风神彩票番摊:[HK]合生创展集团:中期报告2021

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原标题:合生创展集团:中期报告2021

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Stock Code 股份代號 : 00754
INTERIM REPORT 中期報告 2021
多元煥新
領域未來
NEW
DIVERSITY
Guangzhou
Jiangmen 廣州
江門
Yangshuo
陽朔
Zhongshan
中山
Huizhou
惠州
Hangzhou
杭州
Cixi
慈溪
Shanghai
上海
Taicang
太倉
Kunshan
昆山
Ningbo
寧波
Qinhuangdao
秦皇島
Tianjin
天津
Langfang
廊坊
Tangshan
唐山
Taiyuan
太原
Beijing
北京
Dalian
大連
珠江三角洲
經濟圈
Pearl River Delta
Economic Zone
長江三角洲
經濟圈
Yangtze River Delta
Economic Zone
環渤海
經濟圈
Bohai Rim
Economic Zone
Shenzhen
深圳
Footprints of Hopson in
合生創展在 CHINA
中 國
02
03
16
21
73
75
76
Interim Results and Dividend
中期業績及股息
Management Discussion and Analysis
管理層討論及分析
Financial Review
財務回顧
Interim Financial Information
中期財務資料
Directors’ and Chief Executives’
Interests and Short Positions in Shares,
Underlying Shares and Debentures
董事及行政總裁於股份、相關股份及
債券擁有之權益及淡倉
Substantial Shareholders
主要股東
Other Information
其他資料
CONTENTS 目錄
INTERIM RESULTS AND DIVIDEND
中期業績及股息
02 Hopson Development Holdings Limited Interim Report 2021
The board (the “Board”) of directors (the “Directors”) of Hopson Development
Holdings Limited (“Hopson” or “Hopson Development” or the “Company”) is
pleased to announce that the unaudited consolidated profit attributable to
equity holders of the Company and its subsidiaries (collectively the “Group”) for
the six months ended 30th June 2021 amounted to approximately HK$5,632
million. Basic earnings per share was HK$2.341.
The Board of Directors has declared an interim dividend of HK50 cents per
share to shareholders whose names appear on the register of members of the
Company at the close of business on Friday, 15th October 2021. The dividend
will be paid on Friday, 26th November 2021.
The Board has proposed to make a bonus issue of one new share for every ten
existing shares held by shareholders whose names are on the register of
members of the Company at the close of business on Friday, 15th October
2021 (“Bonus Issue”). The Bonus Issue is proposed to be made under the
general mandate to issue shares of the Company granted by the shareholders
to the Board by the resolution of the shareholders passed in the annual general
meeting of the Company held on 11th June 2021.
合生創展集團有限公司(以下簡稱「合生」或「合
生創展」或「本公司」)之董事(「董事」)會(「董事
會」)欣然宣佈,本公司及其子公司(統稱「本集
團」)截至二零二一年六月三十日止六個月之股
權持有人應佔未經審核綜合溢利約為5,632百萬
港元。每股基本盈利為2.341港元。

董事會已向於二零二一年十月十五日(星期五)
營業時間結束時名列本公司股東名冊之股東宣
派中期股息每股50港仙。中期股息將於二零二
一年十一月二十六日(星期五)支付。

董事會建議配發紅股予於二零二一年十月十五
日(星期五)營業時間結束時名列在本公司股東
名冊之股東,分配率為每十股現有股份可獲派
送一股新股(「派送紅股」)。建議根據股東於二
零二一年六月十一日舉行之本公司股東週年大
會上通過的股東決議案向董事會授出的一般授
權派送紅股。
合生創展集團有限公司 中期報告2021 03
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
The Group’s business is divided into five major segments consisting of real
estate, commercial, property management, investments and infrastructure.
A. REAL ESTATE SEGMENT
I. Revenue from and development of the real estate
segment
In the first half of 2021, the recognised sales from the real estate segment
amounted to HK$6,483 million. The major projects delivered include The
Town of Hangzhou Bay (合生杭州灣國際新城) and Hopson No. 8
Royal Park (合生霄雲路8號). The overall average selling price in
respect of delivered and completed properties was HK$21,241
(RMB17,776) per square metre, which increased by 8% compared to the
same period of last year.
In the first half of 2021, the contracted sales of the Group amounted to
RMB21,227 million. In terms of product type, suburban properties, highend
properties and renovated properties accounted for 2%, 38% and
60% of the total contracted sales, respectively. In terms of regional sales,
the sales in the Yangtzae River Delta, the Guangdong-Hong Kong-Macao
Greater Bay Area and Bohai Rim Economic Zone amounted to RMB3,116
million, RMB7,815 million and RMB10,296 million, respectively. During
the first half of 2021, the Group boosted the sales of high-end products
targeting improvement demand, and the sales of products targeting
rigid demand remained strong as usual. In particular, Hopson No. 8 Royal
Park (合生霄雲路8號), Hopson YUNē (合生縵雲), Hopson Hushan
Guoji Villa (合生湖山國際), Beijing Jinmao Palace Phase II (北京金茂
府二期) and Hopson MIYA (合生me悅) had achieved excellent sales
of exceeding RMB1,000 million. As a result of the structure of products
sold, the average selling price of contracted property sales was
RMB35,072 per square metre, representing an increase of approximately
120.5% from RMB15,909 per square metre in the corresponding period
of 2020.
集 團 的 業 務,分 為 地 產、商 業、物 業 管 理、投
資和基建五大板塊。

A. 地產板塊
I. 地產板塊收益及發展情況
二零二一年上半年,地產板塊的確認銷售
金額為64.83億港元,重點的交樓項目有合
生杭州灣國際新城和合生霄雲路8號 等。

有 關 交 付 及 落 成 物 業 的 整 體 平 均 售 價 為
每平方米21,241港元(人民幣17,776元),較
去年同期上升8%。

二 零 二 一 年 上 半 年,集 團 的 合 約 銷 售 金
額 為 人 民 幣212.27億 元。以 產 品 類 型 分 類
計,遠 郊 盤 佔2%,高 端 盤 佔38%,剛 改 盤
佔60%;以 地 區 分 類 計,長 三 角 銷 售 額 為
人民幣31.16億元,大灣區銷售額為人民幣
78.15億 元,環 渤 海 經 濟 圈 為 人 民 幣102.96
億元。集團在二零二一年上半年加快了高
端改善產品的去貨,剛需產品的去貨也一
如 既 往 的 強 勁。當 中,合 生 霄 雲 路8號、
合生縵雲、合生湖山國際、北京金茂府二
期、合 生me悅 均 錄 得 超 過 人 民 幣10億 元
的 佳 績。受 銷 售 的 產 品 結 構 的 影 響,物
業 合 約 銷 售 平 均 售 價 為 每 平 方 米 人 民 幣
35,072元,較 二 零 二 零 年 同 期 每 平 方 米 人
民幣15,909元同比上升約120.5%。
04 Hopson Development Holdings Limited Interim Report 2021
Management Discussion and Analysis (Continued)
管理層討論及分析(續)
A. 地產板塊(續)
II. 地產板塊發展策略
集團在北京、上海、廣州等一線城市擁有
大 量 優 質 且 成 本 較 低 的 土 地 儲 備,這 也
是 維 持 集 團 持 續 發 展 的 核 心 競 爭 優 勢 之
一。期內,集團平衡長遠發展與當前發展
的需要,新增土地面積186,241平方米。截
至二零二一年六月三十日,本集團擁有土
地儲備30.48百萬平方米,足夠滿足集團未
來發展所需。為了更有效的補充一綫城市
的優質土地,集團將積極配合政府持續推
動的舊改項目政策,使集團進入重點城市
的核心地段的同時,避免了招拍掛市場上
競拍的高土地成本。

a. 用途及地區
A. REAL ESTATE SEGMENT (Continued)
II. Real estate segment development strategies
The Group has abundant quality, low-cost land bank in first-tier cities
such as Beijing, Shanghai and Guangzhou, which is one of the core
competitive edges of the Group for maintaining sustainable
development. During the period, in order to balance the needs for longterm
development and current development, the Group acquired new
land bank of 186,241 square metres. As at 30th June 2021, the Group had
a land bank of 30.48 million square metres, which was sufficient for the
Group’s development needs in the future. In order to acquire quality
land in first-tier cities efficiently, the Group will actively act in line with
the government in facilitating urban redevelopment projects, thus
enabling the Group to expand into prime locations in core cities while
avoiding high land premium caused by tenders, auctions, listing and
bidding.
a. Usage and location
Saleable Area (million sq.m.)
可供銷售面積(百萬平方米)
Guangzhou Huizhou Beijing Tianjin Shanghai Ningbo Total
廣州 惠州 北京 天津 上海 寧波 總計
Residential 住宅 4.15 5.27 4.15 5.49 2.17 — 21.23
Shopping arcade 商舖 0.95 0.24 0.37 0.05 0.30 0.02 1.93
Office 辦公室 0.92 0.25 0.34 0.15 0.19 — 1.85
Car parks 停車場 1.41 1.45 0.96 — 0.87 — 4.69
Hotels 酒店 0.24 0.11 0.16 0.18 0.09 — 0.78
Total 總計 7.67 7.32 5.98 5.87 3.62 0.02 30.48
合生創展集團有限公司 中期報告2021 05
Management Discussion and Analysis (Continued)
管理層討論及分析(續)
A. 地產板塊(續)
II. 地產板塊發展策略(續)
b. 發展狀況及地區
c. 發展狀況及用途
二零二一年上半年,中國政府發佈的土地
新政策,要求中國二十二個重點城市對住
宅用地實施「兩集中」的新政,包括全年不
得 超 過 三 次 的 集 中 發 佈 土 地 出 讓 公 告,
以集中組織出讓活動。隨著樓市調控從限
購、限貸、限售等轉變為改變土地政策,
以及加強對房地產金融政策的收緊,估計
二 零 二 一 年 下 半 年 中 國 樓 市 調 控 將 持 續
精細化調控,樓市強實力調控下,全國各
地的房價將維持穩定。

A. REAL ESTATE SEGMENT (Continued)
II. Real estate segment development strategies (Continued)
b. Development status and location
Saleable Area (million sq.m.)
可供銷售面積(百萬平方米)
Guangzhou Huizhou Beijing Tianjin Shanghai Ningbo Total
廣州 惠州 北京 天津 上海 寧波 總計
Completed properties 已落成物業 1.00 0.44 1.87 1.16 1.33 0.02 5.82
Properties under
development
發展中物業
1.32 1.99 1.82 0.96 2.15 — 8.24
Properties to be
developed
待發展物業
5.35 4.89 2.29 3.75 0.14 — 16.42
Total 總計 7.67 7.32 5.98 5.87 3.62 0.02 30.48
c. Development status and usage
Saleable Area (million sq.m.)
可供銷售面積(百萬平方米)
Residential
Shopping
Arcade Office Car Parks Hotels Total
住宅 商舖 辦公室 停車場 酒店 總計
Completed properties 已落成物業 2.75 0.84 0.54 1.39 0.30 5.82
Properties under development 發展中物業 6.39 0.21 0.14 1.43 0.07 8.24
Properties to be developed 待發展物業 12.09 0.88 1.17 1.87 0.41 16.42
Total 總計 21.23 1.93 1.85 4.69 0.78 30.48
In the first half of 2021, the PRC government issued a new land policy
requiring the 22 key cities in China to implement the new “Two
Concentrations” policy for residential land, which stipulates that, among
other things, there shall not be more than three centralised
announcements of land transfer throughout the year, in order to
centralise the organisation of transfer activities. As the regulation of the
property market shifts from restrictions on the purchase, mortgage and
sales of properties to changes in land policies, together with the
tightening of real estate financial policies, it is expected that China’s
property market regulation will continue to be refined in the second half
of 2021, and the housing prices across the country will remain stable
under the strong regulation and control of the property market.
06 Hopson Development Holdings Limited Interim Report 2021
Management Discussion and Analysis (Continued)
管理層討論及分析(續)
B. 商業板塊
1. 商業不動產
I. 商業不動產收益及發展情況
截止二零二一年六月三十日,商業不動產
的抵銷前收益為1,925百萬港元,同比上升
36.8%
II. 商業不動產發展策略
商 業 不 動 產 板 塊 旗 下 的 商 業 城 市 綜 合
體,融 合 購 物 中 心、寫 字 樓、酒 店、公
寓、住宅等多種物業形態,以嶄新的運營
理 念,通 過 社 交、文 化、創 新、生 活 方 式
的體驗和傳播,助力城市發展。商業城市
綜合體目前包括1.城市級綜合體,例如:
北 京 合 生 匯、上 海 合 生 匯(五 角 場);2.區
域精品購物中心,例如:廣州海珠合生廣
場;3.多 樣 體 驗 型 商 業 中 心,例 如:北 京
麒麟澳门新葡萄京官网等。

B. COMMERCIAL SEGMENT
1. Commercial real estate
I. Revenue from and development of commercial real estate
As of 30th June 2021, revenue from commercial real estate (before
elimination) was HK$1,925 million, representing a year-on-year increase
of 36.8%.
Revenue from commercial real estate
商業不動產收益
0 500 1,000 1,500 2,000
(HK$ million)
2021年上半年
1H2021
2020年上半年
1H2020
1,925
1,407
(百萬港元)
Leased area
在租面積
1,086
709
0 200 400 600 800 1,000 1,200
1H2021
1H2020
(Thousand
square metre)
2021年上半年
2020年上半年
(千平方米)
II. Commercial real estate development strategies
Integrating the property functions of shopping mall, office, hotel,
apartment and residence, the commercial urban complexes under the
commercial real estate segment are operated with a brand new concept,
and contribute to urban development through social interaction, culture,
innovation and lifestyle experience and communication. At present, the
commercial urban complexes include: 1. urban complex, such as Hopson
One Shopping Mall, Beijing and Shanghai Hopson One (Wujiaochang); 2.
regional deluxe shopping mall, such as Guangzhou Haizhu Hopson
Plaza; 3. diverse experience commercial centre, such as Hopson Kylin
Xintiandi, Beijing and others.
合生創展集團有限公司 中期報告2021 07
Management Discussion and Analysis (Continued)
管理層討論及分析(續)
B. 商業板塊(續)
1. 商業不動產(續)
II. 商業不動產發展策略(續)
二零二一年上半年,中國經濟呈現穩中向
好 發 展 態 勢,消 費 市 場 復 蘇 勢 頭 不 斷 增
強。商品零售增勢良好,消費升級類商品
保持較快增長;接觸型消費加快回升,餐
飲消費規模基本恢復;新興業態增長勢頭
不減,實體零售店舖經營持續向好。這個
勢 頭 使 集 團 的 商 業 不 動 產 的 收 益 保 持 向
好的發展趨勢,為集團現有優化租戶組合
的工作墊下良好的基礎,也使新開張項目
的招商工作進行得更加順利,使商業不動
產的收益持續保持增長的態勢。

預計二零二一年下半年,隨著國民經濟持
續穩定恢復,促進消費的政策不斷發力,
居民消費需求穩步釋放,商業地產市場穩
定 恢 復。從 整 個 商 業 地 產 市 場 發 展 趨 勢
看,新技術與新消費理念引領商業地產市
場 變 革 的 時 代 已 經 來 臨。《「十 四 五」規 劃
建議》明確提出全面促進消費,鼓勵消費
新模式新業態發展。展望下半年,隨著消
費市場活力持續恢復,以及實體商業智慧
運營與綜合服務水平不斷提升,商業不動
產 板 塊 旗 下 物 業 的 租 金 水 平 將 呈 現 平 穩
向上的態勢。

B. COMMERCIAL SEGMENT (Continued)
1. Commercial real estate (Continued)
II. Commercial real estate development strategies (Continued)
In the first half of 2021, the economic development of China
demonstrated a positive momentum while maintaining stability, and the
consumer market continued to gain a strong momentum of recovery.
Commodity retail had a sound growth momentum with goods relating
to consumption upgrade maintaining a higher growth rate. Face-to-face
consumption picked up faster, and the catering consumption basically
recovered. Emerging businesses sustained their upward trend, while
physical retail store operations continued to improve. Such momentum
kept the Group’s revenue from commercial real estate in a positive
development trend, laying a solid foundation for the Group’s current
optimisation of its tenant portfolio. It also facilitated the smooth tenant
recruitment for new projects, which contributed to the continuous
growth of revenue from commercial real estate.
It is expected that in the second half of 2021, with the continuous and
stable recovery of Chinese economy and the constant policy efforts to
promote consumption, the consumption demand of residents will be
released at a steady pace, and the commercial real estate market will
steadily recover. Based on the development trend of the entire
commercial real estate market, an era in which new technologies and
new consumption concepts lead the reform of commercial real estate
market has arrived. The 14th Five-Year Plan clearly proposes to promote
consumption in an all-round way and encourages the development of
new consumption models and new business models. Looking forward
to the second half of the year, as the consumer market gradually restores
its vitality, and the level of physical business intelligence operations and
comprehensive services continues to improve, the rental income levels
of properties under the commercial real estate segment will show a
steady upward trend.
08 Hopson Development Holdings Limited Interim Report 2021
Management Discussion and Analysis (Continued)
管理層討論及分析(續)
B. 商業板塊(續)
2. 合商科技
I. 合商科技收益及發展情況
截止二零二一年六月三十日,风神彩票番摊:合商科技的
抵 銷 前 收 益 為 港 幣469百 萬 港 元,同 比 上
升191.3%。

B. COMMERCIAL SEGMENT (Continued)
2. Hopson Commercial Technology
I. Revenue from and development of Hopson Commercial
Technology
As of 30th June 2021, revenue from Hopson Commercial Technology
(before elimination) was HK$469 million, representing a year-on-year
increase of 191.3%.
Revenue
營業收入
II. Hopson Commercial technology development strategies
Hopson Commercial Technology is a technology management operator
empowered by technology and the new retail philosophy.
Hopson Commercial Technology revolves around the asset-light strategy
to build smart engineering and smart commercial platforms. Hopson
Commercial Technology explores technological development by
providing industry advisory services and smart solutions with advanced
technologies. It strives to conduct intelligent operational management
of commercial assets for the full life cycle of all business projects,
including design, development, renovation, positioning, tenant
recruitment, operation, post-Bend operation and so on.
II. 合商科技發展策略
合 商 科 技 是 以 科 技 賦 能 和 新 零 售 為 理 念
的科技管理運營公司。

合 商 科 技 圍 繞 輕 資 產 戰 略,打 造 智 慧 工
程、智慧商業平台。合商科技進行科技開
發,運用先進技術對產業各端進行業務顧
問諮詢及智慧解決方案。致力對各類商業
業態項目的全生命周期,包括:設計、開
發、改造、定位、招商、運營、B端後運營
等,進行商業資產的智慧運營管理。

0 100 200 300 400 500
469
161
2021年上半年
1H2021
2020年上半年
1H2020
合生創展集團有限公司 中期報告2021 09
Management Discussion and Analysis (Continued)
管理層討論及分析(續)
B. 商業板塊(續)
2. 合商科技(續)
II. 合商科技發展策略(續)
合 商 科 技 開 發 服 務 於 資 產 方,商 戶、顧
客、供 應 商 及 經 營 團 隊 的 智 慧 駕 駛 倉 平
台,建構起資產建設、籌開、招商運營、
顧 客 消 費、供 方 支 撐、內 部 協 同 的 商 業
全鏈條智慧化生態圈,是一家「資產服務
型、平台型、科技型」的企業。

二零二一年上半年,在疫情的影響下,實
體商業被迫推進數字化轉型,越來越多的
購物中心開始推開了數字化的大門,而對
市場上一般的實體商業企業而言,數字化
的轉型還停留在淺層意義上,即單純的綫
上商城、會員記錄系統、停車服務等功能
之上。然而,合商科技將更通透的利用數
字時代的到來,結合各類技術創新與應用
的 運 營 管 理 辦 法 去 重 新 賦 能 商 業 地 產 的
設 計、開 發、改 造、定 位、招 商、運 營、B
端後運營等產業鏈的各個環節,重塑商業
地產投資和運營各環節的效率和模式,使
商業地產輕資產化,並將使商業地產從賺
取資產升值收益走向賺取增值服務收益。

B. COMMERCIAL SEGMENT (Continued)
2. Hopson Commercial Technology (Continued)
II. Hopson Commercial technology development strategies
(Continued)
The development service of Hopson Commercial Technology has
established a full commercial chain smart ecosystem of asset building,
preparation, tenant recruitment and operation, customer consumption,
supplier support, and internal collaboration in terms of a smart cockpit
platform of asset owners, merchants, customers, suppliers and operating
teams, and is an enterprise “based on asset service, platform and
technology”.
In the first half of 2021, as affected by the pandemic, physical businesses
were forced to promote digital transformation, and more shopping malls
stepped into the field of digitalisation. As for the general physical
business enterprises in the market, digital transformation remained
superficial to an extent that only online shopping malls, membership
record systems, parking services and other functions were involved.
However, thoroughly taking advantage of the advent of the digital age,
Hopson Commercial Technology will integrate various technological
innovations with the operation management methods applied to reempower
each link of the commercial property industry chain, including
design, development, renovation, positioning, tenant recruitment,
operation and post-Bend operation, and to reshape the efficiency and
model of commercial property investment and operation. As such, it
allows commercial properties to operate under a light asset model and
facilitates the transformation of commercial properties from earning
asset appreciation income to earning value-added service income.
10 Hopson Development Holdings Limited Interim Report 2021
Management Discussion and Analysis (Continued)
管理層討論及分析(續)
C. 物業管理板塊
I. 科 技 運 營 的 合 生 活 社 區 及 物 業 管
理收益及發展情況
截止二零二一年六月三十日,科技運營的
合 生 活 社 區 及 物 業 管 理 的 抵 銷 前 收 益 分
別為769百萬港元和825百萬港元,同比上
升264%和20%。

C. PROPERTY MANAGEMENT SEGMENT
I. Revenue from and development of technology-driven
hooplife community and property management
As of 30th June 2021, revenue from technology-driven hooplife
community and property management (before elimination) amounted
to HK$769 million and HK$825 million, respectively, representing a yearon-
year increase of 264% and 20%, respectively.
Revenue from hooplife community and property management
合生活社區及物業管理的收益
1H2021 structure of hooplife community technology and property management
二零二一年上半年合生活社區科技及物業管理結構分佈
52%
48%
Hooplife community technology 合生活社區科技
Property management 物業管理
(HK$ million)
0
500
1,000
2020年上半年 2021年上半年
1H2020 1H2021
898
1,594
1,500
2,000
(百萬港元)
合生創展集團有限公司 中期報告2021 11
Management Discussion and Analysis (Continued)
管理層討論及分析(續)
C. 物業管理板塊(續)
II. 科 技 運 營 的 合 生 活 社 區 及 物 業 管
理發展策略
合生活科技集團集物業管理、科技服務、
社區商業全場景運營、資產運營為一體的
創新科技綜合企業。

合 生 活 科 技 集 團 從 產 品 規 劃、設 計、研
發、推廣應用,均多維度佈局社區產業鏈
發展,深度融合物業管理、金融、旅遊、
大 健 康 等 產 業 領 域,實 現 社 區 全 場 景 運
營。

集團的物業管理業務,對內擁有先進的信
息化管理平台及技術,運用智能化的管理
方式及工具,有效的推動物管理的業變革
及 創 新,以 互 聯 網+智 慧 社 區 管 理,為 集
團旗下百多個項目提供涵蓋財務管理、人
力資源管理、工程管理、服務監督管理等
高質的智能物業管理服務。對外,合生活
智 慧 社 區 科 技 平 台 以 物 業 管 理 切 入 點,
為 業 主 提 供 綫 上 綫 下 互 相 結 合 的 社 區 服
務。平台截止二零二一年六月三十日,已
服 務30餘 座 城 市,超 過200個 項 目,經 營
管理面積過1億平方米,為超過100萬戶家
庭提供服務。

合生活科技集團以物業管理為核心,深耕
社區發展,以智慧科技降本增效,創造多
元化的經營收入。合生活科技集團同時助
力政府推進智慧城市和社區的發展。

C. PROPERTY MANAGEMENT SEGMENT (Continued)
II. Development strategies of technology-driven hooplife
community and property management
Hooplife Technology Group is an innovative, technological and
comprehensive enterprise integrating property management,
technological services, commercial full-scenario operations in
community and asset operations.
Hooplife Technology Group has multi-dimensional layout as to the
development of community industry chain from product planning,
design, research and development to promotion and application,
conducting deep integration of property management, finance, tourism,
health and other sectors to realise full-scenario operations in community.
The Group’s property management business possesses an advanced
internal informatisation management platform and technology, and uses
smart management methods and tools that effectively facilitate property
reform and innovation. Under the internet + smart community
management approach, it offers high-quality smart property
management services covering financial management, human resource
management, engineering management, as well as service supervision
and management for more than 100 projects of the Group. Externally,
taking property management as the starting point, the hooplife smart
community technology platform provides property owners with online
and offline community services. As of 30th June 2021, the platform had
provided services for over 200 projects in more than 30 cities, with an
area under operation and management of over 100 million sq.m.. It had
provided services for over 1 million families.
With property management as the core, Hooplife Technology Group has
deepened community development, achieved cost reduction and
efficiency enhancement with smart technology, and created diversified
operating income. Hooplife Technology Group has also assisted the
government in promoting the development of smart city and
community.
12 Hopson Development Holdings Limited Interim Report 2021
Management Discussion and Analysis (Continued)
管理層討論及分析(續)
C. 物業管理板塊(續)
II. 科 技 運 營 的 合 生 活 社 區 及 物 業 管
理發展策略(續)
二 零 二 一 年 上 半 年,國 家 相 關 部 門 陸 續
出台多項政策持續推進行業發展。年初,
住 房 和 城 鄉 建 設 部(「住 建 部」)聯 合 十 部
委發佈《關於加強和改進住宅物業管理工
作的通知》後,各省市地方政府陸續出台
物業管理新政,在細則上落實中央的政策
導向,從中央到地方已經達成支持和鼓勵
物業管理行業發展的共識。其後,國家商
務部等部門發佈《關於推進城市一刻鐘便
民生活圈建設的意見》中也明確提出鼓勵
有條件的物業服務企業向養老、托育、家
政、郵政快遞、前置倉等領域延伸,推動
「物業服務+生活服務」,並明確提出在金
融、稅費上給予優惠政策。

二零二一年下半年,科技運營的合生活社
區 及 物 業 管 理 將 繼 續 抓 住5G和 大 數 據 的
產業發展機會,使之與社區及物業管理服
務互相結合,深化智慧科技應用,以提升
服務質量,壓縮服務成本,進一步提高集
團的利潤。同時,隨著行業市場集中度提
升,規模化發展駛入快車道,科技運營的
合 生 活 社 區 及 物 業 管 理 也 將 進 一 步 加 大
人才招聘規模,完善內部培養體系,儲備
相應的人才隊伍。高素質人才梯隊搭建和
服務智能化也將提高企業運營效率,提升
服務質量及消費者粘性,幫助企業建立品
牌影響力,打造品牌地位。

D. 投資板塊
I. 投資板塊收益及發展情況
集團的投資板塊,專注高新科技類股權投
資。板塊以中長期持有為目標進行配置,
在 低 息 環 境 下 為 現 金 盈 餘 尋 找 更 高 的 資
本回報及穩定現金流,助力集團逐步從房
地產開發、商業地產運營商轉型為科技賦
能 及 產 業 驅 動 的 綜 合 性 投 資 控 股 平 台 公
司。

C. PROPERTY MANAGEMENT SEGMENT (Continued)
II. Development strategies of technology-driven hooplife
community and property management (Continued)
In the first half of 2021, the relevant departments of the PRC government
successively introduced a number of policies to continuously promote
the development of the industry. At the beginning of the year, after the
Ministry of Housing and Urban-Rural Development (the “MOHURD”) and
ten ministries and commissions jointly promulgated the Notice on
Strengthening and Improving Residential Property Management (《關於
加強和改進住宅物業管理工作的通知》), various provincial and
municipal governments successively rolled out new property
management policies and applied the policy guidance of the central
government in their detailed rules. The central and local governments
had reached a consensus to support and encourage the development of
the property management industry. Subsequently, the Opinions on
Promoting the Construction of a Quarter-hour Convenient Living Circle
in Cities (《關 於 推 進 城 市 一 刻 鐘 便 民 生 活 圈 建 設 的 意 見》)
promulgated by the Ministry of Commerce and other departments also
clearly proposed to encourage qualified property service companies to
extend their business to cover elderly care, childcare, housekeeping,
express delivery, pre-positioned warehouses and other services, promote
“property services + life services”, and clearly proposed to put forward
preferential policies on finance and taxes.
In the second half of 2021, the technology-driven hooplife community
and property management will continue to seize the industry
development opportunities of 5G and big data, integrate them with
community and property management services, and deepen the
application of smart technology to improve service quality, reduce
service costs, and further increase the Group’s profits. Meanwhile, as the
market concentration of the industry increases and the scale
development enters the fast lane, the technology-driven hooplife
community and property management will further increase the scale of
talent recruitment, improve the internal training system, and build up
the corresponding talent team. The establishment of high-quality talent
team and intelligent service will also improve the efficiency of business
operations, enhance service quality and consumer loyalty, and help
companies establish a brand name with a strong brand image.
D. INVESTMENTS SEGMENT
I. Revenue from and development of investments segment
The investments segment of the Group focuses on equity investments in
high-and-new technology. With an investment portfolio targeting at
medium-to-long term, this segment pursues higher capital returns and
stable cash flows for its cash surplus in a low interest environment, such
that the Group is able to transform into a comprehensive investment
holding platform company empowered by technology and driven by
the industry from a real estate development and commercial real estate
operator.
合生創展集團有限公司 中期報告2021 13
Management Discussion and Analysis (Continued)
管理層討論及分析(續)
D. INVESTMENTS SEGMENT (Continued)
I. Revenue from and development of investments segment
(Continued)
In the first half of 2021, the Group’s financial assets at fair value through
other comprehensive income amounted to HK$4,103 million; and
financial assets at fair value through profit or loss amounted to
HK$28,787 million. Revenue from investments in the primary market and
secondary market amounted to HK$5,007 million.
For the six months ended 30th June 2021
截至二零二一年六月三十日止六個月
Gain/(loss)
on disposal
Fair value
gain
Dividend
income and
other income Total
出售收益
╱(虧損) 公平值收益
股息收入及
其他收入 合計
HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元
Listed securities: 上市證券:

Equity securities, Hong Kong — 股本證券,香港 455,574 1,532,671 71,121 2,059,366

Equity securities,
Mainland China
— 股本證券,
中國大陸 (6,686) 13,197 80 6,591

Equity securities, United States — 股本證券,美國 1,089,364 988,791 — 2,078,155
Unlisted securities: 非上市證券:

Equity securities, debt securities
and investment funds
— 股本證券,債權
證券及投資基金 — — 165,101 165,101

Structured investment
products
— 結構性投資
產品 668,323 420 29,138 697,881
2,206,575 2,535,079 265,440 5,007,094
For the six months ended 30th June 2020
截至二零二零年六月三十日止六個月
Gain/(loss)
on disposal
Fair value
gain/(loss)
Dividend
income and
other income Total
出售收益╱
(虧損)
公平值收
益╱(虧損)
股息收入及
其他收入 合計
HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元
Listed securities: 上市證券:

Equity securities, Hong Kong — 股本證券,香港 180,698 403,465 147,467 731,630

Equity securities,
Mainland China
— 股本證券,
中國大陸 (59,608) (29,759) 21,401 (67,966)

Equity securities, United States — 股本證券,美國 103,228 1,944,078 — 2,047,306
Unlisted securities: 非上市證券:

Equity securities and
debt securities
— 股本證券及
債權證券 — — 126,503 126,503

Structured investment
products
— 結構性投資
產品 (1,474) — — (1,474)
222,844 2,317,784 295,371 2,835,999
D. 投資板塊(續)
I. 投資板塊收益及發展情況(續)
二零二一年上半年,集團按公平值透過其
他 全 面 收 入 列 賬 之 財 務 資 產 為41.03億 港
元;按公平值透過損益列賬之財務資產為
287.87億 港 元。於 一 級 市 場 及 二 級 市 場 之
投資收入為50.07億港元。
14 Hopson Development Holdings Limited Interim Report 2021
Management Discussion and Analysis (Continued)
管理層討論及分析(續)
D. 投資板塊(續)
II. 投資板塊發展策略
投資板塊主力投資高新科技、醫療科技類
公司。集團相信高科技將成為未來全球及
中國發展最重要的驅動力,集團應當且必
須投身其中,為長遠發展做好準備。按照
集團目前的發展趨勢,基於現有的優質土
地儲備資源及優異的商業地產表現,在未
來一段時期內,現金儲備會不斷上升,需
要有高效的管理工具為資產保值、增值,
其 中 股 票 二 級 市 場 投 資 便 是 良 好 的 管 理
工具之一,特別是部分優質藍籌股,既有
良 好 的 現 金 分 紅,又 具 備 較 快 變 現 的 能
力。同時,集團以中長期持有為目標進行
配置,可以熨平短期市場波動帶來的不確
定性。透過這些投資,集團可以在低息環
境 中 為 盈 餘 資 產 尋 找 更 高 的 資 本 回 報 及
穩定現金流,從而進一步提升股東價值。

此外,為充分應用資產管理工具和應對市
場的波動性變化,集團亦會按需配置一定
量的結構性票據、股票期權等金融工具,
以合理平衡投資收益與市場風險的影響。

D. INVESTMENTS SEGMENT (Continued)
II. Investments segment development strategies
Under the investments segment, the Group focuses on investments in
high-and-new technology and medical science and technology
companies. The Group believes that high-and-new technology will
become the most important driving force behind the future
development of the world and China, and the Group should and must
embrace it to ensure its long-term development. In accordance with the
Group’s current development trend and based on the Group’s existing
high-quality land reserve resources and excellent commercial real estate
performance, it is expected that the Group’s cash reserves will continue
to increase for some time in the future. As such, efficient management
tools are essential to maintain and increase the Group’s asset value.
Investments in listed equity in the secondary market can be one such
liquidity management tool. In particular, certain high-quality blue chip
stocks have good cash dividends and are rapidly realisable. Meanwhile,
as the Group makes investment allocations with a view to holding
investments for medium to long term, it will be able to alleviate the
uncertainty brought about by short-term market volatility. By way of
these investments, the Group can obtain higher capital returns and
stable cash flow for its surplus assets in a low interest rate environment,
thereby further enhancing the shareholder value. In addition, the Group
also has an allocation of certain financial instruments such as structured
notes and share options if necessary to fully capitalise on asset
management tools and address the change in market volatility, thus
reasonably striking a balance between investments income and the
effects caused by the market risks.
合生創展集團有限公司 中期報告2021 15
Management Discussion and Analysis (Continued)
管理層討論及分析(續)
E. INFRASTRUCTURE SEGMENT
I. Revenue from and development of the infrastructure
segment
As of 30th June 2021, total output amounted to approximately HK$4,538
million, with construction area of approximately 8.80 million sq.m.
Unit 1H2021 1H2020 Year-on-Year
Results Figures 經營指標 單位
二零二一年
上半年
二零二零年
上半年 同比
Income from infrastructure
investment before elimination
抵銷前基建投資收入 HK$ million
百萬港元 4,538 2,775 64%
Intra/inter-segment 分部內╱間收益 HK$ million
百萬港元 3,136 2,422 29%
Area under construction during
the year
年內建設施工面積 million sq.m.
百萬平方米 8.80 10.61 -17%
II. Infrastructure segment development strategies
Utilising the Hopson Construction Cloud smart construction cloud
platform, the infrastructure segment has achieved full supervision of
quality and safety, full synergy of output value management, full
automation of project acceptance, full empowerment of smart
engineering and other smart operations. In particular, smart construction
materials have achieved efficient and direct procurement of construction
materials and fully dynamic order coordination to accomplish highquality
quality control and acceptance as well as empowerment to
supply chain. Smart management of efficient labour management and
labour resource sharing can also be achieved.
E. 基建板塊
I. 基建設板塊運營收益及發展情況
截止二零二一年六月三十日,總產值約為
港 幣45.38億 元,施 工 面 積 約 為880萬 平 方
米。

II. 基建板塊發展策略
基建板塊以合築雲智慧工程的雲平台,實
現質量安全全監管、產值管理全協同、工
程驗收全自動、智慧工程全賦能等智慧操
作。其中的智慧建材實現建築材料高效直
採、全動態訂單協同,以實現高質量品控
驗收和供應鏈的賦能,也能實現高效勞務
用工管理和勞務資源共享的智慧管理。
FINANCIAL REVIEW
財務回顧
16 Hopson Development Holdings Limited Interim Report 2021
TURNOVER
(i) Recognised Sales
For the first six months of 2021, the Group recorded a turnover of
RMB13,452 million (HK$16,074 million), up 38.5% (denominated in RMB)
and up 49.7% (denominated in HK$) comparing to RMB9,713 million
(HK$10,737 million) for the first six months of 2020. The increase was
mainly due to increase in revenue from property development and
investments income.
In respect of property development business, a total GFA of 298,992
square metres (2020: 291,089 square metres) was delivered for the first
half of 2021. The major projects delivered include Hopson Belvedere Bay
(合生君景灣) in Guangzhou, Hopson No. 8 Royal Park (合生霄雲路8號)
in Beijing, The Town of Hangzhou Bay (合生杭州灣國際新城) in
Shanghai and Hopson Regal (合生帝景) in Shanxi.
The overall average selling price in respect of delivered and completed
properties was RMB17,776 per square metre (2020: RMB16,418 per
square metre), increased by 8% compared to the same period of last
year.
In respect of investments business, the Group recorded investments
income of HK$5,007 million for the six months of 2021 (2020: HK$2,836
million). Investments consists of investments in listed equity securities in
Hong Kong, Mainland China and the United States of America as well as
unlisted equity and debt securities in Hong Kong, Mainland China and
the United States of America.
(ii) Contracted Sales
The Group recorded total contracted sales of RMB21,227 million (2020:
RMB13,014 million) for the first six months of 2021. In particular,
contracted sales of properties amounted to approximately RMB20,145
million, representing a period-on-period increase of approximately 60.8%
as compared with approximately RMB12,525 million for the same period
of 2020; contracted sales of decoration amounted to approximately
RMB1,082 million, representing a period-on-period increase of
approximately 121.3% as compared with approximately RMB489 million
for the same period of 2020. Affected by the product structure of sales,
the average selling price of contracted sales of properties was RMB35,072
per square metre, representing a period-on-period increase of
approximately 120.5% as compared with RMB15,909 per square metre
for the same period of 2020.
In the first half of 2021, Guangzhou and Huizhou had in total fifteen
projects on sale and the contracted sales amounted to RMB7,815 million,
representing 37% of the total contracted sales of the Group. The major
projects were Hopson Hushan Guoji Villa (合生湖山國際), Hopson Joy
Mansion (合生悅公館), Hopson Xijing Garden (合生熹景花園) and
Hopson Shidai City (合生時代城).
營業額
(i) 確認銷售額
二零二一年首六個月,本集團錄得人民幣
13,452百萬元(16,074百萬港元)的營業額,
較 二 零 二 零 年 首 六 個 月 人 民 幣9,713百 萬
元(10,737百 萬 港 元),以 人 民 幣 計 值 上 升
38.5%,以 港 幣 計 值 上 升49.7%。主 要 是 由
於物業發展收益及投資收入上升所致。

物業發展業務方面,本集團於二零二一年
上 半 年 交 付 之 總 建 築 面 積 為298,992平 方
米(二零二零年:291,089平方米)。主要交
付的項目包括廣州的合生君景灣、北京的
合生霄雲路8號、上海的合生杭州灣國際
新城以及山西的合生帝景。

有 關 交 付 及 落 成 物 業 的 整 體 平 均 售 價 為
每平方米人民幣17,776元(二零二零年:每
平方米人民幣16,418元),較去年同期相比
升8%。

投資業務方面,本集團於二零二一年六個
月錄得投資收入5,007百萬港元(二零二零
年:2,836百 萬 港 元)。投 資 包 括 於 香 港、
中 國 大 陸 及 美 國 的 上 市 股 本 證 券 以 及 於
香港、中國大陸及美國的非上市股本及債
務證券。

(ii) 合約銷售額
二 零 二 一 年 首 六 個 月,本 集 團 錄 得 合 約
銷 售 額 合 共 人 民 幣21,227百 萬 元(二 零 二
零 年:人 民 幣13,014百 萬 元);其 中 物 業
合 約 銷 售 約 人 民 幣20,145百 萬 元,較2020
年同期約人民幣12,525百萬元同比上升約
60.8%;其 中 裝 修 合 約 銷 售 約 人 民 幣1,082
百 萬 元,較2020年 同 期 約 人 民 幣489百 萬
元,同 比 上 升 約121.3%。受 銷 售 的 產 品 結
構的影響,物業合約銷售平均售價為每平
方 米 人 民 幣35,072元,較2020年 同 期 每 平
方米人民幣15,909元同比上升約120.5%。

廣 州 及 惠 州 於 二 零 二 一 年 上 半 年 共 有 十
五個在售物業項目,合約銷售額為人民幣
7,815百 萬 元,佔 本 集 團 合 約 銷 售 總 額 之
37%。主 要 項 目 包 括 合 生 湖 山 國 際、合 生
悅公館、合生熹景花園及合生時代城。
合生創展集團有限公司 中期報告2021 17
Financial Review (Continued)
財務回顧(續)
營業額(續)
(ii) 合約銷售額(續)
上海共有十一個在售物業項目,主要包括
昆山合樾蘭亭及合生廣富匯。上海之合約
銷售額為人民幣3,116百萬元,佔本集團合
約銷售總額之15%。

北 京 及 天 津 之 合 約 銷 售 額 合 共 為 人 民 幣
10,296百 萬 元,佔 本 集 團 二 零 二 一 年 上 半
年合約銷售總額之48%。北京及天津共有
十 七 個 在 售 項 目,其 中 合 生 霄 雲 路8號、
合 生 縵 雲 及 金 茂 府 二 期 為 主 要 銷 售 額 來
源。

毛利
二零二一年上半年之毛利為10,125百萬港元(二
零 二 零 年:7,146百 萬 港 元),毛 利 率 為63%(二
零二零年:67%)。毛利率下降主要是由於物業
發展分部交付產品的類型及檔次所影響。

投資物業公平值收益
截至二零二一年六月三十日止六個月,投資物
業 公 平 值 收 益 為24.7百 萬 港 元(二 零 二 零 年:
478.4百萬港元),下降453.7百萬港元或95%。於
二 零 二 一 年 六 月 三 十 日,本 集 團 擁 有15項(二
零二零年:15項)投資物業。

其他收益,淨額
截至二零二一年六月三十日止六個月,其他收
益 達83.3百 萬 港 元(二 零 二 零 年:611.5百 萬 港
元),包括(1) 政府補助收益60.0百萬港元;(2)匯
兌收益淨額17.4百萬港元及(3)其他收益淨額5.9
百萬港元。

經營成本
於二零二一年上半年,有關銷售及市場推廣、
一般及行政開支的經營成本上升98%至2,354百
萬港元(二零二零年:1,188百萬港元)。有關升
幅主要是由於本集團上半年銷售增加,相關之
費用也隨之有所增長。

TURNOVER (Continued)
(ii) Contracted Sales (Continued)
There were eleven property projects on sale in Shanghai, mainly
comprising Kunshan Metropolis Light (昆山合樾蘭亭) and Hopson
Guangfuhui (合生廣富匯). Contracted sales of Shanghai amounted to
RMB3,116 million, representing 15% of the total contracted sales of the
Group.
The combined contracted sales of Beijing and Tianjin were RMB10,296
million, representing 48% of the total contracted sales of the Group in
the first half of 2021. Seventeen projects in total were on sale in Beijing
and Tianjin, of which Hopson No. 8 Royal Park (合生霄雲路8號),
Hopson YUNē (合生縵雲) and Jinmao Palace Phase II (金茂府二期)
were the major sales contributors.
GROSS PROFIT
Gross profit for the first half of 2021 amounted to HK$10,125 million (2020:
HK$7,146 million) with a gross profit margin percentage of 63% (2020: 67%).
The decrease in gross profit margin percentage was mainly attributable to the
type and grade of products delivered by the property development segment.
FAIR VALUE GAIN ON INVESTMENT PROPERTIES
Fair value gain on investment properties for the six months ended 30th June
2021 amounted to HK$24.7 million (2020: HK$478.4 million), down HK$453.7
million or 95%. As at 30th June 2021, the Group owns 15 (2020: 15) investment
properties.
OTHER GAINS, NET
Other gains for the six months ended 30th June 2021 amounted to HK$83.3
million (2020: HK$611.5 million), comprising (1) gain from government grants
of HK$60.0 million; (2) net exchange gains of HK$17.4 million and (3) other net
gains of HK$5.9 million.
OPERATING COSTS
The operating costs relating to expenses for selling, marketing, general and
administration increased by 98% to HK$2,354 million in the first half of 2021
(2020: HK$1,188 million). The increase was primarily attributable to the increase
in sales of the Group during the first half of the year, which led to the
corresponding increase in related expenses.
18 Hopson Development Holdings Limited Interim Report 2021
Financial Review (Continued)
財務回顧(續)
財務成本
二零二一年上半年資本化前之利息開支總額上
升 至4,149百 萬 港 元(二 零 二 零 年:2,815百 萬 港
元),上 升1,334百萬港元或47%。有關升幅主要
由於二零二一年上半年之借貸較去年同期上升
所致。本集團借貸之實際年利率約為6.6%(二零
二零年:6.9%)
稅項
二零二一年上半年之實際稅率為17.8%,較去年
同期下降4.8%,主要是由於投資業務佔比較去
年上升,其與房地產業務相比稅率較低。

本公司股權持有人應佔溢利
二 零 二 一 年 上 半 年 之 股 權 持 有 人 應 佔 溢 利 為
5,632百萬港元(二零二零年︰5,102百萬港元)。

每股基本盈利為2.341港元。於回顧期內,扣除
除稅後投資物業重估收益淨額18百萬港元、除
稅後處置子公司及一間聯營公司的收益4百萬
港 元 及 加 上 除 稅 後 捐 贈114百 萬 港 元,核 心 利
潤為5,724百萬港元,較去年同期上升1,412百萬
港 元 或33%。期 內,核 心 利 潤 整 體 上 升 乃 主 要
由於本期交樓數目較去年有所增加及投資業務
表現良好。

分部資料
物 業 發 展 為 本 集 團 之 重 要 業 務,為 集 團 貢 獻
6,483百 萬 港 元 的 收 益,佔 集 團 銷 售 額 的40%;
投資業務緊隨其後,上半年收入為5,007百萬港
元,佔集團銷售額的31%;商業地產投資、物業
管理及基建業務的收益共計4,584百萬港元,佔
集團銷售額的29%。

FINANCE COSTS
Gross interest expenses before capitalisation for the first half of 2021 increased
to HK$4,149 million (2020: HK$2,815 million), up HK$1,334 million or 47%. The
increase was primarily attributable to the increase in borrowings during the
first half of 2021 as compared to the same period of last year. The effective
interest rate in respect of the Group's borrowings was approximately 6.6% per
annum (2020: 6.9%)
TAXATION
The effective tax rate was 17.8% for the first half of 2021, decreased by 4.8% as
compared with the same period of last year, mainly because the investments
business, which has a lower tax rate than property development business,
accounted for a larger proportion as compared with last year.
PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF
THE COMPANY
Profit attributable to equity holders was HK$5,632 million for the first half of
2021 (2020: HK$5,102 million). Basic earnings per share was HK$2.341. During
the period under review, excluding the effect of the net of tax gain from
investment property revaluation of HK$18 million, the net of tax gain on the
disposal of subsidiaries and an associate of HK$4 million and the net of tax
donation of HK$114 million, the underlying profit amounted to HK$5,724
million, representing an increase of HK$1,412 million, or 33%, as compared to
the same period of last year. The overall increase of the underlying profit for
the period was mainly attributable to the increase in properties delivered as
compared to the same period of last year and the good performance of the
investments business in the current period.
SEGMENT INFORMATION
Property development is an important business of the Group, contributing
HK$6,483 million to the Group’s revenue, accounting for 40% of the Group’s
sales. As the second largest contributor, the investments business recorded
revenue of HK$5,007 million for the first half of the year, accounting for 31% of
the Group’s sales. The total revenue from commercial properties investment,
property management and infrastructure business amounted to HK$4,584
million, accounting for 29% of the Group’s sales.
合生創展集團有限公司 中期報告2021 19
Financial Review (Continued)
財務回顧(續)
流動資金及財務狀況
於二零二一年六月三十日,本集團之資產總值
及負債總額分別為333,360百萬港元及223,442百
萬港元,分別較二零二零年十二月三十一日上
升11%及10%。資產總值增長主要由於可供出售
之發展中物業及按公平值透過損益列賬之財務
資產增加所致。負債總額增長主要由於借貸增
加所致。

本集團於二零二一年六月三十日之流動比率為
2.01(二零二零年十二月三十一日:2.23)。二 零
二一年六月三十日之權益較二零二零年十二月
三 十 一 日 上 升12%至109,918百 萬 港 元,主 要 由
於期內股權持有人應佔溢利之增加所致。於二
零二一年六月三十日,每股資產淨值(「資產淨
值」)為50.45港元。

於二零二一年六月三十日,本集團之負債對資
產比率(即負債總額對資產總值(不包括非控制
性權益)之比率)為67%(二零二零年十二月三十
一日:67%)。

於二零二一年六月三十日,本集團之現金及銀
行存款達42,855百萬港元(二零二零年十二月三
十 一 日:29,650百 萬 港 元),其 中 約2百 萬 港 元
(二 零 二 零 年 十 二 月 三 十 一 日:2百 萬 港 元)已
就若干銀行授予本集團物業買家之按揭貸款而
抵 押 予 該 等 銀 行。現 金 及 銀 行 存 款 當 中76.19%
以 人 民 幣 計 算,餘 下13.76%、10.04%及0.01%分
別以港元、美元及其他幣種計算。

於二零二一年六月三十日,銀行及財務機構借
貸 總 額 為91,716百 萬 港 元,較 二 零 二 零 年 十 二
月 三 十 一 日 增 長2%或1,607百 萬 港 元。負 債 比
率,以銀行及財務機構借貸淨額、優先票據、
資產支持證券及商業抵押擔保證券(即銀行及
財務機構借貸總額、優先票據、資產支持證券
及商業抵押擔保證券減現金及銀行存款)佔股
東權益百分比計算,二零二一年六月三十日該
比 率 為66%,較 二 零 二 零 年 十 二 月 三 十 一 日 的
80%下降14%。

所有銀行及金融機構借款均為有抵押或擔保,
且大部份以人民幣計算並以固定利率計算。

所有資產支持證券及商業抵押擔保證券均為有
抵押,且以人民幣計算。

所有優先票據均為無抵押,且以美元計算。

LIQUIDITY AND FINANCIAL POSITION
As at 30th June 2021, total assets of the Group amounted to HK$333,360
million and total liabilities came to HK$223,442 million, representing an
increase of 11% and 10% respectively as compared to 31st December 2020.
The increase in total assets was mainly attributable to the increase in properties
under development for sale and financial assets at fair value through profit or
loss. The increase in total liabilities was mainly attributable to the increase in
borrowings.
The Group’s current ratio as at 30th June 2021 was 2.01 (31st December 2020:
2.23). Equity as at 30th June 2021 increased by 12% to HK$109,918 million from
31st December 2020, mainly due to the increase in profit attributable to equity
holders during the period. The net asset value (“NAV”) per share as at 30th June
2021 was HK$50.45.
As at 30th June 2021, the Group’s liability-to-asset ratio (i.e. the ratio between
total liabilities and total assets, excluding non-controlling interests) was 67% (31st
December 2020: 67%).
As at 30th June 2021, the Group had cash and bank deposits amounting to
HK$42,855 million (31st December 2020: HK$29,650 million), of which
approximately HK$2 million (31st December 2020: HK$2 million) was charged
by certain banks in respect of the processing of mortgage facilities granted by
the banks to the buyers of the Group’s properties. 76.19% of the cash and bank
deposits were denominated in Renminbi, 13.76% in Hong Kong dollars, 10.04%
in United States dollars and 0.01% in other currencies.
Total borrowings from banks and financial institutions amounted to HK$91,716
million as at 30th June 2021, representing an increase of 2% or HK$1,607
million as compared to those as at 31st December 2020. Gearing ratio,
measured by net bank and financial institution borrowings, senior notes, assetbacked
securities and commercial mortgage-backed securities (i.e. total bank
and financial institution borrowings, senior notes, asset-backed securities and
commercial mortgage-backed securities less cash and bank deposits) as a
percentage of shareholders’ equity, was 66% as at 30th June 2021 (decreased
by 14% as compared with 80% as at 31st December 2020).
All of the bank and financial institution borrowings were either secured or
covered by guarantees and substantially denominated in Renminbi with fixed
interest rates.
All of the asset-backed securities and commercial mortgage-backed securities
were secured and denominated in Renminbi.
All of the senior notes were unsecured and denominated in United States
dollars.
20 Hopson Development Holdings Limited Interim Report 2021
Financial Review (Continued)
財務回顧(續)
流動資金及財務狀況(續)
所有其他借貸均為無抵押及大部份以人民幣計
算。

本集團於二零二一年六月三十日之借貸還款時
間如下:
於二零二一年六月三十日,本集團就短期及長
期 銀 行 貸 款 取 得 約180,830百 萬 港 元(二 零 二 零
年 十 二 月 三 十 一 日:174,795百 萬 港 元)之 銀 行
信貸額,其中65,404百萬港元(二零二零年十二
月三十一日:67,257百萬港元)仍未被動用。

資產抵押
於二零二一年六月三十日,本集團若干賬面總
值為91,184百萬港元(二零二零年十二月三十一
日:89,374百萬港元)之資產及本集團之子公司
股 本 權 益9,853百 萬 港 元(二 零 二 零 年 十 二 月 三
十 一 日:9,270百 萬 港 元)已 就 子 公 司 使 用 之 貸
款融資抵押予銀行及財務機構。

財務擔保
於二零二一年六月三十日,本集團就本集團物
業 之 買 家 獲 提 供 按 揭 貸 款 而 向 銀 行 提 供 之 擔
保為17,120百萬港元(二零二零年十二月三十一
日:16,869百萬港元)。

LIQUIDITY AND FINANCIAL POSITION (Continued)
All of the other borrowings were unsecured and substantially denominated in
Renminbi.
The Group’s borrowings repayment profile as at 30th June 2021 was as follows:
As at 30th June 2021 As at 31st December 2020
於二零二一年六月三十日 於二零二零年十二月三十一日
(HK$ million)
Bank and
financial
institution
borrowings
Assetbacked
securities
and
commercial
mortgagebacked
securities
Senior
notes
Other
borrowings Total Percentage
Bank and
financial
institution
borrowings
Commercial
mortgagebacked
securities
Senior
notes
Other
borrowings Total Percentage
(百萬港元)
銀行及
財務機構
借貸
資產支持證
券及商業抵
押擔保證券 優先票據 其他借貸 總計 佔比
銀行及
財務機構
借貸
商業抵押
擔保證券 優先票據 其他借貸 總計 佔比
1 year 一年內 16,265 3,101 8,139 2,219 29,724 (25%) 13,426 82 4,349 1,635 19,492 (18%)
1–2 years 一年至兩年 38,292 95 — — 38,387 (33%) 27,871 129 3,841 — 31,841 (29%)
2–5 years 兩年至五年 19,225 8,524 3,851 — 31,600 (27%) 29,956 9,028 — — 38,984 (36%)
After 5 years 五年後 17,934 — — — 17,934 (15%) 18,856 — — — 18,856 (17%)
Total 總額 91,716 11,720 11,990 2,219 117,645 90,109 9,239 8,190 1,635 109,173
Less: Total bank
deposits and
cash
減:銀行存款
及現金總額
(42,855) (29,650)
Net borrowings 借貸淨額 74,790 79,523
As at 30th June 2021, the Group had banking facilities of approximately
HK$180,830 million (31st December 2020: HK$174,795 million) for short-term
and long-term bank loans, of which HK$65,404 million (31st December 2020:
HK$67,257 million) were unutilised.
CHARGE ON ASSETS
As at 30th June 2021, certain assets of the Group with an aggregate carrying
value of HK$91,184 million (31st December 2020: HK$89,374 million) and the
Group’s equity interests in subsidiaries of HK$9,853 million (31st December
2020: HK$9,270 million) were pledged with banks and financial institutions for
loan facilities used by subsidiaries.
FINANCIAL GUARANTEES
As at 30th June 2021, the Group provided guarantees to banks for mortgage
facilities granted to buyers of the Group’s properties which amounted to
HK$17,120 million (31st December 2020: HK$16,869 million).
REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION
中期財務資料審閱報告
合生創展集團有限公司 中期報告2021 21
To the Board of Directors of Hopson Development Holdings Limited
(incorporated in Bermuda with limited liability)
INTRODUCTION
We have reviewed the interim financial information set out on pages 23 to 72,
which comprises the interim condensed consolidated balance sheet of Hopson
Development Holdings Limited (the “Company”) and its subsidiaries (together,
the “Group”) as at 30th June 2021 and the interim condensed consolidated
statement of profit or loss, the interim condensed consolidated statement of
comprehensive income, the interim condensed consolidated statement of
changes in equity and the interim condensed consolidated statement of cash
flows for the six-month period then ended, and a summary of significant
accounting policies and other explanatory notes. The 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” issued by the Hong Kong Institute of Certified
Public Accountants. The directors of the Company are responsible for the
preparation and presentation of this interim financial information in
accordance with Hong Kong Accounting Standard 34 “Interim Financial
Reporting”. Our responsibility is to express a conclusion on this interim financial
information based on our review and to report our conclusion 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.
致合生創展集團有限公司董事會
(於百慕達註冊成立之有限公司)
引言
本核數師(以下簡稱「我們」)已審閱列載於第23
頁至第72頁的中期財務資料,其中包括合生創
展集團有限公司(以下簡稱「貴公司」)及其子公
司(統稱「貴集團」)於二零二一年六月三十日的
中期簡明綜合資產負債表與截至該日止六個月
期間的中期簡明綜合損益表、中期簡明綜合全
面收入報表、中期簡明綜合權益變動表及中期
簡明綜合現金流量表,以及主要會計政策概要
及其他附註解釋。香港聯合交易所有限公司證
券上市規則規定,就中期財務資料編製的報告
必須符合以上規則的有關條文,以及香港會計
師 公 會 頒 佈 的 香 港 會 計 準 則 第34號「中 期 財 務
報 告」。 貴 公 司 董 事 負 責 根 據 香 港 會 計 準 則
第34號「中期財務報告」擬備及列報該等中期財
務資料。我們的責任是根據我們的審閱對該等
中期財務資料作出結論,並僅按照我們協定的
業務約定條款向 閣下(作為整體)報告我們的
結論,除此之外本報告別無其他目的。我們不
會就本報告的內容向任何其他人士負上或承擔
任何責任。

審閱工作範圍
我們已根據香港會計師公會頒佈的香港審閱準
則 第2410號「由 實 體 的 獨 立 核 數 師 執 行 中 期 財
務 資 料 審 閱」進 行 審 閱。審 閱 中 期 財 務 資 料 包
括 主 要 向 負 責 財 務 和 會 計 事 務 的 人 員 作 出 查
詢,及應用分析性和其他審閱程序。審閱的範
圍遠較根據《香港審計準則》進行審計的範圍為
小,故不能令我們可保證我們將知悉在審計中
可能被發現的所有重大事項。因此,我們不會
發表審計意見。
22 Hopson Development Holdings Limited Interim Report 2021
Report On Review of Interim Financial Information (Continued)
中期財務資料審閱報告(續)
結論
按照我們的審閱,我們並無發現任何事項令我
們相信  貴集團的中期財務資料未有在各重大
方面根據香港會計準則第34號「中期財務報告」
擬備。

其他事項
中期簡明綜合資產負債表的比較資料以於二零
二 零 年 十 二 月 三 十 一 日 的 經 審 核 財 務 報 表 為
基礎。截至二零二零年六月三十日止期間的中
期簡明綜合損益表、全面收入報表、權益變動
表、現金流量表及相關附註解釋比較資料未經
審核或審閱。

羅兵咸永道會計師事務所
執業會計師
香港,二零二一年八月二十五日
CONCLUSION
Based on our review, nothing has come to our attention that causes us to
believe that the interim financial information of the Group is not prepared, in
all material respects, in accordance with Hong Kong Accounting Standard 34
“Interim Financial Reporting”.
OTHER MATTER
The comparative information for the interim condensed consolidated balance
sheet is based on the audited financial statements as at 31st December 2020.
The comparative information for the interim condensed consolidated
statements of profit or loss, comprehensive income, changes in equity and
cash flows, and related explanatory notes, for the period ended 30th June 2020
has not been audited or reviewed.
PricewaterhouseCoopers
Certified Public Accountants
Hong Kong, 25th August 2021
INTERIM CONDENSED CONSOLIDATED BALANCE SHEET
中期簡明綜合資產負債表
As at 30th June 2021 於二零二一年六月三十日
合生創展集團有限公司 中期報告2021 23
As at
30th June
2021
As at
31st December
2020
於二零二一年
六月三十日
於二零二零年
十二月三十一日
Unaudited Audited
未經審核 經審核
Note HK$’000 HK$’000
附註 千港元 千港元
ASSETS 資產
Non-current assets 非流動資產
Prepayments for acquisition of land 收購土地預付款項 7 127,849 126,397
Loan receivables 應收貸款 17 778,769 321,591
Properties and equipment 物業及設備 7 4,413,210 4,245,066
Investment properties 投資物業 7 62,563,696 61,396,797
Intangible assets 無形資產 7 395,219 389,577
Investments in associates 於聯營公司之投資 8 1,646,682 114,847
Investments in joint ventures 於合營公司之投資 8 12,071,881 11,479,966
Financial assets at fair value through
other comprehensive income
按公平值透過其他全面收入
列賬之財務資產 9 4,103,487 6,143,202
Financial assets at fair value through
profit or loss
按公平值透過損益列賬之財
務資產 10 1,667,283 —
Finance lease receivables 融資租賃應收款項 212,167 248,298
Right-of-use assets 使用權資產 7 1,669,816 1,627,933
Prepayments, deposits and other
non-current assets
預付款項、按金及其他非流
動資產 11 465,828 1,170,643
Deferred tax assets 遞延稅項資產 1,485,718 1,342,998
91,601,605 88,607,315
Current assets 流動資產
Prepayments for acquisition of land 收購土地預付款項 30,835,261 30,105,213
Properties under development for sale 可供出售之發展中物業 74,797,764 69,159,635
Completed properties for sale 可供出售之已落成物業 45,721,912 45,041,301
Financial assets at fair value through
profit or loss
按公平值透過損益列賬之財
務資產 10 27,120,195 22,020,697
Accounts receivable 應收賬款 11 3,254,655 2,622,871
Loan receivables 應收貸款 17 3,623,468 2,657,587
Prepayments, deposits and other
current assets
預付款項、按金及其他流動
資產 11 10,834,036 9,023,528
Due from joint ventures 應收合營公司款項 26(b) 283,032 91,843
Due from associates 應收聯營公司款項 26(b) 372,563 5,941
Due from related companies 應收關聯公司款項 26(b) 246,158 246,111
Contract acquisition costs 合約收購成本 1,813,969 1,639,200
Pledged/charged bank deposits 已抵押╱押記銀行存款 3,094,291 1,741,508
Cash and cash equivalents 現金及現金等價物 39,760,721 27,908,584
241,758,025 212,264,019
Total assets 總資產 333,359,630 300,871,334
EQUITY 權益
Capital and reserves attributable to
the Company’s equity holders
本公司股權持有人應佔股本及
儲備
Share capital 股本 12 217,870 219,137
Reserves 儲備 13 91,907,137 87,792,832
92,125,007 88,011,969
Non-controlling interests 非控制性權益 17,792,419 9,856,187
Total equity 權益總額 109,917,426 97,868,156
24 Hopson Development Holdings Limited Interim Report 2021
Interim Condensed Consolidated Balance Sheet (Continued)
中期簡明綜合資產負債表(續)
As at 30th June 2021 於二零二一年六月三十日
As at
30th June
2021
As at
31st December
2020
於二零二一年
六月三十日
於二零二零年
十二月三十一日
Unaudited Audited
未經審核 經審核
Note HK$’000 HK$’000
附註 千港元 千港元
LIABILITIES 負債
Non-current liabilities 非流動負債
Land cost payable 應付土地成本 97,249 96,280
Borrowings 借貸 15 87,920,682 89,681,292
Lease liabilities 租賃負債 612,468 649,999
Due to non-controlling interests 應付非控制性權益之款項 26(c) 3,787,556 6,833,733
Deferred tax liabilities 遞延稅項負債 10,721,497 10,757,987
103,139,452 108,019,291
Current liabilities 流動負債
Accounts payable, accruals and
other payables
應付賬款、應計款項及其他
應付款項 14 36,412,198 32,511,472
Borrowings 借貸 15 27,505,151 17,856,427
Margin loans 保證金貸款 16 10,170,154 9,163,844
Contract liabilities 合約負債 34,498,895 25,940,333
Dividends payable 應付股息 2,396,565 —
Lease liabilities 租賃負債 150,302 64,541
Due to associates 應付聯營公司之款項 26(b) 417,405 6,348
Due to related companies 應付關連公司之款項 26(b) 232,561 212,001
Due to joint ventures 應付合營公司之款項 26(b) 1,569,290 1,416,623
Current tax liabilities 本期稅項負債 6,950,231 7,812,298
120,302,752 94,983,887
Total liabilities 負債總額 223,442,204 203,003,178
Total equity and liabilities 權益及負債總額 333,359,630 300,871,334
Net assets 資產淨值 109,917,426 97,868,156
The accompanying notes are an integral part of the interim financial
information.
隨附之附註乃中期財務資料的組成部分。
INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
中期簡明綜合損益表
For the six months ended 30th June 2021 截至二零二一年六月三十日止六個月
合生創展集團有限公司 中期報告2021 25
Unaudited
未經審核
Six months ended 30th June
截至六月三十日止六個月
2021 2020
二零二一年 二零二零年
Note HK$’000 HK$’000
附註 千港元 千港元
Revenues 收益 6 16,074,329 10,736,681
Cost of sales 銷售成本 19 (5,949,442) (3,590,845)
Gross profit 毛利 10,124,887 7,145,836
Fair value gain on investment properties 投資物業公平值收益 7 24,691 478,377
Other gains, net 其他收益,淨額 18 83,278 611,535
Selling and marketing expenses 銷售及市場推廣費用 19 (421,555) (299,906)
General and administrative expenses 一般及行政費用 19 (1,932,397) (888,530)
Finance income 財務收入 20 204,956 153,433
Finance costs 財務成本 20 (1,302,207) (606,994)
Share of profit/(loss) of associates 分佔聯營公司溢利╱(虧損) 8 81,231 (20)
Share of profit of joint ventures 分佔合營公司溢利 8 44,240 13,084
Profit before taxation 除稅前溢利 6,907,124 6,606,815
Taxation 稅項 21 (1,231,870) (1,491,486)
Profit for the period 期內溢利 5,675,254 5,115,329
Attributable to: 應佔:
Equity holders of the Company 本公司股權持有人 5,631,617 5,101,795
Non-controlling interests 非控制性權益 43,637 13,534
5,675,254 5,115,329
Earnings per share for profit attributable
to equity holders of the Company
during the period (in HK$ per share)
按期內本公司股權持有人應佔
溢利計算之每股盈利
(每股港元)
— basic and diluted — 基本及攤薄 22 2.341 2.084*
Dividends 股息 23 1,089,348 1,335,336
* Adjusted for the bonus share issue in 2021 * 就二零二一年派送之紅股作出調整
The accompanying notes are an integral part of the interim financial
information.
隨附之附註乃中期財務資料的組成部分。
INTERIM CONDENSED CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
中期簡明綜合全面收入報表
For the six months ended 30th June 2021 截至二零二一年六月三十日止六個月
26 Hopson Development Holdings Limited Interim Report 2021
Unaudited
未經審核
Six months ended 30th June
截至六月三十日止六個月
2021 2020
二零二一年 二零二零年
HK$’000 HK$’000
千港元 千港元
Profit for the period 期內溢利 5,675,254 5,115,329
Other comprehensive income/(loss) 其他全面收入╱(虧損)
Items that may be reclassified subsequently to
profit or loss:
其後可重新分類至損益之項
目:
Assets revaluation reserve realised upon
disposal of completed properties held for sale
出售持作出售已落成物業時
變現之資產重估儲備 (30,047) (85,843)
Deferred tax 遞延稅項 14,609 37,640
Currency translation differences 貨幣匯兌差額 770,668 (1,563,710)
Items that will not be reclassified subsequently to
profit or loss:
其後不會重新分類至損益之
項目:
Fair value gain/(loss) on financial assets at fair
value through other comprehensive income
按公平值透過其他全面收入
列賬之財務資產之公平值
收益╱(虧損) 506,843 (76,167)
Deferred tax 遞延稅項 (129,678) 22,661
Currency translation differences 貨幣匯兌差額 273,649 —
Other comprehensive income/(loss) for
the period, net of tax
期內其他全面收入╱(虧損),
扣除稅項後 1,406,044 (1,665,419)
Total comprehensive income for the period 期內全面收入總額 7,081,298 3,449,910
Attributable to: 應佔:
Equity holders of the Company 本公司股權持有人 6,879,735 3,485,226
Non-controlling interests 非控制性權益 201,563 (35,316)
7,081,298 3,449,910
The accompanying notes are an integral part of the interim financial
information.
隨附之附註乃中期財務資料的組成部分。
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
中期簡明綜合現金流量表
For the six months ended 30th June 2021 截至二零二一年六月三十日止六個月
合生創展集團有限公司 中期報告2021 27
Unaudited
未經審核
Six months ended 30th June
截至六月三十日止六個月
2021 2020
二零二一年 二零二零年
HK$’000 HK$’000
千港元 千港元
Net cash flows generated from/(used in)
operating activities
經營活動產生╱(所用)之
現金流量淨額 8,065,320 (28,945,443)
Cash flows from investing activities 投資活動之現金流量
Additions of properties and equipment 購入物業及設備 (208,709) (75,671)
Additions of loan receivables 新增應收貸款 (2,094,145) (955,267)
Repayments of loan receivables 收回應收貸款 311,459 17,432
Capital injection in associates and joint
ventures
向聯營公司及合營公司
注資 (1,144,175) —
Other investing cash flows — net 其他投資現金流量淨額 (1,782,153) 1,007,615
Net cash used in investing activities 投資活動所用之現金淨額 (4,917,723) (5,891)
Cash flows from financing activities 融資活動之現金流量
Interest paid 已付利息 (3,966,593) (1,939,264)
New bank and financial institutions
borrowings
新增銀行及財務機構借貸
11,858,122 40,311,330
Additions of commercial mortgage-backed
securities
新增商業抵押擔保證券
1,658,494 —
Additions of margin loans 新增保證金貸款 895,878 7,167,415
Additions of senior notes 新增優先票據 7,669,724 3,780,317
Additions of asset-backed securities 新增資產支持證券 764,764 —
Principal elements of lease payments 租約付款本金部分 (39,098) (33,271)
Redemption and repayments of senior
notes
贖回及償還優先票據
(3,924,773) —
Repayments of bank and financial
institutions borrowings
償還銀行及財務機構借貸
(11,250,897) (17,336,878)
Repayments of commercial mortgagebacked
securities
償還商業抵押擔保證券
(12,374) (4,096)
Capital contribution by non-controlling
interests
非控制性權益之注資
7,734,669 176,872
Repayments to non-controlling interests 向非控制性權益還款 (2,714,649) —
Other financing cash flows — net 其他融資現金流量淨額 (355,241) (166,383)
Net cash generated from financing activities 融資活動產生之現金淨額 8,318,026 31,956,042
Net increase in cash and cash equivalents 現金及現金等價物之增加淨額 11,465,623 3,004,708
Cash and cash equivalents at 1st January 於一月一日之現金及現金等價物 27,908,584 12,635,125
Exchange difference on cash and cash
equivalents
現金及現金等價物之匯兌差額
386,514 (273,327)
Cash and cash equivalents at 30th June 於六月三十日之現金及現金等價物 39,760,721 15,366,506
The accompanying notes are an integral part of the interim financial
information.
隨附之附註乃中期財務資料的組成部分。
INTERIM CONDENSED CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
中期簡明綜合權益變動表
For the six months ended 30th June 2021 截至二零二一年六月三十日止六個月
28 Hopson Development Holdings Limited Interim Report 2021
Unaudited
未經審核
Six months ended 30th June 2021
截至二零二一年六月三十日止六個月
Attributable to equity
holders of the Company
本公司股權持有人應佔
Share
capital Reserves
Non-controlling
interests Total
股本 儲備 非控制性權益 總計
HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元
Balance at 1st January 2021 於二零二一年一月一日之結餘 219,137 87,792,832 9,856,187 97,868,156
Total comprehensive income for
the period
期內全面收入總額
— 6,879,735 201,563 7,081,298
Transactions with owners: 與持有者交易:
Repurchases of own shares 購回本身股份 (1,267) (368,865) — (370,132)
Dividends payable 應付股息 — (2,396,565) — (2,396,565)
Capital contribution by non-controlling
interest of subsidiaries
子公司之非控制性權益出資
— — 7,734,669 7,734,669
(1,267) (2,765,430) 7,734,669 4,967,972
Balance at 30th June 2021 於二零二一年六月三十日之
結餘 217,870 91,907,137 17,792,419 109,917,426
Unaudited
未經審核
Six months ended 30th June 2020
截至二零二零年六月三十日止六個月
Attributable to equity
holders of the Company
本公司股權持有人應佔
Share
capital Reserves
Non-controlling
interests Total
股本 儲備 非控制性權益 總計
HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元
Balance at 1st January 2020 於二零二零年一月一日之結餘 222,556 72,358,121 2,434,725 75,015,402
Total comprehensive income/(loss) for
the period
期內全面收入╱(虧損)總額
— 3,485,226 (35,316) 3,449,910
Transactions with owners: 與持有者交易:
Dividends payable 應付股息 — (667,668) — (667,668)
Capital contribution by non-controlling
interest of subsidiaries
子公司之非控制性權益出資
— — 176,872 176,872
Acquisition of additional interest in
a subsidiary
收購一間子公司之額外權益
— — (6,467) (6,467)
— (667,668) 170,405 (497,263)
Balance at 30th June 2020 於二零二零年六月三十日之
結餘 222,556 75,175,679 2,569,814 77,968,049
The accompanying notes are an integral part of the interim financial
information.
隨附之附註乃中期財務資料的組成部分。
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL INFORMATION
中期簡明綜合財務資料附註
合生創展集團有限公司 中期報告2021 29
1 一般資料
合 生 創 展 集 團 有 限 公 司(「本 公 司」)及 其
子 公 司(統 稱「本 集 團」)主 要 於 中 國 大 陸
從事住宅物業發展、商業地產投資、物業
管理及基建業務,以及投資業務。

本 公 司 為 於 百 慕 達 註 冊 成 立 的 有 限 責
任 公 司,其 註 冊 辦 事 處 地 址 為Clarendon
House, 2 Church Street, Hamilton HM11,
Bermuda。

本 公 司 於 香 港 聯 合 交 易 所 有 限 公 司(「聯
交所」)上市。

除另有指明外,本簡明綜合中期財務資料
乃以港元呈列,並由董事會於二零二一年
八月二十五日批准刊發。

2 編製基準
截 至 二 零 二 一 年 六 月 三 十 日 止 六 個 月 之
中 期 簡 明 綜 合 財 務 資 料 乃 按 照 香 港 會 計
師 公 會 頒 佈 之 香 港 會 計 準 則(「香 港 會 計
準 則」)第34號「中期財務報告」而編製。

除 應 用 香 港 財 務 報 告 準 則(「香 港 財 務 報
告 準 則」)之 新 訂 準 則 及 修 訂 所 致 之 會 計
政策變動外,本簡明綜合中期財務資料應
與 截 至 二 零 二 零 年 十 二 月 三 十 一 日 止 年
度之年度財務報表一併閱讀,而年度財務
報表乃根據香港財務報告準則編製。

1 GENERAL INFORMATION
Hopson Development Holdings Limited (“the Company”) and its
subsidiaries (together “the Group”) are mainly engaged in the
development of residential properties, commercial properties
investment, property management and infrastructure business in
Mainland China, and investments business.
The Company is a limited liability company incorporated in Bermuda.
The address of its registered office is Clarendon House, 2 Church Street,
Hamilton HM11, Bermuda.
The Company is listed on The Stock Exchange of Hong Kong Limited (the
“Stock Exchange”).
This condensed consolidated interim financial information is presented
in Hong Kong dollars, unless otherwise stated, and has been approved
for issue by the Board of Directors on 25th August 2021.
2 BASIS OF PREPARATION
This interim condensed consolidated financial information for the six
months ended 30th June 2021 has 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”).
Other than changes in accounting policies resulting from application of
new and amendments to Hong Kong Financial Reporting Standards
(“HKFRSs”), the condensed consolidated interim financial information
should be read in conjunction with the annual financial statements for
the year ended 31st December 2020, which have been prepared in
accordance with HKFRSs.
30 Hopson Development Holdings Limited Interim Report 2021
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
3 會計政策
除 採 納 下 文 所 述 之 新 訂 會 計 準 則 及 現 有
會計準則之修訂外,所應用之會計政策與
截 至 二 零 二 零 年 十 二 月 三 十 一 日 止 年 度
之 年 度 財 務 報 表 所 說 明 之 年 度 財 務 報 表
會計政策一致。

本集團採納的準則之修訂
本 集 團 已 採 納 以 下 於 二 零 二 一 年 一 月 一
日 開 始 之 會 計 期 間 為 強 制 性 的 準 則 之 修
訂:
香港財務報告準則
第9號、香港會計
準則第39號、
香港財務報告準則
第7號、香港財務
報告準則第4號及
香港財務報告準則
第16號(修訂本)
利率基準改革
— 第二階段
此外,本集團已就於二零二一年一月一日
開 始 之 會 計 期 間 提 早 採 納 以 下 會 計 準 則
之修訂:
香港財務報告準則
第16號(修訂本)
二零二一年六
月三十日後與
COVID-19相關
租金優惠
採 納 該 等 準 則 之 修 訂 對 本 集 團 的 業 績 及
財務狀況並無任何重大影響。

3 ACCOUNTING POLICIES
The accounting policies applied are consistent with those of the annual
financial statements for the year ended 31st December 2020, as
described in those annual financial statements, except for the adoption
of new and amendments to the existing accounting standards as
described below.
Amendments to standards adopted by the Group
The Group has adopted the following amendments to standards which
are mandatory for accounting periods beginning on 1st January 2021:
Amendments to HKFRS 9,
HKAS 39, HKFRS 7, HKFRS 4
and HKFRS 16
Interest Rate Benchmark Reform
— Phrase 2
In addition, the Group has early adopted the following amendment to
the accounting standards for accounting period commencing 1st
January 2021:
Amendment to HKFRS 16 COVID-19-Related Rent Concessions
beyond 30 June 2021
The adoption of these amendments to standards does not have any
significant effect on the results and financial position of the Group.
合生創展集團有限公司 中期報告2021 31
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
3 會計政策(續)
尚 未 生 效 之 新 訂 準 則 及 現 有 準
則、詮釋及會計指引之修訂
以下已頒佈新訂準則及準則、詮釋及會計
指 引 之 修 訂 於 本 集 團 二 零 二 二 年 一 月 一
日或之後開始之會計期間為強制性,惟本
集團並未提早採納:
本集團已評估該等新訂準則及準則、詮釋
及會計指引之修訂的影響,且預期並不會
對其業績及財務狀況造成任何重大影響。

3 ACCOUNTING POLICIES (Continued)
New standard and amendments to existing standards,
interpretation and accounting guideline that are not yet
effective
The following new standard and amendments to standards,
interpretation and accounting guideline have been published which are
mandatory for the Group’s accounting periods beginning on or after 1st
January 2022 but have not been early adopted by the Group:
Effective for
accounting
periods beginning
on or after
於以下日期或之後
開始之會計期間生效
Accounting Guideline 5 (Revised) Merger Accounting for Common Control Combinations 1st January 2022
會計指引第5號(修訂本) 共同控制下業務合併的合併會計處理 二零二二年一月一日
Amendment to HKAS 16 Proceeds before Intended Use 1st January 2022
香港會計準則第16號(修訂本) 擬定用途前之所得款項 二零二二年一月一日
Amendment to HKAS 37 Cost of Fulfilling a Contract 1st January 2022
香港會計準則第37號(修訂本) 履行合約之成本 二零二二年一月一日
Amendments to HKFRS 3 Reference to the Conceptual Framework 1st January 2022
香港財務報告準則第3號(修訂本) 提述概念框架 二零二二年一月一日
HKFRS Amendments Annual Improvements to HKFRSs 2018–2020 Cycle 1st January 2022
香港財務報告準則修訂本 香港財務報告準則二零一八年至二零二零年週
期的年度改進
二零二二年一月一日
Amendment to HKAS 1 Classification of Liabilities as Current or Non-current 1st January 2023
香港會計準則第1號(修訂本) 負債分類為流動或非流動 二零二三年一月一日
Amendment to HKAS 1 Disclosure of Accounting Policies 1st January 2023
香港會計準則第1號(修訂本) 會計政策之披露 二零二三年一月一日
Amendment to HKAS 8 Definition of Accounting Estimates 1st January 2023
香港會計準則第8號(修訂本) 會計估計之定義 二零二三年一月一日
Amendment to HKAS 12 Deferred Tax related to Assets and Liabilities Arising from
a Single Transaction
1st January 2023
香港會計準則第12號(修訂本) 單一交易中產生的資產及負債相關的遞延稅項 二零二三年一月一日
HKFRS 17 Insurance Contracts 1st January 2023
香港財務報告準則第17號 保險合約 二零二三年一月一日
HK Interpretation 5 (2020) Presentation of Financial Statements — Classification by
the Borrower of a Term Loan that Contains
a Repayment on Demand Clause
1st January 2023
香港詮釋第5號(二零二零年) 呈列財務報表 — 借款人對包含按要求償還條款
之有期貸款之分類
二零二三年一月一日
Amendments to HKFRS 10 and HKAS 28 Sale or Contribution of Assets between an Investor and
its Associate or Joint Venture
To be determined
香港財務報告準則第10號及香港會計
準則第28號(修訂本)
投資者及其聯營公司或合營公司之間的資產出
售或注入
待定
The Group has already commenced an assessment of the impact of
these new standard and amendments to standards, interpretation and
accounting guideline and does not expect that they would have any
significant impact on its results and financial position.
32 Hopson Development Holdings Limited Interim Report 2021
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
4 財務風險管理及金融工具公平
值估算
本 集 團 之 財 務 風 險 管 理 目 標 及 政 策 在 各
方 面 與 年 度 財 務 報 表 所 披 露 者 貫 徹 一
致,並應與本集團於二零二零年十二月三
十一日之年度財務報表一併閱讀。自年末
起,風險管理政策概無任何改變。

公平值估算
下 表 以 估 值 法 分 析 按 公 平 值 計 量 之 金 融
工具。不同級別之定義如下:
. 就 相 同 資 產 或 負 債 於 活 躍 市 場 之 報
價(未調整)(第1級)。

. 就 資 產 或 負 債 可 觀 察 之 直 接 輸 入 數
據(即如價格)或間接輸入數據(即自
價格所計算者)(包括於第1級內的報
價除外)(第2級)。

. 就 資 產 或 負 債 而 言 並 非 根 據 可 觀 察
市場數據之輸入數據(即不可觀察數
據)(第3級)。

下 表 呈 列 於 二 零 二 一 年 六 月 三 十 日 及 二
零 二 零 年 十 二 月 三 十 一 日 按 公 平 值 計 量
之本集團財務資產。

4 FINANCIAL RISK MANAGEMENT AND FAIR
VALUE ESTIMATION OF FINANCIAL
INSTRUMENTS
All aspects of the Group’s financial risk management objectives and
policies are consistent with those disclosed in the annual financial
statements and should be read in conjunction with the Group’s annual
financial statements as at 31st December 2020. There have been no
changes in the risk management policies since year end.
Fair value estimation
The table below analyses financial instruments carried at fair value, by
valuation method. The different levels have been defined as follows:
. Quoted prices (unadjusted) in active markets for identical assets or
liabilities (Level 1).
. Inputs other than quoted prices included within Level 1 that are
observable for the asset or liabilities, either directly (that is, as
prices) or indirectly (that is, derived from prices) (Level 2).
. Inputs for the assets or liabilities that are not based on observable
market data (that is, unobservable inputs) (Level 3).
The following table presents the Group’s financial assets that are
measured at fair value at 30th June 2021 and 31st December 2020.
Level 1 Level 3 Total
第1級 第3級 總計
HK$’000 HK$’000 HK$’000
千港元 千港元 千港元
At 30th June 2021 (unaudited) 於二零二一年六月三十日
(未經審核)
Financial assets at fair value through
profit or loss
按公平值透過損益列賬之
財務資產 26,722,577 2,064,901 28,787,478
Financial assets at fair value through
other comprehensive income
按公平值透過其他全面
收入列賬之財務資產 713,158 3,390,329 4,103,487
27,435,735 5,455,230 32,890,965
At 31st December 2020 (audited) 於二零二零年十二月
三十一日(經審核)
Financial assets at fair value through
profit or loss
按公平值透過損益列賬之
財務資產 21,596,855 423,842 22,020,697
Financial assets at fair value through
other comprehensive income
按公平值透過其他全面
收入列賬之財務資產 725,092 5,418,110 6,143,202
22,321,947 5,841,952 28,163,899
合生創展集團有限公司 中期報告2021 33
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
4 財務風險管理及金融工具公平
值估算(續)
公平值估算(續)
第1級:於活躍市場所買賣金融工具之公
平 值 乃 根 據 於 結 算 日 之 所 報 市 場 價 格 計
算。倘即時及定時透過交易所、交易商、
經紀、業界組別、報價服務或監管機構獲
得報價,且該等價格屬實際及定期按公平
基 準 進 行 之 市 場 交 易,則 市 場 可 視 為 活
躍。本 集 團 所 持 財 務 資 產 所 用 之 市 場 報
價為目前之買入價。此等工具已計入第1
級。第1級計入之工具主要包括分類為短
期投資的中國大陸、香港及美國的股權投
資。

第2級:未有在活躍市場買賣之金融工具
(如 場 外 衍 生 工 具)之 公 平 值 乃 採 用 估 值
法釐定。此等估值方法盡量運用所得之可
觀察市場數據,並盡可能減少依賴實體特
定估計。倘所有計算一項工具之公平值所
需重大輸入數據屬可觀察時,有關工具會
計入第2級。於二零二一年六月三十日及
二零二零年十二月三十一日,並無工具計
入第2級。

第3級:倘一個或多個重大輸入數據並非
根據可觀察市場數據計算,有關工具會計
入第3級。計入第3級之工具指主要分類為
按 公 平 值 透 過 其 他 全 面 收 入 列 賬 之 財 務
資 產 之 非 上 市 股 本 證 券 及 主 要 分 類 為 按
公 平 值 透 過 損 益 列 賬 之 財 務 資 產 之 投 資
基金。

第3級之按公平值透過其他全面收入列賬
之財務資產之公平值乃以收入法得出,或
通 過 近 期 交 易 觀 察 得 到 的 其 他 價 格 或 其
他估值方法估計。根據收入法,預測股息
及 現 金 流 量 折 現 法 的 淨 現 值 乃 透 過 應 用
反映投資風險情況的合適貼現率估計。本
公 司 董 事 認 為 收 入 法 反 映 按 公 平 值 透 過
其 他 全 面 收 入 列 賬 之 財 務 資 產 之 長 期 投
資目的以及被投資方業務的發展階段。

4 FINANCIAL RISK MANAGEMENT AND FAIR
VALUE ESTIMATION OF FINANCIAL
INSTRUMENTS (Continued)
Fair value estimation (Continued)
Level 1: The fair value of financial instruments traded in active markets is
based on quoted market prices at the balance sheet date. A market is
regarded as active if quoted prices are readily and regularly available
from an exchange, dealer, broker, industry group, pricing service, or
regulatory agency, and those prices represent actual and regularly
occurring market transactions on an arm’s length basis. The quoted
market price used for financial assets held by the Group is the current
bid price. These instruments are included in Level 1. Instruments
included in Level 1 comprise primarily equity investments in Mainland
China, Hong Kong and the United States of America classified as shortterm
investments.
Level 2: The fair value of financial instruments that are not traded in an
active market (for example, over-the-counter derivatives) is determined
by using valuation techniques. These valuation techniques maximise the
use of observable market data where it is available and rely as little as
possible on entity specific estimates. If all significant inputs required to
fair value an instrument are observable, the instrument is included in
Level 2. There was no instrument included in Level 2 at 30th June 2021
and 31st December 2020.
Level 3: If one or more of the significant inputs is not based on
observable market data, the instrument is included in Level 3.
Instruments included in Level 3 represent unlisted equity securities
which are primarily classified as financial assets at fair value through
other comprehensive income (“FVOCI”) and investment funds which are
primarily classified as financial assets at fair value through profit or loss.
Fair values of financial assets at FVOCI in level 3 were derived using the
income approach, or estimated using other prices observed in recent
transactions or other valuation techniques. Under the income approach,
the net present values of the forecast dividend and discounted cash
flows approach are estimated by applying an appropriate discount rate
which reflects the risk profile of the investments. The Company’s
directors considered that the income approach reflects the long-term
investment purpose of the financial assets at FVOCI, and the stage of
development of the investees’ businesses.
34 Hopson Development Holdings Limited Interim Report 2021
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
4 財務風險管理及金融工具公平
值估算(續)
公平值估算(續)
以 下 不 可 觀 察 數 據 乃 用 於 釐 定 第 三 級 項
目之公平值。

4 FINANCIAL RISK MANAGEMENT AND FAIR
VALUE ESTIMATION OF FINANCIAL
INSTRUMENTS (Continued)
Fair value estimation (Continued)
The following unobservable inputs were used to determine the fair value
of level 3 items.
Unaudited Audited
未經審核 經審核
Fair value at
30th June 2021
Fair value at
31st December
2020 Unobservable inputs
Range of unobservable
inputs
Relationship of
unobservable inputs
to fair value
於二零二一年
六月三十日
之公平值
於二零二零年
十二月三十一日
之公平值 不可觀察數據 不可觀察數據範圍
不可觀察數據與
公平值的關係
HK$’000 HK$’000
千港元 千港元
Unlisted equity
非上市股本證券
1,233,055 3,280,048 Dividend growth rate for
the year 2022 to 2026
(2020: 2021 to 2025)
13%–28%
(2020: 12%–25%)
The higher the growth
rate, the higher the
fair value.
二 零 二 二 年 至 二 零 二 六
年的股息增長率(二零
二 零 年:二 零 二 一 年
至二零二五年)
13%–28%
(二零二零年:12%–
25%)
增長率越高,
公平值越高。

Terminal growth rate 3% p.a.
(2020: 3% p.a.)
The higher the growth
rate, the higher the
fair value.
長期增長率 每年3%
(二零二零年:每年
3%)
增長率越高,
公平值越高。

Discount rate 11% p.a.
(2020: 11% p.a.)
The higher the
discount rate, the
lower the fair value.
貼現率 每年11%
(二零二零年:每年
11%)
貼現率越高,
公平值越低。

Lack of marketability
discount
16% (2020: 16%) The higher the
discount, the lower
the fair value.
市場流通性貼現率 16%
(二零二零年:16%)
貼現越高,
公平值越低。
合生創展集團有限公司 中期報告2021 35
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
4 財務風險管理及金融工具公平
值估算(續)
公平值估算(續)
非 上 市 股 本 證 券 的 餘 額 約4,222,175,000
港 元( 二 零 二 零 年 十 二 月 三 十 一 日:
2,561,904,000港 元),投 資 按 公 平 值 入 賬,
其公平值乃根據近期之成交價估算,倘市
場交投疏落,則以其他評估技術例如收入
法等作出估算。

應 收 賬 款、應 付 賬 款、與 關 連 人 士 之 結
餘、應付非控制性權益之款項及應付土地
成本之面值減去估計信貸調整後,乃假設
與其公平值相若。就披露而言,財務負債
之 公 平 值 乃 按 本 集 團 可 取 得 之 類 似 金 融
工 具 之 現 行 市 場 利 率 或 根 據 市 場 現 時 之
買入價,把未來合約現金流量貼現作出估
算。

5 重要會計推算及判斷
推算及判斷乃持續進行之評估,並以過往
經驗及其他因素作為基礎,包括在目前情
況 下 關 於 未 來 事 件 之 合 理 預 期。在 定 義
上,由此而生之會計推算極少與相關實際
結果相同。

於編製中期簡明綜合財務資料時,除下文
列述之一項外,管理層於應用本集團會計
政 策 及 有 關 不 明 朗 估 計 的 主 要 來 源 時 作
出的主要判斷,與編製截至二零二零年十
二 月 三 十 一 日 止 年 度 的 綜 合 財 務 報 表 時
所應用者一致。

6 分部資料
本 公 司 的 執 行 董 事(「執 行 董 事」)被 視 為
本集團之最高營運決策者。執行董事審閱
本 集 團 內 部 報 告,以 評 估 表 現 及 分 配 資
源。管 理 層 已 根 據 該 等 報 告 釐 定 營 運 分
部。

4 FINANCIAL RISK MANAGEMENT AND FAIR
VALUE ESTIMATION OF FINANCIAL
INSTRUMENTS (Continued)
Fair value estimation (Continued)
The remaining balance of unlisted equity securities of approximately
HK$4,222,175,000 (31st December 2020: HK$2,561,904,000) is stated at
fair value which is estimated using other prices observed in recent
transactions or valuation techniques such as income approach when the
market prices are not readily available.
The nominal value less estimated credit adjustments of accounts
receivable, accounts payable, balances with related parties, amounts due
to minority shareholders of subsidiaries and land cost payables are
assumed to approximate their fair values. The fair value of financial
liabilities for disclosure purposes is estimated by discounting the future
contractual cash flows at the current market interest rate that is available
to the Group for similar financial instruments or based on the current bid
price in the market.
5 CRITICAL ACCOUNTING ESTIMATES AND
JUDGMENTS
Estimates and judgments used are continually evaluated and are based
on historical experience and other factors, including expectations of
future events that are believed to be reasonable under the
circumstances. The resulting accounting estimates will, by definition,
seldom equal the related actual results.
In preparing this interim condensed consolidated interim financial
information, apart from the one listed below, the significant judgments
made by management in applying the Group’s accounting policies and
the key sources of estimation uncertainty were the same as those that
applied to the consolidated financial statements for the year ended 31st
December 2020.
6 SEGMENT INFORMATION
Executive Directors of the Company (the “Executive Directors”) are
regarded as the chief operating decision makers of the Group. The
Executive Directors review the Group’s internal reporting in order to
assess performance and allocate resources. Management has
determined the operating segments based on these reports.
36 Hopson Development Holdings Limited Interim Report 2021
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
6 分部資料(續)
執 行 董 事 會 從 商 業 及 地 理 角 度 考 慮 業
務。已識別之可呈報業務分部包括物業發
展、商業地產投資、物業管理、基建及投
資。就地理方面而言,物業發展分部及商
業 地 產 投 資 分 部 可 進 一 步 劃 分 為 三 個 主
要地區,即華南(包括廣州、惠州、中山、
陽朔及香港)、華北(包括北京、天津、大
連、太新、廊坊及秦皇島)及華東(包括上
海、杭 州、昆 山、寧 波、慈 溪 及 太 倉)。

基 建 板 塊 主 要 涉 及 在 中 國 大 陸 的 工 程 建
設、工程設計和裝修服務。

執 行 董 事 根 據 分 部 業 績 評 估 營 運 分 部 之
表現。公司收入╱開支、財務收入及成本
並 無 計 入 執 行 董 事 所 審 閱 之 各 營 運 分 部
業績。

分 部 資 產 包 括 遞 延 稅 項 資 產 以 外 的 所 有
經營資產。

收 益 由 物 業 發 展 收 益、商 業 地 產 投 資 收
益、物業管理收入、基建收入及投資收入
組成。

分 部 間 銷 售 乃 按 與 公 平 交 易 條 款 相 近 的
條款進行。向執行董事呈報之收益按與綜
合收益表一致之方式計量。

下 表 呈 列 有 關 本 集 團 營 運 分 部 的 收 益 及
溢利資料。

6 SEGMENT INFORMATION (Continued)
The Executive Directors consider the business from both business and
geographic perspectives. Reportable business segments identified are
property development, commercial properties investment, property
management, infrastructure and investments. Geographically, the
property development segment and commercial properties investment
segment are further segregated into three main geographical areas,
namely Southern China (SC) (including Guangzhou, Huizhou,
Zhongshan, Yangshuo and Hong Kong), Northern China (NC) (including
Beijing, Tianjin, Dalian, Taiyuan, Langfang and Qinhuangdao) and Eastern
China (EC) (including Shanghai, Hangzhou, Kunshan, Ningbo, Cixi and
Taicang). Infrastructure segment primarily relates to construction, design
and renovation services in Mainland China.
The Executive Directors assess the performance of the operating
segments based on the segment results. Corporate income/expenses,
finance income and costs are not included in the results for each
operating segment that is reviewed by the Executive Directors.
Segment assets consist of all operating assets other than deferred tax
assets.
Revenues comprise turnover which included revenue from property
development, revenue from commercial properties investment, property
management income, infrastructure income and investments income.
Sales between segments are carried out on terms similar to those that
prevail in arm’s length transactions. The revenue reported to the
Executive Directors is measured in a manner consistent with that in the
consolidated income statement.
The following tables present revenue and profit information regarding
to the Group’s operating segments.
Unaudited
未經審核
Six months ended 30th June
截至六月三十日止六個月
2021 2020
二零二一年 二零二零年
HK$’000 HK$’000
千港元 千港元
Revenue from property development 物業發展之收益 6,483,087 5,407,872
Revenue from commercial properties investment 商業地產投資之收益 2,026,140 1,458,508
Property management income 物業管理收入 1,156,082 681,418
Infrastructure income 基建收入 1,401,926 352,884
Investments income 投資收入 5,007,094 2,835,999
16,074,329 10,736,681
合生創展集團有限公司 中期報告2021 37
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
6 分部資料(續)
截 至 二 零 二 一 年 六 月 三 十 日 止 六 個 月 按
業 務 及 地 區 劃 分 之 分 部 業 績(未 經 審 核)
如下︰
6 SEGMENT INFORMATION (Continued)
The segment results by business lines and by geographical areas for the
six months ended 30th June 2021 (unaudited) are as follows:
Property development Commercial properties investment
Property
management Infrastructure Investments Group
物業發展 商業地產投資 物業管理 基建 投資 集團
SC EC NC SC EC NC
華南 華東 華北 華南 華東 華北
HK$’000 HK$’000 HK$’000 HK$’000 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 千港元 千港元 千港元 千港元
Six months ended 30th June 2021 截至二零二一年六月三十日止
六個月
Total revenues 總收益 2,212,795 2,478,933 2,292,865 461,657 906,597 1,025,717 1,593,923 4,537,927 5,029,440 20,539,854
Intra/inter-segment revenues 分部內╱間收益 (477,901) (9,402) (14,203) (21,236) (217,795) (128,800) (437,841) (3,136,001) (22,346) (4,465,525)
Revenues 收益 1,734,894 2,469,531 2,278,662 440,421 688,802 896,917 1,156,082 1,401,926 5,007,094 16,074,329
Revenue from contracts with customers: 客戶合約收益:
Recognised at a point in time 於某個時間點確認 1,734,894 2,469,531 2,278,662 — — — — — — 6,483,087
Recognised over time 隨著時間確認 — — — 15,193 134,137 34,619 1,156,082 1,401,926 — 2,741,957
Revenue from other ordinary activities: 其他正常活動收益:
Rental income 租金收入 — — — 425,228 554,665 862,298 — — — 1,842,191
Investments income 投資收入 — — — — — — — — 5,007,094 5,007,094
1,734,894 2,469,531 2,278,662 440,421 688,802 896,917 1,156,082 1,401,926 5,007,094 16,074,329
Segment results 分部業績 569,237 642,635 264,043 337,245 400,606 433,214 342,670 721,967 4,296,222 8,007,839
Depreciation of properties and
equipment
物業及設備折舊
(41,638) (782) (8,207) (2,453) (17,343) (36,772) (2,230) (427) — (109,852)
Depreciation of right-of-use assets 使用權資產折舊 (18,428) (3,166) (2,306) (2,063) (9,143) (4,938) (2,931) (3,532) — (46,507)
Loss allowance of financial assets 財務資產虧損撥備 — — — — — — (15,565) — (529,805) (545,370)
Fair value gain/(loss) on investment
properties
投資物業公平值收益╱(虧損)
— — — 2,413 25,973 (3,695) — — — 24,691
Share of (loss)/profit of associates 分佔聯營公司(虧損)╱溢利 (1,244) — (345) — — — 82,820 — — 81,231
Share of profit/(loss) of joint ventures 分佔合營公司溢利╱(虧損) 53,198 (5,218) (10,054) 6,195 — — — 119 — 44,240
38 Hopson Development Holdings Limited Interim Report 2021
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
6 分部資料(續)
截 至 二 零 二 零 年 六 月 三 十 日 止 六 個 月 按
業 務 及 地 區 劃 分 之 分 部 業 績(未 經 審 核)
如下:
6 SEGMENT INFORMATION (Continued)
The segment results by business lines and by geographical areas for the
six months ended 30th June 2020 (unaudited) are as follows:
Property development Commercial properties investment
Property
management Infrastructure Investments Group
物業發展 商業地產投資 物業管理 基建 投資 集團
SC EC NC SC EC NC
華南 華東 華北 華南 華東 華北
HK$’000 HK$’000 HK$’000 HK$’000 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 千港元 千港元 千港元 千港元
Six months ended 30th June 2020 截至二零二零年六月三十日止
六個月
Total revenues 總收益 2,572,766 2,561,096 438,377 312,947 503,514 751,653 897,553 2,775,139 2,835,999 13,649,044
Intra/inter-segment revenues 分部內╱間收益 (163,976) — (391) (16,337) (7,951) (85,318) (216,135) (2,422,255) — (2,912,363)
Revenues 收益 2,408,790 2,561,096 437,986 296,610 495,563 666,335 681,418 352,884 2,835,999 10,736,681
Revenue from contracts with customers: 客戶合約收益:
Recognised at a point in time 於某個時間點確認 2,408,790 2,561,096 437,986 — — — — — — 5,407,872
Recognised over time 隨著時間確認 — — — 10,780 55,161 22,497 681,418 352,884 — 1,122,740
Revenue from other ordinary activities: 其他正常活動收益:
Rental income 租金收入 — — — 285,830 440,402 643,838 — — — 1,370,070
Investments income 投資收入 — — — — — — — — 2,835,999 2,835,999
2,408,790 2,561,096 437,986 296,610 495,563 666,335 681,418 352,884 2,835,999 10,736,681
Segment results 分部業績 1,451,962 1,309,960 (65,073) 133,869 323,257 829,736 61,631 281,974 2,837,128 7,164,444
Depreciation of properties and
equipment
物業及設備折舊
(46,398) (711) (9,267) (2,728) (16,383) (39,980) (1,740) (763) — (117,970)
Depreciation of right-of-use assets 使用權資產折舊 (9,198) (1,898) (2,133) (1,909) (8,458) (4,571) (3,424) (3,267) — (34,858)
Loss allowance of financial assets 財務資產虧損撥備 — — — — — — (7,608) — — (7,608)
Fair value (loss)/gain on investment
properties
投資物業公平值(虧損)╱收益
— — — (95,667) 55,063 518,981 — — — 478,377
Share of (loss)/profit of associates 分佔聯營公司(虧損)╱溢利 (212) — 192 — — — — — — (20)
Share of profit/(loss) of joint ventures 分佔合營公司溢利╱(虧損) 13,085 (1) — — — — — — — 13,084
合生創展集團有限公司 中期報告2021 39
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
6 分部資料(續)
於 二 零 二 一 年 六 月 三 十 日 按 業 務 及 地 區
劃分之分部業績(未經審核)如下:
於 二 零 二 零 十 二 月 三 十 一 日 按 業 務 及 地
區劃分之分部業績(經審核)如下:
6 SEGMENT INFORMATION (Continued)
The segment assets by business lines and by geographical areas as at
30th June 2021 (unaudited) are as follows:
Property development Commercial properties investment
Property
management Infrastructure Investments Group
物業發展 商業地產投資 物業管理 基建 投資 集團
SC EC NC SC EC NC
華南 華東 華北 華南 華東 華北
HK$’000 HK$’000 HK$’000 HK$’000 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 千港元 千港元 千港元 千港元
As at and for the six months ended
30th June 2021
於二零二一年六月三十日
及截至該日止六個月 67,338,627 49,151,053 99,867,594 9,870,288 22,780,920 35,934,029 3,967,665 3,748,812 39,214,924 331,873,912
Segment assets include: 分部資產包括:
Investments in associates 於聯營公司之投資 33,408 — 102,793 — — — 1,510,481 — — 1,646,682
Investments in joint ventures 於合營公司之投資 6,966,788 1,469,984 3,480,616 154,373 — — — 120 — 12,071,881
Additions to non-current assets
(other than financial instruments
and deferred tax assets)
添置非流動資產(不包括金
融工具及遞延稅項資產)
1,106,798 77,629 558 14,565 184,522 257,968 1,426 1,012 — 1,644,478
The segment assets by business lines and by geographical areas as at
31st December 2020 (audited) are as follows:
Property development Commercial properties investment
Property
management Infrastructure Investments Group
物業發展 商業地產投資 物業管理 基建 投資 集團
SC EC NC SC EC NC
華南 華東 華北 華南 華東 華北
HK$’000 HK$’000 HK$’000 HK$’000 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 千港元 千港元 千港元 千港元
As at and for the year ended
31st December 2020
於二零二零年十二月三十
一日及截至該日止年度 56,774,099 49,754,622 89,207,465 9,564,451 22,286,999 35,443,739 1,893,813 2,048,885 32,554,263 299,528,336
Segment assets include: 分部資產包括:
Investments in associates 於聯營公司之投資 12,879 — 101,968 — — — — — — 114,847
Investments in joint ventures 於合營公司之投資 5,864,799 1,458,475 4,036,185 120,507 — — — — — 11,479,966
Additions to non-current assets
(other than financial instruments
and deferred tax assets)
添置非流動資產(不包括金
融工具及遞延稅項資產)
716,269 1,537,718 3,916,295 125,796 44,795 474,007 31,105 1,627 — 6,847,612
40 Hopson Development Holdings Limited Interim Report 2021
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
6 分部資料(續)
可 呈 報 分 部 之 經 營 溢 利 與 除 稅 前 溢 利 對
賬如下:
可呈報分部之資產與總資產對賬如下︰
投資分部涉及位於香港、美國及中國大陸
的股本及債務投資。其他分部方面,截至
二 零 二 一 年 及 二 零 二 零 年 六 月 三 十 日 止
六個月,所有收益均來自中國大陸,而其
於 二 零 二 一 年 六 月 三 十 日 及 二 零 二 零 年
十 二 月 三 十 一 日 的 相 關 分 部 資 產 主 要 位
於中國大陸。

於 二 零 二 一 年 六 月 三 十 日 及 二 零 二 零 年
十二月三十一日,非流動資產主要位於中
國大陸。

6 SEGMENT INFORMATION (Continued)
Reconciliation of reportable segment profit from operations to profit
before taxation is as follows:
Unaudited
未經審核
Six months ended 30th June
截至六月三十日止六個月
2021 2020
二零二一年 二零二零年
HK$’000 HK$’000
千港元 千港元
Reportable segment profit from operations 可呈報分部經營溢利 8,007,839 7,164,444
Unallocated corporate expenses
(including exchange losses), net
未分配公司開支(包括匯兌
虧損),淨額 (3,464) (104,068)
Finance income 財務收入 204,956 153,433
Finance costs 財務成本 (1,302,207) (606,994)
Profit before taxation 除稅前溢利 6,907,124 6,606,815
Reconciliation of reportable segment assets to total assets is as follows:
Unaudited Audited
未經審核 經審核
As at

30th June
2021
31st December
2020
二零二一年
六月三十日
二零二零年
十二月三十一日
HK$’000 HK$’000
千港元 千港元
Total segment assets 分部資產總值 331,873,912 299,528,336
Deferred tax assets 遞延稅項資產 1,485,718 1,342,998
Total assets 總資產 333,359,630 300,871,334
Investments segment relating to investments in equity and debt
investments in Hong Kong, the United States of America and Mainland
China. For other segments, all revenues for the six months ended 30th
June 2021 and 2020 were from Mainland China and their related
segment assets as at 30th June 2021 and 31st December 2020 were
mainly located in Mainland China.
As at 30th June 2021 and 31st December 2020, non-current assets were
mainly located in Mainland China.
合生創展集團有限公司 中期報告2021 41
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
6 分部資料(續)
於 二 零 二 一 年 六 月 三 十 日, 分 部 負 債
在 本 集 團 總 部 集 中 管 理, 包 括 借 貸
115,425,833,000港 元(二 零 二 零 年 十 二 月 三
十 一 日:107,537,719,000港 元),用 於 為 物
業發展板塊、商業地產投資板塊、物業管
理 板 塊 及 基 建 板 塊 融 資;及 保 證 金 貸 款
10,170,154,000港 元(二 零 二 零 年 十 二 月 三
十 一 日:9,163,844,000港 元),用 於 為 投 資
板塊融資。

7 資本開支
6 SEGMENT INFORMATION (Continued)
As at 30th June 2021, segment liabilities are managed centrally at the
headquarter of the Group, including borrowings of HK$115,425,833,000
(31st December 2020: HK$107,537,719,000), which were for financing the
property development segment, commercial properties investment
segment, property management segment and infrastructure segment;
and margin loans of HK$10,170,154,000 (31st December 2020:
HK$9,163,844,000), which were for financing the investments segment.
7 CAPITAL EXPENDITURES
Unaudited
未經審核
For six months ended 30th June
截至六月三十日止六個月
Right-of-use
assets
Prepayments
for acquisition
of land
Properties
and
equipment
Investment
properties
Intangible
assets
使用權資產
收購土地
預付款項 物業及設備 投資物業 無形資產
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元 千港元
Opening net book amount
as at 1st January 2021
於二零二一年一月一日之
期初賬面淨值 1,627,933 126,397 4,245,066 61,396,797 389,577
Additions 新增 74,466 — 208,709 434,167 29,781
Fair value gain 公平值收益 — — — 24,691 —
Disposals 出售 — — (540) — —
Depreciation and
amortisation
折舊及攤銷
(46,507) — (109,852) — (28,623)
Exchange difference 匯兌差額 13,924 1,452 69,827 708,041 4,484
Closing net book amount
as at 30th June 2021
於二零二一年六月三十日
之期末賬面淨值 1,669,816 127,849 4,413,210 62,563,696 395,219
Opening net book amount
as at 1st January 2020
於二零二零年一月一日之
期初賬面淨值 1,634,045 118,758 4,976,880 56,961,529 34,534
Additions 新增 24,520 — 75,671 181,576 —
Fair value gain 公平值收益 — — — 478,377 —
Disposals 出售 — — (380) — —
Depreciation and
amortisation
折舊及攤銷
(34,858) — (117,970) — —
Impairment 減值 — — — — (4,539)
Exchange difference 匯兌差額 (92,230) (2,296) (184,869) (1,107,644) (866)
Closing net book amount
as at 30th June 2020
於二零二零年六月三十日
之期末賬面淨值 1,531,477 116,462 4,749,332 56,513,838 29,129
42 Hopson Development Holdings Limited Interim Report 2021
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
8 於聯營公司及合營公司之投資
(a) 於聯營公司之投資
餘額包括於Meta Group Limited(「元 知
開曼」)之投資1,510,481,000港元(二零
二 零 年 十 二 月 三 十 一 日:無)(附 註
26(h))。

8 INVESTMENTS IN ASSOCIATES AND JOINT
VENTURES
(a) Investments in associates
Unaudited Audited
未經審核 經審核
As at

30th June
2021
31st December
2020
二零二一年
六月三十日
二零二零年
十二月三十一日
HK$’000 HK$’000
千港元 千港元
Share of net assets 分佔淨資產 1,646,682 114,847
Unaudited
未經審核
Six months ended 30th June
截至六月三十日止六個月
2021 2020
二零二一年 二零二零年
HK$’000 HK$’000
千港元 千港元
Share of profit/(loss) and total
comprehensive income/(loss) for
the period
分佔期間溢利╱(虧損)及
全面收入╱(虧損)總額
81,231 (20)
The balance includes an investment in Meta Group Limited
(“Yuanzhi Cayman”) of HK$1,510,481,000 (31st December 2020: Nil)
(Note 26(h)).
合生創展集團有限公司 中期報告2021 43
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
8 於聯營公司及合營公司之投資
(續)
(b) 於合營公司之投資
於 合 營 公 司 之 投 資 主 要 指(i)於 廣 州 第 一
染織廠有限公司(一間擁有中國大陸廣東
省廣州市一個物業發展項目之公司)之投
資4,741,151,000港元(二零二零年十二月三
十 一 日:4,663,977,000 港 元)及 (ii)於 北 京 合
盛潤景置業有限公司(一間於中國大陸北
京市豐台區擁有物業項目之公司)之投資
3,480,811,000港元(二零二零年十二月三十
一日:4,036,185,000港 元)。

於二零二一年六月三十日,合營公司之墊
款115,181,000港元(二零二零年十二月三十
一 日:113,873,000港元)為以人民幣計值、
無抵押、參考中國人民銀行基準利率計息
且在未來十二個月內不用償還。餘下合營
公司之墊款以人民幣計值、無抵押、不計
息且在未來十二個月內不用償還。

8 INVESTMENTS IN ASSOCIATES AND JOINT
VENTURES (Continued)
(b) Investments in Joint Ventures
Unaudited
未經審核
For Six months ended 30th June
截至六月三十日止六個月
Share of net
assets Advance Total
分佔淨資產 墊款 總計
HK$’000 HK$’000 HK$’000
千港元 千港元 千港元
At 1st January 2021 於二零二一年一月一日 5,992,217 5,487,749 11,479,966
Capital injection 注資 1,001,600 — 1,001,600
Repayment 還款 — (588,450) (588,450)
Share of post-acquisition results 分佔收購後業績 44,240 — 44,240
Exchange difference 匯兌差額 74,855 59,670 134,525
At 30th June 2021 於二零二一年六月三十日 7,112,912 4,958,969 12,071,881
At 1st January 2020 於二零二零年一月一日 4,952,576 106,991 5,059,567
Share of post-acquisition results 分佔收購後業績 13,084 — 13,084
Exchange difference 匯兌差額 (92,412) (2,068) (94,480)
At 30th June 2020 於二零二零年六月三十日 4,873,248 104,923 4,978,171
Investments in joint ventures mainly represent (i) HK$4,741,151,000 (31st
December 2020: HK$4,663,977,000) investment in Guangzhou Diyi
Dyeing Factory Company Limited, a company with a property
development project in Guangzhou, Guangdong, Mainland China, and (ii)
HK$3,480,811,000 (31st December 2020: HK$4,036,185,000) investment
in Beijing Hesheng Runjing Real Estate Co., Ltd., a company with property
projects in Fengtai District, Beijing, Mainland China.
As at 30th June 2021, the advances to joint ventures of HK$115,181,000
(31st December 2020: HK$113,873,000) was denominated in Renminbi,
unsecured, interest bearing at the prevailing interest rate of the People’s
Bank of China and not repayable within the next twelve months. The
remaining advance to joint ventures was denominated in Renminbi,
unsecured, non-interest bearing and not repayable within the next
twelve months.
44 Hopson Development Holdings Limited Interim Report 2021
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
9 按公平值透過其他全面收入列
賬之財務資產
本集團將非持作買賣的股本證券分類,並
在 初 始 確 認 時 以 不 可 撤 銷 的 方 式 選 擇 確
認 為 按 公 平 值 透 過 其 他 全 面 收 入 列 賬 之
財務資產。該等股本證券為戰略投資,本
集團認為此種分類更為相關。

於 二 零 二 一 年 六 月 三 十 日,按 公 平 值 透
過 其 他 全 面 收 入 列 賬 之 財 務 資 產 主 要 包
括 於 兩 間 中 國 大 陸 非 上 市 財 務 機 構 之
3.57%及0.68%股 本 權 益,價 值1,233,055,000
港 元( 二 零 二 零 年 十 二 月 三 十 一 日:
3,280,048,000港 元),於 一 間 香 港 上 市 財 務
機 構 之2.74%股 本 權 益, 價 值713,158,000
港 元( 二 零 二 零 年 十 二 月 三 十 一 日:
725,092,000港 元),及 於 一 間 在 開 曼 群 島
註 冊 成 立 並 於 中 國 大 陸 經 營 的 技 術 解 決
方 案 及 服 務 公 司 之2.96%股 本 權 益,價 值
1,863,311,000港元(二零二零年十二月三十
一日:1,861,000,000港 元)。

於 二 零 二 一 年 六 月 三 十 日 及 二 零 二 零 年
十二月三十一日,本集團持有的任何一家
個 體 投 資 公 司 的 股 本 證 券 均 不 等 於 或 超
過本集團總資產的5%。

9 FINANCIAL ASSETS AT FAIR VALUE THROUGH
OTHER COMPREHENSIVE INCOME
Unaudited Audited
未經審核 經審核
As at

30th June
2021
31st December
2020
二零二一年
六月三十日
二零二零年
十二月三十一日
HK$’000 HK$’000
千港元 千港元
Listed securities: 上市證券:
— Equity securities, Hong Kong — 股本證券,香港 713,158 725,092
Unlisted securities: 非上市證券:
— Equity securities, Mainland China — 股本證券,中國大陸 3,390,329 5,418,110
4,103,487 6,143,202
The Group classifies equity securities which are not held for trading, and
which the Group has irrevocably elected at initial recognition to
recognise as financial assets at fair value through other comprehensive
income in this category. These are strategic investments and the Group
considers this classification to be more relevant.
As at 30th June 2021, financial assets at fair value through other
comprehensive income mainly include 3.57% and 0.68% equity interests
in two unlisted financial institutions in Mainland China of
HK$1,233,055,000 (31st December 2020: HK$3,280,048,000), 2.74% equity
interests in a financial institution listed in Hong Kong of HK$713,158,000
(31st December 2020: HK$725,092,000), and 2.96% of equity interest in a
technology solutions and services company incorporated in Cayman
Islands and operating in Mainland China of HK$1,863,311,000 (31st
December 2020: HK$1,861,000,000).
As at 30th June 2021 and 31st December 2020, none of the equity
securities in any individual investee company held by the Group
equalled or exceeded 5% of the Group’s total assets.
合生創展集團有限公司 中期報告2021 45
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
10 按公平值透過損益列賬之財務
資產
本 集 團 將 下 列 財 務 資 產 按 公 平 值 透 過 損
益列賬:
. 短期股權投資;
. 結構性投資產品(包括香港及美國上
市股份權益掛鈎票據);
. 不 符 合 以 按 攤 銷 成 本 列 賬 或 按 公 平
值 透 過 其 他 全 面 收 入 列 賬 計 量 之 債
務投資;及
. 實 體 並 未 選 擇 確 認 公 平 值 收 益 及 虧
損計入其他全面收入之股權投資。

10 FINANCIAL ASSETS AT FAIR VALUE THROUGH
PROFIT OR LOSS
The Group classifies the following financial assets at fair value through
profit or loss:
. short-term equity investments;
. structured investment products (including equity linked notes
relating to listed shares in Hong Kong and the United States);
. debt investments that do not qualify for measurement at either
amortised cost or fair value through other comprehensive income;
and
. equity investments for which the entity has not elected to
recognise fair value gains and losses through other comprehensive
income.
Unaudited Audited
未經審核 經審核
As at

30th June
2021
31st December
2020
二零二一年
六月三十日
二零二零年
十二月三十一日
HK$’000 HK$’000
千港元 千港元
Listed securities: 上市證券:
— Equity securities, Hong Kong,
at quoted market value
— 股本證券,香港,按所報
市值 14,166,202 13,572,255
— Equity securities, Mainland China
at quoted market value
— 股本證券,中國大陸,按
所報市值 4,336 79,783
— Equity securities, United States
at quoted market value
— 股本證券,美國,按所報
市值 9,192,439 5,138,635
Unlisted securities: 非上市證券:
— Structured investment products — 結構性投資產品 3,359,600 2,806,182
— Equity securities and investment funds — 股本證券及投資基金 2,064,901 423,842
28,787,478 22,020,697
Non-current 非流動部分 1,667,283 —
Current 流動部分 27,120,195 22,020,697
28,787,478 22,020,697
46 Hopson Development Holdings Limited Interim Report 2021
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
11 應收賬款、預付款項、按金及
其他資產
已 出 售 物 業 之 代 價 一 般 須 於 買 賣 協 議 完
成當日由買方支付。租賃物業之租金及物
業管理費一般須每月預付。概無授予客戶
任何信貸條款。

11 ACCOUNTS RECEIVABLE, PREPAYMENTS,
DEPOSITS AND OTHER ASSETS
Unaudited Audited
未經審核 經審核
As at

30th June
2021
31st December
2020
二零二一年
六月三十日
二零二零年
十二月三十一日
HK$’000 HK$’000
千港元 千港元
Accounts receivable 應收賬款
— Related parties — 關連人士 612,544 495,259
— Third parties — 第三方 2,810,125 2,278,324
3,422,669 2,773,583
Less: Loss allowance 減:虧損撥備 (168,014) (150,712)
3,254,655 2,622,871
Consideration in respect of properties sold is generally payable by the
buyers at the time of completion of the sale and purchase agreements.
Rentals in respect of leased properties and property management fees
are generally payable in advance on a monthly basis. No credit terms
were granted to the customers.
合生創展集團有限公司 中期報告2021 47
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
11 應收賬款、預付款項、按金及
其他資產(續)
應收賬款(包括應收關連公司屬於交易性
質之賬款)之賬齡分析如下:
應收賬款之賬面值與其公平值相若。應收
賬 款 與 多 名 獨 立 客 戶 有 關 並 以 人 民 幣 計
值。

於二零二一年六月三十日,應收賬款約為
532,104,000港元(二零二零年十二月三十一
日:495,259,000港元),為就物業管理服務
應收關連公司款項。

11 ACCOUNTS RECEIVABLE, PREPAYMENTS,
DEPOSITS AND OTHER ASSETS (Continued)
The ageing analysis of accounts receivable (including amounts due from
related companies of trading in nature) is as follows:
Unaudited Audited
未經審核 經審核
As at

30th June
2021
31st December
2020
二零二一年
六月三十日
二零二零年
十二月三十一日
HK$’000 HK$’000
千港元 千港元
0 to 3 months 0至3個月 2,026,648 1,627,659
3 to 6 months 3至6個月 233,459 201,238
6 to 9 months 6至9個月 167,328 156,542
9 to 12 months 9至12個月 182,333 92,963
Over 12 months 超過12個月 644,887 544,469
3,254,655 2,622,871
The carrying value of accounts receivable approximates their fair values.
The accounts receivable is related to a number of independent
customers, and are denominated in Renminbi.
As at 30th June 2021, accounts receivable of approximately
HK$532,104,000 (31st December 2020: HK$495,259,000) were due from
related companies in respective of property management services.
48 Hopson Development Holdings Limited Interim Report 2021
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
11 應收賬款、預付款項、按金及
其他資產(續)
預付款項、按金及其他資產
附註:
(i) 其 他 應 收 款 項 與 本 集 團 參 與 中 國 大 陸 北 京 及
廣東省惠州有回報(根據本集團所投入資金預
先釐定百分比計算)之土地開發項目有關。其
他應收款項以人民幣計值,賬面值與公平值相
若。

(ii) 非 流 動 按 金 指 收 購 一 家 在 開 曼 群 島 註 冊 成 立
並 在 中 國 大 陸 經 營 的 技 術 解 決 方 案 和 服 務 公
司 的 股 本 權 益 而 向 獨 立 第 三 方 支 付 的 按 金
60,000,000美 元( 相 等 於465,828,000港 元 )。 流
動 部 分 指 收 購 主 要 業 務 為 物 業 持 有 和 發 展 的
實 體 的 股 本 權 益 而 向 獨 立 第 三 方 支 付 的 按 金
2,458,957,000港 元(二 零 二 零 年 十 二 月 三 十 一
日:1,577,573,000港 元)。於 二 零 二 一 年 六 月 三
十日,收購尚未完成。

11 ACCOUNTS RECEIVABLE, PREPAYMENTS,
DEPOSITS AND OTHER ASSETS (Continued)
Prepayments, deposits and other assets
Unaudited Audited
未經審核 經審核
As at

30th June
2021
31st December
2020
二零二一年
六月三十日
二零二零年
十二月三十一日
HK$’000 HK$’000
千港元 千港元
Non-current 非流動
— Deposits for acquisition of equity interest
(Note (ii))
— 收購股本權益之按金
(附註(ii)) 465,828 1,170,643
Current 流動
— Other receivables (Note (i)) — 其他應收款項(附註(i)) 1,741,579 1,593,014
— Deposits for acquisition of equity interest
(Note (ii))
— 收購股本權益之按金
(附註(ii)) 2,458,957 1,577,573
— Guarantee deposits — 擔保按金 70,907 70,101
— Prepayments for construction renovation
work
— 建設裝修工程之預付
款項 1,026,337 390,806
— Prepaid taxes — 預付稅款 824,710 682,338
— Construction, utilities and other deposits — 建設、公用設施及其他
按金 2,051,673 1,791,543
— Dividend and interest receivables — 股息及應收利息 870,492 699,864
— Consideration receivables — 應收代價 — 668,948
— Others — 其他 1,789,381 1,549,341
Prepayments, deposits and other current assets 預付款項、按金及其他流動
資產 10,834,036 9,023,528
Notes:
(i) Other receivables relate to the Group’s participation in land development projects in
Beijing and Huizhou, Guangdong Province, Mainland China with returns based on a
pre-determined percentage of funds invested by the Group. Other receivables are
denominated in RMB. Their carrying amounts approximate fair values.
(ii) The non-current deposit represents deposits made to independent third party of
US$60,000,000 (equivalent to HK$465,828,000) for the acquisition of equity interest in
a technology solutions and service company incorporated in Cayman Islands and
operating in Mainland China. The current portion represents deposits made to
independent third parties of HK$2,458,957,000 (31st December 2020:
HK$1,577,573,000) for the acquisition of equity interests in entities whose principal
activities are property holding and development. The acquisitions are not yet
completed as at 30th June 2021.
合生創展集團有限公司 中期報告2021 49
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
12 股本
法定普通股總數為3,000,000,000股(二零二
零 年 十 二 月 三 十 一 日:3,000,000,000 股)每
股面值0.1港元(二零二零年十二月三十一
日:每 股 面 值0.1港 元)之 股 份。所 有 已 發
行股份均已繳足股款。

截至二零二一年六月三十日止六個月,本
公司購回並註銷約12,673,000股普通股。本
公 司 合 共 支 付 約370,132,000港 元 用 於 購 回
普通股,該金額已從股東權益中扣除。股
份溢價共減少約90,256,000港元。

12 SHARE CAPITAL
Number of
ordinary shares Par value
普通股數目 面值
’000 HK$’000
千股 千港元
At 1st January 2021 (Audited) 於二零二一年一月一日
(經審核) 2,191,368 219,137
Repurchase of own shares 購回本身股份 (12,673) (1,267)
At 30th June 2021 (Unaudited) 於二零二一年六月三十日
(未經審核) 2,178,695 217,870
The total authorised number of ordinary shares is 3,000,000,000 shares (31st
December 2020: 3,000,000,000 shares) with a par value of HK$0.1 per
share (31st December 2020: HK$0.1 per share). All issued shares are fully
paid.
During the six months ended 30th June 2021, the Company repurchased
and cancelled approximately 12,673,000 ordinary shares. The total
amount of approximately HK$370,132,000 paid to acquire the ordinary
shares has been deducted from shareholders’ equity. The total reduction
in share premium was approximately HK$90,256,000.
50 Hopson Development Holdings Limited Interim Report 2021
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
13 RESERVES 13 儲備
For the six months ended 30th June (unaudited)
截至六月三十日止六個月(未經審核)
Share
premium
Statutory
reserve (i)
Assets
revaluation
reserve (ii)
Currency
translation
differences
Retained
earnings Total
股份溢價 法定儲備(i)
資產重估
儲備(ii)
貨幣匯兌
差額 保留盈利 總計
HK$’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
Balance at 1st January 2021 於二零二一年一月一日之結
餘 15,558,932 161,117 1,514,096 3,243,278 67,315,409 87,792,832
Profit for the period 期內溢利 — — — — 5,631,617 5,631,617
Currency translation differences 貨幣匯兌差額 — — — 886,391 — 886,391
Repurchase of own shares (Note 12) 購回本身股份(附註12) (90,256) — — — (278,609) (368,865)
Fair value gain on financial assets at
fair value through other
comprehensive income
按公平值透過其他全面收入
列賬之財務資產之公平值
收益 — — 506,843 — — 506,843
Realised upon disposal of completed
properties held for sale
出售持作出售已落成物業時
變現 — — (30,047) — — (30,047)
Deferred tax 遞延稅項 — — (115,069) — — (115,069)
Transfer upon disposal of financial
assets at fair value through other
comprehensive income
出售按公平值透過其他全面
收入列賬之財務資產後
轉撥 — — (852,746) — 852,746 —
Dividends payable 應付股息 — — — — (2,396,565) (2,396,565)
Balance at 30th June 2021 於二零二一年六月三十日之
結餘 15,468,676 161,117 1,023,077 4,129,669 71,124,598 91,907,137
Balance at 1st January 2020 於二零二零年一月一日之結
餘 15,800,776 161,117 1,133,021 (779,750) 56,042,957 72,358,121
Profit for the period 期內溢利 — — — — 5,101,795 5,101,795
Currency translation differences 貨幣匯兌差額 — — — (1,514,860) — (1,514,860)
Fair value loss on financial assets at
fair value through other
comprehensive income
按公平值透過其他全面收入
列賬之財務資產之公平值
虧損 — — (76,167) — — (76,167)
Realised upon disposal of completed
properties held for sale
出售持作出售已落成物業時
變現 — — (85,843) — — (85,843)
Deferred tax 遞延稅項 — — 60,301 — — 60,301
Dividends payable 應付股息 — — — — (667,668) (667,668)
Balance at 30th June 2020 於二零二零年六月三十日之
結餘 15,800,776 161,117 1,031,312 (2,294,610) 60,477,084 75,175,679
合生創展集團有限公司 中期報告2021 51
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
13 儲備(續)
附註:
(i) 按照中國大陸法規所訂明,本公司於中國大陸
成立及經營之子公司須自其除稅後溢利(經抵
銷過往年度虧損後)中撥出一部分至法定儲備
及企業發展基金,比率乃由各董事會釐定。法
定 儲 備 可 用 作 抵 銷 過 往 年 度 虧 損 或 用 作 發 行
紅股,而企業發展基金則可用作發展業務。當
法 定 儲 備 達 到 相 當 於 本 公 司 的 子 公 司 註 冊 資
本50%之金額時,將毋須進一步作出撥款。

(ii) 資 產 重 估 儲 備 指 歸 類 為 按 公 平 值 透 過 其 他 全
面 收 入 列 賬 之 財 務 資 產 的 股 本 權 益 公 平 值 虧
損重估儲備110,192,000港元(二零二零年:公平
值收益363,478,000港元),上年度自用物業轉撥
至投資物業的公平值收益566,768,000港元(二零
二零年:566,768,000港元)及廣州珠江僑都房地
產 有 限 公 司(「GZQREL」)69.5%權 益 的 公 平 值 收
益566,501,000港 元( 二 零 二 零 年:583,850,000港
元)。

於 二 零 零 七 年 完 成 收 購 廣 州 市 農 工 商 建 設 開
發有限公司後,GZQREL成為本集團的子公司。

本 集 團 先 前( 作 為 合 營 公 司 )持 有 的GZQREL
69.5%權益的公平值收益約2,180,096,000港 元(稅
後)已直接計入權益中的資產重估儲備。

隨 後 出 售GZQREL開 發 的 物 業 被 視 為GZQREL業
務 的 部 分 出 售,因 此 資 產 重 估 儲 備 的 相 關 部
分已計入綜合收益表。於二零二一年六月三十
日,GZQREL的 資 產 重 估 儲 備 約 為566,501,000港
元(二零二零年十二月三十一日:583,850,000港
元)。

13 RESERVES (Continued)
Notes:
(i) As stipulated by regulations in Mainland China, the Company’s subsidiaries
established and operated in Mainland China are required to appropriate a portion of
their after-tax profit (after offsetting prior year losses) to the statutory reserves and
enterprise expansion fund, at rates determined by their respective boards of directors.
The statutory reserves can be utilised to offset prior year losses or be utilised for the
issuance of bonus shares, whilst the enterprise expansion fund can be utilised for the
development of business operations. When the statutory reserve reaches an amount
equal to 50% of the registered capital of the respective subsidiaries, further
appropriation needs not be made.
(ii) Assets revaluation reserve represents revaluation reserve of fair value loss of equity
interests classified as financial assets at fair value through other comprehensive
income of HK$110,192,000 (2020: fair value gain of HK$363,478,000), fair value gain
arising from properties transferred from self-use property to investment property in
prior year of HK$566,768,000 (2020: HK$566,768,000) and the fair value gain in respect
of 69.5% interest in Guangzhou Zhujiang Qiaodu Real Estate Limited (“GZQREL”) of
HK$566,501,000 (2020:HK$583,850,000).
Upon completion of the acquisition of Guangzhou Nonggongshang Construction
and Development Company Limited in 2007, GZQREL became a subsidiary of the
Group. The fair value gain in respect of the 69.5% interest in GZQREL previously held
by the Group (as a joint venture) of approximately HK$2,180,096,000, net of tax, was
credited to an asset revaluation reserve directly in equity.
Subsequent sales of the properties developed by GZQREL are regarded as partial
disposal of the business of GZQREL and accordingly the related portion of the asset
revaluation reserve is released to the consolidated income statement. As at 30th June
2021, the asset revaluation reserve relating to GZQREL amounted to approximately
HK$566,501,000 (31st December 2020: HK$583,850,000).
52 Hopson Development Holdings Limited Interim Report 2021
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
14 應付賬款、應計款項及其他應
付款項
14 ACCOUNTS PAYABLE, ACCRUALS AND OTHER
PAYABLES
Unaudited Audited
未經審核 經審核
As at

30th June
2021
31st December
2020
二零二一年
六月三十日
二零二零年
十二月三十一日
HK$’000 HK$’000
千港元 千港元
Accounts payable 應付賬款
— Related parties — 關連人士 726,280 916,920
— Third parties — 第三方 22,687,413 17,663,580
23,413,693 18,580,500
Accruals and other payables 應計款項及其他應付款項
— Deposit received and prepayment from
customers, tenants and residents
— 收取客戶、商戶及個人的
押金及預付款 2,959,221 2,261,128
— Finance costs payable — 應付財務成本 1,429,292 1,227,005
— Accruals for operating expenses — 經營開支應計款項 1,528,583 1,804,250
— Tax payables — 應付稅費 2,368,420 2,059,430
— Receipt in advance for disposal of
a financial asset through other
comprehensive income
— 出售計入其他全面收人
的財務資產預收款
— 2,562,806
— Others — 其他 4,712,989 4,016,353
12,998,505 13,930,972
36,412,198 32,511,472
合生創展集團有限公司 中期報告2021 53
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
14 應付賬款、應計款項及其他應
付款項(續)
應付賬款之賬齡分析(包括應付予關連公
司屬交易性質之賬款)如下:
應付賬款以人民幣計值。應付賬款之賬面
值與其公平值相若。

於二零二一年六月三十日,應付賬款中約
726,280,000港元(二零二零年十二月三十一
日:916,920,000港元)為就物業建築應付若
干關連公司之賬款(附註26(b))。

14 ACCOUNTS PAYABLE, ACCRUALS AND OTHER
PAYABLES (Continued)
Aging analysis of accounts payable (including amounts due to related
companies of trading in nature) is as follows:
Unaudited Audited
未經審核 經審核
As at

30th June
2021
31st December
2020
二零二一年
六月三十日
二零二零年
十二月三十一日
HK$’000 HK$’000
千港元 千港元
0 to 3 months 0至3個月 8,039,060 4,190,958
3 to 6 months 3至6個月 5,457,264 4,128,806
6 to 9 months 6至9個月 3,356,035 1,931,843
9 to 12 months 9至12個月 2,283,654 1,081,952
Over 12 months 超過12個月 4,277,680 7,246,941
23,413,693 18,580,500
Accounts payable are denominated in Renminbi. The carrying value of
accounts payable approximate their fair values.
As at 30th June 2021, accounts payable of approximately HK$726,280,000
(31st December 2020: HK$916,920,000) were due to related companies
in respect of property construction (Note 26(b)).
54 Hopson Development Holdings Limited Interim Report 2021
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
15 借貸
附註:
(a) 於二零一八年六月,本集團發行利率為6.50厘
的商業抵押擔保證券。該等證券將於二零三九
年到期,並根據二零一九年至二零三九年的預
定時間表,按人民幣面值5,600,000,000元償還。

本 集 團 有 權 於 預 先 確 定 的 時 間 點 贖 回 所 有 證
券;投 資 者 亦 有 權 於 相 同 日 期 向 本 集 團 返 銷
該等證券。於二零二一年六月三十日,該等證
券 的 賬 面 值(包 括 安 排 費)達6,275,344,000港 元
(二 零 二 零 年 十 二 月 三 十 一 日:6,203,131,000港
元),該 等 證 券 由 約12,340,160,000港 元(二 零 二
零年十二月三十一日:11,943,349,000港元)的投
資物業及該等投資物業產生的租金收入╱應收
租金作擔保。

於二零一九年六月,本集團發行利率為5.70厘
的商業抵押擔保證券。該等證券將於二零三七
年到期,並根據二零一九年至二零三七年的預
定時間表,按人民幣面值2,000,000,000元償還。

本 集 團 有 權 於 預 先 確 定 的 時 間 點 贖 回 所 有 證
券;投 資 者 亦 有 權 於 相 同 日 期 向 本 集 團 返 銷
該等證券。於二零二一年六月三十日,該等證
券 的 賬 面 值(包 括 安 排 費)達2,314,131,000港 元
(二 零 二 零 年 十 二 月 三 十 一 日:2,299,041,000港
元),該等證券由約3,214,836,000港元(二零二零
年 十 二 月 三 十 一 日:3,166,438,000港 元)的 投 資
物業及該等投資物業產生的租金收入╱應收租
金作擔保。

15 BORROWINGS
Unaudited Audited
未經審核 經審核
As at

30th June
2021
31st December
2020
二零二一年
六月三十日
二零二零年
十二月三十一日
HK$’000 HK$’000
千港元 千港元
Non-current 非流動
Bank and financial institution borrowings 銀行及財務機構借貸 75,450,793 76,683,518
Commercial mortgage-backed securities
(Note (a))
商業抵押擔保證券(附註(a))
8,618,868 9,156,703
Senior notes (Note (b)) 優先票據(附註(b)) 3,851,021 3,841,071
87,920,682 89,681,292
Current 流動
Bank and financial institution borrowings 銀行及財務機構借貸 16,265,196 13,425,498
Commercial mortgage-backed securities
(Note (a))
商業抵押擔保證券(附註(a))
2,373,020 81,888
Senior notes (Note (b)) 優先票據(附註(b)) 8,138,640 4,349,041
Asset-backed securities (Note (c)) 資產支持證券(附註(c)) 728,295 —
27,505,151 17,856,427
115,425,833 107,537,719
Notes:
(a) In June 2018, the Group issued 6.50% commercial mortgage-backed securities. The
securities will mature in 2039 and are repayable at their nominal value of
RMB5,600,000,000 according to pre-determined schedule from 2019 to 2039. The
Group has the right to redeem all of the securities at predetermined points in time;
the investors are also entitled to sell back the securities to the Group on the same
dates. As at 30th June 2021, the carrying value of the securities (including
arrangement fees) amounted to HK$6,275,344,000 (31st December 2020:
HK$6,203,131,000), and the securities are secured by an investment property of
approximately HK$12,340,160,000 (31st December 2020: HK$11,943,349,000) and the
rental income/receivables deriving from the investment property.
In June 2019, the Group issued 5.70% commercial mortgage-backed securities. The
securities will mature in 2037 and are repayable at their nominal value of
RMB2,000,000,000 according to pre-determined schedule from 2019 to 2037. The
Group has the right to redeem all of the securities at predetermined points in time;
the investors are also entitled to sell back the securities to the Group on the same
dates. As at 30th June 2021, the carrying value of the securities (including
arrangement fees) amounted to HK$2,314,131,000 (31st December 2020:
HK$2,299,041,000), and the securities are secured by an investment property of
approximately HK$3,214,836,000 (31st December 2020: HK$3,166,438,000) and the
rental income/receivables deriving from the investment property.
合生創展集團有限公司 中期報告2021 55
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
15 借貸(續)
附註:(續)
(a) (續)
於二零二零年九月,本集團發行利率為3.85厘
的商業抵押擔保證券。該等證券將於二零四一
年到期,並根據二零二零年至二零四一年的預
定時間表,按面值人民幣700,000,000元償還。本
集團有權於預先確定的時間點贖回所有證券;
投 資 者 亦 有 權 於 相 同 日 期 向 本 集 團 返 銷 該 等
證券。於二零二一年六月三十日,該等證券的
賬面值(包括安排費)達804,610,000港元(二零二
零 年 十 二 月 三 十 一 日:736,419,000港 元),該 等
證 券 由 約1,081,627,000港 元(二 零 二 零 年 十 二 月
三十一日:996,863,000港元)的投資物業及該等
投資物業產生的租金收入╱應收租金作擔保。

於二零二一年三月,本集團發行利率為4.80厘
及5.30厘的商業抵押擔保證券。該等證券將於
二零三九年到期,並根據二零二一年至二零三
九年的預定時間表,按面值人民幣1,410,000,000
元償還。本集團有權於預先確定的時間點贖回
所有證券;投資者亦有權於相同日期向本集團
返銷該等證券。於二零二一年六月三十日,該
等證券的賬面值(包括安排費)達1,597,803,000港
元(二零二零年十二月三十一日:零),該等證
券 由 約2,031,999,000港 元(二 零 二 零 年 十 二 月 三
十一日:無)的投資物業及該等投資物業產生
的租金收入╱應收租金作擔保。

(b) 於二零一九年六月,本集團發行利率為7.5厘的
優先票據。該等票據無抵押,將於二零二二年
六月到期,並按面值500,000,000美元償還。本集
團 可 在 提 款 日 期 後 按 發 售 通 函 中 規 定 的 贖 回
價格贖回全部或部分票據,連同截至贖回日期
的應計及未付利息,惟須遵守發售通函中規定
的條款和條件。於二零二一年六月三十日,該
等證券的賬面值(包括安排費)為3,798,024,000港
元(二 零 二 零 年 十 二 月 三 十 一 日:3,841,071,000
港元)。本集團已於二零二一年八月提早贖回
票據。

於二零二零年七月,本集團發行利率為6.0厘的
優先票據。該等票據無抵押,將於二零二一年
七月到期,並按面值61,450,000美元償還。本集
團 可 在 提 款 日 期 後 按 發 售 通 函 中 規 定 的 贖 回
價格贖回全部或部分票據,連同截至贖回日期
的應計及未付利息,惟須遵守發售通函中規定
的條款和條件。於二零二一年六月三十日,該
等 證 券 的 賬 面 值(包 括 安 排 費)為477,085,000港
元(二零二零年十二月三十一日:476,397,000港
元)。本集團已於二零二一年七月償還票據。

於二零二一年一月,本集團發行利率為5.8厘的
優先票據。該等票據無抵押,將於二零二二年
一 月 到 期,並 按 面 值500,000,000美 元 償 還。本
集 團 可 在 提 款 日 期 後 按 發 售 通 函 中 規 定 的 贖
回價格贖回全部或部分票據,連同截至贖回日
期的應計及未付利息,惟須遵守發售通函中規
定的條款和條件。於二零二一年六月三十日,
該等證券的賬面值(包括安排費)為3,863,531,000
港元。

15 BORROWINGS (Continued)
Notes: (Continued)
(a) (Continued)
In September 2020, the Group issued 3.85% commercial mortgage-backed securities.
The securities will mature in 2041 and are repayable at their nominal value of
RMB700,000,000 according to pre-determined schedule from 2020 to 2041. The
Group has the right to redeem all of the securities at pre-determined points in time;
the investors are also entitled to sell back the securities to the Group on the same
dates. As at 30th June 2021, the carrying value of the securities (including
arrangement fees) amounted to HK$804,610,000 (31st December 2020:
HK$736,419,000), and the securities are secured by an investment property of
approximately HK$1,081,627,000 (31st December 2020: HK$996,863,000) and the
rental income/receivables deriving from the investment property.
In March 2021, the Group issued 4.80% and 5.30% commercial mortgage-backed
securities. The securities will mature in 2039 and are repayable at their nominal value
of RMB1,410,000,000 according to pre-determined schedule from 2021 to 2039. The
Group has the right to redeem all of the securities at pre-determined points in time;
the investors are also entitled to sell back the securities to the Group on the same
dates. As at 30th June 2021, the carrying value of the securities (including
arrangement fees) amounted to HK$1,597,803,000 (31st December 2020: Nil), and the
securities are secured by an investment property of approximately HK$2,031,999,000
(31st December 2020: Nil) and the rental income/receivables deriving from the
investment property.
(b) In June 2019, the Group issued 7.5% senior notes. The notes are unsecured, will
mature in June 2022 and are repayable at their nominal value of US$500,000,000. The
Group may redeem all or a portion of the notes at the redemption prices specified in
the offering circular after the drawdown date, plus accrued and unpaid interests to
the redemption date, subject to the terms and conditions specified in the offering
circular. As at 30th June 2021, the carrying value of the securities (including
arrangement fees) was amounted to HK$3,798,024,000 (31st December 2020:
HK$3,841,071,000). The Notes were early redeemed by the Group in August 2021.
In July 2020, the Group issued 6.0% senior notes. The notes are unsecured, will
mature in July 2021 and are repayable at their nominal value of US$61,450,000. The
Group may redeem all or a portion of the notes at the redemption prices specified in
the offering circular after the drawdown date, plus accrued and unpaid interests to
the redemption date, subject to the terms and conditions specified in the offering
circular. As at 30th June 2021, the carrying value of the securities (including
arrangement fees) was amounted to HK$477,085,000 (31st December 2020:
HK$476,397,000). The Notes were repaid by the Group in July 2021.
In January 2021, the Group issued 5.8% senior notes. The notes are unsecured, will
mature in January 2022 and are repayable at their nominal value of US$500,000,000.
The Group may redeem all or a portion of the notes at the redemption prices
specified in the offering circular after the drawdown date, plus accrued and unpaid
interests to the redemption date, subject to the terms and conditions specified in the
offering circular. As at 30th June 2021, the carrying value of the securities (including
arrangement fees) was amounted to HK$3,863,531,000.
56 Hopson Development Holdings Limited Interim Report 2021
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
15 借貸(續)
附註:(續)
(b) (續)
於二零二一年五月,本集團發行利率為7.0厘的
優先票據。該等票據無抵押,將於二零二四年
五 月 到 期,並 按 面 值300,000,000美 元 償 還。本
集 團 可 在 提 款 日 期 後 按 發 售 通 函 中 規 定 的 贖
回價格贖回全部或部分票據,連同截至贖回日
期的應計及未付利息,惟須遵守發售通函中規
定的條款和條件。於二零二一年六月三十日,
該等證券的賬面值(包括安排費)為2,299,737,000
港元。

於二零二一年六月,本集團發行利率為6.8厘的
優先票據。該等票據無抵押,將於二零二三年
十二月到期,並按面值200,000,000美元償還。本
集 團 可 在 提 款 日 期 後 按 發 售 通 函 中 規 定 的 贖
回價格贖回全部或部分票據,連同截至贖回日
期的應計及未付利息,惟須遵守發售通函中規
定的條款和條件。於二零二一年六月三十日,
該等證券的賬面值(包括安排費)為1,551,284,000
港元。

(c) 於二零二一年六月,本集團發行利率為7.5厘的
資產支持證券。該等證券將於二零二三年六月
到 期,並 按 面 值 人 民 幣664,000,000元 償 還。本
集團有權於預先確定的時間點贖回所有證券,
投 資 者 亦 有 權 於 相 同 日 期 向 本 集 團 返 銷 該 等
證券。於二零二一年六月三十日,該等證券的
賬 面 值(包 括 安 排 費)達728,295,000港 元,該 等
證券由向物業項目買家收取的尾款作擔保。

借 貸 以 下 列 貨 幣 為 單 位 及 按 下 列 各 實 際
加權平均利率計息:
15 BORROWINGS (Continued)
Notes: (Continued)
(b) (Continued)
In May 2021, the Group issued 7.0% senior notes. The notes are unsecured, will
mature in May 2024 and are repayable at their nominal value of US$300,000,000. The
Group may redeem all or a portion of the notes at the redemption prices specified in
the offering circular after the drawdown date, plus accrued and unpaid interests to
the redemption date, subject to the terms and conditions specified in the offering
circular. As at 30th June 2021, the carrying value of the securities (including
arrangement fees) was amounted to HK$2,299,737,000.
In June 2021, the Group issued 6.8% senior notes. The notes are unsecured, will
mature in December 2023 and are repayable at their nominal value of
US$200,000,000. The Group may redeem all or a portion of the notes at the
redemption prices specified in the offering circular after the drawdown date, plus
accrued and unpaid interests to the redemption date, subject to the terms and
conditions specified in the offering circular. As at 30th June 2021, the carrying value
of the securities (including arrangement fees) was amounted to HK$1,551,284,000.
(c) In June 2021, the Group issued 7.5% asset-backed securities. The securities will
mature in June 2023 and are repayable at their nominal value of RMB664,000,000. The
Group has the right to redeem all of the securities at pre-determined points in time;
the investors are also entitled to sell back the securities to the Group on the same
dates. As at 30th June 2021, the carrying value of the securities (including
arrangement fees) amounted to HK$728,295,000, and the securities are secured by
the final payments to be received from buyers of a property project.
The borrowings are denominated in the following currencies and with
the following respective weighted average effective interest rates:
Unaudited Audited
未經審核 經審核
As at 30th June 2021 As at 31st December 2020
於二零二一年六月三十日 於二零二零年十二月三十一日
HK$’000
Effective
interest rate HK$’000
Effective
interest rate
千港元 實際利率 千港元 實際利率
Renminbi 人民幣
— Bank and financial
institution borrowings
— 銀行及財務機構
借貸 84,104,920 6.80% 86,793,836 7.05%
— Commercial mortgagebacked
securities
— 商業抵押擔保
證券 10,991,888 5.96% 9,238,591 5.38%
— Asset-backed securities — 資產支持證券 728,295 9.60% — N/A
HK dollar 港元
— Bank borrowings — 銀行借貸 6,995,244 2.32% 3,202,845 2.50%
US dollar 美元
— Bank borrowings — 銀行借貸 615,825 1.83% 112,335 3.31%
— Senior notes — 優先票據 11,989,661 7.24% 8,190,112 6.96%
115,425,833 107,537,719
合生創展集團有限公司 中期報告2021 57
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
15 借貸(續)
於二零二一年六月三十日,本集團之銀行
及財務機構借貸乃以下列抵押品擔保:
(i) 本 集 團 約306,282,000港 元(二 零 二 零
年 十 二 月 三 十 一 日:505,740,000港
元)之 使 用 權 資 產(酒 店 物 業 及 自 用
樓宇之預付經營租賃款項);
(ii) 本集團約2,052,864,000港元(二零二零
年 十 二 月 三 十 一 日:2,195,638,000港
元)之酒店物業及自用樓宇;
(iii) 本 集 團 約15,822,684,000港 元(二 零 二
零年十二月三十一日:13,884,132,000
港元)之可供出售之發展中物業;
(iv) 本 集 團 約15,813,904,000港 元(二 零 二
零年十二月三十一日:17,946,925,000
港元)之可供出售之已落成物業;
(v) 本 集 團 約53,542,918,000港 元(二 零 二
零年十二月三十一日:52,464,577,000
港 元 )之 投 資 物 業, 包 括 約
18,668,621,000港 元(二 零 二 零 年 十 二
月 三 十 一 日:16,106,650,000 港 元 )之
投 資 物 業 為 商 業 抵 押 擔 保 證 券 之 擔
保;
(vi) 本集團約1,147,206,000港元(二零二零
年 十 二 月 三 十 一 日:1,272,056,000港
元)之按公平值透過其他全面收入列
賬之財務資產;
(vii) 本集團約2,498,154,000港元(二零二零
年 十 二 月 三 十 一 日:1,104,986,000港
元)之銀行存款;
(viii) 本 集 團 於 子 公 司 之 股 本 權 益 約
9,853,161,000港元(二零二零年十二月
三十一日:9,269,559,000港 元)。

15 BORROWINGS (Continued)
As at 30th June 2021, the Group’s bank and financial institution
borrowings were secured by:
(i) the Group’s right-of-use assets (prepaid operating lease payments
for hotel properties and self-use buildings) of approximately
HK$306,282,000 (31st December 2020: HK$505,740,000);
(ii) the Group’s hotel properties and self-use buildings of
approximately HK$2,052,864,000 (31st December 2020:
HK$2,195,638,000);
(iii) the Group’s properties under development for sale of
approximately HK$15,822,684,000 (31st December 2020:
HK$13,884,132,000);
(iv) the Group’s completed properties for sale of approximately
HK$15,813,904,000 (31st December 2020: HK$17,946,925,000);
(v) the Group’s investment properties of approximately
HK$53,542,918,000 (31st December 2020: HK$52,464,577,000),
including investment properties of approximately
HK$18,668,621,000 (31st December 2020: HK$16,106,650,000)
which are secured for commercial mortgage-backed securities;
(vi) the Group’s financial assets at fair value through other
comprehensive income of approximately HK$1,147,206,000 (31st
December 2020: HK$1,272,056,000);
(vii) the Group’s bank deposits of approximately HK$2,498,154,000 (31st
December 2020: HK$1,104,986,000);
(viii) the Group’s equity interests in subsidiaries of approximately
HK$9,853,161,000 (31st December 2020: HK$9,269,559,000).
58 Hopson Development Holdings Limited Interim Report 2021
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
16 保證金貸款
保 證 金 貸 款 包 括 分 別 以 港 元 及 美 元 計
值 約5,868,881,000港 元( 二 零 二 零 年:
4,805,862,000 港 元 )及 4,301,273,000 港 元( 二
零二零年:4,357,982,000港 元)。

17 應收貸款
(i) 結餘包括約1,315,004,000港元(二零二
零 年 十 二 月 三 十 一 日:1,300,067,000
港 元)的 款 項,有 關 款 項 按 年 利 率
13.2厘 至14.4厘 計 息,應 要 求 償 還。

貸 款 以 位 於 中 國 大 陸 廣 東 省 惠 州 多
幅土地及物業作抵押。

16 MARGIN LOANS
Unaudited Audited
未經審核 經審核
As at

30th June 2021 31st December 2020
二零二一年六月三十日 二零二零年十二月三十一日
HK$’000
Effective
interest rate HK$’000
Effective
interest rate
千港元 實際利率 千港元 實際利率
Within one year 一年內 10,170,154 0.91%–3.50% 9,163,844 0.94%–5.25%
The margin loans are denominated in Hong Kong dollar of
HK$5,868,881,000 (2020: HK$4,805,862,000) and United States dollar of
HK$4,301,273,000 (2020: HK$4,357,982,000).
17 LOAN RECEIVABLES
Unaudited Audited
未經審核 經審核
As at

30th June
2021
31st December
2020
二零二一年
六月三十日
二零二零年
十二月三十一日
HK$’000 HK$’000
千港元 千港元
Non-current 非流動部分 778,769 321,591
Current 流動部分 3,623,468 2,657,587
4,402,237 2,979,178
(i) The balance includes an amount of approximately
HK$1,315,004,000 (31st December 2020: HK$1,300,067,000) which
bears interest at 13.2% to 14.4% per annum and is repayable on
demand. The loan is secured by various parcels of land and
properties in Huizhou, Guangdong Province, Mainland China.
合生創展集團有限公司 中期報告2021 59
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
17 應收貸款(續)
(ii) 結 餘 包 括 約519,403,000港 元(二 零 二
零 年 十 二 月 三 十 一 日:512,481,000港
元)的款項,指向本集團非控制性權
益 一 間 子 公 司 提 供 的 貸 款。有 關 款
項按年利率4.9厘計息,183,792,000港
元(二 零 二 零 年 十 二 月 三 十 一 日:
180,682,000港 元 )應 要 求 償 還, 而
335,611,000港 元(二 零 二 零 年 十 二 月
三 十 一 日:331,799,000 港 元 )於12個
月內償還。

(iii) 結餘包括約2,267,378,000港元(二零二
零 年 十 二 月 三 十 一 日:781,591,000港
元)的款項,有關款項並無抵押、按
年 利 率5.2厘 至12厘 計 息,並 將 於 提
供貸款當日起計一至三年到期。

(iv) 結 餘 包 括 向 本 集 團 一 間 子 公 司 非
控 制 性 權 益 提 供 約300,452,000港 元
( 二 零 二 零 年 十 二 月 三 十 一 日:
297,039,000港 元)的 貸 款。貸 款 按 年
利 率12厘 計 息、於 子 公 司 出 售 物 業
時 償 還,並 以 位 於 中 國 大 陸 河 北 省
多 項 物 業 以 及 於 子 公 司 的10%權 益
作抵押。

除2,228,996,000港元(二零二零年十二月三
十一日:831,644,000港元)之款項以港元及
美元計值外,全部結餘均以人民幣計值。

應 收 貸 款 總 值 為5,286,425,000港 元( 二 零
二 零 年 十 二 月 三 十 一 日:3,470,719,000港
元),其 中 累 計 減 值 為884,188,000 港 元(二
零 二 零 年 十 二 月 三 十 一 日:491,541,000港
元)。

17 LOAN RECEIVABLES (Continued)
(ii) The balance includes an amount of approximately HK$519,403,000
(31st December 2020: HK$512,481,000), which represents a loan to
a subsidiary of the non-controlling interest of the Group. The loan
bears interest at 4.9% per annum, HK$183,792,000 (31st December
2020: HK$180,682,000) is repayable on demand and
HK$335,611,000 (31st December 2020: HK$331,799,000) is
repayable within 12 months.
(iii) The balance includes an amount of approximately
HK$2,267,378,000 (31st December 2020: HK$781,591,000), which is
unsecured, bears interest at 5.2% to 12% per annum and will
mature in 1 to 3 years from the date of provision of the loans.
(iv) The balance includes a loan to a non-controlling interest of a
subsidiary of the Group amount of approximately HK$300,452,000
(31st December 2020: HK$297,039,000). The loan bears interest at
12% per annum and is secured by various properties in Hebei
Province, Mainland China, and 10% equity interest in the
subsidiary, and repayable upon sale of properties by the subsidiary.
All balances are denominated in Renminbi except for amounts of
HK$2,228,996,000, which is denominated in Hong Kong dollars and
United States dollars (31st December 2020: HK$831,644,000).
Gross loan receivables are amounted to HK$5,286,425,000 (31st
December 2020: HK$3,470,719,000), and accumulated impairment of
HK$884,188,000 (31st December 2020: HK$491,541,000) was recorded.
60 Hopson Development Holdings Limited Interim Report 2021
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
18 其他收益,淨額
19 按性質劃分之開支
開 支 包 括 銷 售 成 本、銷 售 及 市 場 推 廣 費
用,以及一般及行政費用,分析如下:
附註:
該等租賃開支直接自一般及行政費用扣除,並不計入
香港財務報告準則第16號之租賃負債計量。

18 OTHER GAINS, NET
Unaudited
未經審核
Six months ended 30th June
截至六月三十日止六個月
2021 2020
二零二一年 二零二零年
HK$’000 HK$’000
千港元 千港元
Net foreign exchange gains/(losses) 匯兌收益╱(虧損)淨額 17,376 (79,996)
Gain on disposal of assets classified as held for sale 處置分類為持作銷售之資產收益 — 628,149
Others 其他 65,902 63,382
83,278 611,535
19 EXPENSES BY NATURE
Expenses included in cost of sales, selling and marketing expenses and
general and administrative expenses are analysed as follows:
Unaudited
未經審核
Six months ended 30th June
截至六月三十日止六個月
2021 2020
二零二一年 二零二零年
HK$’000 HK$’000
千港元 千港元
Advertising and promotion costs 廣告及推廣開支 166,334 89,692
Cost of completed properties sold 出售已落成物業之成本 3,947,714 2,535,738
Cost of property management business 物業管理業務成本 751,670 572,095
Cost of commercial properties business 商業地產業務成本 556,483 343,665
Cost of infrastructure business 基建業務成本 631,068 70,164
Depreciation of properties and equipment 物業及設備折舊 109,852 117,970
Depreciation of right-of-use assets 使用權資產折舊 46,507 34,858
Direct operating expenses arising from investment
properties that
以下類別投資物業產生之直接
經營開支
— generated rental income — 產生租金收入 198,061 106,633
— did not generate rental income — 並無產生租金收入 — 1,735
Employees’ benefits costs (including Directors’
emoluments)
僱員福利成本(包括董事酬金)
847,654 685,189
Loss on disposals of properties and equipment 出售物業及設備虧損 540 380
Short-term and low-value assets lease expenses (Note) 短期及低價值資產租賃開支
(附註) 4,388 4,059
Loss allowance of financial assets 財務資產虧損撥備 545,370 7,608
Note:
These lease expenses are directly charged to general and administrative expenses and are not
included in the measurement of lease liabilities under HKFRS 16.
合生創展集團有限公司 中期報告2021 61
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
20 財務收入及成本
資 本 化 率 用 於 釐 定 符 合 資 本 化 條 件 借 款
費用的金額,大約等於本集團借貸的實際
利率(附註15)。

20 FINANCE INCOME AND COSTS
Unaudited
未經審核
Six months ended 30th June
截至六月三十日止六個月
2021 2020
二零二一年 二零二零年
HK$’000 HK$’000
千港元 千港元
Finance Income 財務收入
Interest income on bank deposits, advance to a joint
venture and loan receivables
銀行存款、向一間合營公司墊
款及應收貸款之利息收入 (204,956) (153,433)
Finance costs 財務成本
Interest expense and other borrowing costs 利息開支及其他借貸成本
— loans from banks and financial institutions — 銀行及財務機構貸款 3,543,008 2,298,139
— senior notes, asset-backed securities and
commercial mortgage-backed securities
— 優先票據、資產支持證券
及商業抵押擔保證券 605,639 517,107
Total borrowing costs incurred 所發生之總借貸成本 4,148,647 2,815,246
Less: Amount capitalised as part of the cost of
properties under development, investment
properties under development and
construction-in-progress
減:撥充作為發展中物業、
發展中投資物業及在建
工程的資本化款項
(2,846,440) (2,208,252)
1,302,207 606,994
Net finance costs 財務成本淨額 1,097,251 453,561
The capitalisation rate used to determine the amount of borrowing costs
eligible for capitalisation approximate the effective interest rate of the
Group’s borrowings (Note 15).
62 Hopson Development Holdings Limited Interim Report 2021
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
21 稅項
本公司獲豁免繳納百慕達稅項,直至二零
三五年三月止。英屬處女群島子公司乃根
據英屬處女群島國際商業公司法(現為英
屬 處 女 群 島 商 業 公 司 法2004)註 冊 成 立,
故 毋 須 支 付 任 何 形 式 之 英 屬 處 女 群 島 稅
項。

附註:
(a) 香港利得稅
截至二零二一年六月三十日止六個月,香港利
得稅已按估計應課稅溢利之16.5%計提撥備(二
零二零年:16.5%)。

(b) 中國大陸企業所得稅
截至二零二一年六月三十日止六個月,於中國
大陸成立及營運之子公司須按25%之稅率繳納
中國大陸企業所得稅(二零二零年:25%)。

自二零零八年一月一日起,中國大陸子公司和
合 營 公 司 就 其 賺 取 的 利 潤 分 配 給 中 國 大 陸 境
外股東的股息,應按稅率5%或10%(如適用)繳
納預扣所得稅。

(c) 中國大陸土地增值稅
中國大陸土地增值稅就土地增值,即出售物業
所 得 款 項 扣 除 可 扣 減 開 支(包 括 土 地 成 本、發
展及建築開支),按累進稅率30%至60%徵收。

21 TAXATION
Unaudited
未經審核
Six months ended 30th June
截至六月三十日止六個月
2021 2020
二零二一年 二零二零年
HK$’000 HK$’000
千港元 千港元
Current tax 本期稅項
Hong Kong profits tax (Note (a)) 香港利得稅(附註(a)) 67,235 33,789
Mainland China corporate income tax (Note (b)) 中國大陸企業所得稅(附註(b)) 656,085 671,238
Mainland China land appreciation tax (Note (c)) 中國大陸土地增值稅(附註(c)) 624,742 751,190
1,348,062 1,456,217
Deferred tax 遞延稅項
Mainland China corporate income tax (Note (b)) 中國大陸企業所得稅(附註(b)) (118,666) 47,321
Mainland China land appreciation tax (Note (c)) 中國大陸土地增值稅(附註(c)) 2,474 (12,052)
(116,192) 35,269
1,231,870 1,491,486
The Company is exempted from taxation in Bermuda until March 2035.
Subsidiaries in the British Virgin Islands are incorporated under the
International Business Companies Act (now the BVI Business Companies
Act, 2004) of the British Virgin Islands and are not liable to any form of
taxation in the British Virgin Islands.
Notes:
(a) Hong Kong Profits tax
Hong Kong profits tax had been provided at the rate of 16.5% on the estimated
assessable profit for the six months ended 30th June 2021 (2020: 16.5%).
(b) Mainland China Corporate Income Tax
Subsidiaries established and operated in Mainland China are subject to Mainland
China corporate income tax at the rate of 25% for the six months ended 30th June
2021 (2020: 25%).
Dividend distribution made by Mainland China subsidiaries and joint ventures to
shareholders outside of Mainland China in respect of their profits earned after 1st
January 2008 is subject to withholding income tax at rates of 5% or 10%, where
applicable.
(c) Mainland China Land Appreciation Tax
Mainland China land appreciation tax is levied at progressive rate ranging from 30%
to 60% on the appreciation of land value, being the proceeds of sales of properties
less deductible expenditures including costs of land, development and construction
expenditures.
合生創展集團有限公司 中期報告2021 63
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
22 每股盈利
基本
每 股 基 本 盈 利 乃 根 據 本 公 司 股 權 持 有 人
應 佔 溢 利 除 以 期 內 已 發 行 普 通 股 之 加 權
平均數得出。

* 就二零二一年派送之紅股作出調整
攤薄
計算每股攤薄盈利時,已對發行在外普通
股之加權平均數作出調整,假設所有具攤
薄潛力之普通股獲悉數轉換。由於截至二
零 二 一 年 六 月 三 十 日 及 二 零 二 零 年 六 月
三 十 日 止 六 個 月 內 並 沒 有 具 攤 薄 潛 力 之
普通股,因此每股攤薄盈利與每股基本盈
利一致。

22 EARNINGS PER SHARE
Basic
Basic earnings per share is calculated by dividing the profit attributable
to equity holders of the Company by the weighted average number of
ordinary shares in issue during the period.
Unaudited
未經審核
Six months ended 30th June
截至六月三十日止六個月
2021 2020
二零二一年 二零二零年
Profit attributable to equity holders of the
Company (HK$’000)
本公司股權持有人應佔溢利
(千港元) 5,631,617 5,101,795
Weighted average number of ordinary shares
in issue (’000)
已發行普通股之加權平均數
(千股) 2,405,399 2,448,116*
Basic earnings per share (HK$ per share) 每股基本盈利(每股港元) 2.341 2.084
* Adjusted for the bonus issue in 2021
Diluted
Diluted earnings per share is calculated by adjusting the weighted
average number of ordinary shares outstanding to assume conversion of
all dilutive potential ordinary shares. Since there was no dilutive potential
ordinary shares during the six months ended 30th June 2021 and 30th
June 2020, diluted earnings per share is equal to basic earnings per
share.
64 Hopson Development Holdings Limited Interim Report 2021
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
23 股息
中期股息並未於報告期末確認為負債。

24 或然負債及財務擔保
(a) 未 於 財 務 資 料 中 作 出 撥 備 之 財 務 擔
保如下:
(b) 本 集 團 的 若 干 子 公 司 涉 及 其 一 般
業 務 過 程 中 產 生 的 訴 訟。經 評 估 未
決 索 償 及 獲 取 法 律 意 見 後,董 事 認
為,截 至 二 零 二 一 零 年 六 月 三 十 日
止 六 個 月 的 中 期 財 務 資 料 已 作 出 充
足撥備。

23 DIVIDEND
Unaudited
未經審核
Six months ended 30th June
截至六月三十日止六個月
2021 2020
二零二一年 二零二零年
HK$’000 HK$’000
千港元 千港元
Declared interim dividend of HK$0.50
(2020: HK$0.60) per ordinary share
宣派中期股息每股普通股0.50
港元(二零二零年:0.60港元) 1,089,348 1,335,336
The interim dividend has not been recognised as a liability at the end of
reporting period.
24 CONTINGENT LIABILITIES AND FINANCIAL
GUARANTEES
(a) Financial guarantees not provided for in the financial information
are as follows:
Unaudited Audited
未經審核 經審核
As at

30th June
2021
31st December
2020
二零二一年
六月三十日
二零二零年
十二月三十一日
HK$’000 HK$’000
千港元 千港元
Guarantees given to banks for mortgage
facilities granted to certain buyers of
the Group’s properties
就購買本集團物業之若干
買家提供按揭貸款而向
銀行作出之擔保 17,120,374 16,868,599
Guarantees given to a bank for bank
borrowings of joint ventures
就合營公司銀行借貸而向
銀行作出之擔保 1,817,023 1,336,300
18,937,397 18,204,899
(b) Certain subsidiaries of the Group are involved in litigation arising
in the ordinary course of their respective businesses. Having
reviewed outstanding claims and taking into account legal advice
received, the Directors are of the opinion that adequate provisions
have been made in the interim financial information for the six
months ended 30th June 2021.
合生創展集團有限公司 中期報告2021 65
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
25 承擔
(a) 資本承擔
於結算日尚未產生之資本開支如下:
(b) 短期及低價值租賃承擔
本 集 團 就 多 份 有 關 物 業 之 不 可 註 銷
經 營 租 賃 協 議 而 有 租 期 少 於 十 二 個
月 的 低 價 值 租 賃 及 短 期 租 賃 之 租 賃
承 擔。根 據 該 等 租 賃,於 日 後 之 最
低應付租金總額如下:
25 COMMITMENTS
(a) Capital Commitments
Capital expenditures at the balance sheet date but not yet
incurred are as follows:
Unaudited Audited
未經審計 經審計
As at

30th June
2021
31st December
2020
二零二一年
六月三十日
二零二零年
十二月三十一日
HK$’000 HK$’000
千港元 千港元
Contracted but not provided for 已訂約但未撥備
— Property construction costs — 物業建築成本 3,503,127 3,963,530
— Capital contribution to an associate — 一間聯營公司之出資 257,523 254,598
— Acquisition of equity investments — 收購股權投資 2,329,139 3,031,264
6,089,789 7,249,392
(b) Short-term and low value lease commitments
The Group has lease commitments in respect of premises under
various non-cancellable operating lease agreements for low-value
leases and short-term leases with a lease term of less than 12
months. The future aggregate minimum lease payments under
these leases are as follows:
Unaudited Audited
未經審核 經審核
As at

30th June
2021
31st December
2020
二零二一年
六月三十日
二零二零年
十二月三十一日
HK$’000 HK$’000
千港元 千港元
Amounts payable 應付款項
— Within one year — 一年內 10,908 9,492
10,908 9,492
66 Hopson Development Holdings Limited Interim Report 2021
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
25 承擔(續)
(c) 未來最低應收租金
本 集 團 根 據 經 營 租 賃 出 租 若 干 物
業。依 據 不 可 撤 銷 經 營 租 賃 之 未 來
最低應收租金如下:
應收租金包括商業物業的租金收入。

26 關連人士交易
本公司由朱孟依先生控制,其於二零二一
年 六 月 三 十 日 擁 有 約53.26%(二 零 二 零 年
十二月三十一日:52.95%)本公司股份。餘
下股份由其他人士廣泛持有。

最 終 控 股 公 司 為 於 英 屬 處 女 群 島 註 冊 成
立的新達置業有限公司。

25 COMMITMENTS (Continued)
(c) Future minimum rental receivable
The Group leased out certain properties under operating leases.
The future minimum rental receivable under non-cancellable
operating leases is as follows:
Unaudited Audited
未經審核 經審核
As at

30th June
2021
31st December
2020
二零二一年
六月三十日
二零二零年
十二月三十一日
HK$’000 HK$’000
千港元 千港元
— Within one year — 一年內 2,505,806 2,321,521
— Within two to five years — 兩年至五年內 4,549,491 4,373,254
— After five years — 五年後 1,542,391 1,720,883
8,597,688 8,415,658
Rental receivable represents rental income from commercial
properties.
26 RELATED PARTY TRANSACTIONS
The Company is controlled by Mr. Chu Mang Yee, who owns
approximately 53.26% of the Company’s shares as at 30th June 2021 (31st
December 2020: 52.95%). The remaining shares are widely held.
The ultimate holding company is Sounda Properties Limited, a company
incorporated in the British Virgin Islands.
合生創展集團有限公司 中期報告2021 67
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
26 關連人士交易(續)
(a) 下 列 為 與 關 連 人 士 進 行 之 重
要關連交易:
銷售貨品及服務(附註)
26 RELATED PARTY TRANSACTIONS (Continued)
(a) The following significant transactions were carried
out with related parties:
Sales of Goods and Services (Note)
Unaudited
未經審核
Six months ended 30th June
截至六月三十日止六個月
2021 2020
二零二一年 二零二零年
HK$’000 HK$’000
千港元 千港元
Property management services to a related
company
提供予一間關連公司之
物業管理服務 7,657 16,935
Building design services to a related company 提供予一間關連公司之
樓宇設計服務 15,553 21,152
Shop and office lease services to related
companies
提供予關連公司之商舖及
辦公室租賃服務 12,953 11,536
Heating service to a related company 提供予一間關連公司之
供暖服務 — 952
Property construction services to related
companies
提供予關連公司之
物業建築服務 51,181 100,695
Operations and building management to
related companies
提供予關連公司之運營及
樓宇管理服務 40,843 59,396
Refurbishments and renovations to
related companies
提供予關連公司之裝修及
翻新服務 22 —
Smart technology services to related
companies
提供予關連公司之
智慧科技服務 18,987 —
147,196 210,666
68 Hopson Development Holdings Limited Interim Report 2021
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
26 關連人士交易(續)
(a) 下 列 為 與 關 連 人 士 進 行 之 重
要關連交易:(續)
購買貨品及服務(附註)
附註:
所有交易都是與朱氏控制實體進行,朱氏控制
實 體 包 括 屬 於 朱 一 航 先 生 或 朱 偉 航 先 生 的 聯
繫 人 的 公 司。他 們 為 朱 桔 榕 女 士(本 公 司 董 事
會主席)之胞兄。

上述所有服務乃根據相關協議的條款收費。

26 RELATED PARTY TRANSACTIONS (Continued)
(a) The following significant transactions were carried
out with a related party: (Continued)
Purchase of Goods and Services (Note)
Unaudited
未經審核
Six months ended 30th June
截至六月三十日止六個月
2021 2020
二零二一年 二零二零年
HK$’000 HK$’000
千港元 千港元
Property construction services from
a related company
一間關連公司提供之
物業建築服務 96,459 234,673
Electricity installation, low voltage system and
intelligent building system installation and
consultancy services on cost control for
construction work from related companies
關連公司提供之電力安裝、
弱電系統及智能樓宇系統
安裝以及建築工程成本
控制諮詢服務 1,110 17,378
Office lease services from related companies 關連公司提供之辦公室
租賃服務 4,948 3,970
Information technology related services from
a related company
一間關連公司提供之
信息科技相關服務 4,788 3,939
Marketing services from related companies 關連公司提供之市場
推廣服務 65,479 342,581
172,784 602,541
Note:
All transactions were carried out with Chu’s controlled entities, comprising companies
which are related to either Mr. Chu Yat Hong or Mr. Chu Wai Hong. They are brothers
of Ms. Chu Kut Yung (Chairman of the Board of Directors of the Company).
All the services mentioned above were charged in accordance with the terms of the
underlying agreements.
合生創展集團有限公司 中期報告2021 69
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
26 關連人士交易(續)
(b) 應 收╱付 關 連 人 士 之 款 項 如
下:
附註:
於二零二一年六月三十日,除了合營公司墊款
以人民幣計值、無抵押、免息及未來十二個月
尚未到期外,與關連公司、聯營公司及合營公
司之全部結餘均以人民幣計值、無抵押、免息
及並無預定還款期。

於 二 零 二 一 年 六 月 三 十 日,本 集 團 亦 有 就 物
業 管 理 服 務 應 收 若 干 關 連 公 司 的 應 收 賬 款 約
532,104,000港元(二零二零年十二月三十一日:
495,259,000港 元)(附 註11)及 就 物 業 建 築 服 務
應 付 若 干 關 連 公 司 的 應 付 賬 款 約726,280,000港
元(二零二零年十二月三十一日:916,920,000港
元)(附註14)。該等關連公司由朱桔榕女士(本
公司董事會主席)之胞兄、伯父及姑丈持有。

(c) 應付非控制性權益之款項
應 付 非 控 制 性 權 益 之 款 項 指 非 控 制
性 權 益 向 子 公 司 借 出 之 股 東 貸 款,
有 關 款 項 為 以 人 民 幣 計 值、無 擔 保
及 免 息。有 關 款 項 毋 須 於 未 來 十 二
個月內償還。

26 RELATED PARTY TRANSACTIONS (Continued)
(b) Amounts due from/to related parties were as
follows:
Unaudited Audited
未經審核 經審核
As at

30th June
2021
31st December
2020
二零二一年
六月三十日
二零二零年
十二月三十一日
HK$’000 HK$’000
千港元 千港元
Advances to joint ventures 合營企業墊款 4,958,969 5,487,749
Due from joint ventures 應收合營公司之款項 283,032 91,483
Due from associates 應收聯營公司款項 372,563 5,941
Due from related companies (Note) 應收關連公司款項(註) 246,158 246,111
Due to associates 應付聯營公司之款項 417,405 6,348
Due to related companies (Note) 應付關連公司之款項(註) 232,561 212,001
Due to joint ventures 應付合營公司之款項 1,569,290 1,416,623
Note:
As at 30th June 2021, except for the advances to joint ventures which are
denominated in RMB, unsecured, non-interest bearing and not repayable within the
next twelve months, all outstanding balances with related companies, associates and
joint ventures were denominated in RMB, unsecured, non-interest bearing and
without predetermined repayment terms.
As at 30th June 2021, the Group also had accounts receivable of approximately
HK$532,104,000 (31st December 2020: HK$495,259,000) due from certain related
companies in respect of property management services (Note 11) and accounts
payable of approximately HK$726,280,000 (31st December 2020: HK$916,920,000)
due to certain related companies in respect of property construction services (Note
14). These related companies are owned by the brothers and uncles of Ms. Chu Kut
Yung (Chairman of the Board of Directors of the Company).
(c) Amount due to non-controlling interests
The amount due to non-controlling interests represents
shareholders’ loans to subsidiaries from the non-controlling
interests, which are denominated in Renminbi, unsecured and
non-interest bearing. The amount is not repayable within the next
twelve months.
70 Hopson Development Holdings Limited Interim Report 2021
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
26 關連人士交易(續)
(d) 主要管理層報酬:
(e) 朱 孟 依 先 生 就 收 購 番 禺 珠 江
房 地 產 有 限 公 司 向 本 集 團 作
出之承諾*
於 二 零 一 零 年 三 月,本 集 團 完 成 向
廣 東 韓 江 建 築 安 裝 工 程 有 限 公 司
(「韓 江」)收 購 番 禺 珠 江 房 地 產 有 限
公司(「番禺珠江」)之全部權益。

番 禺 珠 江 擁 有 中 國 大 陸 廣 東 番 禺 區
內 一 塊 土 地 的 發 展 權。韓 江 同 意 自
費 處 理 並 完 成 全 部 所 需 的 拆 除 及 準
備 工 作 以 獲 得 土 地 使 用 權 憑 證。就
有 關 本 集 團 收 購 番 禺 珠 江 而 言,朱
孟 依 先 生 已 向 本 集 團 保 證 韓 江 如 期
履行其有關土地的債務(最高款項可
達人民幣3,600百萬元)。於二零二一
年 六 月 三 十 日,韓 江 正 在 申 請 土 地
使用權證。

(f) 朱 孟 依 先 生 就 收 購 信 佳 投 資
有 限 公 司 向 本 集 團 作 出 之 承
諾*
於 二 零 零 七 年,本 集 團 完 成 向 朱 孟
依 先 生 收 購 信 佳 投 資 有 限 公 司(「信
佳」)已發行股本之80%權益。信佳已
透 過 其 間 接 全 資 子 公 司(項 目 公 司)
擁 有 一 幅 位 於 中 國 大 陸 北 京 市 朝 陽
區 之 土 地 作 物 業 發 展 之 用(名 為「京
潤 項 目」)。

26 RELATED PARTY TRANSACTIONS (Continued)
(d) Key Management Compensation:
Unaudited
未經審核
Six months ended 30th June
截至六月三十日止六個月
2021 2020
二零二一年 二零二零年
HK$’000 HK$’000
千港元 千港元
Salaries and allowances 薪金及津貼 9,700 9,841
Pension costs 退休金成本 361 269
10,061 10,110
(e) Undertaking provided by Mr. Chu Mang Yee to the
Group in relation to the acquisition of Panyu Zhujiang
Real Estate Limited*
In March 2010, the Group completed the acquisition of the entire
interest in Panyu Zhujiang Real Estate Limited (“Panyu Zhujiang”)
from Guangdong Hanjiang Engineering Construction Limited)
(“Hanjiang”).
Panyu Zhujiang possesses the right to develop a piece of land in
Panyu District, Guangdong, Mainland China. Hanjiang agreed to
perform and complete all necessary demolition and preparation
work to obtain the land use right certificate at its own expense. In
relation to the Group’s acquisition of Panyu Zhujiang, Mr. Chu
Mang Yee has undertaken to the Group to guarantee the due and
punctual performance by Hanjiang of its obligations in relation to
the land (subject to a maximum amount of RMB3,600 million). As
at 30th June 2021, Hanjiang was in the process of applying the
land use right certificates.
(f) Undertaking provided by Mr. Chu Mang Yee to the
Group in relation to acquisition of Believe Best
Investments Limited*
In 2007, the Group completed the acquisition of 80% of the issued
share capital of Believe Best Investments Limited (“Believe Best”)
from Mr. Chu Mang Yee. Believe Best has, through its indirect
wholly-owned subsidiary (the project company), a piece of land
for property development in Chaoyang District, Beijing, Mainland
China (known as the “Jing Run Project”).
合生創展集團有限公司 中期報告2021 71
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
26 關連人士交易(續)
(f) 朱 孟 依 先 生 就 收 購 信 佳 投 資
有 限 公 司 向 本 集 團 作 出 之 承
諾*(續)
就有關本集團於京潤項目之權益(透
過 其 於 信 佳 之80%權 益)而 言,朱 孟
依 先 生 已(i)全 數 擔 保 項 目 公 司 應 當
地 政 府 之 要 求,就 京 潤 項 目 周 邊 額
外 公 用 綠 化 土 地 之 拆 遷 而 可 能 需 要
之 銀 行 貸 款;及(ii)向 本 集 團 承 諾 倘
當 地 政 府 就 完 成 額 外 公 用 綠 化 土 地
之 拆 遷 而 增 加 批 出 之 容 積 率,而 每
平方米之單位成本(包括較京潤項目
新 本 議 定 之 估 價 為 高 之 額 外 公 共 綠
化土地之拆遷費用及土地轉讓費)高
於 新 本 議 定 之 估 價,朱 孟 依 先 生 承
擔 支 付 該 項 目 公 司 可 建 築 面 積 超 出
之 金 額(如 有)。額 外 公 用 綠 化 土 地
之 拆 遷 工 作 正 在 進 行 中,而 本 集 團
於 截 至 二 零 二 一 年 六 月 三 十 日 已 產
生約人民幣1,630百萬元(二零二零年
十 二 月 三 十 一 日:人 民 幣1,630百 萬
元)之相關成本。額外成本或會於增
加 京 潤 項 目 之 容 積 率 得 以 補 償,然
而政府尚未發出增加容積率之批准。

(g) 向 朱 孟 依 先 生 出 售 土 地 使 用
權*
於 二 零 一 二 年 五 月,本 集 團 訂 立 協
議,分 別 以 人 民 幣29,258,305元 及 人
民幣2,500,000元作為代價,向朱孟依
先 生 出 售 其 位 於 中 國 大 陸 廣 東 番 禺
區 及 中 國 大 陸 天 津 寶 坻 區 的 兩 幅 土
地的土地使用權。

於 二 零 二 一 年 六 月 三 十 日,交 易 尚
未 完 成。預 期 本 集 團 將 於 交 易 完 成
時 確 認 出 售 收 益(扣 除 稅 項 後)約 人
民幣9,834,000元。

26 RELATED PARTY TRANSACTIONS (Continued)
(f) Undertaking provided by Mr. Chu Mang Yee to the
Group in relation to acquisition of Believe Best
Investments Limited* (Continued)
In relation to the Group’s interest in the Jing Run Project (through
its 80% interest in Believe Best), Mr. Chu Mang Yee, has (i) fully
guaranteed the bank loans which were used by the project
company for the demolition and relocation of the extra public
greenfield site peripheral to the Jing Run Project at the request of
the local government; and (ii) undertaken to the Group to be
responsible for the excess amount, if any, being the difference in
the unit cost per square metre (including the demolition and
relocation fees for the extra public greenfield site and the land
transfer fees as compared with the original agreed valuation price
of Jing Run Project) for the gross floor area to be developed,
payable by the project company in respect of any increase in plot
ratio as the government may approve. The demolition and
relocation work on the extra public greenfield is ongoing and
related costs of approximately RMB1,630 million had been
incurred by the Group up to 30th June 2021 (31st December 2020:
RMB1,630 million). Such additional costs may be compensated by
an increase in plot ratio for the Jing Run Project, although
government approval for increase in plot ratio is pending.
(g) Disposals of land use rights to Mr. Chu Mang Yee*
In May 2012, the Group entered into agreements to dispose of its
land use rights of two pieces of land in Panyu District, Guangdong,
Mainland China and Baodi District, Tianjin, Mainland China to Mr.
Chu Mang Yee, for considerations of RMB29,258,305 and
RMB2,500,000, respectively.
The transactions have not yet been completed as at 30th June
2021. It is expected that the Group will recognise gain on
disposals, net of tax, of approximately RMB9,834,000 upon
completion of the transactions.
72 Hopson Development Holdings Limited Interim Report 2021
Notes to the Condensed Consolidated Interim Financial Information (Continued)
中期簡明綜合財務資料附註(續)
26 關連人士交易(續)
(h) 認購朱氏控制實體的股本*
於 二 零 二 零 年 十 一 月,本 集 團 與 朱
氏控制實體Meta Group Limited(「元 知
開 曼」)訂 立 股 份 認 購 協 議,以 代 價
182,000,000美 元 認 購 其20%股 本, 以
換 取 合 生 活 科 技 集 團 有 限 公 司20%
股 本 和 合 生 商 業 科 技 集 團 有 限 公 司
30%的 股 本,均 為 本 集 團 之 全 資 子
公 司, 代 價 分 別 為170,000,000美 元
(1,318,000,000 港 元 )及 12,000,000美 元
(93,000,000港 元)。交 易 已 於 二 零 二
一年一月完成。

* 根 據 上 市 規 則 屬 於 與 本 公 司 關 連 人 士 的 關 連
交易。

27 報告期後事項
除 中 期 簡 明 綜 合 財 務 資 料 其 他 地 方 所 披
露者外,於報告期後發生之事項如下:
於 二 零 二 一 年 七 月,本 集 團 發 行4.35%商
業抵押擔保證券。該等證券將於二零三九
年到期,並將按其面值人民幣8,000,000,000
元(相等於約9,614,460,000港元)償還。本集
團 有 權 於 預 先 確 定 的 時 間 點 贖 回 所 有 證
券;投資者亦有權於同日將證券售回予本
集團。

於 二 零 二 一 年 七 月,本 集 團 發 行5.25%優
先票據。該等票據無抵押,將於二零二二
年 到 期,並 將 按 其 面 值720,000,000港 元 償
還。根據發售通函列明之條款及條件,本
集 團 可 於 提 取 日 後 按 發 售 通 函 列 明 之 贖
回價,另加截至贖回日的累計未付利息贖
回全部或部分票據。

於二零二一年七月,本集團發行6.8%優先
票據,與二零二一年六月二十八日發行的
200,000,000美 元6.8%優 先 票 據 組 成 單 一 系
列。該等票據無抵押,將於二零二三年到
期,並將按其面值37,500,000美元償還。根
據發售通函列明之條款及條件,本集團可
於提取日後按發售通函列明之贖回價,另
加 截 至 贖 回 日 的 累 計 未 付 利 息 贖 回 全 部
或部分票據。

26 RELATED PARTY TRANSACTIONS (Continued)
(h) Subscription of share capital of Chu’s controlled
entities*
In November 2020, the Group has entered into a share
subscription agreement with Meta Group Limited (“Yuanzhi
Cayman”), which are Chu’s controlled entities, to subscribe for 20%
share capital of Yuanzhi Cayman at a consideration of
US$182,000,000, in exchange of 20% equity interest of Hooplife
Technology Group Limited and 30% equity interest of Hopson
Technological Commerce Group Limited, which were wholly
owned subsidiaries of the Group, at a consideration of
US$170,000,000 (HK$1,318,000,000) and US$12,000,000
(HK$93,000,000) respectively. The transaction was completed in
January 2021.
* Represented connected transactions with connected persons of the Company under
the Listing Rules.
27 EVENTS OCCURRING AFTER THE REPORTING
PERIOD
Saved as disclosed elsewhere in the condensed consolidated interim
financial information, the events occurring after the reporting period are
as follows:
In July 2021, the Group issued 4.35% commercial mortgage-backed
securities. The securities will mature in 2039 and are repayable at their
nominal value of RMB8,000,000,000 (equivalent to approximately
HK$9,614,460,000). The Group has the right to redeem all of the securities
at pre-determined points in time; the investors are also entitled to sell
back the securities to the Group on the same dates.
In July 2021, the Group issued 5.25% senior notes. The notes are
unsecured, will mature in 2022 and are repayable at their nominal value
of HK$720,000,000. The Group may redeem all or a portion of the notes
at the redemption prices specified in the offering circular after the
drawdown date, plus accrued and unpaid interests to the redemption
date, subject to the terms and conditions specified in the offering
circular.
In July 2021, the Group issued 6.8% senior notes, which form a single
series with the US$200,000,000 6.8% senior notes issued on 28th June
2021. The notes are unsecured, will mature in 2023 and are repayable at
their nominal value of US$37,500,000. The Group may redeem all or a
portion of the notes at the redemption prices specified in the offering
circular after the drawdown date, plus accrued and unpaid interests to
the redemption date, subject to the terms and conditions specified in
the offering circular.
合生創展集團有限公司 中期報告2021 73
DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS AND SHORT
POSITIONS IN SHARES, UNDERLYING SHARES AND DEBENTURES
董事及行政總裁於股份、相關股份及債券擁有之權益及淡倉
As at 30th June 2021, the interests or short positions of the Directors and chief
executives of the Company in 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”)) which were notified to
the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV
of the SFO (including interests or short positions which they are taken or
deemed to have under such provisions of the SFO), or which were required,
pursuant to section 352 of the SFO, to be entered in the register referred to
therein, or which were required, pursuant to the Model Code for Securities
Transactions by Directors of Listed Issuers (the “Model Code”), to be notified to
the Company and the Stock Exchange, were as follows:
INTERESTS IN SHARES OF THE COMPANY
Number of shares of the Company
本公司股份數目
Personal
interests
Family
interests
Corporate
interests
Other
interests Total
Approximate
percentage of
shares outstanding
Name of Directors 董事姓名 個人權益 家族權益 公司權益 其他權益 合計
佔已發行股份
概約百分比
Mr. Au Wai Kin (i) 歐偉建先生(i) — — 34,500,000 — 34,500,000 1.58%
Ms. Chu Kut Yung (ii) 朱桔榕女士(ii) 1,000,000 — 1,014,000 — 2,014,000 0.09%
Notes:
i. Mr. Au Wai Kin held 34,500,000 shares of the Company through Yield Plentiful Incorporated, a
company wholly-owned and controlled by him.
ii. Ms. Chu Kut Yung held 1,014,000 shares of the Company through Ju Rong Investment
Holdings Limited, a company wholly-owned by her.
Save as disclosed above, as at 30th June 2021, none of the Directors, chief
executives of the Company and their respective associates had any personal,
family, corporate or other interests or short positions in the shares, underlying
shares or debentures of the Company or any of its associated corporations
(within the meaning of Part XV of the SFO) which would have to be notified to
the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV
of the SFO (including interests or short positions which they are taken or
deemed to have under such provisions of the SFO), or which were required,
pursuant to section 352 of the SFO, to be entered in the register referred to
therein, or which were required, pursuant to the Model Code, to be notified to
the Company and the Stock Exchange.
於二零二一年六月三十日,本公司董事及行政
總裁根據證券及期貨條例(「證券及期貨條例」)
第XV部第7及第8分部已知會本公司及聯交所其
於本公司或其任何相聯法團(定義見證券及期
貨 條 例 第XV部)之 股 份、相 關 股 份 及 債 券 中 擁
有之權益或淡倉(包括根據證券及期貨條例之
該 等 規 定 被 認 為 或 視 作 擁 有 之 權 益 或 淡 倉),
或 必 須 列 入 根 據 證 券 及 期 貨 條 例 第352條 予 以
存置之登記冊內,或根據上市發行人董事進行
證券交易的標準守則(「標準守則」)必須知會本
公司及聯交所之權益或淡倉載列如下:
本公司股份中的權益
附註:
i. 歐 偉 建 先 生 透 過 其 全 資 擁 有 及 控 制 之 公 司 盈 豐 置 業
有限公司持有本公司34,500,000股股份。

ii. 朱 桔 榕 女 士 透 過 其 全 資 擁 有 之 公 司 聚 融 投 資 控 股 有
限公司持有本公司1,014,000股股份。

除上文披露者外,於二零二一年六月三十日,
本公司董事、行政總裁及彼等各自之聯繫人概
無於根據證券及期貨條例第XV部第7及第8分部
須知會本公司及聯交所有關於本公司或其任何
相聯法團(定義見證券及期貨條例第XV部)之 股
份、相關股份或債券中擁有任何個人、家族、
公司或其他權益或淡倉(包括根據證券及期貨
條例之該等規定被認為或視作擁有之權益或淡
倉),或必須列入根據證券及期貨條例第352條
予以存置之登記冊內,或根據標準守則必須知
會本公司及聯交所之任何個人、家族、公司或
其他權益或淡倉。
74 Hopson Development Holdings Limited Interim Report 2021
Directors’ and Chief Executives’ Interests and Short
Positions in Shares, Underlying Shares and Debentures (Continued)
董事及行政總裁於股份、相關股份及債券擁有之權益及淡倉(續)
本公司股份中的權益(續)
於期內任何時間,本公司或其任何子公司或控
股公司或同系子公司並無訂立任何安排,以使
董事或彼等之任何配偶或十八歲以下子女有權
透過購買本公司或任何其他法人團體之股份或
債券而從中獲益,亦無董事或行政總裁或彼等
各自之配偶或十八歲以下子女已獲授任何權利
以認購本公司股份或債務證券或已行使任何該
等權利。

INTERESTS IN SHARES OF THE COMPANY (Continued)
At no time during the period was the Company or any of its subsidiaries or
holding company or fellow subsidiaries a party to any arrangements to enable
the Directors or any of their spouses or children under 18 years of age to
acquire benefits by means of the acquisition of shares in or debentures of the
Company or any other body corporate, and no Directors or chief executives or
their respective spouses or children under 18 years of age had been granted
any right to subscribe for equity or debt securities of the Company nor
exercised any such right.
合生創展集團有限公司 中期報告2021 75
SUBSTANTIAL SHAREHOLDERS
主要股東
Other than interests disclosed in the section headed “Directors’ and chief
executives’ interests and short positions in shares, underlying shares and
debentures” above, as at 30th June 2021, according to the register of interests
kept by the Company under section 336 of the SFO, the following entity had
interests or short positions in the shares of the Company which fall to be
disclosed to the Company under Divisions 2 and 3 of Part XV of the SFO:
Name of shareholder
Capacity and nature
of interests
Number of
issued shares
Approximate percentage of
shares outstanding
股東名稱 身份及權益性質
已發行
股份數目
佔已發行股份
概約百分比
Sounda Properties Limited (“Sounda”) (a) Beneficial owner 1,160,363,809 53.26%
新達置業有限公司(「新達」)(a) 實益擁有人
Mr. Chu Mang Yee (a) Interest of controlled corporation 1,160,363,809 53.26%
朱孟依先生(a) 受控法團權益
Farrich Investments Limited (“Farrich”) (b) Beneficial owner 395,246,625 18.14%
遠富投資有限公司(「遠富」)(b) 實益擁有人
TheBest Investments Limited (“TheBest”) (b) Interest of controlled corporation 395,246,625 18.14%
TheBest Investments Limited(「TheBest」) (b) 受控法團權益
Clear Build Investments Limited (“Clear Build”) (b) Interest of controlled corporation 395,246,625 18.14%
Clear Build Investments Limited(「Clear Build」) (b) 受控法團權益
Mr. Chu Yat Hong (b) Interest of controlled corporation 395,246,625 18.14%
朱一航先生 (b) 受控法團權益
Notes:
a. 1,160,363,809 shares were held by Sounda which is wholly owned by Mr. Chu Mang Yee. Mr.
Chu Mang Yee was deemed to be interested in 1,160,363,809 shares under the SFO.
b. 395,246,625 shares were held by Farrich which is a wholly-owned subsidiary of TheBest. The
entire issued share capital of TheBest is held by Clear Build which is in turn wholly-owned by
Mr. Chu Yat Hong. Each of TheBest, Clear Build and Mr. Chu Yat Hong was deemed to be
interested in 395,246,625 shares under the SFO.
Save as disclosed above, the Directors are not aware of any other persons who,
as at 30th June 2021, had interests or short positions in the shares or underlying
shares of the Company which would fall to be disclosed to the Company under
Divisions 2 and 3 of Part XV of the SFO or as recorded in the register required to
be kept under section 336 of the SFO.
除 上 文「董 事 及 行 政 總 裁 於 股 份、相 關 股 份 及
債 券 擁 有 之 權 益 及 淡 倉」一 節 披 露 的 權 益 外,
於二零二一年六月三十日,按本公司根據證券
及 期 貨 條 例 第336條 存 置 之 登 記 冊 所 記 錄,下
列實體於本公司股份中擁有根據證券及期貨條
例第XV部第2及第3分部須向本公司披露之權益
或淡倉:
附註:
a. 朱 孟 依 先 生 透 過 其 全 資 擁 有 的 新 達 持 有1,160,363,809
股股份。朱孟依先生根據證券及期貨條例被視為擁有
1,160,363,809股股份之權益。

b. TheBest之 全 資 擁 有 子 公 司 遠 富 持 有395,246,625股 股
份。TheBest之全部已發行股本由朱一航先生全資擁有
的Clear Build所 持 有。TheBest、Clear Build及 朱 一 航 先 生
各自根據證券及期貨條例被視為擁有395,246,625股股份
之權益。

除上文披露者外,就董事所知,概無任何其他
人士於二零二一年六月三十日於本公司之股份
或相關股份中,擁有根據證券及期貨條例第XV
部第2及第3分部須向本公司披露之權益或淡倉
或 須 列 入 根 據 證 券 及 期 貨 條 例 第336條 予 以 存
置之登記冊內之權益或淡倉。
OTHER INFORMATION
其他資料
76 Hopson Development Holdings Limited Interim Report 2021
FOREIGN EXCHANGE FLUCTUATIONS
The Group earns revenue and incurs costs and expenses mainly in Renminbi
and is exposed to foreign exchange fluctuation arising from the exposure of
Renminbi against Hong Kong dollar and US dollar. However, the Directors do
not anticipate any significant foreign exchange loss as a result of changes in
exchange rate between Hong Kong dollar, US dollar and Renminbi in the
foreseeable future.
MANAGEMENT CONTRACT
No contracts concerning the management and administration of the whole or
any substantial part of the business of the Company was entered into or
existed during the six months ended 30th June 2021.
EMPLOYEES
As at 30th June 2021, the Group, excluding its associates and joint ventures,
employed a total of 11,367 (as at 31st December 2020: 11,368) staff, the
majority of which were employed in Mainland China. Employees’ costs (including
Directors’ emoluments) amounted to HK$848 million for the six months ended
30th June 2021 (for the six months ended 30th June 2020: HK$685 million). The
remuneration policies remained the same as disclosed in the Annual Report for
the year ended 31st December 2020.
MODEL CODE FOR SECURITIES TRANSACTIONS BY
DIRECTORS
The Company has adopted the Model Code contained in Appendix 10 of the
Rules Governing the Listing of Securities on the Stock Exchange (the “Listing
Rules”) as the code of conduct regarding securities transactions by the
Directors. Having made specific enquiry, all Directors have confirmed that they
have fully complied with the required standard set out in the Model Code
during the six months ended 30th June 2021.
CORPORATE GOVERNANCE
During the six months ended 30th June 2021, the Company has complied with
the code provisions set out in the Corporate Governance Code and Corporate
Governance Report (“CG Code”) contained in Appendix 14 of the Listing Rules
except for the code provisions A.4.1 and E.1.2 as described below.
外匯波動
本集團之主要收入為人民幣,並以人民幣支付
成本及費用,因而須承受人民幣兌港元及美元
之匯兌波動風險。然而,董事預計在可見將來
不會因港元、美元與人民幣之匯率變動而產生
重大外匯虧損。

管理合約
截至二零二一年六月三十日止六個月,本公司
並無就整體或任何重要環節業務方面訂立或存
在管理及行政合約。

僱員
於 二 零 二 一 年 六 月 三 十 日,本 集 團(不 包 括 其
聯 營 公 司 及 合 營 公 司)共 僱 用11,367名(於 二 零
二零年十二月三十一日:11,368名)職 員,其 中
大多數為中國內地僱員。截至二零二一年六月
三十日止六個月,僱員成本(包括董事酬金)達
848百萬港元(截至二零二零年六月三十日止六
個 月:685百 萬 港 元)。如 截 至 二 零 二 零 年 十 二
月三十一日止年度之年報所披露,薪酬政策維
持不變。

董事進行證券交易之標準守則
本 公 司 已 採 納 聯 交 所 證 券 上 市 規 則(「上 市 規
則」)附錄十所載之標準守則作為董事進行證券
交易之操守守則。經作出特定查詢後,全體董
事已確認,彼等於截至二零二一年六月三十日
止六個月內均已全面遵守標準守則所載規定準
則。

企業管治
於截至二零二一年六月三十日止六個月期間,
本公司一直遵守上市規則附錄十四所載企業管
治守則及企業管治報告(「企業管治守則」)所載
之守則條文,惟下文所述守則條文第A.4.1條及
E.1.2條除外。
合生創展集團有限公司 中期報告2021 77
Other Information (Continued)
其他資料(續)
企業管治(續)
守則條文第A.4.1條訂明,非執行董事須設有固
定任期,並須接受重選。除了程如龍先生及葉
偉 倫 先 生,其 委 任 期 為 三 年 期 及 須 接 受 重 選
外,所有其他於截至二零二一年六月三十日止
六個月在職的獨立非執行董事均無固定任期。

此 舉 偏 離 守 則 條 文 第A.4.1條。然 而,由 於 所 有
獨立非執行董事均按本公司之公司細則於本公
司之股東週年大會輪值告退並由股東重選,故
董事認為,此安排符合企業管治守則之目的。

守 則 條 文 第E.1.2條 訂 明,董 事 會 主 席 應 出 席 股
東週年大會。由於需要處理其他事務,董事會
主席並無出席二零二一年度股東週年大會。

購買、贖回及出售本公司之上市證

於截至二零二一年六月三十日止六個月,本公
司 合 共 於 聯 交 所 購 回 本 公 司 股 本 中 每 股 面 值
0.10港元的12,673,200股股份,詳情如下:
CORPORATE GOVERNANCE (Continued)
Code provision A.4.1 stipulates that non-executive directors should be
appointed for a specific term, subject to re-election. Save for Mr. Ching Yu Lung
and Mr. Ip Wai Lun, William, whose appointments are for a 3-year term subject
to renewal, none of the other independent non-executive Directors in office
during the six months ended 30th June 2021 was appointed for a specific term.
This constitutes a deviation from code provision A.4.1. However, as all the
independent non-executive Directors are subject to retirement by rotation and
re-election by shareholders at the annual general meetings of the Company in
accordance with the Company’s Bye-laws, in the opinion of the Directors, this
meets the objective of the CG Code.
Code provision E.1.2 stipulates that the chairman of the board should attend
the annual general meeting. The Chairman of the Board did not attend the
annual general meeting for the year 2021 due to other business commitment.
PURCHASE, REDEMPTION AND SALE OF THE
COMPANY’S LISTED SECURITIES
During the six months ended 30th June 2021, the Company repurchased a
total of 12,673,200 shares of HK$0.10 each in the capital of the Company on the
Stock Exchange, details of which are as follows:
Month of repurchase
Number of
shares
repurchased
Highest price
paid per share
Lowest price
paid per share
Aggregate
consideration
(excluding
expenses)
回購月份
回購
股份數目
每股已付
最高價格
每股已付
最低價格
總代價
(不包括開支)
(HK$) (HK$) (HK$)
(港元) (港元) (港元)
March 2021 1,566,000 28.30 26.15 42,686,400
二零二一年三月
April 2021 4,550,000 29.70 25.55 123,250,300
二零二一年四月
May 2021 6,557,200 32.65 29.70 203,137,950
二零二一年五月
78 Hopson Development Holdings Limited Interim Report 2021
Other Information (Continued)
其他資料(續)
購買、贖回及出售本公司之上市證
券(續)
本公司按被註銷的購回股份面值減少已發行股
本。就回購股份支付的溢價及相關開支合共約
368,865,000港元已在儲備中扣除。

董事根據於二零二零年六月十二日舉行的本公
司股東週年大會上獲股東批准的一般授權購回
上述股份,購回股份可提高本集團每股資產淨
值及每股盈利,從而使全體股東受益。

除上文所披露者外,於截至二零二一年六月三
十日止六個月,本公司或其任何子公司概無購
買、贖回或出售本公司任何上市證券。

於二零二一年六月三十日後,本公司於二零二
一年八月六日贖回所有於二零二二年到期本金
總 額500,000,000美 元 的7.5厘 優 先 票 據。票 據 的
贖回價為所贖回本金金額的103.75%另加直至贖
回日期(但不包括該日)應計及未支付的利息。

所有已贖回的票據已經註銷。

PURCHASE, REDEMPTION AND SALE OF THE
COMPANY’S LISTED SECURITIES (Continued)
The issued share capital of the Company was reduced by the nominal value of
the repurchased shares which had been cancelled. The premium paid for the
repurchase of the shares and related expenses totaling approximately
HK$368,865,000 were charged to the reserves.
The repurchases of the above shares were effected by the Directors pursuant
to the general mandate approved by the shareholders at the annual general
meeting of the Company held on 12th June 2020, with a view to benefiting
shareholders as a whole by enhancing the net asset value per share and
earnings per share of the Group.
Save as disclosed above, neither the Company nor any of its subsidiaries has
purchased, redeemed or sold any of the Company’s listed securities during the
six months ended 30th June 2021.
Subsequent to 30th June 2021, the Company redeemed all the outstanding 7.5%
senior notes due 2022 in an aggregate principal amount of US$500,000,000 on
6th August 2021. The redemption price for the notes is 103.75% of the principal
amount redeemed plus accrued and unpaid interest to (but not including) the
redemption date. All redeemed notes were cancelled.
合生創展集團有限公司 中期報告2021 79
Other Information (Continued)
其他資料(續)
董事及行政總裁之資料變動
根 據 上 市 規 則 第13.51B(1)條,本 公 司 於 截 至 二
零二零年十二月三十一日止年度之年報刊發日
期後的董事╱行政總裁資料變動載列如下:
審核委員會及業績審閱
本公司審核委員會由本公司全體三名獨立非執
行董事組成。審核委員會已與管理層審閱本集
團所採納會計原則及慣例,並已商討風險管理
及內部監控以及財務報告事宜。本集團截至二
零二一年六月三十日止六個月之中期業績已由
本公司之審核委員會審閱,並由本公司核數師
羅兵咸永道會計師事務所按照香港會計師公會
頒 佈 的 香 港 審 閱 準 則 第2410號「由 實 體 的 獨 立
核 數 師 執 行 中 期 財 務 資 料 審 閱」進 行 審 閱。核
數師之中期財務資料的審閱報告刊載於致股東
的二零二一年中期報告內。

CHANGES IN INFORMATION OF DIRECTORS AND
CHIEF EXECUTIVES
Pursuant to Rule 13.51B (1) of the Listing Rules, the changes in information of
Directors/chief executives subsequent to the publication of the annual report
of the Company for the year ended 31st December 2020 are set out below:
Name of Director Details of Changes
董事姓名 變動詳情
Mr. Ching Yu Lung resigned as an independent non-executive director of AMVIG Holdings Limited (former stock code: 2300,
privatised in April 2021) with effect from 19th May 2021
程如龍先生 辭任澳科控股有限公司(前股份代號:2300,已於二零二一年四月私有化)的獨立非執行董
事,自二零二一年五月十九日起生效
Mr. Ip Wai Lun, William appointed as an independent non-executive Director and member of each of the audit committee,
remuneration committee, nomination committee and connected transactions/related party transactions
committee of the Company with effect from 6th May 2021
葉偉倫先生 獲委任為本公司獨立非執行董事、審核委員會、薪酬委員會、提名委員會及關連交易╱關連
人士交易委員會各自之成員,自二零二一年五月六日起生效
Mr. Tan Leng Cheng,
Aaron
appointed as the chairman of each of the audit committee, remuneration committee and connected
transactions/related party transactions committee of the Company with effect from 6th May 2021
陳龍清先生 獲委任為本公司審核委員會、薪酬委員會及關連交易╱關連人士交易委員會各自之主席,自
二零二一年五月六日起生效
AUDIT COMMITTEE AND REVIEW OF RESULTS
The Company’s audit committee comprises all the three independent nonexecutive
Directors. The audit committee has reviewed with management the
accounting principles and practices adopted by the Group and discussed the
risk management and internal controls and financial reporting matters. The
Group’s interim results for the six months ended 30th June 2021 have been
reviewed by the Company’s audit committee and by the Company’s auditor,
PricewaterhouseCoopers, 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. The report on review of interim financial
information by the auditor is included in the 2021 interim report to
shareholders.
80 Hopson Development Holdings Limited Interim Report 2021
Other Information (Continued)
其他資料(續)
暫停辦理股份過戶登記手續
本公司將於二零二一年十月十一日(星期一)至
二 零 二 一 年 十 月 十 五 日(星 期 五)(包 括 首 尾 兩
天)暫 停 辦 理 股 份 過 戶 登 記 手 續,藉 以 確 定 股
東享有中期股息及派送紅股的資格。為符合資
格享有中期股息及派送紅股,股東須於二零二
一年十月八日(星期五)下午四時三十分前將所
有股份過戶文件連同有關股票送交本公司於香
港之股份過戶登記處香港中央證券登記有限公
司(地址為香港灣仔皇后大道東183號合和中心
17樓1712–1716號舖)辦理股份過戶登記手續。

充足公眾持股量
根據本公司可公開取得之資料及據董事所知,
董事確認,本公司於回顧期間內之公眾持股量
符合上市規則所規定水平。

承董事會命
合生創展集團有限公司
主席
朱桔榕
香港,二零二一年八月二十五日
CLOSURE OF REGISTER OF MEMBERS
The register of members of the Company will be closed from Monday, 11th
October 2021 to Friday, 15th October 2021 (both days inclusive) for the
purpose of ascertaining shareholders’ entitlement to the interim dividend and
Bonus Issue. In order to qualify for the interim dividend and Bonus Issue, all
transfer of shares accompanied by the relevant share certificates must be
lodged for registration with the Company’s Share Registrar in Hong Kong,
Computershare Hong Kong Investor Services Limited, Shops 1712–1716, 17th
Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong, not later
than 4:30 p.m. on Friday, 8th October 2021.
SUFFICIENCY OF PUBLIC FLOAT
Based on the information that is publicly available to the Company and within
the knowledge of its Directors, the Directors confirm that the Company has
maintained during the period under review the amount of public float as
required under the Listing Rules.
By Order of the Board of Directors
Hopson Development Holdings Limited
CHU KUT YUNG
Chairman
Hong Kong, 25th August 2021
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