2016/17 INTERIM REPORT 中期报告 Interim Report 2016/17 中期报告 CONTENTS 目录 2 Corporate Information 公司资料 12 Chairman’s Statement 主席报告 16 Management Discussion and Analysis 管理层讨论及分析 46 Disclosure of Interests 权益披露 54 Corporate Governance and Other Information 企业管治及其他资料 56 Report on Review of Interim Condensed Consolidated Financial Statements 中期简明综合 财务报表审阅报告 58 Interim Condensed Consolidated Statement of Profit or Loss 中期简明综合损益表 59 Interim Condensed Consolidated Statement of Comprehensive Income 中期简明综合全面收益表 60 Interim Condensed Consolidated Statement of Financial Position 中期简明综合财务状况表 62 Interim Condensed Consolidated Statement of Changes in Equity 中期简明综合权益变动表 64 Interim Condensed Consolidated Statement of Cash Flows 中期简明综合现金流量表 66 Notes to Interim Condensed Consolidated Financial Statements 中期简明综合财务报表附注 CORPORATE INFORMATION 公司资料 Board of Directors Executive Directors Mr. Cheng Chung Hing (Co-Chairman) (2)(3) Mr. Leung Moon Lam Mr. Fung Sing Hong Stephen (Chief Executive Officer) (FCPA) Non-Executive Directors Dr. Ma Kai Cheung SBS, BBS (Co-Chairman) Mr. Sun Kai Lit Cliff BBS, JP Dr. Ma Wai Mo Mr. Cheng Tai Po Mr. Lin Ching Hua Independent Non-Executive Directors Mr. Leung Kwan Yuen Andrew GBS, SBS, JP (1)(2)(3) Mr. Li Wai Keung (1)(2)(3) Mr. Hui Chiu Chung JP (1) Mr. Yung Wing Ki Samuel SBS, MH, JP (1) Chief Financial Officer Mr. Tsoi Yiu Ting (FCCA) Company Secretary Ms. Tse Man Yu Michelle (FCPA) Auditors Ernst & Young Legal Advisors As to Hong Kong law Baker & McKenzie As to China law Commerce & Finance Law Offices 董事会 执行董事 郑松兴先生 （联席主席） (2)(3) 梁满林先生 冯星航先生 （集团行政总裁）(FCPA) 非执行董事 马介璋博士银紫荆星章、铜紫荆星章 （联席主席） 孙启烈先生铜紫荆星章、太平绅士 马伟武博士 郑大报先生 林�Z骅先生 独立非执行董事 梁君彦先生金紫荆星章、银紫荆星章、太平绅士 (1)(2)(3) 李伟强先生(1)(2)(3) 许照中先生太平绅士 (1) 容永祺先生银紫荆星章、荣誉�煺隆⑻�平绅士 (1) 集团首席财务总监 蔡耀庭先生(FCCA) 公司秘书 谢文瑜女士(FCPA) 核数师 安永会计师事务所 法律顾问 香港法律 贝克 麦坚时律师事务所 中国法律 通商律师事务所 (1) Member of Audit Committee (2) Member of Remuneration Committee (3) Member of Nomination Committee (1) 审核委员会成员 (2) 薪酬委员会成员 (3) 提名委员会成员 2 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 Corporate Information (Continued) 公司资料 （续） Principal Bankers Agricultural Bank of China Limited Bank of China Limited Bank of Communications Co., Ltd. China CITIC Bank Corporation Ltd. China Construction Bank Corporation Limited Industrial and Commercial Bank of China Limited Industrial Bank Co., Ltd. Shanghai Pudong Development Bank Co., Ltd. The Export-Import Bank of China The Hongkong and Shanghai Banking Corporation Limited Registered Office Room 2205, Sun Life Tower The Gateway, 15 Canton Road Tsimshatsui Kowloon Hong Kong Share Registrar Computershare Hong Kong Investor Services Limited Shops 1712�C1716, 17th Floor, Hopewell Centre 183 Queen’s Road East Wanchai Hong Kong Listing Information Share Listing The Stock Exchange of Hong Kong Limited Stock code: 1668 Senior Notes Listing The Company’s 8.25% 5 years senior notes due 2019 The Company’s 6.75% 5 years senior notes due 2021 The Singapore Exchange Securities Trading Limited Website www.chinasouthcity.com Investor Relations Telephone: (852) 3188-3111 Fax: (852) 3188-1323 Email: ir@chinasouthcity.com 主要往来银行 中国农业银行股份有限公司 中国银行股份有限公司 交通银行股份有限公司 中信银行股份有限公司 中国建设银行股份有限公司 中国工商银行股份有限公司 兴业银行股份有限公司 上海浦东发展银行股份有限公司 中国进出口银行 香港上海�蠓嵋�行有限公司 注册办事处 香港 九龙 尖沙咀 广东道15号港威大厦 永明金融大楼2205室 证券登记处 香港中央证券登记有限公司 香港 湾仔 皇后大道东183号 合和中心17楼1712�C1716室 上市资料 股份上市 香港联合交易所有限公司 股份代号：1668 优先票据上市 本公司於2019年到期的8.25% 5年期优先票据 本公司於2021年到期的6.75% 5年期优先票据 新加坡证券交易所有限公司 网站 www.chinasouthcity.com 投资者关系 电话：(852) 3188-3111 传真：(852) 3188-1323 电邮：ir@chinasouthcity.com Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 3 SHENZHEN 深圳 CHINA SOUTH CITY Trade center plaza 5 in operation 运营中的五号交易广场 HOBA Furnishing’s new store in CSC Shenzhen 於深圳华南城内的好百年家居新店 Marketing campaign in CSC Shenzhen 於深圳华南城举行的宣传活动 Birdview �C CSC Shenzhen 深圳华南城鸟瞰图 4 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 NANCHANG 南昌 CHINA SOUTH CITY Contract signing ceremony held in CSC Nanchang 於南昌华南城举行的商户入驻签约仪式 Residential properties under construction in CSC Nanchang 於南昌华南城的在建中住宅物业 Marketing campaign in CSC Nanchang outlet mall 於南昌华南城奥特莱斯商城举行的宣传活动 Birdview �C CSC Nanchang 南昌华南城鸟瞰图 Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 5 NANNING 南宁 CHINA SOUTH CITY Residential properties under construction in CSC Nanning 於南宁华南城的在建中住宅物业 International Travel and Food Festival in CSC Nanning 於南宁华南城举行的国际旅游美食节 Residential properties launch for sale in CSC Nanning 於南宁华南城的住宅物业开盘销售活动 Birdview �C CSC Nanning 南宁华南城鸟瞰图 6 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 XI’AN 西安 CHINA SOUTH CITY Leather & fur city in CSC Xi’an 於西安华南城的皮革皮草城 Hardware & machinery trading center in CSC Xi’an 於西安华南城的五金机电交易中心 Cross-border commodities outlet center in CSC Xi’an 於西安华南城的跨境商品直销中心 Birdview �C CSC Xi‘an 西安华南城鸟瞰图 Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 7 HARBIN 哈尔滨 CHINA SOUTH CITY The outlet mall in CSC Harbin 於哈尔滨华南城的奥特莱斯商城 Sino-Russia Trading Building & Petersburg Hotel under construction in CSC Harbin 於哈尔滨华南城在建中的中俄贸易大厦及彼得堡酒店 Grand opening of hardware & machinery market in CSC Harbin 於哈尔滨华南城的五金机电市场盛大开幕 Birdview �C CSC Harbin 哈尔滨华南城鸟瞰图 8 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 ZHENGZHOU 郑州 CHINA SOUTH CITY Non-staple food market in CSC Zhengzhou 於郑州华南城的副食品市场 Hardware & machinery market in CSC Zhengzhou 於郑州华南城的五金机电市场 The launch for sale at CSC Zhengzhou 郑州华南城的开盘活动 Birdview �C CSC Zhengzhou 郑州华南城鸟瞰图 Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 9 HEFEI 合肥 CHINA SOUTH CITY Residential properties launch for sale in CSC Hefei 於合肥华南城的住宅物业开盘销售活动 Residential properties in CSC Hefei 於合肥华南城的住宅物业 Trade center in detached style in CSC Hefei 於合肥华南城单幢式交易中心 Birdview �C CSC Hefei 合肥华南城鸟瞰图 10 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 CHONGQING 重庆 CHINA SOUTH CITY The exhibition center in CSC Chongqing 於重庆华南城的展览中心 CSC Chongqing in trial operation 试运营中的重庆华南城 The grand opening of food wholesale market in CSC Chongqing 於重庆华南城的食品批发市场盛大开幕 Birdview �C CSC Chongqing 重庆华南城鸟瞰图 Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 11 CHAIRMAN’S STATEMENT 主席报告 12 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 On behalf of the board of directors (the “Board”) of China South City Holdings Limited (the “Company”), together with its subsidiaries (“China South City” or the “Group”), I am pleased to report the unaudited consolidated interim results of the Group for the six months ended 30 September 2016 (“1H FY2016/17” or the “Period”). Results and Dividend During the Period, the Central Government continued to accelerate its supply-side structural reforms to promote long term and sustainable economic growth. On the back of credit easing, increased fiscal spending, a buoyant property market and other government stimulus measures, major economic indicators pointed to a more stable economic growth in China. This was accompanied by a narrowing decline in imports and exports, as well as a rebound in the manufacturing Purchasing Managers’ Index (“PMI”) of 51.2 in October 2016. The manufacturing PMI has remained above the 50-point mark for three consecutive months and reached the highest level since July 2014, outperforming market expectations. Furthermore, China maintained 6.7% gross domestic product (“GDP”) growth in the third quarter of 2016, remaining at the same level for three consecutive quarters. Nevertheless, the complex and uncertain macroeconomic environment still posed certain challenges to the Group’s operating performance. In response to the economic shift, the Group proactively adjusted its strategy to broaden its revenue stream during the Period. The Group successfully expedited residential ancillary sales, diversified the tenant mix by attracting E-commerce and technology companies as tenants, and strengthened its comprehensive ancillary facilities and services. As a result, the Group’s recurring income grew steadily during the Period, and its Contracted Sales also rose 13.7% year-on-year to reach to HK$4,315.6 million (1H FY2015/16: HK$3,796.3 million), asserting a rebound marked by five consecutive quarters of growth. The Group recorded revenue growth of 34.4% year-on-year to reach HK$2,892.8 million (1H FY2015/16: HK$2,152.9 million) for the Period. Recurring revenue grew 22.1% year-on-year to reach HK$736.5 million (1H FY2015/16: HK$603.2 million). Net profit attributable to owners of the parent stood at HK$856.9 million (1H FY2015/16: HK$755.8 million). Core net profit attributable to owners of the parent (being net profit attributable to owners of the parent excluding fair value gains on investment properties and related tax effects and profit or loss on purchase and redemption of senior notes) was HK$258.6 million (1H FY2015/16: HK$197.7 million). Basic earnings per share stood at HK10.70 cents (1H FY2015/16: HK9.45 cents). The Board does not recommend the payment of an interim dividend for the six months ended 30 September 2016 (1H FY2015/16: Nil). 本人谨代表华南城控股有限公司 （ 「本公司」）之董事 会 （ 「董事会」），连同其附属公司 （ 「华南城」或 「本集 团」），谨此欣然呈报本集团截至2016年9月30日止六 个月 （ 「 2016/17财政年度上半年」或 「本期间」）未经审 核的综合中期业绩。 业绩及股息 中央政府於本期间持续加强供给侧结构性改革，以推 动中国经济达至长远及可持续增长。在信贷宽松、基 础设施开支增加和房地产市场蓬勃的背景，以及其他 政府经济刺激措施的推动下，多项主要经济指标均显 示中国经济的增长正趋於稳定。与此同时，进出口贸 易降幅收窄，而2016年10月份制造业采购经理指数 （ 「 PMI」）亦回升至51.2，并连续3个月突破50点，为 2014年7月以来新高，远超市场预期。此外，2016年 第三季度国内生产总值增速维持於6.7%，连续三个 季度持平。然而，复杂多变的宏观经济环境仍对本集 团的经营表现带来若干挑战。 为应对经济转型，本集团积极调整其经营策略，扩阔 收入来源。本期间，本集团成功加快推售其住宅配 套，并通过引入电子商贸和科技类公司进一步丰富其 租户组合，同时加强其综合配套设施及服务，使本集 团的持续性收入於本期间实现稳定增长，合约销售同 比上升13.7%至43.156亿港元 （ 2015/16财政年度上半 年：37.963亿港元），录得连续5个季度反弹。 本集团於本期间录得收入同比增长34.4%至28.928亿 港元 （ 2015/16财政年度上半年：21.529亿港元），持 续性收入同比增长22.1%至7.365亿港元 （ 2015/16财 政年度上半年：6.032亿港元）。母公司拥有人应占净 利润为8.569亿港元 （ 2015/16财政年度上半年：7.558 亿港元）。母公司拥有人应占核心净利润 （即未计投资 物业公平值收益及相关税款和购买及赎回优先票据之 损益影响後的母公司拥有人应占净利润）为2.586亿港 元 （ 2015/16财政年度上半年：1.977亿港元）。每股基 本盈利为10.70港仙 （ 2015/16财政年度上半年：9.45 港仙）。 董事会不建议派付截至2016年9月30日止六个月中期 股息 （ 2015/16财政年度上半年：无）。 Chairman’s Statement (Continued) 主席报告 （续） Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 13 Review of the Market and Operations Solid performance was attributable to a diversified and flexible business model China South City commands a unique business model and an unparalleled network of projects, strategically located in major provincial capitals and municipalities in China. With its project developments spanning a long economic cycle and operations straddling numerous business sectors, the Group has a business model which is both diverse and flexible enough to ride through cyclical fluctuations during the economic transition ensures the sustainability of its business. In 1H FY2016/17, the Group continued to see encouraging growth in recurring income and residential ancillary sales despite the sales of trade center remained weak amid the overall macroeconomic environment and the slower than expected of local wholesale market relocation. During the Period, the Central Government continued to focus on reducing housing inventory. The Group saw an increase in demand for its residential ancillary. Leveraging its flexible business model, the Group launched additional residential ancillary to meet rising market demand during the Period. Steady growth in recurring income provides sustainable development Our guiding principle for achieving sustainable and long-term development is based on steady growth in income generated from recurring business operations, such as rental, property management, E-commerce, logistics and warehousing services and outlet operations. The Group believe that the successful replication of our unique business model across geographies highlights the merit of the Group’s operating philosophy. During the Period, income from rental, property management, E-commerce, logistics and warehousing services and outlet operations reached HK$353.5 million, HK$153.2 million, HK$63.4 million, HK$74.9 million and HK$83.2 million respectively (1H FY2015/16: HK$334.0 million, HK$88.0 million, HK$50.8 million, HK$65.8 million and HK$59.6 million respectively). Logistics and warehousing services formed an integral part of the Group’s strategic resources. The growing demand for warehousing services remained the driving force for the Group’s warehousing business and its high occupancy rate. Backed by our well-developed regional logistics hub, the Group successfully expanded its tenant portfolio during the Period by attracting new clients such as technology companies and E-commerce platforms. The Group also plans to extend its services through various means, such as providing customized warehouses to leading third party logistics companies. 市场及运营回顾 业务稳健受惠於多元化及灵活的商业模式 华南城拥有独特的商业模式及无可比拟的战略布局， 其项目网络遍布中国主要省会及直辖市。由於项目发 展跨越较长的经济周期，加上运营涉及多个业务范 畴，本集团充份运用其多元化且灵活的商业模式，以 应对经济转型中周期性波动所产生的影响，并确保 本集团业务的可持续发展。於2016/17财政年度上半 年，尽管本集团商品交易中心商�m的销售受整体经济 环境及地方市场搬迁较预期缓慢的影响依然疲软，但 持续性收入与住宅配套销售持续录得令人鼓舞的增 长。 中央政府於本期间继续推动房地产市场去库存，带动 市场对本集团住宅配套需求的增长。凭藉其灵活的商 业模式，本集团於本期间加推住宅配套，以满足不断 上升的市场需求。 持续性收入增长稳健，确保实现可持续发展 本集团认为其租金、物业管理、电子商贸、物流及仓 储服务及奥特莱斯运营等持续性业务收入的稳健增长 是长期可持续发展的基础。本集团相信，华南城於不 同地区成功复制其独特的商业模式亦反映其经营理念 的优势。本期间，来自租金、物业管理、电子商贸、 物流及仓储服务及奥特莱斯运营的收入分别为3.535 亿港元、1.532亿港元、6,340万港元、7,490万港元 及8,320万港元 （ 2015/16财政年度上半年：分别为 3.340亿港元、8,800万港元、5,080万港元、6,580万 港元及5,960万港元）。 物流及仓储服务是本集团战略资源的重要组成部分。 市场对仓储服务需求的日益增长是本集团发展仓储业 务与实现高出租率的驱动力。在完善的区域物流枢纽 的支持下，本集团於本期间通过引入如科技类公司及 电子商贸平台等新客户，成功丰富租户组合。此外， 本集团亦计划通过提供不同业务模式，例如为领先的 第三方物流公司提供订制化仓库等，优化其服务。 Chairman’s Statement (Continued) 主席报告 （续） 14 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 As “Internet Plus” being a core strategy of the Group’s fourth-generation integrated logistics and trading platform, the Group further strengthened the development of its E-commerce services by leveraging its B2B platform �C CSC86.com and strategic partnership with Tencent Holdings Limited (“Tencent”). the Group’s E-commerce services such as online payment and trial online membership program were widely appreciated by our customers, serving as key tools for raising small and medium-sized enterprises (“SMEs”) competitiveness and facilitating buyer and seller transactions. The outlet mall at China South City Shenzhen (“CSC Shenzhen”) contributed a steadily growing stream of recurring income for the Group. Following the transformation of CSC Shenzhen into an iconic regional outlet center, the district enjoyed steady visitor traffic which helped to boost the Group’s brand recognition. Riding on its successful operations, the Group replicated the Shenzhen outlet model across other projects. During the Period, the outlet malls in Xi’an, Nanchang, Nanning and Harbin also performed in line with our expectations. Diversification of financing channels in onshore and offshore capital markets During the Period, the Group undertook a number of onshore and offshore financing activities at a relatively low cost that lead to further reduction of overall financing costs and improvement of its financial structure. As a leading developer and operator of large-scale integrated logistics and trade centers in China by planned gross floor area (“GFA”), the Company taps into the domestic capital market to take advantage of the easing funding environment to diversify its funding channels. 「互联网+」作为本集团第四代综合商贸物流及商品交 易平台的核心策略。本集团凭藉其B2B平台－华南城 网以及与腾讯控股有限公司 （ 「腾讯」）的策略性合作， 将进一步加强其电子商贸服务的发展。本集团的电子 商贸服务，提供包括线上支付功能及试验性网上会员 计划，成为协助中小企业提升自身竞争力以及促进买 卖双方交易的工具，受到客户的广泛认可。 位於深圳华南城的奥特莱斯商城为本集团提供了稳定 增长的持续性收入。随着深圳华南城成为标志性的地 区奥特莱斯中心，本集团尽享稳定客流，并提升品牌 的知名度。凭藉深圳奥特莱斯商城的成功运营，本集 团将该模式陆续复制至其他项目。本期间，西安、南 昌、南宁及哈尔滨的奥特莱斯商城的运营表现均如预 期。 多元化的境内和境外资本市场融资渠道 本期间，本集团进行了多项成本相对较低的境内及境 外融资活动，进一步降低整体融资成本及改善融资结 构。作为一家中国领先的大型综合商贸物流及商品交 易中心的开发及运营商 （按规划建筑面积），本公司利 用国内资本市场宽松的融资环境，丰富其融资渠道。 Chairman’s Statement (Continued) 主席报告 （续） Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 15 Future Prospects Looking ahead to the second half of the fiscal year, the Group maintains a cautiously optimistic business outlook for its operating environment in the short to medium term, as China’s economy continues to face considerable pressure amid structural reforms and transformation. The Group will continue to implement its long-term strategy and is wellpositioned to capture the opportunities arising from China’s economic development. After 1H FY2016/17, I have signed a letter of intent (the “Letter of Intent”) with a Shenzhen-listed property developer, Shenzhen Centralcon Investment Holding Co., Ltd. (“Centralcon”), in relation to the proposed share transfer of an approximately 23.20% equity stake in the Company. I believe the introduction of Centralcon as a substantial shareholder will further strengthen the Company’s shareholder base. The transaction is expected to bring synergy and increase the competitiveness of both companies, as well as combine their resources as listed companies in both PRC and Hong Kong. These benefits will stem from Centralcon’s extensive experience in residential property development, high-end hotel and commercial property management, as well as China South City’s expertise in the development and operation of integrated large-scale trade and logistics centers. After the proposed transaction, my management position and the core management of the Company will basically remain unchanged and we all have full confidence in the future of the Company. I am also actively looking into investment opportunities in Centralcon and becoming an important shareholder of Centralcon. The Central Government’s “One Belt, One Road” initiative and “Internet Plus” strategy will continue to support the Group’s prospects for longterm development. In addition, the Group anticipates a diversified revenue stream with the introduction of new business initiatives and opportunities such as further tenant mix diversification, accelerated development of its warehousing business and the upcoming government initiatives in the proximity of several existing projects. These will serve to bolster the Group’s steady growth trajectory. In adapting to the shifting business landscape, the Group will continue to develop its “Online + Physical + Logistics” business eco-system to provide better services and support to its tenants, in line with the Group’s fourth-generation integrated logistics and trading development. The management expects the Group to achieve an annual sales target of HK$7.5-8.5 billion for the fiscal year ended 31 March 2017 (“FY2016/17”). As at 30 September 2016, the Group has achieved HK$4.3 billion of Contracted Sales. Finally, on behalf of the Board, I would like to extend my heartfelt gratitude to our valued shareholders, customers and business partners, for their trust and continued support of the Group. I would also like to express my appreciation to the management and staff for their professionalism and wholehearted commitment. Cheng Chung Hing Co-Chairman & Executive Director Hong Kong, 25 November 2016 前景 展望本财政年度下半年，结构性改革和转型将持续对 中国经济构成一定压力。本集团对其中短期的业务前 景保持审慎乐观。同时，本集团亦将继续贯彻其长期 策略，积极把握国家经济发展中所带来的机遇。於 2016/17财政年度上半年期後，本人与於深圳上市的 房地产开发商，深圳市中洲投资控股股份有限公司 （ 「中洲控股」）签订了意向书，拟转让合共约占本公司 已发行股份总数约23.20%的股权。本人相信引入中 洲控股作为主要股东将进一步加强本公司的股东基 础。预期该交易将有利於两家公司利用双方在香港与 内地上市的公司资源，提升双方的竞争力，形成业务 协同与互补。这些得益将源於中洲控股在住宅地产开 发、高端酒店与商业物业管理的丰富经验，以及华南 城在大型综合商贸物流与商品交易中心开发与运营方 面的专业经验。该建议交易之後，本人和核心管理层 在公司的管理地位将基本保持不变，我们对公司未来 的发展充满信心。本人将积极寻求在中洲控股的投资 机会，并有意成为中洲控股的重要股东。 本集团的长远发展将继续受惠於中央政府提出的 「一 带一路」倡议和 「互联网+」战略。此外，因应多元化的 租户组合、仓储业务的加快发展，以及当地政府於现 有华南城项目周边将推出的新发展计划等，相信本集 团未来的收入来源将更加多元化，亦将有助加强其稳 定增长的势头。为应对多变的商业环境，本集团将坚 持其第四代商贸物流及商品交易平台的发展，继续完 善 「网络+实体+物流」的商贸生态系统从而为租户提供 更优质的服务与支持。 管理层预计本集团截至2017年3月31日止财政年度 （ 「 2016/17财政年度」）的年度销售目标将实现75至85 亿港元。截至2016年9月30日，本集团已实现43亿港 元的合约销售。 最後，本人谨代表董事会，衷心感谢我们的股东、客 户以及业务夥伴一直以来对本集团的信任及支持，同 时亦对管理层及员工的专业精神及全心投入深表谢 意。 郑松兴 联席主席兼执行董事 香港，2016年11月25日 MANAGEMENT DISCUSSION AND ANALYSIS 管理层讨论及分析 业务回顾 中央政府於本期间通过加大基础设施投资以及刺激内 需等措施，进一步深化供给侧结构性改革，为中国经 济增长提供新动力。因此，中国经济呈现出新的增长 趋势的�象。近月，多项主要市场指标如国内生产总 值增速、制造业采购经理指数和对外贸易总额等均显 示中国经济保持稳定。此外，中国房地产市场於本期 间亦发展蓬勃，需求强劲，房价上涨。上述因素营造 了良好的市场气氛，并带动对本集团住宅配套及综合 增值服务的需求。 本集团凭藉其独特的 「线上+实体+物流」商业模式，成 功保持持续性业务的增长趋势，提供稳定增长的收入 来源。随着现有项目渐趋成熟，本集团的住宅配套受 到市场的广泛认可，并为本集团的合约销售增长作出 贡献。与此同时，项目位处中国主要省会及直辖市， 尽享地理优势，加上周边基础设施建设如地铁系统、 高速公路及铁路的发展，亦是本集团强劲表现的助 力。 然而，在复杂多变的宏观经济环境下，市场竞争日益 加剧，加上地方批发市场外迁计划较预期缓慢，导致 中小企业对投资商品交易中心商�m保持观望态度。因 此，本集团商品交易中心商�m的合约销售表现因而受 到负面影响。 本期间，本集团录得总收入28.928亿港元 （ 2015/16 财政年度上半年：21.529亿港元）同比增长34.4%。 持续性收入由2015/16财政年度上半年的6.032亿港 元增长22.1%至7.365亿港元，占总收入的25.5% （ 2015/16财政年度上半年：28.0%）。合约销售增长 13.7%至43.156亿港元 （ 2015/16财政年度上半年： 37.963亿港元）。母公司拥有人应占净利润为8.569亿 港元 （ 2015/16财政年度上半年：7.558亿港元）。每股 基本盈利为10.70港仙 （ 2015/16财政年度上半年：9.45 港仙）。 发挥华南城业务的增长潜力 本集团的项目位处中国主要省会及直辖市，势将受惠 於中央政府对基础建设设施投入的增加。随着本集团 的项目运营逐渐成熟，市场对本集团的住宅配套设施 需求增长日趋强劲。於本期间，受省会城市快速发展 的带动，南昌华南城及合肥华南城的住宅配套销售备 受市场热烈追捧。 16 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 Business Review During the Period, the Central Government continued to pursue supplyside structural reforms by boosting infrastructure investment, stimulating domestic demand, and fostered internal growth drivers. As a result, China’s economy has shown new signs of growth momentum. In recent months, key market indicators such as GDP growth, manufacturing PMI and foreign trade volume have reflected China’s economic stability. In addition, the property market in China continued to thrive during the Period, seeing strong demand and stellar growth in housing prices. These factors have contributed to a favorable market sentiment, supporting the demand for the Group’s residential ancillary and comprehensive valueadded services. Anchored on its unique “Online + Physical + Logistics” business model, the Group succeeded in maintaining the growth momentum of its recurring businesses, delivering steady revenue stream growth. With the increasing maturity of the Group’s existing projects, it’s residential ancillary was well-received by the market and contributed to the Group’s contracted sales growth. This strong performance was made possible by excellent property locations in major provincial capitals and municipalities in China, and aimed by surrounding infrastructural developments such as metro systems, highways and railways. However, in light of a complex and uncertain macroeconomic environment, intensifying competition and the slower than expected in local wholesale market relocation, SMEs remained hesitant towards investing in trade center units. As a result, contracted sales for the Group’s wholesale market units were adversely affected. During the Period, the Group recorded total revenue of HK$2,892.8 million (1H FY2015/16: HK$2,152.9 million) representing a year-on-year growth of 34.4%. Its recurring income increased by 22.1% year-on-year from HK$603.2 million in 1H FY2015/16 to HK$736.5 million, accounting for 25.5% of the total revenue (1H FY2015/16: 28.0%). Contracted sales grew by 13.7% to HK$4,315.6 million (1H FY2015/16: HK$3,796.3 million). Net profit attributable to owners of the parent reached HK$856.9 million (1H FY2015/16: HK$755.8 million). Basic earnings per share amounted to HK10.70 cents (1H FY2015/16: HK9.45 cents). Harnessing China South City’s Business Growth Potential Located in China’s major provincial capitals and municipalities, the Group’s projects are set to benefit from the Central Government’s increase in infrastructure spending. Following the increasing maturity of our projects, the Group saw a growing demand for its residential ancillary facilities. This demand was further assisted by increased provincial development during the Period, as shown in strong residential ancillary sales at China South City Nanchang (“CSC Nanchang”) and China South City Hefei (“CSC Hefei”) during the Period. Management Discussion and Analysis (Continued) 管理层讨论及分析 （续） 提速发展配套设施 随着由地方政府牵头的多项基础设施建设相继落成， 市场对本集团项目及其周边的配套设施的需求亦相应 增加。伴随近期位於西安华南城及郑州华南城的地铁 项目的分别建成，以及深圳项目上地铁建设顺利推 进，本集团将配套设施的建设视为发展重点。此外， 国家级的重点活动，例如已经确定在2021年於西安举 办的第十四届中华人民共和国全国运动会 （ 「全运会」） 将进一步带动我们项目的人流。因此本集团加速发展 其主要项目的配套设施，尤其是住宅配套及奥特莱斯 两个业务板块。 保持郑州华南城势头强劲 位处华中地区主要物流枢纽的核心地带，郑州华南城 在过去两年一直是本集团在收入贡献和发展速度方面 表现最突出的项目。鉴於地方政府在搬迁和区内新基 建设施的建设进度，本集团认为郑州华南城的发展潜 力非常优厚，例如近期已开始试运营并即将通车，连 接郑州市中心城区及航空港经济综合实验区的郑州地 铁2号线延长线将沿郑州华南城设三个车站。为充分 发挥郑州华南城的增长潜力，本集团将策略性地专注 投放资源於该项目上。於今年7月至11月期间，本集 团新购得商业、住宅及仓储用途之土地，以支持郑州 华南城的长远发展。 The extension of Zhengzhou subway line 2 passing through CSC Zhengzhou 直达郑州华南城的郑州地铁2号线延长线 International E-commerce logistics center in CSC Shenzhen 於深圳华南城的国际电商物流中心 Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 17 Accelerated Ancillary Facilities Developments The completion of multiple government-led infrastructure projects has led to greater demand for ancillary facilities in and around of the Group’s project sites. With the recent completion of the subway line passing through China South City Xi’an (“CSC Xi’an”) and China South City Zhengzhou (“CSC Zhengzhou”) as well as the subway line passing through Shenzhen subway line is underway, the Group has identified ancillary facilities as a development priority. In addition, key national events such as the 14th National Games of the People’s Republic of China in Xi’an 2021 will pull further visitors to its sites. In response, the Group has ramped up the development of ancillary facilities in its major projects, with particular focus on residential ancillary and outlet operations. Maintained the Strong Growth Momentum of CSC Zhengzhou Located at the heart of a major logistics hub in Central China, over the past two years CSC Zhengzhou has stood out as the Group’s fastest-growing project in terms of revenue contribution and rate of development. Given the progress of local government’s relocation and new infrastructure development, the Group saw immense development potential in CSC Zhengzhou. For example, the extension of subway line 2 in Zhengzhou which connects the downtown area to the Zhengzhou Airport Economic Zone (“AEZ”), passes through CSC Zhengzhou with three stops, has already commenced trial operation recently and will put into operation in the near future. To achieve its full growth potential, the Group has strategically focused its investment resources on this project. Between July and November this year, the Group newly acquired land with the purpose of commercial, residential and warehouse to support the long-term development of CSC Zhengzhou. Management Discussion and Analysis (Continued) 管理层讨论及分析 （续） 项目租户组合日趋多元化 深圳华南城是本集团开发的首个项目。经过十余年的 发展，深圳华南城进一步丰富其商业运营，并提升其 第四代综合商贸物流及商品交易平台的配套设施和服 务。凭藉深圳华南城在物流设施及多元化客户基础的 竞争优势，该项目已成为汇聚领先跨境电子商贸企业 的枢纽。基於该项目的成功模式，本集团积极在其他 项目引入电子商贸企业，使租户组合进一步多元化。 鉴於电子商贸租户对仓储设施与物流服务的庞大需 求，多元化的租户组合不仅扩阔本集团的收入来源， 并促进其商业生态系统的进一步发展，深化 「线上线 下」融合的贸易服务。 持续性业务创造稳定收入来源 作为一家中国领先的大型综合商贸物流及商品交易中 心运营商，本集团已成功建立起一个遍布全国八个城 市的强大项目组合。本集团以实体资源为平台，为其 租户提供全面的增值服务，从而产生多元化的持续性 收入。随着越来越多项目投入运营，加上市场对配套 服务的需求显着上升，本集团的持续性收入增长稳 定。 物流及仓储服务 受惠於电子商贸的高速发展，中国物流业发展蓬勃， 投资者对行业的关注度亦因而提升。随着项目发展日 渐成熟，加上电子商贸在中国迅速增长，租户及第三 方物流供应商对本集团仓储设施与物流服务的需求强 劲，这日益增长的需求是本集团仓储业务发展的主要 驱动力。本期间，此业务分部录得收入7,490万港元 （ 2015/16财政年度上半年：6,580万港元），同比上升 13.8%。 18 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 Increasingly diversified tenant mix across projects CSC Shenzhen is the Group’s first development project. After over a decade of development, CSC Shenzhen further diversified its business operations and enhanced the ancillary facilities and services of its fourthgeneration integrated logistics and trading platform. Due to its competitive strengths in logistics facilities and a diverse customer base, CSC Shenzhen has become a hub for leading cross-border E-commerce enterprises. Building on this successful model, the Group further diversified its tenant mix by introducing E-commerce companies to other projects. Tapping into our E-commerce tenants’ high demand for warehousing facilities and logistics services, tenant diversification not only broadens the Group’s revenue stream, but also further develops its business eco-system for the extensive integration of O2O trading. Steady Revenue Streams from Recurring Business As a leading operator of large-scale integrated logistics and trade centers in China, the Group has successfully built up a strong project portfolio spanning eight cities over the country. The Group leverages its physical assets as a platform to offer comprehensive value-added services to its occupants, thereby generating multiple streams of recurring income. With more projects commencing operation and a burgeoning demand for its ancillary services, the Group saw a sustainable growth in recurring income. Logistics and Warehousing Services China’s logistics sector has flourished on the back of the E-commerce boom and has drawn increasing investor interest. Riding on the growing maturity of its projects, coupled with the exponential growth of E-commerce in China, the Group saw a strong demand for its warehousing facilities and logistics services from both tenants and thirdparty logistics providers, the growing demand has acted as a key driving force for the Group’s warehousing business. During the Period, this segment recorded revenue of HK$74.9 million (1H FY2015/16: HK$65.8 million), up by 13.8% year-on-year. Management Discussion and Analysis (Continued) 管理层讨论及分析 （续） 顺应电子商贸的蓬勃发展，本集团计划通过吸纳领先 的第三方物流公司及电子商贸企业等新客户进一步丰 富其租户组合。本集团亦计划提供订制化仓库等多种 措施以满足客户需求从而优化其服务。通过利用华南 城完善的项目网络，中小企业及重型卡车司机对本集 团物流信息交易平台的需求逐步增强，物流信息交易 平台将有助於货主更有效管理运输成本及运用资源。 电子商贸发展 目前，互联网普及率在中国已超过50%。 「互联网+」 战略无疑是国家进行产业升级的关键，并为中国经济 提供新的动力，形成经济新趋势。本集团积极把握此 利好国策，於本期间进一步加强发展其第四代综合商 贸物流及商品交易平台，以提升中小企业的经营效率 及竞争力。凭藉与腾讯的战略合作关系，本集团利用 腾讯的技术优势与丰富资源，支持中小企业发展电子 商贸。 本期间，本集团继续升级其 「线上线下」平台，强化其 电子商贸平台－华南城网，从而为中小企业提供包括 线上交易与支付服务在内的更优质更高效服务。 Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 19 Capitalizing on the E-commerce boom, the Group intends to grow its tenant portfolio by attracting new clients, such as leading third-party logistics companies and E-commerce companies. The Group also considers optimizing its services through various means, including a plan to provide customized warehouses to meet customers’ needs. Through utilizing China South City’s extensive network, the Group saw a gradual increase in demand for its Logistics Information Exchange Platform (“LIEP”) services from SMEs and Heavy Goods Vehicles (“HGVs”) drivers, which help cargo owners to manage delivery cost more effectively and utilize resources more efficiently. E-commerce Development Today, China’s internet penetration rate exceeds 50%. The “Internet Plus” strategy is pivotal to upgrading the nation’s industries. It is also set to create new economic drivers and form a new economic trend in China. To take full advantage of this national strategy, the Group further strengthened its fourth-generation integrated logistics and trading platform during the Period, which was instrumental in helping SMEs raise their operational efficiency and competitiveness. Backed by its strategic partnership with Tencent, the Group has harnessed Tencent’s technical expertise and wealth of resources to step up its support of SMEs’ E-commerce development. During the Period, the Group continued to upgrade its integrated “O2O” platform. It strengthened its E-commerce platform �C CSC86.com to deliver a more superior and efficient support service to SMEs in areas such as online trading and payment. QianLong Logistics and warehousing in CSC Zhengzhou 於郑州华南城的乾龙仓储物流 QianLong Logistics and warehousing in CSC Shenzhen 於深圳华南城的乾龙仓储物流 Management Discussion and Analysis (Continued) 管理层讨论及分析 （续） 奥特莱斯运营 面对来自线上零售的激烈竞争，以实体店为销售点的 零售业面临同店销售疲弱及库存积压的挑战。然而， 奥特莱斯商城为消费者提供折扣品牌产品的同时，亦 带来具品质的购物体验及售後服务，於近年零售行业 日益风靡，实现快速增长。本集团全资附属公司－深 圳华盛商业发展有限公司把握市场机遇，专业经营奥 特莱斯业务，持续贡献可观的现金流并进一步为项目 带来稳定的人流。 於本期间，奥特莱斯运营录得约人民币4.15亿元的总 销售额，贡献8,320万港元的持续性收入。凭藉其成 功的运营，本集团复制深圳奥特莱斯商城的运营模式 至其他项目。南宁华南城、南昌华南城、西安华南城 以及哈尔滨华南城的奥特莱斯商城试运营均获得良好 的业绩表现。西安华南城的奥特莱斯商城在销售额及 品牌数量方面均已成为本集团奥特莱斯商城中第二大 贡献来源。途经西安华南城的西安地铁3号线亦已於 2016年11月8日投入试运营，将为该区域带来更多商 机及带动更多客流。郑州华南城及合肥华南城的奥特 莱斯商城即将陆续投入运营，并为本集团带来更多的 持续性收入及经营现金流。 Cross-border commodities outlet center in CSC Shenzhen 於深圳华南城的跨境商品直销中心 Marketing campaign held in CSC Xi’an outlet mall 於西安华南城奥特莱斯商城举行的宣传活动 本集团注意到中国市场对包括日常用品以至高级奢侈 品在内的外国产品的需求强劲所带来的商机。针对这 一商机，本集团利用 「海外直购」的模式拓展及丰富其 奥特莱斯业务。本集团成立了一个全新的业务单位－ 「亚特兰蒂斯」，专营时尚奢侈品的海外采购，以满足 国内对海外折扣奢侈品日益增长的需求。亚特兰蒂斯 将於未来一年於深圳、南昌和哈尔滨等地开始运营， 预计将能进一步加强各项目的配套设施，以吸引更多 的人流。 20 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 Outlet Operations Due to the intensifying competition from online retail, the brick-andmortar retail business faced challenges with weak same-store sales and excessive inventory. Nevertheless, the outlet business has become more popular in the retail sector and grown rapidly in recent years, providing shoppers with a quality shopping experience, after sales service and branded goods at value-for-money prices. The Group gains full exposure to these market opportunities through its wholly-owned subsidiary �C Shenzhen Huasheng Commercial Development Company Limited. The outlets business continues to generate significant cash flow and further supports our projects by driving steady visitor flow. During the Period, the outlets operations recorded a gross sales turnover of approximately RMB415 million and generated a recurring income of HK$83.2 million. Riding on its successful operations, the Group replicated the Shenzhen outlet model across other projects. Trial runs of its outlet malls in China South City Nanning (“CSC Nanning”), CSC Nanchang, CSC Xi’an and China South City Harbin (“CSC Harbin”) projects are showing positive results. The outlet mall in CSC Xi’an was the second-largest contributor among the Group’s outlet malls in terms of sales turnover and number of brands. The subway line 3 of Xi’an metro, which commenced trial operation on 8 November 2016, passes through CSC Xi’an and is expected to bring more business opportunities and visitor traffic to the region. The outlet malls in CSC Zhengzhou and CSC Hefei are slated to begin operations in the near future, which will generate more recurring income and operating cash flow for the Group. The Group recognized the inherent opportunity in China’s strong demand for overseas products ranging from daily essentials to high-end luxury products. It has targeted this opportunity by expanding its outlets business based on the “Direct Overseas Sourcing” model. The Group have started a new business unit called “Atlantis” which specializes in sourcing luxury fashion products from overseas, to meet the increasing demand for affordable foreign luxury goods in China. Atlantis is expected to commence operations in Shenzhen, Nanchang and Harbin within the coming year, and is set to further enhance the ancillary facilities of the projects, as well as to attract additional traffic. Management Discussion and Analysis (Continued) 管理层讨论及分析 （续） 物业管理 为进一步加强其在批发市场物业管理方面的竞争优 势，本集团积极提升管理与服务标准。随着新项目陆 续落成，本集团凭藉其第四代综合商贸物流及商品交 易平台先进的设施，提供优质的服务以及日益增长的 规模，从而巩固其领先的市场地位。本集团通过多方 面努力，成功取得了该业务板块收入的持续快速增 长。2016/17财政年度上半年，来自物业管理的持续 性收入同比增长74.1%达1.532亿港元。 Property management team in CSC Harbin 於哈尔滨华南城的物业管理团队 HOBA Furnishing main store in Shenzhen 於深圳的好百年家居总店 好百年家居 深圳市好百年家居连锁股份有限公司 （ 「好百年家居」） 於中国的全国中小企业股份转让系统 （俗称 「新三板」） 挂牌，主要在中国内地从事家居广场运营，专营中高 档品质的家居产品以及配件销售。截至2016年9月30 日，好百年家居於中国经营十家门店 （包括分别位於 深圳华南城以及南宁华南城的两家新设大型门店）， 为本集团贡献了稳定的持续性收入。本期间，於深圳 华南城及南宁华南城试运营的两家新店表现平稳。 贸易博览会 本集团利用位於主要省会及直辖市的大型商贸平台， 配合与各当地政府长期合作关系及合办贸易博览会的 丰富经验，於旗下项目内筹办多场贸易展会及会议。 该等博览会反应热烈，吸引众多国际及地方参展商， 不仅提升了项目内的访客及业务流量，更为商品交易 中心带来商机，进一步提高华南城品牌的知名度与认 受性。 Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 21 Property Management In order to further increase its competitive edge in property management of wholesale market, the Group increased its efforts to raise property management and service standards. With the completion of several new projects, the Group has fortified its industry standing by utilizing its fourth-generation integrated logistics and trade centers to provide quality service and grow economies of scale. The Group’s efforts paid off, as shown by the continued growth in recurring revenue and steady cash inflows provide by this segment. In 1H FY2016/17, recurring income from property management grew by 74.1% year-on-year to HK$153.2 million. HOBA Furnishing Quoted on the National Equities Exchange and Quotations System (also known as the “New Third Board”) in the PRC, Shenzhen HOBA Home Furnishing Chain Store Co., Ltd. (“HOBA Furnishing”) is principally engaged in the operation of furnishing centers in the PRC for the supply of middle-to-high-end quality home furnishing products and accessories. As at 30 September 2016, HOBA Furnishing operated ten stores (including two new megastores in CSC Shenzhen and CSC Nanning respectively) in China, contributing stable recurring income to the Group. During the Period, trial operations of the two new stores in CSC Shenzhen and CSC Nanning proceeded smoothly. Trade Fairs The Group organized a number of trade exhibitions and conventions across its projects, leveraging its large-scale trading platforms in major provincial capitals and municipalities in China together with its long-term relationships and extensive experience in co-organizing trade fairs with local governments. The events were well-received by many international and local exhibitors, not only boosting visitor and business traffic to these projects, but also creating more business opportunities for its trade centers. This further enhanced the brand awareness and recognition of China South City. Management Discussion and Analysis (Continued) 管理层讨论及分析 （续） 部份活动回顾 民俗文化商贸节暨博览会 民俗文化商贸节暨博览会於2016年4月在南宁华南城 举办，该为期十一天的活动，吸引众多参与者前来。 同时，第九届 （广西）南宁春茶节亦在南宁华南城举 办，该次活动显着带动茶叶及茶具商户的销售，并为 南宁华南城内的其他商户带来商机。 西洽会暨丝博会 2016丝绸之路国际博览会暨第二十届中国东西部合作 与投资贸易洽谈会於2016年5月在西安举行。当中 「丝 绸之路商品贸易展」由西安华南城承办，展示丝路沿 线国家众多商品。西安华南城利用自身会议展览与商 贸物流的双重优势，一方面为丝路沿线国家的资源整 合，并且为全方位合作做出积极贡献，推动西安商贸 物流产业的发展。 哈尔滨国际经济贸易洽谈会 第二十七届哈尔滨国际经济贸易洽谈会华南城分会场 暨第九届龙港澳台及俄罗斯 （绿色有机食品、韩国商 品）经贸合作洽谈会於2016年6月在哈尔滨华南城隆重 举办。该活动由黑龙江省人民政府主办，黑龙江省贸 促会、哈尔滨市贸促会和哈尔滨华南城承办。哈尔滨 国际经济贸易洽谈会是中国对外开放的窗口和开展与 东北亚及世界各国经贸合作的重要平台，亦是对俄经 贸科技合作第一展会。此为期五天的展会不仅为哈尔 滨华南城带来了客流及商机，更进一步彰显了哈尔滨 华南城作为推动东北亚国际经贸合作的平台优势，增 强了华南城品牌在区域内的影响力。 中国－东盟博览会轻工展 第十三届中国－东盟博览会轻工展由中国和东盟10国 政府经贸主管部门及东盟秘书处共同主办，广西壮族 自治区政府承办，於2016年9月在南宁华南城举行， 该轻工展已连续七年於南宁华南城举办。该展会使南 宁华南城成为中国与东盟各国之间轻工产品商贸物流 的重要平台，有力推动了双方贸易往来和人文互通， 同时加强了本集团品牌於区内乃至东盟成员国间的认 受性。 22 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 Selective Events at a Glance Ethnic and Cultural Festival cum Trade Fairs The Ethnic and Cultural Festival cum Trade Fair was held in CSC Nanning in April 2016. The 11-day event attracted a large number of participants and visitor traffic to the project. Meanwhile, CSC Nanning held the 9th (Guangxi) Nanning Spring Tea Festival which significantly boosted the sales of tenants selling tea and teaware, and created business opportunities for other tenants in CSC Nanning. ITFCEWC cum the Silk Road International Expo The 20th Investment & Trade Forum for Cooperation between East & West China (“ITFCEWC”) cum 2016 Silk Road International Expo were held in Xi’an in May 2016. During the event, the “Silk Road Commodity Trade Fair” was undertaken by CSC Xi’an to exhibit numerous commodities produced by the countries along the Silk Road. Leveraging its convention and exhibition facilities and easily accessible logistic network, CSC Xi’an not only integrate the resources of countries along the Silk Road but also promote full cooperation, driving trade and logistics development in Xi’an. Harbin International Economic and Trade Fair The 27th Harbin International Economic and Trade Fair China South City sub-venue cum the 9th Heilongjiang, Hong Kong, Macao, Taiwan and Russia (Green organic food, Korean goods) Trade Fair kicked off in CSC Harbin in June 2016. It was hosted by Heilongjiang Province People’s Government and co-organized by the Council for Promotion of Trade in Heilongjiang Province, the Council for Promotion of Trade in Harbin and CSC Harbin. Harbin International Economic and Trade Fair acts as the window of China to the world, which laying the platform for the economic and trade cooperation with Northeast Asia and the world. It is regarded as a leading exhibition for Sino-Russia on economic, trade and technological cooperation. The 5-day event not only brought visitors and business opportunities to CSC Harbin, but also highlighted the growing role of CSC Harbin as a powerful platform to promote international economic and trade cooperation in Northeast Asia, thereby boosting the brand power of China South City in the region. China-ASEAN Expo and Light Industrial Exhibition The 13th China-ASEAN Expo and Light Industrial Exhibition, co-hosted by China and the Economic and Trade Departments of ten ASEAN counterparts and the China-ASEAN Expo Secretariat, organized by the Government of the Guangxi Zhuang Autonomous Region, took place in CSC Nanning in September 2016 for the 7th consecutive years. This has firmly established CSC Nanning as a hub for light industrial products trading between China and ASEAN countries, strengthening the trade links and cultural exchanges between both sides, and increased the Group’s brand recognition in the region and among ASEAN countries. Management Discussion and Analysis (Continued) 管理层讨论及分析 （续） 财务管理 本期间，於境内与境外市场的多元化融资渠道使本集 团得以优化融资成本与到期债务组合，从而推动业务 的发展。截至2016年9月30日，本集团录得加权平均 融资成本6.2% （ 2016年3月31日：6.3%）。 2016年5月，本集团全资附属公司华南国际工业原料 城 （深圳）有限公司 （ 「华南国际」）於中国完成发行本金 总额为人民币14亿元之2016年第二期境内公司债券， 期限为三年，票面年利率为6.85%。2016年9月，华 南国际於中国银行间市场完成发行本金总额为人民币 12亿元之2016年第一期短期融资券，期限为365天， 票面年利率为4.9%。本集团同时於2016年9月及10月 亦完成於2021年到期之本金总额合共为3.5亿美元之 优先票据的发行，票面年利率为6.75%。本集团得以 成功地透过发行票据及银行贷款融资，充份反映境内 外银行及投资者对本集团的支持。 大公国际资信评估有限公司给予华南国际2016年第一 期短期融资券及华南国际的信用评级分别为 「 A-1」级 与 「 AA」级。东方金诚国际信用评估有限公司於2016 年7月上调华南国际的信用评级，由 「 AA」级上调至 「 AA+」级。这反映了国内评级机构对华南国际业务表 现的认可。 本集团获纳为恒生综合中型股指数及MSCI中国指数成 份股，足证华南城领先的市场地位及成功的商业模式 广受资本市场的认可。 Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 23 Financial Management During the Period, the diversity of our funding channels in both onshore and offshore markets allow the Group to optimize its funding costs and maturity profile to support its ongoing business development. As at 30 September 2016, the Group recorded a weighted average financing cost of 6.2% (31 March 2016: 6.3%). In May 2016, China South International Industrial Material City (Shenzhen) Company Limited (“China South International”), a wholly-owned subsidiary of the Group, completed the issuance of its second tranche of domestic company bonds of 2016 in the PRC for a total principal amount of RMB1.4 billion, with a term of three years, at a coupon rate of 6.85% per annum. In September 2016, China South International completed the issuance of its first tranche of short-term notes of 2016 in the national inter-bank market of the PRC for a total principal amount of RMB1.2 billion with a maturity period of 365 days, at an interest rate of 4.9% per annum. The Group also completed the issuance of an aggregate total of US$350 million senior notes due 2021 with an interest of 6.75% per annum in September and October 2016. The successful financings through both notes issuance and bank loans reflected the supports from banks and investors both onshore and offshore. 大公国际资信评估有限公司 (Dagong Global Credit Rating Co., Ltd) awarded an A-1 rating and AA rating to the first tranche of the short-term notes of 2016 and China South International respectively. 东方金诚国际 信用评估有限公司 (Golden Credit Rating International Co., Ltd) upgrade the credit rating of China South International from AA rating to AA+ rating in July 2016. This reflected the PRC rating agency’s recognition of China South International’s performance. China South City’s market-leading position and proven business model have been well recognized by the capital market, as evident in the Group being designated a constituent of the Hang Seng Composite MidCap Index and MSCI China Index. Management Discussion and Analysis (Continued) 管理层讨论及分析 （续） 进一步加强股东基础 於2016/17财政年度上半年期後，公司联席主席兼执 行董事郑松兴先生通知本公司於2016年10月27日与 中洲控股签署意向书。中洲控股是在深圳证券交易所 上市的中国房地产开发一级资质企业，意向书建议转 让约23.20%本公司的股份 （ 「建议交易」），交易代价 为每股1.80港元至2.20港元。於建议交易完成後，郑 松兴先生仍为本公司联席主席兼执行董事，而中洲控 股将成为本公司最大单一股东及主要股东。建议交易 的细节尚待双方协议落实。 该潜在交易引入中洲控股作为主要股东将进一步加强 本集团的股东基础。预期该交易将有利於两家公司利 用双方在香港与内地上市的公司资源，提升双方的竞 争力，形成业务协同与互补。这些得益将源於中洲控 股在住宅地产开发、高端酒店与商业物业管理的丰富 经验，以及华南城在大型综合商贸物流与商品交易中 心开发与运营方面的专业经验。 华南城的核心管理团队，包括联席主席兼执行董事的 郑先生，将在引入中洲控股後基本保持不变。郑先生 对公司和中洲控股的商业前景充满信心，并积极寻求 在中洲控股的投资机会，并在符合适用法律法规及其 他规定的前提下，有意成为中洲控股的重要股东。 24 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 Further Strengthening of our Shareholder Base After 1H FY2016/17, the Company was informed by Mr. Cheng Chung Hing, the Co-Chairman and Executive Director, that he had signed the Letter of Intent with Centralcon on 27 October 2016. Centralcon is a Shenzhen-listed Class I Real Property Developer in the PRC, and the Letter of Intent was in relation to the proposed share transfer representing approximately 23.20% equity stake in the Company (“Proposed Transaction”). The consideration of which was set at between HK$1.80 to HK$2.20 per share. Upon completion of the Proposed Transaction, Mr. Cheng will remain as Co-Chairman and Executive Director, while Centralcon will become the single largest shareholder and a substantial shareholder of the Company. The details of the Proposed Transaction are subject to agreement between the parties. The potential introduction of Centralcon as a substantial shareholder is set to further strengthen the Group’s shareholder base. The transaction is expected to bring synergy and increase the competitiveness of both companies, as well as combine their resources as listed companies in both PRC and Hong Kong. These benefits will stem from Centralcon’s extensive experience in residential property development, high-end hotel and commercial property management, as well as China South City’s expertise in the development and operation of integrated large-scale trade and logistics centers. The core management team of China South City, including Mr. Cheng as the Co-Chairman and Executive Director, will basically remain unchanged after the introduction of Centralcon. Mr. Cheng is optimistic on the business outlook of both the Company and Centralcon. He is also actively looking into investment opportunities in Centralcon and becoming an important shareholder of Centralcon, subject to applicable laws and other regulations. Management Discussion and Analysis (Continued) 管理层讨论及分析 （续） 土地储备 本集团独特的 「一体两翼」业务模式将保留物流及仓储 设施、酒店等商业物业及不少於50%商品交易中心商 �m作为自营或长期出租用途，而余下的50%商品交易 中心商�m及住宅物业，本集团将逐步出售，为本集团 发展提供所需的现金流。 由於郑州华南城对本集团的长远前景以及在扩阔收入 基础方面具战略要义，本集团於本财政年度内为郑州 项目购入土地，以支持郑州项目的长远发展。自本财 政年度至今，本集团在郑州华南城以人民币15.7068 亿元合共取得约95.96 万平方米之土地。此外，本集 团亦因应发展需要，於本财政年度内为集团其他单位 以人民币8.5684亿元购入合共约97.57万平方米，并 以住宅及仓储物流为主的土地。 截至2016年9月30日的土地储备详情如下： Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 25 Land Bank With the Group’s unique business model of “One Body with Two Wings”, the Group intends to retain the commercial properties like logistics and warehousing facilities and hotels, as well as not less than 50% of the trade center units for self-use or long-term rental purposes, while the remaining 50% of the trade center units and the residential properties will be disposed progressively to generate cash flow for the development of the Group. In view of the strategic importance of CSC Zhengzhou to the Group’s long-term prospects, as well as the broadening of its revenue base, the Group acquired new plots of land in Zhengzhou in this fiscal year to support the long-term development of this project. Since this fiscal year, the Group acquired a site spanning approximately 959,600 sq. m. at CSC Zhengzhou for RMB1,570.68 million. Besides, according to the Group’s development plans, the Group has also acquired new plots of land mainly for the purpose of residential and logistic and warehouse with a site area of approximately 975,700 sq.m. with a total consideration of RMB856.84 million for the other entities of the Group during this fiscal year. Details of the land bank as at 30 September 2016 are as follows: Project Completed Properties Properties under Development Properties to be Completed by FY2016/17 Properties Planned for Future Development on GFA Acquired Total Planned GFA Attributable GFA Acquired (% to Total Planned GFA) 项目 已竣工物业 发展中 物业 预期於 2016/17 财政年度 竣工的物业 按已购土地 已规划作 未来发展物业 总规划 建筑面积 已购土地可建建筑面积 （占总规划建筑面积百分比） (sq. m.) Sold Unsold Estimated Estimated Estimated % （平方米） 已售 未出售 估计 估计 估计 % CSC Shenzhen 深圳华南城 776,500 1,615,800 165,000 �C 86,700 2,644,000 2,644,000 100% CSC Nanchang 南昌华南城 887,600 811,300 1,131,200 111,700 1,835,100 7,297,000 4,665,200 64% CSC Nanning 南宁华南城 349,000 1,038,800 558,500 352,900 533,700 4,880,000 2,480,000 51% CSC Xi’an 西安华南城 612,500 743,500 601,200 306,600 2,649,500 17,500,000 4,606,700 26% CSC Harbin 哈尔滨华南城 307,000 865,500 1,023,200 358,000 2,536,700 12,000,000 4,732,400 39% CSC Zhengzhou 郑州华南城 1,056,000 1,581,900 1,540,200 410,800 2,075,600 12,000,000 6,253,700 52% CSC Hefei 合肥华南城 867,500 372,600 2,179,200 550,000 1,781,700 12,000,000 5,201,000 43% CSC Chongqing 重庆华南城 218,000 1,040,300 217,200 65,900 4,129,600 13,500,000 5,605,100 42% Total 总计 5,074,100 8,069,700 7,415,700 2,155,900 15,628,600 81,821,000 36,188,100 44% Management Discussion and Analysis (Continued) 管理层讨论及分析 （续） 深圳华南城 深圳华南城为本集团旗下首个项目，策略性位处珠江 三角洲地区的核心地带，坐拥完善的交通网络。项目 位於深圳龙岗区平湖物流园区，占地面积约为106万 平方米，总规划建筑面积约264万平方米。 随着当地政府推动龙岗区作为深圳东部创新中心的建 设，区内包括物流、医疗、教育等配套设施将继续完 善，为华南城商家的经营带来更多便利。同时项目周 边的交通配套亦在进一步完善。根据深圳地铁规划， 途经深圳华南城的地铁10号线已於2015年开工建设， 预计於2020年建成通车，届时将进一步提升项目的 交通便利，为深圳华南城的运营带来更多的商机及客 流。目前深圳华南城经营业态包括纺织服装、皮革皮 具、电子配件、印刷、纸品及包装、五金、化工、塑 胶、奥特莱斯及家居家品等。 截至2016年9月30日，总建筑面积约239万平方米的 一期、二期及部分三期物业的商品交易中心及配套设 施均已投入运营。项目现时正进行第三期发展。於本 期间，建筑面积约77,700平方米的写字楼配套设施已 竣工。截至2016年9月30日，建筑面积约165,000平 方米的工程已展开建设。 於2016/17财政年度上半年，深圳华南城录得合约销 售总额6.324亿港元 （ 2015/16财政年度上半年：4.927 亿港元），包括以平均售价29,300港元/平方米售出 建筑面积300平方米的商品交易中心单位 （商场形式） （ 2015/16财政年度上半年：以21,900港元/平方米售 出4,200平方米），以平均售价12,200港元/平方米售 出建筑面积51,000平方米的办公楼单位 （ 2015/16财 政年度上半年：以11,200港元/平方米售出35,500平 方米）。本期间暂无住宅配套销售 （ 2015/16财政年度 上半年：以9,800港元/平方米售出建筑面积200平方 米）。 26 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 China South City Shenzhen CSC Shenzhen, the Group’s first project, is strategically located at the heart of the Pearl River Delta region amid an extensive transportation network. The project is situated at the Pinghu Logistics Park in Longgang District of Shenzhen, occupying a site area of approximately 1.06 million sq. m. and comprising a total planned GFA of approximately 2.64 million sq. m.. With the local government is further advancing the development of Longgang District as an innovation center in the east of Shenzhen, the district’s ancillary facilities such as logistics, healthcare and education will continue to improve and bring more convenience to occupants of China South City. In addition, transportation facilities around the project have been improving. According to Shenzhen Metro planning, the subway line 10 which will pass through CSC Shenzhen has commenced construction in 2015 and is expected to be open for traffic by 2020. Upon completion, this subway line will further improve accessibility, generate more business opportunities and increase visitor traffic to the project. At present, CSC Shenzhen’s operation cover industries such as textile & clothing, leather & accessories, electronic parts, printing, paper products & packaging, metals, chemicals and plastics materials, outlets and home furnishing, etc. As at 30 September 2016, trade centers and ancillary facilities at phase I, phase II and part of phase III with a total GFA of approximately 2.39 million sq. m. were in operation. The project is currently under phase III development. During the Period, construction of GFA of approximately 77,700 sq. m. of office ancillary facilities was completed. As at 30 September 2016, construction of GFA of approximately 165,000 sq. m. is underway. In 1H FY2016/17, CSC Shenzhen recorded total Contracted Sales of approximately HK$632.4 million (1H FY2015/16: HK$492.7 million), including a GFA of 300 sq. m. of trade center (mall style) at an average selling price (“ASP”) of HK$29,300/sq. m. (1H FY2015/16: 4,200 sq. m. at an ASP of HK$21,900/sq. m.), a GFA of 51,000 sq. m. of office units at an ASP of HK$12,200/sq. m. (1H FY2015/16: 35,500 sq. m. at an ASP of HK$11,200/sq. m.). Nil in residential ancillary (1H FY2015/16: GFA of 200 sq. m. at an ASP of HK$9,800/sq. m.) were sold during the Period. Management Discussion and Analysis (Continued) 管理层讨论及分析 （续） 南昌华南城 南昌华南城位於长三角及珠三角经济区的交通枢纽。 项目坐落於江西省省会南昌市的红谷滩新区，毗连主 要高速公路及赣江的最大港口，并拥有完善的货运网 络，包括铁路编组站、铁海联运集装箱堆场及国际机 场，且南昌华南城距主要高铁车站－已於2013年9月 逐步投入服务的南昌西客站仅1.2公里，为供应商、 生产商及商家提供方便的交通连接。红谷滩新区作为 南昌市新型商务中心，其行政、商业及文化功能日渐 显现，同时新区内生活配套的逐步完善带动了客流及 商流的聚集，为南昌华南城的发展奠定基础。 南昌华南城总规划占地面积约281万平方米，总规划 建筑面积约730万平方米。目前试运营的业态包括小 商品、纺织服装、皮革皮具、健康绿色食品等。南昌 华南城作为江西省首个省级电子商务示范基地及省级 南昌市大学生电子商务创业孵化基地，通过深入整合 批发及电商资源，创造电子商贸创业企业与生产企业 的无缝对接，协助项目内中小企业进行转型及升级。 截至2016年9月30日，南昌华南城一期总建筑面积 约170万平方米的建设已竣工，包括约107万平方米 的商品交易中心、约585,800平方米的住宅配套及约 44,500平方米的仓储设施。南昌华南城已展开二期 的建设。本期间，建筑面积约168,000平方米的商品 交易中心已竣工。截至2016年9月30日，建筑面积约 113万平方米的工程已展开建设，其中约111,700平方 米预期将於2016/17财政年度竣工。 於2016/17财政年度上半年，南昌华南城录得合约 销售总额19.778亿港元 （ 2015/16财政年度上半年： 2.832亿港元），以平均售价8,900港元/平方米售出 建筑面积14,000平方米的商品交易中心 （单幢式） （ 2015/16财政年度上半年：无）及以平均售价8,800 港元/平方米售出建筑面积209,500平方米的住宅配套 （ 2015/16财政年度上半年：以7,900港元/平方米售出 35,000平方米），本期间暂无商品交易中心 （商场形 式）销售 （ 2015/16财政年度上半年：以20,000港元/平 方米售出建筑面积300平方米）。 Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 27 China South City Nanchang CSC Nanchang is located at the Yangtze River Delta transportation hub and the Pearl River Delta Economic Zone. Situated in the capital of Jiangxi Province, the project is readily accessible to suppliers, manufacturers and merchants via major highways, the largest port on the Gan River and a complete freight network which includes a cargo marshal yard, a container terminus and an international airport, coupled with Nanchang West Railway Station �C a principal high-speed rail station located just 1.2 km from CSC Nanchang, which has commenced operation successively since September 2013. As a new business center for Nanchang, Honggutan New District’s administrative, commercial and cultural functions are becoming more apparent by the day. In addition, the gradual completion of life-supporting amenities within the new district is driving visitor traffic and generating business opportunities, laying a solid foundation for the development of CSC Nanchang. CSC Nanchang has a total planned land area of approximately 2.81 million sq. m. and a total planned GFA of approximately 7.30 million sq. m.. The trial operations of CSC Nanchang cover industries such as small commodities, textile & clothing, leather & accessories and healthy & green products, etc. As the first provincial-level E-commerce Model Base in Jiangxi and University Students’ E-commerce Business Incubator in Nanchang, through a profound integration of wholesale and E-commerce resources, it has created a closer co-operation between the E-commerce start-ups and manufacturing enterprises, thereby helping SMEs within the project to transform and upgrade their businesses. As at 30 September 2016, CSC Nanchang has a total GFA of approximately 1.70 million sq. m. completed in phase I, including approximately 1.07 million sq. m. of trade centers, approximately 585,800 sq. m. of residential ancillary and approximately 44,500 sq. m. of warehousing facilities. CSC Nanchang phase II construction has commenced. During the Period, construction of approximately 168,000 sq. m. GFA of trade center was completed. As at 30 September 2016, construction of a GFA of approximately 1.13 million sq. m. is underway, of which approximately 111,700 sq. m. are expected to be completed in FY2016/17. In 1H FY2016/17, CSC Nanchang recorded total Contracted Sales of HK$1,977.8 million (1H FY2015/16: HK$283.2 million), a GFA of 14,000 sq.m. of trade center units (detached style) at an ASP of HK$8,900/sq.m. (1H FY2015/16: Nil) and a GFA of 209,500 sq. m. of residential ancillary at an ASP of HK$8,800/sq. m. (1H FY2015/16: 35,000 sq. m. at an ASP of HK$7,900/sq. m.). Nil in trade center units (mall style) (1H FY2015/16: GFA of 300 sq. m. at an ASP of HK$20,000/sq. m.) were sold during the Period. Management Discussion and Analysis (Continued) 管理层讨论及分析 （续） 南宁华南城 南宁华南城位於广西壮族自治区首府南宁市，是中国 与东盟成员国之间的重要窗口，项目与火车站、高速 公路及国际机场接连，交通便利。坐拥毗邻东南亚策 略地理优势，受惠於中国－东盟自由贸易区於跨境贸 易活动豁免关税的优势，南宁华南城致力成为重要的 跨境贸易枢纽，以满足北部湾及东南亚地区的庞大需 求。 南宁华南城的规划净占地面积约183万平方米，总规 划建筑面积约488万平方米。项目处於试运营阶段， 试运营的业态包括纺织服装、小商品、东盟产品、家 居广场、茶叶茶具及奥特莱斯等。於本期间，南宁华 南城继续加强市场培育及推广，通过举办东盟博览 会、轻工展及春茶节等一系列展会活动带旺项目人气 并提升品牌在当地的知名度。於本期间，南宁华南城 推出的住宅项目受到市场的热烈追捧。随着各政府机 构、各大银行、酒店及影院陆续入驻南宁华南城，项 目的配套设施及服务得到了进一步完善。为协助中小 企解决经营过程中贷款困难的问题，南宁华南城於本 期间试点推出针对中小企业的小额贷款服务，为项目 内商家的发展提供金融支持。 南宁华南城正进行一期开发建设，其中总建筑面积约 139万平方米的建设已竣工，包括约894,600平方米 的商品交易中心、约456,400平方米的住宅配套及约 36,800平方米的物流及仓储设施。截至2016年9月30 日，建筑面积约558,500平方米的工程已展开建设， 其中约352,900平方米预期将於2016/17财政年度竣 工。 於2016/17财政年度上半年，南宁华南城录得合约 销售总额4.747亿港元 （ 2015/16财政年度上半年： 1.915亿港元），包括以平均售价19,300港元/平方米 售出建筑面积300平方米的商品交易中心 （商场形式） （ 2015/16财政年度上半年：以19,900港元/平方米售 出1,800平方米），及以平均售价6,700港元/平方米售 出建筑面积69,100平方米的住宅配套设施 （ 2015/16财 政年度上半年：以7,100港元/平方米售出21,800平方 米），及以平均售价9,900港元/平方米售出建筑面积 500平方米的办公楼单位 （ 2015/16财政年度上半年： 无）。 28 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 China South City Nanning CSC Nanning is located in Nanning, the capital of the Guangxi Zhuang Autonomous Region and a critical gateway between China and ASEAN countries. It is easily accessible by railway stations, highways and an international airport. Strategically located in close proximity to Southeast Asia and enjoying the advantage of a tariff waiver on cross-border trade activities within the China-ASEAN Free Trade Area, CSC Nanning endeavors to serve as a key hub for cross-border trade catering to the strong demand from the Northern Bay Region and Southeast Asia. CSC Nanning has a planned net land area of approximately 1.83 million sq. m. and a total planned GFA of approximately 4.88 million sq. m.. The project is under trial operations, covering industries such as textiles & clothing, small commodities, ASEAN products, household goods, tea & teaware and outlets, etc., and continued to cultivate the market and strengthen marketing efforts during the Period. Through organizing a series of exhibitions �C such as the China-ASEAN Expo and Light Industrial Exhibition and Spring Tea Festival �C the project is gaining increased market popularity and is enhancing its local brand recognition. During the Period, residential properties launched by CSC Nanning received an overwhelming response from the market. With government bodies, major banks, hotels and cinema moving in, the ancillary facilities and services of the project have been further enhanced. To assist SMEs in resolving business loan difficulties, CSC Nanning launched, on a trial basis, a micro-credit service for SMEs in the project, providing them strong financial support for the development of businesses during the Period. CSC Nanning is currently in phase I construction and has a total completed GFA of approximately 1.39 million sq. m., including approximately 894,600 sq. m. of trade centers, approximately 456,400 sq. m. of residential ancillary and approximately 36,800 sq. m. of logistics and warehousing facilities. As at 30 September 2016, construction of approximately 558,500 sq. m. GFA is underway, of which approximately 352,900 sq. m. is expected to be completed in FY2016/17. In 1H FY2016/17, CSC Nanning recorded total Contracted Sales of HK$474.7 million (1H FY2015/16: HK$191.5 million), including a GFA of 300 sq. m. of trade center units (mall style) at an ASP of HK$19,300/sq. m. (1H FY2015/16: 1,800 sq. m. at an ASP of HK$19,900/sq. m.), a GFA of 69,100 sq. m. of residential ancillary at an ASP of HK$6,700/sq. m. (1H FY2015/16: 21,800 sq. m. at an ASP of HK$7,100/sq. m.), and a GFA of 500 sq. m. of office units at an ASP of HK$9,900/sq. m. (1H FY2015/16: Nil). Management Discussion and Analysis (Continued) 管理层讨论及分析 （续） 西安华南城 西安华南城坐落於陕西省西安市国际港务区内。该港 务区是当地政府重点打造的开放型经济先导区与现代 服务业核心功能区，旨在成为丝绸之路经济带上最 大国际中转枢纽港与与商贸物流集散地，是联接 「一 带一路」倡议的重要平台。其交通便利，区位优势明 显，通往区内的西安绕城高速公路与京昆高速、连霍 高速、陕沪高速、包茂高速等全国高速公路网紧密相 连，形成 「米」字型高速公路网络。 西安华南城坐拥西安国际港务区的策略位置，尽享便 利交通，接连通往铁路集装箱中心及中国西北地区最 大保税区的庞大交通网络，并处於两条已规划地下 铁路项目的沿线。途经西安华南城的地铁3号线已於 2016年11月8日通车试运营。此外，用来举办2021 年第十四届中华人民共和国全运会的新体育中心将於 国际港务区落成，届时将为本地区带来巨大客流。地 铁线路与体育中心的建成将有利於为国际港务区聚集 更多客流与商机，并进一步释放西安华南城项目的价 值。 试运营的西安华南城项目经营业态包括五金机电、纺 织服装、皮革皮草及中亚与东盟产品展示中心等。凭 藉作为丝绸之路经济带起点的地理位置优势，西安华 南城积极蓄势，以把握 「一带一路」倡议带来的庞大商 机。 西安华南城总规划占地面积约1,000万平方米，总规 划建筑面积约1,750万平方米。项目仍在进行一期的 建设，其中总建筑面积约136万平方米已竣工，包括 约128万平方米的商品交易中心、约55,800平方米的 物流及仓储设施及约23,300平方米的配套设施。截至 2016年9月30日，建筑面积约601,200平方米的工程 已展开建设，其中约306,600平方米预期可於2016/17 财政年度竣工。 於2016/17财政年度上半年，西安华南城录得合约销 售总额1.623亿港元 （ 2015/16财政年度上半年：2.121 亿港元），包括以平均售价15,900港元/平方米售出 建筑面积300平方米的商品交易中心单位 （商场形式） （ 2015/16财政年度上半年：以13,700港元/平方米售 出4,400平方米），及以平均售价6,200港元/平方米售 出建筑面积25,600平方米的商品交易中心单位 （单幢 式） （ 2015/16财政年度上半年：以6,300港元/平方米 售出23,900平方米）。 Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 29 China South City Xi’an CSC Xi’an is located at the Xi’an International Trade and Logistics Park in Shaanxi Province. Built as a key project by the local government, the park is an open economic pilot zone and a core function area for the modern service industry. It aims to become the largest international transit hub port and logistics distribution center along the Silk Road Economic Belt and to act as an important strategic platform for the “One Belt, One Road” initiative. The project is highly accessible and enjoys geographical advantages via the Xi’an City Expressway and Beijing-Kunming Expressway, Lianyungang-Khorgos Expressway, Shanghai-Shaanxi Expressway, Baotou-Maoming Expressway and other national highways, forming an intricate spider network branching in all directions. Leveraging the strategic location of Xi’an International Trade and Logistics Park, CSC Xi’an enjoys access to an extensive transportation network connected to a railway container terminal and the largest bonded area in the northwestern region of China, along with two planned subway lines that cross the project site. The subway line 3 which passes through the CSC Xi’an has commenced trial operations from 8 November 2016. In addition, a new stadium is slated to be built at the International Trade and Logistics Park to host the 14th National Games of the People’s Republic of China in 2021, which is expected to greatly boost visitor traffic in the region. The completion of the subway line and the new stadium is expected to generate more business opportunities and visitor traffic for the International Trade and Logistics Park, and further increase the value of CSC Xi’an. The trial operations of CSC Xi’an cover industries such as hardwares & machinery, textile & clothing, leather & fur and the Central China & ASEAN product exhibition center, etc. Leveraging its geographical advantage in the starting point of the Silk Road Economic Belt, CSC Xi’an is actively poised to capture the immense opportunities arising from the “One Belt, One Road” initiative. CSC Xi’an has a total planned land area of approximately 10.0 million sq. m. and a total planned GFA of approximately 17.5 million sq. m.. The project is under phase I construction and has a total GFA of approximately 1.36 million sq. m. completed, including approximately 1.28 million sq. m. of trade centers, approximately 55,800 sq. m. of logistics and warehousing facilities and approximately 23,300 sq. m. of ancillary facilities. As at 30 September 2016, construction of a GFA of approximately 601,200 sq. m. is underway, of which approximately 306,600 sq. m. are expected to be completed in FY2016/17. In 1H FY2016/17, CSC Xi’an recorded total Contracted Sales of HK$162.3 million (1H FY2015/16: HK$212.1 million), including a GFA of 300 sq. m. of trade center units (mall style) at an ASP of HK$15,900/sq. m. (1H FY2015/16: 4,400 sq. m. at an ASP of HK$13,700/sq. m.) and a GFA of 25,600 sq. m. of trade center units (detached style) at an ASP of HK$6,200/sq. m. (1H FY2015/16: 23,900 sq. m. at an ASP of HK$6,300/ sq. m.). Management Discussion and Analysis (Continued) 管理层讨论及分析 （续） 哈尔滨华南城 哈尔滨华南城位於黑龙江省省会哈尔滨市道外区，尽 享中国东北部的地理优势，是东北亚国家的跨境贸易 主要枢纽。加上邻近中俄边界，配合该区的经济活动 需要，哈尔滨华南城将充分把握该区发展潜力所带来 的机遇，致力成为中国东北部最大的综合商贸物流 及商品交易中心。项目规划占地面积约1,000万平方 米，总规划建筑面积约1,200万平方米。 哈尔滨华南城利用自身地理位置及当地产业优势，积 极推进区域经济贸易的发展。於本期间，东北亚绿色 食品展示交易中心、中俄贸易大厦及彼得堡大酒店三 大对俄贸易项目开始招商试运营。配套设施方面，乾 龙物流园一期已於本期间落成并开业，进一步满足华 南城及周边商户的物流仓储的需求。哈尔滨华南城目 前规划经营的业态包括五金建材、绿色食品、小商 品、酒店用品、皮革皮草及奥特莱斯等。 哈尔滨华南城正在进行一期建设，其中总建筑面积约 117万平方米的建设已竣工，包括约773,100平方米的 商品交易中心、约59,200平方米的物流及仓储设施、 约22,500平方米的配套设施及约317,700平方米住宅 配套设施。截至2016年9月30日，建筑面积约102万 平方米的工程已展开建设，其中约358,000平方米预 期可於2016/17财政年度竣工。 於2016/17财政年度上半年，哈尔滨华南城录得合约 销售总额5,410万港元 （ 2015/16财政年度上半年： 1.460亿港元），包括以平均售价11,300港元/平方米 出售建筑面积300平方米的商品交易中心单位 （商场 形式） （ 2015/16财政年度上半年：无），以平均售价 8,900港元/平方米售出建筑面积1,500平方米的商品交 易中心单位 （单幢式） （ 2015/16财政年度上半年：以平 均售价9,200港元/平方米售出11,500平方米），及以平 均售价4,700港元/平方米售出建筑面积8,000平方米的 住宅配套 （ 2015/16财政年度上半年：以5,100港元/平 方米售出7,900平方米）。 30 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 China South City Harbin Located at the Daowai District of Harbin, the capital of Heilongjiang Province, CSC Harbin fully taps into its advantageous location in Northeast China, a premier hub for cross-border trade with Northeastern Asian countries. Its proximity to the China-Russia border helps to facilitate economic activities within the region. Tapping into the opportunities arising from the area’s development potential, CSC Harbin endeavors to become the largest integrated logistics and trade center in Northeast China. The project has a planned land area of approximately 10.0 million sq. m. and a total planned GFA of approximately 12.0 million sq. m.. Leveraging its own geographical location and local industrial advantages, CSC Harbin actively promotes regional economic and trade development. During the Period, the Northeast Asia green food exhibition center as well as Sino-Russia Trading Building and Petersburg Hotel commenced trial operation progressively. For ancillary facilities, phase I of Qianlong Logistics Park was completed and commenced operation during the Period, further catering to the logistics and warehousing demand from China South City and its surrounding businesses. Currently, CSC Harbin’s planned operations cover industries such as hardware & construction materials, green food, small commodities, hotel commodities, leather & fur and outlets, etc. CSC Harbin is currently under phase I construction and has a total GFA of approximately 1.17 million sq. m. completed, including approximately 773,100 sq. m. of trade centers, approximately 59,200 sq. m. of logistics and warehousing facilities, approximately 22,500 sq. m. of ancillary facilities and approximately 317,700 sq. m. of residential ancillary. As at 30 September 2016, construction of a GFA of approximately 1.02 million sq. m. is underway, of which approximately 358,000 sq. m. are expected to be completed in FY2016/17. In 1H FY2016/17, CSC Harbin recorded total Contracted Sales of HK$54.1 million (1H FY2015/16: HK$146.0 million), including a GFA of 300 sq. m. of trade center units (mall style) at an ASP of HK$11,300/sq. m. (1H FY2015/16: Nil), a GFA of 1,500/sq. m. of trade center units (detached style) at an ASP of HK$8,900/sq. m. (1H FY2015/16: 11,500 sq. m. at an ASP of HK$9,200/sq. m.) and a GFA of 8,000 sq. m. of residential ancillary at an ASP of HK$4,700/sq. m. (1H FY2015/16: 7,900 sq. m. at an ASP of HK$5,100/sq. m.). Management Discussion and Analysis (Continued) 管理层讨论及分析 （续） Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 31 China South City Zhengzhou CSC Zhengzhou is located at the AEZ of Zhengzhou, the capital of Henan Province. The experimental zone is the only state-level AEZ with a complete network which includes an international airport, high-speed train, intercity train, metro and highway and acts as an integrated transport hub providing seamless connectivity. The project is highly accessible and enjoys extensive transportation links �C it is a mere 16 km away from Zhengzhou Xinzheng International Airport and only a couple of kilometers away from both the Beijing-Guangzhou Railway Freight Station and the Beijing-Hong Kong-Macao Highway. According to Zhengzhou Metro Planning, the extension of subway line 2 which connects the downtown area to the AEZ of Zhengzhou and passes through CSC Zhengzhou with three stops has commenced trial operation recently. Upon completion, this subway line will generate increased business opportunities and visitor traffic for the project. CSC Zhengzhou has a total planned net land area of approximately 7.0 million sq. m. and a total planned GFA of approximately 12.0 million sq. m.. The project has received overwhelming support from the local government since its establishment. With more occupants moving in, the Group’s trial online membership program and E-commerce project saw increasing popularity among SMEs. In response to SMEs’ operational demand, the Group continued to increase the supply of logistics and warehousing facilities. Of which, its LIEP, which helps cargo owners match their freight plans more effectively by utilizing otherwise empty truckloads of HGVs on their return journeys, will begin trial operation in the second half of this fiscal year. In addition, the outlet mall in CSC Zhengzhou will also commence operation in the second half of this fiscal year and is expected to enrich the business diversity of the project. The trial operations of CSC Zhengzhou cover industries such as building & decoration materials, small commodities, machinery & hardware, automobile & parts, and non-staple food, etc. CSC Zhengzhou is currently under phase I development and has a total GFA of approximately 2.64 million sq. m. completed, including approximately 2.43 million sq. m. of trade centers, approximately 188,900 sq. m. of logistics and warehousing facilities and approximately 21,900 sq. m. of ancillary facilities. During the Period, construction of a GFA of approximately 138,600 sq. m. of trade centers, warehouse facilities and other ancillary facilities were completed. As at 30 September 2016, construction of a GFA of approximately 1.54 million sq. m. is underway, of which approximately 410,800 sq. m. are expected to be completed in FY2016/17. In 1H FY2016/17, CSC Zhengzhou recorded total Contracted Sales of HK$56.2 million (1H FY2015/16: HK$1,862.2 million), including a GFA of 1,700 sq. m. of trade center units (mall style) at an ASP of HK$12,600/sq. m. (1H FY2015/16: 116,000 sq. m. at an ASP of HK$12,600/sq. m.) and a GFA of 4,400 sq. m. of trade center units (detached style) at an ASP of HK$7,900/sq. m. (1H FY2015/16: 48,300 sq. m. at an ASP of HK$8,400/ sq. m.). 郑州华南城 郑州华南城位於河南省省会郑州市的航空港经济综合 实验区。该实验区乃目前全国唯一一个国家级航空港 经济综合实验区，是集国际航空、高铁、城际铁路、 地铁、高速公路於一体，可实现综合枢纽的无缝衔 接。项目享有广阔的运输网络，四通八达，与郑州新 郑国际机场相距仅16公里，与京广铁路货运站及京港 澳高速公路亦只数公里之遥。根据郑州地铁规划，途 经郑州华南城的地铁2号线延长线已於近期开始试运 营，连接郑州市中心城区及航空港经济综合实验区， 并於郑州华南城设有三个车站，这将进一步为郑州华 南城聚集更多商流及客流。 郑州华南城总规划净占地面积约700万平方米，总规 划建筑面积约为1,200万平方米，项目自成立以来， 一直获当地政府的鼎力支持。随着越来越多商家入 驻，本集团於郑州试运行的电子商贸项目－网上会员 计划，亦日渐获得中小企业的青睐。为配合中小企业 经营的需求，本集团继续加强物流及仓储配套建设， 其中，协助货主利用重型卡车回程空载运力更有效配 对於其货运计划的物流信息交易平台亦将於本财政年 度下半年投入试运营。此外，本集团的奥特莱斯商城 将於本财政年度下半年於郑州华南城开业运营，届时 将进一步丰富项目商圈。郑州华南城目前试运营的业 态包括建材、小商品、五金机电、汽摩汽配及副食品 等。 郑州华南城正进行一期发展，其中建筑面积约264万 平方米的建设已竣工，包括约243万平方米的商品 交易中心、约188,900平方米的物流及仓储设施及约 21,900平方米的配套设施。於本期间，建筑面积约 138,600平方米的商品交易中心、仓储设施及其他配 套设施已竣工。截至2016年9月30日，建筑面积约 154万平方米的工程已展开建设，其中约410,800平方 米预期可於2016/17财政年度竣工。 於2016/17财政年度上半年，郑州华南城录得合约 销售总额5,620万港元 （ 2015/16财政年度上半年： 18.622亿港元），包括以平均售价12,600港元/平方米 售出建筑面积1,700平方米的商品交易中心单位 （商场 形式） （ 2015/16财政年度上半年：以平均售价12,600 港元/平方米售出116,000平方米）及以平均售价7,900 港元/平方米售出建筑面积4,400平方米的商品交易中 心单位 （单幢式） （ 2015/16财政年度上半年：以平均售 价8,400港元/平方米售出48,300平方米）。 Management Discussion and Analysis (Continued) 管理层讨论及分析 （续） 32 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 China South City Hefei CSC Hefei is located in Hefei, the capital of Anhui Province, a transport and economic hub at the heart of Eastern China. CSC Hefei benefits from its strategic location in the Hefei Taohua Industrial Park, its well-developed infrastructure, as well as a planned transportation system which includes railways, highways and river transportation across China. CSC Hefei has a total planned net land area of approximately 10.0 million sq. m. and a total planned GFA of approximately 12.0 million sq. m. During the Period, CSC Hefei stepped up the construction of ancillary facilities in response to the growth in the market. The residential ancillary of CSC Hefei were well-received by the market with robust growth in Contracted sales. The construction of logistics and warehousing facilities, outlets and the HOBA Furnishing mall also progressed smoothly. Currently, the planned operations of CSC Hefei cover industries such as automobile & parts, hardware, electric appliances, building & decoration materials, clothing, small commodities, non-staple food and tea, etc. CSC Hefei is currently under phase I construction and has a total GFA of approximately 1.24 million sq. m. completed, including approximately 1.01 million sq. m. of trade centers, approximately 208,500 sq. m. of residential ancillary and approximately 20,800 sq. m. of ancillary facilities. As at 30 September 2016, construction of a GFA of approximately 2.18 million sq. m. is underway, of which approximately 550,000 sq. m. are expected to be completed in FY2016/17. In 1H FY2016/17, CSC Hefei recorded total Contracted Sales of HK$859.2 million (1H FY2015/16: HK$197.0 million). Nil in trade center units (detached style) (1H FY2015/16: GFA of 13,000 sq. m. at an ASP of HK$8,000/sq. m.) and a GFA of 132,600 sq. m. of residential ancillary at an ASP of HK$6,500/sq. m. (1H FY2015/16: 15,800 sq. m. at an ASP of HK$5,900/sq. m.) during the Period. 合肥华南城 合肥华南城位处安徽省省会合肥市，为华东地区心脏 地带的交通及经济枢纽。坐落於桃花工业园，合肥华 南城尽享完善基础建设的策略地利，并配备规划的铁 路、高速公路及河运运输系统接连全中国。合肥华南 城总规划净占地面积约1,000万平方米，总规划建筑 面积约1,200万平方米。 於本期间，合肥华南城因应市场需求，加快推进兴建 配套设施。其住宅配套项目受当地追捧，带动合约销 售录得强劲增长。物流及仓储设施、奥特莱斯及好百 年家居广场的建设发展亦稳步进行并取得顺利进展。 目前合肥华南城规划经营的业态包括汽摩汽配、五 金、电器、家居建材、服装、小商品、副食品及茶叶 等。 合肥华南城正进行一期的建设，其中总建筑面积约 124万平方米的建设已竣工，包括约101万平方米的 商品交易中心、约208,500平方米的住宅配套以及约 20,800平方米的配套设施。截至2016年9月30日， 建筑面积约218万平方米的工程已展开建设，其中约 550,000平方米预期可於2016/17财政年度竣工。 於2016/17财政年度上半年，合肥华南城录得合约销 售总额8.592亿港元 （ 2015/16财政年度上半年：1.970 亿港元），本期间暂无商品交易中心单位 （单幢式）销 售 （ 2015/16财政年度上半年：以平均售价8,000港元 /平方米售出建筑面积13,000平方米）及以平均售价 6,500港元/平方米售出建筑面积132,600平方米的住 宅配套 （ 2015/16财政年度上半年：以平均售价5,900 港元/平方米售出15,800平方米）。 Management Discussion and Analysis (Continued) 管理层讨论及分析 （续） Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 33 China South City Chongqing (“CSC Chongqing”) CSC Chongqing is strategically located at the Banan District of Chongqing Municipality, the first of the Group’s municipal projects. The project is highly accessible from the city center and other regions given its strategic location in the Chongqing Highway Logistics Base, a state-level transportation infrastructure and highway base for the western region. CSC Chongqing is currently under construction. Both the transportation network and Banan District’s business development around the project has been developed rapidly. The project lays a strong foundation for the future transportation convenience and commercial environment in the area. CSC Chongqing plans to cover industries such as small commodities, hardware & machinery, non-staple food & tea, building & decoration materials, textiles & clothing and automobile & parts, etc. CSC Chongqing has a total planned net land area of approximately 6.3 million sq. m. and a total planned GFA of approximately 13.5 million sq. m.. CSC Chongqing is under phase I development with a total GFA of approximately 1.26 million sq. m. completed, including approximately 1.14 million sq. m. of trade centers, approximately 36,500 sq. m. of ancillary facilities and approximately 79,500 sq. m. of warehouse facilities. During the Period, construction of a GFA of approximately 100,200 sq. m. of ancillary facilities and warehouse facilities were completed. As at 30 September 2016, construction of GFA of approximately 217,200 sq. m. is underway and approximately 65,900 sq. m. is expected to be completed in FY2016/17. In 1H FY2016/17, CSC Chongqing recorded total Contracted Sales of HK$98.9 million (1H FY2015/16: HK$411.6 million), including a GFA of 12,400 sq. m. of trade center units (detached style) at an ASP of HK$8,000/sq. m. (1H FY2015/16: 53,700 sq. m. at an ASP of HK$7,700/ sq. m.). 重庆华南城 重庆华南城策略性位处重庆市巴南区，为本集团首个 落户直辖市的项目。座落於西部国家级大型交通基 建－重庆公路物流基地的策略性地利，项目连接完善 的高速公路网络可连接贯通市中心及全国其他地区。 重庆华南城目前仍处於施工阶段。项目周边的交通网 络建设以及所处的巴南区商业发展迅速，为未来交通 的便利及商业氛围的培养奠定了强大的基础。重庆华 南城目前规划经营业态包括小商品、五金机电、副食 品及茶叶、建材家居、纺织服装及汽摩汽配等。 重庆华南城总规划净占地面积约630万平方米，总规 划建筑面积约1,350万平方米。重庆华南城正进行一 期发展，其中总建筑面积约126万平方米的建设已竣 工，包括约114万平方米的商品交易中心、约36,500 平方米配套设施及约79,500平方米仓储设施。於本 期间，建筑面积约100,200平方米的配套设施及仓 储设施已竣工。截至2016年9月30日，建筑面积约 217,200平方米的工程已开展建设，其中约65,900平 方米预期可於2016/17财政年度竣工。 於2016/17财政年度上半年，重庆华南城录得合约销 售总额9,890万港元 （ 2015/16财政年度上半年：4.116 亿港元），包括以平均售价8,000港元/平方米售出建 筑面积12,400平方米的商品交易中心单位 （单幢式） （ 2015/16财政年度上半年：以平均售价7,700港元/平 方米售出53,700平方米）。 Management Discussion and Analysis (Continued) 管理层讨论及分析 （续） 34 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 Financial Review For the Period, when compared to the same period of last year, the revenue of the Group increased 34.4% to HK$2,892.8 million (six months ended 30 September 2015: HK$2,152.9 million), and net profit attributable to owners of the parent increased 13.4% to HK$856.9 million (six months ended 30 September 2015: HK$755.8 million). Excluding the effects of fair value gains on investment properties and related tax effects and profit or loss on purchase and redemption of senior notes, core net profit attributable to owners of the parent for the Period as adjusted increased by 30.8% to HK$258.6 million (six months ended 30 September 2015: HK$197.7 million). Basic earnings per share increased to HK10.70 cents (six months ended 30 September 2015: HK9.45 cents). Revenue Revenue for the Period increased by 34.4% to HK$2,892.8 million (six months ended 30 September 2015: HK$2,152.9 million) when compared to the same period of last year. The increase was mainly attributable to more properties were sold and delivered in Nanchang, Harbin and Hefei projects during the Period and the growing recurring revenue. For the six months ended 30 September 截至9月30日止六个月 2016 2015 Change 2016年 2015年 变幅 HK$’000 HK$’000 % 千港元 千港元 % Sales of properties and finance lease income 物业销售及融资租赁收入 2,156,313 1,549,639 39.1 Sales of trade center units 销售交易中心商�m 1,209,415 1,119,183 8.1 Sales of residential properties 销售住宅物业 887,778 311,225 185.3 Finance lease income 融资租赁收入 59,120 119,231 -50.4 Recurring income 持续性收入 736,486 603,215 22.1 Rental income 租金收入 353,457 333,951 5.8 Property management service income 物业管理服务收入 153,168 87,980 74.1 E-commerce income 电子商贸收入 63,438 50,797 24.9 Other revenue 其他收入 166,423 130,487 27.5 2,892,799 2,152,854 34.4 财务回顾 与去年同期比较，本期间，本集团的收入增加34.4% 至28.928亿港元 （截至2015年9月30日止六个月： 21.529 亿 港 元 ）； 母 公 司 拥 有 人 应 占 净 利 润 增 加 13.4%至8.569亿港元 （截至2015年9月30日止六个 月：7.558亿港元）。撇除投资物业公平值收益及相 关税款影响和购买及赎回优先票据之损益，调整後 的本期间母公司拥有人应占核心净利润增加30.8%至 2.586亿港元 （截至2015年9月30日止六个月：1.977亿 港元）。每股基本盈利增加至10.70港仙 （截至2015年9 月30日止六个月：9.45港仙）。 收入 与去年同期比较，本期间的收入增加34.4%至28.928 亿港元 （截至2015年9月30日止六个月：21.529亿港 元），增加主要原因是由於本期间位於南昌、哈尔滨 及合肥项目有较多的物业销售及交付，以及持续性收 入的增长。 Management Discussion and Analysis (Continued) 管理层讨论及分析 （续） Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 35 Sales of Properties and Finance Lease income Revenue from sales of properties increased by 46.6% to HK$2,097.2 million (six months ended 30 September 2015: HK$1,430.4 million). The increase was mainly attributable to the sales and delivery of properties in Nanchang, Harbin and Hefei projects during the Period. Sales for each project are as follows: Average selling price (before deduction of sales tax*) GFA sold Sales revenue (before deduction of sales tax*) Sales revenue (net of sales tax*) (HK$/sq. m.) (sq. m.) HK$ million HK$ million 平均售价 （扣除销售税前*） （港元/平方米） 已售建筑面积 （平方米） 销售收入 （扣除销售税前*） （百万港元） 销售收入 （扣除销售税後*） （百万港元） 2016 2015 2016 2015 2016 2015 2016 2015 2016年 2015年 2016年 2015年 2016年 2015年 2016年 2015年 CSC Shenzhen 深圳华南城 31,000 21,900 300 4,200 8.8 92.6 8.4 87.5 CSC Nanchang 南昌华南城 �C Trade center units －交易中心商�m 9,000 21,600 82,800 100 777.7 3.1 736.0 2.9 �C Residential properties －住宅物业 9,000 8,000 20,600 21,800 179.4 174.9 169.7 165.2 CSC Nanning 南宁华南城 �C Trade center units －交易中心商�m 18,000 19,900 300 1,800 5.8 36.6 5.6 34.5 �C Residential properties －住宅物业 7,000 7,100 14,100 21,800 93.5 154.9 88.3 146.1 CSC Xi’an 西安华南城 8,000 8,400 10,800 18,300 91.5 153.1 86.6 144.6 CSC Harbin 哈尔滨华南城 �C Trade center units －交易中心商�m 11,000 11,100 1,800 2,700 20.0 30.3 18.0 28.6 �C Residential properties －住宅物业 5,000 �C 74,900 �C 353.2 �C 334.5 �C CSC Zhengzhou 郑州华南城 11,000 9,400 22,700 64,300 248.0 604.6 235.0 571.4 CSC Hefei 合肥华南城 �C Trade center units －交易中心商�m 8,000 7,100 4,400 4,300 35.6 30.6 34.0 28.9 �C Residential properties －住宅物业 6,000 �C 51,200 �C 312.2 �C 295.3 �C CSC Chongqing 重庆华南城 8,000 7,500 11,600 31,100 90.7 233.9 85.8 220.7 Total 总计 N/A不适用 N/A不适用 295,500 170,400 2,216.4 1,514.6 2,097.2 1,430.4 * Sales tax represents business tax and surcharges on or before 30 April 2016 and value-added-tax and surcharges after 30 April 2016. 销售物业及融资租赁收入 销售物业收入增加46.6%至20.972亿港元 （截至2015 年9月30日止六个月：14.304亿港元）。增加主要原因 是由於本期间位於南昌、哈尔滨及合肥项目有较多的 物业销售及交付。各项目的销售情况如下： * 销售税指在2016年4月30日或之前为营业税及附加， 2016年4月30日後为增值税及附加。 Management Discussion and Analysis (Continued) 管理层讨论及分析 （续） 36 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 Finance lease income derived from the leasing of office units and residential properties decreased by 50.4% to HK$59.1 million (six months ended 30 September 2015: HK$119.2 million). The decrease was primarily attributable to the low inventory level of office units at CSC Shenzhen. During the Period, the Group entered into finance lease arrangements with tenants for approximately 5,600 sq. m. (six months ended 30 September 2015: 10,400 sq. m.) at an average price of HK$11,100/sq. m. (six months ended 30 September 2015: HK$12,300/sq. m.). Rental Income In the long run, the Group intends to retain not less than 50% of the trade center units for self-use or rental purposes and rental income will therefore be an important component of the recurrent income. CSC Shenzhen, being the Group’s most matured project in its portfolio, contributed substantial part of the rental income. Along with the gradual extension of the trial operations in other projects, these projects will gradually start to contribute rental income. For the HOBA Furnishing megastores planned in CSC Nanning and CSC Shenzhen has now been in its trial operations which helped to enrich the business industries in the projects. During the Period, rental income increased year-on-year by 5.8% to HK$353.5 million (six months ended 30 September 2015: HK$334.0 million). As at 30 September 2016, the total occupancy rate of the launched rentable GFA of phase I, phase II and phase III trade centers and shops of CSC Shenzhen were ranged from 71% to 93% (as at 30 September 2015: 62% to 94%), while the average rental rate ranged from HK$37/sq. m. to HK$55/sq. m. (as at 30 September 2015: HK$38/sq. m. to HK$56/sq. m.). Property Management Service Income Income from property management services rose by 74.1% to HK$153.2 million (six months ended 30 September 2015: HK$88.0 million). The increase in income was mainly attributable to the increasing operating trade center areas of CSC Nanchang and CSC Zhengzhou, and the gradual increasing portion of residential properties. The increasing operating areas of these projects bring along the increase in property management service income during the Period. E-commerce Income E-commerce income, derived from the E-commerce services provided to the Group’s customers, increased by 24.9% to HK$63.4 million (six months ended 30 September 2015: HK$50.8 million) during the Period. The online membership programme of the Group were widely appreciated by customers. By joining the programme, the occupants will enjoy the full range of E-commerce service offered by the Group’s E-commerce platform �C CSC86.com. 来自写字楼及住宅物业的融资租赁收入减少50.4%至 5,910万港元 （截至2015年9月30日止六个月：1.192 亿港元）。减少的主因是深圳华南城的写字楼存量不 多所致。 於本期间，本集团与承租人订立的融资租赁合同约为 5,600平方米 （截至2015年9月30日止六个月：10,400 平方米），平均单价为11,100港元/平方米 （截至2015 年9月30日止六个月：12,300港元/平方米）。 租金收入 长远而言，本集团规划保留不少於50%的商品交易中 心商�m作为自营和出租用途，租金收入将会是本集团 持续性收入的重要组成部分。深圳华南城是本集团项 目组合中最成熟的项目，也是租金收入的主要贡献单 位。随着其他项目陆续进入试运营，这些项目也将逐 渐开始提供租金收入的贡献。规划设於南宁华南城及 深圳华南城的大型好百年家居广场已投入试运营，并 丰富了项目的运营业态。於本期间，租金收入同期比 较增加5.8%至3.535亿港元 （截至2015年9月30日止六 个月：3.340亿港元）。 截至2016年9月30日，深圳华南城一期、二期及三期 商品交易中心及商�m的总占用率为已推出之可出租用 建筑面积之71%至93% （截至2015年9月30日：分别 为62%至94%），而其平均租金由37港元/平方米至55 港元/平方米 （截至2015年9月30日：38港元/平方米至 56港元/平方米）。 物业管理服务收入 物业管理服务收入增加74.1%至1.532亿港元 （截至 2015年9月30日止六个月：8,800万港元）。收入增加 主要是南昌华南城及郑州华南城的交易中心经营面积 不断增加，以及逐渐增加比例的住宅项目。该等项目 的经营面积不断增加，以致本期间带来物业管理服务 收入的增长。 电子商贸收入 来自为集团客户提供电子商贸服务的收入於本期间增 加24.9%至6,340万港元 （截至2015年9月30日止六个 月：5,080万港元）。本集团推出的线上会员计划现已 受到客户的广泛认可。参与计划的商户可专享本集团 电子商贸平台－华南城网所提供的全方位电子商贸服 务。 Management Discussion and Analysis (Continued) 管理层讨论及分析 （续） Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 37 其他收入 其他收入增加27.5%至1.664亿港元 （截至2015年9月 30日止六个月：1.305亿港元），增长主要由於本期 间奥特莱斯运营和物流及仓储服务的持续增长所致。 奥特莱斯运营的收入增加39.7%至8,320万港元 （截至 2015年9月30日止六个月：5,960万港元），物流及仓 储服务的收入增加13.8%至7,490万港元 （截至2015年 9月30日止六个月：6,580万港元）。 奥特莱斯中心运营收入增加主要是归因於其业务量增 长的奥特莱斯中心运营面积增加所致。另外，於本期 间内，物流及仓储服务收入增加主要是归因於仓储的 运营面积的增长。 销售成本 本集团的销售成本主要包括已售物业建筑成本、持作 融资租赁物业建筑成本及租金支出。在本期间内，销 售成本增加57.4%至16.502亿港元 （截至2015年9月 30日止六个月：10.487亿港元）。销售成本的增加与 本期间已售物业的建筑面积增加一致。 毛利 毛利增加12.5%至12.426亿港元 （截至2015年9月30 日止六个月：11.042亿港元）。於本期间，毛利率下 降至43% （截至2015年9月30日止六个月：51%），主 要由於销售产品组合中的住宅物业比例较高而住宅物 业的毛利率相对较低。 其他收入及收益（亏损） / 其他收入及收益增加35.7%至6.842亿港元 （截至2015 年9月30日止六个月：5.041亿港元），主要为来自於 政府的发展资金合共7.409亿港元 （截至2015年9月30 日止六个月：5.427亿港元）。 投资物业公平值收益 投资物业公平值收益增加20.8%至9.631亿港元 （截至 2015年9月30日止六个月：7.973亿港元），主要是由 於现有项目增加新投资物业。 Other Revenue Other revenue rose by 27.5% to HK$166.4 million (six months ended 30 September 2015: HK$130.5 million). The increase was mainly attributable to the continuous growth of the outlet operations and logistics and warehousing services, with revenue from outlet operations increased 39.7% to HK$83.2 million (six months ended 30 September 2015: HK$59.6 million) while that of logistic and warehousing services increased 13.8% to HK$74.9 million (six months ended 30 September 2015: HK$65.8 million) respectively during the Period. Increase in income from outlet operations was mainly due to the growth of outlet center business and the increase in operating areas in the established outlets during the Period. The increase in income from logistics and warehousing services was mainly due to the increase in operating areas of warehousing during the Period. Cost of Sales The Group’s cost of sales mainly includes construction costs of properties sold, construction costs of properties held for finance lease and rental expenses. During the Period, cost of sales increased by 57.4% to HK$1,650.2 million (six months ended 30 September 2015: HK$1,048.7 million). The increase in cost of sales was in line with the increase of GFA of properties sold during the Period. Gross Profit Gross profit increased by 12.5% to HK$1,242.6 million (six months ended 30 September 2015: HK$1,104.2 million). During the Period, gross profit margin decreased to 43% (six months ended 30 September 2015: 51%) which was mainly due to the change in product mix of sales with a higher portion of residential properties which had a relatively lower profit margin. Other Income and Gains/(Losses) Other income and gains increased by 35.7% to HK$684.2 million (six months ended 30 September 2015: HK$504.1 million), mainly attributable to the government grants of HK$740.9 million (six months ended 30 September 2015: HK$542.7 million). Fair Value Gains on Investment Properties The fair value gains on investment properties increased by 20.8% to HK$963.1 million (six months ended 30 September 2015: HK$797.3 million). The increase was mainly contributed by the addition of new investment properties at the existing projects. Management Discussion and Analysis (Continued) 管理层讨论及分析 （续） 38 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 Selling and Distribution Expenses Selling and distribution expenses decreased by 5.3% to HK$395.5 million (six months ended 30 September 2015: HK$417.7 million). The decrease was mainly attributable to the effective cost control measures taken as to marketing activities for promoting the sales of properties during the Period. Administrative Expenses Administrative expenses decreased by 6.9% to HK$563.1 million (six months ended 30 September 2015: HK$604.5 million). The decrease was primarily due to the Group’s optimisation of human resources and the effective control of administrative costs. During the Period, the Group granted 70,500,000 share options to certain employees. Together with share options issued in prior periods, share options expenses of HK$18.3 million (six months ended 30 September 2015: HK$11.1 million) were recorded. Finance Costs Finance costs increased by 19.9% to HK$109.9 million (six months ended 30 September 2015: HK$91.6 million). The increase was mainly attributable to an increase in bank and other borrowings for general business purposes with interest expenses recorded through profit or loss. As at the end of September 2016, the Group’s weighted average financing cost was 6.2%, as compared with 6.3% at the end of March 2016. Tax Tax expenses recorded an increase of 70.0% to HK$882.1 million (six months ended 30 September 2015: HK$518.9 million). The increase in tax expenses was in line with the increase of revenue during the Period. Prepayments, Deposits and Other Receivables Prepayments, deposits and other receivables increased by 17.4% to HK$916.8 million (31 March 2016: HK$781.3 million), mainly due to the increase in deposits paid for construction of new projects. Trade and Other Payables Trade and other payables increased by 18.9% to HK$15,780.4 million (31 March 2016: HK$13,269.7 million). The increase was mainly due to the increase in deposits and receipts in advance arising from our contracted sales during the Period. As at 30 September 2016, the balance of construction fees and retention payable and deposits received and receipts in advance were HK$7,264.1 million and HK$6,550.6 million, respectively. 销售及分销开支 销售及分销开支减少5.3%至3.955亿港元 （截至2015 年9月30日止六个月：4.177亿港元），主要由於本期 间内在物业销售推广方面推出的多项的成本管理措施 凑效。 行政开支 行政开支减少6.9%至5.631亿港元 （截至2015年9月 30日止六个月：6.045亿港元），主要由於本集团优化 人力资源结构及有效控制行政成本。於本期间，本集 团向若干雇员授出70,500,000份购股权。连同以前期 间授出的购股权，购股权开支录得1,830万港元 （截至 2015年9月30日止六个月：1,110万港元）。 融资成本 融资成本增加19.9%至1.099亿港元 （截至2015年9月 30日止六个月：9,160万港元），主要归因於作为一般 商业用途的银行及其他贷款增加而其利息开支计入损 益表。於2016年9月底，本集团的加权平均融资成本 为6.2%，而2016年3月底的加权平均融资成本则为 6.3%。 税项 税项开支录得增加70.0%至8.821亿港元 （截至2015年 9月30日止六个月：5.189亿港元）。税项开支的增加 与本期间的收入增加一致。 预付款项、按金及其他应收款项 预付款项、按金及其他应收款项增加17.4%至9.168 亿港元 （ 2016年3月31日：7.813亿港元），主要归因 於新项目的工程按金增加的影响。 贸易及其他应付款项 贸易及其他应付款项增加18.9%至157.804亿港元 （ 2016年3月31日：132.697亿港元），主要归因於本 期间内按金及由合约销售的预收款项增加的影响。於 2016年9月30日，应付建筑费用及保留金以及按金及 预收款项分别为72.641亿港元及65.506亿港元。 Management Discussion and Analysis (Continued) 管理层讨论及分析 （续） Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 39 Liquidity and Financial Resources The Group finances its development and operations primarily through internally generated funds, bank and other borrowings, and the issuance of different notes onshore and offshore, which includes but not limited to senior notes, short-term notes, medium-term notes, corporate bonds and domestic company bonds. Cash and Cash Equivalents and Restricted Cash As at 30 September 2016, the Group had HK$8,259.0 million cash and cash equivalents and restricted cash (31 March 2016: HK$11,686.7 million), among which non-restricted cash and cash equivalents amounted to approximately HK$6,879.2 million (31 March 2016: HK$9,327.8 million). The Group’s cash and cash equivalents and restricted cash were primarily denominated in Renminbi, HK dollars and US dollars. Borrowing and Charges on the Group’s Assets As at 30 September 2016, the Group had approximately HK$31,059.8 million (31 March 2016: HK$33,808.6 million) which included interestbearing bank and other borrowings, senior notes, short-term notes, medium-term notes, corporate bonds and domestic company bonds. Interest-bearing bank and other borrowings The Group had aggregated interest-bearing bank and other borrowings of approximately HK$13,479.7 million as at 30 September 2016 (31 March 2016: HK$16,622.7 million), of which HK$5,873.8 million will be repayable within one year or on demand, approximately HK$4,501.1 million will be repayable in the second year, approximately HK$2,789.6 million will be repayable in the third to fifth years and approximately HK$315.2 million will be repayable after five years. As at 30 September 2016, the Group’s interest-bearing bank and other borrowings of approximately HK$11,105.7 million were secured by certain buildings, investment properties, properties under development, properties held for sales and bank deposits with a total carrying value of approximately HK$25,881.8 million. Except for the bank loan with balance of HK$300 million denominated in HK dollars and bears interest at floating rates of HIBOR+2.65% (31 March 2016: HIBOR+2.65%), the other interest-bearing bank and other borrowings of the Group were denominated in Renminbi with interest rates range from 4.13% to 7.25% (31 March 2016: 3.3% to 7.5%) per annum. Furthermore, as at 30 September 2016, the Group had unused banking facilities of approximately HK$5,411.7 million. The Group will deploy these banking facilities as appropriate, depending on project development needs and working capital status. 流动资金及财务资源 本集团主要透过内部产生的资金、银行及其他借贷及 境内外不同的票据发行，包括但不限於优先票据、短 期融资券、中期票据、企业债券和境内公司债券等融 资拨付其业务发展及运营所需资金。 现金及现金等价物及受限制现金 於2016年9月30日，本集团持有现金及现金等价物 以及受限制现金82.590亿港元 （ 2016年3月31日： 116.867亿港元），当中不受限制现金及现金等价物约 为68.792亿港元 （ 2016年3月31日：93.278亿港元）。 本集团持有的现金及现金等价物以及受限制现金主要 以人民币、港元及美元为单位。 借贷及本集团资产抵押 於2016年9月30日，本集团持有约310.598亿港元 （ 2016年3月31日：338.086亿港元）的计息银行及其 他借贷、优先票据、短期融资券、中期票据、企业债 券以及境内公司债券。 计息银行及其他借贷 本集团於2016年9月30日的计息银行及其他借贷合计 约为134.797亿港元 （ 2016年3月31日：166.227亿港 元），其中58.738亿港元须於一年内或应要求偿还、 约45.011亿港元须於第二年偿还、约27.896亿港元须 於第三至第五年偿还及约3.152亿港元须於五年後偿 还。於2016年9月30日，本集团的计息银行及其他借 贷中约111.057亿港元是以若干楼宇、投资物业、发 展中物业、持作销售物业及银行存款作抵押，其账面 总值约为258.818亿港元。 除按香港银行同业拆息加2.65% （ 2016年3月31日： 香港银行同业拆息加2.65%）利率计息的3亿港元银行 贷款以港元为单位外，本集团其他计息银行及其他借 贷均以人民币为单位，并按每年4.13%至7.25%的利 率计息 （ 2016年3月31日：3.3%至7.5%）。此外，於 2016年9月30日，本集团持有备用银行融资约54.117 亿港元。本集团将於适当时候视乎项目发展需要及营 运资金状况调配此等银行融资。 Management Discussion and Analysis (Continued) 管理层讨论及分析 （续） 40 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 Issuance of Notes Senior Notes In October 2012, the Company issued senior notes due in October 2017 with a nominal value of US$125 million (equivalent to approximately HK$975 million) at a coupon rate of 13.5% per annum (“2012 Notes”) for the purpose of funding its properties under development and properties planned for future development, and refinancing a portion of its existing debt and for general corporate purposes. In April 2016, the Company has fully early redeemed this senior notes at premium in accordance to the terms and conditions of this notes and resulted in a loss on redemption of HK$87.0 million. In January 2014, the Company issued senior notes due in January 2019 with a nominal value of US$400 million (equivalents to approximately HK$3,120 million) at a coupon rate of 8.25% per annum (“2014 Notes”) for the purpose of redeeming all of the outstanding senior notes due in January 2016, with which the coupon rate was 13.5% per annum, and for general corporate purposes. In September and October 2016, the Company issued senior notes due in September 2021 with a nominal value of US$200 million (equivalents to approximately HK$1,560 million) and US$150 million (equivalents to approximately HK$1,170 million) respectively at a coupon rate of 6.75% per annum for the purpose of refinancing existing indebtedness and for general corporate purposes. Short-Term Notes In September 2014, China South International obtained the relevant approval for issuing the short-term notes in the national inter-bank market in the PRC with a maximum principal amount of RMB4.3 billion. In September 2015, China South International issued the first tranche of the short-term notes of 2015 (“2015 First Tranche STN”) with a total principal amount of RMB2.1 billion with a maturity period of 1 year and at an interest rate of 4.3% per annum. The proceeds thereof were to be used for replacement of bank borrowings of the Group. The 2015 First Tranche STN have been repaid in September 2016. In September 2016, China South International issued the first tranche of the short-term notes of 2016 with a total principal amount of RMB1.2 billion with a maturity period of 1 year and at an interest rate of 4.9% per annum. The proceeds thereof were to be used for general corporate purpose and repaying part of the bank loans of the Group. 票据之发行 优先票据 於2012年10月，本公司发行於2017年10月到期面值 1.25亿美元 （相当於约9.75亿港元）年票息率为13.5% 的优先票据 （ 「 2012年票据」），以拨付其发展中物业 及已规划作未来发展物业所需资金，并为部分现有债 项再融资及作一般公司用途。於2016年4月，本公司 根据此优先票据的条款以溢价全数提早赎回此优先票 据，并因而产生8,700万港元赎回优先票据的亏损。 於2014年1月，本公司发行於2019年1月到期面值4亿 美元 （相当於约31.2亿港元）年票息率为8.25%的优先 票据 （ 「 2014年票据」），主要用作赎回所有於2016年1 月到期年票息率为13.5%尚未赎回的优先票据及一般 公司用途。 本公司分别於2016年9月及10月，发行於2021年9月 到期面值2亿美元 （相当於约15.6亿港元）及1.5亿美元 （相当於约11.7亿港元）年票息率为6.75%的优先票 据，主要用作现有债务的再融资及一般公司用途。 短期融资券 於2014年9月，华南国际取得於中国银行间市场发行 本金总额最多为人民币43亿元之短期融资券的相关批 准。於2015年9月，华南国际发行2015年第一期短期 融资券，本金总额为人民币21亿元，期限为1年，年 利率为4.3%，该发行所得款项主要用作置换本集团 的银行贷款。2015年第一期短期融资券已於2016年 9月偿还。於2016年9月，华南国际发行2016年第一 期短期融资券，本金总额为人民币12亿元，期限为1 年，年利率为4.9%，该发行所得款项主要用作补充 流动资金及偿还本集团的部份银行贷款。 Management Discussion and Analysis (Continued) 管理层讨论及分析 （续） Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 41 Medium-Term Notes In April 2014, China South International obtained the relevant approval for issuing medium-term notes in the national inter-bank market in the PRC with a maximum principal amount of RMB4 billion. In May 2014, China South International issued the first tranche of the medium-term notes of 2014 with a total principal amount of RMB1 billion with a maturity period of 5 years and at an interest rate of 7.5% per annum. The proceeds thereof were to be used for repaying part of short-term bank loans of the Group. In September 2014, China South International issued the second tranche of the medium-term notes of 2014 with a total principal amount of RMB1 billion with a maturity period of 5 years and at an interest rate of 8.4% per annum. The proceeds thereof were to be used for repaying part of bank loans of the Group. In July 2015, China South International issued the first tranche of the medium-term notes of 2015 with a total principal amount of RMB2 billion with a maturity period of 3 years and at an interest rate of 7.0% per annum. The proceeds thereof were to be used for replacement of bank loans of the Group and the construction of CSC Nanning project. Corporate Bonds In March 2015, China South International obtained the relevant approval for issuing the corporate bonds in a maximum principal amount of RMB1.5 billion in the PRC. In April 2015, China South International issued the corporate bonds with a total principal amount of RMB1.5 billion with a term of up to 6 years in maximum and at an interest rate of 7.0% per annum. The proceeds thereof were to be used for funding the development of CSC Zhengzhou project. Domestic Company Bonds In December 2015, China South International obtained the relevant approval for issuing the domestic company bonds in a maximum principal amount of RMB4.4 billion in the PRC. In January 2016, China South International issued the first tranche of domestic company bonds of 2016 with a total principal amount of RMB3 billion with a term of 3 years and at an interest rate of 5.98% per annum. The proceeds thereof were to be used for repaying part of bank loans of the Group and for general working capital. In May 2016, China South International issued the second tranche of domestic company bonds of 2016 with a total principal amount of RMB1.4 billion with a term of 3 years and at an interest rate of 6.85% per annum. The proceeds thereof were to be used for repaying part of bank loans of the Group and for general working capital. As at 30 September 2016, the carrying value of China South International’s short-term notes were HK$1,394.3 million, medium-term notes were HK$4,687.4 million, corporate bonds were HK$1,768.3 million and domestic company bonds were HK$5,275.8 million respectively. 中期票据 於2014年4月，华南国际取得於中国银行间市场发行 本金总额最多为人民币40亿元之中期票据的相关批 准。於2014年5月，华南国际发行2014年第一期中 期票据，本金总额为人民币10亿元，期限为5年，年 利率为7.5%，该发行所得款项主要用作偿还本集团 的部份短期银行贷款。於2014年9月，华南国际发行 2014年第二期中期票据，本金总额为人民币10亿元， 期限为5年，年利率为8.4%，该发行所得款项主要用 作偿还本集团的部份银行贷款。於2015年7月，华南 国际发行2015年第一期中期票据，本金总额为人民币 20亿元，期限为3年，年利率为7.0%，该发行所得款 项主要用作置换本集团的银行贷款及南宁华南城项目 之发展。 企业债券 於2015年3月，华南国际取得於中国发行本金总额最 多为人民币15亿元之企业债券的相关批准。於2015年 4月，华南国际发行该企业债券，本金总额为人民币 15亿元，期限为最长6年，年利率为7.0%，该发行所 得款项主要用作兴建郑州华南城项目之发展。 境内公司债券 於2015年12月，华南国际取得於中国发行本金总额 最多为人民币44亿元之境内公司债券的相关批准。於 2016年1月，华南国际发行2016年第一期境内公司债 券，本金总额为人民币30亿元，期限为最长3年，年 利率为5.98%，该发行所得款项主要用作置换本集团 的银行贷款及一般企业用途。於2016年5月，华南国 际发行2016年第二期境内公司债券，本金总额为人民 币14亿元，期限为最长3年，年利率为6.85%，该发 行所得款项主要用作置换本集团的银行贷款及一般营 运资金。 於2016年9月30日，华南国际短期融资券的账面值为 13.943亿港元、中期票据的账面值为46.874亿港元、 企业债券的账面值为17.683亿港元及境内公司债券的 账面值为52.758亿港元。 Management Discussion and Analysis (Continued) 管理层讨论及分析 （续） 42 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 Gearing Ratio The Group’s gearing ratio (net debt divided by total equity) was 88.1% as at 30 September 2016 and 83.9% as at 31 March 2016. The total liabilities over total assets ratio was 68.7% as at 30 September 2016 (31 March 2016: 68.4%). Net Current Assets and Current Ratio As at 30 September 2016, the Group had net current assets of HK$9,018.5 million (31 March 2016: HK$10,971.0 million) at a current ratio of 1.33 (31 March 2016: 1.39). Contingent Liabilities The Group has provided guarantees with respect to banking facilities granted by certain banks in connection with mortgage loans entered into by purchasers of the Group’s trade centers and residential properties and bank loans entered into by lessees of the Group’s residential and commercial properties. The guarantees granted to purchasers of trade centers and residential properties will be released when the purchasers obtain building ownership certificates, which will then be pledged to the banks. For leased residential and commercial properties, the guarantees will be released accordingly when the lessees repaid the loan. As at 30 September 2016, the guarantees amounted to HK$7,871.3 million (31 March 2016: HK$5,805.4 million). Commitments As at 30 September 2016, the Group had future capital expenditure contracted but not yet provided for in the amount of HK$9,169.0 million (31 March 2016: HK$7,350.5 million). Acquisition and Disposal of Subsidiary and Associated Companies The Group had no material acquisitions and disposals of subsidiaries and associated companies during the Period. 资本负债比率 本集团於2016年9月30日和2016年3月31日的资本 负债比率 （债务净额除权益总额） 分别为88.1%和 83.9%。於2016年9月30日，总负债对总资产比率为 68.7% （ 2016年3月31日：68.4%）。 流动资产净值及流动比率 於2016年9月30日，本集团流动资产净值为90.185亿 港元 （ 2016年3月31日：109.710亿港元），流动比率 为1.33 （ 2016年3月31日：1.39）。 或然负债 本集团为其交易中心及住宅物业买家与银行订立的按 揭贷款以及其住宅及商业物业承租人与银行订立的银 行贷款提供担保。授予买家的担保将於买家取得房地 产所有权证，并於其後抵押予银行时解除。就租赁住 宅及商业物业而言，担保将於承租人偿还贷款时相应 解除。於2016年9月30日，担保金额为78.713亿港元 （ 2016年3月31日：58.054亿港元）。 承担 於2016年9月30日，本集团的已订约但未计提拨备的 未来资本开支金额为91.690亿港元 （ 2016年3月31日： 73.505亿港元）。 收购及出售附属公司及联营公司 本集团於本期间并无任何收购及出售附属公司及联营 公司的重大项目。 Management Discussion and Analysis (Continued) 管理层讨论及分析 （续） Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 43 Foreign Exchange Risk The Group conducts its business primarily in Renminbi. The income and bank deposits of the Group were substantially denominated in Renminbi to meet the Group’s development and operation needs in the PRC. As at 30 September 2016, among the Group’s total interest bearing debts of HK$31,059.8 million, approximately HK$4,754.2 million were denominated in US dollars or HK dollars and the rest were in Renminbi. The Group does not have material exposure to foreign exchange risk and no foreign currency hedging was done during the Period. The Group will monitor its foreign currency exposure and consider hedging arrangement if such need arise. Economic, Commercial and Other Risks The Group may be exposed to the risk of negative developments in national and regional economies, property and financial markets. It may result in reductions in sales prices of the properties, rent rates and occupancy rates of properties, and demand for ancillary services and facilities it provides. It may also result in recession, inflation, deflation and currency fluctuations as well as restrictions in the availability of credit, increases in financing and other operating costs. The development of the Group’s projects may subject to market risks as it usually takes time to complete. Though the Group appoints quality partners for the development of its projects, it may still be subject to associated risk of the quality and safety of the products and services provided by the Group. The Group may also be subject to a number of regulatory environments in the territories in which it operates. Changes in the regulatory approach to such matters as ownership of assets and businesses, regulations related to development and operations, exchange controls, tax rules and employment legislation may impact the business of the Group. Changes in the political environment in such territories may also affect the Group. The management of the Group will keep abreast of the environment and policy changes and make the necessary adjustments in response to such changes, if any. Further steps taken by the Group to manage the financial risk can be read in conjunction with note 47 to the financial statements as set out in the Company’s 2015/16 Annual Report. 外汇风险 本集团之业务主要以人民币进行。本集团之收入及银 行存款大部分为人民币，以满足其在国内的发展和运 营所需。截至2016年9月30日，在本集团310.598亿 港元之总计息借贷中，大约47.542亿港元之计息借贷 为美元或港元借款，余额为人民币借款。本集团并没 有重大的外汇风险，在本期间并没有进行汇率对冲之 安排。本集团将留意其汇率风险，并在需要时适时作 出汇率对冲之安排。 经济、商业及其他风险 本集团或会受到来自国家与区域经济、房地产及金融 市场负面发展风险的影响。该等风险或会导致物业销 售价格、物业租金及占有率下降，以及对其提供的配 套服务与设施需求的下降。其亦或会导致经济衰退、 通货膨胀、通货紧缩及汇价波动，以及信贷受限、融 资及其他运营成本上升。由於本集团的项目开发需 时，其或受到市场风险影响。尽管本集团委聘优质合 作夥伴进行项目开发，但仍可能受其提供产品与服务 之品质及安全性所带来风险的影响。本集团於其运营 的地区亦可能受一系列监管环境影响，包括资产及业 务的拥有权、涉及开发及运营的法规、外汇管制、税 收规则及劳动法规等监管方式的变化或会影响本集团 的业务。当地政策环境的变化亦可能会影响本集团的 业务。本集团管理层将因应该等变化作出适时调整， 以与市场环境及政策变化保持一致。本集团进一步管 理财务风险的办法可与载於本公司2015/16年报财务 报表附注47一并阅读。 Management Discussion and Analysis (Continued) 管理层讨论及分析 （续） 44 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 Land for Projects and Restriction on Sales The Group signs project agreements with local governments prior to the development of all projects in order to outline the long term blueprints of relevant projects. These agreements generally set out the size and use of lands and the related development plans. However, the actual acquisition of lands, land area and terms and conditions of such acquisition are subject to the relevant regulations and local governments’ requirements, the Group’s development plans and the results of the relevant public tender, auction and listing. Since the development of each of these projects may last for more than ten years, the Group and the local government may agree to adjust the details of these agreements to align with the actual needs of project developments. The progress of the land acquisition and project development depend on the progress of the Group’s planning, as well as the procedural formalities as determined by the local government departments. As the procedures and requirements set by different local governments vary, the Group may adjust the development of each project according to relevant conditions. In view of its substantial land bank and flexibility in project planning, the Group believes such circumstances will not have material impact on its development as a whole. Pursuant to certain project and land related contracts and documents, some of the land acquired by the Group may have sales restrictions on properties built on it. These include the saleable area of trade centers of CSC Shenzhen is limited to 30% of the total buildable GFA of properties built on the relevant parcels of land. The saleable area of trade centers and logistics facilities built on certain parcels of land acquired by CSC Nanchang and CSC Nanning in 2010 are limited to 60% of the relevant total buildable GFA. The saleable area of trade centers built by CSC Hefei and CSC Chongqing are limited to 50% of their relevant total buildable GFA. The saleable area of trade centers of phase I and future phases of CSC Zhengzhou are limited to 60% and 50% respectively of its relevant total buildable GFA. Except for the restrictions mentioned herein, there is no sales restriction on other land acquired by the Group. According to the Group’s business model, the Group intends to hold not less than 50% of trade centers and commercial facilities for leasing and self-use, the related sales restrictions will not have significant impact to the Group. 项目土地及销售限制 本集团在发展各项目前均与当地政府签订项目协议， 以勾划相关项目长远的概要蓝图，该等协议一般会就 项目土地规模、性质及发展作概要约定，但实质土地 的取得、土地面积及取得之条款将以当地政府的相关 规定、本集团的发展规划及招拍挂的结果为准。由於 各项目的发展期间可能超过十年，本集团及当地政府 可能会因应项目发展的需要而协商调整协议内容。 本集团项目土地的取得及建设的进度，除视乎内部之 规划外，亦视乎项目当地政府部门各程序之手续。各 地政府的程序和要求各异，因此，本集团对各项目的 发展将视乎有关情况而作相应的调整和配合，但由於 本集团的项目用地充裕，规划上具较强的弹性，本集 团认为有关情况对本集团的整体发展影响不大。 根据若干项目及土地相关合同和文件，部分项目所建 物业存在销售限制，包括深圳华南城相关地块上的交 易中心的可销售面积限於总可建建筑面积的30%；南 昌华南城和南宁华南城於2010年取得的若干土地，其 上建设的交易中心及仓储设施的可销售面积限於该等 物业总可建建筑面积的60%；合肥华南城及重庆华南 城建设的交易中心的可销售面积限於该等物业总可建 建筑面积的50%；郑州华南城建设的一期及以後各期 的交易中心的可销售面积分别限於该等物业总可建建 筑面积的60%及50%。除上述情况之外，本集团的其 他土地并没有销售限制。按本集团商业模式，本集团 规划持有不少於50%交易中心及商业配套设施作租赁 和自用，有关销售限制对本集团的影响不大。 Management Discussion and Analysis (Continued) 管理层讨论及分析 （续） Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 45 General Mandate Issue Update on Use of Proceeds On 15 January 2014, the Company entered into the Investment and Cooperation Agreement (the “Agreement”) with THL H Limited (“THL”), a wholly-owned subsidiary of Tencent, a company listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”). Pursuant to such Agreement and the general mandate granted to the Directors at the annual general meeting of the Company held on 21 August 2013, THL has subscribed for 680,300,000 shares of the Company at a price of HK$2.20 per share (“Subscription Shares”) on 23 January 2014 with a total consideration of approximately HK$1,500 million. In addition, the Company has granted an option to THL to subscribe for a further 244,800,000 shares at the price of HK$3.50 per share (subject to adjustments (if any)) (“Option”). In September 2014, THL noticed the Company to exercise the Option at the option price of HK$3.36 per share at the total consideration of approximately HK$822.5 million (as adjusted by the dividend declared by the Company) and the Company issued and allotted such shares to THL accordingly. Details of the Investment and Cooperation Agreement are set out in the announcements dated 15 January 2014, 23 January 2014, 23 September 2014 and 29 September 2014 respectively. The Company intends to use part of the net proceeds in certain areas of intended cooperation with the Tencent Group and the remaining will be used for general corporate purposes. The net proceeds from the Subscription Shares and the exercise of Option were in an aggregate of approximately HK$2,319.2 million. As at 30 September 2016, the net proceeds thereof have been fully utilized on business related to E-commerce, logistics and general corporate purposes. Human Resources As at 30 September 2016, the Group had a workforce of approximately 6,590 people, including approximately 6,550 people directly employed by the Group and approximately 40 people employed by our associate. The number of the Group’s staff decreased by 4.9% from 6,930 people as at 31 March 2016. The Group aims to recruit, retain and develop competent individuals who are committed to the Group’s long-term success and growth. Remunerations and other benefits of employees are reviewed annually in response to both market conditions and trends, and are based on qualifications, experience, responsibilities and performance. In addition to basic salaries and other staff benefits, discretionary bonuses and share options may be awarded to employees who display outstanding performance and contributions to the Group. During the Period, the Company granted 70,500,000 share options to the certain employees of the Group. 一般授权发行 所得款用途的最新情况 於2014年1月15日，本公司与THL H Limited （ 「 THL」） （为腾讯，一家於香港联合交易所有限公司 （ 「香港联 交所」）主板上市公司之全资附属公司）订立投资及 合作协议 （ 「协议」）。根据该协议及本公司於2013年 8月21日举行的股东周年大会上授予董事之一般授 权，THL於2014年1月23日以每股2.20港元认购合共 680,300,000股本公司股份 （ 「认购股份」），总代价为 15亿港元。此外，本公司亦以购股权行使价每股3.50 港元 （可予调整 （如有））向THL授出购股权以进一步认 购244,800,000股股份 （ 「购股权」）。於2014年9月23 日，THL通知本公司以购股权价格每股3.36港元 （按本 公司宣派之股息已作调整）之总代价约为8.225亿港元 行使购股权，本公司据此发行及配发相关股份。有关 该协议之详情分别载於2014年1月15日、2014年1月 23日、2014年9月23日及2014年9月29日之公告内。 本公司拟将部份所得之款项投放於与腾讯的合作范 畴，而有关余数将用作一般企业用途。 有关认购股份及行使购股权所得之款项合共约为 23.192亿港元。截至2016年9月30日，所得之款项已 悉数用於与电子商贸、物流业务有关之业务及一般企 业用途。 人力资源 於2016年9月30日，本集团有雇员约6,590人，其中 直接隶属本集团的雇员约有6,550人，另外40人为联 营企业之雇员。本集团雇员人数较2016年3月31日的 6,930人减少4.9%。本集团旨在招聘、挽留及培训该 等致力於本集团长远成功及增长的人员。雇员的薪酬 及其他福利乃参考市况及市场趋势，以及按彼等的资 历、经验、职责及表现每年进行检讨。除基本薪金及 其他员工福利外，表现优秀且为本集团作出贡献的雇 员亦可获奖励酌情花红及购股权。於本期间，本公司 向若干雇员授出70,500,000份购股权。 Directors’ and Chief Executive’s Interests in Securities As at 30 September 2016, the interests and short positions of the Directors in the shares of the Company (the “Shares”), underlying Shares and debentures of the Company or any of its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (the “SFO”)) as recorded in the register maintained by the Company under section 352 of the SFO or as notified to the Company and the Hong Kong Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code”) were as follows: Long position in the Shares and Underlying Shares of the Company Number of Shares held 所持有股份数目 Name of Directors Class of Shares Corporate interest Personal interest Family interest Share options Total Approximate percentage of the Company’s total number of issued Shares(8) 董事姓名 股份类别 公司权益 个人权益 家族权益 购股权 总计 占本公司已发行股 份总数概约百分比(8) Cheng Chung Hing Ordinary Shares 1,778,196,831(1) 79,000,000 �C �C 1,857,196,831 23.19% 郑松兴 普通股 Cheng Tai Po Ordinary Shares 588,984,145(2) 4,936,000 �C �C 593,920,145 7.41% 郑大报 普通股 Leung Moon Lam Ordinary Shares/Share Options 463,899,770(3) �C 2,000,000 69,300,000(4) 535,199,770 6.68% 梁满林 普通股�u购股权 Ma Kai Cheung Ordinary Shares 138,966,649(5) �C �C �C 138,966,649 1.73% 马介璋 普通股 Ma Wai Mo Ordinary Shares 126,197,662(6) �C �C �C 126,197,662 1.57% 马伟武 普通股 Sun Kai Lit Cliff Ordinary Shares 125,241,662(7) �C �C �C 125,241,662 1.56% 孙启烈 普通股 Fung Sing Hong Stephen Ordinary Shares/Share Options �C 9,200,000 �C 155,990,000(4) 165,190,000 2.06% 冯星航 普通股�u购股权 Li Wai Keung Share Options �C �C �C 2,000,000(4) 2,000,000 0.02% 李伟强 购股权 Leung Kwan Yuen Andrew Share Options �C �C �C 2,000,000(4) 2,000,000 0.02% 梁君彦 购股权 Hui Chiu Chung Share Options �C �C �C 2,000,000(4) 2,000,000 0.02% 许照中 购股权 Yung Wing Ki Samuel Share Options �C �C �C 2,000,000(4) 2,000,000 0.02% 容永祺 购股权 董事及主要行政人员於证券的权益 於2016年9月30日，董事於本公司或其任何相联法团 （定义见证券及期货条例 （ 「证券及期货条例」）第XV部） 的本公司股份 （ 「股份」）、相关股份及债权证中拥有载 入本公司根据证券及期货条例第352条须予存置的登 记册，或根据上市发行人董事进行证券交易的标准守 则 （ 「标准守则」）须知会本公司及香港联交所的权益及 淡仓如下： 於本公司股份及相关股份的好仓 46 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 DISCLOSURE OF INTERESTS 权益披露 Disclosure of Interests (Continued) 权益披露 （续） Notes: (1) Mr. Cheng Chung Hing is interested in 100% of the issued share capital of Accurate Gain Developments Limited which in turn holds 1,778,196,831 Shares and is therefore deemed to be interested in the aforesaid 1,778,196,831 Shares. Mr. Cheng is a director of Accurate Gain Developments Limited. Mr. Cheng Chung Hing is the younger brother of Mr. Cheng Tai Po. (2) Mr. Cheng Tai Po is interested in 100% of the issued share capital of Proficient Success Limited which in turn holds 588,984,145 Shares and is therefore deemed to be interested in the aforesaid 588,984,145 Shares. Mr. Cheng is a director of Proficient Success Limited. Mr. Cheng Tai Po is the elder brother of Mr. Cheng Chung Hing. (3) Mr. Leung Moon Lam owns 100% of the issued share capital of Kings Faith International Limited which in turn holds 463,899,770 Shares and is therefore deemed to be interested in the aforesaid 463,899,770 Shares. Mr. Leung Moon Lam is a director of Kings Faith International Limited. (4) The relevant interests are share options granted to Mr. Leung Moon Lam, Mr. Fung Sing Hong Stephen, Mr. Li Wai Keung, Mr. Leung Kwan Yuen Andrew, Mr. Hui Chiu Chung and Mr. Yung Wing Ki Samuel pursuant to the Company’s share option scheme adopted on 4 September 2009. Further details of the share option scheme are set out in the section headed “Share Option Scheme” below. (5) Dr. Ma Kai Cheung, as beneficial owner and beneficiary of trust and through the interest of his spouse, being interested in 41.45% of the issued share capital of Carrianna Group Holdings Company Limited which through a number of intermediaries, wholly owns Carrianna Development Limited, Dr. Ma Kai Cheung is therefore deemed to be interested and duplicated interested in an aggregate of 138,966,649 Shares held by Carrianna Development Limited via its holding company. Dr. Ma is a director of each of Carrianna Group Holdings Company Limited, Carrianna Development Limited, Sincere United Holdings Limited, Carrianna Holdings Limited, Gartrend Development Limited and Carrianna (BVI) Limited. 附注： (1) 由 於 郑 松 兴 先 生 拥 有 Accurate Gain Developments Limited已发行股本的100%股份权益，而该公司持有 1,778,196,831股股份，故郑松兴先生被视为拥有上述 1,778,196,831股股份权益。郑先生为Accurate Gain Developments Limited的董事。郑松兴先生为郑大报先 生之胞弟。 (2) 由於郑大报先生拥有Proficient Success Limited已发行 股本的100%股份权益，而该公司持有588,984,145 股股份，故郑大报先生被视为持有上述588,984,145 股股份权益。郑先生为Proficient Success Limited的董 事。郑大报先生为郑松兴先生之胞兄。 (3) 由於梁满林先生拥有京晖国际有限公司已发行股本的 100%股份权益，而该公司持有463,899,770股股份， 故梁满林先生被视为持有上述463,899,770股股份权 益。梁满林先生为京晖国际有限公司之董事。 (4) 有关之权益是指根据本公司於2009年9月4日采纳之 购股权计划而授予梁满林先生、冯星航先生、李伟强 先生、梁君彦先生、许照中先生及容永祺先生之购股 权。购股权计划之进一步详情载於下文 「购股权计划」 一节内。 (5) 由於马介璋博士为实益拥有人及信托受益人，并透 过其配偶的权益，持有佳宁娜集团控股有限公司已 发行股本中41.45%之股份权益，而佳宁娜集团控股 有限公司透过若干中间控股公司全资拥有Carrianna Development Limited，马介璋博士故被视为透过其 控股公司於Carrianna Development Limited持有合共 138,966,649股股份中拥有权益及权益重叠。马博士 为佳宁娜集团控股有限公司、Carrianna Development Limited 、 Sincere United Holdings Limited 、 佳 宁 娜 集团有限公司、嘉坚发展有限公司及Carrianna (BVI) Limited的董事。 Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 47 Disclosure of Interests (Continued) 权益披露 （续） (6) By virtue of Dr. Ma Wai Mo’s 50% shareholding interests in Luk Ka Overseas Investments Limited which is interested in 100% interests in Luk Ka International Limited, Dr. Ma is therefore deemed to be interested and duplicate in the interest in the same 126,197,662 Shares held by Luk Ka International Limited. (7) Mr. Sun Kai Lit Cliff owns the entire interests in Kinox Holdings Limited and is therefore deemed to be interested in the 125,241,662 Shares held by Kinox Holdings Limited. (8) The percentage shareholding is calculated on the basis of 8,006,321,999 Shares issued as at 30 September 2016. Save as disclosed above, as at 30 September 2016, to the knowledge of the Directors, none of the Directors or chief executive of the Company had any interests or short positions in the Shares, underlying Shares and debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) which were required to be: (i) notified to the Company and the Hong Kong Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests and short positions which the Directors and chief executive were taken or deemed to have under such provisions of the SFO); (ii) entered in the register kept by the Company pursuant to Section 352 of the SFO; or (iii) notified to the Company and the Hong Kong Stock Exchange pursuant to the Model Code. (6) 由 於 马 伟 武 博 士 拥 有 Luk Ka Overseas Investments Limited的50%股份权益，而该公司拥有力嘉国际集团 有限公司的100%权益，故马博士被视为於力嘉国际 集团有限公司所持的126,197,662股股份中拥有权益 及权益重叠。 (7) 由於孙启烈先生拥有Kinox Holdings Limited之全部 权 益 ， 故 被 视 为 於 Kinox Holdings Limited 所 持 的 125,241,662股股份中拥有权益。 (8) 股 本 百 分 比 乃 根 据 於 2016 年 9 月 30 日 已 发 行 之 8,006,321,999股股份计算。 除上文披露者外，於2016年9月30日，据董事所知， 概无董事或本公司主要行政人员於本公司或其任何相 联法团 （定义见证券及期货条例第XV部）的股份、相关 股份或债权证中拥有任何：(i)根据证券及期货条例第 XV部第7及8分部须知会本公司及香港联交所的权益或 淡仓 （包括董事及主要行政人员根据证券及期货条例 相关条文被当作或被视为拥有的权益及淡仓）；(ii)本 公司根据证券及期货条例第352条须记录於登记册的 权益或淡仓；或(iii)根据标准守则须知会本公司及香港 联交所的权益或淡仓。 48 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 Disclosure of Interests (Continued) 权益披露 （续） Substantial Shareholders’ Interests in Securities As at 30 September 2016, to the knowledge of the Directors, the following persons (other than a Director or chief executive of the Company) had or were deemed or taken to have interests or short position in the Shares or underlying Shares which were required to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO, or which were recorded in the register kept by the Company pursuant to Section 336 of the SFO: Long Position in the Shares Name Nature of interest Number of Shares or underlying Shares held Approximate percentage of the Company's total number of issued Shares(6) 姓名�u名称 权益性质 所持有股份或 相关股份数目 占本公司已发行股 份总数概约百分比(6) Accurate Gain Developments Limited Beneficial owner 1,778,196,831(1) 22.20% 实益拥有人 Mr. Chen Hong Tian Deemed interest in controlled corporation 1,002,524,000(2) 12.52% 陈红天先生 被视作受控制法团权益 Mrs. Chen Li Ni Yao Deemed interest in controlled corporation 1,002,524,000(2) 12.52% 陈姚丽妮女士 被视作受控制法团权益 Chen Family Assets Management Company Limited Deemed interest in controlled corporation 1,002,524,000(2) 12.52% 被视作受控制法团权益 Chen’s International Investment Limited Beneficial Owner 1,002,524,000(2) 12.52% 实益拥有人 Naspers Limited Deemed interest in controlled corporation 925,100,000(3) 11.55% 被视作受控制法团权益 MIH TC Holdings Limited Deemed interest in controlled corporation 925,100,000(3) 11.55% 被视作受控制法团权益 Tencent Holdings Limited Deemed interest in controlled corporation 925,100,000(3) 11.55% 腾讯控股有限公司 被视作受控制法团权益 THL H Limited Beneficial Owner 925,100,000(3) 11.55% 实益拥有人 Proficient Success Limited Beneficial owner 588,984,145(4) 7.35% 实益拥有人 Kings Faith International Limited Beneficial owner 463,899,770(5) 5.79% 京晖国际有限公司 实益拥有人 主要股东於证券的权益 於2016年9月30日，据董事所知，以下人士 （董事或 本公司主要行政人员除外）於股份或相关股份中拥有 或被视为或被当作拥有根据证券及期货条例第XV部第 2及3分部条文须向本公司披露，或载入本公司根据证 券及期货条例第336条须予存置的登记册的权益或淡 仓： 於股份中的好仓 Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 49 Disclosure of Interests (Continued) 权益披露 （续） Notes: (1) Mr. Cheng Chung Hing owns 100% of the issued share capital of Accurate Gain Developments Limited. (2) Chen’s International Investment Limited is wholly owned by Chen Family Assets Management Company Limited. Mr. Chen Hong Tian and Mrs. Chen Li Ni Yao each owns 50% of the issued share capital of Chen Family Assets Management Company Limited. (3) Pursuant to the Investment and Cooperation Agreement entered into between the Company and THL H Limited (“THL”) on 15 January 2014, 680,300,000 Shares were issued and allotted by the Company to THL on 23 January 2014, and 244,800,000 Shares were issued by the Company to THL on 29 September 2014 with respect to the exercise of the options by THL. THL is wholly owned by Tencent Holdings Limited (“Tencent”). Tencent is owned as to 33.29% by MIH TC Holdings Limited which is indirectly controlled by Naspers Limited. (4) Mr. Cheng Tai Po owns 100% of the issued share capital of Proficient Success Limited. (5) These 463,899,770 Shares are held by Kings Faith International Limited which in turn is 100% owned by Mr. Leung Moon Lam. (6) The percentage shareholding is calculated on the basis of 8,006,321,999 Shares issued as at 30 September 2016. Save as disclosed above, as at 30 September 2016, to the knowledge of the Directors or chief executive of the Company, no other person (other than a Director or chief executive of the Company) had, or were deemed or taken to have interest or short position in the Shares or underlying Shares which were required to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO, or which were recorded in the register kept by the Company pursuant to Section 336 of the SFO. Information on Share Options Share Option Scheme The Company has adopted a share option scheme on 4 September 2009 (the “Share Option Scheme”). The major terms of the Share Option Scheme are summarized as follows: 1. The purpose of the Share Option Scheme is to provide incentives to eligible persons for their contribution to the Group and to enable the Group to recruit high-calibre employees and attract human resources that are valuable to the Group. 2. The Board may at its discretion grant options to directors, employees, officers, agents, consultants or representatives of the Group. 附注： (1) 郑松兴先生拥有Accurate Gain Developments Limited 已发行股本的100%股份权益。 (2) Chen’s International Investment Limited由Chen Family Assets Management Company Limited全资拥有。陈 红天先生及陈姚丽妮女士各拥有Chen Family Assets Management Company Limited已发行股本的50%股 份权益。 (3) 根 据 本 公 司 於 2014 年 1 月 15 日 与 THL H Limited （ 「 THL」）订立投资及合作协议，本公司分别於2014 年1月23日向THL发行及配发680,300,000股股份， 以及就THL行使购股权而於2014年9月29日向其发行 244,800,000股股份。THL由腾讯控股有限公司 （ 「腾 讯」 ） 全资拥有。腾讯由MIH TC Holdings Limited拥 有33.29%之权益，而MIH TC Holdings Limited则由 Naspers Limited间接控制。 (4) 郑大报先生拥有Proficient Success Limited已发行股本 的100%股份权益。 (5) 该463,899,770股股份由京晖国际有限公司持有，其 100%由梁满林先生拥有。 (6) 股 本 百 分 比 乃 根 据 於 2016 年 9 月 30 日 已 发 行 之 8,006,321,999股股份计算。 除上文披露者外，於2016年9月30日，据董事或本公 司主要行政人员所知，概无其他人士 （董事或本公司 主要行政人员除外）於股份或相关股份中拥有或被视 为或被当作拥有根据证券及期货条例第XV部第2及3 分部条文须向本公司披露，或根据证券及期货条例第 336条载入本公司存置的登记册的权益或淡仓。 有关购股权的资料 购股权计划 本公司已於2009年9月4日采纳了一套购股权计划 （ 「购 股权计划」）。购股权计划的主要条款摘录如下： 1. 该购股权计划旨在奖励合资格人士对本集团所 作贡献，并使本集团得以招聘优秀员工及吸引 人才。 2. 董事会有权酌情向本集团之董事、雇员、高级 职员、代理、顾问或代表授出购股权。 50 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 Disclosure of Interests (Continued) 权益披露 （续） 3. The total number of Shares which may be issued upon exercise of all share options granted and yet to be exercised under the Share Option Scheme must not exceed 30% of the Shares in issue from time to time. The total number of Shares in respect of which options may be granted under the Share Option Scheme is not permitted to exceed 10% in nominal amount of the issued Shares as at the date of commencement of the listing of Shares on the Hong Kong Stock Exchange unless with the prior approval from the shareholders. The Share Option Scheme limit was refreshed at the annual general meeting of the Company held on 21 August 2013, and hence the maximum number of the Shares available for issue upon exercise of all share options which may be granted under the Share Option Scheme is 326,132,400 Shares, representing approximately 4.07% of the total number of issued shares of the Company as at 30 September 2016. 4. The total number of Shares issued and to be issued upon the exercise of share options granted under the Share Option Scheme (including exercised, cancelled and outstanding share options) to each grantee in any 12-month period up to the date of grant shall not exceed 1% of the issued share capital of the Company as at the date of grant. Any further grant of share options in excess of this limit is subject to approval of the shareholders. 5. The period during which a share option may be exercised will be determined by the directors at their absolute discretion, save that no share option may be exercised more than 10 years after grant. 6. The consideration paid by each grantee for each grant of options is HK$1. 7. The exercise price in relation to each share option will be determined by the directors at their absolute discretion and shall not be less than the highest of: (i) the official closing price of the Shares as stated in the daily quotation sheet of the Hong Kong Stock Exchange on the date of grant; (ii) the average closing prices of the Shares as stated in the daily quotation sheets of the Hong Kong Stock Exchange for the five business days immediately preceding the date of grant; and (iii) the nominal value of the Shares on the date of grant. 8. The Share Option Scheme will expire on 29 September 2019 after which no further options will be granted under the Share Option Scheme. In respect of the options granted and accepted prior to such expiration and not then exercised, they shall continue to be valid and exercisable subject to and in accordance with the Share Option Scheme. 3. 因购股权计划项下已授出但尚未行使之所有购 股权获行使而可予发行的股份总数，不得超过 不时已发行股份的30%。除获本公司股东预先 批准，否则根据购股权计划可予授出的购股权 所涉及股份总数，不得超过股份於香港联交所 上市之日期的已发行股份面值的10%。购股权 上限已於2013年8月21日举行之本公司股东周 年大会上更新，因此根据购股权计划项下可予 授出的所有购股权获行使而可供发行的股份总 数为326,132,400股，相当於本公司於2016年9 月30日已发行股份总数约4.07%。 4. 因购股权计划项下已授出购股权 （包括已行使、 注销及未行使之购股权）获行使而於任何12个月 期间起至授出日期止向各承授人发行及即将发 行的股份总数，不得超过本公司於授出日期已 发行股本的1%。如要进一步授出超过此限额的 购股权，须获股东批准。 5. 董事可全权酌情决定购股权的行使期，惟以购 股权获授出後10年为限。 6. 各承授人须支付1港元作为每次获授购股权的代 价。 7. 董事可全权酌情决定各购股权的行使价，惟不 得低於下列各项的最高者：(i)股份於授出日期 在香港联交所每日报价表所列官方收市价；(ii) 股份於紧接授出日期前五个营业日在香港联交 所每日报价表所列平均收市价；及(iii)股份於授 出日期的面值。 8. 购股权计划将於2019年9月29日终止，其後将 不能根据购股权计划进一步授出购股权。根据 购股权计划并在其规限下，於该终止前已授出 并获接纳惟当时尚未行使之购股权将仍然有效 及可行使。 Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 51 Disclosure of Interests (Continued) 权益披露 （续） The table below summarized the details of the movements in the share options granted pursuant to the Share Option Scheme during the Period: 於本期间内根据购股权计划授出购股权的变动详情摘 录於下表之内： Number of Share Options 购股权数目 Name Date of Grant As at 1 April 2016 Granted Exercise Cancelled/ Lapsed As at 30 September 2016 Exercise Price Exercisable Period 名称 授出日期 於2016年 4月1日 已授出 已行使 已注销�u失效 於2016年 9月30日 行使价 行使期 HK$ 港元 Directors 董事 Leung Moon Lam 30/6/2014 34,650,000 �C �C �C 34,650,000 4.07 30/6/2014�C29/6/2019 梁满林 34,650,000 �C �C �C 34,650,000 4.07 30/6/2015�C29/6/2019 Fung Sing Hong Stephen 27/6/2013 8,000,000 �C �C �C 8,000,000 1.69 27/6/2014�C26/6/2018 冯星航 17/2/2014 19,000,000 �C �C �C 19,000,000 4.14 17/2/2014�C16/2/2019 19,000,000 �C �C �C 19,000,000 4.14 17/2/2015�C16/2/2019 30/6/2014 15,000,000 �C �C �C 15,000,000 4.07 30/6/2014�C29/6/2019 15,000,000 �C �C �C 15,000,000 4.07 30/6/2015�C29/6/2019 13/1/2016 39,995,000 �C �C �C 39,995,000 1.528 13/1/2016�C12/1/2021 39,995,000 �C �C �C 39,995,000 1.528 13/1/2017�C12/1/2022 Leung Kwan Yuen Andrew 17/2/2014 1,000,000 �C �C �C 1,000,000 4.14 17/2/2014�C16/2/2019 梁君彦 1,000,000 �C �C �C 1,000,000 4.14 17/2/2015�C16/2/2019 Li Wai Keung 17/2/2014 1,000,000 �C �C �C 1,000,000 4.14 17/2/2014�C16/2/2019 李伟强 1,000,000 �C �C �C 1,000,000 4.14 17/2/2015�C16/2/2019 Hui Chiu Chung 17/2/2014 1,000,000 �C �C �C 1,000,000 4.14 17/2/2014�C16/2/2019 许照中 1,000,000 �C �C �C 1,000,000 4.14 17/2/2015�C16/2/2019 Yung Wing Ki Samuel 17/2/2014 1,000,000 �C �C �C 1,000,000 4.14 17/2/2015�C16/2/2019 容永祺 1,000,000 �C �C �C 1,000,000 4.14 17/2/2016�C16/2/2019 Employees 11/4/2011 7,000,000 �C (7,000,000) �C �C 1.29 11/4/2011�C10/4/2016 雇员 27/6/2013 1,500,000 �C �C �C 1,500,000 1.69 27/6/2013�C26/6/2018 2,500,000 �C �C �C 2,500,000 1.69 27/6/2014�C26/6/2018 1,950,000 �C �C (700,000) 1,250,000 1.69 27/6/2015�C26/6/2018 17/2/2014 1,000,000 �C �C �C 1,000,000 4.14 17/2/2015�C16/2/2019 1,000,000 �C �C �C 1,000,000 4.14 17/2/2016�C16/2/2019 30/6/2014 1,000,000 �C �C �C 1,000,000 4.07 30/6/2015�C29/6/2019 1,000,000 �C �C �C 1,000,000 4.07 30/6/2016�C29/6/2019 22/8/2016 �C 23,500,000 �C �C 23,500,000 1.75 22/8/2016�C21/8/2021 �C 35,250,000 �C �C 35,250,000 1.75 22/8/2017�C21/8/2022 �C 11,750,000 �C �C 11,750,000 1.75 22/8/2018�C21/8/2023 250,240,000 70,500,000 (7,000,000) (700,000) 313,040,000 52 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 Disclosure of Interests (Continued) 权益披露 （续） Notes: 1. The closing price of the Shares immediately before the date on which the share options granted on 22 August 2016 was HK$1.75 per Share. 2. The weighted average closing price of the Shares immediately before the date on which the share options were exercised was approximately HK$1.57 per Share. 3. Details of the Share Option Scheme is set out in note 26 to the financial statements. 附注： 1. 紧接於2016年8月22日授出购股权日期前本公司股份 收市价为每股1.75港元。 2. 紧接购股权行使日期前本公司股份加权平均收市价为 每股1.57港元。 3. 购股权计划的详情载於财务报表附注26。 Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 53 Code on Corporate Governance The Company recognizes the value and importance of achieving high standard of corporate governance to enhance the corporate performance accountability and is committed to doing so. The Board is committed to the principles of the Corporate Governance Code (the “CG Code”) as contained in Appendix 14 of the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange (the “Listing Rules”). During the Period, the Company has complied with all the code provisions set out in the CG Code. Model Code for Securities Transactions by Directors The Company has adopted the Model Code as set out in Appendix 10 to the Listing Rules as the guidelines for the directors’ dealing in the securities of the Company. Upon specific enquiries of all the Directors, each of them confirmed that they have complied with the required standards set out in the Model Code throughout the six months ended 30 September 2016. Change in Information of Directors The change in the information of directors since the publication of the 2015/16 annual report is set out below pursuant to Rule 13.51(B)(1) of the Listing Rules: Mr. Leung Kwan Yuen Andrew was elected as the President of the Sixth Legislative Council of Hong Kong on 12 October 2016. Mr. Li Wai Keung was appointed as the President of the Hong Kong Business Accountants Association Limited on 13 July 2016. Mr. Yung Wing Ki Samuel has resigned as an independent nonexecutive director of Fittec International Group Limited, a company listed on the Main Board of the Hong Kong Stock Exchange (Stock Code: 2662), with effect from 31 May 2016. Audit Committee The Audit Committee is responsible for the review and supervision of the Group’s financial reporting process, risk management and internal controls system and review of the Company’s financial statements. The written terms of reference are in line with the provisions under the CG Code and the roles and responsibilities delegated to the Audit Committee by the Board. 企业管治守则 本公司认同实现高标准的企业管治以提高企业业绩的 问责制的价值及重要性，并会致力达成此目标。董事 会亦承诺遵守香港联交所证券上市规则 （ 「上市规则」） 附录14所载的企业管治守则 （ 「管治守则」）的原则。 於本期间，本公司一直遵守管治守则载列的所有守则 条文。 董事进行证券交易的标准守则 本公司已采纳上市规则附录10所载的标准守则，作为 董事进行本公司证券交易的指引。经向全体董事作出 具体查询後，彼等各自确认於截至2016年9月30日止 六个月内一直遵守标准守则所载的规定准则。 董事资料变动 根据上市规则第13.51(B)(1)条，於2015/16年报刊发後 的董事资料变动载列如下： 梁君彦先生於2016年10月12日获当选为第六届 香港立法会主席。 李伟强先生於2016年7月13日获委任为香港商 界会计师协会会长。 容永祺先生已辞任奕达国际集团有限公司 （一 家於香港联交所主板上市之公司，股份代号： 2662）之独立非执行董事，由2016年5月31日起 生效。 审核委员会 审核委员会负责检讨及监察本集团的财务申报程序、 风险管理及内部监控系统及审阅本公司的财务报表， 其书面职权范围与企业管治守则项下条文及董事会指 定审核委员会的职责及职务相符。 54 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 CORPORATE GOVERNANCE AND OTHER INFORMATION 企业管治及其他资料 Corporate Governance and Other Information (Continued) 企业管治及其他资料 （续） The Audit Committee consists of Mr. Li Wai Keung as chairman, Mr. Leung Kwan Yuen Andrew, Mr. Hui Chiu Chung and Mr. Yung Wing Ki Samuel. All the Audit Committee members are independent non-executive directors. Review of Interim Results The unaudited interim results of the Company and its subsidiaries for the six months ended 30 September 2016 have been reviewed by the Audit Committee and Ernst & Young, the Company’s independent auditors, in accordance with Hong Kong Standard on Review Engagements 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Hong Kong Institute of Certified Public Accountants. Purchase, Sale or Redemption of Listed Securities During the Period, the Company has early redeemed in full the 2012 Notes at the redemption price equal to 106.750% of the principal amount thereof, plus accrued and unpaid interest to (but not including) the redemption date. Upon such redemption, the 2012 Notes were cancelled and delisted from the official list of the Singapore Exchange Securities Trading Limited accordingly. In addition, the Group purchased part of the 2014 Notes with principal amount of US$20 million from the open market, details of which are set out in note 21 to the financial statements in this report. Save as disclosed above, neither the Company nor any of its subsidiaries had purchased, sold or redeemed any of the Company’s listed securities during the Period. Interim Dividend The Board resolved not to declare any interim dividend for the six months ended 30 September 2016 (30 September 2015: Nil). Events after the Reporting Period The events after the reporting period are set out in note 31 to the financial statements. 审核委员会由李伟强先生 （主席）、梁君彦先生、许照 中先生及容永祺先生组成。审核委员会全体成员均为 独立非执行董事。 中期业绩的审阅 审核委员会及本公司独立核数师安永会计师事务所已 根据香港会计师公会颁布的香港审阅委聘准则第2410 号 「独立核数师对实体中期财务资料的审阅」，审阅本 公司及其附属公司截至2016年9月30日止六个月的未 经审核中期业绩。 购买、出售或赎回上市证券 於本期间，本公司提早赎回2012年票据，赎回价按相 等於该票据本金额的106.750%，另加截至赎回日期 （但不包括该日）的累计及未支付的利息的赎回价全数 赎回。於该赎回後，2012年票据已悉数注销，并自新 加坡证券交易所有限公司的官方名单中删除。此外， 本集团於公开市场购买部份本金额为2,000万美元之 2014年票据，相关详情载於本报告财务报表附注21。 除上述披露者外，本公司及其任何附属公司於本期间 概无购买、出售或赎回本公司任何上市证券。 中期股息 董事会已议决不宣派任何截至2016年9月30日止六个 月中期股息 （ 2015年9月30日：无）。 报告期间结束後事项 本报告期间後事项之详情载於财务报表附注31。 Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 55 REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 中期简明综合财务报表审阅报告 56 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 To the members of China South City Holdings Limited (Incorporated in Hong Kong with limited liability) Introduction We have reviewed the accompanying interim condensed consolidated financial statements set out on pages 58 to 100 which comprises the condensed consolidated statement of financial position of China South City Holdings Limited (the “Company”) and its subsidiaries (together, the “Group”) as at 30 September 2016 and the related condensed consolidated statements of profit or loss, comprehensive income, changes in equity and cash flows for the six-month period then ended, and explanatory notes. The Main Board Listing Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited require the preparation of a report on interim financial information to be in compliance with the relevant provisions thereof and Hong Kong Accounting Standard 34 “Interim Financial Reporting” (“HKAS 34”) issued by the Hong Kong Institute of Certified Public Accountants. The directors of the Company are responsible for the preparation and presentation of these interim condensed consolidated financial statements in accordance with HKAS 34. Our responsibility is to express a conclusion on these interim condensed consolidated financial statements based on our review. Our report is made solely to you, as a body, in accordance with our agreed terms of engagement, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. Scope of review We conducted our review in accordance with Hong Kong Standard on Review Engagements 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Hong Kong Institute of Certified Public Accountants. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Hong Kong Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 致华南城控股有限公司各股东 （於香港注册成立的有限公司） 绪言 吾等已审阅第58至100页所载的中期简明综合财务报 表，当中包括华南城控股有限公司 （ 「贵公司」）及其附 属公司 （统称 「贵集团」）於2016年9月30日的简明综合 财务状况表，与截至该日止六个月期间的相关简明综 合损益表、全面收益表、权益变动表及现金流量表， 以及说明附注。香港联合交易所有限公司主板证券上 市规则规定，就中期财务资料编制报告须符合当中的 相关条文，以及由香港会计师公会颁布的香港会计准 则第34号 「中期财务报告」 （ 「香港会计准则第34号」）。 贵公司董事须负责根据香港会计准则第34号编制及呈 报此中期简明综合财务报表。吾等的责任是根据吾等 的审阅工作，对此中期简明综合财务报表作出结论， 并按照双方所协定的委聘书条款仅向阁下 （作为整体） 报告，除此之外本报告别无其他目的。吾等不会就本 报告的内容向任何其他人士负上或承担任何责任。 审阅范围 吾等依据香港会计师公会颁布的香港审阅委聘准则第 2410号 「实体的独立核数师对中期财务资料的审阅」进 行吾等的审阅工作。审阅中期财务资料包括主要向负 责财务和会计事务的人员作出查询，以及进行分析性 和其他审阅程序。由於审阅的范围远较根据香港审计 准则进行审核的范围为小，故吾等不保证可知悉所有 在审核中可能发现的重大事项。因此，吾等不会发表 审核意见。 Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 57 Report on Review of Interim Condensed Consolidated Financial Statements (Continued) 中期简明综合财务报表审阅报告 （续） Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with HKAS 34. Ernst & Young Certified Public Accountants 22/F, CITIC Tower 1 Tim Mei Avenue, Central Hong Kong 25 November 2016 结论 根据吾等的审阅工作，并无发现任何事项令吾等相信 中期简明综合财务报表在任何重大方面未有根据香港 会计准则第34号编制。 安永会计师事务所 执业会计师 香港 中环添美道1号 中信大厦22楼 2016年11月25日 INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS 中期简明综合损益表 For the six months ended 30 September 2016 截至2016年9月30日止六个月 58 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 For the six months ended 30 September 截至9月30日止六个月 2016 2015 2016年 2015年 Notes HK$’000 HK$’000 附注 千港元 千港元 (Unaudited) (Unaudited) （未经审核） （未经审核） REVENUE 收入 5 2,892,799 2,152,854 Cost of sales 销售成本 (1,650,249) (1,048,651) Gross profit 毛利 1,242,550 1,104,203 Other income and gains/(losses) 其他收入及收益�u （亏损） 5 684,177 504,143 Fair value gains on investment properties 投资物业公平值收益 5 963,134 797,322 Selling and distribution expenses 销售及分销开支 (395,537) (417,701) Administrative expenses 行政开支 (563,131) (604,543) Other expenses 其他开支 (85,095) (23,921) Finance costs 融资成本 6 (109,855) (91,642) PROFIT BEFORE TAX 税前利润 7 1,736,243 1,267,861 Income tax expenses 所得税开支 8 (882,144) (518,929) PROFIT FOR THE PERIOD 期内利润 854,099 748,932 Attributable to: 下列各方应占： Owners of the parent 母公司拥有人 856,883 755,790 Non-controlling interests 非控股权益 (2,784) (6,858) 854,099 748,932 EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT 归属於母公司普通股权益 持有人之每股盈利 9 Basic 基本 �C For profit for the period －期内利润 HK10.70 cents 港仙 HK9.45 cents 港仙 Diluted 摊薄 �C For profit for the period －期内利润 HK10.70 cents 港仙 HK9.44 cents 港仙 INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 中期简明综合全面收益表 For the six months ended 30 September 2016 截至2016年9月30日止六个月 Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 59 For the six months ended 30 September 截至9月30日止六个月 2016 2015 2016年 2015年 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Unaudited) （未经审核） （未经审核） PROFIT FOR THE PERIOD 期内利润 854,099 748,932 OTHER COMPREHENSIVE INCOME 其他全面收入 Other comprehensive loss to be reclassified to profit or loss in subsequent periods: 将於期後期间重分类至损益的 其他全面亏损： Exchange differences on translation of foreign operations 换算海外业务的汇兑差额 (971,392) (658,511) OTHER COMPREHENSIVE LOSS FOR THE PERIOD, NET OF TAX 期内除税後其他全面亏损 (971,392) (658,511) TOTAL COMPREHENSIVE (LOSS)/ INCOME FOR THE PERIOD 期内总全面 （亏损）�u收入 (117,293) 90,421 Attributable to: 下列各方应占： Owners of the parent 母公司拥有人 (107,311) 102,882 Non-controlling interests 非控股权益 (9,982) (12,461) (117,293) 90,421 INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 中期简明综合财务状况表 As at 30 September 2016 於2016年9月30日 60 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 30 September 2016 31 March 2016 2016年 9月30日 2016年 3月31日 Notes HK$’000 HK$’000 附注 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） NON-CURRENT ASSETS 非流动资产 Property, plant and equipment 物业、厂房及设备 11 1,434,073 1,507,155 Investment properties 投资物业 12 36,576,147 34,814,188 Properties under development 发展中物业 13 4,574,382 4,252,854 Prepaid land lease payments 预付土地出租金 953,918 996,351 Goodwill 商誉 34,128 34,128 Investments in associates 於联营公司的投资 66,582 60,310 Available-for-sale investments 可供出售金融投资 175,512 175,512 Other long-term receivables 其他长期应收款项 5,986 4,179 Deposits paid for purchase of land use rights 购买土地使用权支付的按金 142,054 403,144 Deferred tax assets 递延税项资产 2,148,248 2,145,347 Total non-current assets 非流动资产总值 46,111,030 44,393,168 CURRENT ASSETS 流动资产 Properties held for finance lease 持作融资租赁物业 495,817 168,524 Properties held for sale 持作销售物业 14 25,724,144 25,179,046 Trade receivables 应收贸易账款 15 1,086,729 1,149,273 Prepayments, deposits and other receivables 预付款项、按金及其他应收款项 916,842 781,260 Held-for-trading investments at fair value through profit or loss 透过损益以公平值列账之 持作买卖投资 16 31,200 27,365 Cash and cash equivalents and restricted cash 现金及现金等价物及 受限制现金 17 8,259,021 11,686,695 Total current assets 流动资产总值 36,513,753 38,992,163 CURRENT LIABILITIES 流动负债 Trade and other payables 贸易及其他应付款项 18 15,780,402 13,269,724 Interest-bearing bank and other borrowings 计息银行及其他借贷 19 5,873,819 7,656,878 Short-term notes 短期融资券 20 1,394,280 2,525,460 Tax payables 应付税项 4,446,743 4,569,111 Total current liabilities 流动负债总额 27,495,244 28,021,173 NET CURRENT ASSETS 流动资产净值 9,018,509 10,970,990 TOTAL ASSETS LESS CURRENT LIABILITIES 资产总值减流动负债 55,129,539 55,364,158 As at 30 September 2016 於2016年9月30日 Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 61 Interim Condensed Consolidated Statement of Financial Position (Continued) 中期简明综合财务状况表 （续） 30 September 2016 31 March 2016 2016年 9月30日 2016年 3月31日 Notes HK$’000 HK$’000 附注 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） NON-CURRENT LIABILITIES 非流动负债 Interest-bearing bank and other borrowings 计息银行及其他借贷 19 7,605,897 8,965,863 Senior notes 优先票据 21 4,454,209 4,113,363 Medium-term notes 中期票据 22 4,687,421 5,026,696 Corporate bonds 企业债券 23 1,768,348 1,891,219 Domestic company bonds 境内公司债券 24 5,275,813 3,629,086 Deferred tax liabilities 递延税项负债 5,459,682 5,369,466 Total non-current liabilities 非流动负债总额 29,251,370 28,995,693 Net assets 资产净值 25,878,169 26,368,465 EQUITY 权益 Equity attributable to owners of the parent 母公司拥有人应占权益 Share capital 股本 25 7,054,362 7,043,784 Other reserves 其他储备 18,641,922 19,134,733 25,696,284 26,178,517 Non-controlling interests 非控股权益 181,885 189,948 Total equity 权益总额 25,878,169 26,368,465 INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 中期简明综合权益变动表 For the six months ended 30 September 2016 截至2016年9月30日止六个月 62 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 Attributable to owners of the parent 母公司拥有人应占 Statutory Share Exchange Non�C Share surplus option fluctuation Capital Revaluation Retained controlling Total capital reserve reserve reserve reserve reserve profits Total interests equity 法定 购股权 汇兑 非控股 股本 盈余储备 储备 波动储备 资本储备 重估储备 保留利润 总计 权益 权益总额 Note HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 附注 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 At 1 April 2015 (audited) 於2015年4月1日 （经审核） 7,034,761 1,081,080 112,767 1,458,025 (227,479) 286,456 15,121,359 24,866,969 154,847 25,021,816 Profit for the period 期内利润 �C �C �C �C �C �C 755,790 755,790 (6,858) 748,932 Other comprehensive income for the period: 期内其他全面收入： Exchange differences on translation of foreign operations 换算海外业务的 汇兑差额 �C �C �C (652,908) �C �C �C (652,908) (5,603) (658,511) Total comprehensive income 全面收入总额 �C �C �C (652,908) �C �C 755,790 102,882 (12,461) 90,421 Capital contribution from non-controlling shareholders 非控股股东的资本出资 �C �C �C �C (47,169) �C �C (47,169) 47,169 �C Exercise of share options 行使购股权 8,441 �C (1,089) �C �C �C �C 7,352 �C 7,352 Equity-settled share option arrangement 以权益结算的 购股权安排 26 �C �C 11,114 �C �C �C �C 11,114 �C 11,114 Shares repurchase 股份回购 �C �C �C �C �C �C (11,602) (11,602) �C (11,602) Final 2014/15 dividend paid 已付2014/15末期股息 �C �C �C �C �C �C (1,120,675) (1,120,675) �C (1,120,675) Transfer from retained profits 转拨自保留利润 �C 199,729 �C �C �C �C (199,729) �C �C �C At 30 September 2015 (unaudited) 於2015年9月30日 （未经审核） 7,043,202 1,280,809* 122,792* 805,117* (274,648)* 286,456* 14,545,143* 23,808,871 189,555 23,998,426 Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 63 Interim Condensed Consolidated Statement of Changes in Equity (Continued) 中期简明综合权益变动表 （续） For the six months ended 30 September 2016 截至2016年9月30日止六个月 Attributable to owners of the parent 母公司拥有人应占 Statutory Share Exchange Non�C Share surplus option fluctuation Capital Revaluation Retained controlling Total capital reserve reserve reserve reserve reserve profits Total interests equity 法定 汇兑 非控股 股本 盈余储备 购股权储备 波动储备 资本储备 重估储备 保留利润 总计 权益 权益总额 Notes HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 附注 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 At 1 April 2016 (audited) 於2016年4月1日 （经审核） 7,043,784 1,344,766 140,818 374,180 (274,021) 286,456 17,262,534 26,178,517 189,948 26,368,465 Profit for the period 期内利润 �C �C �C �C �C �C 856,883 856,883 (2,784) 854,099 Other comprehensive income for the period: 期内其他全面收入： Exchange differences on translation of foreign operations 换算海外业务的 汇兑差额 �C �C �C (964,194) �C �C �C (964,194) (7,198) (971,392) Total comprehensive income 全面收入总额 �C �C �C (964,194) �C �C 856,883 (107,311) (9,982) (117,293) Capital contribution from a non-controlling shareholder 非控股股东的出资 �C �C �C �C �C �C �C �C 34,953 34,953 Acquisition of non-controlling interests 收购非控股权益 �C �C �C �C (1,919) �C �C (1,919) (33,034) (34,953) Exercise of share options 行使购股权 26 10,578 �C (1,548) �C �C �C �C 9,030 �C 9,030 Equity-settled share option arrangement 以权益结算的购股权安排 26 �C �C 18,283 �C �C �C �C 18,283 �C 18,283 Lapse of share options 购股权失效 �C �C (176) �C �C �C 176 �C �C �C Final 2015/16 dividend paid 已付2015/16末期股息 �C �C �C �C �C �C (400,316) (400,316) �C (400,316) Transfer from retained profits 转拨自保留利润 �C 32,163 �C �C �C �C (32,163) �C �C �C At 30 September 2016 (unaudited) 於2016年9月30日 （未经审核） 7,054,362 1,376,929* 157,377* (590,014)* (275,940)* 286,456* 17,687,114* 25,696,284 181,885 25,878,169 * These reserve accounts comprise the consolidated other reserves of HK$18,641,922,000 (31 March 2016: HK$19,134,733,000) in the interim condensed consolidated statement of financial position. * 该等其他储备账包括中期简明综合财务状况表所载的 综合其他储备18,641,922,000港元 （ 2016年3月31日： 19,134,733,000港元）。 INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 中期简明综合现金流量表 For the six months ended 30 September 2016 截至2016年9月30日止六个月 64 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 For the six months ended 30 September 截至9月30日止六个月 2016 2015 2016年 2015年 Notes HK$’000 HK$’000 附注 千港元 千港元 (Unaudited) (Unaudited) （未经审核） （未经审核） CASH FLOWS FROM OPERATING ACTIVITIES 经营活动现金流量 Profit before tax 税前利润 1,736,243 1,267,861 Adjustments for: 调整： Finance costs 融资成本 6 109,855 91,642 Interest income 利息收入 5 (41,800) (36,571) Loss on disposal of items of property, plant and equipment 出售物业、厂房及 设备项目亏损 110 �C Depreciation 折旧 7 61,832 97,346 Amortisation of prepaid land lease payments 预付土地出租金摊销 7 9,451 11,562 Changes in fair value of investment properties 投资物业公平值变动 5 (963,134) (797,322) Provision for impairment of trade receivables 应收贸易账款减值拨备 7 46,240 8,490 Loss on disposal of a joint venture 处置一家合营公司亏损 7 �C 5,035 Loss on disposal of subsidiaries 处置附属公司亏损 7 �C 445 Loss on redemption of the 2012 Notes 赎回2012年票据之亏损 7 87,049 �C Gain on purchase of the 2014 Notes 购买2014年票据之收益 7 (597) �C Fair value (gain)/loss, net: 公平值 （收益）�u亏损，净额： Held-for-trading investments at fair value through profit or loss, net 透过损益以公平值列账之 持作买卖投资 5 (3,835) 4,810 Dividend income from held-for-trading investments at fair value through profit or loss 透过损益以公平值列账之 持作买卖投资的股息收入 (208) (234) Equity-settled share option expense 以权益结算的购股权开支 7 18,283 11,114 1,059,489 664,178 Increase in properties held for sale 持作销售物业增加 (656,489) (1,061,972) Increase in properties held for finance lease 持作融资租赁物业增加 (50,695) (67,842) (Increase)/decrease in other long-term receivables 其他长期应收款项 （增加）�u减少 (1,948) 3,482 (Increase)/decrease in trade receivables 应收贸易账款 （增加）�u减少 (22,592) 248,252 Increase in prepayments, deposits and other receivables 预付款项、按金及 其他应收款项增加 (162,022) (137,263) Decrease/(increase) in restricted cash 受限制现金减少�u （增加） 899,251 (417,141) Increase in trade and other payables 贸易及其他应付款项增加 2,107,965 1,600,186 Cash generated from operations 经营所得的现金 3,172,959 831,880 Mainland China taxes paid 已付中国大陆税项 (653,448) (968,106) Net cash flows from/(used in) operating activities 经营活动现金流入�u （流出） 净额 2,519,511 (136,226) For the six months ended 30 September 2016 截至2016年9月30日止六个月 Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 65 Interim Condensed Consolidated Statement of Cash Flows (Continued) 中期简明综合现金流量表 （续） For the six months ended 30 September 截至9月30日止六个月 2016 2015 2016年 2015年 Notes HK$’000 HK$’000 附注 千港元 千港元 (Unaudited) (Unaudited) （未经审核） （未经审核） CASH FLOWS FROM INVESTING ACTIVITIES 投资活动现金流量 Purchases of items of property, plant and equipment 购买物业、厂房及设备项目 11 (24,979) (12,864) Dividends received from held-for-trading investments at fair value through profit or loss 透过损益以公平值列账之 持作买卖投资已收股息 208 234 Proceeds from disposal of items of property, plant and equipment 出售物业、厂房及 设备项目所得款项 6,856 5,571 Additions to deposits paid for purchase of land use rights 购买土地使用权按金添置 �C (81,515) Increase in amounts due from associates 应收联营公司增加 (8,391) (7,378) Acquisition of non-controlling interests 收购非控股权益 (34,953) �C Proceeds received from disposal of subsidiaries 出售附属公司所得款项 �C 10,384 Additions to investment properties 投资物业添置 (188,833) (690,956) Additions to properties under development 发展中物业添置 (1,118,326) (2,142,973) Interest received 已收利息 41,800 36,571 Net cash flows used in investing activities 投资活动现金流出净额 (1,326,618) (2,882,926) CASH FLOWS FROM FINANCING ACTIVITIES 融资活动现金流量 Issue of short-term notes 发行短期融资�� 20 1,395,187 2,559,480 Issue of senior notes 发行优先票据 21 1,513,137 �C Issue of medium-term notes 发行中期票据 22 �C 2,415,662 Issue of corporate bonds 发行企业债�� 23 �C 1,787,980 Issue of domestic company bonds 发行境内公司债券 24 1,615,390 �C Capital contribution from a non-controlling shareholder 非控股股东的出资 34,953 �C Payment for interest on short-term notes 短期融资券利息付款 (111,524) �C Payment for interest on senior notes 优先票据利息付款 21 (128,700) (194,512) Payment for interest on medium-term notes 中期票据利息付款 22 (350,637) (196,953) Payment for interest on corporate bonds 企业债券利息付款 23 (123,134) �C Repayment of short-term notes 偿还短期融资券 20 (2,446,897) �C Payment of consent fee for the 2014 Notes 支付2014年票据同意费 21 (23,193) �C Redemption of the 2012 Notes 赎回2012年票据 21 (1,105,894) �C Purchase of the 2014 Notes 购买2014年票据 21 (154,128) �C New bank and other borrowings 新借银行及其他贷款 2,052,397 6,535,652 Repayment of bank and other borrowings 偿还银行及其他贷款 (4,632,853) (5,558,014) Repurchase of shares 购回股份 �C (11,602) Exercise of share options 行使购股权 9,030 7,352 Dividends paid 分派股息 (400,316) (1,120,675) Payment of interest on bank and other borrowings 已付银行及其他贷款利息 (517,380) (471,120) Net cash flows (used in)/from financing activities 融资活动现金 （流出）�u流入净额 (3,374,562) 5,753,250 NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS 现金及现金等价物 （减少）�u 增加净额 (2,181,669) 2,734,098 Cash and cash equivalents at beginning of period 期初的现金及现金等价物 9,327,805 7,253,469 Effect of foreign exchange rate changes, net 汇率变动影响净额 (266,919) (240,329) CASH AND CASH EQUIVALENTS AT END OF PERIOD 期终的现金及现金等价物 17 6,879,217 9,747,238 ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS 现金及现金等价物结余分析 Cash and cash equivalents 现金及现金等价物 17 6,879,217 9,747,238 NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 中期简明综合财务报表附注 For the six months ended 30 September 2016 截至2016年9月30日止六个月 66 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 1. Corporate Information China South City Holdings Limited (the “Company”) is a limited liability company incorporated in Hong Kong. The registered office of the Company is located at Room 2205, 22/F, Sun Life Tower, The Gateway, 15 Canton Road, Tsimshatsui, Kowloon, Hong Kong. The principal activities of the Company and its subsidiaries (collectively referred to as the “Group”) are described in note 4. 2. Basis of Preparation and Other Information Basis of Preparation The interim condensed consolidated financial statements for the six months ended 30 September 2016 have been prepared in accordance with Hong Kong Accounting Standard (“HKAS”) 34 Interim Financial Reporting issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”). The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group’s annual financial statements for the year ended 31 March 2016. Other Information The financial information relating to the year ended 31 March 2016 that is included in the interim condensed consolidated financial statements for the six months ended 30 September 2016 as comparative information does not constitute the Company’s statutory annual consolidated financial statements for that year but is derived from those financial statements. Further information relating to these statutory financial statements required to be disclosed in accordance with section 436 of the Hong Kong Companies Ordinance (Cap. 622) is as follows: The Company has delivered the financial statements for the year ended 31 March 2016 to the Registrar of Companies as required by section 662(3) of, and Part 3 of Schedule 6 to, the Hong Kong Companies Ordinance (Cap. 622). The Company’s auditor has reported on those financial statements. The auditor’s report was unqualified; did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying its report; and did not contain a statement under sections 406(2), 407(2) or (3) of the Hong Kong Companies Ordinance (Cap. 622). 1. 公司资料 华南城控股有限公司 （ 「本公司」）为在香港注册 成立为有限公司。本公司注册办事处位於香港 九龙尖沙咀广东道15号港威大厦永明金融大楼 22楼2205室。本公司及其附属公司 （统称为 「本 集团」）之主要业务描述於附注4。 2. 编制基准及其他资料 编制基准 截至2016年9月30日止六个月的中期简明综合 财务报表乃根据香港会计师公会颁布的香港会 计准则 （ 「香港会计准则」）第34号 「中期财务报 告」编制。 中期简明综合财务报表不包括年度财务报表规 定的所有资料及披露，并应与本集团截至2016 年3月31日止年度的年度财务报表一并阅读。 其他资料 与截至2016年3月31日止年度有关并包括在截 至2016年9月30日止六个月的中期简明综合财 务报表内作为比较资料的财务资料，并不构成 本公司该年度的法定年度合并财务报表，但摘 录自该等财务报表。根据香港 《公司条例》 （第 622章）第436条须披露与此等法定财务报表有 关的进一步资料如下： 本公司已根据香港 《公司条例》 （第622章） 第 662(3)条及附表6第3部分的规定，向公司注册 处呈交截至2016年3月31日止年度的财务报表。 本公司核数师已就该财务报表作出报告。核数 师报告为无保留意见，不包括对某些事项的参 照而核数师透过强调事项吁请关注而无对其报 告作出保留意见；以及不包含香港 《公司条例》 （第622章）第406(2)条、407(2)或(3)条规定的声 明。 For the six months ended 30 September 2016 截至2016年9月30日止六个月 Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 67 Notes to Interim Condensed Consolidated Financial Statements (Continued) 中期简明综合财务报表附注 （续） 3. Impact of New and Revised Hong Kong Financial Reporting Standards The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s annual financial statements for the year ended 31 March 2016. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. 4. Segment Information For management purposes, the Group is organised into business units based on their products and services and has five reportable segments as follows: (a) the property development segment engages in the development of integrated logistics and trade centers and residential and commercial ancillary facilities; (b) the property investment segment invests in integrated logistics and trade centers and residential and commercial ancillary facilities; (c) the property management segment engages in the management of the Group’s developed properties; (d) the E-commerce segment engages in the development, operations and maintenance of an E-commerce platform; and (e) the “others” segment comprises, principally, the provision of advertising, exhibition, logistics and warehousing services, outlet operations and other services. 3. 新订及经修订香港财务报告准则的 影响 编制此等中期简明综合财务报表采纳的会计政 策与编制本集团截至2016年3月31日止年度的 年度财务报表沿用者相符一致。 本集团并无提早采纳已颁布但尚未生效的任何 其他准则、诠释或修订。 4. 分部资料 就管理而言，本集团按其产品及服务划分不同 的业务单位，并具备以下五个可呈报分部： (a) 物业发展分部从事发展综合商贸物流中心 及住宅及商业配套设施； (b) 物业投资分部投资综合商贸物流中心及住 宅及商业配套设施； (c) 物业管理分部从事管理本集团的已建成物 业； (d) 电子商贸分部从事发展、经营及维持电子 商贸平台；及 (e) 「其他」分部主要包括提供广告、展览、仓 储及物流服务、奥特莱斯运营及其他服 务。 For the six months ended 30 September 2016 截至2016年9月30日止六个月 68 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 Notes to Interim Condensed Consolidated Financial Statements (Continued) 中期简明综合财务报表附注 （续） 4. Segment Information (Continued) Management monitors the results of the Group’s operating segments separately for the purpose of making decisions about resources allocation and performance assessment. Segment performance is evaluated based on reportable segment profit/(loss), which is a measure of adjusted profit/(loss) before tax. The adjusted profit/(loss) before tax is measured consistently with the Group’s profit before tax except that interest income, finance costs, fair value gains from the Group’s financial instruments, head office and corporate expenses are excluded from this measurement. Segment assets exclude cash and cash equivalents and restricted cash, held-for-trading investments at fair value through profit or loss and other unallocated head office and corporate assets as these assets are managed on a group basis. Segment liabilities exclude interest-bearing bank and other borrowings, senior notes, medium-term notes, corporate bonds, domestic company bonds, short-term notes, tax payables and other unallocated head office and corporate liabilities as these liabilities are managed on a group basis. Intersegment sales and transfers are transacted with reference to the selling prices used for sales made to third parties at the then prevailing market prices. No geographical segment analysis is presented as the majority of the assets and operation of the Group are located in the People’s Republic of China (“PRC”), which is considered as one geographical location in an economic environment with similar risks and returns. There was no single customer to the revenue derived from which amounted to 10% or more of the Group’s revenue during the six months ended 30 September 2016 (six months ended 30 September 2015: Nil). 4. 分部资料 （续） 管理层会独立监察本集团的营运分部之业绩而 作出资源分配决定及评定其表现。分部表现乃 根据可呈报分部利润�u （亏损） （即经调整税前 利润�u （亏损）的计量方法）评估。经调整税前 利润�u （亏损）与本集团的税前利润计量方式一 致，惟利息收入、融资成本、本集团金融工具 公平值收益、总办事处及公司开支均无计算在 内。 分部资产不包括现金及现金等价物及受限制现 金、透过损益以公平值列账之持作买卖投资及 其他未分配总办事处及公司资产，原因为该等 资产按集团层面作整体管理。 分部负债不包括计息银行及其他借贷、优先票 据、中期票据、企业债券、境内公司债券、短 期融资券、应付税项及其他未分配总办事处及 公司负债，原因为该等负债按集团层面作整体 管理。 分部间销售及转让乃参考当时向第三方按市价 作出销售的售价进行。 由於本集团的大部分资产及经营均位於中国 （被 视为处於具类似风险及回报的经济环境的一个 地理位置），本集团并无呈列地理分部分析。 截至2016年9月30日止六个月，并无单一客户 为本集团收入贡献10%或以上 （截至2015年9月 30日止六个月：无）。 For the six months ended 30 September 2016 截至2016年9月30日止六个月 Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 69 Notes to Interim Condensed Consolidated Financial Statements (Continued) 中期简明综合财务报表附注 （续） 4. Segment Information (Continued) Six months ended 30 September 2016 截至2016年9月30日 止六个月 Property development Property investment Property management E-commerce Others Total 物业发展 物业投资 物业管理 电子商贸 其他 总计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 千港元 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) （未经审核） （未经审核） （未经审核） （未经审核） （未经审核） （未经审核） Segment revenue: 分部收入： Sales to external customers 对外部客户销售 2,156,313 353,457 153,168 63,438 166,423 2,892,799 Intersegment sales 分部间销售 �C 20,728 19,051 47,517 342 87,638 2,156,313 374,185 172,219 110,955 166,765 2,980,437 Elimination of intersegment sales 分部间销售对销 (87,638) Revenue 收入 2,892,799 Segment results before increase in fair value of investment properties 投资物业公平值增加前 分部业绩 1,019,354 253,774 15,797 63,438 91,447 1,443,810 Increase in fair value of investment properties 投资物业公平值增加 �C 963,134 �C �C �C 963,134 Segment results after increase in fair value of investment properties 投资物业公平值增加後 分部业绩 1,019,354 1,216,908 15,797 63,438 91,447 2,406,944 Unallocated cost of sales 未分配销售成本 (201,260) Interest income 利息收入 41,800 Gain on held-for-trading investments at fair value through profit or loss, net 透过损益以公平值列账之 持作买卖投资收益，净额 3,835 Unallocated income 未分配收入 638,542 Unallocated expenses 未分配开支 (1,043,763) Finance costs 融资成本 (109,855) Profit before tax 税前利润 1,736,243 As at 30 September 2016 於2016年9月30日 Segment assets 分部资产 34,482,008 36,858,276 88,671 98,131 1,156,093 72,683,179 Reconciliation: 对账： Investments in associates 於联营公司的投资 66,582 Unallocated assets 未分配资产 9,875,022 Total assets 资产总值 82,624,783 Segment liabilities 分部负债 8,492,989 4,651,548 62,403 364,169 302,512 13,873,621 Reconciliation: 对账： Unallocated liabilities 未分配负债 42,872,993 Total liabilities 负债总额 56,746,614 4. 分部资料 （续） For the six months ended 30 September 2016 截至2016年9月30日止六个月 70 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 Notes to Interim Condensed Consolidated Financial Statements (Continued) 中期简明综合财务报表附注 （续） 4. Segment Information (Continued) Six months ended 30 September 2015 截至2015年9月30日 止六个月 Property development Property investment Property management E-commerce Others Total 物业发展 物业投资 物业管理 电子商贸 其他 总计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 千港元 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) （未经审核） （未经审核） （未经审核） （未经审核） （未经审核） （未经审核） Segment revenue: 分部收入： Sales to external customers 对外部客户销售 1,549,639 333,951 87,980 50,797 130,487 2,152,854 Intersegment sales 分部间销售 �C 14,726 �C 57,810 6,848 79,384 1,549,639 348,677 87,980 108,607 137,335 2,232,238 Elimination of intersegment sales 分部间销售对销 (79,384) Revenue 收入 2,152,854 Segment results before increase in fair value of investment properties 投资物业公平值增加前 分部业绩 914,115 238,923 (27,203) 50,790 88,468 1,265,093 Increase in fair value of investment properties 投资物业公平值增加 �C 797,322 �C �C �C 797,322 Segment results after increase in fair value of investment properties 投资物业公平值增加後 分部业绩 914,115 1,036,245 (27,203) 50,790 88,468 2,062,415 Unallocated cost of sales 未分配销售成本 (160,890) Interest income 利息收入 36,571 Loss on held-for-trading investments at fair value through profit or loss, net 透过损益以公平值列账之 持作买卖投资亏损，净额 (4,810) Unallocated income 未分配收入 472,382 Unallocated expenses 未分配开支 (1,046,165) Finance costs 融资成本 (91,642) Profit before tax 税前利润 1,267,861 As at 31 March 2016 (Audited) 於2016年3月31日 （经审核） Segment assets 分部资产 36,370,396 32,286,528 45,800 100,455 1,338,433 70,141,612 Reconciliation: 对账： Investments in associates 於联营公司的投资 60,310 Unallocated assets 未分配资产 13,183,409 Total assets 资产总值 83,385,331 Segment liabilities 分部负债 5,610,040 5,164,724 56,657 544,419 288,382 11,664,222 Reconciliation: 对账： Unallocated liabilities 未分配负债 45,352,644 Total liabilities 负债总额 57,016,866 4. 分部资料 （续） For the six months ended 30 September 2016 截至2016年9月30日止六个月 Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 71 Notes to Interim Condensed Consolidated Financial Statements (Continued) 中期简明综合财务报表附注 （续） 5. 收入、其他收入及收益�u （亏损）、 投资物业公平值收益 5. Revenue, Other Income and Gains/(Losses), Fair Value Gains on Investment Properties For the six months ended 30 September 截至9月30日止六个月 2016 2015 2016年 2015年 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Unaudited) （未经审核） （未经审核） Revenue 收入 Sale of properties 物业销售 2,097,193 1,430,408 Finance lease income 融资租赁收入 59,120 119,231 Rental income 租金收入 353,457 333,951 Property management service income 物业管理服务收入 153,168 87,980 E-commerce income 电子商贸收入 63,438 50,797 Other revenue* 其他收入* 166,423 130,487 2,892,799 2,152,854 Other income 其他收入 Interest income 利息收入 41,800 36,571 Government grants** 政府补贴** 740,909 542,719 Others 其他 16,262 14,796 798,971 594,086 Gains/(losses) 收益�u （亏损） Gains/(losses) on held-for-trading investments at fair value through profit or loss, net 透过损益以公平值列账之持作 买卖投资收益�u （亏损），净额 3,835 (4,810) Loss on redemption of the 2012 Notes 赎回2012年票据的亏损 (87,049) �C Gain on purchase of the 2014 Notes 购买2014年票据的收益 597 �C Exchange losses 汇兑亏损 (32,177) (85,133) (114,794) (89,943) 684,177 504,143 Fair value gains on investment properties 投资物业公平值收益 963,134 797,322 * Other revenue includes an amount of HK$83,243,000 (six months ended 30 September 2015: HK$59,606,000) related to income from outlet operations and HK$74,894,000 (six months ended 30 September 2015: HK$65,824,000) related to income from logistics and warehousing services. ** Various government grants have been received from the relevant government authorities to foster and support the development of the relevant projects of the Group in Mainland China. There are no unfulfilled conditions or contingencies relating to these subsidies. * 其他收入已包括奥特莱斯运营收入83,243,000 港 元（ 截 至 2015 年 9 月 30 日 止 六 个 月 ： 59,606,000 港 元 ）及 物 流 及 仓 储 服 务 收 入 74,894,000港元 （截至2015年9月30日止六个 月：65,824,000港元）。 ** 若干政府补贴为相关政府部门给予本集团，以 培育及扶持本集团於中国大陆项目的发展。该 等补助没有未履行之条件或或然事件。 For the six months ended 30 September 2016 截至2016年9月30日止六个月 72 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 Notes to Interim Condensed Consolidated Financial Statements (Continued) 中期简明综合财务报表附注 （续） 6. Finance Costs An analysis of finance costs is as follows: For the six months ended 30 September 截至9月30日止六个月 2016 2015 2016年 2015年 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Unaudited) （未经审核） （未经审核） Interest on bank and other borrowings (including senior notes, medium-term notes, corporate bonds, domestic company bonds and short-term notes) 银行及其他借贷的利息 （包括优先票据、 中期票据、企业债券、 境内公司债券及短期融资券） 1,185,115 952,058 Less: Interest capitalised 减：资本化利息 (1,075,260) (860,416) Total 总计 109,855 91,642 7. Profit Before Tax The Group’s profit before tax is arrived at after charging/(crediting): For the six months ended 30 September 截至9月30日止六个月 2016 2015 2016年 2015年 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Unaudited) （未经审核） （未经审核） Cost of properties sold 已售物业成本 1,121,504 584,242 Cost of properties held for finance lease 融资租赁物业成本 15,455 51,282 Depreciation 折旧 62,673 97,948 Less: Depreciation capitalised in respect of properties under development 减：就发展中物业资本化折旧 (841) (602) 61,832 97,346 Amortisation of prepaid land lease payments 预付土地出租金摊销 9,451 11,562 Loss on disposal of subsidiaries and a joint venture* 处置附属公司及 一家合营企业的亏损* �C 5,480 Loss on redemption of the 2012 Notes 赎回2012年票据之亏损 87,049 �C Gain on purchase of the 2014 Notes 购买2014年票据之收益 (597) �C Provision for impairment of trade receivables* 应收贸易账款减值拨备* 46,240 8,490 Equity-settled share option expense 权益结算的购股权开支 18,283 11,114 * Included in “Other expenses” in the condensed consolidated statement of profit or loss. 6. 融资成本 融资成本之分析如下： 7. 税前利润 本集团的税前利润已扣除（计入） / 下列各项： * 计入简明综合损益表 「其他开支」项内。 For the six months ended 30 September 2016 截至2016年9月30日止六个月 Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 73 Notes to Interim Condensed Consolidated Financial Statements (Continued) 中期简明综合财务报表附注 （续） 8. Income Tax Expenses No provision for Hong Kong profits tax has been made as the Group had no assessable profits arising in Hong Kong during the period (six months ended 30 September 2015: Nil). Taxes on profits assessable in Mainland China are calculated at the rates of tax prevailing in the provinces in which the Group operates. Under the relevant income tax law, the PRC subsidiaries are subject to corporate income tax (“CIT”) at the statutory rate of 25% on their respective taxable income during the period. The PRC land appreciation tax (“LAT”) is levied at progressive rates ranging from 30% to 60% on the appreciation of land value, being the proceeds from sale of properties less deductible expenditures including land cost, borrowing costs and all property development expenditures. For the six months ended 30 September 截至9月30日止六个月 2016 2015 2016年 2015年 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Unaudited) （未经审核） （未经审核） Current: 即期： Mainland China corporate income tax 中国大陆企业所得税 163,068 209,595 LAT in Mainland China 中国大陆土地增值税 447,469 276,302 Deferred: 递延： Mainland China corporate income tax 中国大陆企业所得税 372,832 98,445 LAT in Mainland China 中国大陆土地增值税 (111,867) (69,075) Withholding tax on dividend 股息预扣税 10,642 3,662 Total tax charged for the period 期内税项支出总额 882,144 518,929 8. 所得税开支 期内，由於本集团概无源自香港的应课税利 润，故并无计提香港利得税拨备 （截至2015年9 月30日止六个月：无）。 中国大陆的应课税溢利税项乃按本集团营运所 在省份的现行税率计提。 根据相关所得税法，期内，中国附属公司须就 各自应课税收入按法定税率25%缴纳企业所得 税。 中国土地增值税按30%至60%不等的累进税率 就土地价值 （即物业销售所得款项减包括土地成 本、借贷成本及所有物业发展开支在内的可扣 减开支）增值徵收。 For the six months ended 30 September 2016 截至2016年9月30日止六个月 74 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 Notes to Interim Condensed Consolidated Financial Statements (Continued) 中期简明综合财务报表附注 （续） 9. Earnings Per Share Attributable to Ordinary Equity Holders of the Parent The calculation of the basic earnings per share is based on the profit for the period attributable to ordinary equity holders of the parent, and the weighted average number of ordinary shares in issue during the period. The calculation of diluted earnings per share is based on the profit for the period attributable to ordinary equity holders of the parent. The weighted average number of ordinary shares used in the calculation is the number of ordinary shares in issue during the period, as used in the basic earnings per share calculation and the weighted average number of ordinary shares assumed to have been issued at no consideration on the deemed exercise or conversion of all dilutive potential ordinary shares into ordinary shares. The calculations of basic and diluted earnings per share are based on: For the six months ended 30 September 截至9月30日止六个月 2016 2015 2016年 2015年 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Unaudited) （未经审核） （未经审核） Earnings 盈利 Profit attributable to ordinary equity holders of the parent, used in the basic and diluted earnings per share calculation 用於计算每股基本及 摊薄盈利之母公司普通股 权益持有人应占利润 856,883 755,790 9. 归属於母公司普通股权益持有人之 每股盈利 每股基本盈利乃根据母公司普通股权益持有人 应占期内利润及期内已发行股普通股的加权平 均数计算。 每股摊薄盈利乃根据母公司普通股权益持有人 应占期内利润计算。计算所用的普通股加权平 均数乃为计算每股基本盈利所用的期内已发行 普通股股数，而加权平均普通股数目乃假设行 使或转换所有具潜在摊薄性的普通股为普通股 按无偿发行。 每股基本及摊薄盈利的计算乃基於： For the six months ended 30 September 2016 截至2016年9月30日止六个月 Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 75 Notes to Interim Condensed Consolidated Financial Statements (Continued) 中期简明综合财务报表附注 （续） 10. 股息 本公司於2016年11月25日举行的董事会会议 上，董事议决不向股东派付中期股息 （截至 2015年9月30日止六个月：无）。 11. 物业、厂房及设备 截至2016年9月30日止六个月，本集团购入物 业、厂房及设备项目，总成本约为24,979,000 港 元（ 截 至 2015 年 9 月 30 日 止 六 个 月 ： 12,864,000港元）。 於 2016 年 9 月 30 日 ， 本 集 团 账 面 总 值 约 428,923,000港元的若干楼宇 （ 2016年3月31 日：469,182,000港元）已抵押作为本集团获授 一般银行融资的担保 （附注19）。 於2016年9月30日，本集团於中国账面总值 合 共 约 981,129,000 港 元 的 若 干 楼 宇 未 获 相 关中国机关发出所有权证 （ 2016年3月31日： 1,045,731,000港元）。本集团现正办理领取相 关所有权证的手续。 9. Earnings Per Share Attributable to Ordinary Equity Holders of the Parent (Continued) Number of shares 股数 2016 2015 2016年 2015年 Shares 股份 Weighted average number of ordinary shares in issue during the period used in the basic earnings per share calculation 用於计算每股基本盈利之期内 已发行普通股的加权平均数 8,006,092,491 8,000,895,283 Effect of dilution �C weighted average number of ordinary shares: 摊薄影响－普通股加权平均数： Share options 购股权 2,794,804 9,495,719 8,008,887,295 8,010,391,002 10. Dividends At a meeting of the board of directors held on 25 November 2016, the directors resolved not to pay an interim dividend to shareholders (six months ended 30 September 2015: Nil). 11. Property, Plant and Equipment During the six months ended 30 September 2016, the Group acquired items of property, plant and equipment with an aggregate cost of approximately HK$24,979,000 (six months ended 30 September 2015: HK$12,864,000). Certain of the Group’s buildings with an aggregate carrying value of approximately HK$428,923,000 as at 30 September 2016 (31 March 2016: HK$469,182,000) were pledged to secure general banking facilities granted to the Group (note 19). At 30 September 2016, certificates of ownership in respect of certain buildings of the Group in the PRC with an aggregate carrying value of approximately HK$981,129,000 had not been issued by the relevant PRC authorities (31 March 2016: HK$1,045,731,000). The Group is in the process of obtaining the relevant certificates of ownership. 9. 归属於母公司普通股权益持有人之 每股盈利 （续） For the six months ended 30 September 2016 截至2016年9月30日止六个月 76 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 Notes to Interim Condensed Consolidated Financial Statements (Continued) 中期简明综合财务报表附注 （续） 12. Investment Properties 30 September 2016 31 March 2016 2016年 9月30日 2016年 3月31日 Note HK$’000 HK$’000 附注 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） Carrying amount at the beginning of period/year 期�u年初的账面值 34,814,188 30,217,792 Additions 添置 285,919 928,586 Transfer from properties under development 转拨自发展中物业 335,116 424,934 Transfer from properties held for sale 转拨自持作销售物业 1,364,889 1,843,953 Transfer to properties held for sale 转拨至持作销售物业 �C (632,773) Net gain from a fair value adjustment 公平值调整净收益 5 963,134 3,232,699 Exchange realignment 汇兑调整 (1,187,099) (1,201,003) Carrying amount at the end of period/year 期�u年终的账面值 36,576,147 34,814,188 The Group’s investment properties with aggregate carrying values of approximately HK$21,249,578,000 and HK$21,237,246,000 as at 30 September 2016 and 31 March 2016, respectively, were pledged to secure general banking facilities granted to the Group (note 19). The Group’s investment properties with aggregate carrying values of approximately HK$32,385,639,000 and HK$30,598,954,000 as at 30 September 2016 and 31 March 2016, respectively, are subject to sales restrictions. The Group’s investment properties consist of trade centers, commercial and other ancillary facilities in Mainland China. The Group’s investment properties were revalued on 30 September 2016 based on valuations performed by Savills Valuation and Professional Services Limited, an independent professional qualified valuer, at HK$36,576,147,000 on an open market, existing use basis. Each year, the Group’s management decides to appoint which external valuer to be responsible for the external valuations of the Group’s properties. Selection criteria include market knowledge, reputation, independence and whether professional standards are maintained. The Group’s finance department has discussions with the valuer on the valuation assumptions and valuation results twice a year when the valuation is performed for interim and annual financial reporting. 12. 投资物业 於2016年9月30日及2016年3月31日，本集 团 账 面 总 值 分 别 约 为 21,249,578,000 港 元 及 21,237,246,000港元的投资物业已抵押作为本 集团获授一般银行融资的担保 （附注19）。 於2016年9月30日及2016年3月31日，本集 团 账 面 总 值 分 别 约 为 32,385,639,000 港 元 及 30,598,954,000港元的投资物业受到销售限制。 本集团的投资物业包括在中国大陆的交易中 心、商业及其他配套设施。根据一家独立专业 合资格估值师第一太平戴维斯进行的估值，本 集团的投资物业於2016年9月30日按公开市场 现有用途基准的重估价值达36,576,147,000港 元。本集团的管理层每年决定委任负责对本集 团物业进行外部估值的外聘估值师人选。筛选 准则包括市场知识、声誉、独立性，以及是否 维持专业水平。就中期及年度财务报告进行估 值时，本集团的财务部与估值师就估值假设及 估值结果每年进行两次讨论。 For the six months ended 30 September 2016 截至2016年9月30日止六个月 Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 77 Notes to Interim Condensed Consolidated Financial Statements (Continued) 中期简明综合财务报表附注 （续） 投资物业公平价值主要按收入资本化厘定，方 法是将现有租赁所得的租金收入资本化，并就 物业的潜在可复归收入计提适当拨备。公平 价值计量与市场租金成正比且与资本化率成反 比。就正在建造之部分，在确定公平价值时， 已考虑已预计及已支销的建筑成本及完成开发 项目将支销的成本。 12. 投资物业 （续） 公平值层级 下表说明本集团投资物业的公平值计量层级： 12. Investment Properties (Continued) Fair value hierarchy The following table illustrates the fair value measurement hierarchy of the Group’s investment properties: Fair value measurement as at 30 September 2016 using significant unobservable inputs (Level 3) 於2016年9月30日 使用重大不可观察 元素的公平值计量 （第3级） HK$’000 千港元 (Unaudited) （未经审核） Recurring fair value measurement for: 就以下各项的经常性公平值计量： Trade centers, commercial and other ancillary facilities 交易中心、商业及其他配套设施 36,576,147 During the period, there were no transfers of fair value measurements between Level 1 and Level 2 and no transfers into or out of Level 3. Below is a summary of the valuation techniques used and the key inputs to the valuation of investment properties: Valuation technique Significant unobservable inputs Range 估值技术 重大不可观察元素 范围 As at 30 September 2016 於2016年9月30日 Trade centers, commercial and other ancillary facilities Income capitalisation method Market unit rental rate (RMB/sq. m./month) 42�C144 交易中心、商业及其他配套设施 收入资本化法 市场单位租金 （人民币�u平方米�u月） Capitalisation rate 3.00%�C8.25% 资本化率 The fair values of investment properties are determined principally using the income capitalisation method by capitalising the rental income derived from the existing tenancies with due provisions for the reversionary income potential of the properties. The fair value measurement is positively correlated to the market unit rental rate and negatively correlated to capitalisation rate. For the portions which were under construction, the expended construction costs and the costs that are expected to be expended to complete the properties have also been taken into account in arriving at their fair values. 期内，第1级与第2级之间概无发生公平值计量 的转移，第3级亦无公平值计量转入或转出。 以下为投资物业估值所用的估值技术及主要元 素的概要： For the six months ended 30 September 2016 截至2016年9月30日止六个月 78 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 Notes to Interim Condensed Consolidated Financial Statements (Continued) 中期简明综合财务报表附注 （续） 13. Properties under Development Certain of the Group’s properties under development with an aggregate carrying value of approximately HK$449,413,000 as at 30 September 2016 (31 March 2016: HK$779,665,000) were pledged to secure general banking facilities granted to the Group (note 19). During the current period, the Group has received government grants with a total amount of RMB374,946,000 (equivalent to HK$435,650,000), which were provided by the local government authorities to support infrastructure construction and development activities in connection with the Group’s property development projects. The amount was deducted from the additions of properties under development for the period. An aggregate amount of RMB337,103,000 (equivalent to HK$395,321,000) (six months ended 30 September 2015: RMB116,501,000 (equivalent to HK$144,309,000)) which related to properties sold, has been credited to the cost of properties sold during the period. 14. Properties Held for Sale 30 September 2016 31 March 2016 2016年 9月30日 2016年 3月31日 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） Completed properties held for sale 持作销售竣工物业 11,919,401 12,283,168 Properties under development expected to complete within normal operating cycle 预期於正常营运周期内 竣工的发展中物业 13,804,743 12,895,878 Total 总计 25,724,144 25,179,046 Properties under development expected to complete and ready for sale 预期竣工及可作销售的 发展中物业 30 September 2016 31 March 2016 2016年 9月30日 2016年 3月31日 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） Within one year 一年内 8,576,017 8,055,546 Beyond one year 一年後 5,228,726 4,840,332 Total 总计 13,804,743 12,895,878 Certain of the Group’s properties held for sale with an aggregate carrying value of HK$3,722,485,000 (31 March 2016: HK$3,644,590,000) at the end of the reporting period were pledged to secure the general banking loans granted to the Group (note 19). 13. 发展中物业 於 2016 年 9 月 30 日 ， 本 集 团 账 面 总 值 约 449,413,000港元 （ 2016年3月31日：779,665,000 港元）的若干发展中物业已抵押作为本集团获授 一般银行融资的担保 （附注19）。 期内，本集团取得总数为约人民币374,946,000 元 （相等於435,650,000港元）由地方府机关提 供，旨在为集团物业发展项目中有关於基础建 设工程及发展活动提供支持的政府补助。此 金额已在添置发展中物业中扣除。其中关於 已售出物业累计金额约人民币337,103,000元 （相等於395,321,000港元） （截至2015年9月30 日止六个月：人民币116,501,000元 （相等於 144,309,000港元））在期内於已售物业成本扣 除。 14. 持作销售物业 於报告期末，本集团账面总值3,722,485,000港 元 （ 2016年3月31日：3,644,590,000港元）的若 干持作销售物业已抵押作为本集团获授银行贷 款的担保 （附注19）。 For the six months ended 30 September 2016 截至2016年9月30日止六个月 Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 79 Notes to Interim Condensed Consolidated Financial Statements (Continued) 中期简明综合财务报表附注 （续） 15. Trade Receivables Trade receivables represent sales income, rental, and service income receivables from customers which are payable on issuance of invoices or in accordance with the terms of the related sales and purchase agreements. The Group generally allows a credit period of not exceeding 60 days to its customers. Overdue balances are reviewed regularly by senior management. In view of this and the fact that the Group’s trade receivables relate to a large number of diversified customers, there is no significant concentration of credit risk. Trade receivables are non-interest-bearing. The carrying amounts of the trade receivables approximate to their fair values. An aged analysis of the trade receivables based on the payment due date as at the end of the reporting period, and net of provision, is as follows: 30 September 2016 31 March 2016 2016年 9月30日 2016年 3月31日 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） Within 1 month 1个月以内 477,014 550,292 1 to 2 months 1至2个月 72,132 108,926 2 to 3 months 2至3个月 27,663 39,340 Over 3 months 逾3个月 509,920 450,715 Total 总计 1,086,729 1,149,273 Receivables that were neither past due nor impaired and past due but not impaired relate to a large number of diversified customers for whom there was no recent history of default. The Group would not release the property ownership certificates to the buyers before the buyers fully settle the payment. 15. 应收贸易账款 应收贸易账款指於出具发票时应收或根据相关 买卖协议条款应收客户的销售收入、应收租金 及服务收入。本集团一般提供不超过60天信贷 期予客户。高级管理层定期审阅逾期结余。有 监於此及本集团的应收贸易账款与大量不同客 户有关，故并无重大集中信贷风险。应收贸易 账款为免息。应收贸易账款账面值与其公平值 相若。 於报告期末，根据付款到期日，应收贸易账款 扣除拨备後的账龄分析如下： 未逾期及未减值以及已逾期但未减值的应收款 项与大量不同客户有关，而彼等最近并无拖欠 记录。在买家全数清偿付款前，本集团不会向 其发出房产证。 For the six months ended 30 September 2016 截至2016年9月30日止六个月 80 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 Notes to Interim Condensed Consolidated Financial Statements (Continued) 中期简明综合财务报表附注 （续） 16. Held-for-Trading Investments at Fair Value Through Profit or Loss 30 September 2016 31 March 2016 2016年 9月30日 2016年 3月31日 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） Listed investment funds at market value 按市值计算的上市投资基金 31,200 27,365 The above listed investment funds at 30 September 2016 and 31 March 2016 were classified as held-for-trading upon initial recognition, and designated by the Group as financial assets at fair value through profit or loss since they were acquired or incurred principally for the purpose of selling or repurchasing in the near term. 17. Cash and Cash Equivalents and Restricted Cash 30 September 2016 31 March 2016 2016年 9月30日 2016年 3月31日 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） Cash and bank balances 现金及银行结余 8,259,021 11,686,695 Less: Restricted cash* 减：受限制现金* (1,379,804) (2,358,888) Cash and cash equivalents 现金及现金等价物 6,879,217 9,327,807 * Restricted cash mainly comprises (i) guarantee deposits for the mortgage loan facilities granted by the banks to purchasers of the Group’s properties; (ii) guarantee funds of construction projects to meet local authorities’ requirements; (iii) certain amount of presale proceeds from properties placed as guarantee deposits for the construction of related properties; and (iv) certain amount of proceeds from lease of properties which have been placed as guarantee deposits for the borrowings. 16. 透过损益以公平值列账之持作买卖 投资 於2016年9月30日及2016年3月31日，上述上 市投资基金於初步确认时分类为持作买卖， 由於收购或产生目的主要为於短期内销售或购 回，故本集团将其指定为透过损益以公平值列 账的金融资产。 17. 现金及现金等价物及受限制现金 * 受限制现金主要包括：(i)就购买本集团物业之 买家获银行授予的按揭贷款融资所提供保证按 金；(ii)根据当地机关要求缴纳的建设项目保证 金；(iii)物业预售的若干所得款项金额，以作为 相关物业建设的保证按金；及(iv)租赁物业的若 干出租所得款项金额以作为借贷保证的保证按 金。 For the six months ended 30 September 2016 截至2016年9月30日止六个月 Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 81 Notes to Interim Condensed Consolidated Financial Statements (Continued) 中期简明综合财务报表附注 （续） 17. Cash and Cash Equivalents and Restricted Cash (Continued) At the end of the reporting period, the cash and cash equivalents of the Group denominated in Renminbi (“RMB”) amounted to HK$4,797,317,000 (31 March 2016: HK$7,709,882,000). RMB is not freely convertible into other currencies, however, under Mainland China’s Foreign Exchange Control Regulations and Administration of Settlement, Sale and Payment of Foreign Exchange Regulations, the Group is permitted to exchange RMB for other currencies through banks authorised to conduct foreign exchange business. Cash at banks earns interest at floating rates based on daily bank deposit rates. Short term time deposits are made for varying periods of between one day and three months depending on the immediate cash requirements of the Group, and earn interest at the respective short term time deposit rates. The cash and bank balances and restricted cash are deposited with creditworthy banks with no recent history of default. Certain of the Group’s bank deposits with a carrying amounts of HK$31,370,000 as at 30 September 2016 (31 March 2016: HK$245,330,000), were pledged to secure general banking facilities granted to the Group (note 19). 18. Trade and Other Payables 30 September 2016 31 March 2016 2016年 9月30日 2016年 3月31日 Note HK$’000 HK$’000 附注 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） Other payables and accruals 其他应付款项及应计项目 1,828,857 2,514,025 Notes payables 应付票据 136,870 203,708 Deposits received and receipts in advance 按金及预收款项 6,550,562 4,184,827 Construction fee and retention payables 应付的建设费用及保留金 (i) 7,264,113 6,367,164 Total 总计 15,780,402 13,269,724 17. 现金及现金等价物及受限制现金 （续） 於报告期末，本集团以人民币为单位的现金及 现金等价物为4,797,317,000港元 （ 2016年3月 31日：7,709,882,000港元）。人民币并不可自 由兑换为其他货币，然而，根据中国大陆的外 汇管制条例及结汇、付汇及售汇规定，本集团 可透过获准进行外汇业务的银行将人民币兑换 为其他货币。 存於银行的现金根据每日银行存款利率按浮动 利率赚取利息。短期定期存款的存款期各异， 介乎一天至三个月不等，视乎本集团即时现金 需求而定，而利息则按各个短期定期存款利率 赚取。现金及银行结余及受限制现金乃存放於 信誉良好且近期并无欠款记录的银行。 於 2016 年 9 月 30 日 ， 本 集 团 账 面 总 值 为 31,370,000 港 元（2016 年 3 月 31 日 ： 245,330,000港元）的若干存款已抵押作为本集 团获授一般银行融资的担保 （附注19）。 18. 贸易及其他应付款项 For the six months ended 30 September 2016 截至2016年9月30日止六个月 82 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 Notes to Interim Condensed Consolidated Financial Statements (Continued) 中期简明综合财务报表附注 （续） 18. Trade and Other Payables (Continued) (i) An aged analysis of the construction fee and retention payables as at the end of reporting period is as follows: 30 September 2016 31 March 2016 於2016年 9月30日 於2016年 3月31日 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） Within 1 year 1年内 7,254,030 6,152,501 Over 1 year 超过1年 10,083 214,663 Total 总计 7,264,113 6,367,164 The construction fee and retention payables are non-interestbearing and repayable within the normal operating cycle or on demand. The other payables are non-interest-bearing. 19. Interest-Bearing Bank and Other Borrowings 30 September 2016 (Unaudited) 31 March 2016 (Audited) 2016年9月30日 （未经审核） 2016年3月31日 （经审核） Effective interest rate (%) Maturity HK$’000 Effective interest rate (%) Maturity HK$’000 实际利率 (%) 到期 千港元 实际利率 (%) 到期 千港元 Current 即期 Bank loans �C unsecured 银行贷款－无抵押 4.13%-5.66% 2016-2017 1,132,853 3.30%-6.00% 2016-2017 1,712,502 Bank loans �C secured 银行贷款－有抵押 4.57%-5.22% 2017 1,089,456 3.97%-5.34% 2016-2017 1,691,277 Current portion of long term bank and other borrowings: 长期银行及其他借贷 的即期部分： Bank loans �C unsecured 银行贷款－无抵押 4.55%-7.25%, HIBOR+2.65% 2016-2017 613,713 5.15%-7.50%, HIBOR+2.65% 2016-2017 654,767 Bank loans �C secured 银行贷款－有抵押 4.41%-6.18% 2016-2017 3,037,797 4.41%-7.48% 2016-2017 3,598,332 5,873,819 7,656,878 Non-current 非即期 Bank loans �C unsecured 银行贷款－无抵押 4.55%-5.46% 2017-2020 627,426 5.15%-5.46% 2017-2020 601,300 Bank loans �C secured 银行贷款－有抵押 4.90%-6.18% 2018-2025 6,978,471 4.41%-7.48% 2017-2022 8,364,563 7,605,897 8,965,863 13,479,716 16,622,741 18. 贸易及其他应付款项 （续） (i) 於报告期末建设费用及保留金应付款项的 账龄分析如下： 建设费用及保留金应付款项为免息及须於 一般业务周期或应要求偿还。其他应付款 项为免息。 19. 计息银行及其他借贷 For the six months ended 30 September 2016 截至2016年9月30日止六个月 Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 83 Notes to Interim Condensed Consolidated Financial Statements (Continued) 中期简明综合财务报表附注 （续） 19. Interest-Bearing Bank and Other Borrowings (Continued) 30 September 2016 31 March 2016 2016年 9月30日 2016年 3月31日 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） Analysed into: 分析列为： Bank loans repayable: 须於以下期间偿还的银行贷款： Within one year or on demand 一年内或应要求 5,873,819 7,656,878 In the second year 第二年 4,501,122 4,368,426 In the third to fifth years, inclusive 第三至第五年 （包括首尾两年在内） 2,789,621 4,291,375 Beyond five years 五年後 315,154 306,062 13,479,716 16,622,741 Certain of the Group’s bank loans are secured by the Group’s buildings, investment properties, properties under development, properties held for sale and bank deposits as stated in notes 11, 12, 13, 14 and 17. As at 30 September 2016, except for the bank loans equivalent to HK$300,000,000 (31 March 2016: HK$300,000,000), which is denominated in Hong Kong dollars, all other interest-bearing borrowings of the Group are denominated in RMB. 20. Short-Term Notes The Group issued the following short-term notes in the current and prior periods: (i) On 9 September 2015, China South International Industrial Materials City (Shenzhen) Company Limited (“China South International”) completed the issuance of the first tranche of short-term notes of 2015 (the “2015 First tranche STN”) with a total principal amount of RMB2,100,000,000 (equivalent to HK$2,559,480,000) in the national inter-bank market of the PRC. The 2015 First tranche STN carry interest at the rate of 4.3% per annum, payable on 9 September in arrears and will mature on 9 September 2016. The amount has been fully settled in September 2016. 19. 计息银行及其他借贷 （续） 如附注11、12、13、14及17所载，本集团若干 银行贷款由本集团楼宇、投资物业、发展中物 业、持作销售物业及银行存款作担保。 於 2016 年 9 月 30 日 ， 除 了 300,000,000 港 元 （ 2016年3月31日：300,000,000港元）银行贷款 以港元为单位外，本集团所有其他计息借贷均 以人民币为单位。 20. 短期融资券 本集团於本期间及以前期间发行以下短期融资 �唬� (i) 华南国际工业原料城 （深圳）有限公司 （ 「华 南国际」） 於2015年9月9日完成在中国 银行间市场发行2015年第一期短期融资 券，本金总额为人民币2,100,000,000元 （相等於2,559,480,000港元）。2015年第 一期短期融资券年利率为4.3%，每年於 9月9日後支付，并将於2016年9月9日到 期。其金额已於2016年9月全数支付。 For the six months ended 30 September 2016 截至2016年9月30日止六个月 84 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 Notes to Interim Condensed Consolidated Financial Statements (Continued) 中期简明综合财务报表附注 （续） 20. 短期融资券 （续） (ii) 华南国际於2016年9月13日完成在中国 银行间市场发行2016年第一期短期融资 券，本金总额为人民币1,200,000,000元 （相等於1,395,187,000港元）。2016年第 一期短期融资券年利率为4.9%，每年於9 月13日後支付，并将於2017年9月13日到 期。 於 2016 年 9 月 30 日 ， 短 期 融 资 券 的 公 平 值 达 约 1,396,873,000 港 元 （ 2016 年 3 月 31 日： 2,588,000,000港元）。公平值乃使用短期融资 券於2016年9月30日的市场价格计算。 21. 优先票据 本集团於本期间及以前期间发行以下优先票据： 於 2012 年 10 月 17 日 ， 本 公 司 发 行 本 金 总 额 125,000,000 美 元 的 优 先 票 据（ 「2012 年 票 据」）。2012年票据於新加坡证券交易所有限公 司上市。2012年票据按年利率13.5%计息，每 半年於4月17日及10月17日期後支付，并将於 2017年10月17日到期 （除非提早赎回）。发售价 为2012年票据本金总额的97.381%。 於 2014 年 1 月 29 日 ， 本 公 司 发 行 本 金 总 额 400,000,000 美 元 的 优 先 票 据（ 「2014 年 票 据」）。2014年票据於新加坡证券交易所有限公 司上市。2014年票据按年利率8.25%计息，每 半年於1月29日及7月29日期後支付，并将於 2019年1月29日到期 （除非提早赎回）。发售价 为2014年票据本金总额的98.999%。 於 2016 年 9 月 13 日 ， 本 公 司 发 行 本 金 总 额 200,000,000 美 元 的 优 先 票 据 （ 「 2016 年 票 据 I」）。2016年票据I於新加坡证券交易所有限公 司上市。2016年票据I按年利率6.75%计息， 每半年於9月13日及3月13日期後支付，并将於 2016年9月13日到期 （除非提早赎回）。发售价 为2016年票据I本金总额的98.960%。 20. Short-Term Notes (Continued) (ii) On 13 September 2019, China South International completed the issuance of the first tranche of short-term notes of 2016 (the “2016 First tranche STN”) with a total principal amount of RMB1,200,000,000 (equivalent to HK$1,395,187,000) in the national inter-bank market of the PRC. The 2016 First tranche STN carry interest at the rate of 4.9% per annum, payable on 13 September in arrears and will mature on 13 September 2017. The fair value of the short-term notes at 30 September 2016 amounted to HK$1,396,873,000 (31 March 2016: HK$2,588,000,000). The fair value is calculated using the market price of the short-term notes on 30 September 2016. 21. Senior Notes The Group issued the following senior notes in the current and prior periods: On 17 October 2012, the Company issued senior notes with an aggregate principal amount of US$125,000,000 (the “2012 Notes”). The 2012 Notes are listed on the Singapore Exchange Securities Trading Limited. The 2012 Notes carry interest at the rate of 13.5% per annum, payable semi-annually on 17 October and 17 April in arrears, and will mature on 17 October 2017, unless redeemed earlier. The offering price was at 97.381% of the principal amount of the 2012 Notes. On 29 January 2014, the Company issued senior notes with an aggregate principal amount of US$400,000,000 (the “2014 Notes”). The 2014 Notes are listed on the Singapore Exchange Securities Trading Limited. The 2014 Notes carry interest at the rate of 8.25% per annum, payable semi-annually on 29 January and 29 July in arrears, and will mature on 29 January 2019, unless redeemed earlier. The offering price was at 98.999% of the principal amount of the 2014 Notes. On 13 September 2016, the Company issued senior notes with an aggregate principal amount of US$200,000,000 (the “2016 Notes I”). The 2016 Notes I are listed on the Singapore Exchange Securities Trading Limited. The 2016 Notes I carry interest at the rate of 6.75% per annum, payable semi-annually on 13 September and 13 March in arrears, and will mature on 13 September 2021, unless redeemed earlier. The offering price was at 98.960% of the principal amount of the 2016 Notes I. For the six months ended 30 September 2016 截至2016年9月30日止六个月 Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 85 Notes to Interim Condensed Consolidated Financial Statements (Continued) 中期简明综合财务报表附注 （续） 21. Senior Notes (Continued) The senior notes recognised in the statement of financial position were calculated as follows: 30 September 2016 31 March 2016 2016年 9月30日 2016年 3月31日 Notes HK$’000 HK$’000 附注 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） Carrying amount at the beginning of period/year 期�u年初的账面值 4,113,363 4,082,811 Additions 新增 1,513,137 �C Interest expenses 利息开支 153,172 419,576 Payment of interest 支付利息 (128,700) (389,024) Redemption of the 2012 Notes 赎回2012年票据 (i) (1,018,845) �C Purchase of the 2014 Notes 购买2014年票据 (ii) (154,725) �C Consent fee for the 2014 Notes 2014年票据同意费 (23,193) �C Carrying amount at the end of period/year 期�u年终的账面值 4,454,209 4,113,363 (i) On 15 April 2016, the Company fully redeemed the outstanding 2012 Notes with a principal amount of US$125,000,000. The total consideration of the redemption was US$141,781,000 (equivalent to HK$1,105,894,000), which includes redemption price at 106.750% of the principal amount and pro-rata accrued and unpaid interest. The carrying amount of the redeemed 2012 Notes was US$130,621,000 (equivalent to HK$1,018,845,000), resulting in a loss on redemption of the 2012 Notes amounting to HK$87,049,000 in the current period. (ii) On 3 May 2016, a subsidiary of the Company purchased part of the 2014 Notes with principal amount of US$20,000,000 from the open market. The total consideration of the purchase was US$19,760,000 (equivalent to HK$154,128,000), which includes purchase price at 96.55% of principal amount and pro-rata accrued and unpaid interest. The carrying amount of the 2014 Notes purchased was US$19,869,000 (equivalent to HK$154,725,000), resulting in a gain on purchase of the 2014 Notes amounting to HK$597,000 in the current period. The fair value of the senior notes at 30 September 2016 amounted to HK$4,656,467,000 (31 March 2016: HK$4,155,497,000). The fair value is calculated using the market price of the senior notes on 30 September 2016. 21. 优先票据 （续） 已於财务状况表确认的优先票据计算如下： (i) 於2016年4月15日，本公司已全数赎回未 偿还本金总额为125,000,000美元之2012 年票据。总赎回代价为141,781,000美元 （相等於1,105,894,000港元），包括以本 金金额106.750%计算的赎回价及按比例 计算的累计及未付利息。所赎回2012年 票据的账面值为130,621,000美元 （相等 於1,018,845,000港元），导致於本期间录 得87,049,000港元亏损。 (ii) 於2016年5月3日，本公司之附属公司 於市场购买部分本金金额为20,000,000 美 元 之 2014 年 票 据 。 总 购 买 代 价 为 19,760,000美元 （相等於154,128,000港 元），包括以本金金额96.55%计算的购买 价及按比例计算的累计及未付利息。所购 买2014年票据的账面值为19,869,000美 元 （相等於154,725,000港元），导致於本 期间录得597,000港元收益。 於 2016 年 9 月 30 日 ， 优 先 票 据 的 公 平 值 达 4,656,467,000 港 元（2016 年 3 月 31 日 ： 4,155,497,000港元）。公平值乃使用优先票据 於2016年9月30日的市场价格计算。 For the six months ended 30 September 2016 截至2016年9月30日止六个月 86 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 Notes to Interim Condensed Consolidated Financial Statements (Continued) 中期简明综合财务报表附注 （续） 22. Medium-Term Notes The Group has the following medium-term notes remain in issue at the end of the reporting period: (i) On 9 May 2014, China South International completed the issuance of the first tranche of medium-term notes of 2014 (the “2014 First tranche MTN”) with a total principal amount of RMB1,000,000,000 in the national inter-bank market of the PRC. The 2014 First tranche MTN carry interest at the rate of 7.5% per annum, payable annually on 9 May in arrears, and will mature on 9 May 2019. (ii) On 12 September 2014, China South International completed the issuance of the second tranche of medium-term notes of 2014 (the “2014 Second tranche MTN”) with a total principal amount of RMB1,000,000,000 in the national inter-bank market of the PRC. The 2014 Second tranche MTN carry interest at the rate of 8.4% per annum, payable annually on 12 September in arrears, and will mature on 12 September 2019. (iii) On 13 July 2015, China South International completed the issuance of the first tranche of medium-term notes of 2015 (the “2015 First tranche MTN”) with a total principal amount of RMB2,000,000,000 in the national inter-bank market of the PRC. The 2015 First tranche MTN carry interest at the rate of 7.0% per annum, payable annually on 13 July in arrears, and will mature on 13 July 2018. The medium-term notes recognised in the statement of financial position were calculated as follows: 30 September 2016 31 March 2016 2016年 9月30日 2016年 3月31日 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） Carrying amount at the beginning of period/year 期�u年初的账面值 5,026,696 2,704,226 Additions 新增 �C 2,415,662 Interest expenses 利息开支 183,730 327,161 Payment of interest 支付利息 (350,637) (196,953) Exchange realignment 汇兑调整 (172,368) (223,400) Carrying amount at the end of period/year 期�u年终的账面值 4,687,421 5,026,696 22. 中期票据 本集团於报告期末尚有以下中期票据在发行： (i) 华南国际於2014年5月9日完成在中国银 行间市场发行2014年第一期中期票据， 本 金 总 额 为 人 民 币 1,000,000,000 元 。 2014年第一期中期票据年利率为7.5%， 每年於5月9日後支付，并将於2019年5月 9日到期。 (ii) 华南国际於2014年9月12日完成在中国银 行间市场发行2014年第二期中期票据， 本 金 总 额 为 人 民 币 1,000,000,000 元 。 2014年第二期中期票据年利率为8.4%， 每年於9月12日後支付，并将於2019年9 月12日到期。 (iii) 华南国际於2015年7月13日完成在中国银 行间市场发行2015年第一期中期票据， 本 金 总 额 为 人 民 币 2,000,000,000 元 。 2015年第一期中期票据年利率为7.0%， 每年於7月13日後支付，并将於2018年7 月13日到期。 已於财务状况表确认的中期票据计算如下： For the six months ended 30 September 2016 截至2016年9月30日止六个月 Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 87 Notes to Interim Condensed Consolidated Financial Statements (Continued) 中期简明综合财务报表附注 （续） 22. Medium-Term Notes (Continued) The fair value of the medium-term notes at 30 September 2016 amounted to HK$4,958,276,000 (31 March 2016: HK$5,273,563,000). The fair value is calculated using the market price of the medium-term notes on 30 September 2016. 23. Corporate Bonds On 13 April 2015, China South International completed the issuance of the corporate bonds with a total principal amount of RMB1,500,000,000 on the Shanghai Stock Exchange of the PRC. The corporate bonds carry interest at the rate of 7.0% per annum, payable annually on 13 April in arrears, and will mature on 13 April 2021. The corporate bonds recognised in the statement of financial position was calculated as follows: 30 September 2016 31 March 2016 2016年 9月30日 2016年 3月31日 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） Carrying amount at the beginning of period/year 期�u年初的账面值 1,891,219 �C Additions 新增 �C 1,787,980 Interest expenses 利息开支 63,720 128,832 Payment of interest 支付利息 (123,134) �C Exchange realignment 汇兑调整 (63,457) (25,593) Carrying amount at the end of period/year 期�u年末的账面值 1,768,348 1,891,219 The fair value of the corporate bonds at 30 September 2016 amounted to HK$1,777,707,000 (31 March 2016: HK$1,867,037,000). The fair value is calculated using the market price of the corporate bonds on 30 September 2016. 22. 中期票据 （续） 於 2016 年 9 月 30 日 ， 中 期 票 据 的 公 平 值 达 4,958,276,000 港 元（2016 年 3 月 31 日 ： 5,273,563,000港元）。公平值乃使用中期票据 於2016年9月30日的市场价格计算。 23. 企业债券 华南国际於2015年4月13日完成於中国上海证 券交易所发行本金总额为人民币1,500,000,000 元的企业债券。企业债券年利率为7.0%，於4 月13日後支付，到期日为2021年4月13日。 已於财务状况表确认的企业债券计算如下： 於 2016 年 9 月 30 日 ， 企 业 债 券 的 公 平 值 达 1,777,707,000 港 元（2016 年 3 月 31 日 ： 1,867,037,000港元）。公平值乃使用企业债券 於2016年9月30日的市场价格计算。 88 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 For the six months ended 30 September 2016 截至2016年9月30日止六个月 Notes to Interim Condensed Consolidated Financial Statements (Continued) 中期简明综合财务报表附注 （续） 24. Domestic Company Bonds On 14 January 2016, China South International completed the issuance of the first tranche of domestic company bonds of 2016 (the “2016 First tranche DCB”) with a total principal amount of RMB3,000,000,000 on the Shenzhen Stock Exchange of the PRC. The 2016 First tranche DCB carry interest at the rate of 5.98% per annum, payable annually on 13 January in arrears, and will mature on 13 January 2019. On 4 May 2016, China South International completed the issuance of the second tranche of domestic company bonds of 2016 (the “2016 Second tranche DCB”) with a total principal amount of RMB1,400,000,000 on the Shenzhen Stock Exchange of the PRC. The 2016 Second tranche DCB carry interest at the rate of 6.85% per annum, payable annually on 3 May in arrears, and will mature on 3 May 2019. The domestic company bonds recognised in the statement of financial position were calculated as follows: 30 September 31 March 2016 2016 2016年 2016年 9月30日 3月31日 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） Carrying amount at the beginning of period/year 期�u年初的账面值 3,629,086 �C Additions 新增 1,615,390 3,582,545 Interest expenses 利息开支 155,590 47,210 Exchange realignment 汇兑调整 (124,253) (669) Carrying amount at the end of period/year 期�u年终的账面值 5,275,813 3,629,086 The fair value of the domestic company bonds as at 30 September 2016 amounted to HK$5,194,339,000 (31 March 2016: HK$3,662,374,000). The fair value is calculated using the market price of the domestic company bonds on 30 September 2016. 24. 境内公司债券 华南国际於2016年1月14日完成於深圳证券交 易所发行本金总额为人民币3,000,000,000元的 2016年第一期境内公司债券。2016年第一期境 内公司债券年利率为5.98%，每年於1月13日後 支付，并将於2019年1月13日到期。 华南国际於2016年5月4日完成於深圳证券交易 所发行本金总额为人民币1,400,000,000元的 2016年第二期境内公司债券。2016年第二期境 内公司债券年利率为6.85%，每年於5月3日後 支付，并将於2019年5月3日到期。 已於财务状况表确认的境内公司债券计算如下： 於 2016 年 9 月 30 日 ， 境 内 公 司 债 券 的 公 平 值 达 5,194,339,000 港 元 （ 2016 年 3 月 31 日： 3,662,374,000港元）。公平值乃使用境内公司 债券於2016年9月30日的市场价格计算。 Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 89 For the six months ended 30 September 2016 截至2016年9月30日止六个月 Notes to Interim Condensed Consolidated Financial Statements (Continued) 中期简明综合财务报表附注 （续） 25. Share Capital 30 September 31 March 2016 2016 2016年 2016年 9月30日 3月31日 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） Issued and fully paid 已发行及缴足： 8,006,321,999 (31 March 2016: 7,999,321,999) ordinary shares 8,006,321,999股 （ 2016年3月31日： 7,999,321,999股）普通股 7,054,362 7,043,784 During the six months ended 30 September 2016, the movements in share capital were as follows: Number of Note shares in issue Share capital 附注 已发行股份数目 股本 HK$’000 千港元 At 31 March 2016 於2016年3月31日 7,999,321,999 7,043,784 Exercise of share options 行使购股权 26 7,000,000 10,578 At 30 September 2016 於2016年9月30日 8,006,321,999 7,054,362 25. 股本 截至2016年9月30日止六个月，股本变动如下： 90 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 For the six months ended 30 September 2016 截至2016年9月30日止六个月 Notes to Interim Condensed Consolidated Financial Statements (Continued) 中期简明综合财务报表附注 （续） 26. Share Options The Company has adopted a share option scheme on 4 September 2009 (the “Share Option Scheme”) to provide incentives and reward to selected eligible persons which include directors, employees, officers, agents, consultants or representatives of the Group for their contribution or potential contribution to the Company or its subsidiaries. The Share Option Scheme became effective on 30 September 2009 and, unless otherwise cancelled or amended, will remain in force for 10 years from that date. The following share options were outstanding under the Share Option Scheme during the period: 30 September 2016 31 March 2016 2016年9月30日 2016年3月31日 Weighted Weighted average price Number of average price Number of per share options per share options 每股加权 每股加权 平均行使价 购股权数目 平均行使价 购股权数目 HK$ ’000 HK$ ’000 港元 千份 港元 千份 At beginning of period/year 於期�u年初 3.0604 250,240 3.7190 175,400 Granted during the period/year 期�u年内授出 1.7500 70,500 1.5280 79,990 Exercised during the period/year 期�u年内行使 1.2900 (7,000) 1.6900 (4,650) Lapsed during the period/year 期�u年内失效 1.6900 (700) 1.6900 (500) At end of period/year 於期�u年终 2.8080 313,040 3.0604 250,240 26. 购股权 本公司已於2009年9月4日采纳购股权计划 （ 「购 股权计划」），向对本公司或其附属公司作出贡 献或潜在贡献的经甄选合资格人士 （包括本集团 董事、雇员、高级职员、代理、顾问或代表）提 供奖励及回报，购股权计划自2009年9月30日 起生效，并由当日起持续十年 （除非取消或作出 修订）。 下列购股权於期内根据购股权计划尚未行使： Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 91 For the six months ended 30 September 2016 截至2016年9月30日止六个月 Notes to Interim Condensed Consolidated Financial Statements (Continued) 中期简明综合财务报表附注 （续） 26. Share Options (Continued) The exercise prices and exercise periods of the share options outstanding as at the end of the reporting period are as follows: Number of options Exercise price Exercise period 购股权数目 行使价 行使期 HK$ per share 每股港元 1,500,000 1.69 27-06-2013 to 26-06-2018 2013年6月27日至2018年6月26日 10,500,000 1.69 27-06-2014 to 26-06-2018 2014年6月27日至2018年6月26日 1,250,000 1.69 27-06-2015 to 26-06-2018 2015年6月27日至2018年6月26日 22,000,000 4.14 17-02-2014 to 16-02-2019 2014年2月17日至2019年2月16日 24,000,000 4.14 17-02-2015 to 16-02-2019 2015年2月17日至2019年2月16日 2,000,000 4.14 17-02-2016 to 16-02-2019 2016年2月17日至2019年2月16日 49,650,000 4.07 30-06-2014 to 29-06-2019 2014年6月30日至2019年6月29日 50,650,000 4.07 30-06-2015 to 29-06-2019 2015年6月30日至2019年6月29日 1,000,000 4.07 30-06-2016 to 29-06-2019 2016年6月30日至2019年6月29日 39,995,000 1.528 13-01-2016 to 12-01-2021 2016年1月13日至2021年1月12日 39,995,000 1.528 13-01-2017 to 12-01-2022 2017年1月13日至2022年1月12日 23,500,000 1.75 22-08-2016 to 21-08-2021 2016年8月22日至2021年8月21日 35,250,000 1.75 22-08-2017 to 21-08-2022 2017年8月22日至2022年8月21日 11,750,000 1.75 22-08-2018 to 21-08-2023 2018年8月22日至2023年8月21日 313,040,000 26. 购股权 （续） 於报告期末，未行使购股权的行使价及行使期 如下： 92 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 For the six months ended 30 September 2016 截至2016年9月30日止六个月 Notes to Interim Condensed Consolidated Financial Statements (Continued) 中期简明综合财务报表附注 （续） 26. Share Options (Continued) The Group recognised a share option expense of HK$18,283,000 (six months ended 30 September 2015: HK$11,114,000) during the six months ended 30 September 2016. The 7,000,000 share options exercised during the period resulted in the issue of 7,000,000 ordinary shares of the Company and new share capital of HK$9,030,000 (before expenses). An amount of HK$1,548,000 was transferred from the share option reserve to the share capital upon the exercise of the share options (note 25). At the end of the reporting period, the Company had 313,040,000 share options outstanding under the Share Option Scheme, which represented approximately 3.91% of the Company’s shares in issue as at that date. The exercise in full of the outstanding share options would, under the present capital structure of the Company, result in the issue of 313,040,000 additional ordinary shares of the Company and additional share capital of HK$879,003,000 (before expenses). 27. Contingent Liabilities At the end of each reporting period, contingent liabilities not provided for in the financial statements were as follows: 30 September 31 March 2016 2016 2016年 2016年 9月30日 3月31日 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） Guarantees given to banks in connection with facilities granted to third parties* 就第三方获授的融资而 向银行作出担保* 7,871,270 5,805,356 26. 购股权 （续） 截至2016年9月30日止六个月，本集团确认购 股权开支合共18,283,000港元 （截至2015年9月 30日止六个月：11,114,000港元）。 於本期间行使的7,000,000份购股权，导致本公 司发行7,000,000股普通股及价值9,030,000港 元的股本 （扣除发行开支前）。当购股权行使， 1,548,000港元由购股权储备转拨到股本 （附注 25）。 於 报 告 期 末 ， 根 据 购 股 权 计 划 ， 本 公 司 有 313,040,000份未行使购股权，相当於本公司当 日已发行股份约3.91%。根据本公司现时的资 本结构而言，全数行使未行使购股权将会导致 本公司发行313,040,000股额外普通股及额外股 本879,003,000港元 （扣除发行开支前）。 27. 或然负债 於报告期末，财务报表内未有拨备的或然负债 如下： Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 93 For the six months ended 30 September 2016 截至2016年9月30日止六个月 Notes to Interim Condensed Consolidated Financial Statements (Continued) 中期简明综合财务报表附注 （续） 27. Contingent Liabilities (Continued) * The Group has provided guarantees in respect of banking facilities granted by certain banks to the purchasers of the Group’s properties held for sale and held for finance lease. Pursuant to the terms of the guarantees, if there is default of the loan payments by the purchasers and lessees, the Group is responsible to repay the outstanding loans together with accrued interest thereon and any penalty owed by the defaulted purchasers and lessees to banks. The Group is then entitled to take over the legal titles and usage rights of the related properties. For trade center units and residential properties sold, the guarantee period commences from the dates of grant of the relevant loans and ends when the purchasers obtain the building ownership certificates which will then be pledged with the banks. For residential and commercial properties under finance leases, the guarantees will be released along with the full repayment of loan principal by the lessees. The Group did not incur any material losses during the period in respect of the guarantees provided for mortgage facilities granted to the purchasers and lessees of the Group’s properties. The directors consider that in case of default on payments, the net realisable value of the related properties can cover the repayment of the outstanding mortgage loans together with any accrued interest and penalty, and therefore the fair value of the guarantees is not significant. 28. Commitments The Group had the following commitments at the end of each reporting period: 30 September 31 March 2016 2016 2016年 2016年 9月30日 3月31日 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） Contracted, but not provided for: Properties under development 已订约但未拨备： 发展中物业 9,168,971 7,350,506 27. 或然负债 （续） * 若干银行授予本集团持作销售物业及融资租赁 物业的买家的银行信贷，本集团就该等银行贷 款提供担保。根据该等担保条款，倘该等买家 及承租人拖欠贷款还款，本集团负责偿还未付 贷款，连同应计利息，以及欠款买家及承租人 结欠银行的任何罚金。其後，本集团有权接管 相关物业的法律业权及使用权。已售交易中心 商�m及住宅物业方面，担保期由相关贷款授出 日期起至买家取得其後抵押予银行的房地产权 证日期止。就融资租赁下的住宅及商业物业而 言，担保将随承租人偿还贷款本金解除。 本集团於期内并无因向本集团物业买家及承租 人获授按揭融资所提供担保录得任何重大亏 损。董事认为，倘出现拖欠款项的情况，相关 物业的可变现净值足以支付未偿还按揭贷款连 同任何应计利息及罚款，是故担保公平值并非 有重大影响。 28. 承担 於报告期末，本集团有以下承担： 94 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 For the six months ended 30 September 2016 截至2016年9月30日止六个月 Notes to Interim Condensed Consolidated Financial Statements (Continued) 中期简明综合财务报表附注 （续） 29. Related Party Transactions (a) The Group had the following material transactions with related parties during the six months ended 30 September 2016 and 2015: For the six months ended 30 September 截至9月30日止六个月 2016 2015 2016年 2015年 Notes HK$’000 HK$’000 附注 千港元 千港元 (Unaudited) (Unaudited) （未经审核） （未经审核） Rental expense and related service fees for an office property paid to: 辨公楼的租金开支及相关服务 费用支付予： A company of which a director of the Company is a controlling shareholder 本公司董事担任一间公司 的控股股东 (i) 1,407 1,392 Rental income for certain office units received from: 数个办公楼的租金收入收取： A company of which a director of the Company is a controlling shareholder 本公司董事担任一间公司 的控股股东 (ii) �C 544 Notes: (i) The Group leased the office property of a company of which a director of the Company is a controlling shareholder. The rental and related service fees were based on terms mutually agreed between both parties. (ii) The Group leased certain office units to a related party of which a director of the Company is a controlling shareholder. The rental was based on the rental charged to the other tenants of the Group. 29. 关连人士交易 (a) 截 至 2016 年 及 2015 年 9 月 30 日 止 六 个 月，本集团曾与关连人士有如下列重大交 易： 附注： (i) 本集团向本公司董事担任控股股东的一 家公司租入办公楼。租金及有关费用根 据双方协定条款计算。 (ii) 本集团向本公司董事任控股股东的关联 公司出租办公楼。租金根据本集团与其 他方的租金确定。 Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 95 For the six months ended 30 September 2016 截至2016年9月30日止六个月 Notes to Interim Condensed Consolidated Financial Statements (Continued) 中期简明综合财务报表附注 （续） 29. Related Party Transactions (Continued) (b) Outstanding balances with related parties: 30 September 31 March 2016 2016 2016年 2016年 9月30日 3月31日 Note HK$’000 HK$’000 附注 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） Due from associates 应收联营公司款项 (i) 66,582 63,626 Due to an associate 应付一家联营公司款项 (i) �C (3,316) Note: (i) The amounts due from associates and due to an associate are unsecured, interest-free and have no fixed terms of repayment. (c) Compensation of key management personnel of the Group: For the six months ended 30 September 截至9月30日止六个月 2016 2015 2016年 2015年 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Unaudited) （未经审核） （未经审核） Short term employee benefits 短期雇员福利 11,395 11,080 Post-employment benefits 离职後福利 27 27 Share-based payments 以权益结算的购股权开支 7,716 10,311 Total compensation paid to key management personnel 支付予主要管理人员的 薪酬总额 19,138 21,418 29. 关连人士交易 （续） (b) 关连人士的未偿还结余： 附注： (i) 应收及应付联营公司款项为无抵押、免 息及无固定还款期。 (c) 本集团主要管理人员薪酬： 96 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 For the six months ended 30 September 2016 截至2016年9月30日止六个月 Notes to Interim Condensed Consolidated Financial Statements (Continued) 中期简明综合财务报表附注 （续） 30. Fair Value and Fair Value Hierarchy of Financial Instruments The carrying amounts and fair values of the Group’s financial instruments, other than those with carrying amounts that reasonably approximate to fair values, are as follows: Carrying amounts Fair values 账面值 公平值 30 September 2016 31 March 2016 30 September 2016 31 March 2016 2016年 9月30日 2016年 3月31日 2016年 9月30日 2016年 月3月31日 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 (Unaudited) (Audited) (Unaudited) (Audited) （未经审核） （经审核） （未经审核） （经审核） Short-term notes 短期融资�� 1,394,280 2,525,460 1,396,873 2,588,000 Senior notes 优先票据 4,454,209 4,113,363 4,656,467 4,155,497 Medium-term notes 中期票据 4,687,421 5,026,696 4,958,276 5,273,563 Corporate bonds 企业债券 1,768,348 1,891,219 1,777,707 1,867,037 Domestic company bonds 境内公司债券 5,275,813 3,629,086 5,194,339 3,662,374 17,580,071 17,185,824 17,983,662 17,546,471 Management has assessed that the fair values of cash and cash equivalents, trade receivables, financial assets included in prepayments, deposits and other receivables, financial liabilities included in trade and other payables, current portion of interest-bearing bank and other borrowings and amounts due from associates, approximate to their carrying amounts largely due to the short term maturities of these instruments. The Group’s management is responsible for determining the policies and procedures for the fair value measurement of financial instruments. The management reports directly to the directors and the audit committee. At each reporting date, the management analyses the movements in the values of financial instruments and determines the major inputs applied in the valuation. The valuation is reviewed and approved by the directors. The valuation process and results are discussed with the audit committee twice a year for interim and annual financial reporting. 30. 金融工具之公平值及公平值等级架 构 本集团及本公司之金融工具之账面值及公平值 （账面值与公平值极其相近者除外）如下： 管理层已评估，现金及现金等价物、应收账 款、金融资产包括预付款，订金及其他应收款 项、金融负债包括应付及其他应付款项、计息 银行及其他借贷的即期部分及应收联营公司款 项之公平值与其各自之账面值相若，主要因为 该等工具於短期内到期。 本集团管理层负责厘定金融工具公平值计量之 政策及程序。管理层直接向董事及审核委员会 报告。於各报告日期，管理层分析金融工具之 价值变动并厘定估值中适用的主要元素。估值 由董事审核及批准。估值过程及结果由审核委 员会进行每年两次，即中期及年度财务申报时 讨论。 Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 97 For the six months ended 30 September 2016 截至2016年9月30日止六个月 Notes to Interim Condensed Consolidated Financial Statements (Continued) 中期简明综合财务报表附注 （续） 30. Fair Value and Fair Value Hierarchy of Financial Instruments (Continued) The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values: The fair values of the non-current portion of other long-term receivables and interest-bearing bank and other borrowings have been calculated by discounting the expected future cash flows using rates currently available for instruments with similar terms, credit risk and remaining maturities. The Group’s own nonperformance risk in interest-bearing bank and other borrowings as at 30 September 2016 was assessed to be insignificant. The fair values of the non-current portion of other long-term receivables and interest-bearing bank and other borrowings are not materially different from their carrying amounts. The fair value of short-term notes, senior notes, medium-term notes, corporate bonds and domestic company bonds are calculated using the market price on 30 September 2016. As at 30 September 2016 and 31 March 2016, the Group’s financial instruments which comprised held-for-trading investments at fair value through profit or loss were measured at fair value. The fair values of held-for-trading investments at fair value through profit or loss are based on quoted market prices. 30. 金融工具之公平值及公平值等级架 构 （续） 金融资产及负债的公平值按可在有意双方 （强迫 或清盘销售除外）之间的现时交易中进行交换的 工具的金额入账。已采用下列方法及假设对公 平值进行估计： 其他长期应收款项、计息银行及其他借贷非即 期部分之公平值采用与该等工具相似条款、信 贷风险及剩余到期时间之现行利率对预期未来 现金流量进行贴现计算得出。於2016年9月30 日，本集团自身计息银行及其他借贷之不履约 风险被评定为并不重大。其他长期应收款项及 计息银行及其他借贷的非即期部分的公平值与 账面值相差不大。 短期融资券、优先票据、中期票据、企业债券 及境内公司债券之公平值乃根据2016年9月30 日的市场报价厘定。 於2016年9月30日及2016年3月31日，本集团之 金融工具包含透过损益以公平值列账之持作负 债投资以公平值计算。透过损益以公平值列账 之持作买卖投资之公平值乃根据市场报价厘定。 98 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 For the six months ended 30 September 2016 截至2016年9月30日止六个月 Notes to Interim Condensed Consolidated Financial Statements (Continued) 中期简明综合财务报表附注 （续） 30. Fair Value and Fair Value Hierarchy of Financial Instruments (Continued) Fair value hierarchy The following tables illustrate the fair value measurement hierarchy of the Group’s financial instruments: Assets measured at fair value: As at 30 September 2016 於2016年9月30日 Fair value measurement using quoted prices in active markets (Level 1) 使用於活跃市场之报价 的公平值计量 （第1级） HK$’000 千港元 (Unaudited) （未经审核） Held-for-trading investments at fair value through profit or loss 透过损益以公平值列账之持作 买卖投资 31,200 As at 31 March 2016 於2016年3月31日 Fair value measurement using quoted prices in active markets (Level 1) 使用於活跃市场之报价 的公平值计量 （第1级） HK$’000 千港元 (Audited) （经审核） Held-for-trading investments at fair value through profit or loss 透过损益以公平值列账之持作 买卖投资 27,365 Liabilities measured at fair value: The Group did not have any financial liabilities measured at fair value as at 30 September 2016 and 31 March 2016. During the period, there were no transfers of fair value measurements between Level 1 and Level 2 and no transfer into or out of Level 3 (six months ended 30 September 2015: nil). 30. 金融工具之公平值及公平值等级架 构 （续） 公平值等级 本集团运用下列等级，以取决及披露金融工具 之公平值： 按公平值计量之资产： 按公平值计量之负债： 於2016年9月30日及2016年3月31日，本集团 并无以公平值计量的金融负债。 期内，公平值计量於第1级别与第2级别之间并 无转换及无转入或转出至第3级别 （截至2015年 9月30日六个月止：无）。 Interim Report 2016/17 中期报告 China South City Holdings Limited 华南城控股有限公司 99 For the six months ended 30 September 2016 截至2016年9月30日止六个月 Notes to Interim Condensed Consolidated Financial Statements (Continued) 中期简明综合财务报表附注 （续） 30. Fair Value and Fair Value Hierarchy of Financial Instruments (Continued) Fair value hierarchy (Continued) Liabilities for which fair values are disclosed: As at 30 September 2016 於2016年9月30日 Fair value measurement using 使用以下各项进行公平值计量 Quoted prices in active markets (Level 1) Significant observable input (Level 2) Total 於活跃市埸 之报价 （第1级） 重大可观察 元素 （第2级） 总计 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 (Unaudited) (Unaudited) (Unaudited) （未经审核） （未经审核） （未经审核） Short-term notes 短期融资�� 1,396,873 �C 1,396,873 Senior notes 优先票据 4,656,467 �C 4,656,467 Medium-term notes 中期票据 4,958,276 �C 4,958,276 Corporate bonds 企业债券 1,777,707 �C 1,777,707 Domestic company bonds 境内公司债券 5,194,339 �C 5,194,339 17,983,662 �C 17,983,662 As at 31 March 2016 於2016年3月31日 Fair value measurement using 使用以下各项进行公平值计量 Quoted prices in active markets (Level 1) Significant observable input (Level 2) Total 於活跃市埸 之报价 （第1级） 重大可观察 元素 （第2级） 总计 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 (Audited) (Audited) (Audited) （经审核） （经审核） （经审核） Short-term notes 短期融资�� 2,588,000 �C 2,588,000 Senior notes 优先票据 4,155,497 �C 4,155,497 Medium-term notes 中期票据 5,273,563 �C 5,273,563 Corporate bonds 企业债券 1,867,037 �C 1,867,037 Domestic company bonds 境内公司债券 �C 3,662,374 3,662,374 13,884,097 3,662,374 17,546,471 30. 金融工具之公平值及公平值等级架 构 （续） 公平值等级 （续） 已披露公平值之金融负债： 100 China South City Holdings Limited 华南城控股有限公司 Interim Report 2016/17 中期报告 For the six months ended 30 September 2016 截至2016年9月30日止六个月 Notes to Interim Condensed Consolidated Financial Statements (Continued) 中期简明综合财务报表附注 （续） 31. Events After the Reporting Period On 3 October 2016, the Company further issued senior notes in an aggregate principal amount of US$150,000,000 (the “2016 Notes II”). The 2016 Notes II were consolidated and form a single series with the 2016 Notes I issued by the Company on 13 September 2016 (note 21) are listed on the Singapore Exchange Securities Trading Limited. The 2016 Notes II carry interest at the rate of 6.75% per annum, payable semi-annually on 13 September and 13 March in arrears, and will mature on 13 September 2021, unless redeemed earlier. The offering price was at 98.964% of the principal amount of the 2016 Notes II. 32. Approval of Interim Condensed Consolidated Financial Statements These interim condensed consolidated financial statements were approved and authorised for issue by the board of directors of the Company on 25 November 2016. 31. 报告期间结束後事项 於2016年10月3日，本公司进一步发行本金总 额150,000,000美元的优先票据 （ 「 2016年票据 II」）。2016年票据II与本公司於2016年9月13日 发行之2016年票据I合并并组成为单一系列 （附 注21）并於新加坡证券交易所有限公司上市。 2016年票据II按年利率6.75%计息，每半年於9 月13日及3月13日期後支付，并将於2016年9月 13日到期 （除非提早赎回）。发售价为2016年票 据II本金总额的98.964%。 32. 批准中期简明综合财务报表 本公司董事会已於2016年11月25日批准并授权 刊发此等中期简明综合财务报表。