科目

持续经营
收益
銷售成本
毛利
其他收入及其他收益
銷售及分銷開支
行政開支
其他開支
融資成本
分佔一間聯營公司業績
除稅前溢利
所得稅開支
税后净利润
已終止經營業務
期內已終止經營業務虧損
年度經營業務虧損、盈利
盈利归属人
实际控制

非实际控制人
本公司权益人每股收益

持續經營業務及已終止經營業務
—基本每股收益
—摊薄每股收益
持續經營業務
—基本每股收益
—摊薄每股收益
年度經營業務虧損、盈利
其他综合收益
其後可重新分類至損益的項目
換算海外業務產生的匯兌差額
税后其他综合收益

年度經營業務虧損、盈利总额
分配到股东

实际控制人
非实际控制人权益
 2022年9月-2023年8月
CONTINUING OPERATIONS
REVENUE
Cost of sales
Gross profit/(loss) -
Selling and marketing costs
Administrative expenses
Net impairment (losses)/gains on financial assets
Fair value losses on investment properties
Other income
Other gains or losses
Operating (loss) or profit
Finance income
Finance costs -
Finance (costs)/income — net
Share of net profit of investments accounted for using the equity method -
(Loss)/profit before income tax -
Income tax expenses
(Loss)/profit for the year
(Loss)/profit for the year attributable to:
Owners of the Company
Non-controlling interests -
(Loss)/earnings per share for (loss)/profit attributable to owners of the
Company (expressed in RMB per share)
Basic (loss)/earnings per share
Diluted (loss)/earnings per share

-
2021年9月-2022年8月

30,059,292 551,118 29,508,174

-36,178,859 -383,511 (35,795,348)
-6,119,567 167,607 (6,287,174)
-971,652 35,043 (1,006,695)
-1,009,598 -6,621 (1,002,977)
-788,322 -93,413 (694,909)
-739,009 -11,753 (727,256)
164,249 -86,441 250,690
-1,151,352 — #VALUE!
-10,615,251 4,422 (10,619,673)
278,389 -531 278,920
-2,089,479 3,891 (2,093,370)
-1,811,090 (1,811,090)
514,223 #VALUE!
-11,912,118 3,891 (11,916,009)
-527,832 (527,832)
-12,439,950 11,380 (12,451,330)

-11,234,836 -7,489 (11,227,347)

-1,205,114 3,891 (1,209,005)

-6.67 (7)
-6.67 - (7)
-
-
-
-
-
3,891 (3,891)
-
-
-620 620
-620 620
3,271 (3,271)
-
#VALUE!
-
11,066 (11,066)
-7,795 7,795
- - 3,271 (3,271)
 31 August 31 August
NON-CURRENT ASSETS 2023 2022
Property, plant and equipment 1106781
Investment properties 12320100
Right-of-use assets 406304
Intangible assets 1774
Investments accounted for using the equity method
5453874
Financial assets at fair value through profit or loss 488005
Deferred tax assets 698415

Total non-current assets - 20,475,253.00

CURRENT ASSETS
Properties under development 94305792
Completed properties held for sale 22654417
Contract assets 1321926
Trade and other receivables and prepayments 27465765
Amounts due from related parties 8340903
Prepaid taxation 4698486
Financial assets at fair value through profit or loss 425874
Term deposits 781000
Restricted cash 3974507
Cash and cash equivalents 4788429

Total current assets - 168,757,099.00

EQUITY
Share capital 15
Share premium 3082681
Other reserves 3104266
Equity attributable to owners of the Company 6186962
Non-controlling interests 24447557
Total equity 30634519

CURRENT LIABILITIES
Trade payables
Other payables and accruals
Financial guarantee contracts
Interest-bearing bank and other borrowings
Lease liabilities
Tax payable
Contract liabilities
Deferred income
Amounts due to related parties
Total current liabilities -
NET CURRENT LIABILITIES -
TOTAL ASSETS LESS CURRENT LIABILITIES -

NON-CURRENT LIABILITIES
Interest-bearing bank and other borrowings
Lease liabilities
Deferred income
Contract liabilities
Other payables
Amounts due to related parties
Total non-current liabilities -
Net assets -
EQUITY
Equity attributable to owners of the Company
Share capital
Reserves
-
Non-controlling interests
Total equity -
 Share Share Capital Statutory

capital premium reserve reserve

RMB’000 RMB’000 RMB’000 RMB’000

Balance at 1 January 2022 Comprehensive 15.00 3,082,681.00 851,583.00 2,026,441.00

income
— Loss for the year - - - -

— Other comprehensive income - - - -

- -

Total comprehensive (expense)/income for the year - - - -

Disposal of subsidiaries - - (892,700.00) (128,325.00)

Acquisition of subsidiaries - - - -
Acquisition of additional interests in subsidiaries from non-controlling
- - 138,230.00
interests
Capital injections from non-controlling interests - - -

Capital reduction of the subsidiaries - - -

Dividends distribution to non-controlling interests - - -

Lapse of share options - - -

Transfer to statutory reserves - - - 67,404.00

- - - -

Balance at 31 December 2022 15.00 (41,117.00) 1,898,116.00

Profit for the year - - -

Other comprehensive expense for the year: - - -

Exchange differences arising on translation of foreign operations - - -

Total comprehensive (expense)/income for the year - - -

Transfer from retained profits - - -

2021 interim dividend recognised as distribution - -

Shares purchased for share award scheme - - -

At 31 August 2023 15.00 (41,117.00) 1,898,116.00

- - -
Share-based Retained Non-

compensation earnings controlling

Sub-total Total
reserves interests

RMB’000 RMB’000 RMB’000 RMB’000 RMB’000

82,076.00 12,261,802.00 18,304,598.00 33,976,352.00 52,280,950.00

-
- (11,234,826.00) (11,234,826.00) (1,205,114.00) (12,439,940.00) -
- - - -
- - - -
- (11,234,826.00) (11,234,826.00) (1,205,114.00) (12,439,940.00) -
- - (1,021,025.00) (1,262,829.00) (2,283,854.00) -
- - - 38,041.00 38,041.00 -
138,230.00 (140,210.00) (1,980.00)

- 519,158.00 519,158.00

- (6,058,288.00) (6,058,288.00)

- (1,419,553.00) (1,419,553.00)

(82,076.00) 82,076.00 - - -

(67,404.00) - - -

- - - - -
82,076.00 1,026,976.00 2,966,066.00 31,546,450.00 34,512,516.00 -
- - - -
- - - -
- - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - -
82,076.00 1,026,976.00 2,966,066.00 31,546,450.00 34,512,516.00 -
- - - - -
 Year ended
31-08-2023
RMB’000
Cash flows from operating activities

Cash generated from operations

PRC corporate income tax paid
PRC land appreciation tax paid
Net cash generated from operating activities

Cash flows from investing activities

Payments for purchase of property, plant and equipment and investment properties

Proceeds from disposal of intangible assets

Payments for purchase of intangible assets
Proceeds from disposal of property, plant and equipment
Capital injections to joint ventures and associates
Payments for acquisition of financial assets at fair value through profit and loss
Proceeds from disposal of financial assets at fair value through profit and loss
Acquisition of additional interests in subsidiaries from non-controlling interests
Interest received
Cash advances to related parties
Repayments from related parties
Decrease in term deposits
Proceeds from disposal of an associate
Payments for acquisition of subsidiaries, net of cash acquired
Net cash outflow from disposal of subsidiaries
Net cash generated from/(used in) investing activities

Cash flows from financing activities

Proceeds from borrowings
Repayments of borrowings
Cash advances from related parties
Repayments to related parties
Payments for buy-back and cancellation of shares
Capital injection from non-controlling interests
Capital reduction of the subsidiaries
Interest paid
Dividends paid to the Company’s shareholders
Dividends paid to non-controlling interests in subsidiaries
Principal elements of lease payments
Restricted cash pledged for borrowings
Net cash used in financing activities

Net decrease in cash and cash equivalents

Cash and cash equivalents at beginning of the year 0
Exchange (losses)/gains on cash and cash equivalents
Cash and cash equivalents at end of the year 0
Year ended
31-08-2022
RMB’000

12,096,623
-642,586
-329,541
11,124,496

-470,236
171
—
27,406
-896,693
-896,693
685,027
-1,980
379,575
-1,835,227
4,779,389
3,071,874
1,169,479
-75,336
-1,502,789
4,855,660

7,398,870
-21,509,923
179,269
-2,191,255
—
519,158
-6,058,288
-1,897,520
—
-1,419,553
-19,595
2,100,000
-22,898,837

-6,918,681
11,719,745
 -12,635
4,788,429
3 Financial risk management
Fair value estimation (continued)
(a) Financial assets and liabilities (continued)
(ii) Valuation techniques used to determined fair values (continued)
6 Revenue
3 Financial risk management
Foreign exchange risk

5% appreciation in RMB against:

— US$
— HK$

5% depreciation in RMB against:

— US$
— HK$

Cash deposits at banks

As at

Big four commercial banks of the PRC (Note (i))

Other listed banks in the PRC
Other non-listed banks in the PRC

Liquidity risk (continued)

As at 31 December 2023
Non-derivatives
Borrowings

Trade and other payables, excluding accrual for staff costs and other taxes payable

Lease liabilities

Amounts due to related parties Financial guarantee contacts (Note 31)

As at 31 December 2022
Non-derivatives
Borrowings

Trade and other payables, excluding accrual for staff costs and other taxes payable

Lease liabilities
Amounts due to related parties Financial guarantee contacts (Note 31)

Capital management
As at 31 December

Total borrowings (Note 26)

Less: Cash and bank balances (Note 21)

Net borrowings

Total equity

Gearing ratio

Fair value estimation (continued)

(a) Financial assets and liabilities (continued)
(ii) Valuation techniques used to determined fair values (continued)
31-Dec-22

Recurring fair value measurements

Financial assets
Financial assets at fair value through profit or loss

31-Dec-23

Recurring fair value measurements

Financial assets
Financial assets at fair value through profit or loss

(iii) Fair value measurements using significant unobservable inputs (level 3)

The following table presents the changes in level 3 items for the periods ended 31 December 2023 a

Year end 31 December

Financial assets at fair value through profit or loss

Opening balance
Additions
Disposals
Fair value gains

Closing balance

Unrealised fair value gains recognised for the year

(iv) Valuation inputs and relationships to fair value

The following table summarises the quantitative information about the significant unobservable inpu

Properties status

Under development

Total

6 Revenue

Disaggregation of revenue from contracts with customers:

Revenue from sales of properties
— Recognised at point in time

Revenue from construction services, hotel operations and others: — Recognised at a point in time

— Recognised over time

Revenue from other source:
— Rental income

7 Expenses by nature
 Year ended 31 December

Cost of properties sold (excluding staff costs)

Staff costs (including directors’emoluments) (Note 8)
Advertising costs
Taxes and other levies
Consulting fees
Property management fees
Depreciation of property, plant and equipment
Office and travelling expenses
Expenses relating to short-term leases and low-value assets
Entertainment expenses
Amortisation of intangible assets
Amortisation of right-of-use assets
Auditors’ remuneration
— Annual audit and interim review
— Non-audit services
Net impairment losses/(gains) on financial assets
Others

8 Staff costs – including directors’ emoluments

Fees, salaries and other benefits

Discretionary bonuses
Pension costs

Directors’ emoluments
The directors’emoluments paid/payable by the Group are as follows:

Fees, salaries and other benefits

Pension costs

) For the year ended 31 December 2023

Name of directors

Executive directors:
— Mr. Ou
— Mr. Yu Lijuan
— Ms. Zeng Feiyan
— Mr. Ruan Youzhi (resigned on
15 August 2022)
— Mr. Zhang Lixin
— Mr. Wu Jianxing (appointed on
15 August 2022)
Non-executive director:
— Mr. Li Shupei
(appointed on 4 November 2022) — Ms. Chen Shucui
(resigned on 4 November 2022)
Independent non-executive directors:
— Mr. He Jiarong
(appointed on 15 August 2022)
— Mr. Qu Wenzhou
(resigned on 22 July 2022)
— Mr. Ren Yunan
— Mr. Ruan Weifeng

Name of directors

Executive directors:
— Mr. Ou
— Mr. Yu Lijuan
— Ms. Zeng Feiyan
— Mr. Ruan Youzhi
— Mr. Zhang Lixin

Non-executive director:
— Ms. Chen Shucui

Independent non-executive directors:

— Mr. Ren Yunan
— Mr. Qu Wenzhou
— Mr. Ruan Weifeng
 Five highest paid individuals

For the year ended 31 December 2023, the five individuals whose emoluments were the highest in the Group
included five (2022: four) directors, whose emoluments are reflected in the analysis presented above. For the
year ended 31 December 2023, the emoluments payable to the remaining one individual are as follows:

Fees, salaries and other benefits

Discretionary bonuses
Pension costs

The emoluments payable to the remaining one (2022: none) individual for the year ended 31 December 2021 falls within the fo

Annual emolument band:

— HK$2,000,000 – HK$3,000,000

9 Other income and other gains or losses

Other income:
Interest income
Forfeited deposits from customer
Government grants (note i)
Miscellaneous

Other gains or losses

Gain from bond repurchase
(Loss)/gain on disposal of subsidiaries
Fair value (losses)/gains on financial assets at FVPL
Net foreign exchange gains/(losses) (note ii)
Loss from disposal of associates and joint ventures
Gain from disposal of property, plant and equipment

10 Finance (costs)/income – net

Finance income
— Interest income from bank deposits
— Net foreign exchange gain

Finance costs
— Interest expenses of borrowings
— Interest expenses of lease liabilities
— Net foreign exchange loss
— Less: capitalised interest (Note (i))

Finance (costs)/income – net

11 Subsidiaries
(a) The Group’s principal subsidiaries
The Group’s principal subsidiaries at 31 December 2023 are set out below. The proportion of owners

Indirectly held by the Company:

融信(福建)投資集團有限公司
福州融信雙杭投資發展有限公司

福建世歐投資發展有限公司

杭州融信愷昇房地產開發有限公司

上海愷冠臻房地產開發有限公司

上海愷珩房地產開發有限公司

昆山融信愷庭房地產開發有限公司

浙江德盛置業有限公司

杭州金昇房地產開發有限公司

鄭州融信朗悅置業有限公司

上海興美置業有限公司

廣州市融佳企業管理有限公司

福建融光錦置業有限公司
福建融光錦置業有限公司

Summarised financial information on subsidiaries with material non-

controlling interests
Set out below are the combined summarised financial information for the Anhui Hailiang Real Estate
Summarised balance sheet as at 31 December 2023 and 2022
As at 31 December

Non-current assets
Non-current liabilities
Non-current net assets
Current assets
Current liabilities
Current net assets
Net assets

Proportionate share of the net assets attributable to

non-controlling interests

) Summarised financial information on subsidiaries with material non-

controlling interests (continued)
Summarised income statement and statement of comprehensive income for the years ended 31 Decem
Year ended 31 December

Profit before income tax

Income tax expense
Profit for the year
Total comprehensive income for the year

Total profit and comprehensive income for the year

allocated to non-controlling interests

Summarised statement of cash flows for the years ended 31

31-Dec

Net cash used in operating activities

Net cash used in investing activities
Net cash generated from financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of the year

Cash and cash equivalents at end of the year

12 Investments accounted for using the equity method

(a) Investments accounted for using the equity method
The Group considers that none of the joint ventures or associates as at 31 December 2023 was significant to
the Group and thus the individual financial information of the joint ventures or associates was not disclosed
(2022: same). The summarised financial information of individually immaterial joint ventures and associates
on an aggregate basis is as follows:

(i) Amounts recognised in the consolidated balance sheet are as follows:

Investments accounted for using the equity method: — Joint ventures

— Associates

(ii) The amounts recognised in the consolidated income statement are as follows:

As at 31 December

Share of net profit/(loss) of associates and joint ventures accounted for using the equity method:
— Joint ventures
— Associates

13 Income tax expenses

Year ended 31 December

Current income tax:

PRC corporate income tax
PRC LAT

Deferred income tax:

PRC corporate income tax (note 27)

Income tax expenses

The income tax on the Group’s (loss)/profit before income tax differs from the theoretical amount that would arise using the tax rate a
(Loss)/profit before income tax
Less: share of net profits of associates and joint ventures

Tax calculated at applicable corporate income tax rates

Effect of income not taxable for tax purpose
Effect of expenses not deductible for tax purpose
Effect of tax losses not recognised as deferred tax assets
PRC LAT deductible for income tax purpose

PRC corporate income tax

PRC LAT

14 (Loss)/earnings per share

(a) Basic (loss)/earnings per share
Basic (loss)/earnings per share is calculated by dividing the (loss)/profit attributable to owners of the C

(Loss)/profit attributable to owners of the Company (RMB’000)

Weighted average number of ordinary shares in issue

Basic (loss)/earnings per share (RMB per share)

(b) Diluted (loss)/earnings per share

Diluted (loss)/earnings per share was calculated by adjusting the weighted average number of ordinar

(Loss)/profit attributable to owners of the Company (RMB’000)

Weighted average number of ordinary shares in issue

Adjustments – share options and awarded shares

Weighted average number of ordinary shares for diluted (loss)/earnings per share

Diluted (loss)/earnings per share (RMB per share)

 The Company repurchased and cancelled 1,830,000 of its own ordinary shares of the Company during the y

Notes to the Consolidated Financial Statements

15 Property, plant and equipment

As at 1 January 2022
Cost
Accumulated depreciation
Net book amount
Year ended 31 December 2022
Opening net book amount
Acquisition of subsidiaries
Disposal of subsidiaries
Additions
Disposals
Depreciation charges

Closing net book amount

At 31 December 2022
Cost
Accumulated depreciation
Net book amount

Year ended 31 December 2023

Opening net book amount
Acquisition of subsidiaries (Note 34
Disposal of subsidiaries
Additions
Disposals
Depreciation charges
Closing net book amount

At 31 December 2023
Cost
Accumulated depreciation
Net book amount

16 Leases
(i) Amounts recognised in the balance sheet:
Right-of-use assets
Land use rights (a)
Properties

Lease liabilities
Current
Non-current

16 Leases (continued)
(ii) Amounts recognised in the statement of profit or loss

Depreciation charge of right-of-use assets:

Land use rights
Properties

Interest expense (included in finance costs)

Expense relating to short-term leases and low-value assets
(included in administrative expenses) (Note 7)

Cash outflow for leases payments

17 Investment properties

Non-current assets – at fair value:

Opening balance at 1 January
Additions
Disposal of subsidiaries
Fair value loss

Closing balance at 31 December

Total loss for the year recognised in profit or loss and included in“fair value losses on investment
properties” of the consolidated income statement – unrealised
Rental income (Note 6)

(e) The future aggregate minimum rental receivables under non-cancellable operating lease are as follows

As at 31 December

— Not later than one year

— Later than one year and not later than five years
— Later than five years

18 Financial assets at fair value through profit or loss

Year ended 31 December

Non-current assets
— Unlisted equity securities

Current assets
— Trusts and wealth management products

The investments represented mainly unlisted equity investments in various real estate entities which the
Group holds less than 20% equity interest and various funds, trusts and wealth management products. These
investments were not traded in active markets. The fair value of investment funds and trusts were
determined in accordance with observable market data, which were categorised within level 2 of the fair
value hierarchy. The fair value of the equity of unlisted real estate entities and wealth management products
were determined based on unobservable market data, which were categorised within level 3 of the fair value
hierarchy. Fair value losses on financial assets at FVPL recognised in“other gains or losses”was
RMB14,616,000 for the year ended 31 December 2022 (2021: fair value gains on financial assets at FVPL of
RMB25,970,000) (Note 9).
 19 Financial instruments by category
As at 31 December

Financial assets:
Financial assets at amortised cost
Trade receivables and other receivables
Amounts due from related parties
Cash and bank balances
Financial assets at fair value through profit or loss

Financial liabilities:
Liabilities at amortised cost
Trade and other payables, excluding accrual for staff costs and
allowances and other taxes payable
Amounts due to related parties
Borrowings

The Group’s exposure to various risks associated with the financial instruments is discussed in Note 3.

20 Properties under development and completed properties held for sale

Properties under development and completed properties held for sale of the Group are all located in the PR
As at 31 December

Properties under development expected to be completed

Within normal operating cycle included under current assets

The normal operating cycle of the Group’s property development generally ranges from one to three year
The amounts of RMB37,773,591,000 as at 31 December 2023 (2022: RMB45,305,531,000) under normal ope
cycle classified as current assets were expected to be completed and delivered beyond one year.
As at 31 December

Properties under development:

Construction costs
Capitalised interests
Land use rights
Completed properties held for sale:
Construction costs
Capitalised interests

21 Cash and bank balances

As at 31 December

Cash and cash equivalents

Term deposits (Note (a))
Restricted cash (Note (b))

22 Contract assets and liabilities

The Group has recognised following assets and liabilities related to contracts with customer:

Current contract assets:

Contract cost – sales commission
Contract assets – provision of construction service

Current contract liabilities – sales of properties

(i) Revenue recognised in relation to contract liabilities

(a) The following table set out the amount of the revenue recognised in the current reporting period
relates to carried-forward contract liabilities.

Revenue recognised that was included in the contract

liability balance at the beginning of the period
— sales of properties
 23 Trade and other receivables and prepayments
As at 31 December

Trade receivables (Note (a))

Other receivables:
— Amounts due from minority interests
— Deposits for acquisition of land use rights and
property development projects
— Other amounts due from third parties
— Deposits for construction contracts
— Others
Less: loss allowance

Prepayments:
— Prepayments for acquisition of land use rights
— Prepaid value added tax, business taxes and other taxes
— Others

Current portion of trade and other receivables and prepayments

23 Trade and other receivables and prepayments (continued)

(a) Trade receivables mainly arose from sales of properties. Proceeds in respect of sale of properties is se
in accordance with the terms stipulated in the sale and purchase agreements.
Ageing analysis of the trade receivables is as follows:
As at 31 December

Within one year

Over one year

24 Share capital and share premium

At 1 January 2022
Buy-back and cancellation of shares (Note (b))
Final dividend of 2021 (Note 28)

At 31 December 2022, 1 January 2023 and 31 December 2023

(a) The authorised share capital of the Company as at 31 December 2022 was HK$380,000 (2021: same) d
into 38,000,000,000 shares (2021: same).
(b) The Company acquired 1,830,000 of its own shares through purchases from the stock market during th
year ended 31 December 2021 for cash totalling HK$9,968,000 (equivalent to RMB8,341,000) and whic

25 Other reserves (continued)

(c) Share-based compensation reserves (continued)
Set out below are movements of Options granted under the Share Option Scheme:

As at 1 January 2022
Lapsed during the year

As at 31 December 2022 and 1 January 2023

Lapsed during the year

At 31 December 2023

26 Borrowings
As at 31 December

Borrowings included in non-current liabilities:

Senior notes – unsecured (Note (a))
Asset backed securities (“ABS”) – secured (Note (b))
Corporate bonds – unsecured
Borrowings from financial institutions – secured (Note (c))
Less: current portion of non-current borrowings

Borrowings included in current liabilities:

Borrowings from financial institutions – secured (Note (c))
Current portion of non-current borrowings
Total borrowings

26 Borrowings (continued)
(d) At 31 December, the Group’s borrowings were repayable as follows:

On demand or within 1 year

Between 1 and 2 years
Between 2 and 5 years
Over 5 years

Total

(e) The weighted average effective interest rates are as follows:

As at 31 December

Senior notes
Asset backed securities
Corporate bonds
Borrowings from financial institutions

(f) The Group’s borrowings were denominated:

As at 31 December

— RMB
— US$
— HKD

27 Deferred tax assets and liabilities

(i) The analysis of deferred tax assets and deferred tax liabilities is as follows:

Deferred tax assets

— to be recovered within 12 months
— to be recovered after 12 months

Total deferred tax assets before net off

Net of deferred tax liabilities

Deferred tax liabilities

— to be recovered within 12 months
— to be recovered after 12 months

Total deferred tax liabilities before net off

Net of deferred tax assets

The net movement on the deferred tax accounts before set-off is as follows:

At 1 January
Credited to the consolidated income statement (Note 13)
Business combination
Disposal of subsidiaries

At 31 December

27 Deferred tax assets and liabilities (continued)

(ii) The movement in deferred tax assets and liabilities before set-off during the years are as follows:

At 1 January 2022
Credited to the consolidated income statement

At 31 December 2022

At 1 January 2023
Acquisition of subsidiaries
Disposal of subsidiaries
Credited to the consolidated income statement

At 31 December 2023

29 Trade and other payables

As at 31 December

Trade payables (Note (a))

Notes payable

Other payables:
— Amounts due to minority interests (Note (b))
— Deposits received for sales of properties
— Other taxes payable
— Interests payable
— Deposits from contractors and suppliers
— Accrued payroll
— Dividend payable
— Others

(a) The ageing analysis of the trade payables is as follows:

As at 31 December

Within one year

Over one year

(b) Included in amounts due to minority interests of approximately RMB162,800,000 are interest bear
repayable within one year from 31 December 2023 (2022: RMB116,500,000).
(c) The carrying amounts of trade and other payables were considered to be approximate to their fair

30 Cash flow information

(a) Net cash (used in)/generated from operating activities:

Profit before income tax

Adjustments for:
– Depreciation charges
– Net impairment losses/(gains) on financial assets
– Finance costs/(income)
 – Other income
– Amortisation of intangible assets
– Amortisation of right-of-use assets
– Provision for write-down of properties under development
and completed held for sale
– Gains from disposal of property, plant and equipment
– Fair value losses on investment properties
– Share of net profits of investments accounted for using the
equity method
– Fair value losses/(gains) on financial assets at FVPL
– Loss from disposal of associate and joint ventures
Changes in working capital:
– Properties under development and completed properties
held for sale
– Contract assets
– Trade and other receivables
– Prepayments
– Contract liabilities
– Trade and other payables
– Amounts due to related parties
– Restricted cash

Cash generated from operations

Notes to the Consolidated Financial Statements

30 Cash flow information (continued)
(b) Non-cash financing activities
No major non-cash transactions incurred during the years ended 31 December 2023 and 2022.
(c) Reconciliation of liabilities arising from financing activities

Borrowings
Lease liabilities
Amounts due to related parties

Borrowings
Lease liabilities
Amounts due to related parties
 Notes to the Consolidated Financial Statements
31 Financial guarantee
As at 31 December

Guarantee in respect of mortgage facilities for certain purchasers (Note (a))

Guarantee provided for the borrowings of the joint ventures (Note (b))
Guarantee provided for the borrowings of associates (Note (b))
Guarantee provided for the borrowings of independent third parties

(a) The Group has arranged bank financing for certain purchasers of the Group’s property units and provided guarantees to secure o

of such purchasers for repayments. Such guarantees terminate upon the earlier of (i) issuance of the real estate ownership certificat

Pursuant to the terms of the guarantees, upon default in mortgage payments by these purchasers, the Group is responsible to repa

(b) Amounts represented the maximum exposure of the guarantees provided by the Group. The repayment was on schedule and the r

default in payment was remote. The directors of the Company consider that the fair value of these financial guarantee contracts at

32 Commitments
(a) Commitments for property development expenditures and equity investments as at 31 December 202
2022 were as follows:
As at 31 December

Contracted but not provided for

— Property development activities
— Land use rights

33 Assets pledged as security

As at 31 December
ASSETS
Non-current assets
Property, plant and equipment
Land use rights
Investment properties

Total non-current assets pledged as security

Current assets
Properties under development and completed properties held for sale
Restricted cash

Total current assets pledged as security

Total assets pledged as security

All above assets of the Group are pledged as security for the borrowings from financial institutions of th
Investments amounting to approximately RMB1,688,401,000 (2021: RMB7,065,799,000) in certain subsid
2023

Notes to the Consolidated Financial Statements

34 Acquisition of subsidiaries and disposal of subsidiaries
(a) Summary of acquisition of subsidiaries
During the year ended 31 December 2023, the Group acquired certain subsidiaries engaged in propert
The following table summaries the considerations paid for acquisitions of these subsidiaries, the fair va

Purchase consideration – cash

The assets and liabilities recognised as a result of the acquisitions on the acquisition

Property, plant and equipment

Properties under development
Investments accounted for using the equity method
Trade and other receivables and prepayments (Note (i))
Deferred tax assets
Prepaid taxation
Cash and bank balances
Trade and other payables
Borrowings
Contract liabilities

Net identifiable assets acquired

Less: non-controlling interests

Net assets acquired

Notes to the Consolidated Financial Statements

34 Acquisition of subsidiaries and disposal of subsidiaries (continued)
(a) Summary of acquisition of subsidiaries (continued)
(ii) Accounting policy choice for non-controlling interests
The Group elected to recognise the non-controlling interests at its proportionate share of the fair va
(iii) Revenue and profit contribution
The acquired business contributed loss of RMB173,178,000 with no revenue to the Group for the per
(iv) Purchase consideration – cash outflow
The cash impact arising from acquisition in above transactions are summarised as follows:

Outflow of cash to acquire subsidiary, net of cash acquired:

Cash consideration
Less: cash and bank balance acquired

Net outflow of cash – investing activities

Notes to the Consolidated Financial Statements

34 Acquisition of subsidiaries and disposal of subsidiaries (continued)
(b) Summary of disposal of Subsidiaries
(i) During the year ended 31 December 2023, the Group disposed of certain subsidiaries engaged

RMB’000

Cash considerations received or receivable

 Total net assets disposed of
Non-controlling interest disposed of

Loss on disposal of subsidiaries

(ii) The cash impact arising from the disposals in above transactions are summarised as follows:

Cash considerations received as of 31 December 2023

Cash and cash equivalents of the subsidiaries disposed of

Net cash outflow for disposal of subsidiaries

35 Significant related party transactions

(a) Parent entities

Name
Dingxin Company Limited (“Dingxin”)

TMF (Cayman) Limited

(d) Compensation of Key management personnel

Compensation of key management personnel other than those for directors as disclosed in Note 8(a

Compensation of Key management personnel:

Salaries and other employee benefits
Pension costs

35 Significant related party transactions (continued)

(e) Transactions with related parties
Save as disclosed elsewhere in these consolidated financial statements, during the year ended 31 Dece
 Services provided by related parties

Property management services

Other related party
– Ronshine Service Holding Co., Ltd.

Landscape engineering services

Other related party
– Xiujing (Fujian) Landscape Engineering Co., Ltd

Services provided to related parties

Interest income
– Joint ventures
– Associates

Consultation services
– Joint ventures
– Associates

The directors of the Company are of the opinion that the above related party transactions were conducted on normal commer
Refer to Note 31 for information on guarantee provided for the borrowings of the [joint ventures] by the Group.

Notes to the Consolidated Financial Statements

35 Significant related party transactions (continued)
(f) Balances with related parties
As at 31 December

Amounts due from related parties

Joint ventures
Associates
Other related parties

– Xiujing (Fujian) Landscape Engineering Co., Ltd.

– Ronshine Service Holding Co., Ltd.

Amounts due to related parties

 Joint ventures
Associates
Other related parties
– Mr. Ou
– Ronshine Service Holding Co., Ltd.
– Xiujing (Fujian) Landscape Engineering Co., Ltd.

36 Balance sheet and reserve movements of the Company

Balance sheet of the Company
ASSETS
Non-current assets
Investments in subsidiaries
Financial assets at fair value through profit or loss

Current assets
Amounts due from subsidiaries
Amounts due from related parties
Cash and bank balances

Total current assets

Total assets

EQUITY
Equity attributable to owners of the Company
Share capital
Share premium
Other reserves

Total equity

Notes to the Consolidated Financial Statements

36 Balance sheet and reserve movements of the Company (continued)
Balance sheet of the Company (continued)
As at 31 December

LIABILITIES
Non-current liabilities
Borrowings
Current liabilities
Borrowings
Other payables
Amounts due to subsidiaries
Amounts due to related parties

Total current liabilities

Total liabilities

Total equity and liabilities

36 Balance sheet and reserve movements of the Company (continued)

(a) Reserve movements of the Company
Other reserves

For the year ended

31-Dec-22
At 1 January 2022

Loss for the year

Buy-back and cancellation of shares (Note 24)
Final dividend of 2020

At 31 December 2021

For the year ended

31-Dec-23
At 1 January 2023

Loss for the year

At 31 December 2023

CONSOLIDATED RESULTS

Fo
 Revenue
Profit for the year attributable to owners of the Company

CONSOLIDATED ASSETS, LIABILITIES AND EQUITY

Non-current assets
Current assets

Total assets

Non-current liabilities
Current liabilities

Total liabilities

Total equity

Total equity attributable to shareholders of the Company

 Year ended 31 December
2023 2022
RMB’000 RMB’000

[…] 108,793
[…] 1,334

[…] -108,793
[…] -1,334

As at 31 December
2023 2022
RMB’000 RMB’000
[…] 4,209,094
[…] 4,874,172
[…] 460,670

[…] 9,543,936

Between Between
Less than 1 year 1 and 2 years 2 and 5 years
RMB’000 RMB’000 RMB’000

[…] […] […]

[…] […] […]

[…] […] […]

[…] […] —

[…] […] […]

24911886 15605673 7317291

 7525954 6185606 —

14704 2595 1291

7075544 — —
22409600 2170178 299800

2023 2022
RMB’000 RMB’000
[…] 42,403,668
[…] -9,543,936

[…] 32,859,732

[…] 30,634,519

[…] 107.26%

Level 2 Level 3
Note RMB’000 RMB’000

70,096 843,783

Level 2 Level 3
Note RMB’000 RMB’000

s ended 31 December 2023 and 2022.

2023 2022
RMB’000 RMB’000

[…] 909,043
[…] 435,460
[…] -500,720
 […] —

[….] 843,783

[….] 25,970

significant unobservable inputs used in recurring level 3 fair value measurements . See (ii) above for the valuation techniques adopted.

Fair value at 31 December

2023 2022
Unobservable inputs
RMB’000 RMB’000

[…] 1,590,100 Market rents2

(RMB/square meter/month)

Market prices2
(RMB/square meter)

Market rents2
(RMB/square meter/month)

Anticipated developer’s
profit margins3

[…..] 12,320,100

Year ended 31 December

2023 2022
RMB’000 RMB’000

[…] 28,640,290

[…] 596,845

[…] 646,434

[…] 175,723
 2023 2022
RMB’000 RMB’000

[…] 35,889,113
[…] 751,334
[…] 500,826
[…] 189,263
[…] 211,770
[…] 234,224
[…] 106,094
[…] 79,686
[…] 24,679
[…] 86,440
[…] 610
[…] 36,388

[…] 4,500
[…] —
[…] 788,322
[…] 45,182

Year ended 31
2023 2022
RMB’000 RMB’000
[…] 708,306
[…] —
[…] 43,028

751,334

31-Dec-23
2023 2022
RMB’000 RMB’000
[…] 13,780
[…] 23

[…] 13,803

Fees Salaries and other benefits

Discretionary bonuses RMB’000
RMB’000 RMB’000
 — […] —
— […] —
— […] —

— […] —
— […] —

— […] —

— — —

— — —

[..] — —

[..] — —
[…] — —
[…] — —

Salaries
and other Discretionary
Fees
benefits RMB’000 bonuses RMB’000
RMB’000

2,332 —
— 3,024 —
— 2,424 —
—
— 1,615 —
— 2,024 —

1,557 —
—

100 — —

168 — —
268
268

— —
 — —
— —
— —

31 December Year ended

2023 2022
RMB’000 RMB’000
[..] N/A
[..] N/A
[..] N/A

[..] N/A

ember 2021 falls within the following band:

Year ended 31 December

2023 2022

N/A N/A

Year ended 31
2022 2021
RMB’000 RMB’000

[…] 101,186
[…] 38,947
[…] 15,686
[…] 8,430
[…]
164,249

[…] 327,041
[…] -860,445
 […] -14,616
[…] 292
[…] -628,932
[…] 25,308

-1,151,352

Year ended 31
2023
RMB’000

[…]
[…]
[…]

[…]

[…]
[…]
[…]
[…]
[…]

[…]

ow. The proportion of ownership interests held equals the voting rights held by the Group. The country of incorporation or registration is al
by non-controlling interests %

Type of legal status Place of operation

Rongxin (Fujian)
Limited liability company PRC
Investment Group Co., Ltd.
 Fuzhou Rongxin
Shuanghang
Limited liability company PRC
Investment Development
Co., Ltd

Fujian Shiou Investment

Limited liability company PRC
Development Co., Ltd

Hangzhou Rongxin
Kaisheng Real Estate Limited liability company PRC
Development Co., Ltd

Shanghai Kaiguanzhen Real

Limited liability company PRC
Estate Development Co.,
Ltd

Shanghai Kaiheng Real

Limited liability company PRC
Estate Development Co.,
Ltd
Kunshan Rongxin Kaiting
Real
Limited liability company PRC
Estate Development Co.,
Ltd

Zhejiang Desheng Property

Limited liability company PRC
Co., Ltd

Hangzhou Jinsheng Real

Estate Development Co., Limited liability company PRC
Ltd

Zhengzhou Rongxin
Limited liability company PRC
Langyue Property Co., Ltd

Shanghai Xingmei Property

Limited liability company PRC
Co., Ltd

Guangzhou Rongjia
Enterprise Limited liability company PRC
Management Co., Ltd

Fujian Rongguangjin Real

Limited liability company PRC
 Limited liability company PRC

Estate Co., Ltd

he Anhui Hailiang Real Estate Co, Ltd and its subsidiaries (the “Hailiang Group”) that has non-controlling interests that are material to th

2022
2023 RMB’000
RMB’000
[…] 971,975
[…] -1,483,039
[…] -511,064
[…] 14,934,933
[…] -7,294,658
[…] 7,640,275
[…] 7,129,211

[…] 3,448,811

or the years ended 31 December 2023 and 2022

Year ended 31 December
2023
RMB’000
[…]
[…]
[…]
[…]

[…]

December 2023 and 2022

2023 2022
RMB’000 RMB’000
[……] -847,765
[……] -355,302
[……] 64,664
 [……] -1,138,403
[……] 1,994,839

[……] 856,436

2023 2022
[…] 3,825,573
[…] 1,628,301

2023 2022
RMB’000 RMB’000

[…] 407,894
[…] 106,329

[…] 514,223

2023 2022

[..] 571,934
[..] 102,175

[..] 674,109

[..] -146,277

[..] 527,832
would arise using the tax rate applicable to profit/loss of the consolidated entities as follows:
 Year ended 31
2023 2022
[..]
(11,912,118) (514,223)
[..]

[..] -12,426,341
[..]
-3,176,519
[..] -11,436
[..] 126,767
[..] 3,512,389
[..] -25,544
[..]
425,657
[..] 102,175

[..] 527,832

ttributable to owners of the Company by the weighted average number of ordinary shares in issue during the financial year.

2023 2022
[…] -11,234,836

[…] 1,683,431,417

[…] -6.67

d average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The Company’s dilutive p
Year ended 31
2023
[…]

[….]
[…]

[…]

[…]
of the Company during the year ended 31 December 2023 (2022: nil).

Buildings Office equipment Motor

RMB’000 RMB’000 vehicles

RMB’000

[…] […] […]

[…] […] […]
[…] […] […]

1,163,099 3,171 12,755

10,527 — 8
-555 -304 -568
— 95 43
— -287 -667
-77,853 -1,339 -2,638

1,095,218 1,336 8,933

1,380,044 52,461 48,963

-284,826 -51,125 -40,030

1,095,218 1,336 8,933

[…] […] […]

[…] […] […]
[…] […] […]
[…] […] […]
[…] […] […]
[…] […] […]

[…] […]

[…] […] […]

[…] […] […]
[…] […] […]
 2023 2022
RMB’000 RMB’000

[…] 388,857
[…] 17,447

[…]
406,304

[…]

[…] 14,189
[…] 5,777

[…]
19,966

2023 2022
RMB’000 RMB’000

[…] 15,105
[…] 21,283

[…] 36,388

[…] 1,315

[…] 24,679

[…] 25,994

[…] 45,588

Year ended 31 December

2023 2022

[….] 12718617
[….] 453792
[….] -113300
[….] -739009

[….] 12320100

[….] -739009
 [….] 175723

operating lease are as follows:

2023 2021
RMB’000 RMB’000
[…] 135,849
[…] 484,457
[…] 758,836

[…] 1,379,142

2023 2022
RMB’000 RMB’000

[…] 488,005

425,874

913,879
 2023 2022
RMB’000 RMB’000

[…] 21,020,538
[…] 8,340,903
[…] 9,543,936
[…] 913,879

[…] 39,819,256

[…] 13,711,560
[…] 7,075,544
[…] 42,403,668

[…] 63,190,772

ments is discussed in Note 3. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class o

erties held for sale

Group are all located in the PRC and expected to be completed and available for sale within one operating cycle. The relevant land use right

2023 2022
RMB’000 RMB’000

[………….] 94,305,792

anges from one to three years.

5,531,000) under normal operating cycle classified as current assets were expected to be completed and delivered beyond one year.
d beyond one year.

2023 2022
RMB’000 RMB’000

[..] 14,331,284
[..] 11,858,401
[..] 68,116,107
 […] 94,305,792

[..] 11,158,873
[..] 4,601,651
[..] 6,893,893

[..] 22,654,417

2023 2022
RMB’000 RMB’000
[…] 4,788,429
[…] 781,000
[…] 3,974,507

[…]
9,543,936

with customer:
Year ended 31 December
2023 2022
RMB’000 RMB’000

[..] 580,571
[..] 741,355

[…] 1,321,926

[…] 80,638,097

n the current reporting period

Year ended 31 December

2023 2022
RMB’000 RMB’000

[….] 23,252,680
 2023 2022
RMB’000 RMB’000
[…] 45,395

[…] 11,198,314

[…] 8,359,431
[…] 1,884,781
[…] 291,801
[…] 54,417
[…] -813,601

[…] 20,975,143

[…] 1,230,590
[…] 5,051,471
[…] 163,166

[…] 6,445,227

[…] 27,465,765

ect of sale of properties is settled

2023 2022
RMB’000 RMB’000
[…] 9,333
[…] 36,062

[…] 45,395

Nominal value of ordinary Equivalent nominal value of

shares ordinary shares
Number of ordinary shares HK$ RMB’000
 […] […] [..]
[…] […] —
— — —
[…] […] […]

as HK$380,000 (2021: same) divided

om the stock market during the

nt to RMB8,341,000) and which was deducted from the share premium account. The shares were cancelled after the repurchase.

Average exercise price in

HK$ Per share under
option Number of Options
8.23 42,670,000
7.24 -6,231,000

8.53 36,439,000
8.53 -36,439,000

[..] [..]

2023 2022
RMB’000 RMB’000

[…] 15,563,486
[…] 2,160,100
[…] 8,599,124
[…] 15,197,983
[…] -18,902,137

[…] 22,618,556

[…] 882,975
[…] 18,902,137

[…] 19,785,112
 […] 42,403,668

2022 2023

[…] 19785112
[…] 17301277
[…] 5317279
[…] —

[..] 42,403,668

2023 2022

[..] 8.11%
[..] 5.20%
[..] 6.41%
[..] 6.12%

2023 2022
RMB’000 RMB’000
[..] 26,829,821
[..] 15,563,486
[..] 10,361

[..] 42,403,668

Year ended 31
2023 2022
RMB’000 RMB’000

[..] 345667
[..] 824517

[..] 1170184
 [..] -471769

[..] 698415

[..] -305876
[..] -1452577

[..] -1758453
[..] 471769

[..] -1286684

[..] -588269

Year ended 31
2023 2022

[..] -1,133,619
[..] 146,277
[..] 297,727
[..] 101,346

[..] -588,269

the years are as follows: Deferred tax

liabilities –
excess of
carrying
amount
Deferred tax Deferred tax of PUD and
assets – liabilities – PHS over
tax losses fair value the tax bases
and others gains RMB’000
RMB’000 RMB’000
[..] [..] [..]
[..] [..] [..]
[..] [..] [..]

[..] [..] [..]

[..] [..] [..]

[..] [..] [..]
 [..] [..] [..]
[..] [..] [..]

2023 2022
RMB’000 RMB’000
[…] 6,902,760

[…]
485,721

[…]

[…] 3,410,852
[…] 572,118
[…] 7,877,079
[…] 1,244,437
[…] 960,423
[…] 125,152
[…] 42,288
[…] 92,966

[…] 21,713,796

2023 2022
RMB’000 RMB’000
[..] 5,412,046
[..] 1,490,714

[..] 6,902,760

162,800,000 are interest bearing and

o be approximate to their fair values.

Year ended 31
2023 2022
[..] -11912118

[..] 106094
[..] 788322
[..] 1811090
 [..] -101186
[..] 610
[..] 36388

[..] 7014135
[..] -25308
[..] 739009

[..] -514223
[..] 14616
[..] 628932

[..] 36598286
[..] -94682
[..] -12413788
[..] 5027069
[..] -11206556
[..] -4808387
[..] —
[..] 408320

[..] 12096623

cember 2023 and 2022.

1-Jan-22 Financing cash flow – net

Non-cash items RMB’000
RMB’000 RMB’000
[..] [..] [..]
[..] [..] [..]
[..] [..] [..]

[..] [..] [..]

1-Jan-22 Financing cash flow – net Non-cash item

RMB’000 RMB’000 RMB’000
56,777,921 -14,111,053 -263,200
33,818 -19,595 5,743
9,087,530 -2,011,986 —

65,899,269 -16,142,634 -257,457

 2023 2022
RMB’000 RMB’000
[..] 20,412,674
[..] 1,800,806
[..] 2,666,158
[..] —

[..]
24,879,638

and provided guarantees to secure obligations

of the real estate ownership certificates which will generally be available within an average period of two to three years upon the completion of guarantee registration; or (ii) the

sers, the Group is responsible to repay the outstanding mortgage principals together with accrued interest and penalty owed by the defaulted purchasers to the banks and the Gr

repayment was on schedule and the risk of

hese financial guarantee contracts at the date of inception was minimal. The directors consider that the likelihood of loss of the Group resulting from the default in payments by jo

ments as at 31 December 2023 and

2022 RMB’000 2021 RMB’000

[..] 13,756,884
[..] 1,906,852

[..] 15,663,736

2023
Notes 2022 RMB’000
 Notes 2022 RMB’000
RMB’000

15 [..] 1053348
16 [..] 155191
17 [..] 4186504

[..] 5395043

20 [..] 47404424
—

[..] 47404424

[..] 52799467

om financial institutions of the Group (Note 26).

065,799,000) in certain subsidiaries directly or indirectly held by the Company were pledged as security for borrowings of the Group at 31 D

bsidiaries engaged in property development in the PRC.

f these subsidiaries, the fair value of assets acquired and liabilities assumed at the acquisition dates.
RMB’000
222,338

dates are as follows:

Fair value RMB’000
10,794
5,368,402
5,009,273
1,028,223
297,727
 150,571
147,001
-6,499,619
-433,000
-4,818,993

260,379
-38,041

222,338

aries (continued)

portionate share of the fair value of the acquired net identifiable assets.

enue to the Group for the period from the respective acquisition dates to 31 December 2023. If the acquisitions had occurred on 1 January

marised as follows:

2021
RMB’000

222,338 (147,001)

75,336

ies (continued)

certain subsidiaries engaged in property development in the PRC. The financial impacts arising from the acquisition are summarised as foll

[..]
 [..]
[..]

summarised as follows:
RMB’000
[..]
[..]

[..]

Ownership interest As at 31 December

Type Place of incorporation 2023

Immediate parent BVI [..]
company of the company

Ultimate parent entity The Cayman Islands [..]

and controlling party

ctors as disclosed in Note 8(a) is set out below.

Year ended 31 December
2023 2022
RMB’000 RMB’000

[...] 281
[...] 2

[...] 283

uring the year ended 31 December 2023 and 2022, the Group had the following transactions with related parties.
 Year ended 31 December
2023 2022
RMB’000 RMB’000

[147,785] [147,785]

[147,785] [147,785]

[220,096] [220,096]
[220,096] [220,096]

Year ended 31 December

2023 2022
RMB’000 RMB’000

[..] 165,358
[..] —

[..] 165,358

[..] 57,290
[..] 20,865

[..] 78,155
onducted on normal commercial terms and in the ordinary course of business.
] by the Group.

2023 2022
RMB’000 RMB’000

[…] 6747673
[…] 1586844
[…] 6386

[…] 268
[…] 6118

[..] 8430903
 [..] 4389099
[..] 2308406
[..] 378039
[..] 76703
[..] 215894
[..] 85442

[..] 7075544

2023 2022

[..] 2032986
[..] 70096

[..] 2103082

[..] 17762724
[..] 338750
[..] 2232

[..] 18103706

[..] 20206788

(a) [..] 15
(a) [..] 3082681
[..] -2857907

[..] 224789

mpany (continued)

2022 2021
RMB’000 RMB’000
 [..] 2,846,358

[..] 12,727,488
[..] 312,694
[..] 4,095,459
[..] —

[..]
17,135,641

[..]
19,981,999

[..]
20,206,788

any (continued)

Share-based
compensation reserves
Share premium RMB’000 Accumulated losses
RMB’000 RMB’000

[..] [..] [..]

— — […]
[…]
[…] — —
— —

[…] […] […]

[…] […] […]

[…] […] […]

[…] […] […]

For the year ended 31 December

2023 2022 2021
 [..] 30,059,292 33,284,014

[..] -11,234,836 1,295,049

2023 2022 2021

RMB’000 RMB’000 RMB’000
[..] 20,475,253 27,572,230
[..] 168,757,099 217,867,609

[..] 189,232,352 245,439,839

[..] 23,911,017 35,878,011

[..] 134,686,816 157,280,878

[..] 158,597,833 193,158,889

[..] 30,634,519 52,280,950

[..] 18,304,598 17,713,063

 Over
5 years Total
RMB’000 RMB’000

— […]
— […]

— […]

— […]

— […]

— 47834850
— 13711560

— 18590
— 7075544
— 24879638

Total
RMB’000

913,879

Total
RMB’000
bove for the valuation techniques adopted.

2023 2022

[….] [34-1,700]

[….] 362-6,288

[….] [27-544]

[….] [5%-20%]
December

Pension costs RMB’000 Total RMB’000

[..] [..]
[..] [..]
[..]
[..]
[..]
[..] [.]
[.]
[..]
[..]

—
—
—
—

—
[…]
—
— [..]
— […]
[….]

Pension
Total
costs RMB’000
RMB’000

4 2,336
4 3,028
4 2,428

3 1,618
4 2,028

4 1,561

— —

— —

— 100
 — 168
— 268
— 268

December
 December
2022
RMB’000

278,389
-

278,389

-1,896,245
-1,315
-1,222,643
1,030,724

-2,089,479

-1,811,090

he country of incorporation or registration is also their principal place of business.

Authorised/registered
Principal establishment activities
/paid up capital and debt securities

Registered and paid up capital of

Property development
RMB4,025,000,000
 Registered capital of
Property development RMB200,000,000 and paid up capital
of RMB100,000,000

Registered and paid up capital of

Investment holdings
RMB500,000,000

Registered and paid up capital of

Property development
RMB1,000,000,000

Registered and paid up capital of

Property development
RMB5,500,000,000

Registered and paid up capital of

Property development
RMB1,000,000,000

Registered and paid up capital of

Property development
RMB1,000,000,000

Registered and paid up capital of

Property development
RMB50,000,000

Registered and paid up capital of

Property development
RMB700,000,000

Registered and paid up capital of

Property development
RMB910,000,000

Registered and paid up capital of

Property development
RMB2,600,000,000

Registered and paid up capital of

Property development
RMB100,000,000

Registered capital of
Property development RMB2,000,000,000 and paid up capital
of RMB4,000,000,000
 Registered capital of
Property development RMB2,000,000,000 and paid up capital
of RMB4,000,000,000

non-controlling interests that are material to the Group. Hailiang Group was acquired from a third party on 31 July 2017. The amounts discl

mber
2022
RMB’000
346,997
-93,028
253,969
253,969

122,147
 December

n issue during the financial year.

ntial ordinary shares. The Company’s dilutive potential ordinary shares consist of share options. For the share options, a calculation is don
December
2022
-11,234,836

1,683,431,417
—

1,683,431,417

-6.67
Leasehold improvements and
Total
furniture, fitting and equipment
RMB’000 RMB’000

[…] […]
[…] […]
[…] […]

10,194 1,189,219
259 10,794
-57 -1,484
16,306 16,444
-1,144 -2,098
-24,264 -106,094

1,294 1,106,781

144,987 1,626,455
-143,693 -519,674

1,294 1,106,781

[…] […]
[…] […]
[…] […]
[…] […]
[…] […]
[…] […]

[…] […]

[…] […]
[…] […]
[…] […]
ng period is the carrying amount of each class of financial assets mentioned above.

one operating cycle. The relevant land use rights are on leases of 40 to 70 years.

mpleted and delivered beyond one year.

 Share premium Total

RMB’000 RMB’000
 […] […]
[…] […]
[…] […]
[…] […]

were cancelled after the repurchase.

December
December
 31-Dec-22
RMB’000
[..]
[..]
[..]

[..]

31-Dec-22
RMB’000
42,403,668
19,966
7,075,544

49,499,178
rs upon the completion of guarantee registration; or (ii) the satisfaction of mortgage loan by the purchasers of properties.

ty owed by the defaulted purchasers to the banks and the Group is entitled to take over the legal title and possession of the related properties. The Group’s guarantee period st

oss of the Group resulting from the default in payments by joint ventures and associates is minimal and therefore no provision has been made in the consolidated financial statem
as security for borrowings of the Group at 31 December
3. If the acquisitions had occurred on 1 January 2023, consolidated revenue and consolidated profit after tax for the year ended 31 Decemb

sing from the acquisition are summarised as follows.

 Ownership interest As at 31 December

2022
66.77%

66.77%

s with related parties.

 Total
RMB’000

[..]

[…]

[..]
[..]

[…]

[…]

[…]

[…]

2020 2019
48,302,505 51,462,502

2,428,123 3,154,064

2020 2019
RMB’000 RMB’000
28,889,651 22,718,069
204,359,136 191,489,969

233,248,787 214,208,038

48,852,073 46,512,847
133,737,711 126,406,961

182,589,784 172,919,808

50,659,003 41,288,230

16,405,865 12,754,828
 Ownership interest held by non-
Ownership interest held by the Group % controlling interests %

[..] —
[..] —

[..] —

[..] —

[..] 50

[..] 50

[..] 50

[..] 74

[..] 75

[..] 49

[..] 66

[..] 49

[..] 49
 [..] 49

uired from a third party on 31 July 2017. The amounts disclosed for the Hailiang Group are before inter-company eliminations.
f share options. For the share options, a calculation is done to determine the number of shares that could have been acquired at fair value
asers of properties.

nd possession of the related properties. The Group’s guarantee period starts from the dates of grant of the mortgages. The repayment was on schedule and the risk of default in

therefore no provision has been made in the consolidated financial statements for the financial guarantee contracts.
consolidated profit after tax for the year ended 31 December 2023 of the Group would have been RMB87,530,000 and loss of RMB160,514,
[…]
ompany eliminations.
d have been acquired at fair value (determined as the average annual market share price of the Company’s shares) based on the monetar
ent was on schedule and the risk of default in payment was remote. The directors of the Company consider that the fair value of these financial guarantee contracts at the date of
7,530,000 and loss of RMB160,514,000, respectively.
shares) based on the monetary value of the subscription rights attached to outstanding share options.
al guarantee contracts at the date of inception was minimal. The directors consider that the likelihood of loss of the Group resulting from the default in payments by purchasers is
efault in payments by purchasers is minimal and therefore no provision has been made in the consolidated financial statements for the financial guarantee contracts.
guarantee contracts.
NON-CURRENT ASSETS
Property, plant and equipment
Right-of-use assets
Investments in subsidiaries
Total non-current assets
CURRENT ASSETS
Cash and cash equivalents
Prepayments and other receivables
Amounts due from subsidiaries
Total current assets
CURRENT LIABILITIES
Other payables
Lease liabilities
Dividends payable
Amounts due to subsidiaries
Amount due to a related party
Total current liabilities
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NON-CURRENT LIABILITIES
Lease liabilities
Net assets
Share capital
Reserves (note)
Total equity

A summary of the Company’s reserves is as follows:

At 31 August 2021 and 1 September 2021

Total comprehensive expense for the year
2021 final dividend declared
Shares purchased for share award scheme
At 31 August 2022
Total comprehensive expense for the year
2022 final dividend declared
Shares purchased for share award scheme
At 31 August 2023
 31-Aug 31-Aug
2022 2021
RMB’000 RMB’000

6 9
1,023 1,221
307 307
1,336 1,537

4,366 190,219
487 358
821,206 798,541
826,059 989,118

1,097 16,620
576 1,230
— 74,741
202,216 191,060
— 16,614
203,889 300,265
622,170 688,853
623,506 690,390

455 —
623,051 690,390
26,051 26,051
597,000 664,339
623,051 690,390

Capital reserve Shares AccumulateTotal

held for share
award scheme
RMB’000 RMB’000 RMB’000 RMB’000
748,892 0 -84,553 664,339
0 0 -1,554 (1,554)
-48,081 0 0 (48,081)
0 -17,704 0 (17,704)
700,811 -17,704 -86,107 597,000
-
-
-
700,811 -17,704 -86,107 597,000