Redco Properties : INTERIM REPORT 2020

September 15, 2020 at 09:00 am EDT

CONTENTS

Financial Highlights	財務摘要	2
Corporate Information	公司資料	3
業務概覽	6
Business Overview
權益披露	27
Disclosure of Interests
其他資料	30
Other Information
中期財務資料的	33
Report on Review of Interim Financial
審閱報告
Information
簡明合併損益表	35
Condensed Consolidated Statement of

Profit or Loss	簡明合併全面收益表	36
Condensed Consolidated Statement of

Comprehensive Income	簡明合併資產負債表	37
Condensed Consolidated Balance Sheet
簡明合併權益變動表	39
Condensed Consolidated Statement of

Changes in Equity	簡明合併現金流量表	41
Condensed Consolidated Statement of

Cash Flows	簡明合併財務資料附註	43
Notes to the Condensed Consolidated

Financial Information

		REDCO PROPERTIES GROUP LIMITED

		力高地產集團有限公司
FINANCIAL HIGHLIGHTS
財務摘要
					Six months ended 30 June
					截至六月三十日止六個月
					2020	2019	Change
					二零二零年	二零一九年
					RMB'000	RMB'000	變動
					人民幣千元	人民幣千元	(%)
	Revenue	收益	6,702,984	1,503,382	345.9%
Gross profit	毛利	1,400,964	628,286	123.0%
Profit before income tax	除所得稅前溢利	1,128,227	594,252	89.9%
Profit for the period	期內溢利	736,736	376,484	95.7%
Profit attributable to owners	本公司所有者應佔溢利	445,093	283,654	56.9%
of the Company	本公司所有者應佔每股溢利
Earnings per share attributable
to owners of the Company	－基本及攤薄（以每股
- Basic and diluted (expressed	12.53	7.99	56.8%
in RMB cents per share)	人民幣分列示）

					30 June	31 December
					2020	2019
					二零二零年	二零一九年	Change
					六月三十日	十二月三十一日
					RMB'000	RMB'000	變動
					人民幣千元	人民幣千元	(%)
	Total Assets	總資產	70,979,910	62,609,340	13.4%
Cash and cash equivalents	現金及現金等價物	10,085,532	11,094,295	-9.1%
Total Bank and other borrowings	銀行及其他借款總額	18,464,378	16,782,693	10.0%

		INTERIM REPORT 2020

		2020年中期報告
	CORPORATE INFORMATION
		公司資料
BOARD OF DIRECTORS	董事會
Executive Directors	執行董事
Mr. WONG Yeuk Hung	黃若虹先生
Mr. HUANG Ruoqing	黃若青先生
Mr. TANG Chengyong	唐承勇先生
Mr. WANG Weifeng (Resigned on 28 May 2020)	王衛鋒先生（於二零二零年
	五月二十八日辭任）
Independent non-executive directors	獨立非執行董事
Dr. WONG Yau Kar, David GBS, BBS, JP	黃友嘉博士 GBS, BBS 太平紳士
Mr. CHAU On Ta Yuen SBS, BBS	周安達源先生 SBS, BBS
Mr. YIP Tai Him	葉棣謙先生
COMPANY SECRETARY	公司秘書
Mr. CHAN Hing Chau	陳慶疇先生
AUTHORISED REPRESENTATIVES	授權代表
Mr. HUANG Ruoqing	黃若青先生
Mr. CHAN Hing Chau	陳慶疇先生
AUDIT COMMITTEE	審核委員會
Mr. YIP Tai Him (Chairman)	葉棣謙先生（主席）
Dr. WONG Yau Kar, David GBS, BBS, JP	黃友嘉博士 GBS, BBS 太平紳士
Mr. CHAU On Ta Yuen SBS, BBS	周安達源先生 SBS, BBS
REMUNERATION COMMITTEE	薪酬委員會
Mr. YIP Tai Him (Chairman)	葉棣謙先生（主席）
Mr. CHAU On Ta Yuen SBS, BBS	周安達源先生 SBS, BBS
Mr. HUANG Ruoqing	黃若青先生
NOMINATION COMMITTEE	提名委員會
Mr. HUANG Ruoqing (Chairman)	黃若青先生（主席）
Dr. WONG Yau Kar, David GBS, BBS, JP	黃友嘉博士 GBS, BBS 太平紳士
Mr. CHAU On Ta Yuen SBS, BBS	周安達源先生 SBS, BBS

REDCO PROPERTIES GROUP LIMITED 力高地產集團有限公司

CORPORATE INFORMATION 公司資料

AUDITOR

PricewaterhouseCoopers

Certified Public Accountants

Registered Public Interest Entity Auditor

LEGAL ADVISOR

Sidley Austin

REGISTERED OFFICE

Cricket Square

Hutchins Drive

P.O. Box 2681

Grand Cayman, KY1-1111

Cayman Islands

HEADQUARTERS AND PRINCIPAL PLACE OF BUSINESS IN THE PRC

Redco Building

Tower 5, Qiaochengfang Phase I,

No. 4080 Qiaoxiang Road,

NanShan District, Shenzhen

People's Republic of China

PRINCIPLE PLACE OF BUSINESS IN HONG KONG

Room 2001-2, Enterprise Square 3

39 Wang Chiu Road, Kowloon Bay

Kowloon, Hong Kong

CAYMAN ISLANDS PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE

Estera Trust (Cayman) Limited

Clifton House, 75 Fort Street

P.O. Box 1350

Grand Cayman, KY1-1108

Cayman Islands

HONG KONG SHARE REGISTRAR

Computershare Hong Kong Investor Services Limited Shops 1712-1716

17/F, Hopewell Centre

183 Queen's Road East

Wanchai

Hong Kong

核數師

羅兵咸永道會計師事務所執業會計師

註冊公眾利益實體核數師

法律顧問

盛德律師事務所

註冊辦事處

Cricket Square

Hutchins Drive

P.O. Box 2681

Grand Cayman, KY1-1111 Cayman Islands

總部及中國主要營業地點

中華人民共和國深圳市南山區僑香路 4080 號

僑城坊一期五號樓力高大廈

香港主要營業地點

香港九龍

九龍灣宏照道 39 號

企業廣場 3 期 2001-2 號室

開曼群島股份過戶登記總處

Estera Trust (Cayman) Limited

Clifton House, 75 Fort Street

P.O. Box 1350

Grand Cayman, KY1-1108

Cayman Islands

香港證券登記處

香港中央證券登記有限公司香港

灣仔

皇后大道東 183 號

合和中心 17 樓 1712-1716室

		INTERIM REPORT 2020

		2020年中期報告
	CORPORATE INFORMATION
		公司資料
PRINCIPAL BANKERS	主要往來銀行
China Minsheng Bank	中國民生銀行
Bank of China (Hong Kong) Limited	中國銀行（香港）有限公司
Hang Seng Bank	恒生銀行
The Bank of East Asia Limited	東亞銀行有限公司
INVESTOR RELATIONS	投資者關係
Email: ir@redco.cn	電子郵件：ir@redco.cn
Fax: (852) 2758 8392	傳真：(852) 2758 8392
STOCK CODE	股份代號
1622	1622
WEBSITE	網站
www.redco.cn	www.redco.cn

REDCO PROPERTIES GROUP LIMITED 力高地產集團有限公司

BUSINESS OVERVIEW 業務概覽

BUSINESS OVERVIEW

The Group has been upholding the brand philosophy of signature architecture for innovation and enjoyable life ( 精端著造 , 創享生活 ) and has adopted our global strategy of"3+N+1"through its sound and pragmatic approach to business, the forward-looking plans for strategic investment, quality products and operational efficiency. As at the date of this report, the Group has become a large-scale comprehensive enterprise focusing on real estate development and integrating diversified business in its operations including health care, commerce, technology, property management, cultural tourism and education.

In the first half of 2020, in the face of the new market situation in the real estate industry, the Group achieved high-quality leapfrog development by bolstering its strategic determination, focusing on product quality and services, and continuously improving its core competitiveness. During the interim period, the Group attained a revenue of approximately RMB6,703.0 million, a year-on-year increase of 345.9%; net profit reached approximately RMB736.7 million, a year-on-year increase of 95.7%; gross profit was RMB1,401.0 million, representing a year-on-year increase of 123.0%; contracted sales was approximately RMB13,018.2 million, a year-on-year increase of 19.3%.

業務概覽

本集團秉承「精端著造創享生活」的經營理念，以穩健務實的市場風格、前瞻的戰略性投資佈局、優秀的產品營造，及高效的運營能力，踏實踐行「3+N+1」的全球佈局戰略。發展至本報告期，本集團已成為一家以地產開發為主，集康養、商業、科技、物業管理、文旅、教育等多元化產業於一體的大型綜合企業集團。

二零二零上半年，面對地產行業市場的新形勢，本集團透過提高其戰略定力，聚焦產品品質及服務並不斷提升核心競爭力，實現了高質量跨越式發展。於本中期期間，本集團取得收益約人民幣 67.03 億元，同比增長 345.9%；實現淨利潤約人民幣 7.367 億元，同比增長 95.7%；實現毛利 14.01 億元人民幣，同比增長 123.0%；合同銷售金額約人民幣 130.182 億元，同比增長 19.3%。

Dual-drivers lead to rapid development of diversified business	雙輪驅動，並多元化業務發展迅猛
In recent years, while intensively working on real estate, the Group	近年來，在深耕地產的同時本集團結合行
has followed industry development trends to promote diversified	業發展趨勢，推動多元化業務佈局，實現
business layout, extend its business value chain and incubate a	產業價值鏈的延伸，孵化全產業鏈閉環。
complete closed-loop business chain. Its diversified investment	旗下多元化產業投資集團秉持提供全面生
arms embraced the principle of providing all-round lifestyle services	活服務的原則，打造並孵化出「康養、商
and nurtured diversified businesses of"healthcare, commerce,	業、科技、物業管理、文旅、教育」等多元
technology, property management, cultural tourism, education"	化業務。其中優居美家物業服務有限公司
and so on. Among them, UG Property Management Co., Ltd (the"UG	（「優居美家物業」）的管理服務項目數量倍
Property Management") has exceeded in growth and the service	增導致增長及服務質量有所提升。在由中
quality as the number of projects for management services doubled.	國指數研究院測評的 2020 中國物業服務百
In the"2020 Top 100 Property Management Service Enterprises	強企業研究排行榜中，優居美家物業連續
in the PRC"rankings evaluated by the China Index Academy, UG	三年穩居百強，並與共創投集團及金牌市
Property Management has been ranked among the top 100 for three	政達成戰略合作，實現互利共贏。
consecutive years, it has also formed strategic cooperation with
Totalbuild Investments Group ( 共創投集團 ) and Gold Medal City ( 金牌
市政 ) to achieve mutual benefit.

Global layout and expansion of high-quality land reserves

Adhering to a proactive expansion strategy and a prudent investment strategy, the Group acquired 14 new parcels of land in the first half of 2020. In recent years, we have adopted the 3+N+1 global layout strategy, focusing on land investment in the three core economic circles of the Bohai Rim, the Yangtze River Delta, and the Guangdong- Hong Kong-Macao Greater Bay Area, as well as high-value and high- growth cities such as Nanchang and Wuhan, and actively expanding overseas markets. On 18 February 2020, the Group officially announced that it would invest US$112 million in the Makati Metro Superstructure Property Development Project and participate in the development of a total area of approximately 32 hectares of land Makati City, Philippines. As of 30 June, 2020, the total land bank of the Group was approximately 17.9 million square meters, providing a solid foundation for future development.

Quality-oriented, to be the forerunner of healthy buildings

In the post-epidemic era, consumers have new requirements for living condition such as community management, property services and epidemic prevention functions of buildings, ushering in a major development opportunity for"Healthy Buildings". As a forerunner of health-oriented architecture, the Group takes Oriental living aesthetics by heart and combines it with modern technology for healthy residence, forming a distinctive New Oriental Green Building style through continuous innovation. Redco defines healthy buildings by three aspects: healthy environment, health-care facilities and healthy community management, these ideas are complemented by 36 health-related measures in more than 100 living scenarios, and more than 500 health-related techniques. In addition, the Group focuses on product quality, and its four major product lines"villa", "grand","joy"and"mansion"series have fully met the needs of various types of home buyers.

Financially sound and well recognized by the capital market

Relying on good corporate governance and prudent financial management, the Group successfully issued US$150 million 13.0% senior notes due 2023 on 19 May 2020. At the same time, the Group attaches great importance to cash flow management by adopting a reasonable financing structure and a robust balance sheet. As of 30 June 2020, the Group's cash and bank balance including (cash and cash equivalents and restricted cash) were RMB14.38 billion, and the net debt-to-equity ratio was 37.1%. The international rating agencies Fitch and Standard & Poor's both gave the Group a rating of B with stable outlook, which fully reflects their recognition of the comprehensive strength and future growth of the Group. Consequently, Fitch upgraded the Group's outlook from stable to positive in July.

INTERIM REPORT 2020 2020年中期報告

BUSINESS OVERVIEW 業務概覽

佈局全球，擴充優質土地儲備

二零二零上半年，本集團秉持積極的拓展策略及穩健的投資策略，新獲取 14 幅土地。近年來，堅持 3+N+1 全球佈局戰略，土地投資聚焦於環渤海、長三角、粵港澳大灣區三大核心經濟圈以及南昌、武漢等高價值高成長城市，並積極拓展海外市場。於二零二零年二月十八日，本集團正式公佈以 1.12 億美元投資馬卡蒂市地鐵上蓋物業發展項目，參與開發菲律賓馬卡蒂巿總面積約 32 公頃的土地。截至二零二零年六月三十日，本集團總土地儲備約為 17.9 百萬平方米，為未來發展提供堅實基礎。

品質為本，做健康建築「先行者」

在後疫情時代，消費者對於小區管控、物業服務、建築防疫性能等居住場景提出了新的要求，「健康建築」迎來重大發展契機。作為健康建築的「先行者」，本集團以東方生活美學為內涵，結合現代人居健康技術，不斷創新，形成特色鮮明的新東方健康建築。力高將健康建築分解為三個維度：健康環境、健康配套設施、健康社區運營，其中包括了 36 個健康相關措施， 100 多個生活場景，以及 500 多個健康技術細節。此外，本集團聚焦產品品質，旗下 4 大產品線「雍」、「君」、「悅」、「華」系列，全方位滿足了各類型的購房者需求。

財務穩健，深獲資本市場認可

本集團憑藉良好的企業治理與謹慎穩健的財務管理，於二零二零年五月十九日，成功發行一筆 1.5 億美元於二零二三年到期 13.0% 優先票據。同時，本集團高度重視現金流管理，融資結構合理，資產負債水平穩健。於二零二零年六月三十日，本集團的現金及銀行結餘（包括現金及現金等價物及受限制現金）為人民幣 143.8 億元，而淨負債權益比率為 37.1%。國際評級機構惠譽及標普均給予集團主體評級 B，展望穩定，充分反映業界對本集團綜合實力以及未來成長性的認可。其後惠譽在七月將集團展望從穩定上調至正面。

	REDCO PROPERTIES GROUP LIMITED

	力高地產集團有限公司
BUSINESS OVERVIEW
業務概覽
Advancing with honor and strengthening the brand recognition	載譽前行，品牌美譽度大幅提升
In the first half of 2020, the rapid development and outstanding	二零二零上半年，本集團的飛速發展及卓
comprehensive strength of the Group has been widely recognized	越的綜合實力得到了業內外的廣泛認可，
by the industry and the public. It has won numerous awards and its	屢獲殊榮，美譽度大幅提升。在各權威
reputation has grown significantly. The Group has performed well	測評機構測評榜單中表現不俗，先後獲評
in the ranking lists of various authoritative evaluation institutions.	2020 值得資本市場關注的房地產公司、
It has been rated as a"real estate company worthy of the capital	2020 中國房地產上市公司產品力領先企
market's attention in 2020", a"leading company in product strength	業－－健康住宅、2020 中國房地產產品力
of China's listed real estate companies in 2020-healthy housing",	優秀企業、2020 年博鼇中國地產風尚大
an"outstanding enterprise in China's real estate products in 2020",	獎－－年度創新力地產企業、集團旗下優
and named"Annual Innovative Real Estate Enterprise"in the Boao	居美家物業獲評「2020 年中國物業服務百
2020 China Real Estate Fashion Awards, UG Property Management, a	強企業」、集團總裁黃若青先生獲「2020 中
subsidiary of the Group, was listed as one of the"Top 100 Property	國房地產上市公司十大金牌 CEO」及「2020
Management Service Enterprises in the PRC in 2020". Our President	博鼇中國地產風尚大獎－年度影響力地產
Mr. Huang Ruoqing was honoured as one of the"2020 Top 10 CEO of	人物」、深圳「力高 · 君御花園」及咸陽「力
China's Listed Real Estate Enterprises"and"Influential Real Estate	高 · 禦景灣」（均由本集團投資及管理）獲
Person of the Year"in the Boao 2020 China Real Estate Fashion	評「2020 中國五星級物業服務小區」等各項
Awards. Royal International in Shenzhen and Royal Family in	殊榮。
Xianyang, both projects invested and managed by the Group, won the
awards of"2020 China Five-star Property Service Community".

							INTERIM REPORT 2020

							2020年中期報告
					BUSINESS OVERVIEW
							業務概覽
PROPERTY DEVELOPMENT AND INVESTMENT PROJECTS		房地產開發及投資項目
As at 30 June 2020, the Group's property portfolio comprised	於二零二零年六月三十日，本集團的物業
101 property development and investment projects with an	組合包括位於中國及澳洲多個城市處於不
aggregate GFA of 17,878,920.0 square metres under various stages	同開發階段且尚未售罄的 101 個房地產開
of development remaining unsold in various cities in the PRC and	發及投資項目，總建築面積 17,878,920.0
Australia. The following table sets forth a summary of our property	平方米。下表概述我們於二零二零年六月
development and investment projects as at 30 June 2020:		三十日的房地產開發及投資項目：

							Total GFA
							under various
							stages of
							development
			Site area(1)	Total GFA(2)	remaining
			unsold(3)
							處於不同
					總建築	開發階段的
	Project	項目	佔地面積 (1)	尚未售出
	面積 (2)	總建築面積 (3)
			(sq. m.)	(sq. m.)	(sq. m.)
			（平方米）	（平方米）	（平方米）

	NANCHANG REGION	南昌區域	466,665.3	861,274.2	4,055.6
	Spain Standard	力高國際城
	Riverside International	濱江國際	37,346.0	163,999.9	1,900.9
	Bluelake County	瀾湖郡	135,285.0	286,794.7	15,119.9
	Riverlake International	濱湖國際	68,373.0	168,752.5	5,626.4
	Imperial Mansion	君御華府	41,993.3	103,594.8	7,470.3
	Imperial Metropolis	君御都會	84,093.3	210,142.7	37,777.4
	Bluelake International	瀾湖國際	47,151.0	113,323.0	5,696.7
	The Garden of Spring	十里春風	30,378.0	15,278.0	12,613.3
	Scenery Bay	麗景灣	51,919.0	177,985.0	177,985.0
	Delight Scenery	悅景薹	62,455.0	123,856.6	29,671.3
	YONG Lake Scenic Center	雍湖景畔	132,505.0	412,507.2	412,507.2
	Life Sunshine Town	生命陽光城	33,396.4	50,181.8	50,181.8
	The Phoenix - Phase I	鳳凰新天一期	16,295.3	78,177.8	17,849.3
	The Phoenix - Phase II	鳳凰新天二期	39,030.5	155,617.8	155,617.8
	Eastern Imperial Garden	東方璽園	49,225.0	165,979.0	165,979.0
	Eastern Exquisite	東方玲瓏園	23,209.0	75,630.6	75,630.6
	Golden Mansion	金尊府	92,314.0	240,346.0	240,346.0
	Royal City	君譽城	225,296.0	642,093.3	642,093.3
	Sunshine Capital	陽光首府	93,824.1	208,170.4	208,170.4
	Eastern Harmony	東方和園	31,422.0	97,757.0	97,757.0
	Eastern Crystal	東方璞園	57,876.0	177,645.0	177,645.0
	One Riverside Glory	君譽濱江一期	52,896.0	158,124.3	158,124.3
	Two Riverside Glory	君譽濱江二期	42,301.0	100,623.2	100,623.2
	Eastern Grand	東方博園	66,667.0	214,244.0	214,244.0
	Fifth Avenue	贛州第五大道	107,814.9	642,971.9	532,214.5

	REDCO PROPERTIES GROUP LIMITED

	力高地產集團有限公司
BUSINESS OVERVIEW
業務概覽


						Total GFA
						under various
						stages of
						development
				Site area(1)	Total GFA(2)	remaining
				unsold(3)
						處於不同
					總建築	開發階段的
	Project	項目	佔地面積 (1)	尚未售出
	面積 (2)	總建築面積 (3)
				(sq. m.)	(sq. m.)	(sq. m.)
				（平方米）	（平方米）	（平方米）

	NANCHANG REGION	南昌區域	49,335.6	135,797.5	135,797.5
	Leisure' Mansion	君逸府
	Rivera Mansion	雍江府	101,008.5	312,544.0	312,544.0
	TIANJIN REGION	天津區域	481,394.0	1,445,893.2	1,011,944.0
	Sunshine Coast	陽光海岸
	Land Lot Nos. A1 and A2	A1 及 A2 號地塊	69,336.2	55,469.0	55,469.0
	Perfection Ocean	理想海	159,465.9	316,654.0	316,654.0
	Luminescence Ocean	拾光海	68,827.0	130,921.7	130,921.7
	Eastern Aesthetics	悅麓蘭庭	105,115.2	310,991.2	310,991.2
	CHANGSHA REGION	長沙區域	18,002.1	128,168.2	128,168.2
	Changsha Phoenix	長沙鳳凰新天
	Yuelu Green Town	岳麓青城	215,333.0	753,667.0	753,667.0
	Yuelu Celebrity Town	岳麓名城	140,000.0	350,000.0	350,000.0
	ZHEJIANG & JIANGSU REGION	江浙區域	132,701.0	411,708.1	411,708.1
	Cloud Metropolis	雲都會
	Peaceful Sea	靜海府	56,499.6	108,074.0	24,238.1
	Riviera One	璟頤灣	223,245.0	645,806.7	645,806.7
	Peach Creek Villa	桃溪雲廬	25,475	61,679.8	61,679.8
	YuYao Project	余姚項目	78,512.0	242,818.0	242,818.0
	JINAN REGION	濟南區域	68,066.0	256,658.6	2,844.9
	Bluelake County	瀾湖郡
	Royal Family	君御世家	30,682.0	131,919.7	21,239.4
	Imperial Mansion	君御華府	44,966.0	125,742.3	14,622.6
	Redco Visionary	力高未來城一期	90,616.9	311,327.2	93,374.0
	Redco Visionary II	力高未來城二期	236,992.1	607,995.8	607,995.8
	Spring Villa	雍泉府	268,113.0	596,669.4	596,669.4
	Jiyang II	濟陽大二期	166,967.4	389,510.0	389,510.0
	Grand Mansion	君悅首府	60,940.0	175,440.0	175,440.0
	Leisure' Mansion	君逸府	34,290.0	111,702.9	111,702.9

					INTERIM REPORT 2020

					2020年中期報告
			BUSINESS OVERVIEW
					業務概覽


					Total GFA
					under various
					stages of
					development
		Site area(1)	Total GFA(2)	remaining
		unsold(3)
					處於不同
			總建築	開發階段的
Project	項目	佔地面積 (1)	尚未售出
面積 (2)	總建築面積 (3)
		(sq. m.)	(sq. m.)	(sq. m.)
		（平方米）	（平方米）	（平方米）

YANTAI REGION	煙台區域	51,693.7	93,512.7	8,699.3
Sunshine Coast - Phase I	陽光海岸－第一期
Sunshine Coast - Phase II	陽光海岸－第二期	21,371.0	34,388.3	1,721.4
Sunshine Coast - Phase III	陽光海岸－第三期	33,142.0	81,358.2	3,933.8
Sunshine Coast - Phase IV	陽光海岸－第四期	63,411.0	213,814.7	213,814.7
Sunshine Coast - Phase V	陽光海岸－第五期	99,194.0	199,574.0	199,574.0
Cathay Palace	泰和府	57,991.0	182,230.0	182,230.0
Ruilon Project	瑞龍項目	100,511.8	279,024.0	279,024.0
Delight Mansion	清悅華府	133,352.0	375,577.5	375,577.5
HEFEI REGION	合肥區域	395,596.4	823,818.0	67,837.1
Mix Kingdom Redco	力高 ‧ 共和城
Prince Royal Family	君御世家	88,025.5	300,887.9	32,505.2
Royal International	君御國際	43,873.0	114,894.0	22,295.6
Bluelake City	瀾湖前城	76,058.8	229,941.8	40,143.9
Majestic Residence	天悅府	67,931.0	198,138.0	198,138.0
Huaan Southern City	南華安城	165,601.7	496,943.5	496,943.5
Scholar Residence	狀元府	56,722.2	184,894.4	26,455.9
Cloud Terrace	雲湖印	47,925.5	130,636.2	130,636.2
Royal Universe	君御天下	83,478.3	125,217.5	125,217.5
Golden County	金色南郡	83,966.0	250,019.3	25,662.4
Bauhinia Residence	紫荊府	56,185.5	140,610.5	140,610.5
Virtuous City	毅德城	363,736.9	880,110.0	689,910.0
Leisure' Mansion	君逸府	47,098.0	117,827.3	117,827.3
WUHAN REGION	武漢區域	100,411.0	112,217.4	92,543.3
Redco Courtyard	雍湖灣
Youthfulness	雍華年	61,450.2	113,693.4	113,693.4
Golden Bridge Horizon	金橋新天地	30,364.0	91,046.9	91,046.9
Intelligence City	智慧城	31,696.3	118,039.0	118,039.0
Redco Majestic Residence	力高天悅府一期	53,392.4	198,071.9	56,680.4
Redco Majestic Residence II	力高天悅府二期	42,512.8	157,435.2	157,435.2
Fortune East	瑞錦東城	46,666.9	71,815.0	71,815.0
Scenery Mansion	山水華府	47,012.0	201,516.0	201,516.0
Delight Dragon City	悅禧龍城	158,891.0	556,118.5	556,118.5

	REDCO PROPERTIES GROUP LIMITED

	力高地產集團有限公司
BUSINESS OVERVIEW
業務概覽


						Total GFA
						under various
						stages of
						development
				Site area(1)	Total GFA(2)	remaining
				unsold(3)
						處於不同
					總建築	開發階段的
	Project	項目	佔地面積 (1)	尚未售出
	面積 (2)	總建築面積 (3)
				(sq. m.)	(sq. m.)	(sq. m.)
				（平方米）	（平方米）	（平方米）

	XI'AN REGION	西安區域	69,466.8	205,541.0	9,690.6
	Royal City - Phase I	御景灣 - 第一期
	Majestic Mansion	天悅華府	88,319.8	171,000.0	117,964.4
	Royal Family	君御世家	27,588.1	78,431.6	78,431.6
	Royal Redco	力高君樾	46,855.5	90,131.7	90,131.7
	SHENZHEN REGION	深圳區域	33,035.3	138,833.9	11,360.1
	Royal International	力高君御花園
	GUANGDONG REGION	廣東區域	30,819.6	95,493.7	17,975.3
	Royal Family	君御世家
	Bluelake Landmark	瀾湖峯景	28,113.0	69,275.2	19,656.7
	Center Mansion	君熙府	17,428.0	74,617.7	74,617.7
	Royal Mansion	君譽府	13,611.1	36,217.4	36,217.4
	Bluelake Mansion	瀾湖公館	12,543.8	41,452.0	41,452.0
	Sky Palace	雲築花園	48,179.0	220,954.9	220,954.9
	Sky Terrace	雲峰閣	27,820.0	85,791.7	85,791.7
	Huizhou Leisure' Mansion	惠州君逸府	24,956.0	100,123.0	100,123.0
	Blissful Bay	悅璟灣	71,946	262,489.7	262,489.7
	Jiangmen Leisure' Mansion	江門君逸府	65,359.0	231,427.0	231,427.0
	QUANZHOU REGION	泉州區域	170,330.7	450,075.0	450,075.0
	Putian Causeway Bay Plaza	莆田銅鑼灣廣場
	Bayview	觀悅灣	18,306.0	53,034.1	3,802.8
	Enjoy Peak	悅峰薹	13,336.0	58,647.7	58,647.7
	Leisure' Mansion	君逸府	40,279.0	151,406.0	151,406.0
	Mount Yuelan	樾瀾山	186,656	458,808.6	458,808.6
	Royal Central	君譽中央	15,376.0	48,596.1	48,596.1
	OVERSEAS REGION	海外區域	15,830.0	56,579.0	18,948.0
	Prime	Prime
	TOTAL	總計			17,878,920.0

			INTERIM REPORT 2020

			2020年中期報告
		BUSINESS OVERVIEW
			業務概覽
1. Information for"site area"is based on relevant land use rights	1.	有關「佔地面積」的資料乃基於相關土地使
certificates, land grant contracts, tender documents, or other relevant		用權證、土地出讓合同、招標文件或其他
agreements (as the case may be).		相關協議（視情況而定）。
2. "Total GFA"is based on surveying reports, construction works	2.	「總建築面積」乃基於測量報告、建築工程
commencement permits and/or construction works planning permits or		施工許可證及╱或建設工程規劃許可證或
the relevant land grant contract and/or public tender, listing-for-sale or		相關土地出讓合同及╱或公開招標、掛牌
auction confirmation letter.		出讓或拍賣確認書。

3. "Total GFA under various stages of development remaining unsold" 3. 「處於不同開發階段的尚未售出總建築面

includes the GFA of the completed projects remaining unsold, GFA 積」包括尚未售出的已竣工項目的建築面

of projects under development and the GFA of projects for future 積、開發中項目的建築面積以及可供未來

development.發展的項目的建築面積。

FINANCIAL REVIEW	財務回顧
Revenue	收益
Revenue for the six months ended 30 June 2020 increased by 345.9%	截至二零二零年六月三十日止六個月的收
to RMB6,703.0 million from RMB1,503.4 million for the six months	益由截至二零一九年六月三十日止六個月
ended 30 June 2019. Such increase was primarily attributable to the	人民幣 1,503.4 百萬元增加 345.9% 至人民
increase in our GFA delivered for the residential property for Fifth	幣 6,703.0 百萬元。有關增加乃主要由於
Avenue and The Phoenix in Nanchang, Bluelake City in Hefei , Redco	南昌的贛州第五大道及鳳凰新天、合肥的
Visionary in Jinan and Peaceful Sea in Jiangsu. Total GFA delivered	瀾湖前城、濟南的力高未來城一期及江蘇
increased by 256.5% to 620,736 sq.m for the six months ended 30	的靜海府的住宅物業的已交付建築面積增
June 2020 from 174,111 sq. m for the six months ended 30 June	加所致。截至二零二零年六月三十日止六
2019. The increase in our total revenue was also contributed by the	個月的已交付建築面積由截至二零一九年
increase in the recognised average selling price (the"ASP") for the	六月三十日止六個月的 174,111 平方米增
properties delivered in the six months ended 30 June 2020. The ASP	加 256.5% 至 620,736 平方米。總收益增加
for properties delivered increased to RMB10,635 for the six months	亦由於截至二零二零年六月三十日止六個
ended 30 June 2020 from RMB7,118 for the six months ended 30 June	月已交付物業的已確認平均售價（「平均售
2019, representing a 49.4% increase which was primarily due to the	價」）增加所致。截至二零二零年六月三十
increase in GFA delivered in Fifth Avenue in Nanchang and Peaceful	日止六個月的已交付物業的平均售價由截
Sea in Jiangsu, which recognised a relatively higher ASP, as compared	至二零一九年六月三十日止六個月人民幣
with other property development projects of the Group.	7,118 元增加 49.4% 至人民幣 10,635 元，
	主要由於南昌的贛州第五大道以及江蘇的
	靜海府已交付建築面積增加，與本集團其
	他物業發展項目相比，其已確認平均售價
	相對較高所致。

REDCO PROPERTIES GROUP LIMITED 力高地產集團有限公司

BUSINESS OVERVIEW 業務概覽

The following table sets out a breakdown of the Group's revenue, GFA delivered and recognised ASP by geographical segments:

下表載列按地區分部劃分的本集團收益、已交付建築面積及已確認平均售價之明細：

For the six months ended 30 June

截至六月三十日止六個月

2020	2019	2020	2019	2020	2019
二零二零年	二零一九年	二零二零年	二零一九年	二零二零年	二零一九年
Revenue	GFA Delivered	Recognised ASP
(RMB'000)	(sq. m.)	(RMB per sq. m.)
(Unaudited)	已交付建築面積	已確認平均售價
收益
（人民幣千元）	（平方米）	（人民幣元╱平方米）
（未經審核）

Greater Western	泛海峽西岸
Taiwan Straits	經濟區
Economic Zone
Central and Western	中西部地區
Regions	環渤海經濟區
Bohai Economic Rim
- Construction service*	－建築服務 *
- Properties sales	－房地產銷售
Greater Bay Area	大灣區
Others	其他
- Healthcare service	－康養服務
- Property management	－物業管理服務
services
- Trading of construction －買賣建築材料
materials	－項目管理服務
- Project management
services	－租金收入
- Rental income
Total	總計

2,246,787	170,041	169,043	28,506		13,291	5,965
3,416,030	819,252	314,092	110,222		10,876	7,433
-	256,647		-	-	-	-
705,027	182,530	112,312	27,811		6,277	6,563
233,770	67,487	25,289	7,572		9,244	8,913
1,572	1,187		-	-	-	-
64,731	6,238		-	-	-	-
-	-		-	-	-	-
29,006	-		-	-	-	-
6,061	-		-	-	-	-
6,702,984	1,503,382	620,736	174,111		10,635	7,118

* Construction service represents the construction service provided by the	*	建築服務指本集團於濟南提供的建築服務
Group in Jinan
A summary of the segment results set forth below:	分部業績概要載列如下：
• Greater Western Taiwan Straits Economic Zone: segment	•	泛海峽西岸經濟區：於泛海峽西岸經
revenue for the Greater Western Taiwan Straits Economic Zone		濟區的分部收益由截至二零一九年六
increased significantly by 1,221.6% to RMB2,246.8 million for		月三十日止六個月的人民幣 170.0 百
the six months ended 30 June 2020 from RMB170.0 million for		萬元大幅增加 1221.6% 至截至二零
the six months ended 30 June 2019. Such increase was primarily		二零年六月三十日止六個月的人民幣
attributable to the increase in GFA delivered for Fifth Avenue		2,246.8 百萬元。收益增加主要是由
and The Phoenix in Nanchang.		於南昌贛州第五大道及鳳凰新天的已
		交付建築面積增加所致。

Central and Western Regions: segment revenue for the Central and Western Regions increased significantly by 316.9% to RMB3,416.0 million for the six months ended 30 June 2020 from RMB819.3 million for the six months ended 30 June 2019. Such increase was primarily attributable to the increase in the GFA delivered for Bluelake City in Hefei and Peaceful Sea in Jiangsu.
Bohai Economic Rim: segment revenue for the Bohai Economic Rim increased by 60.52% to RMB705.0 million for the six months ended 30 June 2020 from RMB439.2 million for the six months ended 30 June 2019. Such increase was primarily due to the increase in the GFA delivered in Redco Visionary in Jinan.
Greater Bay Area: segment revenue for the Greater Bay Area increased a 246.4% to RMB233.8 million for the six months ended 30 June 2020 compared to RMB67.5 million for the six months ended 30 June 2019. Such increase was mainly due to the increase in GFA delivered for Royal Family in Zhongshan.
Others: It mainly represents property management services provided by our subsidiary, UG Property Management, which was mainly to provide property management services to our group projects and project management services at our headquarters in Shenzhen. The project management services income mainly refers to the acquisition advisory service and financing service to our joint venture project company.

Cost of sales

Cost of sales increased by 505.9% to RMB5,302.0 million for the six months ended 30 June 2020 from RMB875.1 million for the six months ended 30 June 2019. Such increase was primarily due to the increase in GFA delivered to 620,736 sq. m. for the six months ended 30 June 2020 from 174,111 sq. m. for the six months ended 30 June 2019; and also increased by the increase in average land acquisition cost per sq. m. delivered amounted to RMB4,522 for the year ended 30 June 2020 from RMB1,829 for the year ended 30 June 2019. Such increase in average land acquisition cost per sq. m. delivered was primarily due to the increase in the GFA delivered for Fifth Avenue in Nanchang and Peaceful Sea in Jiangsu with a relatively high land acquisition costs.

INTERIM REPORT 2020 2020年中期報告

BUSINESS OVERVIEW 業務概覽

中西部地區：於中西部地區的分部收益由截至二零一九年六月三十日止六個月的人民幣 819.3 百萬元大幅增加 316.9% 至截至二零二零年六月三十日止六個月的人民幣 3,416.0 百萬元。收益增加主要是由於合肥的瀾湖前城及江蘇靜海府的已交付建築面積增加所致。
環渤海經濟區：於環渤海經濟區的分部收益由截至二零一九年六月三十日止六個月的人民幣 439.2 百萬元增加 60.52% 至截至二零二零年六月三十日止六個月的人民幣 705.0 百萬元。收益增加主要是由於濟南力高未來城一期的已交付建築面積增加所致。
大灣區：截至二零二零年六月三十日止六個月的來自大灣區的分部收益增加 246.4% 至人民幣 233.8 百萬元，而截至二零一九年六月三十日止六個月則為人民幣 67.5 百萬元。有關金額增加主要由於中山的君御世家的已交付建築面積增加所致。
其他：主要指由我們的附屬公司優居美家物業服務主要就本集團項目之物業管理服務提供的物業管理服務以及於深圳的總部提供項目管理服務產生的收益。項目管理服務收入主要是向合資項目公司提供收購顧問服務及融資服務。

銷售成本

銷售成本由截至二零一九年六月三十日止六個月的人民幣 875.1 百萬元增加 505.9% 至截至二零二零年六月三十日止六個月的人民幣 5,302.0 百萬元。銷售成本增加主要是由於已交付建築面積由截至二零一九年六月三十日止六個月的 174,111 平方米增加至截至二零二零年六月三十日止六個月的 620,736 平方米所致，而已交付每平方米平均土地收購成本由截至二零一九年六月三十日止六個月的人民幣 1,829 元上升至截至二零二零年六月三十日止六個月的人民幣 4,522 元。已交付每平方米平均土地收購成本上升主要由於土地收購成本較高的南昌贛州第五大道及江蘇的靜海府的已交付建築面積上升所致。

	REDCO PROPERTIES GROUP LIMITED

	力高地產集團有限公司
BUSINESS OVERVIEW
業務概覽
Gross profit	毛利
Gross profit increased by 123.0% to RMB1,401.0 million for the six	毛利由截至二零一九年六月三十日止六個
months ended 30 June 2020 from RMB628.3 million for the six months	月的人民幣 628.3 百萬元增加 123.0% 至
ended 30 June 2019. Our gross profit margin decreased to 20.9% for	截至二零二零年六月三十日止六個月的人
the six months ended 30 June 2020 from 41.8% for the six months	民幣 1,401.0 百萬元。毛利率由截至二零
ended 30 June 2019. The decrease was primarily attributable to the	一九年六月三十日止六個月的 41.8% 下降
increase in average land acquisition cost during the same period	至截至二零二零年六月三十日止六個月的
from RMB1,829 per sq.m. to RMB4,531 per sq.m. and netting off by	20.9%。減少主要由於平均土地收購成本
the increase in ASP from RMB7,118 to RMB10,635 for the same period	由同期每平方米人民幣 1,829 元增加至每
in 2019 and 2020.	平方米人民幣 4,531 元，惟被平均售價由
		二零一九年同期人民幣 7,118 元增加至二
		零二零年人民幣 10,635 元所抵銷。

Other gains, net	其他收益淨額
Other gains, increased 18.6% to RMB293.7 million for the six months	其他收益由截至二零一九年六月三十日止
ended 30 June 2020 from RMB247.6 million for the six months ended	六個月的人民幣 247.6 百萬元增加 18.6%
30 June 2019. The increase was primarily attributable to the increase	至截至二零二零年六月三十日止六個月的
of gain on re-measurement gain from RMB123.2 million in six months	人民幣 293.7 百萬元。增加主要由於重新計
ended 30 June 2019 to RMB233.7 million for the six months ended 30	量收益由截至二零一九年六月三十日止六
June 2020 and change of the realised loss on the foreign exchange	個月的人民幣 123.2 百萬元增加至截至二零
contracts for RMB44.5 million in six month ended 30 June 2019 to gain	二零年六月三十日止六個月的人民幣 233.7
RMB5.7 million for the six months ended 30 June 2020 and net-off by	百萬元以及截至二零一九年六月三十日止
the decrease of gain on disposal of subsidiaries from RMB112.8 million	六個月之外匯遠期合約變現虧損人民幣
for the six months ended 30 June 2019 to nil for the six months ended	44.5 百萬元變為截至二零二零年六月三十
30 June 2020.	日止六個月收益人民幣 5.7 百萬元，惟被
	出售附屬公司收益由截至二零一九年六月
	三十日止六個月的人民幣 112.8 百萬元減
	少至截至二零二零年六月三十日止六個月
	的零元所抵銷。

Selling and marketing expenses	銷售及營銷開支
Selling and marketing expenses increased by 42.5% to RMB247.4	銷售及營銷開支由截至二零一九年六月
million for the six months ended 30 June 2020 from RMB173.7	三十日止六個月的人民幣 173.7 百萬元增
million for the six months ended 30 June 2019. Selling and marketing	加 42.5% 至截至二零二零年六月三十日止
expenses mainly represent expenses incurred in the promotion of	六個月的人民幣 247.4 百萬元。銷售及營
our properties and the sales commission to the sales agents. Such	銷開支主要指我們物業的推銷費用及向銷
increase was mainly due to the increase in the marketing promotion	售代理支付的銷售佣金所產生的開支。有
activities for the projects and the increase in the sales agency fee as	關增加主要是由於項目的市場推廣活動增
there was an increase in the contracted sales.	加及合約銷售增加帶動銷售代理費用增加
	所致。

		INTERIM REPORT 2020

		2020年中期報告
	BUSINESS OVERVIEW
		業務概覽
General and administrative expenses	一般及行政開支
General and administrative expenses increased by 43.4% to RMB354.1	一般及行政開支由截至二零一九年六月
million for the six months ended 30 June 2020 from RMB246.9 million	三十日止六個月的人民幣 246.9 百萬元增
for the six months ended 30 June 2019. Such increase was primarily	加 43.4% 至截至二零二零年六月三十日止
due to the increase in salary expenses, legal and consultancy	六個月的人民幣 354.1 百萬元。有關增加
expenses and office and travelling expenses because of the increase	主要由於位於不同城市的項目數量增加導
in the number of projects located in different cities.	致薪金開支、法律及顧問開支以及辦公室
	及差旅開支增加所致。
Fair value gain on investment properties	投資物業公平值收益
The fair value gain on investment properties represents the increase	投資物業公平值收益指位於天津的文化園
in the value on the commercial portion of the culture park in Tianjin	的商業部分以及深圳力高大廈持作賺取租
and a portion of the Redco Building in Shenzhen which is held for	金部分的價值增加。公平值收益由截至
rental. The fair value gain decreased by 96.6% to RMB1.6 million for	二零一九年六月三十日止六個月的人民幣
the six months ended 30 June 2020 from RMB47.7 million for the six	47.7 百萬元減少 96.6% 至截至二零二零年
months ended 30 June 2019.	六月三十日止六個月的人民幣 1.6 百萬元。
Fair value gain on investment properties upon transfer from	從持作出售的開發中物業轉為投資物業
properties under development for sales	的公平值收益
The fair value gain on investment properties upon transfer from	從持作出售的開發中物業轉為投資物業的
properties under development for sales represents the valuation	公平值收益，是指天津陽光海岸商用物業
gain for the commercial properties of Sunshine Coast in Tianjin	從持作出售的開發中物業轉為投資物業時
when it changed from the properties under development for sales to	的估值收益。由於此僅為一次性事件，期
investment properties. The amount is zero during this period as it is	內金額為零。
only an one-off event.
Operating profit	經營溢利
As a result of the foregoing, operating profit increased by 93.6%	鑒於以上所述，經營溢利由截至二零一九
to RMB1,094.8 million for the six months ended 30 June 2020 from	年六月三十日止六個月的人民幣 565.4 百
RMB565.4 million for the six months ended 30 June 2019.	萬元增加 93.6% 至截至二零二零年六月
	三十日止六個月的人民幣 1,094.8 百萬元。
Finance income	融資收入
Finance income decreased by 2.6% to RMB62.2 million for the six	融資收入由截至二零一九年六月三十日止
months ended 30 June 2020 from RMB63.9 million for the six months	六個月的人民幣 63.9 百萬元減少 2.6% 至
ended 30 June 2019. Such decrease was primarily attributable to the	截至二零二零年六月三十日止六個月的人
decrease in the interest income from the loan to independent person	民幣 62.2 百萬元。有關減少乃主要由於期
and net-off by the increase in bank deposit interest during the period.	內向獨立人士提供的貸款利息收入減少及
	由期內銀行存款利息增加所抵銷所致。

	REDCO PROPERTIES GROUP LIMITED

	力高地產集團有限公司
BUSINESS OVERVIEW
業務概覽
Finance costs	融資成本
Finance costs increased by 37.5% to RMB12.5 million for the six	融資成本由截至二零一九年六月三十日止
months ended 30 June 2020 from RMB9.1 million for the six months	六個月的人民幣 9.1 百萬元增加 37.5% 至
ended 30 June 2019. Such increase was mainly due to the increase	截至二零二零年六月三十日止六個月的人
in interest expense which is not eligible to be capitalised to projects	民幣 12.5 百萬元。有關增加主要由於在建
under development.	項目不符合資格作資本化的利息開支增加
		所致。

Share of loss of investments accounted for using the equity	應佔按權益法入賬的投資虧損淨額
method, net	應佔按權益法入賬的投資虧損淨額由截至
Share of loss of investments accounted for using the equity method,
net reported a loss of RMB16.3 million for the six months ended 30	二零一九年六月三十日止六個月錄得虧損
June 2020 from loss of RMB26.0 million for the six months ended 30	人民幣 26.0 百萬元減少至截至二零二零年
June 2019, which mainly due to the completion of GFA delivery of	六月三十日止六個月虧損人民幣 16.3 百萬
Prime in Australia, delivery of which was started in the second half of	元，主要由於自二零一九年下半年度起開
2019.	始交付的澳洲 Prime 建築面積已完成交付
	所致。

Profit before income tax	除所得稅前溢利
As a result of the foregoing, profit before income tax for the six	由於以上原因，除所得稅前溢利由截至二
months ended 30 June 2020 increased 89.9% to RMB1,128.2 million	零一九年六月三十日止六個月的人民幣
from RMB594.3 million for the six months ended 30 June 2019.	594.3 百萬元增加 89.9% 至截至二零二零
	年六月三十日止六個月的人民幣 1,128.2 百
	萬元。

Income tax expense	所得稅開支
Income tax expense increased by 79.8% to RMB391.5 million for the	所得稅開支由截至二零一九年六月三十
six months ended 30 June 2020 from RMB217.8 million for the six	日止六個月的人民幣 217.8 百萬元增加
months ended 30 June 2019. Such increase was primarily the increase	79.8% 至截至二零二零年六月三十日止六
in PRC enterprise income tax "(EIT") for RMB366.7 million as a result of	個月的人民幣 391.5 百萬元。有關增加主
increased profit of the Group and increase in the PRC land appreciation	要是由於本集團溢利增加令中國企業所
tax for RMB158.7 million due to the increase in the gross profit for the	得稅（「企業所得稅」）增加人民幣 366.7 百
GFA delivered, netted off by the decrease in deferred income tax for	萬元，以及中國土地增值稅增加人民幣
the Group.	158.7 百萬元，原因是已交付建築面積的
	毛利增加，惟被本集團遞延所得稅減少所
	抵銷。

		INTERIM REPORT 2020

		2020年中期報告
	BUSINESS OVERVIEW
		業務概覽
Profit for the six months ended 30 June 2020	截至二零二零年六月三十日止六個月溢
As a result of the foregoing, profit for the six months ended 30 June	利
鑒於以上所述，溢利由截至二零一九年六
2020 increased by 95.7% to RMB736.7 million from RMB376.5 million	月三十日止六個月的人民幣 376.5 百萬元
for the six months ended 30 June 2019. The profit for the six months	增加 95.7% 至截至二零二零年六月三十
ended 30 June 2020 was mainly attributable to the profit in the	日止六個月的人民幣 736.7 百萬元。截至
Greater Western Taiwan Straits Economic Zone of RMB339.5 million,	二零二零年六月三十日止六個月溢利主
Central and Western Regions of RMB338.1 million, Bohai Economic	要產生自泛海峽西岸經濟區的溢利人民幣
Rim of RMB11.3 million, Greater Bay Area of RMB32.6 million and the	339.5 百萬元、中西部地區的溢利人民幣
others segment for RMB15.2 million.	338.1 百萬元、環渤海經濟區的溢利人民
	幣 11.3 百萬元、大灣區的人民幣 32.6 百萬
Profit for the six months ended 30 June 2020 attributable to	元及其他分部的人民幣 15.2 百萬元。
截至二零二零年六月三十日止六個月本
owners of the Company	公司所有者應佔溢利
As a result of the foregoing, profit for the six months attributable to	由於以上原因，本公司所有者應佔六個月
owners of the Company increased by 56.9% to RMB445.1 million for	溢利由截至二零一九年六月三十日止六個
the six months ended 30 June 2020 from RMB283.7 million for the six	月的人民幣 283.7 百萬元增加 56.9% 至截
months ended 30 June 2019. Profit attributable to non-controlling	至二零二零年六月三十日止六個月的人民
interests increased to RMB291.6 million for the six months ended	幣 445.1 百萬元。與截至二零一九年六月
30 June 2020 as compared with RMB92.8 million for the six months	三十日止六個月的人民幣 92.8 百萬元相
ended 30 June 2019 which was mainly due to the increase in the	比，截至二零二零年六月三十日止六個
profit from property development projects with other investors.	月非控制性權益應佔溢利增加至人民幣
	291.6 百萬元，主要由於與其他投資者合
LIQUIDITY AND CAPITAL RESOURCES	作的物業發展項目溢利增加所致。
流動資金及資本資源
Cash Position	現金狀況
The Group had cash and cash equivalents of approximately	於二零二零年六月三十日，本集團擁有
RMB10,085.5 million (31 December 2019: RMB11,094.3 million) and	現金及現金等價物約人民幣 10,085.5 百
restricted cash of RMB4,295.4 million (31 December 2019: RMB3,965.2	萬元（二零一九年十二月三十一日：人民
million) as at 30 June 2020. As at 30 June 2020, the Group's cash	幣 11,094.3 百萬元）及受限制現金人民幣
and cash equivalents were mainly denominated in Hong Kong dollar	4,295.4 百萬元（二零一九年十二月三十一
"(HK$"), RMB and United States dollar "(US$").	日：人民幣 3,965.2 百萬元）。於二零二零
	年六月三十日，本集團現金及現金等價物
	主要以港元（「港元」）、人民幣及美元（「美
	元」）列值。

		REDCO PROPERTIES GROUP LIMITED

		力高地產集團有限公司
BUSINESS OVERVIEW
業務概覽
BORROWINGS		借款
As at 30 June 2020, the Group had borrowings of approximately	於二零二零年六月三十日，本集團的借款
RMB18,464.4 million (31 December 2019: RMB16,782.7 million).	約為人民幣 18,464.4 百萬元（二零一九年
					十二月三十一日：人民幣 16,782.7 百萬
					元）。
						30 June		31 December
						2020	2019
						二零二零年		二零一九年
						六月三十日	十二月三十一日
						RMB'000		RMB'000
						人民幣千元		人民幣千元
						(Unaudited)		(Audited)
						（未經審核）		（經審核）
	Long-term bank borrowings	長期銀行借款		7,629,883	3,451,066
13% Senior Notes due 2023	二零二三年到期 13% 優先票據		1,025,681		-
9.875% Senior Notes due 2021	二零二一年到期 9.875% 優先票據		-		1,243,720
Non-current borrowings	非即期借款		8,655,564		4,694,786
Short-term bank and other borrowings	短期銀行及其他借款		775,484	3,152,063
9.875% Senior Notes due 2021	二零二一年到期 9.875% 優先票據		1,273,240		-
11% Senior Notes due 2020	二零二零年到期 11% 優先票據		1,332,512	2,150,741
13.5% Senior Notes due 2020	二零二零年到期 13.5% 優先票據		-	1,746,112
11.5% Senior Notes due 2020	二零二零年到期 11.5% 優先票據		1,773,612		1,733,549
Portion of long-term bank borrowings	長期銀行借款部分		5,154,848	8,782,465
	4,519,696	3,173,759
- due for repayment within one year	－須於一年內償還
- due for repayment within one year	－須於一年內償還（包含按要求償還條款）
which contain a repayment			134,270		131,683
on demand clause
Current borrowings	即期借款		9,808,814		12,087,907
Total borrowings	借款總額		18,464,378	16,782,693

INTERIM REPORT 2020 2020年中期報告

BUSINESS OVERVIEW 業務概覽

The amounts based on the scheduled repayment dates set out in the loan agreements and the maturities of the Group's total borrowings at the respective balance sheet dates (i.e. ignoring the effect of any repayment on demand clause) are shown below:

本集團於各自結算日的借款總額的金額（基於貸款協議所載既定還款日期）及屆滿期限（即忽略任何按要求償還條款的影響）載列如下：

			30 June		31 December
			2020	2019
			二零二零年		二零一九年
			六月三十日	十二月三十一日
			RMB'000		RMB'000
			人民幣千元		人民幣千元
			(Unaudited)		(Audited)
			（未經審核）		（經審核）
	Amounts of borrowings that	須於下列期限償還的借款金額：
are repayable:	－1 年內	9,808,814	12,087,907
- Within 1 year
- Between 1 and 2 years	－1 至 2 年	4,888,663	2,558,545
- Between 2 and 5 years	－2 至 5 年	3,550,039	2,136,241
- Over 5 years	－超過 5 年	216,862		-
Total borrowings	借款總額	18,464,378	16,782,693

The carrying amounts of the Group's bank borrowings approximate	本集團借款的賬面值與其公平值相若，原
their fair values as the impact of discounting is not significant or the	因為折現的影響並不重大，或借款按浮動
borrowings carrying floating rate of interests.	利率計息。
OTHER PERFORMANCE INDICATORS	其他績效指標
Net debt to equity ratio	淨負債權益比率
As at 30 June 2020, the Group's net debt to equity ratio was 37.1% (31	於二零二零年六月三十日，本集團的淨負
December 2019: 17.9%). It is calculated as net debt divided by total	債權益比率為 37.1%（二零一九年十二月
equity. Net debt is calculated as total borrowing less cash and bank	三十一日：17.9%），乃按照債務淨額除以
balance (including cash and cash equivalents and restricted cash).	總權益計算。債務淨額為借款總額減去現
Total equity is as shown in the condensed consolidated balance	金及銀行結餘（包括現金及現金等價物以及
sheet.	受限制現金）。總權益按簡明合併資產負債
	表所列。
Net current assets and current ratio	流動資產淨值與流動比率
As at 30 June 2020, the Group's net current assets amounted to	於二零二零年六月三十日，本集團的流動
approximately RMB17,452.4 million (31 December 2019: RMB11,858.3	資產淨值約人民幣 17,452.4 百萬元（二零
million). The Group's current ratio, which is calculated as current	一九年十二月三十一日：人民幣 11,858.3
assets divided by current liabilities, was approximately 1.35 times as	百萬元）。於二零二零年六月三十日，本
at 30 June 2020 (31 December 2019: 1.25 times).	集團流動比率（按流動資產除以流動負債
	計算）約 1.35 倍（二零一九年十二月三十一
	日：1.25 倍）。

	REDCO PROPERTIES GROUP LIMITED

	力高地產集團有限公司
BUSINESS OVERVIEW
業務概覽
Cost of borrowings	借款成本
The Group's average cost of borrowings (calculated by dividing total	於截至二零二零年六月三十日止六個月，
interest expenses incurred, including interest capitalised by average	本集團的平均借款成本利率（按本期間已產
borrowings during this period) decreased to 8.78% for the six months	生的利息開支總額（包括資本化利息）除以
ended 30 June 2020 from 9.27% for the six months ended 30 June	平均借款計算）降至 8.78 厘，而截至二零
2019.		一九年六月三十日止六個月則為 9.27 厘。

Contingent liabilities		或然負債
The Group had the following contingent liabilities in respect of	本集團於以下日期因按揭融資的財務擔保
financial guarantees on mortgage facilities as at the dates below:	而存在以下或然負債：
			30 June		31 December
			2020	2019
			二零二零年		二零一九年
			六月三十日	十二月三十一日
			RMB'000		RMB'000
			人民幣千元		人民幣千元
	Guarantees in respect of mortgage	就本集團物業若干買家
facilities for certain purchasers of	的按揭融資提供的擔保	11,200,348		9,001,924
the Group's properties


The Group has arranged bank financing for certain purchasers of	本集團已為本集團物業的若干買家安排銀
the Group's properties and provided guarantees to secure their	行融資，並就買家的還款責任提供擔保。
obligations of such purchasers for repayment. Such guarantees	該等擔保將於下列時間較早者終止：(i) 房
will terminate upon the earlier of (i) the transfer of the real estate	屋所有權證轉交予買家（一般於擔保登記完
ownership certificates to the purchasers which will generally occur	成後介乎六個月至三年期間進行）時；或
with the period ranging from six months to three years from the	(ii) 物業買家清償按揭貸款時。
completion of the guarantee registration; or (ii) the satisfaction of
mortgage loans by the purchasers of the properties.
Pursuant to the terms of the guarantees, upon default of mortgage	根據擔保的條款，在該等買家拖欠按揭還
payments by these purchasers, the Group is obliged to repay the	款時，本集團負責向銀行償還違約買家未
outstanding mortgage principal together with accrued interest and	償還的按揭本金、應計利息及罰金，且本
penalties owned by the defaulting purchasers to the banks and	集團有權保留法律業權及接管相關物業的
the Group is entitled to retain the legal title and to take over the	所有權。本集團的擔保期自授出按揭日期
possession of the related properties. The Group's guarantees period	起計算。董事認為，財務擔保的賬面值並
starts from the date of grant of mortgage. The Directors consider that	不重大。
the carrying values of the financial guarantees is immaterial.
There are certain corporate guarantees provided by the Group's	於二零二零年六月三十日及二零一九年
subsidiaries for each other in respect of borrowings as at 30 June	十二月三十一日，本集團附屬公司之間存
2020 and 31 December 2019. The Directors consider that the	在就借款相互提供的若干公司擔保。董事
subsidiaries are sufficiently financially resourced to fulfil their	認為，附屬公司擁有充足財務資源履行其
obligations.		責任。

As at 31 December 2019, the Company provides a corporate guarantee of AUD70,000,000 to a subsidiary of Power Out International Ltd., a joint venture of the Group, for a loan facility which was fully utilised by the joint venture. The loan has been fully paid during the period. The directors of the Company are of the opinion that the carrying value of the guarantee is immaterial.

Save as disclosed above, the Group and the Company had no other significant contingent liabilities as at 30 June 2020.

Employees and Remuneration policies

As at 30 June 2020, the Group had approximately 2,688 employees (31 December 2019: 2,966 employees). For the six months ended 30 June 2020, the remuneration of the Group's employees (including directors'emoluments) amounted to approximately RMB191.7 million. The remuneration of the Group's employees includes basic salaries, allowances, bonus and other employee benefits. The Group's remuneration policy for the Directors and senior management members was based on their experience, level of responsibility and general market conditions. Any discretionary bonus and other merit payments are linked to the profit performance of the Group and the individual performance of the Directors and senior management members. Further, the Group adopted a share option scheme on 14 January 2014. Further information of such share option scheme is available in the interim report of the Company for the six months ended 30 June 2020. The Company provided on-the-job training, induction courses together with other training programmes for the employees at different positions to raise their professionalism during the six months ended 30 June 2020.

Charge on assets

As at 30 June 2020, the Group had aggregate banking facilities of approximately RMB15,988.1 million (31 December 2019: RMB11,969.4 million) for overdrafts and bank loans. The unutilised banking facilities as at 30 June 2020 amounted to RMB2,928.8 million (31 December 2019: RMB2,060.8 million).

As at 30 June 2020 and 31 December 2019, the borrowings of the Group were secured by (i) corporate guarantees of the Company; (ii) certain land and properties under development for sale provided by the Group's subsidiaries; (iii) an investment property; (iv) bank deposits; and (v) the Group's equity interests in certain subsidiaries.

INTERIM REPORT 2020 2020年中期報告

BUSINESS OVERVIEW 業務概覽

於二零一九年十二月三十一日，本公司就一項合營企業已悉數動用的貸款融資向本集團合營企業力澳國際控股有限公司的一家附屬公司提出為數 70,000,000 澳元的公司擔保。貸款已於期內悉數償還。本公司董事認為擔保的賬面值並不重大。

除上文所披露外，於二零二零年六月三十日，本集團及本公司並無任何其他重大或然負債。

僱員及薪酬政策

於二零二零年六月三十日，本集團聘有合共約 2,688 名僱員（二零一九年十二月三十一日：2,966 名僱員）。截至二零二零年六月三十日止六個月，本集團僱員薪酬（包括董事酬金）約人民幣 191.7 百萬元。本集團僱員的薪酬包括基本薪金、津貼、花紅及其他僱員福利。本集團就董事及高級管理層成員訂立的薪酬政策乃以其經驗、職責水平及整體市場狀況為依據。任何酌情花紅及其他獎賞均與本集團的業績表現以及董事及高級管理層成員的個人表現掛鈎。此外，本集團於二零一四年一月十四日採納購股權計劃。有關購股權計劃的進一步資料載於本公司截至二零二零年六月三十日止六個月的中期報告。截至二零二零年六月三十日止六個月，本公司為不同職位的僱員提供在職培訓、入職課程以及其他培訓安排，以提高其專業素養。

資產抵押

於二零二零年六月三十日，本集團擁有包括透支及銀行貸款的銀行融資總額約人民幣 15,988.1 百萬元（二零一九年十二月三十一日：人民幣 11,969.4 百萬元）。於二零二零年六月三十日的未動用銀行融資額度達人民幣 2,928.8 百萬元（二零一九年十二月三十一日：人民幣 2,060.8 百萬元）。

於二零二零年六月三十日及二零一九年十二月三十一日，本集團之借款乃由 (i) 本公司之公司擔保；(ii) 本集團附屬公司提供的若干土地及持作出售的開發中物業；(iii) 一項投資物業；(iv) 銀行存款；及 (v) 本集團於若干附屬公司之股權所抵押。

REDCO PROPERTIES GROUP LIMITED 力高地產集團有限公司

BUSINESS OVERVIEW 業務概覽

The Group's senior notes are guaranteed by the Company and secured by shares of certain subsidiaries of the Company which are incorporated outside the PRC.

Significant investments held, material acquisitions and disposals of subsidiaries and associated companies

Save as disclosed, no other significant investments held, nor were there any material acquisitions or disposals of subsidiaries and associated companies during the six months ended 30 June 2020.

Future plans for material investments or capital assets

The Company will continue to purchase land located in the strategically selected cities. It is expected that the Group's internal resources and bank borrowings will be sufficient to meet the necessary funding requirements. Save as disclosed in this announcement, the Company did not have any plans of significant investments or capital assets as at the date of this announcement.

本集團之優先票據由本公司作擔保，並由本公司若干於中國境外註冊成立之附屬公司之股份作抵押。

所持有重大投資以及重大附屬公司及聯營公司收購及出售事項

除所披露者外，於截至二零二零年六月三十日止六個月並無持有其他重大投資及並無附屬公司及聯營公司的任何重大收購或出售事項。

重大投資或資本資產的未來計劃

本公司將繼續購買位於戰略上篩選城市的土地。預期本集團的內部資源及銀行借款將足以滿足資金需求。除本公告所披露者外，本公司於本公告日期並無有關重大投資或資本資產的任何計劃。

Important event affecting the Group after 30 June 2020	二零二零年六月三十日後影響本集團的
On 30 July 2020, the Company issued 11.0% senior notes due 2022	重大事項
於二零二零年七月三十日，本公司以該票
with an aggregate nominal value of US$220,000,000 at 96.784% of the	據本金額的 96.784% 發行二零二二年到期
principal amount of the Notes (the"11.0% Senior Notes due 2022").	的總面值 220,000,000 美元 11.0% 優先票
The interest is payable semi-annually in arrears. The net proceeds,	據（「二零二二年到期 11.0% 優先票據」）。
after deducting the direct issuance costs, amounted to approximately	利息須於每半年期後支付。所得款項淨額
US$210,000,000. The 11.0% Senior Notes due 2022 will mature on 6	（扣除直接發行成本後）約為 210,000,000
August 2022, unless redeemed earlier.	美元。除非提前贖回，否則二零二二年到
	期 11.0% 優先票據將於二零二二年八月六
On 11 August 2020, the Company issued 8.5% senior notes due 2021	日到期。
於二零二零年八月十一日，本公司以該票
with an aggregate nominal value of US$300,000,000 at 98.885% of the	據本金額的 98.885% 發行二零二一年到期
principal amount of the Notes (the"8.5% Senior Notes due 2021").	的總面值 300,000,000 美元 8.5% 優先票
The interest is payable semi-annually in arrears. The net proceeds,	據（「二零二一年到期 8.5% 優先票據」）。
after deducting the direct issuance costs, amounted to approximately	利息須於每半年期後支付。所得款項淨額
US$294,000,000. The 8.5% Senior Notes due 2021 will mature on 19	（扣除直接發行成本後）約為 294,000,000
August 2021, unless redeemed earlier.	美元。除非提前贖回，否則二零二一年到
	期 8.5% 優先票據將於二零二一年八月十九
	日到期。

OUTLOOK

In the first half of 2020, in response to the central government's overall requirements of"no speculation in housing"and promoting stable and healthy development of the real estate market, the Group actively handled the sudden outbreak of the Covid-19 epidemic by launching an online home purchase platform"Redco UG"to explore new business channels. We also created differentiated products for healthy buildings, achieved rapid growth in various performance indicators, and kept a steady growth in profitability.

As the epidemic is gradually brought under control, China's economy has shown signs of recovery. At the same time, with the steady release of the pent-up housing demand, the real estate industry also ushered in a recovery period in the second quarter. Having a forward-looking mindset, the Group will use"innovation + openness" to break through and to upgrade company strategies. From product innovation, to model innovation and to innovation in mindset, we aim to operate the company with an open mind and to achieve a win- win situation with partners and stakeholders of the Group.

Affected by the 2020 epidemic and the government's development plan for healthy building strategy, the Group strives to produce the product to meet customers'needs and values. We will take the lead to create harmonious New Oriental healthy buildings. In the second half of the year, we will maintain our original intention of providing excellent products and services, apply our research on New Oriental healthy buildings to enhance the competitiveness of differentiated products, give our customers the best and show the beauty of outstanding residences.

At the same time, the Group adheres to the dual-driven development model of"real estate + diversification", and will continue to develop in real estate, cultural tourism, education, technology, healthcare and other fields. In the next five years, the Group will make every effort to build the New Oriental Health Building IP, which improves the Group's position in the industry. Moreover, the Group expects to launch more subdivided IP contents to promote our diversified business.

INTERIM REPORT 2020 2020年中期報告

BUSINESS OVERVIEW 業務概覽

展望

二零二零上半年，在響應中央「房住不炒」、促進房地產市場平穩健康發展的總體要求下，本集團積極應對新冠疫情的突襲，推出線上購房平台「力高優居」，探索業務新賽道，打造健康建築差異化產品，各項業績指標取得高速增長，盈利能力實現持續性提升。

隨著疫情逐漸得到控制，中國經濟重啟顯露向好態勢。與此同時，隨著受抑壓的住房需求平穩釋放，地產行業亦在二季度迎來復蘇期。基於前瞻性思考，本集團將以「創新 + 開放」作為突破口，進行戰略升維，從產品創新、模式創新到思維創新，並以開放的思維營運公司，與本集團的合作夥伴及持份者一道實現共贏。

受二零二零疫情影響，和國家對健康建築戰略的發展規劃，本集團致力促使產品符合客戶的需要及價值。我們將採取主導，打造和諧共生的新東方健康建築。下半年，我們將保持對產品和服務的初心，實現新東方健康建築的研發應用，提升差異化的產品競爭力，回饋我們的客戶，展現居住的價值之美。

同時，本集團堅持「地產 + 多元化」產業雙輪驅動的發展模式，並將繼續發展物業、文旅、教育、科技、康養等領域。未來五年，本集團將全力打造新東方健康建築 IP，提升本集團於業內的地位。此外，本集團預計將推出更多細分 IP 內容，以推廣我們的多元化業務。

	REDCO PROPERTIES GROUP LIMITED

	力高地產集團有限公司
BUSINESS OVERVIEW
業務概覽
On this common ground, the Group will build a platform of"land	在此基礎上，本集團將打造「土地 + 資金 +
+ capital + talents"to achieve win-win cooperation. Our property	人才」的平台，實現合作共贏。未來我們將
business will continue to focus on high value and high growth core	聚焦長三角、珠三角、環渤海等高價值高
regions such as the Yangtze River Delta, the Pearl River Delta and	成長區域，積極重點拓展多個中西部核心
Bohai Rim, while actively focus on expanding a number of key cities in	節點性城市，以澳洲、菲律賓等海外市場
Midwest China, supplemented with opportunities in overseas markets	為機會型補充。此外，本集團一直重視企
such as Australia and the Philippines. Furthermore, the Group has	業文化的建設並將繼續重視建設，在延續
always valued the nurturing of corporate culture and will continue to	此前文化的基礎上不斷創新。未來本集團
do so. In the future, the Group will continue to implement and inherit	將繼續推行並傳承「務實奮鬥品質為本共享
the concept of"pragmatic endeavor, quality-oriented and win-win	共贏」的文化觀，進而實現高質量發展。
sharing"for the purpose of high-quality development.
Looking back on the 28 years that Redco has gone through, we	回顧力高走過的二十八年，我們欣慰持續
are pleased to have created value for shareholders and provide	為股東創造價值，為客戶帶來健康的居住
customers with a healthy living environment. Looking forward, we	環境。展望未來，我們深思方益遠，謀定
will take each step mindfully. We will continue to prioritize product	而後動，堅持經營質量第一位，提升運營
quality, and improve our operational competitiveness to achieve	競爭力，實現各項指標在固本強基中穩步
stable and solid growth. We shall edge ahead, one steady step at a	提升；我們奮進無窮期，行穩而致遠，圍
time. We will continue to be competitive and further invest in China's	繞中國實力最強的都市圈，以及其他中心
strongest city clusters and major cities in order to attain stable and	城市，增強投資競爭力，穩固未來的可持
sustainable growth.	續增長。

					INTERIM REPORT 2020

					2020年中期報告
			DISCLOSURE OF INTERESTS
					權益披露
DIRECTORS'AND CHIEF EXECUTIVE'S INTERESTS AND SHORT	董事及最高行政人員於股份、相關股份
POSITIONS IN SHARES, UNDERLYING SHARES AND DEBENTURES	及債券證的權益及淡倉
As at 30 June 2020, the interests or short positions of the Directors	於二零二零年六月三十日，董事及本公司
and chief executive of the Company in the shares, underlying shares	最高行政人員於本公司或其相聯法團（定義
and debentures of the Company or its associated corporations (within	見證券及期貨條例（「證券及期貨條例」）第
the meaning of Part XV of the Securities and Futures Ordinance	XV 部）的股份、相關股份及債權證中擁有
(the"SFO"), as recorded in the register required to be kept by the	根據證券及期貨條例第 352 條須登記於該
Company pursuant to Section 352 of the SFO, or as otherwise notified	條所述登記冊的權益或淡倉，或根據上市
to the Company and The Stock Exchange of Hong Kong Limited	發行人董事進行證券交易的標準守則（「標
(the"Hong Kong Stock Exchange") pursuant to the Model Code for	準守則」）須知會本公司及香港聯合交易所
Securities Transactions by Directors of Listed Issuers (the"Model	有限公司（「香港聯交所」）的權益及淡倉如
Code"), were as follows:			下：
Interest in the Company:		於本公司權益：

					Percentage of the
	Name of Director	Nature of interest	Total number of Shares	Company's issued
	share capital
	董事姓名	權益性質		股份總數	佔本公司已發行
		股本百分比

	Mr. Wong (Note 2)	Interest in controlled corporation	1,387,258,000(L) (Note 1)	39.06%
	黃若虹先生（附註 2）	受控法團權益		（附註 1）
	Mr. Huang (Note 3)	Beneficiary of a family trust	947,018,000(L) (Note 1)	26.66%
	黃若青先生（附註 3）	家族信託受益人		（附註 1）
Notes:			附註 :
(1) The letters"L"denotes the person' long position in the Shares.		(1) 字母「L」指該名人士持有的股份好倉。
(2) 1,387,258,000 Shares are registered in the name of Global Universe	(2) 1,387,258,000 股股份乃以環宇國際控股
	International Holding Limited "(Global Universe"). As at 30 June 2020,	有限公司（「環宇國際」）的名義登記。於二
	Mr. Wong Yeuk Hung "(Mr. Wong") beneficially owned 100% of the	零二零年六月三十日，黃若虹先生（「黃先
	issued share capital of Global Universe and was therefore deemed to be	生」）實益擁有環宇國際的 100% 已發行股
	interested in the 1,387,258,000 Shares held by Global Universe by virtue	本，故根據證券及期貨條例被視為於環宇
	of the SFO.			國際持有的 1,387,258,000 股股份中擁有
				權益。

947,018,000 Shares are registered in the name of Times International Development Company Limited "(Times International"). The entire share capital of Times International Development Company Limited "(Times International") was held by Honour Family Holdings Limited "(Honour Family"). Honour Family was held as to 100% by UBS Trustees (B.V.I.) Limited. Mr. Huang is the settlor and a beneficiary of the discretionary trust, he was deemed to be interested in the 947,018,000 Shares held by Times International.

947,018,000 股股份乃以時代國際發展有限公司（「時代國際」）的名義登記。時代國際發展有限公司（「時代國際」）的全部股本由 Honour Family Holdings Limited

（「Honour Family」）持有。Honour Family 由 UBS Trustees (B.V.I.) Limited

持有 100% 權益。由於黃先生為全權信託的財產授予人及受益人，故其被視為於時代國際持有的 947,018,000 股股份中擁有權益。

REDCO PROPERTIES GROUP LIMITED 力高地產集團有限公司

DISCLOSURE OF INTERESTS 權益披露

Save as disclosed above, as at 30 June 2020, none of the Directors and chief executive of the Company had an interest or short position in the shares, underlying shares or debentures of the Company or any of its associated corporations as recorded in the register required to be kept pursuant to Section 352 of the SFO, or as otherwise notified to the Company and the Hong Kong Stock Exchange pursuant to the Model Code.

除上文所披露者外，於二零二零年六月三十日，概無董事及本公司最高行政人員於本公司或其任何相聯法團的股份、相關股份或債權證中擁有根據證券及期貨條例第 352 條須存置的登記冊所記錄的權益或淡倉，或根據標準守則須知會本公司及香港聯交所的權益及淡倉。

DIRECTORS'RIGHT TO ACQUIRE SHARES OR DEBENTURES

At no time during the six months ended 30 June 2020 were rights to acquire benefits by means of the acquisition of shares in or debentures of the Company granted to any of the Directors or their respective spouses or minor children, or were any such rights exercised by them; or was the Company, its holding company, or any of its subsidiaries or fellow subsidiaries a party to any arrangement to enable the Directors to acquires such rights in any other body corporate.

董事收購股份或債權證的權利

於截至二零二零年六月三十日止六個月任何時間，概無授予任何董事或彼等各自的配偶或未成年子女任何權利以透過收購本公司股份或債權證獲得利益；彼等亦無行使任何有關權利；或本公司、其控股公司或其任何附屬公司或同系附屬公司訂立任何安排使董事能夠獲得於任何其他法團的有關權利。

SUBSTANTIAL SHAREHOLDERS'INTERESTS AND SHORT POSITIONS IN SHARES OR UNDERLYING SHARES

As at 30 June 2020, substantial shareholders'interests or short positions in the shares and underlying shares of the Company, being interests of 5% or more, as recorded in the register required to be kept pursuant to Section 336 of the SFO were as follows:

主要股東於股份或相關股份的權益及淡

倉

於二零二零年六月三十日，按照根據證券及期貨條例第 336 條須存置的股東登記冊所記錄，主要股東於本公司股份及相關股份的權益及淡倉（即擁有 5% 或以上權益）如下：


				Percentage of
		Number of	Long/	the Company's
Name	Nature of interest	issued share
Shares	Short position	capital
名稱	權益性質	股份數目	好倉╱淡倉	佔本公司已發行
股本百分比

Global Universe (Note 1)	Beneficial Owner	1,387,258,000	Long Position	39.06%
環宇國際（附註 1）	實益擁有人	947,018,000	好倉	26.66%
Times International (Note 2)	Beneficial Owner	Long Position
時代國際（附註 2）	實益擁有人	947,018,000	好倉	26.66%
Honour Familyl (Note 2)	Interest in controlled	Long Position
Honour Family（附註 2）	corporation		好倉
受控法團權益	947,018,000	26.66%
UBS Trusteesl (Note 2)	Trustee	Long Position
UBS Trustees（附註 2）	受託人	311,609,322	好倉	8.77%
Power Ray (Note 3)	Beneficial Owner	Long Position
Power Ray（附註 3）	實益擁有人	311,609,322	好倉	8.77%
Mr. NG Leung Ho (Note 3)	Interest in controlled	Long Position
吴良好先生（附註 3）	corporation		好倉
受控法團權益

Notes:

As at the date of this report, the entire share capital of Global Universe International Holdings Limited "(Global Universe"), a company incorporated in the British Virgin Islands (the"BVI") with limited liability, was held by Mr. Wong Yeuk Hung "(Mr. Wong"). By virtue of the SFO, Mr. Wong was deemed to be interested in the Shares held by Global Universe.
The entire share capital of Times International Development Company Limited "(Times International") was held by Honour Family Holdings Limited "(Honour Family"). Honour Family was held as to 100% by UBS Trustees (B.V.I.) Limited "(UBS Trustees"). Mr. Huang is the settlor and a beneficiary of the discretionary trust. By virtue of the SFO, Mr. Huang is deemed to be interested in the Shares held by Times International.
To the best knowledge of the Directors, the entire share capital of Power Ray Investment Development Limited "(Power Ray"), a company incorporated in the BVI with limited liability, was wholly owned by Mr. NG Leung Ho. By virtue of the SFO, Mr. NG Leung Ho is deemed to be interested in the Shares held by Power Ray.

Save as disclosed above, as at 30 June 2020, no person, other than the Directors and chief executives of the Company, had registered an interest or short position in the shares or underlying shares of the Company that was required to be recorded pursuant to Section 336 of the SFO.

INTERIM REPORT 2020 2020年中期報告

DISCLOSURE OF INTERESTS 權益披露

附註：

(1) 於本報告日期，環宇國際控股有限公司（「環宇國際」）（一家於英屬處女群島（「英屬處女群島」）註冊成立的有限公司）的全部股本由黃若虹先生（「黃先生」）持有。根據證劵及期貨條例，黃先生被視為於環宇國際持有的股份中擁有權益。

(2) 時代國際發展有限公司（「時代國際」）的全部股本由 Honour Family Holdings Limited（「Honour Family」）持有。 Honour Family 由 UBS Trustees (B.V.I.) Limited（「UBS Trustees」）持有 100% 權益。黃若青先生為全權信託的財產授予人及受益人。根據證券及期貨條例，黃若青先生被視為於時代國際持有的股份中擁有權益。

(3) 據董事所知，Power Ray Investment Development Limited（「Power Ray」）（一家於英屬處女群島註冊成立的有限公司）的全部股本由吴良好先生全資擁有。根據證券及期貨條例，吴良好先生被視為於 Power Ray 所持有股份中擁有權益。

除上文所披露者外，於二零二零年六月三十日，概無人士（董事及本公司高級行政人員除外）於本公司股份或相關股份中擁有根據證券及期貨條例第 336 條須予記錄的權益及淡倉。

REDCO PROPERTIES GROUP LIMITED 力高地產集團有限公司

OTHER INFORMATION 其他資料

INTERIM DIVIDEND

The Board does not recommend the payment of interim dividend for the six months ended 30 June 2020 (six months ended 30 June 2019: Nil) to shareholders of the Company (the"Shareholders").

THE CORPORATE GOVERNANCE CODE

The Company has complied with all the code provisions of the Corporate Governance Code (the"Corporate Governance Code") contained in Appendix 14 to the Listing Rules during the six months ended 30 June 2020.

SPECIFIC PERFORMANCE OBLIGATIONS OF CONTROLLING SHAREHOLDERS UNDER RULE 13.18 OF THE LISTING RULES

On 27 March 2019, the Company as borrower entered into a facility agreement (the"2019 Facility Agreement", together with the 2017 Facility Agreement, the"Facility Agreements") with a group of financial institutions as lenders, pursuant to which the lenders agreed to make available to the Company a US$ denominated transferrable term loan facility in an aggregate amount of US$175 million, with a term of 36 months from the date of the 2019 Facility Agreement and an interest rate equal to LIBOR plus 5.1% per annum.

On 20 July 2017 (after trading hours), the Company (as borrower), certain subsidiaries of the Company (as original guarantors), certain financial institutions (as original mandated lead arrangers) and a facility agent entered into a facility agreement (the"2017 Facility Agreement") in respect of a US$202,000,000 transferable term loan facility with a term of 36 months from the date of the Facility agreement and at an interest rate of LIBOR plus 4% per annum. Subject to the terms of the Facility, the total commitment may be increased to not more than US$220,000,000 as a result of the accession of lender(s).

On 10 June 2020 (after trading hours), the Company (as borrower), certain subsidiaries of the Company (as original guarantors), Global Edge Opportunity VI Limited (as lender) entered into a facility agreement (the"2020 Facility Agreement") in respect of a US$50,000,000 transferable term loan facility with a term of 364 days from the date after the utilisation date and at an interest rate of 10% per annum.

中期股息

董事會並不建議向本公司股東（「股東」）派付截至二零二零年六月三十日止六個月中期股息（截至二零一九年六月三十日止六個月：無）。

企業管治守則

截至二零二零年六月三十日止六個月，本公司已遵守上市規則附錄十四所載企業管治守則（「企業管治守則」）的所有守則條文。

根據上市規則第 13.18 條控股股東的特定履約責任

於二零一九年三月二十七日，本公司（作為借款人）與一組金融機構（作為貸款人）訂立一份融資協議（「二零一九年融資協議」，連同二零一七年融資協議統稱「融資協議」），據此，貸款人同意向本公司提供一筆以美元計值的可轉讓定期貸款融資，總額為 175 百萬美元，期限為自二零一九年融資協議日期起計 36 個月，並按倫敦銀行同業拆息加 5.1 厘的年利率計息。

於二零一七年七月二十日（交易時段後），本公司（作為借款人）、本公司若干附屬公司（作為原擔保人）、若干金融機構（原受託牽頭安排行）與融資代理人就一項為數 202,000,000 美元的可轉讓定期貸款融資訂立融資協議（「二零一七年融資協議」），年期為自融資協議日期起計 36 個月，按倫敦銀行同業拆息加 4 厘的年利率計息。受融資條款所限，承諾總額可能會因加入貸款人而增加，惟不得超過 220,000,000 美元。

於二零二零年六月十日（交易時段後），本公司（作為借款人）、本公司若干附屬公司（作為原擔保人）、Global Edge Opportunity VI Limited（作為貸款人）就一項為數 50,000,000 美元的可轉讓定期貸款融資訂立融資協議（「二零二零年融資協議」），年期為自動用日期起計 364 日，按 10 厘的年利率計息。

			INTERIM REPORT 2020

			2020年中期報告
		OTHER INFORMATION
			其他資料
Under each of the Facility Agreements, it will be an event of default if:	根據各融資協議，倘出現以下情況，即屬
	發生違約事件：
i. Mr. Huang Ruoqing "(Mr. Huang") and Mr. Wong Yuek Hung	i.	黃若青先生（「黃若青先生」）及黃若虹
"(Mr. Wong") individually or collectively do not or cease to		先生（「黃先生」）個別或共同並無或不
hold (directly or indirectly) 51% or more of the beneficial		再直接或間接持有本公司已發行股本
shareholding interest, carrying 51% or more of the voting rights,		中 51% 或以上的實益股權權益（附帶
in the issued share capital of the Company or do not or cease to		51% 或以上的投票權），或並無或不
maintain management control over the Company; or		再對本公司維持管理控制權；或
ii. Mr. Huang is not or ceases to be the president and an executive	ii.	黃若青先生不是或不再擔任本公司總
director of the board of directors of the Company.		裁兼董事會執行董事。
On and at any time after the occurrence of an event of default	發生違約事件時及違約事件持續期間的任
which is continuing, the facility agent may cancel all or part of the	何時間，融資代理人可取消全部或部分承
commitments, or declare that all or part of the loans, together with	諾，或宣佈全部或部分貸款連同其應計利
accrued interest, and all other amounts accrued or outstanding be	息以及所有其他應計或尚欠的款項即時到
immediately due and payable.	期及須予償還。
A s a t 3 0 J u n e 2 0 2 0 , U S $ 5 0 , 0 0 0 , 0 0 0 , U S $ 1 7 5 , 0 0 0 , 0 0 0 a n d	於二零二零年六月三十日，二零二零年融
US$144,900,000 remained outstanding under the 2020 Facility	資協議、二零一九年融資協議及二零一七
Agreement, the 2019 Facility Agreement and 2017 Facility Agreement	年融資協議項下分別 50,000,000 美元、
respectively. The 2017 Facility Agreement is fully repay as at the	175,000,000 美元及 144,900,000 美元尚未
report date.	償還。二零一七年融資協議於報告日期已
	悉數償還。
The Company will continue to make relevant disclosure in its	只要引致上市規則第 13.18 條項下責任的
subsequent interim and annual reports of the Company pursuant to	狀況持續存在，本公司將繼續根據上市規
Rule 13.21 of the Listing Rules for as long as circumstances giving rise	則第 13.21 條在其後中期報告及年度報告
to the obligation under Rule 13.18 of the Listing Rules continue to	中作出相關披露。
exist.
Save as disclosed above, as at 30 June 2020, the Company did not	除上文所披露者外，於二零二零年六月
have other disclosure obligations under Rule 13.18 of the Listing	三十日，根據上市規則第 13.18 條，本公
Rules.	司概無其他披露責任。
CODE OF CONDUCT REGARDING DIRECTORS'SECURITIES	董事進行證券交易的標準守則
TRANSACTIONS	本公司已採納有關董事進行證券交易的標
The Company has adopted a code of conduct regarding securities
transactions by the Directors on terms no less exacting than	準守則，其條款不比上市規則附錄十所載
the required standard set out in the Model Code for Securities	上市發行人董事進行證券交易的標準守則
Transactions by Directors of Listed Issuers (the"Model Code") set	（「標準守則」）所規定的標準寬鬆。經向全
out in Appendix 10 to the Listing Rules. Having made specific enquiry	體董事作出特定查詢，全體董事已確認彼
of all Directors, all Directors have confirmed that they have complied	等已於截至二零二零年六月三十日止六個
with the required standard set out in the Model Code during the six	月遵守標準守則所載規定標準。
months ended 30 June 2020.

REDCO PROPERTIES GROUP LIMITED 力高地產集團有限公司

OTHER INFORMATION 其他資料

PURCHASE, SALE OR REDEMPTION OF THE COMPANY'S LISTED SECURITIES AND DEBT INSTRUMENTS

On 19 May 2020, the Company issued Senior Notes due 2023 with principal amount of US$150,000,000 at a coupon rate of 13% per annum for the purposes of refinancing certain of its indebtedness. Further details relating to the issue of the Senior Notes due 2023 are disclosed in the announcement of the Company dated 20 May 2020.

On 19 May 2020, the Company is making an offer to purchase for cash its outstanding 2020 Notes up to the maximum aggregate principal amount of the 2020 Notes at a purchase price of US$1,000 per US$1,000 principal amount of the 2020 Notes. On 28 May 2020, The Company has accepted such tender of the 2020 Notes for US$120,001,000. The tendered 2020 Notes will be subsequently cancelled at settlement, following which US$190,399,000 in aggregate principal amount of the 2020 Notes will remain outstanding subject to the terms of the indenture governing the 2020 Notes.

Except as disclosed above, neither the Company nor any of its subsidiaries has purchased, sold or redeemed any of the Company's listed securities or debt instruments for the six months ended 30 June 2019.

AUDIT COMMITTEE

The Board established an audit committee (the"Audit Committee") which comprises three independent non-executive Directors, namely, Mr. Yip Tai Him, Dr. Wong Yau Kar, David GBS, BBS, JP and Mr. Chau On Ta Yuen, SBS, BBS and Mr. Yip Tai Him is the chairman of the Audit Committee. The Audit Committee has reviewed the unaudited interim results and the unaudited condensed consolidated financial information of the Company and its subsidiaries for the six months ended 30 June 2020.

購買、出售或贖回本公司上市證券及債務工具

於二零二零年五月十九日，本公司發行本金額為 150,000,000 美元的二零二三年到期優先票據，票據年利率為 13%，用於為其若干債務再融資。有關發行二零二三年到期優先票據的進一步詳情披露於本公司日期為二零二零年五月二十日的公告。

於二零二零年五月十九日，本公司提出要約，按二零二零年票據每 1,000 美元本金額 1,000 美元的購買價以現金購買最高達最高接納金額的發行在外二零二零年票據。於二零二零年五月二十八日，本公司已接納 120,001,000 美元的二零二零年票據的有關交付。已交付二零二零年票據期後將於結算時註銷，此後，根據規管二零二零年票據的契約條款仍未償還的二零二零年票據本金總額將為 190,399,000 美元。除上文所披露者外，截至二零一九年六月三十日止六個月，本公司或其任何附屬公司並無購買、出售或贖回任何本公司上市證券或債務工具。

審核委員會

董事會已設立由三名獨立非執行董事葉棣謙先生、黃友嘉博士 GBS, BBS 太平紳士及周安達源先生，SBS，BBS 組成的審核委員會（「審核委員會」）。葉棣謙先生為審核委員會主席。審核委員會已審閱本公司及其附屬公司截至二零二零年六月三十日止六個月的未經審核中期業績及未經審核簡明合併財務資料。

INTERIM REPORT 2020 2020年中期報告

REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION 中期財務資料的審閱報告

To the Board of Directors of Redco Properties Group Limited	致力高地產集團有限公司董事會
(incorporated in the Cayman Islands with limited liability)	（於開曼群島註冊成立的有限公司）
INTRODUCTION	引言
We have reviewed the interim financial information set out on pages	本核數師（以下簡稱「我們」）已審閱列載於
35 to 92, which comprises the interim condensed consolidated	第 35 至 92 頁的中期財務資料，此中期財
balance sheet of Redco Properties Group Limited (the"Company")	務資料包括力高地產集團有限公司（以下簡
and its subsidiaries (together, the"Group") as at 30 June 2020 and	稱「貴公司」）及其附屬公司（以下統稱「貴
the interim condensed consolidated statement of profit or loss,	集團」）於二零二零年六月三十日的中期簡
the interim condensed consolidated statement of comprehensive	明合併資產負債表與截至該日止六個月期
income, the interim condensed consolidated statement of changes	間的中期簡明合併損益表、中期簡明合併
in equity and the interim condensed consolidated statement of	全面收益表、中期簡明合併權益變動表和
cash flows for the six-month period then ended, and a summary of	中期簡明合併現金流量表，以及主要會計
significant accounting policies and other explanatory notes. The	政策概要和其他附註解釋。香港聯合交易
Rules Governing the Listing of Securities on The Stock Exchange of	所有限公司證券上市規則規定，就中期財
Hong Kong Limited require the preparation of a report on interim	務資料擬備的報告必須符合以上規則的有
financial information to be in compliance with the relevant provisions	關條文以及香港會計師公會頒布的香港會
thereof and Hong Kong Accounting Standard 34"Interim Financial	計準則第 34 號「中期財務報告」。貴公司
Reporting"issued by the Hong Kong Institute of Certified Public	董事須負責根據香港會計準則第 34 號「中
Accountants. The directors of the Company are responsible for the	期財務報告」擬備及列報該等中期財務資
preparation and presentation of this interim financial information	料。我們的責任是根據我們的審閱對該等
in accordance with Hong Kong Accounting Standard 34"Interim	中期財務資料作出結論，並僅按照我們協
Financial Reporting". Our responsibility is to express a conclusion	定的業務約定條款向閣下（作為整體）報
on this interim financial information based on our review and to	告我們的結論，除此之外本報告別無其他
report our conclusion solely to you, as a body, in accordance with	目的。我們不會就本報告的內容向任何其
our agreed terms of engagement and for no other purpose. We do not	他人士負上或承擔任何責任。
assume responsibility towards or accept liability to any other person
for the contents of this report.

	REDCO PROPERTIES GROUP LIMITED

	力高地產集團有限公司
REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION
中期財務資料的審閱報告
SCOPE OF REVIEW	審閱範圍
We conducted our review in accordance with Hong Kong Standard on	我們已根據香港會計師公會頒布的香港審
Review Engagements 2410,"Review of Interim Financial Information	閱準則第 2410 號「由實體的獨立核數師執
Performed by the Independent Auditor of the Entity"issued by the	行中期財務資料審閱」進行審閱。審閱中期
Hong Kong Institute of Certified Public Accountants. A review of	財務資料包括主要向負責財務和會計事務
interim financial information consists of making inquiries, primarily	的人員作出查詢，及應用分析性和其他審
of persons responsible for financial and accounting matters,	閱程序。審閱的範圍遠較根據《香港審計準
and applying analytical and other review procedures. A review is	則》進行審計的範圍為小，故不能令我們可
substantially less in scope than an audit conducted in accordance	保證我們將知悉在審計中可能被發現的所
with Hong Kong Standards on Auditing and consequently does not	有重大事項。因此，我們不會發表審計意
enable us to obtain assurance that we would become aware of all	見。
significant matters that might be identified in an audit. Accordingly,
we do not express an audit opinion.

CONCLUSION	結論
Based on our review, nothing has come to our attention that causes	按照我們的審閱，我們並無發現任何事
us to believe that the interim financial information of the Group is	項，令我們相信貴集團的中期財務資料
not prepared, in all material respects, in accordance with Hong Kong	未有在各重大方面根據香港會計準則第 34
Accounting Standard 34"Interim Financial Reporting".	號「中期財務報告」擬備。

PricewaterhouseCoopers	羅兵咸永道會計師事務所
Certified Public Accountants	執業會計師
Hong Kong, 28 August 2020	香港，二零二零年八月二十八日

INTERIM REPORT 2020 2020年中期報告

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS 簡明合併損益表

FOR THE SIX MONTHS ENDED 30 JUNE 2020 截至二零二零年六月三十日止六個月

	Six months ended 30 June

Note	截至六月三十日止六個月
2020	2019
附註	二零二零年	二零一九年
	RMB'000	RMB'000
	人民幣千元	人民幣千元
	(Unaudited)	(Unaudited)
	（未經審核）	（未經審核）

Revenue

Cost of sales

Gross profit Other gains, net

Selling and marketing expenses General and administrative expenses Fair value gain on investment properties Fair value gain on investment properties upon transfer from properties under development for sales

Operating profit Finance income Finance costs Finance income, net

Share of loss of investments accounted for using the equity method, net Profit before income tax

Income tax expense

Profit for the period

Profit attributable to:

Owners of the Company

Non-controlling interests

Earnings per share for profit attributable to owners of the Company

- Basic and diluted (expressed in RMB cents per share)

收益

銷售成本

毛利

其他收益淨額銷售及營銷開支一般及行政開支

投資物業公平值收益

從持作出售的開發中物業

轉為投資物業的公平值收益

經營溢利

融資收入

融資成本

融資收入淨額

應佔按權益法入賬的投資虧損淨額

除所得稅前溢利所得稅開支

期內溢利

下列人士應佔溢利：本公司所有者

非控制性權益

本公司所有者應佔溢利之每股盈利

－基本及攤薄（以每股人民幣分表示）

6	6,702,984	1,503,382
	(5,302,020)	(875,096)
7	1,400,964	628,286
293,721	247,616
	(247,382)	(173,652)
11	(354,113)	(246,939)
1,635	47,673
	-	62,432
8	1,094,825	565,416
62,239	63,913
8	(12,499)	(9,088)
	49,740	54,825
13	(16,338)	(25,989)
9	1,128,227	594,252
(391,491)	(217,768)
	736,736	376,484

	445,093	283,654
	291,643	92,830
	736,736	376,484

21	12.53	7.99

The above condensed consolidated statement of profit or loss should	上述簡明合併損益表應與隨附附註一併閱
be read in conjunction with the accompanying notes.	覽。

REDCO PROPERTIES GROUP LIMITED 力高地產集團有限公司

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 簡明合併全面收益表

FOR THE SIX MONTHS ENDED 30 JUNE 2020 截至二零二零年六月三十日止六個月

			Six months ended 30 June
			截至六月三十日止六個月
			2020	2019
			二零二零年	二零一九年
			RMB'000	RMB'000
			人民幣千元	人民幣千元
			(Unaudited)	(Unaudited)
			（未經審核）	（未經審核）
	Profit for the period	期內溢利	736,736	376,484
Other comprehensive (loss)/income	其他全面（虧損）╱收入
Item that may not be reclassified to	可能不會被重新分類至損益的項目
profit or loss	－貨幣匯兌差額	(141,075)	22,859
- Currency translation differences
Other comprehensive (loss)/income	期內其他全面（虧損）╱收入	(141,075)	22,859
for the period
Total comprehensive income for the period	期內全面收入總額	595,661	399,343
Total comprehensive income for the	下列人士應佔全面收入總額：
period attributable to:	－本公司所有者	304,603	306,641
- Owners of the Company
- Non-controlling interests	－非控制性權益	291,058	92,702
Total comprehensive income for the period	期內全面收入總額	595,661	399,343

The above condensed consolidated statement of comprehensive	上述簡明合併損益表應與隨附附註一併閱
income should be read in conjunction with the accompanying notes.	覽。

INTERIM REPORT 2020 2020年中期報告

CONDENSED CONSOLIDATED BALANCE SHEET 簡明合併資產負債表

AS AT 30 JUNE 2020 於二零二零年六月三十日

Note	30 June	31 December
2020	2019
附註	二零二零年	二零一九年
六月三十日	十二月三十一日
	RMB'000	RMB'000
	人民幣千元	人民幣千元
	(Unaudited)	(Audited)
	（未經審核）	（經審核）

ASSETS	資產
Non-current assets	非流動資產
Property, plant and equipment	物業、廠房及設備
Investment properties	投資物業
Intangible assets	無形資產
Investments accounted for using	按權益法入賬的投資
the equity method	遞延所得稅資產
Deferred income tax assets
Current assets	流動資產
Completed properties held for sale	持作出售的已竣工物業
Properties under development for sale	持作出售的開發中物業
Contract assets	合約資產
Trade and other receivables and deposits	貿易及其他應收款項以及按金
Prepayments	預付款項
Amounts due from joint ventures	應收合營企業款項
Amounts due from associates	應收聯營公司款項
Amounts due from non-	應收非控制性權益款項
controlling interests	可收回所得稅
Income tax recoverable
Restricted cash	受限制現金
Cash and cash equivalents	現金及現金等價物
Total assets	總資產
EQUITY	權益
Equity attributable to owners	本公司所有者應佔權益
of the Company	股本
Share capital
Reserves	儲備
Non-controlling interests	非控制性權益
Total equity	總權益

10	264,269	259,152
11	1,026,639	1,025,004
12	328,512	332,252
13	559,101	654,872
	1,100,086	834,614
	3,278,607	3,105,894
	4,816,639	3,037,052
	37,308,399	30,969,759
14	700,000	700,000
2,816,137	2,595,926
14	2,666,595	1,858,769
23	113,616	59,949
23	309,786	482,845
22	3,965,599	3,951,248
	623,630	788,393
	4,295,370	3,965,210
	10,085,532	11,094,295
	67,701,303	59,503,446
	70,979,910	62,609,340

15	139,632	139,632
	5,241,044	5,041,820

5,380,676 5,181,452

5,628,453 4,453,096

11,009,129 9,634,548

REDCO PROPERTIES GROUP LIMITED 力高地產集團有限公司

CONDENSED CONSOLIDATED BALANCE SHEET 簡明合併資產負債表

AS AT 30 JUNE 2020

於二零二零年六月三十日

Note	30 June	31 December
2020	2019
附註	二零二零年	二零一九年
六月三十日	十二月三十一日
	RMB'000	RMB'000
	人民幣千元	人民幣千元
	(Unaudited)	(Audited)
	（未經審核）	（經審核）

LIABILITIES	負債
Non-current liabilities	非流動負債
Borrowings	借貸
Deferred income tax liabilities	遞延所得稅負債
Current liabilities	流動負債
Trade and other payables	貿易及其他應付款項
Borrowings	借貸
Amounts due to non-controlling interests	應付非控制性權益款項
Amounts due to associates	應付聯營公司款項
Amounts due to joint ventures	應付合營企業款項
Contract liabilities	合約負債
Income tax liabilities	所得稅負債
Total liabilities	總負債
Total equity and liabilities	總權益及負債

16	8,655,564	4,694,786
	1,066,298	634,906
	9,721,862	5,329,692
17	12,491,977	12,020,186
16	9,808,814	12,087,907
22	5,187,717	5,146,101
23	723,841	485,280
23	48,037	50,776
	19,591,190	15,552,490
	2,397,343	2,302,360
	50,248,919	47,645,100
	59,970,781	52,974,792
	70,979,910	62,609,340

The above condensed consolidated balance sheet should be read in	上述簡明合併資產負債表應與隨附附註一
conjunction with the accompanying notes.	併閱覽。

INTERIM REPORT 2020 2020年中期報告

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 簡明合併權益變動表

FOR THE SIX MONTHS ENDED 30 JUNE 2020 截至二零二零年六月三十日止六個月

					Unaudited

					未經審核
			Attributable to owners of the Company
				本公司所有者應佔		Non-
			Share		Retained		Total
			Reserves	Total	controlling
			capital	earnings	interests	equity
			股本	儲備	保留溢利	總計	非控制	權益總額
			性權益
			RMB'000	RMB'000	RMB'000	RMB'000	RMB'000	RMB'000
			人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元

Balance at 1 January 2020	於二零二零年一月一日的結餘	139,632	1,476,893	3,564,927	5,181,452	4,453,096	9,634,548
Comprehensive income	全面收入	-	-	445,093	445,093	291,643	736,736
Profit for the period	期內溢利
Other comprehensive loss	其他全面虧損	-	(140,490)	-	(140,490)	(585)	(141,075)
Currency translation differences	貨幣換算差額
Total comprehensive	期內全面（虧損）╱收入總額	-	(140,490)	445,093	304,603	291,058	595,661
(loss)/income for the period
Transactions with owners	與所有者的交易	-	32,120	(32,120)	-	-	-
Transfer to statutory reserve	轉撥至法定儲備
Non-controlling interest arising	收購附屬公司產生的
on acquisition of subsidiaries	非控制性權益（附註25.1）	-	-	-	-	177,821	177,821
(Note 25.1)	分次收購產生的非控制性
Non-controlling interest arising
from step acquisition	權益（附註25.2）	-	-	-	-	672,328	672,328
(Note 25.2)	非控制性權益注資
Capital injection from	-	-	-	-	46,990	46,990
non-controlling interests	在控制權無變動的情況下，
Changes in ownership interests
in subsidiaries without change	於附屬公司所有權權益	-	1,169	-	1,169	(8,840)	(7,671)
in control (Note 25.3)	的變動（附註25.3）
Dividends relating to 2019 final	與二零一九年末期有關的股息	-	-	(106,548)	(106,548)	-	(106,548)
Dividends paid to non-	派付予非控制性權益的股息	-	-	-	-	(4,000)	(4,000)
controlling interests
Total transaction with owners,	與所有者的交易總額直接	-	33,289	(138,668)	(105,379)	884,299	778,920
recognised directly in equity	於股本確認
Balance at 30 June 2020	於二零二零年六月三十日	139,632	1,369,692	3,871,352	5,380,676	5,628,453	11,009,129
		的結餘

	REDCO PROPERTIES GROUP LIMITED

	力高地產集團有限公司
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
簡明合併權益變動表
FOR THE SIX MONTHS ENDED 30 JUNE 2020
截至二零二零年六月三十日止六個月

									Unaudited
									未經審核
				Attributable to owners of the Company
						本公司所有者應佔					Non-
				Share					Retained						Total
					Reserves			Total	controlling
				capital			earnings			interests		equity
				股本		儲備		保留溢利		總計		非控制		權益總額
								性權益
				RMB'000		RMB'000		RMB'000		RMB'000		RMB'000		RMB'000
				人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元

Balance at 1 January 2019	於二零一九年一月一日的結餘	139,632	1,454,593		2,783,220		4,377,445		2,287,973		6,665,418
Comprehensive income	全面收入	-		-	283,654		283,654		92,830		376,484
Profit for the period	期內溢利
Other comprehensive	其他全面收入╱（虧損）
income/(loss)	貨幣換算差額	-		22,987			-	22,987		(128)	22,859
Currency translation differences
Total comprehensive income	期內全面收入總額	-		22,987			283,654			306,641			92,702			399,343
for the period
Transactions with owners	與所有者的交易	-	29,572		(29,572)		-		-		-
Transfer to statutory reserve	轉撥至法定儲備
Non-controlling interest arising	收購附屬公司產生的	-		-		-		-	273,390		273,390
on acquisition of subsidiaries	非控制性權益
Capital injection from	非控制性權益注資	-		-		-		-	224,643		224,643
non-controlling interests	在控制權無變動的情況下，
Changes in ownership interests
in subsidiaries without change	於附屬公司所有權權益	-	(36,215)		-	(36,215)	(785)	(37,000)
in control	的變動
Disposal of subsidiaries	出售附屬公司	-		-		-		-	(216,158)	(216,158)
Dividends relating to 2018 final	與二零一八年末期有關的股息	-		-	(106,548)	(106,548)		-	(106,548)
Dividends paid to non-	派付予非控制性權益的股息	-		-		-		-	(61,542)	(61,542)
controlling interests
Total transaction with owners,	與所有者的交易總額直接
-		(6,643)	(136,120)	(142,763)	219,548		76,785
recognised directly in equity	於股本確認
Balance at 30 June 2019	於二零一九年六月三十日	139,632		1,470,937			2,930,754			4,541,323			2,600,223			7,141,546
		的結餘

The above condensed consolidated statement of changes in equity	上述簡明合併權益變動表應與隨附附註一
should be read in conjunction with the accompanying notes.	併閱覽。

INTERIM REPORT 2020 2020年中期報告

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 簡明合併現金流量表

FOR THE SIX MONTHS ENDED 30 JUNE 2020 截至二零二零年六月三十日止六個月

	Six months ended 30 June
Note	截至六月三十日止六個月
2020	2019
附註	二零二零年	二零一九年
	RMB'000	RMB'000
	人民幣千元	人民幣千元
	(Unaudited)	(Unaudited)
	（未經審核）	（未經審核）

Cash flows from operating activities	經營活動現金流
Net cash used in operations	經營所用現金淨額
Income tax paid	已付所得稅
Net cash used in operating activities	經營活動所用現金淨額
Cash flows from investing activities	投資活動現金流
Additions of property,	添置物業、廠房及設備
plant and equipment	出售物業、廠房及設備
Proceeds from disposal of
property, plant and equipment	所得款項
Proceeds from disposal of an associate	出售一家聯營公司所得款項
Cash acquired from acquisition and	收購及分次收購附屬公司
step acquisition of subsidiaries,	所得現金，扣除現金付款
net of cash payment	就出售附屬公司的現金
Net cash inflows in respect of
the disposal of subsidiaries	流入淨額
Payments for investments in associates	投資於聯營公司付款
Repayment from/(advances to)	非控制性權益還款╱
non-controlling interests	（向非控制性權益墊款）
Advance to joint ventures	向合營企業墊款
Repayment from advances to associates	向聯營公司墊款之還款
Loan due from a joint venture	應收一家合營公司的貸款
Loan due from an associate	應收一家聯營公司的貸款
Loans due from third parties	應收第三方的貸款
Interest received from bank deposits	銀行存款已收利息
Net cash generated from/	投資活動所得╱（所用）
(used in) investing activities	現金淨額

	(87,642)	(1,036,839)
	(657,360)	(453,833)
	(745,002)
	(1,490,672)
	(17,068)	(24,133)
13	616	150
77,014	-
25	177,841	(26,383)
13	-	99,363
(4,000)	(174,200)
	10,350	(131,821)
	(53,667)	(81,168)
	173,059	313,521
	-	(395)
	-	(110,392)
	8,712	(100,000)
	37,538	27,496
	410,395	(207,962)

REDCO PROPERTIES GROUP LIMITED 力高地產集團有限公司

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 簡明合併現金流量表

FOR THE SIX MONTHS ENDED 30 JUNE 2020 截至二零二零年六月三十日止六個月

	Six months ended 30 June
Note	截至六月三十日止六個月
2020	2019
附註	二零二零年	二零一九年
	RMB'000	RMB'000
	人民幣千元	人民幣千元
	(Unaudited)	(Unaudited)
	（未經審核）	（未經審核）

Cash flows from financing activities Decrease in restricted cash Proceeds from bank and

other borrowings Repayment of bank and other borrowings Issuance of senior notes Repayment of senior note Proceeds from capital injection from non-controlling interests Payments for acquisition of ownership interests in subsidiaries without change in control (Repayment to)/advances from non-controlling interests Repayment to joint ventures Advance from associates

Interest paid

Dividend paid

Net cash (used in)/generated from financing activities

Net (decrease)/increase in cash and cash equivalents

Cash and cash equivalents at beginning of period

Effects of exchange rate changes on cash and cash equivalents

Cash and cash equivalents at end of period

融資活動現金流受限制現金減少

銀行及其他借款所得款項

償還銀行及其他借款

發行優先票據償還優先票據

非控制性權益注資所得款項

在控制權無變動的情況下，收購於附屬公司所有權權益付款

（償還非控制性權益）╱ 來自非控制性權益墊款向合營企業還款

來自聯營公司墊款已付利息

已付股息

融資活動（所用）╱所得現金淨額

現金及現金等價物（減少）╱ 增加淨額

期初的現金及現金等價物

現金及現金等價物匯率變動影響

期末的現金及現金等價物

40,255-

5,906,710 5,297,319

(2,949,047) (2,350,683)

1,025,681 3,625,435

(2,627,463) (2,021,729)

46,990 224,643

(7,671) (37,000)

(1,425,905) 906,058

(2,739) (6,491)

238,561 138,734

(910,045) (493,495)

(23,837) (78,581)

(688,510) 5,204,210

(1,023,117) 3,505,576

11,094,295 5,678,863

14,354 21,808

10,085,532 9,206,247

The above condensed consolidated statement of cash flows should	上述簡明合併現金流量表應與隨附附註一
be read in conjunction with the accompanying notes.	併閱覽。

INTERIM REPORT 2020 2020年中期報告

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION 簡明合併財務資料附註

1 GENERAL INFORMATION	1 一般資料
Redco Properties Group Limited (the "Company") was	力高地產集團有限公司（「本公司」）於
incorporated in the Cayman Islands on 14 July 2008 as an	二零零八年七月十四日在開曼群島根
exempted company with limited liability under the Cayman	據開曼公司法註冊成立為獲豁免有限
Companies Law. The address of its registered office is Cricket	責任公司。本公司的註冊辦事處地址
Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111,	為 Cricket Square, Hutchins Drive,
Cayman Islands.	P.O. Box 2681, Grand Cayman,
		KY1-1111, Cayman Islands。
The Company is an investment holding company and its	本公司乃一家投資控股公司及其附屬
subsidiaries (together with the Company, referred to as the	公司（連同本公司統稱為「本集團」）主
"Group") are principally engaged in property development,	要在中華人民共和國（「中國」）從事物
property management services, property investment, project	業開發、物業管理服務、物業投資、
management services and healthcare services in the People's	項目管理服務及康養服務。本公司於
Republic of China (the"PRC"). The Company is listed on the	香港聯合交易所有限公司（「香港聯交
Main Board of The Stock Exchange of Hong Kong Limited	所」）主板上市。
"SEHK")(	.
This condensed consolidated financial information is presented	除另有註明外，本簡明合併財務資料
in Renminbi "RMB"),( unless otherwise stated.	均以人民幣（「人民幣」）呈列。
The condensed consolidated financial information have not	該等簡明合併財務資料並未經審核。
been audited.

2 BASIS OF PREPARATION			2 編製基準
This condensed consolidated financial information for the six	此截至二零二零年六月三十日止六個
months ended 30 June 2020 has been prepared in accordance	月之簡明合併財務資料乃根據香港會
with Hong Kong Accounting Standard "HKAS")(	34"Interim	計師公會（「香港會計師公會」）頒佈的
Financial Reporting"issued by the Hong Kong Institute of	香港會計準則（「香港會計準則」）第
Certified Public Accountants (the"HKICPA"). The condensed	34 號「中期財務報告」編製。簡明合
consolidated interim financial information should be read	併中期財務資料應與按照香港會計師
in conjunction with the annual financial statements of the	公會頒佈的香港財務報告準則（「香港
Company for the year ended 31 December 2019, which have	財務報告準則」）編製之本公司截至二
been prepared in accordance with Hong Kong Financial	零一九年十二月三十一日止年度之年
Reporting Standards "HKFRSs")(	issued by the HKICPA.	度財務報表一併閱覽。

	REDCO PROPERTIES GROUP LIMITED

	力高地產集團有限公司
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
簡明合併財務資料附註
3 ACCOUNTING POLICIES	3	會計政策
	The accounting policies applied to this condensed consolidated	除按可能適用於預期年度總盈利的稅
	interim financial information are consistent with those of the	率就所得稅作出估計，以及採納於自
	annual financial statements for the year ended 31 December	二零二零年一月一日起或之後的財政
	2019, as described in those annual financial statements, except	年度生效的香港財務報告準則修訂本
	for the estimation of income tax using the tax rate that would be	及年度改進外，誠如有關年度財務報
	applicable to expected total annual earnings and the adoption	表所述，本簡明合併中期財務資料所
	of amendments to HKFRSs and annual improvement effective	應用的會計政策與截至二零一九年
	for the financial year beginning on or after 1 January 2020.	十二月三十一日止年度的年度財務報
				表所應用者一致。
	(a) The following new standard, amendments to standards	(a) 以下的新準則、準則的修訂本
	and annual improvements are mandatory for the first	及年度改進已於二零二零年一
	time for the financial year beginning 1 January 2020 and	月一日開始的財政年度首次強
	currently relevant to the Group:	制採納，現時與本集團有關：
	Amendments to HKFRS 3	Definition of a Business	香港財務報告準則	業務之定義
	Amendments to HKAS 1	Definition of Material	第3號（修訂本）	重大之定義
	香港會計準則第1號及香港
	and HKAS 8	Revised Conceptual	會計準則第8號（修訂本）	經修訂財務
	Conceptual framework for	二零一八年財務報告
	financial reporting 2018	Framework for Financial	概念框架	報告概念框架
	Amendments to HKAS 39,	Reporting	香港會計準則第39號、香港	對沖會計
	Hedge Accounting
	HKFRS 7 and HKFRS 9		財務報告準則第7號及香港
	The Group has adopted these amendments of standards	財務報告準則第9號（修訂本）
	本集團已採納該等準則的修訂
	and annual improvements and the adoption of these	本及年度改進，而採納該等準
	amendments of standards and annual improvements do	則的修訂本及年度改進對本集
	not have significant impacts on the Group's condensed	團簡明合併中期財務資料並無
	consolidated interim financial information.	重大影響。

					INTERIM REPORT 2020

					2020年中期報告
	NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
				簡明合併財務資料附註
3 ACCOUNTING POLICIES (CONTINUED)	3	會計政策（續）
(b) The following new standards and amendments to	(b)	以下新準則及準則的修訂本已
	standards have been issued but are not effective for the		頒佈但尚未於二零二零年一月
	financial year beginning 1 January 2020 and have not been		一日開始的財政年度內生效，
	early adopted by the Group:			且本集團亦無提早採納此等新
				準則及準則修訂本：

					Effective for
					accounting
					periods
					beginning on
					or after
					於以下日期或之後
					開始的會計期間生效

	HKFRS 17	Insurance Contracts			1 January 2023
	香港財務報告準則第 17 號	保險合同			二零二三年一月一日
	Amendments to HKFRS 16	Covid-19 Related Rent Concession			1 June 2020
	香港財務報告準則第 16 號（修訂本）	2019 冠狀病毒病的相關租金寬減			二零二零年六月一日
	Amendments to HKAS 1	Classification of Liabilities as Current or		1 January 2023
	香港會計準則第 1 號（修訂本）	Non-current			二零二三年一月一日
	將負債分類為流動或非流動
	Amendments to HKFRS 3	Update Reference to the Conceptual		1 January 2022
		Framework			二零二二年一月一日
	香港財務報告準則第 3 號（修訂本）引用概念框架的更新
	Amendments to HKAS 16	Proceeds before Intended Use			1 January 2022
	香港會計準則第 16 號（修訂本）	作擬定用途前的所得款項			二零二二年一月一日
	Amendments to HKAS 37	Onerous Contracts - Costs of Fulfilling		1 January 2022
	香港會計準則第 37 號（修訂本）	a Contract			二零二二年一月一日
	虧損性合同－履行合同的成本
	Amendments to HKFRS 10	Sale or Contribution of Assets			To be determined
	and HKAS 28	between an investor and its Associate
	香港財務報告準則第 10 號及	or Joint Venture			待定
	關於投資者與其聯營企業或合營
	香港會計準則第 28 號（修訂本）	企業之資產出售或出資
	The directors of the Group are in the process of assessing		本集團董事正評估採納上述新
	the financial impact of the adoption of the above new		準則及準則的修訂本的財務影
	standards and amendments to standards. The Group will		響。本集團將於該等新準則及
	adopt the new standards and amendments to standards		準則的修訂本生效時予以採納。
	when they become effective.

	REDCO PROPERTIES GROUP LIMITED

	力高地產集團有限公司
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
簡明合併財務資料附註
4 ESTIMATES	4	估計
	The preparation of interim financial information requires		編製中期財務資料要求管理層對影響
	management to make judgements, estimates and assumptions		會計政策的應用和所報告資產及負債
	that affect the application of accounting policies and the		以及收支的數額作出判斷、估計及假
	reported amounts of assets and liabilities, income and expense.		設。實際結果或會與此等估計有所不
	Actual results may differ from these estimates.		同。
	In preparing this condensed consolidated interim financial		在編製此等簡明合併中期財務資料
	information, the significant judgements made by management		時，管理層應用本集團會計政策時作
	in applying the Group's accounting policies and the key sources		出的重大判斷和估計不確定的關鍵
	of estimation uncertainty were the same as those that applied		來源時，與截至二零一九年十二月
	to the consolidated financial statements for the year ended 31		三十一日止年度之合併財務報表所應
	December 2019.		用的相同。

5 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS	5 金融風險管理及金融工具
5.1 Financial risk factors	5.1 金融風險因素
The Group's activities expose it to a variety of financial	本集團的業務活動令其面臨多
risks: market risk (including foreign currency risk, cash flow	重財務風險：市場風險（包括外
and fair value interest rate risks), liquidity risk and credit	幣風險、現金流及公平值利率
risk.	風險）、流動資金風險及信貸風
	險。
The interim condensed consolidated financial information	中期簡明合併財務資料並不包
do not include all financial risk management information	括所有財務風險管理資料及年
and disclosures required in the annual financial	度財務報表所需的披露，須與
statements, and should be read in conjunction with the	本集團截至二零一九年十二月
Group's annual financial statements as at 31 December	三十一日的年度財務報表一併
2019.	閱讀。
There have been no changes in the risk management	自年末以來風險管理政策一直
policies since year end.	無變動。

					INTERIM REPORT 2020

					2020年中期報告
	NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
				簡明合併財務資料附註
5 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS	5 金融風險管理及金融工具（續）
(CONTINUED)	5.2	流動資金風險
5.2	Liquidity risk
	Compared to year end, there was no material change in		與年末相比，金融負債的合約
	the contractual undiscounted cash out flows for financial		未貼現現金流出並無重大變動。
	liabilities.
5.3	Fair value estimation	5.3	公平值估計
	Level of the inputs to valuation techniques used to		估值方法的輸入值等級用於計
	measure fair value of the Group's financial instruments		量本集團於二零二零年六月
	as at 30 June 2020. Such inputs are categorised into three		三十日的金融工具公平值。有
	levels within a fair value hierarchy as follows:		關輸入值分類為公平值層級內
			三個等級如下：
	• Quoted prices (unadjusted) in active markets for		•	活躍市場內相同資產或負
	identical assets or liabilities (level 1).			債的報價（未經調整）（第
				一級）。
	• Inputs other than quoted prices included within		• 有關資產或負債的直接
	level 1 that are observable for the asset or liability,			（即價格）或間接（即自價
	either directly (that is, as prices) or indirectly (that is,			格衍生）可觀察輸入值（第
	derived from prices) (level 2).			一級內報價除外）（第二
				級）。
	• Inputs for the asset or liability that are not based on		•	並非根據可觀察市場資料
	observable market data (that is, unobservable inputs)			得出的資產或負債的輸入
	(level 3).			值（即不可觀察輸入值）
				（第三級）。
	The fair values of the trade receivables, other receivables		貿易應收款項、其他應收款項
	and deposits, cash and cash equivalents, restricted cash,		及按金、現金及現金等價物、
	amounts due from non-controlling interests, amounts		受限制現金、應收非控制性權
	due from joint ventures, amounts due from associates,		益款項、應收合營企業款項、
	trade and other payables, amounts due to non-controlling		應收聯營公司款項、貿易及其
	interests, amounts due to joint ventures and amounts due		他應付款項、應付非控制性權
	to associates approximate their carrying amounts due to		益款項、應付合營企業款項以
	their short term maturities.		及應付聯營公司款項的公平值
			均與其賬面值相若，原因為其
			期限較短。
	See Note 11 for disclosures of the investment properties		有關按公平值計量的投資物業
	that is measured at fair value.		披露，請參閱附註 11。
	All the resulting fair value estimates are included in level 3		所有公平值估計結果均納入公
	of the fair value hierarchy.		平值層級第三級。
	There were no transfers among levels 1, 2 and 3 during the		期內，第一、二及三級之間並
	period.		無轉換。

REDCO PROPERTIES GROUP LIMITED 力高地產集團有限公司

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION 簡明合併財務資料附註

6 REVENUE AND SEGMENT INFORMATION

6 收益及分部資料

The Executive Directors have been identified as the chief operating decision-maker. Management determines the operating segments based on the Group's internal reports, which are submitted to the Executive Directors for performance assessment and resources allocation.

The Executive Directors consider the business from a geographical perspective and assess the performance of property development in five reportable operating segments, namely Greater Western Taiwan Straits Economic Zone, Central and Western Regions, Bohai Economic Rim, Greater Bay Area and Others. The Group's construction and sea reclamation services are considered together with the property development segments and included in the relevant geographic operating segment."Others"segment represents provision of design services to group companies, corporate support functions, property management services (services provided to both internal or external customers), rental income and investment holdings business.

The Executive Directors assess the performance of the operating segments based on a measure of segment results. This measurement basis excludes the effects of depreciation, share of loss of investments accounted for using the equity method, net, finance income, finance costs and income tax expense. Other information provided, except as noted below, to the Executive Directors is measured in a manner consistent with that in the condensed consolidated financial statements.

執行董事已被識別為主要經營決策者。管理層根據本集團內部報告釐定經營分部，並將報告呈交至執行董事進行表現評估及資源分配。

執行董事從地理角度考慮業務並評估物業開發在五個可報告經營分部的表現，即泛海峽西岸經濟區、中西部地區、環渤海經濟區、大灣區及其他。本集團將建造及填海服務與物業開發分部一同考慮，並一併列入相關地理經營分部。「其他」分部指向集團內公司提供設計服務、企業支援職能、物業管理服務（向內部或外部客戶提供服務）、租金收入及投資控股業務。

執行董事按照對分部業績的計量評估經營分部的表現。計量基準不包括折舊、應佔按權益法入賬的投資虧損淨額、融資收入、融資成本以及所得稅開支的影響。除下文所述者外，向執行董事提供的其他資料乃按與簡明合併財務報表所載者一致的方式計量。

								INTERIM REPORT 2020

								2020年中期報告
			NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
							簡明合併財務資料附註
6 REVENUE AND SEGMENT INFORMATION (CONTINUED)		6 收益及分部資料（續）
				Greater

				Western	Central
				Taiwan	Bohai
				Straits	and	Greater
				Economic	Western	Economic	Others	Total
				Zone	Regions	Rim	Bay Area
				泛海峽西岸	中西部地區	環渤海	大灣區	其他經濟區	總計
				經濟區	經濟區
				RMB'000	RMB'000	RMB'000	RMB'000	RMB'000	RMB'000
				人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元

Six months ended 30 June	截至二零二零年
	2020 (Unaudited)	六月三十日止期間（未經審核）
	Revenue from contracts	來自合約之收益	2,246,787	3,416,030	705,027	233,770	-	6,601,614
	- recognised at a point in time	－於特定時間點確認
	- recognised over time	－於一段時間確認	1,554	-	668	-	143,866	146,088
	- others	－其他	-	-	-	-	6,061	6,061
	Less: Inter-segment revenue	減：分部間收益	-	-	(650)	-	(50,129)	(50,779)
	Revenue (from external customers)	收益（外部客戶）	2,248,341	3,416,030	705,045	233,770	99,798	6,702,984
	Segment results	分部業績	351,839	574,136	118,598	39,281	22,413	1,106,267
	Depreciation	折舊	(1,854)	(2,615)	(914)	(291)	(5,768)	(11,442)
	Operating profit	經營溢利	349,985	571,521	117,684	38,990	16,645	1,094,825
	Share of (loss)/profit of investments	應佔按權益法入賬的
	accounted for using	投資（虧損）╱溢利淨額	(11,506)	(4,853)	-	(353)	374	(16,338)
	the equity method, net	融資收入
	Finance income	18,084	16,159	6,619	478	20,899	62,239
	Finance costs	融資成本	-	-	-	-	(12,499)	(12,499)
	Income tax expense	所得稅開支	(17,101)	(244,759)	(112,977)	(6,454)	(10,200)	(391,491)
	Profit for the period	期內溢利	339,462	338,068	11,326	32,661	15,219	736,736

	REDCO PROPERTIES GROUP LIMITED

	力高地產集團有限公司
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
簡明合併財務資料附註
6 REVENUE AND SEGMENT INFORMATION (CONTINUED)				6 收益及分部資料（續）

						Greater
						Western		Central
						Taiwan			Bohai
						Straits		and		Greater
						Economic		Western		Economic		Others		Total
						Zone		Regions		Rim	Bay Area
					泛海峽西岸	中西部地區		環渤海	大灣區	其他經濟區		總計
						經濟區		經濟區
						RMB'000		RMB'000		RMB'000	RMB'000		RMB'000		RMB'000
					人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元

	Six months ended 30 June	截至二零一九年六月三十日止
	2019 (Unaudited)	六個月（未經審核）
	Revenue from contracts	來自合約之收益	169,010		819,252		182,530		67,487			1,187		1,239,466
	- recognised at a point in time	－於特定時間點確認
	- recognised over time	－於一段時間確認	1,031			-	256,647		-	3,415		261,093
	- others	－其他		-		-		-	-	2,985		2,985
	Less: Inter-segment revenue	減：分部間收益		-			-			-		-			(162)	(162)
	Revenue (from external customers)	收益（外部客戶）		170,041			819,252			439,177		67,487				7,425	1,503,382
	Segment results	分部業績	131,038		179,810		206,770		(1,349)	58,134		574,403
	Depreciation	折舊		(1,331)	(1,274)	(836)	(346)	(5,200)	(8,987)
	Operating profit/(loss)	經營溢利╱（虧損）
		129,707			178,536			205,934		(1,695)	52,934		565,416
	Share of (loss)/profit of investments	應佔按權益法入賬的
	accounted for using	投資（虧損）╱溢利淨額	(18,105)	(9,342)		-	-	1,458		(25,989)
	the equity method, net	融資收入
	Finance income	18,570		16,594		6,797		491			21,461		63,913
	Finance costs	融資成本		-		-		-	-	(9,088)	(9,088)
	Income tax expense	所得稅開支		(14,814)	(96,773)	(63,050)	(4,208)	(38,923)	(217,768)
	Profit/(loss) for the period	期內溢利╱（虧損）
		115,358			89,015			149,681		(5,412)	27,842		376,484

								INTERIM REPORT 2020

								2020年中期報告
			NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
							簡明合併財務資料附註
6 REVENUE AND SEGMENT INFORMATION (CONTINUED)		6 收益及分部資料（續）
				Greater

				Western	Central
				Taiwan	Bohai
				Straits	and	Greater
				Economic	Western	Economic	Others	Total
				Zone	Regions	Rim	Bay Area
				泛海峽西岸	中西部地區	環渤海	大灣區	其他經濟區	總計
				經濟區	經濟區
				RMB'000	RMB'000	RMB'000	RMB'000	RMB'000	RMB'000
				人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元

As at 30 June 2020 (Unaudited)	於二零二零年六月三十日
	Total segment assets	（未經審核）	22,805,717	20,562,454	18,809,247	1,420,108	7,195,919	70,793,445
	總分部資產
	Other unallocated corporate assets	其他未分配公司資產						186,465
	Total assets	總資產						70,979,910
	Investments accounted for using	按權益法入賬的投資	237,890	173,388	-	14,212	133,611	559,101
	the equity method
	Additions to:	添置：	4,325	1,450	3,596	225	7,472	17,068
	Property, plant and equipment	物業、廠房及設備
	Investments accounted for using	按權益法入賬的投資	4,000	-	-	-	-	4,000
	the equity method
	Total segment liabilities	總分部負債	(17,435,971)	(14,343,475)	(15,718,217)	(823,218)	(11,649,900)	(59,970,781)

	REDCO PROPERTIES GROUP LIMITED

	力高地產集團有限公司
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
簡明合併財務資料附註
6 REVENUE AND SEGMENT INFORMATION (CONTINUED)	6	收益及分部資料（續）

			Greater
			Western	Central
			Taiwan	Bohai
			Straits	and	Greater
			Economic	Western	Economic	Others	Total
			Zone	Regions	Rim	Bay Area
			泛海峽西岸	中西部地區	環渤海	大灣區	其他經濟區	總計
			經濟區	經濟區
			RMB'000	RMB'000	RMB'000	RMB'000	RMB'000	RMB'000
			人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元

As at 31 December 2019 (Audited)	於二零一九年十二月三十一日
Total segment assets	（經審核）
總分部資產
Other unallocated	其他未分配公司資產
corporate assets
Total assets	總資產
Investments accounted	按權益法入賬的投資
for using the equity method
Additions to:	添置：
Property, plant and equipment	物業、廠房及設備
Investments accounted for using	按權益法入賬的投資
the equity method	收購附屬公司
Acquisition of subsidiaries
- Property, plant and equipment	－物業、廠房及設備
- Intangible assets	－無形資產
- Investments accounting	－按權益法入賬的投資
for using equity method
Total segment liabilities	總分部負債

15,838,618		20,855,984		15,949,653		1,705,719		8,080,099		62,430,073
																179,267
															62,609,340
299,811			208,901			-		14,565			131,595			654,872

11,334		3,801		9,425		589		19,583		44,732
	-	184,200			-	14,900			-	199,100
	-	21,131		6		-	3,462		24,599
	-			-		-	-	335,992		335,992
	-			-		-	-	474		474
	(12,791,738	)		(14,558,290	)		(12,083,355	)	(930,501)			(12,610,908	)		(52,974,792	)

				INTERIM REPORT 2020

					2020年中期報告
	NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
			簡明合併財務資料附註
6 REVENUE AND SEGMENT INFORMATION (CONTINUED)	6 收益及分部資料（續）
			Six months ended 30 June
			截至六月三十日止六個月
			2020	2019
			二零二零年	二零一九年
			RMB'000	RMB'000
			人民幣千元	人民幣千元
			(Unaudited)	(Unaudited)
			（未經審核）	（未經審核）
	Breakdown of revenue	收益之明細	6,601,614	1,239,466
Sales of properties	銷售物業
Construction and sea reclamation services	建造服務及填海服務		-	256,491
Property management services	物業管理服務	64,731	-
Project management services	項目管理服務	29,006	3,253
Rental income	租金收入	6,061	2,985
Healthcare services	康養服務	1,572	1,187
			6,702,984	1,503,382

	REDCO PROPERTIES GROUP LIMITED

	力高地產集團有限公司
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
簡明合併財務資料附註
7 OTHER GAINS, NET	7	其他收益淨額
					Six months ended 30 June
					截至六月三十日止六個月
					2020	2019
					二零二零年	二零一九年
					RMB'000	RMB'000
					人民幣千元	人民幣千元
					(Unaudited)	(Unaudited)
					（未經審核）	（未經審核）
		Gains on bargain purchase arising	就收購附屬公司的議價購買收益	-	12,032
	from acquisition of subsidiaries	出售附屬公司的收益
	Gains on disposal of subsidiaries	-	112,778
	Gains on disposal of an associate	出售一間聯營公司的收益	46,355	-
	(Note 13(a)(ii))	（附註 13(a)(ii)）
	Re-measurement gains on interests	按權益法入賬的投資的
	in investments accounted for using	股權的重新計量收益	233,725	123,192
	the equity method (Note 25.2)	（附註 25.2）
	Gains on disposal of property, plant	出售物業、廠房及設備的收益	106	88
	and equipment	匯兌收益
	Exchange gains	8,276	571
	Realised gain/(loss) on foreign	外匯遠期合約的已變現	5,727	(44,531)
	exchange forward contracts	收益╱（虧損）
	Commission	佣金	-	39,836
	Others	其他	(468)	3,650
					293,721	247,616

				INTERIM REPORT 2020

					2020年中期報告
	NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
			簡明合併財務資料附註
8 FINANCE INCOME AND COSTS	8	融資收入及成本
			Six months ended 30 June
			截至六月三十日止六個月
			2020	2019
			二零二零年	二零一九年
			RMB'000	RMB'000
			人民幣千元	人民幣千元
			(Unaudited)	(Unaudited)
			（未經審核）	（未經審核）
	Finance income from bank deposits	銀行存款融資收入	37,538	27,496
Finance income from loan to an associate	向一間聯營公司貸款的融資收入		-	12,500
Finance income from loans to	向非控制性權益貸款的融資收入	24,701	12,627
non-controlling interests (Note 22)	（附註 22）
Finance income from loans to	向獨立第三方貸款的融資收入		-	11,290
independent third parties
Finance cost on bank and	借款的融資成本	62,239	63,913

786,737	618,018
other borrowings	減：合資格資產的資本化
Less: Finance costs capitalised	(774,238)	(608,930)
	in qualifying assets	融資成本
Weighted average interest rate	資本化借款的加權平均年利率	12,499	9,088

8.78%	9.27%
on capitalised borrowings (per annum)

	REDCO PROPERTIES GROUP LIMITED

	力高地產集團有限公司
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
簡明合併財務資料附註
9 INCOME TAX EXPENSE		9 所得稅開支
	Subsidiaries established and operating in the PRC are subject to		截至二零二零年六月三十日止六個
	PRC corporate income tax at the rate of 25% for the six months		月，於中國成立及營運的附屬公司須
	ended 30 June 2020 (six months ended 30 June 2019: 25%).		按 25% 的稅率繳納中國企業所得稅
					（截至二零一九年六月三十日止六個
						月：25%）。
	No provision has been made for Hong Kong profits tax as the		截至二零二零年六月三十日止六個
	companies in Hong Kong did not generate any assessable profits		月，由於位於香港的公司並無產生任
	for the six months ended 30 June 2020 (six months ended 30		何應課稅溢利，故並未就香港利得稅
	June 2019: Nil).			計提撥備（截至二零一九年六月三十
						日止六個月：無）。
	PRC land appreciation tax is levied at progressive rates ranging		中國土地增值稅按介乎土地增值額
	from 30% to 60% on the appreciation of land value, being the	（即出售物業所得款項減去可扣減開
	proceeds of sales of properties less deductible expenditures		支（包括土地成本以及開發及建築開
	including costs of land and development and construction		支））的 30% 至 60% 的累進稅率徵收。
	expenditures.
						Six months ended 30 June
						截至六月三十日止六個月
						2020	2019
						二零二零年	二零一九年
						RMB'000	RMB'000
						人民幣千元	人民幣千元
						(Unaudited)	(Unaudited)
						（未經審核）	（未經審核）
		Current income tax	即期所得稅		627,662	260,989
	- PRC corporate income tax	－中國企業所得稅
	- PRC land appreciation tax	－中國土地增值稅		289,443	130,739
	PRC corporate income tax on	出售附屬公司之中國企業所得稅	-	22,000
	disposal of subsidiaries	遞延所得稅
	Deferred income tax		(525,614)	(195,960)
						391,491	217,768

				INTERIM REPORT 2020

					2020年中期報告
	NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
			簡明合併財務資料附註
10 PROPERTY, PLANT AND EQUIPMENT		10 物業、廠房及設備
			Six months ended 30 June
			截至六月三十日止六個月
			2020	2019
			二零二零年	二零一九年
			RMB'000	RMB'000
			人民幣千元	人民幣千元
			(Unaudited)	(Unaudited)
			（未經審核）	（未經審核）
	Net book amount at 1 January	於一月一日的賬面淨值	259,152	221,300
Additions	添置	17,068	24,133
Disposals	出售	(510)	(62)
Depreciation	折舊	(11,442)	(8,987)
Acquisition of subsidiaries	收購附屬公司		-	375
Step acquisitions of subsidiaries	分次收購附屬公司		-	3,463
Disposal of subsidiaries	出售附屬公司		-	(1,297)
Exchange differences	匯兌差異	1	(5)
Net book amount at 30 June	於六月三十日的賬面淨值	264,269	238,920

	REDCO PROPERTIES GROUP LIMITED

	力高地產集團有限公司
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
簡明合併財務資料附註
11 INVESTMENT PROPERTIES	11	投資物業
					Six months ended 30 June
					截至六月三十日止六個月
					2020	2019
					二零二零年	二零一九年
					RMB'000	RMB'000
					人民幣千元	人民幣千元
					(Unaudited)	(Unaudited)
					（未經審核）	（未經審核）
		At 1 January	於一月一日	1,025,004	803,899
	Transfer from properties	轉撥自持作出售的開發中物業	-	156,285
	under development for sale	公平值收益
	Fair value gain	1,635	47,673
	At 30 June	於六月三十日	1,026,639	1,007,857

(a) Fair value measurement	(i) 公平值計量
As at 30 June 2020 and 2019, the fair value of the	於二零二零年及二零一九年六
investment properties was measured at level 3 of fair value	月三十日，投資物業的公平值
hierarchy using significant unobservable inputs.	乃按使用重大不可觀察輸入值
	計算的公平值層級第三級計量。
There were no transfers between levels 1, 2 and 3 during	期內第一、二及三級之間並無
the period.	轉換。

INTERIM REPORT 2020

2020年中期報告

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION

簡明合併財務資料附註

INVESTMENT PROPERTIES (CONTINUED)

投資物業（續）

(b) Valuation process of investment properties

(ii)

投資物業的估值程序

The Group engages an external, independent and qualified

本集團已委聘外部、獨立及合

valuer, Jiangxi Hengfang Real Estate and Land Valuation

資格估值師江西恒方房地產土

Consultancy Co., Ltd. ( 江西恒方房地產土地估價諮詢有限公

地估價諮詢有限公司，以釐定

司 ) to determine the fair value of the investment properties

投資物業於報告日期的公平值。

at the reporting date.

Discussions of valuation processes and results have been

管理層與估值師已就估值於二

held between the management and the valuer in respect

零二零年六月三十日的估值程

of the valuation as at 30 June 2020, and will be held at

序及結果作出討論，且日後將

least once every six months going forward, in line with the

每六個月（與本集團中期及年度

Group's interim and annual reporting dates.

報告日期一致）最少討論一次。

INTANGIBLE ASSETS

無形資產

Customer

Trademark

Goodwill

Total

relationship

客戶關係

商標

商譽

總計

RMB'000

人民幣千元

At 1 January 2019

於二零一九年一月一日

Acquisition of subsidiaries

收購附屬公司

30,138

34,626

271,228

335,992

At 30 June 2019

於二零一九年六月三十日

30,138

34,626

271,228

335,992

At 1 January 2020

於二零二零年一月一日

28,129

32,895

271,228

332,252

Amortisation

攤銷

(2,009)

(1,731)

(3,740)

At 30 June 2020

於二零二零年六月三十日

26,120

31,164

271,228

328,512

	REDCO PROPERTIES GROUP LIMITED

	力高地產集團有限公司
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
簡明合併財務資料附註
12 INTANGIBLE ASSETS (CONTINUED)	12 無形資產（續）
	Impairment test for goodwill		商譽減值測試
	G o o d w i l l	o f R M B 2 7 1 , 2 2 8 , 0 0 0 ( 3 1 D e c e m b e r 2 0 1 9 :	商譽人民幣 271,228,000 元（二零
	RMB271,228,000) arose from the acquisition of Top Glory	一九年十二月三十一日：人民幣
	International Holdings Ltd "Top( Glory") and its subsidiaries	271,228,000 元）來自收購銘高國際
	(together referred to as the"Top Glory Group"). The goodwill	控股有限公司（「銘高」）及其附屬公司
	amount relates to the value of expected future economic	（統稱「銘高集團」）。商譽金額與銘高
	benefits of the provision of property management business	集團經營的物業管理業務撥備的預計
	operated by Top Glory Group. Management of the Group had	未來經濟利益價值有關。本集團管理
	conducted an impairment assessment review of the cash	層已進行現金產生單位（「現金產生單
	generating unit (the"CGU") and determined that there is no	位」）的減值評估檢討，並釐定商譽概
	impairment of the goodwill. Recoverable amount of the CGU	無減值。現金產生單位的可收回金額
	is determined as higher of fair value less cost of disposal	釐定為公平值減出售成本（「公平值減
	"FVLCOD")(	and value in use "VIU")(	of the underlying assets. The	出售成本」）與相關資產使用價值（「使
	valuation is considered to be level 3 in the fair value hierarchy	用價值」）中較高者。由於估值使用
	due to unobservable inputs used in the valuation. The VIU was	不可觀察輸入值，故估值被視為公平
	determined by applying discounted cash flow model on pre-	值層級的第三級。使用價值根據管理
	tax cash flow projections based on financial budgets approved	層批准的財務預算應用除稅前現金流
	by management covering a 10-year period, and a discount rate	量預測折現現金流量模型而釐定，為
	of 18.5% (31 December 2019: 18.0%). The discount rate used	期覆蓋 10 年，折現率為 18.5%（二零
	is pre-tax and reflects specific risks related to the relevant	一九年十二月三十一日：18.0%）。
	operation. The revenue growth CAGR (i.e. compound annual	所用折現率為除稅前，反映與相關營
	growth rate over the 10-year projection period) used is 13.7%	運有關的特定風險。所用收益增長複
	(31 December 2019: 17%). Cash flows beyond the 10-year period	合年增長率（即 10 年預測期內的複合
	are extrapolated using a weighted average growth rate of 3%	年增長率）為 13.7%（二零一九年十二
	(31 December 2019: 3%). The volume of service revenue in each	月三十一日：17.0%）。超過 10 年期
	period is the main driver for revenue and costs. The growth in	的現金流量使用加權平均增長率 3%
	revenue and the relevant costs are estimated based on past	（二零一九年十二月三十一日：3%）
	performance and management's expectations for the market	推算。各期間服務收益量為收益及成
	development.		本的主要驅動力。收益增長及相關成
					本根據過往表現及管理層對市場發展
					的預計作出估計。
	The recoverable amount of Top Glory Group is estimated to	預計於二零二零年六月三十日銘高
	exceed the carrying amount by RMB17,478,000 as at 30 June	集團可收回金額將超過賬面值人民
	2020 (31 December 2019: RMB9,119,000).	幣 17,478,000 元（二零一九年十二月
					三十一日：人民幣 9,119,000 元）。

							INTERIM REPORT 2020

								2020年中期報告
			NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
						簡明合併財務資料附註
12 INTANGIBLE ASSETS (CONTINUED)		12 無形資產（續）
	The recoverable amount of Top Glory Group would equal its	倘主要假設變動如下，則銘高集團的
	carrying amount if the key assumptions were to change as	可收回金額相等於其賬面值：
	follows:
				As at 30 June 2020	As at 31 December 2019
				於二零二零年六月三十日	於二零一九年十二月三十一日
				From	To	From	To
				自	至		自	至
		CAGR	複合年增長率	13.7%	12.8%	17.0%	16.6%
	Budgeted gross margin	預算毛利率	20.0%	10.5%	15.0%	13.6%
	Long-term growth rate	長期增長率	3.0%	0.8%	3.0%	1.9%
	Pre-tax discount rate	除稅前折現率	18.5%	19.3%	18.0%	18.4%
	The directors and management have considered and assessed	董事及管理層已考慮及評估其他主要
	reasonably possible changes for other key assumptions and	假設的合理可能變動，且概無識別任
	have not identified any instances that could cause the carrying	何可能導致銘高集團賬面值超過其可
	amount of Top Glory Group to exceed its recoverable amount.	收回金額的情況。

	REDCO PROPERTIES GROUP LIMITED

	力高地產集團有限公司
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
簡明合併財務資料附註
13 INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD 13	按權益法入賬的投資
	(a) Interests in associates		(a) 聯營公司權益
						30 June 2020	30 June 2019
						二零二零年	二零一九年
						六月三十日	六月三十日
						RMB'000	RMB'000
						人民幣千元	人民幣千元
						(Unaudited)	(Unaudited)
						（未經審核）	（未經審核）
		At beginning of the period	期初		292,796	383,463
		Additions (Note (i))	添置（附註 (i))		4,000	180,200
		Additions upon step acquisition	分次收購附屬公司後添置		-	474
		of subsidiaries	轉撥至附屬公司（附註 25.2）
		Transfer to subsidiaries (Note 25.2)		(54,415)	(38,808)
		Disposal (Note (ii))	出售（附註 (ii))		(30,659)	-
		Share of loss, net	應佔虧損淨額		(9,429)	(28,287)
		At end of the period	期末		202,293	497,042
		A loan due from an associate	應收一家聯營公司的貸款		-	110,394
							202,293	607,436


		Note:				附註：
		(i)	The Group acquired 40% equity interest of Huaihua Jinlu	(i)	本集團向獨立第三方收購懷
			Hotel Management Co., Ltd. ( 懷化錦麓酒店管理有限公司 )		化錦麓酒店管理有限公司
			from an independent third party at a consideration of		40% 權益，代價為人民幣
			RMB4,000,000. The transaction was completed on 30 June		4,000,000 元。交易已於二零
			2020.				二零年六月三十日完成。
		(ii)	On 2 December 2019, the Group agreed to sell 40% interest	(ii)	於二零一九年十二月二日，
			of Lianyungang Hengrun Real Estate Co., Ltd ( 連雲港恒潤		本集團同意以現金代價人民
			置業有限公司 ), at a cash consideration of RMB77,014,000,		幣 77,014,000 元向獨立第三
			to independent third party and the transaction was		方出售連雲港恒潤置業有限
			completed on 16 June 2020. Upon the completion,		公司 40% 權益，交易已於二
			Lianyungang Hengrun Real Estate Co., Ltd was derecognised		零二零年六月十六日完成。
			as an associate of the Group and the gain of disposal of		於完成後，連雲港恒潤置業
			RMB46,355,000 is included in"Other gains, net"in the		有限公司已終止確認為本集
			condensed consolidated statement of profit or loss.		團的聯營公司，而出售收益
							人民幣 46,355,000 元已計入
							簡明合併損益表中「其他收
							益淨額」內。

				INTERIM REPORT 2020

					2020年中期報告
	NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
			簡明合併財務資料附註
13 INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD 13	按權益法入賬的投資（續）
(CONTINUED)		(b) 合營企業權益
(b) Interests in joint ventures
			30 June 2020	30 June 2019
			二零二零年	二零一九年
			六月三十日	六月三十日
			RMB'000	RMB'000
			人民幣千元	人民幣千元
			(Unaudited)	(Unaudited)
			（未經審核）	（未經審核）
	At beginning of the period	期初	362,076	316,831
	Share of (loss)/profit, net	應佔（虧損）╱溢利淨額	(6,909)	2,298
	Unrealised gain from the transaction	與一家合營企業交易		-	240
	with a joint venture	的未變現收益
	Exchange gains	匯兌收益	1,641	393
	At end of the period	期末	356,808	319,762

	REDCO PROPERTIES GROUP LIMITED

	力高地產集團有限公司
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
簡明合併財務資料附註
14 TRADE RECEIVABLES, OTHER RECEIVABLES, DEPOSITS AND	14	貿易應收款項、其他應收款項、按
	PREPAYMENTS			金及其他預付款項
						30 June		31 December
						2020	2019
						二零二零年		二零一九年
						六月三十日	十二月三十一日
						RMB'000		RMB'000
						人民幣千元		人民幣千元
						(Unaudited)		(Audited)
						（未經審核）		（未經審核）
		Trade receivables, other receivables	貿易應收款項、其他應收款項
	and deposits:	及按金：		167,714	359,763
	Trade receivables (Note a, b and e)	貿易應收款項（附註 a、b 及 e）
	Other receivables	其他應收款項		2,122,219	1,770,236
	Loan receivables (Note c)	應收貸款（附註 c）		12,017	20,744
	Deposits with local real estate	於地方房地產業協會的按金	522,768	401,940
	associations (Note d)	（附註 d）
	Deposits with labour department	於勞動部門的按金		19,872	19,112
	Deposits with treasury bureau	於財政部的按金		59,360		89,391
	Less: Provision for impairment on other	減：其他應收款項及		2,736,236	2,301,423
		(87,813)		(65,260)
	receivables and deposits	按金減值撥備
						2,648,423		2,236,163
	Prepayments:	預付款項：		2,816,137	2,595,926

		2,060,517	661,907
	Prepaid other taxes	其他預繳稅項
	Prepayments for construction costs	建築成本預付款項		292,958	77,658
	Prepayments for land use rights	土地使用權預付款項		73,000	924,184
	Prepayments for acquisition of subsidiaries 收購附屬公司的預付款項		240,120		195,020
						2,666,595	1,858,769

				INTERIM REPORT 2020

					2020年中期報告
	NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
			簡明合併財務資料附註
14 TRADE RECEIVABLES, OTHER RECEIVABLES, DEPOSITS AND	14 貿易應收款項、其他應收款項、按
PREPAYMENTS (CONTINUED)		金及其他預付款項（續）
Note:		附註：
(a) Trade receivables mainly arise from sales of properties. Proceeds	(a) 貿易應收款項主要產生自銷售物
	in respect of sales of properties are to be received in accordance	業。銷售物業所得款項會根據有關
	with the terms of the related sales and purchase agreements.	的買賣協議條款收取。一般而言，
	Credit terms are general granted to certain customers and the	若干客戶獲授信用期，而有關客戶
	customers are required to settle the receivables according the	須按照買賣協議之條款清償應收款
	sales and purchase agreements.		項。
(b) The ageing analysis of trade receivables at the balance sheet dates	(b) 貿易應收款項於結算日（以收益確
	based on revenue recognition date was as follows:	認日為準）的賬齡分析如下：
			30 June	31 December
			2020	2019
			二零二零年	二零一九年
			六月三十日	十二月三十一日
			RMB'000	RMB'000
			人民幣千元	人民幣千元
			(Unaudited)	(Audited)
			（未經審核）	（經審核）
	0 - 30 days	0 至 30 天	99,052	233,732
	31 - 60 days	31 至 60 天	29,021	73,831
	61 - 90 days	61 至 90 天	9,629	669
	91 - 180 days	91 至 180 天	3,506	511
	Over 180 days	超過 180 天	26,506	51,020
			167,714	359,763


	The Group applies the simplified approach to provide for expected	本集團應用香港財務報告準則第 9
	credit losses prescribed by HKFRS 9. The expected losses rate	號所訂明的簡化方法就預期信貸虧
	is minimal, given there is no history of significant defaults	損作出撥備。由於客戶過往並無重
	from customers and insignificant impact from forward-looking	大拖欠記錄，且按照前瞻性估計的
	estimates. No provision was made against the gross amount of	影響甚微，因此預期虧損率極低。
	trade receivables (31 December 2019: Nil).		並無就貿易應收賬款總額作出撥
			備（二零一九年十二月三十一日：
			無）。

	REDCO PROPERTIES GROUP LIMITED

	力高地產集團有限公司
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
簡明合併財務資料附註
14 TRADE RECEIVABLES, OTHER RECEIVABLES, DEPOSITS AND	14	貿易應收款項、其他應收款項、按
	PREPAYMENTS (CONTINUED)		金及其他預付款項（續）
	Note: (Continued)		附註：（續）
	(c)	During the year ended 31 December 2018, the Group granted an		(c)	截至二零一八年十二月三十一日止
		unsecured loan of HK$100,000,000 (equivalent to RMB87,620,000)			年度，本集團向一名獨立第三方
		to an independent third party for a term of 12 months at interest			授出無抵押貸款 100,000,000 港元
		rates of 11% per annum from 25 July 2018 to 31 October 2018 and			（相當於人民幣 87,620,000 元），
		14.875% per annum from 1 November 2018 to 31 December 2019.			為期 12 個月，於二零一八年七月
		Included in loan receivables amount is an interest receivable of			二十五日至二零一八年十月三十一
		HK$13,156,000 (equivalent to RMB12,017,000 (31 December 2019:			日止期間按年利率 11% 計息及於
		RMB11,786,000)) as at 30 June 2020. During the six months ended			二零一八年十一月一日至二零一九
		30 June 2020, the principal of above stated loan was repaid.			年十二月三十一日止期間按年利率
						14.875% 計息。於二零二零年六月
						三十日，計入應收貸款金額為應收
						利息 13,156,000 港元（相當於人民
						幣 12,017,000 元）（二零一九年十二
						月三十一日：人民幣 11,786,000
						元）。於截至二零二零年六月三十
						日止六個月，上述本金額已予償
						還。
	(d)	The deposits with local real estate associations mainly		(d)	於當地房地產協會的按金主要包括
		included deposits made to PRC government bodies for future			向中國政府機構就未來土地開發及
		land development and site clearing for the listing-for-sale or			清理地盤待售作出的按金，或因相
		in connection with the retention of the quality for properties			關規例就本集團物業發展項目規定
		construction as required by the relevant regulations in respect of			須維持物業的建築質素的按金。
		the Group's property development projects.
	(e)	Trade receivables are secured by the properties sold. The carrying		(e)	貿易應收款項以已售物業作抵押。
		amounts of trade receivables approximates their fair values and			貿易應收款項的賬面值與其公平值
		are interest-free.			相若，並為免息。
	(f)	The carrying amounts of other receivables and deposits		(f)	貿易應收款項及按金的賬面值與其
		approximate their fair values and are unsecured, interest-free and			公平值相若，並為無抵押、免息及
		repayable on demand.			須按要求償還。

INTERIM REPORT 2020

2020年中期報告

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION

簡明合併財務資料附註

14 TRADE RECEIVABLES, OTHER RECEIVABLES, DEPOSITS AND

貿易應收款項、其他應收款項、按

PREPAYMENTS (CONTINUED)

金及其他預付款項（續）

Note: (Continued)

附註：（續）

(g) The carrying amounts of the Group's trade receivables and other

(g)

本集團貿易及其他應收款項的賬面

receivables are denominated in the following currencies:

值以下列貨幣計值：

30 June

31 December

2020

2019

二零二零年

二零一九年

六月三十日

十二月三十一日

RMB'000

人民幣千元

(Unaudited)

(Audited)

（未經審核）

（經審核）

RMB

人民幣

2,787,231

2,559,180

HK$

港元

28,906

36,746

2,816,137

2,595,926

15 SHARE CAPITAL

股本

Number of

Par value

Share Capital

股本

RMB'000

per share

HK$'000

股份數目

每股面值

千港元

人民幣千元

Authorised:

法定：

As at 31 December 2019

於二零一九年十二月三十一日

10,000,000,000

HK$0.05 港元

500,000

418,899

and 30 June 2020

及二零二零年六月三十日

Issued and fully paid:

已發行及已繳足：

As at 31 December 2019

於二零一九年十二月三十一日

3,551,609,322

HK$0.05 港元

177,580

139,632

and 30 June 2020

及二零二零年六月三十日

REDCO PROPERTIES GROUP LIMITED 力高地產集團有限公司

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION 簡明合併財務資料附註

16 BORROWINGS	16 借款
		30 June	31 December
		2020	2019
		二零二零年	二零一九年
		六月三十日	十二月三十一日
		RMB'000	RMB'000
		人民幣千元	人民幣千元
		(Unaudited)	(Audited)
		（未經審核）	（經審核）

Long-term bank borrowings (Note a) 13% Senior Notes due 2023 (Note f, g and h)

9.875% Senior Notes due 2021 (Note d, g and h) Non-current borrowings

Short-term bank and other borrowings (Note a)

9.875% Senior Notes due 2021 (Note d, g and h)

11% Senior Notes due 2020 (Note b, g and h)

13.5% Senior Notes due 2020 (Note c, g and h)

11.5% Senior Notes due 2020 (Note e, g and h)

Portion of long-term bank borrowings (Note a)

- due for repayment within one year - due for repayment within one year which contain a repayment on demand clause

Current borrowings Total borrowings

長期銀行借款（附註 a）	7,629,883	3,451,066
二零二三年到期 13%	1,025,681	-
優先票據（附註 f、g 及 h）
二零二一年到期 9.875%	-	1,243,720
優先票據（附註 d、g 及 h）
非即期借款	8,655,564	4,694,786
短期銀行借款及其他借款（附註 a）	775,484	3,152,063
二零二一年到期 9.875%
1,273,240	-
優先票據（附註 d、g 及 h）
二零二零年到期 11%	1,332,512	2,150,741
優先票據（附註 b、g 及 h）
二零二零年到期 13.5%	-	1,746,112
優先票據（附註 c、g 及 h）
二零二零年到期 11.5%	1,773,612	1,733,549
優先票據（附註 e、g 及 h）
長期銀行借款	5,154,848	8,782,465

部分（附註 a）	4,519,696	3,173,759
－須於一年內償還
－須於一年內償還
（包含按要求償還條款）	134,270	131,683
即期借款
9,808,814	12,087,907
借款總額	18,464,378	16,782,693

				INTERIM REPORT 2020

				2020年中期報告
	NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
			簡明合併財務資料附註
16 BORROWINGS (CONTINUED)	16 借款（續）
Notes:	附註：
(a) The Group's bank and other borrowings as at 30 June 2020 of	(a) 於二零二零年六月三十日，本
	RMB5,673,688,000 (31 December 2019: RMB6,161,583,000), were		集團的銀行及其他借款為人民
	secured by certain properties under development for sale of		幣 5,673,688,000 元（二零一九
	the Group with the carrying values of RMB23,082,398,000 (31		年十二月三十一日：人民幣
	December 2019: RMB19,010,759,000), an investment property		6,161,583,000 元），以若干賬面
	of RMB504,976,000 (31 December 2019: RMB504,837,000) and		值為人民幣 23,082,398,000 元
	bank deposits of nil (31 December 2019: RMB40,255,000). The		（二零一九年十二月三十一日：
	Group's bank and other borrowings as at 30 June 2020 of		人民幣 19,010,759,000 元）的本
	RMB7,385,645,000 (31 December 2019: RMB3,746,988,000) were		集團持作出售開發中物業、一項
	guaranteed by the Company and secured by the Group's equity		投資物業人民幣 504,976,000 元
	interests in certain subsidiaries.		（二零一九年十二月三十一日：人
			民幣 504,837,000 元）及銀行存款
			零元（二零一九年十二月三十一
			日：人民幣 40,255,000 元）作
			抵押。於二零二零年六月三十
			日，本集團的銀行及其他借款為
			人民幣 7,385,645,000 元（二零
			一九年十二月三十一日：人民幣
			3,746,988,000 元）已由本公司擔
			保，並由本集團於若干附屬公司的
			股權作抵押。
(b)	On 23 August 2018, the Company issued 11% Senior Notes due in	(b)	於二零一八年八月二十三日，本公
	2020 with an aggregate nominal value of US$200,000,000 at par		司按面值發行二零二零年到期的總
	value (the"11% Senior Notes due 2020"). The interest is payable		面值 200,000,000 美元 11% 優先票
	semi-annually in arrears. The 11% Senior Notes due 2020 will		據（「二零二零年到期 11% 優先票
	mature on 29 August 2020, unless redeemed earlier. It is listed on		據」）。利息須於每半年期後支付。
	the Singapore Exchange Securities Trading Limited. The Company		除非提前贖回，否則二零二零年到
	has further issued the 11% Senior Notes due 2020 with nominal		期 11% 優先票據將於二零二零年
	value of US$110,000,000 during the year ended 31 December 2019.		八月二十九日到期。其於新加坡證
	On 1 June 2020, the Company early repaid a principal amount of		券交易所有限公司上巿。截至二零
	US$120,001,000.		一九年十二月三十一日止年度，本
			公司已進一步發行二零二零年到期
			的面值 110,000,000 美元 11% 優先
			票據。於二零二零年六月一日，本
			公司提早償還本金額 120,001,000
			美元。
(c)	On 11 January 2019, the Company issued 13.5% Senior Notes due	(c)	於二零一九年一月十一日，本公
	in 2020 with an aggregate nominal value of US$250,000,000 at par		司發行二零二零年到期的總面值
	value (the"13.5% Senior Notes due 2020"). The interest is payable		250,000,000 美元 13.5% 優先票據
	semi-annually in arrears. The 13.5% Senior Notes due 2020 was		（「二零二零年到期 13.5% 優先票
	repaid on 21 January 2020 upon maturity.		據」）。利息須於每半年期後支付。
			二零二零年到期 13.5% 優先票據已

於二零二零年一月二十一日到期時償還。

	REDCO PROPERTIES GROUP LIMITED

	力高地產集團有限公司
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
簡明合併財務資料附註
16 BORROWINGS (CONTINUED)	16	借款（續）
	Notes: (Continued)		附註：（續）
	(d)	On 24 April 2019, the Company issued 9.875% Senior Notes due		(d)	於二零一九年四月二十三日，本公
		in 2021 with an aggregate nominal value of US$180,000,000 at			司按面值發行二零二一年到期的總
		par value (the"9.875% Senior Notes due 2021"). The interest is			面值 180,000,000 美元 9.875% 優先
		payable semi-annually in arrears. The 9.875% Senior Notes due			票據（「二零二一年到期 9.875% 優
		2020 will mature on 2 May 2021, unless redeemed earlier. It is			先票據」）。利息須於每半年期後支
		listed on the Singapore Exchange Securities Trading Limited.			付。除非提前贖回，否則二零二一
						年到期 9.875% 優先票據將於二零
						二一年五月二日到期。其於新加坡
						證券交易所有限公司上市。
	(e)	On 3 December 2019, the Company issued 11.5% Senior Notes due		(e)	於二零一九年十二月三日，本公
		in 2020 with an aggregate nominal value of US$250,000,000 at par			司發行二零二零年到期的總面值
		value (the"11.5% Senior Notes due 2020"). The interest is payable			250,000,000 美元 11.5% 優先票據
		semi-annually in arrears. The 11.5% Senior Notes due 2020 will			（「二零二零年到期 11.5% 優先票
		mature on 8 December 2020, unless redeemed earlier. It is listed			據」）。利息須於每半年期後支付。
		on the Singapore Exchange Securities Trading Limited.			除非提前贖回，否則二零二零年到
						期 11.5% 優先票據將於二零二零年
						十二月八日到期。其於新加坡證券
						交易所有限公司上巿。
	(f)	On 19 May 2020, the Company issued 13% Senior Notes due		(f)	於二零二零年五月十九日，本公司
		in 2023 with an aggregate nominal value of US$150,000,000 at			按票據本金額之 96.856% 發行二零
		96.856% of the principal amount of the Notes (the"13% Senior			二三年到期的總面值 150,000,000
		Notes due 2023"). The interest is payable semi-annually in arrears.			美元 13% 優先票據（「二零二三年到
		The 13% Senior Notes due 2023 will mature on 27 May 2023, unless			期 13% 優先票據」）。利息須於每
		redeemed earlier. It is listed on the Singapore Exchange Securities			半年期後支付。除非提前贖回，否
		Trading Limited.			則二零二三年到期 13% 優先票據將
						於二零二三年五月二十七日到期。
						其於新加坡證券交易所有限公司上
						巿。
	(g)	The Company, at its option, can redeem the 11% Senior Notes due		(g)	本公司可自行選擇於該等票據的到
		2020, the 13.5% Senior Notes due 2020, the 11.5% Senior Notes			期日前全部或部分以協議界定的贖
		due 2020, the 9.875% Senior Notes due 2021 and 13% Senior			回價格贖回二零二零年到期 11% 優
		Notes due 2023 in whole or in part prior to their maturity at the			先票據、二零二零年到期 13.5% 優
		redemption price as defined in the agreements of these notes. On			先票據、二零二零年到期 11.5% 優
		the other hand, the Company, at the option of the Notes holders,			先票據、二零二一年到期 9.875%
		should repurchase the 13% Senior Notes due 2023 in whole on 27			優先票據及二零二三年到期 13% 優
		May 2022 at the repurchase prices as defined in the agreements of			先票據。另一方面，應票據持有人
		the Notes. The early redemption option of the 11% Senior Notes			要求，本公司可於二零二二年五月
		due 2020, the 13.5% Senior Notes due 2020, the 11.5% Senior			二十七日以票據協議所界定購回價
		Notes due 2020, the 9.875% Senior Notes due 2021 and the 13%			格悉數購回二零二三年到期 13% 優
		Senior Notes due 2023 is regarded as embedded derivatives not			先票據。提早贖回二零二零年到期
		closely related to the host contract. The directors consider that the			11% 優先票據、二零二零年到期
		fair value of the above early redemption options was insignificant			13.5% 優先票據、二零二零年到期
		on recognition and at 30 June 2020.			11.5% 優先票據、二零二一年到期
						9.875% 優先票據及二零二三年到
						期 13% 優先票據的購股權被視為與
						主合同無密切關係的嵌入式衍生工
						具。董事認為，於二零二零年六月
						三十日，上述提早贖回購股權之公
						平值並不重大。

				INTERIM REPORT 2020

						2020年中期報告
	NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
			簡明合併財務資料附註
16 BORROWINGS (CONTINUED)		16 借款（續）
Notes: (Continued)		附註：（續）
(h) The Group's senior notes as at 30 June 2020 totalling	(h) 本集團於二零二零年六月三十日的
	RMB5,405,045,000 (31 December 2019: RMB6,874,122,000) are	優先票據合共人民幣 5,405,045,000
	guaranteed by the Company and secured by the Group's equity	元（二零一九年十二月三十一日：人
	interests in certain subsidiaries, and subject to the fulfilment of	民幣 6,874,122,000 元）已由本公司
	covenants relating to certain of the Group's financial indicators.	擔保，並由本集團於若干附屬公司
	The Group regularly monitors its compliance with these covenants.	的股權作抵押，而本集團所有優先
			票據均須履行與本集團若干財務指
			標有關的契約。本集團定期監察其
			遵守該等契約的情況。
The amounts based on the scheduled repayment dates set out	本集團於各自結算日的借款總額的金
in the loan agreements and the maturities of the Group's total	額（基於貸款協議所載既定還款日期）
borrowings at the respective balance sheet dates (i.e. ignoring	及屆滿期限（即忽略任何按要求償還
the effect of any repayment on demand clause) are shown	條款的影響）載列如下：
below:
			30 June		31 December
			2020	2019
			二零二零年		二零一九年
			六月三十日	十二月三十一日
			RMB'000		RMB'000
			人民幣千元		人民幣千元
			(Unaudited)		(Audited)
			（未經審核）		（經審核）
	Amounts of borrowings that	須於下列期限償還的
are repayable:	借款金額：	9,808,814	12,087,907
- Within 1 year	－1 年內
- Between 1 and 2 years	－1 至 2 年	4,888,663	2,558,545
- Between 2 and 5 years	－2 至 5 年	3,550,039	2,136,241
- Over 5 years	－5 年以上	216,862		-
			18,464,378	16,782,693

REDCO PROPERTIES GROUP LIMITED

力高地產集團有限公司

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION

簡明合併財務資料附註

17 TRADE AND OTHER PAYABLES

貿易及其他應付款項

30 June

31 December

2020

2019

二零二零年

二零一九年

六月三十日

十二月三十一日

RMB'000

人民幣千元

(Unaudited)

(Audited)

（未經審核）

（經審核）

Trade payables (Note a)

貿易應付款項（附註 a）

2,757,818

3,421,830

Accruals and other payables

應計費用及其他應付款項

7,410,369

7,069,553

Other taxes payables

其他應付稅項

2,094,967

1,254,228

Dividend payables

應付股息

123,103

36,392

Salary payables

應付薪金

5,948

13,909

Interest payable

應付利息

96,315

219,623

Rental deposits received

已收租賃按金

3,457

4,651

12,491,977

12,020,186

Note:

附註：

(a) The ageing analysis of the trade payables based on invoice date

(a) 貿易應付款項按發票日期的賬齡分

was as follows:

析如下：

30 June

31 December

2020

2019

二零二零年

二零一九年

六月三十日

十二月三十一日

RMB'000

人民幣千元

(Unaudited)

(Audited)

（未經審核）

（經審核）

0 - 30 days

0 至 30 天

2,452,890

2,979,396

31 - 60 days

31 至 60 天

22,996

61,965

61 - 90 days

61 至 90 天

32,057

94,626

Over 90 days

超過 90 天

249,875

285,843

2,757,818

3,421,830

INTERIM REPORT 2020 2020年中期報告

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION 簡明合併財務資料附註

17 TRADE AND OTHER PAYABLES (CONTINUED)

Note: (Continued)

The other payables included an advance of RMB1,734,351,000 (31 December 2019: RMB2,313,067,000) from a customer for investing a potential property development project to be developed in the PRC with the Group. The advance is unsecured, non-interest bearing and has no repayment term.
The carrying amounts of the Group's trade and other payables approximate their fair values due to their short maturities.
The carrying amounts of the Group's trade and other payables are denominated in the following currencies:

17 貿易及其他應付款項（續）

附註：（續）

其他應付款項包括一名客戶就與本集團投資中國開發潛在物業發展項目作出的墊款人民幣 1,734,351,000 元（二零一九年十二月三十一日：人民幣
2,313,067,000 元）。墊款屬無抵押、不計息且無還款期限。
由於到期日短，本集團貿易及其他應付款項的賬面值與其公平值相若。
本集團貿易及其他應付款項的賬面值以下列貨幣計值：

		30 June	31 December
		2020	2019
		二零二零年	二零一九年
		六月三十日	十二月三十一日
		RMB'000	RMB'000
		人民幣千元	人民幣千元
		(Unaudited)	(Audited)
		（未經審核）	（經審核）
RMB	人民幣	12,397,021	11,801,120
US$	美元	94,956	219,066
		12,491,977	12,020,186

	REDCO PROPERTIES GROUP LIMITED

	力高地產集團有限公司
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
簡明合併財務資料附註
18 COMMITMENTS	18	承擔
	Capital commitments and property development		資本承擔及物業開發承擔
	commitments
				30 June	31 December
				2020	2019
				二零二零年	二零一九年
				六月三十日	十二月三十一日
				RMB'000	RMB'000
				人民幣千元	人民幣千元
				(Unaudited)	(Audited)
				（未經審核）	（經審核）

Contracted but not provided for:	已訂約但尚未撥備：
- Land use right	-土地使用權
- Leasehold improvement	-租賃物業裝修
- Property development expenditures	-房地產開發開支
- Acquisition of 35% interest in	-收購馬卡蒂市
Makati City Subway, Inc.	地鐵公司 35% 權益

370,246	821,185
792	1,819
11,803,830	9,517,520
797,944	-

19 FINANCIAL GUARANTEES AND CONTINGENT LIABILITIES	19	財務擔保及或然負債
(a) Guarantees on mortgage facilities			(a) 按揭融資的擔保
	The Group had the following contingent liabilities in		本集團於下列各報告期末因按
	respect of financial guarantees on mortgage facilities at		揭融資的財務擔保而存在以下
	the end of each of the following reporting periods:		或然負債：
				30 June		31 December
				2020	2019
				二零二零年		二零一九年
				六月三十日	十二月三十一日
				RMB'000		RMB'000
				人民幣千元		人民幣千元
				(Unaudited)		(Audited)
				（未經審核）		（經審核）
	Guarantees in respect of mortgage	就本集團物業若干買家
	facilities for certain purchasers of	的按揭融資提供的擔保	11,200,348	9,001,924
	the Group's properties

INTERIM REPORT 2020 2020年中期報告

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION 簡明合併財務資料附註

19 FINANCIAL GUARANTEES AND CONTINGENT LIABILITIES (CONTINUED)

Guarantees on mortgage facilities (Continued)
The Group has arranged bank financing for certain purchasers of the Group's properties and provided guarantees to secure obligations of such purchasers for repayment. Such guarantees will terminate upon the earlier of (i) the transfer of the real estate ownership certificate to the purchaser which will generally occur within an average period of six months to three years from the completion of the guarantee registration; or (ii) the satisfaction of mortgage loans by the purchasers of the properties.
Pursuant to the terms of the guarantees, upon default of mortgage payments by these purchasers, the Group is responsible to repay the outstanding mortgage principal together with accrued interest and penalties owed by the defaulting purchasers to the banks and the Group is entitled to take over the legal title and possession of the related properties. The Group's guarantee period starts from the date of grant of mortgage. The directors consider that the carrying values of the financial guarantees are immaterial.
There are certain corporate guarantees provided by the Group's subsidiaries for each other in respect of borrowings (Note 16) as at 30 June 2020 and 31 December 2019. The directors consider that the subsidiaries are sufficiently financially resourced to settle their obligations.
The Company provides a corporate guarantee of AUD70,000,000 (31 December 2019: AUD70,000,000) to a subsidiary of Power Out International Ltd., a joint venture of the Group, for a loan facility which was fully utilised by the joint venture. The directors of the Company are of the opinion that the carrying value of the guarantee is immaterial.
Save as disclosed above, the Group and the Company had no other significant contingent liabilities as at 30 June 2020 (31 December 2019: same).

19 財務擔保及或然負債（續）

按揭融資的擔保（續）
1. 本集團已為本集團物業的若干買家安排銀行融資，並就買家的還款責任提供擔保。該等擔保將於下列時間較早者終止：
2. 房地產所有權證轉交予買家（一般於擔保登記完成後平均六個月至三年內進行）時；或 (ii) 物業買家清償按揭貸款時（如適用）。

根據擔保條款，在該等買家拖欠按揭還款時，本集團須負責向銀行償還買家拖欠的未償還按揭本金連同應計利息及罰金，而本集團有權保留相關物業的法定業權及接收所有權。本集團的擔保期由按揭授出日起開始。董事認為，買家拖欠付款的可能性極小且彼等的責任可由物業價值妥為保障，因此，財務擔保的公平值總額並不重大。

(b) 於二零二零年六月三十日及二零一九年十二月三十一日，本集團附屬公司之間存在就借款（附註 16）相互提供的若干公司擔保。董事認為，附屬公司擁有充足財務資源解除其責任。

本公司就一項已悉數動用的
70,000,000 澳元貸款融資（二
零一九年十二月三十一日：
70,000,000 澳元）向本集團合營企業力澳國際控股有限公司的附屬公司提出公司擔保。本公司董事認為擔保的賬面值並不重大。

除上文所披露者外，本集團及本公司於二零二零年六月三十日並無其他重大的或然負債（二零一九年十二月三十一日：相同）。

	REDCO PROPERTIES GROUP LIMITED

	力高地產集團有限公司
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
簡明合併財務資料附註
20 BANKING FACILITIES AND PLEDGE OF ASSETS	20	銀行融資及資產抵押
	As at 30 June 2020, the Group had aggregate banking facilities		於二零二零年六月三十日，本集團擁
	of approximately RMB15,988,133,000 (31 December 2019:		有包括透支及銀行貸款的銀行融資
	RMB11,969,418,000) for overdrafts and bank loans. Unused		總額約人民幣 15,988,133,000 元（二
	facilities as at the same date amounted to RMB2,928,800,000 (31		零一九年十二月三十一日：人民幣
	December 2019: RMB2,060,847,000).		11,969,418,000 元）。於同一日期，
				未動用融資為人民幣 2,928,800,000
				元（二零一九年十二月三十一日：人
				民幣 2,060,847,000 元）。
	As at 30 June 2020 and 31 December 2019, the borrowings		於二零二零年六月三十日及二零一九
	of the Group were secured by (i) corporate guarantees of the		年十二月三十一日，本集團的借款以
	Company; (ii) certain land and properties under development		(i) 本公司的公司擔保；(ii) 本集團附
	for sale provided by the Group's subsidiaries; (iii) an investment		屬公司所提供的若干土地及持作出售
	property; (iv) bank deposits; and (v) the Group's equity interests		的開發中物業；(iii) 一項投資物業；
	in certain subsidiaries.		(iv) 銀行存款；及 (v) 本集團於若干附
				屬公司的股權作抵押。
	The Group's senior notes are guaranteed by the Company and		本集團的優先票據由本公司作擔保，
	secured by shares of certain subsidiaries of the Company which		並以本公司在中國境外註冊成立若干
	are incorporated outside the PRC.		附屬公司的股份作抵押。

						INTERIM REPORT 2020

							2020年中期報告
		NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
					簡明合併財務資料附註
21 EARNINGS PER SHARE		21	每股盈利
The basic earnings per share for the six months ended 30 June		截至二零二零年及二零一九年六月
2020 and 2019 is calculated based on the profit attributable to		三十日止六個月，每股基本盈利乃根
owners of the Company.			據本公司擁有人應佔溢利計算。
					Six months ended 30 June
					截至六月三十日止六個月
					2020	2019
					二零二零年	二零一九年
					RMB'000	RMB'000
					人民幣千元	人民幣千元
					(Unaudited)	(Unaudited)
					（未經審核）	（未經審核）
		Profit attributable to owners	本公司擁有人應佔溢利		445,093	283,654
of the Company (RMB'000)	（人民幣千元）
Weighted average number	已發行股份的加權平均數		3,551,609,322	3,551,609,322
of shares in issue
Basic earnings per share (RMB cents)	每股基本盈利（人民幣分）		12.53	7.99


Diluted earnings per share is equal to basic earnings per share		於截至二零二零年及二零一九年六月
as there was no dilutive potential share outstanding for the six		三十日止六個月期間，由於並無發行
months ended 30 June 2020 and 2019.			在外的潛在攤薄股份，故每股攤薄盈
					利等於每股基本盈利。
22 AMOUNTS DUE FROM/(TO) NON-CONTROLLING INTERESTS	22	應收╱（應付）非控制性權益款項
Except for an amount due from non-controlling interest of		除按年利率 24% 計息並以其於本集
RMB65,000,000 which bears interest of 24% per annum (31		團附屬公司的權益作抵押的應收非
December 2019: amounts of RMB48,512,000 and RMB65,000,000		控制性權益款項人民幣 65,000,000
which bore interest of 8.5% and 24% per annum respectively)		元（二零一九年十二月三十一日：
and is secured by its interests in the Group's subsidiaries,		人民幣 48,512,000 元及人民幣
the amounts due from non-controlling interests as at 30 June		65,000,000 元分別按年利率 8.5% 及
2020 and 31 December 2019 are interest-free, unsecured and		24% 計息）外，於二零二零年六月
repayable on demand. The carrying values approximate their		三十日及二零一九年十二月三十一
fair values and are denominated in RMB.			日，應收非控制性權益款項為免息、
					無抵押及須按要求償還。賬面值與其
					公平價相若且均以人民幣計值。
Except for an amount due to non-controlling interest of		除於二零一九年十二月三十一日為數
RMB222,737,100 as at 31 December 2019 which bore interest		人民幣 222,737,100 元的應付非控股
of 4.75% per annum, the amounts due to non-controlling		權益款項的年利率為 4.75% 外，於
interests as at 30 June 2020 and 31 December 2019 are interest-		二零二零年六月三十日及二零一九年
free, unsecured and repayable in demand. The carrying values		十二月三十一日，應付非控股權益款
approximate their fair values and are denominated in RMB.		項均為免息、無抵押並須按要求償
					還。賬面值與其公平值相若及以人民
					幣計值。

	REDCO PROPERTIES GROUP LIMITED

	力高地產集團有限公司
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
簡明合併財務資料附註
23 RELATED PARTY TRANSACTIONS	23	關聯方交易
	The amounts due from/(to) related parties, associates and joint		應收╱（應付）關聯方、聯營公司及合
	ventures are unsecured, interest-free and repayable on demand.		營企業款項為無抵押、免息並須按要
	The fair values approximate their carrying values.		求償還。賬面值與其公平值相若及以
					人民幣計值。
	Major related parties that had transactions with the Group were		與本集團存在交易的主要關聯方如
	as follows:		下：

		Related parties		Relationship with
			the Company
		關聯方		與本公司的關係

		Fengcheng Xin Fei Property Development Co., Ltd.		An associate
		豐城市欣飛房地產開發有限公司		一家聯營公司
		Fengcheng Liding Property Development Co., Ltd		An associate
		豐城市力鼎房地產開發有限公司		一家聯營公司
		Fengcheng Hending Property Development Co., Ltd		An associate
		豐城市恆鼎房地產開發有限公司		一家聯營公司
		Tibet Yunxi Enterprise Management Partnership (Limited Partnership)	An associate
		西藏運禧企業管理合夥企業（有限合夥）		一家聯營公司
		Funan Anhua Times Real Estate Development Co., Ltd.		An associate
		阜南安華時代房地產開發有限公司		一家聯營公司
		Love Care Redco (Shanghai) Senior Care Service Co., Ltd.		An associate
		愛照護力高（上海）養老服務有限公司		一家聯營公司
		Huizhou Gaozhao Real Estate Development Co., Ltd		An associate
		惠州市高兆房地產開發有限公司		一家聯營公司
		Huizhou Lijia Real Estate Co., Ltd		An associate
		惠州力佳地產有限公司		一家聯營公司
		Wuhan Huacheng Quanyou Real Estate Co., Ltd		An associate
		武漢華誠全友置業有限公司		一家聯營公司
		Nanchang Junyu Meijia Property Service Co., Ltd.		An associate
		南昌君譽美家物業服務有限公司		一家聯營公司
		Huaihua Jinlu Hotel Management Co., Ltd		An associate
		懷化錦麓酒店管理有限公司		一家聯營公司

			INTERIM REPORT 2020

			2020年中期報告
	NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
		簡明合併財務資料附註
23 RELATED PARTY TRANSACTIONS (CONTINUED)	23 關聯方交易（續）

	Related parties	Relationship with
	the Company
	關聯方	與本公司的關係

	Redco Industry (Jiangxi) Co., Ltd.	A joint venture
	力高實業（江西）有限公司	一家合營企業
	Hui Gao Investments Development Ltd. and its subsidiary	A joint venture
	匯高投資發展有限公司及其附屬公司	一家合營企業
	Power Out International Holding Ltd. and its subsidiaries	A joint venture
	力澳國際控股有限公司及其附屬公司	一家合營企業
	Shenzhen Redco Hongye Property Development Co., Ltd.	A joint venture
	深圳力高宏業地產開發有限公司	一家合營企業
	Qingyuan Ligao Hongye Real Estate Development Co., Ltd.	A joint venture
	清遠力高鴻業地產開發有限公司	一家合營企業
	Jiangxi Province Guogao Property Services Limited	A joint venture
	江西省國高物業服務有限公司	一家合營企業
	Nanchang Yingmei Property Co., Ltd.	A joint venture
	南昌盈美物業有限公司	一家合營企業
	Shijiazhuang Lanting Property Management Co., Ltd.	A joint venture
	石家莊蘭庭物業管理有限公司	一家合營企業
	Wong Yeuk Hung "Mr(. Wong")	A major shareholder
	黃若虹（「黃先生」）	and director of the Group
		本集團的一名主要股東及
		董事
	Huang Ruoqing "Mr(. Huang")	A major shareholder
	黃若青（「黃若青先生」）	and director of the Group
		本集團的一名主要股東及
		董事

REDCO PROPERTIES GROUP LIMITED

力高地產集團有限公司

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION

簡明合併財務資料附註

23 RELATED PARTY TRANSACTIONS (CONTINUED)

23 關聯方交易（續）

(a) Amounts due from joint ventures

(a)

應收合營企業款項

30 June

31 December

2020

2019

二零二零年

二零一九年

六月三十日

十二月三十一日

RMB'000

人民幣千元

Nature

Interest

Currency

(Unaudited)

(Audited)

（未經審核）

（經審核）

性質

年利率

幣值

Power Out International

Holding Ltd. and

74,039

22,814

Non-trade

N/A

HK$

its subsidiaries

力澳國際控股有限公司及

非貿易

不適用

港元

其附屬公司

Hui Gao Investments

Development Ltd.

22,414

22,435

Non-trade

N/A

HK$

And its subsidiaries

匯高投資發展有限公司及

非貿易

不適用

港元

其附屬公司

Shenzhen Redco Hongye

Property Development

17,163

Non-trade

N/A

RMB

Co., Ltd

深圳力高宏業地產開發有限公司

非貿易

不適用

人民幣

Qingyuan Ligao Hongye Real

Estate Development

14,700

Non-trade

N/A

RMB

Co., Ltd

清遠力高鴻業地產開發有限公司

113,616

非貿易

不適用

人民幣

59,949

The carrying amounts approximate their fair values and are

賬面值與公平值相若，並為無

unsecured and repayable on demand.

抵押及須按要求償還。

INTERIM REPORT 2020

2020年中期報告

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION

簡明合併財務資料附註

23 RELATED PARTY TRANSACTIONS (CONTINUED)

23 關聯方交易（續）

(b) Amounts due to joint ventures

(b)

應付合營企業款項

30 June

31 December

2020

2019

二零二零年

二零一九年

六月三十日

十二月三十一日

RMB'000

人民幣千元

Nature

Interest

Currency

(Unaudited)

(Audited)

（未經審核）

（經審核）

性質

年利率

幣值

Jiangxi Province Guogao

881

Non-trade

N/A

RMB

Property Services Limited

江西省國高物業服務有限公司

非貿易

不適用

人民幣

Shenzhen Redco Hongye

Property Development

2,737

Non-trade

N/A

RMB

Co., Ltd

深圳力高宏業地產開發有限公司

非貿易

不適用

人民幣

Redco Industry (Jiangxi)

47,156

47,158

Non-trade

N/A

RMB

Co., Ltd.

力高實業（江西）有限公司

48,037

非貿易

不適用

人民幣

50,776

The carrying amounts approximate their fair values and are

賬面值與公平值相若，並為不

unsecured, repayable on demand.

計息、無抵押及須按要求償還。

REDCO PROPERTIES GROUP LIMITED

力高地產集團有限公司

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION

簡明合併財務資料附註

23 RELATED PARTY TRANSACTIONS (CONTINUED)

23 關聯方交易（續）

(c)

應收聯營公司款項

30 June

31 December

2020

2019

二零二零年

二零一九年

六月三十日

十二月三十一日

RMB'000

人民幣千元

Nature

Interest

Currency

(Unaudited)

(Audited)

（未經審核）

（經審核）

性質

年利率

幣值

Huizhou Lijia Real Estate

171,665

160,763

Non-trade

N/A

RMB

Co., Ltd

惠州力佳地產有限公司

非貿易

不適用

人民幣

Huizhuo Gaozhao Real

Estate Development

29,851

103,950

Non-trade

N/A

RMB

Co., Ltd

惠州市高兆房地產開發有限公司

非貿易

不適用

人民幣

Lianyungang Hengrun Real

92,089

Non-trade

N/A

RMB

Estate Co., Ltd

連雲港恒潤置業有限公司

56,643

非貿易

不適用

人民幣

Ganzhou Baoherun Co., Ltd

Non-trade

10%

RMB

贛州葆和潤實業有限公司

非貿易

10%

人民幣

Tibet Yunxi Enterprise

Management Partnership

108,270

Non-trade

N/A

RMB

(Limited Partnership)

西藏運禧企業管理合夥企業

非貿易

不適用

人民幣

（有限合夥）

Funan Anhua Times Property

69,400

Non-trade

N/A

RMB

Development Co., Ltd

阜南安華時代房地產開發

非貿易

不適用

人民幣

有限公司

309,786

482,845

The carrying amounts approximate their fair values and are

賬面值與公平值相若，並為無

unsecured and repayable on demand.

抵押及須按要求償還。

INTERIM REPORT 2020

2020年中期報告

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION

簡明合併財務資料附註

23 RELATED PARTY TRANSACTIONS (CONTINUED)

23 關聯方交易（續）

(d) Amounts due to an associate

(d)

應付聯營公司款項

30 June

31 December

2020

2019

二零二零年

二零一九年

六月三十日

十二月三十一日

Nature

Interest

Currency

RMB'000

人民幣千元

性質

年利率

幣值

Fengcheng Liding Property

295,220

305,180

Non-trade

N/A

RMB

Development Co., Ltd

豐城市力鼎房地產開發有限公司

非貿易

不適用

人民幣

Fengcheng Hengding Property

394,017

129,367

Non-trade

N/A

RMB

Development Co., Ltd

豐城市恆鼎房地產開發有限公司

非貿易

不適用

人民幣

Fengcheng Xinfei Property

24,233

50,233

Non-trade

N/A

RMB

Development Co., Ltd

豐城市欣飛房地產開發有限公司

非貿易

不適用

人民幣

Wuhan Huacheng Quanyou

540

500

Non-trade

N/A

RMB

Real Estate Co., Ltd

武漢華誠全友置業有限公司

非貿易

不適用

人民幣

Funan Anhua Times Property

9,831

Non-trade

N/A

RMB

Development Co., Ltd

阜南安華時代房地產開發

非貿易

不適用

人民幣

有限公司

723,841

485,280

The carrying amount approximates its fair value and are

賬面值與公平值相若，並為無

unsecured and repayable on demand.

抵押及須按要求償還。

	REDCO PROPERTIES GROUP LIMITED

	力高地產集團有限公司
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
簡明合併財務資料附註
23 RELATED PARTY TRANSACTIONS (CONTINUED)	23	關聯方交易（續）
	(e) Transactions with related parties		(e) 與關聯方進行的交易
	(i)	During the period ended 30 June 2019, the Group		(i)	截至二零一九年六月三十
		purchased property management service amounting			日止期間，本集團購買
		to approximately RMB15,593,000 from its associate,			約達人民幣 15,953,000
		at prices mutually agreed by contracted parties (six			元（截至二零二零年六月
		months ended 30 June 2020: nil).			三十日止六個月：無）的
						物業管理服務，價格乃經
						訂約方互相協定。
	(ii)	During the period ended 30 June 2020, the Group		(ii)	截至二零二零年六月三十
		provided project management consultancy service			日止期間，本集團向若干
		amounting to RMB114,000 (six months ended 30 June			聯營公司及合營企業分
		2019: RMB162,000) and RMB36,000 (six months ended			別提供達人民幣 114,000
		30 June 2019: nil) to its associates and joint ventures			元（截至二零一九年六月
		respectively, at prices mutually agreed by contracted			三十日止六個月：人民
		parties.			幣 162,000 元）及人民幣
						36,000 元（截至二零一九
						年六月三十日止六個月：
						無）的項目管理顧問服
						務，價格乃經訂約方互相
						協定。
	(iii)	During the period ended 30 June 2019, the Group		(iii)	截至二零一九年六月三十
		received finance income amounting to RMB12,500,000			日止期間，本集團向聯營
		from its associates, at interest rate mutually agreed			公司收取的財務收入為人
		by contracted parties (six months ended 30 June			民幣 12,500,000 元（截至
		2020: nil).			二零二零年六月三十日止
						六個月：無），價格乃經
						訂約方互相協定。

					INTERIM REPORT 2020

							2020年中期報告
	NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
				簡明合併財務資料附註
23 RELATED PARTY TRANSACTIONS (CONTINUED)	23	關聯方交易（續）
(f) Key management compensation			(f) 主要管理層薪酬
	Key management includes directors and top management.		主要管理層包括董事及最高管
	The compensation paid or payable to key management for		理層。就僱員服務已付或應付
	employee services is shown below:			主要管理層的薪酬列示如下：
				Six months ended 30 June
				截至六月三十日止六個月
				2020		2019
				二零二零年	二零一九年
				RMB'000	RMB'000
				人民幣千元	人民幣千元
				(Unaudited)	(Unaudited)
				（未經審核）	（未經審核）
	Salaries, bonus and other benefits	薪金、花紅及其他福利		12,299		12,269
	Pension costs - defined	退休金成本－界定供款計劃	215		283
	contribution plan
				12,514		12,552


	Save as disclosed above and the transactions and balances		除上文所披露者以及上述簡明合併財
	detailed in the above to the condensed consolidated		務資料所詳述的交易及結餘外，於截
	financial information, the Group had no material		至二零二零年及二零一九年六月三十
	transactions and outstanding balances with related parties		日止六個月期間，本集團與關聯方之
	during the six months ended 30 June 2020 and 2019.		間概無其他重大交易及未償還結餘。
24 DIVIDEND		24	股息
The directors did not recommend the declaration and payment		董事不建議就截至二零二零年六月
of any interim dividends in respect of the six months ended 30		三十日止六個月宣派及派付任何中期
June 2020.			股息。
A final dividend of RMB 3.0 cents per share for the year ended		已向於二零二零年六月二十六日名列
31 December 2019 were payable to shareholders who were on		股東名冊的股東宣派截至二零一九年
the register at 26 June 2020. This final dividend, amounting		十二月三十一日止年度的末期股息每
to approximately RMB106,548,000 had been recognised in		股人民幣 3.0 分。末期股息合共約人
shareholders'equity during the six months ended 30 June 2020.		民幣 106,548,000 元已於截至二零二
				零年六月三十日止六個月確認為股東
				權益。

	REDCO PROPERTIES GROUP LIMITED

	力高地產集團有限公司
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
簡明合併財務資料附註
25 ACQUISITIONS OF SUBSIDIARIES	25	收購附屬公司
	25.1 Assets acquisitions		25.1 資產收購
	(a) Acquisition of Yantai Letian Real Estate Co.,Ltd.		(a)	收購煙台樂天置業有限公
	On 13 April 2020, the Group completed the acquisition			司
			於二零二零年四月十三
	of 51% equity interest of Yantai Letian Real Estate			日，本集團以代價約人民
	Co., Ltd. ( 煙台樂天置業有限公司 ) "Yantai( Letian") at			幣 10,408,000 元完成收
	a consideration of approximately RMB10,408,000.			購煙台樂天置業有限公司
	Yantai Letian is principally engaged in property			（「煙台樂天」）的 51% 股
	development in Yantai and holds a parcel of land in			權。煙台樂天主要於煙台
	Yantai, Shandong.			從事物業開發，並擁有一
					塊位於山東煙台的土地。
	(b) Acquisition of Zhanjiang Jiafu Investment Co.,Ltd.		(b)	收購湛江嘉福投資有限公
	O n 8 M a r c h 2020, t h e G r o u p c o m p l e t e d t h e			司
			於二零二零年三月八日，
	acquisition of 60% equity interest of Zhanjiang			本集團以零代價完成收購
	Jiafu Investment Co., Ltd. ( 湛江嘉福投資有限公司 )			湛江嘉福投資有限公司
	"Zhanjiang( Jiafu") at nil consideration. Zhanjiang			（「湛江嘉福」）的 60% 股
	Jiafu is principally engaged in property development			權。湛江嘉福主要於湛江
	in Zhanjiang and holds a parcel of land in Zhanjiang			從事物業開發，並擁有一
	City, Guangdong.			塊位於廣東湛江市的土
					地。
	(c) Acquisition of Nanchang Xinzi Real Estate Development		(c)	收購南昌鑫資房地產開發
	Co.,Ltd.			有限公司
	On 8 May 2020, the Group completed the acquisition			於二零二零年五月八日，
	of 51% equity interest of Nanchang Xinzi Real			本集團以代價約人民幣
	Estate Development Co., Ltd. ( 南昌鑫資房地產開發			174,671,000 元完成收購
	有限公司 ) "Nanchang( Xinzi") at a consideration of			南昌鑫資房地產開發有
	approximately RMB174,671,000. Nanchang Xinzi			限公司（「南昌鑫資」）的
	is principally engaged in property development in			51% 股權。南昌鑫資主要
	Nanchang and holds a parcel of land in Nanchang			於南昌從事物業開發，並
	City, Jiangxi.			擁有一塊位於江西南昌的
					土地。
	As the above newly acquired companies did not operate		由於上述新收購公司於收購日
	any business prior to the date of acquisition, the Group		期前未有經營任何業務，本集
	considers the nature of the acquisitions as acquisitions		團認為收購事項的性質乃收購
	of assets in substance and the consideration should be		實質資產，而代價應源於個別
	attributable to the individual assets acquired and liabilities		所收購資產及所承擔負債。
	assumed.

INTERIM REPORT 2020

2020年中期報告

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION

簡明合併財務資料附註

25 ACQUISITIONS OF SUBSIDIARIES (CONTINUED)

25 收購附屬公司（續）

25.1 Assets acquisitions (Continued)

25.1 資產收購（續）

The following table summarises the consideration paid

下表概述於收購日期就收購事

for the acquisitions, the fair value of assets acquired and

項已付代價、所收購資產的公

liabilities assumed at the acquisition date.

平值及所承擔負債。

Yantai

Zhanjiang

Nanchang

Total

Letian

Jiafu

Xinzi

煙台樂天

湛江嘉福

南昌鑫資

總計

RMB'000

人民幣千元

Consideration paid and payable

於收購日期已付及

10,408

174,671

185,079

as at acquisition date

應付代價

Recognised amounts of

確認可識別所收購資產

identifiable assets acquired

總額及所承擔負債：

and liabilities assumed:

預付款項、按金及其他

Prepayments, deposits

1,900

54,413

1,006,246

1,062,559

and other receivable

應付款項

Properties under development

開發中物業

100,794

191,349

106,194

398,337

Cash and cash equivalents

現金及現金等價物

50,408

236,246

286,694

Other payables

其他應付款項

(132,694)

(111,177)

(243,871)

Amounts due to non-controlling

應付非控制性權益款項

(134,625)

(1,006,194)

(1,140,819)

interests

Total identifiable net

可識別所收購資產總額

20,408

342,492

362,900

assets acquired

減：於收購日期初始

Less: Non-controlling interest

initially recognised as

確認的非控制性權益

(10,000)

(167,821)

(177,821)

at acquisition date

Net assets acquired

所收購資產淨值

10,408

174,671

185,079

Analysis of net inflow of cash and

有關收購附屬公司的

cash equivalents in respect of

現金及現金等價物

acquisition of subsidiaries:

流入淨額的分析：

10,408

174,671

185,079

Cash consideration paid

已付現金代價物

Less: Cash and cash

減：所收購現金及

(50,408)

(40)

(236,246)

(286,694)

equivalents acquired

現金等價物

Net cash inflow

現金流入淨額

(40,000)

(40)

(61,575)

(101,615)

	REDCO PROPERTIES GROUP LIMITED

	力高地產集團有限公司
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
簡明合併財務資料附註
25 ACQUISITIONS OF SUBSIDIARIES (CONTINUED)	25	收購附屬公司（續）
	25.2 Step acquisition of Ganzhou Baoherun Co., Limited		25.2 分次收購贛州葆和潤實業有
	Ganzhou Baoherun Co., Limited ( 贛州葆和潤實業有限公		限公司
		贛州葆和潤實業有限公司（「贛
	司 ) "Ganzhou( Baoherun") is a limited liability company		州葆和潤」）為於二零一四年
	incorporated on 19 June 2014. The principal activities		六月十九日註冊成立的有限公
	are property development and management in the PRC.		司，主要業務為中國物業發展
	Ganzhou Baoherun is accounted for as an 30% associate of		及管理。在分次收購前，贛州
	the Group before the step acquisition.		葆和潤作為本集團佔 30% 的聯
				營公司入賬。
	The property project of Ganzhou Baoherun consists of		贛州葆和潤的物業項目分為三
	three phases. The Group is entitled to 30% interest in		期。本集團有權獲得第二期及
	phase 2 and 3 and an additional 21% voting rights of phase		第三期的 30% 權益，而贛州葆
	2 and 3 of Ganzhou Baoherun was granted to the Group by		和潤的 70% 股東向本集團授
	the 70% shareholder of Ganzhou Baoherun. The decisions		予贛州葆和潤第二期及第三期
	of phase 2 and 3 are made by simple majority. Meanwhile,		的額外 21% 投票權。第二期及
	the Group has no interests in phase 1.		第三期的決策以簡單多數票決
				定。現時本集團於第一期並無
				任何權益。
	As of 31 December 2019 and up to 23 January 2020, the		於二零一九年十二月三十一日
	date of step acquisition, even though the Company holds		及截至二零二零年一月二十三
	51% of voting right in phase 2 and 3 of Ganzhou Baoherun,		日（分次收購日期），儘管本公
	the directors of the Company is of the view, having		司持有贛州葆和潤第二期及第
	considered the terms stated in the operating agreement		三期的 51% 投票權，但本公司
	entered into with the other shareholder and the way in		董事經考慮與其他股東訂立的
	which the board of the Company governs the affairs of		經營協議所述條款及本公司董
	Ganzhou Baoherun legally, that the Company does not		事會依法管治贛州葆和潤事務
	have power over certain operating business of Ganzhou		之方式後，認為就香港財務報
	Baoherun and is not exposed to or able to obtain variable		告準則第 10 號而言，本公司
	returns from that operating segment for the purposes of		對贛州葆和潤的若干經營業務
	HKFRS 10. It follows that the three requirements in HKFRS		並無擁有權力，且並無獲授或
	10 for consolidation have not been met, the Company		能夠從該經營分部取得可變回
	should not consolidate Ganzhou Baoherun as a subsidiary		報。因此，於二零一九年十二
	in the Company's financial statements and should account		月三十一日及截至二零二零
	for its interest in Ganzhou Baoherun as an associated		年一月二十三日（分次收購日
	company as at 31 December 2019 and up to 23 January		期），由於未有符合香港財務報
	2020, the date of step acquisition.		告準則第 10 號對綜合入賬所定
				的三個規定，故本公司不應在
				公司財務報表中將贛州葆和潤
				作為一家附屬公司綜合入賬，
				而應將其於贛州葆和潤的權益
				作為一家聯營公司入賬。

		INTERIM REPORT 2020

		2020年中期報告
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
	簡明合併財務資料附註
25 ACQUISITIONS OF SUBSIDIARIES (CONTINUED)	25 收購附屬公司（續）
25.2 Step acquisition of Ganzhou Baoherun Co., Limited	25.2 分次收購贛州葆和潤實業有
(Continued)	限公司（續）
Since 23 January 2020, majority of properties for phase	自二零二零年一月二十三日
1 project, in which the Group has no interest, were	起，本集團並無權益的第一期
completed and sold. The remaining assets of Phase 1	項目的大部分物業已竣工並出
project were disposed to the other shareholder according	售。第一期項目的剩餘資產已
to the supplemental agreement entered into between the	根據由本集團及其他投資者
Group and the other investor. The remaining operating	訂立之補充協議出售予其他股
business was dominated by phase 2 and 3 projects, in	東。其餘的經營業務主要為第
which the Group is entitled to 51% of voting right and	二期和第三期的項目，本集團
30% interest. As of 23 January 2020, the Company has	於該等項目有權享有 51% 的投
power over the remaining operating business of Ganzhou	票權和 30% 的權益。於二零二
Baoherun and is exposed to variable returns from the	零年一月二十三日，本公司對
operating segment. As a result, the Company should	贛州葆和潤的其餘經營業務擁
consolidate Ganzhou Baoherun as a subsidiary in the	有權力，且能夠從該經營分部
Company's financial statements from 23 January 2020, the	取得可變回報。因此，本公司
date of step acquisition.	應由二零二零年一月二十三日
	（分次收購日期）起在本公司財
	務報表中將贛州葆和潤作為一
	家附屬公司綜合入賬。

	REDCO PROPERTIES GROUP LIMITED

	力高地產集團有限公司
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
簡明合併財務資料附註
25 ACQUISITIONS OF SUBSIDIARIES (CONTINUED)	25	收購附屬公司（續）
	25.2 Step acquisition of Ganzhou Baoherun Co., Limited		25.2 分次收購贛州葆和潤實業有
	(Continued)		限公司（續）
	The following table summarises the consideration paid		下表概述於收購日期就分次收
	for the step acquisition, the fair value of assets acquired		購事項已付代價、所收購資產
	and liabilities assumed at the acquisition date. The non-		的公平值及所承擔負債。於收
	controlling interests are measured at proportionate share		購日期，有關非控制性權益按
	in the recognised amounts of identifiable net assets as at		應佔可識別資產淨值之已確認
	the acquisition date.		金額的比例計量：


		Ganzhou
		Baoherun
		贛州葆和潤
		RMB'000
		人民幣千元

Consideration:	代價 :	288,140
Fair value of the shares held by the Group	本集團所持股份公平值
Recognised amounts of identifiable assets	可識別所收購資產及所承擔負債的
acquired and liabilities assumed:	已確認金額：	3,373,088
Properties under development for sale	持作出售的開發中物業
Trade and other receivables and deposits	貿易及其他應收款項及按金	484,270
Restricted cash	受限制現金	39,837
Cash and cash equivalents	現金及現金等價物	76,226
Trade and other payables	貿易及其他應付款項	(24,207)
Contract liabilities	合約負債	(1,770,509)
Borrowings	借款	(200,000)
Deferred income tax liabilities	遞延所得稅負債	(691,535)
Amounts due to non-controlling interests	應付非控制性權益款項	(326,702)
Total identifiable net assets acquired	可識別所收購資產淨值總額	960,468
Less: Non-controlling interest initially	減：於收購日期初始確認的	(672,328)
recognised as at acquisition date	非控制性權益
Net assets acquired	所收購資產淨值	288,140
Re-measurement gain on interests in associates	於聯營公司的權益重新計量收益	288,140
Fair value of interests in associates	於聯營公司的權益公平值
Less: Interests in associates (Note 13(a))	減：於聯營公司的權益（附註 13(a))	(54,415)
Re-measurement gain (Note 7)	重新計量收益（附註 7）	233,725
Analysis of net inflow of cash and	有關收購附屬公司的現金及現金等
cash equivalents in respect of	價物流入淨額的分析：
acquisition of the subsidiary:	所收購現金及現金等價物	76,226
Cash and cash equivalents acquired

		INTERIM REPORT 2020

		2020年中期報告
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION
	簡明合併財務資料附註
25 ACQUISITIONS OF SUBSIDIARIES (CONTINUED)	25 收購附屬公司（續）
25.2 Step acquisition of Ganzhou Baoherun Co., Limited	25.2 分次收購贛州葆和潤實業有
(Continued)	限公司（續）
G a n z h o u B a o h e r u n c o n t r i b u t e d r e v e n u e o f	贛州葆和潤於二零二零年一
RMB1,637,891,000 and net profit after tax of RMB82,047,000	月二十三日（收購日期）至
to the Group for the period from 23 January 2020, the	二零二零年六月三十日期間
acquisition date, to 30 June 2020.	為本集團貢獻收益人民幣
	1,637,891,000 元和稅後純利人
	民幣 82,047,000 元。
If the acquisitions had occurred on 1 January 2020,	若果收購發生在二零二零年一
consolidated revenue and net profit after tax of the Group	月一日，則本集團截至二零二
for the period ended 30 June 2020 would have been	零年六月三十日止期間的合併
RMB6,702,984,000 and RMB733,086,000 respectively.	收益和稅後純利將分別為人民
	幣 6,702,984,000 元和人民幣
	733,086,000 元。
25.3 Changes in ownership interests in subsidiaries without	25.3 變更附屬公司的所有權而控
change in control	制權並無變化
Acquisition of the remaining 30% equity interests of	收購江西力盛置業有限公司
Jiangxi Lisheng Real Estate Co., Ltd ( 江西力盛置業有限公司 )	（「江西力盛」）及江西力高盛業
"Jiangxi( Lisheng") and Jiangxi Redco Shengye Property	地產開發有限公司（「江西力高
Development Co., Ltd ( 江西力高盛業地產開發有限公司 )	盛業」）其餘 30% 權益。
"Jiangxi( Redco Shengye").
On 21 January 2020, the Group completed the purchase	於二零二零年一月二十一日，
of remaining 30% equity interests of Jiangxi Lisheng and	本集團完成以總代價約人民幣
Jiangxi Redco Shengye from the non-controlling interest	7,671,000 元的價格自非控制
at a consideration of approximately RMB7,671,000 in total.	性權益購買江西力盛及江西力
The Group recorded a decrease in non-controlling interest	高盛業的餘下 30% 股權。於購
of approximately RMB8,840,000 and an increase in the	買完成後，本集團錄得非控制
balance in reserves of approximately RMB1,169,000 upon	性權益減少約人民幣 8,840,000
the completion of the purchase.	元，儲備結餘增加約人民幣
	1,169,000 元。

REDCO PROPERTIES GROUP LIMITED 力高地產集團有限公司

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION 簡明合併財務資料附註

26 SUBSEQUENT EVENTS

On 30 July 2020, the Company issued 11.0% senior notes due 2022 with an aggregate nominal value of US$220,000,000 at 96.784% of the principal amount of the Notes (the"11.0% Senior Notes due 2022"). The interest is payable semi-annually in arrears. The net proceeds, after deducting the direct issuance costs, amounted to approximately US$210,000,000. The 11.0% Senior Notes due 2022 will mature on 6 August 2022, unless redeemed earlier.

On 11 August 2020, the Company issued 8.5% senior notes due 2021 with an aggregate nominal value of US$300,000,000 at 98.885% of the principal amount of the Notes (the"8.5% Senior Notes due 2021"). The interest is payable semi-annually in arrears. The net proceeds, after deducting the direct issuance costs, amounted to approximately US$294,000,000. The 8.5% Senior Notes due 2021 will mature on 19 August 2021, unless redeemed earlier.

26 期後事項

於二零二零年七月三十日，本公司發行二零二二年到期的 220,000,000 美元 11.0% 優先票據，發售價為票據本金額的 96.784%（「二零二二年到期的 11.0% 優先票據」）。利息每半年於到期後支付。扣除直接發行成本後的所得款項淨額約為 210,000,000 美元。除非提前贖回，否則二零二二年到期的 11.0% 優先票據將在二零二二年八月六日到期。

於二零二零年八月十一日，本公司發行二零二一年到期的 300,000,000 美元 8.5% 優先票據，發售價為票據本金額的 98.885%（「二零二一年到期的 8.5% 優先票據」）。利息每半年於到期後支付。扣除直接發行成本後的所得款項淨額約為 294,000,000 美元。除非提前贖回，否則二零二一年到期的 8.5% 優先票據將在二零二一年八月十九日到期。

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Redco Properties Group Ltd. published this content on 15 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 September 2020 12:59:04 UTC

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Apr. 24	Redco Properties Group Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI
Apr. 15	Redco Properties Expects Loss in First Six Months of 2023	MT

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