on Monday, 6 September 2021. The interim dividend will be paid in cash in Hong Kong dollars. The relevant is exchange rate the average central parity rate of Renminbi to Hong Kong dollars as announced by the 2021 18 August Wednesday, 2021 to August 12 Thursday, from period the of China for Bank People’s Tuesday, 5 October 2021. (RMB1=HKD1.2016). The interim dividend will be paid to the Shareholders on or about The register of members of the Company will be closed on Monday, 6 September 2021, on which no transfer of shares will be effected. To qualify for the interim dividend, all completed transfer documents together with Kong Hong Computershare Company, of the registrar share the with lodged be must certificates share relevant Wanchai, Road East, Queen’s 183 Centre, Hopewell Floor, 17th Shops 1712–1716, at Limited, Services Investor Hong Kong for registration no later than 4:30 p.m. on Friday, 3 September 2021. • • • • • ON DIRECTORS’ INFORMATI CHANGES IN of the Listing Pursuant to Rule 13.51B(1) changes in the information Rules, during the period from 30 of Directors March 2021 (being(being prior to the issue of the last annual the latest practicable date report) to 25 August 2021 required to be disclosed are set out below: date prior to the issue of this interim report) the latest practicable • •
INTERIM REPORT Corporate governance and other information SINO-OCEAN GROUP HOLDING LIMITED 058 2021 INTERIM REPORT SINO-OCEAN GROUP HOLDING LIMITED REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION 059 2021 Review of Conclusion Scope on Introducti PricewaterhouseCoopers Certified Public Accountants Hong Kong, 19 August 2021 Based on our review, nothing has come to our attention that causes us to believe that the interim financial financial interim that the us to believe that causes attention to our has come nothing review, on our Based information of the Group is not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34 “Interim Financial Reporting”. We conducted our review in accordance with Hong Kong Standard on Review Engagements 2410, “Review of of “Review 2410, Engagements on Review Standard Kong with Hong in accordance review our conducted We Kong Hong the by issued Entity” of the Auditor Independent the by Performed Information Financial Interim Institute of Certified Public Accountants. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review with Hong Kong is substantially less in scope than an audit conducted in accordance A review procedures. Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of in an audit. Accordingly, we do not express an audit opinion. all significant matters that might be identified We have reviewed the interim financial reviewed have information We set out which on comprises the condensed pages 60 to 101, and its subsidiaries “Company”) (the Limited Holding Group of Sino-Ocean sheet balance interim consolidated (together, the “Group”) as at 30 June 2021 and the condensed consolidated interim income statement, the condensed consolidated interim statement of comprehensive income, the condensed consolidated interim statement of changes in equity and the condensed consolidated interim cash flow statement for the six-month Rules The notes. explanatory other and policies accounting of significant a summary and ended, then period Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited require the preparation of a report on interim financial information to be in compliance with the relevant provisions thereof and Hong Kong Accounting Standard 34 “Interim Financial Reporting” issued by the Hong Kong Institute of Certified Public of this interim and presentation responsible for the preparation Company are Accountants. The directors of the Our Reporting”. Financial “Interim 34 Standard Accounting Kong Hong with accordance in information financial our and to report review on our financial information based a conclusion on this interim is to express responsibility conclusion solely of and to you, as a body, in accordance with terms engagement for no other purpose. our agreed accept liability to any other person for the contents of this report. We do not assume responsibility towards or Limited Group Holding of Directors of Sino-Ocean To the Board Kong with limited liability) (incorporated in Hong As at 2020 11,160 667,794 923,600 140,286 177,320 108,746 147,415 RMB’000 (Audited) 1,772,655 1,268,872 4,799,837 5,063,770 6,751,919 2,475,703 6,696,748 18,074,742 39,129,442 12,289,424 68,898,231 74,718,502 51,197,152 12,055,798 21,218,447 190,791,101 259,689,332 31 December 31 December
2021 As at 10,150 30 June 311,788 890,938 443,151 169,077 227,686 340,895 RMB’000 1,697,867 1,312,553 5,418,686 5,035,565 6,251,666 3,625,068 5,968,890 19,369,197 32,813,540 13,761,818 73,113,455 72,330,934 61,028,183 11,583,441 24,008,331 (Unaudited) 193,485,969 266,599,424
SHEET BALANCE 7 7 8 9 13 14 14 13 12 10 11 Note
INTERIM TED CONSOLIDA CONDENSED Completed properties held for sale Financial assets at fair value through profit or loss Cash and cash equivalents Trade and other receivables and prepayments Deferred income tax assets Total assets Total current assets Total non-current assets Current assets Properties under development Inventories, at cost Land development cost recoverable Trade and other receivables and prepayments Contract assets Restricted bank deposits Financial assets at fair value through profit or loss Financial assets at fair value through profit ASSETS Non-current assets Property, plant and equipment Right-of-use assets Land use rights Financial assets at fair value through other comprehensive Financial assets at fair value through other income Intangible assets Investment properties Goodwill Investments in joint ventures Investments in associates
INTERIM REPORT SINO-OCEAN GROUP HOLDING LIMITED CONDENSED CONSOLIDATED INTERIM BALANCE SHEET 060 2021 INTERIM REPORT CONDENSED CONSOLIDATED INTERIM BALANCE SHEET SINO-OCEAN GROUP HOLDING LIMITED 061 2021 As at 2020 97,418 50,513 18,269 400,974 190,053 (179,840) RMB’000 (Audited) 3,312,966 53,648,936 16,256,391 59,698,508 25,933,873 69,905,327 56,269,855 26,098,570 27,329,232 57,527,155 34,318,360 12,065,543 130,085,497 189,784,005 259,689,332 31 December 31 December
2021 As at 81,734 20,293 30 June 371,268 104,800 282,923 (127,930) RMB’000 3,546,810 53,843,203 17,197,793 69,327,303 20,305,779 71,040,996 65,388,932 26,537,101 27,329,232 55,695,635 38,817,501 11,047,553 (Unaudited) 126,231,125 195,558,428 266,599,424
18 18 19 15 15 19 Note
Non-controlling interests Total current liabilities Total liabilities Total equity and liabilities interim financial information. The notes on pages 67 to 101 form an integral part of these condensed consolidated
Total non-current liabilities Current liabilities Borrowings Lease liabilities Total equity LIABILITIES Non-current liabilities Borrowings
Lease liabilities Trade and other payables EQUITY owners of the Company Equity attributable to Capital Reserves Retained earnings Shares held for Restricted Share Award Scheme Shares held for Restricted Trade and other payables Contract liabilities Income tax payables Financial liabilities at fair value through profit or loss Deferred income tax liabilities 2020 0.161 0.161 68,460 (22,942) 124,484 756,261 155,963 (469,207) (749,616) (961,872) RMB’000 1,380,455 4,470,458 4,733,632 3,996,183 1,979,067 1,222,806 1,979,067 (2,017,116) 19,374,264 (14,903,806)
Unaudited 2021 0.133 0.133 65,489 (57,380) 916,517 622,005 156,105 (783,253) (775,311) RMB’000 1,119,723 4,612,269 4,181,537 3,920,448 1,926,287 1,009,770 1,926,287 (1,039,199) (1,994,161) Six months ended 30 June Six months ended 30 20,512,993 (15,900,724)
STATEMENT INCOME 9 6 20 21 22 23 23 Note
INTERIM TED CONSOLIDA CONDENSED Other gains — net Selling and marketing expenses Interest and other income Fair value losses on investment properties Administrative expenses Finance costs Income tax expense Non-controlling interests financial information. The notes on page 67 to 101 form an integral part of these condensed consolidated interim Basic earnings per share for profit attributable to owners of the Company (expressed in RMB) Diluted earnings per share for profit attributable to owners of the Company (expressed in RMB) Attributable to: Owners of the Company Profit before income tax Profit for the period
Operating profit Gross profit Share of net profits of joint ventures Share of net profits of associates Revenue Cost of sales
INTERIM REPORT SINO-OCEAN GROUP HOLDING LIMITED CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT 062 2021 INTERIM REPORT SINO-OCEAN GROUP HOLDING LIMITED
CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME 063 2021 – 2020 (93,621) 801,517 825,624 (152,674) (351,926) (105,631) RMB’000 1,627,141 1,627,141 1,979,067
OF OF Unaudited 2021 43,700 12,545 783,069 881,807 (165,106) (152,550) (261,411) RMB’000 1,664,876 1,664,876 1,926,287 Six months ended 30 June Six months ended 30
STATEMENT INTERIM TED CONSOLIDA VE INCOME NSIVE COMPREHE CONDENSED Other comprehensive income/(loss) Other comprehensive to profit or loss Items that will not be reclassified subsequently through other Fair value losses on financial assets at fair value comprehensive income tems that may be reclassified subsequently to profit or loss Items that may be reclassified subsequently Currency translation differences Deferred hedging gains/(losses) — Non-controlling interests financial information. The notes on page 67 to 101 form an integral part of these condensed consolidated interim net of tax Other comprehensive loss for the period, Total comprehensive income for the period Total comprehensive income attributable to: — Owners of the Company Profit for the period Share of other comprehensive income of investments accounted Share of other comprehensive income of investments for using the equity method
– Total equity 12,545 56,367 43,700 31,354 (99,520) (73,930) 758,357 RMB’000 (152,550) (910,420) (529,207) (571,239) (165,106) (168,308) (159,074) (303,214) 1,926,287 1,664,876 71,040,996 69,905,327
– – – – – – – Total 59,595 31,354 (34,710) (99,520) 916,517 881,807 758,357 (395,548) (168,308) (159,074) (303,214) RMB’000 17,197,793 16,256,391
– – – – – – – – – – 31,354 Others 327,423 648,689 648,689 758,357 (127,720) (159,074) (303,214) RMB’000 8,729,314 7,753,202
– – – – – – – – – – – – capital 99,520 64,810 (99,520) (99,520) (34,710) (99,520) Non-controlling interests RMB’000 securities Perpetual 4,109,479 4,144,189 guaranteed subordinated subordinated
– – – – – – – – – – – – – Capital 168,308 168,308 (168,308) (168,308) (168,308) RMB’000 4,359,000 4,359,000 instrument
– – – – – – – Total 12,545 56,367 43,700 (73,930) 783,069 (588,802) (514,872) (571,239) (165,106) (117,840) RMB’000 1,009,770 53,843,203 53,648,936
– – – – – – – – – – – – – earnings (571,239) (571,239) (571,239) Retained RMB’000 1,009,770 1,009,770 26,537,101 26,098,570
– – – – – – – – 4,457 Other 12,545 56,367 43,700 (69,473) (51,910) (73,930) 104,800 400,974 (226,701) (165,106) (117,840) reserves RMB’000
– – – – – – – – – – – – – – – Attributable to owners of the Company Shares 51,910 51,910 51,910 Scheme held for (127,930) (179,840) RMB’000 Restricted Share Award
– – – – – – – – – – – – – – – – – – Share capital RMB’000 27,329,232 27,329,232
24 Note
Total transactions with owners of the company at 30 June 2021 Balance Total contributions by and distributions to owners of the company
Total comprehensive (loss)/income, net of tax Transactions with owners of the company relating to 2020 Dividends Profit for the period ES STATEMENT OF CHANG CONSOLIDATED INTERIM CONDENSED IN EQUITY Share of other comprehensive income income comprehensive of other Share accounted for using of investments method the equity Balance at 1 January 2021 Balance Acquisition of subsidiaries Expenses on share-based payment Expenses Fair value losses on financial assets at fair Fair value losses value through other comprehensive income gains hedging Deferred Distribution relating to non-controlling Distribution relating interest Distribution relating to capital securities Distribution relating Distribution relating to capital instrument Distribution relating Vesting of shares under Restricted Restricted under of shares Vesting Award Scheme Share Currency translation differences Partial disposal of subsidiaries Contribution from non-controlling interests Acquisition of additional interests in subsidiaries
INTERIM REPORT SINO-OCEAN GROUP HOLDING LIMITED
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY 064 2021 INTERIM REPORT CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY SINO-OCEAN GROUP HOLDING LIMITED 065 2021 – – (95) Total (229) (528) equity (7,899) (14,831) (93,621) (93,354) (94,206) 267,414 134,550 RMB’000 (107,486) (101,804) (152,674) (105,631) (181,298) 3,378,000 1,979,067 1,627,141 (3,460,000) 67,144,030 65,611,095
– – – – – – (229) (528) Total (7,899) (1,774) 44,001 69,363 460,380 756,261 825,624 825,624 205,192 202,661 (107,486) (101,804) RMB’000 3,378,000 (3,460,000) 16,732,194 15,703,909
– – – – – – – – – (229) (528) (7,899) (1,774) Others 44,001 10,423 460,380 546,971 557,394 RMB’000 7,949,728 (3,460,000) (2,963,518) (2,966,049) 10,358,383
– – – – – – – – – – – – – – – capital 58,940 Non-controlling interests Non-controlling 107,486 166,426 (107,486) (107,486) (107,486) RMB’000 securities Perpetual Perpetual 4,423,466 4,364,526 guaranteed guaranteed subordinated subordinated
– – – – – – – – – – – – – – – Capital 101,804 101,804 981,000 (101,804) RMB’000 3,378,000 3,276,196 3,276,196 4,359,000 instrument
– – – – – – – – Total 1,679 (44,001) (14,831) (93,621) 134,550 801,517 (192,966) (222,037) (105,631) (298,546) (296,867) (181,298) RMB’000 1,222,806 50,411,836 49,907,186
– – – – – – – – – – – – – – – – earnings (181,298) (181,298) (181,298) Retained Retained RMB’000 1,222,806 1,222,806 24,919,225 23,877,717
– – – – – – – – – – 1,679 Other (2,209) (44,001) (93,621) 134,550 (192,966) (222,037) (105,631) (104,626) (102,947) (421,289) reserves RMB’000 (1,656,772) (1,132,536)
– – – – – – – – – – – – – – – – – Attributable to owners of the Company Attributable 2,209 Shares (14,831) (12,622) (12,622) Scheme held for held (179,849) (167,227) RMB’000 Restricted Restricted Share Award Share
– – – – – – – – – – – – – – – – – – – – – Share Share capital RMB’000 27,329,232 27,329,232
24 Note
Cancellation of convertible preferred shares preferred Cancellation of convertible subsidiary issued by the Capital reduction of subsidiaries Contribution to non-controlling interests Distribution relating to non-controlling Distribution relating interest Distribution relating to capital securities Distribution relating Distribution relating to capital instrument Distribution relating Acquisition of additional interests in subsidiaries Issue of capital instrument Issue Purchase of shares for Restricted of shares for Restricted Purchase Award Scheme Share Currency translation differences Disposal of subsidiaries Deferred hedging losses hedging Deferred Restricted under of shares Vesting Award Scheme Share Fair value losses on financial at fair Fair value losses assets value through other comprehensive income Expenses on share-based payment on share-based Expenses Acquisition of subsidiaries Total transactions with owners of the company at 30 June 2020 Balance Total contributions by and distributions to owners of the company Total comprehensive income, net of tax Transactions with owners of the company relating to 2019 Dividends
Profit for the period Balance at 1 January 2020 Balance 2020 33,499 310,213 (506,761) RMB’000 2,112,328 3,389,899 2,729,928 1,576,955 4,376,611 1,327,867 7,771,611 (3,460,000) (2,112,311) (1,954,087) (4,181,617) (3,362,775) 41,899,452 18,633,397 10,805,614 10,811,752 31,054,201 (15,833,368)
– Unaudited 2021 (33,580) 348,525 250,434 (468,997) RMB’000 1,421,587 2,616,335 3,316,995 1,831,937 (2,666,270) (2,415,286) (6,282,322) (4,481,529) (5,035,473) (1,469,577) (5,649,038) (3,249,619) Six months ended 30 June Six months ended 30 32,813,540 29,724,857 39,129,442 OW FLOW (26,639,525)
CASH INTERIM TED CONSOLIDA CONDENSED STATEMENT Capital reduction of subsidiaries Others Others Income tax paid Interest paid Cash and cash equivalents at end of the period financial information. The notes on page 67 to 101 form an integral part of these condensed consolidated interim Net cash from financing activities Net (decrease)/increase in cash and cash equivalents Net cash from investing activities Cash flows from financing activities Proceeds from borrowings Advances to associates and joint ventures Capital injection to associates and joint ventures Repayments of borrowings Cash flows from investing activities Advances to business partners Net cash from operating activities Repayment of advances to associates and joint ventures Repayment of advances to associates and ventures Return of capital from associates and joint ash flows from operating activities Cash flows from operating operations Cash generated from Cash and cash equivalents at the beginning of the period Exchange (losses)/gains Repayment of advances to business partners
INTERIM REPORT SINO-OCEAN GROUP HOLDING LIMITED CONDENSED CONSOLIDATED INTERIM CASH FLOW STATEMENT 066 2021 INTERIM REPORT SINO-OCEAN GROUP HOLDING LIMITED
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL 067 INFORMATION 2021 Covid-19-related Rent Concessions — Amendments to HKFRS 16; and Interest Rate Benchmark Reform — Phase 2 — Amendments to HKFRS 9, HKAS 39, HKFRS 7, HKFRS 4 and HKFRS 16. • The accounting policies adopted are consistent with those of the previous financial and year corresponding out below. interim reporting period, except for the adoption of new and amended standards as set Group standards adopted by the and amended New and amended standards and interpretationsBelow new effective became for annual reporting periods commencing Group for the first on or after 1 January 2021 and adopted by the time in 2021 interim condensed consolidated financial information: • The condensed consolidated interim financial information the six for months has been ended 30 June 2021 Financial Reporting” 34 “Interim (“HKAS”) Standard Accounting Kong with Hong in accordance prepared issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”).The condensed consolidated interim financial information does not include all the notes of the type normally included in the annual financial statements. Accordingly, this condensed consolidated interim financial information should be read which 2020, 31 December ended year the for financial statements annual Group’s the with in conjunction Kong Financial Reporting Standards (“HKFRS”). have been prepared in accordance with Hong condensed in the included is that 2020 December 31 ended year the to relating information financial The consolidated interim financial information for the six months ended 30 June 2021 as comparative information does not constitute statutory annual the Company’s consolidated financial that for statements Further information those financial statements. statutory financial from but is derived relating to these year statements required to be disclosed in accordance with section 436 of the Hong Kong Companies Ordinance (Cap. 622) is as follows: The Company to the Registrar has 2020 delivered the financial ended 31 December statements for the year of Companies as required by section 662(3) of, and Part 3 of Schedule 6 to, the Hong Kong Companies Ordinance (Cap. 622). The Company’s auditor has reported on those financial statements. The auditor’s report was unqualified; did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying its report; and did not contain a statement under sections 406(2), 407(2) or (3) of the Hong Kong Companies Ordinance (Cap. 622). Sino-Ocean Group Holding Limited (the “Company”) and its subsidiaries (together, the “Group”) are are “Group”) the (together, and its subsidiaries “Company”) (the Limited Holding Group Sino-Ocean in the People’s investment and property development property holding, principally engaged in investment “PRC”). Republic of China (the its in Hong Kong. The address of The Company is a limited 2007 liability March incorporated on 12 company Hong Kong. 601, One Pacific Place, 88 Queensway, registered office is Suite Exchange of Hong Kong Limited. are listed on the Main Board of The Stock The Company’s shares The condensed consolidated interim financial information is presented in Renminbi (“RMB”), unless on 19 issue for approved was financial information interim consolidated condensed The stated. otherwise Company (the “Board”). August 2021 by the Board of Directors of the ACCOUNTING POLICIES SIS OF PREPARATION BA 3 2 1 L INFORMATION gENERA ) CONTINUED Liquidity risk Financial risk factors Cash flow forecast is performed in the operating entities of the Group and aggregated by Group by Group of the Group and aggregated entities in the operating is performed Cash flow forecast Finance. Group Finance monitors rolling forecasts of the Group’s liquidity requirements to ensure it operational has sufficient needs while maintaining cash to meet sufficient headroom on its undrawn committed borrowing facilities at all times so that the Group does not breach borrowing limits or covenants (whereapplicable) on any of its borrowing facilities. Such forecast process takes into consideration the Group’s debt financing plans, covenant compliance, compliance with internal balance sheet ratio targets. The Group’s activities expose it of to a variety financial risk (including risks: market fair risk, currency risk and price risk), credit risk and liquidity risk. value interest rate risk, cash flow interest rate all financial risk not include does information financial interim consolidated condensed The management information and disclosures required in the annual financial statements, and should be in read conjunction with the Group’s annual financial ended at 31 December for the year statements 2020. There have been no changes in the risk management department since year end or in any risk management policies since the year end. 5.2 5.1 The preparation of the condensed consolidated interim financial information requires management to make reported the and policies accounting of application the assumptions that affect and estimates judgments, expense. Actual results may differ from these estimates. amounts of assets and liabilities, income and by made judgements significant information, financial interim consolidated condensed the preparing In sources of estimation uncertainty are in applying Group’saccounting policies key management the and the as those that applied the same to the Group’s annual financial ended 31 December statements for the year 2020. The amended standards listed above did not have any significant listed did any significant The amended standards accounting have Group’s above not impact on the policies and did not require retrospective adjustments. The Group has not early adopted any other new or amended accounting period. that are not yet effective for the current standards and interpretations EMENT AND FINANCIAL FINANCIAL RISK MANAG INSTRUMENTS POLICIES ( ACCOUNTING 5 ES 4 ESTIMAT 3
INTERIM REPORT NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATIONSINO-OCEAN GROUP HOLDING LIMITED 068 2021 INTERIM REPORT NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATIONSINO-OCEAN GROUP HOLDING LIMITED 069 2021 Total 173,066 627,557 RMB’000 54,359,775 93,497,466 96,243,391 52,245,419 148,030,307 149,116,367
– – Over 37,885 5 years 334,335 RMB’000 13,506,729 13,468,844 11,032,139 11,366,474
2 and 18,269 44,337 20,293 5 years 114,203 Between RMB’000 30,925,461 30,862,855 39,475,998 39,610,494
– – 1 and 39,075 82,607 2 years Between Between RMB’000 19,791,612 19,752,537 22,050,368 22,132,975
1 year 51,769 96,412 RMB’000 Less than 83,806,505 29,413,230 54,341,506 23,684,886 52,225,126 76,006,424
) CONTINUED which which the Group could be required to settle under the arrangement for the full guaranteed by loans procured for guarantee to the counterparty the by amount if that amount is claimed upon 25). Such terminate the earlier the purchasers of the Group’s properties (Note guarantees available ownership which will be within estate certificate generally an real of (i) issuance of the or (ii) completion registration; the upon the of guarantee years three period of two or average satisfaction of mortgaged loan by the purchasers of properties; which the Group provided joint-liability in of joint guarantees respect and associates’ ventures bank of relevant repayment upon the terminate 25). Such guarantees borrowings (Note bank borrowings.
Liquidity risk (Continued) At 30 June 2021 Borrowings Trade and other payables Trade and other payables excluding statutory liabilities Lease liabilities Lease At 31 December 2020 Borrowings liabilities Lease The table below analyses the Group’s non-derivative financial liabilities into relevant maturity maturity into relevant financial liabilities non-derivative Group’s the analyses below table The groupings based on the remaining period at the balance date to sheet the contractual maturity date. cash flows. in the table is the contractual undiscounted The amount disclosed Trade and other payables Trade and other payables excluding statutory liabilities The amounts have not included financial guarantee contracts: — — likely is more it that considers Group the period, reporting of the end the at on expectations Based than not that no amount will be payable under the arrangement. 5.2 FINANCIAL K MANAGEMENT AND FINANCIAL RIS ( INSTRUMENTS 5 Total 488,890 190,053 282,923 374,861 RMB’000 5,074,930 6,263,029 5,045,715 5,876,805 11,826,849 11,297,381
– – – – Level 3 RMB’000 4,173,814 9,863,839 5,690,025 9,494,496 4,100,263 5,394,233
– – Level 2 889,956 190,053 573,004 282,923 935,302 482,572 RMB’000 1,462,960 1,417,874
– – – – 11,160 10,150 Level 1 488,890 500,050 385,011 374,861 RMB’000
) CONTINUED Quoted prices (unadjusted) in or liabilities (Level 1). active markets for identical assets Inputs other than quoted prices included within Level 1 that are observable for the asset from prices) (Level 2). (that is, as prices) or indirectly (that is, derived liability, either directly or Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).
Financial assets at fair value through Financial assets income: other comprehensive 12) — listed equity securities (Note Fair value estimation Fair value
Liabilities Financial liabilities at fair value through profit or loss Liabilities Financial liabilities at fair value through profit or loss Assets Group 2020 As at 31 December at fair value through Financial assets 13) profit or loss (Note — other unlisted equity securities 12) (Note The table below analyses financial instruments carried at fair value, by valuation method. The defined as follows: different levels have been • • • The following tables present the Group’s financial assets or liabilities that are measured at fair value as at 30 June 2021 and 31 December 2020. Assets Group As at 30 June 2021 at fair value through Financial assets 13) profit or loss (Note — other unlisted equity securities 12) (Note Financial assets at fair value through Financial assets income: other comprehensive 12) — listed equity securities (Note 5.3 FINANCIAL K MANAGEMENT AND FINANCIAL RIS ( INSTRUMENTS 5
INTERIM REPORT NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATIONSINO-OCEAN GROUP HOLDING LIMITED 070 2021 INTERIM REPORT NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATIONSINO-OCEAN GROUP HOLDING LIMITED 071 2021 or loss 39,000 (39,000) (67,028) (302,315) RMB’000 9,863,839 9,494,496 income and income and at fair value at fair value through other through through profit profit through Financial asset Financial comprehensive
) CONTINUED Opening balance at 1 January 2021 (Note 27) Increase due to acquisition of a subsidiary Disposals Fair value losses Currency translation difference Fair value estimation (Continued) estimation Fair value Group’s valuation processes Fair value measurements using significant unobservable inputs (Level 3) unobservable using significant measurements Fair value The Group’s finance department includes a team that performs the valuations the that performs of financial includesteam and assets The Group’s financedepartment a liabilities required for financial reporting purposes, including Level 3 fair values. This team reports directly to the chief financial officer (CFO) and external valuers will be engaged, if necessary. As part of the valuation process, any changes in Level 2 and Level 3 fair values and the reasons for the fair value movements are analyzed between the CFO and the team. Closing balance at 30 June 2021 The finance department of the Group includes a team that the valuations performs of Level 3 financial instruments required for financial reporting purposes. The Group’s finance department reviews the valuations by the independent performed valuers for financial reporting purposes and reports directly the between held are and results processes of valuation Discussions management. senior to the management and valuers after each valuation by the independent qualified valuers, which is normally done once every six months, in line with the Group’s interim and annual reporting dates. The components of the Level 3 instruments mainly include investments in private investment funds, convertible shares and preference perpetual bonds. As these instruments are not traded in an active market, their fair values have been determined using various applicable valuation techniques, including discounted cash flows and comparable transactions approaches. Major assumptions used in of estimate rates, growth assumptions about future historical financial results, include valuation the by transactions instruments determined etc. The fair values of these discount market and recent rate the Group requires significant judgement, including the financial performance of the investee company, market value of comparable properties as well as discount rate, etc. There were no transfers between three levels during the period. There were no transfers no significant were changes in During period,there the business the or economic circumstances that liabilities. of the Group’s financial assets and financial may affect the fair value 5.3 5.5 5.4 FINANCIAL K MANAGEMENT AND FINANCIAL RIS ( INSTRUMENTS 5 ) CONTINUED Trade and other receivables and prepayments Trade and other receivables and Restricted bank deposits Cash and cash equivalents Borrowings Trade and other payables Lease liabilities Fair value of financial assets and liabilities measured at amortized cost and liabilities measured assets of financial Fair value The fair value of the following financial assets and liabilities approximate their carrying amount: financial assets and liabilities approximate The fair value of the following • • • • • • Management has determined the operating segments based on by the chief has based on segments the reports reviewed operating Management determined the operating to make strategic decisions. committee (the “Committee”) that are used The Committee considers the business both from a geographic and product perspective. From the product investment. and property of property development performance the considers management perspective, segregated geographically. Property development businesses are further Other operations as carried out by the Group mainly sales include property services, property management operating reportable within the not included are These as upfitting services. as well services, agency segments, as they are not included in the reports provided to the Committee. The results of these as “All other segments”. operations are aggregated and categorized The Committee the assesses performance of the operating segments based on a measure of operating operating the from expenditure of non-recurring effects the basis excludes This measurement profit. income not includedsegments. Finance costs and corporate finance are result in the for each operating driven by activities that is by the Committee,as they are of function, treasury segment reviewed the central which manages the cash position also excludes the effects of any unrealized of the Group. The measure from gains/losses value as fair as well and associates in joint ventures investments from gains/losses to provided information — Other net. gains/losses and other overheads corporate properties, investment the Committee, except as noted below, is measured in a manner consistent with that in the condensed consolidated interim financial information. Total segment assets exclude corporate cash and cash equivalents, investments in joint ventures and associates, financial comprehensive income, financial at fair value at fair value through other assets assets Total basis. on a central managed are all of which tax assets, income loss and deferred or profit through value fair at and financial liabilities tax liabilities income deferred borrowings, exclude liabilities segment through profit or loss, all of which are managed on a central basis as well. These are part of the reconciliation to total assets and liabilities as recognized in the balance sheet. Transactions out length. between segments are carried at arm’s The from external parties reported revenue interim consolidated condensed in the that with consistent manner in a is measured Committee the to income statement. 5.6 FINANCIAL K MANAGEMENT AND FINANCIAL RIS ( INSTRUMENTS 6 ON sEGMENT INFORMATI 5
INTERIM REPORT NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATIONSINO-OCEAN GROUP HOLDING LIMITED 072 2021 INTERIM REPORT NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATIONSINO-OCEAN GROUP HOLDING LIMITED 073 2021 Total (75,798) (75,798) (180,055) RMB’000 4,986,729 4,425,964 (1,776,944) (1,659,887) 21,151,208 19,374,264 22,172,880 20,512,993
(47,267) All other All other (157,663) RMB’000 segments 1,736,743 4,770,552 2,996,634 5,010,293 3,354,349 1,643,283 (1,773,918) (1,655,944)
(79) (107) (2,128) (3,943) 186,371 273,358 271,230 206,790 202,847 148,032 Property RMB’000 investment
– – (526) China (1,436) 327,791 Western (154,446) RMB’000 1,788,029 1,788,029 1,016,366 1,016,366
– – (82) (601) China 12,449 Central 474,372 474,372 (135,883) RMB’000 1,154,179 1,154,179 Unaudited
– – China (6,393) (15,481) 491,297 184,969 RMB’000 outhern Southern 2,339,050 2,339,050 2,273,848 2,273,848
– – China (3,463) (5,779) Eastern 834,647 RMB’000 Propertydevelopment 5,360,602 5,360,602 5,545,218 1,128,127 5,545,218
– – Rim (677) (852) Bohai Bohai RMB’000 1,321,969 4,176,364 4,176,364 6,065,729 1,419,118 6,065,729
– (898) (8,223) (7,224) 75,462 Beijing 900,457 192,764 900,457 RMB’000 1,967,983 1,968,881
ix months ended 30 June 2021 Six months revenue Total segment Inter-segment revenue Depreciation and amortization
customers) external Revenue (from egment operating profit/(loss) Segment operating ended 30 June 2020 Six months revenue Total segment evenue (from external customers) external Revenue (from Inter-segment revenue profit Segment operating Depreciation and amortization 6 UED) INFORMATION (CONTIN sEGMENT Total 2020 RMB’000 1,162,697 1,979,121 68,460 26,969 104,077,258 217,736,777 106,033,984 222,839,411 (22,942)
155,963 124,484 (961,872) (381,608) RMB’000 3,996,183 4,986,729 885,628 All other All other RMB’000 segments 1,934,393 24,300,516 80,000,922 33,484,061 90,189,538
Unaudited 16,495 442 271,081 537,376 Property RMB’000 1,439,601 2021 11,725,479 11,871,771 investment 65,489
(57,380) 622,005 156,105 (252,978) RMB’000 3,920,448 4,425,964 (1,039,199) Six months ended 30 June 1,060 2,316 China Western RMB’000 3,271,978 5,288,440 1,894,462 4,645,294
1,256 3,930 China Central RMB’000 8,117,380 16,134,961 10,185,726 16,342,552
1,456 9,072 China RMB’000 outhern Southern 16,635,162 29,019,396 19,320,368 36,069,422
41 7,207 China Eastern RMB’000 Propertydevelopment 15,995,054 26,666,760 12,704,720 21,649,822
Rim 1,006 5,703 Bohai Bohai RMB’000 20,901,800 25,071,789 17,844,100 24,754,306
5 1,169 Beijing RMB’000 13,415,767 23,829,030 10,063,171 17,316,706
otal segment liabilities Total Additions to non-current assets (other than financial instruments income and deferred tax assets) As at 30 June 2021 (Unaudited) segment assets Total otal segment liabilities Total Additions to non-current assets (other than financial instruments and deferred income tax assets) Profit before income tax A reconciliation of segment operating profit to profit before income tax is provided as follows: A reconciliation of segment operating profit
As at 31 December 2020 (Audited) segment assets Total Share of net profits of joint ventures Other gains — net (Note 20) Finance costs (Note 21) Share of net profits of associates Segment operating profit Corporate finance income Fair value losses on investment properties (Note 9) Corporate overheads 6 UED) INFORMATION (CONTIN sEGMENT
INTERIM REPORT NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATIONSINO-OCEAN GROUP HOLDING LIMITED 074 2021 INTERIM REPORT NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATIONSINO-OCEAN GROUP HOLDING LIMITED 075 2021 As at 2020 190,053 437,856 RMB’000 (Audited) 3,312,966 6,696,748 6,751,919 5,074,930 1,772,655 25,933,873 56,269,855 21,218,447 189,784,005 259,689,332 104,077,258 217,736,777 31 December
2021 As at 30 June 282,923 787,544 RMB’000 3,546,810 5,968,890 6,251,666 5,045,715 1,697,867 20,305,779 65,388,932 24,008,331 (Unaudited) 195,558,428 266,599,424 106,033,984 222,839,411
Current borrowings (Note 18) Non-current borrowings (Note 18) Deferred income tax liabilities Financial liabilities at fair value through profit or loss Investments in joint ventures (Note 10) Investments in associates (Note 11) comprehensive Financial assets at fair value through other income (Note 12) or loss (Note 13) Financial assets at fair value through profit Deferred income tax assets Corporate cash and cash equivalents Total liabilities per consolidated balance sheet For the six months ended 30 June included 2021, in of the revenue sales of properties, RMB15,716,085,000 was recognized as a point in time, RMB1,239,712,000 was recognized over time. in the domiciled being with most of its major subsidiaries in Hong Kong, Company is incorporated The Mainland customers in mainly from external the Mainland China. of the Group are derived Revenues China for the six months ended 30 June 2021 and 2020. As at 30 June total 2021, non-current other than assets financial instruments and income deferred tax assets to approximately amounted of America States and United Kong Hong PRC, in the located RMB46,121,547,000, RMB5,928,000 and RMB239,064,000 (31 December 2020: RMB42,772,506,000, RMB6,536,000 and RMB241,421,000), respectively. For the six months ended 30 June 2021 and 2020, the Group does not have any single customer with the transaction value over 10% of the Group’s total external sales. Total assets per consolidated balance sheet reconciled Reportable and other segments’ liabilities are to total liabilities as follows: Total segment liabilities Reportable and other segments’ assets are reconciled Reportable and other to total assets as follows: Total segment assets 6 UED) INFORMATION (CONTIN sEGMENT – – – – – 2020 1,846 rights (1,397) (2,860) (4,816) (5,273) 71,196 29,582 43,011 18,978 196,684 169,077 180,566 177,320 and use Land RMB’000 RMB’000
Unaudited Unaudited 482 2021 (1,586) (3,587) (2,903) 47,571 95,107 (32,139) (27,402) (14,573) 227,686 108,746 134,617 (107,856) RMB’000 RMB’000 Property, plant and plant 1,763,350 3,625,068 1,775,320 2,475,703 1,168,604 Six months ended 30 June equipment
Closing net book amount at end of the period Closing net book amount as at 30 June 2020 Closing net book amount as at 30 June 2021 Opening net book amount as at 1 January 2020 Additions Depreciation and amortization Disposals Opening net book amount as at 1 January 2021 Opening net book amount Additions Acquisition of a subsidiary (Note 27) ND LAND USE RIGHTS LANT AND EQUIPMENT A PROPERTY, P Opening net book amount at beginning of the period Addition Acquisition of a subsidiary (Note 27) Disposals Depreciation and amortization Disposals Disposal of subsidiaries Depreciation and amortization 8 intANGIBLE ASSETS 7
INTERIM REPORT NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATIONSINO-OCEAN GROUP HOLDING LIMITED 076 2021 INTERIM REPORT NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATIONSINO-OCEAN GROUP HOLDING LIMITED 077 2021 – – 2020 4,763 27,250 (22,942) RMB’000 13,337,269 13,328,198
Unaudited 2021 8,843 (2,357) (90,463) (57,380) (331,000) RMB’000 Six months ended 30 June Six months ended 30 11,583,441 12,055,798
Valuation techniques Fair values of completed commercial properties in Beijing, Dalian generally Fair values of completed commercial and the United States are derived using the income capitalization method. These valuation methods are based on the capitalization of the net income reversionary and income potential by adopting appropriate capitalization derived from analysis which are of sale transactions and values’ interpretation of rates, prevailing investor requirements or expectations. The prevailing market rents adopted in the valuation subject properties and other comparable properties. have reference to recent lettings, within the from residual derived is generally in Beijing property commercial development of under Fair value method. Residual method is essentially a means of valuing to its the land development by reference potential by deducting development costs together with developer’s profit margin and risk from the estimated capital of the proposed development assuming value as at the date of completion valuation. There were no changes to the valuation techniques during the period and there were no transfers between fair value hierarchy during the period. Closing net book amount at end of the period (a) Disposal of interests in a subsidiary Disposal of interests in Opening net book amount at beginning of the period Opening net book amount Addition Transfer to completed properties held for sale Fair value losses recognized in profit or loss Currency translation differences 9 ENT PROPERTIES inVESTM — — 2020 (7,384) 52,346 22,666 126,761 (595,219) RMB’000 (1,576,955) 15,377,524 17,355,309
— Unaudited 2021 (52,505) (11,903) 594,925 (348,525) (125,000) RMB’000 1,434,392 1,298,500 Six months ended 30 June 24,008,331 21,218,447
Non-current assets pledged as security pledged assets Non-current Investment properties with carrying values of approximately RMB3,194,000,000 and and RMB3,194,000,000 of approximately values with carrying properties Investment pledged were as collateral for the Group’s borrowings as at 30 June 2021 and RMB3,505,421,000 31 December 2020, respectively. At end of the period (b) Capital reduction At beginning of the period Capital injection Dividend Disposal Deemed disposal of joint ventures in subsidiaries Increase due to partial disposal of interest Share of net profits of joint ventures or loss from — after adjustment for unrealized profit the Group and inter-company transactions between the joint ventures Currency translation difference 10 JOINT VENTURES inVESTMENTS IN 9 ONTINUED) ENT PROPERTIES (C inVESTM
INTERIM REPORT NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATIONSINO-OCEAN GROUP HOLDING LIMITED 078 2021 INTERIM REPORT NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATIONSINO-OCEAN GROUP HOLDING LIMITED 079 2021 – – – As at 2020 2020 43,783 488,890 380,000 155,451 RMB’000 RMB’000 (Audited) 6,751,919 7,425,581 6,263,029 6,846,347 (6,751,919) 31 December 31 December
– Unaudited 2021 2021 As at 35,185 (31,357) 30 June 374,861 158,943 (404,000) (486,629) RMB’000 RMB’000 6,251,666 5,968,890 5,876,805 6,696,748 (6,251,666) Six months ended 30 June Six months ended 30 (Unaudited)
Investment Investment in listed equity securities is stated at fair value based on the quoted price of the equity securities.
Less: Non-current portion Current portion (a)
At end of the period IR VALUE THROUGH OTHER FINANCIAL ASSETS AT FA E COMPREHENSIVE INCOM Unlisted securities Listed securities (a) At beginning of the period Capital injection Dividend Deemed disposal of an associate Currency translation difference Share of net profits of associates or loss from — after adjustment for unrealized profit the Group and inter-company transactions between the associates 12 11 ASSOCIATES inVESTMENTS IN As at As at 2020 2020 11,160 11,160 307,246 RMB’000 RMB’000 (Audited) (Audited) 5,074,930 4,224,342 4,756,524 (5,063,770) 63,486,576 51,197,152 59,262,234 (12,289,424) 31 December 31 December 31 December 31 December
2021 2021 As at As at 10,150 10,150 30 June 30 June 292,861 RMB’000 RMB’000 5,045,715 5,152,201 4,742,704 (5,035,565) 74,790,001 61,028,183 69,637,800 (13,761,818) (Unaudited) (Unaudited)
LES AND PREPAYMENTS debt investments that do not qualify for measurement at either amortised cost or fair value through income other comprehensive equity investments and that are held for trading, equity investments for which the entity has not elected to recognize fair value gains and losses income. through other comprehensive
Less: non-current portion Current portion
Less: Non-current portion Current portion
• • or loss include the following: measured at fair value through profit Financial assets mandatorily The Group classifies the following financial assets at fair value through profit or loss: following financial assets at fair value through The Group classifies the • OUGH PROFIT OR LOSS SSETS AT FAIR VALUE THR FINANCIAL A Trade receivables (a) Other receivables and prepayments (b) Investment in listed equity securities Investment in fund investments Investment in other unlisted equity securities 14 trADE AND OTHER RECEIVAB 13
INTERIM REPORT NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATIONSINO-OCEAN GROUP HOLDING LIMITED 080 2021 INTERIM REPORT NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATIONSINO-OCEAN GROUP HOLDING LIMITED 081 2021 – As at As at As at 2020 2020 2020 30,697 80,743 54,328 (46,963) 865,767 606,844 (149,198) (149,198) (132,932) RMB’000 RMB’000 RMB’000 (Audited) (Audited) (Audited) 4,373,540 4,224,342 4,224,342 4,373,540 2,765,858 31 December 31 December 31 December 31 December
– – – 2021 2021 2021 As at As at As at 45,642 30 June 30 June 30 June 585,087 239,256 (149,198) (149,198) (149,198) RMB’000 RMB’000 RMB’000 5,301,399 5,152,201 5,152,201 5,301,399 2,507,494 1,923,920 (Unaudited) (Unaudited) (Unaudited)
MENTS LES AND PREPAY Less: non-current portion Trade receivables Trade Closing amount at end of the period As at 30 June 2021, no trade receivables were pledged as collateral the Group’s borrowings for (2020: were no receivables trade June 2021, As at 30 nil). Movements on the provision for impairment of trade receivables are as follows:
Current portion of term with the accordance in received to be are rendered and sales services from Proceeds an ageing analysis balance sheet dates is of at the respective agreement, trade receivables respective as follows: Provision for receivable impairment Write-off Trade receivables Less: provision for impairment of trade receivables Within 6 months Between 6 months to 1 year Between 1 year to 2 years Between 2 years to 3 years Over 3 years Opening amount at beginning of the period ) CONTINUED (a) ( 14 ER RECEIVAB trADE AND OTH As at 2020 637,700 (222,337) RMB’000 (Audited) 2,944,124 5,215,269 6,598,567 2,702,459 3,073,232 1,018,951 1,721,947 3,503,168 1,777,734 6,368,436 3,595,317 1,998,467 46,972,810 59,484,571 59,262,234 18,329,200 (12,289,424) 31 December 31 December
2021 As at 30 June 945,135 (224,202) RMB’000 3,886,878 5,366,891 7,321,036 3,198,816 2,408,531 1,959,649 3,894,114 3,148,342 4,396,778 1,712,943 2,276,120 55,875,982 69,862,002 69,637,800 10,531,430 18,815,339 (13,761,818) (Unaudited)
MENTS LES AND PREPAY Less: provision for impairment of other receivables Less: non-current portion Other receivables and prepayments receivables Other Current portion
Amounts due from associates (v) (v) Amounts due from non-controlling interests Tax prepayments Receivables from government (vi) (vii) Payment for the cooperation of potential projects Receivables from disposal of interests in subsidiaries Other prepayments Other receivables Entrusted loans to third parties (i) Entrusted loans to joint ventures (ii) Entrusted loans to associates (iii) (iv) Entrusted loans to non-controlling interests Amounts due from third parties (i) Amounts due from joint ventures (v) ) CONTINUED (b) ( 14 ER RECEIVAB trADE AND OTH
INTERIM REPORT NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATIONSINO-OCEAN GROUP HOLDING LIMITED 082 2021 INTERIM REPORT NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATIONSINO-OCEAN GROUP HOLDING LIMITED 083 2021 As at 2020 749,767 RMB’000 (Audited) 1,777,734 (1,027,967) 31 December 31 December
2021 As at 30 June RMB’000 2,009,858 3,148,342 (1,138,484) (Unaudited)
MENTS LES AND PREPAY Unsecured loans bear interests ranging from 3.5% to 15% per annum (2020: from 5.5% to 13%). Entrusted loans to and amounts due from third parties represent amounts paid to joint ventures amounts paid to joint ventures represent parties third from amounts due loans to and Entrusted of real development their to support in order and associates ventures joint and associates’ estate projects. The Group has no direct equity interests in these companies to which the from third parties. as entrusted loans to and amounts due amounts paid are classified parties comprised: 31 December 2020, entrusted loans to third As at 30 June 2021 and • interest free, and repayable on demand. Amounts due from third parties are unsecured, Entrusted ranging from 9% to loans unsecured, bearing interests at rates to joint are ventures (31 of RMB3,715,144,000 annum. Loan balances 2020: 3.38% to 13%) per 12% (31 December December 2020: RMB708,680,000) are repayable within one year. The remaining balances of and year one after repayable are RMB5,659,756,000) 2020: December (31 RMB6,816,286,000 hence have been included as non-current assets. Entrusted loans to bearing interests at rates ranging associates unsecured, are from 4% to 15% December (31 of RMB12,538,000 Loan balances annum. per to 15%) 8% 2020: December (31 2020: RMB160,384,000) are repayable within one year. The remaining balances of and year one after repayable are RMB3,434,933,000) 2020: December (31 RMB4,384,240,000 hence have been included as non-current assets. Less: Non-current portion Unsecured loans
Other receivables and prepayments (Continued) receivables Other (i) (ii) (iii) ) CONTINUED (b) ( 14 ER RECEIVAB trADE AND OTH MENTS LES AND PREPAY Entrusted loans to non-controlling interests are unsecured, bearing interests at rates ranging of RMB1,171,818,000 Loan balances annum. per 9%) to 8% 2020: December (31 10% to 8% from within repayable are one year. The remaining balances RMB312,700,000) 2020: (31 December of RMB541,125,000 (31 December repayable 2020: RMB325,000,000) are one after year and as non-current assets. hence have been included Amounts due from joint ventures, associates and non-controlling interests are unsecured and and unsecured are and non-controlling interests associates from joint ventures, due Amounts repayable on demand. Receivables from government mainly represent finalized amounts of land developmentcost the and activities, development properties for government to paid deposits recoverable, estate in real cooperation future of possible intention the with paid to government amounts reimbursed by the government. project development, which will be subsequently Amounts mainly represent the payment for cooperation of potential projects. As at 30 June As at 30 June projects. of potential cooperation for payment the Amounts mainly represent stage. 2021, such cooperation is still in negotiation bearing unsecured, are RMB1,375,010,000) 2020: December (31 of RMB674,000,000 Amounts (2020: 5% to 8.8%) per annum. interests at rates ranging from 6.6% to 9% Amounts of RMB1,734,531,000 (31 December 2020: RMB1,698,222,000) are unsecured and interest free. Amounts of RMB2,084,531,000 (31 Decemberrepayable 2020: RMB2,048,222,000) are on demand. The remaining balance of RMB324,000,000 (31 December 2020: RMB1,025,010,000) has been included as a non-current asset. will be repayable in August 2022 and hence
Other receivables and prepayments (Continued) receivables Other (iv) (v) (vi) (vii) The maximum exposure to credit risk at the reporting date is the book value of each class of receivable receivable of class each of value book is the date reporting the at risk credit to exposure maximum The and and mentioned amounts carrying of the Group’s trade otherreceivables prepayments above. The are mainly denominated in RMB. The carrying amounts of trade and other receivables and prepayments approximate their respective fair values as at 30 June 2021 and 31 December 2020. ) CONTINUED (b) ( 14 ER RECEIVAB trADE AND OTH
INTERIM REPORT NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATIONSINO-OCEAN GROUP HOLDING LIMITED 084 2021 INTERIM REPORT NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATIONSINO-OCEAN GROUP HOLDING LIMITED 085 2021 – – – – – Total Total 2,209 51,910 (14,831) (167,227) (179,849) (127,930) (179,840) RMB’000 RMB’000 27,329,232 27,329,232 27,149,383 27,329,232 27,201,302 27,329,232
– – – – – – – – – 2,209 51,910 (14,831) Scheme Scheme (167,227) (179,849) (179,849) (127,930) (179,840) (127,930) RMB’000 RMB’000 Share held Share held Share Award ShareAward hare Share Award for Restricted for Restricted for Restricted
– – – – – – – – – – – – RMB’000 RMB’000 Equivalent Equivalent Equivalent 27,329,232 27,329,232 27,329,232 27,329,232 27,329,232 27,329,232 share capitalshare share share capital
– – – – – – – – – – – – Share Share capital capital HK$’000 HK$’000 30,413,634 30,413,634 30,413,634 30,413,634 30,413,634 30,413,634
– – – – – shares shares 657,450 ordinary ordinary (5,221,555) Number of Number of 32,615,053 (49,800,640) (54,364,745) (21,749,692) (54,364,745) 7,616,095,657 7,616,095,657 7,561,730,912 7,616,095,657 7,594,345,965 7,616,095,657
Ordinary shares, issued and fully paid: Opening balance 1 January 2020 Issue of shares pursuant to exercise of employee share options Vesting of shares under Restricted Share Award Scheme Restricted Share Award Scheme (a) Opening balance 1 January 2020 Shares purchased during the period Vesting of shares under Restricted Share Award Scheme At 30 June 2020
At 30 June 2021
Ordinary shares, issued and fully paid: Ordinary shares, issued and Opening balance 1 January 2021 Restricted Share Award Scheme (a) Opening balance 1 January 2021 Shares purchased during the period Vesting of shares under Restricted Share Award Scheme Issue of shares pursuant to exercise Issue of shares pursuant to exercise of employee share options Vesting of shares under Restricted Share Award Scheme 15 CAPITAL – – – 658 (658) shares 68,663 68,663 36,048 68,663 (32,615) Restricted (thousands)
) CONTINUED On 22 March 2010, the Board resolved to adopt a Restricted Share Award Scheme (the “Scheme”), the “Scheme”), (the Scheme Award Share to adopt a Restricted resolved Board the 2010, March On 22 purpose of the Scheme is to recognize motivate and the contribution of certain employees and to provide incentives and help the Group in retaining its existing employees and recruiting additional employees and to provide them with direct a economic interest in attaining the long-term business 2020. The Scheme was expired on 22 March objectives of the Company. The Scheme was administered by an independent trustee appointed by the Group, the trustee shall purchase from the market such number of shares awarded as specified by the Board and shall hold Rules. Scheme When Share Award Restricted with the invested accordance until are such shares they has employee satisfied all the selected conditions vesting specified the time of by the Board at making shall trustee the award, of the subject forming the shares to the entitled award and become the employee. transfer the relevant vested shares to that Movements in of the number awarded shares for the six months ended 30 June 2021 and 2020 are as follows: At 30 June 2021 At 1 January 2020 Granted Vested Lapsed At 30 June 2020 The fair value of the awarded shares was calculated based on the market price of the Company’s taken been have period vesting the during dividends expected The date. grant respective at the shares into account when assessing the fair value of these awarded shares. The outstanding awarded shares as of 30 June 2021 were divided into several tranches on an equal basis dates. The outstanding a specified as at their grant awarded shares will after period be exercised ranging from no longer than two years from the grant date. At 1 January 2021 Granted Vested Lapsed (a) 15 cAPITAL (
INTERIM REPORT NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATIONSINO-OCEAN GROUP HOLDING LIMITED 086 2021 INTERIM REPORT NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATIONSINO-OCEAN GROUP HOLDING LIMITED 087 2021 On 18 February, 25 February and 7 April 2020, Sino-Ocean Holding Group (China) Limited (“Sino-Ocean a wholly owned subsidiary, capital instrumentsHolding”), issued which are callable and the carrying as at 30 June 2021. amounts of which amounted to RMB3,378,000,000 capital of such of distribution payments and the date, no maturity have instrument capital The Holding and Sino-Ocean When Holding. of Sino-Ocean discretion at the deferred can be instrument a make should Holding Sino-Ocean shareholders, to their dividends to declare elect Company the in the as defined rate distribution at the capital instrument of the holders to the distribution subscription agreement. On 26 June 2019, Sino-Ocean Holding issued a capital instrument which is callable and the carrying as at 30 June 2021. amounts of which amounted to RMB981,000,000 capital of such of distribution payments and the date, no maturity have instrument capital The Holding and Sino-Ocean When Holding. of Sino-Ocean discretion at the deferred can be instrument a make should Holding Sino-Ocean shareholders, to their dividends to declare elect Company the in the as defined rate distribution at the capital instrument of the holders to the distribution subscription agreement.
(a) On 21 September 2017, Sino-Ocean Land Treasure III Limited (“Sino-Ocean Land III”), a wholly owned owned wholly a III”), Land (“Sino-Ocean Limited III Treasure Land Sino-Ocean 2017, September On 21 are which (“capital securities”), securities capital guaranteed subordinated perpetual issued subsidiary, callable, with initial the carrying amount aggregate principal As of 30 June 2021, amount of USD600,000,000. 2020: RMB4,144,189,000). amounted to RMB4,109,479,000 (31 December of the capital securities The capital and securities have no of maturity date, the payments distribution of such capital securities can be deferred at the discretion of Sino-Ocean Land III.When Sino-Ocean Land III and the Company elects to declare dividends to Sino-Ocean their shareholders, Land should III a distribution make at an initial of rate Such agreement. capital as defined in the subscription securities are guaranteed by the 4.9% per annum, Company. (b) 17 cAPITAL INSTRUMENT 16 ES cAPITAL SECURITI – – As at 2020 2020 65,478 628,694 RMB’000 RMB’000 (Audited) 7,234,512 6,235,953 2,684,952 2,477,980 (4,816,741) 82,203,728 87,401,152 56,269,855 25,933,873 83,906,951 (11,016,627) 31 December 31 December
Unaudited 2021 2021 As at 86,660 30 June (821,066) (428,191) RMB’000 RMB’000 4,739,604 2,568,241 8,567,736 1,568,248 (9,397,677) Six months ended 30 June 85,694,711 85,694,711 65,388,932 20,305,779 82,203,728 13,849,276 (17,241,848) (Unaudited)
At end of the period follows: Movements in borrowings are analysed as Non-current Current At beginning of the period New bank loans raised Other loans raised (b) Guaranteed notes issued (c) Bond issued (d) Acquisition of a subsidiary (Note 27) Repayment of other loans Disposal of subsidiaries Repayment of bank loans Changes of carrying value of corporate bonds and bank loans Currency translation differences INGS 18 BORROW
INTERIM REPORT NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATIONSINO-OCEAN GROUP HOLDING LIMITED 088 2021 INTERIM REPORT NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATIONSINO-OCEAN GROUP HOLDING LIMITED 089 2021 ) CONTINUED As at 30 June 2021, long-term and short-term borrowings amounting to RMB8,231,005,000 (31 (31 to RMB8,231,005,000 amounting borrowings and short-term long-term 2021, June at 30 As December secured 2020: RMB5,012,388,000) were by investment properties, land use rights, properties under development and completed properties held for sale and equity interest in certain subsidiaries of the Group. and to RMB1,630,000,000 other loans amounting 30 June 2021, ended During the six months raisedRMB3,109,604,000 are from financial institutions and related parties, respectively. Such loans ranging form 6.63% to 8.90% per annum. bear interests at rates and to RMB3,113,900,000 other loans amounting 30 June 2020, ended During the six months RMB3,122,053,000 are raised from financial institutions and related parties, respectively. Such loans to 12.00% per annum. bear interests at rates ranging from 3.38% On 5 May 2021, Sino-Ocean Land Treasure IV Limited, a wholly-owned subsidiary, issued a guaranteed note with a total principal amount of USD400,000,000 (equivalent to approximately of 5 years and annual interest rate of 3.25%. RMB2,545,682,000) with a maturity period amount of a total principal a bond with issued Holding Sino-Ocean 2021, On 12 May per year and a term of three years. RMB2,600,000,000 with coupon rate of 4.20% On 26 February 2021, Sino-Ocean Holding issued a bond with a total principal amount of per year and a term of two years. RMB3,000,000,000 with coupon rate of 4.3% a bond with a total principal amount of Holding issued Sino-Ocean On 21 January 2021, per year and a term of three years. RMB3,000,000,000 with coupon rate of 4.6% Interest expense on borrowings for the six monthsended 30 June 2021 amounted to approximately 2020: RMB2,332,756,000). RMB2,279,115,000 (six months ended 30 June
(a) OWINGS ( RR BO (b) (c) (d) (e) 18 As at As at 2020 2020 (18,269) 503,932 135,416 RMB’000 RMB’000 (Audited) (Audited) 6,915,241 9,548,134 3,819,304 4,728,907 1,085,312 7,979,029 2,462,410 4,419,311 7,324,472 1,334,375 3,185,649 4,103,932 57,545,424 19,685,589 57,527,155 19,685,589 31 December 31 December 31 December 31 December
2021 2021 As at As at 9,139 70,333 (20,293) 30 June 30 June RMB’000 RMB’000 5,318,959 4,378,663 3,295,267 1,293,265 4,059,919 2,704,514 3,830,782 1,729,598 3,470,509 4,004,200 55,715,928 19,890,853 55,695,635 10,914,519 19,890,853 10,636,261 (Unaudited) (Unaudited)
LES Amounts due to joint associates and ventures, non-controlling unsecured, interest free, interestsare and repayable on demand. The ageing analysis of the trade payables based on invoice date is as follows:
Within 6 months Between 6 months to 12 months Between 1 year to 2 years Between 2 years to 3 years Over 3 years Less: non-current portion (b) Current portion approximate their fair values. The carrying amounts of trade and other payables (a) Trade payables (a) Accrued expenses ventures (b) Amounts due to joint Amounts due to associates (b) Amounts due to non-controlling interests (b) Deposits received Interests and dividends payable Amounts due to government Other taxes payable Other payables 19 ER PAYAB trADE AND OTH
INTERIM REPORT NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATIONSINO-OCEAN GROUP HOLDING LIMITED 090 2021 INTERIM REPORT NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATIONSINO-OCEAN GROUP HOLDING LIMITED 091 2021 – – 321 2020 2020 4,815 28,343 (35,522) (70,075) 961,872 124,484 431,267 554,511 (229,850) RMB’000 RMB’000 2,337,571 1,778,245 (1,375,699)
– – Unaudited Unaudited 2021 2021 5,373 2,421 65,489 77,965 (55,831) (26,039) 218,658 702,309 (151,685) RMB’000 RMB’000 2,284,488 1,039,199 1,576,806 (1,245,289) Six months ended 30 June Six months ended 30 June Six months ended 30
Less: interest capitalized at a capitalization rate of 5.04% (2020: 5.14%) per annum
FINANCE COSTS — NET OTHER GAINS Gains on disposal of joint ventures and an associate Gains on disposal of joint ventures and an Gains on deemed disposal of a joint venture and associates Gains on deemed disposal of a joint venture obligations Payment for the settlement of contracted Losses on disposal of interests in subsidiaries Losses on disposal of financial assets at fair value through Losses on disposal of financial assets at fair profit or loss Fair value (losses)/gains of financial assets and liabilities Fair value (losses)/gains profit or loss at fair value through — Other borrowings — Lease liabilities Exchange gains/(losses) Interest expense: — Bank borrowings Other gains 21 20 2020 2020 0.161 242,209 652,577 RMB’000 2,017,116 7,616,096 1,122,330 1,222,806
Unaudited Unaudited 2021 2021 0.133 406,219 552,876 RMB’000 1,994,161 7,616,096 1,035,066 1,009,770 Six months ended 30 June Six months ended 30 June
Weighted average number of ordinary shares in issue (thousands) Basic earnings per share (RMB per share) Basic earnings per share is calculated by dividing the profit attributable to owners of the Company by shares ordinary excluding period the during in issue of shares number average weighted the purchased by the Company and held as shares held for Restricted Share Award Scheme. Profit attributable to owners of the Company (RMB’000) (a) Basic
Majority of the entities Group to PRC enterprise are subjected income tax, which has been provided for group entities for of the assessable income of each of these of 25% based on the statutory income tax rate the six months and mainly 30 June 2021 2020. Other companies ended to Hong are subjected Kong profits tax. In accordance with the Land Appreciation Tax Law of the PRC, Land Appreciation Tax is levied at the properties developed by the Group for sale in the PRC. Land Appreciation Tax is charged on the appreciated rates ranged from 30% to 60%. amount at progressive The amount of income tax expense charged to thecondensed consolidated interim income statement represents: EARNINGS PER SHARE Deferred income tax Current income tax: — PRC enterprise income tax — PRC land appreciation tax 23 22 PENSE incOME TAX EX
INTERIM REPORT NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATIONSINO-OCEAN GROUP HOLDING LIMITED 092 2021 INTERIM REPORT NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATIONSINO-OCEAN GROUP HOLDING LIMITED 093 2021 – 2020 0.161 7,616,096 7,616,096 1,222,806
– Unaudited 2021 0.133 7,616,096 7,616,096 1,009,770 Six months ended 30 June
Weighted average number of ordinary shares for diluted Weighted average number of ordinary shares earnings per share (thousands) Diluted earnings per share (RMB per share) in issue Weighted average number of ordinary shares (thousands) Adjustment for: Share — share options and shares held for the Restricted Award Scheme (thousands) Diluted earnings share is calculatedper of ordinary adjusting number by shares the weighted average two has Company The shares. ordinary potential dilutive all of conversion assume to, outstanding categories of dilutive potential ordinary shares: share options and shares held for the Restricted Share Award Scheme. For the share options and shares held for the Restricted Share Award Scheme, a calculation is done to determine the number of shares that could have been acquired at fair value of share price market the Company’s shares during the period) (determined as the average based on value of the subscriptionthe monetary rights attached to outstanding share options and the unvested awarded shares. Profit attributable to owners of the Company (RMB’000) Profit attributable to owners of the Company (b) Diluted R SHARE (CONTINUED) EARNINGS PE 23
As at 2020 2020 426,501 181,298 RMB’000 RMB’000 (Audited) 9,799,686 31 December 31 December
Unaudited 2021 2021 As at 30 June 350,340 571,239 RMB’000 RMB’000 Six months ended 30 June Six months ended 30 10,178,127 (Unaudited)
of mortgage in respect guarantees provided Group the 2020, December and 31 2021 June 30 at As of purchasers certain for arranged loans mortgage the to relating banks certain by granted facilities upon default of the guarantees, in payments the Group’s properties. Pursuant to the terms mortgage by these purchasers, the Group is responsible to repay the outstandingprincipals mortgage together is Group and the banks to the purchasers defaulted the by owed and penalty interest accrued with guarantee Group’s The properties. related of the and possession title legal the over to take entitled property the when ends and loans mortgage relevant of the of grant dates the from starts period purchasers obtain the “property title certificate” which is then pledged with the banks. the GroupJune 2021, provided at 30 joint-liability As in of borrowings by guarantees respect granted (31 RMB2,053,560,000 to amounting associates and ventures joint to institutions financial certain ventures joint these by owned development under Properties RMB3,307,590,000). 2020: December and associates are the primary collateral of such borrowings. The Group had the following financial guarantees as at the end of 30 June 2021 and 31 December December 31 and 2021 June of 30 end the at as guarantees financial following the had Group The 2020: Guarantees in respect of mortgage facilities for certain Guarantees in respect of mortgage facilities purchasers
(a)
On 19 August 2021, the Board has resolved to declare an interim dividend of RMB350,340,000 for the six six the for of RMB350,340,000 dividend an interim declare to has resolved Board the 2021, August On 19 2021 (six months ended 30 June 2020: RMB426,501,000). months ended 30 June (b) FINANCIAL GUARANTEES Interim dividend declared of RMB0.046 (2020: RMB0.056) Interim dividend declared of RMB0.046 (2020: per ordinary share Final dividend paid 25 24 DIVIDENDS
INTERIM REPORT NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATIONSINO-OCEAN GROUP HOLDING LIMITED 094 2021 INTERIM REPORT NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATIONSINO-OCEAN GROUP HOLDING LIMITED 095 2021 As at As at As at 2020 2020 2020 96,775 852,326 290,407 465,144 RMB’000 RMB’000 RMB’000 (Audited) (Audited) (Audited) 1,611,622 8,769,540 13,063,342 11,451,720 31 December 31 December 31 December 31 December
2021 2021 2021 As at As at As at 76,517 30 June 30 June 30 June 833,238 499,784 380,378 376,343 RMB’000 RMB’000 RMB’000 7,263,635 15,699,742 15,199,958 (Unaudited) (Unaudited) (Unaudited)
Operating lease rental receivables Operating lease Commitments to a joint venture Capital commitments
The future aggregate minimum lease rental receivables under non-cancellable operating leases in respect of land and buildings are as follows: Contracted but not provided for Capital expenditures contracted for at the balance sheet date but not yet incurred are as follows: for at the balance sheet date but Capital expenditures contracted Commitment of investments Properties under development venture for its Commitments to provide funding to a joint investment properties development Within 1 year Between 1 to 5 years Over 5 years (c) (b) (a) ENTS 26 COMMITM 2021 As at 51,372 213,948 523,872 100,000 372,500 (309,924) RMB’000 1 January
Goodwill Acquisition of Beijing UNIQloud Acquisition of Beijing As at 31 December 2020, the Group owned 30.08% equity stakes in Beijing UNIQloud Technology Co. Ltd. and its subsidiaries (together, “Beijing UNIQloud”), which was accounted by way of equity method. Beijing UNIQloud is principally engaged in construction and integrated operation of large data centre projects in PRC. further Group the UNIQloud, of Beijing opportunities business expand to in order 2021, January In contribute capital in cash of RMB100,000,000 to Beijing UNIQloud and the Group’s equity interest in Beijing 1 dated (“Agreement”) agreement to an acting in concert to 34.72% and pursuant increased UNIQloud January 2021 as entered into between the Group and the controlling shareholder (an associate of the Group) of Beijing UNIQloud, the Group obtained the power to govern the significant decisions relating to a became UNIQloud Beijing change, of the As a result UNIQloud. and financing of Beijing operating subsidiary of the Group. acquired of assets value fair the UNIQloud, Beijing paid for consideration the summarises table following The and liabilities assumed at the acquisition date. Identifiable net assets acquired ESS COMBINATION SIN BU Consideration: — Consideration transferred UNIQloud held before business combination — Book value of equity interest in Beijing — Deemed disposal gains of equity interest 27
INTERIM REPORT NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATIONSINO-OCEAN GROUP HOLDING LIMITED 096 2021 INTERIM REPORT NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATIONSINO-OCEAN GROUP HOLDING LIMITED 097 2021 624 7,908 (3,555) 39,000 (33,755) 309,924 134,632 295,462 134,617 (207,627) (288,897) (581,719) RMB’000 1,212,878 1,168,604 (1,568,248)
The revenue includedThe revenue in the condensed consolidated income since 2021 contributed statement 1 January by Beijing Beijing UNIQloud UNIQloud was RMB183,827,000. also contributed profit for the of RMB18,085,000 six months ended 30 June 2021. Total identifiable net assets Recognized amounts of identifiable assets acquired and liabilities assumed and liabilities of identifiable assets acquired amounts Recognized Cash and cash equivalents value through profit or loss Financial assets at fair Inventories, at cost and prepayments Trade and other receivables Property, plant and equipment Right-of-use assets Intangible assets Deferred income tax assets Trade and other payables Borrowings Lease liabilities Contract liabilities Deferred income tax liabilities Non-controlling interests NTINUED) ESS COMBINATION (CO SIN BU 27 560 2020 2020 23,454 44,302 87,533 20,288 RMB’000 RMB’000 1,323,820 1,236,287
Unaudited Unaudited 2021 2021 8,132 1,079 15,479 32,634 16,076 949,510 941,378 RMB’000 RMB’000 Six months ended 30 June Six months ended 30 June Six months ended 30
Sales of services Sales Share-based payment
into with entered are of which terms the service, construction represent mainly of services Sales of agreement. related parties in accordance with the terms compensation management Key Provision of services to: — Joint ventures — Associates Salaries and other short-term employee benefits Post-employment benefits Transactions with related parties related Transactions with (a) Save as disclosed elsewhere in Save as disclosed elsewhere this condensed consolidated interim financial information, the following is a of course ordinary in the into entered transactions and balances party related of significant summary months ended 30 June 2021 and 2020: Group and its related parties during the six business between the (b) 28 TRANSACTIONS rELATED PARTY
INTERIM REPORT NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATIONSINO-OCEAN GROUP HOLDING LIMITED 098 2021 INTERIM REPORT NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATIONSINO-OCEAN GROUP HOLDING LIMITED 099 2021 As at 2020 2020 2020 6,468 27,712 21,244 584,969 441,285 143,684 RMB’000 RMB’000 RMB’000 (Audited) 9,963,753 6,368,436 3,595,317 31 December 31 December
Unaudited Unaudited 2021 2021 2021 As at 6,273 17,814 11,541 30 June 647,504 453,729 193,775 RMB’000 RMB’000 RMB’000 4,396,778 Six months ended 30 June Six months ended 30 June Six months ended 30 14,928,208 10,531,430 (Unaudited)
) CONTINUED Entrusted loans to related parties loans to related Entrusted Interest expense Interest income
Interest received from: — Joint ventures — Associates Interest charged by: — Joint ventures — Associates — Joint ventures (Note 14) — Associates (Note 14) Balance with related parties Balance with related (e) (d) Transactions with related parties (Continued) related Transactions with (c) 28 TRANSACTIONS ( rELATED PARTY As at As at As at 2020 2020 2020 RMB’000 RMB’000 RMB’000 (Audited) (Audited) (Audited) 2,944,124 7,979,029 2,462,410 2,254,862 10,441,439 21,273,324 18,329,200 31 December 31 December 31 December 31 December 31 December
2021 2021 2021 As at As at As at 30 June 30 June 30 June RMB’000 RMB’000 RMB’000 3,886,878 4,059,919 2,291,656 14,696,180 22,702,217 10,636,261 18,815,339 (Unaudited) (Unaudited) (Unaudited)
) CONTINUED Investment in funds as initiated by an associate (the “Funds”) Investment in funds as initiated Amounts due to related parties Amounts due from related parties Amounts due from related
— Associates (Note 14) — Joint ventures (Note 19) — Associates (Note 19) Fair value of investment in limited partners’ share of the Funds — Joint ventures (Note 14) (h) (g) Balance with related parties (Continued) parties Balance with related (f) 28 TRANSACTIONS ( rELATED PARTY
INTERIM REPORT NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATIONSINO-OCEAN GROUP HOLDING LIMITED 100 2021 INTERIM REPORT NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATIONSINO-OCEAN GROUP HOLDING LIMITED 101 2021 As at 2020 RMB’000 (Audited) 5,690,025 31 December 31 December
2021 As at 30 June RMB’000 5,394,233 (Unaudited)
) (the “Target Company”) by the Group Group by the Company”) “Target ) (the 司 公 限 ) CONTINUED 有 展 發 業 企 龍 凱 美 星 紅 慶 through a joint The maximum amount of venture. capital contribution to be made by the Group to the Target billion. The is RMB2 Agreement Framework Cooperation to the pursuant joint venture business projects and related in the estate Company is principallydevelopment of real in the engaged PRC. On 13 July 2021, the USD denominated guaranteed green notes due 13 January 2025 in due 13 January 2025 the principal the USD denominated notes green On 13 July 2021, guaranteed Land Sino-Ocean by issued were Notes”) Green Guaranteed “2025 (the of USD320,000,000 amount and unconditionally are and Company, of the subsidiary wholly-owned a Limited, IV Treasure of irrevocably guaranteed by the Company. The Notes bear interest at a rate 2025 Guaranteed Green to amounted Notes Green 2025 Guaranteed of the issue the from proceeds net annum. The 2.70% per approximately USD316,300,000 and were used by the Group for repayment of the existing medium and long-term external indebtedness of the Group due within one and year in accordance with the green finance framework of the Group. Investment in capital instrument issued by associates Investment in capital instrument parties to related Financial guarantees Group provided the June 2021, joint-liability at 30 As in of borrowings by granted guarantees respect (31 RMB2,053,560,000 to amounting associates and ventures joint to institutions financial certain December 2020: RMB3,307,590,000).
On 18 July 2021, Sino-Ocean Holding Group (China) Limited, an indirect wholly-owned subsidiary of the Company, entered into a cooperation framework agreement (the “Cooperation Framework Agreement”) in relation to the indirect investment in Chongqing Hongxing Macalline Enterprise Ltd. (重 Co., Development Fair value of investment in capital instrument issued Fair value of investment in capital instrument by associates
1. 2. (j) Balance with related parties (Continued) Balance with related (i) 29 sUBSEQUENT EVENTS 28 TRANSACTIONS ( rELATED PARTY Jingmian Project Yizhuang EDA Plot G2R1 Ocean Landscape Eastern Area E02/03 Project Mentougou New Town Project Ocean Spring Jiangtai Business Center Liuniangfu Plot A2, Shijingshan District Yizhuang Motor Tower Project Wulituo Plot, Shijingshan District CBD Plot Z13 Ocean Shinkong Center Huangcun 0901 Plot, Daxing District Project names used before (English) Ocean Palace Lize Business District Project 塊 塊 目 地 地 項 一 塊 A2
團 目 塊 地 目 府 組 項 目 地 E02/03 項 娘 坨 廈 心 心 項 塊 0901 水 城 劉 里 著 大 中 中 區 地 G2R1 目 山 新 區 五 天 車 務 光 村 務 項 沁 溝 山 山 春 區 汽 商 新 黃 商 棉 洋 頭 景 澤 景 洋 開 莊 台 洋 興 京 遠 門 石 麗 石 遠 經 亦 將 CBDZ13 遠 大 Project names used before (Chinese) Ocean International Center, Phase II (Beijing) Xiji Plot E, Tongzhou District (Beijing) Yongjingtaoyuan Project (Beijing) Jialihua Project, Shunyi District (Beijing) Liangxiang Project (Beijing) Mentougou Tanzhe Temple Project (Beijing) Mizhiyun Project (Beijing) Ocean International Center (Beijing) Ocean Landscape Eastern Area (Beijing) Ocean Metropolis (Beijing) Ocean Office Park (Beijing) Ocean Plaza (Beijing) Ocean Poetic Dwelling (Beijing) Ocean Rayzone (Beijing) Ocean We-life Plaza (Beijing) Ocean Wuliepoch (Beijing) Our New World (Beijing) Plot 6002, Mentougou New Town (Beijing) Royal River Villa (Beijing) Shunyi Logistics Project (Beijing) Sino-Ocean Apple Garden No. 6 (Beijing) The CBD’s Private Palace (Beijing) World View (Beijing) Xanadu & Ocean Epoch (Beijing) Xanadu & Ocean Palace (Beijing) Xinchi Tower (Beijing) INDIGO (Beijing) INDIGO II (Beijing) Jasper Epoch (Beijing) Ocean LA VIE (Beijing) Changping Sci-tech Park F2 Project (Beijing) China Life Financial Center (Beijing) Grand Canal Place (Beijing) Captain House (Beijing) CBD Plot Z6 (Beijing) E-wing Center (Beijing) Gold Mansion (Beijing) Grand Harmony Emerald Residence (Beijing) Project names (English) Anzhen Project (Beijing) 京） 京） （北 京） 京） 京） 目 （北 京） 京） 項 塊 （北 （北 （北 京） 京） 京） 京） 京） 京） 京） 地 F2 京） 期 目 心 （北 京） 京） 京） 京） 京） 京） 京） 京） 京） 京） （北 二 目 項 城 中 塊 （北 （北 （北 （北 （北 （北 （北 京） 京） 京） 京） 京） 京） 京） 京） 京） 京） 京） 京） 6002 （北 目 心 際 場 秋 目 項 目 寺 心 技 融 地 （北 （北 （北 （北 （北 （北 （北 （北 （北 （北 京） 京） 塊 E 項 中 水 地 國 心 廣 春 界 城 項 里 華 項 柘 目 中 期 港 城 科 金 （北 （北 （北 （北 （北 （北 （北 （北 （北 （北 （北 （北 地 秋 著 集 廈 源 際 山 天 華 廈 秋 中 來 里 仕 新 章 流 秋 著 際 和 利 鄉 潭 項 際 二 堤 麗 和 來 壽 心 目 （北 （北 LA VIE 春 天 西 大 桃 國 沁 新 光 大 春 銳 未 五 新 溝 宸 物 春 天 國 萬 佳 良 溝 雲 國 港 港 府 樂 斐 萬 未 人 中 項 瑞 瑞 州 馳 景 洋 洋 洋 洋 洋 洋 山 洋 洋 洋 洋 頭 瑞 義 洋 洋 樾 璟 義 山 頭 之 洋 堤 堤 悅 洋 和 譽 平 國 網 貞 禧 禧 通 信 雍 遠 遠 遠 遠 遠 遠 源 遠 遠 遠 遠 門 天 順 遠 遠 華 頤 順 房 門 密 遠 頤 頤 金 遠 萬 國 CBD Z6 昌 中 銀 Project names (Chinese) 安 Cities Beijing Regions Beijing Region
7 8 9 1 2 3 4 5 6 No. 35 36 37 38 39 29 30 31 32 33 34 24 25 26 27 28 18 19 20 21 22 23 12 13 14 15 16 17 10 11 Our list of project names as at 30 June 2021 is set out as follows: June 2021 is set out names as at 30 Our list of project
INTERIM REPORT SINO-OCEAN GROUP HOLDING LIMITED LIST OF PROJECT NAMES 102 2021 INTERIM REPORT List of project names SINO-OCEAN GROUP HOLDING LIMITED 103 2021 Wuqing Project Chang’an District Plot 015 Nihuangzhuang Project Sino-Ocean Brilliant Courtyard Zhengding New District Project Jade Mansion, Phase II Qiaodong District Dongshantiandi Project Autoworld Yixingbu Project, Beichen District Xiang He Wan Run Project Project names used before (English) 目 項 目 地 目 項 地 天 期 項 目 號 004 山 目 二 埠 項 015 東 項 目 庭 區 園 界 興 潤 區 莊 項 琨 新 瑾 區 世 宜 萬 東 黃 清 洋 定 美 安 車 辰 河 橋 倪 武 遠 正 福 長 汽 北 香 Project names used before (Chinese) Southend Airport Logistics Project (Tianjin) Chang’an District Redevelopment Project (Shijiazhuang) Family Park, Phase II (Shijiazhuang) Gaocheng Logistics Project (Shijiazhuang) Centrality Mansion (Zhangjiakou) Boda Logistics Project (Tianjin) Jianghai Logistics Project (Tianjin) Ocean Epoch (Tianjin) Ocean Great Harmony (Tianjin) Ocean International Center (Tianjin) Ocean Orient (Tianjin) Ocean Prospect (Tianjin) Ocean We-life (Tianjin) Ocean We-life Plaza (Tianjin) Royal River (Tianjin) Sino-Fusion Baodi Logistics Park (Tianjin) Sino-Ocean Brilliant Courtyard (Tianjin) Jingkai Logistics Project (Langfang) Ocean Brilliant City (Langfang) Plot I, Guangyang Logistics Project (Langfang) Plot II, Guangyang Logistics Project (Langfang) Yanjiao Sanhe Internet Data Center (Langfang) Seatopia (Qinhuangdao) Ande Life Memorial Park (Shijiazhuang) Family Park (Shijiazhuang) Harmony Palace (Shijiazhuang) Home Park (Shijiazhuang) Sino-Ocean No. 7 (Shijiazhuang) Vigorous Mansion (Shijiazhuang) Ocean Seasons (Taiyuan) Sino-Ocean Oriental Mansion (Taiyuan) Villa Epoch (Taiyuan) Beichen Logistics Project (Tianjin) Fantastic Time (Tianjin) Happy Light Year (Tianjin) Neo-metropolis (Tianjin) Ocean City (Tianjin) Canal Bay (Langfang) Harmony Mansion (Tianjin) Project names (English) Airport Logistics Project (Tianjin) 津） 坊） 坊） 莊） 莊） 坊） 家 （天 （廊 （廊 津） 家 莊） 莊） 口） 津） 目 一 二 （廊 （石 津） 津） 津） 津） 津） 家 家 家 津） 坊） 原） 津） 項 塊 塊 心 園 津） （天 （石 （天 津） 津） 津） 莊） 莊） 莊） 莊） 坊） 島） 莊） 園 流 目 目 地 地 中 公 天 （天 （天 （天 （天 （天 （石 （石 （張 （天 （廊 （太 （天 津） 津） 津） 家 家 家 家 原） 皇 家 秋 心 方 場 流 物 目 項 期 目 和 目 項 目 目 目 據 念 季 目 （ 津） （天 （天 （天 （廊 津） 津） 原） 坊） 府 春 城 中 東 匯 廣 郡 物 南 項 改 二 項 萬 項 場 項 城 項 項 數 紀 四 項 （天 （天 （天 （石 （石 （石 （石 （太 （秦 和 （石 著 和 際 起 景 來 來 熙 坻 庭 港 光 流 舊 安 安 流 府 府 庭 郡 東 流 牛 流 華 流 流 河 岸 命 和 流 （天 號 （天 （天 （太 （廊 年 萬 7 天 萬 國 潮 風 未 未 紅 寶 琨 空 時 物 城 城 區 長 長 物 學 上 晟 尚 秋 尚 物 奶 物 光 物 物 三 海 生 萬 灣 物 ‧ 光 洋 洋 洋 洋 洋 洋 洋 洋 澤 洋 津 悅 洋 海 來 洋 安 景 景 城 和 園 洋 洋 洋 春 洋 辰 大 開 洋 陽 陽 郊 藍 德 洋 河 港 ‧ 遠 遠 遠 遠 遠 遠 遠 遠 遠 遠 天 寬 悅 遠 靜 未 遠 長 風 風 藁 萬 瑾 遠 遠 遠 晉 遠 北 博 經 遠 廣 廣 燕 蔚 安 遠 運 Project names (Chinese) 空 Zhangjiakou Qinhuangdao Shijiazhuang Taiyuan Langfang Cities Tianjin Regions Bohai Rim Region
No. 74 75 76 77 78 79 69 70 71 72 73 63 64 65 66 67 68 57 58 59 60 61 62 52 53 54 55 56 47 48 49 50 51 41 42 43 44 45 46 40 Huaming Project IT Zone - Industrial Jing 11 Road Plot B4, Huaiyin District Tangye Project Zhaojiazhuang Project, Licheng District Binhai New Area Eco-Town Plot 5 Plots in East of Tangye Middle Road and South of Hengsi Road Wyndham Grand Plaza Royale Sino-Ocean Project names used before (English) Ocean Melody East Ocean Center Chongming Dongtan Project Glory Mansion 塊 地 店 南 酒 以 塊 塊 大 路 地 分 地 庭 四 號 部 B4 5 目 豪 目 業 路 項 城 尊 項 工 一 東、橫 莊 態 至 心 場 園 — 十 以 家 生 姆 府 中 廣 花 經 目 路 趙 目 區 德 和 目 業 際 灘 園 區 項 中 區 項 新 溫 萬 項 商 國 東 業 蔭 冶 冶 城 明 海 洋 祥 南 海 譽 明 產 槐 唐 唐 曆 華 濱 IT 遠 遠 Project names used before (Chinese) 惠 東 嘉 崇 Westend Airport Logistics Project (Tianjin) Beihu West Plot A, Tianqiao District (Jinan) Ocean Crown (Jinan) Ocean Epoch (Jinan) Ocean Hopsca (Jinan) Ocean Precious Land (Jinan) Sino-Ocean Metropolis (Jinan) Ocean Crown (Qingdao) Ocean Great Harmony (Qingdao) The Great Habitat Mansion House (Tianjin) Xanadu (Tianjin) Joy of Mountain and Sea (Dalian) Ocean Mansion (Dalian) Ocean The Piedmont Epoch (Dalian) Ocean Worldview (Dalian) Sino-Ocean Technopole (Dalian) Zhonghua Road Plot #2 (Dalian) Beihu Plot A-6, Tianqiao District (Jinan) Ocean Mansion (Jinan) Diamond Bay (Dalian) Ocean Noble Mansion (Shenyang) Project names (English) Hongqiao Origin (Shanghai) Ocean Fortune Center (Shanghai) Ocean Seasons (Shanghai) Onehome Art Project (Shanghai) Sino-Ocean Tower (Shanghai) Yuanbo Hotel Project (Shanghai) Sino-Ocean Landscape (Qingdao) Bailibao Plaza (Shenyang) Ocean Elite River Prospect (Shenyang) Amazing City (Shanghai) Dongtan Villa (Shanghai) H88 Yuehong Plaza (Shanghai) Haixing Plaza (Shanghai) 南） 津） 南） （濟 海） 塊 （天 （濟 目 陽） 地 塊 南） 南） 南） 南） 南） 島） 連） 連） 連） 海） 海） 海） 海） 海） 海） 海） 連） A 項 （上 連） 地 島） 陽） 陽） 源 流 側 （瀋 （濟 （濟 （濟 （濟 （濟 （青 （大 （大 （大 （上 （上 （上 （上 （上 （上 連） 島） 海） 海） 景 和 （上 （大 A-6 會 館 秋 方 林 館 物 秋 觀 地 西 心 季 目 廈 目 場 （大 場 地 （青 （瀋 （瀋 南） 津） 津） 連） 府 風 萬 都 城 公 春 東 翰 公 西 春 界 高 湖 湖 府 中 四 項 大 項 廣 廈 廣 號 （大 （青 （上 （上 玥 河 橋 2 印 和 和 著 起 棲 和 港 海 麓 世 智 北 北 棲 富 和 美 業 店 水 匯 園 場 大 虹 （濟 （天 （天 （大 萬 上 虹 湖 萬 萬 天 府 潮 鳳 萬 府 空 府 山 山 海 創 路 區 區 灣 財 萬 昊 商 酒 山 鯤 都 花 廣 保 越 ‧ ‧ ‧ 洋 洋 洋 洋 和 洋 洋 洋 棲 津 納 和 洋 洋 星 洋 華 橋 橋 石 洋 洋 和 洋 博 洋 洋 洋 譽 灘 興 洋 利 遠 遠 遠 遠 萬 遠 遠 遠 鯤 天 海 悅 遠 遠 紅 遠 中 天 天 鑽 Project names (Chinese) 遠 遠 萬 遠 元 遠 遠 遠 嘉 東 H88 海 遠 百 Qingdao Jinan Dalian Cities Shanghai Shenyang Regions Eastern Region
No. 97 98 99 92 93 94 95 96 87 88 89 90 91 81 82 83 84 85 86 80 109 110 111 112 113 103 104 105 106 107 108 100 101 102
INTERIM REPORT List of project names SINO-OCEAN GROUP HOLDING LIMITED 104 2021 INTERIM REPORT List of project names SINO-OCEAN GROUP HOLDING LIMITED 105 2021 Project names used before (English) Shaxi Logistics Project Zhapu Logistics Project Jiawang Logistics Project Yuqin Project Jishan Project Xiangfu Plot, Gongshu District Ocean Melody Meicun Plot, Xinwu District Sino-Ocean Grand Canal Milestone 塊 塊 目 目 目 地 目 地 項 項 項 符 項 村 流 流 流 目 目 祥 區 梅 物 物 物 項 項 軒 區 港 區 溪 浦 旺 沁 山 望 墅 倉 吳 Project names used before (Chinese) 沙 乍 賈 裕 吉 厘 拱 太 新 Jiulongwan Project (Hangzhou) Project names (English) Plot in High-tech Zone, Zhangjiagang (Suzhou) Taicang Shaxi Logistics Project I (Suzhou) Taicang Shaxi Logistics Project II (Suzhou) Zhangjiagang Internet Data Center (Suzhou) Zhangjiagang Logistics Project (Suzhou) The One (Nanjing) Shan Hai One (Wenzhou) Canal Business Center Project (Hangzhou) Grand Canal Place (Hangzhou) Xixi Mansion (Hangzhou) Anji Internet Data Center (Huzhou) Royal Mansion (Yangzhou) Pinghu Logistics Project (Jiaxing) Zhapu Logistics Center (Jiaxing) Sino-Fusion Yuyao Simen Logistics Park (Ningbo) Jiawang Industrial Park (Xuzhou) Kunshan Yushan Logistics Project (Suzhou) Mansion Yue (Suzhou) Wangting Logistics Project (Suzhou) Taihu Milestone (Wuxi) Binjiang Logistics Project (Nanjing) Nanjing Airport Project (Nanjing) Ocean Landscape (Nanjing) Ocean Seasons (Nanjing) Sino-Ocean Tangyue Landscape (Nanjing) Harbor Heart (Wenzhou) Plot ZX-14a-1, Central District, Leqing (Wenzhou) Neo 1 (Hangzhou) Ocean New Masterpiece (Hangzhou) Grand Canal Milestone (Yangzhou) Easy Town (Suzhou) Rocker Park (Suzhou) Royal Seasons (Suzhou) Shihu Project (Suzhou) Life in Park (Wuxi) One Residence (Wuxi) 塊 州） 波） 州） 州） 地 蘇 州） 州） （寧 （蘇 （蘇 州） 州） 州） 京） 園 一 二 塊 ( 州） （杭 （蘇 州） 州） 興） 州） 錫） 京） 京） 京） 京） 目 流 目 目 目 地 （溫 （蘇 （蘇 （南 州） 興） 州） 州） 州） 州） 州） 州） ZX-14a-1 園 項 物 項 項 心 目 望 項 區 （揚 （杭 （湖 （嘉 （蘇 （無 （南 （南 （南 （南 州） 州） 京） 州） 州） 州） 章 館 和 區 心 目 門 流 流 目 中 項 章 目 季 水 山 區 流 新 目 （杭 （嘉 （杭 （徐 （溫 （蘇 （蘇 錫） 宸 （杭 公 園 萬 務 港 目 中 項 泗 園 物 物 項 據 流 宸 項 四 山 方 庭 心 物 園 高 項 園 （杭 （揚 （南 （蘇 （蘇 （蘇 錫） 陵 溪 業 海 商 堤 項 邸 據 章 流 姚 業 溪 溪 流 數 物 湖 港 水 和 悅 和 雲 中 山 花 市 園 季 目 流 花 （無 州） 廣 Neo 1 西 產 山 河 樂 灣 新 數 宸 物 余 產 沙 沙 物 港 港 太 空 山 萬 棠 萬 泊 市 玉 悅 港 公 四 項 里 物 灣 ‧ （無 洋 洋 浦 洋 運 洋 龍 望 章 吉 河 湖 澤 旺 倉 倉 亭 家 家 樾 洋 京 洋 洋 洋 洋 洋 清 山 和 家 克 和 湖 園 江 悅 （溫 Project names (Chinese) 遠 遠 乍 遠 大 遠 九 厘 宸 安 大 平 遠 賈 太 太 望 張 張 璽 遠 南 遠 遠 遠 遠 遠 樂 昆 萬 張 洛 萬 石 公 濱 蘇 Cities Hangzhou Huzhou Yangzhou Jiaxing Ningbo Xuzhou Wenzhou Wuxi Nanjing Suzhou Regions
No. 148 149 150 143 144 145 146 147 137 138 139 140 141 142 132 133 134 135 136 126 127 128 129 130 131 121 122 123 124 125 115 116 117 118 119 120 114 Project names used before (English) Plot 2017XP03, Xiang’an District Nanlian Project Shenwan Project Nantou Project Henglan Project Suixicun 162 Project, Nantou Suixicun 163 Project, Nantou Da Xin Rong Jia Project Suixicun 135 Project, Nantou Suixicun 136 Project, Nantou Suixicun 137 Project, Nantou Yuelong Project Hibiscus Villa Project Plot 2020-65, Cangshan District Ocean Plaza (Shenzhen) Fenggangcun, Zhucun Street Project Ocean Metropolis Ocean Treasure 目 目 項 項 塊 塊 住 住 目 目 目 地 地 目 商 商 項 項 項 號 廠 項 圳） 162 163 135 136 137 驕 目 車 村 天 村 村 項 村 村 村 客 目 崗 （深 2020-65 2017XP03 遠 目 目 西 西 佳 西 西 西 隆 項 目 場 目 凰 華 項 項 穗 穗 融 穗 穗 穗 粵 墅 區 區 項 廣 項 街 洋 灣 頭 頭 頭 信 頭 頭 頭 州 蓉 山 安 聯 洋 欄 村 Project names used before (Chinese) 遠 神 南 南 南 大 南 南 南 廣 芙 倉 翔 南 遠 橫 朱 Project names (English) Huadu Industrial Park Project (Guangzhou) Chengnan Plot, Tong’an District (Xiamen) Elite Palace (Foshan) Leliu Plot, Shunde District (Foshan) Longhua District De Ai Industrial Park (Shenzhen) Sino-Ocean Dream Land (Shenzhen) Blossoms Valley (Zhongshan) Ocean Emerald (Zhongshan) SCity (Zhongshan) SCity (Zhongshan) Sino-Ocean Aristocratic Family (Zhongshan) Sino-Ocean Landscape (Zhongshan) Zhonghui City (Zhongshan) Zhonghui City (Zhongshan) Zhonghui City (Zhongshan) Elite Palace (Guangzhou) Hibiscus Villa (Guangzhou) Ocean Prospect (Guangzhou) Top Mansion (Jiangmen) East Bay (Fuzhou) East Bay Upgrade (Fuzhou) Ocean Tianfu (Fuzhou) Sino-Ocean Landscape (Fuzhou) Sea and Star (Zhangzhou) Sino-Ocean Scenery (Zhangzhou) Sino-Ocean Landscape (Maoming) Top Mansion (Xiamen) Delight River (Foshan) Sino-Ocean Landscape (Longyan) Ocean Hill (Sanya) Ocean Express (Shenzhen) Ocean Palace (Shenzhen) Ocean Seafront Towers (Shenzhen) Ocean City (Zhongshan) Ocean Longshire (Zhongshan) Ocean Palace (Zhongshan) Ocean City (Zhanjiang) East Bay (Guangzhou) Cloud Mansion (Jiangmen) Lishan Project (Shenzhen) Peace Palace (Shenzhen) 圳） 門） （深 目 （廈 山） 州） 塊 項 圳） 地 廠 （佛 （廣 州） 圳） 山） 山） 圳） 塊 區 目 子 （深 山） 州） 州） 州） 州） 名） 岩） 亞） 山） 山） 州） 州） 門） 山） 山） 圳） 圳） 地 片 項 電 廈 （福 （深 （中 （中 （深 山） 山） 山） 山） 山） 山） 州） 州） 山） 江） 流 南 園 境 地 里 郡 愛 線 大 （佛 （福 （福 （漳 （漳 （茂 （龍 （三 （中 （中 （廣 （廣 （江 （中 （中 （深 （深 門） 門） 州） 圳） 驕 勒 賦 水 宸 景 水 城 水 海 家 水 驕 業 景 成 悅 天 花 麗 郡 著 德 幹 著 海 目 （佛 （中 （中 （中 （中 （中 （廣 （福 （中 （湛 天 區 天 山 天 風 山 區 灣 山 山 樾 樾 世 山 城 城 城 天 墅 產 風 天 灣 灣 新 繁 城 翡 瓏 天 城 區 新 天 濱 項 （廈 （江 （廣 （深 成 洋 德 洋 洋 海 洋 洋 安 悅 洋 洋 光 光 洋 洋 薈 薈 薈 洋 蓉 都 洋 著 洋 江 江 洋 洋 洋 洋 洋 山 洋 灣 華 洋 洋 圳 和 山 Project names (Chinese) 天 遠 順 遠 遠 星 遠 遠 同 漫 遠 遠 時 時 遠 遠 中 中 中 遠 芙 花 遠 雲 遠 東 東 遠 遠 遠 遠 遠 中 遠 東 龍 遠 遠 深 天 荔 Cities Zhangzhou Maoming Xiamen Foshan Longyan Sanya Jiangmen Fuzhou Zhongshan Zhanjiang Guangzhou Shenzhen Regions Southern Region
No. 191 185 186 187 188 189 190 180 181 182 183 184 174 175 176 177 178 179 168 169 170 171 172 173 163 164 165 166 167 157 158 159 160 161 162 152 153 154 155 156 151
INTERIM REPORT List of project names SINO-OCEAN GROUP HOLDING LIMITED 106 2021 INTERIM REPORT List of project names SINO-OCEAN GROUP HOLDING LIMITED 107 2021 Project names used before (English) Jinniu Project Qingbaijiang Internet Data Center Xipu Project Lvbo Plot 113 Feidong FD18-13 Project Wanli 178 Project Yuanyunxinfei Internet Data Center Cheung Sha Project Hejiadun Project Hanyang District Guiyuan Temple Qingyang Project Yin Chong Street Project, Mongkok Yanyangtian Project, Jiang’an District (Wuhan) 107 Road Project, Longhu Town 目 項 漢） 道 目 塊 國 （武 心 目 目 項 地 107 心 中 項 項 目 目 IDC 中 據 寺 天 鎮 項 地 項 據 數 區 元 目 陽 湖 街 號 FD18-13 178 數 飛 夏 歸 目 目 項 豔 龍 目 目 廠 113 江 信 江 區 縣 項 項 墩 區 市 區 項 項 煙 白 雲 漢 陽 東 牛 浦 家 岸 博 鄭 里 羊 沙 角 Project names used before (Chinese) 青 遠 武 漢 肥 金 犀 賀 江 綠 新 灣 青 長 旺 Project names (English) Qingbaijiang Internet Data Center, Zone A (Chengdu) Qingbaijiang Internet Data Center, Zone C (Chengdu) Xindu New Town Plot, Xindu District (Chengdu) Huazhong Big Data Industrial Park (Wuhan) Oriental World View (Wuhan) Zhongjiacun Plot, Hanyang District (Wuhan) Hefei Logistics Project, Phase II (Hefei) Ocean Glory (Hefei) Ocean Landscape (Hefei) Ocean Sky Glory (Chengdu) Qingbaijiang Logistics Project (Chengdu) Royal Mansion (Chengdu) Sino-Ocean Taikoo Li Chengdu (Chengdu) Caidian Logistics Project (Wuhan) Dongxihu Logistics Project (Wuhan) Dongxihu Xingou Logistics Project (Wuhan) Heart of Hankow (Wuhan) Jiangxia Logistic Project (Wuhan) Yangtze Opus (Wuhan) Ocean Landscape Courtyard (Zhengzhou) Ocean Melody (Zhengzhou) Ocean Prospect (Zhengzhou) Special Mansion (Changsha) Hefei Logistics Project, Phase I (Hefei) Hefei Logistics Project, Phase III (Hefei) Plot FD202102, Feidong County (Hefei) Ocean Palace (Nanchang) Ocean Luxury City (Chengdu) Mt. La Vie (Hong Kong) Uptify (Hong Kong) Citylane (Wuhan) Fontaine Polaris (Zhengzhou) Grand Apartment (Zhengzhou) Ideal House (Zhengzhou) Rong Fu (Zhengzhou) LP6 (Hong Kong) Hefei Logistics Project, Phase IV (Hefei) 肥） 都） 漢） 都） 都） 肥） 漢） 漢） 漢） 肥） 肥） （合 肥） （成 （武 塊 都） 都） 漢） （成 （成 塊 目 區 區 （合 （武 （武 （武 （合 地 肥） 肥） 漢） 州） 州） 漢） （合 A C 期 （合 地 園 觀 塊 項 期 期 （成 （成 （武 漢） 漢） 期 IV I II III 心 心 目 里 城 業 界 地 目 流 （合 （合 （武 （鄭 （鄭 （武 都） 都） 昌） 都） 州） 沙） 港） 州） 中 中 項 古 新 目 錦 景 產 目 世 村 水 季 目 目 目 目 項 物 （武 （武 漢） 據 據 流 太 都 項 雲 風 口 據 項 境 樽 家 山 四 項 項 項 項 流 溝 （成 （成 （南 （成 （鄭 （長 （香 （鄭 州） 州） 州） 港） 港） FD202102 和 數 數 物 府 洋 新 流 和 玥 著 匯 漢 數 流 方 江 鐘 園 和 景 館 流 流 流 林 流 物 新 悅 （武 天 江 江 江 御 遠 區 物 萬 廬 縣 天 香 心 大 物 東 長 區 沁 萬 風 公 物 物 物 嵩 物 里 湖 湖 宸 （鄭 （鄭 （鄭 （香 （香 洋 白 白 白 賓 都 都 肥 洋 洋 東 洋 洋 洋 中 夏 洋 洋 陽 寓 園 洋 洋 洋 府 江 肥 肥 肥 嶼 望 甸 洋 西 西 丹 Project names (Chinese) 遠 青 青 青 國 成 新 合 遠 遠 肥 遠 遠 遠 華 江 遠 遠 漢 榮 臻 遠 遠 遠 榮 湘 合 合 合 南 千 蔡 遠 東 東 楓 LP6 Cities Nanchang Chengdu Changsha Hefei Wuhan Zhengzhou Hong Kong Regions Western Region Central Region
No. 227 228 221 222 223 224 225 226 216 217 218 219 220 210 211 212 213 214 215 204 205 206 207 208 209 199 200 201 202 203 193 194 195 196 197 198 192 Project names used before (English) Cairnhill Heights Chayuan Project Chenggong Project Chongqing College Town Project Tanzikou Plot, Jiulongpo District Gaomiao Plot, Jiulongpo District Sino-Ocean International Golf Resort Chenggong Project, Phase II Zhaocun Project Qinhanxincheng Logistics Project
塊 區 目 地 塊 社 項 目 口 地 際 目 期 項 目 子 廟 國 項 二 流 項 灘 高 夫 城 城 物 城 目 區 區 爾 學 學 城 學 目 項 坡 坡 高 大 大 峰 新 大 項 園 龍 龍 洋 貢 貢 盈 漢 慶 村 Project names used before (Chinese) 茶 九 九 遠 呈 呈 禧 秦 重 趙
Guiyang Logistics Project, Phase II (Qiannan) Project names (English) Liangjiang New Town Internet Data Center (Chongqing) North Carolina Project (USA) San Francisco Project (USA) Sino-Ocean Jinghe New Town Internet Data Center (Xi’an) Xianyang Logistics Project (Xi’an) Chongqing Logistics Project, Phase I (Chongqing) Chongqing Logistics Project, Phase II (Chongqing) Fontaine Island (Chongqing) Jiangjin Logistics Project (Chongqing) Life In Art Dist (Chongqing) Ocean City (Chongqing) Poetry of Landscape (Chongqing) Sino-Ocean Garden (Chongqing) In Galaxy (Kunming) In Galaxy (Kunming) Kunming Airport Project (Kunming) Sino-Ocean Esthetics Mansion (Kunming) Sino-Ocean Aristocratic Family (Guiyang) Sino-Ocean Prospect (Guiyang) Guiyang Logistics Project, Phase I (Qiannan) Alam Sutera Project (Indonesia) Cairnhill 16 (Singapore) California Asset Package (USA) Fontaine Island (Xi’an) Plot DK1, Wangjiapeng (Xi’an) Qinhan Logistics Center (Xi’an) Sino-Ocean Royal Landscape (Xi’an) Fenghua Melody (Chongqing) Emperor Chic (Xi’an)
心 國） 慶） 南） 慶） 南） 慶） 中 安） 據 （美 （重 慶） 明） 陽） 尼） 安） 西 （黔 （重 ( （黔 （重 目 心 數 期 期 國） 慶） 明） 明） 國） 明） 安） 安） 期 期 II I I II 塊 項 中 大 （重 （昆 （貴 （印 （西 慶） 慶） 慶） 陽） 坡） 慶） 安） 安） 地 目 州 目 據 目 家 目 目 目 目 目 城 （美 （重 （昆 （昆 （美 （昆 （西 （西 慶） 加 項 納 目 項 數 賦 線 項 府 世 項 項 包 項 項 項 線 園 新 水 （重 （重 （重 （貴 （重 （西 （西 DK1 流 萊 項 嶼 流 區 庭 水 園 幹 港 雲 和 景 流 達 產 流 流 流 季 幹 嶼 業 河 山 悅 （重 （新 安） 物 羅 市 江 物 新 蘭 城 山 公 新 空 青 萬 風 物 加 軒 資 物 物 物 四 新 江 棚 產 涇 御 唐 陽 卡 藩 丹 津 江 悅 洋 洋 洋 洋 明 洋 洋 洋 陽 雅 盈 州 陽 慶 慶 樺 洋 丹 家 漢 洋 洋 丹 （西 Project names (Chinese)
北 三 楓 江 兩 玖 遠 遠 遠 遠 昆 遠 遠 遠 貴 貴 大 禧 加 咸 重 重 楓 遠 楓 王 秦 遠 遠 楓
Cities Guiyang Qiannan Chongqing Kunming Xi’an
Regions Indonesia Singapore USA
No. 254 255 256 257 258 250 251 252 253 244 245 246 247 248 249 239 240 241 242 243 235 236 237 238 230 231 232 233 234 229
INTERIM REPORT List of project names SINO-OCEAN GROUP HOLDING LIMITED 108 2021